Cisco Systems Inc CSCO
Q4 2011 Earnings Call Transcript

Transcript Call Date 08/10/2011

Operator: Welcome to Cisco Systems' Fourth 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 Terry Anderson, Vice President Corporate Communications and Investor Relations. Thank you, you may begin.

Terry Anderson - VP, Corporate Relations: Thank you. Good afternoon, everyone and welcome to our 86th quarterly conference call. This is Terry Anderson, and I am joined by John Chambers, our Chairman and CEO; Gary Moore, Executive Vice President and Chief Operating Officer and Frank Calderoni, Executive Vice President and Chief Financial Officer;. The Q4 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 call, as well as additional financial metrics and analysis that you may find helpful. Additionally, downloadable Q4 and full fiscal year 2011 financial statements will be available following the call, including revenue by product and geographies.

Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, and cash flow statements can be found on our website in the Investor Relations section. Click on the Financial Reporting section of the website to access the webcast slides and these documents.

A replay of this call will be available via telephone from August 10 through August 17 at 866-357-4205 or 203-369-0122 for international callers. A replay is available from August 10 through October 21 on Cisco's Investor Relations website at

Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results. Our commentary today will be providing information on both our Q4 and full fiscal 2011 financial results. The financial results in the press release are unaudited.

The matters we’ll be discussing today include forward-looking statements and as such are subject to the risks and uncertainties that we will discuss in detail in our documents filed with the SEC. Specifically the most recent Annual Report on Form 10-K, quarterly report on Form 10-Q, 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.

I'll now turn the call over to John for his commentary on the quarter.

John T. Chambers - Chairman and CEO: Okay, thank you very much. Since the last quarter's conference call, we've made solid progress on our comprehensive action plan to position ourselves for the next stage of growth and profitability, what we will call the next Cisco, which I will review at a high level in just a moment.

In terms of Q4 FY 11 overall guidance, we accomplished what we outlined in our Q3 conference call, achieving a little bit more in revenue growth and earnings per share than consensus' expectations. Revenue growth for the quarter was approximately 3% year-over-year versus our guidance of 0% to 2%, and non-GAAP earnings per share were $0.40, slightly above expectations.

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