CISCO FOURTH QUARTER AND FISCAL YEAR 2022 (2023) REPORTS. (2023)

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CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS

August 17, 2022

Download this press release PDF format (opens in new window)

San Jose, California.,August 17, 2022/PRNewswire/ --

news summary :

Cisco ended fiscal 2022 with fourth-quarter revenue of $13.1 billion, flat year-over-year, and annual revenue of $51.6 billion, up 3% year-over-year.
Strong demand with record orders and year-round backlog
Progress in transforming business model with total annualized recurring revenue (ARR) of $22.9 billion in the fourth quarter of fiscal 2022, up 8% year-over-year

Q4 FY 2022 Results:

Revenue:$13.1 billion

flat year after year

- Earnings per share:Accounting Principles: $0.68; Non-GAAP: $0.83

Results for fiscal year 2022:

Revenue:$51.6 billion

Up to 3% YoY

Earnings per share:US GAAP: US$ 2,82; Sem GAAP: US$ 3,36

GAAP earnings per share increased 13% year-over-year
Non-GAAP EPS up 4% year-over-year

Outlook Q1 FY 2023:

Revenue:Growth of 2% to 4% year over year
Earnings per share:US GAAP: US$ 0,64 a US$ 0,68; Não-GAAP: US$ 0,82 a US$ 0,84

Forecast for the year 2023:

Revenue:4% to 6% year-on-year growth
Earnings per share:US-GAAP: US$ 2,77 a US$ 2,88; Não-GAAP: US$ 3,49 a US$ 3,56

Cisco today reported fourth-quarter and full-year results for the period ended July 30, 2022. GAAP Net Income of $3.4 billion or $0.83 per share.

“We had a strong end to the fiscal year thanks to our fourth quarter performance. Our teams performed well in an incredibly dynamic environment, resulting in the highest non-GAAP annual earnings per share in company history,” said Chuck Robbins, Cisco chairman and CEO. "Product orders and the full-year backlog are at record levels, reflecting the strong demand we continue to see for our innovations and the overall value we deliver to our customers as they accelerate their digital transformation."

"Total fourth-quarter revenue exceeded our expectations as a result of our strong performance and the many initiatives we've taken to mitigate the impact of the global supply situation," said Scott Herren, Cisco's chief financial officer. "Our operating discipline is reflected in our healthy operating margin and strong cash flow generation, enabling us to return nearly $4 billion to our shareholders in the fourth quarter. And we continue to make progress in our model transformation business with superior RPO to $31 billion, along with our record backlog, giving us significant transparency and confidence in our future revenue."

(Video) Cisco shares rise after outperforming fourth-quarter earnings

Fourth Quarter GAAP Results

	4Q OF 2022		4th quarter of 2021		against Q4 GJ 2021
revenue	$ 13,1	thousand millions	$ 13,1	thousand millions	—%
net income	$ 2,8	thousand millions	$ 3,0	thousand millions	(6)%
Diluted earnings per share (EPS)	0,68 $		0,71 $		(4)%

Fourth Quarter Non-GAAP Results

	4Q OF 2022		4th quarter of 2021		against Q4 GJ 2021
net income	$ 3,4	thousand millions	$ 3,6	thousand millions	(3)%
ENV	0,83 $		0,84 $		(1) %

Full Year GAAP Results

	fiscal year 2022		again 2021		x fiscal year 2021
revenue	51,6 $	thousand millions	49,8 $	thousand millions	3%
net income	$ 11,8	thousand millions	$ 10,6	thousand millions	12%
ENV	2,82 $		2,50 $		13%

Full Year Non-GAAP Results

	fiscal year 2022		again 2021		x fiscal year 2021
net income	$ 14,1	thousand millions	13,6 $	thousand millions	3%
ENV	$ 3,36		$ 3,22		4%

Reconciliations between net income, earnings per share, and other GAAP and non-GAAP measures are included in the tables in the Reconciliations of GAAP and Non-GAAP Measures section.

financial Summary

All comparative percentages are annualized unless otherwise noted.

FY 2022 fourth quarter highlights

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Income -- Total revenue was flat at $13.1 billion, with product revenue and service revenue flat year-over-year. Revenue by geographic segment was as follows: Americas was down 3%, EMEA was up 8% and APJC was down 2%. Product revenue performance was led by growth in end-to-end security up to 20%, optimized application experiences up to 8% and collaboration up to 2%. Secure and Agile Networks is down 1% and Internet for the Future is down 10%.

gross margin -- Under GAAP, total gross margin, product gross margin and service gross margin were 61.3%, 59.1% and 67.5%, respectively, compared to 63.6%, 62 , 7% and 66.2% in the fourth fiscal quarter of 2021

On a non-GAAP basis, Total Gross Margin, Gross Product Margin and Gross Service Margin were 63.3%, 61.3% and 69.0%, respectively, compared to 65.6%, 65.0% and 67.4%, respectively, in the fourth quarter of fiscal 2021.

Total gross margins by geographic segment were: 62.6% for the Americas, 64.4% for EMEA and 63.6% for APJC.

Operational expenses -- Under GAAP, operating expenses were $4.6 billion, down 4% and 35.0% below revenue. Non-GAAP operating expenses decreased 4% to $4.1 billion and represented 30.9% of revenue.

Result of operation -- GAAP operating income was $3.4 billion, down 4%, with a GAAP operating margin of 26.2%. Non-GAAP operating income was $4.2 billion, down 4%, with a non-GAAP operating margin of 32.4%.

Provision for income tax -- The GAAP tax accrual rate was 17.6%. The non-GAAP tax accrual rate was 18.5%.

CISCO-SYSTEME, INC.
INCOME BY GROUPS OF SIMILAR PRODUCTS AND SERVICES
(In millions, except percentages)

	July 30, 2022
	three months ended		fiscal year ended
	Team	ANY WORD %	Team	ANY WORD %
revenue :
Secure and agile networks	6.094 $	(1) %	23.829 $	5%
internet for the future	1.257	(10)%	5.278	17%
cooperation	1.164	2%	4.472	(5)%
end-to-end security	984	20%	3.699	9%
Optimized app experiences	185	8%	729	11%
Other products	3	(22)%	11	(29)%
total product	9.688	—%	38.018	6%
services	3.414	—%	13.539	(2)%
No total	13.102 $	—%	51.557 $	3%

Due to rounding, values cannot be totaled and percentages cannot be recalculated.

CISCO-SYSTEME, INC.
BALANCE DE SITUACIÓN CONSOLIDATED CONDENSED
(in millions)
(not audited)

	July 30th 2022	July 31st 2021
FINANCIAL ASSETS
current assets:
Cash and cash equivalents	7.079 $	9.175 $
investments	12.188	15.343
Accounts receivable minus value adjustments from $83 on July 30, 2022 to $109 on July 31, 2021	6.622	5.766
Actions	2.568	1.559
Accounts receivable from financing, net	3.905	4.380
Other current assets	4.355	2.889
total current assets	36.717	39.112
Tangible assets, liquid	1.997	2.338
Accounts receivable from financing, net	4.009	4.884
benevolence	38.304	38.168
Acquired intangible assets, net	2.569	3.619
Deferred tax assets	4.449	4.360
Other assets	5.957	5.016
TOTAL ASSETS	94.002 $	97.497 $
COMMITMENTS AND EQUITY
current liabilities:
short term debt	1.099 $	2.508 $
Bills to pay	2.281	2.362
income tax payable	961	801
accumulated compensation	3.316	3.818
deferred income	12.784	12.148
Other current liabilities	5.199	4.620
total current liabilities	25.640	26.257
long-term liabilities	8.416	9.018
income tax payable	7.725	8.538
deferred income	10.480	10.016
Other long-term liabilities	1.968	2.393
full responsibility	54.229	56.222
capital total	39.773	41.275
TOTAL RESPONSIBILITY	94.002 $	97.497 $

CISCO-SYSTEME, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(not audited)

	fiscal year ended
	July 30th 2022	July 31st 2021
Cash flow from operating activities:
net income	11.812 $	10.591 $
Adjustments to reconcile net income with net cash from operating activities:
Depreciation, Amortization and Miscellaneous	1.957	1.862
Share-based compensation expense	1.886	1.761
Provision (benefit) for accounts receivable	55	(6)
deferred income tax	(309)	(384)
(Gains) Losses on disposals, investments and others, net	(453)	(354)
Change in operating assets and liabilities, minus effects of acquisitions and disposals:
requirements	(1.009)	(107)
Actions	(1.030)	(244)
finance accounts receivable	1.241	1.577
Other assets	(1.615)	(797)
Bills to pay	(55)	(53)
income tax, net	(690)	(549)
accumulated compensation	(427)	643
deferred income	1.328	1.560
Other liabilities	535	(46)
Cash generated by operations	13.226	15.454
Cash flows from investing activities:
investment purchases	(6.070)	(9.328)
Proceeds from the sale of investments	2.660	3.373
Payments for investment maturities	5.686	8.409
Acquisitions, net of cash and cash equivalents acquired and disposals	(373)	(7.038)
Purchase of shares in private companies	(186)	(175)
Return on investment in private companies	237	194
Acquisition of goods and equipment	(477)	(692)
Proceeds from the sale of real estate and assets	91	28
Others	(15)	(56)
Net cash provided (used) by investing activities	1.553	(5.285)
Cash flows from financing activities:
Issuance of Common Shares	660	643
Buyback of Common Shares – Buyback Program	(7.689)	(2.877)
Shares repurchased for withholding tax on the transfer of restricted stock units	(692)	(636)
Short-term loans, original terms of 90 days or less, net	606	(5)
issuance of debt securities	1.049	—
debt payment	(3.550)	(3.000)
dividend payments	(6.224)	(6.163)
Others	(302)	(1)
Net cash used in financing activities	(16.142)	(12.039)
Net reduction in cash, cash equivalents, restricted cash and restricted cash equivalents	(1.363)	(1.870)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year	9.942	11.812
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of year	8.579 $	9.942 $

Supplemental cash flow information:
Interest cash payment	355 $	438 $
Income tax payments, net	3.663 $	3.604 $

CISCO-SYSTEME, INC.
REMAINING OBLIGATIONS TO BE PERFORMED
(In millions, except percentages)

	July 30, 2022		April 30, 2022		July 31, 2021
	Team	ANY WORD %	Team	ANY WORD %	Team	ANY WORD %
products	14.090 $	6%	13.416 $	13%	13.270 $	18%
Service	17.449	(1) %	16.789	3%	17.623	3%
No total	31.539 $	2%	30.205 $	7%	30.893 $	9%

We expect 54% of total RPO as of July 30, 2022 to be recognized as revenue over the next 12 months.

CISCO-SYSTEME, INC.
EARLY INCOME
(in millions)

	July 30th 2022	April 30th 2022	July 31st 2021
Income Accumulation:
products	10.427 $	9.835 $	9.416 $
Service	12.837	12.458	12.748
No total	23.264 $	22.293 $	22.164 $
Reported as:
Real	12.784 $	12.249 $	12.148 $
they don't walk	10.480	10.044	10.016
No total	23.264 $	22.293 $	22.164 $

CISCO-SYSTEME, INC.
DIVIDENDS PAID AND REPURCHASE OF PAID COMMON SHARES
(In millions, except per share)

	DIVIDENDS		SHARES BUYBACK PROGRAM			NO TOTAL
finished quarter	by sharing	Team	to share	heavy Average price by sharing	Team	Team
fiscal year 2022
July 30, 2022	0,38 $	1.567 $	54	44,02 $	2.402 $	3.969 $
April 30, 2022	0,38 $	1.555 $	5	54,20 $	252 $	1.807 $
January 29, 2022	0,37 $	1.541 $	82	58,36 $	4.824 $	6.365 $
October 30, 2021	0,37 $	1.561 $	5	56,49 $	$ 256	1.817 $

again 2021
July 31, 2021	0,37 $	1.562 $	15	53,30 $	791 $	2.353 $
May 1, 2021	0,37 $	1.560 $	10	48,71 $	510 $	2.070 $
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 $

CISCO-SYSTEME, INC.
RECONCILIATION OF GAAP AND NON-GAAP MEASURES

GAAP TO NON-GAAP NET INCOME
(in millions)

	three months ended		fiscal year ended
	July 30th 2022	July 31st 2021	July 30th 2022	July 31st 2021
GAAP Net Revenue	2.815 $	3.009 $	11.812 $	10.591 $
Adjustments to cost of sales:
Share-based compensation expense	78	67	311	275
Amortization of intangible assets related to the acquisition	162	199	733	698
Acquisition/sales costs	24	1	27	4
The war costs Russia-Ukraine	2	—	7	—
Legal Policies and Compensation/Fees	—	—	—	43
Total adjustments to GAAP cost of sales	266	267	1.078	1.020
Operating cost adjustments:
Share-based compensation expense	401	357	1.574	1.460
Amortization of intangible assets related to the acquisition	73	79	328	215
Acquisition/sales costs	45	109	306	288
The war costs Russia-Ukraine	22	—	84	—
Significant asset restructuring and depreciation	(2)	8	6	886
Total Adjustments for GAAP Operating Expenses	539	553	2.298	2.849
Adjustments for interest and other income (losses), net:
Acquisition/sales costs	—	—	—	4
(Gains) and losses of interests	—	(154)	(478)	(285)
Total adjustments for GAAP interest and other income (losses), net	—	(154)	(478)	(281)
Total adjustments to GAAP revenue before income tax provisions	805	666	2.898	3.588
Income tax effect of non-GAAP adjustments	(181)	(199)	(616)	(702)
important tax issues	—	76	—	159
Total adjustments to the GAAP provision for income taxes	(181)	(123)	(616)	(543)
Non-GAAP Net Income	3.439 $	3.552 $	14.094 $	13.636 $

CISCO-SYSTEME, INC.
RECONCILIATION OF GAAP AND NON-GAAP MEASURES

GAAP-NO-GAAP-EPS

	three months ended		fiscal year ended
	July 30th 2022	July 31st 2021	July 30th 2022	July 31st 2021
PCGA-EPS	0,68 $	0,71 $	2,82 $	2,50 $
GAAP adjustments:
Share-based compensation expense	0,12	0,10	0,45	0,41
Amortization of intangible assets related to the acquisition	0,06	0,07	0,25	0,22
Acquisition/sales costs	0,02	0,03	0,08	0,07
The war costs Russia-Ukraine	0,01	—	0,02	—
Legal Policies and Compensation/Fees	—	—	—	0,01
Significant asset restructuring and depreciation	—	—	—	0,21
(Gains) and losses of interests	—	(0,04)	(0,11)	(0,07)
Income tax effect of non-GAAP adjustments	(0,04)	(0,05)	(0,15)	(0,17)
important tax issues	—	0,02	—	0,04
Non-GAAP EPS	0,83 $	0,84 $	$ 3,36	$ 3,22

Values cannot be totaled due to rounding.

CISCO-SYSTEME, INC.
RECONCILIATION OF GAAP AND NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSSES), NET AND NET INCOME
(In millions, except percentages)

	three months ended
	July 30, 2022
	products gross Rand	Service gross Rand	No total gross Rand	operating Cost	and and	operating income	and and	Interest Y Others income (Loss), red	red income	and and
Valor GAAP	5.722 $	2.303 $	8.025 $	4.591 $	(4)%	3.434 $	(4)%	€ (18)	2.815 $	(6)%
% of sales	59,1%	67,5%	61,3%	35,0%		26,2%		(0,1) %	21,5%
Adjustments to GAAP values:
Share-based compensation Cost	28	50	78	401		479		—	479
Acquisition amortization associated intangible assets	162	—	162	73		235		—	235
Related to acquisition/disposal Cost	24	—	24	45		69		—	69
The war costs Russia-Ukraine	—	2	2	22		24		—	24
Significant impairment of assets and restructuring	—	—	—	(2)		(2)		—	(2)
(Gains) and losses in equity investments	—	—	—	—		—		—	—
Income tax/substantial tax effect romances	—	—	—	—		—		—	(181)
Mont no GAAP	5.936 $	2.355 $	8.291 $	4.052 $	(4)%	4.239 $	(4)%	€ (18)	3.439 $	(3)%
% of sales	61,3%	69,0%	63,3%	30,9%		32,4%		(0,1) %	26,2%

	three months ended
	July 31, 2021
	products gross Rand	Service gross Rand	No total gross Rand	operating Cost	operating income	Interest Y Others income (Loss), red	red income
Valor GAAP	6.088 $	2.256 $	8.344 $	4.769 $	3.575 $	160 $	3.009 $
% of sales	62,7%	66,2%	63,6%	36,3%	27,2%	1,2%	22,9%
Adjustments to GAAP values:
Share-based compensation expense	24	43	67	357	424	—	424
Amortization of intangible assets related to the acquisition	199	—	199	79	278	—	278
Acquisition/sales costs	1	—	1	109	110	—	110
Significant asset restructuring and depreciation	—	—	—	8	8	—	8
(Gains) and losses of interests	—	—	—	—	—	(154)	(154)
Income Tax Implications/Significant Tax Matters	—	—	—	—	—	—	(123)
Mont no GAAP	6.312 $	2.299 $	8.611 $	4.216 $	4.395 $	$ 6	3.552 $
% of sales	65,0%	67,4%	65,6%	32,1%	33,5%	—%	27,1%

Due to rounding, values cannot be totaled and percentages cannot be recalculated.

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CISCO-SYSTEME, INC.
RECONCILIATION OF GAAP AND NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSSES), NET AND NET INCOME
(In millions, except percentages)

	fiscal year ended
	July 30, 2022
	products gross Rand	Service gross Rand	No total gross Rand	operating Cost	and and	operating income	and and	Interest Y Others income (Loss), red	red income	and and
Valor GAAP	23.204 $	9.044 $	32.248 $	18.279 $	(4)%	13.969 $	9%	508 $	11.812 $	12%
% of sales	61,0%	66,8%	62,5%	35,5%		27,1%		1,0 %	22,9%
Adjustments to GAAP values:
Share-based compensation Cost	112	199	311	1.574		1.885		—	1.885
Acquisition amortization associated intangible assets	733	—	733	328		1.061		—	1.061
Related to acquisition/disposal Cost	27	—	27	306		333		—	333
The war costs Russia-Ukraine	4	3	7	84		91		—	91
Significant impairment of assets and restructuring	—	—	—	6		6		—	6
(Gains) and losses in equity investments	—	—	—	—		—		(478)	(478)
Income tax/substantial tax effect romances	—	—	—	—		—		—	(616)
Mont no GAAP	24.080 $	9.246 $	33.326 $	15.981 $	(1) %	17.345 $	4%	30 $	14.094 $	3%
% of sales	63,3%	68,3%	64,6%	31,0%		33,6%		0,1%	27,3%

	fiscal year ended
	July 31, 2021
	products gross Rand	Service gross Rand	No total gross Rand	operating Cost	operating income	Interest Y Others income (Loss), red	red income
Valor GAAP	22.714 $	9.180 $	31.894 $	19.061 $	12.833 $	429 $	10.591 $
% of sales	63,1%	66,5%	64,0%	38,3%	25,8%	0,9%	21,3%
Adjustments to GAAP values:
Share-based compensation expense	99	176	275	1.460	1.735	—	1.735
Amortization of intangible assets related to the acquisition	698	—	698	215	913	—	913
Acquisition/sales costs	3	1	4	288	292	4	296
Legal Policies and Compensation/Fees	43	—	43	—	43	—	43
Significant asset restructuring and depreciation	—	—	—	886	886	—	886
(Gains) and losses of interests	—	—	—	—	—	(285)	(285)
Income Tax Implications/Significant Tax Matters	—	—	—	—	—	—	(543)
Mont no GAAP	23.557 $	9.357 $	32.914 $	16.212 $	16.702 $	148 $	13.636 $
% of sales	65,4%	67,8%	66,1%	32,5%	33,5%	0,3%	27,4%

Due to rounding, values cannot be totaled and percentages cannot be recalculated.

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CISCO-SYSTEME, INC.
RECONCILIATION OF GAAP AND NON-GAAP MEASURES

EFFECTIVE TAX RATE
(in percentage)

	three months ended		fiscal year ended
	July 30th 2022	July 31st 2021	July 30th 2022	July 31st 2021
GAAP effective tax rate	17,6%	19,4%	18,4%	20,1%
Total adjustments to the GAAP provision for income taxes	0,9%	(0,1) %	0,5%	(1,0) %
Non-GAAP effective tax rate	18,5%	19,3%	18,9%	19,1%

NON-GAAP GAAP GUIDANCE

1st quarter of fiscal year 2023	gross margin Bowl	Operating margin Bowl	result by to share⁽¹⁾
PCGA	61% - 62%	25,5% - 26,5%	0,64 $ - 0,68 $
Estimated adjustments for:
Share-based compensation expense	1,0 %	4,0%	0,10 $ - 0,11 $
Amortization of intangible assets related to the acquisition and costs related to the acquisition/disposal	1,0 %	2,0%	0,06 $ - 0,07 $
non-GAAP	63% - 64%	31,5% - 32,5%	0,82 $ - 0,84 $

fiscal year 2023		result by to share⁽¹⁾
PCGA		2,77 $ - 2,88 $
Estimated adjustments for:
Share-based compensation expense		0,46 $ - 0,48 $
Amortization of intangible assets related to the acquisition and costs related to the acquisition/disposal		0,22 $ - 0,24 $
non-GAAP		3,49 $ - 3,56 $

⁽¹⁾Estimated adjustments to GAAP earnings per share are shown after tax effects.

Except as noted above, this policy does not include the effects of future acquisitions/disposals, asset depreciation, Russia-Ukraine war costs, reorganizations (profits) and losses of interests and significant tax issues or other events that may or may not materially occur. unless expressly stated.

Forward-looking statements, non-GAAP information and additional information
This press release is believed to contain forward-looking statements that 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 about future events (such as our ability to perform In an incredibly dynamic environment, the success of the numerous initiatives we have taken to reduce the impact of the global supply situation, the success of our strategy and confidence in our long-term growth, the fundamental drivers in our business are the strong demand for our innovations and the solutions we offer our customers as they accelerate their digital transformation, resulting in a record backlog, continued progress in transforming our business model towards more software and subscriptions, and our commitment to returning excess capital to our customers. our shareholders and confidence in our continued cash flows os) and Cisco's future financial performance (including guidance for the first quarter of fiscal 2023 and the full fiscal year 2023), the risks and uncertainties involved. Readers are cautioned that these forward-looking statements are forecasts only and could differ materially from actual future events or results due to a variety of factors, including: the impact of the COVID-19 pandemic and related public health measures; economic and business conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; total expenditure on information technology; the growth and development of the Internet and the level of capital expenditures for Internet-based systems; fluctuations in customer demand for products and services, including sales to the service provider market and other customer markets; the performance of our investments in specific priorities, key growth areas and geographic locations, and maintaining leadership in secure and agile networks and services; the ordering time and manufacturing and delivery times to the customer; large supply bottlenecks; changes in customer ordering pattern or customer mix; insufficient, excessive or obsolete inventory; variability in component costs; fluctuations in distribution channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate those acquired businesses and technologies; our ability to achieve the expected benefits of our partnerships; increased competition in our product and service markets, including the data center market; confidence in the introduction and market acceptance of new product offerings and standards; rapid changes in technology and the market; manufacturing and procurement risks; product defects and returns; litigation relating to patents, other intellectual property, antitrust, shareholders and other governmental matters and investigations; our ability to reap the benefits of the restructuring and possible changes in the amount and timing of related costs; cyber attack, data breach or malware; critical security vulnerabilities and flaws; Terrorism; natural disasters (including as a result of global climate change); any other pandemic or epidemic; our ability to derive the expected benefits from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risks and 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 income tax provisions, including changes in tax laws and regulations or adverse results arising from audits of our income tax returns; potential volatility of operating results; and other factors detailed in Cisco's most recent reports on Forms 10-Q and 10-K filed on May 25, 2022 and September 9, 2021, respectively. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes contained in Cisco's most recent reports on forms 10-Q and 10-K, each of which may be amended from time to time. Cisco's results of operations for the three months and year ended July 30, 2022 are not necessarily indicative of Cisco's results of operations for future periods. All forward-looking statements in this press release are based on limited information currently available to Cisco and are subject to change. While these projections and the factors that affect them may change, Cisco will not necessarily update the information as Cisco will only provide guidance at certain times of the year. This information is valid only as of the date of this publication.

This press release includes Non-GAAP Net Income, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Operating Income and Margin, Non-GAAP Effective Tax Rates, Non-GAAP Interest and Other Income (Loss), Net Income and Net Income Data for Non-GAAP Stocks for Periods Presented. Also includes estimated future ranges for non-GAAP gross margin, operating margin, tax allowance rate and earnings per share.

These non-GAAP measures do not represent or are an alternative to measures prepared in accordance with generally accepted accounting principles and may differ from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on a comprehensive set of rules or accounting principles. Cisco believes that the non-GAAP measures are limited in that they do not reflect all values associated with Cisco's GAAP operating results and that these measures are used only to evaluate Cisco's operating results against the relevant values used. GAAP Measures.

Cisco believes that the presentation of non-GAAP measures, when presented in conjunction with the corresponding GAAP measures, provides investors and management with useful information about financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco management uses financial statements that may not include stock-based compensation expenses, amortization of acquisition-related intangible assets, acquisition/disposal-related costs, significant impairments and asset restructurings, significant litigation settlements and other contingencies, costs of war between Russia and Ukraine, investment gains and losses, income tax effects of past and significant tax matters. Cisco management uses the above non-GAAP measures in addition to appropriate GAAP measures when reviewing Cisco's financial results. 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 additional items that Cisco excludes for purposes of its internal budgeting process and when reviewing its financial results. Additional information about items excluded by Cisco from one or more of its non-GAAP financial measures is included on Form 8-K of this press release, filed today with the Securities and Exchange Commission.

Annualized Recurring Revenue represents the annualized revenue run rate from active subscriptions, temporary licenses, and maintenance contracts at the end of a reporting period, minus customer and partner refunds and other revenue adjustments. Includes prorated and annualized income.

About Cisco

Cisco (Nasdaq: CSCO) is the world's leading provider of Internet technology. Cisco inspires new possibilities as you redesign your applications, protect your data, transform your infrastructure, and empower your teams for a global and inclusive future. Learn more belownewsroom.cisco.comand follow us on Twitter at @Cisco.

Copyright © 2022 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the US and other countries. For a list of Cisco brands, see:www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco public information.

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common questions

Which financial statement shows Cisco's financial performance over a specific period? ›

Presented here, theProfit and Loss Account (Income Report)For Cisco Systems Inc, it shows the company's financial performance based on operating and non-operating activities such as revenue, expenses and income for the last 4 periods (quarterly or annually).

Cisco Annual Revenue (Millions of US Dollars)
2019	51.904 $
2018	49.330 $
2017	48.005 $
2016	49.247 $

FAQs

What was Cisco results for fy22? ›

On a non-GAAP basis, net income was $3.4 billion, a decrease of 3%, and EPS was $0.83, a decrease of 1%. Cash Flow from Operating Activities -- $3.7 billion for the fourth quarter of fiscal 2022, a decrease of 18% compared with $4.5 billion for the fourth quarter of fiscal 2021.

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What is Cisco fiscal year end date 2022? ›

FY 2023 Guidance:

Cisco today reported fourth quarter and fiscal year results for the period ended July 30, 2022.

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What was Cisco FY22 Q1 results? ›

Cisco today reported first quarter results for the period ended October 29, 2022. Cisco reported first quarter revenue of $13.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.7 billion or $0.65 per share, and non-GAAP net income of $3.5 billion or $0.86 per share.

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What was Cisco quarterly results Q3 2022? ›

Progress on business model transformation with total Annualized Recurring Revenue (ARR) at $22.4 billion in the third quarter of fiscal 2022, up 11% year over year. Q3 Results: Revenue: $12.8 billion. Flat year over year.

Get More Info Here ›

What is the passing score for Cisco? ›

Total Questions : 60. Passing Score : 800 . Approximately 80% marks are required to pass the exam . Time : 90 minutes .

What happens if you fail a Cisco exam? ›

Once passed, a candidate must wait a minimum of 180 days before taking the same exam with an identical exam number. Candidates may only take a beta exam once. Candidates who fail an exam must wait a period of five (5) calendar days, beginning the day after the failed attempt, to retake the exam.

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What does FY 2022 2023 mean? ›

Difference Between AY and FY

For example, the financial year beginning on April 1, 2022, and ending on March 31, 2023, is known as Financial Year 2022-23. The assessment year starts after the financial year ends, so AY 2023-24 will be the assessment year for F.Y.

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What are the dates for fiscal year 2022 2023? ›

For example, Fiscal Year 2023 runs from July 1, 2022 – June 30, 2023.

What are the quarters for fiscal year 2023? ›

January, February, and March (Q1) April, May, and June (Q2) July, August, and September (Q3) October, November, and December (Q4)

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Why are people leaving Cisco? ›

These higher quotas are causing people to pack up and leave Cisco, particularly those in enterprise sales, who are tasked with closing the biggest deals at the company. At least 12 people from that division have left in the last year, according to their LinkedIn pages.

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Does Cisco have a lot of layoffs? ›

The job cuts come after the company posted its largest quarterly revenue total in its history during the first fiscal quarter of 2023. While it is unclear whether Cisco will conduct more layoff rounds, it was reported last year that Cisco will lay off 5% of its workforce, or more than 4,000 employees.

Is CSCO undervalued? ›

(NASDAQ:CSCO) Suggests It's 31% Undervalued - Simply Wall St News.

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Is getting into Cisco tough? ›

Yes, it is not hard to get a job at Cisco Systems.

As a result, they typically hire very professionals with specific technical expertise and experience. Needless to say, getting a technology-based position at Cisco Systems is no easy feat, as the company conducts a rigorous application and interview process.

Will CSCO go up? ›

Stock Price Forecast

The 19 analysts offering 12-month price forecasts for Cisco Systems Inc have a median target of 52.00, with a high estimate of 67.00 and a low estimate of 44.00. The median estimate represents a +7.22% increase from the last price of 48.50.

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Is Cisco a layoff? ›

View Details ›

Is 60% a pass? ›

Is a D Considered Passing? A letter grade of a D is technically considered passing because it not a failure. A D is any percentage between 60-69%, whereas a failure occurs below 60%.

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How hard is Cisco exam? ›

The CCNA exam is among the most challenging on the market. It will test the students on their ability to build a network using Cisco technology during the test. The test covers various topics, but the main focus is on switching and routing data packets.

Get More Info Here ›

What is the lowest passing score? ›

Is a D a Passing Grade? At most schools, a D is the lowest passing grade. That means students who earn a D or higher receive credit for the course.

Get More Info Here ›

What is the highest paying Cisco certification? ›

Top-paying certifications

CCDA: Cisco Certified Design Associate — $120,139. CCDA validates the network design skills required to create an enterprise network. ...
CCNP Routing and Switching — $108,646. ...
CCNA Routing and Switching — $101,441. ...
CCNA Security — $101,411. ...
CCENT: Cisco Certified Entry Networking Technician — $83,057.

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What is the lowest Cisco certification? ›

Cisco Certified Entry Networking Technician (CCENT)

Cisco Certified Entry Networking Technician represents the lowest level of certification which covers basic networking knowledge.

View Details ›

How many times can you fail a CompTIA exam? ›

CompTIA Security + does not require any waiting period between the first and second retake. Students must wait 14 days for a third or subsequent retake exam. There is no annual limit on the number of attempts on the same exam.

Learn More ›

How do you calculate fiscal year? ›

If the date's month is before the start of the fiscal year: Fiscal year is the same as the Calendar year.
...
Using the date August 1, 2022 as an example, for fiscal year starting in July, here is the arithmetic for the calculation:

Year: 2022.
Month: 8.
Start Month: 7.
8 >= 7: TRUE.
2022 + 1 = 2023.

Dec 6, 2022

What is fiscal year 2023? ›

Each year, the Office of Management and Budget (OMB) prepares the President's proposed Federal Government budget for the upcoming Federal fiscal year, which runs from October 1 through September 30 of the following year.

View Details ›

Does FY mean full year? ›

A fiscal year is a 12-month accounting period that a business uses for financial and tax reporting purposes. A fiscal year is also known as a financial year. A fiscal year can be different to a calendar year – it doesn't need to start on January 1 and end on December 31.

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What does fy2023 mean? ›

Fiscal year 2023 or "FY 2023" means the fiscal year ending June 30, 2023. Sample 1Sample 2Sample 3. Based on 5 documents.

See Details ›

Are we in FY22 or FY23? ›

FY22 means the Recipient's Fiscal Year 2022, commencing on July 1, 2021 and concluding on June 30, 2022.

Tell Me More ›

What are the quarter dates for fiscal year 2022? ›

The fiscal year quarters are October 1-December 31, January 1-March 31, April 1-June 30, and July 1-September 30.

What is a weakness of Cisco? ›

How did things get this bad? There are three key factors, three big weaknesses in Cisco's operations: over-ambition, distraction and mismanagement.

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Who is Cisco's main competitor? ›

Cisco competitors include Extreme Networks, Microsoft, Juniper Networks, HP Inc. and Amazon.

Learn More Now ›

Are Cisco employees happy? ›

Company Culture at Cisco

The employee experience below at Cisco, compared to a typical company. 96% of employees at Cisco say it is a great place to work compared to 57% of employees at a typical U.S.-based company. Source: Great Place To Work® 2021 Global Employee Engagement Study.

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How much PTO do you get at Cisco? ›

You receive four weeks paid time off (vacation and sick days are in the same pool of days).

Learn More ›

How many PTO days do you get at Cisco? ›

Cisco. According to the same Forbes article, San Jose, California-based Cisco offers 30 days of paid vacation. It also offers 16 hours of floating holidays and 20 days of general PTO. The company noted that the average amount of days taken per year is 15.

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Is Cisco giving permanent work from home? ›

Global networking giant Cisco is transitioning to a hybrid workplace model for every one of its 75,000 employees, which will empower its employees to choose to permanently work from home.

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Is CSCO a buy sell or hold? ›

Cisco Systems has received a consensus rating of Hold. The company's average rating score is 2.45, and is based on 10 buy ratings, 9 hold ratings, and 1 sell rating.

Get More Info Here ›

Is CSCO stock worth buying? ›

The financial health and growth prospects of CSCO, demonstrate its potential to perform inline with the market. It currently has a Growth Score of A. Recent price changes and earnings estimate revisions indicate this would be a good stock for momentum investors with a Momentum Score of A.

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Why is Cisco losing market share? ›

Citi Sees More Downside Ahead. Cisco, which makes switches, routers and other network equipment, will continue to lose market share to rivals Arista Networks and Juniper Networks due to supply-chain issues, a Citi analyst said.

Keep Reading ›

Does Cisco pay well? ›

At Cisco, the highest paid job is a Director of Sales at $332,333 annually and the lowest is an Office Manager at $61,411 annually. Average Cisco salaries by department include: Finance at $108,313, Customer Support at $108,884, Operations at $97,311, and Engineering at $172,057.

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What is the base salary of Cisco? ›

Minimum salary at Cisco depends on the role you are applying for. For Devops Engineer the minimum salary is ₹8.0 Lakhs per year, for Network Engineer the minimum salary is ₹9.9 Lakhs per year and so on.

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Does Cisco offer signing bonus? ›

Cisco's compensation structure

Many companies use the tactic of not including a signing bonus in the initial offer, but Cisco is the only company we've seen do this with equity.

Where Will Cisco Live be in 2023? ›

Join us in Amsterdam as we continue the tradition of education, inspiration, and fun at Cisco Live.

Is CSCO a defensive stock? ›

Cisco is a strong dividend growth stock with very solid free cash flow generation, making it an attractive defensive play for income investors.

Learn More ›

Is Cwco a buy? ›

Out of 1 analyst, 1 (100%) are recommending CWCO as a Strong Buy, 0 (0%) are recommending CWCO as a Buy, 0 (0%) are recommending CWCO as a Hold, 0 (0%) are recommending CWCO as a Sell, and 0 (0%) are recommending CWCO as a Strong Sell.

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What was Cisco's revenue growth in fy22? ›

Cisco revenue for the twelve months ending October 31, 2022 was $52.289B, a 2.95% increase year-over-year. Cisco annual revenue for 2022 was $51.557B, a 3.49% increase from 2021.

CISCO-SYSTEME, INC.
CONSOLIDATED FINANCIAL STATEMENT
(In millions, except per share)
(not audited)

	three months ended		fiscal year ended
	July 30th 2022	July 31st 2021	July 30th 2022	July 31st 2021
REVENUE:
products	9.688 $	9.716 $	38.018 $	36.014 $
Service	3.414	3.410	13.539	13.804
total income	13.102	13.126	51.557	49.818
COST OF SALES:
products	3.966	3.628	14.814	13.300
Service	1.111	1.154	4.495	4.624
total cost of sales	5.077	4.782	19.309	17.924
UGLY-MARGE	8.025	8.344	32.248	31.894
OPERATIONAL EXPENSES:
Investigation and development	1.682	1.713	6.774	6.549
Sales and Marketing	2.349	2.448	9.085	9.259
general and administrative	489	521	2.101	2.152
Amortization of acquired intangible assets	73	79	313	215
Restructuring and other fees	(2)	8	6	886
business expenses	4.591	4.769	18.279	19.061
RESULT OF THE OPERATION	3.434	3.575	13.969	12.833
interest income	129	130	476	618
interest expense	(93)	(98)	(360)	(434)
Other income (losses), net	(54)	128	392	245
Interest and other income (losses), net	(18)	160	508	429
RESULT BEFORE PROVISION FOR INCOME TAXES	3.416	3.735	14.477	13.262
Provision for income tax	601	726	2.665	2.671
NET INCOME	2.815 $	3.009 $	11.812 $	10.591 $

Net earnings per share:
Basic	0,68 $	0,71 $	2,83 $	2,51 $
diluted	0,68 $	0,71 $	2,82 $	2,50 $
Stocks used in the per-share calculation:
Basic	4.128	4.216	4.170	4.222
diluted	4.137	4.238	4.192	4.236

1st quarter of fiscal year 2023
revenue		2% - 4% annual growth
Non-GAAP Gross Margin Rate		63% - 64%
Non-GAAP operating margin		31,5% - 32,5%
Non-GAAP EPS		0,82 $ - 0,84 $

fiscal year 2023
revenue		4% - 6% annual growth
Non-GAAP EPS		3,49 $ - 3,56 $

CISCO-SYSTEME, INC.
SALES BY SEGMENTS
(In millions, except percentages)

	July 30, 2022
	three months ended		fiscal year ended
	Team	Y/Y%	Team	Y/Y%
revenue :
America	7.470 $	(3)%	29.814 $	2%
EMEA	3.577	8%	13.715	6%
APJC	2.055	(2)%	8.027	4%
No total	13.102 $	—%	51.557 $	3%

CISCO-SYSTEME, INC.
GROSS MARGIN IN PERCENTAGE BY SEGMENT
(in percentage)

	July 30, 2022
	three months ended	fiscal year ended
Gross Margin Percentage :
America	62,6%	64,1%
EMEA	64,4%	65,4%
APJC	63,6%	65,3%

CISCO FOURTH QUARTER AND FISCAL YEAR 2022 (2023) REPORTS. (2023)

CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS

common questions

Which financial statement shows Cisco's financial performance over a specific period? ›

FAQs

What was Cisco results for fy22? ›

Does Cisco have a lot of layoffs? ›

How many times can you fail a CompTIA exam? ›

What is a weakness of Cisco? ›

What is the base salary of Cisco? ›

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