NEW YORK ( TheStreet) -- What follows is the transcript of an interview of Frank Calderoni, chief financial officer of Cisco ( CSCO) by TheStreet's James Rogers. The transcript has been edited for length and clarity.

TheStreet: Frank, the sense that I'm getting is the U.S. business, for you, has improved and I saw the enterprise is up 9% year-over-year...service provider up 13 percent. Is that right?

Frank Calderoni: Yes. That's correct.

What do you think is driving that and also, why are we getting this positive sense from you, about the U.S. business, when it seems that a lot of your peers have been putting out more of a negative commentary on it?

Calderoni: Well, James, if you look at it, we said this on a call. If you look at the U.S. business, it's somewhat mixed. On the challenging side, we have public sector, which we've seen now for a number of quarters, where our business is not performing the way it was over a year ago and so that's, basically, some of the challenges with some of the budgets and states, as well as at the federal level, and then, the segment that you talked about, as far as the enterprise and the service provider, the United States clearly has had a much more positive.

So I would say it's somewhat mixed. If you look from an order rate perspective, we talked about the Americas kind of being up 2% and so it's various ups and downs within that. On the segment that you mentioned, enterprise, we're doing well across the portfolio in the enterprise and then, on the service provider, it's clearly with the end-to-end and the NGN network that we have, offering both, from the core all the way to the edge, has really been very successful with our customers and we've seen that improve now, for a number of quarters.

That's interesting. I mean not on the enterprise, specifically, because I know that last quarter, good enterprise business also helped boost your numbers, then, as well. What do you think is continuing that momentum because, going into earnings, I think there were a lot of people who expected to see a slowdown there but we actually seem to be seeing the reverse?

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