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

The primary purpose of this 8-K filing is to publicly report Cisco Systems' financial results for its fiscal third quarter ended April 29, 2023. It includes a press release that details the company's operational performance for the period.

Why does Cisco present non-GAAP financial measures?

Cisco presents non-GAAP financial measures because management believes they provide useful information to investors and management regarding financial and business trends relating to Cisco's historical and projected results of operations. These measures exclude certain items that are not considered reflective of ongoing business operations, such as share-based compensation expense and acquisition-related costs.

Are the non-GAAP measures presented in this filing the same as GAAP measures?

No, the non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). They are different from GAAP measures and may differ from non-GAAP measures used by other companies. Cisco advises investors to use these non-GAAP measures in conjunction with the corresponding GAAP measures for a complete understanding.

Where can I find the detailed financial results and reconciliations?

The detailed financial results, including the reconciliation of GAAP to non-GAAP measures, are contained within the press release furnished as Exhibit 99.1 to this 8-K filing. Investors should refer to that exhibit for a comprehensive view of the company's performance.

CSCO 8-K: Earnings & Results

Summary

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.

Key Highlights

1Cisco Systems reported its fiscal third quarter 2023 results on May 17, 2023, via an 8-K filing.
2The filing includes a furnished press release (Exhibit 99.1) detailing the financial results.
3Cisco provides both GAAP and non-GAAP financial measures to present its performance.
4Key exclusions from non-GAAP measures include share-based compensation, acquisition-related costs, and investment gains/losses.
5The company believes non-GAAP measures offer insights into ongoing business trends and operational results.
6Management uses non-GAAP measures for internal budgeting and financial review.
7Future financial performance estimates (gross margin, operating margin, tax rate, EPS) on a non-GAAP basis are also provided in the press release.

CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 17, 2023)

Summary

Key Highlights

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