8-KEarnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 17, 2021)

Filed November 17, 2021For Securities:CSCO

Summary

Cisco Systems, Inc. (CSCO) filed an 8-K on November 17, 2021, to report its financial results for the fiscal first quarter ended October 30, 2021. The report primarily serves as a notification of the release of a press release containing these results, which is furnished as an exhibit. Investors should note that the press release includes non-GAAP financial measures alongside GAAP measures. Cisco uses these non-GAAP metrics, which exclude items such as share-based compensation, acquisition-related intangibles, and other one-time or non-operational costs, to provide what it believes is a more useful view of its ongoing business trends and operational performance. The company emphasizes that these non-GAAP measures are not a substitute for GAAP reporting and should be considered in conjunction with them. The disclosure details the specific items excluded and Cisco's rationale for doing so, aiming to offer management and investors a clearer perspective on financial and business trends. The report itself does not contain detailed financial statements but refers to the accompanying press release for specific figures and future guidance.

Key Highlights

  • 1Cisco Systems reported its fiscal first quarter 2022 results for the period ending October 30, 2021.
  • 2The 8-K filing serves to furnish a press release containing the company's financial results and operational highlights.
  • 3The report details Cisco's use of non-GAAP financial measures, excluding items like share-based compensation and acquisition-related costs.
  • 4Cisco believes these non-GAAP measures offer useful insights into business trends when viewed alongside GAAP results.
  • 5The company provided explanations for why specific items are excluded from its non-GAAP calculations, such as amortization of acquisition-related intangibles and significant litigation settlements.
  • 6The filed document directs investors to the accompanying press release (Exhibit 99.1) for specific financial figures and future estimates.
  • 7Information furnished in this report is not incorporated by reference into other Cisco filings unless expressly stated.

Frequently Asked Questions

The primary purpose of this 8-K filing is to officially report Cisco's financial results for its fiscal first quarter of 2022, ended October 30, 2021. It formally submits the press release containing these results and associated financial data as an exhibit to the filing.

Non-GAAP financial measures are performance metrics that exclude certain items from GAAP (Generally Accepted Accounting Principles) financial results. Cisco uses them to provide investors with a view of its operational performance that it believes better reflects ongoing business trends, excluding non-cash expenses (like share-based compensation), acquisition-related costs, and other significant one-time or non-operational items.

Investors should interpret Cisco's non-GAAP measures as supplemental information to its official GAAP financial statements. Cisco itself states that these measures should only be used to evaluate its results in conjunction with the corresponding GAAP measures, as they do not present a complete picture according to accounting rules and may differ from how other companies calculate their non-GAAP figures.

The specific financial results, including detailed figures for revenues, earnings, and future guidance on a non-GAAP basis, are contained within the press release that is furnished as Exhibit 99.1 to this 8-K filing. This document directs readers to that exhibit for the quantitative data.