$11.2 B

KEYS Mkt cap, 16-Aug-2018

$990 M

Keysight Technologies Revenue Q2, 2018
Keysight Technologies Gross profit (Q2, 2018)543 M
Keysight Technologies Gross profit margin (Q2, 2018), %54.8%
Keysight Technologies Net income (Q2, 2018)64 M
Keysight Technologies EBIT (Q2, 2018)100 M
Keysight Technologies Cash, 30-Apr-2018784 M
Keysight Technologies EV12.2 B

Keysight Technologies Revenue

Keysight Technologies revenue was $3.19 b in FY, 2017 which is a 9.3% year over year increase from the previous period.

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Keysight Technologies Revenue Breakdown

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Keysight Technologies revenue breakdown by business segment: 6.2% from Ixia Solutions Group, 13.1% from Services Solutions Group, 26.2% from Electronic Industrial Solutions Group and 54.5% from Communications Solutions Group

Keysight Technologies revenue breakdown by geographic segment: 33.1% from United States, 10.6% from Japan, 37.3% from Rest of the World and 19.1% from China

Keysight Technologies Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.9 b2.9 b2.9 b3.2 b

Revenue growth, %

(3%)2%9%

Cost of goods sold

1.3 b1.3 b1.3 b1.5 b

Gross profit

1.6 b1.6 b1.6 b1.7 b

Gross profit Margin, %

55%56%56%53%

R&D expense

361 m387 m425 m498 m

General and administrative expense

790 m787 m818 m1 b

Operating expense total

1.2 b1.2 b1.2 b1.5 b

EBIT

469 m431 m406 m239 m

EBIT margin, %

16%15%14%7%

Interest expense

3 m46 m47 m80 m

Interest income

1 m3 m7 m

Pre tax profit

475 m388 m366 m179 m

Income tax expense

83 m(125 m)31 m77 m

Net Income

392 m513 m335 m102 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

701 m740 m665 m721 m731 m715 m726 m753 m832 m837 m990 m

Cost of goods sold

318 m324 m295 m329 m325 m309 m322 m340 m421 m410 m447 m

Gross profit

383 m416 m370 m392 m406 m406 m404 m413 m411 m427 m543 m

Gross profit Margin, %

55%56%56%54%56%57%56%55%49%51%55%

R&D expense

96 m96 m90 m108 m108 m104 m108 m119 m132 m146 m156 m

General and administrative expense

206 m192 m183 m200 m207 m200 m213 m256 m286 m289 m299 m

Operating expense total

296 m283 m270 m294 m311 m300 m242 m371 m415 m432 m890 m

EBIT

87 m133 m100 m98 m95 m106 m162 m42 m(4 m)(5 m)100 m

EBIT margin, %

12%18%15%14%13%15%22%6%0%(1%)10%

Interest expense

12 m11 m12 m12 m12 m11 m12 m24 m22 m22 m21 m

Interest income

1 m1 m1 m1 m2 m2 m3 m2 m

Pre tax profit

78 m122 m87 m84 m87 m97 m152 m22 m(25 m)(23 m)83 m

Income tax expense

8 m26 m17 m20 m(1 m)6 m43 m(27 m)(7 m)(117 m)19 m

Net Income

70 m96 m70 m64 m88 m91 m109 m49 m(18 m)94 m64 m

Keysight Technologies Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

810 m483 m783 m818 m

Accounts Receivable

357 m398 m437 m547 m

Inventories

498 m487 m474 m588 m

Current Assets

1.9 b1.6 b1.9 b2.2 b

PP&E

470 m518 m512 m530 m

Goodwill

392 m700 m736 m1.9 b

Total Assets

3.1 b3.5 b3.8 b5.9 b

Accounts Payable

173 m209 m189 m211 m

Short-term debt

10 m

Current Liabilities

769 m686 m644 m819 m

Long-term debt

1.1 b1.1 b1.1 b2 b

Total Debt

1.1 b1.1 b1.1 b2 b

Total Liabilities

2.3 b2.2 b2.3 b3.6 b

Common Stock

2 m2 m2 m2 m

Additional Paid-in Capital

1 b1.2 b1.2 b1.8 b

Retained Earnings

101 m614 m949 m1 b

Total Equity

769 m1.3 b1.5 b2.3 b

Debt to Equity Ratio

1.4 x0.8 x0.7 x0.9 x

Debt to Assets Ratio

0.4 x0.3 x0.3 x0.3 x

Financial Leverage

4 x2.7 x2.5 x2.6 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

887 m894 m1 b572 m620 m664 m896 m983 m873 m980 m784 m

Accounts Receivable

309 m353 m313 m361 m408 m415 m395 m518 m521 m454 m579 m

Inventories

477 m476 m478 m481 m475 m479 m479 m585 m561 m609 m597 m

Current Assets

1.9 b1.9 b2 b1.6 b1.7 b1.7 b1.9 b2.3 b2.2 b2.3 b2.2 b

PP&E

455 m460 m462 m514 m531 m522 m494 m545 m546 m539 m546 m

Goodwill

381 m378 m372 m696 m731 m738 m721 m1.7 b1.9 b1.9 b1.9 b

Total Assets

3 b3.1 b3.1 b3.5 b3.7 b3.7 b3.9 b6 b5.8 b6.1 b5.9 b

Accounts Payable

158 m178 m171 m175 m168 m156 m172 m180 m181 m229 m240 m

Short-term debt

170 m40 m20 m

Current Liabilities

700 m631 m620 m602 m652 m601 m596 m876 m784 m886 m953 m

Long-term debt

1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b2.2 b2 b2 b1.8 b

Total Debt

1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b2.3 b2.1 b2 b1.8 b

Total Liabilities

2.1 b2 b2 b2.1 b2.2 b2.1 b2.2 b3.8 b3.6 b3.6 b3.4 b

Common Stock

2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m

Additional Paid-in Capital

1.1 b1.1 b1.1 b1.2 b1.2 b1.2 b1.3 b1.7 b1.8 b1.8 b1.8 b

Retained Earnings

171 m267 m337 m678 m766 m857 m1 b1.1 b1.1 b1.1 b1.2 b

Total Equity

918 m1 b1.1 b1.4 b1.5 b1.6 b1.6 b2.2 b2.2 b2.5 b2.5 b

Debt to Equity Ratio

1.2 x1.1 x1 x0.8 x0.7 x0.7 x0.7 x1.1 x0.9 x0.8 x0.7 x

Debt to Assets Ratio

0.4 x0.4 x0.4 x0.3 x0.3 x0.3 x0.3 x0.4 x0.4 x0.3 x0.3 x

Financial Leverage

3.3 x3 x2.8 x2.5 x2.4 x2.3 x2.3 x2.8 x2.6 x2.4 x2.3 x

Keysight Technologies Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

392 m513 m335 m102 m

Depreciation and Amortization

84 m99 m134 m225 m

Accounts Receivable

(25 m)(20 m)(42 m)(11 m)

Inventories

(31 m)(25 m)(22 m)(4 m)

Accounts Payable

32 m18 m(8 m)15 m

Cash From Operating Activities

563 m376 m416 m313 m

Purchases of PP&E

(70 m)(92 m)(91 m)(72 m)

Cash From Investing Activities

(82 m)(671 m)(90 m)(1.7 b)

Long-term Borrowings

(1 m)(323 m)

Cash From Financing Activities

335 m(19 m)(25 m)1.4 b

Net Change in Cash

810 m(327 m)300 m35 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

70 m166 m236 m64 m152 m243 m109 m158 m140 m94 m158 m

Depreciation and Amortization

23 m46 m69 m33 m67 m101 m32 m73 m153 m78 m157 m

Accounts Receivable

36 m(5 m)31 m33 m(3 m)(16 m)40 m10 m14 m99 m(31 m)

Inventories

(9 m)(17 m)(25 m)(4 m)(11 m)(23 m)(10 m)(10 m)10 m(20 m)(18 m)

Accounts Payable

(13 m)1 m1 m(22 m)(27 m)(38 m)(12 m)(17 m)(17 m)14 m20 m

Cash From Operating Activities

92 m160 m295 m92 m209 m277 m102 m151 m249 m171 m282 m

Purchases of PP&E

(15 m)(31 m)(66 m)(34 m)(62 m)(76 m)(16 m)(33 m)(54 m)(24 m)(58 m)

Cash From Investing Activities

(14 m)(30 m)(72 m)(24 m)(10 m)(76 m)(8 m)(1.6 b)(1.6 b)(27 m)(49 m)

Long-term Borrowings

(1 m)(240 m)(40 m)(300 m)

Cash From Financing Activities

7 m(38 m)(22 m)25 m(16 m)(25 m)21 m1.7 b1.5 b9 m(271 m)

Net Change in Cash

77 m84 m190 m89 m137 m181 m113 m200 m90 m162 m(34 m)

Keysight Technologies Ratios

USDY, 2018

EV/EBIT

122.1 x

EV/CFO

43.3 x

Debt/Equity

0.7 x

Debt/Assets

0.3 x

Financial Leverage

2.3 x
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Keysight Technologies Operating Metrics

Keysight Technologies's Backlog was reported to be $950m in FY, 2017. Keysight Technologies's Customers was reported to be 30 k in Sep, 2017.
FY, 2014FY, 2015Q1, 2016Q2, 2016Q3, 2016Q4, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017Sep, 2017Q4, 2017FY, 2017Q1, 2018Q2, 2018

Backlog

$781 m$779 m$807 m$950 m

Countries

100

Customers

30 k

Direct Customers

15.50 k15.50 k16 k

Indirect Customers

30 k30 k32 k

Manufacturing Facilities

3

Order Volume

$679 m$761 m$707 m$806 m$2.95 b$695 m$805 m$879 m$1.03 b$3.41 b$964 m$987 m

Patents and Patent Applications

400
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