Cisco Systems Inc CSCO
Q2 2012 Earnings Call Transcript

Transcript Call Date 02/08/2012

Operator: Welcome to Cisco Systems' Second Quarter and Fiscal Year 2012 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'd like to introduce Melissa Selcher, Senior Director, Corporate Communications and Investor Relations. Ma'am, you may begin.

Melissa Selcher - IR: Thanks, Kim. Good afternoon everyone and welcome to our 88th quarterly conference call. This is Melissa Selcher, Senior Director of Analyst and Investor Relations, and I am joined by John Chambers, our Chairman and Chief Executive Officer; Frank A. Calderoni, Executive Vice President and Chief Financial Officer; Rob Lloyd, Executive Vice President of Worldwide Operations; and Gary B. Moore, Executive Vice President and Chief Operating Officer.

The Q2 fiscal year 2012 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 may find helpful. Additionally, downloadable Q2 financial statements will be available following the call in the Investor Relations section of our website including revenue and gross margin by geographic segments, as well as revenue by product categories.

Income statements, full GAAP to non-GAAP reconciliation information, balance sheets and cash flow statements can also 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.

An audio replay of this call will be available via telephone from February 8, through February 15 at 866-493-8039 or 203-369-1749 for international callers. A webcast replay is available from February 8, through April 20, on Cisco's Investor Relations website at

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 Annual Report 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.

I will now turn it over to John for his commentary on the quarter.

John T. Chambers - Chairman and CEO: Mel, thank you very much. Over the last several quarters, we've continued to make consistent major progress on our comprehensive action plan to position ourselves for the next age of our growth and profitability.

Q2 was a very solid quarter in terms of this continued progress with record revenues and earnings per share both GAAP and non-GAAP. We grew profits faster than revenues and we achieved our $1 billion expense reduction targets one quarter ahead of schedule. Our value to our customers continues to increase as we focus on catching the major market transitions occurring in our industry sector. By focusing on our five foundational priorities of core networking, data center cloud, video, collaboration and business architectures, we are positioned to lead across the most significant market transitions in our industry that our industry is facing today.

Read our Earnings Call Transcript disclaimer.
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