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Based in Colombia
Company profile

Bancolombia S.A. (Bancolombia) is a financial institution engaged in providing a range of financial products and services to a diversified individual, corporate, and government customer base throughout Colombia, Latin America and the Caribbean region. The Bank operates through 10 segments: Banking Colombia, Banking Panama, Banking El Salvador, Leasing, Trust, Investment Banking, Brokerage, Off Shore and All other. It delivers its products and services through its regional network comprising Colombia's non-Government owned banking network, El Salvador's financial conglomerate by gross loans, Guatemala's bank, Panama's bank and off-shore banking subsidiaries in Panama, Cayman and Puerto Rico, as well as subsidiaries in Peru. The Bank and its subsidiaries offer Savings And Investment, Ahorro A La Mano, Financing, Mortgage Banking, Factoring, Financial and Operating Leases, Capital Markets, eTrading, Cash Management, Foreign Currency, Bancassurance, Investment Banking and Trust Services.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
$30.90
Day's Change
0.07 (0.23%)
Bid
--
Ask
--
B/A Size
--
Day's High
31.00
Day's Low
30.29
Volume
(Light)
Volume:
279,361

10-day average volume:
664,225
279,361

CISCO REPORTS THIRD QUARTER EARNINGS

4:05 pm ET May 18, 2022 (PR Newswire) Print

https://mma.prnewswire.com/media/813707/Cisco_Logo.jpg

News Summary:

-- $12.8 billion in revenue, flat year over year; GAAP EPS $0.73, up 7% year over year, and Non-GAAP EPS $0.87, up 5% year over year

-- Solid demand with product order growth up 8% year over year

-- Progress on business model transformation with total Annualized Recurring Revenue (ARR) at $22.4 billion in the third quarter of fiscal 2022, up 11% year over year

-- Q3 Results:

-- Revenue: $12.8 billion

-- Flat year over year

-- Earnings per Share: GAAP: $0.73; Non-GAAP: $0.87

-- GAAP EPS increased 7% year over year

-- Non-GAAP EPS increased 5% year over year

-- Q4 Guidance:

-- Revenue: (1)% to (5.5)% decline year over year

-- Earnings per Share: GAAP: $0.60 to $0.70; Non-GAAP: $0.76 to $0.84

-- FY 2022 Guidance:

-- Revenue: 2% to 3% growth year over year

-- Earnings per Share: GAAP: $2.75 to $2.85; Non-GAAP: $3.29 to $3.37

Cisco today reported third quarter results for the period ended April 30, 2022. Cisco reported third quarter revenue of $12.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.0 billion or $0.73 per share, and non-GAAP net income of $3.6 billion or $0.87 per share.

"We continued to see solid demand for our technologies and our business transformation is progressing well," said Chuck Robbins, chair and CEO of Cisco. "While Covid lockdowns in China and the war in Ukraine impacted our revenue in the quarter, the fundamental drivers across our business are strong and we remain confident in the long term."

"We delivered healthy earnings despite unanticipated disruptions through strong pricing and disciplined spend management," said Scott Herren, CFO of Cisco. "Our product backlog is well over $15 billion and product ARR and RPO again grew double digits. The continued progress in our business model transformation reflects the success of our strategy and underpins our long-term confidence."

GAAP Results
                                  Q3 FY 2022             Q3 FY 2021             Vs. Q3 FY 2021
Revenue                           $       12.8 billion   $       12.8 billion   --%
Net Income                        $        3.0  billion  $        2.9  billion  6%
Diluted Earnings per Share (EPS)  $              0.73    $              0.68    7%
Non-GAAP Results
            Q3 FY 2022            Q3 FY 2021            Vs. Q3 FY 2021
Net Income  $      3.6   billion  $      3.5   billion  3%
EPS         $             0.87    $             0.83    5%

The third quarter of fiscal 2022 had 13 weeks compared with 14 weeks in the third quarter of fiscal 2021.

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.

Q3 FY 2022 Highlights

Revenue -- Total revenue was flat at $12.8 billion, with product revenue up 3% and service revenue down 8%. Revenue by geographic segment was: Americas up 5%, EMEA down 6%, and APJC down 6%. Product revenue performance was led by growth in Secure, Agile Networks up 4%, Internet for the Future up 6%, End-to-End Security up 7%, and Optimized Application Experiences up 8%. Collaboration was down 7%.

The third quarter of fiscal 2022 had 13 weeks compared with 14 weeks in the third quarter of fiscal 2021. The total additional revenue associated with the extra week in the third quarter of fiscal 2021 was approximately 3% of revenue growth.

In March 2022, in connection with the Russian invasion of Ukraine, Cisco announced its intention to stop business operations in Russia and Belarus for the foreseeable future. The total negative impact to revenue was approximately $200 million in the third quarter of fiscal 2022. Historically, Russia, Belarus and Ukraine collectively, represented approximately 1% of our total revenue.

Gross Margin -- On a GAAP basis, total gross margin, product gross margin, and service gross margin were 63.3%, 61.8%, and 67.3%, respectively, as compared with 63.9%, 62.6%, and 67.4%, respectively, in the third quarter of fiscal 2021.

On a non-GAAP basis, total gross margin, product gross margin, and service gross margin were 65.3%, 64.1%, and 68.9%, respectively, as compared with 66.0%, 64.9%, and 68.7%, respectively, in the third quarter of fiscal 2021.

Total gross margins by geographic segment were: 64.8% for the Americas, 65.9% for EMEA and 66.4% for APJC.

Operating Expenses -- On a GAAP basis, operating expenses were $4.5 billion, down 4%, and were 35.1% of revenue. Non-GAAP operating expenses were $3.9 billion, down 5%, and were 30.7% of revenue.

Operating Income -- GAAP operating income was $3.6 billion, up 4%, with GAAP operating margin of 28.1%. Non-GAAP operating income was $4.5 billion, up 4%, with non-GAAP operating margin at 34.7%.

Provision for Income Taxes -- The GAAP tax provision rate was 19.9%. The non-GAAP tax provision rate was 19.0%.

Net Income and EPS -- On a GAAP basis, net income was $3.0 billion, an increase of 6%, and EPS was $0.73, an increase of 7%. On a non-GAAP basis, net income was $3.6 billion, an increase of 3%, and EPS was $0.87, an increase of 5%.

Cash Flow from Operating Activities -- $3.7 billion for the third quarter of fiscal 2022, a decrease of 6% compared with $3.9 billion for the third quarter of fiscal 2021.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments -- $20.1 billion at the end of the third quarter of fiscal 2022, compared with $24.5 billion at the end of fiscal 2021.

Remaining Performance Obligations (RPO) -- $30.2 billion, up 7% in total, with 54% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 13% and service RPO were up 3%.

Deferred Revenue -- $22.3 billion, up 7% in total, with deferred product revenue up 13%. Deferred service revenue was up 2%.

Capital Allocation -- In the third quarter of fiscal 2022, we returned $1.8 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 5 million shares of common stock under our stock repurchase program at an average price of $54.20 per share for an aggregate purchase price of $252 million. The remaining authorized amount for stock repurchases under the program is $17.6 billion with no termination date.

Acquisitions

In the third quarter of fiscal 2022, we closed the acquisition of Opsani, a privately held enterprise software company.

Guidance

Cisco expects to achieve the following results for the fourth quarter of fiscal 2022:

Q4 FY 2022
Revenue                         (1)% - (5.5)% decline Y/Y
Non-GAAP gross margin rate      64% - 65%
Non-GAAP operating margin rate  31.5% - 33.5%
Non-GAAP EPS                    $0.76 - $0.84

Cisco estimates that GAAP EPS will be $0.60 to $0.70 for the fourth quarter of fiscal 2022.

Cisco expects to achieve the following results for fiscal 2022:

FY 2022
Revenue       2% - 3% growth Y/Y
Non-GAAP EPS  $3.29 - $3.37

Cisco estimates that GAAP EPS will be $2.75 to $2.85 for fiscal 2022.

Our fiscal 2022 has 52 weeks compared with 53 weeks in fiscal 2021 which is reflected in the guidance.

Our Q4 FY 2022 and FY 2022 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:

-- Q3 fiscal year 2022 conference call to discuss Cisco's results along with its guidance will be held on Wednesday, May 18, 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, May 18, 2022 to 4:00 p.m. Pacific Time, May 25, 2022 at 1-800-388-4923 (United States) or 1-203-369-3800 (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, May 18, 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                  Nine Months Ended
                                            April 30, 2022    May 1, 2021       April 30, 2022    May 1, 2021
REVENUE:
Product                                     $         9,448   $         9,139   $       28,330    $       26,298
Service                                     3,387             3,664             10,125            10,394
Total revenue                               12,835            12,803            38,455            36,692
COST OF SALES:
Product                                     3,606             3,422             10,848            9,672
Service                                     1,108             1,196             3,384             3,470
Total cost of sales                         4,714             4,618             14,232            13,142
GROSS MARGIN                                8,121             8,185             24,223            23,550
OPERATING EXPENSES:
Research and development                    1,708             1,697             5,092             4,836
Sales and marketing                         2,209             2,317             6,736             6,811
General and administrative                  517               603               1,612             1,631
Amortization of purchased intangible assets 77                61                240               136
Restructuring and other charges             --                42                8                 878
Total operating expenses                    4,511             4,720             13,688            14,292
OPERATING INCOME                            3,610             3,465             10,535            9,258
Interest income                             115               153               347               488
Interest expense                            (90)              (111)             (267)             (336)
Other income (loss), net                    166               84                446               117
Interest and other income (loss), net       191               126               526               269
INCOME BEFORE PROVISION FOR INCOME TAXES    3,801             3,591             11,061            9,527
Provision for income taxes                  757               728               2,064             1,945
NET INCOME                                  $         3,044   $         2,863   $         8,997   $         7,582
Net income per share:
Basic                                       $           0.73  $           0.68  $           2.15  $           1.79
Diluted                                     $           0.73  $           0.68  $           2.14  $           1.79
Shares used in per-share calculation:
Basic                                       4,152             4,219             4,184             4,224
Diluted                                     4,170             4,238             4,204             4,237
CISCO SYSTEMS, INC.
REVENUE BY SEGMENT
(In millions, except percentages)
          April 30, 2022
          Three Months Ended       Nine Months Ended
          Amount           Y/Y %   Amount          Y/Y%
Revenue:
Americas  $         7,638  5%      $       22,344  4%
EMEA      3,271            (6)%    10,138          5%
APJC      1,926            (6)%    5,972           6%
Total     $       12,835   --%     $       38,455  5%
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
GROSS MARGIN PERCENTAGE BY SEGMENT
(In percentages)
                          April 30, 2022
                          Three Months Ended  Nine Months Ended
Gross Margin Percentage:
Americas                  64.8%               64.6%
EMEA                      65.9%               65.7%
APJC                      66.4%               65.9%
CISCO SYSTEMS, INC.
REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES
(In millions, except percentages)
                                   April 30, 2022
                                   Three Months Ended       Nine Months Ended
                                   Amount           Y/Y %   Amount          Y/Y%
Revenue:
Secure, Agile Networks             $         5,869  4%      $       17,735  7%
Internet for the Future            1,324            6%      4,021           29%
Collaboration                      1,132            (7)%    3,308           (8)%
End-to-End Security                938              7%      2,716           6%
Optimized Application Experiences  183              8%      544             13%
Other Products                     2                (58)%   7               (32)%
Total Product                      9,448            3%      28,330          8%
Services                           3,387            (8)%    10,125          (3)%
Total                              $       12,835   --%     $       38,455  5%
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
                                                                                         April 30, 2022          July 31, 2021
ASSETS
Current assets:
Cash and cash equivalents                                                                $                6,952  $                9,175
Investments                                                                              13,156                  15,343
Accounts receivable, net of allowance of $78 at April 30, 2022 and $109 at July 31, 2021 5,783                   5,766
Inventories                                                                              2,231                   1,559
Financing receivables, net                                                               3,804                   4,380
Other current assets                                                                     4,055                   2,889
Total current assets                                                                     35,981                  39,112
Property and equipment, net                                                              2,046                   2,338
Financing receivables, net                                                               3,959                   4,884
Goodwill                                                                                 38,452                  38,168
Purchased intangible assets, net                                                         2,811                   3,619
Deferred tax assets                                                                      4,276                   4,360
Other assets                                                                             5,272                   5,016
TOTAL ASSETS                                                                             $              92,797   $              97,497
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt                                                                          $                1,000  $                2,508
Accounts payable                                                                         2,289                   2,362
Income taxes payable                                                                     852                     801
Accrued compensation                                                                     3,032                   3,818
Deferred revenue                                                                         12,249                  12,148
Other current liabilities                                                                4,728                   4,620
Total current liabilities                                                                24,150                  26,257
Long-term debt                                                                           8,418                   9,018
Income taxes payable                                                                     7,689                   8,538
Deferred revenue                                                                         10,044                  10,016
Other long-term liabilities                                                              2,096                   2,393
Total liabilities                                                                        52,397                  56,222
Total equity                                                                             40,400                  41,275
TOTAL LIABILITIES AND EQUITY                                                             $              92,797   $              97,497
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
                                                                                             Nine Months Ended
                                                                                             April 30,              May 1,
                                                                                             2022                   2021
Cash flows from operating activities:
Net income                                                                                   $              8,997   $              7,582
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other                                                        1,527                  1,373
Share-based compensation expense                                                             1,407                  1,337
Provision (benefit) for receivables                                                          49                     (4)
Deferred income taxes                                                                        (167)                  (89)
(Gains) losses on divestitures, investments and other, net                                   (470)                  (201)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable                                                                          (134)                  1,250
Inventories                                                                                  (683)                  (260)
Financing receivables                                                                        1,431                  1,160
Other assets                                                                                 (1,295)                (233)
Accounts payable                                                                             (54)                   24
Income taxes, net                                                                            (730)                  (828)
Accrued compensation                                                                         (730)                  145
Deferred revenue                                                                             292                    263
Other liabilities                                                                            109                    (569)
Net cash provided by operating activities                                                    9,549                  10,950
Cash flows from investing activities:
Purchases of investments                                                                     (5,383)                (7,855)
Proceeds from sales of investments                                                           2,488                  2,724
Proceeds from maturities of investments                                                      4,308                  6,445
Acquisitions, net of cash and cash equivalents acquired and divestitures                     (373)                  (6,333)
Purchases of investments in privately held companies                                         (158)                  (138)
Return of investments in privately held companies                                            149                    96
Acquisition of property and equipment                                                        (338)                  (530)
Proceeds from sales of property and equipment                                                6                      14
Other                                                                                        (15)                   (56)
Net cash provided by (used in) investing activities                                          684                    (5,633)
Cash flows from financing activities:
Issuances of common stock                                                                    306                    307
Repurchases of common stock - repurchase program                                             (5,347)                (2,096)
Shares repurchased for tax withholdings on vesting of restricted stock units                 (546)                  (419)
Short-term borrowings, original maturities of 90 days or less, net                           9                      --
Issuances of debt                                                                            1,049                  --
Repayments of debt                                                                           (3,050)                (3,000)
Dividends paid                                                                               (4,657)                (4,601)
Other                                                                                        (230)                  39
Net cash used in financing activities                                                        (12,466)               (9,770)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents      (2,233)                (4,453)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 9,942                  11,812
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period       $              7,709   $              7,359
Supplemental cash flow information:
Cash paid for interest                                                                       $                 292  $                 377
Cash paid for income taxes, net                                                              $              2,960   $              2,862
CISCO SYSTEMS, INC.
REMAINING PERFORMANCE OBLIGATIONS
(In millions, except percentages)
        April 30, 2022     January 29, 2022    May 1, 2021
        Amount       Y/Y%  Amount       Y/Y%   Amount       Y/Y%
Product $    13,416  13 %  $    13,532  16 %   $    11,903  15 %
Service 16,789       3 %   16,986       3 %    16,235       7 %
Total   $    30,205  7 %   $    30,518  8 %    $    28,138  10 %
We expect 54% of total RPO at April 30, 2022 will be recognized as revenue over the next 12 months.
CISCO SYSTEMS, INC.
DEFERRED REVENUE
(In millions)
                  April 30, 2022   January 29, 2022  May 1, 2021
Deferred revenue:
Product           $         9,835  $         9,767   $         8,698
Service           12,458           12,546            12,191
Total             $       22,293   $       22,313    $       20,889
Reported as:
Current           $       12,249   $       12,268    $       11,492
Noncurrent        10,044           10,045            9,397
Total             $       22,293   $       22,313    $       20,889
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  Amount              Amount
                                                                Price per Share
Fiscal 2022
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                Nine Months Ended
                                                                   April 30,        May 1,           April 30,        May 1,
                                                                   2022             2021             2022             2021
GAAP net income                                                    $         3,044  $         2,863  $         8,997  $         7,582
Adjustments to cost of sales:
Share-based compensation expense                                   83               75               233              208
Amortization of acquisition-related intangible assets              176              184              571              499
Acquisition-related/divestiture costs                              1                1                3                3
Russia-Ukraine war costs                                           5                --               5                --
Legal and indemnification settlements/charges                      --               --               --               43
Total adjustments to GAAP cost of sales                            265              260              812              753
Adjustments to operating expenses:
Share-based compensation expense                                   394              383              1,173            1,103
Amortization of acquisition-related intangible assets              92               61               255              136
Acquisition-related/divestiture costs                              29               86               261              179
Russia-Ukraine war costs                                           62               --               62               --
Significant asset impairments and restructurings                   --               42               8                878
Total adjustments to GAAP operating expenses                       577              572              1,759            2,296
Adjustments to interest and other income (loss), net:
Acquisition-related/divestiture costs                              --               6                --               4
(Gains) and losses on equity investments                           (159)            (96)             (478)            (131)
Total adjustments to GAAP interest and other income (loss), net    (159)            (90)             (478)            (127)
Total adjustments to GAAP income before provision for income taxes 683              742              2,093            2,922
Income tax effect of non-GAAP adjustments                          (95)             (95)             (435)            (503)
Significant tax matters                                            --               --               --               83
Total adjustments to GAAP provision for income taxes               (95)             (95)             (435)            (420)
Non-GAAP net income                                                $         3,632  $         3,510  $       10,655   $       10,084
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GAAP TO NON-GAAP EPS
                                                      Three Months Ended                  Nine Months Ended
                                                      April 30,         May 1,            April 30,         May 1,
                                                      2022              2021              2022              2021
GAAP EPS                                              $           0.73  $           0.68  $           2.14  $           1.79
Adjustments to GAAP:
Share-based compensation expense                      0.11              0.11              0.33              0.31
Amortization of acquisition-related intangible assets 0.06              0.06              0.20              0.15
Acquisition-related/divestiture costs                 0.01              0.02              0.06              0.04
Russia-Ukraine war costs                              0.02              --                0.02              --
Legal and indemnification settlements/charges         --                --                --                0.01
Significant asset impairments and restructurings      --                0.01              --                0.21
(Gains) and losses on equity investments              (0.04)            (0.02)            (0.11)            (0.03)
Income tax effect of non-GAAP adjustments             (0.02)            (0.02)            (0.10)            (0.12)
Significant tax matters                               --                --                --                0.02
Non-GAAP EPS                                          $           0.87  $           0.83  $           2.53  $           2.38
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
                                                      April 30, 2022
                                                      Product  Service  Total    Operating  Y/Y    Operating  Y/Y    Interest  Net      Y/Y
                                                      Gross    Gross    Gross    Expenses          Income            and       Income
                                                      Margin   Margin   Margin                                       other
                                                                                                                     income
                                                                                                                     (loss),
                                                                                                                     net
GAAP amount                                           $ 5,842  $ 2,279  $ 8,121  $ 4,511    (4)%   $ 3,610    4%     $  191    $ 3,044  6%
% of revenue                                          61.8 %   67.3 %   63.3 %   35.1 %            28.1 %            1.5 %     23.7 %
Adjustments to GAAP amounts:
Share-based compensation expense                      30       53       83       394               477               --        477
Amortization of acquisition-related intangible assets 176      --       176      92                268               --        268
Acquisition/divestiture-related costs                 1        --       1        29                30                --        30
Russia-Ukraine war costs                              4        1        5        62                67                --        67
(Gains) and losses on equity investments              --       --       --       --                --                (159)     (159)
Income tax effect/significant tax matters             --       --       --       --                --                --        (95)
Non-GAAP amount                                       $ 6,053  $ 2,333  $ 8,386  $ 3,934    (5)%   $ 4,452    4%     $    32   $ 3,632  3%
% of revenue                                          64.1 %   68.9 %   65.3 %   30.7 %            34.7 %            0.2 %     28.3 %
                                                      Three Months Ended
                                                      May 1, 2021
                                                      Product    Service    Total      Operating  Operating  Interest     Net
                                                      Gross      Gross      Gross      Expenses   Income     and          Income
                                                      Margin     Margin     Margin                           other
                                                                                                             income
                                                                                                             (loss),
                                                                                                             net
GAAP amount                                           $   5,717  $   2,468  $   8,185  $   4,720  $   3,465  $      126   $   2,863
% of revenue                                          62.6 %     67.4 %     63.9 %     36.9 %     27.1 %     1.0 %        22.4 %
Adjustments to GAAP amounts:
Share-based compensation expense                      26         49         75         383        458        --           458
Amortization of acquisition-related intangible assets 184        --         184        61         245        --           245
Acquisition/divestiture-related costs                 1          --         1          86         87         6            93
Significant asset impairments and restructurings      --         --         --         42         42         --           42
(Gains) and losses on equity investments              --         --         --         --         --         (96)         (96)
Income tax effect/significant tax matters             --         --         --         --         --         --           (95)
Non-GAAP amount                                       $   5,928  $   2,517  $   8,445  $   4,148  $   4,297  $        36  $   3,510
% of revenue                                          64.9 %     68.7 %     66.0 %     32.4 %     33.6 %     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
GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME
(In millions, except percentages)
                                                      Nine Months Ended
                                                      April 30, 2022
                                                      Product   Service  Total     Operating  Y/Y    Operating  Y/Y    Interest  Net       Y/Y
                                                      Gross     Gross    Gross     Expenses          Income            and       Income
                                                      Margin    Margin   Margin                                        other
                                                                                                                       income
                                                                                                                       (loss),
                                                                                                                       net
GAAP amount                                           $ 17,482  $ 6,741  $ 24,223  $ 13,688   (4)%   $ 10,535   14%    $  526    $ 8,997   19%
% of revenue                                          61.7 %    66.6 %   63.0 %    35.6 %            27.4 %            1.4 %     23.4 %
Adjustments to GAAP amounts:
Share-based compensation expense                      84        149      233       1,173             1,406             --        1,406
Amortization of acquisition-related intangible assets 571       --       571       255               826               --        826
Acquisition/divestiture-related costs                 3         --       3         261               264               --        264
Russia-Ukraine war costs                              4         1        5         62                67                --        67
Significant asset impairments and restructurings      --        --       --        8                 8                 --        8
(Gains) and losses on equity investments              --        --       --        --                --                (478)     (478)
Income tax effect/significant tax matters             --        --       --        --                --                --        (435)
Non-GAAP amount                                       $ 18,144  $ 6,891  $ 25,035  $ 11,929   (1)%   $ 13,106   6%     $    48   $ 10,655  6%
% of revenue                                          64.0 %    68.1 %   65.1 %    31.0 %            34.1 %            0.1 %     27.7 %
                                                      Nine Months Ended
                                                      May 1, 2021
                                                      Product   Service    Total     Operating  Operating  Interest    Net
                                                      Gross     Gross      Gross     Expenses   Income     and         Income
                                                      Margin    Margin     Margin                          other
                                                                                                           income
                                                                                                           (loss),
                                                                                                           net
GAAP amount                                           $ 16,626  $   6,924  $ 23,550  $ 14,292   $   9,258  $      269  $   7,582
% of revenue                                          63.2 %    66.6 %     64.2 %    39.0 %     25.2 %     0.7 %       20.7 %
Adjustments to GAAP amounts:
Share-based compensation expense                      75        133        208       1,103      1,311      --          1,311
Amortization of acquisition-related intangible assets 499       --         499       136        635        --          635
Acquisition/divestiture-related costs                 2         1          3         179        182        4           186
Legal and indemnification settlements/charges         43        --         43        --         43         --          43
Significant asset impairments and restructurings      --        --         --        878        878        --          878
(Gains) and losses on equity investments              --        --         --        --         --         (131)       (131)
Income tax effect/significant tax matters             --        --         --        --         --         --          (420)
Non-GAAP amount                                       $ 17,245  $   7,058  $ 24,303  $ 11,996   $ 12,307   $      142  $ 10,084
% of revenue                                          65.6 %    67.9 %     66.2 %    32.7 %     33.5 %     0.4 %       27.5 %
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           Nine Months Ended
                                                     April 30, 2022  May 1, 2021  April 30, 2022  May 1, 2021
GAAP effective tax rate                              19.9 %          20.3 %       18.7 %          20.4 %
Total adjustments to GAAP provision for income taxes (0.9) %         (1.3) %      0.3 %           (1.4) %
Non-GAAP effective tax rate                          19.0 %          19.0 %       19.0 %          19.0 %
GAAP TO NON-GAAP GUIDANCE
Q4 FY 2022                                                                                       Gross Margin Rate  Operating Margin Rate  Earnings per Share (1)
GAAP                                                                                             62% - 63%          25% - 27%              $0.60 - $0.70
Estimated adjustments for:
Share-based compensation expense                                                                 0.5%               4.0%                   $0.08 - $0.09
Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs  1.5%               2.5%                   $0.06 - $0.07
Non-GAAP                                                                                         64% - 65%          31.5% - 33.5%          $0.76 - $0.84
FY 2022                                                                                                             Earnings per
                                                                                                                    Share (1)
GAAP                                                                                                                $2.75 - $2.85
Estimated adjustments for:
Share-based compensation expense                                                                                    $0.33 - $0.34
Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs                     $0.27 - $0.28
Russia-Ukraine war costs                                                                                            $0.01
(Gains) and losses on equity investments                                                                            ($0.09)
Non-GAAP                                                                                                            $3.29 - $3.37
(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 manage through ongoing supply constraints, the success of our strategy and confidence in our long-term growth, the fundamental drivers across our business being strong, the strong demand resulting in record backlogs, our business transformation shifting to more software and subscriptions, and our strategic investments in innovation to capitalize on significant growth opportunities and expanding addressable markets) and the future financial performance of Cisco (including the guidance for Q4 FY 2022 and full year FY 2022) 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 February 22, 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 and nine months ended April 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 (C) 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.

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Press Contact:      Investor Relations Contact:
Robyn Blum          Marilyn Mora
Cisco               Cisco
1 (408) 930-8548    1 (408) 527-7452
rojenkin@cisco.com  marilmor@cisco.com

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