Company Quick10K Filing
Cisco Systems
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 4,453 $222,784
10-Q 2020-02-18 Quarter: 2020-01-25
10-Q 2019-11-19 Quarter: 2019-10-26
10-K 2019-09-05 Annual: 2019-07-27
10-Q 2019-05-21 Quarter: 2019-04-27
10-Q 2019-02-19 Quarter: 2019-01-26
10-Q 2018-11-20 Quarter: 2018-10-27
10-K 2018-09-06 Annual: 2018-07-28
10-Q 2018-05-22 Quarter: 2018-04-28
10-Q 2018-02-20 Quarter: 2018-01-27
10-Q 2017-11-21 Quarter: 2017-10-28
10-K 2017-09-07 Annual: 2017-07-29
10-Q 2017-05-23 Quarter: 2017-04-29
10-Q 2017-02-21 Quarter: 2017-01-28
10-Q 2016-11-22 Quarter: 2016-10-29
10-K 2016-09-08 Annual: 2016-07-30
10-Q 2016-05-24 Quarter: 2016-04-30
10-Q 2016-02-18 Quarter: 2016-01-23
10-Q 2015-11-19 Quarter: 2015-10-24
10-K 2015-09-08 Annual: 2015-07-25
10-Q 2015-05-20 Quarter: 2015-04-25
10-Q 2015-02-18 Quarter: 2015-01-24
10-Q 2014-11-20 Quarter: 2014-10-25
10-K 2014-09-09 Annual: 2014-07-26
10-Q 2014-05-22 Quarter: 2014-04-26
10-Q 2014-02-20 Quarter: 2014-01-25
10-Q 2013-11-22 Quarter: 2013-10-26
10-Q 2013-05-21 Quarter: 2013-04-27
10-Q 2013-02-19 Quarter: 2013-01-26
10-Q 2012-11-20 Quarter: 2012-10-27
10-K 2012-09-12 Annual: 2012-07-28
10-Q 2012-05-23 Quarter: 2012-04-28
10-Q 2012-02-21 Quarter: 2012-01-28
10-Q 2011-11-22 Quarter: 2011-10-29
10-K 2011-09-14 Annual: 2011-07-30
10-Q 2011-05-25 Quarter: 2011-04-30
10-Q 2011-02-23 Quarter: 2011-01-29
10-Q 2010-11-23 Quarter: 2010-10-30
10-K 2010-09-21 Annual: 2010-07-31
10-Q 2010-05-26 Quarter: 2010-05-01
10-Q 2010-02-17 Quarter: 2010-01-23
8-K 2020-02-12 Earnings, Exhibits
8-K 2020-01-24 Officers
8-K 2019-12-20 Other Events
8-K 2019-12-10 Shareholder Vote
8-K 2019-12-06 Other Events
8-K 2019-11-28 Other Events
8-K 2019-11-13 Earnings, Exhibits
8-K 2019-08-19 Other Events
8-K 2019-08-14 Earnings, Exhibits
8-K 2019-07-08 Other Events, Exhibits
8-K 2019-06-13 Other Events
8-K 2019-05-30 Other Events
8-K 2019-05-21 Officers
8-K 2019-05-15 Earnings, Exhibits
8-K 2019-03-04 Other Events
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-12-12 Officers, Shareholder Vote, Exhibits
8-K 2018-11-14 Earnings, Exhibits
8-K 2018-10-15 Officers
8-K 2018-09-07 Officers, Exhibits
8-K 2018-08-15 Earnings, Exhibits
8-K 2018-08-06 Other Events
8-K 2018-06-19 Other Events
8-K 2018-06-01 Other Events
8-K 2018-05-16 Earnings, Exhibits
8-K 2018-05-01 Officers
8-K 2018-04-12 Officers
8-K 2018-02-14 Earnings, Exhibits
CSCO 2020-01-25
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-31.1 exh311-q2fy20.htm
EX-31.2 exh312-q2fy20.htm
EX-32.1 exh321-q2fy20.htm
EX-32.2 exh322-q2fy20.htm

Cisco Systems Earnings 2020-01-25

CSCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CSCO 222,784 97,793 64,222 51,904 32,666 11,621 16,517 209,871 63% 12.7 12%
ANET 20,984 3,441 916 2,363 1,507 729 850 20,035 64% 23.6 21%
JNPR 9,443 8,903 4,312 4,465 2,641 493 762 9,790 59% 12.9 6%
FFIV 8,636 3,177 1,553 2,215 1,856 466 644 7,945 84% 12.3 15%
EFII 1,106 1,525 808 999 489 -16 87 678 49% 7.8 -1%
EXTR 691 757 641 996 551 -26 20 702 55% 35.2 -3%
ATEN 501 227 128 222 171 -21 -11 465 77% -41.0 -9%
DGII 338 385 40 255 119 11 24 254 47% 10.6 3%
SILC 265 182 24 0 0 0 0 238 0%
ALLT 222 190 54 0 0 0 0 206 0%

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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 25, 2020
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 0-18225 
_____________________________________
ciscologo22.jpg
CISCO SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
California
 
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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001 per share
CSCO
The 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 filer
 
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
 
  
Smaller 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 13, 2020: 4,240,880,161
____________________________________ 

1

Table of Contents

Cisco Systems, Inc.
Form 10-Q for the Quarter Ended January 25, 2020
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 25, 2020
 
July 27, 2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
8,475

 
$
11,750

Investments
18,587

 
21,663

Accounts receivable, net of allowance for doubtful accounts of $112 at January 25, 2020 and $136 at July 27, 2019
4,330

 
5,491

Inventories
1,353

 
1,383

Financing receivables, net
4,827

 
5,095

Other current assets
2,481

 
2,373

Total current assets
40,053

 
47,755

Property and equipment, net
2,621

 
2,789

Financing receivables, net
4,757

 
4,958

Goodwill
33,612

 
33,529

Purchased intangible assets, net
1,906

 
2,201

Deferred tax assets
3,896

 
4,065

Other assets
3,581

 
2,496

TOTAL ASSETS
$
90,426

 
$
97,793

LIABILITIES AND EQUITY

 

Current liabilities:

 

Short-term debt
$
1,499

 
$
10,191

Accounts payable
1,935

 
2,059

Income taxes payable
819

 
1,149

Accrued compensation
2,690

 
3,221

Deferred revenue
10,638

 
10,668

Other current liabilities
4,507

 
4,424

Total current liabilities
22,088

 
31,712

Long-term debt
14,494

 
14,475

Income taxes payable
8,227

 
8,927

Deferred revenue
8,048

 
7,799

Other long-term liabilities
2,036

 
1,309

Total liabilities
54,893

 
64,222

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; 4,241 and 4,250 shares issued and outstanding at January 25, 2020 and July 27, 2019, respectively
40,617

 
40,266

Accumulated deficit
(4,384
)
 
(5,903
)
Accumulated other comprehensive loss
(700
)
 
(792
)
Total equity
35,533

 
33,571

TOTAL LIABILITIES AND EQUITY
$
90,426

 
$
97,793

See Notes to Consolidated Financial Statements.

3

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
 
Three Months Ended
 
Six Months Ended
 
January 25, 2020
 
January 26, 2019
 
January 25, 2020
 
January 26, 2019
REVENUE:
 
 
 
 
 
 
 
Product
$
8,671

 
$
9,273

 
$
18,549

 
$
19,163

Service
3,334

 
3,173

 
6,615

 
6,355

Total revenue
12,005


12,446

 
25,164

 
25,518

COST OF SALES:



 
 
 
 
Product
3,126

 
3,614

 
6,650

 
7,413

Service
1,115

 
1,059

 
2,286

 
2,186

Total cost of sales
4,241


4,673

 
8,936

 
9,599

GROSS MARGIN
7,764

 
7,773

 
16,228

 
15,919

OPERATING EXPENSES:



 
 
 
 
Research and development
1,570

 
1,557

 
3,236

 
3,165

Sales and marketing
2,279

 
2,271

 
4,759

 
4,681

General and administrative
455

 
509

 
974

 
720

Amortization of purchased intangible assets
38

 
39

 
74

 
73

Restructuring and other charges
42

 
186

 
226

 
264

Total operating expenses
4,384


4,562

 
9,269

 
8,903

OPERATING INCOME
3,380


3,211

 
6,959

 
7,016

Interest income
242

 
328

 
515

 
672

Interest expense
(158
)
 
(223
)
 
(336
)
 
(444
)
Other income (loss), net
70

 
27

 
82

 
8

Interest and other income (loss), net
154


132

 
261

 
236

INCOME BEFORE PROVISION FOR INCOME TAXES
3,534


3,343

 
7,220

 
7,252

Provision for income taxes
656

 
521

 
1,416

 
881

NET INCOME
$
2,878


$
2,822

 
$
5,804

 
$
6,371




 


 
 
 
 
Net income per share:


 


 
 
 
 
Basic
$
0.68


$
0.63

 
$
1.37

 
$
1.41

Diluted
$
0.68


$
0.63

 
$
1.36

 
$
1.40

Shares used in per-share calculation:





 
 
 
 
Basic
4,242

 
4,470

 
4,244

 
4,517

Diluted
4,260

 
4,505

 
4,265

 
4,557

See Notes to Consolidated Financial Statements.

4

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
January 25, 2020
 
January 26, 2019
 
January 25, 2020
 
January 26, 2019
Net income
$
2,878

 
$
2,822

 
$
5,804

 
$
6,371

Available-for-sale investments:
 
 
 
 
 
 
 
Change in net unrealized gains and losses, net of tax benefit (expense) of $(15) and $(29) for the second quarter and first six months of fiscal 2020, respectively, and $(12) and $1 for the corresponding periods of fiscal 2019, respectively
66

 
82

 
139

 
87

Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $7 and $12 for the second quarter and first six months of fiscal 2020, respectively, and $(1) for each of the corresponding periods of fiscal 2019, respectively
(4
)
 
4

 
(9
)
 
10


62

 
86

 
130

 
97

Cash flow hedging instruments:
 
 
 
 
 
 
 
Change in unrealized gains and losses, net of tax benefit (expense) of $0 and $1 for the second quarter and first six months of fiscal 2020, respectively, and $1 and $2 for the corresponding periods of fiscal 2019, respectively
1

 
(4
)
 
1

 
(7
)
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0 for each of the respective periods
2

 
(1
)
 
2

 
(1
)

3

 
(5
)
 
3

 
(8
)
Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $(1) for each of the second quarter and first six months of fiscal 2020, respectively, and $0 and $(1) for the corresponding periods of fiscal 2019, respectively
50

 
27

 
(41
)
 
(182
)
Other comprehensive income (loss)
115

 
108

 
92

 
(93
)
Comprehensive income
$
2,993

 
$
2,930

 
$
5,896

 
$
6,278

See Notes to Consolidated Financial Statements.



5

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 
Six Months Ended

January 25, 2020
 
January 26, 2019
Cash flows from operating activities:
 
 
 
Net income
$
5,804

 
$
6,371

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, amortization, and other
918

 
952

Share-based compensation expense
779

 
792

Provision for receivables
46

 
30

Deferred income taxes
128

 
(257
)
(Gains) losses on divestitures, investments and other, net
(162
)
 
(77
)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

Accounts receivable
1,084

 
1,613

Inventories
25

 
(203
)
Financing receivables
408

 
161

Other assets
130

 
(652
)
Accounts payable
(126
)
 
(296
)
Income taxes, net
(1,007
)
 
(830
)
Accrued compensation
(521
)
 
(339
)
Deferred revenue
236

 
207

Other liabilities
(355
)
 
88

Net cash provided by operating activities
7,387

 
7,560

Cash flows from investing activities:
 
 
 
Purchases of investments
(4,250
)
 
(677
)
Proceeds from sales of investments
3,410

 
3,055

Proceeds from maturities of investments
4,044

 
6,263

Acquisitions and divestitures
(163
)
 
(1,599
)
Purchases of investments in privately held companies
(97
)
 
(68
)
Return of investments in privately held companies
91

 
43

Acquisition of property and equipment
(391
)
 
(473
)
Proceeds from sales of property and equipment
131

 
10

Other
(10
)
 
(12
)
Net cash provided by investing activities
2,765

 
6,542

Cash flows from financing activities:
 
 
 
Issuances of common stock
334

 
312

Repurchases of common stockrepurchase program
(1,648
)
 
(10,062
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(437
)
 
(514
)
Short-term borrowings, original maturities of 90 days or less, net
(3,470
)
 

Repayments of debt
(5,220
)
 

Dividends paid
(2,972
)
 
(2,970
)
Other
(12
)
 
18

Net cash used in financing activities
(13,425
)
 
(13,216
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(3,273
)
 
886

Cash, cash equivalents, and restricted cash, beginning of period
11,772

 
8,993

Cash, cash equivalents, and restricted cash, end of period
$
8,499

 
$
9,879

 
 
 
 
Supplemental cash flow information:
 
 
 
Cash paid for interest
$
349

 
$
425

Cash paid for income taxes, net
$
2,295

 
$
1,968




See Notes to Consolidated Financial Statements.

6

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)
Three Months Ended January 25, 2020
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Accumulated Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total Equity
BALANCE AT OCTOBER 26, 2019
4,241

 
$
40,321

 
$
(5,083
)
 
$
(815
)
 
$
34,423

Net income
 
 
 
 
2,878

 
 
 
2,878

Other comprehensive income
 
 
 
 
 
 
115

 
115

Issuance of common stock
23

 
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 compensation
 
 
384

 
 
 
 
 
384

BALANCE AT JANUARY 25, 2020
4,241

 
$
40,617

 
$
(4,384
)
 
$
(700
)
 
$
35,533



Six Months Ended January 25, 2020
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Accumulated Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total Equity
BALANCE AT JULY 27, 2019
4,250

 
$
40,266

 
$
(5,903
)
 
$
(792
)
 
$
33,571

Net income
 
 
 
 
5,804

 
 
 
5,804

Other comprehensive income
 
 
 
 
 
 
92

 
92

Issuance of common stock
34

 
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 compensation
 
 
779

 
 
 
 
 
779

BALANCE AT JANUARY 25, 2020
4,241

 
$
40,617

 
$
(4,384
)
 
$
(700
)
 
$
35,533


7

Table of Contents

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

Three Months Ended January 26, 2019
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity
BALANCE AT OCTOBER 27, 2018
4,517

 
$
41,897

 
$
3,169

 
$
(1,218
)
 
$
43,848

Net income
 
 
 
 
2,822

 
 
 
2,822

Other comprehensive income
 
 
 
 
 
 
108

 
108

Issuance of common stock
22

 
304

 
 
 
 
 
304

Repurchase of common stock
(111
)
 
(1,033
)
 
(3,983
)
 
 
 
(5,016
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(4
)
 
(196
)
 
 
 
 
 
(196
)
Cash dividends declared ($0.33 per common share)
 
 
 
 
(1,470
)
 
 
 
(1,470
)
Share-based compensation
 
 
389

 
 
 
 
 
389

BALANCE AT JANUARY 26, 2019
4,424

 
$
41,361

 
$
538

 
$
(1,110
)
 
$
40,789



Six Months Ended January 26, 2019
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity
BALANCE AT JULY 28, 2018
4,614

 
$
42,820

 
$
1,233

 
$
(849
)
 
$
43,204

Net income
 
 
 
 
6,371

 
 
 
6,371

Other comprehensive loss
 
 
 
 
 
 
(93
)
 
(93
)
Issuance of common stock
41

 
312

 
 
 
 
 
312

Repurchase of common stock
(220
)
 
(2,049
)
 
(7,993
)
 
 
 
(10,042
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(11
)
 
(514
)
 
 
 
 
 
(514
)
Cash dividends declared ($0.66 per common share)