In fiscal 2003, nearly all our business divisions and geographies were adversely affected by the economy as customers tightened budgets and delayed purchases. Our year-end revenues totaled $825 million, down 13 percent from fiscal 2002. Because our operating margins are sensitive to reductions in sales revenues, this year’s revenue decline resulted in an operating margin of 3 percent of fiscal 2003 net revenue, compared to 10 percent in fiscal 2002. Pro forma diluted net income per  share was $0.41. 1 As fiscal 2003 was a year focused on product development, revenues were clearly affected by fewer product releases. Many significant products either were released in late fiscal 2003 or will be released in the first half of fiscal 2004. As a result of our product cycle and the weak business environment, upgrade revenue from AutoCAD products in fiscal 2003 decreased to $69 million from $230 million a year ago. Despite the decrease in upgrade revenue, we saw strong growth in the success of our Subscription Program. A new way for existing customers to stay current with our software, the Subscription Program represented 21 per- cent of the total Americas Design Solutions Q4 revenue. Deferred revenue related to subscrip- tions grew to $57 million, an increase of more than 60 percent over fiscal 2002.The Subscription Program is one of our keys to creating a more predictable, recurring revenue stream. As always, we ran our business prudently. We reacted quickly to the tough fiscal situation with cost-reduction efforts, including work- force and facilities reductions, no incentive bonus payouts, and mandatory time off for our employees.These measures helped us control our operating expenses and allowed us to remain profitable at recent levels of revenue. At the same time, we invested in growth initia- tives for the future and also recruited and hired key senior management personnel. These talented executives will be integral to the growth of the company going forward. And once again Autodesk was named one  of Fortune magazine’s 100 Best Companies  to Work For—a strong statement about  our culture and our values. 2003 Financials and Operating Review 3 Autodesk, Inc. FY  03 1 Actual net income was $31.9 million, or $0.28 per diluted share. Adding to actual net income restructuring charges of $25.9 million and amortization of intangibles in the amount of  $0.3 million, and subtracting a nonrecurring tax benefit of $3.8 million and tax effects associated with the above items of $7.1 million, results in pro forma net income of $47.2 million or  $0.41 per diluted share.