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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 March 31, 2023
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 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 April 17, 2023, there were 137,198,902 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 Nine Months Ended March 31, 2023 and 2022
Condensed Consolidated Statements of Stockholders’ Equity for the Three Months and Nine Months Ended March 31, 2023 and 2022
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


 
2
Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
KLA CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 
(In thousands)March 31,
2023		June 30,
2022
ASSETS
Current assets:
Cash and cash equivalents$1,568,513 $1,584,908 
Marketable securities1,321,696 1,123,100 
Accounts receivable, net1,940,067 1,811,877 
Inventories2,749,743 2,146,889 
Other current assets438,731 502,137 
Total current assets8,018,750 7,168,911 
Land, property and equipment, net984,271 849,929 
Goodwill2,278,817 2,320,049 
Deferred income taxes783,843 579,173 
Purchased intangible assets, net999,958 1,194,414 
Other non-current assets617,910 484,612 
Total assets$13,683,549 $12,597,088 
LIABILITIES, NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$410,885 $443,338 
Deferred system revenue533,791 500,969 
Deferred service revenue364,394 381,737 
Other current liabilities2,109,451 1,545,039 
Total current liabilities3,418,521 2,871,083 
Long-term debt5,889,740 6,660,718 
Deferred tax liabilities514,269 658,937 
Deferred service revenue176,260 124,618 
Other non-current liabilities1,001,978 882,642 
Total liabilities11,000,768 11,197,998 
Commitments and contingencies (Notes 9, 14 and 15)
Stockholders’ equity:
Common stock and capital in excess of par value1,996,773 1,061,940 
Retained earnings721,299 366,882 
Accumulated other comprehensive loss(35,291)(27,471)
Total KLA stockholders’ equity2,682,781 1,401,351 
Non-controlling interest in consolidated subsidiaries— (2,261)
Total stockholders’ equity2,682,781 1,399,090 
Total liabilities and stockholders’ equity$13,683,549 $12,597,088 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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KLA CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended March 31,Nine Months Ended March 31,
(In thousands, except per share amounts)2023202220232022
Revenues:
Product$1,903,484 $1,800,659 $6,562,501 $5,326,316 
Service529,124 488,017 1,578,418 1,398,828 
Total revenues2,432,608 2,288,676 8,140,919 6,725,144 
Costs and expenses:
Costs of revenues1,005,346 892,091 3,255,358 2,613,877 
Research and development328,276 285,189 979,617 808,373 
Selling, general and administrative238,393 216,489 735,469 623,229 
Interest expense74,774 39,978 223,449 116,142 
Loss on extinguishment of debt— — 13,286 — 
Other expense (income), net(14,864)8,644 (79,944)23,985 
Income before income taxes800,683 846,285 3,013,684 2,539,538 
Provision for income taxes102,846 115,625 310,987 22,876 
Net income697,837 730,660 2,702,697 2,516,662 
Less: Net income attributable to non-controlling interest— 88 74 229 
Net income attributable to KLA$697,837 $730,572 $2,702,623 $2,516,433 
Net income per share attributable to KLA
Basic$5.06 $4.87 $19.26 $16.64 
Diluted$5.03 $4.83 $19.16 $16.52 
Weighted-average number of shares:
Basic137,865 150,145 140,349 151,250 
Diluted138,645 151,186 141,073 152,346 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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KLA CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31,Nine Months Ended March 31,
(In thousands)2023202220232022
Net income $697,837 $730,660 $2,702,697 $2,516,662 
Other comprehensive income (loss):
Currency translation adjustments:
Cumulative currency translation adjustments4,235 413 (8,015)(3,733)
Income tax (provision) benefit(15)870 264 1,265 
Net change related to currency translation adjustments4,220 1,283 (7,751)(2,468)
Cash flow hedges:
Net unrealized gains arising during the period6,660 17,777 16,667 25,370 
Reclassification adjustments for net gains included in net income(2,824)(992)(25,960)(3,122)
Income tax (provision) benefit(352)(4,023)4,111 (5,047)
Net change related to cash flow hedges3,484 12,762 (5,182)17,201 
Net change related to unrecognized losses and transition obligations in connection with defined benefit plans86 467 561 1,675 
Available-for-sale securities:
Net unrealized gains (losses) arising during the period7,422 (12,270)4,969 (15,860)
Reclassification adjustments for net losses included in net income250 88 831 90 
Income tax (provision) benefit(1,651)2,616 (1,248)3,386 
Net change related to available-for-sale securities6,021 (9,566)4,552 (12,384)
Other comprehensive income (loss)13,811 4,946 (7,820)4,024 
Less: Comprehensive income attributable to non-controlling interest— 88 74 229 
Total comprehensive income attributable to KLA$711,648 $735,518 $2,694,803 $2,520,457 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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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— — 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 
Net income— — 697,837 — 697,837 — 697,837 
Other comprehensive income— — — 13,811 13,811 — 13,811 
Net issuance under employee stock plans57 (16,154)— — (16,154)— (16,154)
Repurchase of common stock(1,227)(17,563)(465,149)— (482,712)— (482,712)
Cash dividends ($1.30 per share) and dividend equivalents declared
— — (181,391)— (181,391)— (181,391)
Stock-based compensation expense— 48,130 — — 48,130 — 48,130 
Balances as of March 31, 2023137,289 $1,996,773 $721,299 $(35,291)$2,682,781 $— $2,682,781 

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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)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 
Net income attributable to KLA— — 730,572 — 730,572 — 730,572 
Net income attributable to non-controlling interest— — — — — 88 88 
Other comprehensive income— — — 4,946 4,946 — 4,946 
Net issuance under employee stock plans67 (16,661)— (16,661)— (16,661)
Repurchase of common stock(1,539)(22,222)(542,444)— (564,666)— (564,666)
Cash dividends ($1.05 per share) and dividend equivalents declared
(159,498)— (159,498)— (159,498)
Stock-based compensation expense— 37,087 — — 37,087 — 37,087 
Balances as of March 31, 2022149,375 $2,179,229 $1,972,611 $(71,533)$4,080,307 $(1,683)$4,078,624 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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KLA CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended March 31,
(In thousands)20232022
Cash flows from operating activities:
Net income$2,702,697 $2,516,662 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization310,300 262,496 
Loss on extinguishment of debt13,286 — 
Unrealized foreign exchange (gain) loss and other(35,427)14,669 
Asset impairment charges9,905 5,962 
Disposal of non-controlling interest8,270 — 
Stock-based compensation expense121,517 90,069 
Gain on sale of business(29,687)— 
Deferred income taxes(321,712)(382,975)
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable(153,630)(318,271)
Inventories(604,393)(396,403)
Other assets(30,427)(23,729)
Accounts payable(38,817)82,376 
Deferred system revenue32,822 141,122 
Deferred service revenue35,551 81,216 
Other liabilities690,435 420,279 
Net cash provided by operating activities2,710,690 2,493,473 
Cash flows from investing activities:
Net proceeds from sale of business75,358 — 
Business acquisitions, net of cash acquired(27,144)(470,887)
Capital expenditures(262,908)(234,160)
Purchases of available-for-sale securities(960,837)(733,386)
Proceeds from sale of available-for-sale securities74,541 67,505 
Proceeds from maturity of available-for-sale securities699,363 524,677 
Purchases of trading securities(77,759)(101,342)
Proceeds from sale of trading securities70,279 95,734 
Proceeds from other investments1,020 795 
Net cash used in investing activities(408,087)(851,064)
Cash flows from financing activities:
Payment of debt issuance costs(6,515)— 
Proceeds from revolving credit facility300,000 600,000 
Repayment of debt(1,087,250)(345,000)
Common stock repurchases(923,039)(1,394,217)
Payment of dividends to stockholders(553,046)(480,926)
Issuance of common stock33,908 36,912 
Tax withholding payments related to vested and released restricted stock units(73,704)(68,948)
Contingent consideration payable and other, net(5,027)(1,100)
Purchase of non-controlling interest(4,295)— 
Net cash used in financing activities(2,318,968)(1,653,279)
Effect of exchange rate changes on cash and cash equivalents(30)(8,568)
Net decrease in cash and cash equivalents(16,395)(19,438)
Cash and cash equivalents at beginning of period1,584,908 1,434,610 
Cash and cash equivalents at end of period$1,568,513 $1,415,172 
Supplemental cash flow disclosures:
Income taxes paid, net$451,243 $355,176 
Interest paid$198,906 $116,791 
Non-cash activities: