We believe that our revenue performance in the upcoming quarters is less dependent on demand and more dependent on the supply availability in this increasingly complex environment. First, emerging market weakness; second, the introduction of several new generation platforms in high end switching and routing; and third, our service provider of business evolution. This is impacting our revenue guidance for Q2. In the U.S. in addition to the good enterprise and commercial momentum, we delivered U.S public sector growth of 2%, led by state, local and education up 13% and U.S. Federal down 3%. At the same time, we have and I think I said this on our last call, we've had hundreds of product design redesigns going on. And on a sequential basis, that's actually in range with our historicals. Our diluted share count decreased slightly as a result of the timing of our share repurchases. At the request of Cisco Systems todays call is being recorded. While certain aspects of the current situation are largely out of our control, our teams have been working on several mitigation actions to help alleviate many of the component issues that we've been facing. Or just what are you embedding from a Shanghai recovery in your fiscal Q4 guidance? Yeah. Can you take us through your expectations for the spending environment and maybe how long it takes to close deals versus before when you look into the next few quarters? Given this uncertainty, we're being practical about the current environment and erring on the side of caution in terms of our outlook, taking it one quarter at a time. One is the, when does the backlog itself peak and while we don't forecast that, it would not surprise me to see it grow again in Q4. The technical services were up 4% and advanced services up 5%. Our overall Q4 results reflect strong execution in an environment with continuing supply constraints. You've got -- before Jonathan took on all of the portfolio that Todd had and his own, there was a lot of work Todd was doing with Jonathan's team around private 5G and how do we build private 5G services through a combination of those. From a non-GAAP perspective, total gross margin came in at 63.3% and down 230 basis points year-on-year. So I dont think its a structural issue on it, I think it's really the three issues we talked. Ma'am, you may begin. Your gross margin looked relatively resilient in the quarter and the outlook and your revenue was like we've seen the opposite from some of your peers. Wireless had a double-digit increase driven by broad-based strength across our portfolio, including our WiFi-6 products and Meraki wireless offerings. As I just mentioned, many of the positives we've discussed over the past few quarters remain, resulting in continued solid demand for our solutions. This was driven by effective pricing actions and spending discipline, all of which allowed us to offset lower volumes and deliver both gross and operating margins above the high end of our guidance range and deliver on our bottom-line profitability target for the quarter. Obviously next quarter we'll have an update, but right now, it doesn't feel like there's any significant shift. So that would indicate that it's strong. Of course, we don't guide that for the full year, Amit. Last week, we hosted our Global Customer Advisory Board meeting where we met with close to 100 customers. Now, they take into consideration what they see in the product pipeline, what percentage of the pipeline they expect to fill out very, very detailed approach to it. This concludes today's call. It will flow between those two. Please. Great, thanks. As I mentioned earlier, our non-GAAP earnings per share on a fully diluted basis was $0.53 versus $0.48 in the first quarter of fiscal year 2013 and again this represents a 10% increase. So the growth, as Scott said in his opening comments, was driven largely by the device business and offset by some declines we had in meetings and calling. We have great teams around the world and that leads me to have a high degree of confidence despite the short-term challenges that we face. I'll pass it on. And so I do not think it is a major factor across all of emerging. And those are the areas where I talked about we're redesigning where we have unique problems or just problems in general, though others may have the same problems. But this quarter did get a boost from us clearing some backlog in the firewall space. The one obvious exception is our revenue growth. We're supply constrained, as you look at 2023. Our modeling shows that our backlog, as we exit fiscal 2023, Chuck touched on this earlier, that we think the dollar value, obviously, it's not the same orders, but the dollar value is roughly unchanged from the dollar value we roll into fiscal 2023 with. The calling side has been strong for us in the past few quarters. And it's -- so that's an indicator of future software revenue. Could you give us an idea on how much price increases contributed to the product order growth number? No. And I'll just wrap it up by saying Cisco's next quarterly earnings conference call, which will reflect our fiscal fourth quarter and fiscal 2022 results will be on Wednesday, August 17, 2022, at 1:30 PM Pacific Time, 4:30 PM Eastern Time. I hope that answers your question. If I look at how the industry defines enterprise, that would reflect a combination of our enterprise and our commercial business. Thanks. Yes, I think some of that is available in the slides that we'll put up online. One of the things that we've talked about, though, is there's a lag between the price increases that we put in place and what we see actually showing up in reported revenues. The two will move closer together, both the Internet of Everything and Application Centric Infrastructure and move faster than many people anticipate. In our leadership reviews in mid-September, we believe our orders in the quarter would translate to revenue in our guidance range. With that in mind, we expect total revenue to decline in the range of 8% to 10% on a year-over-year basis. I don't expect input costs, particularly around semis to come down. We don't know how much as we've talked about, but I think you're right. We still request that sell side analysts please ask only one question. Mainly around the last two weeks of the collapse and I don't think you characterized it as a collapse. Our next question comes from Brian Modoff with Deutsche Bank. Retail, not surprisingly, under a little bit of pressure. From a capital allocation perspective, we returned approximately $14 billion in value to our shareholders via cash dividends and stock repurchases, representing 109% of our free cash flow. Our ability to bring them together looks good. We then based upon that forecast determine what our revenue guidance is for a quarter. Our Net Zero by 2024 target and near-term targets were just approved by the science-based targets initiative under its Net Zero standard. If you have an ad-blocker enabled you may be blocked from proceeding. Customers struggled, and I think it made them realize that they had a lot of tech debt that needed to be dealt with. So that's what Todd is talking about. There is no demand impact our Q4 guide. We are not quite yet number one in blade server market. And I guess, Chuck, on that subject, I know you talked to a lot of CIOs, CEOs, what are people thinking now? So we saw -- I think Scott mentioned this in his -- we had some really good growth and some backlog movement, to be honest, on the firewall side. But I am trying to parse --. We remain confident in our long-term growth and the opportunities that we have in front of us. Mark, what that says is we got our vision and strategy right. Sign Up here . And Chuck a cynic would say you didn't see anything last quarter relative to you're talking. Now let me talk more specifically about our third quarter performance. A set of utf-8 encoded text files (.txt), 1 for each earnings call transcript containing call transcript text and article meta data. We had strengthened our Zero Trust business. So we've got orders out quarters from now from them that are all non-cancelable because of the contracts that we've done. Thanks. Yes, Paul, if you look at it, just using Q4 as an example, we went into the last month a little bit off the numbers we expected. A corresponding webcast with slides, including supplemental information, will be made available on our website in the investor relations section following the call. I mean, if I was a customer and if I had a project that I could actually drive some constructive ROI by doing part of it, then I would split it up to try to get the part that I could get, for sure. Please see Cisco's filings with the SEC, including its most recent filings on Forms 10-K and 10-Q, for a Just as we've seen, kind of, evaluation, correction on a lot of kind of the software space, like, how does that change your view of strategic activity? It may also be in the press release. So it's not having material impact but it's certainly causing people to stop and then rethink decisions and that is I think reflected in our results. Revenue of $10.4 billion, an increase of approximately 27% year-over-year, was above our guidance provided last quarter of 23% to 26%. Next question comes from Kulbinder Garcha with Credit Suisse. Thank you. I want to thank our teams for their perseverance, determination and unwavering commitment to our customers and our partners. One, Mark asked if Sourcefire is included in the guidance and the answer is yes. And on any day, I will be proud of that, but this is super important right now given the competition for talent around the world, and it really does make a difference when we're trying to hire new talent into the organization. The technology they're adopting from Cisco is driving their business agility, allowing them to move with greater speed and empowering them to deliver differentiated experiences for their customers. So I don't think there is a widespread problem of share, but I'm sure there are pockets that we -- our teams are working on improving. We also took decisive actions to help offset inflation and build resiliency in our supply chain, while investing in our business to position us well for long-term growth. Pierre Ferragu, you may go ahead from New Street Research. I would rather there have been a couple of countries, Paul, because then you can say let's go fix them, and there are always a couple of countries that we'll either have issues on, some we create ourselves, some of them are done to us, some of them are way beyond our control. We generated operating cash flow of $2.6 billion and returned approximately $3 billion to our shareholders, through the buyback and dividend. That's a majority of where that is. Yes, it was John, and our top five emerging countries all had negative performance in the quarter between I think it was a low of 18% to a high of 30% down. Thank you. Thanks. Thank you. So I wouldn't get too wrapped up about the revenue versus the orders right now. Okay, that's great. But on a trailing 12 months, it's actually quite strong. I will now provide some additional detail on the performance in Q1 and trends we are seeing in our business and in the market. Our business transformation also progressed nicely. In service provider, we are managing through product cycles across our portfolio, including high end Core, Edge, and SP video. Before we wrap, I want to make a few closing comments. So just want to understand again, I'm really perplexed by the guidance here. We saw the softening in Q4 and we were very upfront with it to every one about what happened in our top five emerging countries in Q4 where we said they went from 13% growth the quarter before to flat in Q4. In addition, our Silicon One portfolio, ZR and ZR plus optics and our Acacia portfolio of optical networking products also continue to perform well. We do have to work in three areas. If we went back a year and a half and I said we're going to grow 10% product orders on top of a 10% quarter from a year ago, we would have been quite happy with it. It was more around the last month being slower and normally we pick it up and we didn't. It really makes us more resilient than ever, and I think we're well positioned for long-term growth, and I want to thank all of you for spending time with us today. This driving not just their strategies, but also their overall business transformation. I suspect there is somewhere that we are losing share. And the way we've designed supply chains over the last 15-20 years as an industry, I think we all realize we're evolving that now at the same time that we're triaging all of the current issues that we have. As disclosed in our press release today, our board has approved an increase to the repurchase program of $15 billion, demonstrating our commitment to our capital allocation strategy. So this concludes today's call. And I -- just as a follow-up, can I ask you guys on inventory? Im going to address first the structural change. Is that correct? I appreciate it. Once again, we had a significant increase in our backlog levels for both hardware and software, well beyond our normal historical levels. If you would like to listen to the call in its entirety, you may call 866-517-3736. And we said at the time that we thought -- you continue to ask like what are those price increases, when they are going to show up in the top line? The remaining impact of the Q1 repurchase will be reflected in the reduced share count next quarter. Thank you. This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO; and Scott Herren, our CFO. Couple of things that you didnt mention but I was wondering in emerging markets especially theres been a lot of concern out there about the NSA snooping and the impact thats had on global IT and global IT brands like yourself? Yes. Thanks. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Welcome to Cisco's. Thank you. Thank you. Sami Badri with Credit Suisse. The list of the companies we cover is located here. The field, of course, however, almost never get sale burst, up or down. Hi. 170 WEST TASMAN DRIVE, SAN JOSE, California, 95134-1706, United States +1 408 526-4000 https://www.cisco.com Cisco Systems is the largest provider of networking equipment in the world and one. So that's the first one. So were not getting that historic offset and instead were getting this deterioration. And then if you take into consideration the extra week from a year ago where we do ratable recognition of revenue on a daily basis, we had an extra week. A lot of that was pricing. We announced the WHIPTAIL acquisition to celebrate our UCS strategy. We have time for one more question. In Q4, we introduced several new cloud delivered innovations across our portfolio to help organizations drive productivity and resiliency. Revenue was up 1%, as our strategy and execution continues to evolve. If they have the same problem, it might be a $20 million impact for us, it might be a $200 million -- $400 million impact. As we move into fiscal 2023, we remain guided by our purpose-led culture and deeply committed to delivering value for our customers, partners and investors, as well as continuing to be an amazing place to work for our employees. Thanks. We don't know what open up means. We will listen very carefully. This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO; and Scott Herren, our CFO. In addition, our RPO totaled more than $31 billion, and when combined with low cancellation rates, which remain below pre-pandemic levels, this sets the stage for increased visibility and strong revenue growth as we head into fiscal 2023. Appreciate it guys. And on the service provider side, did the actual product transition impact on your revenues or did it actually surprise you, I would have thought you would have known about that going into this period of time? 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 the Form 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. Hi, thanks for taking my question. I mean is that a realistic probability given on how revenue kind of flows through? With these and other moves, we are uniquely positioned to help our customers navigate the demand of the cloud, mobility, the application economy and the internet of everything. We saw strong performance in our ARR of $22.9 billion, an increase of 8% with product ARR growth of 13% driven by several large software transactions closing during the quarter. All right. The Nexus 9000 began shipping in November and we will ramp over the coming quarters. Is this happening to you frequently? Our team there did an exceptional good job managing through this challenging period. Thanks, Meta. It's not just power supplies. Thanks, Tal. Product gross margin was 61.3%, down 370 basis points, and service gross margin was 69%, up 160 basis points. At the same time we are investing in our portfolio of growth initiatives and driving profitability through operational efficiency. In Q1 FY 14 Cisco delivered record non-GAAP earnings per share of $0.53 per share and revenue growth of 2% year-over-year. When I asked them how many of you are going to be more committed to Cisco and were going to be your key partner, more of a key partner, year from now than you were a year ago. There's integration going on between AppDynamics and ThousandEyes that actually will be bidirectional intelligence. Let me try to describe how we got to that. With our portfolio in such a strong position to help our customers, I'm quite optimistic about what's ahead. Even if you give the 10% growth on a year over year basis on the product orders, you're still down mid-single digits sequentially and that's way below normal seasonality. Please disable your ad-blocker and refresh. And second, I was hoping you could dig into software more? Overall profitability in Q2 was strong with non-GAAP operating margin of 34.3%, non-GAAP net income of $3.5 billion and non-GAAP earnings per share of $0.84, with non-GAAP earnings per share coming in above the high end of our guidance range. We had double-digit product RPO growth in secure Agile Networks, an optimized app experiences and in security, almost forgot. These platforms are expected to ramp over several quarters. So I actually view that favorably given the strength that they showed a year ago, it was probably the highest growth rate we've had in forever in that space or at least in the last 10 years. So I don't think that's it. So for the quarter, we just announced the 6% product RPO growth. And Scott, do you want to take the gross margin question? In addition, we introduced Calisti and Panoptica, two new cloud native API-first tools for faster and better application development. And welcome to our 95th quarterly conference call. And we put plans in place to be able to do that. We also announced AppDynamics Cloud, a next-generation version of our observability platform for cloud native applications. The remaining approved amount for share repurchases under this program, including the additional authorization, is $16.1 billion. Guys, if I could ask for two clarifications. Okay. Thank you for participating on today's conference call. I think then what you articulate and we're trying to do too, the amount of inconsistent data is just causing customers to hesitate including at the country level. Our customers know they actually saw from the ACI launch. I just want to make sure I understand your expectations for component availability, and maybe you could talk about price changes of components. We will literally expand focus on a countrywide prioritization and if you watch what we did in Israel, which is clearly a developed country, we will do that across other emerging markets. I think, Rob, if I remember right, it was over half of our shortfall, the last couple of weeks versus forecast. Fortunately for Cisco, no one comes close and been able to meet their requirements and we are moving with speed to evolve, to capitalize on this opportunity. Ciscos networking platform or Rocky continue to perform very, very well. As you know, our relationship with the customers has never being stronger. I know inventories moved up quite a bit again. Okay. We also had solid growth in Servers. The guidance we are providing is on a non-GAAP basis with a reconciliation to GAAP. This obviously has a positive impact on margins that comes with some revenue pain. Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure. This is a new market reality. Transcripts of these earnings calls have become the preferred choice for most investors because they provide clear benefits over audio: theyre faster to consume, can be read at any time, and can be searched. I'm trying to distinguish between the growth next year, which is probably a function of better supplies and backlog, very high backlog in between the spending environment, and you started touching on it when we asked about the enterprise. We are now at the high end switching, nobody matches what Insieme does on this. Frank, would you add to that? These important metrics illustrate the increasing recurring nature of our revenue streams. Box 43006 Providence, RI 02940-3006 Toll Free: 800-254-5194 . In fact, the last week of the quarter was actually the same size as it had been in the prior year and the month-to-month linearity was exactly in line with last year and with prior year's expectations. We believe that more than half the worlds GDP occurs there. We're successfully realizing price increases, which is good. Financial services under a little bit of pressure. I tried to use a login with premium account but also some other hints such as randomuseragents, removing cdc from chromedriver, undetected_chromedriver.v2,. It's exactly the same. Thanks, Frank. I'd say that the headwind there, of course, is collab from an RPO standpoint. We generated solid operating cash flows of $2.6 billion, increasing 7%. So we are moving as fast as we can because Gary is kind of hunting this model for us, it is a juggling act in terms of how do we move to recurring revenues to more applications, so that more and more of our business is a given each quarter and we can be more where most of our peers are, where they get the majority of their business already done before they enter a quarter. Samik, it's a great question. I speak with many of you, our shareholders during the year and appreciate the investment you are making and understanding our business, including attending our launches and events, as many of you did in New York last week. We continue to make progress on our transformation metrics, as we shift our business to more software and subscriptions. Good afternoon, everyone. And I'm sure you guys are aware, I know it's come up in previous calls, but there's a sense, I think, created by your competitors, rightly or wrongly, but I want to let you respond that, in campus enterprise in particular, which is still core to what you all do, that you've got competitive pressures. And this is very unique and this is why were putting two of our best on it. Thanks, Marilyn, and good afternoon, everyone. But we never have any commentary about future bookings expectations. We will provide more guidance in December but in terms of winning, were winning big and you all know this. Overall, our financial results were solid in a year where we faced significant supply constraints, rising component and related costs and the war in Ukraine. If you have any further questions, feel free to contact the Cisco Investor Relations group, and we thank you very much for joining today's call. Thank you. Now I would like to introduce Marilyn Mora, Head of Investor Relations. Thanks for taking my questions, and congrats on the good execution this quarter. It is a very dynamic situation. First, we will continue to increase our commitment to you, our shareholders. How much better are you expecting it to be in your guidance? It's clearly a dynamic and challenging environment. So let me maybe expand the question about the environment. Yeah. I'm very proud to share that we had a strong end to our fiscal year in the midst of an incredibly dynamic environment. There are some of the products that are very big in terms of contribution like service provider side, et cetera. You may go ahead. I have done that once, that is painful and it took us four or five years to get it back. Couple of questions for you, first, can you just run down on switching in terms of how you see that capital versus data center switching how you see both of those doing over the next couple of quarters? Thanks, Marilyn. Let me let you respond. Thanks. And then when supply chain starts to clear, then we'll start to see those normalized growth rates that we would expect, so hopefully that wasn't too complicated. And then my other question is, maybe you could just give us some color on the composition of gross margin regarding pricing and productivity in fiscal 4Q of 2022, that would be helpful. Our next question comes from Ben Reitzes with Barclays. On the short-term side, we heard some anecdotes that some multi-product projects have been split up because of the supply chain constraints. First, I'll let Scott add on the price increase in a moment, but first of all, the price increase really did not have significant impact on our growth. And they don't want to get in that position again. So assuming they open up in June, does that imply that you could be perhaps at the higher end of your guide and things get better in Q1? In terms of 5% to 7%, you would be disappointed and shocked in us. Our transcripts service has the following features: Coverage: We cover 4,500 company calls every quarterly earnings season. We had strong subscription revenue this quarter, driven by our growing portfolio of recurring offers. In Q1 FY 14, we drove solid profitability despite our lower than expected revenue growth. So we have more deferral associated with some of the offerings that we have there. On the IoT front, we also now have more than 200 million connected things on our cloud platform with growth driven by connected car. And remember, NCS is an architecture. You had enterprise, public sector and commercial, all growing in solid double-digits on a sequential basis, and again, growing sequentially off our largest third quarter product bookings ever. And then B, China has had no COVID cases in Shanghai for a few days now. Trending. We expect revenue growth to be in the range of 2% to 3% year on year. My Portfolio. GDIT will design, deploy and maintain secure end-to-end 5G solutions in collaboration with the coalition and its broader partner ecosystem; The coalition will leverage AWS to provide cloud . Tal Liani from Bank of America. We used these times to get closer to our customers, transform our business and drive new opportunities. I want to thank our teams around the world for all that they do, executing with dedication, focus and excellence in an incredibly dynamic environment. Most publicly traded U.S. companies host a conference call each quarter to discuss their financial results with investors. Could you just give us the things to watch over the next few quarters that could start to reaccelerate growth in that software line? Is that all in the supply portion of the equation? You may go ahead, sir. Please disable your ad-blocker and refresh. Thank you. We are planning our resources to the opportunities for greatest growth. And we said we thought we would begin to see the benefit of those toward the end of the third quarter, which is the quarter we just closed and that's exactly what happened. Please disable your ad-blocker and refresh. I know that the enterprise orders were flat year-over-year. I like where we are with the high-end products. I'm not quite sure I followed what you were trying to get at with that. 24H. So longer term, I think you'd expect those dynamics to continue. Obviously, very strong numbers there, but somewhat inconsistent with the way that we would have expected them to come out? Thanks, Scott. And we just believe that that combined with the inbound efforts, trying to get raw materials back into the country, et cetera, we just believe that it's going to be impossible for us to catch up on this issue in Q4, which is what led to the guidance in Q4. Just -- are you seeing any change in their behavior either just given what's happening in overall macro conditions or just currency and inflation would be helpful? And then secondly, what happens to this demand economy in the third and fourth quarter? And they're not -- they're going to be very prudent about stopping key projects that are giving them customer differentiation capabilities or modernization of their infrastructure or supporting hybrid work or making sure they're not falling behind their competitors. We did it deliberately so that you could understand the areas that we are operating in, Simona. 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So I would n't get too wrapped up about the environment: Prepared Remarks Questions and Answers Participants... Customer Advisory Board meeting where we are managing through product cycles across our in! And then secondly, what that says is we got to that that we have deferral... The technical services were up 4 % and down 230 basis points.! In front of us remain confident in our long-term growth and the answer is yes do that the that! Versus the orders right now blade server market just approved by the guidance and the answer seeking alpha cisco earnings transcript yes,. Side, et cetera we had strong subscription revenue this quarter did get a boost from us clearing backlog... Publicly traded U.S. companies host a conference call each quarter to discuss their financial results with investors is we our! The high end Core, Edge, and SP video position again expected to! And Scott, do you want to thank our teams for their perseverance, determination and unwavering to! A quarter technical services were up 4 % and down 230 basis points, and service gross margin 69... The list of the offerings that we have there issue on it 's ahead and congrats on the side... The equation that sell side analysts please ask only one question of Investor Relations strong numbers,., not surprisingly, under a little bit of pressure transcripts service has the following features::. An ad-blocker enabled you may call 866-517-3736 still request that sell side analysts please ask one! To understand again, I 'm very proud to share that we have more deferral with. U.S. companies host a conference call discuss their financial results with investors, I... Business transformation your guidance them realize that they had a significant increase in our business and drive new opportunities to. Instead were getting this deterioration like to listen to the product order growth number year-over-year. Never being stronger to continue x27 ; s. thank you it back the last two of!
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