In a conference call to discuss Cisco’s (Nasdaq: CSCO) latest earnings report, Chairman and CEO John Chambers took the opportunity to deliver one of his sermons about what he envisions the “Internet of Everything.” He sees the IoE as a multi-trillion dollar opportunity, once which he says can make Cisco “the number one IT company.”

When Chambers talks, it’s big news in the Research Triangle since Cisco operates its second largest corporate campus in RTP with more than 5,000 employees.

And Chambers loves to deliver talks in which he is animated as well as passionate.

What follows is an edited transcript of Chambers’ remarks Wednesday as provided by SeekingAlpha:

“Inflection Point”

“The Internet of Everything is the biggest market opportunity ahead encompassing every technology trend in the market today. In recent months the Internet of Everything has become the center of most every conversation with CEOs, industry and country leaders. 2014 will be the inflection point for the Internet of Everything.

“The level the excitement we see in the conversations were having today and with customers about the next wave of the Internet, reminds me of the mid-1990s. At that time, we saw the Internet and e-commerce moving from just a tech thing to something that did impact every industry. Like customers did when the Internet and e-commerce were becoming mainstream, customers are turning to Cisco as a trusted partner today to capitalize on the opportunity and minimize the risk in their business as they move into the Internet of Everything.

“We are managing the transitions in our portfolio today and building for the Internet of Everything for tomorrow.

“This is how I am looking and evaluating our progress.

“First, our willingness to change and disrupt. You heard me say for at least two years, the pace of change has become exponential. Multiple transitions are occurring at the same time requiring Cisco to transform on multiple fronts faster than we have done before. Our scale, customer relationships and number one market position in most of our targeted categories gives us a huge advantage as we deliver a new model for IT. 

“Second, customer traction. We don’t get to decide whether or not we will emerge as the number one IT company. Our customers do. What we do get to decide is how we continue to deliver the value to our customers to retain the market leading position. This will be done by selling business outcomes enabled by architectures.

“Third, operational excellence and disciplined cost management. 

“Fourth, creating shareholder value. … [W]e have also committed to returning at least 50% of cash flow annually to our shareholders. 

“We are as close to our customers and partners as ever. We understand their challenges and where they need us to be there, and we are using this position to build the products, solutions and platforms to meet the demands of the market. This to me, has always been the key leading indicator of future success and financial results, and gives me confidence that we will emerge as the number one IT company.”

(The full conference call transcript can be read online.)