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#OtherLiabilitiesNoncurrentP2YP3YP3Y33.3325.00P3Y33.3325.002,983,8871,784,70874,28018,0742,352,6301,386,67237,8521,20193727916,3613,9041,6433484334551046588,0815,9945,708,3113,398,429148,67565,0804,436,4682,651,71076,16415,3411,87455831,2769,2713,4865807439102181,3156,2937,063
The 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 ofAs of
(In thousands)December 31, 2022June 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 
1212196,825124,641156,841176,25966,43666,436517,063565,586371,668389,368
The locations and fair value of our derivatives reported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows:
 Asset DerivativesLiability Derivatives
Balance SheetAs ofAs ofBalance SheetAs ofAs of
 LocationDecember 31, 2022June 30, 2022LocationDecember 31, 2022June 30, 2022
(In thousands)Fair ValueFair Value
Derivatives designated as hedging instruments
Foreign exchange contractsOther current assets$17,957 $20,595 Other current liabilities$(6,313)$8,406 
Total derivatives designated as hedging instruments17,957 20,595 (6,313)8,406 
Derivatives not designated as hedging instruments
Foreign exchange contractsOther current assets1,517 19,716 Other current liabilities(20,599)25,909 
Total derivatives not designated as hedging instruments1,517 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)2022202120222021
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, 2022Gross 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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$19,474 $— $19,474 $(19,474)$— $— 
Derivatives - liabilities$(26,912)$— $(26,912)$19,474 $— $(7,438)
As of June 30, 2022Gross 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 InstrumentsCash Collateral ReceivedNet 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, 2022Gross 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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$19,474 $— $19,474 $(19,474)$— $— 
Derivatives - liabilities$(26,912)$— $(26,912)$19,474 $— $(7,438)
As of June 30, 2022Gross 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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$40,311 $— $40,311 $(12,291)$— $28,020 
Derivatives - liabilities$(34,315)$— $(34,315)$12,291 $— $(22,024)
19,47419,47419,47426,91226,91219,4747,43840,31140,31112,29128,02034,31534,31512,29122,024
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(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,California95035
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareKLACThe 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 filerAccelerated 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.


Table of Contents
INDEX
 
  Page
Number
PART IFINANCIAL INFORMATION
Item 1.
Condensed Consolidated Statements of Comprehensive Income for the Three Months and Six Months Ended December 31, 2022 and 2021
Condensed Consolidated Statements of Stockholders Equity for the Three Months and Six Months Ended December 31, 2022 and 2021
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


 
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Table of Contents
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 securities1,294,873 1,123,100 
Accounts receivable, net2,282,925 1,811,877 
Inventories2,535,375 2,146,889 
Other current assets447,932 502,137 
Total current assets8,132,582 7,168,911 
Land, property and equipment, net964,813 849,929 
Goodwill2,278,809 2,320,049 
Deferred income taxes765,046 579,173 
Purchased intangible assets, net1,065,091 1,194,414 
Other non-current assets522,733 484,612 
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 revenue535,556 500,969 
Deferred service revenue372,555 381,737 
Other current liabilities2,043,983 1,545,039 
Total current liabilities3,482,501 2,871,083 
Long-term debt6,113,745 6,660,718 
Deferred tax liabilities559,346 658,937 
Deferred service revenue162,768 124,618 
Other non-current liabilities807,454 882,642 
Total liabilities11,125,814 11,197,998 
Commitments and contingencies (Notes 9, 14 and 15)
Stockholders’ equity:
Common stock and capital in excess of par value1,982,360 1,061,940 
Retained earnings670,002 366,882 
Accumulated other comprehensive loss(49,102)(27,471)
Total KLA stockholders’ equity2,603,260 1,401,351 
Non-controlling interest in consolidated subsidiaries (2,261)
Total stockholders’ equity2,603,260 1,399,090 
Total liabilities and stockholders’ equity$13,729,074 $12,597,088 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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Table of Contents
KLA CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended December 31,Six Months Ended December 31,
(In thousands, except per share amounts)2022202120222021
Revenues:
Product$2,463,408 $1,895,769 $4,659,017 $3,525,657 
Service520,479 456,861 1,049,294 910,811 
Total revenues2,983,887 2,352,630 5,708,311 4,436,468 
Costs and expenses:
Costs of revenues1,208,786 908,162 2,250,012 1,721,786 
Research and development332,826 265,031 651,341 523,184 
Selling, general and administrative243,096 213,479 497,076 406,740 
Interest expense74,280 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 taxes1,142,973 926,905 2,213,001 1,693,253 
Provision (benefit) for income taxes164,178 209,388 208,141 (92,749)
Net income978,795 717,517 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:
Basic141,299 151,251 141,564 151,791 
Diluted141,966 152,331 142,268 152,886 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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Table of Contents
KLA CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended December 31,Six Months Ended December 31,
(In thousands)2022202120222021
Net income $978,795 $717,517 $2,004,860 $1,786,002 
Other comprehensive income (loss):
Currency translation adjustments:
Cumulative currency translation adjustments7,462 (1,391)(12,250)(4,146)
Income tax benefit279 78 279 395 
Net change related to currency translation adjustments7,741 (1,313)(11,971)(3,751)
Cash flow hedges:
Net unrealized gains arising during the period8,239 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) benefit3,275 (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 period4,511 (3,273)(2,453)(3,590)
Reclassification adjustments for net losses included in net income407 3 581 2 
Income tax benefit(1,057)702 403 770 
Net change related to available-for-sale securities3,861 (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).
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Table of Contents
KLA CORPORATION
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
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)SharesAmount
Balances as of June 30, 2022141,804 $1,061,940 $366,882 $(27,471)$1,401,351 $(2,261)$1,399,090 
Net income attributable to KLA— — 1,025,991 — 1,025,991 — 1,025,991 
Net income attributable to non-controlling interest— — — — — 74 74 
Other comprehensive loss — — — (31,370)(31,370)— (31,370)
Net issuance under employee stock plans171 (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)
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, 2022141,718 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 
Other comprehensive income — — — 9,739 9,739 9,739 
Net issuance under employee stock plans170 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)
Stock-based compensation expense— 38,405 — — 38,405 — 38,405 
Balances as of December 31, 2022138,459 $1,982,360 $670,002 $(49,102)$2,603,260 $ $2,603,260 

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)SharesAmount
Balances as of June 30, 2021152,776 $2,175,988 $1,277,123 $(75,557)$3,377,554 $(1,912)$3,375,642 
Net income attributable to KLA— — 1,068,417 — 1,068,417 — 1,068,417 
Net income attributable to non-controlling interest— — — — — 68 68 
Other comprehensive loss — — — (2,487)(2,487)— (2,487)
Net issuance under employee stock plans160 (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, 2021151,746 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 plans205 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, 2021150,847 $2,181,025 $1,943,981 $(76,479)$4,048,527 $(1,771)$4,046,756 
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