beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jul. 31, 2021	Jul. 25, 2020	Jul. 27, 2019
REVENUE:
Total revenue	$ 49,818	$ 49,301	$ 51,904
COST OF SALES:
Total cost of sales	17,924	17,618	19,238
GROSS MARGIN	31,894	31,683	32,666
OPERATING EXPENSES:
Research and development	6,549	6,347	6,577
Sales and marketing	9,259	9,169	9,571
General and administrative	2,152	1,925	1,827
Amortization of purchased intangible assets	215	141	150
Restructuring and other charges	886	481	322
Total operating expenses	19,061	18,063	18,447
OPERATING INCOME	12,833	13,620	14,219
Interest income	618	920	1,308
Interest expense	(434)	(585)	(859)
Other income (loss), net	245	15	(97)
Interest and other income (loss), net	429	350	352
INCOME BEFORE PROVISION FOR INCOME TAXES	13,262	13,970	14,571
Provision for income taxes	2,671	2,756	2,950
NET INCOME	$ 10,591	$ 11,214	$ 11,621
Net income per share:
Basic (in dollars per share)	$ 2.51	$ 2.65	$ 2.63
Diluted (in dollars per share)	$ 2.50	$ 2.64	$ 2.61
Shares used in per-share calculation:
Basic (in shares)	4,222	4,236	4,419
Diluted (in shares)	4,236	4,254	4,453
Product
REVENUE:
Total revenue	$ 36,014	$ 35,978	$ 39,005
COST OF SALES:
Total cost of sales	13,300	13,199	14,863
Service
REVENUE:
Total revenue	13,804	13,323	12,899
COST OF SALES:
Total cost of sales	$ 4,624	$ 4,419	$ 4,375

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2021	Jul. 25, 2020	Jul. 27, 2019
Cash flows from operating activities:
Net income	$ 10,591	$ 11,214	$ 11,621
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other	1,862	1,808	1,897
Share-based compensation expense	1,761	1,569	1,570
Provision (benefit) for receivables	(6)	93	40
Deferred income taxes	(384)	(38)	(350)
(Gains) losses on divestitures, investments and other, net	(354)	(138)	(24)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable	(107)	(107)	(84)
Inventories	(244)	84	131
Financing receivables	1,577	(797)	(249)
Other assets	(797)	96	(955)
Accounts payable	(53)	141	87
Income taxes, net	(549)	(322)	312
Accrued compensation	643	(78)	277
Deferred revenue	1,560	2,011	1,407
Other liabilities	(46)	(110)	151
Net cash provided by operating activities	15,454	15,426	15,831
Cash flows from investing activities:
Purchases of investments	(9,328)	(9,212)	(2,416)
Proceeds from sales of investments	3,373	5,631	7,388
Proceeds from maturities of investments	8,409	7,975	12,928
Acquisitions, net of cash and cash equivalents acquired and divestitures	(7,038)	(327)	(2,175)
Purchases of investments in privately held companies	(175)	(190)	(148)
Return of investments in privately held companies	194	224	159
Acquisition of property and equipment	(692)	(770)	(909)
Proceeds from sales of property and equipment	28	179	22
Other	(56)	(10)	(12)
Net cash (used in) provided by investing activities	(5,285)	3,500	14,837
Cash flows from financing activities:
Issuances of common stock	643	655	640
Repurchases of common stock - repurchase program	(2,877)	(2,659)	(20,717)
Shares repurchased for tax withholdings on vesting of restricted stock units	(636)	(727)	(862)
Short-term borrowings, original maturities of 90 days or less, net	(5)	(3,470)	3,446
Issuances of debt	0	0	2,250
Repayments of debt	(3,000)	(6,720)	(6,780)
Dividends paid	(6,163)	(6,016)	(5,979)
Other	(1)	51	113
Net cash used in financing activities	(12,039)	(18,886)	(27,889)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,870)	40	2,779
Cash, cash equivalents, and restricted cash, beginning of fiscal year	11,812	11,772	8,993
Cash, cash equivalents, and restricted cash, end of fiscal year	9,942	11,812	11,772
Supplemental cash flow information:
Cash paid for interest	438	603	892
Cash paid for income taxes, net	$ 3,604	$ 3,116	$ 2,986

Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 31, 2021	Jul. 25, 2020
Current assets:
Cash and cash equivalents	$ 9,175	$ 11,809
Investments	15,343	17,610
Accounts receivable, net of allowance of $109 at July 31, 2021 and $143 at July 25, 2020	5,766	5,472
Inventories	1,559	1,282
Financing receivables, net	4,380	5,051
Other current assets	2,889	2,349
Total current assets	39,112	43,573
Property and equipment, net	2,338	2,453
Financing receivables, net	4,884	5,714
Goodwill	38,168	33,806
Purchased intangible assets, net	3,619	1,576
Deferred tax assets	4,360	3,990
Other assets	5,016	3,741
TOTAL ASSETS	97,497	94,853
Current liabilities:
Short-term debt	2,508	3,005
Accounts payable	2,362	2,218
Income taxes payable	801	839
Accrued compensation	3,818	3,122
Deferred revenue	12,148	11,406
Other current liabilities	4,620	4,741
Total current liabilities	26,257	25,331
Long-term debt	9,018	11,578
Income taxes payable	8,538	8,837
Deferred revenue	10,016	9,040
Other long-term liabilities	2,393	2,147
Total liabilities	56,222	56,933
Commitments and contingencies (Note 14)
Cisco stockholders’ equity:
Preferred stock, $0.001 par value: 5 shares authorized; none issued and outstanding	0	0
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,217 and 4,237 shares issued and outstanding at July 31, 2021 and July 25, 2020, respectively	42,346	41,202
Accumulated deficit	(654)	(2,763)
Accumulated other comprehensive loss	(417)	(519)
Total equity	41,275	37,920
TOTAL LIABILITIES AND EQUITY	$ 97,497	$ 94,853