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
10-Q 2020-04-25 Filed 2020-05-18
10-Q 2020-01-25 Filed 2020-02-18
10-Q 2019-10-26 Filed 2019-11-19
10-K 2019-07-27 Filed 2019-09-05
10-Q 2019-04-27 Filed 2019-05-21
10-Q 2019-01-26 Filed 2019-02-19
10-Q 2018-10-27 Filed 2018-11-20
10-K 2018-07-28 Filed 2018-09-06
10-Q 2018-04-28 Filed 2018-05-22
10-Q 2018-01-27 Filed 2018-02-20
10-Q 2017-10-28 Filed 2017-11-21
10-K 2017-07-29 Filed 2017-09-07
10-Q 2017-04-29 Filed 2017-05-23
10-Q 2017-01-28 Filed 2017-02-21
10-Q 2016-10-29 Filed 2016-11-22
10-K 2016-07-30 Filed 2016-09-08
10-Q 2016-04-30 Filed 2016-05-24
10-Q 2016-01-23 Filed 2016-02-18
10-Q 2015-10-24 Filed 2015-11-19
10-K 2015-07-25 Filed 2015-09-08
10-Q 2015-04-25 Filed 2015-05-20
10-Q 2015-01-24 Filed 2015-02-18
10-Q 2014-10-25 Filed 2014-11-20
10-K 2014-07-26 Filed 2014-09-09
10-Q 2014-04-26 Filed 2014-05-22
10-Q 2014-01-25 Filed 2014-02-20
10-Q 2013-10-26 Filed 2013-11-22
10-K 2013-07-27 Filed 2013-09-10
10-Q 2013-04-27 Filed 2013-05-21
10-Q 2013-01-26 Filed 2013-02-19
10-Q 2012-10-27 Filed 2012-11-20
10-K 2012-07-28 Filed 2012-09-12
10-Q 2012-04-28 Filed 2012-05-23
10-Q 2012-01-28 Filed 2012-02-21
10-Q 2011-10-29 Filed 2011-11-22
10-K 2011-07-30 Filed 2011-09-14
10-Q 2011-04-30 Filed 2011-05-25
10-Q 2011-01-29 Filed 2011-02-23
10-Q 2010-10-30 Filed 2010-11-23
10-K 2010-07-31 Filed 2010-09-21
10-Q 2010-05-01 Filed 2010-05-26
10-Q 2010-01-23 Filed 2010-02-17
8-K 2020-06-17
8-K 2020-05-13
8-K 2020-03-11
8-K 2020-03-04
8-K 2020-02-12
8-K 2020-01-24
8-K 2019-12-20
8-K 2019-12-10
8-K 2019-12-06
8-K 2019-11-28
8-K 2019-11-13
8-K 2019-08-19
8-K 2019-08-14
8-K 2019-07-08
8-K 2019-06-13
8-K 2019-05-30
8-K 2019-05-21
8-K 2019-05-15
8-K 2019-03-04
8-K 2019-02-13
8-K 2018-12-12
8-K 2018-11-14
8-K 2018-10-15
8-K 2018-09-07
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-10.1 exh101-cscocreditagree.htm
EX-31.1 exh311-q3fy20.htm
EX-31.2 exh312-q3fy20.htm
EX-32.1 exh321-q3fy20.htm
EX-32.2 exh322-q3fy20.htm

Cisco Systems Earnings 2020-04-25

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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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 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 
_____________________________________
imagelogoa.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 May 14, 2020: 4,222,296,202
____________________________________ 

1


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


PART I. FINANCIAL INFORMATION 
Item 1.
Financial Statements (Unaudited)
CISCO SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)
 
April 25, 2020
 
July 27, 2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
10,366

 
$
11,750

Investments
18,208

 
21,663

Accounts receivable, net of allowance for doubtful accounts of $130 at April 25, 2020 and $136 at July 27, 2019
4,569

 
5,491

Inventories
1,212

 
1,383

Financing receivables, net
4,703

 
5,095

Other current assets
2,249

 
2,373

Total current assets
41,307

 
47,755

Property and equipment, net
2,535

 
2,789

Financing receivables, net
4,770

 
4,958

Goodwill
33,453

 
33,529

Purchased intangible assets, net
1,744

 
2,201

Deferred tax assets
3,909

 
4,065

Other assets
3,676

 
2,496

TOTAL ASSETS
$
91,394

 
$
97,793

LIABILITIES AND EQUITY

 

Current liabilities:

 

Short-term debt
$
4,506

 
$
10,191

Accounts payable
2,393

 
2,059

Income taxes payable
1,047

 
1,149

Accrued compensation
2,940

 
3,221

Deferred revenue
10,710

 
10,668

Other current liabilities
4,341

 
4,424

Total current liabilities
25,937

 
31,712

Long-term debt
11,578

 
14,475

Income taxes payable
8,285

 
8,927

Deferred revenue
7,938

 
7,799

Other long-term liabilities
1,948

 
1,309

Total liabilities
55,686

 
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; 4,220 and 4,250 shares issued and outstanding at April 25, 2020 and July 27, 2019, respectively
40,691

 
40,266

Accumulated deficit
(3,874
)
 
(5,903
)
Accumulated other comprehensive loss
(1,109
)
 
(792
)
Total equity
35,708

 
33,571

TOTAL LIABILITIES AND EQUITY
$
91,394

 
$
97,793

See Notes to Consolidated Financial Statements.

3


CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
 
Three Months Ended
 
Nine Months Ended
 
April 25, 2020
 
April 27, 2019
 
April 25, 2020
 
April 27, 2019
REVENUE:
 
 
 
 
 
 
 
Product
$
8,597

 
$
9,722

 
$
27,146

 
$
28,885

Service
3,386

 
3,236

 
10,001

 
9,591

Total revenue
11,983


12,958

 
37,147

 
38,476

COST OF SALES:



 
 
 
 
Product
3,120

 
3,693

 
9,770

 
11,106

Service
1,092

 
1,092

 
3,378

 
3,278

Total cost of sales
4,212


4,785

 
13,148

 
14,384

GROSS MARGIN
7,771

 
8,173

 
23,999

 
24,092

OPERATING EXPENSES:



 
 
 
 
Research and development
1,546

 
1,659

 
4,782

 
4,824

Sales and marketing
2,192

 
2,403

 
6,951

 
7,084

General and administrative
457

 
541

 
1,431

 
1,261

Amortization of purchased intangible assets
34

 
39

 
108

 
112

Restructuring and other charges
128

 
18

 
354

 
282

Total operating expenses
4,357


4,660

 
13,626

 
13,563

OPERATING INCOME
3,414


3,513

 
10,373

 
10,529

Interest income
218

 
331

 
733

 
1,003

Interest expense
(130
)
 
(211
)
 
(466
)
 
(655
)
Other income (loss), net
(58
)
 
(18
)
 
24

 
(10
)
Interest and other income (loss), net
30


102

 
291

 
338

INCOME BEFORE PROVISION FOR INCOME TAXES
3,444


3,615

 
10,664

 
10,867

Provision for income taxes
670

 
571

 
2,086

 
1,452

NET INCOME
$
2,774


$
3,044

 
$
8,578

 
$
9,415




 


 
 
 
 
Net income per share:


 


 
 
 
 
Basic
$
0.66


$
0.70

 
$
2.02

 
$
2.11

Diluted
$
0.65


$
0.69

 
$
2.01

 
$
2.09

Shares used in per-share calculation:





 
 
 
 
Basic
4,230

 
4,370

 
4,239

 
4,468

Diluted
4,243

 
4,415

 
4,258

 
4,509

See Notes to Consolidated Financial Statements.

4


CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
April 25, 2020
 
April 27, 2019
 
April 25, 2020
 
April 27, 2019
Net income
$
2,774

 
$
3,044

 
$
8,578

 
$
9,415

Available-for-sale investments:
 
 
 
 
 
 
 
Change in net unrealized gains and losses, net of tax benefit (expense) of $3 and $(26) for the third quarter and first nine months of fiscal 2020, respectively, and $(64) and $(63) for the corresponding periods of fiscal 2019, respectively
4

 
232

 
143

 
319

Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $14 for the third quarter and first nine months of fiscal 2020, respectively, and $5 and $4 for the corresponding periods of fiscal 2019, respectively
3

 
12

 
(6
)
 
22


7

 
244

 
137

 
341

Cash flow hedging instruments:
 
 
 
 
 
 
 
Change in unrealized gains and losses, net of tax benefit (expense) of $(2) and $(1) for the third quarter and first nine months of fiscal 2020, respectively, and $(2) and $0 for the corresponding periods of fiscal 2019, respectively
12

 
10

 
13

 
3

Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0 for each of the third quarter and first nine months of fiscal 2020, respectively, and $0 for each of the corresponding periods of fiscal 2019
(1
)
 

 
1

 
(1
)

11

 
10

 
14

 
2

Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $3 and $2 for the third quarter and first nine months of fiscal 2020, respectively, and $(1) and $(2) for the corresponding periods of fiscal 2019, respectively
(427
)
 
(40
)
 
(468
)
 
(222
)
Other comprehensive income (loss)
(409
)
 
214

 
(317
)
 
121

Comprehensive income
$
2,365

 
$
3,258

 
$
8,261

 
$
9,536

See Notes to Consolidated Financial Statements.



5


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

April 25, 2020
 
April 27, 2019
Cash flows from operating activities:
 
 
 
Net income
$
8,578

 
$
9,415

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, amortization, and other
1,364

 
1,433

Share-based compensation expense
1,170

 
1,166

Provision for receivables
60

 
32

Deferred income taxes
103

 
(281
)
(Gains) losses on divestitures, investments and other, net
(185
)
 
(79
)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

Accounts receivable
774

 
1,560

Inventories
143

 
(1
)
Financing receivables
380

 
(112
)
Other assets
145

 
(736
)
Accounts payable
324

 
52

Income taxes, net
(700
)
 
(759
)
Accrued compensation
(220
)
 
(68
)
Deferred revenue
333

 
421

Other liabilities
(645
)
 
(154
)
Net cash provided by operating activities
11,624

 
11,889

Cash flows from investing activities:
 
 
 
Purchases of investments
(6,880
)
 
(1,176
)
Proceeds from sales of investments
4,737

 
5,391

Proceeds from maturities of investments
5,708

 
10,797

Acquisitions and divestitures
(237
)
 
(2,175
)
Purchases of investments in privately held companies
(143
)
 
(118
)
Return of investments in privately held companies
213

 
127

Acquisition of property and equipment
(562
)
 
(701
)
Proceeds from sales of property and equipment
175

 
15

Other
(10
)
 
(12
)
Net cash provided by investing activities
3,001

 
12,148

Cash flows from financing activities:
 
 
 
Issuances of common stock
335

 
321

Repurchases of common stockrepurchase program
(2,659
)
 
(16,042
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(519
)
 
(601
)
Short-term borrowings, original maturities of 90 days or less, net
(3,470
)
 
1,723

Issuances of debt

 
1,530

Repayments of debt
(5,220
)
 
(5,250
)
Dividends paid
(4,491
)
 
(4,489
)
Other
(3
)
 
51

Net cash used in financing activities
(16,027
)
 
(22,757
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(1,402
)
 
1,280

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

 
8,993

Cash, cash equivalents, and restricted cash, end of period
$
10,370

 
$
10,273

 
 
 
 
Supplemental cash flow information:
 
 
 
Cash paid for interest
$
519

 
$
707

Cash paid for income taxes, net
$
2,683

 
$
2,491




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 25, 2020
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Accumulated Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total Equity
BALANCE AT JANUARY 25, 2020
4,241

 
$
40,617

 
$
(4,384
)
 
$
(700
)
 
$
35,533

Net income
 
 
 
 
2,774

 
 
 
2,774

Other comprehensive loss
 
 
 
 
 
 
(409
)
 
(409
)
Issuance of common stock
6

 
1

 
 
 
 
 
1

Repurchase of common stock
(25
)
 
(236
)
 
(745
)
 
 
 
(981
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(2
)
 
(82
)
 
 
 
 
 
(82
)
Cash dividends declared ($0.36 per common share)
 
 
 
 
(1,519
)
 
 
 
(1,519
)
Share-based compensation
 
 
391

 
 
 
 
 
391

BALANCE AT APRIL 25, 2020
4,220

 
$
40,691

 
$
(3,874
)
 
$
(1,109
)
 
$
35,708



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

 
$
40,266

 
$
(5,903
)
 
$
(792
)
 
$
33,571

Net income
 
 
 
 
8,578

 
 
 
8,578

Other comprehensive loss
 
 
 
 
 
 
(317
)
 
(317
)
Issuance of common stock
40

 
335

 
 
 
 
 
335

Repurchase of common stock
(59
)
 
(561
)
 
(2,058
)
 
 
 
(2,619
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(11
)
 
(519
)
 
 
 
 
 
(519
)
Cash dividends declared ($1.06 per common share)
 
 
 
 
(4,491
)
 
 
 
(4,491
)
Share-based compensation