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Keysight Technologies Reports First Quarter 2022 Results
Achieved All-time Record Orders and Record Q1 Revenue and Earnings
SANTA ROSA, Calif. February 17, 2022
Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the first fiscal quarter ended January 31, 2022.
"The Keysight team delivered a strong start to the year, exceeding the high end of our revenue and EPS guidance. Continued robust demand for our differentiated solutions resulted in record orders," said Ron Nersesian, Keysight's Chairman, President and CEO. "By enabling the rapid progression of disruptive technologies and accelerating innovation to connect and secure the world, we are better positioned than ever to capitalize on long-term secular growth trends and deliver above-market growth."
First Quarter Financial Summary
- Orders grew 22 percent to reach $1.50 billion, compared with $1.22 billion last year, or 23 percent on a core basis, which excludes the impact of foreign currency changes and orders associated with businesses acquired or divested within the last twelve months.
- Revenue grew 6 percent to reach $1.25 billion, compared with $1.18 billion last year, or 7 percent on a core basis, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months.
- GAAP net income was $229 million, or $1.24 per share, compared with $172 million, or $0.92 per share, in the first quarter of 2021.
- Non-GAAP net income was $305 million, or $1.65 per share, compared with $270 million, or $1.43 per share in the first quarter of 2021.
- Cash flow from operations was $224 million, compared with $295 million last year. Free cash flow was $182 million, compared with $267 million in the first quarter of 2021.
- Keysight acquired approximately 1.13 million shares in the open market at an average share price of $182.19, for a total consideration of $206 million.
- As of January 31, 2022, cash and cash equivalents totaled $1.98 billion.
- Communications Solutions Group (CSG)
CSG reported revenue of $878 million in the first quarter, up 3 percent over last year, driven by continued investments in 5G, O-RAN adoption, 400G, 800G and terabit R&D, and wireline applications.
- Electronic Industrial Solutions Group (EISG)
EISG reported revenue of $372 million in the first quarter, up 13 percent over last year, driven by semiconductor measurement solutions and next-generation automotive and energy technologies, with growth across all regions.
Keysight's second fiscal quarter of 2022 revenue is expected to be in the range of $1.29 billion to $1.31 billion. Non-GAAP earnings per share for the second fiscal quarter of 2022 are expected to be in the range of $1.63 to $1.69, which exclude items that pertain to future events and are not currently estimable with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amounts has been provided. Further information is discussed in the section titled "Use of Non-GAAP Financial Measures" below.
Keysight's management will present more details about its first quarter FY2022 financial results and its second quarter FY2022 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on to the call at www.investor.keysight.com under the "Upcoming Events" section and select "Q1 2022 Keysight Technologies Inc. Earnings Conference Call" to participate or dial +1-844-200-6205 (U.S. only) or +1-929-526-1599 (International) and enter passcode 452858. The webcast will remain on the company site for 90 days.
This communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The words "expect," "intend," "will," "should," and similar expressions, as they relate to the company, are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect the expected results and are based on certain key assumptions of Keysight's management and on currently available information. Due to such uncertainties and risks, no assurances can be given that such expectations or assumptions will prove to have been correct, and readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Keysight undertakes no responsibility to publicly update or revise any forward-looking statement. The forward-looking statements contained herein include, but are not limited to, predictions, future guidance, projections, beliefs, and expectations about the company's goals, revenues, financial condition, earnings, impacts of US export control regulations, and operations that involve risks and uncertainties that could cause Keysight's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to, impacts to the supply chain; government mandates related to pandemic conditions such as Covid-19 and its variants; net zero emissions commitments; increasing geopolitical tension in regions outside of the U.S.; increases in attrition and our ability to retain key personnel; changes in the demand for current and new products, technologies, and services; customer purchasing decisions and timing; and order cancellations.
In addition to the risks above, other risks that Keysight faces include those detailed in Keysight's filings with the Securities and Exchange Commission on Keysight's yearly report on Form 10-K for the period ended October 31, 2021.
Segment data reflect the results of our reportable segments under our management reporting system. Segment data are provided on page 5 of the attached tables.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with U.S. GAAP ("GAAP"), this document also contains certain non-GAAP financial measures based on management's view of performance, including:
- Core Revenue
- Non-GAAP Net Income/Earnings
- Non-GAAP Net Income per share/Earnings per share
- Free Cash Flow
Income per share is based on weighted average diluted share count. See the attached supplemental schedules for reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure for the three months ended January 31, 2022. Following the reconciliations is a discussion of the items adjusted from our non-GAAP financial measures and the company's reasons for including or excluding certain categories of income or expenses from our non-GAAP results.
About Keysight Technologies
Keysight delivers advanced design and validation solutions that help accelerate innovation to connect and secure the world. Keysight’s dedication to speed and precision extends to software-driven insights and analytics that bring tomorrow’s technology products to market faster across the development lifecycle, in design simulation, prototype validation, automated software testing, manufacturing analysis, and network performance optimization and visibility in enterprise, service provider and cloud environments. Our customers span the worldwide communications and industrial ecosystems, aerospace and defense, automotive, energy, semiconductor and general electronics markets. Keysight generated revenues of $4.9B in fiscal year 2021. For more information about Keysight Technologies (NYSE: KEYS), visit us at www.keysight.com.
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