Cisco Systems, Inc. (CSCO) SEC Filing 10-Q Quarterly report for the period ending Saturday, January 26, 2019

Home SEC Filings Cisco Systems, Inc. (CSCO) 10-Q Quarterly Report Tue Feb 19 2019

Exhibit 99.1

 

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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

CISCO REPORTS SECOND QUARTER EARNINGS

Dividend Increased 6 Percent, Additional $15 Billion Authorized for Stock Repurchase

 

  •  

Q2 Results:

 

  •  

Revenue: $12.4 billion

 

  •  

Growth of 7% year over year (normalized to exclude the divested SPVSS business for Q2 FY 2018)

 

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Earnings per Share: GAAP: $0.63; Non-GAAP: $0.73

 

  •  

Non-GAAP EPS increased 16% year over year

 

  •  

Q3 Guidance (normalized to exclude the divested SPVSS business for Q3 FY 2018):

 

  •  

Revenue: 4% to 6% growth year over year

 

  •  

Earnings per Share: GAAP: $0.63 to $0.68; Non-GAAP: $0.76 to $0.78

SAN JOSE, Calif. — February 13, 2019 — Cisco today reported second quarter results for the period ended January 26, 2019. Cisco reported second quarter revenue of $12.4 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion or $0.63 per share, and

non-GAAP net income of $3.3 billion or $0.73 per share.

As previously disclosed, Cisco completed the divestiture of the Service Provider Video Software Solutions (SPVSS) business in the second quarter of fiscal 2019 on October 28, 2018. Revenue, non-GAAP financial information, and Q3 FY 2019 guidance have been normalized to exclude the SPVSS business from prior periods for comparative purposes.

“We are very pleased with our strong performance in the quarter,” said Chuck Robbins, chairman and CEO of Cisco. “Our teams are executing incredibly well, aggressively transitioning to a software model and accelerating our pace of innovation. We are redefining and connecting every domain of the networking infrastructure to deliver the agility, operational efficiency and security our customers require to embrace multicloud, edge computing and digital transformation.”

GAAP Results

 

     Q2 FY 2019      Q2 FY 2018      Vs. Q2 FY 2018  

Revenue (including SPVSS business for all periods)

    $ 12.4 billion      $ 11.9 billion        5 % 

Revenue (excluding SPVSS business for all periods)

    $ 12.4 billion      $ 11.7 billion        7 % 

Net Income (Loss)

    $ 2.8 billion      $ (8.8) billion        NM  

Earnings (Loss) per Share

    $ 0.63      $ (1.78 )       NM  

NM — Not meaningful

GAAP results for the second quarter of fiscal 2018 include a $11.1 billion charge related to the enactment of the Tax Cuts and Jobs Act.

Non-GAAP Results

 

     Q2 FY 2019      Q2 FY 2018      Vs. Q2 FY 2018  

Net Income (excluding SPVSS business for all periods)

    $ 3.3 billion      $ 3.1 billion        6 % 

Diluted Earnings per Share (EPS) (excluding SPVSS business for all periods)

    $ 0.73      $ 0.63        16 % 

Reconciliations between net income (loss), earnings (loss) per share, 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.”

 

1

The following information was filed by Cisco Systems, Inc. (CSCO) on Wednesday, February 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Form Type: 10-Q Quarterly Report
Accession Number: 0000858877-19-000003
Submitted to the SEC: Tue Feb 19 2019 12:08:28 PM EST
Accepted by the SEC: Tue Feb 19 2019
Period: Saturday, January 26, 2019
Industry: Computer Communications Equipment

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