Cisco Systems Inc CSCO
Q2 2011 Earnings Call Transcript

Transcript Call Date 02/09/2011

Operator: Welcome to Cisco Systems' Second Quarter and Fiscal Year 2011 Financial Results Conference Call. At the request of Cisco Systems, today's conference is being recorded. If you have any objections, you may disconnect.

Now I'll like to introduce Blair Christie, Senior Vice President and Chief Marketing Officer. Ma'am, you may begin.

Blair Christie - SVP, Corporate Communications: Great. Thank you. Good afternoon, everyone, and welcome to our 84th quarterly conference call. I'm Blair Christie and I am joined by John Chambers, our Chairman and CEO; Frank Calderoni, Executive Vice President and Chief Financial Officer; Rob Lloyd, Executive Vice President of Worldwide Operations; Ned Hooper, Chief Strategy Officer and Senior Vice President of Consumer Business; and Padmasree Warrior, our Chief Technology Officer and Senior Vice President of our Enterprise Business. The Q2 fiscal year 2011 press release is on U.S. High Tech Marketwire and on the Cisco website at

I would like to remind you that we have a corresponding webcast with slides. In those slides, you will find financial information that we cover during this conference call as well as additional financial metrics and analysis that you might find helpful. Additionally, downloadable Q2 financial statements will be available following the call, including revenue by geographic segments as well as product categories. Income statements, full GAAP to non-GAAP reconciliation information, balance sheet and cash flow statements can be found on our website in the Investor Relations section. Just click on the Financial Reporting section of the website to access the slides and these documents.

A replay of this call will be available via telephone from February 9 through February 16 at 866-357-4205 or 203-369-0122 for international callers. A webcast replay is available from February 9 through April 22 on the Cisco's Investor Relations website.

Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results. The financial results in the press release are unaudited.

The matters we will be discussing today include forward-looking statements, and as such are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Form 10-Q and 10-K and any applicable amendments, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. Unauthorized recording of this conference call is not permitted.

Now, I'd like to turn it over to John for his commentary on the quarter. John?

John T. Chambers - Chairman and CEO: Blair, thank you very much. Based in part on the feedback from a number of you, we are continuing to evolve the format of our quarter's conference call. The objective being to share more information in a tighter format while leaving more time for Q&As at the end of the call. Please do not hesitate to give us feedback in terms of the effectiveness of this new format.

We will break the call into four sections. In the first section, I will provide a summary of the quarter focusing on key financials, geographies, customer segments, and products. In this section, I will focus on what went well and areas that we'd like to see improved. We will finish with general comments on business momentum exiting the quarter as well as our guidance for both Q3 and Q4 fiscal year '11 with all the appropriate caveats. In the second section Frank will provide additional details about Q2 FY'11 as well as expand on our Q3 and Q4 guidance, investments, opportunities, and challenges. In the third section of the call, I will expand on my opening comments on the second quarter as well as a discussion on how we are doing in the market, answering some of your key questions, and what you can expect from us going forward. Finally, in the fourth section, I would provide some closing comments and then wrap up with Q&A.

Read our Earnings Call Transcript disclaimer.
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