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    Keysight Technologies Inc (KEYS)

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    Business Description

    Keysight Technologies, Inc. is a global leader in the computing, communications, and electronics market, dedicated to enhancing customer success by tackling critical challenges in product development and commercialization. The company provides a wide array of design and test solutions that support engineering workflows in designing, manufacturing, deploying, and optimizing products and solutions . Keysight's offerings include hardware, software, and services utilized across various industries such as communications, aerospace defense, government, automotive, energy, industrial, general electronics, and semiconductor .

    1. R&D Solutions - Offers design and test solutions primarily for research and development applications, driving innovation and product development across multiple industries.
    2. Communications Solutions Group - Develops solutions for the communications sector, adapting to market demand fluctuations and enhancing connectivity technologies .
    3. Software Solutions - Expands software offerings for simulation and emulation, bolstered by the acquisition of ESI Group SA, to improve product design and testing capabilities .
    4. Manufacturing and Operations Solutions - Provides tools and services for manufacturing and operational applications, supporting efficient production and deployment processes.
    5. Recurring Software and Services - Focuses on stable revenue streams through recurring software and service offerings, contributing significantly to the company's revenue growth .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Satish DhanasekaranPresident and Chief Executive OfficerMay 2022Satish Dhanasekaran has served as the President and Chief Executive Officer of Keysight Technologies since May 2022. Prior to this role, he was the Senior Vice President and Chief Operating Officer from October 2020 to April 2022. He also served as the Senior Vice President and President of the Communications Solutions Group from July 2017 to September 2020 .
    Neil DoughertyExecutive Vice President and Chief Financial OfficerMay 2022Neil Dougherty has served as Executive Vice President and Chief Financial Officer of Keysight Technologies since May 2022. Prior to this role, he was the Senior Vice President and Chief Financial Officer from December 2013. Before joining Keysight, he served as Vice President and Treasurer of Agilent from 2012 to December 2013 .
    Huei Sin EeSenior Vice President and President of the Electronic Industrial Solutions GroupOctober 2020Huei Sin Ee has served as Senior Vice President and President of the Electronic Industrial Solutions Group at Keysight since October 2020. Prior to this role, she was Vice President and General Manager of Keysight's General Electronics Measurement Solutions from November 2015 to October 2020 .
    Ingrid EstradaSenior Vice President, Chief People and Administrative Officer, and Chief of StaffAugust 2017Ingrid Estrada has served as Senior Vice President, Chief People and Administrative Officer, and Chief of Staff at Keysight since August 2017. Prior to this role, she was Keysight's Senior Vice President of Human Resources from December 2013 until August 2017 .
    Soon Chai GooiSenior Vice President, Order Fulfillment and Digital OperationsOctober 2020Soon Chai Gooi has served as Senior Vice President, Order Fulfillment and Digital Operations at Keysight since October 2020. Prior to this role, he was the Senior Vice President and President of the Electronic Industrial Solutions Group from November 2015 to October 2020 .
    Jeffrey LiSenior Vice President, General Counsel, and SecretaryJuly 2019Jeffrey Li has served as Senior Vice President, General Counsel, and Secretary of Keysight Technologies since July 2019. Prior to this role, he was Vice President, Assistant General Counsel, and Assistant Secretary of Keysight from December 2013 to July 2019 .
    Kailash NarayananSenior Vice President and President of the Communications Solutions GroupNovember 2021Kailash Narayanan has served as Keysight's Senior Vice President and President of the Communications Solutions Group since November 2021. Prior to this role, he served as President of the Commercial Communications business from November 2020 until November 2021 .
    John PageSenior Vice President and President of Global ServicesNovember 2015John Page has served as Senior Vice President and President of Global Services at Keysight since November 2015. Prior to this role, he was the Vice President of business finance at Keysight from February 2014 to November 2015 .
    Lisa PooleVice President, Corporate Controller and Principal Accounting OfficerAugust 2023Lisa Poole has served as Vice President, Corporate Controller and Principal Accounting Officer of Keysight since August 2023. Prior to this role, she served as Vice President, Assistant Corporate Controller from May 2022 to August 2023 .
    Mark WallaceSenior Vice President, Chief Customer OfficerSeptember 2022Mark Wallace has served as Senior Vice President and Chief Customer Officer at Keysight since September 2022. Prior to this role, he was the Senior Vice President of Worldwide Sales from November 2016 to September 2022. Mark Wallace announced his intent to retire from Keysight by the end of May 2025 for personal reasons .

    Questions to Ask Management

    1. Given the concentrated nature of AI-driven wireline growth heavily reliant on hyperscaler investments, how sustainable do you believe this trend is, and what steps are you taking to mitigate potential slowdowns in hyperscaler spending?
    2. With double-digit declines in orders and revenue in the automotive sector and delays in EV and battery testing projects, what strategies are you implementing to address this weakness, and when do you anticipate a meaningful turnaround?
    3. The delays in U.S. defense budget approvals have impacted your aerospace, defense, and government business; how significant is this impact, and what contingency plans do you have if these delays continue longer than expected?
    4. You mentioned expecting a gradual recovery in 2025 despite mixed signals in your end markets; what gives you confidence in this outlook, and what are the key risks that could potentially derail this recovery?
    5. Regarding the pending acquisition of Spirent, can you elaborate on how this acquisition aligns with your strategic objectives, what synergies you expect to achieve, and whether you foresee any challenges in integration or regulatory approval processes?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateMarch 6, 2023
    End Date/DurationNo expiration date
    Total additional amount$1,500 million
    Remaining authorization amount$485 million as of October 31, 2024
    DetailsThe program can be commenced, suspended, or discontinued at any time at the company's discretion

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2027$700 Senior Notes4.60% 38.9% = (700 / 1800) * 100
    2029$500 Senior Notes3.00% 27.8% = (500 / 1800) * 100
    2034$600 Senior Notes4.95% 33.3% = (600 / 1800) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2013 PresentCurrent auditor

    Latest news

    Recent developments and announcements about KEYS.

    Financial Reporting

      Earnings Report

      ·
      Nov 19, 2024, 11:01 PM

      Keysight Technologies Reports Fourth Quarter and Fiscal Year 2024 Results

      Date: November 19, 2024

      Company: Keysight Technologies, Inc. (NYSE: KEYS)

      Summary: Keysight Technologies has released its financial results for the fourth fiscal quarter and fiscal year ended October 31, 2024. The company reported strong execution, delivering results above the high end of guidance despite challenging market conditions.

      **Fourth Quarter Financial Summary: (Q4 2024) **

      • Revenue: $1.29 billion (compared to $1.31 billion in Q4 2023)
      • GAAP Net Loss: $73 million, or $0.42 per share (compared to GAAP net income of $226 million, or $1.28 per share, in Q4 2023)
      • Non-GAAP Net Income: $288 million, or $1.65 per share (compared to $352 million, or $1.99 per share, in Q4 2023)
      • Cash Flow from Operations: $359 million (compared to $378 million in Q4 2023)
      • Free Cash Flow: $328 million (compared to $340 million in Q4 2023)
      • Cash and Cash Equivalents: $1.80 billion as of October 31, 2024

      **Fiscal Year 2024 Financial Summary: **

      • Revenue: $4.98 billion (compared to $5.46 billion in FY 2023)
      • GAAP Net Income: $0.61 billion, or $3.51 per share (compared to $1.06 billion, or $5.91 per share in FY 2023)
      • Non-GAAP Net Income: $1.10 billion, or $6.27 per share (compared to $1.49 billion, or $8.33 per share in FY 2023)
      • Cash Flow from Operations: $1.05 billion (compared to $1.41 billion in FY 2023)
      • Free Cash Flow: $0.91 billion (compared to $1.21 billion in FY 2023)

      **Reporting Segments: **

      • Communications Solutions Group (CSG):
        • Revenue: $894 million (flat compared to last year)
        • Growth in commercial communications driven by AI-related investment
        • Decline in aerospace, defense, and government by 6% compared to a record high quarter last year
      • Electronic Industrial Solutions Group (EISG):
        • Revenue: $393 million (down 6% compared to last year)
        • Reflects ongoing constraint in manufacturing-related customer spending

      **Outlook for Q1 2025: **

      • Revenue: Expected to be in the range of $1.265 billion to $1.285 billion
      • Non-GAAP Earnings Per Share: Expected to be in the range of $1.65 to $1.71

      **Webcast: **

      Keysight’s management will present more details about its fourth quarter and fiscal year 2024 financial results and its first quarter FY2025 outlook on a conference call with investors today at 1:30 p.m. PT. The event will be webcast in listen-only mode and can be accessed at www.investor.keysight.com.

      **Contact Information: **

    Corporate Leadership

      Leadership Change

      ·
      Nov 4, 2024, 12:00 AM

      Mark Wallace, Senior Vice President and Chief Customer Officer at Keysight, is retiring by the end of May 2025 for personal reasons. He has been in his current role since September 2022 and with the company since November 2016 as Senior Vice President of Worldwide Sales. No successor has been announced yet .