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Keysight Technologies Reports First Quarter 2023 Results
- Record First Quarter Revenue and Earnings Per Share
- Strong execution and operational discipline drove above guidance results
SANTA ROSA, Calif. February 21, 2023
Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the first fiscal quarter ended January 31, 2023.
"Keysight delivered strong first quarter financial results, with revenue and earnings per share exceeding the high end of guidance. Our consistent performance is due to the resilience of our business, deep customer collaborations, and differentiated solutions portfolio," said Satish Dhanasekaran, Keysight's President and CEO. "With demand moderating, we are staying disciplined and remain confident in the secular, long-term growth trends of our markets."
First Quarter Financial Summary
- Revenue grew 10 percent to reach $1.38 billion, compared with $1.25 billion last year, or 14 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 $260 million, or $1.45 per share, compared with $229 million, or $1.24 per share, in the first quarter of 2022.
- Non-GAAP net income was $363 million, or $2.02 per share, compared with $305 million, or $1.65 per share in the first quarter of 2022.
- Keysight acquired 711 thousand shares in the open market at an average share price of $176.44, for a total consideration of $125 million.
- As of January 31, 2023, cash and cash equivalents totaled $2.23 billion.
- Communications Solutions Group (CSG)
CSG reported revenue of $939 million in the first quarter, up 7 percent over last year, with strength in 5G, O-RAN, 800G, and terabit communications solutions, as well as increased U.S. government spending and strength in space and satellite, including new applications for non-terrestrial networks. CSG reported growth across all regions.
- Electronic Industrial Solutions Group (EISG)
EISG reported revenue of $442 million in the first quarter, up 19 percent over last year, driven by growth in next-generation automotive and energy solutions, and general electronics. EISG reported growth across all regions.
Keysight's second fiscal quarter of 2023 revenue is expected to be in the range of $1.37 billion to $1.39 billion. Non-GAAP earnings per share for the second fiscal quarter of 2023 are expected to be in the range of $1.91 to $1.97. Certain items impacting the GAAP tax rate pertain to future events and are not currently estimable with a reasonable degree of accuracy; therefore, no reconciliation of GAAP earnings per share to non-GAAP 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 FY2023 financial results and its second quarter FY2023 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 2023 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 688219. 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, 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 of global economic conditions such as inflation or recession, slowing demand for products or services, supply chain constraints; impacts of geopolitical tension and conflict outside of the U.S., export control regulations and compliance; net zero emissions commitments; increases in attrition and our ability to retain key personnel; 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, 2022.
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
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, 2023. 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 $5.4B in fiscal year 2022. For more information about Keysight Technologies (NYSE: KEYS), visit us at www.keysight.com.
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