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Some groups are struggling to contend with the impacts of tariffs, the slowdown in China's economic climate, the U.S. federal government shutdown, and widespread economic uncertainty. now not Cisco (NASDAQ: CSCO). The dominant networking hardware provider continued its growth streak in its fiscal 2nd quarter, and its outlook for the third quarter makes clear that the tech big is efficaciously navigating a tough and sophisticated environment.revenue and earnings boom
Cisco's 2d-quarter consequences edged out analyst expectations:
compared to general Analyst Estimate
Beat through $30 million
Non-GAAP earnings per share
Beat by means of $0.01
information supply: Cisco. GAAP = generally authorised accounting principles.
Cisco's second-quarter income turned into negatively affected by the divestiture of the provider provider video software options company. except that divested earnings, Cisco's sales multiplied through 7% year over 12 months, the excessive conclusion of the enterprise's counsel.
All of Cisco's core product segments grew income all over the quarter, whereas features salary became up somewhat when adjusted for divestitures.
records source: Cisco. Excludes divestitures.
Subscription utility is riding a few of Cisco's growth, chiefly within the applications and safety segments. Subscriptions now account for sixty five% of Cisco's complete utility earnings, up 10 percentage facets year over 12 months.An envious outlook
Cisco expects to develop third-quarter revenue by using 4% to 6% year over yr, aside from divested profits. Third-quarter non-GAAP income per share are anticipated to be between $0.seventy six and $0.seventy eight, up from $0.sixty six in the prior-year length. Analysts were anticipating income increase of simply three%, together with non-GAAP EPS of $0.76.
a man looking through binoculars.greater
graphic supply: Getty pictures.
Cisco CEO Chuck Robbins referred to as the existing situation "one of the most extra complicated macro geopolitical environments that I believe we've considered in quite a long time" right through the revenue call. but none of the issues affecting different companies are making a dent in Cisco's company. "but to be honest, from the first day of the quarter to the closing day of the quarter, we noticed zero change. We noticed very steady demand during the quarter and just saw excellent execution by using our teams," Robbins explained.
Cisco's self assurance is apparent in its up to date capital return courses. Cisco introduced a 6% enhance to its quarterly dividend along with its second-quarter effects, bringing the payout to $0.35 per share. On accurate of that dividend boost, Cisco introduced $15 billion to its share repurchase authorization. Cisco spent greater than $10 billion in the first six months of fiscal 2019 buying again its personal shares, and the enterprise now has a different $24 billion slated for buybacks.
Cisco's lack of problems thus far does not imply it may not run into considerations later this yr. If shoppers beginning delaying orders because of financial uncertainty, Cisco's results will endure. there isn't a signal of that to this point -- product orders have been up eight% 12 months over yr in the second quarter, with extraordinary energy from public sector customers. however issues can alternate without delay.
For now, Cisco's business is conserving up well despite no shortage of expertise headwinds.
greater From The Motley fool
Timothy eco-friendly owns shares of Cisco programs. The Motley idiot has no position in any of the stocks mentioned. The Motley fool has a disclosure coverage.
Shares of Cisco (NASDAQ:CSCO) these days rallied to a multi-year high after the company reported its 2nd quarter income. Its profits rose 7% annually to $12.4 billion (with the exception of the divestment of its service issuer video company), beating estimates by $30 million. Its non-GAAP income climbed sixteen% to $0.seventy three per share, topping expectations by means of a penny.
For the third quarter, Cisco expects its revenue to upward push four%-6% yearly, and for its non-GAAP EPS to grow 15%-18%. For the entire year, analysts are expecting Cisco's salary and income to upward push 5% and 17%, respectively.
Cisco's boom quotes look potent, but buyers may be questioning if the stock is operating out of room to run after basically doubling over the last three years. today i may spotlight four leading factors buyers should still nevertheless accept as true with purchasing Cisco after its publish-earnings rally.1. staggering income and profits increase
Cisco became as soon as considered a gradual-increase tech stock. That modified over the past 12 months as earnings of its infrastructure platforms (routers, switches, and different hardware) rebounded on mighty demand from campus purchasers, and its protection and functions corporations persisted starting to be both organically and inorganically.
That trio of businesses account for Cisco's core items division, which grew its earnings 6% annually throughout the quarter and accounted for seventy five% of the enterprise's precise line. All three classes posted match earnings increase all through the quarter.
YOY profits growth
percentage of Product profits
Cisco's capabilities division, which generated the final 25% of its revenue, posted 1% boom. application subscriptions accounted for sixty five% of its complete software income, marking a ten percent aspect increase from the prior 12 months quarter.
The shift toward subscription-based salary boosts its margins and revenue, which are buoyed much more by using aggressive buybacks. Cyclically low DRAM prices are additionally reducing the production charges of its hardware instruments. These tailwinds all boosted Cisco's precise and base line growth significantly in contemporary quarters:
this fall 2018
sixteen%2. good gross and operating margins
Cisco's complete non-GAAP gross margin fell 100 basis aspects annually to 64.1% all the way through the quarter as its Product and repair gross margins each shriveled. Its non-GAAP working margin stayed flat at 32.1%.
however for the third quarter, Cisco expects its non-GAAP gross margin to are available in between sixty four%-sixty five%, and for its non-GAAP working margin to remain between 31%-32%. those solid margins indicate that primary macro headwinds -- like trade tensions with China -- probably won't dent its salary boom.
For comparison, Cisco's smaller rival Juniper Networks (NYSE:JNPR), which currently said its sixth straight quarter of declining sales, noticed its non-GAAP operating margin fall one hundred sixty groundwork points to 21.1% all the way through that quarter.
Cisco's chinese language orders were roughly flat right through the quarter, however that softness turned into offset by means of earnings to other countries, which boosted the company's complete rising markets profits by means of 6%. during the conference name, Cisco CEO Chuck Robbins cited that the business still "noticed zero change" in average demand for its products and capabilities.3. a variety of cash for shareholder-pleasant moves
throughout the quarter Cisco spent $5 billion repurchasing 111 million shares at a standard expense of $45.09 per share. It licensed a $15 billion increase to that buyback application, which boosts its total authorization to $24 billion (similar to 11% of its present market cap).
It also raised its dividend 6% to $0.35 per share, which boosts its forward dividend yield to 2.eight%. That basically fits Juniper's forward yield of 2.9%.
Cisco repatriated most of its remote places cash final year, so it has numerous money (basically $10 billion) to spend on buybacks, dividends, and domestic acquisitions. It additionally held over $forty billion in money, money equivalents, and investments at the conclusion of the quarter. therefore, Cisco plans to preserve tightening up its valuations with buybacks and profitable patient investors with dividend hikes for the foreseeable future.4. it's nevertheless especially low priced
final but now not least, Cisco's inventory continues to be enormously cheap at 14 times forward income. Juniper, which has a good deal weaker fundamentals than Cisco, is simply a little cheaper at 13 instances forward revenue.
Cisco's low varied, its solid dividend yield, and its smartly-various enterprise make it some of the most secure large tech stocks to purchase today. I consider Cisco has a whole lot of room to prolong its publish-income rally.
Leo sun owns shares of Cisco systems. The Motley idiot has no place in any of the shares outlined. The Motley idiot has a disclosure coverage.
Cisco's pivot to software-based revenues changed into rewarded during its second-quarter salary record after the market closed on Wednesday.
regardless of tariffs, Brexit and challenging forex concerns overseas, Cisco CEO Chuck Robbins talked about on the salary call that its business consumers had been displaying marvelous resiliency as they persevered to view expertise as a core part of their boom techniques.
This was born out via Cisco reporting a net salary of $2.eight billion, or 63 cents per share within the 2nd quarter that ended remaining month, in comparison to a lack of $eight.78 billion, or $1.78 per share a 12 months in the past after Cisco had a charge of $11.1 billion as a result of new U.S. tax legal guidelines.
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Cisco's reported non-GAAP earnings of seventy three cents per share on revenue of $12.forty five billion, which turned into a 7% increase year-over-12 months. within the equal quarter a yr in the past, Cisco earned sixty three cents per share on earnings of $11.9 billion.
Wall street had projected revenue of seventy two cents per share with 12.four billion. Cisco's shares were up 3% in after-market buying and selling.
"This quarter we again tested that we now have developed a resilient increase engine it really is firing on distinctive cylinders," Robbins stated on the convention name with analysts. "Our strategy of expanding our portfolio whereas investing in our core markets in delivering extraordinary innovation for customers and sustainable value for our shareholders.
"We're building the technologies that enhance our consumers' new digital capabilities and experiences like certainly not earlier than. With the continued enlargement to the cloud, the increasing connectivity of users and instruments and the need to at ease their corporations, our customers are facing probably the most complicated and dynamic IT ambiance we've ever viewed. Cisco's intent-based mostly networking architecture helps them navigate this complexity with the aid of enabling them to simplify, automate and securely seriously change their infrastructure."
Over the last 18 months, Robbins talked about Cisco has been reinventing networking from the floor as much as connect every area of an commercial enterprise
"it's clear that the investments now we have made in our core enterprise are paying off," Robbins pointed out. "We're executing well with persevered boom in our infrastructure portfolio and robust consumer uptake in our Catalyst 9000 household of switches and our SD-WAN choices."
within the 2nd quarter, income in Cisco's utility utility business accelerated by 24% to $1.47 billion, which surpassed analyst estimates of $1.35 billion. Cisco pronounced that 65% of its software revenues got here from subscription income.
revenue in Cisco's infrastructure platform company, which contains the business's normal routers and switches, extended $6% to $7.13 billion. Cisco's safety profits improved 18% to $658 million while "other products" salary changed into down $ninety one million year-over-yr to $22 million. software earnings turned into up 24% to $1.5 billion.
related: Cisco to buy semiconductor business Luxtera for $660M
Robbins mentioned Cisco changed into positioned to cash-in on the migration to 100G and 400G services. while Cisco spins its personal silicon, Robbins referred to Cisco would additionally benefit from its $660 million deal in December to purchase semiconductor supplier Luxtera. Luxtera uses silicon photonics to build built-in optics capabilities for webscale and business records centers, provider suppliers and other business verticals.
Cisco talked about it expects third-quarter revenue to boost four% to 6 % and for adjusted revenue to are available at seventy six cents to seventy eight cents a share. Cisco's board of directors authorized a $15 billion boost to the authorization of the business's inventory repurchase software.
Huawei not a concern
Robbins also professed not to be too concerned about Huawei. despite dealing with bans in the U.S. and different international locations over the use of its 5G apparatus, Huawei has referred to its outlook for this 12 months changed into bigger than ever. Robbins referred to it changed into intricate to benefit market share in China and that China skewed normal market numbers.
"I think our portfolio at the moment from an innovation point of view, exceptionally the work that our teams are doing within the SP (provider company) house, and the work that we're doing across the 5G packet core and a few of these next-generation platforms that are going to hit the market this 12 months, i might put up our innovation towards theirs and any one else on the planet right now," Robbins talked about. "I believe in case you analyze our efficiency in EMEA and APJC (Asia Pacific, Japan and China) over the closing few quarters that would suggest that we're now not only conserving our own however we're competing and profitable."
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West has appointed Adam Kain as Regional Sales Manager and Joe Petrolo as national Education sales specialist
AUSTRALIA, Feb 19, 2019– In order to capitalise on the market opportunities in Australia and particularly in the education space, West has announced the appointment of two new leaders in its APAC team. Adam Kain has been appointed as Regional Sales Manager – Southern Region (WA/SA/VIC/NZ). Joe Petrolo has been appointed as national Education sales specialist.
Adam Kain’s appointment comes as West look to grow their sales team in Australia to capitalise on business development opportunities with Cisco’s world class unified communications system. West’s integration techniques and partnerships have seen more than 250% growth in sales in the last 12 months. Adam believes that the right partnerships and post-sales support gives West a competitive edge.
“Our strategy allows organisations to grow in their space, while we support their voice, video and communications needs,” says Adam. “I am excited about building a team and culture within West.”
Adam has over 20 years experience in the industry and brings extensive product knowledge and strong partner relationships to the role.
Joe Petrolo commenced as West’s new Education sales specialist in January 2019. This will enable West to build a portfolio of local education services, while heavily investing in this on a global level. Initially, Joe’s goal is to build on partner engagement strategy in the education space and promote greater understanding of the needs of education organisations.
“West has good capability within the education industry, but this is our opportunity to find the best fit for the Australian market,” says Joe. “We can then build a model that can be expanded throughout the Asia-Pacific market.”
Joe has been focusing on the education industry for the past 15 years in his previous roles and comes to West with broad experience and existing relationships within both West and the industry generally.
ANZ Sales Director Steve Kruize says the appointments demonstrate West’s intentions to continue to drive unified communications in the market.
“West strives to become the unified communications partner of choice for corporate and education stakeholders in the ANZ region,” says Steve. “We are confident that these appointments and the continued expansion of our team with talented and creative specialists will improve our relationships with partners and our ability to grow the business.”
SAN JOSE, CA - Aug 17, 2016 - Cisco (NASDAQ: CSCO)
Cisco (NASDAQ: CSCO) today reported fourth quarter and fiscal year results for the period ended July 30, 2016. Cisco reported fourth quarter revenue of $12.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion or $0.56 per share, and non-GAAP net income of $3.2 billion or $0.63 per share.
"We had another strong quarter, wrapping up a great year. I am particularly pleased with our performance in priority areas including security, data center switching, collaboration, services as well as our overall performance, with revenues up 2% in Q4 excluding the SP Video CPE business," said Chuck Robbins, CEO of Cisco. "We continue to execute well in a challenging macro environment. Despite slowing in our Service Provider business and Emerging Markets after three consecutive quarters of growth, the balance of the business was healthy with 5% order growth. This growth and balance demonstrates the strength of our diverse portfolio. Our product deferred revenue from software and subscriptions grew 33% showing the continued momentum of our business model transformation."
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."
"We delivered another solid quarter and a good fiscal year, expanding both our gross margins and operating margins," said Kelly Kramer, Cisco executive vice president and chief financial officer. "Our strong operational discipline has enabled us to drive growth and margin improvement as we continue to invest in key priority areas such as security, IoT, collaboration, next generation data center and cloud, while also delivering shareholder value."
Today's market requires Cisco and our customers to be decisive, move with greater speed and drive more innovation than we've seen in our history. Today, we announced a restructuring enabling us to optimize our cost base in lower growth areas of our portfolio and further invest in key priority areas such as security, IoT, collaboration, next generation data center and cloud. We expect to reinvest substantially all of the cost savings from these actions back into these businesses and will continue to aggressively invest to focus on our areas of future growth. The restructuring will eliminate up to 5,500 positions, representing approximately 7 percent of our global workforce, and we will take action under this plan beginning in the first quarter of fiscal 2017.
All comparative percentages are on a year-over-year basis unless otherwise noted.
All revenue, non-GAAP, and geographic financial information in the "Q4 FY 2016 Highlights" and "FY 2016 Highlights" sections are presented excluding the SP Video CPE Business for prior periods as it was divested during the second quarter of fiscal 2016 on November 20, 2015.
Q4 FY 2016 Highlights
Revenue -- Total revenue was $12.6 billion, up 2%, with product revenue up 1% and service revenue up 5%. Revenue by geographic segment was: Americas up 3%, EMEA up 3%, and APJC down 2%. Product revenue growth was led by Security at 16%. Collaboration, Wireless and Switching product revenue increased by 6%, 5%, and 2%, respectively. Service Provider Video, NGN Routing and Data Center product revenue decreased by 12%, 6%, and 1%, respectively.
Gross Margin -- On a GAAP basis, total gross margin and product gross margin were 63.1% and 62.2%, respectively. The increase in the product gross margin compared with 59.0% in the fourth quarter of fiscal 2015 was primarily due to continued productivity improvements, the divestiture of the SP Video CPE Business, and to a lesser extent product mix, partially offset by pricing.
Non-GAAP total gross margin and product gross margin were 64.6% and 63.9%, respectively. The increase in non-GAAP product gross margin compared with 63.2% in the fourth quarter of fiscal 2015 was primarily due to continued productivity improvement and to a lesser extent product mix, partially offset by pricing.
GAAP service margin was 66.0% and non-GAAP service gross margin was 67.0%.
Total gross margins by geographic segment were: 64.9% for the Americas, 65.2% for EMEA and 62.5% for APJC.
Operating Expenses -- On a GAAP basis, operating expenses were $4.7 billion, down 4%. Non-GAAP operating expenses were $4.2 billion, up 1%, and were 33.2% of revenue. Headcount compared with the end of the third quarter of fiscal 2016 increased by 607 to 73,711, driven by additional headcount from investments in key growth areas.
Operating Income -- GAAP operating income was $3.3 billion, up 15%, with GAAP operating margin of 26.1%. Non-GAAP operating income was $4.0 billion, up 7%, with non-GAAP operating margin at 31.4%.
Provision for Income Taxes -- The GAAP tax provision rate was 17.1%, reflecting certain tax benefits related to prior-year periods. The non-GAAP tax provision rate was 21.4% which excludes these tax benefits related to prior-year periods.
Net Income and EPS -- On a GAAP basis, net income was $2.8 billion and EPS was $0.56. On a non-GAAP basis, net income was $3.2 billion, an increase of 7%, and EPS was $0.63, an increase of 9%.
Cash Flow from Operating Activities -- was $3.8 billion for the fourth quarter of fiscal 2016, compared with $3.1 billion for the third quarter of fiscal 2016, and compared with $4.1 billion for the fourth quarter of fiscal 2015.
FY 2016 Highlights
Revenue -- Total revenue was $48.7 billion, an increase of 3%.
Net Income and EPS -- On a GAAP basis, net income was $10.7 billion and EPS was $2.11. On a non-GAAP basis, net income was $12.0 billion, an increase of 7%, and EPS was $2.36, an increase of 8%.
Cash Flow from Operating Activities -- was $13.6 billion for fiscal 2016, compared with $12.6 billion for fiscal 2015.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments -- were $65.8 billion at the end of the fourth quarter of fiscal 2016, compared with $63.5 billion at the end of the third quarter of fiscal 2016, and compared with $60.4 billion at the end of fiscal 2015. The total cash and cash equivalents and investments available in the United States at the end of the fourth quarter of fiscal 2016 were $5.9 billion.
Deferred Revenue -- was $16.5 billion, up 8% in total, with deferred product revenue up 8%, driven largely by subscription-based and software offerings, and deferred service revenue was up 9%. Cisco continued to build a greater mix of recurring revenue as reflected in the increase in deferred revenue.
Product Backlog -- was approximately $4.6 billion at the end of fiscal 2016, an increase of 1% compared with the balance at the end of fiscal 2015 (excluding the SP Video CPE Business).
Days Sales Outstanding in Accounts Receivable (DSO) -- was 42 days at the end of the fourth quarter of fiscal 2016, compared with 38 days at the end of the fourth quarter of fiscal 2015.
Capital Allocation -- In the fourth quarter of fiscal 2016, Cisco declared and paid a cash dividend of $0.26 per common share, or $1.3 billion. For the full fiscal year, Cisco declared and paid cash dividends of $0.94 per common share, or $4.8 billion.
For the fourth quarter of fiscal 2016, Cisco repurchased approximately 28 million shares of common stock under its stock repurchase program at an average price of $28.70 per share for an aggregate purchase price of $800 million. For the full fiscal year, Cisco repurchased approximately 148 million shares of common stock under its stock repurchase program at an average price of $26.45 per share for an aggregate purchase price of $3.9 billion. As of July 30, 2016, Cisco had repurchased and retired 4.6 billion shares of Cisco common stock at an average price of $21.04 per share for an aggregate purchase price of approximately $96.6 billion since the inception of the stock repurchase program. The remaining authorized amount for stock repurchases under this program is approximately $15.4 billion with no termination date.
For the full fiscal year, Cisco returned $8.7 billion to shareholders through share buybacks and dividends, which represented approximately 70% of free cash flow.
Acquisitions -- In Q4 FY 2016, we announced our intent to acquire CloudLock Inc., which closed in early Q1 FY 2017. The CloudLock acquisition will further enhance Cisco's security portfolio and build on Cisco's Security Everywhere strategy, designed to provide protection from the cloud to the network to the endpoint and also aligns with our strategy to deliver more cloud based subscription services.
Business Outlook for Q1 FY 2017
On November 20, 2015, during the second quarter of fiscal 2016, Cisco completed its divestiture of the SP Video CPE Business. In order to provide a clear view of Cisco's continuing expected financial performance, the revenue outlook for the first quarter of fiscal 2017 is normalized to exclude the SP Video CPE Business for the first quarter of fiscal 2016. The corresponding revenue in the first quarter of fiscal 2016 for the SP Video CPE Business was $411 million.
Cisco expects to achieve the following results for the first quarter of fiscal 2017:
Cisco estimates that GAAP EPS will be $0.42 to $0.47 which is lower than non-GAAP EPS by $0.13 to $0.16 per share in the first quarter of fiscal 2017.
A reconciliation between the Business Outlook for Q1 FY 2017 on a GAAP and non-GAAP basis is provided in the table entitled "GAAP to non-GAAP Business Outlook for Q1 FY 2017" located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."
The Consolidated Statements of Operations include the results of the SP Video CPE Business prior to its divestiture during the second quarter of fiscal 2016 on November 20, 2015. Accordingly, the fiscal year ended July 30, 2016 includes four months of financial results for this business.
During the second quarter of fiscal 2016 on November 20, 2015, Cisco completed its divestiture of the SP Video CPE Business. SP Video CPE Business revenue for the three months ended July 25, 2015 was $487 million and for fiscal 2016 and 2015 was $504 million and $1,846 million, respectively.
(1) During the second quarter of fiscal 2016 on November 20, 2015, Cisco completed its divestiture of the SP Video CPE Business. SP Video CPE Business gross profit for fiscal 2016 was $41 million and $15 million for the Americas and EMEA, respectively.
(1) Excludes SP Video CPE Business revenue for all periods presented as it was divested during the second quarter of fiscal 2016 on November 20, 2015. SP Video CPE Business revenue for the three months ended July 25, 2015 was $487 million and for fiscal 2016 and fiscal 2015 was $504 million and $1,846 million, respectively.(2) Includes SP Video CPE Business revenue through the date of divestiture of November 20, 2015.
Certain reclassifications have been made to prior year amounts to conform to the current year's presentation.
(1) During the second quarter of fiscal 2016 on November 20, 2015, Cisco completed its divestiture of the SP Video CPE Business. This sale resulted in a pre-tax gain of $253 million, net of certain transaction costs incurred to date. The gain on this transaction was excluded from non-GAAP net income for fiscal 2016.(2) Cisco recorded certain net tax benefits totaling $556 million related to prior-year periods that were excluded from non-GAAP net income for fiscal 2016.
On November 20, 2015, during the second quarter of fiscal 2016, Cisco completed its divestiture of the SP Video CPE Business. Accordingly, the non-GAAP growth rates above are normalized to exclude the SP Video CPE Business for the fourth quarter of fiscal 2015 as detailed in the table below.
For the SP Video CPE Business, EPS was $0.01 for the fourth quarter of fiscal 2015. Net income for the SP Video CPE Business was $10 million and $142 million for fiscal 2016 and fiscal 2015, respectively, and EPS for fiscal 2016 and 2015 was $0.00 and $0.03, respectively.
(1) In relation to the restructuring plan, Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results in an amount of up to $700 million consisting of severance and other one-time termination benefits, and other associated costs. These charges are primarily cash-based. Cisco expects that approximately $325 million to $400 million of these charges will be recognized during the first quarter of fiscal 2017 with the remaining amount to be recognized during the rest of the fiscal year.
(2) Estimated adjustments to GAAP earnings per share are shown after income tax effects.
Except as noted above, this business outlook does not include the effects of any future acquisitions/divestitures, asset impairments, restructurings and significant tax matters or other events, which may or may not be significant unless specifically stated.
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 impact of the challenging macro environment, our ability to successfully invest in key priority areas such as security, IoT, collaboration, next generation data center and cloud, our ability to deliver shareholder value, profitable growth and strong margins, continued growth of our software and subscriptions business, and the size of the restructuring and the amount and timing of the related charges) and the future financial performance of Cisco (including the business outlook for Q1 FY 2017) 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; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market and other customer markets; the return on our investments in certain priorities, key growth areas, and in certain geographical locations, as well as maintaining leadership in routing, switching and services; the timing of orders and manufacturing and customer lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and service markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and other matters, and governmental investigations; our ability to achieve the benefits of the announced restructuring and possible changes in the size and timing of the related charges; man-made problems such as cyber-attacks, data protection breaches, computer viruses or terrorism; natural catastrophic events; a 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 May 24, 2016 and September 8, 2015, 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 months and the year ended July 30, 2016 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 net income per share data, and free cash flow 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. Cisco believes that the presentation of free cash flow, which it defines as the net cash provided by operating activities less cash used to acquire property and equipment, to be a liquidity measure that provides useful information to management and investors because of its intent to return a stated percentage of free cash flow to shareholders in the form of dividends and stock repurchases. Cisco further regards free cash flow as a useful measure because it reflects cash that can be used to, among other things, invest in its business, make strategic acquisitions, repurchase common stock and pay dividends on its common stock, after deducting capital investments.
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, impact to cost of sales from purchase accounting adjustments to inventory, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation and other contingencies, significant 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.
Cisco divested the Customer Premises Equipment portion of the Service Provider Video Connected Devices business ("SP Video CPE Business") during the second quarter of fiscal 2016 on November 20, 2015. This release includes, where indicated, financial measures that exclude the SP Video CPE Business. Cisco believes that the presentation of these 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 because the SP Video CPE Business is no longer part of Cisco and will not be part of Cisco on a go forward basis. Cisco's management also uses the financial measures excluding the SP Video CPE Business in reviewing the financial results of Cisco.
Cisco (NASDAQ: CSCO) is the worldwide technology leader that has been making the Internet work since 1984. Our people, products and partners help society securely connect and seize tomorrow's digital opportunity today. Discover more at thenetwork.cisco.com and follow us on Twitter at @Cisco.
Copyright © 2016 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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