Keysight Technologies (KEYS) FY2019 results: revenue $4.3 billion, up 11.0% on the year
Keysight Technologies, Inc. (KEYS) reported revenue of $4.3 billion for fiscal 2019, the year ended 31 October 2019, up 11.0% on the year before. Net income was $621 million, up 276.4%, and diluted earnings per share $3.25. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2019.
Revenue
$4.3 billion
+11.0% on the year
FY2013FY2019
Operating margin
16.5%
-10.2% a year earlier
FY2013FY2019
Net income
$621 million
+276.4% on the year
FY2013FY2019
Diluted EPS
$3.25
+277.9% on the year
FY2013FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,303
3,878
3,189
+11.0%
Cost of revenue
1,769
1,767
1,487
+0.1%
Gross profit
2,534
2,111
1,702
+20.0%
Gross margin
58.9%
54.4%
53.4%
Research and development
688
624
507
+10.3%
Selling, general and administrative
1,155
1,205
1,058
-4.1%
Operating income
711
-394
148
Operating margin
16.5%
-10.2%
4.6%
Interest expense
80.0
83.0
80.0
-3.6%
Pre-tax income
715
735
598
-2.7%
Income tax
94.0
-576
77.0
Effective tax rate
13.1%
-78.4%
12.9%
Net income
621
165
102
+276.4%
Net margin
14.4%
4.3%
3.2%
Diluted EPS
$3.25
$0.86
$0.56
+277.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
998
555
328
+79.8%
Capital expenditure
120
132
72.0
-9.1%
Free cash flow
878
423
256
+107.6%
Free cash flow margin
20.4%
10.9%
8.0%
Cash from investing
-196
-108
-1,722
Cash from financing
-122
-341
1,425
Depreciation and amortisation
306
307
225
-0.3%
Share-based compensation
82.0
59.0
56.0
+39.0%
Buybacks
159
120
0.0
+32.5%
Diluted shares, weighted
191m
191m
182m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,004
2,433
2,310
+23.5%
Debt
1,788
1,790
2,038
-0.1%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,831
1,601
1,585
+14.4%
Total liabilities and equity
6,623
5,824
5,933
+13.7%
Fixed assets
576
555
530
+3.8%
Goodwill
1,209
1,171
1,882
+3.2%
Intangible assets
490
645
855
-24.0%
Investments
46.0
46.0
63.0
0.0%
Trading assets
n/a
13.0
13.0
Cash and equivalents
1,598
913
818
+75.0%
Receivables
668
624
547
+7.1%
Inventory
705
619
588
+13.9%
Other assets
1,331
1,238
637
+7.5%
Total assets
6,623
5,824
5,933
+13.7%
10-K for the year ended 31 October 2019, filed 18 December 2019: the filing.