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More on Cisco's FQ4: Company promises to return at least 50% of free cash flow via dividends and...

  • Wednesday, August 15, 2012, 4:28 PM ET
    More on Cisco's FQ4: Company promises to return at least 50% of free cash flow via dividends and buybacks. $1.8B worth of shares repurchased in FQ4 at average price of $16.62. Gross margin was 61.8%, down 150 bps Q/Q and 90 bps Y/Y. R&D and sales/marketing expenses both declined slightly Y/Y, but G&A +34%. Accounts receivable +10% Q/Q, inventories +11%, DSOs up 3 days. Deferred revenue rose by $240M to $12.88B. Earnings call at 4:30PM ET (webcast). CSCO +5.1% AH. (PR)
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    Gross margin is still very high, given all the talk of how bad Europe is and of competition from smaller firms. The talk of capital returns to shareholders is huge, hopefully that dividend will continue to move higher, and more of the return will shift from the buyback to dividends, as the stock moves higher.
    15 Aug 2012, 04:57 PM Reply Like
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