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("we," "us," "Keysight" or the "company"), incorporated in Delaware on December 6, 2013, is a technology company that helps enterprises, service providers and governments accelerate innovation to connect and secure the world by providing electronic design and test solutions that are used in the simulation, design, validation, manufacture, installation, optimization and secure operation of electronics systems in the communications, networking and electronics industries.
−Removed: We also offer customization, consulting and optimization services throughout the customer's product lifecycle, including start-up assistance, asset management, up-time services, application services and instrument calibration and repair.
+Added: We also offer customization, consulting and optimization services throughout the customer's product development lifecycle, including start-up assistance, asset management, up-time services, application services and instrument calibration and repair.
We generated $4.9 billion, $4.2 billion and $4.3 billion of revenue in fiscal years 2021, 2020 and 2019, respectively.
Revenue, income from operations and assets by business segment as of and for the fiscal years ended October 31, 2021, 2020 and 2019 are provided in Note 16, "Segment Information," to our consolidated financial statements.
−Removed: We had more than 17,000 direct customers for our solutions and services in fiscal year 2020 and approximately 30,000 customers including indirect channels.
+Added: We had more than 17,500 direct customers for our solutions and services in fiscal year 2021 and greater than 32,000 customers including indirect channels.
No single customer represented 10 percent or more of our revenue.
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This broad portfolio of solutions enables our customers to efficiently develop and deploy their products to address the most rapidly evolving new technologies and market opportunities.
−Removed: The following strategies are significant:
+Added: The following section represents our significant strategies and the key underlying initiatives:
• Expanding our software-centric solutions to meet customer needs and increase recurring revenue
◦ PathWave software solutions.
−Removed: PathWave software is designed to provide customers with design and test solutions that accelerates the overall workflow from simulation of early concepts through manufacturing and optimization of deployed systems.
−Removed: PathWave is expected to integrate Keysight’s expanding portfolio of software solutions, including design software, measurement applications and instrument control.
−Removed: It provides an open and flexible development environment with common data formats and a consistent user interface in an open, scalable and predictive platform.
−Removed: The platform is in the early stages of a multi-year development timeline and is designed to be the foundation for many Keysight solutions going forward.
+Added: The PathWave platform is an open, scalable, and predictive software platform enabling fast and efficient data processing, sharing and analysis at every stage in the product development workflow.
+Added: Combining design software, instrument control, and application-specific test software, it fuels engineering and business operation improvements to help enterprises address increasing design, test, and measurement complexity and develop optimal electronic products.
+Added: Keysight’s platform-based approach delivers faster time to market, increased
+Added: engineering productivity and cost-efficiency, improved design and test reuse, and faster analysis and insight to support customer’s decision-making.
◦ Eggplant software test automation.
−Removed: The Eggplant software test automation platform uses artificial intelligence ("AI") and analytics to automate test creation and test execution and to create an innovative force in the automated test market with next generation software testing technology.
−Removed: Our acquisition of Eggplant in fiscal 2020 extends our core test capabilities in physical layer, communications, and network protocol design and test with intelligent automated test
−Removed: capabilities to enable integrated performance and user experience testing of our customers' solutions across multiple industry verticals.
−Removed: The acquisition brings together two complementary companies to enable bi-directional leverage of measurement technologies and increased solution differentiation in the expanded offering.
+Added: The Eggplant software test automation platform uses artificial intelligence ("AI") and machine learning to automate test creation and test execution and to create an innovative force in the automated test market with next generation software testing technology.
+Added: The Eggplant platform extends our core test capabilities in physical layer, communications, and network protocol design and test with intelligent automated test capabilities to enable integrated performance and user experience testing of our customers' solutions across multiple industry verticals.
+Added: Eggplant software enables bi-directional leverage of measurement technologies and differentiated solutions offering.
◦ Subscription-based business models.
Significant portions of Keysight’s broad software portfolio are sold to customers on a one-time basis, granting the customer a license to use the software in perpetuity.
−Removed: We are in the process of adding subscription-based purchasing alternatives to more of our software, in some cases phasing out perpetual access and in some cases of new product offerings, never offering perpetual terms, in order to provide customers with regular updates and predictable expense outlays, while increasing our stream of recurring revenues.
+Added: We are in the process of adding subscription-based purchasing alternatives to more of our software, in some cases phasing out perpetual access, and for some new product offerings, never offering perpetual terms, in order to provide customers with regular updates and predictable expense outlays, while increasing our recurring revenues.
Services components of our solutions such as KeysightCare are also increasingly provided on a subscription basis as part of this strategy.
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◦ Wireless communication measurement solutions.
−Removed: We are investing in the development of new wireless communications test solutions to satisfy the commercial communications end market, which is being driven by growth in mobile data, Internet of Things ("IoT") and evolving wireless standards, including 5G.
−Removed: The acquisition of Anite in fiscal 2015 strengthened our wireless software design and test portfolio and expanded our served addressable market.
−Removed: With our technical breadth and expertise and strategic engagement with market-leading customers and partners around the world, we have leading-edge solutions for 5G applications available and have been first to market with many 5G solutions.
+Added: We are investing in the development of new wireless communications test solutions to satisfy the commercial communications end market, which is being driven by growth in mobile data, Internet of Things ("IoT") and evolving wireless standards.
+Added: With our technical breadth and expertise and strategic engagement with market-leading customers and partners around the world, we have leading-edge solutions for wireless applications available and have been first to market with many 5G, 6G and virtual network solutions.
With the acquisition of Prisma Telecom Testing ("Prisma") in fiscal 2019, we enhanced our ability to deliver total solutions to the designers of cellular base stations.
+Added: The acquisition of Sanjole Corp.
+Added: (“Sanjole”) in fiscal 2021 enriched our solutions for protocol decoding and interoperability of wireless technologies.
+Added: These strategic moves support the delivery of a comprehensive, innovative 5G portfolio at the forefront of advancing communications technology.
◦ Automotive design and measurement solutions.
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The Automotive Cybersecurity Program validates the resiliency of connected components of a vehicle individually or as an entirely functioning automobile.
−Removed: In addition, security solutions developed by Ixia, acquired in 2017, enables Keysight to deliver extensive security validations of the 4G/5G radio access network (RAN) infrastructure that connects vehicles with the back-end data centers.
−Removed: With the acquisition of ScienLab in fiscal 2017, we significantly enhanced our ability to deliver application-optimized, customer-specific test solutions for the development and production of charging technology and infrastructure, energy storage, battery management systems, inverters and DC/DC converters.
−Removed: Network test solutions.
−Removed: The rapidly growing number of high-speed, connected devices requires service providers and data center operators to continuously update their networks to deliver higher levels of data transfer performance, improve quality of service and enhance network security.
−Removed: The acquisition of Ixia established Keysight as a market leader in next-generation network test and network visibility solutions.
+Added: In addition, Keysight delivers extensive security validations of the 4G/5G radio access network (RAN) infrastructure that connects vehicles with the back-end data centers.
+Added: We also deliver application-optimized, customer-specific test solutions for the development and production of charging technology and infrastructure, energy storage, battery management systems, inverters and DC/DC converters.
+Added: ◦ Network applications .
+Added: Keysight's market leading network test solutions provide network equipment manufacturers and service providers with critical capability for testing next-generation network technologies.
+Added: We continue to invest to provide first-to-market capability to meet the needs of our customers in this rapidly evolving market as network speeds increase and networks grow in complexity with virtualization and software control.
+Added: Our network visibility solutions allow enterprises and service providers to optimize their network operations by efficiently feeding detailed traffic data to analysis tools for enhanced performance and security.
+Added: We are investing to bring this powerful capability to a broad range of increasingly software-driven environments driven by cloud technology.
+Added: Together, these solutions enable network and data center operators to continuously update their networks to deliver higher levels of performance, improve quality of service and enhance network security, necessitated by the rapid growth of high-speed, connected devices and applications.
◦ Quantum computing.
−Removed: Quantum Science is a field of physics and engineering research that harnesses the unique characteristics of quantum mechanics to provide breakthrough, revolutionary advances in the areas of computing, communications and sensing.
−Removed: These three areas represent an emerging growth opportunity for Keysight.
−Removed: We are investing in the development of advanced real time control systems to establish and sustain the quantum state of qubits , the building blocks of quantum computing systems.
−Removed: We made investments in fiscal 2020 to expand our software offerings related to quantum computing.
+Added: Quantum Science is a field of physics and engineering research that harnesses the unique characteristics of quantum mechanics to provide breakthrough, revolutionary advances in the areas of computing,
+Added: communications and sensing.
+Added: These areas represent an emerging growth opportunity for Keysight.
+Added: We are investing to expand our software offerings to enable the development of advanced real time control systems to establish and sustain the quantum state of qubits , the building blocks of quantum computing systems.
• Developing solutions for network transformation
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In particular, the low-latency and high bandwidth requirements of 5G are transforming the entire network.
−Removed: Our organic investments and acquisitions are helping us enable the next generation of networks and beyond.
+Added: We are making both organic and inorganic investments to enable the next generation of networks and beyond.
We provide both wireless and wired network communications design and test solutions that address all seven layers of the communications stack.
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Our legacy encompasses more than 80 years of innovation, measurement science expertise and deep customer relationships.
−Removed: We conduct business annually with approximately 30,000 customers around the world, including most Fortune 1000 companies that are developing new electronic technologies, networks, systems, devices and components.
+Added: We conduct business annually with greater than 32,000 customers around the world, including most Fortune 1000 companies that are developing new electronic technologies, networks, systems, devices and components.
The following strengths are significant:
• Industry-focused organization structure to support customer success.
−Removed: In 2016, Keysight transformed the company structure from product-focused divisions to industry-focused solution organizations, enabling closer customer alignment.
−Removed: This allows us to partner closely with market leaders to enable new technologies and provide first-to-market solutions for emerging applications.
+Added: Our industry-focused organization structure enables closer customer alignment and allows us to partner closely with market leaders to enable new technologies and provide first-to-market solutions for emerging applications.
Our solution-centric industry groups provide end-to-end design, test and optimization solutions driven by customer specifications and timetables.
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Some of Keysight’s hardware technologies are designed and manufactured in our own in-house integrated circuit fabrication facilities, which were purpose-built and optimized to deliver leading-edge performance and capabilities across the broad portfolio of Keysight instruments.
−Removed: This differentiation enables Keysight to be recognized as a leader in six core measurement platforms:
−Removed: radio-frequency ("RF") and microwave design simulation software, network test, network analyzers, oscilloscopes, signal analyzers and signal sources.
+Added: This differentiation enables Keysight to be recognized as a leader in seven core measurement platforms:
+Added: radio-frequency ("RF") and microwave design simulation software, network test, network analyzers, oscilloscopes, signal analyzers, signal sources and network emulation solutions.
Keysight’s technology leadership supports our strategy to deliver first-to-market solutions for our customers, which in turn enables them to be first to market with their products and gain a competitive advantage.
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As part of our sales channel strategy, we have more than doubled our direct sales force over the past five years, primarily driven by investments and acquisitions.
−Removed: This global direct channel is focused on selling high performance products and industry solutions to global and geographic accounts.
+Added: This global direct channel is focused on addressing the needs of our customers by selling Keysight products, systems, solutions and services.
Approximately 75 percent of our business comes from customer interactions with our direct sales organization.
In countries with low sales volumes, sales are made through various representatives and channel partners.
−Removed: To ensure broad geographic coverage and further drive growth, we maintain a network of over 700 channel partners and an e-commerce channel to complement our direct sales force.
+Added: To ensure broad geographic coverage and further drive growth, we maintain a network of over 800 channel partners and an e-commerce platform to complement our direct sales force to extend the digital buying experience for our customers.
+Added: The combined direct and indirect channels contribute to our focus on acquiring new customers, resulting in the addition of more than 2,000 new customers in 2021.
• Large installed base.
The breadth of our solutions portfolio and our long history of producing high-performance and high-quality solutions have resulted in our large worldwide installed base of equipment.
−Removed: This installed base enables a strong and growing services solutions portfolio, which provides a wide range of calibration and repair services, on both a per-incident and contract basis, and provides additional sales opportunities as loyal customers refresh or upgrade their equipment.
+Added: This installed base enables a strong and growing services solutions portfolio, which provides a wide range of calibration and repair services on both a per-incident and contract basis, as well as technical support as part of KeysightCare.
+Added: It also provides additional sales opportunities as loyal customers refresh or upgrade their equipment.
• Centralized order fulfillment.
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We believe this focus drives long-term competitive advantage and growth while building customer loyalty.
−Removed: Employee Growth is enabled in a dynamic work environment where employees are encouraged to be innovative and act with speed.
+Added: • Employee Growth is enabled in a diverse, inclusive and respectful work environment, where employees are offered challenging assignments, development opportunities, competitive salaries and a safe workplace.
This environment supports employees throughout their careers with the goal of connecting their passions to business results.
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Operating Segments
−Removed: We completed an organizational change in the first quarter of fiscal 2020 to manage our former Ixia Solutions Group within our Communications Solutions Group to enable us to create improved go-to market and product development alignment as well as accelerate solution synergies as new technologies emerge.
−Removed: As a result of this organizational change, we now have two reportable operating segments, the Communications Solutions Group and the Electronic Industrial Solutions Group.
−Removed: Prior period segment results have been revised to conform to the current presentation.
+Added: We have two reportable operating segments, the Communications Solutions Group and the Electronic Industrial Solutions Group.
Communications Solutions Group
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We provide end-to-end solutions for mobile chipsets, connected smart sensors/devices (i.e., IoT), wireless base stations, networks, data centers and cloud.
−Removed: Our leading-edge solutions enable and accelerate new technology waves, including 5G wireless, Wi-Fi 6, 400G+ telecom and optical test and PCIe Gen5 high speed digital.
+Added: Our leading-edge solutions enable and accelerate new technology waves, including 5G and 6G wireless, O-RAN, Wi-Fi 6, 400G+ telecom and optical test and PCIe Gen5 high speed digital.
Our ability to design and deliver first-to-market solutions is enabled by our technical expertise as well as our strategic engagements with market-leading customers across the commercial communications ecosystem.
NEMs and chipset providers design and manufacture products to enable the transmission of voice, data and video traffic.
−Removed: The NEMs’ customers are communications service providers and enterprises that deploy and operate the networks and deliver services,
−Removed: as well as distribute end‑user subscriber devices such as wireless smart phones, tablets and other connected devices.
+Added: The NEMs’ customers are communications service providers and enterprises that deploy and operate the networks and deliver services, as well as distribute end‑user subscriber devices such as wireless smart phones, tablets and other connected devices.
To meet their customers’ demands, NEMs require test and measurement instruments, systems and solutions for the development, production and installation of each optical, electrical and wireless network technology.
+Added: The chipset providers' customers are device makers who design and manufacture smartphones, tablets, wearables, IoT, etc.
+Added: They are also module makers who design and manufacture communication modules with cellular, bluetooth and/or Wireless Lan connection capabilities to laptop, cars and other devices.
+Added: To meet their customers requirements, device makers and module makers need test and measurement solutions for development, validation, production and regulatory confirmation to cover all supported communication technologies.
Wireless device providers require design and test solutions for the design, development, manufacture and repair of a variety of mobile and connected devices, including both smart phones and tablets.
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This market includes commercial and government customers and their contracted suppliers.
−Removed: Electromagnetic spectrum operations, digital transformation and modernization of satellites, radars and surveillance systems worldwide are the drivers of test demand within the aerospace and defense market.
+Added: Electromagnetic
+Added: spectrum operations, digital transformation and modernization of satellites, radars and surveillance systems worldwide are the drivers of test demand within the aerospace and defense market.
Government customers include departments or ministries of defense and related agencies around the world.
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Customers test the electrical parameters of a broad spectrum of components and assemblies and final products and often require large systems containing multiple electronic instruments.
−Removed: We do not manufacture or sell weapons or munitions nor components therein.
−Removed: A small percentage of our revenue is from solutions with specific features or software “tailor-made” for our defense customers.
−Removed: In fiscal 2020, “tailor-made” defense revenue represented less than 5 percent of our total revenue.
+Added: We do not manufacture or sell weapons, munitions or components therein.
+Added: Only a small percentage of Keysight revenue is from solutions with specific features or software “tailor-made” for our defense customers.
+Added: In fiscal 2021, “tailor-made” defense revenue represented less than 5 percent of total revenue.
Communications Solutions Group Solutions
−Removed: Our software-driven electronic design and test solutions include software design tools, software-driven RF and microwave (“uW”) instruments, digital instruments and various other general purpose test instruments and targeted test solutions.
+Added: Our electronic design and test solutions include software design tools, software-driven RF, microwave (“uW”) instruments, and digital instruments and various other general purpose test instruments and targeted test solutions.
Our technical breadth and expertise enables leading-edge solutions across commercial and government communications.
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Our customers also use our high‑frequency EDA software tools to model signal integrity problems in digital design applications as digital speeds continue to increase.
−Removed: Network Test and Network Visibility Solutions
+Added: Network Applications Solutions
We offer a comprehensive suite of hardware and virtual network test platforms and software applications that provide customers with the ability to perform a broad range of testing for layers 2-7 of the network stack.
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Keysight's network visibility solutions provide real-time, end-to-end visibility, insight and security for physical, virtual and cloud-based software defined networks.
−Removed: Our solutions deliver the control, coverage, intelligence and performance customers need in a seamless fashion to protect and improve crucial networking, data center and cloud business assets.
−Removed: Our comprehensive network visibility platform, proprietary software, and advanced processing technologies enable additional intelligence and functionality.
−Removed: Other Measurement Solutions
+Added: Our solutions deliver the control, coverage, intelligence and performance customers need to protect and improve crucial networking, data center and cloud business assets.
+Added: Our comprehensive network visibility
+Added: platform, proprietary software, and advanced processing technologies enable critical intelligence and functionality to enhance network efficiency and security.
+Added: Other Measurement Solutions and product offerings
Our suite of fiber optic test solutions measures and analyzes a wide variety of critical optical and electrical parameters in fiber optic networks and their components.
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Our test solutions include optical modulation analyzers, optical component analyzers, optical power meters and optical laser source solutions.
−Removed: Service Solutions
−Removed: Our services solutions include repair, calibration and consulting services, and resale of refurbished used Keysight equipment.
−Removed: Customer demand is fulfilled by trained technicians and engineers through regional service centers located in close proximity to customers at 68 Keysight service locations in 34 countries.
−Removed: Our global presence with localized service proximity is an important factor in sustaining our customers’ equipment uptime and utilization requirements.
−Removed: In addition to providing repair and calibration support for Keysight equipment, we repair and calibrate non-Keysight equipment.
−Removed: We also provide industry-specific services to deliver complete Keysight solutions and help customers reduce their total cost of ownership for their design and test equipment.
−Removed: Our services solutions include the following general types of solutions and services:
−Removed: Accredited product support services.
−Removed: Comprehensive support services that include repair, parts, and accredited calibrations of Keysight and non-Keysight test equipment.
−Removed: Professional services.
−Removed: Training and engineering services to optimize equipment adoption, utilization, and design and test processes.
−Removed: KeysightCare.
−Removed: Beyond the basic warranty, KeysightCare is a for-pay service that provides dedicated, proactive support through a single point of contact for instruments, software and solutions.
−Removed: Re-manufactured equipment.
−Removed: Refurbished used equipment, including Keysight Premium Used, which ensures the same high quality as our new equipment.
+Added: Additionally, we provide resale of refurbished used Keysight equipment, including Keysight Premium Used, which ensures the same high quality as our new equipment.
Communications Solutions Group Customers
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Government customers include departments or ministries of defense, government agencies and related research institutes.
−Removed: Our customers use our solutions to research, design, develop, validate, manufacture, install and securely operate radio frequency, microwave frequency, digital, semiconductor and optical products and
+Added: Our customers use our solutions to research, design, develop, validate, manufacture, install and securely operate radio frequency, microwave frequency, digital, semiconductor and optical products and systems.
These products and systems range from passive components that require basic electrical measurements through complex networks and data centers that require integrated measurement solutions to optimize reliability, performance and security.
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In the commercial communications market, our primary competitors are Rohde & Schwarz GmbH & Co.
−Removed: KG, Anritsu Corporation, Fortive Corporation, Gigamon, National Instruments Corporation, Spirent Communications plc, Teledyne Technologies, Teradyne, Inc.
−Removed: and VIAVI Solutions Inc.
+Added: KG, Anritsu Corporation, Fortive Corporation, Gigamon, National Instruments Corporation, Teledyne Technologies, Teradyne Inc., Spirent Communications plc, and VIAVI Solutions Inc..
In the aerospace, defense and government market, our primary competitors are Rohde & Schwarz GmbH & Co.
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Electronic Industrial Solutions Group
−Removed: The Electronic Industrial Solutions Group provides test and measurement solutions and related services across a broad set of electronic industrial end markets, focusing on high-value applications in the automotive and energy industry and measurement solutions for consumer electronics, education, general electronics design and manufacturing, and semiconductor design and manufacturing.
−Removed: The group provides electronic design and test software, electronic measurement instruments and systems and related services used in the simulation, design, validation, manufacturing, installation and optimization of electronic equipment.
−Removed: With our 2020 acquisition of Eggplant, a leading software test automation company, we now have the ability to provide automated software test capabilities that include AI and machine learning to automatically identify, build and execute tests most critical to digital business success and a strong customer experience.
+Added: The Electronic Industrial Solutions Group provides test and measurement solutions and related services across a broad set of electronic industrial end markets, focusing on high-value applications in the automotive and energy industries and measurement solutions for consumer electronics, education, general electronics design and manufacturing, and semiconductor design and manufacturing.
+Added: The group provides electronic measurement instruments, design and test software and systems and related services used in the simulation, design, validation, manufacturing, installation and optimization of electronic equipment, and automated test software that uses artificial intelligence and machine learning to automate test creation and test execution.
This business generated revenue of $1,418 million in fiscal 2021, $1,089 million in fiscal 2020 and $1,135 million in fiscal 2019.
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We market our electronic design and test solutions to customers incorporating significant electronic content in their products across a broad set of automotive and energy, general electronics and semiconductor markets.
+Added: Our customers are electronic component companies, original equipment manufacturers ("OEMs") and contract manufacturers and include their supply chain ecosystem suppliers for printed circuit assemblies, components/ICs, interconnected devices and software applications, including cloud services.
These customers design, develop and manufacture a wide range of products, including those produced in high volumes, such as computers, computer peripherals, electronic components, consumer electronics, enterprise servers, storage networks and automotive electronics.
−Removed: The components, printed circuit assemblies and functional devices for these products may be designed, developed and manufactured by electronic components companies, original equipment manufacturers ("OEMs") or contract manufacturers, all of whom are potential customers for Keysight.
Other industrial applications for our electronic industrial solutions include power, energy, automotive, medical, and university research and teaching labs.
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Electronic Industrial Solutions Group Solutions
−Removed: Our software-driven electronic industrial solutions include design and design verification tools, a broad range of electronic test and measurement instruments, comprehensive manufacturing test systems, material analysis and education solutions to teach and train the next generation of engineers and scientists, and solutions to enable scientific discovery in university research labs in a variety of fields.
+Added: Our electronic industrial solutions include design and design verification tools, a broad range of electronic test and measurement instruments, comprehensive manufacturing test systems, material analysis and education solutions to teach and train the next generation of engineers and scientists, and solutions to enable scientific discovery in university research labs in a variety of fields.
Design tools include design-for-test software for printed circuit assemblies and automotive radar, and EDA software for the design and simulation of wireless and wired communication links in industrial, automotive and power semiconductor devices.
−Removed: Design verification solutions include physical signal characterization and protocol compliance, notably for those communication links used in industrial, energy and automotive devices and products.
+Added: Design verification tools include physical signal characterization and protocol compliance, notably for those communication links used in industrial, energy and automotive devices and products.
Major automotive and battery manufacturers are electrifying transportation and changing how electrical energy is generated, stored and controlled.
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We also provide the solutions required to test the components in the electrified drive train.
−Removed: We offer a broad portfolio of general-purpose precision measurement solutions in the market, from handheld test tools to bench measurement instruments and measurement solutions.
+Added: We offer a broad portfolio of general-purpose precision measurement solutions, from handheld test tools to bench measurement instruments and measurement solutions.
Many of these products are designed for demanding industrial environments and provide high performance capabilities and include digital multimeters, function generators, frequency counters, data acquisition systems, audio analyzers, LCR meters, thermal imagers, source measure units, ultra-high precision device current analyzers, test executive software platforms and a wide variety of power supplies ranging from bench to highly scalable AC/DC modular supplies and electronically programmable loads.
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Increasing global competition in education is driving the need for efficient and timely education solutions, and we are making those available in areas such as IoT, 5G communications technology and smart devices.
−Removed: Our market-leading Eggplant software test automation has pioneered the concept of intelligent test automation by integrating AI-powered testing that identifies and build tests automatically.
−Removed: This has reduced the time-to-market of solutions by reducing the time taken for test.
+Added: Our market-leading Eggplant test automation software has pioneered the concept of intelligent test automation by integrating AI-powered testing that identifies and builds tests automatically.
+Added: This has reduced the time-to-market of solutions by
+Added: reducing the time taken for test.
Our test automation can analyze and control applications and websites through the user interface in the same way a user would interact and this has extended Keysight’s capabilities into the application layer and user experience.
Our solutions are agnostic across devices and software platforms and are widely used across various industries, including aerospace and defense, healthcare, automotive, networking, retail, e-commerce and the financial sector.
−Removed: Service Solutions
−Removed: Our services solutions include repair, calibration and consulting services, and resale of refurbished used Keysight equipment.
−Removed: Customer demand is fulfilled by trained technicians and engineers through regional service centers located in close proximity to customers at 68 Keysight service locations in 34 countries.
−Removed: Our global presence with localized service proximity is an important factor in sustaining our customers’ equipment uptime and utilization requirements.
−Removed: In addition to providing repair and calibration support for Keysight equipment, we repair and calibrate non-Keysight equipment.
−Removed: We also provide industry-specific services to deliver complete Keysight solutions and help customers reduce their total cost of ownership for their design and test equipment.
−Removed: Services solutions include the following general types of solutions and services:
−Removed: Accredited product support services.
−Removed: Comprehensive support services that include repair, parts, and accredited calibrations of Keysight and non-Keysight test equipment.
−Removed: Professional services.
−Removed: Training and engineering services to optimize equipment adoption, utilization, and design and test processes.
−Removed: KeysightCare.
−Removed: Beyond the basic warranty, KeysightCare is a for pay service that provides dedicated, proactive support through a single point of contact for instruments, software and solutions.
−Removed: Re-manufactured equipment.
−Removed: Refurbished used equipment, including Keysight Premium Used, which ensures the same high quality as our new equipment.
Electronic Industrial Solutions Group Customers
−Removed: Our customers include semiconductor and component manufacturers, OEMs and contract manufacturers of electronic industrial products and services.
−Removed: These customers use our solutions to perform R&D and to design, manufacture and support their products and services.
+Added: Our electronic industrial products and services customers include semiconductor and component manufacturers, OEMS and contract manufactures in the automotive, semiconductor and general electronics industry.
+Added: Our customers use our solutions to perform R&D and to design, manufacture and support their products and services.
Customer products include electronic modules and systems that go into a wide range of electronic industrial products, such as electric/autonomous vehicles, connected consumer and industrial devices, digital healthcare devices in the IoT domain, semiconductor equipment and devices, and printed circuit assemblies.
Our customers range from the largest multi-national global companies to the smallest start-ups and include universities and government agencies around the world.
−Removed: Our automotive customers
−Removed: use Keysight's solutions to develop, test and manufacture the electrified drive train, battery management systems, e-mobility and advanced vehicle-to-everything ("V2X") communications that will enable electric and hybrid-electric vehicles to be fully autonomous.
+Added: Our automotive customers use Keysight's solutions to develop, test and manufacture the electrified drive train, battery management systems, e-mobility and advanced vehicle-to-everything ("V2X") communications that will enable electric and hybrid-electric vehicles to be fully autonomous.
In order to address the growing needs of customers involved in the design and development of the latest automotive electronic technologies, we also operate four automotive application centers in Boeblingen, Germany;
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They include electronic test and measurement labs, technical experts, and state-of-the-art design and test software and hardware, as well as a customer training facility for hands-on workshops and seminars.
−Removed: These centers address the next-generation technology needs of the automotive industry, including OEMs, electronic components suppliers, semiconductor chipset manufacturers, battery and charging infrastructure providers and compliance labs, where we provide solutions across the entire ecosystem for the connected “smart” vehicle.
+Added: These centers address the next-generation technology needs of our automotive industry customers, including OEMs, electronic components suppliers, semiconductor chipset manufacturers, battery and charging infrastructure providers and compliance labs, where we provide solutions across the entire ecosystem for the connected “smart” vehicle.
No single customer represented 10 percent or more of the group's revenue.
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The market for electronic industrial design and test solutions is highly competitive across our targeted markets.
−Removed: In the electronic industrial test market, our primary competitors are Rohde & Schwarz GmbH & Co.
−Removed: KG, Ametek, Inc., Fortive Corporation,Teledyne Technologies, National Instruments Corporation, and Teradyne, Inc.
+Added: In the electronic industrial test market, our primary competitors are Fortive Corporation, National Instruments Corporation and Rohde & Schwarz GmbH & Co..
Our electronic industrial design and test solutions offer a wide range of products and related software and compete primarily on the basis of differentiated capability, first-to-market leading edge technology, product quality and long-term value to our customers.
−Removed: The following discussions of Research and Development, Sales, Manufacturing, Marketing, Human Capital, Backlog, Intellectual Property, Materials, Government Regulations and Acquisition of Material Assets include information common to each of our businesses.
+Added: The following discussions of Research and Development, Services, Sales, Manufacturing, Marketing, Human Capital, Backlog, Intellectual Property, Materials, Government Regulations and Acquisition of Material Assets include information common to each of our businesses.
Research and Development
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R&D investments are focused on delivering technology and first-to-market solutions, as well as building a strong foundation for future solutions over a longer time horizon.
−Removed: Our significant technology development centers are in California, Colorado and Georgia in the United States and in Romania, Malaysia, India, China and Spain.
+Added: Our significant technology development centers are in California, Colorado and Georgia in the United States and in Romania, Malaysia, India, China, Spain, Germany and Japan.
We anticipate that we will continue to have significant R&D expenditures in order to maintain our competitive position with a continuous flow of innovative, high-quality software, customer solutions, products and services.
+Added: Services Solutions
+Added: Our services solutions include product support services, technical support and training and consulting.
+Added: Customer demand is fulfilled by trained engineers and technicians through regional support and service centers located near customers or through on-site teams.
+Added: Our global presence with localized service proximity is an important factor in sustaining our customers’
+Added: solutions, uptime and utilization requirements.
+Added: We also provide industry-specific services to deliver complete Keysight solutions and help customers reduce their total cost of ownership for their design and test equipment.
+Added: Our services solutions include the following general types of services:
+Added: • Product support services.
+Added: Comprehensive support that includes repair, parts, and accredited calibrations of Keysight products and solutions.
+Added: • Technical support for software and hardware.
+Added: Customer support for the usage and utilization of our products.
+Added: • Professional services.
+Added: Installation, training and engineering services to optimize equipment adoption, utilization, and design of test processes.
Our direct sales force focuses on addressing the needs of our global and regional customers by selling Keysight products, systems, solutions and services.
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Our in-house manufacturing efforts are focused on the highest value added, more complex and highly technical aspects of production, and we use contract manufacturers for assembly, printed circuit board production, metal die-casting and plastic moulding.
−Removed: Our largest manufacturing facility in Penang, Malaysia focuses on the final assembly of our most sophisticated instruments and on final tuning, calibration and test of instruments across the broader portfolio.
−Removed: We also operate three technology centers in Santa Rosa, California;
+Added: We have manufacturing centralized in Penang, Malaysia, our largest manufacturing facility, which focuses on the final assembly of our most sophisticated instruments and on final tuning, calibration and test of instruments across the broader portfolio.
+Added: Our other principal manufacturing facilities are in California and Colorado in the United States, and outside of the United States in Germany and Japan.
+Added: We also operate three technology centers located in Santa Rosa, California;
Colorado Springs, Colorado;
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Our technology centers provide a competitive advantage by developing and manufacturing differentiated technology components with performance levels that are not available commercially.
−Removed: We have manufacturing facilities in California and Colorado in the United States.
−Removed: Outside of the United States, we have manufacturing centralized in Malaysia along with other manufacturing facilities, including in Germany and Japan.
We generally manufacture products after we have received firm orders for delivery.
−Removed: We have several ongoing programs to support the sale and distribution of our solutions and to inform existing and potential customers, partners and distributors about the capabilities and benefits of our expansive solutions and services portfolio.
−Removed: We are modernizing our marketing platforms to increase focus on lead generation for top growth segments.
−Removed: We continue to invest in improving Keysight brand recognition in strategic industries, such as automotive and commercial communications, and geographies, including the greater San Francisco area, Germany, Shanghai and Nagoya.
−Removed: Our marketing efforts promote the Keysight business through participating in industry trade shows and technical conferences, sponsoring technical seminars and webinars that highlight our solutions, and advertising in digital media publications and physical locations.
−Removed: Additionally, we write and distribute various forms of marketing collateral including brochures, white papers, application notes, solutions briefs and articles for online and print journals.
−Removed: Finally, we communicate to our existing and potential customers through our corporate website and various social media outlets, such as LinkedIn, Facebook, Twitter and our corporate blog.
+Added: Keysight Global Marketing positions the company brand and drives growth through programs to increase awareness, reputation, and demand for Keysight’s software-centric test and measurement solutions in the industries we serve.
+Added: We take a multi-pronged approach to building brand equity, including articulating a strong brand purpose, establishing our presence in key markets, deploying behavior-based and geo-targeting advertising to increase online reach, and maintaining leadership in worldwide earned media mentions.
+Added: We support growth initiatives through high-value content, industry events and local market activities, and implement digital programs to attract new accounts.
+Added: In response to the Covid-19 pandemic, we emphasized virtual events that enabled customers to remotely innovate and learn.
+Added: We continue to expand Keysight University, an online learning platform for engineers, with courses for every career level, and have launched a Virtual Solutions Center to showcase
+Added: solution use cases.
+Added: At our premium Keysight World virtual events, we bring together customers, industry thought leaders, academics and Keysight experts to share the applications and benefits of breakthrough technologies.
+Added: We continuously adopt leading-edge marketing practices, technology, and data-driven investments to stay at the forefront of the industry and maximize marketing ROI for Keysight.
Human Capital
−Removed: We have a diverse, inclusive and respectful work environment, where employees enjoy challenging assignments, development opportunities, competitive salaries, and a safe workplace.
+Added: We have a diverse, inclusive and respectful work environment, where employees are offered challenging assignments, development opportunities, competitive salaries and a safe workplace.
As of October 31, 2021, we had approximately 14,300 employees worldwide representing more than 80 self-identified nationalities working across approximately 30 countries.
−Removed: The Chief People and Administrative Officer ("CAO") is responsible for developing and executing the company’s human capital strategy.
−Removed: This includes directing Keysight's global policies and programs for leadership and talent development, compensation, benefits, staffing and workforce planning, human resources systems, education and organization development, workplace strategies, and global sourcing and indirect procurement, and ensuring effective and efficient internal company operations.
−Removed: The CAO is responsible for developing and integrating the company’s diversity and inclusion priorities and strategy.
−Removed: In addition, the Chief Executive Officer ("CEO") and CAO regularly update our board of directors and the Compensation Committee on human capital matters.
+Added: Of those employees, 5,200 are located in North America, including 5,000 in the U.S., 2,700 are located in Europe and 6,400 are located in Asia.
Culture, Values and Standards
−Removed: Our core values and culture reflect a commitment to ethical business practices and outstanding corporate citizenship wherever we operate in the world.
−Removed: We adhere to the tenets of the United Nations Guiding Principles on Business and Human Rights, and core International Labor Organization Conventions, and we comply with the labor and employment laws of all countries in which we operate, prioritizing fair employment practices, labor compliance, nondiscrimination and equal employment opportunity.
−Removed: We are a member of the Responsible Business Alliance, which further strengthens our efforts and commitment.
−Removed: KLM provides the framework to enable us to execute on our strategies with our customers, stockholders and employees while demonstrating our values of Speed and Courage, Uncompromising Integrity, High Performance, Social Responsibility and One Keysight.
−Removed: Our values make our culture dynamic, inspiring, and powerful and draw on our employees’ skills and aspirations.
−Removed: Our culture fosters employee engagement and innovation, which we believe is a competitive advantage.
−Removed: These values and practices allow us
−Removed: to maintain a best-in-class work environment, where all employees are responsible for upholding our values.
−Removed: Our Keysight Standards of Business Conduct ("SBC") governs our dealings with our customers, competitors, suppliers, third-party partners, as well as with our fellow employees, and is readily available for review.
−Removed: SBC training is required annually for all our employees.
−Removed: Additionally, our Open Door Policy reflects our values by creating a safe and trusting environment where employees have direct access to any level of management to discuss ideas and concerns in a constructive manner.
−Removed: Hiring, Diversity and Equal Employment Policy
−Removed: We are an equal opportunity employer and are committed to maintaining a diverse and inclusive work environment.
−Removed: Employees are treated with dignity and respect in an environment free from harassment and discrimination regardless of race, color, age, gender, disability, minority, sexual orientation or any other protected class.
−Removed: Our commitment to diversity and inclusion helps us attract and retain the best talent, enables employees to realize their full potential, and drives high performance through innovation and collaboration.
−Removed: Because we know that diversity is truly a competitive advantage that helps drive innovation, we strive to maintain a best-in-class work environment that fosters respect for individuals, their ideas and contributions.
−Removed: We benefit from the innovation that results when people with differing experiences, perspectives and cultures work together.
−Removed: Our staffing policies, which extend across every phase of the recruitment process, underscore our commitment to diversity, ethics, integrity and compliance everywhere we do business.
−Removed: We have partnerships with universities worldwide that are aligned with our strategic talent needs, including Historically Black Colleges and Universities ("HBCU") in the United States.
−Removed: Inclusion and diversity are among our CEO’s top priorities, with clearly outlined near-term actions to accelerate progress specifically for under-represented minorities in addition to our broader inclusion and diversity program initiatives.
+Added: Our core values and culture reflect a commitment to ethical business practices and outstanding corporate citizenship.
+Added: We adhere to the tenets of the United Nations Guiding Principles on Business and Human Rights, and core International Labor Organization conventions, and we are an affiliate member of the Responsible Business Alliance.
+Added: We comply with the labor and employment laws of all countries in which we operate, prioritizing fair employment practices, labor compliance, nondiscrimination and equal employment opportunity.
+Added: Our KLM is the framework for how we do business, enabling us to execute on our strategies with our customers, stockholders and employees while demonstrating our values of Speed and Courage, Uncompromising Integrity, High Performance, Social Responsibility and One Keysight.
+Added: We believe our culture fosters employee inclusion, engagement and innovation, which we believe is a competitive advantage.
+Added: We are committed to maintaining a work environment founded on respect for all in the workplace regardless of race, color, age, gender, sexual orientation, gender identity and expression, ethnicity, religion, disability, veteran status, national origin, or any protected class.
+Added: Our Keysight Standards of Business Conduct ("SBC") govern our dealings with our customers, competitors, suppliers, third-party partners, as well as with our fellow employees, and is available for review on our website.
+Added: Our employees are responsible for upholding the SBC, and SBC training is required annually for all our employees.
+Added: Governance and Oversight
+Added: The Chief People and Administrative Officer ("CAO") is responsible for developing and executing the company’s human capital strategy.
+Added: This includes directing Keysight's global policies and programs for leadership and talent development, compensation, benefits, staffing and workforce planning, human resources systems, education and organization development, workplace strategies, and ensuring effective and efficient internal company operations.
+Added: The CAO is responsible for developing and integrating the company’s diversity, equity and inclusion priorities and strategy.
+Added: The Chief Executive Officer ("CEO") and CAO regularly update our board of directors and the Compensation and Human Capital Committee (the “Committee”) on human capital matters.
+Added: In addition, in this past year the board of directors changed the name of the Committee from the Compensation Committee to the Compensation and Human Capital Committee and revised the Committee Charter to reflect the Committee’s increased oversight responsibility for Human Capital management.
+Added: Hiring, Retention and Succession Planning
+Added: As an engineering company, we understand that Science, Technology, Engineering and Math ("STEM") education is critical to creating a pipeline of future engineers.
+Added: We support STEM education through a variety of company-sponsored and employee-led programs, such as “Introduce a Girl to Engineering” and “Expand Your Horizons,” which introduce school-age students to engineering.
+Added: Our talent acquisition and Human Resources teams work with business leaders to understand and align on business goals and strategies and how they impact our talent needs.
+Added: The teams use this information to inform recruiting efforts and to build talent pipelines to support growth.
+Added: In partnership with the marketing team, we have built a strong company brand utilizing multiple communication platforms, social media, and online job boards to highlight Keysight culture, our achievements, business and overall mission, all to better enable us to attract top talent.
+Added: We are continuously refining and expanding our talent acquisition strategies and processes, from interviewing to onboarding.
+Added: As part of our talent acquisition strategy, we provide training to recruiters and hiring managers to assist them in recruiting and hiring top talent.
+Added: “Developing Job Descriptions & Marketing Job Openings Inclusively” and “SELECT – The Neuroscience of Better Hiring” are two examples of courses available to recruiters and hiring managers.
+Added: Through our global end-to-end onboarding project, we have created a smooth and simple onboarding experience for our new hires.
+Added: We had a global
+Added: job acceptance rate of 86.3 percent in fiscal year 2021.
+Added: The number of software engineers in our R&D function have more than doubled since we became an independent company.
+Added: On at least an annual basis, our business leaders are required to evaluate employee contributions to the company and to identify key contributors, as well as those in need of improvement.
+Added: Our annual rewards process provides each employee with feedback on their performance over the past fiscal year and rewards achievement.
+Added: Working with Human Resources, business leaders develop retention strategies and initiatives to keep critical talent focused and engaged and to minimize attrition.
+Added: Our business leaders re-allocate resources where needed to balance attrition, retirements and the need to source new capabilities.
+Added: The average tenure of our employees is 12.7 years.
Our three-year average employee turnover rate was approximately 6.2 percent and has been lower than the industry average for the past five years.
−Removed: We have a global job acceptance rate of over 90 percent over the past three years, and we have approximately doubled the number of our software engineers since 2014.
+Added: Through succession planning and leadership development, we are developing our leadership bench.
+Added: We have identified core competencies for our leadership positions along with a learning and development framework that can help leaders refine those skills.
+Added: The executive team is actively involved creating, reviewing and revising succession plans.
+Added: Succession planning sessions are conducted annually in each business and at many levels in the organization.
+Added: These reviews provide visibility to the overall leadership bench, potential gaps, top talent and development plans.
+Added: Globally, 4 percent of our employee population is eligible to retire.
+Added: and Japan, employees eligible to retire are 27.1 percent and 15.7 percent, respectively.
+Added: We recognize that many of these employees have valuable skills and historical information and that knowledge transfer is critical.
+Added: As part of our knowledge transfer practices, we utilize a combination of work shadowing, paired work, coaching, documenting workflows, and cross-training.
+Added: In the U.S., we have a program specifically designed to enable retirement-ready critical talent to gradually reduce hours, giving us time to transfer critical information and processes.
+Added: Once retired, these former employees are given the opportunity to consult with us on a limited basis to provide on-going mentoring and training.
+Added: Diversity and Equal Employment Policy
+Added: We are an equal opportunity employer, and we are committed to maintaining a diverse and inclusive work environment that is free from harassment and discrimination.
+Added: Our commitment to diversity, equity and inclusion helps us attract and retain the best talent and drives high performance through innovation and collaboration.
+Added: Diversity is a competitive advantage, and we strive to maintain a best-in-class work environment that fosters respect for individuals, their ideas and contributions.
+Added: We benefit from the innovation that results when people with differing experiences, perspectives and cultures work together.
+Added: Diversity, equity and inclusion are among our CEO's top priorities.
+Added: In addition to our broader diversity, equity and inclusion initiatives, we set near-term objectives to increase representation of under-represented minorities.
+Added: We have a Senior Director of Diversity and Inclusion who is responsible for driving implementation of new and ongoing initiatives to continue to foster a diverse and inclusive environment.
+Added: Our staffing policies underscore our commitment to diversity, ethics, integrity and compliance.
+Added: In order to increase the pool of diverse candidates for open positions, we participate in diversity-focused career fairs and conferences in the U.S., Asia and Europe.
+Added: We identify diversity recruiting business champions to develop business-specific talent acquisition plans, and we have partnerships with universities worldwide that are aligned with our strategic talent needs, including Historically Black Colleges and Universities ("HBCU") in the United States.
+Added: We seek to create an environment where employees can be successful and provide mentoring programs, inclusive benefits, support for employee network groups, and training for every stage of employment.
+Added: As of October 31, 2021, women represented 30.3 percent of our global workforce, and underrepresented minorities represented 35.5 percent of the U.S.
+Added: The percentage of women in leadership positions (Officer, Senior Vice President, Vice President, Senior Manager, Integrating Manager, Operating Manager and Supervisor) globally was 23.4 and the percentage of underrepresented minorities was 31.4.
+Added: At the senior executive level (Officer, Senior Vice President, Vice President), 18.2 percent were women and 21.6 percent were underrepresented minorities.
+Added: Our Board has ten members, three of whom are women, and one is a self-identified underrepresented minority.
+Added: In the U.S., we are seeking to expand our Asian, Black/African American, Hispanic/Latinx, Native American and Pacific Islander representation in our workforce.
+Added: We established annual hiring goals to improve our workforce diversity.
+Added: In fiscal year 2021, 34.4 percent of our global external new hires were women, falling short of our fiscal year 2021 goal of 35 percent.
+Added: In fiscal year 2021, 46.4 percent of external new hires in the U.S.
+Added: were underrepresented minorities, exceeding our goal of 45 percent.
+Added: Our fiscal year 2022 hiring goal is intended to show improvement, with an increase to 35.4 percent global external new hires being women and 47.4 percent of external new hires in the U.S.
+Added: being underrepresented minorities.
+Added: A metric in our short-term executive compensation program for fiscal year 2022 is tied to the achievement of these goals.
+Added: To measure achievement of
+Added: this goal, we are using the California Assembly Bill 979 definition of underrepresented minorities, which includes Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian, Alaska Native, or gay, lesbian, bisexual or transgender.
Learning and Development
We believe that learning is a lifelong pursuit that creates a mindset of professional growth and continuous improvement.
−Removed: We emphasize experimentation, stretch assignments and on-the job learning and development.
+Added: We emphasize on-the-job learning through stretch assignments and development opportunities as well as education.
Our employees have access to a wide range of programs, workshops, classes and resources to help them excel in their careers and share what they know with others.
−Removed: Our Keysight University platform offers robust training and development programs, as well as learning resources.
+Added: Our Keysight University platform offers training and development programs, as well as learning resources.
Our Employee Educational Assistance Program provides financial and management support to eligible employees, allowing them to pursue academic degrees related to their field of work.
−Removed: Employees may also participate in a tuition reimbursement program and distance learning degree programs with major universities.
+Added: Employees are eligible for tuition reimbursement programs and distance learning degree programs with major universities.
Many of our employees are required to take annual training courses related to their work, including those pertaining to the environment, data privacy, and workplace health and safety.
We also have leadership development programs available to employees, including the New Manager Training Program, Manager’s Boot Camp, and Executive Online Development Program.
−Removed: We hold an annual Keysight Executive Development ("KED") program with senior business leaders to weave our values with strategic business objectives, mission, and vision, and align on strategy and key focus areas for the company.
−Removed: These recorded sessions and the calls to action are then cascaded down to all Keysight employees.
−Removed: Our Keysight Leadership Model was created from one of such annual programs, and over 11,000 Keysight employees have completed customized Keysight Leadership Model training.
+Added: We hold an annual Keysight Executive Development ("KED") program with senior leaders to align on strategy and key focus areas for the company.
+Added: Portions of these recorded sessions are then cascaded down to all Keysight employees.
+Added: Our KLM was rolled out during a KED program, and subsequently over 11,500 Keysight employees have completed customized KLM training.
+Added: In addition, we expect all of our managers to complete the Yale University Fostering Inclusion & Diversity program by the end of fiscal year 2022.
Compensation and Benefits
We compensate employees with competitive wages and benefit programs designed to meet employee needs.
−Removed: Our compensation and benefit programs are designed to recognize our employees' contributions to value creation and business results, including competitive base salaries and variable pay, which rewards company and individual performance;
+Added: Our compensation and benefit programs are designed to recognize our employees' contributions to value creation and business results.
+Added: These programs include competitive base salaries and variable pay, which reward company and individual performance;
share-based equity award grants;
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and opportunities to give back to our communities through donations of time and money.
−Removed: Health and Safety
−Removed: Keysight maintains a best-in-class work environment and provides a safe and healthy workplace for all employees.
+Added: We seek to ensure pay parity across our organization.
+Added: In 2021 we achieved a worldwide male to female salary ratio of nearly 1:1.
+Added: We monitor our benefits programs to ensure they meet the health and welfare needs of our employees.
+Added: Listening to Employees
+Added: We provide multiple avenues for employee input.
+Added: Our Open-Door Policy provides employees with direct access to any level of management to discuss ideas, get input on career development and discuss concerns in a constructive manner.
+Added: The MyVoice program fosters inclusion through engagement surveys on a variety of topics that give us insight on what employees value and helps us identify where to prioritize our efforts.
+Added: We also created a global Inclusion Council comprised of employees from all functions and across the globe to help formulate our goals and track our progress.
+Added: Health, Safety and Wellness
+Added: We strive to maintain a best-in-class work environment and provide a safe and healthy workplace for all employees.
We accomplish this through strict compliance with applicable laws and regulations regarding workplace safety, including recognition and control of workplace hazards, tracking injury and illness rates, utilizing a global travel health program, and maintaining robust emergency and disaster recovery plans.
+Added: We promote the health and wellness of our employees through our Employee Well Being programs and workplace accessibility and accommodations.
+Added: Throughout the COVID-19 pandemic, we operated in accordance with three guiding principles – keep employees and their families safe and healthy, keep Keysight strong for our employees and customers, and help our communities.
+Added: Our actions in response to the pandemic have been guided by these priorities.
+Added: As we were making plans to return employees to our facilities, the prevalence of the Delta variant resulted in a delay of those plans.
+Added: Most recently, in accordance with a Presidential mandate for federal contractors, we instituted a vaccine mandate for all U.S.
+Added: employees unless they have approved medical or religious accommodations.
Backlog represents the amount of revenue expected from orders that have already been booked, including orders for goods and services that have not been delivered to customers, orders invoiced but not yet recognized as revenue, and orders for goods that were shipped but not invoiced, awaiting acceptance by customers and/or completion of a commitment to a customer.
−Removed: At October 31, 2020, our unfilled backlog was approximately $1,709 million, as compared to approximately $1,380 million at October 31, 2019.
−Removed: Consistent with our strategy, we are seeing an increase in solution sales, which have a longer order-to-revenue conversion cycle;
−Removed: however, we expect that the majority of unfilled backlog will be recognized as revenue within six months.
+Added: At October 31, 2021, our unfilled backlog was approximately $2,115 million as compared to approximately $1,709 million at October 31, 2020, primarily driven by strong order growth and an increase in solutions sales with a longer order-to-revenue cycle.
+Added: We expect the majority of unfilled backlog to be recognized as revenue within six months.
While backlog on any particular date can be an indicator of short-term revenue performance, it is not necessarily a reliable indicator of medium or long-term revenue performance.
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To address the potential disruption in, and other risks related to, our supply chain, we use a number of techniques, including qualifying multiple sources of supply and redesign of solutions for alternative components.
−Removed: In addition, while we generally attempt to keep our inventory at minimal levels, we do purchase incremental inventory as circumstances warrant to protect the supply chain.
+Added: In addition, while we generally attempt to keep our inventory at optimal levels, we do purchase incremental inventory as circumstances warrant to protect the supply chain.
+Added: With the global shortages and increased lead-times for commodities such as semiconductors and passive components, we have placed orders in advance for assurance of supply.
For a further discussion of risks related to the materials and components required for our operations, please refer to “Item 1A.
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Some of our properties are undergoing remediation by HP Inc.
−Removed: ("HP") for subsurface contaminations that were known at the time of Agilent’s separation from HP in 1999.
+Added: ("HP") for subsurface contamination that was known at the time of Agilent’s separation from HP in 1999.
In connection with Agilent’s separation from HP, HP and Agilent entered into an agreement pursuant to which HP agreed to retain the liability for this subsurface contamination, perform the required remediation and indemnify Agilent with respect to claims arising out of that contamination.
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As a result, HP has access to a limited number of our properties to perform remediation.
−Removed: Although HP agreed to minimize interference with on-site operations at such properties, remediation activities and subsurface contamination may require us to incur unreimbursed costs and could harm on-site operations and the future use and value of the properties.
+Added: Although HP agreed to minimize interference with on-site operations at such properties, remediation activities and subsurface contamination may require us to incur unreimbursed costs and could harm on-site operations and the future use and value of the
In connection with the Separation, Agilent will indemnify us directly for any liabilities related thereto.
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Import/Export Regulations
−Removed: We sell products and solutions to customers all over the world and are required to comply with U.S Export Administration Regulations and economic and trade sanctions programs limiting or banning sales into certain countries.
+Added: We sell products and solutions to customers all over the world and are required to comply with the U.S Export Administration Regulations and economic and trade sanctions programs limiting or banning sales into certain countries.
Countries outside of the U.S.
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and may impact our ability to transact business in certain countries or with certain customers.
−Removed: We have developed compliance programs and training to prevent violations of these programs and regulations, and we regularly monitor changes in the law and regulations and create strategies to deal with changes.
−Removed: Changes in the law may restrict or further restrict our ability to sell products and solutions.
+Added: We have developed compliance programs and training to prevent violations of these programs and regulations, and we regularly monitor changes in the law and regulations.
+Added: On August 3, 2021, we entered into a Consent Agreement with the Directorate of Defense Trade Controls, Bureau of Political-Military Affairs, Department of State to resolve alleged violations of the Arms Export Control Act and the International Traffic in Arms Regulations ("ITAR").
+Added: Pursuant to the Consent Agreement, we will pay a penalty of $6.6 million, $2.5 million of which is suspended, over three years, and we have engaged a special compliance officer for three years.
+Added: The suspended portion of the penalty will be reduced by amounts we spend on qualifying compliance activities during the three year period.
+Added: Working with the special compliance officer, we will continue to develop and refine ITAR-related compliance and training programs to prevent future violations of these regulations.
+Added: Changes in the law may restrict or further restrict our ability to sell certain products and solutions and may require us to develop additional compliance programs and training.
Anti-Corruption Regulations
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Additionally, new laws, amendments, or interpretations of regulations, industry standards, and contractual obligations relating to data privacy may require us to incur additional costs related to compliance and may restrict our business operations.
+Added: Health and Safety Regulations
+Added: We are subject to and comply with health and safety laws and regulations in jurisdictions in which we operate.
+Added: These regulations may differ by country, requiring us to keep track of varied and complex requirements.
+Added: we are subject to federal and state Occupational Health and Safety laws as well as federal, state and local requirements, including specifically Executive Order 14042 (the “Order”), Ensuring Adequate Safety Protocols for Federal Contractors, which requires all U.S.
+Added: employees of federal contractors to be vaccinated against COVID-19 unless they have an approved religious or medical accommodation.
+Added: We have put policies and practices in place and are devoting resources to comply with the Order, which could result in loss of key personnel.
+Added: Similar mandates have been issued in countries outside of the U.S.
+Added: Health and safety laws, regulations and orders, including the Order, and are subject to change over time and will require monitoring and may cause us to incur additional costs related to compliance.
Executive Officers of the Registrant
The following is information regarding our executive officers as of December 1, 2020.
−Removed: Nersesian , 61, has served as President and Chief Executive Officer of Keysight since December 2013 and, prior to the Separation, served as Executive Vice President of Agilent.
+Added: Nersesian , 62, has served as President and Chief Executive Officer of Keysight since December 2013.
+Added: From September 2013 to December 2013, he served as Executive Vice President of Agilent.
Nersesian served as President of Agilent from November 2012 to September 2013 and as Chief Operating Officer, Agilent from November 2011 to September 2013.
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Nersesian served as Agilent’s Executive Vice President and Chief Operating Officer.
−Removed: Nersesian serves on the board of directors of Trimble Inc.
−Removed: Nersesian has served as a Director on our board of directors since the Separation, and as Chairman of our board of directors since November 2019.
+Added: Nersesian has served as a Director on our board of directors since the December 2013, and as Chairman of our board of directors since November 2019.
Satish Dhanasekaran, 49, has served as Senior Vice President and Chief Operating Officer since October 2020.
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Dhanasekaran served as the General Manager of the Mobile Broadband Operation, and from November 2014 through June 2015, he led the marketing function for the Signal Analysis and Signal Sources Division.
−Removed: Neil Dougherty , 51, has served as Senior Vice President and Chief Financial Officer of Keysight since December 2013 and, prior to the Separation, served as Vice President and Treasurer of Agilent since 2012.
+Added: Neil Dougherty , 52, has served as Senior Vice President and Chief Financial Officer of Keysight since December 2013.
+Added: From 2012 to December 2013, Mr.
+Added: Dougherty served as Vice President and Treasurer of Agilent.
He served as Senior Director in Agilent’s Corporate Development Group from 2010 to 2012, and from 2006 to 2010, he served as Agilent’s Assistant Treasurer.
Jay Alexander, 58, has served as Senior Vice President and Chief Technology Officer of Keysight since May 2014.
−Removed: Prior to the Separation, he served as Vice President and General Manager for the Oscilloscope and Protocol Division of Agilent since October 2009.
+Added: From November 2013 to May 2014, Mr.
+Added: Alexander served as Vice President and General Manager, Oscilloscope and Protocol Division.
+Added: From October 2009 to November 2013, he served as Vice President and General Manager for the Oscilloscope and Protocol Division of Agilent.
Huei Sin Ee, 55, has served as Keysight’s Senior Vice President and President of the Electronic Industrial Solutions Group since October 2020.
3 unchanged sentences
Ee was the Vice President and General Manager of Keysight’s General-Purpose Electronic Measurement Division.
−Removed: Prior to the Separation, Ms.
Ee served as Vice President and General Manager of Agilent’s Basic Instruments Division from February 2005 to May 2013.
1 unchanged sentence
Previously, she served as Keysight’s Senior Vice President, Human Resources from December 2013 until August 2017.
−Removed: Prior to the Separation, she served as Vice President and General Manager of Global Sourcing of Agilent from 2011.
+Added: From 2011 until December 2013, she served as Vice President and General Manager of Global Sourcing of Agilent from 2011.
Soon Chai Gooi , 60, has served as Senior Vice President, Order Fulfillment and Information Technology since October 2020 and as Senior Vice President and President of the Electronic Industrial Solutions Group since November 2015.
1 unchanged sentence
Gooi served as Senior Vice President of Order Fulfillment and Infrastructure for Keysight.
−Removed: Prior to the Separation, Mr.
Gooi served as President, from November 2012 to September 2013, and as Senior Vice President, from December 2011 to November 2012, of Agilent's Order Fulfillment and Supply Chain.
Jeffrey Li , 52, has served as Senior Vice President, General Counsel, and Secretary since July 2019.
−Removed: Before that, Mr.
−Removed: Li served as Vice President, Assistant General Counsel, and Assistant Secretary, and prior to the Separation, as Senior Counsel of Agilent since 2011.
+Added: From December 2013 through July 2019, Mr.
+Added: Li served as Vice President, Assistant General Counsel, and Assistant Secretary of Keysight, and as Senior Counsel of Agilent from 2011 to December 2013.
+Added: Kailash Narayanan , 48 , has served as Keysight's Senior Vice President and President of the Communications Solutions Group since November 2021.
+Added: From November 2020 until November 2021, Mr.
+Added: Narayanan served as President of the Commercial Communications business.
+Added: He served as Vice President and General Manager, Wireless Test Business Unit, from September 2017 until November 2020, and was Vice President and General Manager, Wireless Devices from May 2016 until September 2017.
+Added: From November 2014 until May 2016, Mr.
+Added: Narayanan served as R&D Senior Manager of Keysight's Mobile Broadband business.
John Page, 57, has served as Senior Vice President and President of Global Services since November 2015 and most recently served as Vice President of business finance of Keysight from February 2014 to November 2015.
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from 2010 to 2014.
−Removed: John Skinner , 58, has served as Vice President, Corporate Controller and Principal Accounting Officer of Keysight since December 2013, and prior to the Separation, Mr.
+Added: John Skinner , 59, has served as Vice President, Corporate Controller and Principal Accounting Officer of Keysight since December 2013.
+Added: Prior to that, Mr.
Skinner served as Vice President, Agilent and Controller of Global Infrastructure and Enterprise Financial Planning and Analysis from April 2012 to December 2013.
1 unchanged sentence
From November 2014 to November 2016, Mr.
−Removed: Wallace served as Vice President and General Manager of Americas Field Operations and, prior to the Separation, as Americas Field Operations Vice President of Agilent's Electronic Measurement Group since November 2011.
+Added: Wallace served as Vice President and General Manager of Americas Field Operations.
+Added: From November 2011 to November 2014, he served as Americas Field Operations Vice President of Agilent's Electronic Measurement Group.
Investor Information
4 unchanged sentences
We make available, free of charge, printed copies of our annual report on Form 10-K, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after filing such material electronically or otherwise furnishing it to the SEC.
−Removed: Our Corporate Governance Guidelines, the charters of our Audit and Finance Committee, Compensation Committee, Nominating and Corporate Governance Committee, Executive Committee as well as our SBC are available on our website at www.investor.keysight.com under “Corporate Governance.” These items are also available in print to any stockholder in the United States and Canada who requests them by calling (800) 829-4444.
+Added: Our Corporate Governance Guidelines, the charters of our Audit and Finance Committee, Compensation and Human Capital Committee, Nominating and Corporate Governance Committee, Executive Committee as well as our SBC and Corporate Social Responsibilities reports are available on our website at www.investor.keysight.com under “Corporate Governance.” These items are also available in print to any stockholder in the United States and Canada who requests them by calling (800) 829-4444.
This information is also available by writing to the company at the address on the cover of this Annual Report on Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.