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Cisco Systems' CEO Discusses F3Q13 Results - Earnings Call Transcript

May 16, 2013 | Telepresence Options

Cisco stock 2012-2013

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Cisco Systems, Inc. (CSCO) F3Q13 Earnings Call May 15, 2013 4:30 PM ET


Welcome to Cisco Systems' Third Quarter and Fiscal Year 2013 Financial Results Conference Call. At the request of Cisco Systems, today's call is being recorded. If you have any objections, you may disconnect.

Now, I'll like to introduce Melissa Selcher, Senior Director, Analyst and Investor Relations. Ma'am, you may begin.

Melissa Selcher�- Senior Director, Analyst and Investor Relations

Thank you. Good afternoon, everyone, and welcome to our 93rd quarterly conference call. This is Melissa Selcher and I am joined by John Chambers, our Chairman and Chief Executive Officer; Frank Calderoni, Executive Vice President and Chief Financial Officer; Rob Lloyd, President of Development and Sales; and Gary Moore, President and Chief Operating Officer.

I would like to remind you that we have a corresponding webcast with slides on our website in the Investor Relations section. Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements and other financial information can also be found on the Investor Relations website. Click on the Financial Reporting section of the website to access these documents.

Throughout this call, we will be referencing both GAAP and non-GAAP financial results. 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 on our documents filed with the SEC, specifically the most recent reports on Form 10-Q and 10-K and any applicable amendments, which we 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.

All comparisons throughout this call will be on a year-over-year basis unless stated otherwise. I will now turn it over to John for his commentary on the quarter.

John T. Chambers�- Chairman and Chief Executive Officer

Mel, thank you, very much. We are pleased to announce another very solid record quarter. We delivered our ninth consecutive quarter of record revenue. We also delivered record non-GAAP operating income and record non-GAAP net income. Our solid results in Q3 are the proof points of the effectiveness of our vision, strategy, differentiated value proposition and continued execution even with a challenging global macro backdrop.

Specifically, in the opening comments, I would like to focus on the following five key takeaways from Q3. First, we are executing very well and continue to consistently deliver to hit or exceed expectations. In addition to driving both top line and bottom line growth, gross margins continue to be stable and operating margins are strong. Bottom line, we again did what we said we would do.

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