Cisco Systems (CSCO) 10-K risk factor changes: FY2023 vs FY2022

The global macroeconomic environment continues to be challenging and [removed: inconsistent, and is being significantly impacted by the COVID-19 pandemic.][added: inconsistent.]

As a result of a variety of factors discussed in this report, our revenue for a particular quarter is difficult to predict, especially in light of a challenging and inconsistent global macroeconomic environment (including as a result of the [added: on-going] Russia and Ukraine war), [removed: the significant impacts of the COVID-19 pandemic,] and related market uncertainty.

Our revenue may grow at a slower rate than in past periods, [removed: as it did in the third quarter of fiscal 2022 on a year-over-year basis,] or decline as it did in [removed: the fourth quarter of fiscal 2022 and] certain prior periods.

[added: In addition to making it difficult to predict revenue for a particular period, nonlinearity in shipping can] increase costs, because irregular shipment patterns result in periods of underutilized capacity and periods in which overtime expenses may be incurred, as well as in potential additional inventory management-related costs.

In addition, when facing component supply-related [removed: challenges] [added: challenges,] we have increased our efforts in procuring components in order to meet customer expectations, which in turn contribute to an increase in inventory and purchase commitments.

In [removed: recent] [added: prior] periods, we increased our inventory and purchase commitments in light of the significant supply constraints seen industry-wide due to component [removed: shortages, caused in part by the COVID-19 pandemic.][added: shortages.]

These increases in our inventory and purchase commitments to shorten lead times could also lead to material excess and obsolete inventory charges [added: or other negative impacts to our product gross margin] in future periods if [removed: the] [added: product] demand [added: significantly weakens] for [removed: our products is less than our expectations.][added: a sustained duration.]

For additional information and a further discussion of [removed: current] impacts and risks related to our [removed: significant] supply constraints, inventory commitments and our purchase commitments with contract manufacturers and suppliers, see Results of Operations—Product Gross Margin—Supply Constraints Impacts and Risks, Liquidity and Capital Resources—Inventory Supply Chain and Note 14 to the Consolidated Financial Statements.

A reduction or interruption in supply, including disruptions on our global supply chain, caused in part by public health [removed: emergencies (including the COVID-19 pandemic),] [added: emergencies,] geopolitical tensions (including as a result of China-Taiwan relations) or a significant natural disaster (including as a result of climate change); a significant increase in the price of one or more components (including as a result of inflation); a failure to adequately authorize procurement of inventory by our contract manufacturers; a failure to appropriately cancel, reschedule, or adjust our requirements based on our business needs; or a decrease in demand for our products could materially adversely affect our business, operating results, and financial condition and could materially damage customer relationships.

[removed: There is currently] [added: For example, in recent periods, there was] a market shortage of semiconductor and other component supply which [removed: has affected, and could further affect,] [added: affected] lead times, the cost [added: of that supply, and our ability to meet customer demand for our products.]

Our operating results would also be adversely affected if, anticipating greater demand than actually develops, we commit to the purchase of more components than we need, which is more likely to occur [removed: in a period] [added: during periods] of demand uncertainties such as we [removed: are currently experiencing.][added: have experienced in recent periods and expect to continue to experience over the short- and medium-term.]

During the normal course of business, in order to improve manufacturing lead-time performance and to help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that either allow them to [removed: procure inventory based upon criteria as defined by us or that establish the parameters defining our requirements.]

In [removed: recent] [added: past] periods, we increased our inventory and purchase commitments in light of the [removed: significant] supply constraints seen industry-wide due to component [removed: shortages, caused in part by the COVID-19 pandemic.][added: shortages.]

These increases in our inventory and purchase commitments to shorten lead times could also lead to material excess and obsolete inventory charges [added: or other negative impacts to our product gross margin] in future periods if [removed: the] [added: we fail to anticipate customer] demand [added: properly and product demand significantly weakens] for [removed: our products is less than our expectations.][added: a sustained duration.]

For additional information and a further discussion of [removed: current] impacts and risks related to our [removed: significant] supply constraints, inventory commitments and our purchase commitments with contract manufacturers and suppliers, see Results of Operations—Product Gross Margin—Supply Constraints Impacts and Risks, Liquidity and Capital Resources—Inventory Supply Chain and Note 14 to the Consolidated Financial Statements.

[removed: Our] [added: Although our product gross margin increased in fiscal 2023, our] level of product gross margins declined in fiscal 2022 and have declined in certain prior periods on a year-over-year basis, and could decline in future periods due to adverse impacts from various factors, including:

- Increases in material, labor or other manufacturing-related costs (i.e. component costs, broker fees, expedited freight and overtime) or higher supply chain logistics costs, any of which could be significant, especially during periods of supply constraints for certain costs, such as those [removed: currently impacting] [added: that have impacted] the market for components, including semiconductors and [removed: memory,] [added: memory in past periods,] and which costs have in the past and may continue to be exacerbated by inflation

Service provider product orders [added: significantly] decreased during [removed: the fourth quarter of] fiscal [removed: 2022 and in certain prior periods,] [added: 2023] and [removed: at various times in the past, including in recent quarters,] we have experienced [removed: significant] [added: similar] weakness in [removed: product orders from service providers.][added: certain prior periods.]

[removed: Sales activity in this industry] depends upon the stage of completion of expanding network infrastructures; the availability of funding; and the extent to which service providers are affected by regulatory, economic, and business conditions in the country of operations.

Our channel partners include systems integrators, service providers, other [added: third-party] resellers, and distributors.

Systems integrators and service providers typically sell directly to end users and often provide system installation, technical support, professional services, and other support services in addition to network [added: equipment sales.]

Distributors stock inventory and typically sell to systems integrators, service providers, and other [added: third-party] resellers.

For example, as products related to network programmability, such as software defined networking (SDN) products, [added: have] become more prevalent, we [removed: expect to face] [added: have faced] increased competition from companies that develop networking products based on commoditized hardware, referred to as “white box” hardware, to the extent customers decide to purchase those product offerings instead of ours.

[removed: As we expand into new markets, we will face competition not only from our existing competitors but] also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets.

[removed: Our operating results depend on] our ability to develop and introduce new products and services into existing and emerging markets and to reduce the production costs of existing products.

[added: We have also been transforming our business to move from selling individual] products and services to selling products and services integrated into architectures and solutions, and we are seeking to meet the evolving needs of customers which include offering our products and solutions in the manner in which customers wish to consume them.

While we intend to focus on managing our costs and expenses, over the long term, we also intend to invest in personnel and other resources related to our engineering, sales, service and marketing functions as we realign and dedicate resources on key priority and growth [removed: areas, such as End-to-End Security and Internet for the Future, and we also intend to focus on maintaining leadership in Secure, Agile Networks and in Services.][added: areas.]

- Difficulties [added: or delays] in integrating the [removed: operations,] [added: operations (including IT security),] systems, technologies, products, and personnel of the acquired companies, particularly [removed: companies] with [added: companies that have] large and widespread operations and/or complex products

As we focus on new market opportunities and key priority and growth areas, we [removed: will increasingly] compete with large telecommunications [added: and other] equipment suppliers as well as startup companies.

Our future results could be materially adversely affected by a variety of political, economic or other factors relating to our operations inside and outside the United States, any or all of which could have a material adverse effect on our operating results and financial condition, including the following: impacts from global central bank monetary policy; issues related to the political relationship between the United States and other countries that can affect regulatory matters, affect the willingness of customers in those countries to purchase products from companies headquartered in the United States or affect our ability to procure components if a government body were to deny us access to those components; government-related disruptions or shutdowns; the challenging and inconsistent global macroeconomic environment; foreign currency exchange rates; geopolitical tensions (including China-Taiwan relations); political or social unrest; economic instability or weakness or natural disasters in a specific country or region, including economic challenges in China and global economic ramifications of Chinese economic difficulties; environmental protection regulations (including new laws and regulations related to climate change); trade protection measures such as tariffs, and other legal and regulatory requirements, some of which may affect our ability to import our products to, export our products from, or sell our products in various countries or affect our ability to procure components; political considerations that affect service provider and government spending patterns; health or similar issues, including pandemics or [removed: epidemics, such as the COVID-19 pandemic, which could continue to affect customer purchasing decisions;] [added: epidemics;] difficulties in staffing and managing international operations; and adverse tax consequences, including imposition of withholding or other taxes on our global operations.

In the past, there have been significant bankruptcies among customers both on open credit and with loan or lease financing [added: arrangements, particularly among Internet businesses and service providers, causing us to incur economic or financial losses.]

Competition for such personnel is intense, especially in the Silicon Valley area of Northern [removed: California.][added: California and other major United States locations.]

The loss of services of any of our key personnel; the inability to retain and attract qualified personnel in the future; or delays in hiring required personnel, particularly [added: in] engineering and sales [removed: personnel,] [added: fields,] could make it difficult to meet key objectives, such as timely and effective product introductions.

Additionally, [added: in connection with the Russia and Ukraine war and our decision to stop business operations and orderly wind down our business in Russia,] there are existing claims and lawsuits in Russia, and the potential for future claims and lawsuits in Russia and/or Belarus, related to [removed: the Russia and Ukraine war] [added: such decision] and related [removed: trade restrictions and sanctions.]

In the event of an unfavorable resolution of any of these lawsuits, the potential outcome could include the seizure of our assets in Russia and/or Belarus, which, collectively, represents less than 0.1% of our total assets at the end of fiscal [removed: 2022.][added: 2023.]

[added: While counterfeiters often aim their sales at customers who might not have] otherwise purchased our products due to lack of verifiability of origin and service, such counterfeit sales, to the extent they replace otherwise legitimate sales, could adversely affect our operating results.

Also certain of our customers, suppliers and logistics centers are located in regions that have been or may be affected by earthquake, tsunami and flooding or other weather-related activity which in the past has disrupted, and in the future could disrupt, the flow of [added: supply chain] components and delivery of products.

In addition, global climate change may result in significant natural disasters occurring more frequently [removed: or] [added: and/or] with greater intensity, such as drought, wildfires, storms, sea-level rise, [added: changing precipitation,] and flooding.

We have not to date experienced a material event [removed: to] [added: as a result of] these [removed: matters;] [added: kinds of natural disasters;] however, the occurrence of any such event in the future could have a material adverse impact on our business, operating results, and financial condition.

Likewise, events such as loss of infrastructure and utilities services such as energy, [removed: transportation, or telecommunications could have similar negative impacts.]

While supply constraints remain, we saw an overall improvement of such constraints in fiscal 2023.

procure inventory based upon criteria as defined by us or that establish the parameters defining our requirements.

Sales activity in this industry

As we expand into new markets, we will face competition not only from our existing competitors but

Our operating results depend on

We initiated a restructuring plan in the second quarter of fiscal 2023, for which we expect such plan to be substantially completed by the end of the first quarter of fiscal 2024.

We also intend to focus on maintaining leadership in core networking and services.

Issues related to the development and use of artificial intelligence (AI) could give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm of our business.

We currently incorporate AI technology in certain of our products and services and in our business operations.

Our research and development of such technology remains ongoing.

AI presents risks, challenges, and unintended consequences that could affect our and our customers’ adoption and use of this technology.

AI algorithms and training methodologies may be flawed.

Additionally, AI technologies are complex and rapidly evolving, and we face significant competition in the market and from other companies regarding such technologies.

While we aim to develop and use AI responsibly and attempt to identify and mitigate ethical and legal issues presented by its use, we may be unsuccessful in identifying or resolving issues before they arise.

AI-related issues, deficiencies and/or failures could (i) give rise to legal and/or regulatory action, including with respect to proposed legislation regulating AI in jurisdictions such as the European Union and others, and as a result of new applications of

existing data protection, privacy, intellectual property, and other laws; (ii) damage our reputation; or (iii) otherwise materially harm our business.

trade restrictions and sanctions.

transportation, or telecommunications could have similar negative impacts.

We had no commercial paper notes outstanding under this program as of July 29, 2023.

infringement of their proprietary rights with respect to our existing or future products or components of those products.

Further, a cyber attack or other incident could go undetected and persist in our environments for extended periods.

Additionally, volatility, lack of positive

Our business, results of operations and financial condition have been adversely affected and could in the future be materially adversely affected by the COVID-19 pandemic.

The COVID-19 pandemic and the resulting containment measures have caused economic and financial disruptions globally, including in most of the regions in which we sell our products and services and conduct our business operations.

Beginning in the second half of fiscal 2020, the COVID-19 pandemic impacted our financial results and business operations.

We continue to manage through significant supply constraints seen industry-wide due to component shortages which have resulted in extended lead times and higher supply chain costs.

The magnitude and duration of the disruption, its continuing impact on us, and resulting decline in global business activity is uncertain.

The COVID-19 pandemic and the responsive measures taken in many countries have adversely affected and could in the future materially adversely affect our business, results of operations and financial condition.

Shelter-in-place and/or lockdown orders globally and other measures have and could in the future impact our supply chain.

In addition, current and future restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures, can also impact our ability to meet customer demand and could materially adversely affect us.

Our customers have also experienced, and may continue to experience, disruptions in their operations, which can result in delayed, reduced, or canceled orders, and increased collection risks, and which may adversely affect our results of operations.

The COVID-19 pandemic has also led to increased disruption and volatility in capital markets and credit markets.

The pandemic and resulting economic uncertainty could adversely affect our liquidity and capital resources in the future.

The inputs into certain of our judgments, assumptions, and estimates considered the economic implications of the COVID-19 pandemic on our critical and significant accounting estimates.

The actual results that we experience may differ materially from our estimates.

As the COVID-19 pandemic continues to develop, many of our estimates could require increased judgment and carry a higher degree of variability and volatility.

As events continue to evolve our estimates may change materially in future periods.

The extent of the impact of the COVID-19 pandemic on our operational and financial performance is currently uncertain and will depend on many factors outside our control, including, without limitation, the timing, extent, trajectory and duration of the pandemic, the efficacy of available vaccines, the imposition of protective public safety measures, and the impact of the pandemic on the global economy.

Potential negative impacts of these external factors include, but are not limited to, material adverse effects on demand for our products and services; our supply chain and sales and distribution channels; collectability of customer accounts; our ability to execute strategic plans; impairments; and our profitability and cost structure.

To the extent the COVID-19 pandemic adversely affects our business, results of operations and financial condition, it may also have the effect of exacerbating the other risks discussed in this “Risk Factors” section.

In addition to making it difficult to predict revenue for a particular period, nonlinearity in shipping can

of that supply, and our ability to meet customer demand for our products if we cannot secure sufficient supply in a timely manner.

We continue to manage through significant supply constraints seen industry-wide due to component shortages, including significant constraints with certain critical components which prevents us from completing manufacturing of certain of our products.

For example, we saw an additional unanticipated supply challenge with COVID-19 related lockdowns in certain parts of China in the second half of fiscal 2022 that resulted in a severe shortage of certain critical components.

While we did see some easing of the industry-wide supply constraints towards the end of the fourth quarter of fiscal 2022, we expect such constraints to continue and the duration of which is uncertain.

There can be no assurance that we will not encounter these problems in the future.

If we fail to anticipate customer demand properly, an oversupply of parts could result in excess or obsolete components that could adversely affect our gross margins.

equipment sales.

Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The COVID-19 pandemic may also result in long-term changes in customer needs for our products and services in various sectors, along with IT-related capital spending reductions, or shifts in spending focus, that could materially adversely affect us if we are unable to adjust our product and service offerings to match customer needs.

We have also been transforming our business to move from selling individual

We initiated a restructuring plan in the first quarter of fiscal 2021, which included a voluntary early retirement program, which was completed in fiscal 2022.

Industry consolidation may lead to increased competition and may harm our operating results.

There is a continuing trend toward industry consolidation in our markets.

We expect this trend to continue as companies attempt to strengthen or hold their market positions in an evolving industry and as companies are acquired or are unable to continue operations.

For example, some of our current and potential competitors for enterprise data center business have made acquisitions, or announced new strategic alliances, designed to position them with the ability to provide end-to-end technology solutions for the enterprise data center.

We believe that industry consolidation may result in stronger competitors that are better able to compete as sole-source vendors for customers.

This could lead to more variability in our operating results and could have a material adverse effect on our business, operating results, and financial condition.

Furthermore, particularly in the service provider market, rapid consolidation will lead to fewer customers, with the effect that loss of a major customer could have a material impact on results not anticipated in a customer marketplace composed of more numerous participants.

arrangements, particularly among Internet businesses and service providers, causing us to incur economic or financial losses.

While counterfeiters often aim their sales at customers who might not have

See “Part II, Item 7.

In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, [removed: future responses to] and [removed: effects of the COVID-19 pandemic, and] other characterizations of future events or circumstances are forward-looking statements.

We are integrating our [removed: platforms] [added: product portfolios] across networking, security, collaboration, applications and the [removed: cloud.][added: cloud to create highly secure, intelligent platforms for our customers’ digital businesses.]

| | | | July [removed: 30, 2022] [added: 29, 2023] | | | | | | July [removed: 31, 2021 | | | | | | Variance | | | | | | July] 30, [removed: 2022] [added: 2022] | | | | | | July 31, 2021 | | | | | | Variance [removed: | | |] [added: in Dollars] | | |

| Revenue | | | $ | [removed: 13,102] [added: 15,203] | | | | | $ | [removed: 13,126] [added: 13,102] | | | | | [removed: —] [added: 16] | | % | | | | $ | [removed: 51,557] [added: 56,998] | | | | | $ | [removed: 49,818] [added: 51,557] | | | | | [removed: 3] [added: 11] | | % | | | |

| Gross margin percentage | | | [removed: 61.3] [added: 64.1] | | % | | | | [removed: 63.6] [added: 61.3] | | % | | | | [removed: (2.3)] [added: 2.8] | | | pts | | | [removed: 62.5] [added: 62.7] | | % | | | | [removed: 64.0] [added: 62.5] | | % | | | | [removed: (1.5)] [added: 0.2] | | | pts | | |

| Research and development | | | $ | [removed: 1,682] [added: 1,953] | | | | | $ | [removed: 1,713] [added: 1,682] | | | | | [removed: (2)] [added: 16] | | % | | | | $ | [removed: 6,774] [added: 7,551] | | | | | $ | [removed: 6,549] [added: 6,774] | | | | | [removed: 3] [added: 11] | | % | | | |

| Sales and marketing | | | $ | [removed: 2,349] [added: 2,579] | | | | | $ | [removed: 2,448] [added: 2,349] | | | | | [removed: (4)] [added: 10] | | % | | | | $ | [removed: 9,085] [added: 9,880] | | | | | $ | [removed: 9,259] [added: 9,085] | | | | | [removed: (2)] [added: 9] | | % | | | |

| General and administrative | | | $ | [removed: 489] [added: 690] | | | | | $ | [removed: 521] [added: 489] | | | | | [removed: (6)] [added: 41] | | % | | | | $ | [removed: 2,101] [added: 2,478] | | | | | $ | [removed: 2,152] [added: 2,101] | | | | | [removed: (2)] [added: 18] | | % | | | |

| Total R&D, sales and marketing, general and administrative | | | $ | [removed: 4,520] [added: 5,222] | | | | | $ | [removed: 4,682] [added: 4,520] | | | | | [removed: (3)] [added: 16] | | % | | | | $ | [removed: 17,960] [added: 19,909] | | | | | $ | 17,960 | | | | | [removed: —] [added: 11] | | % | | | |

| Total as a percentage of revenue | | | [removed: 34.5] [added: 34.3] | | % | | | | [removed: 35.7] [added: 34.5] | | % | | | | [removed: (1.2)] [added: (0.2)] | | | pts | | | [removed: 34.8] [added: 34.9] | | % | | | | [removed: 36.1] [added: 34.8] | | % | | | | [removed: (1.3)] [added: 0.1] | | | pts | | |

| Restructuring and other charges included in operating expenses | | | [removed: $] | [removed: (2)] | | [removed: | | | $ | 8 | | | | | (133) | | % | | | |] $ | [removed: 6] [added: 531] | | | | | $ | [removed: 886 | | |] [added: 6] | | [removed: (99)] | | [removed: %] | [added: $] | [added: 886] | |

| Operating income as a percentage of revenue | | | [removed: 26.2] | | [removed: %] | [removed: | | | 27.2 | | % | | | | (1.0) | | | pts | | | 27.1] [added: 26.4] | | % | | | | [removed: 25.8] [added: 27.1] | | % | | | | [removed: 1.3 | | | pts] [added: 25.8] | | [added: %] |

| Interest and other income (loss), net | | | $ | [removed: (18)] [added: 218] | | | | | $ | [removed: 160] [added: (18)] | | | | | [removed: (111)] [added: NM] | | [removed: %] | | | | $ | [removed: 508] [added: 287] | | | | | $ | [removed: 429] [added: 508] | | | | | [removed: 18] [added: (44)] | | % | | | |

| Income tax percentage | | | [removed: 17.6] [added: 11.5] | | % | | | | [removed: 19.4] [added: 17.6] | | % | | | | [removed: (1.8)] [added: (6.1)] | | | pts | | | [removed: 18.4] [added: 17.7] | | % | | | | [removed: 20.1] [added: 18.4] | | % | | | | [removed: (1.7)] [added: (0.7)] | | | pts | | |

| Net income | | | $ | [removed: 2,815] [added: 3,958] | | | | | $ | [removed: 3,009] [added: 2,815] | | | | | [removed: (6)] [added: 41] | | % | | | | $ | [removed: 11,812] [added: 12,613] | | | | | $ | [removed: 10,591] [added: 11,812] | | | | | [removed: 12] [added: 7] | | % | | | |

| Net income as a percentage of revenue | | | [removed: 21.5] [added: 26.0] | | % | | | | [removed: 22.9] [added: 21.5] | | % | | | | [removed: (1.4)] [added: 4.5] | | | pts | | | [removed: 22.9] [added: 22.1] | | % | | | | [removed: 21.3] [added: 22.9] | | % | | | | [removed: 1.6] [added: (0.8)] | | | pts | | |

| Earnings per share—diluted | | | $ | [removed: 0.68] [added: 0.97] | | | | | $ | [removed: 0.71] [added: 0.68] | | | | | [removed: (4)] [added: 43] | | % | | | | $ | [removed: 2.82] [added: 3.07] | | | | | $ | [removed: 2.50] [added: 2.82] | | | | | [removed: 13] [added: 9] | | % | | | |

Fiscal [removed: 2022] [added: 2023] Compared with Fiscal [removed: 2021][added: 2022]

[removed: We] [added: Further, we] continued to make progress in the transition of our business model delivering increased software and subscriptions.

Total revenue increased by [removed: 3%] [added: 11%] compared with fiscal [removed: 2021.][added: 2022.]

Within total revenue, product revenue increased by [removed: 6%] [added: 13%] and service revenue [removed: decreased] [added: increased] by 2%.

In fiscal [removed: 2022,] [added: 2023,] total software revenue was [removed: flat at $15.1] [added: $17.0] billion across all product areas and [removed: service.][added: service, an increase of 12%.]

Within total software revenue, subscription revenue increased [removed: 3%.][added: 16%.]

Total gross margin [removed: decreased] [added: increased] by [removed: 1.5] [added: 0.2] percentage points.

Product gross margin [removed: decreased] [added: increased] by [removed: 2.1] [added: 0.5] percentage points, largely driven by [removed: increased costs related to supply constraints] [added: favorable pricing] and [removed: to a lesser extent,] [added: favorable] product [removed: mix,] [added: mix] partially offset by [removed: favorable pricing.][added: negative impacts from productivity.]

As a percentage of revenue, research and development, sales and marketing, and general and administrative expenses, collectively, decreased by [removed: 1.3] [added: 0.2] percentage points.

Operating income as a percentage of revenue increased by [removed: 1.3] [added: 1.8] percentage points.

Diluted earnings per share increased [removed: 13%,] [added: by 9%,] driven by an increase of [removed: 12%] [added: 7%] in net income and a decrease in diluted share count of [removed: 44] [added: 87] million shares.

In terms of our geographic segments, revenue from the Americas increased by [removed: $0.7] [added: $3.6] billion, EMEA revenue increased by [removed: $0.8] [added: $1.4] billion and revenue in our APJC segment increased by [removed: $0.3] [added: $0.4] billion.

[removed: From a customer market standpoint, we experienced product] [added: Product] revenue [added: in the APJC segment increased by 7%, driven by] growth in the [removed: commercial, enterprise] [added: commercial] and [removed: service provider markets] [added: public sector markets,] partially offset by a decline in the [removed: public sector] [added: service provider] market.

From a product category perspective, total product revenue increased [removed: 6%] [added: 13%] year over year, driven by growth in revenue in Secure, Agile Networks of [removed: 5%;] [added: 22%;] Internet for the Future of [removed: 17%;] [added: 1%;] End-to-End Security of [removed: 9%] [added: 4%] and Optimized Application Experiences of 11%; partially offset by a product revenue decline in Collaboration of [removed: 5%.][added: 9%.]

For the fourth quarter of fiscal [removed: 2022, total revenue, product revenue and service revenue were each flat] [added: 2023,] as compared with the fourth quarter of fiscal [removed: 2021.][added: 2022, total revenue increased by 16%.]

With regard to our geographic segment performance, on a year-over-year basis, revenue in [removed: EMEA] [added: Americas] increased by [removed: 8% offset] [added: 21%, EMEA increased] by [removed: declines in Americas] [added: 10%] and APJC by [removed: 3% and 2%, respectively.][added: 7%.]

From a product category perspective, we experienced product revenue growth in [removed: Collaboration; End-to-End Security] [added: Secure, Agile Networks; Internet for the Future] and Optimized Application Experiences; partially offset by [removed: declines] [added: a decline] in [removed: Secure, Agile Networks and Internet for the Future.][added: Collaboration.]

Total gross margin [removed: decreased] [added: increased] by [removed: 2.3] [added: 2.8] percentage points, driven by [removed: higher component] [added: favorable pricing, favorable product mix] and [removed: commodity costs, in addition to higher] [added: productivity benefits driven by lower] freight and logistics [removed: costs related to supply constraints, partially offset by favorable pricing] [added: costs, component] and [removed: product mix.][added: other costs.]

As a percentage of revenue, research and development, sales and marketing, and general and administrative [removed: expenses collectively decreased] [added: expenses, collectively, increased] by [removed: 1.2] [added: 0.1] percentage points.

Operating income [added: increased by 8%, and] as a percentage of revenue [added: operating income] decreased by [removed: 1.0] [added: 0.7] percentage points.

Diluted earnings per share [removed: decreased] [added: increased] by [removed: 4%,] [added: 43%,] driven by [removed: a decrease] [added: an increase] in net income of [removed: 6%] [added: 41%] and a decrease in diluted share count of [removed: 101] [added: 44] million shares.

In this dynamic environment, we believe their priorities are to [removed: reimagine applications, power hybrid work,] transform infrastructure, [removed: and] secure the [removed: enterprise.][added: enterprise, power hybrid work, reimagine applications, and drive toward sustainability.]

We are committed to driving a trusted customer experience, through our innovation, [added: solutions,] choice, and people.

| Operating income as a percentage of revenue | | | 28.0 | | % | | | | 26.2 | | % | | | | 1.8 | | | pts | | | 26.4 | | % | | | | 27.1 | | % | | | | (0.7) | | | pts | | |

NM — Not meaningful

In fiscal 2023, we delivered strong results with growth in revenue and profitability.

In past periods, we took multiple actions in order to mitigate component shortages and address supply constraints seen industry-wide.

During fiscal 2023, we saw an overall improvement of supply constraints and, as a result, we were able to increase the delivery of products to our customers, which positively impacted product revenue.

Although product revenue increased, we saw a decline in product demand in fiscal 2023.

We believe this was due to customers absorbing recently shipped products, adjusting to significant reductions in product lead times, and macroeconomic conditions.

Operating income as a percentage of revenue decreased by 0.7 percentage points driven primarily by restructuring and other charges of $531 million in fiscal 2023.

We experienced product revenue growth across each of our customer markets.

Within total revenue, product revenue increased by 20% and service revenue increased by 4%.

Product revenue in End-to-End Security was flat.

Our strategy is to securely connect everything.

At

Recoverability of purchased intangible assets with finite lives is measured

The product revenue increase was driven by growth across all customer markets.

Product revenue in the enterprise market was flat.

| Secure, Agile Networks | | | | | | $ | 29,105 | | | | | $ | 23,831 | | | | | $ | 22,725 | | | | | $ | 5,274 | | | | | 22 | | % |

| Internet for the Future | | | | | | 5,306 | | | | | | 5,276 | | | | | | 4,511 | | | | | | 30 | | | | | | 1 | | % |

Amounts for prior fiscal years have been reclassified to conform to the current fiscal year’s presentation.

Revenue grew in both campus switching and data center switching.

We also saw double-digit growth in the webscale provider market.

| Productivity (1) | | | | | | (2.5) | | % |

| Fiscal 2023 | | | | | | 61.5 | | % |

Product gross margin increased by 0.5 percentage points primarily driven by favorable pricing and product mix.

This was partially offset by negative impacts from productivity, largely driven by increased costs from component and other costs, partially offset by lower freight and logistics costs.

We implemented the price increases to partially offset increases in commodity and other costs.

During fiscal 2023, we saw an overall improvement of supply constraints which have persisted industry-wide for multiple periods.

In past periods, we took multiple actions in order to mitigate component shortages and address significant supply constraints.

These mitigating actions have resulted in increased inventory balances, inventory purchase commitments, and inventory deposits and prepayments compared to prior fiscal years, which, in turn, has increased our supply chain exposure, which could result in negative impacts to our product gross margin in future periods, including material excess and obsolete charges, if product demand significantly decreases for a sustained duration or we are unable to continue to mitigate the remaining supply chain exposures.

While these mitigating actions have resulted in a decrease of our overall supply chain balances during fiscal 2023, these balances continue to be higher as compared to prior fiscal years.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

The decrease in amortization of purchased intangible assets was primarily due to certain purchased intangible assets that became fully amortized, partially offset by amortization of purchased intangibles from our recent acquisitions.

In the second quarter of fiscal 2023, we announced a restructuring plan in order to rebalance the organization and enable further investment in key priority areas, of which approximately 5% of the global workforce would be impacted.

In connection with this restructuring plan, we incurred charges of $535 million during fiscal 2023.

We expect the plan to be substantially completed by the end of the first quarter of fiscal 2024.

We expect to reinvest substantially all of the costs savings from this restructuring plan in our key priority areas.

As a result, the overall cost savings from this restructuring plan are not expected to be material for future periods.

The decrease in operating income as a percentage of revenue was primarily due to an operating expenses percentage increase.

The net 0.7 percentage points decrease in the effective tax rate was primarily due to an increase in U.S. foreign-derived intangible income deduction benefit driven by the capitalization and amortization of R&D expenses effective for fiscal 2023 as required by the Tax Cuts and Jobs Act (“the Tax Act”) partially offset by a decrease in the U.S. federal research tax credit and stock compensation windfall benefit.

| Amortization of purchased intangible assets included in operating expenses | | | $ | 73 | | | | | $ | 79 | | | | | (8) | | % | | | | $ | 313 | | | | | $ | 215 | | | | | 46 | | % | | | |

In fiscal 2022, we delivered growth in total revenue and strong profitability in a challenging environment impacted by significant supply constraints, rising component and related costs, and the Russia and Ukraine war.

We continue to be negatively impacted by supply constraints seen industry-wide due to component shortages.

While we did see some easing of the supply constraints towards the end of the fourth quarter of fiscal 2022, we expect the constraints to continue and the duration is uncertain.

We have, and continue to take, multiple steps in order to mitigate the component shortages and deliver products to our customers.

Fiscal 2022 had 52 weeks, compared with 53 weeks in fiscal 2021, thus our results for fiscal 2022 reflect one less week compared with fiscal 2021.

*Russia and Ukraine War*

In March 2022, in connection with the Russian invasion of Ukraine, Cisco announced its intention to stop business operations in Russia and Belarus for the foreseeable future.

Those operations in Russia and Belarus included sales, services and related support functions.

Further, on June 23, 2022, we announced that we will begin an orderly wind-down and exit of our business in Russia and Belarus.

Our business operations in Russia, Belarus and Ukraine, collectively, comprised approximately 1% of our total revenue for the year ended July 31, 2021.

Russia and Belarus, collectively, represented less than 0.1% of our total assets at the end of fiscal 2022.

As a result of the war and the resulting events, we have not recognized revenue in these countries effective March 2022.

The negative impact to total revenue was approximately $200 million for fiscal 2022, which includes committed revenue we would have otherwise recognized, charges for uncollectible receivables, and other items.

Further, we also assessed the risk to the recoverability of our assets and other potential financial exposures in these countries.

We have reserved for the non-recoverability of substantially all of our assets in Russia and Belarus.

As a result, we have recognized certain non-recurring charges of $91 million in cost of sales and operating expenses in fiscal 2022 related to non-recoverability of certain assets, special personnel-related charges in order to support impacted employees, and severance and other exit related costs.

The ongoing effect of the Russia and Ukraine war are difficult to predict due to the other uncertainties identified in Part I, Item 1A.

Risk Factors herein.

Our strategy is to help our customers connect, secure, and automate to accelerate their digital agility in a cloud-first world.

The inputs into certain of our judgments, assumptions, and estimates considered the economic implications of the COVID-19 pandemic, including the associated impact of supply constraints, on our critical and significant accounting estimates.

The COVID-19 pandemic did not have a material impact on our significant judgments, assumptions and estimates that are reflected in our results for fiscal 2022.

These estimates include: goodwill and identified purchased intangible assets and income taxes, among other items.

The actual results that we experience may differ materially from our estimates.

As the COVID-19 pandemic continues, many of our estimates could require increased judgment and carry a higher degree of variability and volatility.

As events continue to evolve our estimates may change materially in future periods.

We continue to manage through significant supply constraints seen industry-wide due to component shortages caused, in part, by the COVID-19 pandemic.

then adjusted to reflect risks inherent in the development lifecycle as appropriate.

Our impairment charges related to purchased intangible assets were $15 million for fiscal 2022.

The increase in product revenue in the EMEA segment of 8% was driven by growth in the commercial, enterprise and service provider markets The public sector market was flat.

Product revenue in the APJC segment increased by 6%, driven by growth in the commercial and enterprise markets, partially offset by declines in the service provider and public sector markets.

Effective fiscal 2022, we began reporting our product revenue in the following categories: Secure, Agile Networks; Internet for the Future; Collaboration; End-to-End Security; Optimized Application Experiences; and Other Products.

This change will better align our product categories with our strategic priorities.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Secure, Agile Networks | | | | | | $ | 23,829 | | | | | $ | 22,722 | | | | | $ | 23,265 | | | | | $ | 1,107 | | | | | 5 | | % | | | | $ | (543) | | | | | (2) | | % |

| Internet for the Future | | | | | | 5,278 | | | | | | 4,514 | | | | | | 4,180 | | | | | | 764 | | | | | | 17 | | % | | | | 334 | | | | | | 8 | | % |

*Fiscal 2022 Compared with Fiscal 2021*

Revenue from compute grew primarily driven by our servers.

*Fiscal 2021 Compared with Fiscal 2020*

We had no outstanding hedging instruments for our available-for-sale debt investments as of July [removed: 30, 2022.][added: 29, 2023.]

Our available-for-sale debt investments are not leveraged as of July [removed: 30, 2022.][added: 29, 2023.]

The hypothetical fair values as of July [removed: 30, 2022] [added: 29, 2023] and July [removed: 31, 2021] [added: 30, 2022] are as follows (in millions):

| | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE DECREASE OF X BASIS POINTS | | | | | | | | | | | | | | | | | | [removed: FAIR] [added: FAIR] VALUE AS OF JULY 30, [removed: 2022] [added: 2022] | | | | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE INCREASE OF X BASIS POINTS | | | | | | | | | | | | | | |

| Available-for-sale debt investments | | | $12,263 | | | | | | $12,158 | | | | | | $12,052 | | | | | | [removed: $11,947] [added: $11,947] | | | | | | $11,841 | | | | | | $11,735 | | | | | | $11,630 | | |

| | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE DECREASE OF X BASIS POINTS | | | | | | | | | | | | | | | | | | [removed: FAIR] [added: FAIR] VALUE AS OF JULY [removed: 31, 2021] [added: 29, 2023] | | | | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE INCREASE OF X BASIS POINTS | | | | | | | | | | | | | | |

Financing Receivables As of July [removed: 30, 2022,] [added: 29, 2023,] our financing receivables had a carrying value of [removed: $7.9] [added: $6.8] billion, compared with [removed: $9.3] [added: $7.9] billion as of July [removed: 31, 2021.][added: 30, 2022.]

As of July [removed: 30, 2022,] [added: 29, 2023,] a hypothetical 50 BPS increase or decrease in market interest rates would change the fair value of our financing receivables by a decrease or increase of approximately $0.1 billion, respectively.

Debt As of July [removed: 30, 2022,] [added: 29, 2023,] we had [removed: $9.0] [added: $8.5] billion in principal amount of senior fixed-rate notes outstanding.

The carrying amount of the senior notes was [removed: $8.9] [added: $8.4] billion, and the related fair value based on market prices was [removed: $9.7] [added: $8.7] billion.

As of July [removed: 30, 2022,] [added: 29, 2023,] a hypothetical 50 BPS increase or decrease in market interest rates would change the fair value of the fixed-rate debt, excluding the $1.5 billion of hedged debt, by a decrease or increase of approximately $0.3 billion, respectively.

The total fair value of our marketable equity securities was [removed: $241] [added: $431] million and [removed: $137] [added: $241] million as of July [removed: 30, 2022] [added: 29, 2023] and July [removed: 31, 2021,] [added: 30, 2022,] respectively.

As of July [removed: 30, 2022,] [added: 29, 2023,] the total carrying amount of our investments in privately held investments was [removed: $1.9] [added: $1.8] billion, compared with [removed: $1.5] [added: $1.9] billion at July [removed: 31, 2021.][added: 30, 2022.]

| | | | July [removed: 30, 2022] [added: 29, 2023] | | | | | | | | | | | | July [removed: 31, 2021] [added: 30, 2022] | | | | | | | | |

| Purchased | | | $ | [removed: 2,578] [added: 3,014] | | | | | $ | [removed: (50)] [added: (33)] | | | | | $ | [removed: 2,441] [added: 2,578] | | | | | $ | [removed: (14)] [added: (50)] | |

| Sold | | | $ | [removed: 1,943] [added: 2,406] | | | | | $ | [removed: 50] [added: 31] | | | | | $ | [removed: 1,698] [added: 1,943] | | | | | $ | [removed: 12] [added: 50] | |

Approximately [removed: 70%] [added: 75%] of our operating expenses are U.S.-dollar denominated.

In fiscal [removed: 2022,] [added: 2023,] foreign currency fluctuations, net of hedging, decreased our combined R&D, sales and marketing, and G&A expenses by approximately [removed: $154] [added: $364] million, or [removed: 0.9%,] [added: 2.0%,] as compared with fiscal [removed: 2021.][added: 2022.]

| Available-for-sale debt investments | | | $15,901 | | | | | | $15,798 | | | | | | $15,695 | | | | | | $15,592 | | | | | | $15,489 | | | | | | $15,386 | | | | | | $15,284 | | |

| Available-for-sale debt investments | | | $15,537 | | | | | | $15,427 | | | | | | $15,317 | | | | | | $15,206 | | | | | | $15,096 | | | | | | $14,986 | | | | | | $14,875 | | |

We are integrating our [removed: platforms] [added: product portfolios] across networking, security, collaboration, applications and the [removed: cloud.][added: cloud to create highly secure, intelligent platforms for our customers’ digital businesses.]

Through a link on the Investor Relations section of our website, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (SEC) at sec.gov: our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports [removed: or other information] filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.

In this dynamic environment, we believe their priorities are to [removed: reimagine applications, power hybrid work,] transform infrastructure, [removed: and] secure the [removed: enterprise.][added: enterprise, power hybrid work, reimagine applications, and drive toward sustainability.]

Our [removed: strategy] [added: goal] is to [added: attract, retain, and develop talent in order to] help our customers connect, secure, and [removed: automate to] accelerate their digital [removed: agility in a cloud-first world.][added: agility.]

We are committed to driving a trusted customer experience, through our innovation, [added: solutions,] choice, and people.

In our view, over the next several years, customers will be increasingly writing modern software applications that can run on any hybrid [removed: cloud,] [added: cloud] and will be adding billions of connections to their environments.

In a multicloud environment, customers [removed: have to] [added: must] reimagine how they design, develop and deploy their applications.

We are doing this [removed: through] [added: by] adding key elements to our portfolio, such as: infrastructure optimization with Intersight, network monitoring with technology from ThousandEyes, application performance monitoring with AppDynamics, as well as our security innovations.

[removed: Since] [added: Over] the [removed: COVID-19 pandemic began,] [added: last several years,] the world has shifted to a hybrid work environment, and we believe that our customers are looking to support a blend of onsite and offsite [removed: workers.][added: workers into the future.]

Our [removed: recently launched] Nexus Cloud platform is designed to help our customers deploy, manage, and operate their data center networks from the cloud.

By combining our routed optical networking solution integrating our routers with pluggable optics, we [removed: are able to] [added: can] further help deliver cost savings to our customers.

We [removed: recently] unveiled our strategic plan for a global, cloud-delivered, integrated platform that secures and connects organizations of any shape and size.

[removed: - *Internet] [added: *•Internet] for the Future* — Transform connectivity by efficiently meeting the ever-growing demand for low-latency and higher speeds.

[removed: - *End-to-End] [added: *•End-to-End] Security* — Build simple, integrated, and high efficacy end-to-end security solutions, delivered on-premise or in the cloud.

[removed: - *Capabilities] [added: *•Capabilities] at the Edge* — Develop new capabilities for a distributed world while enhancing the developer experience and extending enterprise and carrier networks.

Our objective is to continue [removed: moving to cloud-managed] [added: converging our on-premise] solutions [added: with our cloud managed solutions] across our enterprise networking portfolio.

[removed: Within campus switching are our Catalyst 9000 series of] switches that include hardware with embedded software, along with a software subscription referred to as Cisco DNA.

With the expansion of WiFi-6, we have expanded our portfolio to include [removed: multigigabit] [added: multi-gigabit] technology in our switches in order to manage higher bandwidth and manage network speed.

Our data center switching [removed: offerings] [added: offerings, led by the Nexus 9000 series,] provide the foundation for mission critical data centers with high availability, scalability, and security across traditional data centers and private and public cloud data centers.

We offer end-to-end collaboration solutions that can be delivered from the cloud, on-premise or within hybrid cloud environments allowing customers to transition their collaboration [added: solutions from on-premise to the cloud.]

Artificial intelligence [removed: (AI)] and machine learning capabilities are embedded across the Webex portfolio, providing collaboration experiences that integrate people insights, relationship and audio intelligence to help improve productivity.

The End-to-End Security product category consists of our [removed: Network Security,] Cloud [added: and Application] Security, [removed: Security Endpoints, Unified Threat Management] [added: Industrial Security, Network Security,] and [removed: Zero Trust] [added: User and Device Security] offerings.

The Optimized Application Experiences product category [removed: consist] [added: consists] of our full stack observability and [removed: cloud-native platform] [added: network assurance] offerings.

As of the end of fiscal [removed: 2022,] [added: 2023,] our worldwide sales and marketing functions consisted of approximately 26,000 employees, including managers, sales representatives, and technical support personnel.

We sell our products and services both directly and [added: indirectly] through a variety of channels with support from our salesforce.

A substantial portion of our products and services is sold [added: indirectly] through channel partners, and the remainder is sold through direct sales.

Channel partners include systems integrators, service providers, other [added: third-party] resellers, and distributors.

Distributors may hold inventory and sell to systems integrators, service providers, and other [added: third-party] resellers.

[added: Risk Factors,” including the risk factors entitled “Our operating results may be adversely affected by unfavorable economic and market conditions and the uncertain] geopolitical environment;” “Entrance into new or developing markets exposes us to additional competition and will likely increase demands on our service and support operations;” “Due to the global nature of our operations, political or economic changes or other factors in a specific country or region could harm our operating results and financial condition;” “We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows;” and “Cyber attacks, data breaches or [removed: malware] [added: other incidents] may disrupt our operations, harm our operating results and financial condition, and damage our reputation or otherwise materially harm our business; and cyber [removed: attacks or] [added: attacks,] data breaches [added: or other incidents] on our customers’ or third-party providers’ networks, or in cloud-based services provided to, by, or enabled by us, could result in claims of liability against us, give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm our business,” among others.

We make investments in privately held companies that develop technology or provide services that are complementary to our products or that provide [removed: strategic value.][added: insights into emerging technologies that may become relevant to our businesses.]

The objectives and goals of a strategic alliance can include [removed: one or more of the following:] technology exchange, product development, joint sales and marketing, or new market creation.

Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC; Arista Networks, Inc.; Broadcom Inc.; [removed: Check Point Software Technologies Ltd.;] Ciena Corporation; CrowdStrike Holdings, Inc.; Datadog Inc.; Dell Technologies Inc.; Dynatrace Inc.; Fortinet, Inc.; Hewlett-Packard Enterprise Company; Huawei Technologies Co., Ltd.; Juniper Networks, Inc.; Microsoft Corporation; New Relic, Inc.; Nokia Corporation; [added: Nvidia Corporation;] Palo Alto Networks, Inc.; RingCentral, Inc.; [removed: Ubiquiti Inc.;] VMware, Inc.; Zoom Video Communications, Inc.; and Zscaler, Inc.; among others.

[removed: Companies] [added: Additionally, companies] that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

[removed: We] [added: Additionally, we] have set long-term goals to address the environmental impacts from our products and business operations.

We strive to reduce the [removed: impacts] [added: effects] of our operations and supply chain, help our customers decrease greenhouse gas (GHG) emissions, and support our communities experiencing direct effects of a changing climate by, among others:

- Working with our component suppliers, manufacturing partners, and logistic providers to reduce emissions and set [removed: targets] [added: goals] for absolute GHG emissions reductions;

At Cisco, we value our [removed: people,] [added: people and] our technology, [removed: with a focus on helping] [added: and we leverage our broader ecosystems] to [removed: change] [added: positively impact] the world [removed: for the better] and [added: pursue] our purpose to Power an Inclusive Future for All.

Our relationship with our employees is one of mutual [removed: benefit, our employees bring talent and ingenuity to everything we do.][added: benefit.]

[removed: In] [added: Our employees bring talent and ingenuity to everything we do, and in] turn, we provide employees [added: with] meaningful careers and development opportunities.

As of July [removed: 30, 2022,] [added: 29, 2023,] we had approximately [removed: 83,300 full-time] [added: 84,900] employees and they are categorized as follows:

Our strategy is to securely connect everything.

We are also delivering unified detection and response capabilities with Cisco Extended Detection and Response (XDR), a cloud-based solution, and introduced new innovations across firewall, multicloud and application security capabilities.

To enable a more optimized hybrid work experience with simple access across any location, device, and application, we have brought to market a security service edge (SSE) solution.

Additionally, we have announced generative AI capabilities as part of our Security Cloud platform to simplify security operations and increase efficiency.

We also launched new devices for hybrid work which we are making interoperable with other vendors’ collaboration offerings to create a seamless user experience.

*Journey to Sustainability*

The world faces serious environmental challenges, such as climate change, resource depletion, and biodiversity loss, and, as a large global corporation, Cisco can play a role in supporting mitigation of these challenges.

Our strategy focuses on accelerating the transition to clean energy, evolving our business from linear to circular, and investing in resilient ecosystems.

We are striving to reduce our own environmental footprint, and to use our technology and expertise to help our customers and suppliers reduce theirs, contributing to a healthier and more resilient planet.

- Continuing to standardize visibility and insights across our portfolio to enable customers to measure, monitor, and manage energy consumption;

We are continuing to incorporate Artificial Intelligence (AI) and Machine Learning (ML) across our portfolio to enable further innovation and to empower our customers to drive increased productivity and better user experiences.

We are investing in new opportunities in AI, launching new technologies across our product portfolios designed to boost productivity, enhance policy management and simplify tasks.

Our AI-scale infrastructure will allow our customers to process AI workloads more efficiently.

Within campus switching are our Catalyst 9000 series of

These products include wireless access points and controllers that are on-premise and cloud managed, and combined with our Switching portfolio, delivers a converged access solution that is powerful, yet simple.

Our Cisco 8000 series routers provide broad capacity in high-density designs, allowing our customers to reduce operational footprints, lower carbon emissions, and evolve to more efficient network architectures.

Our Intersight Infrastructure Services, a cloud-delivered SaaS offering, provides lifecycle operations management, automation, orchestration, and monitoring capabilities for customers’ infrastructure deployments from Data Center to the Edge.

Our network assurance offering, ThousandEyes, is a network intelligence platform that provides in-depth visibility into network and Internet performance.

It enables organizations to see, understand, and improve every digital experience and assure seamless connectivity for their modern digital environments.

Our financing arrangements include loans, leases (sales-type, direct financing and operating) and channels financing arrangements.

We continue to evaluate opportunities to acquire and invest in businesses and technologies that complement and enable further investment in our key priority areas.

We acquire companies in order to gain access to talent, technology, products and features, operational capabilities or new markets.

For the third year in a row, Cisco has been named the number one company to work for in Fortune Magazine’s 100 Best Companies to Work For® 2023 rankings in the United States.

Fortune and Great Place to Work have published their United States rankings for the past 26 years, and Cisco has been recognized on every annual list.

Cisco has also received top ranking in 15 additional countries, including Australia, Canada, Costa Rica, Mexico, Norway, Poland, Portugal, Saudi Arabia, Singapore, Indonesia, Japan, Spain, Switzerland, United Kingdom, and Vietnam.

Conscious Culture speaks to the importance of everyone being aware — “conscious” — of the environment they are part of, and feeling accountable, empowered, and expected to contribute to creating a culture where all Cisco employees feel safe and can thrive.

We’re aware of how we treat one another and speak up when we see behavior that’s out of step with our beliefs.

There is a direct connection between the culture we create internally and how our people are helping bring about a better world.

addressing homelessness to combating climate change.

This year, Cisco also signed The Valuable 500 statement, a global movement putting disability inclusion on the business leadership agenda and celebrating those committed to inclusion.

As part of our Social Justice Beliefs and Actions, we have expanded our pay parity program beyond base salary to include additional forms of compensation fairness such as promotion, bonuses, and stock decisions made in our rewards programs.

We aim to ensure the program addresses all employees across the full spectrum of diversity incorporating our global self-reported data collection.

We have hosted discussions during Cisco Check-Ins, expanded our Safe to Talk program, introduced mindfulness courses, enhanced our Employee Assistance Program offerings, improved the out-of-network provider benefit for substance abuse and mental health treatment, and more.

We know careers are not static pathways that look the same for everyone.

We also know that the world of work will continue to rapidly evolve, requiring new skillsets.

At Cisco, we believe that your career is owned by you, supported by your leader, and enabled by Cisco.

This means that while each employee has the power to shape their career on their own terms, they also have a supportive ecosystem to develop the skills they need to succeed both today and tomorrow.

We strive to create a culture of “one company, many careers.” In fiscal 2023, we launched a new career strategy for our people focused on areas we know determine a successful career at Cisco—personal brand, network, expertise, and experience—and created customized offerings that map to each of them.

Purpose Report and ESG Reporting Hub

In October 2012, Mr. Robbins was

Additionally, we also launched new devices for hybrid work — the Webex Room Bar and a Cisco Video Phone.

We are also delivering unified detection and response capabilities with Cisco SecureX, our cloud-native platform, which is a built-in platform that connects our Cisco Secure portfolio and our customers’ infrastructure.

Additionally, we recently announced new offerings aimed at securing our customers’ operations with Talos On-Demand, allowing for custom research on the threat environment, and Secure Cloud Analytics, which leverages the network as a sensor to detect threats across network infrastructure, both on-premises and in private and public clouds.

These products include wireless access points that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings.

solutions from on-premise to the cloud.

Our SecureX solution provides unified visibility and detection across our entire portfolio to help our customers connect our integrated security portfolio and existing security infrastructure to provide simplicity, visibility, and efficiency.

Secure Access by Duo is our core solution for identity verification and secure remote access.

Our technology, Cisco+ Secure Connect solution, combines network and security functionality in a single, cloud-native service to help secure access wherever users and applications reside.

Our Intersight platform offers a foundational container platform and infrastructure as code capabilities to simplify deployment and provisioning for our customers.

Our network services offering, ThousandEyes, provides a 360-degree view of hybrid digital ecosystems—across cloud, SaaS and the Internet—by combining Internet and WAN visibility, testing of web-based user experiences, end-user monitoring and Internet Insights.

A key example is Cisco Smart Services, which leverages the intelligence from the installed base of our products and customer connections to protect and optimize network investments for our customers and partners.

We have expanded these offerings from traditional hardware support to include software, solutions, and premium support.

Risk Factors,” including the risk factors entitled “Our operating results may be adversely affected by unfavorable economic and market conditions and the uncertain

Our financing arrangements include the following:

| | | |

| --- | --- | --- |

| Leases: | | |

| • Sales-type | | |

| • Direct financing | | |

| • Operating | | |

| Loans | | |

| Financed service contracts | | |

| Channels financing arrangements | | |

Our growth strategy is based on the components of innovation, which we sometimes refer to as “build, buy, partner, invest, and co-develop.” This five-prong approach to how we innovate can be summarized as follows:

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Build | | | Working within Cisco, with the developer community, or with customers | | |

| Buy | | | Acquiring or divesting, depending on goals | | |

| Partner | | | Strategically partnering to further build out the business | | |

| Invest | | | Making investments in areas where technology is in its infancy or where there is no dominant technology | | |

| Co-develop | | | Developing new solutions with multi-party teams that may include customers, channel partners, startups, independent software vendors, and academics | | |

We have acquired many companies, and we expect to make future acquisitions.

Mergers and acquisitions of high-technology companies are inherently risky, especially if the acquired company has yet to generate revenue.

No assurance can be given that our previous or future acquisitions will be successful or will not materially adversely affect our financial condition or operating results.

Companies with which we have added or expanded strategic alliances during fiscal 2022 and in recent years include Apple Inc., Equinix Inc., Google LLC, International

Business Machines Corporation, Microsoft Corporation, Samsung Electronics Co., Ltd., and Amazon Web Services LLC, among others.

Due to several factors, including the availability of highly scalable and general purpose microprocessors, application-specific integrated circuits (ASICs) offering advanced services, standards-based protocols, cloud computing and virtualization, the convergence of technologies within the enterprise data center is spanning multiple, previously independent, technology segments.

Also, some of our current and potential competitors for enterprise data center business have made acquisitions, or announced new strategic alliances, designed to position them to provide end-to-end technology solutions for the enterprise data center.

As a result of all of these developments, we face greater competition in the development and sale of enterprise data center technologies, including competition from entities that are among our long-term strategic alliance partners.

Environmental Sustainability

For the fiscal year ended July [removed: 30, 2022][added: 29, 2023]

[removed: ][added: ]

Aggregate market value of registrant’s common stock held by non-affiliates of the registrant, based upon the closing price of a share of the registrant’s common stock on January [removed: 28, 2022] [added: 27, 2023] as reported by the Nasdaq Global Select Market on that date: [removed: $230.8] [added: $198.6] billion

Number of shares of the registrant’s common stock outstanding as of September [removed: 2, 2022: 4,108,844,167][added: 1, 2023: 4,054,857,783]

Portions of the registrant’s definitive Proxy Statement relating to the [removed: 2022] [added: 2023] Annual Meeting of Stockholders, to be held on December [removed: 8, 2022,] [added: 6, 2023,] are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

| Item 1. | | | | | | [removed: [Business](#i049852cab38845aabd2a79d07dacda86_16)] [added: [Business](#i571cdcfda50247c69152a12c0790d2e9_16)] | | | | | | [removed: [1](#i049852cab38845aabd2a79d07dacda86_16)] [added: [1](#i571cdcfda50247c69152a12c0790d2e9_16)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#i049852cab38845aabd2a79d07dacda86_19)] [added: Factors](#i571cdcfda50247c69152a12c0790d2e9_19)] | | | | | | [removed: [14](#i049852cab38845aabd2a79d07dacda86_19)] [added: [14](#i571cdcfda50247c69152a12c0790d2e9_19)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#i049852cab38845aabd2a79d07dacda86_22)] [added: Comments](#i571cdcfda50247c69152a12c0790d2e9_22)] | | | | | | [removed: [29](#i049852cab38845aabd2a79d07dacda86_22)] [added: [29](#i571cdcfda50247c69152a12c0790d2e9_22)] | | |

| Item 2. | | | | | | [removed: [Properties](#i049852cab38845aabd2a79d07dacda86_25)] [added: [Properties](#i571cdcfda50247c69152a12c0790d2e9_25)] | | | | | | [removed: [29](#i049852cab38845aabd2a79d07dacda86_25)] [added: [29](#i571cdcfda50247c69152a12c0790d2e9_25)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#i049852cab38845aabd2a79d07dacda86_28)] [added: Proceedings](#i571cdcfda50247c69152a12c0790d2e9_28)] | | | | | | [removed: [29](#i049852cab38845aabd2a79d07dacda86_28)] [added: [29](#i571cdcfda50247c69152a12c0790d2e9_28)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#i049852cab38845aabd2a79d07dacda86_31)] [added: Disclosures](#i571cdcfda50247c69152a12c0790d2e9_31)] | | | | | | [removed: [29](#i049852cab38845aabd2a79d07dacda86_31)] [added: [29](#i571cdcfda50247c69152a12c0790d2e9_31)] | | |

| Item 5. | | | | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i049852cab38845aabd2a79d07dacda86_37)] [added: Securities](#i571cdcfda50247c69152a12c0790d2e9_37)] | | | | | | [removed: [30](#i049852cab38845aabd2a79d07dacda86_37)] [added: [30](#i571cdcfda50247c69152a12c0790d2e9_37)] | | |

| Item 6. | | | | | | [removed: [\[Reserved\]](#i049852cab38845aabd2a79d07dacda86_43)] [added: [\[Reserved\]](#i571cdcfda50247c69152a12c0790d2e9_43)] | | | | | | [removed: [31](#i049852cab38845aabd2a79d07dacda86_43)] [added: [31](#i571cdcfda50247c69152a12c0790d2e9_43)] | | |

| Item 7. | | | | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i049852cab38845aabd2a79d07dacda86_46)] [added: Operations](#i571cdcfda50247c69152a12c0790d2e9_46)] | | | | | | [removed: [32](#i049852cab38845aabd2a79d07dacda86_46)] [added: [32](#i571cdcfda50247c69152a12c0790d2e9_46)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i049852cab38845aabd2a79d07dacda86_79)] [added: Risk](#i571cdcfda50247c69152a12c0790d2e9_79)] | | | | | | [removed: [53](#i049852cab38845aabd2a79d07dacda86_79)] [added: [52](#i571cdcfda50247c69152a12c0790d2e9_79)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#i049852cab38845aabd2a79d07dacda86_82)] [added: Data](#i571cdcfda50247c69152a12c0790d2e9_82)] | | | | | | [removed: [55](#i049852cab38845aabd2a79d07dacda86_82)] [added: [54](#i571cdcfda50247c69152a12c0790d2e9_82)] | | |

| Item 9. | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i049852cab38845aabd2a79d07dacda86_172)] [added: Disclosure](#i571cdcfda50247c69152a12c0790d2e9_175)] | | | | | | [removed: [103](#i049852cab38845aabd2a79d07dacda86_172)] [added: [100](#i571cdcfda50247c69152a12c0790d2e9_175)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#i049852cab38845aabd2a79d07dacda86_175)] [added: Procedures](#i571cdcfda50247c69152a12c0790d2e9_178)] | | | | | | [removed: [103](#i049852cab38845aabd2a79d07dacda86_175)] [added: [100](#i571cdcfda50247c69152a12c0790d2e9_178)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#i049852cab38845aabd2a79d07dacda86_178)] [added: Information](#i571cdcfda50247c69152a12c0790d2e9_181)] | | | | | | [removed: [103](#i049852cab38845aabd2a79d07dacda86_178)] [added: [100](#i571cdcfda50247c69152a12c0790d2e9_181)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i049852cab38845aabd2a79d07dacda86_1796)] [added: Inspections](#i571cdcfda50247c69152a12c0790d2e9_184)] | | | | | | [removed: [103](#i049852cab38845aabd2a79d07dacda86_1796)] [added: [100](#i571cdcfda50247c69152a12c0790d2e9_184)] | | |

| Item 10. | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#i049852cab38845aabd2a79d07dacda86_184)] [added: Governance](#i571cdcfda50247c69152a12c0790d2e9_190)] | | | | | | [removed: [104](#i049852cab38845aabd2a79d07dacda86_184)] [added: [101](#i571cdcfda50247c69152a12c0790d2e9_190)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#i049852cab38845aabd2a79d07dacda86_187)] [added: Compensation](#i571cdcfda50247c69152a12c0790d2e9_193)] | | | | | | [removed: [104](#i049852cab38845aabd2a79d07dacda86_187)] [added: [101](#i571cdcfda50247c69152a12c0790d2e9_193)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i049852cab38845aabd2a79d07dacda86_190)] [added: Matters](#i571cdcfda50247c69152a12c0790d2e9_196)] | | | | | | [removed: [104](#i049852cab38845aabd2a79d07dacda86_190)] [added: [101](#i571cdcfda50247c69152a12c0790d2e9_196)] | | |

| Item 13. | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i049852cab38845aabd2a79d07dacda86_193)] [added: Independence](#i571cdcfda50247c69152a12c0790d2e9_199)] | | | | | | [removed: [104](#i049852cab38845aabd2a79d07dacda86_193)] [added: [101](#i571cdcfda50247c69152a12c0790d2e9_199)] | | |

| Item 14. | | | | | | [Principal Accountant Fees and [removed: Services](#i049852cab38845aabd2a79d07dacda86_196)] [added: Services](#i571cdcfda50247c69152a12c0790d2e9_202)] | | | | | | [removed: [104](#i049852cab38845aabd2a79d07dacda86_196)] [added: [101](#i571cdcfda50247c69152a12c0790d2e9_202)] | | |

| Item 15. | | | | | | [Exhibits and Financial Statement [removed: Schedules](#i049852cab38845aabd2a79d07dacda86_202)] [added: Schedules](#i571cdcfda50247c69152a12c0790d2e9_208)] | | | | | | [removed: [104](#i049852cab38845aabd2a79d07dacda86_202)] [added: [101](#i571cdcfda50247c69152a12c0790d2e9_208)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#i049852cab38845aabd2a79d07dacda86_211)] [added: Summary](#i571cdcfda50247c69152a12c0790d2e9_214)] | | | | | | [removed: [106](#i049852cab38845aabd2a79d07dacda86_211)] [added: [103](#i571cdcfda50247c69152a12c0790d2e9_214)] | | |

In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, [removed: future responses to] and [removed: effects of the COVID-19 pandemic, and] other characterizations of future events or circumstances are forward-looking statements.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| | | | | | | [Signatures](#i571cdcfda50247c69152a12c0790d2e9_217) | | | | | | [104](#i571cdcfda50247c69152a12c0790d2e9_217) | | |

| | | | | | | [Signatures](#i049852cab38845aabd2a79d07dacda86_214) | | | | | | [107](#i049852cab38845aabd2a79d07dacda86_214) | | |

Other significant sites (in addition to the two non-U.S. headquarters locations) are located in Australia, Belgium, Canada, China, Germany, India, [added: Israel,] Japan, [removed: Mexico,] Poland, and the United Kingdom.

There were [removed: 31,502] [added: 33,809] registered stockholders as of September [removed: 2, 2022.][added: 1, 2023.]

As of July [removed: 30, 2022,] [added: 29, 2023,] the remaining authorized amount for stock repurchases under this program is approximately [removed: $15.2] [added: $10.9] billion with no termination date.

[removed: ][added: ]

| | | | July [removed: 2017] [added: 2018] | | | | | | July [removed: 2018] [added: 2019] | | | | | | July [removed: 2019] [added: 2020] | | | | | | July [removed: 2020] [added: 2021] | | | | | | July [removed: 2021] [added: 2022] | | | | | | July [removed: 2022] [added: 2023] | | |

| April 30, 2023 to May 27, 2023 | | | 5 | | | | | | $ | 47.88 | | | | | 5 | | | | | | $ | 11,946 | |

| May 28, 2023 to June 24, 2023 | | | 9 | | | | | | $ | 50.45 | | | | | 9 | | | | | | $ | 11,513 | |

| June 25, 2023 to July 29, 2023 | | | 11 | | | | | | $ | 51.69 | | | | | 11 | | | | | | $ | 10,934 | |

| Total | | | 25 | | | | | | $ | 50.49 | | | | | 25 | | | | | | | | |

| Cisco Systems, Inc. | | | $ | 100.00 | | | | | $ | 136.47 | | | | | $ | 115.60 | | | | | $ | 142.33 | | | | | $ | 120.02 | | | | | $ | 142.29 | |

| S&P 500 | | | $ | 100.00 | | | | | $ | 109.53 | | | | | $ | 118.72 | | | | | $ | 164.83 | | | | | $ | 157.18 | | | | | $ | 177.38 | |

| S&P Information Technology | | | $ | 100.00 | | | | | $ | 116.56 | | | | | $ | 150.84 | | | | | $ | 221.77 | | | | | $ | 209.55 | | | | | $ | 265.46 | |

| May 1, 2022 to May 28, 2022 | | | 21 | | | | | | $ | 44.36 | | | | | 21 | | | | | | $ | 16,671 | |

| May 29, 2022 to June 25, 2022 | | | 14 | | | | | | $ | 44.29 | | | | | 14 | | | | | | $ | 16,045 | |

| June 26, 2022 to July 30, 2022 | | | 19 | | | | | | $ | 43.44 | | | | | 19 | | | | | | $ | 15,205 | |

| Total | | | 54 | | | | | | $ | 44.02 | | | | | 54 | | | | | | | | |

| Cisco Systems, Inc. | | | $ | 100.00 | | | | | $ | 139.41 | | | | | $ | 190.26 | | | | | $ | 161.16 | | | | | $ | 198.43 | | | | | $ | 167.33 | |

| S&P 500 | | | $ | 100.00 | | | | | $ | 116.25 | | | | | $ | 127.33 | | | | | $ | 138.01 | | | | | $ | 191.61 | | | | | $ | 182.72 | |

| S&P Information Technology | | | $ | 100.00 | | | | | $ | 129.71 | | | | | $ | 151.19 | | | | | $ | 195.65 | | | | | $ | 287.65 | | | | | $ | 271.80 | |

[Index to Consolidated Financial [removed: Statements](#i049852cab38845aabd2a79d07dacda86_85)][added: Statements](#i571cdcfda50247c69152a12c0790d2e9_85)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i049852cab38845aabd2a79d07dacda86_88)] [added: Firm](#i571cdcfda50247c69152a12c0790d2e9_88)] (PCAOB ID 238) | | | [removed: [56](#i049852cab38845aabd2a79d07dacda86_88)] [added: [55](#i571cdcfda50247c69152a12c0790d2e9_88)] | | |

| [Reports of [removed: Management](#i049852cab38845aabd2a79d07dacda86_91)] [added: Management](#i571cdcfda50247c69152a12c0790d2e9_91)] | | | [removed: [58](#i049852cab38845aabd2a79d07dacda86_91)] [added: [57](#i571cdcfda50247c69152a12c0790d2e9_91)] | | |

| [Consolidated Balance [removed: Sheets](#i049852cab38845aabd2a79d07dacda86_94)] [added: Sheets](#i571cdcfda50247c69152a12c0790d2e9_94)] | | | [removed: [59](#i049852cab38845aabd2a79d07dacda86_94)] [added: [58](#i571cdcfda50247c69152a12c0790d2e9_94)] | | |

| [Consolidated Statements of [removed: Operations](#i049852cab38845aabd2a79d07dacda86_97)] [added: Operations](#i571cdcfda50247c69152a12c0790d2e9_97)] | | | [removed: [60](#i049852cab38845aabd2a79d07dacda86_97)] [added: [59](#i571cdcfda50247c69152a12c0790d2e9_97)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i049852cab38845aabd2a79d07dacda86_100)] [added: Income](#i571cdcfda50247c69152a12c0790d2e9_100)] | | | [removed: [61](#i049852cab38845aabd2a79d07dacda86_100)] [added: [60](#i571cdcfda50247c69152a12c0790d2e9_100)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i049852cab38845aabd2a79d07dacda86_103)] [added: Flows](#i571cdcfda50247c69152a12c0790d2e9_103)] | | | [removed: [62](#i049852cab38845aabd2a79d07dacda86_103)] [added: [61](#i571cdcfda50247c69152a12c0790d2e9_103)] | | |

| [Consolidated Statements of [removed: Equity](#i049852cab38845aabd2a79d07dacda86_106)] [added: Equity](#i571cdcfda50247c69152a12c0790d2e9_106)] | | | [removed: [63](#i049852cab38845aabd2a79d07dacda86_106)] [added: [62](#i571cdcfda50247c69152a12c0790d2e9_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i049852cab38845aabd2a79d07dacda86_109)] [added: Statements](#i571cdcfda50247c69152a12c0790d2e9_109)] | | | [removed: [64](#i049852cab38845aabd2a79d07dacda86_109)] [added: [63](#i571cdcfda50247c69152a12c0790d2e9_109)] | | |

| [Note 1: Basis of [removed: Presentation](#i049852cab38845aabd2a79d07dacda86_112)] [added: Presentation](#i571cdcfda50247c69152a12c0790d2e9_112)] | | | [removed: [64](#i049852cab38845aabd2a79d07dacda86_112)] [added: [63](#i571cdcfda50247c69152a12c0790d2e9_112)] | | |

| [Note 2: Summary of Significant Accounting [removed: Policies](#i049852cab38845aabd2a79d07dacda86_115)] [added: Policies](#i571cdcfda50247c69152a12c0790d2e9_115)] | | | [removed: [64](#i049852cab38845aabd2a79d07dacda86_115)] [added: [63](#i571cdcfda50247c69152a12c0790d2e9_115)] | | |

| [Note 3: [removed: Revenue](#i049852cab38845aabd2a79d07dacda86_118)] [added: Revenue](#i571cdcfda50247c69152a12c0790d2e9_118)] | | | [removed: [70](#i049852cab38845aabd2a79d07dacda86_118)] [added: [69](#i571cdcfda50247c69152a12c0790d2e9_118)] | | |

| [Note 4: Acquisitions and [removed: Divestitures](#i049852cab38845aabd2a79d07dacda86_121)] [added: Divestitures](#i571cdcfda50247c69152a12c0790d2e9_121)] | | | [removed: [72](#i049852cab38845aabd2a79d07dacda86_121)] [added: [71](#i571cdcfda50247c69152a12c0790d2e9_121)] | | |

| [Note 5: Goodwill and Purchased Intangible [removed: Assets](#i049852cab38845aabd2a79d07dacda86_124)] [added: Assets](#i571cdcfda50247c69152a12c0790d2e9_124)] | | | [removed: [73](#i049852cab38845aabd2a79d07dacda86_124)] [added: [72](#i571cdcfda50247c69152a12c0790d2e9_124)] | | |

| [Note 6: Restructuring and Other [removed: Charges](#i049852cab38845aabd2a79d07dacda86_127)] [added: Charges](#i571cdcfda50247c69152a12c0790d2e9_127)] | | | [removed: [74](#i049852cab38845aabd2a79d07dacda86_127)] [added: [73](#i571cdcfda50247c69152a12c0790d2e9_127)] | | |

| [Note 7: Balance Sheet and Other [removed: Details](#i049852cab38845aabd2a79d07dacda86_130)] [added: Details](#i571cdcfda50247c69152a12c0790d2e9_130)] | | | [removed: [75](#i049852cab38845aabd2a79d07dacda86_130)] [added: [74](#i571cdcfda50247c69152a12c0790d2e9_130)] | | |

| [Note 9: Financing [removed: Receivables](#i049852cab38845aabd2a79d07dacda86_136)] [added: Receivables](#i571cdcfda50247c69152a12c0790d2e9_139)] | | | [removed: [78](#i049852cab38845aabd2a79d07dacda86_136)] [added: [77](#i571cdcfda50247c69152a12c0790d2e9_139)] | | |

| [Note 11: Fair [removed: Value](#i049852cab38845aabd2a79d07dacda86_142)] [added: Value](#i571cdcfda50247c69152a12c0790d2e9_145)] | | | [removed: [84](#i049852cab38845aabd2a79d07dacda86_142)] [added: [82](#i571cdcfda50247c69152a12c0790d2e9_145)] | | |

| [Note 13: Derivative [removed: Instruments](#i049852cab38845aabd2a79d07dacda86_148)] [added: Instruments](#i571cdcfda50247c69152a12c0790d2e9_151)] | | | [removed: [87](#i049852cab38845aabd2a79d07dacda86_148)] [added: [84](#i571cdcfda50247c69152a12c0790d2e9_151)] | | |

| [Note 14: Commitments and [removed: Contingencies](#i049852cab38845aabd2a79d07dacda86_151)] [added: Contingencies](#i571cdcfda50247c69152a12c0790d2e9_154)] | | | [removed: [89](#i049852cab38845aabd2a79d07dacda86_151)] [added: [87](#i571cdcfda50247c69152a12c0790d2e9_154)] | | |

| [Note 15: Stockholders’ [removed: Equity](#i049852cab38845aabd2a79d07dacda86_154)] [added: Equity](#i571cdcfda50247c69152a12c0790d2e9_157)] | | | [removed: [93](#i049852cab38845aabd2a79d07dacda86_154)] [added: [90](#i571cdcfda50247c69152a12c0790d2e9_157)] | | |

| [Note 16: Employee Benefit [removed: Plans](#i049852cab38845aabd2a79d07dacda86_157)] [added: Plans](#i571cdcfda50247c69152a12c0790d2e9_160)] | | | [removed: [94](#i049852cab38845aabd2a79d07dacda86_157)] [added: [91](#i571cdcfda50247c69152a12c0790d2e9_160)] | | |

| [Note 17: Comprehensive Income [removed: (Loss)](#i049852cab38845aabd2a79d07dacda86_160)] [added: (Loss)](#i571cdcfda50247c69152a12c0790d2e9_163)] | | | [removed: [97](#i049852cab38845aabd2a79d07dacda86_160)] [added: [94](#i571cdcfda50247c69152a12c0790d2e9_163)] | | |

| [Note 18: Income [removed: Taxes](#i049852cab38845aabd2a79d07dacda86_163)] [added: Taxes](#i571cdcfda50247c69152a12c0790d2e9_166)] | | | [removed: [98](#i049852cab38845aabd2a79d07dacda86_163)] [added: [95](#i571cdcfda50247c69152a12c0790d2e9_166)] | | |

| [Note 19: Segment Information and Major [removed: Customers](#i049852cab38845aabd2a79d07dacda86_166)] [added: Customers](#i571cdcfda50247c69152a12c0790d2e9_169)] | | | [removed: [101](#i049852cab38845aabd2a79d07dacda86_166)] [added: [98](#i571cdcfda50247c69152a12c0790d2e9_169)] | | |

| [Note 20: Net Income per [removed: Share](#i049852cab38845aabd2a79d07dacda86_169)] [added: Share](#i571cdcfda50247c69152a12c0790d2e9_172)] | | | [removed: [102](#i049852cab38845aabd2a79d07dacda86_169)] [added: [99](#i571cdcfda50247c69152a12c0790d2e9_172)] | | |

We have audited the accompanying consolidated balance sheets of Cisco Systems, Inc. and its subsidiaries (the “Company”) as of July [removed: 30, 2022] [added: 29, 2023] and July [removed: 31, 2021,] [added: 30, 2022,] and the related consolidated statements of operations, [added: of] comprehensive income, [added: of] equity and [added: of] cash flows for each of the three years in the period ended July [removed: 30, 2022,] [added: 29, 2023,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of July [removed: 30, 2022,] [added: 29, 2023,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of July [removed: 30, 2022] [added: 29, 2023] and July [removed: 31, 2021,] [added: 30, 2022,] and the results of its operations and its cash flows for each of the three years in the period ended July [removed: 30, 2022] [added: 29, 2023] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of July [removed: 30, 2022,] [added: 29, 2023,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

For the year ended July [removed: 30, 2022,] [added: 29, 2023,] the Company’s total revenue was [removed: $51.6] [added: $57.0] billion.

Based on this evaluation, management concluded that Cisco’s internal control over financial reporting was effective as of July [removed: 30, 2022.][added: 29, 2023.]

| | | | [added: | | |] July [added: 29, 2023 | | | | | | July] 30, [removed: 2022] [added: 2022] | | | | | | July 31, 2021 | | |

| Cash and cash equivalents | | | $ | [removed: 7,079] [added: 10,123] | | | | | $ | [removed: 9,175] [added: 7,079] | |

| Investments | | | [removed: 12,188] [added: 16,023] | | | | | | [removed: 15,343] [added: 12,188] | | |

| Accounts receivable, net of allowance of [removed: $83] [added: $85] at July [removed: 30, 2022] [added: 29, 2023] and [removed: $109] [added: $83] at July [removed: 31, 2021] [added: 30, 2022] | | | [removed: 6,622] [added: 5,854] | | | | | | [removed: 5,766] [added: 6,622] | | |

| Inventories | | | [removed: 2,568] [added: 3,644] | | | | | | [removed: 1,559] [added: 2,568] | | |

| Financing receivables, net | | | [removed: 3,905] [added: 3,352] | | | | | | [removed: 4,380] [added: 3,905] | | |

| Other current assets | | | [removed: 4,355] [added: 4,352] | | | | | | [removed: 2,889] [added: 4,355] | | |

| Total current assets | | | [removed: 36,717] [added: 43,348] | | | | | | [removed: 39,112] [added: 36,717] | | |

| [Note 8: Leases](#i571cdcfda50247c69152a12c0790d2e9_136) | | | [75](#i571cdcfda50247c69152a12c0790d2e9_136) | | |

| [Note 10: Investments](#i571cdcfda50247c69152a12c0790d2e9_142) | | | [79](#i571cdcfda50247c69152a12c0790d2e9_142) | | |

| [Note 12: Borrowings](#i571cdcfda50247c69152a12c0790d2e9_148) | | | [83](#i571cdcfda50247c69152a12c0790d2e9_148) | | |

| September 7, 2023 | | | | | | September 7, 2023 | | |

| | | | (26) | | | | | | 45 | | | | | | 5 | | |

| Net income | | | | | | | | | | | | | | | 12,613 | | | | | | | | | | | | 12,613 | | |

| Repurchase of common stock | | | (88) | | | | | | (930) | | | | | | (3,341) | | | | | | | | | | | | (4,271) | | |

| BALANCE AT JULY 29, 2023 | | | 4,066 | | | | | | $ | 44,289 | | | | | $ | 1,639 | | | | | $ | (1,575) | | | | | $ | 44,353 | |

combine lease and non-lease components.

Term software licenses

Such software development costs capitalized during the periods presented were not material.

| Secure, Agile Networks | | | $ | 29,105 | | | | | $ | 23,831 | | | | | $ | 22,725 | |

We have made certain reclassifications to the product revenue amounts for prior periods to conform to the current year presentation.

software maintenance revenue recognized ratably over the contract term.

| 1 to 4 | | | $ | 672 | | | | | $ | 414 | |

| 5 to 6 | | | 954 | | | | | | 814 | | |

| Total acquisitions (five in total) | | | $ | 315 | | | | | $ | (18) | | | | | $ | 150 | | | | | $ | 183 | |

| | | | Balance at July 30, 2022 | | | | | | Acquisitions | | | | | | Foreign Currency Translation and Other | | | | | | Balance at July 29, 2023 | | |

| Americas | | | $ | 23,882 | | | | | $ | 123 | | | | | $ | 30 | | | | | $ | 24,035 | |

| EMEA | | | 9,062 | | | | | | 44 | | | | | | 12 | | | | | | 9,118 | | |

| APJC | | | 5,360 | | | | | | 16 | | | | | | 6 | | | | | | 5,382 | | |

| Total | | | $ | 38,304 | | | | | $ | 183 | | | | | $ | 48 | | | | | $ | 38,535 | |

| Total acquisitions (five in total) | | | 3.7 | | | | | | $ | 138 | | | | | 1.8 | | | | | | $ | 12 | | | | | $ | — | | | | | $ | 150 | |

| Technology | | | | | | $ | 2,998 | | | | | $ | (1,691) | | | | | $ | 1,307 | |

| Customer relationships | | | | | | 1,228 | | | | | | (905) | | | | | | 323 | | |

| Total | | | | | | $ | 4,436 | | | | | $ | (2,618) | | | | | $ | 1,818 | |

| 2028 | | | $ | 39 | |

This rebalancing includes talent movement options and restructuring.

Additionally, we have begun optimizing our real estate portfolio, aligned to the broader hybrid work strategy.

These aggregate pretax charges will be primarily cash-based and will consist of severance and other one-time termination benefits, real estate-related charges, and other costs.

We expect the plan to be substantially completed by the end of the first quarter of fiscal 2024.

We initiated a restructuring plan in fiscal 2021 (the “Fiscal 2021 Plan”), which was completed in fiscal 2022.

| Charges | | | | | | 465 | | | | | | 70 | | | | | | — | | | | | | (4) | | | | | | 531 | | |

| Liability as of July 29, 2023 | | | | | | $ | 166 | | | | | $ | 44 | | | | | $ | 1 | | | | | $ | 2 | | | | | $ | 213 | |

| 2024 | | | $ | 341 | |

| 2025 | | | 259 | | |

| 2028 | | | 73 | | |

| 2024 | | | $ | 371 | |

| 2025 | | | 221 | | |

| 2026 | | | 167 | | |

| [Note 8: Leases](#i049852cab38845aabd2a79d07dacda86_133) | | | [77](#i049852cab38845aabd2a79d07dacda86_133) | | |

| [Note 10: Available-for-Sale Debt and Equity Investments](#i049852cab38845aabd2a79d07dacda86_139) | | | [81](#i049852cab38845aabd2a79d07dacda86_139) | | |

| [Note 12: Borrowings](#i049852cab38845aabd2a79d07dacda86_145) | | | [85](#i049852cab38845aabd2a79d07dacda86_145) | | |

September 8, 2022

| September 8, 2022 | | | | | | September 8, 2022 | | |

| | | | 45 | | | | | | 5 | | | | | | 8 | | |

| BALANCE AT JULY 27, 2019 | | | 4,250 | | | | | | $ | 40,266 | | | | | $ | (5,903) | | | | | $ | (792) | | | | | $ | 33,571 | |

| Repurchase of common stock | | | (59) | | | | | | (561) | | | | | | (2,058) | | | | | | | | | | | | (2,619) | | |

Leases have on average a four-year term and are usually collateralized by a security interest in the underlying assets.

The fair value of employee stock options is estimated on the date of grant using a lattice-binomial option-pricing model (Lattice-Binomial Model) or the Black-Scholes model, and for employee stock purchase rights we estimate the fair value using the Black-Scholes model.

The fair value for time-based stock awards and stock awards that are contingent upon the achievement of financial performance metrics is based on the grant date share price reduced by the present

value of the expected dividend yield prior to vesting.

The fair value of market-based stock awards is estimated using an option-pricing model on the date of grant.

Capitalized software development costs are amortized using the straight-line amortization method over the estimated useful life of the applicable software.

Such software development costs required to be capitalized have not been material to date.

The inputs into certain of our judgments, assumptions, and estimates considered the economic implications of the COVID-19 pandemic, including the associated impact of supply constraints, on our critical and significant accounting estimates.

As the COVID-19 pandemic continues, many of our estimates could require increased judgment and carry a higher degree of variability and volatility.

As events continue to evolve our estimates may change materially in future periods.

(y) New Accounting Updates Recently Adopted

*Acquired Revenue Contracts with Customers in Business Combinations* In October 2021, the Financial Accounting Standards Board (FASB) issued an accounting standard update that requires companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination.

Consolidated Financial Statements.

The ongoing impact of this standard will be fact dependent on the transactions within its scope.

We do not expect this accounting standard update will have a material impact on our Consolidated Financial Statements.

Effective fiscal 2022, we began reporting our product and service revenue in the following categories: Secure, Agile Networks; Internet for the Future; Collaboration; End-to-End Security; Optimized Application Experiences; Other Products; and Services.

This change will better align our product categories with our strategic priorities.

| Secure, Agile Networks | | | $ | 23,829 | | | | | $ | 22,722 | | | | | $ | 23,265 | |

SaaS arrangements in this

| 1 to 4 | | | $ | 414 | | | | | $ | 521 | |

| 5 to 6 | | | 814 | | | | | | 770 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Acacia | | | $ | 4,983 | | | | | $ | 442 | | | | | $ | 2,160 | | | | | $ | 2,381 | |

| Others (12 in total) | | | 2,472 | | | | | | (130) | | | | | | 754 | | | | | | 1,848 | | |

| Total | | | $ | 7,455 | | | | | $ | 312 | | | | | $ | 2,914 | | | | | $ | 4,229 | |

On March 1, 2021, we completed our acquisition of Acacia Communications, Inc. (“Acacia”), a public fabless semiconductor company that develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity and cost.

Revenue from the Acacia acquisition has been included in our Internet for the Future product category.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Management’s report on our internal control over financial reporting and the report of our independent registered public accounting firm on our internal control over financial reporting are set forth, respectively, on page [removed: 58] [added: 57] under the caption “Management’s Report on Internal Control Over Financial Reporting” and on page [removed: 56] [added: 55] of this report.

There was no change in our internal control over financial reporting during our fourth quarter of fiscal [removed: 2022] [added: 2023] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Rule 10b5-1 Trading Arrangements

On June 13, 2023, Jeff Sharritts, Cisco’s Executive Vice President and Chief Customer and Partner Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Mr. Sharritts’ trading plan provides for the sale of 146,825 gross shares (with any shares underlying performance-based equity awards being calculated at target), plus any related dividend-equivalent shares earned with respect to such shares and excluding, as applicable, any shares withheld to satisfy tax withholding obligations in connection with the net settlement of the equity awards.

Mr. Sharritts’ trading plan is scheduled to terminate on June 21, 2024, subject to early termination for certain specified events set forth therein.

Required Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)

Under Section 13(r) of the Exchange Act, we are required to disclose in our periodic reports if we or any of our affiliates knowingly conducted a transaction or dealing with entities or individuals designated pursuant to certain Executive Orders.

On March 2, 2021, the U.S. government designated the Russian Federal Security Service (the “FSB”) as a blocked party subject to such reporting requirements; however, on the same day, the U.S. Department of the Treasury’s Office of Foreign Assets Control updated General License No. 1B (the “OFAC General License”), which now also generally authorizes U.S. companies to engage in certain transactions and dealings with the FSB necessary and ordinarily incident to requesting or obtaining licenses, permits, certifications or notifications issued or registered by the FSB for the importation, distribution or use of information technology products in Russia.

During the fiscal year ended July 30, 2022, a subsidiary of Cisco filed notifications with, or applied for import licenses and permits from, the FSB as required pursuant to Russian encryption product import controls for the purpose of enabling Cisco or our subsidiaries to import and distribute certain products in Russia.

Neither Cisco nor our subsidiaries generated any gross revenues or net profits directly from such approval activity and neither Cisco nor our subsidiaries sell to the FSB.

In March 2022, in connection with the Russian invasion of Ukraine, Cisco announced its intention to stop business operations in Russia and Belarus for the foreseeable future.

Further, on June 23, 2022, Cisco announced that it will begin an orderly wind-down and exit of its business in Russia and Belarus.

As a result, Cisco and its subsidiaries do not expect to make any new notifications with, or applications for import licenses or permits from, the FSB.

The additional information required by this item is included in our Proxy Statement related to the [removed: 2022] [added: 2023] Annual Meeting of Stockholders to be filed with the SEC within 120 days after September [removed: 8, 2022] [added: 7, 2023] (the “Proxy Statement”) and is incorporated herein by reference.

See the “Index to Consolidated Financial Statements” on page [removed: 55] [added: 54] of this report.

See the “Index to Exhibits” beginning on page [removed: 105] [added: 102] of this report.

| 3.2 | | | | | | [Amended and Restated Bylaws of Cisco Systems, Inc., as currently in [removed: effect](https://www.sec.gov/Archives/edgar/data/858877/000119312521016255/d104712dex32.htm)] [added: effect](https://www.sec.gov/Archives/edgar/data/858877/000085887723000009/exhibit32-amendedandrestat.htm)] | | | | | | [removed: 8-K12B] [added: 8-K] | | | | | | 001-39940 | | | | | | 3.2 | | | | | | [removed: 1/25/2021] [added: 3/10/2023] | | | | | | | | |

| 10.1* | | | | | | [Cisco Systems, Inc. 2005 Stock Incentive Plan (including related form [removed: agreements)](https://www.sec.gov/Archives/edgar/data/858877/000085887722000009/exh101ciscosip2005q322.htm)] [added: agreements)](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh101ciscosip2005q423.htm)] | | | | | | [removed: 10-Q] | | | | | | [removed: 001-39940] | | | | | | [removed: 10.1] | | | | | | [removed: 5/25/2022] | | | | | | [added: X] | | |

| 10.3* | | | | | | [Cisco Systems, Inc. Deferred Compensation Plan, as [removed: amended](https://www.sec.gov/Archives/edgar/data/858877/000085887721000004/exh106dcpasamendedq221.htm)] [added: amended](https://www.sec.gov/Archives/edgar/data/858877/000085887722000025/exh103dcpasamendedq123.htm)] | | | | | | 10-Q | | | | | | 001-39940 | | | | | | [removed: 10.6] [added: 10.3] | | | | | | [removed: 2/16/2021] [added: 11/22/2022] | | | | | | | | |

| 10.6 | | | | | | [removed: [Second] [added: [First Amendment to Second] Amended and Restated Credit Agreement, dated as of [removed: May 13, 2021,] [added: April 18, 2023,] by and among Cisco Systems, Inc., certain lenders party thereto, and Bank of America, N.A., as administration agent, swing line lender, [removed: L/C issuer] and [removed: sustainability coordinator](https://www.sec.gov/Archives/edgar/data/858877/000119312521162081/d461773dex101.htm)] [added: L/C issuer](https://www.sec.gov/Archives/edgar/data/858877/000085887723000013/exh101cscocreditagreement.htm)] | | | | | | [removed: 8-K] [added: 10-Q] | | | | | | 001-39940 | | | | | | 10.1 | | | | | | [removed: 5/14/2021] [added: 5/24/2023] | | | | | | | | |

| 10.9* | | | | | | [Letter Agreement by and between Cisco Systems, Inc. and [removed: R. Scott Herren](https://www.sec.gov/Archives/edgar/data/858877/000119312520293020/d57787dex101.htm)] [added: Dev Stahlkopf](https://www.sec.gov/Archives/edgar/data/858877/000085887722000025/exh104letteragreementstahl.htm)] | | | | | | [removed: 8-K] [added: 10-Q] | | | | | | [removed: 000-18225] [added: 001-39940] | | | | | | [removed: 10.1] [added: 10.4] | | | | | | [removed: 11/13/2020] [added: 11/22/2022] | | | | | | | | |

| [removed: 10.10*] [added: 10.7] | | | | | | [removed: [Letter of Engagement,] [added: [Commercial Paper Issuing and Paying Agent Agreement,] dated [removed: June 1, 2021, between Whistler Strategies, LLC] [added: September 29, 2022, by] and [added: between] Cisco Systems, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/858877/000085887721000018/exh101-letterofengagement.htm)] [added: Inc. and Citibank, N.A.](https://www.sec.gov/Archives/edgar/data/858877/000085887722000018/exh101-usipaagreement.htm)] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-39940 | | | | | | 10.1 | | | | | | [removed: 11/23/2021] [added: 10/4/2022] | | | | | | | | |

| 21.1 | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/858877/000085887722000013/exh211subsidiariesofthereg.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh211subsidiariesofthereg.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/858877/000085887722000013/exh231consentofindependent.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh231consentofindependent.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (included on page [removed: 107] [added: 104] of this Annual Report on Form [removed: 10-K)](#i049852cab38845aabd2a79d07dacda86_214)] [added: 10-K)](#i571cdcfda50247c69152a12c0790d2e9_217)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Rule 13a–14(a)/15d–14(a) Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887722000013/exh311rule13a-14a15dx14ace.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh311rule13a-14a15dx14ace.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Rule 13a–14(a)/15d–14(a) Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887722000013/exh312rule13a-14a15dx14ace.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh312rule13a-14a15dx14ace.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1 | | | | | | [Section 1350 Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887722000013/exh321section1350certifica.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh321section1350certifica.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2 | | | | | | [Section 1350 Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887722000013/exh322section1350certifica.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887723000023/exh322section1350certifica.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.8 | | | | | | [Form of Amendment to Commercial Paper Dealer Agreement](https://www.sec.gov/Archives/edgar/data/858877/000085887722000018/exh102-formofdealeragreeme.htm) | | | | | | 8-K | | | | | | 001-39940 | | | | | | 10.2 | | | | | | 10/4/2022 | | | | | | | | |

| 10.7 | | | | | | [Form of Commercial Paper Dealer Agreement](http://www.sec.gov/Archives/edgar/data/858877/000119312511042813/dex101.htm) | | | | | | 10-Q | | | | | | 000-18225 | | | | | | 10.1 | | | | | | 2/23/2011 | | | | | | | | |

| 10.8 | | | | | | [Commercial Paper Issuing and Paying Agent Agreement dated January 31, 2011 between the Registrant and Bank of America, N.A.](http://www.sec.gov/Archives/edgar/data/858877/000119312511042813/dex102.htm) | | | | | | 10-Q | | | | | | 000-18225 | | | | | | 10.2 | | | | | | 2/23/2011 | | | | | | | | |

| September [removed: 8, 2022] [added: 7, 2023] | | | | | | | | | | | | CISCO SYSTEMS, INC. | | |

| /S/ CHARLES H. ROBBINS | | | Chair and Chief Executive Officer | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ R. SCOTT HERREN | | | Executive Vice President and Chief Financial Officer | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ [removed: PRAT S. BHATT] [added: M. VICTORIA WONG] | | | Senior Vice President and Chief Accounting Officer | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| [removed: Prat S. Bhatt] [added: M. Victoria Wong] | | | (Principal Accounting Officer) | | | | | |

| /S/ M. MICHELE BURNS | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ WESLEY G. BUSH | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ MICHAEL D. CAPELLAS | | | Lead Independent Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ MARK GARRETT | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ JOHN D. HARRIS II | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ KRISTINA M. JOHNSON | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ RODERICK C. MCGEARY | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ SARAH RAE MURPHY | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ LISA T. SU | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| /S/ MARIANNA TESSEL | | | Director | | | September [removed: 8, 2022] [added: 7, 2023] | | |

| | | | | | | | | |

| /S/ BRENTON L. SAUNDERS | | | Director | | | September 8, 2022 | | |

| Brenton L. Saunders | | | | | | | | |