SAN JOSE, Calif., Feb. 9, 2021 /PRNewswire/ --
News Summary:
- Total product order growth of 1% year over
year
- Product revenue strength across Catalyst 9000, Data Center
Switching, Security, Wireless and Webex portfolios
- Great progress on business transformation to more software and
subscription, with 76% of software revenue sold as a
subscription
- Dividend increased 3%
Q2 Results:
- Revenue: $12.0
billion
-
- Earnings per Share: GAAP: $0.60; Non-GAAP: $0.79
-
- GAAP EPS decreased (12)% year over year
- Non-GAAP EPS increased 3% year over year
Q3 Guidance:
- Revenue: 3.5% to 5.5% growth year over year
- Earnings per Share: GAAP: $0.64 to $0.69;
Non-GAAP: $0.80 to $0.82
Cisco today reported second quarter results for the period ended
January 23, 2021. Cisco reported second quarter revenue of
$12.0 billion, net income on a
generally accepted accounting principles (GAAP) basis of
$2.5 billion or $0.60 per share, and non-GAAP net income of
$3.4 billion or $0.79 per share.
"We are seeing encouraging signs of strength across our business
showing how our technology will be a powerful engine for recovery
and growth," said Chuck Robbins,
chairman and CEO of Cisco. "Our team delivered a strong performance
as we partnered with customers on accelerating their digital
transformation and driving secure, remote work."
"Cisco executed well in Q2, delivering growth in orders, strong
margins, and growth in non-GAAP EPS, while continuing to grow
deferred revenue in double-digits through the shift to more
software and subscriptions," said Scott
Herren, CFO of Cisco.
GAAP
Results
|
|
|
|
Q2 FY
2021
|
|
Q2 FY
2020
|
|
Vs. Q2 FY
2020
|
Revenue
|
|
$
|
12.0
|
billion
|
|
$
|
12.0
|
billion
|
|
—%
|
Net Income
|
|
$
|
2.5
|
billion
|
|
$
|
2.9
|
billion
|
|
(12)%
|
Diluted Earnings per
Share (EPS)
|
|
$
|
0.60
|
|
|
$
|
0.68
|
|
|
(12)%
|
|
|
Non-GAAP
Results
|
|
|
|
Q2 FY
2021
|
|
Q2 FY
2020
|
|
Vs. Q2 FY
2020
|
Net Income
|
|
$
|
3.4
|
billion
|
|
$
|
3.3
|
billion
|
|
2%
|
EPS
|
|
$
|
0.79
|
|
|
$
|
0.77
|
|
|
3%
|
Reconciliations between net income, EPS, and other measures on a
GAAP and non-GAAP basis are provided in the tables located in the
section entitled "Reconciliations of GAAP to non-GAAP
Measures."
Cisco Increases Quarterly Cash Dividend
Cisco declared a quarterly dividend of $0.37 per common share, a $0.01 increase or up 3% over the previous
quarter's dividend, to be paid on April 28,
2021 to all stockholders of record as of the close of
business on April 6, 2021. Future
dividends will be subject to Board approval.
Financial Summary
All comparative percentages are on a year-over-year basis
unless otherwise noted.
Q2 FY 2021 Highlights
Revenue -- Total revenue was flat at $12.0 billion, with product revenue down 1% and
service revenue up 2%. Revenue by geographic segment was: Americas
down 1%, EMEA up 2%, and APJC down 4%. Product revenue was led by
growth in Security, up 10%. Infrastructure Platforms was down
3% and Applications was flat.
Gross Margin -- On a GAAP basis, total gross
margin, product gross margin, and service gross margin were 65.1%,
64.5%, and 66.6%, respectively, as compared with 64.7%, 63.9%, and
66.6%, respectively, in the second quarter of fiscal 2020.
On a non-GAAP basis, total gross margin, product gross margin,
and service gross margin were 66.9%, 66.6%, and 67.9%,
respectively, as compared with 66.4%, 65.9%, and 67.7%,
respectively, in the second quarter of fiscal 2020.
Total gross margins by geographic segment were: 67.5% for the
Americas, 66.9% for EMEA and 64.8% for APJC.
Operating Expenses -- On a GAAP basis,
operating expenses were $4.6 billion,
up 4%, and were 38.1% of revenue. Non-GAAP operating expenses were
$3.9 billion, down 1%, and were 32.6%
of revenue.
Operating Income -- GAAP operating income was
$3.2 billion, down 5%, with GAAP
operating margin of 26.9%. Non-GAAP operating income was
$4.1 billion, up 2%, with non-GAAP
operating margin at 34.4%.
Provision for Income Taxes -- The GAAP tax
provision rate was 21.8%. The non-GAAP tax provision rate was
19.0%.
Net Income and EPS -- On a GAAP basis, net income
was $2.5 billion, a decrease of 12%,
and EPS was $0.60, a decrease of 12%.
On a non-GAAP basis, net income was $3.4
billion, an increase of 2%, and EPS was $0.79, an increase of 3%.
Cash Flow from Operating Activities --
$3.0 billion for the second quarter
of fiscal 2021, a decrease of 22% compared with $3.8 billion for the second quarter of fiscal
2020.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments --
$30.6 billion at the end of the
second quarter of fiscal 2021, compared with $29.4 billion at the end of fiscal 2020.
Deferred Revenue -- $20.8
billion, up 12% in total, with deferred product revenue up
16%. Deferred service revenue was up 9%.
Remaining Performance Obligations --
$28.2 billion at the end of the
second quarter of fiscal 2021, up 13%.
Capital Allocation -- In the second quarter of
fiscal 2021, we returned $2.3 billion
to shareholders through share buybacks and dividends. We declared
and paid a cash dividend of $0.36 per
common share, or $1.5 billion, and
repurchased approximately 19 million shares of common stock under
our stock repurchase program at an average price of $42.82 per share for an aggregate purchase price
of $801 million. The remaining
authorized amount for stock repurchases under the program is
$9.2 billion with no termination
date.
Acquisitions
In the second quarter of fiscal 2021, we closed the acquisition
of Portshift, a privately held applications security solutions
company, and the acquisition of assets and the team of Banzai Cloud
Zrt., a company that specializes in deploying cloud-native
applications.
In the second quarter of fiscal 2021, we announced an amendment
to the definitive merger agreement under which we previously agreed
to acquire Acacia Communications, Inc., a public fabless
semiconductor company that develops, manufactures and sells
high-speed coherent optical interconnect products that are designed
to transform communications networks through improvements in
performance, capacity and cost. Under the terms of the amended
agreement, Cisco would acquire Acacia for $115 per share in cash, or for approximately
$4.5 billion on a fully diluted
basis, net of cash and marketable securities. The acquisition is
expected to close during the third quarter of fiscal 2021, subject
to closing conditions, including Acacia stockholder approval. All
required regulatory approvals have been received.
We announced our intent to acquire IMImobile PLC, a United Kingdom publicly-traded cloud
communications software and services company. The acquisition is
expected to close during the third quarter of fiscal 2021, subject
to certain regulatory approvals and IMImobile shareholder
approval.
In addition, we announced our intent to acquire Dashbase, Inc.,
an enterprise software company, which closed in the third quarter
of fiscal 2021. We also announced our intent to acquire Slido
s.r.o, a privately held company that provides an audience
interaction platform. The acquisition is expected to close during
the second half of fiscal 2021, subject to customary closing
conditions and regulatory approvals.
Guidance for Q3 FY 2021
Cisco expects to achieve the following results for the third
quarter of fiscal 2021:
Q3 FY
2021
|
|
|
Revenue
|
|
3.5% - 5.5% growth
Y/Y
|
Non-GAAP gross margin
rate
|
|
65% - 66%
|
Non-GAAP operating
margin rate
|
|
33% - 34%
|
Non-GAAP tax
provision rate
|
|
19%
|
Non-GAAP
EPS
|
|
$0.80 -
$0.82
|
Cisco's third quarter of fiscal 2021 will have 14 weeks compared
to 13 weeks for the third quarter of fiscal 2020 which is reflected
in the guidance.
Cisco estimates that GAAP EPS will be $0.64 to $0.69 in
the third quarter of fiscal 2021.
A reconciliation between the Guidance for Q3 FY 2021 on a GAAP
and non-GAAP basis is provided in the table entitled "GAAP to
non-GAAP Guidance for Q3 FY 2021" located in the section entitled
"Reconciliations of GAAP to non-GAAP Measures."
Editor's Notes:
- Q2 fiscal year 2021 conference call to discuss Cisco's results
along with its guidance will be held on Tuesday, February 9, 2021 at 1:30 p.m. Pacific Time. Conference call number is
1-888-848-6507 (United States) or
1-212-519-0847 (international).
- Conference call replay will be available from 4:00 p.m. Pacific Time, February 9, 2021 to 4:00
p.m. Pacific Time, February 16,
2021 at 1-800-391-9851 (United
States) or 1-203-369-3268 (international). The replay will
also be available via webcast on the Cisco Investor Relations
website at https://investor.cisco.com.
- Additional information regarding Cisco's financials, as well as
a webcast of the conference call with visuals designed to guide
participants through the call, will be available at 1:30 p.m. Pacific Time, February 9, 2021. Text of the conference call's
prepared remarks will be available within 24 hours of completion of
the call. The webcast will include both the prepared remarks and
the question-and-answer session. This information, along with the
GAAP to non-GAAP reconciliation information, will be available on
the Cisco Investor Relations website at
https://investor.cisco.com.
CISCO SYSTEMS,
INC
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions,
except per-share amounts)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
January 23,
2021
|
|
January 25,
2020
|
|
January 23,
2021
|
|
January 25,
2020
|
REVENUE:
|
|
|
|
|
|
|
|
Product
|
$
|
8,572
|
|
|
$
|
8,671
|
|
|
$
|
17,159
|
|
|
$
|
18,549
|
|
Service
|
3,388
|
|
|
3,334
|
|
|
6,730
|
|
|
6,615
|
|
Total
revenue
|
11,960
|
|
|
12,005
|
|
|
23,889
|
|
|
25,164
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
Product
|
3,044
|
|
|
3,126
|
|
|
6,250
|
|
|
6,650
|
|
Service
|
1,132
|
|
|
1,115
|
|
|
2,274
|
|
|
2,286
|
|
Total cost of
sales
|
4,176
|
|
|
4,241
|
|
|
8,524
|
|
|
8,936
|
|
GROSS
MARGIN
|
7,784
|
|
|
7,764
|
|
|
15,365
|
|
|
16,228
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Research and
development
|
1,527
|
|
|
1,570
|
|
|
3,139
|
|
|
3,236
|
|
Sales and
marketing
|
2,277
|
|
|
2,279
|
|
|
4,494
|
|
|
4,759
|
|
General and
administrative
|
484
|
|
|
455
|
|
|
1,028
|
|
|
974
|
|
Amortization of
purchased intangible assets
|
39
|
|
|
38
|
|
|
75
|
|
|
74
|
|
Restructuring and
other charges
|
234
|
|
|
42
|
|
|
836
|
|
|
226
|
|
Total operating
expenses
|
4,561
|
|
|
4,384
|
|
|
9,572
|
|
|
9,269
|
|
OPERATING
INCOME
|
3,223
|
|
|
3,380
|
|
|
5,793
|
|
|
6,959
|
|
Interest
income
|
161
|
|
|
242
|
|
|
335
|
|
|
515
|
|
Interest
expense
|
(113)
|
|
|
(158)
|
|
|
(225)
|
|
|
(336)
|
|
Other income (loss),
net
|
(16)
|
|
|
70
|
|
|
33
|
|
|
82
|
|
Interest and other
income (loss), net
|
32
|
|
|
154
|
|
|
143
|
|
|
261
|
|
INCOME BEFORE
PROVISION FOR INCOME TAXES
|
3,255
|
|
|
3,534
|
|
|
5,936
|
|
|
7,220
|
|
Provision for income
taxes
|
710
|
|
|
656
|
|
|
1,217
|
|
|
1,416
|
|
NET
INCOME
|
$
|
2,545
|
|
|
$
|
2,878
|
|
|
$
|
4,719
|
|
|
$
|
5,804
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.60
|
|
|
$
|
0.68
|
|
|
$
|
1.12
|
|
|
$
|
1.37
|
|
Diluted
|
$
|
0.60
|
|
|
$
|
0.68
|
|
|
$
|
1.11
|
|
|
$
|
1.36
|
|
Shares used in
per-share calculation:
|
|
|
|
|
|
|
|
Basic
|
4,223
|
|
|
4,242
|
|
|
4,227
|
|
|
4,244
|
|
Diluted
|
4,234
|
|
|
4,260
|
|
|
4,239
|
|
|
4,265
|
|
CISCO SYSTEMS,
INC
REVENUE BY
SEGMENT
(In millions,
except percentages)
|
|
|
|
January 23,
2021
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Amount
|
|
Y/Y %
|
|
Amount
|
|
Y/Y %
|
Revenue:
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
6,969
|
|
|
(1)%
|
|
$
|
14,168
|
|
|
(5)%
|
EMEA
|
|
3,207
|
|
|
2%
|
|
6,171
|
|
|
(4)%
|
APJC
|
|
1,784
|
|
|
(4)%
|
|
3,551
|
|
|
(6)%
|
Total
|
|
$
|
11,960
|
|
|
—%
|
|
$
|
23,889
|
|
|
(5)%
|
|
Amounts may not sum
and percentages may not recalculate due to rounding
|
CISCO SYSTEMS,
INC
GROSS MARGIN
PERCENTAGE BY SEGMENT
(In
percentages)
|
|
|
|
January 23,
2021
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Gross Margin
Percentage:
|
|
|
|
|
Americas
|
|
67.5%
|
|
67.4%
|
EMEA
|
|
66.9%
|
|
65.4%
|
APJC
|
|
64.8%
|
|
63.9%
|
CISCO SYSTEMS,
INC
REVENUE FOR GROUPS
OF SIMILAR PRODUCTS AND SERVICES
(In millions,
except percentages)
|
|
|
|
January 23,
2021
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Amount
|
|
Y/Y %
|
|
Amount
|
|
Y/Y %
|
Revenue:
|
|
|
|
|
|
|
|
|
Infrastructure
Platforms
|
|
$
|
6,391
|
|
|
(3)%
|
|
$
|
12,732
|
|
|
(10)%
|
Applications
|
|
1,354
|
|
|
—%
|
|
2,734
|
|
|
(4)%
|
Security
|
|
822
|
|
|
10%
|
|
1,684
|
|
|
8%
|
Other
Products
|
|
4
|
|
|
(39)%
|
|
9
|
|
|
(49)%
|
Total
Product
|
|
8,572
|
|
|
(1)%
|
|
17,159
|
|
|
(7)%
|
Services
|
|
3,388
|
|
|
2%
|
|
6,730
|
|
|
2%
|
Total
|
|
$
|
11,960
|
|
|
—%
|
|
$
|
23,889
|
|
|
(5)%
|
|
Amounts may not sum
and percentages may not recalculate due to rounding.
|
CISCO SYSTEMS,
INC
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
millions)
(Unaudited)
|
|
|
January 23,
2021
|
|
July 25,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
11,793
|
|
|
$
|
11,809
|
|
Investments
|
18,795
|
|
|
17,610
|
|
Accounts receivable,
net of allowance for doubtful accounts of $102 at
January 23,
2021 and $143 at July 25, 2020
|
4,307
|
|
|
5,472
|
|
Inventories
|
1,436
|
|
|
1,282
|
|
Financing receivables,
net
|
5,027
|
|
|
5,051
|
|
Other current
assets
|
2,553
|
|
|
2,349
|
|
Total current
assets
|
43,911
|
|
|
43,573
|
|
Property and
equipment, net
|
2,386
|
|
|
2,453
|
|
Financing
receivables, net
|
5,100
|
|
|
5,714
|
|
Goodwill
|
34,733
|
|
|
33,806
|
|
Purchased intangible
assets, net
|
1,462
|
|
|
1,576
|
|
Deferred tax
assets
|
4,109
|
|
|
3,990
|
|
Other
assets
|
3,900
|
|
|
3,741
|
|
TOTAL
ASSETS
|
$
|
95,601
|
|
|
$
|
94,853
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
|
5,000
|
|
|
$
|
3,005
|
|
Accounts
payable
|
1,867
|
|
|
2,218
|
|
Income taxes
payable
|
763
|
|
|
839
|
|
Accrued
compensation
|
3,295
|
|
|
3,122
|
|
Deferred
revenue
|
11,552
|
|
|
11,406
|
|
Other current
liabilities
|
4,791
|
|
|
4,741
|
|
Total current
liabilities
|
27,268
|
|
|
25,331
|
|
Long-term
debt
|
9,554
|
|
|
11,578
|
|
Income taxes
payable
|
8,084
|
|
|
8,837
|
|
Deferred
revenue
|
9,294
|
|
|
9,040
|
|
Other long-term
liabilities
|
2,280
|
|
|
2,147
|
|
Total
liabilities
|
56,480
|
|
|
56,933
|
|
Total
equity
|
39,121
|
|
|
37,920
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
95,601
|
|
|
$
|
94,853
|
|
CISCO SYSTEMS,
INC
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
millions)
(Unaudited)
|
|
|
Six Months
Ended
|
|
January 23,
2021
|
|
January 25,
2020
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
|
4,719
|
|
|
$
|
5,804
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization, and other
|
887
|
|
|
918
|
|
Share-based
compensation expense
|
874
|
|
|
779
|
|
Provision (benefit)
for receivables
|
(10)
|
|
|
46
|
|
Deferred income
taxes
|
(91)
|
|
|
128
|
|
(Gains) losses on
divestitures, investments and other, net
|
(86)
|
|
|
(162)
|
|
Change in operating
assets and liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
Accounts
receivable
|
1,245
|
|
|
1,084
|
|
Inventories
|
(145)
|
|
|
25
|
|
Financing
receivables
|
748
|
|
|
408
|
|
Other
assets
|
(212)
|
|
|
130
|
|
Accounts
payable
|
(358)
|
|
|
(126)
|
|
Income taxes,
net
|
(836)
|
|
|
(1,007)
|
|
Accrued
compensation
|
125
|
|
|
(521)
|
|
Deferred
revenue
|
226
|
|
|
236
|
|
Other
liabilities
|
(16)
|
|
|
(355)
|
|
Net cash provided by
operating activities
|
7,070
|
|
|
7,387
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
investments
|
(6,025)
|
|
|
(4,250)
|
|
Proceeds from sales of
investments
|
1,374
|
|
|
3,410
|
|
Proceeds from
maturities of investments
|
3,373
|
|
|
4,044
|
|
Acquisitions and
divestitures
|
(860)
|
|
|
(163)
|
|
Purchases of
investments in privately held companies
|
(95)
|
|
|
(97)
|
|
Return of investments
in privately held companies
|
58
|
|
|
91
|
|
Acquisition of
property and equipment
|
(358)
|
|
|
(391)
|
|
Proceeds from sales of
property and equipment
|
9
|
|
|
131
|
|
Other
|
(4)
|
|
|
(10)
|
|
Net cash (used in)
provided by investing activities
|
(2,528)
|
|
|
2,765
|
|
Cash flows from
financing activities:
|
|
|
|
Issuances of common
stock
|
306
|
|
|
334
|
|
Repurchases of common
stock - repurchase program
|
(1,569)
|
|
|
(1,648)
|
|
Shares repurchased for
tax withholdings on vesting of restricted stock units
|
(317)
|
|
|
(437)
|
|
Short-term borrowings,
original maturities of 90 days or less, net
|
—
|
|
|
(3,470)
|
|
Repayments of
debt
|
—
|
|
|
(5,220)
|
|
Dividends
paid
|
(3,041)
|
|
|
(2,972)
|
|
Other
|
70
|
|
|
(12)
|
|
Net cash used in
financing activities
|
(4,551)
|
|
|
(13,425)
|
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(9)
|
|
|
(3,273)
|
|
Cash, cash
equivalents, and restricted cash, beginning of period
|
11,812
|
|
|
11,772
|
|
Cash, cash
equivalents, and restricted cash, end of period
|
$
|
11,803
|
|
|
$
|
8,499
|
|
Supplemental cash
flow information:
|
|
|
|
Cash paid for
interest
|
$
|
220
|
|
|
$
|
349
|
|
Cash paid for income
taxes, net
|
$
|
2,142
|
|
|
$
|
2,295
|
|
CISCO SYSTEMS,
INC
DEFERRED
REVENUE
(In
millions)
|
|
|
January 23,
2021
|
|
October 24,
2020
|
|
January 25,
2020
|
Deferred
revenue:
|
|
|
|
|
|
Product
|
$
|
8,332
|
|
|
$
|
8,139
|
|
|
$
|
7,160
|
|
Service
|
12,514
|
|
|
12,334
|
|
|
11,526
|
|
Total
|
$
|
20,846
|
|
|
$
|
20,473
|
|
|
$
|
18,686
|
|
Reported
as:
|
|
|
|
|
|
Current
|
$
|
11,552
|
|
|
$
|
11,271
|
|
|
$
|
10,638
|
|
Noncurrent
|
9,294
|
|
|
9,202
|
|
|
8,048
|
|
Total
|
$
|
20,846
|
|
|
$
|
20,473
|
|
|
$
|
18,686
|
|
CISCO SYSTEMS,
INC
REMAINING
PERFORMANCE OBLIGATIONS
(In millions,
except percentages)
|
|
|
January 23,
2021
|
|
October 24,
2020
|
|
January 25,
2020
|
|
Amount
|
|
Y/Y%
|
|
Amount
|
|
Y/Y%
|
|
Amount
|
|
Y/Y%
|
Product
|
$
|
11,666
|
|
|
17
|
%
|
|
$
|
11,340
|
|
|
15
|
%
|
|
$
|
9,933
|
|
|
25
|
%
|
Service
|
16,512
|
|
|
10
|
%
|
|
16,129
|
|
|
8
|
%
|
|
14,998
|
|
|
3
|
%
|
Total
|
$
|
28,178
|
|
|
13
|
%
|
|
$
|
27,469
|
|
|
10
|
%
|
|
$
|
24,931
|
|
|
11
|
%
|
CISCO SYSTEMS,
INC
DIVIDENDS PAID AND
REPURCHASES OF COMMON STOCK
(In millions,
except per-share amounts)
|
|
|
|
DIVIDENDS
|
|
STOCK REPURCHASE
PROGRAM
|
|
TOTAL
|
Quarter
Ended
|
|
Per Share
|
|
Amount
|
|
Shares
|
|
Weighted-Average
Price per Share
|
|
Amount
|
|
Amount
|
Fiscal
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
January 23,
2021
|
|
$
|
0.36
|
|
|
$
|
1,521
|
|
|
19
|
|
|
$
|
42.82
|
|
|
$
|
801
|
|
|
$
|
2,322
|
|
October 24,
2020
|
|
$
|
0.36
|
|
|
$
|
1,520
|
|
|
20
|
|
|
$
|
40.44
|
|
|
$
|
800
|
|
|
$
|
2,320
|
|
Fiscal
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
July 25,
2020
|
|
$
|
0.36
|
|
|
$
|
1,525
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,525
|
|
April 25,
2020
|
|
$
|
0.36
|
|
|
$
|
1,519
|
|
|
25
|
|
|
$
|
39.71
|
|
|
$
|
981
|
|
|
$
|
2,500
|
|
January 25,
2020
|
|
$
|
0.35
|
|
|
$
|
1,486
|
|
|
18
|
|
|
$
|
46.71
|
|
|
$
|
870
|
|
|
$
|
2,356
|
|
October 26,
2019
|
|
$
|
0.35
|
|
|
$
|
1,486
|
|
|
16
|
|
|
$
|
48.91
|
|
|
$
|
768
|
|
|
$
|
2,254
|
|
CISCO SYSTEMS,
INC
RECONCILIATIONS OF
GAAP TO NON-GAAP MEASURES
|
|
GAAP TO NON-GAAP
NET INCOME
(In
millions)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
January 23,
2021
|
|
January 25,
2020
|
|
January 23,
2021
|
|
January 25,
2020
|
GAAP net
income
|
$
|
2,545
|
|
|
$
|
2,878
|
|
|
$
|
4,719
|
|
|
$
|
5,804
|
|
Adjustments to cost of
sales:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
68
|
|
|
59
|
|
|
133
|
|
|
116
|
|
Amortization of
acquisition-related intangible assets
|
152
|
|
|
150
|
|
|
315
|
|
|
300
|
|
Acquisition-related/divestiture costs
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
Legal and
indemnification settlements/charges
|
—
|
|
|
—
|
|
|
43
|
|
|
4
|
|
Total adjustments to
GAAP cost of sales
|
221
|
|
|
210
|
|
|
493
|
|
|
422
|
|
Adjustments to
operating expenses:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
358
|
|
|
320
|
|
|
720
|
|
|
653
|
|
Amortization of
acquisition-related intangible assets
|
39
|
|
|
38
|
|
|
75
|
|
|
74
|
|
Acquisition-related/divestiture costs
|
34
|
|
|
53
|
|
|
93
|
|
|
125
|
|
Significant asset
impairments and restructurings
|
234
|
|
|
42
|
|
|
836
|
|
|
226
|
|
Total adjustments to
GAAP operating expenses
|
665
|
|
|
453
|
|
|
1,724
|
|
|
1,078
|
|
Adjustments to
interest and other income (loss), net:
|
|
|
|
|
|
|
|
Acquisition-related/divestiture costs
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
(Gains) and losses on
equity investments
|
13
|
|
|
(87)
|
|
|
(35)
|
|
|
(100)
|
|
Total adjustments to
GAAP interest and other income (loss), net
|
11
|
|
|
(87)
|
|
|
(37)
|
|
|
(100)
|
|
Total adjustments to
GAAP income before provision for income taxes
|
897
|
|
|
576
|
|
|
2,180
|
|
|
1,400
|
|
Income tax effect of
non-GAAP adjustments
|
(162)
|
|
|
(166)
|
|
|
(408)
|
|
|
(375)
|
|
Significant tax
matters
|
83
|
|
|
—
|
|
|
83
|
|
|
67
|
|
Total adjustments to
GAAP provision for income taxes
|
(79)
|
|
|
(166)
|
|
|
(325)
|
|
|
(308)
|
|
Non-GAAP net
income
|
$
|
3,363
|
|
|
$
|
3,288
|
|
|
$
|
6,574
|
|
|
$
|
6,896
|
|
CISCO SYSTEMS,
INC
RECONCILIATIONS OF
GAAP TO NON-GAAP MEASURES
|
|
GAAP TO NON-GAAP
EPS
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
January 23,
2021
|
|
January 25,
2020
|
|
January 23,
2021
|
|
January 25,
2020
|
GAAP EPS
|
$
|
0.60
|
|
|
$
|
0.68
|
|
|
$
|
1.11
|
|
|
$
|
1.36
|
|
Adjustments to
GAAP:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
0.10
|
|
|
0.09
|
|
|
0.20
|
|
|
0.18
|
|
Amortization of
acquisition-related intangible assets
|
0.05
|
|
|
0.04
|
|
|
0.09
|
|
|
0.09
|
|
Acquisition-related/divestiture costs
|
0.01
|
|
|
0.01
|
|
|
0.02
|
|
|
0.03
|
|
Legal and
indemnification settlements/charges
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Significant asset
impairments and restructurings
|
0.06
|
|
|
0.01
|
|
|
0.20
|
|
|
0.05
|
|
(Gains) and losses on
equity investments
|
—
|
|
|
(0.02)
|
|
|
(0.01)
|
|
|
(0.02)
|
|
Income tax effect of
non-GAAP adjustments
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.10)
|
|
|
(0.09)
|
|
Significant tax
matters
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
0.02
|
|
Non-GAAP
EPS
|
$
|
0.79
|
|
|
$
|
0.77
|
|
|
$
|
1.55
|
|
|
$
|
1.62
|
|
|
Amounts may not sum
due to rounding
|
CISCO SYSTEMS,
INC
RECONCILIATIONS OF
GAAP TO NON-GAAP MEASURES
|
|
GROSS MARGINS,
OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME
(LOSS), NET, AND NET INCOME
|
(In millions,
except percentages)
|
|
|
Three Months
Ended
|
|
January 23,
2021
|
|
Product Gross
Margin
|
|
Service Gross
Margin
|
|
Total Gross
Margin
|
|
Operating
Expenses
|
|
Y/Y
|
|
Operating
Income
|
|
Y/Y
|
|
Interest and other
income (loss), net
|
|
Net Income
|
|
Y/Y
|
GAAP
amount
|
$
|
5,528
|
|
|
$
|
2,256
|
|
|
$
|
7,784
|
|
|
$
|
4,561
|
|
|
4%
|
|
$
|
3,223
|
|
|
(5)%
|
|
$
|
32
|
|
|
$
|
2,545
|
|
|
(12)%
|
% of
revenue
|
64.5
|
%
|
|
66.6
|
%
|
|
65.1
|
%
|
|
38.1
|
%
|
|
|
|
26.9
|
%
|
|
|
|
0.3
|
%
|
|
21.3
|
%
|
|
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
25
|
|
|
43
|
|
|
68
|
|
|
358
|
|
|
|
|
426
|
|
|
|
|
—
|
|
|
426
|
|
|
|
Amortization of
acquisition-related intangible assets
|
152
|
|
|
—
|
|
|
152
|
|
|
39
|
|
|
|
|
191
|
|
|
|
|
—
|
|
|
191
|
|
|
|
Acquisition/divestiture-related costs
|
1
|
|
|
—
|
|
|
1
|
|
|
34
|
|
|
|
|
35
|
|
|
|
|
(2)
|
|
|
33
|
|
|
|
Significant asset
impairments and restructurings
|
—
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|
|
|
234
|
|
|
|
|
—
|
|
|
234
|
|
|
|
(Gains) and losses on
equity investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
13
|
|
|
13
|
|
|
|
Income tax
effect/significant tax matters
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
(79)
|
|
|
|
Non-GAAP
amount
|
$
|
5,706
|
|
|
$
|
2,299
|
|
|
$
|
8,005
|
|
|
$
|
3,896
|
|
|
(1)%
|
|
$
|
4,109
|
|
|
2%
|
|
$
|
43
|
|
|
$
|
3,363
|
|
|
2%
|
% of
revenue
|
66.6
|
%
|
|
67.9
|
%
|
|
66.9
|
%
|
|
32.6
|
%
|
|
|
|
34.4
|
%
|
|
|
|
0.4
|
%
|
|
28.1
|
%
|
|
|
|
Three Months
Ended
|
|
January 25,
2020
|
|
Product Gross
Margin
|
|
Service Gross
Margin
|
|
Total Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Income
|
|
Interest and other
income (loss), net
|
|
Net
Income
|
GAAP
amount
|
$
|
5,545
|
|
|
$
|
2,219
|
|
|
$
|
7,764
|
|
|
$
|
4,384
|
|
|
$
|
3,380
|
|
|
$
|
154
|
|
|
$
|
2,878
|
|
% of
revenue
|
63.9
|
%
|
|
66.6
|
%
|
|
64.7
|
%
|
|
36.5
|
%
|
|
28.2
|
%
|
|
1.3
|
%
|
|
24.0
|
%
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
23
|
|
|
36
|
|
|
59
|
|
|
320
|
|
|
379
|
|
|
—
|
|
|
379
|
|
Amortization of
acquisition-related intangible assets
|
150
|
|
|
—
|
|
|
150
|
|
|
38
|
|
|
188
|
|
|
—
|
|
|
188
|
|
Acquisition/divestiture-related costs
|
—
|
|
|
1
|
|
|
1
|
|
|
53
|
|
|
54
|
|
|
—
|
|
|
54
|
|
Significant asset
impairments and restructurings
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
42
|
|
|
—
|
|
|
42
|
|
(Gains) and losses on
equity investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87)
|
|
|
(87)
|
|
Income tax
effect/significant tax matters
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(166)
|
|
Non-GAAP
amount
|
$
|
5,718
|
|
|
$
|
2,256
|
|
|
$
|
7,974
|
|
|
$
|
3,931
|
|
|
$
|
4,043
|
|
|
$
|
67
|
|
|
$
|
3,288
|
|
% of
revenue
|
65.9
|
%
|
|
67.7
|
%
|
|
66.4
|
%
|
|
32.7
|
%
|
|
33.7
|
%
|
|
0.6
|
%
|
|
27.4
|
%
|
|
Amounts may not sum
and percentages may not recalculate due to rounding
|
CISCO SYSTEMS,
INC
RECONCILIATIONS OF
GAAP TO NON-GAAP MEASURES
|
|
GROSS MARGINS,
OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME
(LOSS), NET, AND NET INCOME
|
(In millions,
except percentages)
|
|
|
Six Months
Ended
|
|
January 23,
2021
|
|
Product Gross
Margin
|
|
Service Gross
Margin
|
|
Total Gross
Margin
|
|
Operating
Expenses
|
|
Y/Y
|
|
Operating
Income
|
|
Y/Y
|
|
Interest and other
income (loss), net
|
|
Net Income
|
|
Y/Y
|
GAAP
amount
|
$
|
10,909
|
|
|
$
|
4,456
|
|
|
$
|
15,365
|
|
|
$
|
9,572
|
|
|
3%
|
|
$
|
5,793
|
|
|
(17)%
|
|
$
|
143
|
|
|
$
|
4,719
|
|
|
(19)%
|
% of
revenue
|
63.6
|
%
|
|
66.2
|
%
|
|
64.3
|
%
|
|
40.1
|
%
|
|
|
|
24.2
|
%
|
|
|
|
0.6
|
%
|
|
19.8
|
%
|
|
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
49
|
|
|
84
|
|
|
133
|
|
|
720
|
|
|
|
|
853
|
|
|
|
|
—
|
|
|
853
|
|
|
|
Amortization of
acquisition-related intangible assets
|
315
|
|
|
—
|
|
|
315
|
|
|
75
|
|
|
|
|
390
|
|
|
|
|
—
|
|
|
390
|
|
|
|
Acquisition/divestiture-related costs
|
1
|
|
|
1
|
|
|
2
|
|
|
93
|
|
|
|
|
95
|
|
|
|
|
(2)
|
|
|
93
|
|
|
|
Legal and
indemnification settlements/charges
|
43
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
|
|
43
|
|
|
|
|
—
|
|
|
43
|
|
|
|
Significant asset
impairments and restructurings
|
—
|
|
|
—
|
|
|
—
|
|
|
836
|
|
|
|
|
836
|
|
|
|
|
—
|
|
|
836
|
|
|
|
(Gains) and losses on
equity investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(35)
|
|
|
(35)
|
|
|
|
Income tax
effect/significant tax matters
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
(325)
|
|
|
|
Non-GAAP
amount
|
$
|
11,317
|
|
|
$
|
4,541
|
|
|
$
|
15,858
|
|
|
$
|
7,848
|
|
|
(4)%
|
|
$
|
8,010
|
|
|
(5)%
|
|
$
|
106
|
|
|
$
|
6,574
|
|
|
(5)%
|
% of
revenue
|
66.0
|
%
|
|
67.5
|
%
|
|
66.4
|
%
|
|
32.9
|
%
|
|
|
|
33.5
|
%
|
|
|
|
0.4
|
%
|
|
27.5
|
%
|
|
|
|
Six Months
Ended
|
|
January 25,
2020
|
|
Product Gross
Margin
|
|
Service Gross
Margin
|
|
Total Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Income
|
|
Interest and other
income (loss), net
|
|
Net
Income
|
GAAP
amount
|
$
|
11,899
|
|
|
$
|
4,329
|
|
|
$
|
16,228
|
|
|
$
|
9,269
|
|
|
$
|
6,959
|
|
|
$
|
261
|
|
|
$
|
5,804
|
|
% of
revenue
|
64.1
|
%
|
|
65.4
|
%
|
|
64.5
|
%
|
|
36.8
|
%
|
|
27.7
|
%
|
|
1.0
|
%
|
|
23.1
|
%
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
46
|
|
|
70
|
|
|
116
|
|
|
653
|
|
|
769
|
|
|
—
|
|
|
769
|
|
Amortization of
acquisition-related intangible assets
|
300
|
|
|
—
|
|
|
300
|
|
|
74
|
|
|
374
|
|
|
—
|
|
|
374
|
|
Acquisition/divestiture-related costs
|
—
|
|
|
2
|
|
|
2
|
|
|
125
|
|
|
127
|
|
|
—
|
|
|
127
|
|
Legal and
indemnification settlements
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Significant asset
impairments and restructurings
|
—
|
|
|
—
|
|
|
—
|
|
|
226
|
|
|
226
|
|
|
—
|
|
|
226
|
|
(Gains) and losses on
equity investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100)
|
|
|
(100)
|
|
Income tax
effect/significant tax matters
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(308)
|
|
Non-GAAP
amount
|
$
|
12,249
|
|
|
$
|
4,401
|
|
|
$
|
16,650
|
|
|
$
|
8,191
|
|
|
$
|
8,459
|
|
|
$
|
161
|
|
|
$
|
6,896
|
|
% of
revenue
|
66.0
|
%
|
|
66.5
|
%
|
|
66.2
|
%
|
|
32.6
|
%
|
|
33.6
|
%
|
|
0.6
|
%
|
|
27.4
|
%
|
|
Amounts may not sum
and percentages may not recalculate due to rounding.
|
CISCO SYSTEMS,
INC
RECONCILIATIONS OF
GAAP TO NON-GAAP MEASURES
|
|
EFFECTIVE TAX
RATE
(In
percentages)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
January 23,
2021
|
|
January 25,
2020
|
|
January 23,
2021
|
|
January 25,
2020
|
GAAP effective tax
rate
|
21.8
|
%
|
|
18.6
|
%
|
|
20.5
|
%
|
|
19.6
|
%
|
Total adjustments to
GAAP provision for income taxes
|
(2.8)
|
%
|
|
1.4
|
%
|
|
(1.5)
|
%
|
|
0.4
|
%
|
Non-GAAP effective
tax rate
|
19.0
|
%
|
|
20.0
|
%
|
|
19.0
|
%
|
|
20.0
|
%
|
GAAP TO NON-GAAP
GUIDANCE FOR Q3 FY 2021
|
|
Q3 FY 2021
|
|
Gross Margin
Rate
|
|
Operating Margin
Rate
|
|
Tax Provision
Rate
|
|
Earnings per Share
(2)
|
GAAP
|
|
63.5% -
64.5%
|
|
27% - 28%
|
|
19%
|
|
$0.64 -
$0.69
|
Estimated adjustments
for:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
0.5%
|
|
3.5%
|
|
—
|
|
$0.08 -
$0.09
|
Amortization of
acquisition-related intangible assets and a
cquisition/divestiture-related costs
|
|
1.0%
|
|
2.0%
|
|
—
|
|
$0.04-
$0.05
|
Significant asset
impairments and restructurings (1)
|
|
—
|
|
0.5%
|
|
—
|
|
$0.01-
$0.02
|
Income tax effect of
non-GAAP adjustments
|
|
|
|
|
|
—
|
|
|
Non-GAAP
|
|
65% - 66%
|
|
33% - 34%
|
|
19%
|
|
$0.80-
$0.82
|
(1) In the first quarter of fiscal 2021, we initiated
a restructuring plan, which includes a voluntary early retirement
program, in order to realign the organization and enable further
investment in key priority areas with total estimated pretax
charges of approximately $900 million
consisting of severance and other one-time termination benefits,
and other costs. We recognized $602
million and $232 million of
these charges during the first and second quarter of fiscal 2021,
respectively. We expect to recognize approximately $60 million
of these charges in the third quarter of fiscal 2021 with the
remaining amount to be recognized during the rest of the fiscal
year.
(2) Estimated adjustments to GAAP earnings per share
are shown after income tax effects.
Except as noted above, this guidance does not include the
effects of any future acquisitions/divestitures, asset impairments,
restructurings and significant tax matters or other events, which
may or may not be significant unless specifically stated.
Forward Looking Statements, Non-GAAP Information and
Additional Information
This release may be deemed to contain
forward-looking statements, which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, among other things,
statements regarding future events (such as continued encouraging
signs of strength across our business showing how our technology
will be a powerful engine for recovery and growth, our customers
continuing to partner with us to accelerate their digital
transformation and drive secure, remote work, and our continued
growth of deferred revenue through the shift to more software and
subscriptions) and the future financial performance of Cisco
(including the guidance for Q3 FY 2021) that involve risks and
uncertainties. Readers are cautioned that these forward-looking
statements are only predictions and may differ materially from
actual future events or results due to a variety of factors,
including: the impact of the COVID-19 pandemic; business and
economic conditions and growth trends in the networking industry,
our customer markets and various geographic regions; global
economic conditions and uncertainties in the geopolitical
environment; overall information technology spending; the growth
and evolution of the Internet and levels of capital spending on
Internet-based systems; variations in customer demand for products
and services, including sales to the service provider market and
other customer markets; the return on our investments in certain
priorities, key growth areas, and in certain geographical
locations, as well as maintaining leadership in routing, switching
and services; the timing of orders and manufacturing and customer
lead times; changes in customer order patterns or customer mix;
insufficient, excess or obsolete inventory; variability of
component costs; variations in sales channels, product costs or mix
of products sold; our ability to successfully acquire businesses
and technologies and to successfully integrate and operate these
acquired businesses and technologies; our ability to achieve
expected benefits of our partnerships; increased competition in our
product and service markets, including the data center market;
dependence on the introduction and market acceptance of new product
offerings and standards; rapid technological and market change;
manufacturing and sourcing risks; product defects and returns;
litigation involving patents, intellectual property, antitrust,
shareholder and other matters, and governmental investigations; our
ability to achieve the benefits of the announced restructuring and
possible changes in the size and timing of the related charges;
cyber-attacks, data breaches or malware; vulnerabilities and
critical security defects; terrorism; natural catastrophic events;
any other pandemic or epidemic; our ability to achieve the benefits
anticipated from our investments in sales, engineering, service,
marketing and manufacturing activities; our ability to recruit and
retain key personnel; our ability to manage financial risk, and to
manage expenses during economic downturns; risks related to the
global nature of our operations, including our operations in
emerging markets; currency fluctuations and other international
factors; changes in provision for income taxes, including changes
in tax laws and regulations or adverse outcomes resulting from
examinations of our income tax returns; potential volatility in
operating results; and other factors listed in Cisco's most recent
reports on Forms 10-Q and 10-K filed on November 17, 2020 and September 3, 2020, respectively. The financial
information contained in this release should be read in conjunction
with the consolidated financial statements and notes thereto
included in Cisco's most recent reports on Forms 10-Q and 10-K as
each may be amended from time to time. Cisco's results of
operations for the three and six months ended January 23, 2021
are not necessarily indicative of Cisco's operating results for any
future periods. Any projections in this release are based on
limited information currently available to Cisco, which is subject
to change. Although any such projections and the factors
influencing them will likely change, Cisco will not necessarily
update the information, since Cisco will only provide guidance at
certain points during the year. Such information speaks only as of
the date of this release.
This release includes non-GAAP net income, non-GAAP gross
margins, non-GAAP operating expenses, non-GAAP operating income and
margin, non-GAAP effective tax rates, non-GAAP interest and other
income (loss), net, and non-GAAP net income per share data for the
periods presented. It also includes future estimated ranges for
gross margin, operating margin, tax provision rate and EPS on a
non-GAAP basis.
These non-GAAP measures are not in accordance with, or an
alternative for, measures prepared in accordance with generally
accepted accounting principles and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules
or principles. Cisco believes that non-GAAP measures have
limitations in that they do not reflect all of the amounts
associated with Cisco's results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate Cisco's results of operations in conjunction with the
corresponding GAAP measures.
Cisco believes that the presentation of non-GAAP measures when
shown in conjunction with the corresponding GAAP measures, provides
useful information to investors and management regarding financial
and business trends relating to its financial condition and its
historical and projected results of operations.
For its internal budgeting process, Cisco's management uses
financial statements that do not include, when applicable,
share-based compensation expense, amortization of
acquisition-related intangible assets,
acquisition-related/divestiture costs, significant asset
impairments and restructurings, significant litigation settlements
and other contingencies, gains and losses on equity investments,
the income tax effects of the foregoing and significant tax
matters. Cisco's management also uses the foregoing non-GAAP
measures, in addition to the corresponding GAAP measures, in
reviewing the financial results of Cisco. In prior periods, Cisco
has excluded other items that it no longer excludes for purposes of
its non-GAAP financial measures. From time to time in the future
there may be other items that Cisco may exclude for purposes of its
internal budgeting process and in reviewing its financial results.
For additional information on the items excluded by Cisco from one
or more of its non-GAAP financial measures, refer to the Form 8-K
regarding this release furnished today to the Securities and
Exchange Commission.
About Cisco
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technology that powers the Internet. Cisco inspires new
possibilities by reimagining your applications, securing your data,
transforming your infrastructure, and empowering your
teams for a global and inclusive future. Discover more at
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Information.
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Contact:
|
|
Investor Relations
Contact:
|
Robyn Blum
|
|
Marilyn
Mora
|
Cisco
|
|
Cisco
|
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|
|
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|
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|
|
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