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EMC Corp EMC
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/24/2013

Operator: Good morning, and welcome to the EMC First Quarter 2013 Earnings Conference Call. All parties are in a listen-only mode until the question-and-answer portion of the call. As a reminder, this conference is being recorded. If you have any objections, you may disconnect at this time.

I would now like to introduce your host, Mr. Tony Takazawa, Vice President, Global Investor Relations at EMC.

Tony Takazawa - VP, IR: Thank you. Good morning. Welcome to EMC's call to discuss our financial results for the first quarter of 2013. Today we are joined by EMC's Chairman and CEO, Joe Tucci and David Goulden, EMC President and COO.

To kick things off, David will comment on our results and how these tie with the execution of our strategy and business operations. He will also discuss our outlook for the year 2013. Joe will then spend some time discussing his view of what is happening in the economy and IT, EMC’s vision and strategy and how EMC is helping customers navigate the massive transformation happening in IT regarding cloud, big data, and trusted IT.

After the prepared remarks, we will then open up the lines to take your questions. Today, we are providing you with our projected financial model for 2013. This model lays out all of the key assumptions and discrete financial expectations that are the foundation of our outlook this year. We hope that you find this model helpful in understanding our assumptions in context and in ensuring that these expectations are correctly incorporated into your models. This model is available as background in today’s slides available for download in the Investor Relations section of emc.com.

Please note that we will be referring to non-GAAP numbers in today’s presentation unless otherwise indicated. The reconciliation of our non-GAAP comments to our GAAP results can be found in the disclosure in today’s press release, supplemental schedules, and the slides that accompany our presentation. As always, the call this morning will contain forward-looking statements and information concerning factors that could cause actual results to differ can be found in EMC’s filings with the U.S. Securities and Exchange Commission.

With that it's now my pleasure to introduce David Goulden. David?

David I. Goulden - President and COO: Thanks Tony, good morning everyone and thank you for joining us today. This morning we reported solid start to 2013 with revenue growth of 6% and non-GAAP EPS growth of 5%. While customer caution continued in the first quarter this year, we executed well on our mission to capture the opportunities presented by cloud, big data and trusted IT.

Our growth outlook for the year of 8% and 9% for revenue and EPS is unchanged and our Q1 results of 6% and 5% are consistent with the seasonal progression for revenue and EPS we discussed in January. We firmly believe our results attest that our strategy is the right one.

As demands on IT have intensified with the rising trends towards mobile, social and big data customers are finding great efficiency, agility and choice from cloud infrastructures. Whether private, public or hybrid cloud turns IT into a service that can be utilized on demand. This vision has guided our strategies since 2009 and we continue to hone our broad best-of-breed portfolio to enable IT-as-a-Service both on premises and off.

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