思科Cisco Systems Inc. (CSCO) 2014年年度报告「NASDAQ」.pdf

1、Cisco Systems,Inc.2014 Annual Report Cisco Systems,Inc.1Annual Report 2014Letter to ShareholdersTo Our Shareholders,When we look back on fiscal 2014,we could describe it as one of the most innovative years in Ciscos history.Through our innovation strategy of build,buy,partner,and integrate,we brough

2、t new architectures to market for the next generation of networking,security,data center,and collaboration products and solutions,and we made bold moves to help our customers capitalize on the changes in the market.We managed our business well amid a great deal of change and a tough market.Our fisca

3、l year began with several external headwinds,including the U.S.federal government shutdown and the possibility of a U.S.default,combined with a significant slowdown in emerging countries.Even with this backdrop,we ended fiscal 2014 with revenue of$47.1 billion,making it the second strongest year in

4、our history.We also continued to make progress in driving a greater software mix and higher recurring revenue,which are key pillars of our strategy.We remain focused on shareholder value creation by maintaining the flexibility to make the right long-term strategic decisions for our company,driving e

5、fficiencies in our cost structure and returning capital through dividends and share repurchase to our shareholders.During fiscal 2014 we delivered strong operating margins.Additionally,we were very pleased to have substantially exceeded our goal of returning a minimum of 50%of our free cash flow ann

6、ually to shareholders by returning$9.5 billion through share buybacks and$3.8 billion in dividends,totaling a record$13.3 billion returned to shareholders in the fiscal year.It is clearer than ever that every company is becoming a technology company,with the common element being the network at the c