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After their prepared remarks, we will then open the lines to take your questions. Please note that we will be referring to non-GAAP numbers in today's presentation unless otherwise indicated. The reconciliation of our non-GAAP comments to our GAAP results can be found in the disclosure today, in our press release, supplemental schedules and the slides that accompany our presentation. All of these are available for download within the Investor Relations section of emc.com. As always, 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. Finally, I would like to point out that we are providing you with an update to our projected financial model for 2012. This model lays out all of the key assumptions and discrete financial expectations that are the foundation of our 2012 outlook. We hope that you find this model helpful in understanding our assumptions in context and in ensuring that these expectations are currently incorporated into your models. This model is included in today's webcast, and it is also available for download in the IR section of emc.com.With that, it is now my pleasure to introduce Dave Goulden. David? David I. Goulden Thanks, Tony. Good morning, everyone, and thank you for joining us today. I'm very pleased to report that EMC had a strong start to 2012. As you know, there's a major transformation happening in IT today, and the challenge for all of us is to make sure we correctly align our businesses to best take advantage of the opportunity the change provides. EMC's ability to correctly identify and invest in these changes has been a major reason for our success and enabled us to grow revenue 11% year-over-year this quarter with non-GAAP EPS up 19% and free cash flow up 67%. We are in a truly unprecedented time of transformation. IT is transforming with the shift to cloud computing. Businesses are transforming as they better leverage Big Data to deliver greater insight and uncover new opportunities. And the new threat environments is transforming the way customers think about trust.
We at EMC are transforming our portfolio and operations to best take advantage of these major shifts. We believe that we have positioned EMC well, and our solid results are ongoing proof that we're executing on our strategy to address the major trends in cloud, Big Data and trust. Based on our strong start to the year and how we feel about our opportunity, we are now more confident about what we can achieve in 2012.Looking across our businesses, it's clear that EMC is very well equipped to help customers navigate the waves of change they are facing today. As a foundation for customers cloud and Big Data initiatives, information storage continues to thrive. With varied use cases and data types, EMC's broad and deep portfolio continues to prove to be best-of-breed. As a case in point, information storage continues the trend on solid growth with revenues up 7% in Q1. High-end storage product revenue was down 10% year-on-year versus a very strong Q1 last year. As you may recall, we had an unusually strong first quarter in 2011 due to the introduction of FAST VP in conjunction with VMAX. In that quarter, high-end product was up 25% year-on-year and a very strong and unusual 12% sequentially. Whilst the significant variance in these year-on-year growth rates had a meaningful impact on the year-on-year growth and inflation storage revenue, we're comfortable with how our storage business is trending. After 2 years of above trend line growth, we expect the high-end storage market to return to the long-term single-digit growth profile we projected for the segment. Customers at the high-end seek the very best in performance, scalability and reliability, and VMAX is the best position to meet these needs as it offers unmatched combination of innovative features. Fully automated storage tiering or FAST software, along with Flash, fiber and SATA drives allows customers to consolidate different tiers of data onto a single array and reduce their data center footprint. While the scale-out architecture of VMAX, coupled with Flash, improves transactional performance dramatically while accommodating explosive data growth. And we continuously improve our Symmetrix product line as technology and customer needs evolve. We recently became the first enterprise storage vendor to achieve validation of 140 encryption for all drive types including Flash with our Symmetrix data arrest encryption module. This module, which protects the information from unauthorized access at the individual drive level, can be integrated with RSA key management. Read the rest of this transcript for free on seekingalpha.com