KLA Corp. Files 10-Q for Period Ending December 31, 2023

Ticker: KLAC · Form: 10-Q · Filed: 2024-01-26T00:00:00.000Z

Sentiment: neutral

Topics: KLA Corp, 10-Q, Financial Report, Semiconductor Equipment, Q2 FY2024

TL;DR

<b>KLA Corp. filed its Q2 FY2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

KLA CORP (KLAC) filed a Quarterly Report (10-Q) with the SEC on January 26, 2024. KLA Corp. filed its 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. KLA Corp. is incorporated in Delaware. The company's business address is One Technology Drive, Milpitas, CA 95035.

Why It Matters

For investors and stakeholders tracking KLA CORP, this filing contains several important signals. This 10-Q filing provides investors with an updated view of KLA Corp.'s financial health and operational performance for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the semiconductor equipment industry.

Risk Assessment

Risk Level: low — KLA CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and operational efficiency for Q2 FY2024.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

When did KLA CORP file this 10-Q?

KLA CORP filed this Quarterly Report (10-Q) with the SEC on January 26, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by KLA CORP (KLAC).

Where can I read the original 10-Q filing from KLA CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by KLA CORP.

What are the key takeaways from KLA CORP's 10-Q?

KLA CORP filed this 10-Q on January 26, 2024. Key takeaways: KLA Corp. filed its 10-Q report for the period ending December 31, 2023.. The filing covers the second quarter of fiscal year 2024.. The company's fiscal year ends on June 30..

Is KLA CORP a risky investment based on this filing?

Based on this 10-Q, KLA CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

What should investors do after reading KLA CORP's 10-Q?

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and operational efficiency for Q2 FY2024. The overall sentiment from this filing is neutral.

How does KLA CORP compare to its industry peers?

KLA Corp. operates in the semiconductor equipment industry, providing process control and yield management solutions.

Are there regulatory concerns for KLA CORP?

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

Industry Context

KLA Corp. operates in the semiconductor equipment industry, providing process control and yield management solutions.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and EPS trends.
  2. Examine segment reporting for Product and Service revenue contributions.
  3. Review any disclosed risk factors or management discussion for insights into operational challenges or opportunities.

Key Dates

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 31, 2023, providing an update from the previous filings.

Filing Stats: 4,578 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-01-26 16:10:28

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended December 31, 2023 and 2022 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months and Six Months Ended December 31, 2023 and 2022 5 Condensed Consolidated Statements of Stockholders ' Equity for the Three Months and Six Months Ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 72

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 72

Other Information

Item 5. Other Information 72

Exhibits

Item 6. Exhibits 74

SIGNATURES

SIGNATURES 75 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KLA CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (In thousands) December 31, 2023 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,665,054 $ 1,927,865 Marketable securities 1,677,940 1,315,294 Accounts receivable, net 1,843,878 1,753,361 Inventories 3,038,628 2,876,784 Other current assets 523,221 498,728 Total current assets 8,748,721 8,372,032 Land, property and equipment, net 1,088,824 1,031,841 Goodwill, net 2,086,204 2,278,820 Deferred income taxes 902,163 816,899 Purchased intangible assets, net 786,233 935,303 Other non-current assets 668,356 637,462 Total assets $ 14,280,501 $ 14,072,357 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 376,671 $ 371,026 Deferred system revenue 884,027 651,720 Deferred service revenue 446,243 416,606 Short-term debt 749,842 — Other current liabilities 2,114,214 2,303,490 Total current liabilities 4,570,997 3,742,842 Long-term debt 5,142,884 5,890,736 Deferred tax liabilities 493,968 529,287 Deferred service revenue 221,768 176,681 Other non-current liabilities 807,173 813,058 Total liabilities 11,236,790 11,152,604 Commitments and contingencies (Notes 9, 14 and 15) Stockholders' equity: Common stock and capital in excess of par value 2,154,509 2,107,663 Retained earnings 921,466 848,431 Accumulated other comprehensive loss ( 32,264 ) ( 36,341 ) Total stockholders' equity 3,043,711 2,919,753 Total liabilities and stockholders' equity $ 14,280,501 $ 14,072,357 See accompanying notes to Condensed Consolidated Financial Statements (unaudited). 3 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) 2023 2022 2023 2022 Revenues: Product $ 1,921,809 $ 2,463,408 $ 3,758,473 $ 4,659,017 Service 564,917 520,479 1,125,209 1,049,294 Total revenues 2,

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