SAN
JOSE, Calif., Aug. 17,
2022 /PRNewswire/ --
News Summary:
- Cisco ended fiscal 2022 with Q4 revenue at $13.1 billion, flat year over year and fiscal
year revenue of $51.6 billion, up 3%
year over year
- Strong demand with record full year product orders and
backlog
- Progress on business model transformation with total Annualized
Recurring Revenue (ARR) at $22.9
billion in the fourth quarter of fiscal 2022, up 8% year
over year
-
-
- Earnings per Share: GAAP: $0.68; Non-GAAP: $0.83
-
- GAAP EPS decreased (4)% year over year
- Non-GAAP EPS decreased (1)% year over year
- FY 2022 Results:
-
- Revenue: $51.6
billion
-
- Increase of 3% year over year
- Earnings per Share: GAAP: $2.82; Non-GAAP: $3.36
-
- GAAP EPS increased 13% year over year
- Non-GAAP EPS increased 4% year over year
- Q1 FY 2023 Guidance:
-
- Revenue: 2% to 4% growth year over year
- Earnings per Share: GAAP: $0.64 to $0.68;
Non-GAAP: $0.82 to $0.84
- FY 2023 Guidance:
-
- Revenue: 4% to 6% growth year over year
- Earnings per Share: GAAP: $2.77 to $2.88;
Non-GAAP: $3.49 to $3.56
Cisco today reported fourth quarter and fiscal year results for
the period ended July 30, 2022. Cisco
reported fourth quarter revenue of $13.1
billion, net income on a generally accepted accounting
principles (GAAP) basis of $2.8
billion or $0.68 per share,
and non-GAAP net income of $3.4
billion or $0.83 per
share.
"We had a strong end to our fiscal year thanks to our Q4
performance. Our teams executed well in the midst of an incredibly
dynamic environment, resulting in the highest full year non-GAAP
earnings per share in the history of the company," said
Chuck Robbins, chair and CEO of
Cisco. "Full year product orders and backlog are both at record
highs and reflect the strong demand we continue to see for our
innovation and the overall value we bring to our customers as they
accelerate their digital transformation."
"Total revenue exceeded our expectations in Q4, as a result of
our strong execution and the numerous initiatives we have taken to
reduce the impact of the global supply situation," said
Scott Herren, CFO of Cisco. "Our
operational discipline is reflected in our healthy operating margin
and strong cash flow generation, enabling us to return nearly
$4 billion to our shareholders in Q4.
And we continue to make good progress in our business model
transformation with RPO of over $31
billion, which, coupled with our record backlog, provide us
with substantial visibility and confidence in our future
revenue."
Q4 GAAP
Results
|
|
|
|
Q4 FY 2022
|
|
Q4 FY 2021
|
|
Vs. Q4 FY 2021
|
Revenue
|
|
$
13.1
|
billion
|
|
$
13.1
|
billion
|
|
— %
|
Net Income
|
|
$
2.8
|
billion
|
|
$
3.0
|
billion
|
|
(6) %
|
Diluted Earnings per
Share (EPS)
|
|
$
0.68
|
|
|
$
0.71
|
|
|
(4) %
|
|
Q4 Non-GAAP
Results
|
|
|
|
Q4 FY 2022
|
|
Q4 FY 2021
|
|
Vs. Q4 FY 2021
|
Net Income
|
|
$
3.4
|
billion
|
|
$
3.6
|
billion
|
|
(3) %
|
EPS
|
|
$
0.83
|
|
|
$
0.84
|
|
|
(1) %
|
|
Fiscal Year GAAP
Results
|
|
|
|
FY 2022
|
|
FY 2021
|
|
Vs. FY 2021
|
Revenue
|
|
$
51.6
|
billion
|
|
$
49.8
|
billion
|
|
3 %
|
Net Income
|
|
$
11.8
|
billion
|
|
$
10.6
|
billion
|
|
12 %
|
EPS
|
|
$
2.82
|
|
|
$
2.50
|
|
|
13 %
|
|
Fiscal Year Non-GAAP
Results
|
|
|
|
FY 2022
|
|
FY 2021
|
|
Vs. FY 2021
|
Net Income
|
|
$
14.1
|
billion
|
|
$
13.6
|
billion
|
|
3 %
|
EPS
|
|
$
3.36
|
|
|
$
3.22
|
|
|
4 %
|
Reconciliations between net income, EPS, and other measures on a
GAAP and non-GAAP basis are provided in the tables located in the
section entitled "Reconciliations of GAAP to non-GAAP
Measures."
Financial Summary
All comparative percentages are on a year-over-year basis
unless otherwise noted.
Q4 FY 2022 Highlights
Revenue -- Total revenue was flat at $13.1 billion, with both product revenue and
service revenue flat year over year. Revenue by geographic segment
was: Americas down 3%, EMEA up 8%, and APJC down 2%. Product
revenue performance was led by growth in End-to-End Security up
20%, Optimized Application Experiences up 8%, and Collaboration up
2%. Secure, Agile Networks was down 1% and Internet for the Future
was down 10%.
Gross Margin -- On a GAAP basis, total gross
margin, product gross margin, and service gross margin were 61.3%,
59.1%, and 67.5%, respectively, as compared with 63.6%, 62.7%, and
66.2%, respectively, in the fourth quarter of fiscal 2021.
On a non-GAAP basis, total gross margin, product gross margin,
and service gross margin were 63.3%, 61.3%, and 69.0%,
respectively, as compared with 65.6%, 65.0%, and 67.4%,
respectively, in the fourth quarter of fiscal 2021.
Total gross margins by geographic segment were: 62.6% for the
Americas, 64.4% for EMEA and 63.6% for APJC.
Operating Expenses -- On a GAAP basis,
operating expenses were $4.6 billion,
down 4%, and were 35.0% of revenue. Non-GAAP operating expenses
were $4.1 billion, down 4%, and were
30.9% of revenue.
Operating Income -- GAAP operating income was
$3.4 billion, down 4%, with GAAP
operating margin of 26.2%. Non-GAAP operating income was
$4.2 billion, down 4%, with non-GAAP
operating margin at 32.4%.
Provision for Income Taxes -- The GAAP tax
provision rate was 17.6%. The non-GAAP tax provision rate was
18.5%.
Net Income and EPS -- On a GAAP basis, net income
was $2.8 billion, a decrease of 6%,
and EPS was $0.68, a decrease of 4%.
On a non-GAAP basis, net income was $3.4
billion, a decrease of 3%, and EPS was $0.83, a decrease of 1%.
Cash Flow from Operating Activities --
$3.7 billion for the fourth quarter
of fiscal 2022, a decrease of 18% compared with $4.5 billion for the fourth quarter of fiscal
2021.
FY 2022 Highlights
Revenue -- Total revenue was $51.6 billion, an increase of 3%.
Net Income and EPS -- On a GAAP basis, net income
was $11.8 billion, an increase of
12%, and EPS was $2.82, an increase
of 13%. On a non-GAAP basis, net income was $14.1 billion, an increase of 3% compared to
fiscal 2021, and EPS was $3.36,
an increase of 4%.
Cash Flow from Operating Activities --
$13.2 billion for fiscal 2022, a
decrease of 14% compared with fiscal 2021.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments --
$19.3 billion at the end of the
fourth quarter of fiscal 2022, compared with $20.1 billion at the end of the third quarter of
fiscal 2022, and compared with $24.5
billion at the end of fiscal 2021.
Remaining Performance Obligations (RPO)
-- $31.5 billion, up 2%
in total, with 54% of this amount to be recognized as revenue over
the next 12 months. Product RPO were up 6% and service RPO were
down 1%.
Deferred Revenue -- $23.3
billion, up 5% in total, with deferred product revenue up
11%. Deferred service revenue was up 1%.
Capital Allocation -- In the fourth quarter of
fiscal 2022, we returned $4.0 billion
to stockholders through share buybacks and dividends. We declared
and paid a cash dividend of $0.38 per
common share, or $1.6 billion, and
repurchased approximately 54 million shares of common stock under
our stock repurchase program at an average price of $44.02 per share for an aggregate purchase price
of $2.4 billion. The remaining
authorized amount for stock repurchases under the program is
$15.2 billion with no termination
date.
Guidance
Cisco expects to achieve the following results for the first
quarter of fiscal 2023:
Q1 FY 2023
|
|
|
Revenue
|
|
2% - 4% growth
Y/Y
|
Non-GAAP gross margin
rate
|
|
63% - 64%
|
Non-GAAP operating
margin rate
|
|
31.5% -
32.5%
|
Non-GAAP EPS
|
|
$0.82 -
$0.84
|
Cisco estimates that GAAP EPS will be $0.64 to $0.68 for
the first quarter of fiscal 2023.
Cisco expects to achieve the following results for fiscal
2023:
FY 2023
|
|
|
Revenue
|
|
4% - 6% growth
Y/Y
|
Non-GAAP EPS
|
|
$3.49 -
$3.56
|
Cisco estimates that GAAP EPS will be $2.77 to $2.88 for fiscal 2023.
Our Q1 FY 2023 and FY 2023 guidance assumes an effective tax
provision rate of 19% for GAAP and non-GAAP results.
A reconciliation between the Guidance on a GAAP and non-GAAP
basis is provided in the tables entitled "GAAP to non-GAAP
Guidance" located in the section entitled "Reconciliations of GAAP
to non-GAAP Measures."
Editor's Notes:
- Q4 fiscal year 2022 conference call to discuss Cisco's results
along with its guidance will be held on Wednesday, August 17,
2022 at 1:30 p.m. Pacific Time.
Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847
(international).
- Conference call replay will be available from 4:00 p.m. Pacific Time, August 17, 2022 to
4:00 p.m. Pacific Time,
August 24, 2022 at 1-866-517-3736 (United States) or 1-203-369-2047
(international). The replay will also be available via webcast on
the Cisco Investor Relations website at
https://investor.cisco.com.
- Additional information regarding Cisco's financials, as well as
a webcast of the conference call with visuals designed to guide
participants through the call, will be available at 1:30 p.m. Pacific Time, August 17, 2022.
Text of the conference call's prepared remarks will be available
within 24 hours of completion of the call. The webcast will include
both the prepared remarks and the question-and-answer session. This
information, along with the GAAP to non-GAAP reconciliation
information, will be available on the Cisco Investor Relations
website at https://investor.cisco.com.
CISCO SYSTEMS,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In millions, except
per-share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
July 30,
2022
|
|
July 31,
2021
|
|
July 30,
2022
|
|
July 31,
2021
|
REVENUE:
|
|
|
|
|
|
|
|
Product
|
$
9,688
|
|
$
9,716
|
|
$ 38,018
|
|
$
36,014
|
Service
|
3,414
|
|
3,410
|
|
13,539
|
|
13,804
|
Total
revenue
|
13,102
|
|
13,126
|
|
51,557
|
|
49,818
|
COST OF SALES:
|
|
|
|
|
|
|
|
Product
|
3,966
|
|
3,628
|
|
14,814
|
|
13,300
|
Service
|
1,111
|
|
1,154
|
|
4,495
|
|
4,624
|
Total cost of
sales
|
5,077
|
|
4,782
|
|
19,309
|
|
17,924
|
GROSS MARGIN
|
8,025
|
|
8,344
|
|
32,248
|
|
31,894
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
Research and
development
|
1,682
|
|
1,713
|
|
6,774
|
|
6,549
|
Sales and
marketing
|
2,349
|
|
2,448
|
|
9,085
|
|
9,259
|
General and
administrative
|
489
|
|
521
|
|
2,101
|
|
2,152
|
Amortization of
purchased intangible assets
|
73
|
|
79
|
|
313
|
|
215
|
Restructuring and
other charges
|
(2)
|
|
8
|
|
6
|
|
886
|
Total operating
expenses
|
4,591
|
|
4,769
|
|
18,279
|
|
19,061
|
OPERATING INCOME
|
3,434
|
|
3,575
|
|
13,969
|
|
12,833
|
Interest
income
|
129
|
|
130
|
|
476
|
|
618
|
Interest
expense
|
(93)
|
|
(98)
|
|
(360)
|
|
(434)
|
Other income (loss),
net
|
(54)
|
|
128
|
|
392
|
|
245
|
Interest and other
income (loss), net
|
(18)
|
|
160
|
|
508
|
|
429
|
INCOME BEFORE PROVISION FOR INCOME
TAXES
|
3,416
|
|
3,735
|
|
14,477
|
|
13,262
|
Provision for income
taxes
|
601
|
|
726
|
|
2,665
|
|
2,671
|
NET INCOME
|
$
2,815
|
|
$
3,009
|
|
$ 11,812
|
|
$
10,591
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
$
0.68
|
|
$
0.71
|
|
$
2.83
|
|
$
2.51
|
Diluted
|
$
0.68
|
|
$
0.71
|
|
$
2.82
|
|
$
2.50
|
Shares used in
per-share calculation:
|
|
|
|
|
|
|
|
Basic
|
4,128
|
|
4,216
|
|
4,170
|
|
4,222
|
Diluted
|
4,137
|
|
4,238
|
|
4,192
|
|
4,236
|
CISCO SYSTEMS,
INC.
|
REVENUE BY
SEGMENT
|
(In millions, except
percentages)
|
|
|
|
July 30,
2022
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
|
Amount
|
|
Y/Y%
|
|
Amount
|
|
Y/Y%
|
Revenue:
|
|
|
|
|
|
|
|
|
Americas
|
|
$
7,470
|
|
(3) %
|
|
$
29,814
|
|
2 %
|
EMEA
|
|
3,577
|
|
8 %
|
|
13,715
|
|
6 %
|
APJC
|
|
2,055
|
|
(2) %
|
|
8,027
|
|
4 %
|
Total
|
|
$
13,102
|
|
— %
|
|
$
51,557
|
|
3 %
|
|
Amounts may not sum and
percentages may not recalculate due to rounding.
|
CISCO SYSTEMS,
INC.
|
GROSS MARGIN
PERCENTAGE BY SEGMENT
|
(In
percentages)
|
|
|
|
July 30,
2022
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
Gross Margin Percentage:
|
|
|
|
|
Americas
|
|
62.6 %
|
|
64.1 %
|
EMEA
|
|
64.4 %
|
|
65.4 %
|
APJC
|
|
63.6 %
|
|
65.3 %
|
CISCO SYSTEMS,
INC.
|
REVENUE FOR GROUPS
OF SIMILAR PRODUCTS AND SERVICES
|
(In millions, except
percentages)
|
|
|
|
July 30,
2022
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
|
Amount
|
|
Y/Y %
|
|
Amount
|
|
Y/Y %
|
Revenue:
|
|
|
|
|
|
|
|
|
Secure, Agile
Networks
|
|
$
6,094
|
|
(1) %
|
|
$
23,829
|
|
5 %
|
Internet for the
Future
|
|
1,257
|
|
(10) %
|
|
5,278
|
|
17 %
|
Collaboration
|
|
1,164
|
|
2 %
|
|
4,472
|
|
(5) %
|
End-to-End
Security
|
|
984
|
|
20 %
|
|
3,699
|
|
9 %
|
Optimized Application
Experiences
|
|
185
|
|
8 %
|
|
729
|
|
11 %
|
Other
Products
|
|
3
|
|
(22) %
|
|
11
|
|
(29) %
|
Total
Product
|
|
9,688
|
|
— %
|
|
38,018
|
|
6 %
|
Services
|
|
3,414
|
|
— %
|
|
13,539
|
|
(2) %
|
Total
|
|
$
13,102
|
|
— %
|
|
$
51,557
|
|
3 %
|
|
Amounts may not sum and
percentages may not recalculate due to rounding.
|
CISCO SYSTEMS,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
(Unaudited)
|
|
|
July 30,
2022
|
|
July 31,
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
7,079
|
|
$
9,175
|
Investments
|
12,188
|
|
15,343
|
Accounts receivable,
net of allowance
of $83 at
July 30, 2022 and $109 at July 31, 2021
|
6,622
|
|
5,766
|
Inventories
|
2,568
|
|
1,559
|
Financing receivables,
net
|
3,905
|
|
4,380
|
Other current
assets
|
4,355
|
|
2,889
|
Total current
assets
|
36,717
|
|
39,112
|
Property and equipment,
net
|
1,997
|
|
2,338
|
Financing receivables,
net
|
4,009
|
|
4,884
|
Goodwill
|
38,304
|
|
38,168
|
Purchased intangible
assets, net
|
2,569
|
|
3,619
|
Deferred tax
assets
|
4,449
|
|
4,360
|
Other assets
|
5,957
|
|
5,016
|
TOTAL ASSETS
|
$
94,002
|
|
$
97,497
|
LIABILITIES AND EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
1,099
|
|
$
2,508
|
Accounts
payable
|
2,281
|
|
2,362
|
Income taxes
payable
|
961
|
|
801
|
Accrued
compensation
|
3,316
|
|
3,818
|
Deferred
revenue
|
12,784
|
|
12,148
|
Other current
liabilities
|
5,199
|
|
4,620
|
Total current
liabilities
|
25,640
|
|
26,257
|
Long-term
debt
|
8,416
|
|
9,018
|
Income taxes
payable
|
7,725
|
|
8,538
|
Deferred
revenue
|
10,480
|
|
10,016
|
Other long-term
liabilities
|
1,968
|
|
2,393
|
Total
liabilities
|
54,229
|
|
56,222
|
Total equity
|
39,773
|
|
41,275
|
TOTAL LIABILITIES AND EQUITY
|
$
94,002
|
|
$
97,497
|
CISCO SYSTEMS,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
Fiscal Year
Ended
|
|
July 30,
2022
|
|
July 31,
2021
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$ 11,812
|
|
$ 10,591
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization, and other
|
1,957
|
|
1,862
|
Share-based
compensation expense
|
1,886
|
|
1,761
|
Provision (benefit)
for receivables
|
55
|
|
(6)
|
Deferred income
taxes
|
(309)
|
|
(384)
|
(Gains) losses on
divestitures, investments and other, net
|
(453)
|
|
(354)
|
Change in operating
assets and liabilities, net of effects of acquisitions and
divestitures:
|
|
|
|
Accounts
receivable
|
(1,009)
|
|
(107)
|
Inventories
|
(1,030)
|
|
(244)
|
Financing
receivables
|
1,241
|
|
1,577
|
Other
assets
|
(1,615)
|
|
(797)
|
Accounts
payable
|
(55)
|
|
(53)
|
Income taxes,
net
|
(690)
|
|
(549)
|
Accrued
compensation
|
(427)
|
|
643
|
Deferred
revenue
|
1,328
|
|
1,560
|
Other
liabilities
|
535
|
|
(46)
|
Net cash provided by
operating activities
|
13,226
|
|
15,454
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
investments
|
(6,070)
|
|
(9,328)
|
Proceeds from sales of
investments
|
2,660
|
|
3,373
|
Proceeds from
maturities of investments
|
5,686
|
|
8,409
|
Acquisitions, net of
cash and cash equivalents acquired and divestitures
|
(373)
|
|
(7,038)
|
Purchases of
investments in privately held companies
|
(186)
|
|
(175)
|
Return of investments
in privately held companies
|
237
|
|
194
|
Acquisition of
property and equipment
|
(477)
|
|
(692)
|
Proceeds from sales of
property and equipment
|
91
|
|
28
|
Other
|
(15)
|
|
(56)
|
Net cash provided by
(used in) investing activities
|
1,553
|
|
(5,285)
|
Cash flows from
financing activities:
|
|
|
|
Issuances of common
stock
|
660
|
|
643
|
Repurchases of common
stock - repurchase program
|
(7,689)
|
|
(2,877)
|
Shares repurchased for
tax withholdings on vesting of restricted stock units
|
(692)
|
|
(636)
|
Short-term borrowings,
original maturities of 90 days or less, net
|
606
|
|
(5)
|
Issuances of
debt
|
1,049
|
|
—
|
Repayments of
debt
|
(3,550)
|
|
(3,000)
|
Dividends
paid
|
(6,224)
|
|
(6,163)
|
Other
|
(302)
|
|
(1)
|
Net cash used in
financing activities
|
(16,142)
|
|
(12,039)
|
Net decrease in cash,
cash equivalents, restricted cash and restricted cash
equivalents
|
(1,363)
|
|
(1,870)
|
Cash, cash equivalents,
restricted cash and restricted cash equivalents, beginning of
fiscal year
|
9,942
|
|
11,812
|
Cash, cash equivalents,
restricted cash and restricted cash equivalents, end of fiscal
year
|
$
8,579
|
|
$
9,942
|
|
|
|
|
Supplemental cash flow
information:
|
|
|
|
Cash paid for
interest
|
$
355
|
|
$
438
|
Cash paid for income
taxes, net
|
$
3,663
|
|
$
3,604
|
CISCO SYSTEMS,
INC.
|
REMAINING
PERFORMANCE OBLIGATIONS
|
(In millions, except
percentages)
|
|
|
July 30,
2022
|
|
April 30,
2022
|
|
July 31,
2021
|
|
Amount
|
|
Y/Y %
|
|
Amount
|
|
Y/Y %
|
|
Amount
|
|
Y/Y %
|
Product
|
$
14,090
|
|
6 %
|
|
$
13,416
|
|
13 %
|
|
$
13,270
|
|
18 %
|
Service
|
17,449
|
|
(1) %
|
|
16,789
|
|
3 %
|
|
17,623
|
|
3 %
|
Total
|
$
31,539
|
|
2 %
|
|
$
30,205
|
|
7 %
|
|
$
30,893
|
|
9 %
|
|
We expect 54% of total
RPO at July 30, 2022 will be recognized as revenue over the
next 12 months.
|
CISCO SYSTEMS,
INC.
|
DEFERRED
REVENUE
|
(In
millions)
|
|
|
July 30,
2022
|
|
April 30,
2022
|
|
July 31,
2021
|
Deferred
revenue:
|
|
|
|
|
|
Product
|
$
10,427
|
|
$
9,835
|
|
$
9,416
|
Service
|
12,837
|
|
12,458
|
|
12,748
|
Total
|
$
23,264
|
|
$
22,293
|
|
$
22,164
|
Reported as:
|
|
|
|
|
|
Current
|
$
12,784
|
|
$
12,249
|
|
$
12,148
|
Noncurrent
|
10,480
|
|
10,044
|
|
10,016
|
Total
|
$
23,264
|
|
$
22,293
|
|
$
22,164
|
CISCO SYSTEMS,
INC.
|
DIVIDENDS PAID AND
REPURCHASES OF COMMON STOCK
|
(In millions, except
per-share amounts)
|
|
|
|
DIVIDENDS
|
|
STOCK REPURCHASE
PROGRAM
|
|
TOTAL
|
Quarter Ended
|
|
Per Share
|
|
Amount
|
|
Shares
|
|
Weighted-
Average Price
per Share
|
|
Amount
|
|
Amount
|
Fiscal 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
July 30,
2022
|
|
$
0.38
|
|
$
1,567
|
|
54
|
|
$
44.02
|
|
$
2,402
|
|
$
3,969
|
April 30,
2022
|
|
$
0.38
|
|
$
1,555
|
|
5
|
|
$
54.20
|
|
$
252
|
|
$
1,807
|
January 29,
2022
|
|
$
0.37
|
|
$
1,541
|
|
82
|
|
$
58.36
|
|
$
4,824
|
|
$
6,365
|
October 30,
2021
|
|
$
0.37
|
|
$
1,561
|
|
5
|
|
$
56.49
|
|
$
256
|
|
$
1,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31,
2021
|
|
$
0.37
|
|
$
1,562
|
|
15
|
|
$
53.30
|
|
$
791
|
|
$
2,353
|
May 1, 2021
|
|
$
0.37
|
|
$
1,560
|
|
10
|
|
$
48.71
|
|
$
510
|
|
$
2,070
|
January 23,
2021
|
|
$
0.36
|
|
$
1,521
|
|
19
|
|
$
42.82
|
|
$
801
|
|
$
2,322
|
October 24,
2020
|
|
$
0.36
|
|
$
1,520
|
|
20
|
|
$
40.44
|
|
$
800
|
|
$
2,320
|
CISCO SYSTEMS,
INC.
|
RECONCILIATIONS OF GAAP TO NON-GAAP
MEASURES
|
|
GAAP TO NON-GAAP NET
INCOME
|
(In
millions)
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
July 30,
2022
|
|
July 31,
2021
|
|
July 30,
2022
|
|
July 31,
2021
|
GAAP net
income
|
$
2,815
|
|
$
3,009
|
|
$ 11,812
|
|
$ 10,591
|
Adjustments to cost of
sales:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
78
|
|
67
|
|
311
|
|
275
|
Amortization of
acquisition-related intangible assets
|
162
|
|
199
|
|
733
|
|
698
|
Acquisition-related/divestiture costs
|
24
|
|
1
|
|
27
|
|
4
|
Russia-Ukraine war
costs
|
2
|
|
—
|
|
7
|
|
—
|
Legal and
indemnification settlements/charges
|
—
|
|
—
|
|
—
|
|
43
|
Total adjustments to
GAAP cost of sales
|
266
|
|
267
|
|
1,078
|
|
1,020
|
Adjustments to
operating expenses:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
401
|
|
357
|
|
1,574
|
|
1,460
|
Amortization of
acquisition-related intangible assets
|
73
|
|
79
|
|
328
|
|
215
|
Acquisition-related/divestiture costs
|
45
|
|
109
|
|
306
|
|
288
|
Russia-Ukraine war
costs
|
22
|
|
—
|
|
84
|
|
—
|
Significant asset
impairments and restructurings
|
(2)
|
|
8
|
|
6
|
|
886
|
Total adjustments to
GAAP operating expenses
|
539
|
|
553
|
|
2,298
|
|
2,849
|
Adjustments to
interest and other income (loss), net:
|
|
|
|
|
|
|
|
Acquisition-related/divestiture costs
|
—
|
|
—
|
|
—
|
|
4
|
(Gains) and losses on
equity investments
|
—
|
|
(154)
|
|
(478)
|
|
(285)
|
Total adjustments to
GAAP interest and other income (loss), net
|
—
|
|
(154)
|
|
(478)
|
|
(281)
|
Total adjustments to
GAAP income before provision for income taxes
|
805
|
|
666
|
|
2,898
|
|
3,588
|
Income tax effect of
non-GAAP adjustments
|
(181)
|
|
(199)
|
|
(616)
|
|
(702)
|
Significant tax
matters
|
—
|
|
76
|
|
—
|
|
159
|
Total adjustments to
GAAP provision for income taxes
|
(181)
|
|
(123)
|
|
(616)
|
|
(543)
|
Non-GAAP net
income
|
$
3,439
|
|
$
3,552
|
|
$ 14,094
|
|
$ 13,636
|
CISCO SYSTEMS,
INC.
|
RECONCILIATIONS OF GAAP TO NON-GAAP
MEASURES
|
|
GAAP TO NON-GAAP
EPS
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
July 30,
2022
|
|
July 31,
2021
|
|
July 30,
2022
|
|
July 31,
2021
|
GAAP EPS
|
$
0.68
|
|
$
0.71
|
|
$
2.82
|
|
$
2.50
|
Adjustments to
GAAP:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
0.12
|
|
0.10
|
|
0.45
|
|
0.41
|
Amortization of
acquisition-related intangible assets
|
0.06
|
|
0.07
|
|
0.25
|
|
0.22
|
Acquisition-related/divestiture costs
|
0.02
|
|
0.03
|
|
0.08
|
|
0.07
|
Russia-Ukraine war
costs
|
0.01
|
|
—
|
|
0.02
|
|
—
|
Legal and
indemnification settlements/charges
|
—
|
|
—
|
|
—
|
|
0.01
|
Significant asset
impairments and restructurings
|
—
|
|
—
|
|
—
|
|
0.21
|
(Gains) and losses on
equity investments
|
—
|
|
(0.04)
|
|
(0.11)
|
|
(0.07)
|
Income tax effect of
non-GAAP adjustments
|
(0.04)
|
|
(0.05)
|
|
(0.15)
|
|
(0.17)
|
Significant tax
matters
|
—
|
|
0.02
|
|
—
|
|
0.04
|
Non-GAAP EPS
|
$
0.83
|
|
$
0.84
|
|
$
3.36
|
|
$
3.22
|
|
Amounts may not sum due
to rounding.
|
CISCO SYSTEMS,
INC.
|
RECONCILIATIONS OF GAAP TO NON-GAAP
MEASURES
|
|
GROSS MARGINS,
OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME
(LOSS), NET, AND NET INCOME
|
(In millions, except
percentages)
|
|
|
Three Months
Ended
|
|
July 30,
2022
|
|
Product
Gross
Margin
|
|
Service
Gross
Margin
|
|
Total
Gross
Margin
|
|
Operating
Expenses
|
|
Y/Y
|
|
Operating
Income
|
|
Y/Y
|
|
Interest
and
other
income
(loss),
net
|
|
Net
Income
|
|
Y/Y
|
GAAP amount
|
$ 5,722
|
|
$ 2,303
|
|
$ 8,025
|
|
$ 4,591
|
|
(4) %
|
|
$ 3,434
|
|
(4) %
|
|
$
(18)
|
|
$ 2,815
|
|
(6) %
|
% of revenue
|
59.1 %
|
|
67.5 %
|
|
61.3 %
|
|
35.0 %
|
|
|
|
26.2 %
|
|
|
|
(0.1) %
|
|
21.5 %
|
|
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expense
|
28
|
|
50
|
|
78
|
|
401
|
|
|
|
479
|
|
|
|
—
|
|
479
|
|
|
Amortization of
acquisition-
related intangible assets
|
162
|
|
—
|
|
162
|
|
73
|
|
|
|
235
|
|
|
|
—
|
|
235
|
|
|
Acquisition/divestiture-related
costs
|
24
|
|
—
|
|
24
|
|
45
|
|
|
|
69
|
|
|
|
—
|
|
69
|
|
|
Russia-Ukraine war
costs
|
—
|
|
2
|
|
2
|
|
22
|
|
|
|
24
|
|
|
|
—
|
|
24
|
|
|
Significant asset
impairments
and restructurings
|
—
|
|
—
|
|
—
|
|
(2)
|
|
|
|
(2)
|
|
|
|
—
|
|
(2)
|
|
|
(Gains) and losses on
equity
investments
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
Income tax
effect/significant tax
matters
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
(181)
|
|
|
Non-GAAP
amount
|
$ 5,936
|
|
$ 2,355
|
|
$ 8,291
|
|
$ 4,052
|
|
(4) %
|
|
$ 4,239
|
|
(4) %
|
|
$
(18)
|
|
$ 3,439
|
|
(3) %
|
% of revenue
|
61.3 %
|
|
69.0 %
|
|
63.3 %
|
|
30.9 %
|
|
|
|
32.4 %
|
|
|
|
(0.1) %
|
|
26.2 %
|
|
|
|
Three Months
Ended
|
|
July 31,
2021
|
|
Product
Gross
Margin
|
|
Service
Gross
Margin
|
|
Total
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Income
|
|
Interest
and
other
income
(loss),
net
|
|
Net
Income
|
GAAP amount
|
$ 6,088
|
|
$ 2,256
|
|
$ 8,344
|
|
$ 4,769
|
|
$ 3,575
|
|
$ 160
|
|
$ 3,009
|
% of revenue
|
62.7 %
|
|
66.2 %
|
|
63.6 %
|
|
36.3 %
|
|
27.2 %
|
|
1.2 %
|
|
22.9 %
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
24
|
|
43
|
|
67
|
|
357
|
|
424
|
|
—
|
|
424
|
Amortization of
acquisition-related intangible assets
|
199
|
|
—
|
|
199
|
|
79
|
|
278
|
|
—
|
|
278
|
Acquisition/divestiture-related costs
|
1
|
|
—
|
|
1
|
|
109
|
|
110
|
|
—
|
|
110
|
Significant asset
impairments and restructurings
|
—
|
|
—
|
|
—
|
|
8
|
|
8
|
|
—
|
|
8
|
(Gains) and losses on
equity investments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(154)
|
|
(154)
|
Income tax
effect/significant tax matters
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(123)
|
Non-GAAP
amount
|
$ 6,312
|
|
$ 2,299
|
|
$ 8,611
|
|
$ 4,216
|
|
$ 4,395
|
|
$ 6
|
|
$ 3,552
|
% of revenue
|
65.0 %
|
|
67.4 %
|
|
65.6 %
|
|
32.1 %
|
|
33.5 %
|
|
— %
|
|
27.1 %
|
|
Amounts may not sum and
percentages may not recalculate due to rounding.
|
CISCO SYSTEMS,
INC.
|
RECONCILIATIONS OF GAAP TO NON-GAAP
MEASURES
|
|
GROSS MARGINS,
OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME
(LOSS), NET, AND NET INCOME
|
(In millions, except
percentages)
|
|
|
Fiscal Year
Ended
|
|
July 30,
2022
|
|
Product
Gross
Margin
|
|
Service
Gross
Margin
|
|
Total
Gross
Margin
|
|
Operating
Expenses
|
|
Y/Y
|
|
Operating
Income
|
|
Y/Y
|
|
Interest
and
other
income
(loss),
net
|
|
Net
Income
|
|
Y/Y
|
GAAP amount
|
$ 23,204
|
|
$ 9,044
|
|
$ 32,248
|
|
$ 18,279
|
|
(4) %
|
|
$ 13,969
|
|
9 %
|
|
$ 508
|
|
$ 11,812
|
|
12 %
|
% of revenue
|
61.0 %
|
|
66.8 %
|
|
62.5 %
|
|
35.5 %
|
|
|
|
27.1 %
|
|
|
|
1.0 %
|
|
22.9 %
|
|
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expense
|
112
|
|
199
|
|
311
|
|
1,574
|
|
|
|
1,885
|
|
|
|
—
|
|
1,885
|
|
|
Amortization of
acquisition-
related intangible assets
|
733
|
|
—
|
|
733
|
|
328
|
|
|
|
1,061
|
|
|
|
—
|
|
1,061
|
|
|
Acquisition/divestiture-related
costs
|
27
|
|
—
|
|
27
|
|
306
|
|
|
|
333
|
|
|
|
—
|
|
333
|
|
|
Russia-Ukraine war
costs
|
4
|
|
3
|
|
7
|
|
84
|
|
|
|
91
|
|
|
|
—
|
|
91
|
|
|
Significant asset
impairments and
restructurings
|
—
|
|
—
|
|
—
|
|
6
|
|
|
|
6
|
|
|
|
—
|
|
6
|
|
|
(Gains) and losses on
equity
investments
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
(478)
|
|
(478)
|
|
|
Income tax
effect/significant tax
matters
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
(616)
|
|
|
Non-GAAP
amount
|
$ 24,080
|
|
$ 9,246
|
|
$ 33,326
|
|
$ 15,981
|
|
(1) %
|
|
$ 17,345
|
|
4 %
|
|
$
30
|
|
$ 14,094
|
|
3 %
|
% of revenue
|
63.3 %
|
|
68.3 %
|
|
64.6 %
|
|
31.0 %
|
|
|
|
33.6 %
|
|
|
|
0.1 %
|
|
27.3 %
|
|
|
|
Fiscal Year
Ended
|
|
July 31,
2021
|
|
Product
Gross
Margin
|
|
Service
Gross
Margin
|
|
Total
Gross
Margin
|
|
Operating
Expenses
|
|
Operating
Income
|
|
Interest
and
other
income
(loss),
net
|
|
Net
Income
|
GAAP amount
|
$ 22,714
|
|
$ 9,180
|
|
$ 31,894
|
|
$ 19,061
|
|
$ 12,833
|
|
$ 429
|
|
$ 10,591
|
% of revenue
|
63.1 %
|
|
66.5 %
|
|
64.0 %
|
|
38.3 %
|
|
25.8 %
|
|
0.9 %
|
|
21.3 %
|
Adjustments to GAAP
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
99
|
|
176
|
|
275
|
|
1,460
|
|
1,735
|
|
—
|
|
1,735
|
Amortization of
acquisition-related intangible assets
|
698
|
|
—
|
|
698
|
|
215
|
|
913
|
|
—
|
|
913
|
Acquisition/divestiture-related costs
|
3
|
|
1
|
|
4
|
|
288
|
|
292
|
|
4
|
|
296
|
Legal and
indemnification settlements/charges
|
43
|
|
—
|
|
43
|
|
—
|
|
43
|
|
—
|
|
43
|
Significant asset
impairments and restructurings
|
—
|
|
—
|
|
—
|
|
886
|
|
886
|
|
—
|
|
886
|
(Gains) and losses on
equity investments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(285)
|
|
(285)
|
Income tax
effect/significant tax matters
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(543)
|
Non-GAAP
amount
|
$ 23,557
|
|
$ 9,357
|
|
$ 32,914
|
|
$ 16,212
|
|
$ 16,702
|
|
$ 148
|
|
$ 13,636
|
% of revenue
|
65.4 %
|
|
67.8 %
|
|
66.1 %
|
|
32.5 %
|
|
33.5 %
|
|
0.3 %
|
|
27.4 %
|
|
Amounts may not sum and
percentages may not recalculate due to rounding.
|
CISCO SYSTEMS,
INC.
|
RECONCILIATIONS OF GAAP TO NON-GAAP
MEASURES
|
|
EFFECTIVE TAX
RATE
|
(In
percentages)
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
July 30,
2022
|
|
July 31,
2021
|
|
July 30,
2022
|
|
July 31,
2021
|
GAAP effective tax
rate
|
17.6 %
|
|
19.4 %
|
|
18.4 %
|
|
20.1 %
|
Total adjustments to
GAAP provision for income taxes
|
0.9 %
|
|
(0.1) %
|
|
0.5 %
|
|
(1.0) %
|
Non-GAAP effective tax
rate
|
18.5 %
|
|
19.3 %
|
|
18.9 %
|
|
19.1 %
|
GAAP TO NON-GAAP
GUIDANCE
|
|
Q1 FY 2023
|
|
Gross Margin
Rate
|
|
Operating Margin
Rate
|
|
Earnings per
Share (1)
|
GAAP
|
|
61% - 62%
|
|
25.5% -
26.5%
|
|
$0.64 -
$0.68
|
Estimated adjustments
for:
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
1.0 %
|
|
4.0 %
|
|
$0.10 -
$0.11
|
Amortization of
acquisition-related intangible assets and
acquisition/divestiture-related costs
|
|
1.0 %
|
|
2.0 %
|
|
$0.06 -
$0.07
|
Non-GAAP
|
|
63% - 64%
|
|
31.5% -
32.5%
|
|
$0.82 -
$0.84
|
|
|
|
|
|
|
|
FY 2023
|
|
Earnings per
Share (1)
|
GAAP
|
|
$2.77 -
$2.88
|
Estimated adjustments
for:
|
|
|
Share-based
compensation expense
|
|
$0.46 -
$0.48
|
Amortization of
acquisition-related intangible assets and
acquisition/divestiture-related costs
|
|
$0.22 -
$0.24
|
Non-GAAP
|
|
$3.49 -
$3.56
|
|
|
|
|
(1)
Estimated adjustments to GAAP earnings per share are shown after
income tax effects.
|
Except as noted above, this guidance does not include the
effects of any future acquisitions/divestitures, asset impairments,
Russia-Ukraine war costs, restructurings, (gains) and
losses on equity investments and significant tax matters or other
events, which may or may not be significant unless specifically
stated.
Forward Looking Statements, Non-GAAP Information and
Additional Information
This release may be deemed to contain
forward-looking statements, which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, among other things,
statements regarding future events (such as our ability to execute
in an incredibly dynamic environment, the success of numerous
initiatives we have taken to reduce the impact of the global supply
situation, the success of our strategy and confidence in our
long-term growth, the fundamental drivers across our business being
strong, strong demand for our innovation and the solutions we bring
to our customers as they accelerate their digital transformation
resulting in record backlogs, continued progress on our business
model transformation shifting to more software and subscriptions,
and our commitment to returning excess capital to our shareholders
and confidence in our ongoing cash flows) and the future financial
performance of Cisco (including the guidance for Q1 FY 2023 and
full year FY 2023) that involve risks and uncertainties. Readers
are cautioned that these forward-looking statements are only
predictions and may differ materially from actual future events or
results due to a variety of factors, including: the impact of the
COVID-19 pandemic and related public health measures; business and
economic conditions and growth trends in the networking industry,
our customer markets and various geographic regions; global
economic conditions and uncertainties in the geopolitical
environment; overall information technology spending; the growth
and evolution of the Internet and levels of capital spending on
Internet-based systems; variations in customer demand for products
and services, including sales to the service provider market and
other customer markets; the return on our investments in certain
priorities, key growth areas, and in certain geographical
locations, as well as maintaining leadership in Secure, Agile
Networks and services; the timing of orders and manufacturing and
customer lead times; significant supply constraints; changes in
customer order patterns or customer mix; insufficient, excess or
obsolete inventory; variability of component costs; variations in
sales channels, product costs or mix of products sold; our ability
to successfully acquire businesses and technologies and to
successfully integrate and operate these acquired businesses and
technologies; our ability to achieve expected benefits of our
partnerships; increased competition in our product and service
markets, including the data center market; dependence on the
introduction and market acceptance of new product offerings and
standards; rapid technological and market change; manufacturing and
sourcing risks; product defects and returns; litigation involving
patents, other intellectual property, antitrust, stockholder and
other matters, and governmental investigations; our ability to
achieve the benefits of restructurings and possible changes in the
size and timing of related charges; cyber-attacks, data breaches or
malware; vulnerabilities and critical security defects; terrorism;
natural catastrophic events (including as a result of global
climate change); any other pandemic or epidemic; our ability to
achieve the benefits anticipated from our investments in sales,
engineering, service, marketing and manufacturing activities; our
ability to recruit and retain key personnel; our ability to manage
financial risk, and to manage expenses during economic downturns;
risks related to the global nature of our operations, including our
operations in emerging markets; currency fluctuations and other
international factors; changes in provision for income taxes,
including changes in tax laws and regulations or adverse outcomes
resulting from examinations of our income tax returns; potential
volatility in operating results; and other factors listed in
Cisco's most recent reports on Forms 10-Q and 10-K filed on
May 25, 2022 and September 9,
2021, respectively. The financial information contained in this
release should be read in conjunction with the consolidated
financial statements and notes thereto included in Cisco's most
recent reports on Forms 10-Q and 10-K as each may be amended from
time to time. Cisco's results of operations for the three months
and the year ended July 30, 2022 are not necessarily
indicative of Cisco's operating results for any future periods. Any
projections in this release are based on limited information
currently available to Cisco, which is subject to change. Although
any such projections and the factors influencing them will likely
change, Cisco will not necessarily update the information, since
Cisco will only provide guidance at certain points during the year.
Such information speaks only as of the date of this release.
This release includes non-GAAP net income, non-GAAP gross
margins, non-GAAP operating expenses, non-GAAP operating income and
margin, non-GAAP effective tax rates, non-GAAP interest and other
income (loss), net, and non-GAAP net income per share data for the
periods presented. It also includes future estimated ranges for
gross margin, operating margin, tax provision rate and EPS on a
non-GAAP basis.
These non-GAAP measures are not in accordance with, or an
alternative for, measures prepared in accordance with generally
accepted accounting principles and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules
or principles. Cisco believes that non-GAAP measures have
limitations in that they do not reflect all of the amounts
associated with Cisco's results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate Cisco's results of operations in conjunction with the
corresponding GAAP measures.
Cisco believes that the presentation of non-GAAP measures when
shown in conjunction with the corresponding GAAP measures, provides
useful information to investors and management regarding financial
and business trends relating to its financial condition and its
historical and projected results of operations.
For its internal budgeting process, Cisco's management uses
financial statements that do not include, when applicable,
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, Russia-Ukraine war costs, gains and losses on equity
investments, the income tax effects of the foregoing and
significant tax matters. Cisco's management also uses the foregoing
non-GAAP measures, in addition to the corresponding GAAP measures,
in reviewing the financial results of Cisco. In prior periods,
Cisco has excluded other items that it no longer excludes for
purposes of its non-GAAP financial measures. From time to time in
the future there may be other items that Cisco may exclude for
purposes of its internal budgeting process and in reviewing its
financial results. For additional information on the items excluded
by Cisco from one or more of its non-GAAP financial measures, refer
to the Form 8-K regarding this release furnished today to the
Securities and Exchange Commission.
Annualized Recurring Revenue represents the annualized revenue
run-rate of active subscriptions, term licenses, and maintenance
contracts at the end of a reporting period, net of rebates to
customers and partners as well as certain other revenue
adjustments. Includes both revenue recognized ratably as well as
upfront on an annualized basis.
About Cisco
Cisco (Nasdaq: CSCO) is the worldwide leader in
technology that powers the Internet. Cisco inspires new
possibilities by reimagining your applications, securing your data,
transforming your infrastructure, and empowering your
teams for a global and inclusive future. Discover more at
newsroom.cisco.com and follow us on Twitter at @Cisco.
Copyright © 2022 Cisco and/or its affiliates. All rights
reserved. Cisco and the Cisco logo are trademarks or registered
trademarks of Cisco and/or its affiliates in the U.S. and other
countries. To view a list of Cisco trademarks, go to:
www.cisco.com/go/trademarks. Third-party trademarks mentioned in
this document are the property of their respective owners. The use
of the word partner does not imply a partnership relationship
between Cisco and any other company. This document is Cisco Public
Information.
RSS Feed for
Cisco: https://newsroom.cisco.com/rss-feeds
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cisco-reports-fourth-quarter-and-fiscal-year-2022-earnings-301607968.html
SOURCE Cisco Systems, Inc.