是德科技 2024年度报告

Keysight Technologies Inc.1400 Fountaingrove ParkwaySanta Rosa, California 95403 Satish DhanasekaranPresident & Chief Executive Officer January 27, 2025 To our Stockholders: In fiscal year 2024, Keysight successfully navigated the downturn in our markets, delivering full-year revenue of$5 billion and non-GAAP earnings per share of 6 dollars and 27 cents versus the record highs of 2023. The flexibilityof our operating model and disciplined execution resulted in non-GAAP operating margin of 26 percent and freecashflow of over $900 million. These results were in line with the external operating model commitments we outlinedat our Investor Day in 2023. The resilience of the business is enabled by the differentiation of our portfolio, a diverseset of end markets, and the durability of our operating model, which were all on display in 2024. Over the past year, we continued to make the investments to position the company for outperformance as marketsrecover. Sustained investment in R&D and key acquisitions have enabled us to capture early positions in emergingtechnologies such as AI and 6G. Looking ahead, the pace of technology innovation and digitization is acceleratingand proliferating across multiple industries and use cases. Our strong customer engagement will help us capitalizeon these technology waves and inflections. At the same time, Keysight’s software-centric solutions strategy increased the services and software contributions wemade to our customer’s design process. Software and services revenue growth this year outpaced Keysight overall,with annual recurring revenue growing to approximately $1.5 billion, or 30% of total revenue. The recent acquisitionof ESI expanded our design engineering software portfolio, which enables us to participate earlier in our customers’design workflows and increase our contributions to their R&D and innovation processes. This year the Communications Solutions Group (CSG) reported revenue of $3.4 billion, a decrease of 7 percent overlast year as demand normalization continued. In commercial communications, our first-to-market solutions strategy enabled us to deliver value in the emerging AImarket. We played a key role in the expansion of data center infrastructure and benefited from customer investmentsin silicon photonics, chiplets, and high-speed electrical and optical interconnects to support the accelerated transitionto higher networking speeds. Wireless markets stabilized throughout the year, albeit at a lower level. Ourdifferentiated solutions helped customers address the ongoing evolutions of the 5G standard, non-terrestrial networks,open RAN, and early 6G research. While market headwinds resulted in commercial communications revenue beingdown 7 percent, we were encouraged to see orders grow for the full year. Aerospace, defense, and government revenue decreased by 8 percent, down from a record high in 2023. Demandremained strong from government and prime contractors in the U.S. and Europe due to investment in defensemodernization. We remain confident in our solutions portfolio for this market and our ability to serve customers’design needs in strategic applications for radar and spectrum operations, space and satellite, and signal monitoring. The Electronic Industrial Solutions Group’s (EISG) growth was muted by headwinds across multiple markets. In2024, EISG revenue decreased 12 percent to $1.6 billion. Semiconductor declined, yet saw pockets of growth asAI-related demand drove broad-based foundry investments in leading-edge technologies, including advanced nodes,high-bandwidth memory, and silicon photonics. In automotive, customer spending slowed and large-scale batteryprojects were delayed, driving declines in both orders and revenue. General electronics growth was isolated to digitalhealth and advanced research applications, which was offset by continued constraint in customer manufacturingspending. Looking ahead, our base case for fiscal year 2025 is for a slow, gradual recovery in what remains a mixed demandenvironment. Our differentiated solutions, diversified portfolio, strong customer relationships, and the agility of ourteams position Keysight well as markets stabilize and enable us to capitalize on emerging opportunities as technologytransitions accelerate. We remain committed to our corporate social responsibility (CSR) goals, helping build a better planet throughsustainably-developed solutions that enabled customers to meet their own CSR objectives and drive purposefulinnovations. We continue to prioritize transparency with stakeholders and are preparing for emerging regulatorydisclosure requirements. We were pleased to be included on Time’s World’s Most Sustainable Companies, Barron’s100 Most Sustainable U.S. Companies for 2024, the Dow Jones Sustainability Index, and MSCI ESG Leadersindices, underscoring our commitment to sustainability and responsible business practices. Keysight also earned recognition throughout the year across key dime