Q4 fy17 earnings slides final no guidance

1. August 16, 2017
Conference Call
Q4 Fiscal Year 2017

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Forward-Looking Statements
This presentation contains projections and other forward-looking statements regarding future events or the future
financial performance of Cisco, including future operating results. These projections and statements are only
predictions. Actual events or results may differ materially from those in the projections or other forward-looking
statements. Please see Cisco’s filings with the SEC, including its most recent filings on Forms 10-K and 10-Q, for
a discussion of important risk factors that could cause actual events or results to differ materially from those in the
projections or other forward-looking statements.
GAAP Reconciliation
During this presentation references to financial measures of Cisco will include references to non-GAAP financial
measures. Cisco provides a reconciliation between GAAP and non-GAAP financial information on our website at
www.cisco.com under “Financial Info” in the “Investor Relations” section.
http://investor.cisco.com/investor-relations/financial-information/Financial-Results/default.aspx

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Business Momentum & Key
Trends

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$12.1B (4%) y/y
Total Revenue
$0.61 (3%) y/y
Non-GAAP EPS
63.7% / 31.5%
Non-GAAP Gross / Operating Margin
$4.0B 5% y/y
Operating Cash Flow
• Solid execution against strategic priorities
• Launch in June of ‘The Network. Intuitive.’ intent-
based networking platform…during first four weeks,
pipeline and product orders were strong
• Extension of strategic partnerships with Apple, IBM
& Microsoft
• Expansion of leadership position in network security
• Strong performance of multi-cloud infrastructure
portfolio…ACI revenue growth of 38% y/y
• Delivering the right consumption models…50%
revenue growth y/y in deferred product revenue
related to software and subscriptions
• Innovation strong…focus on accelerating our core
networking, security, software and cloud-based
businesses
Q4 FY2017 Highlights

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* Year-over-year change normalized to exclude the SP Video CPE Business for FY 2016, which was divested during Q2 FY 2016 on November 20, 2015.
$48.0B (2%) y/y*
Total Revenue
FY 2017 Key Highlights
64.3% / 31.6%
Non-GAAP Gross /
Operating Margin
$2.39 1% y/y
Non-GAAP EPS
$13.9B 2% y/y
Operating Cash Flow

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Financial Overview

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Product Category $M
Y/Y %
Change
Switching $3,439 (9%)
NGN Routing 1,893 (9%)
Collaboration 1,113 (3%)
Data Center 837 (4%)
Wireless 799 5%
Security 558 3%
Service Provider Video 227 (10%)
Other Products 161 31%
Services 3,106 1%
Total Cisco $12,133 (4%)
Switching
28%
NGN
Routing
16%
Collaboration
9%
Data Center
7%
Wireless
7%
Security
5%
SP Video
2%
Other 1%
Services
26%
Revenue Mix %
Q4 FY 2017 Revenue Highlights
Percentages may not sum to 100% due to rounding
Certain reclassifications have been made to the amounts for prior periods in order to conform to the current period’s presentation. Historical revenue by product category and
service is available on our website at http://investor.cisco.com under “Financial Info” in the “Investor Relations” section.

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31%
+4 pts y/y
Q4 FY2017 Business Transition Highlights
Recurring Revenue
as a % of
Total Revenue
Deferred Product
Revenue from
Recurring Software
& Subscriptions
Subscriptions
as a % of
Software Revenue
51%$5.0B
+50% y/y

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Comfortably
Above 1
Product Book-to-Bill
0% y/y
Total Cisco
Enterprise
(1%) y/y
Public Sector
2% y/y
Commercial
4% y/y
Service Provider
(7%) y/y
Americas
(2%) y/y
EMEA
3% y/y
APJC
2% y/y
Q4 FY 2017 Product Orders

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Q4 FY 2017 Non-GAAP Income Statement Highlights
$M (except per-share amounts and percentages) Q4 FY 2016 Q3 FY 2017 Q4 FY 2017
Revenue $12,638 $11,940 $12,133
Year/Year Change
Product
Service
(2%)
$9,552
$3,086
(1%)
$8,885
$3,055
(4%)
$9,027
$3,106
Gross Margin 64.6% 64.4% 63.7%
Product Gross Margin
Service Gross Margin
63.9%
67.0%
63.2%
67.8%
61.9%
68.8%
Operating Expenses $4,202 $3,828 $3,906
OPEX (% of Revenue)
Operating Income (% of Revenue)
33.2%
31.4%
32.1%
32.3%
32.2%
31.5%
Net Income $3,189 $3,026 $3,081
Year/Year Change 6% 5% (3%)
EPS (diluted) $0.63 $0.60 $0.61
Year/Year Change 7% 5% (3%)

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Q4 FY 2017 GAAP Income Statement Highlights
$M (except per-share amounts and percentages) Q4 FY 2016 Q3 FY 2017 Q4 FY 2017
Revenue $12,638 $11,940 $12,133
Year/Year Change
Product
Service
(2%)
$9,552
$3,086
(1%)
$8,885
$3,055
(4%)
$9,027
$3,106
Gross Margin 63.1% 63.0% 62.2%
Product Gross Margin
Service Gross Margin
62.2%
66.0%
61.7%
66.7%
60.3%
67.8%
Operating Expenses $4,672 $4,349 $4,512
OPEX (% of Revenue)
Operating Income (% of Revenue)
37.0%
26.1%
36.4%
26.5%
37.2%
25.0%
Net Income $2,813 $2,515 $2,424
Year/Year Change 21% 7% (14%)
EPS (diluted) $0.56 $0.50 $0.48
Year/Year Change 24% 9% (14%)

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$M (except non-GAAP inventory turns) Q4 FY 2016 Q3 FY 2017 Q4 FY 2017
Cash, Cash Equivalents and Investments $65,756 $67,974 $70,492
Operating Cash Flow* $3,818 $3,373 $4,001
Accounts Receivable $5,847 $4,635 $5,146
Inventory $1,217 $1,366 $1,616
Non-GAAP Inventory Turns 14.0 12.9 11.8
Inventory Purchase Commitments $3,896 $4,720 $4,640
Deferred Revenue $16,472 $17,322 $18,494
Service Deferred Revenue $10,621 $10,532 $11,302
Product Deferred Revenue
Deferred revenue related to recurring software and
subscription businesses $3,308 $4,352 $4,971
Other product deferred revenue $2,543 $2,438 $2,221
Total Product Deferred Revenue $5,851 $6,790 $7,192
Q4 FY 2017 Key Financial Measures
* Operating cash flows were $13,876M and $13,570M for FY17 and FY16, respectively.

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$M Q1 FY 2017 Q2 FY 2017 Q3 FY 2017 Q4 FY 2017 FY 2017
Share Repurchases $1,001 $1,001 $503 $1,201 $3,706
Dividends Paid 1,308 1,304 1,451 1,448 5,511
Total $2,309 $2,305 $1,954 $2,649 $9,217
Capital Allocation
Q1 FY 2017 Q2 FY 2017 Q3 FY 2017 Q4 FY 2017 FY 2017
Dividends Per Share $0.26 $0.26 $0.29 $0.29 $1.10
Share Repurchase Program* Amount Purchased ($M) Number of Shares (M) Avg. Price Per Share
Q4 FY 2017 Purchases $1,201 38 $31.61
FY 2017 Purchases $3,706 118 $31.38
* Approximately $11.7B remaining authorized funds in repurchase program as of the end of Q4 FY 2017

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Business Outlook

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Cisco expects to achieve the following results for the first quarter of fiscal 2018:
Cisco estimates that GAAP EPS will be $0.48 to $0.53 which is lower than non-GAAP EPS by $0.08 to $0.11 per share in the first quarter of
fiscal 2018.
A reconciliation between the Business Outlook for Q1 FY 2018 on a GAAP and non-GAAP basis is provided in the slide entitled "GAAP to
Non-GAAP Business Outlook for Q1 FY 2018" under the Supplemental Materials.
Business Outlook for Q1 FY 2018
Q1 FY 2018 Outlook
Revenue (3%) – (1%) decline Y/Y
Non-GAAP Gross Margin Rate 63% - 64%
Non-GAAP Operating Margin Rate 29.5% - 30.5%
Non-GAAP Tax Provision Rate 22%
Non-GAAP EPS $0.59 - $0.61

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• Working on a multi-year transition…confident with our progress,
more to do
• Well positioned to succeed in a cloud and digital-ready world where
the network is one of the most strategic assets for our customers
• In FY2018 you can expect us to:
o Execute against strategy and invest in priority areas
o Leverage the power of the network
o Drive relentless focus on innovation creating continuous customer value
o Drive the right consumption models for our customers and accelerate
our shift towards more software and subscription revenue
Key Takeaways

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Q&A

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FORWARD-LOOKING STATEMENTS
These presentation slides and the related conference call contain forward-looking statements, which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as
our progress transitioning our business to more software and recurring revenue, our ability to accelerate innovation in our core and across the portfolio and to
build the network of the future, our ability to deliver on our strategic growth priorities, our ability to offer the most innovative technologies to our customers in
the way they want to consume it, and our continued ability to deliver value to our shareholders) and the future financial performance of Cisco that involve risks
and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or
results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and
various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth
and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including
sales to the service provider market and other customer markets; the return on our investments in certain priorities, key growth areas, and in certain
geographical locations, as well as maintaining leadership in routing, switching and services; the timing of orders and manufacturing and customer lead times;
changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels,
product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these
acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and service markets,
including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and
market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and
other matters, and governmental investigations; our ability to achieve the benefits of the announced restructuring and possible changes in the size and timing
of the related charges; man-made problems such as cyber-attacks, data protection breaches, computer viruses or terrorism; natural catastrophic events; a
pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing
activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related
to the global nature of our operations, including our operations in emerging markets, currency fluctuations and other international factors; changes in provision
for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility
in operating results; and other factors listed in Cisco’s most recent reports on Forms 10-Q and 10-K filed on May 23, 2017 and September 8, 2016,
respectively. The financial information contained in these presentation slides and the related conference call should be read in conjunction with the
consolidated financial statements and notes thereto included in Cisco’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to
time. Cisco’s results of operations for the three months and the year ended July 29, 2017 are not necessarily indicative of Cisco’s operating results for any
future periods. Any projections in these presentation slides and the related conference call are based on limited information currently available to Cisco, which
is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since
Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of these presentation slides and the related
conference call.

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Supplemental Materials

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Certain reclassifications have been made to the amounts for prior periods in order to conform to the current period’s presentation. Historical revenue and gross
margin by segment is available on our website at http://investor.cisco.com under “Financial Info” in the “Investor Relations” section.
Revenue Total Gross Margin %
$M (except
percentages)
Q4 FY’16 Q3 FY’17 Q4 FY’17 Q4 FY’16 Q3 FY’17 Q4 FY’17
Americas $7,633 $7,046 $7,202 64.9% 64.6% 64.0%
EMEA 3,109 2,999 2,927 65.2% 65.5% 63.8%
APJC 1,896 1,895 2,004 62.5% 61.8% 62.1%
Geographic Total $12,638 $11,940 $12,133 64.6% 64.4% 63.7%
Q4 FY 2017 Geographic Revenue and Total Gross Margin

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GAAP to Non-GAAP Business Outlook for Q1 FY 2018
Q1 FY 2018
Gross Margin
Rate
Operating
Margin Rate
Tax
Provision
Rate
Earnings Per
Share (2)
GAAP 61.5% - 62.5% 23.5% - 24.5% 18% $0.48 - $0.53
Estimated adjustments for:
Share-based compensation expense 0.5% 3.0% $0.04 - $0.05
Amortization of purchased intangible assets and
other acquisition-related/divestiture costs
1.0% 2.0% $0.03 - $0.04
Restructuring and other charges (1) — 1.0% $0.01 - $0.02
Income tax effect of non-GAAP adjustments — — 4%
Non-GAAP 63% - 64% 29.5% - 30.5% 22% $0.59 - $0.61
(1) In August 2016, we began taking action under a restructuring plan in order to reinvest in our key priority areas in which up to 6,600 employees would be impacted, with
estimated pretax charges of approximately $850 million. During fiscal 2017, we have recognized pretax charges of $756 million to our GAAP financial results in relation to
this restructuring plan. We expect this plan to be substantially completed by the end of the first quarter of fiscal 2018.
(2) Estimated adjustments to GAAP earnings per share are shown after income tax effects.
Except as noted above, this business outlook does not include the effects of any future acquisitions/divestitures, asset impairments, restructurings and significant tax
matters or other events, which may or may not be significant unless specifically stated.

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FY 2017 Non-GAAP Income Statement Highlights
$M (except per-share amounts and percentages) FY 2016 FY 2017
Revenue* $49,247 $48,005
Year/Year Change
Product
Service
0%
$37,254
$11,993
(3%)
$35,705
$12,300
Gross Margin 64.2% 64.3%
Product Gross Margin
Service Gross Margin
63.3%
66.8%
63.1%
67.9%
Operating Expenses $16,482 $15,710
OPEX (% of Revenue)
Operating Income (% of Revenue)
33.5%
30.7%
32.7%
31.6%
Net Income $12,022 $12,067
Year/Year Change 6% 0%
EPS (diluted) $2.36 $2.39
Year/Year Change 7% 1%
*Includes SP Video CPE Business revenue for FY 2016 of $504M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.

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FY 2017 GAAP Income Statement Highlights
$M (except per-share amounts and percentages) FY 2016 FY 2017
Revenue* $49,247 $48,005
Year/Year Change
Product
Service
0%
$37,254
$11,993
(3%)
$35,705
$12,300
Gross Margin 62.9% 63.0%
Product Gross Margin
Service Gross Margin
62.0%
65.6%
61.6%
66.8%
Operating Expenses $18,300 $18,251
OPEX (% of Revenue)
Operating Income (% of Revenue)
37.2%
25.7%
38.0%
24.9%
Net Income $10,739 $9,609
Year/Year Change 20% (11%)
EPS (diluted) $2.11 $1.90
Year/Year Change 21% (10%)
*Includes SP Video CPE Business revenue for FY 2016 of $504M. The SP Video CPE Business was divested during Q2 FY 2016 on November 20, 2015.