2 unchanged sentences
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.
−Removed: We generated $4.9 billion, $4.2 billion and $4.3 billion of revenue in fiscal years 2021, 2020 and 2019, respectively.
+Added: We generated $5.4 billion, $4.9 billion and $4.2 billion of revenue in 2022, 2021 and 2020, respectively.
Revenue, income from operations and assets by business segment as of and for the fiscal years ended October 31, 2022, 2021, and 2020, are provided in Note 16, "Segment Information," to our consolidated financial statements.
−Removed: 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.
+Added: We had more than 18,000 direct customers for our solutions and services in 2022 and over 30,000 customers globally, including indirect channels.
No single customer represented 10 percent or more of our revenue.
4 unchanged sentences
and education.
−Removed: Our software and hardware solutions support our customers' design and test challenges across the entire product lifecycle.
+Added: Our software and hardware solutions support our customers' design and test challenges across the entire product lifecycle and help accelerate their time to market.
We provide simulation, prototype development and validation solutions for research and development ("R&D"), high-volume manufacturing test solutions, as well as handheld and other solutions for operational test and optimization, including user experience in the field.
−Removed: Our objective is to increase the productivity of our customers and reduce their time to market.
+Added: Our objective is to increase the productivity of our customers.
Keysight's solutions utilize a common portfolio of market-leading software and hardware technologies along with a suite of valued-added services.
1 unchanged sentence
The following section represents our significant strategies and the key underlying initiatives:
−Removed: • Expanding our software-centric solutions to meet customer needs and increase recurring revenue
−Removed: ◦ PathWave software solutions.
−Removed: 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.
−Removed: 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.
−Removed: Keysight’s platform-based approach delivers faster time to market, increased
−Removed: engineering productivity and cost-efficiency, improved design and test reuse, and faster analysis and insight to support customer’s decision-making.
−Removed: ◦ Eggplant software test automation.
−Removed: 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.
−Removed: 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.
−Removed: Eggplant software enables bi-directional leverage of measurement technologies and differentiated solutions offering.
−Removed: ◦ Subscription-based business models.
−Removed: 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 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.
−Removed: Services components of our solutions such as KeysightCare are also increasingly provided on a subscription basis as part of this strategy.
+Added: • Keysight Software Solutions - Expanding our software offerings to meet customer needs and increase recurring revenue
+Added: Keysight's software solutions can be characterized in the following three categories :
+Added: ◦ Instrument software applications.
+Added: Instrument software applications are designed to optimize the value that our customers derive from our instruments by providing faster insight and analytics through a combined hardware and software application solution.
+Added: This solution includes core software used to run our instruments and related applications that are pre-installed on our instruments.
+Added: ◦ Software application solutions.
+Added: Software applications unify multiple instruments into industry-specific solutions to provide faster time to insight across industries, technologies and lifecycle phases.
+Added: Examples include solutions for 5G and 6G communications, autonomous and electric vehicles, defense modernization, Internet of Things ("IoT"), Open Radio Access Network ("ORAN") and quantum computing.
+Added: ◦ Standalone software.
+Added: Our standalone software solutions enable customers to accelerate their digital design and test workflows and address their design, simulation, emulation, automation, and quality assurance needs in the R&D lab and beyond.
+Added: These solutions are built on our open and scalable Pathwave software platform and enable our customers to translate virtual designs into real products.
+Added: Our software test automation platform uses artificial intelligence and machine learnings ("AI/ML") to accelerate customer productivity in software test creation and execution.
• Providing complete solutions with services
−Removed: ◦ The breadth of our service offerings enables Keysight to provide customers with complete solutions that incorporate both leading product capabilities and the appropriate services and support.
+Added: ◦ The breadth of our service offerings enables Keysight to provide customers with complete solutions that incorporate both leading product capabilities with services and support.
We have expanded and deepened our service offerings, beyond a strong foundation of calibration and repair to include customization, consulting and optimization services.
2 unchanged sentences
◦ 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.
−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 wireless applications available and have been first to market with many 5G, 6G and virtual network solutions.
−Removed: 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.
−Removed: The acquisition of Sanjole Corp.
−Removed: (“Sanjole”) in fiscal 2021 enriched our solutions for protocol decoding and interoperability of wireless technologies.
−Removed: These strategic moves support the delivery of a comprehensive, innovative 5G portfolio at the forefront of advancing communications technology.
+Added: We are investing in the development of new wireless communications design and test solutions to satisfy the commercial communications end market and provide the industry with new capabilities for development of next-generation devices, as well as wireless and wireline networks.
+Added: Our technical breadth combined with our engagement with market-leading customers has enabled our development of leading-edge and first-to-market solutions in 5G and virtual network applications, such as ORAN.
+Added: We continue to make strategic investments to support the delivery of a comprehensive, innovative 5G portfolio.
+Added: ◦ 6G solution development.
+Added: Keysight has been investing in solutions and technology for the academic, commercial, and government research communities, who are exploring a wide breadth of technologies required to address another new generation of wireless capabilities.
+Added: The expansion of large-scale commercial wireless technologies into healthcare, transportation, finance, manufacturing, and agriculture is expected to drive investment in new technologies in radio and satellite systems, new networking technologies, and the pervasive use of artificial intelligence.
+Added: Keysight is well positioned to be a preferred strategic partner with leading innovative solutions driving the long-term path to 6G.
◦ Automotive design and measurement solutions.
We are investing in the development of new automotive test solutions to address the rapidly emerging electric, hybrid electric, connected and autonomous vehicle segments.
−Removed: In recent years, we have introduced new solutions covering vehicle intelligence, connectivity, power and security.
−Removed: The Automotive Cybersecurity Program validates the resiliency of connected components of a vehicle individually or as an entirely functioning automobile.
−Removed: 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: In recent years, we have introduced new design and test solutions covering vehicle intelligence, radar scene emulation, connectivity, power and security, including the first-to-market integrated vehicle-to-everything ("V2X") solution for 4G/5G networks with integrated traffic scenario testing, Advanced Driver Assistance Systems ("ADAS") and an Autonomous Drive Emulation ("ADE") platform that enables real sensor data streaming to a decision-making computer.
+Added: The Automotive Cybersecurity Program validates the resiliency of connected components of a vehicle.
+Added: In addition, Keysight delivers extensive security validations of the 4G/5G radio access network (RAN) infrastructure that connects vehicles with back-end data centers.
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: Keysight’s innovative solutions focus on the entire value chain of electric vehicles from battery formation through manufacturing and operations.
◦ Network applications .
Keysight's market-leading network test solutions provide network equipment manufacturers and service providers with critical capability for testing next-generation network technologies.
−Removed: 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.
−Removed: 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.
−Removed: We are investing to bring this powerful capability to a broad range of increasingly software-driven environments driven by cloud technology.
+Added: We continue to invest to
+Added: provide first-to-market solutions to meet the needs of our customers in this rapidly evolving market as network speeds and complexity increase with virtualization and software control.
+Added: Our network visibility solutions allow enterprises and service providers to optimize their network operations by efficiently providing network visibility for enhanced performance and security.
+Added: We are investing to bring this powerful capability to a broad range of increasingly software-driven environments, such as data centers and the cloud.
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.
−Removed: ◦ 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,
−Removed: communications and sensing.
−Removed: These areas represent an emerging growth opportunity for Keysight.
−Removed: 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.
−Removed: • Developing solutions for network transformation
−Removed: ◦ Network transformation requires new solutions.
+Added: ◦ Network transformation solutions.
Market drivers are leading to a transformation of both wireless and wired network technologies.
−Removed: In particular, the low-latency and high bandwidth requirements of 5G are transforming the entire network.
−Removed: We are making both organic and inorganic investments to enable the next generation of networks and beyond.
+Added: In particular, the low-latency and high-bandwidth requirements of 5G are impacting network capabilities.
+Added: We are making 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.
In addition, these solutions address customer needs across the entire communications ecosystem, from chipsets to devices to network access and then into the core network, data centers and the cloud.
−Removed: Our electronic measurement business originated in 1939.
+Added: Our electronic measurement business originated in Silicon Valley in 1939.
Our legacy encompasses more than 80 years of innovation, measurement science expertise and deep customer relationships.
−Removed: 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.
+Added: We conduct business annually with over 30,000 customers globally, including many 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: 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.
+Added: Our industry-focused organization structure enables 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.
−Removed: Keysight is viewed as a trusted adviser and partner across industries.
+Added: Keysight is viewed as a trusted adviser and partner across multiple industries.
• Technology leadership as a competitive differentiator.
10 unchanged sentences
We also address network test, visibility and security applications.
−Removed: In addition, we have a broad portfolio of software solutions and products to enable our customers' success, including electronic design automation ("EDA") software for RF and high-speed digital design, software tools for programming, automation, and data analysis, and a broad range of application-specific software for our instruments.
−Removed: Our PathWave software platform incorporates some of these software elements.
+Added: In addition, we have a broad portfolio of software solutions and products to enable our customers' success, including electronic design automation ("EDA") software for RF and high-speed digital design, software tools for programming, automation, and data analysis, and a broad range of application-specific software for our instruments, many of which leverage our open and scalable Pathwave software platform.
Finally, we offer an expanding set of services and support delivered under our KeysightCare offering.
3 unchanged sentences
Ensuring quality and reliability is an integral part of our new product development processes.
−Removed: • Sales channel with global reach.
−Removed: We have a comprehensive sales channel with experienced management teams and highly technical sales and application engineers in all parts of the world, including a strong local presence in emerging markets.
−Removed: 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.
+Added: • Global sales channel and reach.
+Added: We have a comprehensive global sales channel with experienced management teams and highly technical sales and application engineers, including a strong local presence in emerging markets.
+Added: As part of our sales channel strategy, we have more than doubled our direct sales force over the past six years.
This global direct channel is focused on addressing the needs of our customers by selling Keysight products, systems, solutions and services.
+Added: A part of this direct sales channel is focused on subscription software and services, which add value to our customers' design workflows and create recurring revenue for Keysight.
Approximately 80 percent of our business comes from customer interactions with our direct sales organization.
−Removed: 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 800 channel partners and an e-commerce platform to complement our direct sales force to extend the digital buying experience for our customers.
−Removed: 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.
+Added: In countries with low sales volumes, sales are made through various representatives and channel and distribution partners.
+Added: To ensure broad geographic coverage and drive further growth, we maintain a network of over 800 channel partners and an e-commerce platform to complement our direct sales force and extend the digital buying experience for our customers.
+Added: The combination of our direct and indirect channels contribute to new customer acquisition, resulting in the addition of more than 1,900 new customers in 2022.
• 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, as well as technical support as part of KeysightCare.
+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 through KeysightCare.
It also provides additional sales opportunities as loyal customers refresh or upgrade their equipment.
• Centralized order fulfillment.
−Removed: Our order fulfillment organization allows us to leverage the scale and scope of our business to provide high-quality, market-leading instrument solutions to our customers while generating competitive gross margins.
−Removed: Keysight has a central order fulfillment organization that supplies solutions to customers across geographies.
+Added: Our centralized order fulfillment organization allows us to leverage the scale and scope of our business to provide high-quality, market-leading instrument solutions to our customers while generating competitive gross margins.
+Added: Keysight has a centralized order fulfillment organization that supplies solutions to customers across geographies.
Our Penang, Malaysia site is our largest manufacturing facility, with a proven track record of operational excellence, technology capability and quality.
28 unchanged sentences
These solutions are used in the simulation, design, validation, manufacturing, installation and optimization of electronic equipment and networks.
−Removed: This business generated revenue of $3,523 million in fiscal 2021, $3,132 million in fiscal 2020 and $3,177 million in fiscal 2019.
+Added: This business generated revenue of $3,803 million in 2022, $3,523 million in 2021 and $3,132 million in 2020.
Communications Solutions Group Markets
1 unchanged sentence
Commercial Communications Market
−Removed: We market our electronic design and test solutions to chipset providers, network equipment manufacturers (“NEMs”), wireless device providers and component providers within the supply chain for these customers as well as network operators, including communications service providers and enterprises.
+Added: We market our electronic design and test solutions to chipset providers, network equipment manufacturers (“NEMs”), wireless device providers and component providers within the supply chain for these customers as well as network operators, including communications and hyperscale cloud service providers and enterprises.
Growth in mobile data traffic and increasing complexity in semiconductors and components are driving test demand across the communications ecosystem.
−Removed: 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 and 6G wireless, O-RAN, Wi-Fi 6, 400G+ telecom and optical test and PCIe Gen5 high speed digital.
+Added: We provide end-to-end solutions for design and development of mobile chipsets, connected smart sensors/devices (i.e., IoT), wireless base stations, networks, data centers and cloud.
+Added: Our leading-edge solutions enable and accelerate critical new technology waves, such as 5G and 6G wireless, O-RAN, Wi-Fi 6, 400/800G+ telecom and optical, 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, as well as distribute end‑user subscriber devices such as wireless smart phones, tablets and other connected devices.
+Added: The NEMs’ customers are communications and hyperscale cloud 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.
−Removed: The chipset providers' customers are device makers who design and manufacture smartphones, tablets, wearables, IoT, etc.
−Removed: 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: The chipset providers' customers are device makers who design and manufacture network infrastructure equipment, 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 for laptop, cars and other devices.
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.
4 unchanged sentences
The component providers require test and measurement products to verify that the components and modules interoperate properly and that their performance meets the specifications of their customers.
−Removed: Communications service providers and enterprises require reliable data center and network equipment that enables new service offerings and allows their networks to operate with ever‑increasing capacities.
−Removed: To achieve this, enterprises and communications service providers require a range of sophisticated test instruments and systems to ensure conformance to communication standards and network requirements and to evaluate and optimize network performance.
+Added: Communications and hyperscale cloud service providers and enterprises require reliable data center and network equipment that enables new service offerings and allows their networks to operate with ever‑increasing capacities.
+Added: To achieve this, enterprises and service providers require a range of sophisticated test instruments and systems to ensure conformance to communication standards and network requirements and to evaluate and optimize network performance.
These customers also require solutions to improve management of data centers to preserve resources, save valuable IT time and maximize return on IT investments.
3 unchanged sentences
Electromagnetic
−Removed: 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: spectrum operations, digital transformation and modernization of satellites, radars and surveillance systems worldwide are the drivers of design and test demand within the aerospace, defense and government market.
Government customers include departments or ministries of defense and related agencies around the world.
1 unchanged sentence
Commercial customers include aerospace and satellite equipment manufacturers and related component suppliers.
−Removed: Customers use our electronic design and test solutions to develop and manufacture a wide variety of electronic components and systems used in aerospace and defense industries, including electromagnetic spectrum operations, radar, signal monitoring, space, satellite, commercial and military aircraft and public safety.
+Added: Customers use our electronic design and test solutions to develop and manufacture a wide variety of electronic components and systems used in aerospace and defense industries, including electromagnetic spectrum operations, radar, signal monitoring, space, satellite, commercial and military aircraft, public safety and emerging applications.
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.
We do not manufacture or sell weapons, munitions or components therein.
−Removed: Only a small percentage of Keysight revenue is from solutions with specific features or software “tailor-made” for our defense customers.
−Removed: In fiscal 2021, “tailor-made” defense revenue represented less than 5 percent of total revenue.
+Added: Solutions with industry-specific features or software for our defense customers represented less than 5 percent of total consolidated company revenue in 2022.
Communications Solutions Group Solutions
−Removed: 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.
−Removed: Our technical breadth and expertise enables leading-edge solutions across commercial and government communications.
+Added: Our electronic design and test solutions include software design tools, RF, microwave (“uW”) instruments, and digital instruments and various other general purpose test instruments and targeted test solutions.
+Added: Our technical breadth and expertise enables leading-edge solutions across commercial and government applications.
Electronic Design Automation Software
−Removed: Our EDA software models, simulates and analyzes product designs at the circuit and system levels across RF/uW, high-speed digital, power electronics and semiconductor markets.
−Removed: R&D engineers use the software to predict the behavior of designs prior to building a prototype.
−Removed: They identify and correct issues with the design and optimize performance in a virtual environment, thus reducing the number of design iterations, reducing both time to market and cost.
+Added: Our EDA software models, simulates and analyzes product designs at the circuit and system levels across RF/uW, high-speed digital, power electronics and semiconductor applications.
+Added: R&D engineers use the software to predict the behavior of designs prior to building a physical prototype.
+Added: They identify and correct issues with the design and optimize performance in a virtual environment, thus reducing the number of design iterations, time to market and cost.
RF and Microwave Solutions
Our software-driven RF and microwave test solutions and related software tools are used mainly in commercial, wireless and aerospace and defense applications.
−Removed: These solutions are required for the design and production of wireless network products, communications links, mobile devices and base stations.
+Added: These solutions are required for the design and production of wireless network products, communications links, radars, mobile devices and base stations.
RF and microwave test instruments include signal analyzers, signal generators, network analyzers, network emulation tools and power meters.
−Removed: Our measurement application software is an integrated extension of our hardware solutions and enables a wide range of measurement capability used across all end markets to design and manufacture next-generation electronic components and products.
−Removed: Software tools are used to design and test wireless devices and test the performance of networks.
+Added: Our measurement application software is an integrated extension of our hardware solutions and enables a wide range of measurement capability used to design and manufacture next-generation electronic components and products.
Digital Solutions
Our software-driven digital test solutions are used by R&D engineers across a broad range of customers to validate the function and performance of their digital product and system designs.
−Removed: These designs include a wide range of products from simple digital control circuits to complex high-speed systems such as computer servers.
+Added: These designs include a wide range of products from simple digital control circuits to complex high-speed systems, such as network equipment and computer servers.
The test solutions offered include oscilloscopes, logic and serial protocol analyzers, logic‑signal sources, arbitrary waveform generators and bit error rate testers.
−Removed: 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.
+Added: Our customers also use our high‑frequency EDA software tools to model signal integrity in digital design applications as digital speeds continue to increase.
Network Applications Solutions
1 unchanged sentence
These solutions measure and analyze the performance, functionality, interoperability, service quality and conformance of network equipment and networks, as well as applications and services that run on these networks.
−Removed: Our technology-specific application test solutions include data center, routing and switching, Software Defined Networking ("SDN"), security and encryption.
−Removed: We also test network applications and services including voice, video and wireless technologies such as 4G and 5G as well as Wi-Fi.
+Added: Our technology-specific application test solutions address data center, routing and switching, Software Defined Networking ("SDN"), security and encryption.
+Added: We also test network applications and services, including voice, video and wireless technologies such as 4G, 5G and Wi-Fi.
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 to protect and improve crucial networking, data center and cloud business assets.
−Removed: Our comprehensive network visibility
−Removed: platform, proprietary software, and advanced processing technologies enable critical intelligence and functionality to enhance network efficiency and security.
+Added: Our solutions deliver the control, coverage, intelligence and performance customers need to protect and optimize critical networking, data center and cloud business assets.
+Added: Our comprehensive network visibility platform, proprietary software, and advanced processing technologies enable crucial intelligence and functionality to enhance network efficiency and security.
Other Measurement Solutions and Product Offerings
6 unchanged sentences
We have customers across the entire communications ecosystem that design, develop, manufacture, install and operate a wide variety of commercial and government communications equipment.
−Removed: Commercial customers include original equipment and contract manufacturers of electronic and optical components, semiconductors, chipsets, wireless devices and network equipment, as well as network service providers and enterprises that implement, maintain and manage communication networks and services.
+Added: Commercial customers include original equipment and contract manufacturers of electronic and optical components, semiconductors, chipsets, wireless devices and network equipment, as well as network and cloud service providers and enterprises that implement, maintain and manage communication networks and services.
Other communications customers include defense contractors and sub-contractors.
5 unchanged sentences
The market for electronic design and test solutions is highly competitive across our targeted markets.
−Removed: In the commercial communications market, our primary competitors are Rohde & Schwarz GmbH & Co.
−Removed: KG, Anritsu Corporation, Fortive Corporation, Gigamon, National Instruments Corporation, Teledyne Technologies, Teradyne Inc., Spirent Communications plc, and VIAVI Solutions Inc..
−Removed: In the aerospace, defense and government market, our primary competitors are Rohde & Schwarz GmbH & Co.
−Removed: KG, Teledyne Technologies, Fortive Corporation and VIAVI Solutions Inc.
+Added: In the commercial communications market, our competitors within various sub-markets include Anritsu Corporation, Fortive Corporation, Gigamon, National Instruments Corporation, Rohde & Schwarz GmbH & Co.
+Added: KG, Spirent Communications plc, Teledyne Technologies, Teradyne Inc., and VIAVI Solutions Inc.
+Added: In the aerospace, defense and government market, our competitors include Fortive Corporation, National Instruments Corporation, Rohde & Schwarz GmbH & Co.
+Added: KG, and VIAVI Solutions Inc.
We offer complete solutions that include a wide range of products, related software and services that compete primarily on the basis of differentiated capability, first-to-market leading-edge technology, product quality and long-term value to our customers.
1 unchanged sentence
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.
−Removed: 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.
−Removed: This business generated revenue of $1,418 million in fiscal 2021, $1,089 million in fiscal 2020 and $1,135 million in fiscal 2019.
+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, as well as automated test software that uses artificial intelligence and machine learning to automate test creation and test execution.
+Added: This business generated revenue of $1,617 million in 2022, $1,418 million in 2021 and $1,089 million in 2020.
Electronic Industrial Solutions Group Markets
11 unchanged sentences
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 tools 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 systems used for testing 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.
1 unchanged sentence
High-precision and higher-bandwidth power analysis products address the increased power efficiency required with the proliferation of battery-powered and energy-efficient devices.
−Removed: We also provide the solutions required to test the components in the electrified drive train.
+Added: We also provide the solutions required to test and validate the components in the electrified drive train.
We offer a broad portfolio of general-purpose precision measurement solutions, from handheld test tools to bench measurement instruments and measurement solutions.
4 unchanged sentences
Comprehensive manufacturing test systems include printed-circuit-board-assembly testers that ensure complex boards and components are assembled properly, integrated circuit parametric testers that ensure semiconductor wafers are processed consistently with high precision, and sub-nano-meter positioning sub-assemblies for semiconductor wafer manufacturing.
−Removed: We provide effective and efficient manufacturing test solutions for complex transportation electronic control/safety systems that include radar, autonomous driving capability, and state-of-the-art wired and wireless components that enable advanced communications capability.
+Added: We provide effective and efficient manufacturing test solutions for complex transportation electronic control/safety systems that include radar, autonomous driving capability, and state-of-the-art wired and wireless components that enable advanced communications capabilities.
Our flexible and scalable manufacturing systems enable our manufacturing customers to deliver outstanding yield, quality and productivity resulting in lower overall cost of test.
Our highly regarded test and measurement products and software have a long history of broad adoption and use in universities and research centers that teach the next generation of engineers and scientists and enable basic research to flourish.
−Removed: 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 test automation software has pioneered the concept of intelligent test automation by integrating AI-powered testing that identifies and builds tests automatically.
+Added: 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 and 6G communications technology and smart devices.
+Added: Our market-leading software test automation platform has pioneered the concept of intelligent test automation by integrating AI-powered testing that identifies and builds tests automatically.
This has reduced the time-to-market of solutions by
18 unchanged sentences
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 Fortive Corporation, National Instruments Corporation and Rohde & Schwarz GmbH & Co..
+Added: In the electronic industrial test market, our competitors within various sub-markets include 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.
1 unchanged sentence
Research and Development
−Removed: We are committed to investing in R&D and have focused our development efforts on key strategic opportunities in order to align our business with available markets and position the company for growth.
−Removed: Our R&D efforts focus on development of first-to-market solutions with differentiated technology to support new software and hardware product introductions and improvements to existing software and hardware products to provide complete customer solutions aligned to the ever-evolving requirements of industries that we serve.
+Added: We are committed to investing in R&D and have focused our development efforts on key strategic opportunities that align our business with available markets, and position the company for growth.
+Added: Our R&D investments focus on the development of first-to-market solutions with differentiated software and hardware, as well as improvements to existing software and hardware products to provide complete customer solutions addressing the evolving requirements of industries that we serve.
We conduct R&D in four principal areas:
−Removed: enabling technologies, system design, simulation and measurement.
−Removed: Our R&D seeks to improve on various technical competencies in software and hardware systems, electronics and solution delivery.
−Removed: 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, Spain, Germany and Japan.
−Removed: 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.
−Removed: Services Solutions
−Removed: Our services solutions include product support services, technical support and training and consulting.
+Added: enabling technologies, system design, simulation, and measurement with the aim of building a strong foundation for next-generation and longer-term solutions.
+Added: Our most significant technology development centers are in California, Colorado and Texas in the United States, and in Romania, Malaysia, India, China, United Kingdom, Spain, Germany and Japan.
+Added: 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 and hardware embedded in customer solutions, products and services.
+Added: Service Solutions
+Added: Our service solutions include product support services, technical support and training and consulting.
Customer demand is fulfilled by trained engineers and technicians through regional support and service centers located near customers or through on-site teams.
−Removed: Our global presence with localized service proximity is an important factor in sustaining our customers’
−Removed: solutions, uptime and utilization requirements.
−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 services:
+Added: Our global presence with localized service proximity is an important factor in sustaining our customers’ solutions, uptime and utilization requirements.
+Added: We also provide industry-specific services to deliver complete Keysight
+Added: solutions and help customers reduce the total cost of ownership for their design and test equipment.
+Added: Our service solutions include the following general types of services:
• Product support services.
1 unchanged sentence
• Technical support for software and hardware.
−Removed: Customer support for the usage and utilization of our products.
+Added: Customer support for the usage and utilization of our products such as KeysightCare.
• Professional services.
Installation, training and engineering services to optimize equipment adoption, utilization, and design of test processes.
−Removed: Our direct sales force focuses on addressing the needs of our global and regional customers by selling Keysight products, systems, solutions and services.
+Added: The Chief Customer Officer is responsible for developing and executing the company’s customer-centric vision by enhancing the end-to-end customer experience;
+Added: enabling customer success through the seamless delivery of first-to-market solutions to a diverse, global customer base;
+Added: and expanding Keysight’s go-to-market strategies across all regions and ecosystems.
+Added: Our direct sales force focuses on addressing the needs of our global and regional customers by selling Keysight products, systems, solutions, software, and services.
Keysight’s direct sales force consists of sales and application engineers who have in‑depth knowledge of the customers’ business and technology needs.
6 unchanged sentences
They are expected to provide the same level of service and support as our direct sales force for the products they sell and generate new sales opportunities to extend our reach.
−Removed: Electronic commerce and tele‑sales channels are also in place for transactional, lower-touch sales.
+Added: Electronic commerce and telesales channels are also in place for transactional, lower-touch sales.
For certain verticals such as network monitoring and performance management, our go-to-market solution strategy is based on strategic relationships with technical partners to provide the customer with a complete solution.
2 unchanged sentences
Manufacturing
−Removed: T o maximize our productivity and our ability to respond to market conditions, we have significant in-house manufacturing capabilities that are supplemented by contract manufacturers.
−Removed: 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: 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.
−Removed: 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: To maximize our productivity and our ability to respond to market conditions, we have significant in-house manufacturing capabilities that are supplemented by contract manufacturers.
+Added: 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 and chassis assembly.
+Added: We have centralized manufacturing 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 Germany and Japan outside of the United States.
We also operate three technology centers located in Santa Rosa, California;
1 unchanged sentence
and Boeblingen, Germany that collectively provide key components and sub‑systems for our instruments, including microwave monolithic integrated circuits, thick and thin film circuits, optical components, high-speed probes and precision machining.
−Removed: Our technology centers provide a competitive advantage by developing and manufacturing differentiated technology components with performance levels that are not available commercially.
−Removed: We generally manufacture products after we have received firm orders for delivery.
−Removed: 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.
−Removed: 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.
−Removed: We support growth initiatives through high-value content, industry events and local market activities, and implement digital programs to attract new accounts.
−Removed: In response to the Covid-19 pandemic, we emphasized virtual events that enabled customers to remotely innovate and learn.
−Removed: 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
−Removed: solution use cases.
−Removed: 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.
−Removed: 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.
+Added: Our technology centers provide a competitive advantage by developing and manufacturing differentiated technology components with performance levels that are not commercially available.
+Added: We plan our supply chain based on forecasts, and generally manufacture and configure the finished products upon receipt of firm orders.
+Added: Keysight Global Marketing builds the company brand and drives growth through programs that increase awareness, reputation, and demand for Keysight’s design, simulation, emulation, and test solutions.
+Added: We employ a multi-pronged marketing strategy to enhance brand equity, including articulating a strong, cohesive brand purpose, establishing our presence and thought leadership in existing and promising emerging markets, resulting in one powerful brand voice for Keysight.
+Added: We fuel growth initiatives through online digital transformation, high-value content, new product launches, and sophisticated digital demand
+Added: generation programs tailored to local markets, to attract new accounts.
+Added: As the world enters the post-pandemic era, we’re blending virtual and physical events to broaden our reach, while capitalizing on the benefits of physical interactions.
+Added: We continue to expand Keysight University, an online learning hub for engineers, with inbound marketing events and compelling courses that deliver key insights from registrants into Keysight’s marketing engine.
+Added: At our premium Keysight World virtual events around the globe, we bring together customers, industry visionaries, and Keysight experts to share the applications and benefits of emerging technologies to accelerate industry breakthroughs.
+Added: We continuously evolve our marketing practices and technology stack in order to support a data-driven approach to our sales and marketing.
Human Capital
We have a diverse, inclusive and respectful work environment, where employees are offered challenging assignments, development opportunities, competitive salaries and a safe workplace.
−Removed: 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: 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.
+Added: As of October 31, 2022, we had approximately 15,000 employees worldwide representing more than 80 self-identified nationalities working in 30 countries.
+Added: Of those employees, 5,500 are located in the Americas (including 5,300 in the U.S.), 2,800 are located in Europe and 6,700 are located in Asia.
Culture, Values and Standards
1 unchanged sentence
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.
−Removed: 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: 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.
−Removed: We believe our culture fosters employee inclusion, engagement and innovation, which we believe is a competitive advantage.
−Removed: 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: We comply with the labor and employment laws of all countries in which we operate, prioritizing fair employment practices, labor compliance, non-discrimination and equal employment opportunity.
+Added: The KLM is the framework for how we do business, enabling us to execute on our strategies for the benefit of our customers, stockholders and employees while operating within our values of Speed and Courage, Uncompromising Integrity, High Performance, Social Responsibility and One Keysight.
+Added: We believe our culture, which fosters employee inclusion, engagement and innovation, is a competitive advantage.
+Added: We are committed to maintaining a work environment founded on respect for all, regardless of race, color, age, gender, sexual orientation, gender identity and expression, ethnicity, religion, disability, veteran status, national origin, or any protected class.
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.
Our employees are responsible for upholding the SBC, and SBC training is required annually for all our employees.
−Removed: Governance and Oversight
+Added: Oversight and Governance
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 ensuring effective and efficient internal company operations.
+Added: Our strategy incorporates global policies and programs for leadership and talent development, diversity, equity and inclusion, compensation, benefits, staffing and workforce planning, human resources systems, education and organization development.
The CAO is responsible for developing and integrating the company’s diversity, equity and inclusion priorities and strategy.
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.
−Removed: 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.
Hiring, Retention and Succession Planning
−Removed: As an engineering company, we understand that Science, Technology, Engineering and Math ("STEM") education is critical to creating a pipeline of future engineers.
−Removed: 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.
−Removed: 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: We understand that Science, Technology, Engineering and Math ("STEM") education is critical to creating a pipeline of future engineers, and we provide global support for STEM education through a variety of company-sponsored and employee-led programs, which introduce school-age students to engineering.
+Added: Our talent acquisition and Human Resources teams work with business leaders to understand and align on how our business goals and strategies impact our talent needs.
The teams use this information to inform recruiting efforts and to build talent pipelines to support growth.
−Removed: 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.
−Removed: We are continuously refining and expanding our talent acquisition strategies and processes, from interviewing to onboarding.
+Added: In partnership with the marketing team, we have built a strong company brand utilizing multiple communication platforms to better enable us to attract top talent.
+Added: We continue to refine and expand our talent acquisition strategies and processes.
As part of our talent acquisition strategy, we provide training to recruiters and hiring managers to assist them in recruiting and hiring top talent.
−Removed: “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.
−Removed: Through our global end-to-end onboarding project, we have created a smooth and simple onboarding experience for our new hires.
−Removed: We had a global
−Removed: job acceptance rate of 86.3 percent in fiscal year 2021.
−Removed: The number of software engineers in our R&D function have more than doubled since we became an independent company.
−Removed: 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.
−Removed: Our annual rewards process provides each employee with feedback on their performance over the past fiscal year and rewards achievement.
+Added: We had a global job acceptance rate of 83.2 percent in 2022.
+Added: The number of software engineers in our R&D function have more than doubled since we became an independent company in 2014.
+Added: Our business leaders are required to periodically 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 employees with feedback on their
+Added: performance over the past fiscal year and rewards achievement.
Working with Human Resources, business leaders develop retention strategies and initiatives to keep critical talent focused and engaged and to minimize attrition.
−Removed: Our business leaders re-allocate resources where needed to balance attrition, retirements and the need to source new capabilities.
The average tenure of our employees is 12.2 years.
Our three-year average employee turnover rate was approximately 7 percent and has been lower than the industry average for the past five years.
−Removed: Through succession planning and leadership development, we are developing our leadership bench.
−Removed: We have identified core competencies for our leadership positions along with a learning and development framework that can help leaders refine those skills.
−Removed: The executive team is actively involved creating, reviewing and revising succession plans.
−Removed: Succession planning sessions are conducted annually in each business and at many levels in the organization.
−Removed: These reviews provide visibility to the overall leadership bench, potential gaps, top talent and development plans.
+Added: We continue to develop our leadership capability.
+Added: We have identified core competencies for leadership positions along with a learning and development framework that can help leaders refine their skills.
+Added: Succession planning sessions are conducted annually in each business and at many levels in the organization, including the executive level.
+Added: These reviews provide visibility to top talent, potential leadership gaps, and development plans.
Globally, 4 percent of our employee population is eligible to retire.
1 unchanged sentence
We recognize that many of these employees have valuable skills and historical information and that knowledge transfer is critical.
−Removed: As part of our knowledge transfer practices, we utilize a combination of work shadowing, paired work, coaching, documenting workflows, and cross-training.
−Removed: 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: We have created knowledge transfer practices to enable us to retain critical knowledge.
+Added: In the U.S., we have a program specifically designed to enable retirement-ready critical talent to gradually reduce hours leading up to retirement, giving us time to transfer critical information and processes.
Once retired, these former employees are given the opportunity to consult with us on a limited basis to provide on-going mentoring and training.
1 unchanged sentence
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.
−Removed: Our commitment to diversity, equity and inclusion helps us attract and retain the best talent and drives high performance through innovation and collaboration.
−Removed: 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: The value we place on diversity, equity and inclusion ("DE&I") is a competitive advantage, and it helps us attract and retain the best talent and drive high performance through innovation and collaboration.
We benefit from the innovation that results when people with differing experiences, perspectives and cultures work together.
−Removed: Diversity, equity and inclusion are among our CEO's top priorities.
−Removed: In addition to our broader diversity, equity and inclusion initiatives, we set near-term objectives to increase representation of under-represented minorities.
−Removed: 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.
−Removed: Our staffing policies underscore our commitment to diversity, ethics, integrity and compliance.
+Added: DE&I is among our top priorities.
+Added: In addition to our broader DE&I initiatives, we set near-term objectives to increase representation of women globally and under-represented minorities in the U.S.
+Added: We have a DE&I Director who is responsible for driving strategy and for implementation of new and ongoing DE&I initiatives.
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.
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.
−Removed: 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: In an effort to enable employees to be successful, we provide mentoring programs, inclusive benefits, access to employee network groups, and training for every stage of employment.
As of October 31, 2022, women represented 30.6 percent of our global workforce, and underrepresented minorities represented 37.7 percent of the U.S.
−Removed: 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: The percentage of women in leadership positions (Officer, Senior Vice President, Vice President, Senior Manager, Integrating Manager, Operating Manager and Supervisor) globally was 24.4 percent and the percentage of underrepresented minorities in the U.S.
+Added: was 33.3 percent.
At the senior executive level (Officer, Senior Vice President, Vice President), 23.4 percent were women and 24.0 percent were underrepresented minorities.
−Removed: Our Board has ten members, three of whom are women, and one is a self-identified underrepresented minority.
−Removed: 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: Our Board has eleven members, three of whom are women, and three are self-identified underrepresented minorities.
+Added: In the rest of the workforce, we seek to expand hiring of women globally and underrepresented minorities in the U.S.
We established annual hiring goals to improve our workforce diversity.
−Removed: 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.
−Removed: In fiscal year 2021, 46.4 percent of external new hires in the U.S.
+Added: In 2022, 32.6 percent of our global external new hires were women, falling short of our 2022 goal of 35.4 percent.
+Added: In 2022, 49.1 percent of external new hires in the U.S.
were underrepresented minorities, exceeding our goal of 47.4 percent.
−Removed: 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.
−Removed: being underrepresented minorities.
+Added: For fiscal year 2023, the adjusted hiring goals for global external new hires being women is 33.6 percent, and external new hires in the U.S.
+Added: being underrepresented minorities is 50.1 percent.
A metric in our short-term executive compensation program for fiscal year 2023 is tied to the achievement of these goals.
−Removed: To measure achievement of
−Removed: 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.
+Added: To measure achievement of this goal, we use the following definition of underrepresented minorities:
+Added: Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian, Alaska Native, or gay, lesbian, bisexual or transgender.
Learning and Development
1 unchanged sentence
We emphasize on-the-job learning through stretch assignments and development opportunities, as well as education.
−Removed: 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.
+Added: Our employees have access to a wide range of programs, workshops, classes and resources to help them excel in their careers.
Our Keysight University platform offers training and development programs, as well as learning resources.
−Removed: 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 are eligible for tuition reimbursement programs and distance learning degree programs with major universities.
−Removed: 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.
−Removed: We also have leadership development programs available to employees, including the New Manager Training Program, Manager’s Boot Camp, and Executive Online Development Program.
+Added: Educational Assistance Program provides financial and management support to eligible employees, allowing them to pursue academic degrees related to their field of work.
+Added: Many of our employees are required to take annual training courses related to their work, including those pertaining to the environment, data privacy, contributing to an inclusive workplace, and workplace health and safety.
+Added: We also have leadership development programs including training for new managers and development through ExecOnline.
We hold an annual Keysight Executive Development ("KED") program with senior leaders to align on strategy and key focus areas for the company.
−Removed: Portions of these recorded sessions are then cascaded down to all Keysight employees.
−Removed: Our KLM was rolled out during a KED program, and subsequently over 11,500 Keysight employees have completed customized KLM training.
−Removed: 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
1 unchanged sentence
Our compensation and benefit programs are designed to recognize our employees' contributions to value creation and business results.
−Removed: These programs include competitive base salaries and variable pay, which reward company and individual performance;
−Removed: share-based equity award grants;
−Removed: health and welfare benefits;
−Removed: development programs and training;
−Removed: and opportunities to give back to our communities through donations of time and money.
−Removed: We seek to ensure pay parity across our organization.
−Removed: In 2021 we achieved a worldwide male to female salary ratio of nearly 1:1.
−Removed: We monitor our benefits programs to ensure they meet the health and welfare needs of our employees.
+Added: We seek to achieve pay parity across our organization and in 2022 maintained a worldwide women-to-men pay parity of nearly 1:1.
Listening to Employees
2 unchanged sentences
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.
−Removed: 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: We also created a global Inclusion Council comprised of employees from all functions across the globe to help formulate our inclusion goals and track our progress.
Health, Safety and Wellness
We strive to maintain a best-in-class work environment and provide a safe and healthy workplace for all employees.
−Removed: 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 accomplish this through strict compliance with applicable laws and regulations regarding workplace safety.
+Added: Our programs include recognition and control of workplace hazards, ergonomics training, a global travel health program, and robust emergency and disaster recovery plans.
We promote the health and wellness of our employees through our Employee Well Being programs and workplace accessibility and accommodations.
−Removed: 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.
−Removed: Our actions in response to the pandemic have been guided by these priorities.
−Removed: As we were making plans to return employees to our facilities, the prevalence of the Delta variant resulted in a delay of those plans.
−Removed: Most recently, in accordance with a Presidential mandate for federal contractors, we instituted a vaccine mandate for all U.S.
−Removed: employees unless they have approved medical or religious accommodations.
−Removed: 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, 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.
−Removed: We expect the majority of unfilled backlog to be recognized as revenue within six months.
+Added: 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 (booked as deferred revenue), and orders for goods that were shipped but not yet recognized, awaiting acceptance by customers and/or completion of a commitment to a customer.
+Added: At October 31, 2022, our backlog was approximately $2,550 million as compared to approximately $2,115 million at October 31, 2021, primarily driven by strong order growth, supply-chain constraints, and an increase in solution sales with a longer order-to-revenue conversion cycle, partially offset by the impact of foreign currency exchange movements.
+Added: In accordance with our order acceptance policy, we continue to expect the majority of 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.
8 unchanged sentences
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.
−Removed: 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.
+Added: With the global shortages and increased lead-times for materials such as semiconductors and passive components, we align our purchase lead-times
+Added: through placement of advance of purchase orders where necessary.
For a further discussion of risks related to the materials and components required for our operations, please refer to “Item 1A.
13 unchanged sentences
The environmental, product content/disposal and recycling laws are gradually becoming more stringent and may cause us to incur additional costs in the future.
−Removed: Some of our properties are undergoing remediation by HP Inc.
+Added: Some of our properties have been the subject of ongoing remediation by HP Inc.
("HP") for subsurface contamination that was known at the time of Agilent’s separation from HP in 1999.
2 unchanged sentences
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
+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 properties.
In connection with the Separation, Agilent will indemnify us directly for any liabilities related thereto.
We cannot be sure that HP will continue to fulfill its remediation obligations or that Agilent will continue to fulfill its indemnification obligations.
−Removed: In connection with the Separation, Agilent also agreed to indemnify us for any liability associated with contamination from past operations at all properties transferred from Agilent to us.
−Removed: We cannot be sure that Agilent will fulfill its indemnification obligations.
+Added: On December 17, 2021, Keysight and HP signed a restrictive covenant related to our Santa Rosa facility which prohibits certain uses of the property (such as running a daycare facility, hospital or school) and terminates HP’s remediation obligation related to that facility.
+Added: HP’s remediation obligations relating to Keysight’s Colorado Springs facility are ongoing.
We maintain a comprehensive environmental site liability insurance policy that may cover certain clean-up costs or legal claims related to environmental contamination.
8 unchanged sentences
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").
−Removed: 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.
−Removed: The suspended portion of the penalty will be reduced by amounts we spend on qualifying compliance activities during the three year period.
−Removed: 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.
−Removed: 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.
+Added: Pursuant to the Consent Agreement, we were assessed a penalty of $6.6 million to be paid over three years, $2.5 million of which was suspended and designated for remediation activities over three years, including employment of a special compliance officer.
+Added: To date, we have paid $2.1 million of the penalty.
+Added: The suspended portion of the penalty has been satisfied by amounts we have spent on qualifying compliance activities to date.
+Added: In February 2022, the U.S.
+Added: imposed economic sanctions and other restrictions on Russia following its invasion of Ukraine.
+Added: As a result, after an initial suspension of operations in Russia, we permanently discontinued our Russian operations and are exiting Russia.
+Added: Changes in these or other import or export laws and regulations 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
−Removed: Because we have extensive international operations, we must comply with complex foreign and U.S.
+Added: As a result of our extensive international operations, we must comply with complex foreign and U.S.
laws and regulations, such as the U.S.
13 unchanged sentences
These regulations may differ by country, requiring us to keep track of varied and complex requirements.
−Removed: 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.
−Removed: employees of federal contractors to be vaccinated against COVID-19 unless they have an approved religious or medical accommodation.
−Removed: 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.
−Removed: Similar mandates have been issued in countries outside of the U.S.
−Removed: 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.
+Added: we are subject to federal and state Occupational Health and Safety laws as well as federal, state and local requirements.
Executive Officers of the Registrant
The following is information regarding our executive officers as of December 1, 2022.
−Removed: Nersesian , 62, has served as President and Chief Executive Officer of Keysight since December 2013.
+Added: Nersesian, 63, has served as Executive Chair of the Board of Directors since May 2022.
+Added: From December 2013 to May 2022, Mr.
+Added: Nersesian served as President and Chief Executive Officer of Keysight.
From September 2013 to December 2013, he served as Executive Vice President of Agilent.
−Removed: Nersesian served as President of Agilent from November 2012 to September 2013 and as Chief Operating Officer, Agilent from November 2011 to September 2013.
−Removed: From November 2011 to November 2012, Mr.
−Removed: Nersesian served as Agilent’s Executive Vice President and Chief Operating Officer.
−Removed: 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.
−Removed: Satish Dhanasekaran, 49, has served as Senior Vice President and Chief Operating Officer since October 2020.
+Added: Nersesian served as President of Agilent and Chief Operating Officer, Agilent from November 2012 to September 2013.
+Added: He served as Executive Vice President, Agilent and Chief Operating Officer from November 2011 to September 2013.
+Added: Nersesian has served as a Director on our board of directors since the December 2013, and as Chair of our board of directors since November 2019.
+Added: Satish Dhanasekaran, 50 , has served as President and Chief Executive Officer of Keysight since May 2022.
+Added: He served as Senior Vice President and Chief Operating Officer since October 2020.
He was Senior Vice President and President of the Communications Solutions Group from July 2017 to September 2020.
3 unchanged sentences
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 , 52, has served as Senior Vice President and Chief Financial Officer of Keysight since December 2013.
+Added: Neil Dougherty , 53, has served as Executive Vice President and Chief Financial Officer since May 2022 and as Senior Vice President and Chief Financial Officer of Keysight since December 2013.
From 2012 to December 2013, Mr.
1 unchanged sentence
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.
−Removed: Jay Alexander, 58, has served as Senior Vice President and Chief Technology Officer of Keysight since May 2014.
−Removed: From November 2013 to May 2014, Mr.
−Removed: Alexander served as Vice President and General Manager, Oscilloscope and Protocol Division.
−Removed: 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, 56, has served as Keysight’s Senior Vice President and President of the Electronic Industrial Solutions Group since October 2020.
7 unchanged sentences
From 2011 until December 2013, she served as Vice President and General Manager of Global Sourcing of Agilent from 2011.
−Removed: 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.
+Added: Soon Chai Gooi , 61, has served as Senior Vice President, Order Fulfillment and Digital Operations since October 2020 and as Senior Vice President and President of the Electronic Industrial Solutions Group since November 2015.
From December 2013 to November 2015, Mr.
17 unchanged sentences
Skinner served as Vice President, Agilent and Controller of Global Infrastructure and Enterprise Financial Planning and Analysis from April 2012 to December 2013.
−Removed: Mark Wallace, 56 , has served as Senior Vice President of Worldwide Sales since November 2016.
+Added: Mark Wallace, 57 , has served as Senior Vice President, Chief Customer Officer since September 2022 and as Senior Vice President of Worldwide Sales from November 2016 to September 2022.
From November 2014 to November 2016, Mr.
10 unchanged sentences
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.