Keysight Technologies Reports First-Quarter 2015 Results

Keysight uses a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions and for forecasting and planning for future periods. The definition of these non-GAAP financial measures may differ from similarly titled measures used by others, and such non-GAAP measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. Keysight generally uses non-GAAP financial measures to facilitate management’s comparisons to historic operating results, to competitors’ operating results and to guidance provided to investors. In addition, Keysight believes that the use of these non-GAAP financial measures provides greater transparency to investors of information used by management in its financial and operational decision-making.

(1) Non-GAAP net income, non-GAAP operating margin and non-GAAP net income per share exclude primarily the impacts of share-based compensation, separation costs and non-cash intangible amortization. Non–GAAP net income and non-GAAP net income per share, also excludes any tax benefits that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability. Earnings per share is based on diluted shares. Reconciliation between non-GAAP net income and GAAP net income is set forth on page 4 of the attached tables along with additional information regarding the use of this non-GAAP measure.

(2) Non-GAAP earnings per share as projected for Q2FY15 excludes primarily the impacts of share-based compensation, separation costs and non-cash intangible amortization. We also exclude any tax benefits that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amounts has been provided.

(3) Return on invested capital (ROIC) is a non-GAAP measure and is defined as income from operations less other (income) expense and taxes, annualized, divided by the average of the two most recent quarter-end balances of assets less net current liabilities. The reconciliation of ROIC can be found on page 6 of the attached tables, along with additional information regarding the use of this non-GAAP measure.

NOTE TO EDITORS: Further technology, corporate citizenship and executive news is available at www.keysight.com/go/news.

Source: IR-KEYS

 
KEYSIGHT TECHNOLOGIES, INC.
CONDENSED COMBINED AND CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY
           
 

Three Months Ended

January 31, Percent
2015 2014 Inc/(Dec)
 
Orders $ 691 $ 699 (1 %)
 
 
Net revenue $ 701 $ 671 4 %
 
Costs and expenses:
Cost of products and services 318 299 6 %
Research and development 96 90 7 %
Selling, general and administrative   206     191 8 %
Total costs and expenses   620     580 7 %
 
Income from operations 81 91 (11 %)
 
Interest expense (12 ) -
Other income (expense), net   9     1 800 %
 
Income before taxes 78 92 (15 %)
 
Provision for income taxes   8     18 (56 %)
 
Net income $ 70   $ 74 (5 %)
 
 
Net income per share:
Basic $ 0.42 $ 0.44
Diluted $ 0.41 $ 0.44
 
Weighted average shares used in computing net income per share: (a)
Basic 168 167
Diluted 170 167
 

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