SAN JOSE, Calif., Nov. 12, 2020 /PRNewswire/ -- Cisco today reported first quarter results for the period ended October 24, 2020. Product revenue was led by growth in Security, up 6%. Operating Expenses --  On a GAAP basis, operating expenses were $5.0 billion, up 3%, and were 42.0% of revenue. --Cisco has scheduled a conference call for Tuesday, February 9, 2021, at 1:30 PM; 4:30 PM to announce its second quarter fiscal year 2021 financial results for … Adjustments to reconcile net income to net cash provided by operating activities: (Gains) losses on divestitures, investments and other, net. In fiscal 2017, we set a three-year goal for 30% of our revenue to come from software, and while we achieved 29% in fiscal 2020, we did achieve 31% in the fourth quarter. REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES, Accounts receivable, net of allowance for doubtful accounts of $125 at October 24, 2020 and $143 at July 25, 2020. All rights reserved. Please credit us with the following information: Used with the permission of https://thenetwork.cisco.com/. Background We recognized $602 million of these charges during the first quarter of fiscal 2021. Q1FY 2021 – July 26, 2020 – October 24, 2020 Q2FY 2021 – October 25, 2020 – January 23, 2021 Amounts may not sum and percentages may not recalculate due to rounding. ", "Our Q1 results reflect good execution with strong margins in a challenging environment," said Kelly Kramer, CFO of Cisco. The Cisco … Forward Looking Statements, Non-GAAP Information and Additional Information. cisco fiscal year calendar 2021, Perfectly, almost all calendars fit into 3 types: lunar, solar, and lunisolar. Cisco Confidential 12 Q1 FY 2021 GAAP Income Statement Highlights $M (except per-share amounts and percentages) Q1 FY 2020 Q4 FY 2020 Q1 FY 2021 Revenue $13,159 $12,154 $11,929 Year/Year Change Product Service 1% $9,878 $3,281 (9%) $8,832 $3,322 (9%) $8,587 $3,342 Gross Margin 64.3% 63.2% 63.6% Cisco Confidential 11 Q2 FY 2021 GAAP Income Statement Highlights $M (except per-share amounts and percentages) Q2 FY 2020 Q1 FY 2021 Q2 FY 2021 Revenue $12,005 $11,929 $11,960 Year/Year Change Product Service (4%) $8,671 $3,334 (9%) $8,587 $3,342 0% $8,572 $3,388 Gross Margin 64.7% 63.6% 65.1% Capital Allocation -- In the first quarter of fiscal 2021, we returned $2.3 billion to shareholders through share buybacks and dividends. Non-GAAP operating income was $3.9 billion, down 12%, with non-GAAP operating margin at 32.7%. https://newsroom.cisco.com/press-release-content?articleId=2139022 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. Non-GAAP operating expenses were $4.0 billion, down 7%, and were 33.1% of revenue. Naturally, most people do not work with the ancient Mayan calendar, plus the environment didn’t All rights reserved. We declared and paid a cash dividend of $0.36 per common share, or $1.5 billion, and repurchased approximately 20 million shares of common stock under our stock repurchase program at an average price of $40.44 per share for an aggregate purchase price of $800 million. One can find dozens of several calendars, a few of which build off of each other and are also incredibly identical. Infrastructure Platforms was down 16% and Applications was down 8%. 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 report on Form 10-K as it may be amended from time to time. Cisco's results of operations for the three months ended October 24, 2020 are not necessarily indicative of Cisco's operating results for any future periods. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. "Cisco is off to a solid start in fiscal 2021 and we are encouraged by the signs of improvement in our business as we continue to navigate the pandemic and other macro uncertainties," said Chuck Robbins, chairman and CEO of Cisco. The fiscal year 2021 consensus earnings-per-share (EPS) estimate is $3.22, and my estimate keeping stock compensation as a real expense is $2.65. On a non-GAAP basis, net income was $3.2 billion, a decrease of 11%, and EPS was $0.76, a decrease of 10%. 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. The replay will also be available via webcast on the Cisco Investor Relations website at, 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, November 12, 2020. The remaining authorized amount for stock repurchases under the program is $10.0 billion with no termination date. The Cisco Foundation today committed to spending $100 million over 10 years on grants and investments that slow the effects of climate change.. Deferred service revenue was up 7%. Herren’s appointment is the latest in. Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, asset impairments, restructurings and significant tax matters or other events, which may or may not be significant unless specifically stated. Conference call replay will be available from 4:00 p.m. Pacific Time, November 12, 2020 to 4:00 p.m. Pacific Time, November 19, 2020 at 1-800-879-5193 (United States) or 1-203-369-3562 (international). ENVIRONMENTAL PROTECTION AGENCY FISCAL YEAR 2022 BUDGET A. 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. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. Text of the conference call's prepared remarks will be available within 24 hours of completion of the call. Net Income and EPS -- On a GAAP basis, net income was $2.2 billion, a decrease of 26%, and EPS was $0.51, a decrease of 25%. ", Amortization of purchased intangible assets. Third-party trademarks mentioned in this document are the property of their respective owners. The non-GAAP tax provision rate was 19.0%. 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; 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 routing, switching and services; the timing of orders and manufacturing and customer lead times; 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, intellectual property, antitrust, shareholder and other matters, and governmental investigations; our ability to achieve the benefits of the announced restructuring and possible changes in the size and timing of the related charges; cyber-attacks, data breaches or malware; vulnerabilities and critical security defects; terrorism; natural catastrophic events; 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 report on Form 10-K filed on September 3, 2020. Cisco's management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. (2) Estimated adjustments to GAAP earnings per share are shown after income tax effects. How nonprofit ZOA uses Cisco Meraki to connect remote offices and help those in need, Talking sustainability with Cisco's Fran Katsoudas, Swisscom Prepares for the Digital Future with Innovative Cisco IP Network, Cisco Commits $100 Million to Help Address Climate Crisis, SFR Strengthens Its Network with Cisco to Help Businesses Accelerate Digitization in France, Cisco Launches Digitization Program in South Korea to Accelerate Digital Transformation and Support Inclusive Pandemic Recovery, Cisco Reports Second Quarter FY21 Earnings, Cisco to Host 2020 Annual Meeting of Shareholders, Cisco Schedules Conference Call for Q2FY21 Financial Results, Cisco Appoints R. Scott Herren Executive Vice President & CFO. ", 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. © 2021 Cisco and/or its affiliates. SAN JOSE, Calif., Oct. 29, 2020 /PRNewswire/ -- Cisco has scheduled a conference call for Thursday, November 12, 2020, at 1:30 PM (PT); 4:30 PM (ET) to announce its first quarter fiscal year 2021 financial results for the period ending Saturday, October 24, 2020. 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. 2021 2022 2023; Revenue: 49,311 51,319 52,575 Dividend: 1.44 1.49 1.56 Dividend Yield (in %) "We continued to transform our business through more software offerings and subscriptions, driving 10% year over year growth in remaining performance obligations. 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