CSCO 8-K Current Reports
CISCO SYSTEMS, INC. - 418 current reports
CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 13, 2026)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing its financial results for the fiscal third quarter ended April 25, 2026, and announcing a significant restructuring plan. The company reported its operational results, including various non-GAAP financial measures which are presented in conjunction with GAAP measures to provide additional insights into financial and business trends. These non-GAAP measures exclude items such as share-based compensation, acquisition-related costs, and other significant one-time items, aiming to reflect ongoing operational performance. In addition to the quarterly results, Cisco announced a restructuring initiative designed to accelerate investments in key growth areas including silicon, optics, security, and artificial intelligence (AI). This plan is expected to incur pre-tax charges of up to $1 billion, primarily cash-based, related to severance and other termination benefits. The charges are anticipated to be recognized with approximately $450 million in the fourth quarter of fiscal 2026 and the remainder in fiscal 2027. Investors should note that these are forward-looking statements subject to risks and uncertainties, and actual results may differ.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (May 1, 2026)
This 8-K filing from Cisco Systems, Inc. announces a key leadership transition within its finance department. M. Victoria Wong, the Senior Vice President and Chief Accounting Officer, has decided to retire from her role effective May 19, 2026. Ms. Wong will provide a transition period by serving as an Executive Advisor until July 25, 2026, ensuring continuity in financial reporting and operations. The company has appointed Nichlas A. Fink, currently the Vice President and Corporate Controller, to succeed Ms. Wong as the new Senior Vice President and Chief Accounting Officer, effective May 20, 2026. Mr. Fink has a deep understanding of Cisco's financial operations, having been with the company since 2016 in various senior finance roles. His appointment is accompanied by a $500,000 restricted stock unit award, reflecting the company's investment in key executive talent.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Apr 6, 2026)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing changes to its Board of Directors. Daniel H. Schulman has resigned from the Board, effective May 21, 2026, due to increased time commitments from his new role as CEO of Verizon Communications Inc. This departure removes a director whose tenure might have provided continuity, but it's also presented as a strategic move driven by external responsibilities. Concurrently, Cisco has appointed Peter A. Shimer to its Board, effective April 6, 2026. Mr. Shimer has been deemed independent and appointed to the Audit Committee. His appointment is accompanied by standard director compensation arrangements, including cash retainers and equity awards, with provisions for deferred settlement and participation in a charitable matching program. The company has also entered into a standard Indemnity Agreement with Mr. Shimer, a common practice for directors.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 11, 2026)
Cisco Systems, Inc. (CSCO) has filed an 8-K report on February 11, 2026, announcing its financial results for the fiscal second quarter 2026, which ended on January 24, 2026. The filing includes a press release detailing these results, which provides both GAAP and non-GAAP financial metrics. Investors should note that Cisco's non-GAAP figures exclude items such as share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, litigation settlements, gains and losses on investments, and related tax effects, among others. The company emphasizes that these non-GAAP measures are used to provide useful information regarding financial and business trends alongside GAAP measures. Management utilizes these non-GAAP figures, which exclude certain non-cash or irregular items, for internal budgeting and review. The press release (Exhibit 99.1) is expected to contain forward-looking estimates for gross margin, operating margin, tax provision rate, and EPS on a non-GAAP basis, offering investors insight into management's future expectations.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Dec 17, 2025)
Cisco Systems, Inc. (CSCO) filed an 8-K report on December 16, 2025, detailing the outcomes of its Annual Meeting of Stockholders held on December 15, 2025. The most significant event for investors is the approval of the amendment and restatement of the Cisco Systems, Inc. 2005 Stock Incentive Plan. This amendment, effective upon stockholder approval, increases the number of shares authorized for issuance under the plan by 57,490,000 shares. The plan will now terminate on the date of the 2030 Annual Meeting unless re-adopted or extended. The report also provides the voting results for five proposals presented at the meeting. All nine nominated directors were elected, and executive compensation was approved on an advisory basis. Furthermore, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2026 was ratified with overwhelming support. A stockholder proposal requesting a report on the financial value of Cisco's inclusion programs, however, received substantial opposition.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 12, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing its financial results for the fiscal first quarter of 2026, which ended on October 25, 2025. The report primarily serves to furnish a press release with these results, which includes a significant focus on non-GAAP financial measures. Investors should note that Cisco uses these non-GAAP figures, which exclude items such as share-based compensation, acquisition-related costs, amortization of intangibles, and investment gains/losses, to provide a view of its ongoing business trends and operational performance. The press release also provides forward-looking guidance on key financial metrics including gross margin, operating margin, tax provision rate, and earnings per share (EPS) on a non-GAAP basis. While Cisco believes these non-GAAP measures offer useful insights when viewed alongside GAAP results, investors are reminded that they are not prepared in accordance with GAAP and may differ from measures used by other companies. The filing does not include specific GAAP numbers but directs investors to the furnished press release for the full details.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 17, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K reporting that Wesley G. Bush has decided not to stand for re-election at the upcoming 2025 annual meeting of stockholders. Mr. Bush will continue to serve as a director until that meeting concludes. This filing is primarily informational, indicating a change in board composition that will occur following the annual meeting.
CISCO SYSTEMS, INC. 8-K Report, Bylaw Amendment (Aug 25, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing an amendment to its Amended and Restated Bylaws, effective August 21, 2025. The primary change introduces a 'cure period' for stockholders submitting director nomination notices. This amendment allows stockholders an opportunity to correct deficiencies in their nomination submissions, provided they are submitted within the designated timeframe outlined in the bylaws. The company also made minor ministerial adjustments for clarity and consistency within the bylaws. This change is primarily procedural and aims to enhance the shareholder engagement process for director nominations. Investors should note that while this amendment facilitates a smoother nomination process, it does not fundamentally alter Cisco's corporate governance structure or its strategic direction. The full text of the Amended and Restated Bylaws and a version highlighting the changes are available as exhibits to this filing.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 13, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K report to disclose its financial results for the fourth quarter and full fiscal year 2025, ending July 26, 2025. The report primarily furnishes a press release detailing these results, with a significant emphasis on non-GAAP financial measures. Investors should note that Cisco uses these non-GAAP figures to provide a view of operational performance excluding certain items such as share-based compensation, acquisition-related costs, and gains/losses on investments. While Cisco believes these non-GAAP measures offer valuable insights into business trends when viewed alongside GAAP results, they are not a substitute for GAAP and may differ from similar measures used by other companies.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jun 9, 2025)
Cisco Systems, Inc. (CSCO) filed an 8-K on June 8, 2025, detailing a significant executive compensation matter. The Compensation and Management Development Committee approved an equity award for Mark Patterson, who was recently appointed as Executive Vice President and Chief Financial Officer. This filing provides specific details on the awarded restricted stock units (RSUs), aligning with the company's previously announced leadership change. Investors should note that Mr. Patterson has been granted 47,832 RSUs, which are designed to vest over a three-year period. The vesting schedule includes a 34% cliff vesting after the first year, followed by quarterly vesting of 8.25% thereafter. This structure is intended to incentivize long-term commitment and performance from the new CFO.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 14, 2025)
Cisco Systems, Inc. (CSCO) filed an 8-K on May 14, 2025, reporting its financial results for the fiscal third quarter of 2025, which ended on April 26, 2025. The filing primarily serves to furnish a press release detailing these results, including both GAAP and non-GAAP financial metrics. Investors should note that Cisco relies heavily on non-GAAP measures, which exclude items such as share-based compensation, acquisition-related costs, and gains/losses on investments, to provide what it believes is a clearer view of ongoing business trends. The press release, furnished as Exhibit 99.1, contains the detailed financial performance for the quarter. While specific figures are not provided within the 8-K text itself, the report indicates that the furnished press release will include forward-looking estimates for key performance indicators like gross margin, operating margin, tax provision rate, and Earnings Per Share (EPS) on a non-GAAP basis. Investors are advised to refer to the full press release for quantitative data and management's forward guidance.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (May 14, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing significant executive leadership changes. Effective July 26, 2025, Scott Herren will retire as Executive Vice President and Chief Financial Officer, though he will continue as an Executive Advisor until May 2026. Mark Patterson, currently Executive Vice President and Chief Strategy Officer, has been appointed to succeed Mr. Herren as CFO, starting July 27, 2025. Additionally, Jeetu Patel has been appointed President and Chief Product Officer, effective May 14, 2025. These appointments reflect internal promotions and transitions within Cisco's senior management team, aimed at maintaining continuity and leveraging existing leadership expertise. Investors should note the appointment of an experienced internal candidate to the critical CFO role, which typically signals a stable transition.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (May 13, 2025)
Cisco Systems, Inc. (CSCO) has announced a significant addition to its Board of Directors with the appointment of Kevin Weil, the Chief Product Officer of OpenAI. This appointment, effective May 12, 2025, brings a notable figure from the artificial intelligence and product innovation space onto Cisco's governing body. Mr. Weil has been deemed independent under Nasdaq listing standards, which is a positive signal for good corporate governance. This strategic move suggests Cisco's continued focus on advancing its product strategy and leveraging cutting-edge technology, particularly in areas where OpenAI is a leader. Investors will likely view this appointment as a sign of Cisco's commitment to innovation and its efforts to stay at the forefront of the rapidly evolving technology landscape. The compensation structure for Mr. Weil as a new director aligns with Cisco's standard policies for non-employee directors, involving both cash and equity awards.
CISCO SYSTEMS, INC. 8-K/A Report, Executive Changes (Feb 27, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K/A amendment to its previous filing, updating the departure date for Gary Steele, President, Go-to-Market. The effective date of his resignation has been extended from its previously announced date to May 12, 2025. This change provides a slightly longer transition period for Steele's departure and the associated responsibilities within Cisco's go-to-market strategy.
CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Feb 24, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing a significant debt issuance, raising a total of $5 billion. This offering comprises multiple tranches of senior notes with varying maturities and interest rates, ranging from 4.550% for the 2028 Notes to 5.500% for the 2055 Notes. The proceeds from this offering are earmarked for general corporate purposes, including the repayment of outstanding commercial paper, indicating a strategic move to manage short-term liabilities and potentially optimize the company's capital structure. Investors should note the specific coupon rates and maturity dates associated with each note series, as these will impact future interest expenses and cash flow requirements. The notes are unsecured and rank equally with other senior unsecured indebtedness, but effectively subordinate to liabilities of Cisco's subsidiaries. The company has included standard covenants related to mergers, consolidations, and asset sales, along with typical events of default. This issuance demonstrates Cisco's ongoing access to capital markets to fund its operations and strategic initiatives.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 12, 2025)
Cisco Systems, Inc. (CSCO) has filed an 8-K report on February 12, 2025, to announce its financial results for the fiscal second quarter ended January 25, 2025. The report primarily furnishes a press release detailing these results, which includes both GAAP and non-GAAP financial metrics. Investors should note that Cisco utilizes non-GAAP measures to provide a clearer view of its ongoing operational performance by excluding items such as share-based compensation, acquisition-related costs, amortization of intangibles, and gains/losses on investments. Management uses these non-GAAP figures for internal budgeting and performance review. The company indicates that these non-GAAP measures are presented to offer useful insights into financial and business trends when viewed alongside GAAP measures, although they are not a substitute for GAAP reporting. The press release, incorporated by reference, contains the specific financial performance data for the quarter and forward-looking estimates. While the 8-K itself doesn't provide the detailed numbers, it directs investors to Exhibit 99.1 for this crucial information, including non-GAAP net income, gross margins, operating expenses, and earnings per share, as well as future estimated ranges for key financial metrics. Investors are advised to review the full press release for a comprehensive understanding of Cisco's financial condition and operating results for the second fiscal quarter of 2025.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Feb 12, 2025)
Cisco Systems, Inc. (CSCO) has announced a significant executive change with the departure of Gary Steele, President of Go-to-Market, who will be resigning from the company effective April 25, 2025. This resignation is driven by Mr. Steele's acceptance of an external CEO opportunity. While the departure of a key executive can introduce short-term uncertainty, investors should note that Mr. Steele's exit is for a chief executive role elsewhere, indicating continued demand for his leadership expertise. Investors will be closely watching Cisco's strategy for managing its Go-to-Market operations in Mr. Steele's absence and how the company plans to ensure a smooth transition. The company will likely provide further updates regarding leadership changes or interim arrangements in subsequent filings or communications. The immediate impact on stock performance may depend on market perception of the Go-to-Market segment's stability and Cisco's succession planning.
CISCO SYSTEMS, INC. 8-K Report, Shareholder Vote Results (Dec 11, 2024)
This 8-K filing from Cisco Systems, Inc. (CSCO) reports on the outcomes of the Annual Meeting of Stockholders held on December 9, 2024. The primary focus is on the voting results for three key proposals, including the election of directors, advisory approval of executive compensation, and ratification of the independent auditor. All proposals received overwhelming support from shareholders, indicating continued confidence in the company's leadership and governance. The election of all nine director nominees passed with a significant majority of votes cast. Similarly, the advisory vote to approve executive compensation was overwhelmingly favored by shareholders. Finally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the upcoming fiscal year was ratified with near-unanimous support. These results generally reflect positive sentiment from the shareholder base regarding the company's strategic direction and financial oversight.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 13, 2024)
Cisco Systems, Inc. (CSCO) filed an 8-K on November 13, 2024, to report its financial results for the fiscal first quarter of 2025, which ended on October 26, 2024. The filing includes a press release detailing the company's operational performance. A key aspect of this report is its emphasis on non-GAAP financial measures, which Cisco utilizes to provide investors with a view of financial and business trends that exclude certain items such as share-based compensation, amortization of acquisition-related intangibles, acquisition/divestiture costs, significant asset impairments and restructurings, litigation settlements, Russia-Ukraine war costs, and gains/losses on investments. The company states that these non-GAAP measures are presented in conjunction with GAAP measures to offer a more comprehensive understanding of its historical and projected results.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 11, 2024)
Cisco Systems, Inc. (CSCO) has filed a Form 8-K on October 10, 2024, to report a key change in its Board of Directors. Ekta Singh-Bushell has informed the company that she will not seek re-election at the upcoming 2024 Annual Meeting of Stockholders. While she will continue her service until the meeting, this signifies a change in the board's composition moving forward. This departure, while not an unexpected resignation or removal, is noteworthy for investors as it impacts the continuity and experience of the board. Investors should monitor future filings for information regarding the election of new directors or any shifts in committee assignments. The announcement itself does not indicate any performance issues or strategic disagreements but rather a personal decision regarding future board service.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 14, 2024)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing its fiscal fourth quarter and full fiscal year 2024 results, alongside a significant restructuring announcement. The company reported its financial performance for the period ending July 27, 2024, and provided forward-looking estimates for key financial metrics on a non-GAAP basis, which excludes certain non-recurring or non-cash items. Investors should note that while these non-GAAP measures offer a view of ongoing operational trends, they should be considered alongside GAAP results. In addition to its financial reporting, Cisco announced a strategic restructuring plan aimed at investing in growth opportunities and improving efficiencies. This initiative is expected to impact approximately 7% of its global workforce and result in pre-tax charges of up to $1 billion, primarily consisting of severance and termination benefits. The majority of these charges are anticipated in the first quarter of fiscal year 2025, with the remainder spread throughout the year. This restructuring signals a proactive approach by management to realign the business for future performance.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jul 19, 2024)
This 8-K filing from Cisco Systems, Inc. (CSCO) on July 19, 2024, primarily details the separation agreement with former Executive Vice President and Chief Customer and Partner Officer, Jeff Sharritts, effective July 15, 2024. The agreement includes accelerated vesting of certain time-based restricted stock units, eligibility for retirement vesting of performance-based RSUs, and a cash payment of approximately $2.6 million. This payment is structured as eighteen months of base salary, his annual target bonus, and 17 months of COBRA premiums.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jun 14, 2024)
Cisco Systems, Inc. (CSCO) announced a new addition to its Board of Directors, appointing Ekta Singh-Bushell, a former executive from the Federal Reserve Bank of New York, effective June 14, 2024. Ms. Singh-Bushell brings a background in operations and regulatory environments, making her an independent director under Nasdaq listing standards. She has also been appointed to key board committees, including the Audit Committee and the Environmental, Social, and Public Policy Committee. This appointment is a strategic move by Cisco to enhance its board's expertise and oversight. Investors can view this as a positive development, indicating the company's commitment to robust governance. Ms. Singh-Bushell will receive standard compensation for non-employee directors, including cash retainers and equity awards, with options for deferred settlement, aligning her interests with long-term shareholder value. Her inclusion on the Audit Committee, in particular, suggests a continued focus on financial integrity and regulatory compliance.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 15, 2024)
Cisco Systems, Inc. (CSCO) filed an 8-K on May 15, 2024, primarily to report its fiscal third quarter 2024 results. While the filing itself does not contain the detailed financial figures, it references a press release (Exhibit 99.1) which provides these results. Investors should note that Cisco continues to present non-GAAP financial measures, which exclude items like share-based compensation, acquisition-related intangible assets, and other non-recurring costs. The company believes these non-GAAP measures offer useful insights into underlying business trends when viewed alongside GAAP results. Additionally, the report details significant executive leadership changes, including the appointment of Gary Steele as President, Go-to-Market, and the departure of Jeff Sharritts from his executive role. This appointment comes with a comprehensive compensation package for Mr. Steele, reflecting his new responsibilities and prior experience. The focus of this 8-K is on providing context for Cisco's quarterly financial performance and significant organizational shifts. Investors are encouraged to review the referenced press release for specific financial metrics and the details of Mr. Steele's compensation and severance arrangements for a complete understanding of the implications of these events. The company's continued reliance on non-GAAP reporting is a key point for investors to consider when evaluating performance, as it offers a different perspective than standard GAAP reporting.
CISCO SYSTEMS, INC. 8-K Report, Acquisition Completed (Mar 18, 2024)
Cisco Systems, Inc. (CSCO) has officially closed its previously announced acquisition of Splunk Inc. on March 18, 2024. This significant transaction involved a merger where Splunk now operates as a wholly owned subsidiary of Cisco. Under the terms of the merger, each outstanding share of Splunk common stock was acquired for $157.00 in cash. This brings the total equity value of the acquisition to approximately $28 billion. The deal, initially announced in September 2023, represents a major strategic move by Cisco to enhance its portfolio and market position.
CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Feb 26, 2024)
Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing the issuance of a significant aggregate principal amount of senior notes totaling $13.5 billion. These notes are structured across various maturities, ranging from 2026 to 2064, with interest rates varying between 4.800% and 5.350% per annum. The primary stated purpose for this debt issuance is for general corporate purposes, with a significant portion earmarked for partially financing the proposed acquisition of Splunk Inc. This move by Cisco signals a strategic initiative to bolster its financial resources for a major acquisition, which is a key development for investors to monitor. The debt issuance is comprised of unsecured senior notes, meaning they rank equally with other unsecured indebtedness but junior to subsidiary liabilities. The terms of the indenture include standard covenants limiting consolidation, mergers, and asset sales, as well as events of default. Notably, a special mandatory redemption provision requires Cisco to redeem all notes at a premium (101% of principal plus accrued interest) if the Splunk acquisition is not consummated by a specified date or if the company decides not to proceed with it. This provides a degree of downside protection for noteholders in the event the acquisition falters.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 14, 2024)
Cisco Systems, Inc. (CSCO) filed an 8-K on February 14, 2024, primarily to report its fiscal second quarter 2024 financial results and to announce a significant restructuring plan. The earnings report, detailed in an accompanying press release, focuses on both GAAP and non-GAAP financial metrics, with Cisco emphasizing its non-GAAP figures as useful for understanding operational trends by excluding items such as share-based compensation, acquisition-related costs, and other one-time expenses. Investors should note Cisco's ongoing use of these non-GAAP measures to provide a clearer view of its core business performance. The company also announced a broad restructuring initiative that will impact approximately 5% of its global workforce. This plan is expected to incur pre-tax charges of approximately $800 million, primarily for severance and termination benefits. The majority of these charges are anticipated in the third quarter of fiscal 2024, with the remainder spread across the fourth quarter and the first half of fiscal 2025. While the restructuring aims to realign the organization and invest in key priority areas, it represents a notable operational adjustment for the company.
CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Feb 8, 2024)
Cisco Systems, Inc. (CSCO) has entered into a Third Amended and Restated Credit Agreement on February 2, 2024, establishing a $5.0 billion unsecured revolving credit facility. This facility, which can be expanded up to $7.0 billion and has an initial maturity of five years with options for extension, provides significant financial flexibility. The agreement outlines various borrowing options including U.S. dollar loans tied to Term SOFR or Base Rate, and foreign currency loans. It also includes a commitment fee on the undrawn amount and fees for outstanding letters of credit, with terms influenced by Cisco's senior debt credit ratings.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Dec 8, 2023)
This 8-K filing from Cisco Systems, Inc. details the outcomes of their Annual Stockholders Meeting held on December 6, 2023. The primary event of note for investors is the stockholder approval of the amendment and restatement of the 2005 Stock Incentive Plan. This amendment materially increases the number of authorized shares for issuance by 80.575 million, a key action for future equity-based compensation. The Amended Stock Plan will now expire on the date of the 2030 Annual Meeting. Additionally, the filing provides the voting results for several other proposals, including the election of nine board members, an advisory vote on executive compensation, the frequency of future advisory votes on executive compensation, the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm, and a stockholder proposal regarding tax transparency. All proposals, except the stockholder proposal on tax transparency, received substantial support from stockholders.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 15, 2023)
Cisco Systems, Inc. (CSCO) filed an 8-K on November 15, 2023, reporting its fiscal first quarter 2024 results for the period ending October 28, 2023. The filing primarily furnished a press release detailing these results, including both GAAP and non-GAAP financial metrics. Investors should note that Cisco emphasizes non-GAAP measures, such as non-GAAP net income, gross margins, operating income, and EPS, to provide insights into ongoing business trends, excluding items like share-based compensation, acquisition-related costs, and investment gains/losses. The report also provides forward-looking guidance on a non-GAAP basis, including estimated ranges for gross margin, operating margin, tax provision rate, and EPS. While these non-GAAP figures are presented to aid investor understanding, Cisco explicitly states they are not a substitute for GAAP measures and should be evaluated alongside them due to their potential limitations. The company outlines specific adjustments made to arrive at non-GAAP figures, aiming to present a clearer view of operational performance independent of certain non-recurring or non-cash expenses.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 10, 2023)
This Form 8-K filing from Cisco Systems, Inc. announces significant changes to its Board of Directors. Three long-standing directors, M. Michele Burns, Roderick C. McGeary, and Dr. Lisa T. Su, have decided not to seek re-election at the upcoming 2023 Annual Meeting. This signals a period of transition and potential refreshment on the board. Concurrently, Cisco has appointed Daniel H. Schulman, former CEO of PayPal Holdings, Inc., to its Board of Directors, effective October 10, 2023. Mr. Schulman's extensive leadership experience is expected to bring valuable insights. His compensation will align with Cisco's standard non-employee director package, including cash retainers and equity awards, with the ability to defer these compensation components. He will also be subject to Cisco's standard indemnity agreement.
CISCO SYSTEMS, INC. 8-K Report, Regulation FD Disclosure (Sep 25, 2023)
This Cisco Systems, Inc. (CSCO) 8-K filing primarily provides forward-looking financial projections related to its previously announced acquisition of Splunk Inc. Cisco expects the transaction to be cash flow positive and gross margin accretive in the first fiscal year post-close. Furthermore, the company anticipates the acquisition to be non-GAAP EPS accretive in the second fiscal year following the closing. These projections are based on specific definitions of "positive or accretive cash flow" which exclude certain transaction costs and equity-related payments. Investors should note that these are forward-looking statements subject to significant risks and uncertainties, as detailed in the cautionary statement within the filing. The company also reminds investors that non-GAAP measures are not prepared in accordance with GAAP and should be considered alongside GAAP measures. Additional information regarding the acquisition, including proxy statements, will be made available on the SEC's website and through Splunk's investor relations.
CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Sep 21, 2023)
Cisco Systems, Inc. has announced a significant strategic move with the entry into a definitive agreement to acquire Splunk Inc. for approximately $28 billion. This all-cash transaction will see Splunk become a wholly-owned subsidiary of Cisco. The acquisition aims to enhance Cisco's capabilities and offer a more comprehensive platform to its customers, particularly in areas of digital resilience. The deal has been unanimously approved by Cisco's Board of Directors and is expected to close by the end of the third quarter of calendar year 2024, subject to customary closing conditions including regulatory and stockholder approvals. The transaction involves a cash payment of $157.00 per share for Splunk's outstanding common stock. Cisco will also assume Splunk's outstanding equity awards, with vested options and RSUs being converted into cash payments, while unvested awards will be converted into contingent cash payments that will vest over time based on their original schedules. This acquisition represents a substantial investment by Cisco and signals a significant shift in its strategy to bolster its software and data analytics offerings.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 16, 2023)
Cisco Systems, Inc. (CSCO) filed an 8-K on August 16, 2023, to report its financial results for the fiscal fourth quarter and full fiscal year 2023, ending July 29, 2023. The filing primarily serves to furnish a press release containing these results. Investors should note that the press release includes non-GAAP financial measures alongside GAAP measures. Cisco utilizes these non-GAAP metrics, which exclude items such as share-based compensation, amortization of acquisition-related intangibles, and acquisition/divestiture costs, to provide insights into ongoing operational trends and performance. Management believes this approach offers a more useful view of the business when evaluated in conjunction with GAAP results, aiding in the understanding of financial and business trends. The actual financial figures and forward-looking guidance were presented in the furnished press release (Exhibit 99.1), which is not detailed within this 8-K itself but is referenced as the source of the information. The primary purpose of this 8-K filing is to officially report and provide access to Cisco's latest earnings. While the 8-K document itself does not contain the detailed financial statements or forward-looking guidance, it directs stakeholders to the accompanying press release (Exhibit 99.1). This press release is where investors can find specific figures for revenue, earnings per share (EPS), margins, and management's outlook for future periods, all presented on both GAAP and non-GAAP bases. The company's explanation of its non-GAAP adjustments is extensive, highlighting the specific items management believes should be considered separately for a clearer understanding of core operational performance.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jul 19, 2023)
Cisco Systems, Inc. (CSCO) announced a key executive appointment in an 8-K filing dated July 18, 2023. The company's Board of Directors has appointed M. Victoria Wong as the new Senior Vice President and Chief Accounting Officer, effective July 30, 2023. Ms. Wong will be taking over from Prat Bhatt and brings extensive experience within Cisco's finance organization, having held various leadership roles since 2007, including Deputy Chief Accounting Officer and Corporate Controller. Her prior experience includes a tenure as a partner at KPMG LLP.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 17, 2023)
Cisco Systems, Inc. (CSCO) filed an 8-K on May 17, 2023, to report its financial results for the fiscal third quarter ended April 29, 2023. The filing primarily furnished a press release detailing the company's operational performance. Investors should note that the company presented both GAAP and non-GAAP financial measures, with the latter excluding items such as share-based compensation expense, amortization of acquisition-related intangible assets, acquisition/divestiture costs, significant asset impairments, litigation settlements, Russia-Ukraine war costs, and gains/losses on investments. Cisco's management utilizes these non-GAAP measures, alongside GAAP measures, to provide a clearer view of the company's ongoing business trends and financial condition. While these non-GAAP figures are not replacements for GAAP, the company believes they offer valuable insights into historical and projected operational results. The detailed reconciliation of GAAP to non-GAAP figures would be found in the furnished press release (Exhibit 99.1), which is crucial for a comprehensive understanding of Cisco's performance.
CISCO SYSTEMS, INC. 8-K Report, Bylaw Amendment (Mar 10, 2023)
Cisco Systems, Inc. (CSCO) filed an 8-K on March 9, 2023, reporting amendments to its Amended and Restated Bylaws, effective immediately as of March 9, 2023. These changes are primarily driven by the need to comply with recent amendments to the Delaware General Corporation Law (DGCL) and to adapt to new regulations, specifically Rule 14a-19 of the Securities Exchange Act of 1934, commonly known as the Universal Proxy Rules. Key modifications include enhanced disclosure requirements for stockholders seeking to nominate directors or solicit proxies, stricter limitations on the number of director nominees a single stockholder can propose, and updated procedures to align with the Universal Proxy Rules. These updates aim to standardize proxy solicitations, provide Cisco with remedies for non-compliance, and ensure clarity in the shareholder voting process. Investors should note these changes primarily relate to corporate governance and the mechanics of shareholder meetings, rather than financial performance or operational updates.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Feb 21, 2023)
Cisco Systems, Inc. (CSCO) announced the resignation of a key board member, Brenton L. Saunders, effective February 21, 2023. Mr. Saunders is departing to assume the role of Chair and Chief Executive Officer at Bausch + Lomb Corporation, a separate public company. This change impacts the composition of Cisco's Board of Directors.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 15, 2023)
Cisco Systems, Inc. filed an 8-K on February 15, 2023, to report its fiscal second quarter 2023 financial results for the period ending January 28, 2023. This report primarily furnishes a press release detailing these results. Investors should note that Cisco provides both GAAP and non-GAAP financial measures, with the latter excluding items such as share-based compensation, acquisition-related costs, and Russia-Ukraine war costs, among others. The company believes these non-GAAP measures offer a clearer view of ongoing business trends when analyzed alongside GAAP figures. The press release, furnished as an exhibit, contains specific financial performance data for the quarter. While the 8-K itself doesn't contain the detailed numbers, it directs investors to the exhibit for figures on revenue, earnings per share (EPS), gross margins, and operating margins, both on a GAAP and non-GAAP basis. It also includes forward-looking guidance for future periods, which is crucial for assessing the company's outlook and potential growth trajectory.
CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Dec 16, 2022)
This 8-K filing from Cisco Systems, Inc. (CSCO) primarily details the adoption of pre-arranged stock trading plans by two key executives: Deborah L. Stahlkopf, Executive Vice President, Chief Legal Officer and Chief Compliance Officer, and Prat Bhatt, Senior Vice President and Chief Accounting Officer. These plans, adopted under Rule 10b5-1 guidelines, allow for the sale of Cisco stock over a specified period, terminating in December 2023 for Ms. Stahlkopf and September 2023 for Mr. Bhatt. From an investor's perspective, the adoption of these Rule 10b5-1 plans indicates a structured and pre-determined approach to stock sales by insiders, mitigating concerns about trading on material non-public information. While these filings report the *adoption* of plans and not actual sales yet, they signal a potential future increase in the supply of Cisco shares in the market by these executives. Investors should monitor subsequent Form 144 and Form 4 filings for actual transaction details.
CISCO SYSTEMS, INC. 8-K Report, Shareholder Vote Results (Dec 9, 2022)
Cisco Systems, Inc. (CSCO) filed an 8-K on December 8, 2022, detailing the results of its Annual Meeting of Stockholders held on December 7, 2022. The primary focus for investors is the overwhelmingly positive outcome of the shareholder votes on key corporate governance matters. All twelve proposed directors were elected with substantial support, indicating confidence in the current board's leadership and oversight. Furthermore, the advisory vote to approve executive compensation also passed with a significant majority, suggesting shareholder alignment with the company's compensation strategies. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm was ratified with very strong support, reinforcing auditor independence and financial reporting integrity. Notably, a shareholder proposal requesting a tax transparency report was not approved, reflecting a divergence between a segment of shareholders and the board's current approach to tax reporting. Overall, the results demonstrate strong shareholder engagement and support for Cisco's established governance practices and leadership team.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Nov 16, 2022)
Cisco Systems, Inc. (CSCO) has filed an 8-K reporting a key executive change. Prat Bhatt, Senior Vice President and Chief Accounting Officer, has announced his retirement, which will be effective July 29, 2023. This provides a significant runway for a smooth transition. The company expects to appoint M. Victoria Wong, currently Vice President and Corporate Controller, to succeed Mr. Bhatt.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 16, 2022)
Cisco Systems, Inc. (CSCO) filed an 8-K on November 16, 2022, reporting its fiscal first quarter 2023 results for the period ending October 29, 2022. The report primarily furnishes a press release detailing the company's financial performance, emphasizing non-GAAP measures alongside GAAP results. Investors should note that Cisco utilizes non-GAAP financial measures to provide insights into underlying business trends, excluding items such as share-based compensation, acquisition-related costs, and restructuring charges. In addition to the quarterly results, the filing also discloses a significant restructuring plan initiated in the second quarter of fiscal 2023, aimed at rebalancing the organization and aligning with a hybrid work strategy. This plan is expected to incur approximately $600 million in pre-tax charges, primarily cash-based, related to severance, real estate optimization, and other exit costs, with recognition spread across fiscal years 2023 and early 2024. Investors should monitor the execution of this restructuring and its financial impact.
CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Oct 4, 2022)
Cisco Systems, Inc. (CSCO) filed an 8-K on October 3, 2022, primarily announcing changes to its commercial paper program. The company entered into a new Commercial Paper Issuing and Paying Agent Agreement with Citibank, N.A., replacing Bank of America, National Association as its agent. This change is part of the operational management of its existing $10 billion commercial paper program. In conjunction with this paying agent replacement, Cisco also amended its Commercial Paper Dealer Agreements with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and BofA Securities, Inc. These amendments update the terms for dealers involved in the issuance of commercial paper. The filing also notes the termination of the previous agreement with Bank of America, National Association, effective September 29, 2022. Overall, these are routine administrative updates related to Cisco's debt financing infrastructure, aimed at maintaining efficient access to short-term funding.
CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Sep 15, 2022)
This 8-K filing from Cisco Systems, Inc. (CSCO) announces that on September 12, 2022, CEO Charles Robbins adopted a pre-arranged stock trading plan. This plan allows for the sale of Cisco stock over a period extending until August 2023, and was established in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934 and Cisco's internal policies. The adoption of such a plan is designed to facilitate orderly diversification of personal investments while ensuring adherence to regulations preventing insider trading.
CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Aug 24, 2022)
Cisco Systems, Inc. (CSCO) announced the appointment of Sarah Rae Murphy to its Board of Directors, effective August 24, 2022. Ms. Murphy brings a wealth of experience from her previous role as Chief Procurement Officer and Senior Vice President of Global Sourcing at United Airlines Holdings, Inc., which is expected to be valuable for Cisco's strategic oversight. Her appointment to the Audit Committee further strengthens the board's financial governance capabilities.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 17, 2022)
Cisco Systems, Inc. (CSCO) filed an 8-K on August 17, 2022, to report its financial results for the fiscal fourth quarter and full fiscal year 2022, which ended on July 30, 2022. The filing primarily furnished a press release (Exhibit 99.1) detailing these results. Investors should note that the press release includes non-GAAP financial measures, which Cisco uses alongside GAAP measures to provide insights into financial and business trends. The company clearly outlines the adjustments made to arrive at these non-GAAP figures, which include excluding items like share-based compensation, acquisition-related costs, and Russia-Ukraine war costs, among others. While the specific financial figures are within the furnished press release and not detailed directly in the 8-K text itself, the 8-K serves as the official notification of these results being made public. Investors are advised to consult the full press release for quantitative details on revenue, earnings, margins, and forward-looking guidance, as well as the specific methodology Cisco employs for its non-GAAP reporting. The filing emphasizes that these non-GAAP measures are not a substitute for GAAP reporting and are intended to complement GAAP by offering a different perspective on the company's operational performance.
CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Jun 17, 2022)
This 8-K filing from Cisco Systems, Inc. (CSCO) reports on a pre-arranged stock trading plan adopted by Jeffery Sharritts, Executive Vice President and Chief Customer and Partner Officer. The plan, set to terminate in June 2023, allows Mr. Sharritts to sell shares of Cisco stock over an extended period. This type of plan is adopted under Rule 10b5-1 of the Securities Exchange Act, which provides a framework for individuals to sell company stock when they do not possess material non-public information, ensuring diversification of their investment portfolios in a structured manner. For investors, this announcement primarily indicates an intended future sale of a significant executive's shares. While the plan itself is designed to be compliant with regulations and mitigate insider trading concerns, the market may perceive it as a signal of executive liquidity needs or diversification strategies. The actual sales will be disclosed through subsequent SEC filings (Form 144 and Form 4), providing transparency on the timing and volume of shares traded. Investors should monitor these future filings to understand the extent of the sales.
CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 18, 2022)
Cisco Systems, Inc. (CSCO) filed an 8-K on May 18, 2022, to report its financial results for the fiscal third quarter ended April 30, 2022. The filing primarily includes a press release detailing the company's performance. Investors should note that this report contains both GAAP and non-GAAP financial measures, with Cisco providing detailed explanations for its exclusions in non-GAAP calculations. These adjustments aim to present a clearer view of ongoing operational trends by excluding items such as share-based compensation, acquisition-related costs, and impacts from the Russia-Ukraine war. The company emphasizes that non-GAAP measures are intended to supplement, not replace, GAAP measures, and are used internally by management for budgeting and performance review. This approach allows for a focused analysis of core business operations, free from one-time or non-recurring charges. Investors are encouraged to review the accompanying press release for the specific financial figures and a comprehensive understanding of Cisco's performance and outlook.
CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Mar 28, 2022)
This 8-K filing from Cisco Systems, Inc. (CSCO) reports on a pre-arranged stock trading plan adopted by its Executive Vice President and Chief Financial Officer, R. Scott Herren. The plan, established on March 24, 2022, allows for the sale of Cisco stock and is scheduled to terminate in March 2023. The transactions under this plan will be publicly disclosed through Form 144 and Form 4 filings with the SEC. Investors should note that this plan was adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, which provides a framework for individuals to sell company stock when they do not possess material non-public information. This type of plan allows executives to diversify their holdings over time in a structured manner, and the disclosure here is a standard procedural event rather than an indicator of any negative company performance or outlook.