8-KEarnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 18, 2022)

Filed May 18, 2022For Securities:CSCO

Summary

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.

Key Highlights

  • 1Cisco reported its fiscal third quarter 2022 results on May 18, 2022.
  • 2The filing includes a press release (Exhibit 99.1) detailing the company's operational and financial performance for the quarter.
  • 3Cisco presents both GAAP and non-GAAP financial measures, offering insights into its core business operations.
  • 4Non-GAAP measures exclude various items, including share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, and Russia-Ukraine war costs.
  • 5The company believes these non-GAAP measures provide a more useful view of ongoing business trends when considered alongside GAAP results.
  • 6Management uses these non-GAAP measures for internal budgeting and financial review processes.
  • 7Future outlook includes estimated ranges for gross margin, operating margin, tax provision rate, and EPS on a non-GAAP basis.

Frequently Asked Questions

The main purpose of this 8-K filing is to report Cisco Systems, Inc.'s financial results for its fiscal third quarter ended April 30, 2022. It includes a press release that details the company's performance and provides forward-looking guidance.

GAAP (Generally Accepted Accounting Principles) measures are standard accounting measures. Non-GAAP measures are adjusted by Cisco to exclude certain items that management believes are not reflective of ongoing operating results. These exclusions include items like share-based compensation, acquisition-related costs, and Russia-Ukraine war costs, among others. Cisco states these non-GAAP measures are intended to provide additional useful information to investors.

Cisco excludes certain items from its non-GAAP financial measures because it believes these items do not reflect the company's ongoing operational performance. Examples include non-cash expenses like share-based compensation, costs associated with past acquisitions, and unusual events like the Russia-Ukraine war costs. By excluding these, Cisco aims to give investors a clearer view of the company's core business trends.

Yes, the filing indicates that the accompanying press release includes future estimated ranges for gross margin, operating margin, tax provision rate, and EPS on a non-GAAP basis.