false2023Q2000031920106-30http://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrentP2YP3YP3Y33.3325.00P3Y33.3325.002,983,8871,784,70874,28018,0742,352,6301,386,67237,8521,201——937———279—16,3613,904——1,643348——433——455104——658———8,081———5,9945,708,3113,398,429148,67565,0804,436,4682,651,71076,16415,341——1,874———558—31,2769,271——3,486580——743——910218——1,315———6,293———7,063The U.S. dollar equivalent of all outstanding notional amounts of foreign currency hedge contracts with maximum remaining maturities of approximately 12 months as of the dates indicated below, were as follows:
| | | | | | | | | | | |
| As of | | As of |
(In thousands) | December 31, 2022 | | June 30, 2022 |
Cash flow hedge contracts - foreign currency | | | |
Purchase | $ | 196,825 | | | $ | 124,641 | |
Sell | $ | 156,841 | | | $ | 176,259 | |
Net investment hedge contracts - foreign currency | | | |
| | | |
Sell | $ | 66,436 | | | $ | 66,436 | |
Other foreign currency hedge contracts | | | |
Purchase | $ | 517,063 | | | $ | 565,586 | |
Sell | $ | 371,668 | | | $ | 389,368 | |
| | | |
1212196,825124,641156,841176,25966,43666,436517,063565,586371,668389,368The locations and fair value of our derivatives reported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Derivatives | | Liability Derivatives |
| Balance Sheet | | As of | | As of | | Balance Sheet | | As of | | As of |
| Location | | December 31, 2022 | | June 30, 2022 | | Location | | December 31, 2022 | | June 30, 2022 |
(In thousands) | | Fair Value | | | Fair Value |
Derivatives designated as hedging instruments | | | | | | | | | | | |
| | | | | | | | | | | |
Foreign exchange contracts | Other current assets | | $ | 17,957 | | | $ | 20,595 | | | Other current liabilities | | $ | (6,313) | | | $ | 8,406 | |
Total derivatives designated as hedging instruments | | | 17,957 | | | 20,595 | | | | | (6,313) | | | 8,406 | |
Derivatives not designated as hedging instruments | | | | | | | | | | | |
Foreign exchange contracts | Other current assets | | 1,517 | | | 19,716 | | | Other current liabilities | | (20,599) | | | 25,909 | |
Total derivatives not designated as hedging instruments | | | 1,517 | | | 19,716 | | | | | (20,599) | | | 25,909 | |
Total derivatives | | | $ | 19,474 | | | $ | 40,311 | | | | | $ | (26,912) | | | $ | 34,315 | |
17,95720,5956,3138,40617,95720,5956,3138,4061,51719,71620,59925,9091,51719,71620,59925,90919,47440,31126,91234,315The changes in AOCI, before taxes, related to derivatives for the indicated periods were as follows: | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
(In thousands) | 2022 | | 2021 | | 2022 | | 2021 |
Beginning AOCI | $ | 72,290 | | | $ | (25,546) | | | $ | 77,018 | | | $ | (25,830) | |
Amount reclassified to earnings as net (gains) losses | (12,961) | | | (912) | | | (23,136) | | | (2,130) | |
Net change in unrealized gains (losses) | 6,392 | | | 5,627 | | | 11,839 | | | 7,129 | |
Ending AOCI | $ | 65,721 | | | $ | (20,831) | | | $ | 65,721 | | | $ | (20,831) | |
72,29025,54677,01825,83012,96191223,1362,1306,3925,62711,8397,12965,72120,83165,72120,831The information related to the offsetting arrangements for the periods indicated was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2022 | | | | | | Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets | | |
(In thousands) | | Gross Amounts of Derivatives | | Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets | | Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets | | Financial Instruments | | Cash Collateral Received | | Net Amount |
Derivatives - assets | | $ | 19,474 | | | $ | — | | | $ | 19,474 | | | $ | (19,474) | | | $ | — | | | $ | — | |
Derivatives - liabilities | | $ | (26,912) | | | $ | — | | | $ | (26,912) | | | $ | 19,474 | | | $ | — | | | $ | (7,438) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2022 | | | | | | Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets | | |
(In thousands) | | Gross Amounts of Derivatives | | Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets | | Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets | | Financial Instruments | | Cash Collateral Received | | Net Amount |
Derivatives - assets | | $ | 40,311 | | | $ | — | | | $ | 40,311 | | | $ | (12,291) | | | $ | — | | | $ | 28,020 | |
Derivatives - liabilities | | $ | (34,315) | | | $ | — | | | $ | (34,315) | | | $ | 12,291 | | | $ | — | | | $ | (22,024) | |
The information related to the offsetting arrangements for the periods indicated was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2022 | | | | | | Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets | | |
(In thousands) | | Gross Amounts of Derivatives | | Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets | | Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets | | Financial Instruments | | Cash Collateral Received | | Net Amount |
Derivatives - assets | | $ | 19,474 | | | $ | — | | | $ | 19,474 | | | $ | (19,474) | | | $ | — | | | $ | — | |
Derivatives - liabilities | | $ | (26,912) | | | $ | — | | | $ | (26,912) | | | $ | 19,474 | | | $ | — | | | $ | (7,438) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2022 | | | | | | Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets | | |
(In thousands) | | Gross Amounts of Derivatives | | Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets | | Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets | | Financial Instruments | | Cash Collateral Received | | Net Amount |
Derivatives - assets | | $ | 40,311 | | | $ | — | | | $ | 40,311 | | | $ | (12,291) | | | $ | — | | | $ | 28,020 | |
Derivatives - liabilities | | $ | (34,315) | | | $ | — | | | $ | (34,315) | | | $ | 12,291 | | | $ | — | | | $ | (22,024) | |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| | | | | |
(Mark one) |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2022
or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 000-09992
| | |
KLA CORPORATION |
(Exact name of registrant as specified in its charter) |
| | | | | | | | | | | | | | |
Delaware | | 04-2564110 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | | |
One Technology Drive, | Milpitas, | California | | 95035 |
(Address of Principal Executive Offices) | | (Zip Code) |
(408) 875-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.001 par value per share | KLAC | The Nasdaq Stock Market, LLC |
| | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | | | Smaller reporting company | ☐ |
| | | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 17, 2023, there were 138,479,764 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.
INDEX
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| | Page Number |
| | |
PART I | FINANCIAL INFORMATION | |
Item 1. | | |
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| | |
| | |
| | |
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| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
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PART II | OTHER INFORMATION | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
| |
| | |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
KLA CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | |
(In thousands) | December 31, 2022 | | June 30, 2022 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 1,571,477 | | | $ | 1,584,908 | |
Marketable securities | 1,294,873 | | | 1,123,100 | |
Accounts receivable, net | 2,282,925 | | | 1,811,877 | |
Inventories | 2,535,375 | | | 2,146,889 | |
Other current assets | 447,932 | | | 502,137 | |
Total current assets | 8,132,582 | | | 7,168,911 | |
Land, property and equipment, net | 964,813 | | | 849,929 | |
Goodwill | 2,278,809 | | | 2,320,049 | |
Deferred income taxes | 765,046 | | | 579,173 | |
Purchased intangible assets, net | 1,065,091 | | | 1,194,414 | |
Other non-current assets | 522,733 | | | 484,612 | |
Total assets | $ | 13,729,074 | | | $ | 12,597,088 | |
LIABILITIES, NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 530,407 | | | $ | 443,338 | |
Deferred system revenue | 535,556 | | | 500,969 | |
Deferred service revenue | 372,555 | | | 381,737 | |
| | | |
Other current liabilities | 2,043,983 | | | 1,545,039 | |
Total current liabilities | 3,482,501 | | | 2,871,083 | |
Long-term debt | 6,113,745 | | | 6,660,718 | |
Deferred tax liabilities | 559,346 | | | 658,937 | |
Deferred service revenue | 162,768 | | | 124,618 | |
Other non-current liabilities | 807,454 | | | 882,642 | |
Total liabilities | 11,125,814 | | | 11,197,998 | |
Commitments and contingencies (Notes 9, 14 and 15) | | | |
Stockholders’ equity: | | | |
Common stock and capital in excess of par value | 1,982,360 | | | 1,061,940 | |
Retained earnings | 670,002 | | | 366,882 | |
Accumulated other comprehensive loss | (49,102) | | | (27,471) | |
Total KLA stockholders’ equity | 2,603,260 | | | 1,401,351 | |
Non-controlling interest in consolidated subsidiaries | — | | | (2,261) | |
Total stockholders’ equity | 2,603,260 | | | 1,399,090 | |
Total liabilities and stockholders’ equity | $ | 13,729,074 | | | $ | 12,597,088 | |
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
KLA CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
(In thousands, except per share amounts) | 2022 | | 2021 | | 2022 | | 2021 |
Revenues: | | | | | | | |
Product | $ | 2,463,408 | | | $ | 1,895,769 | | | $ | 4,659,017 | | | $ | 3,525,657 | |
Service | 520,479 | | | 456,861 | | | 1,049,294 | | | 910,811 | |
Total revenues | 2,983,887 | | | 2,352,630 | | | 5,708,311 | | | 4,436,468 | |
Costs and expenses: | | | | | | | |
Costs of revenues | 1,208,786 | | | 908,162 | | | 2,250,012 | | | 1,721,786 | |
Research and development | 332,826 | | | 265,031 | | | 651,341 | | | 523,184 | |
Selling, general and administrative | 243,096 | | | 213,479 | | | 497,076 | | | 406,740 | |
| | | | | | | |
Interest expense | 74,280 | | | 37,852 | | | 148,675 | | | 76,164 | |
Loss on extinguishment of debt | — | | | — | | | 13,286 | | | — | |
Other expense (income), net | (18,074) | | | 1,201 | | | (65,080) | | | 15,341 | |
Income before income taxes | 1,142,973 | | | 926,905 | | | 2,213,001 | | | 1,693,253 | |
Provision (benefit) for income taxes | 164,178 | | | 209,388 | | | 208,141 | | | (92,749) | |
| | | | | | | |
Net income | 978,795 | | | 717,517 | | | 2,004,860 | | | 1,786,002 | |
Less: Net income attributable to non-controlling interest | — | | | 73 | | | 74 | | | 141 | |
Net income attributable to KLA | $ | 978,795 | | | $ | 717,444 | | | $ | 2,004,786 | | | $ | 1,785,861 | |
Net income per share attributable to KLA | | | | | | | |
Basic | $ | 6.93 | | | $ | 4.74 | | | $ | 14.16 | | | $ | 11.77 | |
Diluted | $ | 6.89 | | | $ | 4.71 | | | $ | 14.09 | | | $ | 11.68 | |
Weighted-average number of shares: | | | | | | | |
Basic | 141,299 | | | 151,251 | | | 141,564 | | | 151,791 | |
Diluted | 141,966 | | | 152,331 | | | 142,268 | | | 152,886 | |
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
KLA CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
(In thousands) | 2022 | | 2021 | | 2022 | | 2021 |
Net income | $ | 978,795 | | | $ | 717,517 | | | $ | 2,004,860 | | | $ | 1,786,002 | |
Other comprehensive income (loss): | | | | | | | |
Currency translation adjustments: | | | | | | | |
Cumulative currency translation adjustments | 7,462 | | | (1,391) | | | (12,250) | | | (4,146) | |
Income tax benefit | 279 | | | 78 | | | 279 | | | 395 | |
Net change related to currency translation adjustments | 7,741 | | | (1,313) | | | (11,971) | | | (3,751) | |
Cash flow hedges: | | | | | | | |
Net unrealized gains arising during the period | 8,239 | | | 6,741 | | | 10,007 | | | 7,593 | |
Reclassification adjustments for net gains included in net income | (12,961) | | | (912) | | | (23,136) | | | (2,130) | |
Income tax (provision) benefit | 3,275 | | | (963) | | | 4,463 | | | (1,024) | |
Net change related to cash flow hedges | (1,447) | | | 4,866 | | | (8,666) | | | 4,439 | |
Net change related to unrecognized losses and transition obligations in connection with defined benefit plans | (416) | | | 580 | | | 475 | | | 1,208 | |
Available-for-sale securities: | | | | | | | |
Net unrealized gains (losses) arising during the period | 4,511 | | | (3,273) | | | (2,453) | | | (3,590) | |
Reclassification adjustments for net losses included in net income | 407 | | | 3 | | | 581 | | | 2 | |
Income tax benefit | (1,057) | | | 702 | | | 403 | | | 770 | |
Net change related to available-for-sale securities | 3,861 | | | (2,568) | | | (1,469) | | | (2,818) | |
Other comprehensive income (loss) | 9,739 | | | 1,565 | | | (21,631) | | | (922) | |
Less: Comprehensive income attributable to non-controlling interest | — | | | 73 | | | 74 | | | 141 | |
Total comprehensive income attributable to KLA | $ | 988,534 | | | $ | 719,009 | | | $ | 1,983,155 | | | $ | 1,784,939 | |
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
KLA CORPORATION
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
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| Common Stock and Capital in Excess of Par Value | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total KLA Stockholders’ Equity | | Non- Controlling Interest | | Total Stockholders’ Equity |
(In thousands, except per share amounts) | Shares | | Amount | |
Balances as of June 30, 2022 | 141,804 | | | $ | 1,061,940 | | | $ | 366,882 | | | $ | (27,471) | | | $ | 1,401,351 | | | $ | (2,261) | | | $ | 1,399,090 | |
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Net income attributable to KLA | — | | | — | | | 1,025,991 | | | — | | | 1,025,991 | | | — | | | 1,025,991 | |
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Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | 74 | | | 74 | |
Other comprehensive loss | — | | | — | | | — | | | (31,370) | | | (31,370) | | | — | | | (31,370) | |
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Net issuance under employee stock plans | 171 | | | (54,950) | | | — | | | — | | | (54,950) | | | — | | | (54,950) | |
Repurchase of common stock | (257) | | | (1,926) | | | (87,690) | | | — | | | (89,616) | | | — | | | (89,616) | |
Cash dividends ($1.30 per share) and dividend equivalents declared | — | | | — | | | (186,216) | | | — | | | (186,216) | | | — | | | (186,216) | |
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Stock-based compensation expense | — | | | 34,982 | | | — | | | — | | | 34,982 | | | — | | | 34,982 | |
Purchase of non-controlling interest | — | | | 1,902 | | | — | | | — | | | 1,902 | | | (6,196) | | | (4,294) | |
Disposal of non-controlling interest | — | | | — | | | — | | | — | | | — | | | 8,383 | | | 8,383 | |
Balances as of September 30, 2022 | 141,718 | | | 1,041,948 | | | 1,118,967 | | | $ | (58,841) | | | $ | 2,102,074 | | | $ | — | | | $ | 2,102,074 | |
Net income attributable to KLA | — | | | — | | | 978,795 | | | — | | | 978,795 | | | — | | | 978,795 | |
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Other comprehensive income | — | | | — | | | — | | | 9,739 | | | 9,739 | | | | | 9,739 | |
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Net issuance under employee stock plans | 170 | | | 31,196 | | | — | | | — | | | 31,196 | | | — | | | 31,196 | |
Repurchase of common stock | (3,429) | | | 870,811 | | | (1,241,793) | | | — | | | (370,982) | | | — | | | (370,982) | |
Cash dividends ($1.30 per share) and dividend equivalents declared | — | | | — | | | (185,967) | | | — | | | (185,967) | | | — | | | (185,967) | |
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Stock-based compensation expense | — | | | 38,405 | | | — | | | — | | | 38,405 | | | — | | | 38,405 | |
Balances as of December 31, 2022 | 138,459 | | | $ | 1,982,360 | | | $ | 670,002 | | | $ | (49,102) | | | $ | 2,603,260 | | | $ | — | | | $ | 2,603,260 | |
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| Common Stock and Capital in Excess of Par Value | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total KLA Stockholders’ Equity | | Non- Controlling Interest | | Total Stockholders’ Equity |
(In thousands, except per share amounts) | Shares | | Amount | |
Balances as of June 30, 2021 | 152,776 | | | $ | 2,175,988 | | | $ | 1,277,123 | | | $ | (75,557) | | | $ | 3,377,554 | | | $ | (1,912) | | | $ | 3,375,642 | |
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Net income attributable to KLA | — | | | — | | | 1,068,417 | | | — | | | 1,068,417 | | | — | | | 1,068,417 | |
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Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | 68 | | | 68 | |
Other comprehensive loss | — | | | — | | | — | | | (2,487) | | | (2,487) | | | — | | | (2,487) | |
Net issuance under employee stock plans | 160 | | | (46,532) | | | — | | | — | | | (46,532) | | | — | | | (46,532) | |
Repurchase of common stock | (1,190) | | | (16,966) | | | (382,711) | | | — | | | (399,677) | | | — | | | (399,677) | |
Cash dividends ($1.05 per share) and dividend equivalents declared | — | | | — | | | (161,561) | | | — | | | (161,561) | | | — | | | (161,561) | |
Stock-based compensation expense | — | | | 25,216 | | | — | | | — | | | 25,216 | | | — | | | 25,216 | |
Balances as of September 30, 2021 | 151,746 | | | 2,137,706 | | | 1,801,268 | | | (78,044) | | | 3,860,930 | | | (1,844) | | | 3,859,086 | |
Net income attributable to KLA | — | | | — | | | 717,444 | | | — | | | 717,444 | | | — | | | 717,444 | |
Net income attributable to non-controlling interest | — | | | — | | | — | | | — | | | — | | | 73 | | | 73 | |
Other comprehensive income | — | | | — | | | — | | | 1,565 | | | 1,565 | | | — | | | 1,565 | |
Net issuance under employee stock plans | 205 | | | 31,157 | | | — | | | — | | | 31,157 | | | — | | | 31,157 | |
Repurchase of common stock | (1,104) | | | (15,604) | | | (414,270) | | | — | | | (429,874) | | | — | | | (429,874) | |
Cash dividends ($1.05 per share) and dividend equivalents declared | — | | | — | | | (160,461) | | | — | | | (160,461) | | | — | | | (160,461) | |
Stock-based compensation expense | — | | | 27,766 | | | — | | | — | | | 27,766 | | | — | | | 27,766 | |
Balances as of December 31, 2021 | 150,847 | | | $ | 2,181,025 | | | $ | 1,943,981 | | | $ | (76,479) | | | $ | 4,048,527 | | | $ | (1,771) | | | $ | 4,046,756 | |
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