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ANNUAL REPORT 2023 ACCELERATE INNOVATION TO CONNECT & SECURE THE WORLD | 2023.pdf |
Keysight Technologies Inc. 1400 Fountaingrove Parkway Santa Rosa California 95403 Satish Dhanasekaran President & Chief Executive Officer January 29, 2024 To our stockholders, In fiscal year 2023, Keysight strengthened execution and end-to-end alignment to deliver solid results while navigating a challenging macroecono... | 2023.pdf |
Software and services are an integral part of Keysight's solutions strategy and their growth this year continued to outpace Keysight overall. Annual recurring revenue grew nine percent this year to approximately $1. 3 billion, or 23 percent of total revenue. In support of our corporate social responsibility (CSR) goals... | 2023.pdf |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ... | 2023.pdf |
TABLE OF CONTENTS Page Forward-Looking Statements................................................................ 1 PART I Item 1 Business....................................................................... 2 Item 1A Risk Factors.................................................................... 16 Item 1B Unresolv... | 2023.pdf |
Forward-Looking Statements This report contains forward-looking statements which include but are not limited to predictions, future guidance, projections, beliefs, and expectations about the company's trends, seasonality, cyclicality and growth in, and drivers of, the markets we sell into, our strategic direction, earn... | 2023.pdf |
PART I Item 1. Business Overview Keysight Technologies, Inc. (''we,'' ''us,'' ''Keysight'' or the ''company''), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics market, committed to advancing our customers' business success by helping them solve critic... | 2023.pdf |
capabilities, and broad solutions portfolio that they need to execute on their product development goals. Keysight primarily employs a comprehensive global direct sales channel with experienced management and highly technical sales and application engineers, including a strong local presence in emerging markets. These ... | 2023.pdf |
Strategic Priorities Keysight's business strategy is exemplified in four key objectives: Invest to deliver differentiated, first-to-market solutions This priority is central to our value contribution for our customers in their world of increasing technology complexity and decreasing time-to-market. To this end, our int... | 2023.pdf |
Network Analyzers-an array of products providing detailed characterization of the behavior of electronic components and systems when stimulated by a range of input signals. Power Analyzers-a range of products to accurately measure voltage, current, and power characteristics of an electronic device or system under a ra... | 2023.pdf |
Technical and application support for hardware, software, and solutions, known as Keysight Care, allows customers to maximize their productivity and the utility of our products and solutions in their application environment. Professional services, including installation, training, and engineering services, optimize eq... | 2023.pdf |
Our aerospace, defense and government customers are research agencies and manufacturers serving the aerospace and defense industries, including commercial and government customers and their contracted suppliers. Commercial suppliers include aerospace, defense, and satellite equipment prime contractors, subcontractors, ... | 2023.pdf |
General Electronics The market for Keysight's general electronics solutions spans a broad set of design and measurement applications that enable electronics designers and manufacturers across a wide range of industrial and academic settings. These applications represent basic and advanced design, simulation, and measur... | 2023.pdf |
design workflow solutions. Together, all of our direct sales organizations serve customers globally across the commercial communications, aerospace, defense and government, automotive and energy, semiconductor and general electronics markets. More than 80 percent of our business comes from customer interactions with ou... | 2023.pdf |
approximately 14,900 employees worldwide representing more than 80 nationalities working in 30 countries. Of those employees, 5,500 are located in the Americas (including 5,300 in the United States), 2,800 are located in Europe, and 6,600 are located in Asia Pacific. Culture, Values and Standards Our core values and cu... | 2023.pdf |
Globally, many of our employee population is eligible to retire. These employees often have valuable skills and historical information and knowledge transfer is critical. We have knowledge transfer practices and programs to enable us to retain critical knowledge. In the United States, we have programs specifically desi... | 2023.pdf |
Compensation and Benefits We compensate employees with competitive wages and benefit programs designed to meet employee needs. Our compensation and benefit programs are designed to recognize our employees' contributions to value creation and business results. We seek to achieve pay parity across our organization and in... | 2023.pdf |
States, even if not subject to regulation imposed by foreign governments. We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and occupational health and safety laws. However, the risk of environmental liabilities cannot be completely elimin... | 2023.pdf |
U. S. We monitor pending and proposed legislation and regulatory changes that may impact our business and develop strategies to address the changes and incorporate them into existing compliance programs. Data Privacy Regulations With extensive operations all over the world, we must comply with complex regulations gover... | 2023.pdf |
Kailash Narayanan, 50,has served as Keysight's Senior Vice President and President of the Communications Solutions Group since November 2021. From November 2020 until November 2021, Mr. Narayanan served as President of the Commercial Communications business. He served as Vice President and General Manager, Wireless Tes... | 2023.pdf |
Item 1A. Risk Factors Risks, Uncertainties and Other Factors That May Affect Future Results Risks Related to Our Business Uncertainty in general economic conditions may adversely affect our operating results and financial condition. Our business is sensitive to negative changes in general economic conditions, both insi... | 2023.pdf |
local competition; differing labor regulations; unexpected changes in regulatory requirements; inadequate local infrastructure; potential incidences of corruption and fraudulent business practices; and volatile geopolitical turmoil, including popular uprisings, regional conflicts, terrorism, and war. We centralize mos... | 2023.pdf |
quarters are often based on the expected seasonality or cyclicality of our markets. However, due to the uncertainties and volatile economic environment created by inflation, the potential for recession, increased geopolitical tensions, including regional conflict and war and continued supply chain challenges, the marke... | 2023.pdf |
Our future operating results may fluctuate significantly if our investments in innovative technologies are not as profitable as we anticipate. On a regular basis, we review the existing technologies available in the market and identify strategic new technologies to develop and invest in. We are currently devoting signi... | 2023.pdf |
adversely limit our ability to improve our income, margin and operating results. By contrast, if, during an economic downturn, we had excess manufacturing capacity, then our fixed costs associated with excess manufacturing capacity would adversely affect our income, margins and operating results. Key customers or large... | 2023.pdf |
a way that enhances performance and expands the markets of th e newly acquired company. The acquired company may not enhance the performance of our businesses or product lin es such that we do not realize the value from expected synergies. Depending on the size and complexity of an acquis ition, the successful integrat... | 2023.pdf |
Our incurrence of debt, and increases in our aggregate levels of debt, may adversely affect our operating results and financial condition by, among other things: requiring a portion of our cash flow from operations to make interest payments on outstanding debt; increasing our vulnerability to general adverse economic a... | 2023.pdf |
the positions we have taken could result in an impact to our financial statements. Our financial results and tax treatment are susceptible to changes in tax, accounting, and other laws, including the Inflation Reduction Act and The Tax Cuts and Jobs Act in the U. S, regulations, principles, and interpretations in the U... | 2023.pdf |
our production facilities in Japan are all located in areas with above-average seismic activity. If any of these facilities were to experience a catastrophic loss, it could disrupt our operations, delay production, shipments and revenue and result in large expenses to repair or replace the facility. In addition, since ... | 2023.pdf |
Disputes and litigation regarding patents or other intellectual property are costly and time-consuming due to the complexity of our technology and the uncertainty of intellectual property litigation and could divert our management and key personnel from business operations. Claims of intellectual property infringement ... | 2023.pdf |
property, business information and proprietary data, or corruption of data, which could impact Keysight's reputation, and result in loss of confidence in our products, loss of orders, and loss in revenue, which could materially impact our financial results. We proactively scan for vulnerabilities in our product lines. ... | 2023.pdf |
privacy may require us to incur additional costs and restrict our business operations. If we fail to comply with GDPR or other data privacy regulation, we may be subject to significant financial fines and civil or criminal penalties, and may suffer damage to our reputation or brand, which could adversely affect our bus... | 2023.pdf |
Future investment returns on pension assets may be lower than expected or interest rates may decline, requiring us to make significant additional cash contributions to our future plans. We sponsor several defined benefit pension plans that cover many of our salaried and hourly employees. The Federal Pension Protection ... | 2023.pdf |
investor perception of our company; natural or other disasters that investors believe may affect us; overall market fluctuations; results from any material litigation or government investigations; changes in laws or regulations affecting our business; new or expanded trade restrictions; economic conditions such as inf... | 2023.pdf |
of directors to the extent permitted by Delaware law, exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders and amendments of the certificate of incorporation) and certain provisions in our amended and restated bylaws (relating to the calling of special meetings of share... | 2023.pdf |
Item 2. Properties Our executive offices are located in the United States in an owned facility in Santa Rosa, California. We own or lease 134 operating facilities located throughout the world that handle manufacturing, research and development, administration, assembly, sales, quality, assurance testing, distribution, ... | 2023.pdf |
PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange (''NYSE'') with the ticker symbol ''KEYS. '' As of December 12, 2023, there were 16,230 shareholders of record. Stock Price Performan... | 2023.pdf |
Issuer Purchases Of Equity Securities The table below summarizes information about the company's purchases, based on trade date, of its equity securities registered pursuant to Section 12 of the Exchange Act during the fiscal quarter ended October 31, 2023. The total number of shares of common stock purchased by the co... | 2023.pdf |
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This report contains forward-looking statements which i... | 2023.pdf |
including double-digit decline in Asia Pacific. Total orde rs for 2022 were $5,984 million, an increase of 12 percent compared to 2021. Foreign currency movements had an unfavor able impact of 3 percentage points on order growth for 2022 compared to 2021. Orders grew across all regions, inclu ding double-digit growth i... | 2023.pdf |
Results from Operations-Years ended October 31, 2023, 2022 and 2021 A summary of our results is as follows: Year Ended October 31,2023 over 2022 % Change2022 over 2021 % Change 2023 2022 2021 in millions, except margin data Revenue............................... $5,464 $5,420 $4,941 1% 10% Products........................ | 2023.pdf |
Research and development expense increased 5 percent in 2023 compared to 2022, primarily driven by continued investments in key growth opportunities in our end markets and leading-edge technologies, partially offset by lower variable people-related costs. Research and development expense increased 4 percent in 2022 com... | 2023.pdf |
conducted outside the U. S. The capitalization of research and experimental expenditures increases the U. S. tax on non-U. S. earnings as part of the global intangible low-taxed income (''GILTI'') tax. There was an additional 2 percent increase in the effective tax rate from 2022 to 2023 due to a decrease in 2022 taxes... | 2023.pdf |
We are subject to income taxes in the U. S. and various other countries globally. Changes in tax law, tax rates, or in the composition of earnings in countries with differing tax rates may affect deferred tax assets and liabilities recorded and our future effective tax rate. On August 16, 2022, the U. S. government ena... | 2023.pdf |
solutions, driven by AI-ML and data center expansion, and continue to see steady R&D investments in new capabilities and devices for 5G as well as Open RAN and release 17 features. Revenue from the commercial communications market represented approximately 69 percent of total Communications Solutions Group revenue in 2... | 2023.pdf |
Revenue Year Ended October 31,2023 over 2022 % Change2022 over 2021 % Change 2023 2022 2021 in millions Total revenue................................ $1,779 $1,617 $1,418 10% 14% Revenue for the Electronic Industrial Solutions Group in 2023 increased 10 percent compared to 2022. Foreign currency movements had an unfavo... | 2023.pdf |
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