Technology

CISCO REPORTS SECOND QUARTER EARNINGS

Published

7 months ago

February 14, 2024

SAN JOSE, Calif., Feb. 14, 2024 /PRNewswire/ —

News Summary:

$12.8 billion in revenue, down 6% year over year; GAAP EPS $0.65, down 3% year over year, and Non-GAAP EPS $0.87, down 1% year over year

Revenue growth in security, collaboration and observabilityProgress on business model transformation in Q2 FY 2024:Total software revenue was flat year over year and software subscription revenue up 5% year over yearTotal annualized recurring revenue (ARR) at $24.7 billion, up 6% year over year and product ARR up 9% year over yearRemaining performance obligations (RPO) at $35.7 billion, up 12% year over year and product RPO up 12% year over yearDividend increased by 3% to $0.40 per shareQ2 FY 2024 Results:Revenue: $12.8 billionDecrease of 6% year over yearEarnings per Share: GAAP: $0.65; Non-GAAP: $0.87GAAP EPS decreased 3% year over yearNon-GAAP EPS decreased 1% year over yearQ3 FY 2024 Guidance: Revenue: $12.1 billion to $12.3 billionEarnings per Share: GAAP: $0.51 to $0.56; Non-GAAP: $0.84 to $0.86FY 2024 Guidance:Revenue: $51.5 billion to $52.5 billionEarnings per Share: GAAP: $2.61 to $2.73; Non-GAAP: $3.68 to $3.74

Cisco today reported second quarter results for the period ended January 27, 2024. Cisco reported second quarter revenue of $12.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.6 billion or $0.65 per share, and non-GAAP net income of $3.5 billion or $0.87 per share.

“We delivered a solid second quarter with strong operating leverage and capital returns,” said Chuck Robbins, chair and CEO of Cisco. “We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations.”

“Focused execution and operating discipline drove our solid top and bottom-line results and strong margins in Q2,” said Scott Herren, CFO of Cisco. “We are making good progress in our business model shift to more recurring revenue while remaining focused on financial discipline, operating leverage and shareholder returns, as evidenced by our increased dividend.”

GAAP Results

Q2 FY 2024

Q2 FY 2023

Vs. Q2 FY 2023

Revenue

$ 12.8 billion

$ 13.6 billion

(6) %

Net Income

$ 2.6 billion

$ 2.8 billion

(5) %

Diluted Earnings per Share (EPS)

$ 0.65

$ 0.67

(3) %

Non-GAAP Results

Q2 FY 2024

Q2 FY 2023

Vs. Q2 FY 2023

Net Income

$ 3.5 billion

$ 3.6 billion

(3) %

EPS

$ 0.87

$ 0.88

(1) %

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.”

Cisco Increases Quarterly Dividend

Cisco has declared a quarterly dividend of $0.40 per common share, a 1-cent increase or up 3%, over the previous quarter’s dividend, to be paid on April 24, 2024, to all stockholders of record as of the close of business on April 4, 2024. Future dividends will be subject to Board approval.

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q2 FY 2024 Highlights

Revenue — Total revenue was $12.8 billion, down 6%, with product revenue down 9% and service revenue up 4%. Revenue by geographic segment was: Americas down 4%, EMEA down 7%, and APJC was down 12%. Product revenue performance reflected growth in Security up 3%, Collaboration up 3% and Observability up 16%. Networking was down 12%.

Gross Margin — On a GAAP basis, total gross margin, product gross margin, and service gross margin were 64.2%, 62.7%, and 68.2%, respectively, as compared with 62.0%, 60.2%, and 67.2%, respectively, in the second quarter of fiscal 2023.

On a non-GAAP basis, total gross margin, product gross margin, and service gross margin were 66.7%, 65.2%, and 70.5%, respectively, as compared with 63.9%, 62.1%, and 69.1%, respectively, in the second quarter of fiscal 2023.

Total gross margins by geographic segment were: 65.7% for the Americas, 68.1% for EMEA and 68.2% for APJC.

Operating Expenses — On a GAAP basis, operating expenses was flat at $5.1 billion, and were 40.0% of revenue. Non-GAAP operating expenses were $4.3 billion, up 1%, and were 33.8% of revenue.

Operating Income — GAAP operating income was $3.1 billion, down 6%, with GAAP operating margin of 24.2%. Non-GAAP operating income was $4.2 billion, down 4%, with non-GAAP operating margin at 33.0%.

Provision for Income Taxes — The GAAP tax provision rate was 16.7%. The non-GAAP tax provision rate was 19.0%.

Net Income and EPS — On a GAAP basis, net income was $2.6 billion, a decrease of 5%, and EPS was $0.65, a decrease of 3%. On a non-GAAP basis, net income was $3.5 billion, a decrease of 3%, and EPS was $0.87, a decrease of 1%.

Cash Flow from Operating Activities — $0.8 billion for the second quarter of fiscal 2024, a decrease of 83% compared with $4.7 billion for the second quarter of fiscal 2023.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments — $25.7 billion at the end of the second quarter of fiscal 2024, compared with $26.1 billion at the end of fiscal 2023.

Remaining Performance Obligations (RPO) — $35.7 billion, up 12% in total, with 50% of this amount to be recognized as revenue over the next 12 months. Product RPO and service RPO were each up 12%.

Deferred Revenue — $25.8 billion, up 8% in total, with deferred product revenue up 9%. Deferred service revenue was up 7%.

Capital Allocation — In the second quarter of fiscal 2024, we returned $2.8 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.39 per common share, or $1.6 billion, and repurchased approximately 25 million shares of common stock under our stock repurchase program at an average price of $49.54 per share for an aggregate purchase price of $1.3 billion. The remaining authorized amount for stock repurchases under the program is $8.4 billion with no termination date.

Guidance

Cisco expects to achieve the following results for the third quarter of fiscal 2024:

Q3 FY 2024

Revenue

$12.1 billion – $12.3 billion

Non-GAAP gross margin rate

66% – 67%

Non-GAAP operating margin rate

33.5% – 34.5%

Non-GAAP EPS

$0.84 – $0.86

Cisco estimates that GAAP EPS will be $0.51 to $0.56 for the third quarter of fiscal 2024.

Cisco expects to achieve the following results for fiscal 2024:

FY 2024

Revenue

$51.5 billion – $52.5 billion

Non-GAAP EPS

$3.68 – $3.74

Cisco estimates that GAAP EPS will be $2.61 to $2.73 for fiscal 2024.

Our Q3 FY 2024 and FY 2024 guidance assumes an effective tax provision rate of 18% for GAAP and 19% for 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:

Q2 fiscal year 2024 conference call to discuss Cisco’s results along with its guidance will be held on Wednesday, February 14, 2024 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, February 14, 2024 to 12:00 a.m. Pacific Time, February 21, 2024 at 1-800-876-5258 (United States) or 1-203-369-3998 (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, February 14, 2024. 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

Six Months Ended

January 27, 2024

January 28, 2023

January 27, 2024

January 28, 2023

REVENUE:

Product

$ 9,232

$ 10,155

$ 20,371

$ 20,400

Service

3,559

3,437

7,088

6,824

Total revenue

12,791

13,592

27,459

27,224

COST OF SALES:

Product

3,443

4,038

7,400

8,217

Service

1,131

1,127

2,285

2,234

Total cost of sales

4,574

5,165

9,685

10,451

GROSS MARGIN

8,217

8,427

17,774

16,773

OPERATING EXPENSES:

Research and development

1,943

1,855

3,856

3,636

Sales and marketing

2,458

2,384

4,964

4,775

General and administrative

642

582

1,314

1,147

Amortization of purchased intangible assets

133

142

Restructuring and other charges

243

135

241

Total operating expenses

5,121

5,135

10,402

9,941

OPERATING INCOME

3,096

3,292

7,372

6,832

Interest income

324

219

684

388

Interest expense

(120)

(107)

(231)

(207)

Other income (loss), net

(139)

(222)

(123)

Interest and other income (loss), net

123

231

INCOME BEFORE PROVISION FOR INCOME TAXES

3,161

3,415

7,603

6,890

Provision for income taxes

527

642

1,331

1,447

NET INCOME

$ 2,634

$ 2,773

$ 6,272

$ 5,443

Net income per share:

Basic

$ 0.65

$ 0.68

$ 1.55

$ 1.33

Diluted

$ 0.65

$ 0.67

$ 1.54

$ 1.32

Shares used in per-share calculation:

Basic

4,055

4,103

4,056

4,105

Diluted

4,073

4,116

4,079

4,115

CISCO SYSTEMS, INC.

REVENUE BY SEGMENT

(In millions, except percentages)

January 27, 2024

Three Months Ended

Six Months Ended

Amount

Y/Y %

Amount

Y/Y %

Revenue:

Americas

$ 7,510

(4) %

$ 16,532

5 %

EMEA

3,484

(7) %

7,148

(3) %

APJC

1,798

(12) %

3,779

(7) %

Total

$ 12,791

(6) %

$ 27,459

1 %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

GROSS MARGIN PERCENTAGE BY SEGMENT

(In percentages)

January 27, 2024

Three Months Ended

Six Months Ended

Gross Margin Percentage:

Americas

65.7 %

65.9 %

EMEA

68.1 %

68.8 %

APJC

68.2 %

67.6 %

CISCO SYSTEMS, INC.

REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES

(In millions, except percentages)

January 27, 2024

Three Months Ended

Six Months Ended

Amount

Y/Y %

Amount

Y/Y %

Revenue:

Networking

$ 7,081

(12) %

$ 15,904

(1) %

Security

973

3 %

1,984

4 %

Collaboration

989

3 %

2,106

3 %

Observability

188

16 %

378

18 %

Total Product

9,232

(9) %

20,371

— %

Services

3,559

4 %

7,088

4 %

Total

$ 12,791

(6) %

$ 27,459

1 %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

January 27, 2024

July 29, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 13,715

$ 10,123

Investments

11,956

16,023

Accounts receivable, net of allowance of $79 at January 27, 2024 and $85 at July 29, 2023

4,884

5,854

Inventories

3,209

3,644

Financing receivables, net

3,476

3,352

Other current assets

4,887

4,352

Total current assets

42,127

43,348

Property and equipment, net

2,005

2,085

Financing receivables, net

3,364

3,483

Goodwill

39,087

38,535

Purchased intangible assets, net

1,678

1,818

Deferred tax assets

7,338

6,576

Other assets

5,575

6,007

TOTAL ASSETS

$ 101,174

$ 101,852

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt

$ 4,936

$ 1,733

Accounts payable

1,848

2,313

Income taxes payable

1,876

4,235

Accrued compensation

3,216

3,984

Deferred revenue

14,011

13,908

Other current liabilities

4,964

5,136

Total current liabilities

30,851

31,309

Long-term debt

6,669

6,658

Income taxes payable

3,390

5,756

Deferred revenue

11,760

11,642

Other long-term liabilities

2,253

2,134

Total liabilities

54,923

57,499

Total equity

46,251

44,353

TOTAL LIABILITIES AND EQUITY

$ 101,174

$ 101,852

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Six Months Ended

January 27,
2024

January 28,
2023

Cash flows from operating activities:

Net income

$ 6,272

$ 5,443

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization, and other

823

853

Share-based compensation expense

1,463

1,097

Provision (benefit) for receivables

Deferred income taxes

(816)

(845)

(Gains) losses on divestitures, investments and other, net

205

109

Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

Accounts receivable

941

1,393

Inventories

442

(569)

Financing receivables

(33)

834

Other assets

(403)

(210)

Accounts payable

(476)

Income taxes, net

(4,656)

118

Accrued compensation

(763)

(146)

Deferred revenue

293

633

Other liabilities

(125)

(57)

Net cash provided by operating activities

3,179

8,701

Cash flows from investing activities:

Purchases of investments

(2,253)

(3,797)

Proceeds from sales of investments

2,484

587

Proceeds from maturities of investments

4,044

2,316

Acquisitions, net of cash and cash equivalents acquired

(878)

(3)

Purchases of investments in privately held companies

(50)

(70)

Return of investments in privately held companies

123

Acquisition of property and equipment

(304)

(346)

Other

(1)

(19)

Net cash provided by (used in) provided by investing activities

3,165

(1,293)

Cash flows from financing activities:

Issuances of common stock

349

316

Repurchases of common stock – repurchase program

(2,504)

(1,760)

Shares repurchased for tax withholdings on vesting of restricted stock units

(581)

(310)

Short-term borrowings, original maturities of 90 days or less, net

1,398

(602)

Issuances of debt

2,537

—

Repayments of debt

(750)

—

Dividends paid

(3,163)

(3,120)

Other

(7)

(5)

Net cash used in financing activities

(2,721)

(5,481)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

(32)

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

3,591

1,930

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

11,627

8,579

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

$ 15,218

$ 10,509

Supplemental cash flow information:

Cash paid for interest

$ 203

$ 178

Cash paid for income taxes, net

$ 6,804

$ 2,172

CISCO SYSTEMS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(In millions, except percentages)

January 27, 2024

October 28, 2023

January 28, 2023

Amount

Y/Y%

Amount

Y/Y%

Amount

Y/Y%

Product

$ 16,249

12 %

$ 16,011

14 %

$ 14,517

7 %

Service

19,407

12 %

18,742

11 %

17,255

2 %

Total

$ 35,656

12 %

$ 34,753

12 %

$ 31,772

4 %

We expect 50% of total RPO at January 27, 2024 will be recognized as revenue over the next 12 months.

CISCO SYSTEMS, INC.

DEFERRED REVENUE

(In millions)

January 27, 2024

October 28, 2023

January 28, 2023

Deferred revenue:

Product

$ 11,640

$ 11,689

$ 10,679

Service

14,131

13,970

13,248

Total

$ 25,771

$ 25,659

$ 23,927

Reported as:

Current

$ 14,011

$ 13,812

$ 13,109

Noncurrent

11,760

11,847

10,818

Total

$ 25,771

$ 25,659

$ 23,927

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

Weighted-
Average Price
per Share

Amount

Fiscal 2024

January 27, 2024

$ 0.39

$ 1,583

$ 49.54

$ 1,254

$ 2,837

October 28, 2023

$ 0.39

$ 1,580

$ 54.53

$ 1,252

$ 2,832

Fiscal 2023

July 29, 2023

$ 0.39

$ 1,589

$ 50.49

$ 1,254

$ 2,843

April 29, 2023

$ 0.39

$ 1,593

$ 49.45

$ 1,259

$ 2,852

January 28, 2023

$ 0.38

$ 1,560

$ 47.72

$ 1,256

$ 2,816

October 29, 2022

$ 0.38

$ 1,560

$ 43.76

$ 502

$ 2,062

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP NET INCOME

(In millions)

Three Months Ended

Six Months Ended

January 27,
2024

January 28,
2023

January 27,
2024

January 28,
2023

GAAP net income

$ 2,634

$ 2,773

$ 6,272

$ 5,443

Adjustments to cost of sales:

Share-based compensation expense

139

106

242

187

Amortization of acquisition-related intangible assets

175

153

356

306

Acquisition-related/divestiture costs

Total adjustments to GAAP cost of sales

315

260

599

496

Adjustments to operating expenses:

Share-based compensation expense

662

498

1,212

913

Amortization of acquisition-related intangible assets

133

142

Acquisition-related/divestiture costs

139

123

Russia-Ukraine war costs

—

(2)

Significant asset impairments and restructurings

243

135

241

Total adjustments to GAAP operating expenses

804

862

1,617

1,424

Adjustments to interest and other income (loss), net:

(Gains) and losses on investments

(44)

139

Total adjustments to GAAP interest and other income (loss), net

(44)

139

Total adjustments to GAAP income before provision for income taxes

1,207

1,078

2,355

1,985

Income tax effect of non-GAAP adjustments

(303)

(212)

(561)

(404)

Significant tax matters

—

164

Total adjustments to GAAP provision for income taxes

(303)

(212)

(561)

(240)

Non-GAAP net income

$ 3,538

$ 3,639

$ 8,066

$ 7,188

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP EPS

Three Months Ended

Six Months Ended

January 27,
2024

January 28,
2023

January 27,
2024

January 28,
2023

GAAP EPS

$ 0.65

$ 0.67

$ 1.54

$ 1.32

Adjustments to GAAP:

Share-based compensation expense

0.20

0.15

0.36

0.27

Amortization of acquisition-related intangible assets

0.06

0.05

0.12

0.11

Acquisition-related/divestiture costs

0.02

0.01

0.03

Significant asset impairments and restructurings

—

0.06

0.03

0.06

(Gains) and losses on investments

0.02

(0.01)

0.03

0.02

Income tax effect of non-GAAP adjustments

(0.07)

(0.05)

(0.14)

(0.10)

Significant tax matters

—

0.04

Non-GAAP EPS

$ 0.87

$ 0.88

$ 1.98

$ 1.75

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

January 27, 2024

Product
Gross
Margin

Service
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Y/Y

Operating
Income

Y/Y

Interest
andother
income
(loss), net

Net
Income

Y/Y

GAAP amount

$ 5,789

$ 2,428

$ 8,217

$ 5,121

— %

$ 3,096

(6) %

$ 65

$ 2,634

(5) %

% of revenue

62.7 %

68.2 %

64.2 %

40.0 %

24.2 %

0.5 %

20.6 %

Adjustments to GAAP amounts:

Share-based compensation expense

139

662

801

—

801

Amortization of acquisition-related intangible assets

175

—

175

241

—

241

Acquisition/divestiture-related costs

—

Significant asset impairments and restructurings

—

(Gains) and losses on investments

—

Income tax effect/significant tax matters

—

(303)

Non-GAAP amount

$ 6,023

$ 2,509

$ 8,532

$ 4,317

1 %

$ 4,215

(4) %

$ 153

$ 3,538

(3) %

% of revenue

65.2 %

70.5 %

66.7 %

33.8 %

33.0 %

1.2 %

27.7 %

Three Months Ended

January 28, 2023

Product
Gross
Margin

Service
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Operating

Income

Interest
and other
income
(loss), net

Net

Income

GAAP amount

$ 6,117

$ 2,310

$ 8,427

$ 5,135

$ 3,292

$ 123

$ 2,773

% of revenue

60.2 %

67.2 %

62.0 %

37.8 %

24.2 %

0.9 %

20.4 %

Adjustments to GAAP amounts:

Share-based compensation expense

106

498

604

—

604

Amortization of acquisition-related intangible assets

153

—

153

224

—

224

Acquisition/divestiture-related costs

—

Significant asset impairments and restructurings

—

243

—

243

Russia-Ukraine war costs

—

(Gains) and losses on investments

—

(44)

Income tax effect/significant tax matters

—

(212)

Non-GAAP amount

$ 6,311

$ 2,376

$ 8,687

$ 4,273

$ 4,414

$ 79

$ 3,639

% of revenue

62.1 %

69.1 %

63.9 %

31.4 %

32.5 %

0.6 %

26.8 %

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)

Six Months Ended

January 27, 2024

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

$ 12,971

$ 4,803

$ 17,774

$ 10,402

5 %

$ 7,372

8 %

$ 231

$ 6,272

15 %

% of revenue

63.7 %

67.8 %

64.7 %

37.9 %

26.8 %

0.8 %

22.8 %

Adjustments to GAAP amounts:

Share-based compensation expense

100

142

242

1,212

1,454

—

1,454

Amortization of acquisition-related intangible assets

356

—

356

133

489

—

489

Acquisition/divestiture-related costs

—

139

140

—

140

Significant asset impairments and restructurings

—

135

—

135

Russia-Ukraine war costs

—

(2)

—

(2)

(Gains) and losses on investments

—

139

Income tax effect/significant tax matters

—

(561)

Non-GAAP amount

$ 13,428

$ 4,945

$ 18,373

$ 8,785

3 %

$ 9,588

10 %

$ 370

$ 8,066

12 %

% of revenue

65.9 %

69.8 %

66.9 %

32.0 %

34.9 %

1.3 %

29.4 %

Six Months Ended

January 28, 2023

Product
Gross
Margin

Service
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Operating

Income

Interest
and other
income
(loss), net

Net

Income

GAAP amount

$ 12,183

$ 4,590

$ 16,773

$ 9,941

$ 6,832

$ 58

$ 5,443

% of revenue

59.7 %

67.3 %

61.6 %

36.5 %

25.1 %

0.2 %

20.0 %

Adjustments to GAAP amounts:

Share-based compensation expense

116

187

913

1,100

—

1,100

Amortization of acquisition-related intangible assets

306

—

306

142

448

—

448

Acquisition/divestiture-related costs

—

123

126

—

126

Significant asset impairments and restructurings

—

241

—

241

Russia-Ukraine war costs

—

(Gains) and losses on investments

—

Income tax effect/significant tax matters

—

(240)

Non-GAAP amount

$ 12,563

$ 4,706

$ 17,269

$ 8,517

$ 8,752

$ 123

$ 7,188

% of revenue

61.6 %

69.0 %

63.4 %

31.3 %

32.1 %

0.5 %

26.4 %

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

Six Months Ended

January 27,
2024

January 28,
2023

January 27,
2024

January 28,
2023

GAAP effective tax rate

16.7 %

18.8 %

17.5 %

21.0 %

Total adjustments to GAAP provision for income taxes

2.3 %

0.2 %

1.5 %

(2.0) %

Non-GAAP effective tax rate

19.0 %

GAAP TO NON-GAAP GUIDANCE

Q3 FY 2024

Gross Margin
Rate

Operating Margin
Rate

Earnings per
Share (2)

GAAP

63.5% – 64.5%

20.5% – 21.5%

$0.51 – $0.56

Estimated adjustments for:

Share-based compensation expense

1.0 %

6.5 %

$0.15 – $0.16

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs

1.5 %

2.0 %

$0.05 – $0.06

Significant asset impairments and restructurings (1)

—

4.5 %

$0.10 – $0.11

Non-GAAP

66% – 67%

33.5% – 34.5%

$0.84 – $0.86

FY 2024

Earnings per
Share (2)

GAAP

$2.61 – $2.73

Estimated adjustments for:

Share-based compensation expense

$0.59 – $0.61

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs

$0.23 – $0.25

Significant asset impairments and restructurings (1)

$0.16 – $0.18

(Gains) and losses on investments

$0.03

Non-GAAP

$3.68 – $3.74

(1) On February 14, 2024, Cisco announced a restructuring plan in order to realign the organization and enable further investment in key priority areas. This restructuring plan will impact approximately 5 percent of Cisco’s global workforce. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $800 million consisting of severance and other one-time termination benefits and other costs. These charges are primarily cash-based. Cisco expects to take the majority of these actions in the third quarter of fiscal 2024 and recognize approximately $500 million of these charges. Cisco expects approximately $150 million of these charges to be recognized in the fourth quarter of fiscal 2024, and the remaining amount of these charges primarily through the first half of fiscal 2025.

(2) 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 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 the alignment of our investments to future growth opportunities, the role that our innovation plays as our customers adopt AI and secure their organizations, the progress in our business model shift to more recurring revenue while remaining focused on financial discipline, operating leverage and shareholder returns) and the future financial performance of Cisco (including the guidance for Q3 FY 2024 and full year FY 2024) 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: 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; our development and use of artificial intelligence; 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 Networking and services; the timing of orders and manufacturing and customer lead times; 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 other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any 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 November 21, 2023 and September 7, 2023, 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 and six months ended January 27, 2024 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 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, operating leases 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 technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more at newsroom.cisco.com and follow us on X at @Cisco.

Copyright © 2024 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.

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Technology

Bonus Days Off, No Meeting Days and Virtual Water Coolers: Naturals2Go Brings a New Era of Company Culture & Commitment

Published

12 mins ago

September 20, 2024

Naturals2Go, a leader in the unattended retail, breakroom experience, and vending industry, is unveiling a series of meaningful initiatives designed to foster connection, creativity, and care within its workforce. These initiatives reflect Naturals2Go’s commitment to cultivating an environment where both personal and professional growth are prioritized, helping the quickly growing company hold its position as an organization that simply values its employees with as much care as its customers. It just does business differently.

SAVANNAH, Ga., Sept. 20, 2024 /PRNewswire-PRWeb/ — Naturals2Go, a leader in the unattended retail, breakroom experience, and vending industry, is unveiling a series of meaningful initiatives designed to foster connection, creativity, and care within its workforce. These initiatives reflect Naturals2Go’s commitment to cultivating an environment where both personal and professional growth are prioritized, helping the quickly growing company hold its position as an organization that simply values its employees with as much care as its customers. It just does business differently.

Encouraging people to just breathe – to step away from work and know you can enjoy what you have without worry – is what we’re trying to do here.

Innovation In Action

Naturals2Go is known for innovating the vending industry by offering the only proven program to enhance or improve income, investment, or future wealth through a part-time or full-time vending machine business. They have changed the industry again by developing regional operations centers and a wider range of services.

To do so, Naturals2Go has grown from 20 to 140 employees over the past four years. To help the team stay successful and cared for through this rapid expansion, Naturals2Go executives have introduced three new programs.

These exciting initiatives enhance the quality of life, not just work, for employees — whether they are one of the 100 remote members of the team or in one of the company’s regional operations centers (ROCs).

“You don’t have to be, and shouldn’t be, ‘in it’ all the time,” says Heath Falzarano, President of Naturals2Go.

Refresh2Go: This initiative gives employees one additional (paid) Friday each month, at the same time, to step away from work to recharge however they wish.Vision2Go: Every Wednesday, employees have a mandatory day of no meetings — a day dedicated to creative thinking, process improvement, and strategic planning. This initiative helps individuals and teams take a breather from day-to-day demands and see the bigger picture to guide improvements from ideas to efficiencies.Water Cooler Chats: Recognizing the challenges faced by a dispersed workforce, Naturals2Go has also implemented two daily 15-minute water cooler chats. These optional sessions are designed for a social break – a chance to connect with peers they may not even know yet, strengthening the company’s culture and community.

Why These Initiatives Matter

Falzarano emphasizes his personal belief in caring for those in the organization as much as customers: “We get to help people make a really good living while also letting them live a really good life.” This is true for both the company and those who invest in a Naturals2Go business program.

The importance of these initiatives is underscored by industry trends which highlight the growing need for companies to prioritize employee well-being. Falzarano has championed these initiatives at Naturals2Go, believing that a healthy, supported workforce is crucial to the company’s long-term success.

“Encouraging people to just breathe – to step away from work and know you can enjoy what you have without worry – is what we’re trying to do here,” Falzarano explains. “Nothing bad is going to happen by taking care of yourself a bit more. I know we can do what we need to do in less time, more focus, and just feel better.”

About Naturals2Go

Naturals2Go is the leading unattended retail, breakroom experience and vending business opportunity in the United States – a trusted partner helping entrepreneurial-minded professionals grow for over 35 years. Naturals2Go is an innovator in healthy and intelligent vending and is the highest-rated, longest-serving, most awarded Vending Business Opportunity Company in the United States. The company is expanding with regional operations centers across the U.S. and an expanded suite of services plus a commitment to regional investment, local employment, and community impact. Naturals2Go is committed to leading the industry with a forward-thinking approach and a strong company culture.

If you would like more information about Naturals2Go, email kim.page@naturals2go.com or visit Naturals2Go on the Web at www.naturals2go.com.

Media Contact

Kim Page, Naturals2Go, 1 716-247-6621, kim.page@naturals2go.com, https://www.naturals2go.com/

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Technology

This Week in Consumer News: 13 Stories You Need to See

Published

12 mins ago

September 20, 2024

A roundup of the most newsworthy consumer and retail announcements from PR Newswire this week, including new holiday flavors from My/Mochi and Simply, plus Toy Insider’s hottest toys of 2024.

NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help consumer/retail journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

Tupperware Voluntarily Initiates Chapter 11 Proceedings
Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online.M&M’S® Captures A Classic Within Its Iconic Colorful Candy Shell; Introducing NEW M&M’S Peanut Butter & Jelly
The first new flavor innovation since 2022, the delicious addition features berry flavored bite-sized chocolate treats with a deliciously smooth peanut butter center that will transport fans to the comforting experience of a PB&J sandwich.Chili’s® Fires at Fast Food Again with Irresistible 3 For Lunch Combos
During the week (Monday-Friday) from 11 a.m. to 3 p.m. local time (at participating locations), guests can enjoy real value with 11 available options in the new 3 For Lunch Combos, featuring bottomless chips and salsa, choice of entrée and a bottomless non-alcoholic drink, all starting at just $10.99.My/Mochi™ Makes the Holidays “Joyfully Chill” With the Launch of Three NEW Flavors: Hot Cocoa with Marshmallows, Sugar Cookie and Gingerbread
The original and largest mochi ice cream brand is also bringing back fan favorites Pumpkin Spice, Apple Pie á la Mode and Cool Peppermint. “My/Mochi is all about stretching the possibilities of what’s possible with mochi, and this time of year gives us so much runway to have fun with new flavors,” says Brigette Wolf, Chief Marketing Officer, My/Mochi.Crocs Launches the Keep It Going Classic Clog Made with 25% Recycled Material from Consumers’ Well-Loved Shoes
By incorporating bio-circular content, Crocs is giving a second life to plant-based byproducts that would have otherwise ended up as waste through material innovation. In combination with the 25% post-consumer recycled content, the Keep It Going Classic Clog showcases the brand’s efforts at the intersection of circular innovation and materials.KIT KAT® is Giving YOU a Break This Fall to Celebrate Its New Vanilla Flavor
To celebrate, KIT KAT® is giving fans a “break” through a giveaway on @KITKAT_US’s Instagram, where four lucky winners will receive KIT KAT®-branded BÉIS Carry-on luggage filled with KIT KAT® Vanilla bars, and one grand prize winner will receive an additional $1,000 vacation rental marketplace gift card toward travel expenses to spend on a vanilla getaway this fall.Target Brings Holiday Magic with More Savings Across Largest Holiday Assortment Ever
Target is offering consumers savings all season long starting with Target Circle Week, Oct. 6-12, for those who want a head start on holiday shopping. The retailer is also preparing to deliver a joyful and easy shopping experience by investing in its existing team and hiring approximately 100,000 additional seasonal team members.STOUFFER’S® Debuts First Shelf-Stable Offering with New Format of Macaroni and Cheese
With a stovetop cooking time of just ten minutes and no additional ingredients required, STOUFFER’s Supreme Shells & Cheese is a great-tasting and effortless meal for any night of the week, offering the perfect answer to the age-old question “What’s for dinner?” Martha Stewart’s Revitalizing Secret Exposed! Pure Leaf Unsweetened Iced Tea is “Martha’s Little Helper” in New Campaign As seen in videos across social media, her secret stash of Pure Leaf is always accessible for a quick, revitalizing pick-me-up – whether buried in her garden, hidden in her library books or even baked into a homemade cake.Holiday Shoppers, Rejoice: The Toy Insider Experts Reveal the Hottest Toys of 2024 that Deliver Big Value!
This year’s hottest toys appear on one of three featured lists: the Hot 20, the most popular playthings of the year; the STEM 10, top toys that encourage STEM learning; and the 12 Under $20, the best toys that won’t break the bank.Makers of the Jennie-O® Brand Share New State-By-State Consumer Insights on All Things Thanksgiving Among the survey findings: Most people take up to two weeks to plan and cook their Thanksgiving meal. Actual food preparation for this monumental eating occasion adds another three days, and five hours of actual cooking on the day of.Move Over Pumpkin Spice, Simply Spiked® Cranberry Arrives Just in Time to be Your New Fall Favorite
This limited-time offering marks the brand’s first foray into seasonal releases, introducing two delicious varieties: Signature Cranberry and Apple Cranberry.Personalized Skincare Brand, Curology Marks 10 Year Anniversary With A Funfetti® Partnership
Designed to evoke a sense of nostalgia and joy, the lip balm captures the nostalgic Funfetti® vanilla cake batter notes, sugared sprinkle sweetness, and signature vanilla frosting, aligning perfectly with the celebratory spirit of the brand’s anniversary.

For more news like this, check out all of the latest retail-related releases from PR Newswire.

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Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

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Technology

This Week in Tech News: 13 Stories You Need to See

Published

12 mins ago

September 20, 2024

A roundup of the most newsworthy tech announcements from PR Newswire this week, including Starlink Wi-Fi on United flights and a flying car manufacturing deal.

NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help tech journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

IBM and Microsoft Open Three New Experience Zones to Provide Global Clients with More Hands-on Access to Cloud and Generative AI Solutions
These Experience Zones are designed to help global clients across industries, such as financial services, government, healthcare, industrial, manufacturing and consumer packed goods (CPG), find new ways to derive value from generative AI, hybrid cloud and other Microsoft products and technologies.B-FY passwordless biometric solution: a real gamechanger in the fight against Cybercrime
The ongoing reliance on passwords as a primary authentication method has left countless organizations vulnerable to attacks, resulting in severe financial and reputational damage. B-FY offers a robust solution to this growing vulnerability by eliminating the need for passwords altogether.Lockheed Martin Awarded GeoXO Lightning Mapper Contract to Support Forecasters with Severe Weather Monitoring
The GeoXO Lightning Mapper (LMX) instrument detects and measures lightning flashes while onboard NOAA’s next-generation GeoXO weather satellites. This lightning data will provide persistent severe weather observations of the Western Hemisphere, improving storm analysis and prediction, and aiding the detection of tornado-producing storms.Zero Latency VR Enters A New Era With 100 Venues Worldwide And 4 Million Players Pushing The Limits Of Reality
Zero Latency is gearing up to launch its most ambitious experience yet: Warhammer 40,000: Space Marine VR – Defenders of Avarax. This groundbreaking adventure will plunge players into the most expansive and intricately detailed VR universe ever crafted.NASA Shares Hidden Figures Congressional Gold Medal Remarks
The awards recognized the women who contributed to the space race, including the NASA mathematicians who helped land the first astronauts on the Moon under the agency’s Apollo Program.Alef signs mass manufacturing flying car agreement
PUCARA Aero and MYC, a joint venture with experience manufacturing aviation grade parts for Boeing and Airbus, signs an agreement to manufacture parts for Alef. Alef has secured over 3,200 pre-orders and is now entering agreements for mass production of its Model A flying car.The Inflight Wi-Fi Revolution Now Arriving: United Signs Starlink Deal to Provide Industry-Leading Connectivity in the Sky – For Free
“We’re excited to team up with United Airlines to transform the inflight experience,” said Gwynne Shotwell, President and Chief Operating Officer at SpaceX. “With Starlink onboard your United flight, you’ll have access to the world’s most advanced high-speed internet from gate to gate, and all the miles in between.”Spectrum Announces Unprecedented Customer Commitment, Free Internet Speed Lifts and New Bundled Pricing
These commitments are encapsulated within Spectrum’s new brand platform, Life Unlimited, which provides customers access to a life of ‘unlimited’ opportunity and possibility when seamlessly connected through Spectrum’s Internet, Mobile and Video services.Chipotle Debuts Autocado and the Augmented Makeline by Hyphen in Restaurants
With Autocado, crew members can focus on assisting with other food prep items and delivering exceptional hospitality to guests while Autocado cuts avocados, removes their skin, and separates their fruit through an automated process. On average, it takes Autocado approximately 26 seconds to fully flesh out the fruit inside an avocado.Infinix Taps Porsche Dreamer Stories Featured Creator: Discover the ZERO 40 Series GoPro Mode
Creative photographer Allan Yegon, armed with his Infinix ZERO 40 5G and GoPro device, embarked on an East African adventure. He dove beneath the waves and captured the rare moment of swimming with a giant whale shark.TerraMaster Unveils 9 New NAS Models with TOS 6 System
TerraMaster, a leading brand in home and enterprise storage solutions, announced the launch of 9 new NAS models, including two 8-bay all-flash NAS models specifically designed for high-performance needs.Ginkgo Bioworks Launches New Protein LLM and Model API Built on Google Cloud Technology
Chris Sakalosky, vice president of Strategic Industries, Google Cloud: “Ginkgo’s new protein LLM and open API mark a major step forward in making advanced AI tools accessible for drug discovery and biological research. By leveraging Google Cloud’s infrastructure and AI capabilities, Ginkgo is empowering both enterprises and individual scientists to accelerate their work and drive innovation in the life sciences.”Behind the Scenes at Apple Event 2024: How the iPhone 16 Pro and SmallRig Phone Cage Created Cinematic Magic?
It is the third consecutive year that the SmallRig phone cage has appeared at Apple’s event and the fourth consecutive year it has been featured in an Apple spot for the new iPhone series, showcasing how to achieve professional cinematic video using an iPhone.

For more news like this, check out all of the latest technology-related releases from PR Newswire.

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Info-Tech LIVE 2024

Info-Tech Research Group’s Info-Tech LIVE 2024 took place September 17-19 at the iconic Bellagio in Las Vegas. It offered journalists and media influencers a sneak peek into the latest technology research and trends, exclusive content, and the opportunity to meet industry experts, analysts and speakers.

Here are the front row updates straight from Info-Tech Research Group:

Info-Tech LIVE 2024 Day 1 Highlights: Key Insights Shared on Exponential IT, GenAI, and Emerging IT Trends The CIO Playbook Revealed by Info-Tech Research Group at LIVE 2024: New Program Will Drive IT Excellence Through a Systematic 12-Month Roadmap Next-Generation Management & Governance Framework Unveiled at LIVE 2024 Conference Will Empower IT Leaders in an Era of Exponential IT

Helping Journalists Stay Up to Date on Industry News

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