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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 April 30, 2022
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-20220430_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 May 19, 2022: 4,140,964,037
____________________________________ 
1

Cisco Systems, Inc.
Form 10-Q for the Quarter Ended April 30, 2022
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

PART I. FINANCIAL INFORMATION 
Item 1.Financial Statements (Unaudited)
CISCO SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)
April 30, 2022July 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$6,952 $9,175 
Investments13,156 15,343 
Accounts receivable, net of allowance of $78 at April 30, 2022 and $109 at July 31, 2021
5,783 5,766 
Inventories2,231 1,559 
Financing receivables, net3,804 4,380 
Other current assets4,055 2,889 
Total current assets35,981 39,112 
Property and equipment, net2,046 2,338 
Financing receivables, net3,959 4,884 
Goodwill38,452 38,168 
Purchased intangible assets, net2,811 3,619 
Deferred tax assets4,276 4,360 
Other assets5,272 5,016 
TOTAL ASSETS$92,797 $97,497 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt$1,000 $2,508 
Accounts payable2,289 2,362 
Income taxes payable852 801 
Accrued compensation3,032 3,818 
Deferred revenue12,249 12,148 
Other current liabilities4,728 4,620 
Total current liabilities24,150 26,257 
Long-term debt8,418 9,018 
Income taxes payable7,689 8,538 
Deferred revenue10,044 10,016 
Other long-term liabilities2,096 2,393 
Total liabilities52,397 56,222 
Commitments and contingencies (Note 14)
Equity:
Cisco stockholders’ equity:
Preferred stock, $0.001 par value: 5 shares authorized; none issued and outstanding
  
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,149 and 4,217 shares issued and outstanding at April 30, 2022 and July 31, 2021, respectively
42,587 42,346 
Accumulated deficit(724)(654)
Accumulated other comprehensive loss(1,463)(417)
Total equity40,400 41,275 
TOTAL LIABILITIES AND EQUITY$92,797 $97,497 
See Notes to Consolidated Financial Statements.
3

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
Three Months EndedNine Months Ended
April 30, 2022May 1, 2021April 30, 2022May 1, 2021
REVENUE:
Product$9,448 $9,139 $28,330 $26,298 
Service3,387 3,664 10,125 10,394 
Total revenue12,835 12,803 38,455 36,692 
COST OF SALES:
Product3,606 3,422 10,848 9,672 
Service1,108 1,196 3,384 3,470 
Total cost of sales4,714 4,618 14,232 13,142 
GROSS MARGIN8,121 8,185 24,223 23,550 
OPERATING EXPENSES:
Research and development1,708 1,697 5,092 4,836 
Sales and marketing2,209 2,317 6,736 6,811 
General and administrative517 603 1,612 1,631 
Amortization of purchased intangible assets77 61 240 136 
Restructuring and other charges 42 8 878 
Total operating expenses4,511 4,720 13,688 14,292 
OPERATING INCOME3,610 3,465 10,535 9,258 
Interest income115 153 347 488 
Interest expense(90)(111)(267)(336)
Other income (loss), net166 84 446 117 
Interest and other income (loss), net191 126 526 269 
INCOME BEFORE PROVISION FOR INCOME TAXES3,801 3,591 11,061 9,527 
Provision for income taxes757 728 2,064 1,945 
NET INCOME$3,044 $2,863 $8,997 $7,582 
Net income per share:
Basic$0.73 $0.68 $2.15 $1.79 
Diluted$0.73 $0.68 $2.14 $1.79 
Shares used in per-share calculation:
Basic4,152 4,219 4,184 4,224 
Diluted4,170 4,238 4,204 4,237 
See Notes to Consolidated Financial Statements.
4

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
Three Months EndedNine Months Ended
April 30, 2022May 1, 2021April 30, 2022May 1, 2021
Net income$3,044 $2,863 $8,997 $7,582 
Available-for-sale investments:
Change in net unrealized gains and losses, net of tax benefit (expense) of $45 and $120 for the third quarter and first nine months of fiscal 2022, respectively, and $30 and $47 for the corresponding periods of fiscal 2021, respectively
(376)(85)(597)(103)
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $7 for the third quarter and first nine months of fiscal 2022, respectively, and $5 and $12 for the corresponding periods of fiscal 2021, respectively
 (17)(11)(34)
(376)(102)(608)(137)
Cash flow hedging instruments:
Change in unrealized gains and losses, net of tax benefit (expense) of $(10) and $(14) for the third quarter and first nine months of fiscal 2022, respectively, and $(5) and $(4) for the corresponding periods of fiscal 2021, respectively
35 16 49 12 
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $3 for the third quarter and first nine months of fiscal 2022, respectively, and $1 and $2 for the corresponding periods of fiscal 2021, respectively
(10)(6)(12)(10)
25 10 37 2 
Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $0 and $9 for the third quarter and first nine months of fiscal 2022, respectively, and $2 and $(1) for the corresponding periods of fiscal 2021, respectively
(323)22 (475)366 
Other comprehensive income (loss)(674)(70)(1,046)231 
Comprehensive income$2,370 $2,793 $7,951 $7,813 
See Notes to Consolidated Financial Statements.


5

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended
April 30, 2022May 1, 2021
Cash flows from operating activities:
Net income$8,997 $7,582 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other1,527 1,373 
Share-based compensation expense1,407 1,337 
Provision (benefit) for receivables49 (4)
Deferred income taxes(167)(89)
(Gains) losses on divestitures, investments and other, net(470)(201)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable(134)1,250 
Inventories(683)(260)
Financing receivables1,431 1,160 
Other assets(1,295)(233)
Accounts payable(54)24 
Income taxes, net(730)(828)
Accrued compensation(730)145 
Deferred revenue292 263 
Other liabilities109 (569)
Net cash provided by operating activities9,549 10,950 
Cash flows from investing activities:
Purchases of investments(5,383)(7,855)
Proceeds from sales of investments2,488 2,724 
Proceeds from maturities of investments4,308 6,445 
Acquisitions, net of cash and cash equivalents acquired and divestitures(373)(6,333)
Purchases of investments in privately held companies(158)(138)
Return of investments in privately held companies149 96 
Acquisition of property and equipment(338)(530)
Proceeds from sales of property and equipment6 14 
Other(15)(56)
Net cash provided by (used in) investing activities684 (5,633)
Cash flows from financing activities:
Issuances of common stock306 307 
Repurchases of common stockrepurchase program
(5,347)(2,096)
Shares repurchased for tax withholdings on vesting of restricted stock units(546)(419)
Short-term borrowings, original maturities of 90 days or less, net9  
Issuances of debt1,049  
Repayments of debt(3,050)(3,000)
Dividends paid(4,657)(4,601)
Other(230)39 
Net cash used in financing activities(12,466)(9,770)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(2,233)(4,453)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period9,942 11,812 
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period$7,709 $7,359 
Supplemental cash flow information:
Cash paid for interest$292 $377 
Cash paid for income taxes, net$2,960 $2,862 


See Notes to Consolidated Financial Statements.
6

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)
Three Months Ended April 30, 2022Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Total
Equity
Balance at January 29, 20224,151 $42,291 $(2,006)$(789)$39,496 
Net income3,044 3,044 
Other comprehensive loss(674)(674)
Issuance of common stock7  
Repurchase of common stock(5)(47)(205)(252)
Shares repurchased for tax withholdings on vesting of restricted stock units(2)(135)(135)
Cash dividends declared ($0.38 per common share)
(1,555)(1,555)
Share-based compensation477 477 
Other(2)1 (2)(1)
Balance at April 30, 20224,149$42,587 $(724)$(1,463)$40,400 

Nine Months Ended April 30, 2022Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Total
Equity
Balance at July 31, 20214,217 $42,346 $(654)$(417)$41,275 
Net income8,997 8,997 
Other comprehensive loss(1,046)(1,046)
Issuance of common stock36 306 306 
Repurchase of common stock(92)(929)(4,403)(5,332)
Shares repurchased for tax withholdings on vesting of restricted stock units(10)(546)(546)
Cash dividends declared ($1.12 per common share)
(4,657)(4,657)
Share-based compensation1,407 1,407 
Other(2)3 (7)(4)
Balance at April 30, 20224,149$42,587 $(724)$(1,463)$40,400 


















7

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

Three Months Ended May 1, 2021Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at January 23, 20214,221 $41,690 $(2,351)$(218)$39,121 
Net income2,863 2,863 
Other comprehensive loss(70)(70)
Issuance of common stock6 1 1 
Repurchase of common stock(10)(103)(407)(510)
Shares repurchased for tax withholdings on vesting of restricted stock units(2)(102)(102)
Cash dividends declared ($0.37 per common share)
(1,561)(1,561)
Share-based compensation463 463 
Balance at May 1, 20214,215 $41,949 $(1,456)$(288)$40,205 


Nine Months Ended May 1, 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 income7,582 7,582 
Other comprehensive income231 231 
Issuance of common stock37 307 307 
Repurchase of common stock(49)(478)(1,633)(2,111)
Shares repurchased for tax withholdings on vesting of restricted stock units(10)(419)(419)
Cash dividends declared ($1.09 per common share)
(4,604)(4,604)
Effect of adoption of accounting standard(38)(38)
Share-based compensation1,337 1,337 
Balance at May 1, 20214,215 $41,949 $(1,456)$(288)$40,205 











8

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.Organization and Basis of Presentation
The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2022 is a 52-week fiscal year and fiscal 2021 was a 53-week fiscal year. The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC).
We have prepared the accompanying financial data as of April 30, 2022 and for the third quarter and first nine months of fiscal 2022 and 2021, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. The July 31, 2021 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021.
The preparation of financial statements and related disclosures in conformity with GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into certain of our judgments, assumptions, and estimates considered the economic implications of the COVID-19 pandemic, including the associated impact of supply constraints, on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates. As these events continue, many of our estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve our estimates may change materially in future periods.
In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of April 30, 2022, the results of operations, the statements of comprehensive income and the statements of equity for the third quarter and first nine months of fiscal 2022 and 2021, and the statements of cash flows for the first nine months of fiscal 2022 and 2021, as applicable, have been made. The results of operations for the third quarter and first nine months of fiscal 2022 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Our consolidated financial statements include our accounts and entities consolidated under the variable interest and voting models. The noncontrolling interests attributed to these investments, if material, are presented as a separate component from our equity in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented.
Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. We have evaluated subsequent events through the date that the financial statements were issued.

2.Recent Accounting Pronouncements
(a)New Accounting Updates Recently Adopted
Acquired Revenue Contracts with Customers in Business Combination In October 2021, the Financial Accounting Standards Board (FASB) issued an accounting standard update that requires companies to apply Accounting Standards Codification 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. We early adopted this accounting standard update beginning in the first quarter of fiscal 2022 and it did not have a material impact on our Consolidated Financial Statements. The ongoing impact of this standard will be fact dependent on the transactions within its scope.
(b)Recent Accounting Standards or Updates Not Yet Effective
Reference Rate Reform In March 2020, the FASB issued an accounting standard update and subsequent amendments that provide optional expedients and exceptions to the current guidance on contract modification and hedging relationships to ease the financial reporting burden of the expected market transition from the London InterBank Offered Rate (LIBOR) and other
9

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

interbank offered rates to alternative reference rates. This accounting standard update was effective upon issuance and may be applied prospectively through December 31, 2022. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.

3.Revenue
We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers.
We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment, electronic delivery (or when the software is available for download by the customer), or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes.
An allowance for future sales returns is established based on historical trends in product return rates. The allowance for future sales returns as of April 30, 2022 and July 31, 2021 was $42 million and $55 million, respectively, and was recorded as a reduction of our accounts receivable and revenue.
Significant Judgments
Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs.
We assess relevant contractual terms in our customer contracts to determine the transaction price. We apply judgment in identifying contractual terms and determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes potential contractual penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers’ right of return in determining the transaction price, where applicable.
We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license’s utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term.
10

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


(a)Disaggregation of Revenue
We disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category. Effective fiscal 2022, we began reporting our product and service revenue in the following categories: Secure, Agile Networks; Internet for the Future; Collaboration; End-to-End Security; Optimized Application Experiences; Other Products; and Services. This change will better align our product categories with our strategic priorities. The following table presents this disaggregation of revenue (in millions):
Three Months EndedNine Months Ended
April 30,
2022
May 1,
2021
April 30,
2022
May 1,
2021
Product revenue:
Secure, Agile Networks$5,869 $5,620 $17,735 $16,543 
Internet for the Future1,324 1,249 4,021 3,121 
Collaboration1,132 1,220 3,308 3,580 
End-to-End Security938 876 2,716 2,559 
Optimized Application Experiences183 170 544 483 
Other Products2 5 7 11 
Total Product9,448 9,139 28,330 26,298 
Services3,387 3,664 10,125 10,394 
Total$12,835 $12,803 $38,455 $36,692 
Amounts may not sum due to rounding.
Secure, Agile Networks consists of our core networking technologies of switching, enterprise routing, wireless, and compute products. These technologies consist of both hardware and software offerings, including software licenses and SaaS, that help our customers build networks, automate, orchestrate, integrate, and digitize data. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Internet for the Future consists of our routed optical networking, public 5G, silicon, and optics offerings. These products consist primarily of both hardware and software offerings, including software licenses and SaaS. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Collaboration consists of our Collaboration Devices, Meetings, Calling and contact center offerings. These products consist primarily of software offerings, including software licenses and SaaS, as well as hardware. Our perpetual software and hardware in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
End-to-End Security consists of our overall security offerings. These products consist of both hardware and software offerings, including software licenses and SaaS. Updates and upgrades for the term software licenses are critical for our software to perform its intended commercial purpose because of the continuous need for our software to secure our customers’ network environments against frequent threats. Therefore, security software licenses are generally represented by a single distinct performance obligation with revenue recognized ratably over the contract term. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. SaaS arrangements
11

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Optimized Application Experiences consists of our full stack observability and cloud-native platform offerings. These products consist primarily of software offerings, including software licenses and SaaS. Our perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
In addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered.
The sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for all of our hardware, software and service offerings. Refer to Note 9 for additional information. For these arrangements, cash is typically received over time.
(b)Contract Balances
Accounts Receivable
Accounts receivable, net was $5.8 billion as of each of April 30, 2022 and July 31, 2021, as reported on the Consolidated Balance Sheets.
The allowances for credit loss for our accounts receivable are summarized as follows (in millions):
Three Months EndedNine Months Ended
April 30, 2022May 1, 2021April 30, 2022May 1, 2021
Allowance for credit loss at beginning of period$70 $102 $109 $143 
Provisions (benefits)17 16 53 15 
Recoveries (write-offs), net(9)(8)(75)(22)
Foreign exchange and other  (9)(26)
Allowance for credit loss at end of period$78 $110 $78 $110 
Contract Assets and Liabilities
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
April 30,
2022
July 31,
2021
1 to 4$422 $521 
5 to 6807 770 
7 and Higher169