Keysight Technologies (KEYS) Financials

$10.1 B

Mkt cap, 21-May-2018

$837 M

Revenue Q1, 2018
Gross profit (Q1, 2018)427 M
Gross profit margin (Q1, 2018), %51%
Net income (Q1, 2018)94 M
EBIT (Q1, 2018)-5 M
Cash, 31-Jan-2018980 M
EV11.2 B

Revenue/Financials

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, 2018

Revenue

701 m740 m665 m721 m731 m715 m726 m753 m832 m837 m

Cost of goods sold

318 m324 m295 m329 m325 m309 m322 m340 m421 m410 m

Gross profit

383 m416 m370 m392 m406 m406 m404 m413 m411 m427 m

Gross profit Margin, %

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

R&D expense

96 m96 m90 m108 m108 m104 m108 m119 m132 m146 m

General and administrative expense

206 m192 m183 m200 m207 m200 m213 m256 m286 m289 m

Operating expense total

296 m283 m270 m294 m311 m300 m242 m371 m415 m432 m

EBIT

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

EBIT margin, %

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

Interest expense

12 m11 m12 m12 m12 m11 m12 m24 m22 m22 m

Interest income

1 m1 m1 m1 m2 m2 m3 m

Pre tax profit

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

Income tax expense

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

Net Income

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

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, 2018

Cash

887 m894 m1 b572 m620 m664 m896 m983 m873 m980 m

Accounts Receivable

309 m353 m313 m361 m408 m415 m395 m518 m521 m454 m

Inventories

477 m476 m478 m481 m475 m479 m479 m585 m561 m609 m

Current Assets

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

PP&E

455 m460 m462 m514 m531 m522 m494 m545 m546 m539 m

Goodwill

381 m378 m372 m696 m731 m738 m721 m1.7 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 b

Accounts Payable

158 m178 m171 m175 m168 m156 m172 m180 m181 m229 m

Short-term debt

170 m40 m20 m

Current Liabilities

700 m631 m620 m602 m652 m601 m596 m876 m784 m886 m

Long-term debt

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

Total Debt

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

Total Liabilities

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

Common Stock

2 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 b

Retained Earnings

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

Total Equity

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

Financial Leverage

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

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, 2018

Net Income

70 m166 m236 m64 m152 m243 m109 m158 m140 m94 m

Depreciation and Amortization

23 m46 m69 m33 m67 m101 m32 m73 m153 m78 m

Accounts Receivable

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

Inventories

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

Accounts Payable

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

Cash From Operating Activities

92 m160 m295 m92 m209 m277 m102 m151 m249 m171 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)

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)

Long-term Borrowings

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

Cash From Financing Activities

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

Net Change in Cash

77 m84 m190 m89 m137 m181 m113 m200 m90 m162 m

Ratios

USDY, 2018

EV/EBIT

-2.2 k x

EV/CFO

65.5 x

Revenue/Employee

68 k

Debt/Equity

0.8 x

Debt/Assets

0.3 x

Financial Leverage

2.4 x
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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, 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$695 m$805 m$879 m$1.03 b$964 m

Patents and Patent Applications

400
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