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911386 DP_Cvr 5/19/05 2:45 PM Page 1 911386 DP_Cvr 5/19/05 2:45 PM Page 1 911386 DP_Cvr 5/19/05 2:47 PM Page 2 911386 DP_Cvr 5/19/05 2:47 PM Page 2 Ambitious. Extraordinary. Successful. Fiscal 2005 was a year of unprecedented growth and profitability for Autodesk. A year that delivered a remarkable return on investment for our customers and shareholders. A year of groundbreaking techni- cal innovation, superior solutions, expert services and continuous investment in future growth. It was the year we realized our ideas, exceeded all of our financial projections and topped the billion-dollar mark. We did it by exciting our customers about our innovative, new design and collaboration solutions. And we’re ready to take on fiscal 2006. We believe the future presents exciting opportunities—opportunities that can be transformed into ideas that become reality. Not just any ideas—big ideas. Great ideas. Ideas that help our customers compete and win. Autodesk Annual Report 2005 P.1 To Our Shareholders, In a business environment where ideas are becom- ing the single most important competitive advan- I’m thrilled to share the great news—fiscal 2005 tage, we provide powerful software and industry was our best year ever. In this extraordinary year solutions that enable our customers to create, we saw our revenues increase 30 percent over manage and share their great ideas more effective- fiscal 2004 and diluted earnings per share increase ly than ever before. We continue to work closely 73 percent. with our global community of customers to better understand how they work, think and succeed. The Many factors drove this stellar performance, but result? Better products that reduce the number of what truly sets Autodesk apart from our competi- steps for key tasks, make complex processes more tors is our ability to innovate and deliver a fantastic intuitive, and work like our customers think, so product portfolio year after year. We deliver they can realize their ideas quickly, efficiently and best-in-class solutions that touch all aspects of the productively design process—from 2D concepts to advanced 3D modeling, from animation to visualization—in One billion and counting. order to free our customers to design without bar- riers. Our solutions minimize productivity gaps and Our financial goals for fiscal 2005 were simple: uncover new opportunities for growth by aiding drive revenue growth, increase revenue predict- lifecycle management, providing data management ability and keep improving profitability. And we and enabling true collaboration for our customers. succeeded on each of those goals. Our financial In short, we ensure that our customers can win in performance was driven by stellar growth in today’s competitive market by making it possible revenue from new seats, the success of our sub- for them to realize their ideas. scription program and increased penetration of our 3D products. Favorable foreign exchange rates and continued improvements in productivity and efficiency also played an important role. Net revenue for fiscal 2005 was $1.234 billion, an increase of 30 percent compared to $952 million in fiscal 2004. Net income for fiscal 2005 increased 84 percent to $222 million. Diluted earnings per share were $0.90—a 73 percent increase over fiscal 2004. P.2 Autodesk Annual Report 2005 In fiscal 2005, we experienced substantial growth Strategy turned into reality. in every geographical area. The Americas increased 25 percent over fiscal 2004 to $511 million. Europe, As the world’s leading software and services the Middle East and Africa (EMEA) increased provider for the building, manufacturing, infra- revenue 32 percent over fiscal 2004, to $444 mil- structure and media and entertainment industries, lion. Revenues in Asia-Pacific increased 36 percent our strategy is simple—provide customers with the to $279 million. tools they need to create, manage and share their ideas so they become more productive and profit- Strong balance sheet. able. Three core strengths provide the foundation for this successful strategy and make us different Financially, Autodesk is extremely well positioned. from the competition. Our robust sales and continued focus on productiv- ity generated a significant increase in operating • First, we deliver innovative, industry-proven cash flow in fiscal 2005. We used $546 million to software that’s easy to use and implement, repurchase 26 million shares of Autodesk stock, making technology accessible and affordable to $14 million for our regular quarterly dividend the greatest number of users. and $12 million for mergers and acquisitions. Yet even with these expenditures, we generated $373 • Next, we have developed a global community million in operating activities, ending fiscal 2005 that supports our solutions around the world, with a substantial balance sheet: no debt, cash and including 1,100 training centers, 1,700 resellers, equivalents of $533 million, and deferred revenues 2,500 third-party developers, more than 6 million of $194 million, including $141 million of deferred users, and a presence in more than 145 countries. subscription revenue. • And last, through our ability to design a broad range of software and technology that trans- forms complex data into usable information, we have succeeded in achieving an important presence in small- and mid-sized firms, as well as large enterprises. Autodesk Annual Report 2005 P.3 Our core strengths create a foundation for continu- We also took important steps toward complete ous innovation, leading to the release of powerful lifecycle management. Using our 3D products, new versions of all our products in fiscal 2005 with customers can create rich design data that needs significant improvements in features and func- to be managed in an efficient and timely manner. tionality. Without a doubt, it’s our commitment to Our lifecycle management solutions enable our product innovation and improvement that drove customers to manage and share richer design data revenue from new licenses to a 38 percent increase with team members. With five to ten downstream over fiscal 2004. Autodesk is unique among major users of that design information, the lifecycle software companies in that 65 percent of our management opportunity is substantial. In fiscal fiscal 2005 revenues came from new licenses and 2005, we made significant additions to our lifecycle emerging businesses. management product offerings, and we plan to continue developing and introducing solutions Our 3D products continued to gain traction and to help our customers succeed throughout the reshape the market. As we add new licenses from product lifecycle. our 2D product line, the opportunity to move customers to powerful, industry-targeted 3D This year also saw tremendous improvements to solutions continues to grow even greater. The our business model. We improved the predictabil- modeling capabilities and rich data created in 3D ity of our results through strong annual releases improve productivity, reduce errors and shorten and the continued success of our subscription design time. As a result, revenues from our 3D program, which saw an increase in revenues products—Autodesk Inventor Series, Autodesk by 54 percent. We kept our focus on productiv- Inventor Professional, Autodesk Revit Building, ity, completing the restructuring announced in Autodesk AutoCAD Revit Series and Autodesk November 2003. We decreased our salary expense Civil 3D—increased 69 percent over fiscal 2004. as a percentage of revenue by 7 percentage points. And our operating margin reached 19 percent, a year earlier than our target. We accomplished all this by setting short- and long-term productivity targets throughout the company and then working hard to hit those goals. P.4 Autodesk Annual Report 2005 Look at our divisions. According to a University of California, Berkeley, study, “the latest release of Autodesk’s flagship software, AutoCAD 2005, saves nearly two working Design Solutions Group days per week when compared to previous ver- sions.” Supporting this is the outstanding growth Net revenues for the Design Solutions Group of net revenues for AutoCAD and AutoCAD LT, (DSG)—comprising the Platform Technology which increased nearly 30 percent over fiscal 2004, Division, Manufacturing Solutions Division, proving that our flagship products continue to Infrastructure Solutions Division and Building be a growth driver for us. With a commitment to Solutions Division—reached $1.077 billion in fiscal continue providing solutions that help customers 2005, an increase of 32 percent over fiscal 2004. be more productive, we leveraged our position as DSG operating income increased 42 percent over the leader in digital design data and introduced fiscal 2004, to $495 million. Our DSG customers Autodesk DWF Composer, the all-digital way to crave new functionality and better performance review, mark up and revise 2D and 3D designs to drive increased productivity and profitability, without the original design creation software. resulting in a competitive advantage. In fiscal 2005 we shipped new releases for all our products, Our Manufacturing Solutions Division (MSD) including our entire family of AutoCAD products. had an outstanding year and saw net revenues We shipped Autodesk Inventor Series, Autodesk grow 43 percent over fiscal 2004 to $200 million. In Inventor Professional, Autodesk AutoCAD Revit fiscal 2005, we continued to enhance our position Series and important new functionalities with as the industry leader in this important market. Autodesk Vault. In addition, we introduced several Our Autodesk Inventor line of products, comprised new strategic products during the year: Autodesk of Autodesk Inventor Series and Autodesk Inventor Productstream, Autodesk Civil 3D and Autodesk Professional, was the world’s best-selling 3D DWF Composer. mechanical design software for the fourth con- secutive year. We also saw continued adoption of Platform Technology Division (PTD) saw net Autodesk Vault, which is integrated into Autodesk revenues grow 27 percent over fiscal 2004 to Inventor, as well as our other manufacturing design $615 million. From concept modeling to drawing products.

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