Keysight Technologies (KEYS) FY2020 results: revenue $4.2 billion, down 1.9% on the year
Keysight Technologies, Inc. (KEYS) reported revenue of $4.2 billion for fiscal 2020, the year ended 31 October 2020, down 1.9% on the year before. Net income was $627 million, up 1.0%, and diluted earnings per share $3.31. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2020.
Revenue
$4.2 billion
-1.9% on the year
FY2013FY2020
Operating margin
18.1%
16.5% a year earlier
FY2013FY2020
Net income
$627 million
+1.0% on the year
FY2013FY2020
Diluted EPS
$3.31
+1.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,221
4,303
3,878
-1.9%
Cost of revenue
1,688
1,769
1,767
-4.6%
Gross profit
2,533
2,534
2,111
-0.0%
Gross margin
60.0%
58.9%
54.4%
Research and development
715
688
624
+3.9%
Selling, general and administrative
1,097
1,155
1,205
-5.0%
Operating income
765
711
-394
+7.6%
Operating margin
18.1%
16.5%
-10.2%
Interest expense
78.0
80.0
83.0
-2.5%
Pre-tax income
761
715
735
+6.4%
Income tax
134
94.0
-576
+42.6%
Effective tax rate
17.6%
13.1%
-78.4%
Net income
627
621
165
+1.0%
Net margin
14.9%
14.4%
4.3%
Diluted EPS
$3.31
$3.25
$0.86
+1.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,016
998
555
+1.8%
Capital expenditure
117
120
132
-2.5%
Free cash flow
899
878
423
+2.4%
Free cash flow margin
21.3%
20.4%
10.9%
Cash from investing
-442
-196
-108
Cash from financing
-413
-122
-341
Depreciation and amortisation
324
306
307
+5.9%
Share-based compensation
92.0
82.0
59.0
+12.2%
Buybacks
411
159
120
+158.5%
Diluted shares, weighted
189m
191m
191m
-1.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,297
3,004
2,433
+9.8%
Debt
1,789
1,788
1,790
+0.1%
Operating lease liabilities
149
0.0
n/a
Other liabilities
1,983
1,831
1,601
+8.3%
Total liabilities and equity
7,218
6,623
5,824
+9.0%
Fixed assets
595
576
555
+3.3%
Goodwill
1,537
1,209
1,171
+27.1%
Intangible assets
361
490
645
-26.3%
Investments
61.0
46.0
46.0
+32.6%
Trading assets
n/a
n/a
13.0
Cash and equivalents
1,756
1,598
913
+9.9%
Receivables
606
668
624
-9.3%
Inventory
757
705
619
+7.4%
Other assets
1,545
1,331
1,238
+16.1%
Total assets
7,218
6,623
5,824
+9.0%
10-K for the year ended 31 October 2020, filed 17 December 2020: the filing.