Cisco Reports Fourth Quarter and Fiscal Year 2021 Results (2023)

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Cisco Reports Fourth Quarter and Fiscal Year 2021 Results

18. August 2021

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SAN JOSÉ, Calif., Aug. 18, 2021 /PRNewswire/ --

News summary :

Cisco ended fiscal 2021 strong with fourth-quarter performance of $13.1 billion in revenue (up 8% year over year) and fiscal year revenue of $49.8 billion.
Double-digit order growth in all markets and customer regions, including 31% product order growth - the highest annual growth in over a decade
Continued momentum in transforming our business by delivering more software and subscriptions: We delivered $4 billion in software revenue in the fourth quarter (subscription revenue up 6%, up 9% year-over-year) and $15 billion for the year (up 7% with subscription revenue up 15% year over year)

Fourth Quarter Results:

Revenue:$13.1 billion

8% increase year-on-year

Earnings per share:PCGA: $0.71; Non-GAAP: $0.84

GAAP EPS up to 15% year over year
Non-GAAP EPS up to 5% year-over-year

Fiscal year 2021 results:

Revenue:$49.8 billion

1% increase year after year

Earnings per share:PCGA: $2.50; Non-GAAP: $3.22

GAAP earnings per share fell 5% year over year
Non-GAAP EPS was flat year over year

Q1 guide:

Revenue:Growth from 7.5% to 9.5% YoY
Earnings per share:PCGA: $0.61 to $0.66; No GAAP: $0.79 to $0.81

Forecast for the 2022 financial year:

Revenue:5% to 7% year-over-year growth
Earnings per share:PCGA: $2.72 to $2.84; No GAAP: $3.38 to $3.45

Cisco today reported fourth quarter and full year results for the period ended July 31, 2021 reported net income of $3.6 billion, or $0.84 per share.

"We continue to see tremendous momentum in our business as customers seek to modernize their organizations for agility and resiliency," said Chuck Robbins, Cisco president and CEO. “Demand for Cisco technology is strong and our fourth quarter performance marked the highest product order growth in more than a decade. With the power of our portfolio, we are well positioned to help our clients accelerate their transformation to thrive digitally and in a hybrid world.

"We performed exceptionally well, delivering strong revenue, non-GAAP net income, non-GAAP EPS and record cash flow," said Scott Herren, Cisco's chief financial officer. “Our performance reflects the impact of our investments in high-growth opportunities, reflected in strong growth in product orders. As we continue to transform our business model toward recurring revenue, we have accumulated more than $30 billion in residual incentive awards.”

(Video) Cisco stock pops on fourth-quarter earnings beat

Fourth Quarter GAAP Results

	4th Quarter of Fiscal Year 2021			4th Quarter of Fiscal Year 2020			compared to the fourth quarter of fiscal 2020
revenue	p.s	13.1	billion	p.s	12.2	billion	8%
liquid result	p.s	3.0	billion	p.s	2.6	billion	14%
Diluted earnings per share (EPS)	p.s	0,71		p.s	0,62		15%


Fourth Quarter Non-GAAP Results

	4th Quarter of Fiscal Year 2021			4th Quarter of Fiscal Year 2020			compared to the fourth quarter of fiscal 2020
liquid result	p.s	3.6	billion	p.s	3.4	billion	5%
ENV	p.s	0,84		p.s	0,80		5%


GAAP results for the fiscal year

	Fiscal year 2021			Fiscal year 2020			compared to the 2020 financial year
revenue	p.s	49,8	billion	p.s	49.3	billion	1%
liquid result	p.s	10.6	billion	p.s	11.2	billion	(6)%
ENV	p.s	2,50		p.s	2.64		(5)%


Non-GAAP Full Year Results

	Fiscal year 2021			Fiscal year 2020			compared to the 2020 financial year
liquid result	p.s	13.6	billion	p.s	13.7	billion	—%
ENV	p.s	3.22		p.s	3.21		—%

Reconciliations between net income, EPS and other GAAP and non-GAAP measures are included in the tables in the section titled "GAAP to Non-GAAP Measures Reconciliations."

financial overview

All comparative percentages are for the prior year unless otherwise noted.

See Also

CISCO PUBLISHES THIRD QUARTER RESULTS

Cisco expects to deliver the following results in the first quarter of fiscal 2022:

1st Quarter of Fiscal Year 2022
revenue		Growth from 7.5% to 9.5% YoY
Non-GAAP Gross Margin Rate		63,5% - 64,5%
Non-GAAP Operating Margin		31,5% - 32,5%
EPS no GAAP		0,79 $ - 0,81 $

Cisco estimates GAAP earnings per share for the first quarter of fiscal 2022 to be between $0.61 and $0.66.

Cisco expects to achieve the following results by fiscal 2022:

AB 2022
revenue		5% to 7% year-over-year growth
EPS no GAAP		3,38 $ - 3,45 $

Cisco estimates that fiscal 2022 GAAP EPS will be between $2.72 and $2.84.

Our guidance for the first quarter of fiscal 2022 and fiscal 2022 assumes an effective deferred tax rate of 19% for GAAP and non-GAAP results.

A reconciliation between GAAP and non-GAAP based guidance is included in the tables titled "GAAP to Non-GAAP Guidance" in the "Reconciliation of GAAP Measures to Non-GAAP Measures" section.

Editor's Notes:

The fourth quarter fiscal 2021 conference call to discuss Cisco's results along with guidance will be held on Wednesday, August 18, 2021 at 1:30 p.m. M. Pacific Time. The conference call number is 1-888-848-6507 (US) or 1-212-519-0847 (international).
A recording of the conference call will be available from 4:00 p.m. M. Pacific Time, August 18, 2021 at 4:00 p.m. M. Pacific Time, August 25, 2021 at 1-800-388-4923 (U.S.) or 1-203-369-3800 (International). The replay will also be available via webcast on the Cisco Investor Relations website athttps://investor.cisco.com.
Additional information on Cisco's finances, as well as a conference webcast with visual aids designed to guide attendees through the conference, will be available at 1:30 p.m. Pacific Time, August 18, 2021. Text of the notes prepared for the conference call will be available 24 hours after the end of the conference call. The webcast will include prepared commentary and a question and answer session. This information, along with the GAAP to Non-GAAP reconciliation information, will be available on Cisco's Investor Relations website athttps://investor.cisco.com.

CISCO-SYSTEME, INC.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(in millions, except per share)
(unaudited)

	three months past				fiscal year ended
	July 31, 2021		July 25th 2020		July 31, 2021		July 25th 2020
REVENUE:
Products	p.s	9.716	p.s	8.832	p.s	36.014	p.s	35.978
Service	3.410		3.322		13.804		13.323
total revenue	13.126		12.154		49.818		49.301
THE COST OF SALE:
Products	3.628		3.429		13.300		13.199
Service	1.154		1.041		4.624		4.419
total cost of sales	4.782		4.470		17.924		17.618
UGLY-MARGE	8.344		7.684		31.894		31.683
OPERATING COST:
investigation and development	1.713		1.565		6.549		6.347
sales and marketing	2.448		2.218		9.259		9.169
General and administrative	521		494		2.152		1.925
Amortization of acquired intangible assets	79		33		215		141
Restructuring and other burdens	8		127		886		481
business expenses	4.769		4.437		19.061		18.063
OPERATING RESULT	3.575		3.247		12.833		13.620
interest income	130		187		618		920
interest expense	(98)		(119)		(434)		(585)
Other income (losses), net	128		(9)		245		15
Interest and other income (losses), net	160		59		429		350
EARNINGS BEFORE PROVISION FOR INCOME TAXES	3.735		3.306		13.262		13.970
provision for income tax	726		670		2.671		2.756
NET RESULT	p.s	3.009	p.s	2.636	p.s	10.591	p.s	11.214

Net earnings per share:
Basic	p.s	0,71	p.s	0,62	p.s	2.51	p.s	2,65
diluted	p.s	0,71	p.s	0,62	p.s	2,50	p.s	2.64
Shares used in the calculation per share:
Basic	4.216		4.227		4.222		4.236
diluted	4.238		4.244		4.236		4.254

(Video) Cisco reports big revenue miss, cuts full-year guidance

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

	July 31, 2021
	three months past			fiscal year ended
	Crowd		Y/Y%	Crowd		Y/Y%
revenue:
America	p.s	7.731	8%	p.s	29.161	—%
EMEA	3.297		6%	12.951		2%
APJC	2.098		13%	7.706		5%
In total	p.s	13.126	8%	p.s	49.818	1%

Due to rounding, values must not add up and percentages must not be recalculated.

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

	July 31, 2021
	three months past	fiscal year ended
Percentage of Gross Margin:
America	66,2%	66,9%
EMEA	65,0%	65,4%
APJC	64,4%	64,2%

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

	July 31, 2021
	three months past			fiscal year ended
	Crowd		%A/A	Crowd		%A/A
revenue:
The infrastructure platform	p.s	7.546	13%	p.s	27.109	—%
to form	1.344		(1) %	5.504		(1) %
Security	823		1%	3.382		7%
Other products	4		(42)%	19		(43)%
overall product	9.716		10%	36.014		—%
Services	3.410		3%	13.804		4%
In total	p.s	13.126	8%	p.s	49.818	1%

Due to rounding, values must not add up and percentages must not be recalculated.

CISCO-SYSTEME, INC.
BALANCE DE SITUACION CONSOLIDATED IN SUMMARY
(in millions)
(unaudited)

	July 31, 2021		July 25th 2020
ATTACHMENT
current assets:
Cash and cash equivalents	p.s	9.175	p.s	11.809
investments	15.343		17.610
Accounts receivable, net of provisions for bad debts from $109 on July 31, 2021 to $143 on July 25, 2020	5.766		5.472
Stocks	1.559		1.282
Receivables from financing, net	4.380		5.051
Other Current Assets	2.889		2.349
total current assets	39.112		43.573
fixed assets, net	2.338		2.453
Receivables from financing, net	4.884		5.714
benevolence	38.168		33.806
Intangible assets acquired, net	3.619		1.576
Deferred tax assets	4.360		3.990
Other assets	5.016		3.741
TOTAL ASSETS	p.s	97.497	p.s	94.853
COMMITMENTS AND EQUITY
current liabilities:
short-term debt	p.s	2.508	p.s	3.005
Accounts Payable	2.362		2.218
income tax to be paid	801		839
accrued remuneration	3.818		3.122
accruals	12.148		11.406
Other current liabilities	4.620		4.741
Total current liabilities	26.257		25.331
Long-term liabilities	9.018		11.578
income tax to be paid	8.538		8.837
accruals	10.016		9.040
Other long-term liabilities	2.393		2.147
overall responsibility	56.222		56.933
total capital	41.275		37.920
TOTAL LIABILITIES	p.s	97.497	p.s	94.853

CISCO-SYSTEME, INC.
CONSOLIDATED CASH FLOW STATEMENTS
(in millions)
(unaudited)

	fiscal year ended
	July 31, 2021		July 25th 2020
Cash flow from operating activities:
liquid result	p.s	10.591	p.s	11.214
Adjustments to reconcile net income with net cash generated from operations:
Depreciation, amortization and others	1.862		1.808
Stock-based Compensation Expense	1.761		1.569
Provision (benefit) for claims	(6)		93
deferred income tax	(384)		(38)
(Gains) Losses on disposals, investments and other, net	(354)		(138)
Movement in operating assets and liabilities, less the impact of acquisitions and divestitures:
get accounts	(107)		(107)
Stocks	(244)		84
accounts receivable financing	1.577		(797)
Other assets	(797)		96
Accounts Payable	(53)		141
income tax, net	(549)		(322)
accrued remuneration	643		(78)
accruals	1.560		2.011
Other Responsibilities	(46)		(110)
Net cash generated from operating activities	15.454		15.426
Cash flows from investing activities:
investment purchases	(9.328)		(9.212)
Proceeds from sale of investments	3.373		5.631
Income from investment periods	8.409		7.975
Acquisitions, net of cash and cash equivalents acquired and disposals	(7.038)		(327)
Purchases of shares in private companies	(175)		(190)
Return on investment in private companies	194		224
Purchase of goods and equipment	(692)		(770)
Income from the sale of goods and equipment	28		179
Others	(56)		(10)
Net cash (depleted) provided by investing activities	(5.285)		3.500
Cash flows from financing activities:
Issue of Common Stock	643		655
Common Stock Repurchase – Repurchase Program	(2.877)		(2.659)
Shares repurchased for withholding on acquisition of restricted stock units	(636)		(727)
Short-term loans, original maturity of 90 days or less, net	(5)		(3.470)
debt payments	(3.000)		(6.720)
dividends paid	(6.163)		(6.016)
Others	(1)		51
Net cash used in financing activities	(12.039)		(18.886)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1.870)		40
Cash, cash equivalents and restricted cash, beginning of the year	11.812		11.772
Cash, cash equivalents and restricted cash, fiscal year-end	p.s	9.942	p.s	11.812

Supplemental cash flow information:
money paid for interest	p.s	438	p.s	603
Payments for income tax, net	p.s	3.604	p.s	3.116

CISCO-SYSTEME, INC.
REMAINING COMPLIANCE OBLIGATIONS
(In millions, except percentages)

	July 31, 2021				1. May 2021				July 25, 2020
	Crowd		%A/A		Crowd		%A/A		Crowd		%A/A
Products	p.s	13.270	18	%	p.s	11.903	15	%	p.s	11.261	17	%
Service	17.623		3	%	16.235		7	%	17.093		9	%
In total	p.s	30.893	9	%	p.s	28.138	10	%	p.s	28.354	12	%

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

	July 31, 2021		1st May, 2021		July 25th 2020
Accrual items:
Products	p.s	9.416	p.s	8.698	p.s	7.895
Service	12.748		12.191		12.551
In total	p.s	22.164	p.s	20.889	p.s	20.446
Reported as:
Actually	p.s	12.148	p.s	11.492	p.s	11.406
they don't walk	10.016		9.397		9.040
In total	p.s	22.164	p.s	20.889	p.s	20.446

CISCO-SYSTEME, INC.
DIVIDENDS PAID AND COMMON STOCK BUYBACKS
(in millions, except per share)

	DIVIDENDS				STOCK BUYBACK PROGRAM					IN TOTAL
quarter done	split		Crowd		Behave	Difficult- At half price split		Crowd		Crowd
year 2021
July 31, 2021	p.s	0,37	p.s	1.562	15	p.s	53,30	p.s	791	p.s	2.353
1. May 2021	p.s	0,37	p.s	1.560	10	p.s	48,71	p.s	510	p.s	2.070
23 January 2021	p.s	0,36	p.s	1.521	19	p.s	42,82	p.s	801	p.s	2.322
24. October 2020	p.s	0,36	p.s	1.520	20	p.s	40,44	p.s	800	p.s	2.320

Fiscal year 2020
July 25, 2020	p.s	0,36	p.s	1.525	—	p.s	—	p.s	—	p.s	1.525
25. April 2020	p.s	0,36	p.s	1.519	25	p.s	39,71	p.s	981	p.s	2.500
25 January 2020	p.s	0,35	p.s	1.486	18	p.s	46,71	p.s	870	p.s	2.356
26. October 2019	p.s	0,35	p.s	1.486	sixteen	p.s	48,91	p.s	768	p.s	2.254

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

NET INCOME FROM GAAP TO NON-GAAP
(in millions)

	three months past				fiscal year ended
	July 31, 2021		July 25th 2020		July 31, 2021		July 25th 2020
GAAP Net Income	p.s	3.009	p.s	2.636	p.s	10.591	p.s	11.214
Adjustments to cost of sales:
Stock-based Compensation Expense	67		61		275		237
Amortization of intangible assets related to the acquisition	199		157		698		611
Costs related to the purchase/sale	1		—		4		3
Legal and Indemnification Claims/Settlements	—		—		43		4
Total adjustments to GAAP cost of sales	267		218		1.020		855
Operating cost adjustments:
Stock-based Compensation Expense	357		332		1.460		1.307
Amortization of intangible assets related to the acquisition	79		33		215		141
Costs related to the purchase/sale	109		55		288		246
Restructuring and significant asset impairment	8		127		886		481
Total adjustments for GAAP operating expenses	553		547		2.849		2.175
Adjustments for interest and other income (losses), net:
Costs related to the purchase/sale	—		—		4		—
(Profits) and losses from participations	(154)		2		(285)		(97)
Total GAAP interest adjustments and other income (losses), net	(154)		2		(281)		(97)
Total adjustments to GAAP income before provision for income taxes	666		767		3.588		2.933
Income tax effect of non-GAAP adjustments	(199)		(175)		(702)		(722)
Important tax issues	76		166		159		233
Total Adjustments to GAAP Provision for Income Taxes	(123)		(9)		(543)		(489)
Non-GAAP Net Income	p.s	3.552	p.s	3.394	p.s	13.636	p.s	13.658

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

EPS GAAP A NO GAAP

	three months past				fiscal year ended
	July 31, 2021		July 25th 2020		July 31, 2021		July 25th 2020
BPA-PCGA	p.s	0,71	p.s	0,62	p.s	2,50	p.s	2.64
GAAP Adjustments:
Stock-based Compensation Expense	0,10		0,09		0,41		0,36
Amortization of intangible assets related to the acquisition	0,07		0,04		0,22		0,18
Costs related to the purchase/sale	0,03		0,01		0,07		0,06
Legal and Indemnification Claims/Settlements	—		—		0,01		—
Restructuring and significant asset impairment	—		0,03		0,21		0,11
(Profits) and losses from participations	(0,04)		—		(0,07)		(0,02)
Income tax effect of non-GAAP adjustments	(0,05)		(0,04)		(0,17)		(0,17)
Important tax issues	0,02		0,04		0,04		0,05
EPS no GAAP	p.s	0,84	p.s	0,80	p.s	3.22	p.s	3.21

Values may not add up due to rounding.

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

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

	three months past
	July 31, 2021
	Products Rough Rand			Service Rough Rand			In total Rough Rand			operational bills			and and	operational income			and and	Interest mi Others income (Loss), fluid			Fluid income			and and
GAAP value	p.s	6.088		p.s	2.256		p.s	8.344		p.s	4.769		8%	p.s	3.575		10%	p.s	160		p.s	3.009		14%
% of income	62,7		%	66.2		%	63,6		%	36.3		%		27.2		%		1.2		%	22,9		%
Adjustments to GAAP figures:
Stock-based Compensation Expense	24			43			67			357				424				—			424
Amortization of intangible assets related to the acquisition	199			—			199			79				278				—			278
Acquisition/sale costs	1			—			1			109				110				—			110
Restructuring and significant asset impairment	—			—			—			8				8				—			8
(Profits) and losses from participations	—			—			—			—				—				(154)			(154)
Income Tax Implications/Key Tax Considerations	—			—			—			—				—				—			(123)
Mont no GAAP	p.s	6.312		p.s	2.299		p.s	8.611		p.s	4.216		8%	p.s	4.395		10%	p.s	6		p.s	3.552		5%
% of income	65,0		%	67,4		%	65,6		%	32.1		%		33,5		%		—		%	27.1		%

	three months past
	July 25, 2020
	Products Rough Rand			Service Rough Rand			In total Rough Rand			operational bills			operational income			Interest mi Others income (Loss), fluid			Fluid income
GAAP value	p.s	5.403		p.s	2.281		p.s	7.684		p.s	4.437		p.s	3.247		p.s	59		p.s	2.636
% of income	61.2		%	68,7		%	63.2		%	36,5		%	26,7		%	0,5		%	21.7		%
Adjustments to GAAP figures:
Stock-based Compensation Expense	24			37			61			332			393			—			393
Amortization of intangible assets related to the acquisition	157			—			157			33			190			—			190
Acquisition/sale costs	—			—			—			55			55			—			55
Restructuring and significant asset impairment	—			—			—			127			127			—			127
(Profits) and losses from participations	—			—			—			—			—			2			2
Income Tax Implications/Key Tax Considerations	—			—			—			—			—			—			(9)
Mont no GAAP	p.s	5.584		p.s	2.318		p.s	7.902		p.s	3.890		p.s	4.012		p.s	61		p.s	3.394
% of income	63.2		%	69,8		%	65,0		%	32,0		%	33,0		%	0,5		%	27,9		%

Due to rounding, values must not add up and percentages must not be recalculated.

CISCO-SYSTEM ME, INC.
RECONCILIATION OF GAAP AND NON-GAAP MEASURES

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

	fiscal year ended
	July 31, 2021
	Products Rough Rand			Service Rough Rand			In total Rough Rand			operational bills			and and	operational income			and and	Interest mi Others income (Loss), fluid			Fluid income			and and
GAAP value	p.s	22.714		p.s	9.180		p.s	31.894		p.s	19.061		6%	p.s	12.833		(6)%	p.s	429		p.s	10.591		(6)%
% of income	63.1		%	66,5		%	64,0		%	38.3		%		25,8		%		0,9		%	21.3		%
Adjustments to GAAP figures:
Stock-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/sale costs	3			1			4			288				292				4			296
Legal and Indemnification Claims/Settlements	43			—			43			—				43				—			43
Restructuring and significant asset impairment	—			—			—			886				886				—			886
(Profits) and losses from participations	—			—			—			—				—				(285)			(285)
Income Tax Implications/Key Tax Considerations	—			—			—			—				—				—			(543)
Mont no GAAP	p.s	23.557		p.s	9.357		p.s	32.914		p.s	16.212		2%	p.s	16.702		—%	p.s	148		p.s	13.636		—%
% of income	65,4		%	67,8		%	66.1		%	32,5		%		33,5		%		0,3		%	27.4		%

	fiscal year ended
	July 25, 2020
	Products Rough Rand			Service Rough Rand			In total Rough Rand			operational bills			operational income			Interest mi Others income (Loss), fluid			Fluid income
GAAP value	p.s	22.779		p.s	8.904		p.s	31.683		p.s	18.063		p.s	13.620		p.s	350		p.s	11.214
% of income	63.3		%	66,8		%	64,3		%	36,6		%	27.6		%	0,7		%	22.7		%
Adjustments to GAAP figures:
Stock-based Compensation Expense	93			144			237			1.307			1.544			—			1.544
Amortization of intangible assets related to the acquisition	611			—			611			141			752			—			752
Acquisition/sale costs	—			3			3			246			249			—			249
Legal and Compensation Policies	4			—			4			—			4			—			4
Restructuring and significant asset impairment	—			—			—			481			481			—			481
(Profits) and losses from participations	—			—			—			—			—			(97)			(97)
Income Tax Implications/Key Tax Considerations	—			—			—			—			—			—			(489)
Mont no GAAP	p.s	23.487		p.s	9.051		p.s	32.538		p.s	15.888		p.s	16.650		p.s	253		p.s	13.658
% of income	65,3		%	67,9		%	66,0		%	32.2		%	33,8		%	0,5		%	27.7		%

(Video) Cisco beats revenue, reports strong forward guidance

Due to rounding, values must not add up and percentages must not be recalculated.

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

EFFECTIVE TAX RATE
(in percent)

	three months past				fiscal year ended
	July 31, 2021		July 25th 2020		July 31, 2021		July 25th 2020
GAAP Effective Tax Rate	19.4	%	20.3	%	20.1	%	19.7	%
Total Adjustments to GAAP Provision for Income Taxes	(0,1)	%	(3.6)	%	(1,0)	%	(0,5)	%
Effective Non-GAAP Tax Rate	19.3	%	16.7	%	19.1	%	19.2	%

GAAP GUIDANCE ZU NON-GAAP

1st Quarter of Fiscal Year 2022	Gross margin to rate	Operative Marge to rate	won by Split⁽¹⁾
PCGA	61,5% - 62,5%	25% - 26%	0,61 $ - 0,66 $
Estimated adjustments for:
Stock-based Compensation Expense	0,5%	3,5%	0,08 $ - 0,09 $
Amortization of acquisition-related intangible assets and acquisition/disposal-related costs	1,5%	3,0%	0,07 $ - 0,08 $
Restructuring and significant asset impairment	—	—	0,00 US$ - 0,01 US$
no HGB	63,5% - 64,5%	31,5% - 32,5%	0,79 $ - 0,81 $


AB 2022			won by Split⁽¹⁾
PCGA			2,72 $ - 2,84 $
Estimated adjustments for:
Stock-based Compensation Expense			0,35 $ - 0,37 $
Amortization of acquisition-related intangible assets and acquisition/disposal-related costs			0,26 $ - 0,28 $
Restructuring and significant asset impairment			0,00 US$ - 0,01 US$
no HGB			3,38 $ - 3,45 $

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

Except as noted above, this policy does not include the effects of future acquisitions/divestitures, asset losses, reorganizations and significant tax issues or other events, which may or may not be material, unless specifically noted.

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 the dynamics of our business, demand for our technology, our ability to accelerate our customers' digital transformation, and the continued transformation of our business model towards more recurring revenues) and future financial performance Cisco (including guidance for the first quarter of fiscal 2022). and full year 2022) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions 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; overhead with information technology; the growth and development of the Internet and the level of capital expenditures for Internet-based systems; changes 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 geographic locations, and maintaining leadership in infrastructure platforms and services; customer orders and manufacturing times and delivery times; changes in customer order pattern or customer mix; insufficient, excessive or obsolete inventory; variability in component costs; fluctuations in distribution channels, product costs or the 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 from 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 technology and market change; manufacturing and delivery risks; product defects and returns; litigation relating to patents, other intellectual property, antitrust, shareholder and other governmental matters and investigations; our ability to take advantage of restructuring and potential changes in the amount and timing of related costs; cyber attack, data breach or malware; critical security vulnerabilities and bugs; Terrorism; natural disasters; any other pandemic or epidemic; our ability to realize anticipated 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 the provision for income taxes, 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, 2021 and September 3, 2020, 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, as they may change from time to time. Cisco's results of operations for the three months and fiscal year ended July 31, 2021 are not necessarily indicative of Cisco's results of operations for future periods. All forward-looking statements in this press release are based on the limited information currently available to Cisco and are subject to change. Although these projections and the factors affecting them are likely to change, Cisco will not necessarily update the information as Cisco will only provide guidance at certain times of the year. This information is only as of the date of this notice.

This 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 (losses), net and non-GAAP. -GAAP earnings per share for the periods presented. It also includes estimated future ranges for gross margin, operating margin, tax provision ratio and EPS on a non-GAAP basis.

These non-GAAP measures conflict with 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 complete set of accounting rules or principles. Cisco believes that non-GAAP measures are limited in that they do not reflect all values associated with Cisco's GAAP operating results and uses these measures only to evaluate the results of Cisco's operations as a whole should be. with corresponding GAAP measures.

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

For its internal budgeting process, Cisco management uses financial statements that may not include stock-based compensation expense, amortization of acquisition-related intangible assets, acquisition/disposal-related expenses, amortization and significant asset restructurings, material litigation settlements and other contingencies, investment gains and losses, the income tax effects mentioned above and significant tax matters. Cisco management uses the above non-GAAP measures in addition to the appropriate GAAP measures when reviewing Cisco's financial results. In prior periods, Cisco 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 may exclude for purposes of its internal budgeting process and review of its financial results. For more information on items that Cisco has excluded from one or more of its non-GAAP financial measures, please see Form 8-K for this filing with the Securities and Exchange Commission today.

About Cisco

Cisco (Nasdaq: CSCO) is the global leader in technologies that power the Internet. Cisco inspires new possibilities by reinventing your applications, protecting your data, transforming your infrastructure, and empowering your teams for a global and inclusive future. Learn more atnewsroom.cisco.comand follow us on Twitter at @Cisco.

Copyright © 2021 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliated companies 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.

RSS source for Cisco:https://newsroom.cisco.com/rss-feeds

Press contact:		Investor Relations Contact:
Robin Blum		Marilyn Mora
Cisco		Cisco
1 (408) 930-8548		1 (408) 527-7452
rojenkin@cisco.com		marilmor@cisco.com

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FAQs

What was Cisco results Q4 2021? ›

Cisco today reported fourth quarter and fiscal year results for the period ended July 30, 2022. Cisco reported fourth quarter revenue of $13.1 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion or $0.68 per share, and non-GAAP net income of $3.4 billion or $0.83 per share.

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What was Cisco results for fy21? ›

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.

What are the financial results of Cisco? ›

Cash and Cash Equivalents and Investments -- $19.8 billion at the end of the first quarter of fiscal 2023, compared with $19.3 billion at the end of fiscal 2022. Remaining Performance Obligations (RPO) -- $30.9 billion, up 3% in total, with 53% of this amount to be recognized as revenue over the next 12 months.

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What was the result of Cisco Q4 2022? ›

Cisco ended fiscal 2022 with Q4 revenue at $13.1 billion, flat year over year and fiscal year revenue of $51.6 billion, up 3% year over year. Strong demand with record full year product orders and backlog.

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Is it hard to get hired at Cisco? ›

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.

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Is CSCO undervalued? ›

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

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What is the pass mark for Cisco exam? ›

What score do I need to pass the CCNA exam? According to Cisco, passing scores are not published because “exam questions and passing scores are subject to change without notice.” Although the passing score is not specified exactly, it's about 800-850 points out of 1000.

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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 is passing score of Cisco encor? ›

Total questions: 90-110. Total time: 120 minutes. Passing score: 750-850/1000. The candidates must wait for at least 180 days before taking the same exam.

Is Cisco laying off employees 2022? ›

Cisco layoffs 2022: Cisco to cut 4,000-plus jobs, this is what CEO said on layoffs | - Times of India.

Is Cisco a good dividend stock? ›

Since April 20, 2011, Cisco Systems Inc has paid out quarterly dividends ranging from $0.06 to $0.38 per share. Over the past five years, Cisco Systems Inc's dividend yield has averaged 2.9% per year.

How long does it take for Cisco to release offer letter? ›

It takes an average of two to three months to complete these steps and receive an offer of employment.

Who is Cisco's biggest competitor? ›

Competitors and Alternatives to Cisco

Juniper.
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Dell Technologies.
VMware.
HPE (Aruba)
Extreme Networks.
NETGEAR.

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How is Cisco doing 2021? ›

In fiscal 2021, our software revenue was $15 billion of our total revenue of $49.8 billion, up 7% year over year, making us one of the largest software companies in the world. We also achieved software subscription revenue growth of 15% year over year.

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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.

What is the target price for Cisco stock? ›

Stock Price Targets

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Median	$52.00
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Cisco Reports Fourth Quarter and Fiscal Year 2021 Results (2023)