Cisco 2011 Annual Report Download - page 3

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Cisco Systems, Inc. 1
Annual Report 2011
Letter to Shareholders
To Our Shareholders, Fiscal 2011 was one of the most
transformative years we have seen at
Cisco. We prioritized, simplified, and
took action to drive Cisco’s continued
market leadership. We aggressively
changed the way we do business
to become a faster and more agile
partner, with the goal continuing to
be to increase our ability to deliver
unique value to our shareholders,
customers, partners, and employees.
Throughout our transformation, we
continued to execute as we grew fiscal
year revenue to over $43 billion. More
importantly, we laid the groundwork
needed to position Cisco for the next
stage of growth and profitability.
We believe the network will continue
to grow in importance and could
become our customers’ most
strategic information technology (IT)
asset. We will continue to develop
technologies, services, and software
platforms that enable our customers
to leverage the network to solve their
greatest business challenges, which
in turn will drive, in our view, greater
customer and shareholder value for
Cisco and also solidify our leadership
position in an ever-evolving network-
centric world.
In this current environment, we are
fortunate to be a company built on
a number of tremendous strengths.
From a technology standpoint,
innovation and customer support
have remained Cisco hallmarks,
and we have built the most trusted
brand in networking, as evident by
our continuing market leadership.
Moreover, our business fundamentals
remain solid: we generated robust
cash flow from operations, maintained
a healthy balance sheet, have strong
customer and partner relationships,
and hold leadership positions in many
growing markets driving the future of
the intelligent network.
Our more than 52,000 partners
globally continue to endorse our
offerings with enthusiasm and are
vocal in telling us why: our industry-
leading products and services;
our people and relationships; our
innovation and thought leadership;
our ability to deliver architectures to
solve business problems; our ability
to reduce risk, complexity, and cost;
and our commitment to their success.
As we enter fiscal 2012, we are
operating as the “Next Cisco”—
less complex, more agile, and
focused on our five foundational
priorities: leadership in our core
business (routing, switching,
and associated services), which
includes comprehensive security
and mobility solutions; collaboration,
including telepresence; data center
virtualization and cloud; video;
and architectures for business
transformation, where we address
our customers’ biggest technology
and business imperatives through a
complete solution offering.