filings.toolsItem 6. Selected Financial Data (Unaudited)
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Item 6. Selected Financial Data (Unaudited)
The following table presents the selected combined and consolidated financial data, which should be read in conjunction with our combined and consolidated financial statements and related notes and Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. We derived the selected financial data as of October 31, 2016 and for each of the fiscal years in the three-year period ended October 31, 2016 from our audited combined and consolidated financial statements included elsewhere in this Form 10-K. We derived the selected financial data as of October 31, 2013 and for the fiscal year ended October 31, 2012 from audited combined financial statements that are not included in this Form 10-K.
Our historical combined and consolidated financial statements before November 1, 2015 include certain expenses of Agilent that were allocated to us for certain functions, including general corporate expenses related to information technology, research and development, finance, legal, insurance, compliance and human resources activities. These costs may not be representative of the future costs we have incurred or will incur as an independent public company. The historical financial information included here may not necessarily reflect our financial position and results of operations or what our financial position and results of operations would have been had we been an independent, publicly-traded company during the historical periods presented or be indicative of our future performance as an independent company.
| Years Ended October 31, | |||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| (in millions, except per share data) | |||||||||||||||||||
| Combined and Consolidated Statement of Operations Data: | |||||||||||||||||||
| Net revenue | $ | 2,918 | $ | 2,856 | $ | 2,933 | $ | 2,888 | $ | 3,315 | |||||||||
| Income before taxes | $ | 366 | $ | 388 | $ | 475 | $ | 501 | $ | 746 | |||||||||
| Net income | $ | 335 | $ | 513 | $ | 392 | $ | 457 | $ | 841 | |||||||||
| Net income per share(a) | |||||||||||||||||||
| Basic | $ | 1.97 | $ | 3.04 | $ | 2.35 | $ | 2.74 | $ | 5.04 | |||||||||
| Diluted | $ | 1.95 | $ | 3.00 | $ | 2.35 | $ | 2.74 | $ | 5.04 | |||||||||
| Weighted average shares used in computing net income per share(a) | |||||||||||||||||||
| Basic | 170 | 169 | 167 | 167 | 167 | ||||||||||||||
| Diluted | 172 | 171 | 167 | 167 | 167 |
(a)On November 1, 2014, Agilent Technologies, Inc. distributed 167 million shares of Keysight common stock to existing holders of Agilent common stock. Basic and diluted net income per share for all periods through October 31, 2014 is calculated using the shares distributed on November 1, 2014. Refer to Note 7 of the combined and consolidated financial statements for information regarding earnings per common share.
| October 31, | |||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| (in millions) | |||||||||||||||||||
| Combined and Consolidated Balance Sheet Data: | |||||||||||||||||||
| Cash and cash equivalents and short-term investments | $ | 783 | $ | 483 | $ | 810 | $ | — | $ | — | |||||||||
| Working capital | $ | 1,210 | $ | 893 | $ | 1,081 | $ | 412 | $ | 398 | |||||||||
| Total assets | $ | 3,803 | $ | 3,508 | $ | 3,050 | $ | 2,028 | $ | 2,133 | |||||||||
| Long-term debt | $ | 1,100 | $ | 1,099 | $ | 1,099 | $ | — | $ | — | |||||||||
| Stockholders'/Invested equity | $ | 1,513 | $ | 1,302 | $ | 769 | $ | 1,245 | $ | 1,305 |
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