Cisco Systems, Inc. (NASDAQ:CSCO) Q1 2025 Earnings Conference Call November 13, 2024 4:30 PM ET

Company Participants

Sami Badri - Head, Investor Relations
Chuck Robbins - Chair & Chief Executive Officer
Scott Herren - Executive Vice President & Chief Financial Officer

Conference Call Participants

Tal Liani - Bank of America
Matt Niknam - Deutsche Bank
Michael Ng - Goldman Sachs
David Vogt - UBS
Samik Chatterjee - JPMorgan
Simon Leopold - Raymond James
James Fish - Piper Sandler
Meta Marshall - Morgan Stanley
Ben Reitzes - Melius Research
Amit Daryanani - Evercore
George Notter - Jefferies
Aaron Rakers - Wells Fargo
Karl Ackerman - BNP Paribas

Operator

Welcome to Cisco's First Quarter Fiscal Year 2025 Financial Results Conference Call. At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect.

Now, I would like to introduce Sami Badri, Head of Investor Relations. Sir, you may begin.

Sami Badri

Good afternoon, everyone.

This is Sami Badri, Cisco's Head of Investor Relations, joined by Chuck Robbins, our Chair and CEO, and Scott Herren, our CFO.

Cisco's earnings press release and supplemental information, including GAAP to non-GAAP reconciliations are available on our Investor Relations website. Following this call, we will also make the recorded webcast and slides available on the website.

Throughout today's call, we'll be referencing both GAAP and non-GAAP financial results. We will discuss product results in terms of revenue and geographic and customer results in terms of product orders, unless stated otherwise. All comparisons will be made on a year-over-year basis.

Please note that our discussions today will include forward-looking statements, including our guidance for the second quarter and fiscal year 2025. These statements are subject to risks and uncertainties detailed in our SEC filings, particularly our most recent 10-K report, which identifies important risk factors that could cause actual results to differ materially from those contained in our forward-looking statements.

With respect to guidance, please also see the slides and press release that accompany this call further for further details. Cisco will not comment on its financial guidance during the quarter unless that is done through an explicit public disclosure.

Now, I'll turn it over to Chuck.

Chuck Robbins

Thanks, Sami. And thank you all for joining us today.

Cisco delivered a strong start to fiscal '25, delivering $13.8 billion in revenue for the first quarter, coming in at the high end of our guidance range. This was supported by solid growth in annualized recurring revenue, remaining performance obligations, and subscription revenue, which now accounts for 57% of our total revenue.