By looking at these 10-K forms of CISCO what conclusions can we make and what suggestion should we give to investors? (please be concise and brief, maybe we can talk about debt ratios and such to indicate the company's performance and prospects). Thanks.

Consolidated Balance Sheets (in millions, except par value) July 27, 2019 July 28, 2018 ASSETS Current assets: Cash and cash equivalents S 11,750 S 8,934 Investment 21,663 37,614 Accounts receivable, net of allowance for doubtful accounts of $136 at July 27, 2019 and $129 at July 28, 2018 5,491 5,554 Inventories 1,383 1.846 Financing receivables, net 5,09 4.949 Other current assets 2,373 2,940 Total current assets 47,75 51,837 Property and equipment, net 2,789 3,006 Financing receivables, net 4,958 4,882 Goodwill 33,529 31,706 Purchased intangible assets, net 2,201 2,55 Deferred tax assets 4,065 3,219 Other assets 2,496 1,582 TOTAL ASSETS S 97,793 $ 108, 784 LIABILITIES AND EQUITY Current liabilities: Short-term debt 10,191 S 5,238 Accounts payable 2,05 1.904 Income taxes payable 1,149 1,004 Accrued compensation 3,221 2,986 Deferred revenue 10,668 11,490 Other current liabilities 4,424 4,413 Total current liabilities 31,712 27,035 Long-term debt 14,475 20.331 Income taxes payable 927 8,585 Deferred revenue 7,799 8,195 Other long-term liabilities 1,309 1,434 Total liabilities 64.222 65.580 Commitments and contingencies (Note 13) 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; 4,250 and 4,614 shares issued and outstanding at July 27, 2019 and July 28, 2018, respectively 40,266 42,820 Accumulated deficit) Retained earnings (5,903) 1,233 Accumulated other comprehensive income (loss) (792) (849 Total Cisco shareholders' equity 33,571 43,204 Noncontrolling interests Total equity 33,571 43,204 TOTAL LIABILITIES AND EQUITY 97,793 108, 784 See Notes to Consolidated Financial Statements. 58Table of Contents CISCO SYSTEMS, INC. Consolidated Statements of Operations (in millions, except per-share amounts) Years Ended July 27, 2019 July 28, 2018 July 29, 2017 REVENUE: Product 39,005 $ 36,709 $ 35,705 Service 12.899 12,621 12,300 Total revenue $1.904 19.330 18,005 COST OF SALES: Product 14,863 14,427 13,699 Service 4,375 4,297 4,082 Total cost of sales 19,238 18,724 17,781 GROSS MARGIN 32,666 30,606 30,224 OPERATING EXPENSES: Research and development 6,577 6,332 6,059 Sales and marketing 9,571 9,242 9,184 General and administrative 1,827 2,144 1,993 Amortization of purchased intangible assets 150 221 259 Restructuring and other charges 322 358 756 Total operating expenses 18,447 18,297 18,251 OPERATING INCOME 14,219 12,309 11,973 Interest income 1,308 1,508 1,338 Interest expense (859 (943) (861) Other income (loss), net (97) 165 (163) Interest and other income (loss), net 352 730 314 INCOME BEFORE PROVISION FOR INCOME TAXES 14,571 13,039 12,287 Provision for income taxes 2,950 12,929 2,678 NET INCOME $ 11,621 110 9,609 Net income per share: Basic 2.63 $ 0.02 1.92 Diluted 2.61 $ 0.02 1.90 Shares used in per-share calculation: Basic 4.419 4.837 5.010 Diluted 4,453 4.881 5.049 See Notes to Consolidated Financial Statements. 59Table of Contents CISCO SYSTEMS, INC. Consolidated Statements of Comprehensive Income (Loss) (in millions) Years Ended July 27, 2019 July 28, 2018 July 29, 2017 Net income $ 11,621 $ 110 $ 9.609 Available-for-sale investments: Change in net unrealized gains and losses, net of tax benefit (expense) of $(101), $(11), and $74 for fiscal 2019, 2018, and 2017, respectively 459 (554) (89) Net (gains) losses reclassified into earnings, net of tax expense (benefit) of $6, $104, and $(37) for fiscal 2019, 2018, and 2017, respectively 19 (183) 50 478 (737) (39) Cash flow hedging instruments: Change in unrealized gains and losses, net of tax benefit (expense) of $0, $(3), and $(5) for fiscal 2019, 2018, and 2017, respectively 18 17 Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0, $7, and $(5) for fiscal 2019, 2018, and 2017, respectively (3) (61) 74 (3) (43) 91 Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) of $15, $(8), and $(13) for fiscal 2019, 2018, and 2017, respectively (250) 160) 321 Other comprehensive income (loss) 225 940) 373 Comprehensive income (loss) 11,846 (830) 9,982 Comprehensive (income) loss attributable to noncontrolling interests (1) Comprehensive income (loss) attributable to Cisco Systems, Inc. 11,846 $ 830) $ 9.981 See Notes to Consolidated Financial Statements. 60CISCO SYSTEMS, INC. Consolidated Statements of Cash Flows (in millions) Years Ended July 27, 2019 July 28, 2018 July 29. 2017 Cash flows from operating activities: Net income 11,621 5 110 5 9,609 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization, and other 1,897 2,192 2,28 Share-based compensation expense 1.570 1,576 1,526 Provision (benefit) for receivables 40 (134) Deferred income taxes (350) 900 (124) Excess tax benefits from share-based compensation (153) (Gains) losses on divestitures, investments and other, net (24) (322) 154 Change in operating assets and liabilities, net of effects of acquisitions and divestitures: Accounts receivable (84) (269) 756 Inventories 131 (244) (394) Financing receivables (249) (219) (1,038) Other assets (955) 66 15 Accounts payable 87 504 311 Income taxes, net 312 8.118 60 Accrued compensation 277 100 (110) Deferred revenue 1.407 1.203 1,683 Other liabilities 151 83 (697) Net cash provided by operating activities 5,831 13.666 3,876 Cash flows from investing activities Purchases of investments (2,416) (14,285) (42,702) Proceeds from sales of investments 7,388 17,706 28,827 Proceeds from maturities of investments 12,928 15,769 12,143 Acquisitions and divestitures (2,175) (2,979) Purchases of investments in privately held companies (148) (267) (222) Return of investments in privately held companies 150 168 203 Acquisition of property and equipment (909) (834) 964) Proceeds from sales of property and equipment 22 59 Other (12) (19) (4) Net cash provided by (used in) investing activities 4,837 15,318 6,036) Cash flows from financing activities: Issuances of common stock 640 623 708 Repurchases of common stock - repurchase program 20,717) (17,547) (3,685) Shares repurchased for tax withholdings on vesting of restricted stock units (862) (703) (619) Short-term borrowings, original maturities of 90 days or less, net 3,446 (2,502) 2,497 Issuances of debt 2,250 6,877 6,980 Repayments of debt (6,780) (12,375) (4,151) Excess tax benefits from share-based compensation 153 Dividends paid (5.979) (5,968) (5,511) Other 113 (169) (178) Net cash used in financing activities 27,889) (31,764) 3,806) Net increase (decrease) in cash, cash equivalents, and restricted cash 2,779 2,780 4,034 Cash, cash equivalents, and restricted cash, beginning of fiscal year 8,093 11,773 7,739 Cash, cash equivalents, and restricted cash, end of fiscal year 11,772 8.993 11,773 Supplemental cash flow information: Cash paid for interest 830 5 910 5 897 Cash paid for income taxes, me 2,986 3,911 2,742 See Notes to Consolidated Financial Statements.Table of Contents CISCO SYSTEMS, INC. Consolidated Statements of Equity (in millions, except per-share amounts) Shares of Common Seed Retained Paid-In Capital Iname (Less ) Non-controlling Total Equity BALANCE AT JULY 30, 2016 5,029 44.516 $ 19.396 5 (326) $ 63.586 (1) $ 63.585 Net income 9.609 9.609 9,609 Other comprehensive income (loss) 372 372 373 Issuance of common stock 92 708 708 708 Repurchase of common stock (118) (1,050) (2,656) (3.706) 3,706 Shares repurchased for tax withholdings on vesting of restricted stock units (20) (619) (619) (619) Cash dividends declared ($1.10 per common share) 5,511) (5,511) (5,511) Tax effects from employee stock incentive plans (10) (10) (10 Share-based compensation 1.540 1,540 1,540 Purchase acquisitions and other 168 168 168 BALANCE AT JULY 29, 2017 4,983 $ 45.253 20,838 46 5 56,137 - $ 66,137 Net income 110 110 110 Other comprehensive income (loss) (940) (940) 940) Issuance of common stock 83 623 623 523 Repurchase of common stock (432 ) (3.950) (13,711) (17,661) (17,061) Shares repurchased for tax withholdings on vesting of restricted stock units (20) (703) (703) (703) Cash dividends declared ($1.24 per common share) (5,968) (5,968) (5,968) Effect of adoption of accounting standards (36) 43 9 Share-based compensation 1,576 1576 1.576 Purchase acquisitions and other 21 21 21 BALANCE AT JULY 28, 2018 4,614 $ 42,820 1,233 (849) 43,204 $ 43,204 Net income 11,621 11 621 11 621 Other comprehensive income (loss) 225 225 125 Issuance of common stock 71 640 640 640 Repurchase of common stock (418) (3,902) (16,675) (20,577) (20,577) Shares repurchased for tax withholdings on vesting of restricted stock units (17) (862) (862) (862) Cash dividends declared ($1.36 per common share) (5,979 (5,979) (5,979) Effect of adoption of accounting standards 3,897 (168) 3,729 3,729 Share-based compensation 1,570 1,570 1,570 BALANCE AT JULY 27, 2010 4,250 40,456 (6,903) (792) 33,571 - $ 33,571 See Notes to Consolidated Financial Statements. 52