Company Quick10K Filing
Cisco Systems
Price49.42 EPS3
Shares4,273 P/E19
MCap211,172 P/FCF18
Net Debt9,887 EBIT15,413
TEV221,059 TEV/EBIT14
TTM 2019-10-26, in MM, except price, ratios
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8-K 2021-02-09 Earnings, Exhibits
8-K 2021-01-07 Officers
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8-K 2020-11-27
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8-K 2018-08-15
8-K 2018-08-06
8-K 2018-06-19
8-K 2018-06-01
8-K 2018-05-16
8-K 2018-05-01
8-K 2018-04-12
8-K 2018-02-14

CSCO 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements (Unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-4.1 exh41supplementalindenture.htm
EX-4.2 exh42supplementalindenture.htm
EX-4.3 exh43supplementalindenture.htm
EX-10.3 exh103firstamendmenttocred.htm
EX-10.5 exh105ciscosip2005q221.htm
EX-10.6 exh106dcpasamendedq221.htm
EX-10.7 exh107esppq221.htm
EX-31.1 exh311-q2fy21.htm
EX-31.2 exh312-q2fy21.htm
EX-32.1 exh321-q2fy21.htm
EX-32.2 exh322-q2fy21.htm

Cisco Systems Earnings 2021-01-23

Balance SheetIncome StatementCash Flow
13510881542702012201420172020
Assets, Equity
151050-5-102012201420172020
Rev, G Profit, Net Income
10.04.0-2.0-8.0-14.0-20.02012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
_____________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 23, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
          
For the transition period from              to             
Commission file number 001-39940 
_____________________________________
csco-20210123_g1.jpg
CISCO SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 77-0059951
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
170 West Tasman Drive
San Jose, California 95134
(Address of principal executive office and zip code)
(408) 526-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and formal fiscal year, if changed since last report.)
_____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareCSCOThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No    
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 
Number of shares of the registrant’s common stock outstanding as of February 11, 2021: 4,221,785,547
____________________________________ 
1

Table of Contents
Cisco Systems, Inc.
Form 10-Q for the Quarter Ended January 23, 2021
INDEX
Page
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1.Financial Statements (Unaudited)
CISCO SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)
January 23, 2021July 25, 2020
ASSETS
Current assets:
Cash and cash equivalents$11,793 $11,809 
Investments18,795 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 
Inventories1,436 1,282 
Financing receivables, net5,027 5,051 
Other current assets2,553 2,349 
Total current assets43,911 43,573 
Property and equipment, net2,386 2,453 
Financing receivables, net5,100 5,714 
Goodwill34,733 33,806 
Purchased intangible assets, net1,462 1,576 
Deferred tax assets4,109 3,990 
Other assets3,900 3,741 
TOTAL ASSETS$95,601 $94,853 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt$5,000 $3,005 
Accounts payable1,867 2,218 
Income taxes payable763 839 
Accrued compensation3,295 3,122 
Deferred revenue11,552 11,406 
Other current liabilities4,791 4,741 
Total current liabilities27,268 25,331 
Long-term debt9,554 11,578 
Income taxes payable8,084 8,837 
Deferred revenue9,294 9,040 
Other long-term liabilities2,280 2,147 
Total liabilities56,480 56,933 
Commitments and contingencies (Note 14)
Equity:
Cisco shareholders’ equity:
Preferred stock, no par value: 5 shares authorized; none issued and outstanding
  
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,221 and 4,237 shares issued and outstanding at January 23, 2021 and July 25, 2020, respectively
41,690 41,202 
Accumulated deficit(2,351)(2,763)
Accumulated other comprehensive loss(218)(519)
Total equity39,121 37,920 
TOTAL LIABILITIES AND EQUITY$95,601 $94,853 
See Notes to Consolidated Financial Statements.
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CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
Three Months EndedSix Months Ended
January 23, 2021January 25, 2020January 23, 2021January 25, 2020
REVENUE:
Product$8,572 $8,671 $17,159 $18,549 
Service3,388 3,334 6,730 6,615 
Total revenue11,960 12,005 23,889 25,164 
COST OF SALES:
Product3,044 3,126 6,250 6,650 
Service1,132 1,115 2,274 2,286 
Total cost of sales4,176 4,241 8,524 8,936 
GROSS MARGIN7,784 7,764 15,365 16,228 
OPERATING EXPENSES:
Research and development1,527 1,570 3,139 3,236 
Sales and marketing2,277 2,279 4,494 4,759 
General and administrative484 455 1,028 974 
Amortization of purchased intangible assets39 38 75 74 
Restructuring and other charges234 42 836 226 
Total operating expenses4,561 4,384 9,572 9,269 
OPERATING INCOME3,223 3,380 5,793 6,959 
Interest income161 242 335 515 
Interest expense(113)(158)(225)(336)
Other income (loss), net(16)70 33 82 
Interest and other income (loss), net32 154 143 261 
INCOME BEFORE PROVISION FOR INCOME TAXES3,255 3,534 5,936 7,220 
Provision for income taxes710 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:
Basic4,223 4,242 4,227 4,244 
Diluted4,234 4,260 4,239 4,265 
See Notes to Consolidated Financial Statements.
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CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
Three Months EndedSix Months Ended
January 23, 2021January 25, 2020January 23, 2021January 25, 2020
Net income$2,545 $2,878 $4,719 $5,804 
Available-for-sale investments:
Change in net unrealized gains and losses, net of tax benefit (expense) of $0 and $17 for the second quarter and first six months of fiscal 2021, respectively, and $(15) and $(29) for the corresponding periods of fiscal 2020, respectively
6 66 (18)139 
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $7 for the second quarter and first six months of fiscal 2021, respectively and $7 and $12 for the corresponding periods of fiscal 2020, respectively
(7)(4)(17)(9)
(1)62 (35)130 
Cash flow hedging instruments:
Change in unrealized gains and losses, net of tax benefit (expense) of $1 for each of the second quarter and first six months of fiscal 2021, and $0 and $1 for the corresponding periods of fiscal 2020, respectively
(2)1 (4)1 
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0 and $1 for the second quarter and first six months of fiscal 2021, respectively, and $0 for each of the corresponding periods of fiscal 2020
(3)2 (4)2 
(5)3 (8)3 
Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $(2) and $(3) for the second quarter and first six months of fiscal 2021, respectively, and $(1) for each of the corresponding periods of fiscal 2020
235 50 344 (41)
Other comprehensive income229 115 301 92 
Comprehensive income$2,774 $2,993 $5,020 $5,896 
See Notes to Consolidated Financial Statements.


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CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six Months Ended
January 23, 2021January 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 other887 918 
Share-based compensation expense874 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 receivable1,245 1,084 
Inventories(145)25 
Financing receivables748 408 
Other assets(212)130 
Accounts payable(358)(126)
Income taxes, net(836)(1,007)
Accrued compensation125 (521)
Deferred revenue226 236 
Other liabilities(16)(355)
Net cash provided by operating activities7,070 7,387 
Cash flows from investing activities:
Purchases of investments(6,025)(4,250)
Proceeds from sales of investments1,374 3,410 
Proceeds from maturities of investments3,373 4,044 
Acquisitions and divestitures(860)(163)
Purchases of investments in privately held companies(95)(97)
Return of investments in privately held companies58 91 
Acquisition of property and equipment(358)(391)
Proceeds from sales of property and equipment9 131 
Other(4)(10)
Net cash (used in) provided by investing activities(2,528)2,765 
Cash flows from financing activities:
Issuances of common stock306 334 
Repurchases of common stockrepurchase 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)
Other70 (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 period11,812 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 


See Notes to Consolidated Financial Statements.
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CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)
Three Months Ended January 23, 2021Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Total
Equity
Balance at October 24, 20204,222 $41,360 $(2,756)(447)$38,157 
Net income2,545 2,545 
Other comprehensive income229 229 
Issuance of common stock24 305 305 
Repurchase of common stock(19)(183)(618)(801)
Shares repurchased for tax withholdings on vesting of restricted stock units(6)(228)(228)
Cash dividends declared ($0.36 per common share)
(1,522)(1,522)
Share-based compensation436 436 
Balance at January 23, 20214,221 $41,690 $(2,351)$(218)$39,121 

Six Months Ended January 23, 2021Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at July 25, 20204,237 $41,202 $(2,763)$(519)$37,920 
Net income$4,719 4,719 
Other comprehensive income301 301 
Issuance of common stock31 306 306 
Repurchase of common stock(39)(375)(1,226)(1,601)
Shares repurchased for tax withholdings on vesting of restricted stock units(8)(317)(317)
Cash dividends declared ($0.72 per common share)
(3,043)(3,043)
Effect of adoption of accounting standard(38)(38)
Share-based compensation874 874 
Balance at January 23, 20214,221 $41,690 $(2,351)$(218)$39,121 




















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CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)

Three Months Ended January 25, 2020Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at October 26, 20194,241 $40,321 $(5,083)$(815)$34,423 
Net income2,878 2,878 
Other comprehensive income115 115 
Issuance of common stock23 332 332 
Repurchase of common stock(18)(177)(693)(870)
Shares repurchased for tax withholdings on vesting of restricted stock units(5)(243)(243)
Cash dividends declared ($0.35 per common share)
(1,486)(1,486)
Share-based compensation384 384 
Balance at January 25, 20204,241 $40,617 $(4,384)$(700)$35,533 

Six Months Ended January 25, 2020Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at July 27, 20194,250 $40,266 $(5,903)$(792)$33,571 
Net income5,804 5,804 
Other comprehensive income92 92 
Issuance of common stock34 334 334 
Repurchase of common stock(34)(325)(1,313)(1,638)
Shares repurchased for tax withholdings on vesting of restricted stock units(9)(437)(437)
Cash dividends declared ($0.70 per common share)
(2,972)(2,972)
Share-based compensation779 779 
Balance at January 25, 20204,241 $40,617 $(