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Cisco Systems, Inc. 2012 Annual Report Cisco Systems, Inc. 2012 Annual Report Annual Report 2012 Letter to Shareholders “There is no question that our industry is rapidly changing, and both Cisco and the network are at the heart of the major market transitions underway. We believe that our long-term strategy, which is focused on delivering intelligent networks and technology and business architectures built on integrated products, services, and software platforms, is the right one to help our customers achieve their top priorities and fuel our success over the long run.” - John Chambers, Chairman and CEO To Our Shareholders, Reflecting on fiscal 2012, it was a year customers, partners, employees—and for in which Cisco struck a balance between you, our shareholders. staying the course where appropriate, THE RIGHT VISION AND STRATEGY adjusting when needed, and continuing to reinvent ourselves. And what we are Our vision and strategy—to become our most proud of is that we did what we customers’ most strategic business said we would do—we delivered for our partner by delivering intelligent shareholders, customers, and partners. networks and technology and business architectures built on integrated products, There are a number of key takeaways services, and software platforms—is, from fiscal 2012. Cisco grew earnings in our view, enabling our customers’ per share at more than twice the pace success, as well as our own. Our success of revenue for the fiscal year. We also in the service provider market is one of positioned ourselves for the future the best examples of how our vision and in terms of product innovation and strategy is working. In this market, we gaining market share across most of have evolved from being a box provider our categories, including those in which to being a technology provider to being we were already leading. Additionally, one of our customers’ top strategic we were able to pull away from many business partners by solving their most of our competitors by delivering unique complex issues. We set our sights on value to customers and partners, for this market over a decade ago, and by which we achieved exceptional customer staying the course and adjusting when and partner satisfaction levels. And we needed, we believe we have broken away significantly improved shareholder value. from most of our peers in the industry Despite the macroeconomic challenges, as we have helped our service provider including uncertainty in the European customers achieve their technology and market and lackluster global public business goals. spending, that impacted many in our industry, fiscal 2012 was a very solid year If you think about what we did with for Cisco. The London 2012 Games, it’s a great example of our ability to strategically During the fiscal year, we continued partner—in this case, with the British our focus on Cisco’s transformation, an Government, the London Organizing effort we began in the second half of Committee of the Olympic and fiscal 2011. We invested in the things Paralympic Games, British Telecom, that were working, realigned resources and broadcasters such as NBC—to drive to support key opportunities, evolved incredible outcomes and experiences our leadership, and strengthened our for London 2012 participants, attendees, operational discipline. We exited the and viewers. Cisco provided network fiscal year at a lower expense run-rate infrastructure for the London 2012 than we were operating under at the Games that enabled 1,800 Wi-Fi hot start of the year. We are pleased with spots and 80,000 data connections and our progress to date, and we remain had a capacity four times larger than the focused on creating greater value for our network infrastructure in any previous Cisco Systems, Inc. 1 Annual Report 2012 Letter to Shareholders Olympic Games. Cisco technology and switching, and services); data center solutions helped connect an estimated 10 (virtualization/cloud); collaboration; million spectators, 76,000 volunteers, and video; and architectures for business 22,000 athletes and coaches in a way transformation. By catching market never before possible. transitions and listening to our customers, we continue to execute on our goal One of Cisco’s key differentiators over of driving innovation and sustainable the years has been our ability to capture differentiation, which is the lifeblood of market transitions which drive innovation Cisco. that enables our customers’ long-term success. Market transitions have never EXECUTION occurred at a faster pace than we are We are all aware of the challenges seeing today. At the heart of each of associated with the uncertain these transitions—cloud, mobility, video, macroeconomic climate during the fiscal any device, social networking, and 2012 period, and that makes us even virtual networks—is the network. Make more pleased with our record revenue no mistake about it: Cisco is focused on and earnings per share during this time. driving the opportunities created by these The company also grew profits faster transitions, and in our view we have never than revenue, as we had committed been more relevant than we are today. to do with our operating model of A key market transition currently disciplined decision making, sound underway is the evolution towards portfolio management, strong operational more programmable, flexible, and execution, and a focus on driving virtual networks. We believe customers profitable growth. understand that optimizing the hardware, For fiscal 2012, Cisco reported net ASICs, and software elements of their sales of $46.1 billion, an increase of 7% networks together will drive consistent compared to fiscal 2011. Fiscal 2012 experience, policy, security, and mobility. product sales were $36.3 billion, up In our view, this market transition plays 5% compared to fiscal 2011. Illustrating directly to our expertise: Cisco pioneered the value of Cisco’s role as a strategic network virtualization in 2009 with the business partner to customers worldwide, introduction of the Nexus 1000V Series, our service revenue grew 12% in fiscal the first virtualized switch that today has 2012 to $9.7 billion. more than 6,000 production customers. Cisco almost always leads the way as Net income for fiscal 2012 was $8.0 these transitions develop. We intend to billion, representing an increase of 24% lead this transition through a combination from fiscal 2011. Earnings per share of internal development, internal on a fully-diluted basis were $1.49, an start-ups, acquisitions, and partnering. increase of 27% compared to the prior fiscal year. From a technology standpoint, in fiscal 2012 we continued to prioritize our During periods of uncertainty, our actions and investments around our five strong balance sheet continues to be foundational priorities, which consist of a competitive advantage. Total assets leadership in the core business (routing, were $91.8 billion at the end of fiscal 2 Cisco Systems, Inc. Annual Report 2012 Letter to Shareholders 2012, including $48.7 billion in cash, new platforms is going very well with cash equivalents, and investments the market shift from wireline to wireless held globally. During the fiscal year, we providing us with a true competitive generated $11.5 billion in cash from advantage. operations. We continue to focus on We were very pleased with our Wireless effectively delivering maximum return momentum. Our investment in Service on invested capital and enabling growth Provider WLAN has driven one of the demonstrated by the strong free cash most compelling offerings in the industry, flow generated during the fiscal year. with revenue in our Wireless category In terms of net sales from a geographic up 19% in fiscal 2012, as compared standpoint, comparing fiscal 2012 to fiscal 2011. Revenue in our Security performance to fiscal 2011, we saw category increased 12%, as compared revenue increases across all three to the prior fiscal year. Our Data Center geographic regions, including 6% in the category grew revenue by 87%, as Americas; 4% in Europe, Middle East, and compared to fiscal 2011. In our view, Africa (EMEA); and 13% in Asia Pacific, our ability to move first in the data center Japan, and China (APJC). We were market transition—to a unified computing, especially pleased with our growth in storage, and networking solution—has emerging countries, and we believe that helped solidify our position as a leader in Russia, China, Brazil, Mexico, and India next-generation data centers. have strong potential to contribute to our We believe the move to a post-PC world, long-term growth. We plan to continue to with its accompanying requirement of invest in our emerging markets business, ubiquitous video, will help drive our from where, we believe, the majority of Collaboration market success moving global GDP growth will come in future forward. In fiscal 2012, Collaboration years. revenue increased 3%, with our Unified From a technology product perspective, Communications products making solid we saw growth across all of our major strides. product categories during fiscal 2012. In fiscal 2012, we saw 11% revenue growth In Switching and NGN Routing, while in Service Provider Video. As this market many of our peers reported negative evolves into the cloud, software becomes growth, we saw solid revenue growth increasingly important and creates the of 3% in Switching and 2% in NGN potential for more profitable growth. We Routing, as compared to fiscal 2011, believe our recently completed acquisition and we continued to hold or gain of NDS Group Limited will help us achieve market share in the majority of our key profitable growth at a faster pace, as markets. In the switching market, strong NDS will help accelerate the delivery of demand resulting from the transition to Cisco’s Videoscape platform and broaden 10-Gigabit Ethernet and our Massively our opportunities in new service provider Scalable Data Center (MSDC) customers markets. helped to increase fixed-configuration switching revenue growth to double During the year, we continued to execute digits in percentage terms in fiscal on our strategy of build, buy, partner, 2012.
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