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CISCO SYSTEMS, INC.

Ticker: CSCO   Fiscal Year: 2021

Consolidated Statements of Operations

Period Ending July 31, 2021 10-K (Filed: Sept 9, 2021)

(In Millions)
 12 Months Ended12 Months Ended12 Months Ended
 July 31, 2021July 25, 2020July 27, 2019
REVENUE:
Total revenue
$
49,818
49,30151,904
COST OF SALES:
Total cost of sales17,92417,61819,238
GROSS MARGIN31,89431,68332,666
 
OPERATING EXPENSES:
Research and development6,5496,3476,577
Sales and marketing9,2599,1699,571
General and administrative2,1521,9251,827
Amortization of purchased intangible assets215141150
Restructuring and other charges886481322
Total operating expenses19,06118,06318,447
 
OPERATING INCOME12,83313,62014,219
 
Interest income6189201,308
Interest expense(434)(585)(859)
Other income (loss), net24515(97)
Interest and other income (loss), net429350352
 
INCOME BEFORE PROVISION FOR INCOME TAXES13,26213,97014,571
 
Provision for income taxes2,6712,7562,950
NET INCOME10,59111,21411,621
 
Net income per share:
Basic (in dollars per share)2.512.652.63
Diluted (in dollars per share)2.502.642.61
Shares used in per-share calculation:
Basic (in shares)4,2224,2364,419
Diluted (in shares)4,2364,2544,453
Product and Service
Product
Total revenue36,01435,97839,005
Total cost of sales13,30013,19914,863
Service
Total revenue13,80413,32312,899
Total cost of sales4,6244,4194,375
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CISCO SYSTEMS, INC.

Ticker: CSCO   Fiscal Year: 2021

Consolidated Statements of Comprehensive Income

Period Ending July 31, 2021 10-K (Filed: Sept 9, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 July 31, 2021July 25, 2020July 27, 2019
Net income
$
10,591
11,21411,621
Available-for-sale investments:
Change in net unrealized gains and losses, net of tax benefit (expense) of $46, $(84), and $(101) for fiscal 2021, 2020, and 2019, respectively(95)336459
Net (gains) losses reclassified into earnings, net of tax expense (benefit) of $15, $21, and $6 for fiscal 2021, 2020, and 2019, respectively(38)(21)19
Total available-for-sale investments(133)315478
 
Cash flow hedging instruments:
Change in unrealized gains and losses, net of tax benefit (expense) of $(4), $0, and $0 for fiscal 2021, 2020, and 2019, respectively167
Change in unrealized gains and losses, net of tax benefit (expense) of $(4), $0, and $0 for fiscal 2021, 2020, and 2019, respectively0
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $3, $0, and $0 for fiscal 2021, 2020, and 2019, respectively(11)1
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $3, $0, and $0 for fiscal 2021, 2020, and 2019, respectively(3)
Total cash flow hedging instruments58
 
Total cash flow hedging instruments(3)
 
Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) of $(2), $(5), and $15 for fiscal 2021, 2020, and 2019, respectively230(50)(250)
Other comprehensive income (loss)102273225
 
Comprehensive income10,69311,48711,846
 
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CISCO SYSTEMS, INC.

Ticker: CSCO   Fiscal Year: 2021

Consolidated Statements of Cash Flows

Period Ending July 31, 2021 10-K (Filed: Sept 9, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 July 31, 2021July 25, 2020July 27, 2019
Cash flows from operating activities:
Net income
$
10,591
11,21411,621
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other1,8621,8081,897
Share-based compensation expense1,7611,5691,570
Provision (benefit) for receivables(6)9340
Deferred income taxes(384)(38)(350)
(Gains) losses on divestitures, investments and other, net(354)(138)(24)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable(107)(107)(84)
Inventories(244)84131
Financing receivables1,577(797)(249)
Other assets(797)96(955)
Accounts payable(53)14187
Income taxes, net(549)(322)312
Accrued compensation643(78)277
Deferred revenue1,5602,0111,407
Other liabilities(46)(110)151
Net cash provided by operating activities15,45415,42615,831
 
Cash flows from investing activities:
Purchases of investments(9,328)(9,212)(2,416)
Proceeds from sales of investments3,3735,6317,388
Proceeds from maturities of investments8,4097,97512,928
Acquisitions, net of cash and cash equivalents acquired and divestitures(7,038)(327)(2,175)
Purchases of investments in privately held companies(175)(190)(148)
Return of investments in privately held companies194224159
Acquisition of property and equipment(692)(770)(909)
Proceeds from sales of property and equipment2817922
Other(56)(10)(12)
Net cash (used in) provided by investing activities(5,285)3,50014,837
 
Cash flows from financing activities:
Issuances of common stock643655640
Repurchases of common stock - repurchase program(2,877)(2,659)(20,717)
Shares repurchased for tax withholdings on vesting of restricted stock units(636)(727)(862)
Short-term borrowings, original maturities of 90 days or less, net(5)(3,470)3,446
Issuances of debt002,250
Repayments of debt(3,000)(6,720)(6,780)
Dividends paid(6,163)(6,016)(5,979)
Other(1)51113
Net cash used in financing activities(12,039)(18,886)(27,889)
 
Net increase (decrease) in cash, cash equivalents, and restricted cash(1,870)402,779
 
Cash, cash equivalents, and restricted cash, beginning of fiscal year11,81211,772
Cash, cash equivalents, and restricted cash, end of fiscal year9,94211,81211,772
 
Supplemental cash flow information:
Cash paid for interest438603892
Cash paid for income taxes, net3,6043,1162,986
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CISCO SYSTEMS, INC.

Ticker: CSCO   Fiscal Year: 2021

Consolidated Balance Sheets

Period Ending July 31, 2021 10-K (Filed: Sept 9, 2021)

(In Millions, except shares in actual)
 As ofAs of
 July 31, 2021July 25, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
9,175
11,809
Investments15,34317,610
Accounts receivable, net of allowance of $109 at July 31, 2021 and $143 at July 25, 20205,7665,472
Inventories1,5591,282
Financing receivables, net4,3805,051
Other current assets2,8892,349
Total current assets39,11243,573
 
Property and equipment, net2,3382,453
Financing receivables, net4,8845,714
Goodwill38,16833,806
Purchased intangible assets, net3,6191,576
Deferred tax assets4,3603,990
Other assets5,0163,741
TOTAL ASSETS97,49794,853
 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt2,5083,005
Accounts payable2,3622,218
Income taxes payable801839
Accrued compensation3,8183,122
Deferred revenue12,14811,406
Other current liabilities4,6204,741
Total current liabilities26,25725,331
 
Long-term debt9,01811,578
Income taxes payable8,5388,837
Deferred revenue10,0169,040
Other long-term liabilities2,3932,147
Total liabilities56,22256,933
 
Commitments and contingencies (Note 14)  
Equity:
Cisco stockholders equity:
Preferred stock, $0.001 par value: 5 shares authorized; none issued and outstanding00
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,217 and 4,237 shares issued and outstanding at July 31, 2021 and July 25, 2020, respectively42,34641,202
Accumulated deficit(654)(2,763)
Accumulated other comprehensive loss(417)(519)
Total equity41,27537,920
 
TOTAL LIABILITIES AND EQUITY97,49794,853
 
External Links 
CISCO SYSTEMS, INC. (CSCO) Fiscal Year 2021
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