Cisco Systems Inc at Deutsche Bank Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tony Kerrison - Deutsche Bank - Analyst : That's great. Thank you. So Cisco's been a standard setter in the enterprise networking role for many, many years. As you look to the future, what's Cisco's vision for its role in the next era of innovation?

Question: Tony Kerrison - Deutsche Bank - Analyst : So Mark, again, congratulations on the new role. How does your approach differ from your predecessors in managing the finance function?

Question: Tony Kerrison - Deutsche Bank - Analyst : Yeah. I was going to ask you about what you've seen in AI running the company and your perspective of that.

Question: Tony Kerrison - Deutsche Bank - Analyst : Right. Jeetu, the network's essential for AI infrastructure, as you were just talking about there. What's your vision for the ideal enterprise AI network over the next five years?

Question: Tony Kerrison - Deutsche Bank - Analyst : Just to build on the point about the hyperscalers, do you see that customer mix changing over time? I mean, clearly, you've got -- you're selling a lot to the hyperscalers today. Do you see that evolving, changing at all?

Question: Tony Kerrison - Deutsche Bank - Analyst : So I completely agree with your point, by the way, because we've gone through exactly that right now. And we've got a relationship with Google for the public cloud side, but now, we're going to look internally because the density and capacity that we've got is not going to scale the level we need to.

Question: Tony Kerrison - Deutsche Bank - Analyst : Yeah, exactly. Mark, you're going to say something?

Question: Tony Kerrison - Deutsche Bank - Analyst : Interesting. So why is Silicon One so important in your value proposition to customers? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 28, 2025 / 3:00PM, CSCO.OQ - Cisco Systems Inc at Deutsche Bank Technology Conference

Question: Tony Kerrison - Deutsche Bank - Analyst : Fantastic. Switching gears a little bit, can you briefly describe your partnership with NVIDIA? And how does that help in your go-to-market strategy and your products, your thinking?

Question: Tony Kerrison - Deutsche Bank - Analyst : Great. Good. You talked about agentic AI and the traffic and the increase in chatter and everything like that. What do you think companies need to do in terms of getting ready for that in campus and branch networks? And how does Cisco help get through that?

Question: Tony Kerrison - Deutsche Bank - Analyst : Yeah. That's a big change for my role in managing these environments, phenomenal difference.

Question: Tony Kerrison - Deutsche Bank - Analyst : So we have to trust the agents then? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 28, 2025 / 3:00PM, CSCO.OQ - Cisco Systems Inc at Deutsche Bank Technology Conference

Question: Tony Kerrison - Deutsche Bank - Analyst : Good. Mark, switching to you, so Cisco had a solid quarter despite some challenging conditions. What does this tell you about the operational discipline and the business model resiliency within the company?

Question: Tony Kerrison - Deutsche Bank - Analyst : Any thoughts on tariffs and what that's going to do?

Question: Tony Kerrison - Deutsche Bank - Analyst : Does it help having your own silicon?

Question: Tony Kerrison - Deutsche Bank - Analyst : Great. Well, that's the end of the questions that I have today. So we've got a few minutes left. If we can go to the audience and see if there are any questions. One over there. Get a mic, please. Unidentified Participant Thanks. Well, thanks for your time this morning. It's really fascinating to hear the journey and the story that you guys are telling. I was wondering if you could elaborate a little bit more on the culture of change that it's taken to move from what you said, kind of like a holding company to one that's a little bit more synthesized and rowing in the same direction.

Question: Tony Kerrison - Deutsche Bank - Analyst : Got one minute left, so if there's a very quick question. No? Okay. Well, thank you very much, Jeetu. Thank you, Mark, and pleasure having you on. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 28, 2025 / 3:00PM, CSCO.OQ - Cisco Systems Inc at Deutsche Bank Technology Conference