A Dark Vector Cognition product

Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Five Years Ended July 25, 2020 (in millions, except per-share amounts)

Years EndedJuly 25, 2020July 27, 2019 (1)(2)July 28, 2018 (1)(3)July 29, 2017July 30, 2016 (4)(5)
Revenue$49,301$51,904$49,330$48,005$49,247
Net income$11,214$11,621$110$9,609$10,739
Net income per share—basic$2.65$2.63$0.02$1.92$2.13
Net income per share—diluted$2.64$2.61$0.02$1.90$2.11
Shares used in per-share calculation—basic4,2364,4194,8375,0105,053
Shares used in per-share calculation—diluted4,2544,4534,8815,0495,088
Cash dividends declared per common share$1.42$1.36$1.24$1.10$0.94
Net cash provided by operating activities$15,426$15,831$13,666$13,876$13,570
July 25, 2020July 27, 2019July 28, 2018July 29, 2017July 30, 2016
Cash and cash equivalents and investments$29,419$33,413$46,548$70,492$65,756
Total assets$94,853$97,793$108,784$129,818$121,652
Debt$14,583$24,666$25,569$33,717$28,643
Deferred revenue$20,446$18,467$19,685$18,494$16,472
(1)In the second quarter of fiscal 2019, we completed the sale of the Service Provider Video Software Solutions (SPVSS) business. As a result, revenue from the SPVSS business did not recur in future periods. Revenue for the years ended July 27, 2019 and July 28, 2018 include SPVSS revenue of $168 million and $903 million, respectively.
(2)In connection with the Tax Cuts and Jobs Act (“the Tax Act”), we recorded an $872 million charge which was the reversal of the previously recorded benefit associated with the U.S. taxation of deemed foreign dividends recorded in fiscal 2018 as a result of a retroactive final U.S. Treasury regulation issued during the fourth quarter of fiscal 2019.
(3)In fiscal 2018, Cisco recorded a provisional tax expense of $10.4 billion related to the enactment of the Tax Act comprised of $8.1 billion of U.S. transition tax, $1.2 billion of foreign withholding tax, and $1.1 billion re-measurement of net deferred tax assets and liabilities (DTA).
(4)In the second quarter of fiscal 2016, Cisco completed the sale of the SP Video CPE Business. As a result, revenue from this portion of the Service Provider Video product category did not recur in future periods. The sale resulted in a pre-tax gain of $253 million net of certain transaction costs. The year ended July 30, 2016 includes SP Video CPE Business revenue of $504 million.
(5)In fiscal 2016 Cisco recognized total tax benefits of $593 million for the following: i) the Internal Revenue Service (IRS) and Cisco settled all outstanding items related to Cisco’s federal income tax returns for fiscal 2008 through fiscal 2010, as a result of which Cisco recorded a net tax benefit of $367 million; and ii) the Protecting Americans from Tax Hikes Act of 2015 reinstated the U.S. federal R&D tax credit permanently, as a result of which Cisco recognized tax benefits of $226 million.

At the beginning of fiscal 2019, we adopted Accounting Standards Codification (ASC) 606, a new accounting standard related to revenue recognition, using the modified retrospective method to those contracts that were not completed as of July 28, 2018.

No other factors materially affected the comparability of the information presented above.

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