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Table of Contents

 
 
 
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
_____________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 25, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
          
For the transition period from              to             
Commission file number 0-18225 
_____________________________________
imagelogoa.jpg
CISCO SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
California
 
77-0059951
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
170 West Tasman Drive
San Jose, California 95134
(Address of principal executive office and zip code)
(408) 526-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and formal fiscal year, if changed since last report.)
_____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001 per share
CSCO
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No    
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 
Number of shares of the registrant’s common stock outstanding as of May 14, 2020: 4,222,296,202
____________________________________ 

1

Table of Contents

Cisco Systems, Inc.
Form 10-Q for the Quarter Ended April 25, 2020
INDEX
 
 
 
 
Page
Part I
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
Item 3.
 
 
Item 4.
 
 
Part II.
 
 
Item 1.
 
 
Item 1A.
 
 
Item 2.
 
 
Item 3.
 
 
Item 4.
 
 
Item 5.
 
 
Item 6.
 
 
 
 
 


2

Table of Contents

PART I. FINANCIAL INFORMATION 
Item 1.
Financial Statements (Unaudited)
CISCO SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)
 
April 25, 2020
 
July 27, 2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
10,366

 
$
11,750

Investments
18,208

 
21,663

Accounts receivable, net of allowance for doubtful accounts of $130 at April 25, 2020 and $136 at July 27, 2019
4,569

 
5,491

Inventories
1,212

 
1,383

Financing receivables, net
4,703

 
5,095

Other current assets
2,249

 
2,373

Total current assets
41,307

 
47,755

Property and equipment, net
2,535

 
2,789

Financing receivables, net
4,770

 
4,958

Goodwill
33,453

 
33,529

Purchased intangible assets, net
1,744

 
2,201

Deferred tax assets
3,909

 
4,065

Other assets
3,676

 
2,496

TOTAL ASSETS
$
91,394

 
$
97,793

LIABILITIES AND EQUITY

 

Current liabilities:

 

Short-term debt
$
4,506

 
$
10,191

Accounts payable
2,393

 
2,059

Income taxes payable
1,047

 
1,149

Accrued compensation
2,940

 
3,221

Deferred revenue
10,710

 
10,668

Other current liabilities
4,341

 
4,424

Total current liabilities
25,937

 
31,712

Long-term debt
11,578

 
14,475

Income taxes payable
8,285

 
8,927

Deferred revenue
7,938

 
7,799

Other long-term liabilities
1,948

 
1,309

Total liabilities
55,686

 
64,222

Commitments and contingencies (Note 14)

 

Equity:
 
 
 
Cisco shareholders’ equity:
 
 
 
Preferred stock, no par value: 5 shares authorized; none issued and outstanding

 

Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,220 and 4,250 shares issued and outstanding at April 25, 2020 and July 27, 2019, respectively
40,691

 
40,266

Accumulated deficit
(3,874
)
 
(5,903
)
Accumulated other comprehensive loss
(1,109
)
 
(792
)
Total equity
35,708

 
33,571

TOTAL LIABILITIES AND EQUITY
$
91,394

 
$
97,793

See Notes to Consolidated Financial Statements.

3

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
 
Three Months Ended
 
Nine Months Ended
 
April 25, 2020
 
April 27, 2019
 
April 25, 2020
 
April 27, 2019
REVENUE:
 
 
 
 
 
 
 
Product
$
8,597

 
$
9,722

 
$
27,146

 
$
28,885

Service
3,386

 
3,236

 
10,001

 
9,591

Total revenue
11,983


12,958

 
37,147

 
38,476

COST OF SALES:



 
 
 
 
Product
3,120

 
3,693

 
9,770

 
11,106

Service
1,092

 
1,092

 
3,378

 
3,278

Total cost of sales
4,212


4,785

 
13,148

 
14,384

GROSS MARGIN
7,771

 
8,173

 
23,999

 
24,092

OPERATING EXPENSES:



 
 
 
 
Research and development
1,546

 
1,659

 
4,782

 
4,824

Sales and marketing
2,192

 
2,403

 
6,951

 
7,084

General and administrative
457

 
541

 
1,431

 
1,261

Amortization of purchased intangible assets
34

 
39

 
108

 
112

Restructuring and other charges
128

 
18

 
354

 
282

Total operating expenses
4,357


4,660

 
13,626

 
13,563

OPERATING INCOME
3,414


3,513

 
10,373

 
10,529

Interest income
218

 
331

 
733

 
1,003

Interest expense
(130
)
 
(211
)
 
(466
)
 
(655
)
Other income (loss), net
(58
)
 
(18
)
 
24

 
(10
)
Interest and other income (loss), net
30


102

 
291

 
338

INCOME BEFORE PROVISION FOR INCOME TAXES
3,444


3,615

 
10,664

 
10,867

Provision for income taxes
670

 
571

 
2,086

 
1,452

NET INCOME
$
2,774


$
3,044

 
$
8,578

 
$
9,415




 


 
 
 
 
Net income per share:


 


 
 
 
 
Basic
$
0.66


$
0.70

 
$
2.02

 
$
2.11

Diluted
$
0.65


$
0.69

 
$
2.01

 
$
2.09

Shares used in per-share calculation:





 
 
 
 
Basic
4,230

 
4,370

 
4,239

 
4,468

Diluted
4,243

 
4,415

 
4,258

 
4,509

See Notes to Consolidated Financial Statements.

4

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
April 25, 2020
 
April 27, 2019
 
April 25, 2020
 
April 27, 2019
Net income
$
2,774

 
$
3,044

 
$
8,578

 
$
9,415

Available-for-sale investments:
 
 
 
 
 
 
 
Change in net unrealized gains and losses, net of tax benefit (expense) of $3 and $(26) for the third quarter and first nine months of fiscal 2020, respectively, and $(64) and $(63) for the corresponding periods of fiscal 2019, respectively
4

 
232

 
143

 
319

Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $14 for the third quarter and first nine months of fiscal 2020, respectively, and $5 and $4 for the corresponding periods of fiscal 2019, respectively
3

 
12

 
(6
)
 
22


7

 
244

 
137

 
341

Cash flow hedging instruments:
 
 
 
 
 
 
 
Change in unrealized gains and losses, net of tax benefit (expense) of $(2) and $(1) for the third quarter and first nine months of fiscal 2020, respectively, and $(2) and $0 for the corresponding periods of fiscal 2019, respectively
12

 
10

 
13

 
3

Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0 for each of the third quarter and first nine months of fiscal 2020, respectively, and $0 for each of the corresponding periods of fiscal 2019
(1
)
 

 
1

 
(1
)

11

 
10

 
14

 
2

Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $3 and $2 for the third quarter and first nine months of fiscal 2020, respectively, and $(1) and $(2) for the corresponding periods of fiscal 2019, respectively
(427
)
 
(40
)
 
(468
)
 
(222
)
Other comprehensive income (loss)
(409
)
 
214

 
(317
)
 
121

Comprehensive income
$
2,365

 
$
3,258

 
$
8,261

 
$
9,536

See Notes to Consolidated Financial Statements.



5

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 
Nine Months Ended

April 25, 2020
 
April 27, 2019
Cash flows from operating activities:
 
 
 
Net income
$
8,578

 
$
9,415

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, amortization, and other
1,364

 
1,433

Share-based compensation expense
1,170

 
1,166

Provision for receivables
60

 
32

Deferred income taxes
103

 
(281
)
(Gains) losses on divestitures, investments and other, net
(185
)
 
(79
)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

Accounts receivable
774

 
1,560

Inventories
143

 
(1
)
Financing receivables
380

 
(112
)
Other assets
145

 
(736
)
Accounts payable
324

 
52

Income taxes, net
(700
)
 
(759
)
Accrued compensation
(220
)
 
(68
)
Deferred revenue
333

 
421

Other liabilities
(645
)
 
(154
)
Net cash provided by operating activities
11,624

 
11,889

Cash flows from investing activities:
 
 
 
Purchases of investments
(6,880
)
 
(1,176
)
Proceeds from sales of investments
4,737

 
5,391

Proceeds from maturities of investments
5,708

 
10,797

Acquisitions and divestitures
(237
)
 
(2,175
)
Purchases of investments in privately held companies
(143
)
 
(118
)
Return of investments in privately held companies
213

 
127

Acquisition of property and equipment
(562
)
 
(701
)
Proceeds from sales of property and equipment
175

 
15

Other
(10
)
 
(12
)
Net cash provided by investing activities
3,001

 
12,148

Cash flows from financing activities:
 
 
 
Issuances of common stock
335

 
321

Repurchases of common stockrepurchase program
(2,659
)
 
(16,042
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(519
)
 
(601
)
Short-term borrowings, original maturities of 90 days or less, net
(3,470
)
 
1,723

Issuances of debt

 
1,530

Repayments of debt
(5,220
)
 
(5,250
)
Dividends paid
(4,491
)
 
(4,489
)
Other
(3
)
 
51

Net cash used in financing activities
(16,027
)
 
(22,757
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(1,402
)
 
1,280

Cash, cash equivalents, and restricted cash, beginning of period
11,772

 
8,993

Cash, cash equivalents, and restricted cash, end of period
$
10,370

 
$
10,273

 
 
 
 
Supplemental cash flow information:
 
 
 
Cash paid for interest
$
519

 
$
707

Cash paid for income taxes, net
$
2,683

 
$
2,491




See Notes to Consolidated Financial Statements.

6

Table of Contents

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)
Three Months Ended April 25, 2020
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Accumulated Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total Equity
BALANCE AT JANUARY 25, 2020
4,241

 
$
40,617

 
$
(4,384
)
 
$
(700
)
 
$
35,533

Net income
 
 
 
 
2,774

 
 
 
2,774

Other comprehensive loss
 
 
 
 
 
 
(409
)
 
(409
)
Issuance of common stock
6

 
1

 
 
 
 
 
1

Repurchase of common stock
(25
)
 
(236
)
 
(745
)
 
 
 
(981
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(2
)
 
(82
)
 
 
 
 
 
(82
)
Cash dividends declared ($0.36 per common share)
 
 
 
 
(1,519
)
 
 
 
(1,519
)
Share-based compensation
 
 
391

 
 
 
 
 
391

BALANCE AT APRIL 25, 2020
4,220

 
$
40,691

 
$
(3,874
)
 
$
(1,109
)
 
$
35,708



Nine Months Ended April 25, 2020
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Accumulated Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity
BALANCE AT JULY 27, 2019
4,250

 
$
40,266

 
$
(5,903
)
 
$
(792
)
 
$
33,571

Net income
 
 
 
 
8,578

 
 
 
8,578

Other comprehensive loss
 
 
 
 
 
 
(317
)
 
(317
)
Issuance of common stock
40

 
335

 
 
 
 
 
335

Repurchase of common stock
(59
)
 
(561
)
 
(2,058
)
 
 
 
(2,619
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(11
)
 
(519
)
 
 
 
 
 
(519
)
Cash dividends declared ($1.06 per common share)
 
 
 
 
(4,491
)
 
 
 
(4,491
)
Share-based compensation
 
 
1,170

 
 
 
 
 
1,170

BALANCE AT APRIL 25, 2020
4,220

 
$
40,691

 
$
(3,874
)
 
$
(1,109
)
 
$
35,708


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CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)

Three Months Ended April 27, 2019
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Retained
Earnings (Accumulated Deficit)
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity
BALANCE AT JANUARY 26, 2019
4,424

 
$
41,361

 
$
538

 
$
(1,110
)
 
$
40,789

Net income
 
 
 
 
3,044

 
 
 
3,044

Other comprehensive income
 
 
 
 
 
 
214

 
214

Issuance of common stock
7

 
9

 
 
 
 
 
9

Repurchase of common stock
(116
)
 
(1,080
)
 
(4,940
)
 
 
 
(6,020
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(2
)
 
(87
)
 
 
 
 
 
(87
)
Cash dividends declared ($0.35 per common share)
 
 
 
 
(1,519
)
 
 
 
(1,519
)
Share-based compensation
 
 
374

 
 
 
 
 
374

BALANCE AT APRIL 27, 2019
4,313

 
$
40,577

 
$
(2,877
)
 
$
(896
)
 
$
36,804



Nine Months Ended April 27, 2019
Shares of
Common
Stock
 
Common Stock
and
Additional
Paid-In Capital
 
Retained
Earnings (Accumulated Deficit)
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity
BALANCE AT JULY 28, 2018
4,614

 
$
42,820

 
$
1,233

 
$
(849
)
 
$
43,204

Net income
 
 
 
 
9,415

 
 
 
9,415

Other comprehensive income
 
 
 
 
 
 
121

 
121

Issuance of common stock
48

 
321

 
 
 
 
 
321

Repurchase of common stock
(336
)
 
(3,129
)
 
(12,933
)
 
 
 
(16,062
)
Shares repurchased for tax withholdings on vesting of restricted stock units
(13
)
 
(601
)
 
 
 
 
 
(601
)
Cash dividends declared ($1.01 per common share)
 
 
 
 
(4,489
)
 
 
 
(4,489
)
Effect of adoption of accounting standards
 
 
 
 
3,897

 
(168
)
 
3,729

Share-based compensation
 
 
1,166

 
 
 
 
 
1,166

BALANCE AT APRIL 27, 2019
4,313

 
$
40,577

 
$
(2,877
)
 
$
(896
)
 
$
36,804




See Notes to Consolidated Financial Statements.


8

Table of Contents

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.
Basis of Presentation
The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2020 and fiscal 2019 are each 52-week fiscal years. The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC).
We have prepared the accompanying financial data as of April 25, 2020 and for the third quarter and first nine months of fiscal 2020 and 2019, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The July 27, 2019 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 27, 2019.
The preparation of financial statements and related disclosures in conformity with GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into certain of our judgments, assumptions, and estimates considered the economic implications of the COVID-19 pandemic on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates. As the COVID-19 pandemic continues to develop, many of our estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve our estimates may change materially in future periods.
In the opinion of management, all normal recurring adjustments necessary to present fairly the consolidated balance sheet as of April 25, 2020, the results of operations, the statements of comprehensive income (loss) and the statements of equity for the third quarter and first nine months of fiscal 2020 and 2019; and the statements of cash flows for the first nine months of fiscal 2020 and 2019, as applicable, have been made. The results of operations for the third quarter and first nine months of fiscal 2020 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Our consolidated financial statements include our accounts and entities consolidated under the variable interest and voting models. The noncontrolling interests attributed to these investments, if any, are presented as a separate component from our equity in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented.
Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. We have evaluated subsequent events through the date that the financial statements were issued.

2.
Recent Accounting Pronouncements
(a)
New Accounting Updates Recently Adopted
Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 842, Leases, a new standard requiring lessees to recognize operating and finance lease liabilities on the balance sheet, as well as corresponding right-of-use (ROU) assets. This standard also made some changes to lessor accounting and aligns key aspects of the lessor accounting model with the revenue recognition standard. In addition, new disclosures are required to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ASC 842 requires adoption using the modified retrospective approach, with the option of applying the requirements of the standard either i) retrospectively to each prior comparative reporting period presented, or ii) retrospectively at the beginning of the period of adoption. We adopted this standard at the beginning of our first quarter of fiscal 2020 and applied it at the beginning of the period of adoption and did not restate prior periods. We adopted ASC 842 on July 28, 2019 which resulted in the recognition of $1.2 billion of operating lease ROU assets included in other assets and $1.2 billion of operating lease liabilities included in other current liabilities and other long-term liabilities. There were no transition adjustments recorded from the adoption of ASC 842 as a lessor.
We have elected to apply the package of practical expedients permitted under the transition guidance within ASC 842 which does not require reassessment of initial direct costs, classification of a lease and definition of a lease. We also elected additional practical

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CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


expedients which resulted in: i) allowing us not to reassess the accounting treatment for existing or expired land easements in transition; ii) combining lease and non-lease components and iii) not recording leases with an initial term of less than 12 months on our Consolidated Balance Sheet.
As a lessee, we determine if an arrangement is a lease at commencement. Our ROU lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments related to the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use incremental borrowing rates based on information available at the commencement date to determine the present value of our lease payments.
As a lessor, we determine if an arrangement is a lease at inception. We provide leasing arrangements for our equipment to certain qualified customers. Our lease portfolio primarily consists of sales-type leases. We allocate the consideration in a bundled contract with our customers based on relative standalone selling prices of our lease and non-lease components. The residual value on our leased equipment is determined at the inception of the lease based on an analysis of estimates of the value of equipment, market factors and historical customer behavior. Residual value estimates are reviewed on a periodic basis and other-than-temporary declines are expensed in the period they occur. Our leases generally provide an end-of-term option for the customer to extend the lease under mutually-agreed terms, return the leased equipment, or purchase the equipment for either the then-market value of the equipment or a pre-determined purchase price. If a customer chooses to terminate their lease prior to the original end of term date, the customer is required to pay all remaining lease payments in full.
For additional information, see Note 8.
(b)
Recent Accounting Standards or Updates Not Yet Effective
Credit Losses of Financial Instruments In June 2016, the FASB issued an accounting standard update that requires measurement and recognition of expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The accounting standard update will be effective for us beginning in the first quarter of fiscal 2021 on a modified retrospective basis. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.

3.
Revenue
We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers.
We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes.
Significant Judgments
Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or

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CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs.
We apply judgment in determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes contractual potential penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers' right of return in determining the transaction price, where applicable.
We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license's utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term.
(a)
Disaggregation of Revenue
We disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category. The following table presents this disaggregation of revenue (in millions):
 
Three Months Ended
 
Nine Months Ended
 
April 25,
2020
 
April 27,
2019
 
April 25,
2020
 
April 27,
2019
Revenue:
 
 
 
 
 
 
 
Infrastructure Platforms
$
6,429

 
$
7,523

 
$
20,496

 
$
22,247

Applications
1,363

 
1,431

 
4,211

 
4,315

Security
776

 
729

 
2,340

 
2,083

Other Products
28

 
39

 
100

 
239

Total Product
8,597

 
9,722

 
27,146

 
28,885

Services
3,386

 
3,236

 
10,001

 
9,591

Total (1)
$
11,983

 
$
12,958

 
$
37,147

 
$
38,476

Amounts may not sum due to rounding.
(1) During the second quarter of fiscal 2019, we completed the divestiture of the Service Provider Video Software Solutions (“SPVSS”) business. Total revenue includes SPVSS business revenue of $168 million for the first nine months of fiscal 2019.
Infrastructure Platforms consist of our core networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities and transport and/or store data. These technologies consist of both hardware and software offerings, including software