Item 5. Market for Registrant’s Common Equity
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.’’
There were 18,958 shareholders of record of Keysight common stock as of December 11, 2020.
We have not paid any dividends, and we do not anticipate paying any cash dividends in the foreseeable future. All decisions regarding the declaration and payment of dividends and stock repurchases are at the discretion of our board of directors and will be evaluated regularly in light of our financial condition, earnings, growth prospects, funding requirements, applicable law, and any other factors that our board of directors deems relevant.
The information required by this item with respect to equity compensation plans will be included under the caption Equity Compensation Plans in our proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A, and is incorporated herein by reference.
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, 2020. The total number of shares of common stock purchased by the company during the fiscal year ended October 31, 2020 is 4,274,366 shares, nearly exhausting our $500 million share repurchase authorization from May 2019.
Period
Total Number of Shares of Common Stock Purchased (1)
Weighted Average Price Paid per Share of Common Stock (2)
Total Number of Shares of Common Stock Purchased as Part of Publicly Announced Plans or Programs (1)
Maximum Approximate Dollar Value of Shares of Common Stock that May Yet Be Purchased Under the Program (1)
August 1, 2020 through August 31, 2020
1,026,700
$97.37
1,026,700
$
115,417,258
September 1, 2020 through September 30, 2020
1,200,500
$95.81
1,200,500
$
398,889
October 1, 2020 through October 31, 2020
—
—
—
$
398,889
Total
2,227,200
2,227,200
(1)
On May 29, 2019, our board of directors approved a stock repurchase program authorizing the purchase of up to $500 million of the company’s common stock, replacing a previously approved 2018 program authorizing the purchase of up to $350 million of the company’s common stock. On November 18, 2020, our board of directors approved a new stock repurchase program authorizing the purchase of up to $750 million of the company’s common stock.
Under our stock repurchase program, shares may be purchased from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means. All such shares and related costs are held as treasury stock and accounted for at trade date using the cost method.
(2)
The weighted average price paid per share of common stock does not include the cost of commissions.
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Item 6. Selected Financial Data (Unaudited)
The following table presents the selected consolidated financial data and should be read in conjunction with our consolidated financial statements and related notes and Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Annual Report on Form 10-K. We derived the selected financial data as of October 31, 2020 and for each of the fiscal years in the three-year period ended October 31, 2020 from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. We derived the selected financial data as of October 31, 2018, 2017 and 2016 from audited consolidated financial statements that are not included in this Annual Report on Form 10-K.
Year Ended October 31,
2020 (a)(b)
2019 (a)
2018
2017
2016
(in millions, except per share data)
Consolidated Statement of Operations Data:
Revenue
$
4,221
$
4,303
$
3,878
$
3,189
$
2,918
Income (loss) before taxes
$
761
$
715
$
(411
)
$
179
$
366
Net income
$
627
$
621
$
165
$
102
$
335
Net income per share
Basic
$
3.35
$
3.31
$
0.88
$
0.57
$
1.97
Diluted
$
3.31
$
3.25
$
0.86
$
0.56
$
1.95
Weighted average shares used in computing net income per share:
Basic
187
188
187
180
170
Diluted
189
191
191
182
172
October 31,
2020 (a)(b)
2019 (a)
2018
2017
2016
(in millions)
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
1,756
$
1,598
$
913
$
818
$
783
Working capital
$
2,293
$
2,212
$
916
$
1,358
$
1,210
Total assets
$
7,218
$
6,623
$
5,824
$
5,933
$
3,796
Long-term debt
$
1,789
$
1,788
$
1,291
$
2,038
$
1,093
Stockholders' equity
$
3,297
$
3,004
$
2,433
$
2,310
$
1,513
(a) We adopted the Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) on November 1, 2018 using the modified retrospective method with the cumulative effect of initially applying the guidance recognized at the date of adoption.
(b) We adopted the ASC Topic 842, Leases (“ASC 842”) on November 1, 2019, using the modified retrospective transition approach with the cumulative effect of initially applying the standard recognized at the date of adoption. The standard requires substantially all leases to be reported on the balance sheet as right-of-use assets and lease obligations. See Note 2, "New Accounting Pronouncements."
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