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- Jack McDaniel
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1 These prepared remarks should be viewed solely in conjunction with the related quarter s conference call webcast and press release, which can be found here. The webcast includes the prepared remarks as well as a question and answer session. Please click here for complete GAAP reconciliation information between our GAAP financial results and our non-gaap financial results. Cisco Systems, Inc. [CSCO] Q Financial Results Conference Call February 10, 2016 Introduction Welcome everyone to Cisco's second quarter FY16 quarterly conference call. This is Marilyn Mora, Head of Investor Relations, and I am joined by Chuck Robbins, our CEO, and Kelly Kramer, our CFO. By now, you should have seen our earnings press release. A corresponding webcast with slides including supplemental information will be available on our website in the Investor Relations section following the call. Income statements, full GAAP to non-gaap reconciliation information, balance sheets, cash flow statements, and other financial information can also be found on the Financial Information section of our Investor Relations website. Throughout this call, we will be referencing both GAAP and non-gaap financial results and will discuss product results in terms of revenue and geographic and customer results in terms of product orders, unless stated otherwise. All comparisons throughout this call will be on a year-over-year basis, unless stated otherwise. The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the third quarter. They are subject to the risks and uncertainties that we will discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. With respect to guidance, please also see the slides and press release that accompany this call for further details. As a reminder, Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.
2 Please note that during Q2, on November 20, we completed the sale of the Customer Premises Equipment portion of our SP Video Connected Devices business to Technicolor. As such, all of the revenue, non-gaap, and product orders information we will be discussing is normalized to exclude the SP Video, CPE business from both the Q2 FY16 and historical results. We have provided Q2 FY16 and historical financial information for the SP Video, CPE business in the slides that accompany this call and on our website to help to understand these impacts. As a reminder, the guidance we provided during our Q1 earnings call and today's call has been normalized in the same way. With that, I'd like to go ahead and turn it over to Chuck. Opening Remarks Thanks, Marilyn. We delivered a strong Q2 in a challenging macro environment. Recently we've experienced one of the most volatile times in the global markets. This volatility led to a slowdown in spending, impacting our business, especially during the last few weeks of January as we closed our quarter. Despite this slowdown, we executed very well, with total revenue growth of 2% and non- GAAP EPS growth of 8%, strong margins, and operating cash flow up 36%. Our ability to deliver strong profitability in a challenging environment reflects the operating leverage we've created in our business over the last several years. Our portfolio is more strategic than ever to companies and countries that are digitizing everything. As billions of things become connected, creating massive amounts of data, Cisco is playing an increasingly critical role, enabling our customers to drive their priorities with industry-leading security. Cisco is unique in our ability to connect everything for our customers, from the sensor to the data center with security and analytics. As a result, our conversations are no longer just in IT. They have become prevalent in the C-suite and the boardroom. When I took this role two quarters ago, I discussed my focus on accelerating our innovation engine and portfolio transformation to execute on the opportunity ahead of us. I believe we are executing well, and I would like to highlight our momentum in four key areas.
3 First, we are defining the next generation of networking beginning with the data center with our ACI platform providing the automation and programmability for our customers' most critical business applications with the scale, speed, and security they require. In just two years, we have built ACI to a $2 billion run rate business that grew once again last quarter over 100%. We are aggressively focused on winning in the 10 gig, 40 gig, and 100 gig transition, and firmly establishing our leadership in the next-generation data center. Second, security remains the most critical priority for our customers, and, as everything connects, it makes the network even more relevant. As the largest security provider, we have been focused on driving the growth of this business while at the same time migrating our model from a primarily hardware business to a software and services business. In Q2, not only did our security business grow 11%, but our security deferred revenue grew 26%. Third, we saw double-digit growth in our cloud-based SaaS businesses, specifically WebEx, Meraki cloud networking, and security. You're seeing us move more of our portfolio to be delivered in both on-premise and cloud-based models, and we are aggressively driving this transition. And fourth, we are using M&A to augment our internal innovation in key growth areas. In the last 12 months, we have added critical capabilities and talent in the growth areas of cloud, security, SaaS, IoT, and analytics. Our recently announced acquisition of Jasper combined with our other capabilities, is a strong example of how we will play a unique and strategic role in unlocking the value of IoT. We will enable our customers to monetize the data from the billions of sensors and connections with the security, speed, and reliability they've come to expect from Cisco. Our momentum reflects the uniqueness of our business model and our ability to weather volatility while accelerating innovation in key markets to drive our long-term growth. Now I'll turn it over to Kelly to walk through more detail on our financials. Financial Overview Thanks, Chuck.
4 I am pleased with our continued execution on our financial strategy of delivering profitable growth, managing our portfolio and strategic investments, and delivering shareholder value. Starting with delivering profitable growth, total revenue was $11.8 billion, up 2%, with product revenue growth of 2% led by growth in security, routing, and collaboration. In switching, as Chuck mentioned, we are driving the next-generation data center architectures and are very pleased with our ACI momentum. The 4% decline in switching was largely driven by macro weakness in our campus business, something that we've observed in the past during volatile times as customers pause spending decisions. We saw our routing business grow 5%, driven by double-digit growth in our CRS platforms with particular strength and mobility and web scale service provider. Collaboration grew 3%, driven by 17% growth in WebEx, partially offset by some slowdown in our unified communications business. Deferred revenues showed continued strength growing 15%. Our data center decline of 3% was also driven by a slowdown in spend. In addition, we have tough comparisons from Q2 15, when revenue grew 40%. UCS continues to be a strong franchise for us and is a foundational piece of our nextgeneration data center stack. Wireless was flat as a result of declines in our access point controller business, offset by strong growth in our cloud-based Meraki platform. SP Video grew 37%, largely driven by strength in China. Security grew 11%, with deferred revenue growth of 26%. We had strong growth in our advanced threat security and web security solutions which grew over 180% and 40%, respectively. We added over 2,000 customers on our AMP advanced malware solution, bringing a total customer base to over 10,000. Services revenue grew 3%, and we continue to show very good progress against our goal of driving more recurring revenue. Deferred revenue had a solid growth of 8% in total, with product up 11% and service up 7%. The portion of our product deferred revenue, which is related to our recurring software and subscription businesses, grew 34%. In total, product orders grew 2%. Our book-to-bill was approximately one.
5 Looking at our geographies, which is a primary way we run our business, Americas was flat, EMEA declined 1%, and APJC grew 17%. Total emerging markets grew 7%, with the BRICs plus Mexico showing strength at up 17%, with China up 64% and India up 23%. Total emerging minus the BRICM countries was down 3%. In terms of customer segments, enterprise declined 2% and commercial grew 4%, both of which were impacted by macro uncertainty. Public sector was flat and service provider grew 5%. We drove strong profitability with discipline and rigor on gross margins and operating expense. Non-GAAP gross margin was 64.2%, with non-gaap product gross margin of 63.3% and non-gaap service gross margin of 66.7%. Non-GAAP operating expenses were 33% of revenue and non-gaap operating margin expanded to 31.2%. We will remain disciplined with our operating expenses and portfolio management. From a profitability perspective, we delivered non-gaap EPS of $0.57, up 8%, with a penny and a half attributable to lower non-gaap tax rate, resulting from the permanent reinstatement of the Federal R&D tax credit. From a GAAP perspective, EPS was $0.62. In addition to the typical reconciling items between GAAP and non-gaap EPS, there were three material items to call out which we excluded from our non-gaap results - the gain on the sale of the SP Video CPE business, the impact of the settlement of federal tax audits, and prior year fiscal year impact of the reinstatement of the federal R&D tax credit. The total impact of these and other immaterial items was a benefit to GAAP EPS of $0.13. Q2 non-gaap net income was $2.9 billion, up 8%. GAAP net income was $3.1 billion. So moving on to shareholder value, in Q2 we delivered operating cash flow of $3.9 billion, up 36%. Total cash, cash equivalents, and investments at the end of Q2 were $60.4 billion, with $3.9 billion available in the U.S. In the first half of FY16, we have returned $4.6 billion or 75% of our free cash flow to our shareholders, comprised of $2.5 billion of share repurchases and $2.1 billion of dividends.
6 Today we announced a 24% or $0.05 increase to the quarterly dividend, to $0.26 per share. This represents a yield of approximately 4.6% based on today's closing price. We also announced $15 billion increase to the authorization of the share repurchase program, raising the remaining share repurchase authorization to approximately $16.9 billion. This significant dividend increase and additional share repurchase authorization reinforces our commitment to returning capital to our shareholders and our confidence in the strength and stability of our ongoing cash flows. Overall, Q2 was a solid quarter in a volatile macro environment. We saw good top-line growth, strong profitability, and operating leverage. We continue to shift our business model to more software and subscription recurring revenue. Guidance Let me now reiterate the guidance we provided in the press release for the third quarter of FY16. This guidance includes the type of forward-looking information that Marilyn referred to earlier. Q3 does include an extra week, which occurs every five to six years for us. We have factored this extra week into our guidance for both revenue and expenses. Although it is difficult to forecast the impact of the extra week, we have assumed roughly a 2% year-over-year impact on total revenue growth, along with approximately $40 million of incremental cost of sales and $110 million of operating expenses. The guidance for Q3 is as follows. We expect revenue growth to be in the range of 1% to 4% year over year, normalized to exclude the SP Video CPE business from Q3 FY15. We anticipate the non-gaap gross margin rate to be in the range of 62.5% to 63.5%. The non-gaap operating margin rate is expected to be in the range of 28.5% to 29.5%, and the non-gaap tax provision rate is expected to be 22%. Non-GAAP earnings per share is expected to range from $0.54 to $0.56. We anticipate our GAAP EPS to be lower than the non-gaap EPS by $0.08 to $0.12. Further details to this range are included in the slides and press release that accompany this call. I'll now turn it back over to Chuck to summarize the call. Summary Comments
7 Thanks, Kelly. Let me quickly summarize. While macro growth has clearly slowed, the speed with which technology is changing every industry and every country has not slowed, and we are moving full speed ahead. This speed coupled with our innovation, strategic partnerships, and our M&A capabilities, will allow us to meet the expectations of our customers and lead into the future. On this front, I feel very confident. And that conviction about our future business is what led us to increase our dividend by 24%. My confidence in our future is confirmed every day by CEOs, boards, and country leaders, as we preview our strategy and roadmaps. They see the next-generation data center and cloud architectures we're building on UCS and ACI. They see our extensive security portfolio that protects them before, during, and after an attack. They see the IoT and analytics platforms that will enable them to act on and monetize data and connections, and they want us to be their strategic partner as they drive their digital agendas. They trust us, they value our innovation, and they believe our portfolio is critical to their ability to execute on their vision. Our customers and countries around the world know this move to digital is real and it's happening now. As we help them through this transition, you will see us operate on two fronts. In the near term, you will continue to see us to be a well-run company that executes even in challenging markets. Longer term, we will continue to make the right investments that will accelerate our growth as our customers embrace and adopt this next wave of technology. These prepared remarks and the related conference call may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of These forward-looking statements include, among other things, statements regarding future events (such as the impact of the macro environment, our innovation strategy and execution, our ability to shift our business model to more software and recurring revenue, our ability to deliver profitable growth and strong cash generation, our business strength, financial guidance, and our capital allocation strategy) and the future financial performance of Cisco that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the
8 networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market and other customer markets; the return on our investments in certain priorities, including our foundational priorities, and in certain geographical locations; the timing of orders and manufacturing and customer lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and service markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and other matters, and governmental investigations; natural catastrophic events; a pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets, currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco s most recent report on Forms 10-Q and 10-K filed on November 19, 2015 and September 8, 2015, respectively. The financial information contained in the prepared remarks and the related conference call should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco s most recent report on Forms 10-Q and 10-K as each may be amended from time to time. Cisco s results of operations for the three and six months ended January 23, 2016 are not necessarily indicative of Cisco s operating results for any future periods. Any projections in the prepared remarks and the related conference call are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of these presentation slides and the related conference call.
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