$11.5 B

KEYS Mkt cap, 15-Oct-2018

$1 B

Keysight Technologies Revenue Q3, 2018
Keysight Technologies Net income (Q3, 2018)121 M
Keysight Technologies EBIT (Q3, 2018)128 M
Keysight Technologies Cash, 31-Jul-2018742 M
Keysight Technologies EV12.6 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

2.9b2.9b2.9b3.2b

Revenue growth, %

(3%)2%9%

Cost of goods sold

1.3b1.3b1.3b1.5b

Gross profit

1.6b1.6b1.6b1.7b

Gross profit Margin, %

55%56%56%53%

R&D expense

361.0m387.0m425.0m498.0m

General and administrative expense

790.0m787.0m818.0m1.0b

Operating expense total

1.2b1.2b1.2b1.5b

EBIT

469.0m431.0m406.0m239.0m

EBIT margin, %

16%15%14%7%

Interest expense

3.0m46.0m47.0m80.0m

Interest income

1.0m3.0m7.0m

Pre tax profit

475.0m388.0m366.0m179.0m

Income tax expense

83.0m(125.0m)31.0m77.0m

Net Income

392.0m513.0m335.0m102.0m

Quarterly

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

Revenue

701.0m740.0m665.0m721.0m731.0m715.0m726.0m753.0m832.0m837.0m990.0m1.0b

Cost of goods sold

318.0m324.0m295.0m329.0m325.0m309.0m322.0m340.0m421.0m410.0m447.0m

Gross profit

383.0m416.0m370.0m392.0m406.0m406.0m404.0m413.0m411.0m427.0m543.0m

Gross profit Margin, %

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

R&D expense

96.0m96.0m90.0m108.0m108.0m104.0m108.0m119.0m132.0m146.0m156.0m151.0m

General and administrative expense

206.0m192.0m183.0m200.0m207.0m200.0m213.0m256.0m286.0m289.0m299.0m289.0m

Operating expense total

296.0m283.0m270.0m294.0m311.0m300.0m242.0m371.0m415.0m432.0m890.0m876.0m

EBIT

87.0m133.0m100.0m98.0m95.0m106.0m162.0m42.0m(4.0m)(5.0m)100.0m128.0m

EBIT margin, %

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

Interest expense

12.0m11.0m12.0m12.0m12.0m11.0m12.0m24.0m22.0m22.0m21.0m20.0m

Interest income

1.0m1.0m1.0m1.0m2.0m2.0m3.0m2.0m3.0m

Pre tax profit

78.0m122.0m87.0m84.0m87.0m97.0m152.0m22.0m(25.0m)(23.0m)83.0m113.0m

Income tax expense

8.0m26.0m17.0m20.0m(1.0m)6.0m43.0m(27.0m)(7.0m)(117.0m)19.0m(8.0m)

Net Income

70.0m96.0m70.0m64.0m88.0m91.0m109.0m49.0m(18.0m)94.0m64.0m121.0m

Keysight Technologies Balance Sheet

Annual

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

Cash

810.0m483.0m783.0m818.0m

Accounts Receivable

357.0m398.0m437.0m547.0m

Inventories

498.0m487.0m474.0m588.0m

Current Assets

1.9b1.6b1.9b2.2b

PP&E

470.0m518.0m512.0m530.0m

Goodwill

392.0m700.0m736.0m1.9b

Total Assets

3.1b3.5b3.8b5.9b

Accounts Payable

173.0m209.0m189.0m211.0m

Short-term debt

10.0m

Current Liabilities

769.0m686.0m644.0m819.0m

Long-term debt

1.1b1.1b1.1b2.0b

Total Debt

1.1b1.1b1.1b2.0b

Total Liabilities

2.3b2.2b2.3b3.6b

Common Stock

2.0m2.0m2.0m2.0m

Additional Paid-in Capital

1.0b1.2b1.2b1.8b

Retained Earnings

101.0m614.0m949.0m1.0b

Total Equity

769.0m1.3b1.5b2.3b

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, 2018Q3, 2018

Cash

887.0m894.0m1.0b572.0m620.0m664.0m896.0m983.0m873.0m980.0m784.0m742.0m

Accounts Receivable

309.0m353.0m313.0m361.0m408.0m415.0m395.0m518.0m521.0m454.0m579.0m597.0m

Inventories

477.0m476.0m478.0m481.0m475.0m479.0m479.0m585.0m561.0m609.0m597.0m609.0m

Current Assets

1.9b1.9b2.0b1.6b1.7b1.7b1.9b2.3b2.2b2.3b2.2b2.2b

PP&E

455.0m460.0m462.0m514.0m531.0m522.0m494.0m545.0m546.0m539.0m546.0m549.0m

Goodwill

381.0m378.0m372.0m696.0m731.0m738.0m721.0m1.7b1.9b1.9b1.9b1.9b

Total Assets

3.0b3.1b3.1b3.5b3.7b3.7b3.9b6.0b5.8b6.1b5.9b5.8b

Accounts Payable

158.0m178.0m171.0m175.0m168.0m156.0m172.0m180.0m181.0m229.0m240.0m231.0m

Short-term debt

170.0m40.0m20.0m

Current Liabilities

700.0m631.0m620.0m602.0m652.0m601.0m596.0m876.0m784.0m886.0m953.0m900.0m

Long-term debt

1.1b1.1b1.1b1.1b1.1b1.1b1.1b2.2b2.0b2.0b1.8b1.8b

Total Debt

1.1b1.1b1.1b1.1b1.1b1.1b1.1b2.3b2.1b2.0b1.8b1.8b

Total Liabilities

2.1b2.0b2.0b2.1b2.2b2.1b2.2b3.8b3.6b3.6b3.4b3.2b

Common Stock

2.0m2.0m2.0m2.0m2.0m2.0m2.0m2.0m2.0m2.0m2.0m

Additional Paid-in Capital

1.1b1.1b1.1b1.2b1.2b1.2b1.3b1.7b1.8b1.8b1.8b1.9b

Retained Earnings

171.0m267.0m337.0m678.0m766.0m857.0m1.0b1.1b1.1b1.1b1.2b1.3b

Total Equity

918.0m1.0b1.1b1.4b1.5b1.6b1.6b2.2b2.2b2.5b2.5b2.6b

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 x2.2 x

Keysight Technologies Cash Flow

Annual

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

Net Income

392.0m513.0m335.0m102.0m

Depreciation and Amortization

84.0m99.0m134.0m225.0m

Accounts Receivable

(25.0m)(20.0m)(42.0m)(11.0m)

Inventories

(31.0m)(25.0m)(22.0m)(4.0m)

Accounts Payable

32.0m18.0m(8.0m)15.0m

Cash From Operating Activities

563.0m376.0m416.0m313.0m

Purchases of PP&E

(70.0m)(92.0m)(91.0m)(72.0m)

Cash From Investing Activities

(82.0m)(671.0m)(90.0m)(1.7b)

Long-term Borrowings

(1.0m)(323.0m)

Cash From Financing Activities

335.0m(19.0m)(25.0m)1.4b

Net Change in Cash

810.0m(327.0m)300.0m35.0m

Quarterly

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

Net Income

70.0m166.0m236.0m64.0m152.0m243.0m109.0m158.0m140.0m94.0m158.0m279.0m

Depreciation and Amortization

23.0m46.0m69.0m33.0m67.0m101.0m32.0m73.0m153.0m78.0m157.0m233.0m

Accounts Receivable

36.0m(5.0m)31.0m33.0m(3.0m)(16.0m)40.0m10.0m14.0m99.0m(31.0m)(55.0m)

Inventories

(9.0m)(17.0m)(25.0m)(4.0m)(11.0m)(23.0m)(10.0m)(10.0m)10.0m(20.0m)(18.0m)(43.0m)

Accounts Payable

(13.0m)1.0m1.0m(22.0m)(27.0m)(38.0m)(12.0m)(17.0m)(17.0m)14.0m20.0m13.0m

Cash From Operating Activities

92.0m160.0m295.0m92.0m209.0m277.0m102.0m151.0m249.0m171.0m282.0m320.0m

Purchases of PP&E

(15.0m)(31.0m)(66.0m)(34.0m)(62.0m)(76.0m)(16.0m)(33.0m)(54.0m)(24.0m)(58.0m)

Cash From Investing Activities

(14.0m)(30.0m)(72.0m)(24.0m)(10.0m)(76.0m)(8.0m)(1.6b)(1.6b)(27.0m)(49.0m)(97.0m)

Long-term Borrowings

(1.0m)(240.0m)(40.0m)(300.0m)

Cash From Financing Activities

7.0m(38.0m)(22.0m)25.0m(16.0m)(25.0m)21.0m1.7b1.5b9.0m(271.0m)(296.0m)

Net Change in Cash

77.0m84.0m190.0m89.0m137.0m181.0m113.0m200.0m90.0m162.0m(34.0m)

Keysight Technologies Ratios

USDY, 2018

EV/EBIT

98.2 x

EV/CFO

39.3 x

Financial Leverage

2.2 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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