What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to formally report Cisco's financial results for its fourth fiscal quarter and full fiscal year 2019. It achieves this by furnishing the company's earnings press release, which contains the detailed financial information and management's commentary.

Why does Cisco provide non-GAAP financial results?

Cisco provides non-GAAP financial results because management believes they offer a more useful view of the company's ongoing operational performance and business trends by excluding items that may not be indicative of core operations, such as share-based compensation, acquisition-related costs, and significant one-time charges. These non-GAAP measures are presented alongside GAAP results for a comprehensive understanding.

What specific items does Cisco exclude from its non-GAAP measures?

Cisco typically excludes items such as share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on equity investments, and the income tax effects of these excluded items. They may also exclude significant tax matters. The exact exclusions can vary and are detailed in the earnings release.

Does this filing include any forward-looking guidance?

Yes, the earnings press release furnished with this 8-K includes forward-looking estimates for key financial metrics such as gross margin, operating margin, tax provision rate, and EPS on a non-GAAP basis for future periods.

CSCO 8-K: Earnings & Results

Summary

Cisco Systems, Inc. (CSCO) filed an 8-K on August 14, 2019, to report its financial results for the fourth quarter and full fiscal year 2019, ending July 27, 2019. The filing primarily furnished a press release detailing these results. A key aspect of the report is its reliance on non-GAAP financial measures. Cisco emphasizes that these non-GAAP figures, which exclude items like share-based compensation, amortization of acquisition-related intangibles, and other significant one-time or non-operational items, are presented alongside GAAP measures to provide investors with a clearer view of underlying business trends and operational performance. The company also detailed the specific exclusions made for its non-GAAP reporting and provided forward-looking estimates for key financial metrics on a non-GAAP basis. Additionally, the report notes the divestiture of the Service Provider Video Software Solutions (SPVSS) business in the prior fiscal year and indicates that some presented financial measures exclude this divested segment to better reflect ongoing business trends. Investors should review the furnished press release (Exhibit 99.1) for specific financial figures and forward-looking guidance.

Key Highlights

1Cisco Systems reported its Q4 and full fiscal year 2019 results on August 14, 2019.
2The 8-K primarily serves to furnish the earnings press release (Exhibit 99.1) containing the financial results.
3The report extensively utilizes and explains non-GAAP financial measures to present operational performance.
4Key non-GAAP exclusions include share-based compensation, acquisition-related intangibles amortization, and acquisition/divestiture costs.
5The company also excluded results from the divested Service Provider Video Software Solutions (SPVSS) business for certain presented measures.
6Forward-looking estimates for gross margin, operating margin, tax rate, and EPS on a non-GAAP basis were provided in the earnings release.
7The CFO, Kelly A. Kramer, signed the 8-K filing.

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 14, 2019)

Summary

Key Highlights

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