Welcome and thank you for standing by. (Operator Instructions) I’d now like to turn the conference over to your host for today’s call, Mr. Tony Takazawa.

Good morning. Welcome to EMC’s to discuss our financial results for the third quarter of 2009. Today we are joined by Joe Tucci, EMC’s Chairman and CEO and David Goulden, EMC Executive Vice President and CFO. David will provide a few comments about the results that we released this morning. He will highlight some of EMC’s activities this quarter and discuss some modeling assumptions for the rest of 2009. Joe will then spent some time discussing his view of what is happening in the market, EMC’s execution of the strategy and how EMC is positioned. After the prepared remarks, we will then open up the lines to take your questions. I would like to point out that we will be referring to non-GAAP numbers in today’s presentation unless otherwise indicated. A reconciliation of our non-GAAP to our GAAP results can be found in the disclosure today in our press release, supplemental schedules and slides that accompany our presentation. All these are available for download within the investor relations section of EMC.com. As always we have provided detailed financial tables in our news release and on our corporate website. And with regard to details of the results, I refer you to our financial release from our site. The call this morning will contain forward-looking statements and information concerning factors that could cause actual results to differ, can be found in EMC’s filings with the U.S. Securities and Exchange Commission. Lastly, I will note that an archive of today’s presentation will be available following the call. With that, it is now my pleasure to introduce David Goulden.

Good morning and thank you for joining us today. I’m pleased to announce that EMC achieved solid Q3 results with revenues of $3.5 billion, up 8% from Q2. Non-GAAP EPS is $0.23, up 28% from Q2 and free cash flow of $745 million, up 86% from Q2. It’s encouraging to see our focused efforts resulted in good sequential revenue growth, improving profitability and strong free cash flow in what continues to be a challenging economic and IT spending environments. Within these results our EMC information infrastructure business achieved $3 billion of revenues and about $0.20 non-GAAP EPS. EM also had a solid third quarter contributing $489 million of revenue or almost $0.04 of non-GAAP EPS for EMC. Results that I would like to particularly highlight include solid overall performance on both a consolidated basis and for EMC information infrastructure, evidence of our model and good execution. Improving both in North America, especially in storage are encouraging signs. Profitability has improved sequentially, a sign of great cost control efforts by EMC and VMware employees. Excellent free cash flow generation demonstrating the strength of our financial model and what looks to be an increasing stability in IT spending, this is important for obvious reasons. Overall, there’s a lot to be positive about in this quarter. This morning, I’m going to make some comments about the Q3 spending environment, our business outlook for the rest of the year and some more specific details from our Q3 results. As you may recall during our Q2 report, we noted that IT spending was becoming more stable and predictable heading into the second half of 2009. While we did not expect a big pick up in the economy or IT spending plans, we believe that customers are becoming increasingly confident about spending their budgets. What we…

I would also like to welcome everyone to today’s call. Thank you for joining us. Overall, given the current IT spending environment I was quite pleased with our Q3 results. Our results demonstrated that the market demand for our storage virtualization, security, compliant back up recovery and archive solutions was and is solid. EMC’s business model has proven resilient and strong in this turbulent economic climate. The people of EMC and VMware around the globe are executing our strategy and business plan very well and as always, I want to thank them for their hard work and dedication and congratulate them on their success. I am sure the top issue on your minds are around what EMC is experiencing relative to this economic climate and even more so, what’s happening on the IT spending front now and into 2010. I’ll start with Q3. Throughout Q3 the predictability of our business was very good. The timing of our order flows throughout the quarter were very close to our historical patterns. Market acceptance of our new product lines were strong and very importantly, the confidence and espre de core of our people is exceptionally high. On the macro front, 2009 is progressing pretty much as we expected. We predicted back in our January call that the year on year revenue declines would bottom out in Q2 and that IT spending in the second half of 2009 would be stronger than the first half, and as you can see from our quarter results and our Q4 forecast, this is the way the year seems to be playing out. I might also note we predicted the continued consolidation of the IT market with a particular belief that the larger players would be the most aggressive. For sure, this is happening, including EMC as a…

Before we open up the lines for your questions, as usual we ask you try and limit yourself to one question including clarification. We thank you all for your cooperation in this matter.

(Operator Instructions) Your first question comes from Aaron Rakers – Stifel Nicolaus. Aaron Rakers – Stifel Nicolaus: I want to try and understand a little bit the guidance and you’re implying on an organic basis. By my math it looks like maybe Data Domain was about $70 million of revenue contribution in this quarter, and I believe you had mentioned that you would do about $200 million with Data Domain for the full year. So if I look at your guidance on an organic basis, it looks like you’re guiding somewhere around 12% to 13% sequential growth versus historical more normal seasonal growth of about 16% to 17%. I’d like to understand what the puts and takes are there, what you’re assuming for Data Domain and why we should think kind of a sub seasonal growth for Q4.

Data Domain gave us about three points of growth on a quarter on quarter basis, on a year on year basis in Q3, so a little stronger than the number that you mentioned there. When I apply that and I look at the sequential from Q3 to our Q4, given that we had Data Domain for most of the Q3 and all of Q4, I can normalize that. I’m looking at about at 14% reported growth, about 13.5% organic growth. If you look at that compared to prior years normalized acquisition that would compare to about 15% that we see in what I call a growth year with a full budget flush. So given that we’re in a tough economy with IT budgets still being under scrutiny, we think that 14% sequential growth that we guide to is actually a very impressive number.

Your next question comes from Benjamin Reitzes – Barclays Capital. Benjamin Reitzes – Barclays Capital: Could you talk about what your plans are for your cash? You had good cash flow this year so far. You have your share count creeping up with the higher stock price and you have a convert. Maybe it’s time to buy back more stock or discuss what your acquisition strategy remains to be. Is it string of pearls or anything bigger on the horizon.

Our stated preference and I’ll state it again is to continue with our string of pearls approach. I also always state that I don’t want to take any options off the table that we believe firmly will benefit our shareholders and the company for the long haul, but nothing has changed on that front and that will for sure be one of the focuses for usage of cash and obviously you’re right, it’s a couple of years away yet but we do have to think about taking out the convert for cash which is what we’re going to do.

On our cash situation, obviously $8.4 billion, as I mentioned $3.7 billion is sitting overseas and $2.2 is sitting at VMware, so you can take that into account. But given the four strategic growth opportunities that Joe has outlined and the huge potential for us to really expand our business in those areas, that’s kind of prime focus for how we’re looking for our cash to work right now.

Your next question comes from Alex Kurtz – Merriman Curhan Ford & Co. Alex Kurtz – Merriman Curhan Ford & Co.: Could you give us a little bit more detail about the verticals that you saw that showed a lot of strength this quarter and how you see that progressing into Q4?

We had a lot of strength in federal. We did better than you might expect in the financial services. That held it’s own as David pointed out. The oil and gas sectors continues to be strong. There was no really terrible areas. We had a pretty good spread. Alex Kurtz – Merriman Curhan Ford & Co.: Would you expect the financial vertical showing sort of a strong recovery heading into ’10 after some really depressed spending levels earlier this year or is this sort of a one quarter blip?

I think it’s going to be slow and steady. I don’t think it’s a one quarter blip nor do I think financial services are going to be bringing out their check books big time next year. I just think it’s going to be slow and steady.

Your next question comes from Wamsi Mohan – Bank of America/Merrill Lynch. Wamsi Mohan – Bank of America/Merrill Lynch: You highlighted the operating leverage on the core EMC infrastructure business but when you look on a consolidated basis the revenues declined 5% and expenses declined 3% so on a consolidated basis the gap between the revenue decline and the expense decline year over year does not seem to be narrowing significantly. Should we expect that divergence to continue or should we view this more of a one time given the Spring Source acquisition?

I actually think, obviously you’re asking what happens on the VMware side and the reason our non-GAAP operating margin basis, you’re not seeing quite so much contribution from VMware this quarter compared to a year ago is really the impact of the software capitalization. I mentioned to you back in January that software capitalization, the net effect of software capitalization was going to be a significant headwind this year, and that is proving to be the case particularly in the second half of the year with VMware being where you’re seeing the biggest impact. Obviously a lot of the development costs were capitalized. Those are now being amortized and there’s less new capitalization to offset that. So that’s the major factors impacting what’s happening to the VMware non-GAAP numbers as looked at from the EMC point of view.

Your next question comes from Mark Moskowitz –J. P. Morgan. Mark Moskowitz –J. P. Morgan: The question revolves the unified storage platform. You’re doing quite well there in terms of the 40% growth. I’m just kind of curious if you can give us a little more context around how much of this growth is being driven primarily with legacy EMC customers versus new incremental customers to EMC?

We don’t traditionally break out how much is to our base so to speak and how much is to new, but I will say that if we look at the what we call our unified product line which is what you’re asking about which is the NAS plus product line that had over 40% growth, we’re clearly capturing new names also at a pretty impressive rate.

Your next question comes from William Fearnley – FNT Equity Capital. William Fearnley – FNT Equity Capital: For the Dell relationship, you mentioned quickly the de-emphasizing the reseller agreement. Do you think the EMC channel in the direct channel especially in the CLARiiON side make up for whatever revenue falls off here from the change in the Dell relationship?

I certainly think we have that capability. But I just want to make it pretty clear that as David talked to you about, between Dell and us, we’re extremely committed to the OEM side of the relationship. What’s kind of winding down if you will is the reseller side of the relationship and of course as that winds down on that side, we’re trying to pick up that slack with our own direct sales and mostly through channel partners, and David talked to you about some pretty impressive growth there. So obviously we had sequential growth within CLARiiON despite a significant down through the Dell channel so I would say we are certainly beyond the knee of the curve and we ought to continue to work with Dell and make sure this OEM opportunity becomes stellar and grows and at the other side also work with Dell about opportunities around our duplication technology, around opportunities with our NAS technology and at the same time, continue to build out other channels and beef up our direct selling organization to make sure that we can pick up the slack that we’re going to lose from the reseller side.

Your next question comes from Ghai Rajesh – Thinkequity. Ghai Rajesh – Thinkequity: You mentioned high end storage was stronger during the quarter. I just wanted to understand how much of your high end storage revenue is being contributed by Vmax and also if you can quantify the effect of the transition into the architecture gross margin.

The good news is that this quarter over 50% of our symmetric system revenues came from Vmax which means that in the second full quarter up to a full half or a little over half of Vmax, that really is about one quarter faster than we would have expected typically especially from a major transition like this. It takes three quarters before we get to 50%. So we think that’s a very good sign. Ghai Rajesh – Thinkequity: And the effect of the transition into architecture on gross margin metrics.

Obviously you’ve seen a lot of operating leverage and gross margin leverage coming through the quarter. As we said, as Vmax ramps to volume it has lowered production costs at Vmax 4, so that’s one of the main factors that did help us to drive our operating margin and gross margin increase quarter on quarter. Ghai Rajesh – Thinkequity: Can you put a timeline for transition for other platforms into architecture?

All our platforms are now on into architecture. If you look at the latest generation, 100% of our platforms are at Intel architecture.

Your next question comes from Paul Mansky – Cannacord Adams. Paul Mansky – Cannacord Adams: I wanted to follow up on the change in the nature of the Dell relationship, or at least the go to market as you’ve detailed a couple of times. How are you thinking about margin contribution from that revenue stream going forward both in terms of gross and operating.

The OEM relationship is the most profitable to both of us because obviously they make better margins, but then they do virtually all of the selling. So when you net those two out, it actually ends up ironically being better for both of us so we can get this to grow. And that certainly is the intention.

Your next question comes from Douglas Ireland – J. P. Morgan. Douglas Ireland – J. P. Morgan: My question was about the product cycle coming up in the next generation data center and some of the deferred maintenance on servers that we’ve seen. Can you talk a little bit about what you see coming in terms of a data center refresh?

I’m not 100% sure of your question so let me take a stab at it and if I’m not on what you’re asking let me know. I think what we’re really saying is, if you look at the inherent power of these new class of four core going to eight core very quickly here, processors that Intel has out, and the amount of memory they can have and the amount of power they have and if you look at the road map, it is clear. And the fact that these processors have a lot of what Intel calls VT technology which is virtualization aware technology, which brings down the overhead of a VMware for instance. It’s clear to us that data centers of the future will be pretty close to 100% virtualized and under a VM type environment, you’ll be able to run any and all applications. Once you get to that particular opportunity, if you look at where VM has taken, you’ll be able to have a much different management model and be able to have a lower cost infrastructure to run your applications. That’s where we’re headed. And of course from a storage point of view, we are two systems we’ve done from scratch if you will to make sure we’re there. On the block side we’ve done a lot of work with Vmax and then on the object side we’ve come out with a brand new system called Atoms and then of course by the very definition of our future now systems, will play very well there too. And then of course it puts a real premium on security as you do more federation across more of your own data centers or your partner’s data centers and those cover areas of data leakage and protection and verification and the GRC side of making sure you have good security for data management and this is what we do in our RSA. So we think we’re very well positioned for that cycle and that’s what that cycle will be made up of.

Your next question comes from Troy Jensen – Piper Jaffray. Troy Jensen – Piper Jaffray: If you look at the mix of the margins here both services and products were up nicely. Do you think you can sustain the gross margins on the services side in the mid 60’s and do you think the product gross margins can get back to the mid to high 50’s level?

On the services margins, yes we’ve made a lot of improvement there. That’s been through a lot of our cost re-engineering, cost improvement and efficiency programs on the services side. As I’ve mentioned, we’ve done that while keeping customer loyalty pretty close to all time highs so we’re very pleased with that. So we expect to be able to maintain margins at this level, but don’t expect to see a huge amount of improvement from here forth on the services side. As I said on the product side, the biggest factor in our margin equation going in to this year, certainly back in Q1 was the volume effect and you can see as volumes have increased sequentially during the year that we see a nice improvement in product gross margins and we do believe that as volumes continue to increase and we continue to see the full effect of our new technologies, there’s certainly some upside potential on that side as well.

Your next question comes from Jayson Noland – Robert W. Baird. Jayson Noland – Robert W. Baird: I know close rates are more important than pipelines sometimes, but if you could talk about pipeline and just trying to get a sense for pent up demand.

Well so far as I said our productivity against our pipeline has been very good. Our pipelines have been proved accurate and obviously that’s what gave us the confidence to call a 14% growth from Q3 to Q4 and it’s a real growth because there’s really no acquisition effects because we had the acquisitions done in the case of Data Domain in Q3. So it’s pretty close as David said. We wouldn’t have made a call like that if we didn’t have the pipelines and the visibility to make that call, and obviously the proof is in the pudding. Our sales force now has got to come through but they’ve got a pretty good track record, and that gave us the confidence to do what we did.

Your next question comes from Robert Cihra – Caris & Company. Robert Cihra – Caris & Company: On Vmax, I don’t know if you can parse it out this way or not but can you get any feeling for how much of this is new buying, people excited over the architecture and what not for virtualization versus customers replacing old DX3’s from back in ’05 and ’06?

There’s obviously some and some. We just don’t give out that level of detail. We think we’re pretty forthcoming and we for sure believe we give more than most, but it is definitely some and some. I know that’s not the answer you want. Robert Cihra – Caris & Company: Is FAST starting? Is that still ramping in Q4 in terms of that feature.

FAST is a late Q4 delivery so it will have some impact on Q4 and that is deliverable in Q4, but not a heck of a lot. It will be delivered and ready for customers before the end of the year and the of course that’s code for saying the very end of the year. So that means you’ll see the impact really next year.

FAST is not just a symmetrics issue. FAST will be coming across all our major storage platforms so expect that to help in some areas as well.

Your next question comes from Kaushik Roy – Wedbush Securities. Kaushik Roy – Wedbush Securities: I understand you’re not talking about Q1, but can you comment on the typical seasonality for Q1? Are you expecting less than normal sequential decline as the macro situation gets better?

I think we’ve done more than we usually do, so I’ll kind of take the fifth again. We always have a very detailed run down in our January call. We’ll do that again. I wanted to give you some of our thinking as we’re building our plans and what expect the market to do which I’ve done, but other than that I don’t want to go any further right now. Thanks everybody for joining us, and as I said we are excited about our product portfolio. We’re excited about the opportunity that we have in these four great areas in addition to our kind of business as usual. I personally am excited about the management team and success that we’ve built here and I think it’s going to serve us and the shareholders very well. So again thank you for your interest in EMC as always and we’ll be talking to you soon.