8-KEarnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 18, 2021)

Filed August 18, 2021For Securities:CSCO

Summary

Cisco Systems, Inc. (CSCO) filed an 8-K on August 18, 2021, to report its fiscal fourth quarter and full fiscal year 2021 results, ending July 31, 2021. The filing primarily contains the press release detailing these results and provides context on the non-GAAP financial measures used by the company. Investors should note that Cisco utilizes non-GAAP metrics, which exclude items such as share-based compensation, amortization of acquisition-related intangibles, and other special items, to provide a view of its ongoing operational performance. The company's management believes these non-GAAP measures, when reviewed alongside GAAP results, offer valuable insights into financial and business trends, aiding in the evaluation of historical and projected operational results. The report specifies the components excluded from non-GAAP calculations and clarifies their rationale, emphasizing that these adjustments are for better understanding of core business performance and may differ from metrics used by other companies.

Key Highlights

  • 1Cisco Systems reported its fiscal fourth quarter and full fiscal year 2021 financial results on August 18, 2021.
  • 2The 8-K filing includes a press release (Exhibit 99.1) detailing these operational results.
  • 3Cisco utilizes and presents non-GAAP financial measures to supplement its GAAP reporting.
  • 4Key exclusions from non-GAAP measures include share-based compensation, amortization of acquisition-related intangibles, and acquisition/divestiture costs.
  • 5The company believes non-GAAP measures provide a clearer view of ongoing operational trends and performance.
  • 6These non-GAAP measures are presented alongside corresponding GAAP measures for a comprehensive understanding.
  • 7Future periods may also see similar exclusions for non-GAAP calculations, aligning with management's view of operational performance.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially report Cisco Systems, Inc.'s financial results for its fiscal fourth quarter and full fiscal year 2021, which ended on July 31, 2021. It also serves to furnish the press release containing these results and to explain the company's use of non-GAAP financial measures.

Non-GAAP financial measures are financial metrics that exclude certain items from the company's GAAP (Generally Accepted Accounting Principles) results. Cisco uses them, alongside GAAP measures, to provide investors with a view of its ongoing operational performance. They exclude items like share-based compensation expense, amortization of acquisition-related intangibles, and acquisition/divestiture costs, which management believes are not reflective of the company's core, recurring business operations.

Cisco notes that its non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with GAAP, and may differ from non-GAAP measures used by other companies. They are based on specific exclusions deemed relevant by Cisco's management and should be used in conjunction with the corresponding GAAP measures for a complete understanding.

Cisco commonly 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 items. They also may exclude significant tax matters.