Electronic enthusiasts eight o'clock: On August 17, Cisco released the company's fourth fiscal quarter and full-year financial report for the fiscal year ending July 29, 2017. The financial report showed that Cisco's fourth-quarter total revenue was $12.1 billion, down 4% from $12.6 billion in the same period last year; net profit was $2.4 billion, down 14% from $2.8 billion in the same period last year. Cisco's fourth-quarter results were in line with Wall Street analysts' average expectations, but forecast first-quarter revenue will fall again, causing its after-hours share to fall nearly 2%.
Summary of the fourth quarter results:
Revenue:
Cisco's fourth-quarter total revenue was $12.1 billion, down 4% from $12.6 billion in the same period last year. Cisco's fourth-quarter revenue from products was $9.027 billion, down from $9.552 billion in the same period last year; service revenue was $3,106 million, up from $3,086 million in the same period last year.
In terms of product and service types, Cisco's fourth-quarter revenue from switches was $3.439 billion, down 9% year-on-year; revenue from NGN routers was $1.893 billion, down 9% year-on-year; Product revenue was $1.113 billion, down 3% year-on-year; revenue from data center business was $837 million, down 4% year-on-year; revenue from wireless business was $799 million, up 5% year-on-year; Revenue from the business was $558 million, up 3% year-on-year; revenue from service provider video business was $227 million, down 10% year-on-year; revenue from other businesses was $161 million, up 31% year-on-year.
By region, Cisco's fourth-quarter revenue from the US was $7.202 billion, down 6% year-on-year; revenue from Europe, Middle East and Africa (EMEA) was $2.927 billion, down 6% year-on-year; from Asia Pacific Revenue was $2.004 billion, up 6% year-on-year. During the quarter, Cisco's US business had a gross margin of 64.0%, Europe, Middle East and Africa had a gross margin of 63.8%, and Asia Pacific's gross margin was 62.1%.
Costs and expenses:
Cisco's fourth-quarter total cost of sales was $4.587 billion, down from $4.663 billion in the same period last year. Among them, the cost of product sales was 3.586 billion US dollars, down from 3.614 billion US dollars in the same period of last year; the cost of service sales was 1.01 billion US dollars, down from 1.049 billion US dollars in the same period of last year.
Cisco’s fourth-quarter total operating expenses, measured in accordance with US GAAP, were $4.512 billion, down 3% from $4.672 billion in the same period last year. Among them, Cisco's fourth quarter R & D expenditure was 1.499 billion US dollars, compared with 1.601 billion US dollars in the same period last year; sales and marketing expenditure was 2.318 billion US dollars, compared with 2.443 billion US dollars in the same period last year; General Affairs and Administration Expenditure was $495 million, compared to $533 million in the same period last year; amortization of intangible assets was $58 million, compared to $82 million in the same period last year; restructuring and other expenses were $142 million. Compared with the same period last year, it was 13 million US dollars.
profit:
Cisco's fourth-quarter net profit under US GAAP was $2.4 billion, and diluted earnings per share were 48 cents, a performance that was less than the same period last year. In the fourth fiscal quarter of fiscal 2016, Cisco's net profit was $2.8 billion, and diluted earnings per share were 56 cents.
Excluding one-time expenses (not in accordance with US GAAP), Cisco's fourth-quarter net profit fell 3% year-on-year to $3.1 billion, or a diluted profit per share of 61 cents, compared to the same period last year. US GAAP measures a net profit of $3.2 billion, or a diluted profit per share of 63 cents.
Cisco's fourth-quarter operating profit in accordance with US GAAP was US$3 billion, down 8% year-on-year, operating interest rate was 25.0%; operating profit not in accordance with US GAAP was US$3.8 billion, down 4% year-on-year, operating rate It is 31.5%.
In the fourth quarter of Cisco, the total gross profit margin and product gross profit margin of the US GAAP were 62.2% and 60.3%, respectively. Not in accordance with US GAAP, Cisco's fourth-quarter gross profit margin and product gross profit margin were 63.7% and 61.9%, respectively. In the fourth quarter of the Cisco Services business, the gross profit margin under US GAAP was 67.8%, and the gross profit margin not measured in accordance with US GAAP was 68.8%.
Summary of FY2017 results:
Cisco's total revenue for FY2017 (excluding SP Video CPE business) was $48 billion, down 2% from $48.7 billion in FY2016; if SP Video CPE is included, Cisco's total revenue for FY2017 It was $48 billion, down 3% from $49.2 billion in fiscal 2016.
Cisco's FY17 net profit was $9.6 billion, down 11% from $10.7 billion in FY2016; diluted earnings per share were $1.90, down 10% from $2.11 in FY2016. Not in accordance with US GAAP, Cisco's FY17 net profit (excluding SP Video CPE business) was US$12.1 billion, which was basically the same as US$12 billion in FY2016; diluted earnings per share was US$2.39, compared to 2016. The fiscal year's $2.36 increased by 1%.
Other financial information:
According to US GAAP, Cisco's fourth-quarter income tax rate is 23.8%. Not measured in accordance with US GAAP, Cisco's fourth-quarter income tax rate is 22.3%.
Cisco's fourth-quarter operating cash flow was $4 billion, up 5% from $3.8 billion in the same period last year. As of the end of the fourth quarter, Cisco's cash, cash equivalents and investments totaled $70.5 billion, compared to $68 billion at the end of the fourth fiscal quarter of fiscal 2017, and $65.8 billion at the end of fiscal 2016. As of the end of the fourth fiscal quarter of fiscal 2017, Cisco's cash, cash equivalents and investments available in the US totaled $3 billion.
Cisco's fourth-quarter deferred revenue was $18.5 billion, up 12% year-on-year, with deferred product revenue up 23% year-on-year.
Cisco repurchased approximately 38 million common shares in the fourth quarter, with an average purchase price of $31.61 per share and a total spending of approximately $1.2 billion. Cisco's dividend for the fourth fiscal quarter of fiscal 2017 was $0.29 per share, which cost about $1.4 billion. Since the launch of the latest share repurchase program, as of July 29, 2017, Cisco has repurchased 4.7 billion shares of common stock at an average price of $21.30 per share, for a total cost of approximately $100.3 billion. Under the share repurchase program, Cisco can still repurchase shares worth approximately $11.7 billion without a specific deadline.
Performance outlook:
Cisco expects that the company's fiscal first quarter fiscal year 2018 revenue will decline by 1% to 3% year-on-year; according to US GAAP, earnings per share will be between $0.48 and $0.53; not in accordance with US GAAP, Earnings per share will be between $0.59 and $0.61; gross margins that are not in accordance with US GAAP will range from 63% to 64%; operating margins that are not in accordance with US GAAP will range from 29.5% to Between 30.5%; the non-compliance with US GAAP will be 22%.
Compare with analyst expectations:
Cisco's fourth-quarter revenue was $12.1 billion, which was in line with the average forecast of analysts surveyed by financial information provider FactSet; earnings per share not measured in accordance with US GAAP were $0.61, which is also in line with analysts' expectations.
Cisco expects revenue for the first fiscal quarter of FY18 to fall 1% to 3% year-on-year. In addition, Cisco also expects earnings per share not measured in accordance with US GAAP for the first quarter of FY18 to be between $0.59 and $0.61, with a value of $0.60, which is also in line with analyst expectations.
Stock price performance:
Cisco shares closed at $32.34 in regular trading on the Nasdaq market on Wednesday, up $0.25 from the previous day, or 0.78%. In the after-hours trading at 17:31 EST (5:31 am Beijing time) after the release of the earnings report, Cisco shares fell 0.59 US dollars to 31.75 US dollars, a decrease of 1.82%. In the past 52 weeks, Cisco's lowest share price was $29.12 and the highest share price was $34.60.
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