Keysight Technologies (KEYS) FY2017 results: revenue $3.2 billion, up 9.3% on the year
Keysight Technologies, Inc. (KEYS) reported revenue of $3.2 billion for fiscal 2017, the year ended 31 October 2017, up 9.3% on the year before. Net income was $102 million, down 69.6%, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 20 December 2017.
Revenue
$3.2 billion
+9.3% on the year
FY2013FY2017
Operating margin
4.6%
12.9% a year earlier
FY2013FY2017
Net income
$102 million
-69.6% on the year
FY2013FY2017
Diluted EPS
$0.56
-71.3% on the year
FY2013FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,189
2,918
2,856
+9.3%
Cost of revenue
1,487
1,294
1,269
+14.9%
Gross profit
1,702
1,624
1,587
+4.8%
Gross margin
53.4%
55.7%
55.6%
Research and development
507
434
387
+16.8%
Selling, general and administrative
1,058
832
787
+27.2%
Operating income
148
375
431
-60.5%
Operating margin
4.6%
12.9%
15.1%
Interest expense
80.0
47.0
46.0
+70.2%
Pre-tax income
598
515
559
+16.1%
Income tax
77.0
31.0
-125
+148.4%
Effective tax rate
12.9%
6.0%
-22.4%
Net income
102
335
513
-69.6%
Net margin
3.2%
11.5%
18.0%
Diluted EPS
$0.56
$1.95
$3.00
-71.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
328
420
376
-21.9%
Capital expenditure
72.0
91.0
92.0
-20.9%
Free cash flow
256
329
284
-22.2%
Free cash flow margin
8.0%
11.3%
9.9%
Cash from investing
-1,722
-90.0
-671
Cash from financing
1,425
-29.0
-19.0
Depreciation and amortisation
225
134
99.0
+67.9%
Share-based compensation
56.0
49.0
55.0
+14.3%
Buybacks
0.0
62.0
0.0
Diluted shares, weighted
182m
172m
171m
+5.8%
Shares outstanding at period end
n/a
n/a
170m
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,310
1,513
1,302
+52.7%
Debt
2,038
1,093
1,099
+86.5%
Other liabilities
1,585
1,197
1,107
+32.4%
Total liabilities and equity
5,933
3,803
3,508
+56.0%
Fixed assets
530
512
518
+3.5%
Goodwill
1,882
736
700
+155.7%
Intangible assets
855
208
246
+311.1%
Investments
63.0
55.0
70.0
+14.5%
Trading assets
13.0
11.0
12.0
+18.2%
Cash and equivalents
818
783
483
+4.5%
Receivables
547
437
398
+25.2%
Inventory
588
474
487
+24.1%
Other assets
637
587
594
+8.5%
Total assets
5,933
3,803
3,508
+56.0%
10-K for the year ended 31 October 2017, filed 20 December 2017: the filing.