Issuances of debt

[Table of Contents](#i049852cab38845aabd2a79d07dacda86_7)CISCO SYSTEMS, INC.Consolidated Statements of Cash Flows(in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Years Ended | July 30, 2022 |  | July 31, 2021 |  | July 25, 2020 |
| Cash flows from operating activities: |  |  |  |  |  |
| Net income | $ | 11,812  |  |  | $ | 10,591  |  |  | $ | 11,214  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
| Depreciation, amortization, and other | 1,957  |  |  | 1,862  |  |  | 1,808  |  |
| Share-based compensation expense | 1,886  |  |  | 1,761  |  |  | 1,569  |  |
| Provision (benefit) for receivables | 55  |  |  | (6) |  |  | 93  |  |
| Deferred income taxes | (309) |  |  | (384) |  |  | (38) |  |
| (Gains) losses on divestitures, investments and other, net | (453) |  |  | (354) |  |  | (138) |  |
| Change in operating assets and liabilities, net of effects of acquisitions and divestitures: |  |  |  |  |  |
| Accounts receivable | (1,009) |  |  | (107) |  |  | (107) |  |
| Inventories | (1,030) |  |  | (244) |  |  | 84  |  |
| Financing receivables | 1,241  |  |  | 1,577  |  |  | (797) |  |
| Other assets | (1,615) |  |  | (797) |  |  | 96  |  |
| Accounts payable | (55) |  |  | (53) |  |  | 141  |  |
| Income taxes, net | (690) |  |  | (549) |  |  | (322) |  |
| Accrued compensation | (427) |  |  | 643  |  |  | (78) |  |
| Deferred revenue | 1,328  |  |  | 1,560  |  |  | 2,011  |  |
| Other liabilities | 535  |  |  | (46) |  |  | (110) |  |
| Net cash provided by operating activities | 13,226  |  |  | 15,454  |  |  | 15,426  |  |
| Cash flows from investing activities: |  |  |  |  |  |
| Purchases of investments | (6,070) |  |  | (9,328) |  |  | (9,212) |  |
| Proceeds from sales of investments | 2,660  |  |  | 3,373  |  |  | 5,631  |  |
| Proceeds from maturities of investments | 5,686  |  |  | 8,409  |  |  | 7,975  |  |
| Acquisitions, net of cash and cash equivalents acquired and divestitures | (373) |  |  | (7,038) |  |  | (327) |  |
| Purchases of investments in privately held companies | (186) |  |  | (175) |  |  | (190) |  |
| Return of investments in privately held companies | 237  |  |  | 194  |  |  | 224  |  |
| Acquisition of property and equipment | (477) |  |  | (692) |  |  | (770) |  |
| Proceeds from sales of property and equipment | 91  |  |  | 28  |  |  | 179  |  |
| Other | (15) |  |  | (56) |  |  | (10) |  |
| Net cash provided by (used in) investing activities | 1,553  |  |  | (5,285) |  |  | 3,500  |  |
| Cash flows from financing activities: |  |  |  |  |  |
| Issuances of common stock | 660  |  |  | 643  |  |  | 655  |  |
| Repurchases of common stock - repurchase program | (7,689) |  |  | (2,877) |  |  | (2,659) |  |
| Shares repurchased for tax withholdings on vesting of restricted stock units | (692) |  |  | (636) |  |  | (727) |  |
| Short-term borrowings, original maturities of 90 days or less, net | 606  |  |  | (5) |  |  | (3,470) |  |
| Issuances of debt | 1,049  |  |  | —  |  |  | —  |  |
| Repayments of debt | (3,550) |  |  | (3,000) |  |  | (6,720) |  |
| Dividends paid | (6,224) |  |  | (6,163) |  |  | (6,016) |  |
| Other | (122) |  |  | (59) |  |  | 81  |  |
| Net cash used in financing activities | (15,962) |  |  | (12,097) |  |  | (18,856) |  |
| Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (180) |  |  | 58  |  |  | (30) |  |
| Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (1,363) |  |  | (1,870) |  |  | 40  |  |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year | 9,942  |  |  | 11,812  |  |  | 11,772  |  |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, end of fiscal year | $ | 8,579  |  |  | $ | 9,942  |  |  | $ | 11,812  |  |
|  |  |  |  |  |  |
| Supplemental cash flow information: |  |  |  |  |  |
| Cash paid for interest | $ | 355  |  |  | $ | 438  |  |  | $ | 603  |  |
| Cash paid for income taxes, net | $ | 3,663  |  |  | $ | 3,604  |  |  | $ | 3,116  |  |

See Notes to Consolidated Financial Statements.62
