KLA Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>KLA Corp filed its Q3 2024 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 April 26, 2024. KLA Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's principal executive offices are located at One Technology Drive, Milpitas, CA 95035. KLA Corp was formerly known as KLA Tencor Corp and KLA Instruments Corp. The company's fiscal year ends on June 30th.

Why It Matters

For investors and stakeholders tracking KLA CORP, this filing contains several important signals. This filing provides investors with the latest financial data and operational insights for KLA Corp, crucial for understanding the company's current standing and future prospects. As a key player in the semiconductor equipment industry, KLA Corp's performance in this report can indicate broader trends within the technology sector.

Risk Assessment

Risk Level: medium — KLA CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond what is presented in the financial statements.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess KLA Corp's revenue generation and profitability trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 06-30 — Fiscal Year End (FISCAL YEAR END)
• 0000319201-24-000012 — Accession Number (ACCESSION NUMBER)

Key Players & Entities

• KLA CORP (company) — FILER
• 0000319201 (company) — CENTRAL INDEX KEY
• 3827 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 4088753000 (company) — BUSINESS PHONE
• KLA TENCOR CORP (company) — FORMER COMPANY
• KLA INSTRUMENTS CORP (company) — FORMER COMPANY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

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

Regulatory Implications

The filing is a standard SEC Form 10-Q, required for publicly traded companies to report quarterly financial results and operational details.

What Investors Should Do

1. Analyze the revenue breakdown by product and service segments for the reported periods.
2. Examine any disclosed changes in accounting policies or significant financial statement notes.
3. Compare key financial metrics with previous quarters and the same quarter in the prior year, if available in the full filing.

Key Dates

• 2024-04-26: Filing Date — Submission of the quarterly report (10-Q).
• 2024-03-31: Period End Date — End of the reporting period for the 10-Q.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Comparative data from previous filings would be needed for a full comparison.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share KLAC The Nasdaq Sto

Filing Documents

• klac-20240331.htm (10-Q) — 2609KB
• klac10-qex10133124.htm (EX-10.1) — 19KB
• klac10-qex311033124.htm (EX-31.1) — 11KB
• klac10-qex312033124.htm (EX-31.2) — 11KB
• klac10-qex32033124.htm (EX-32) — 11KB
• imagea.jpg (GRAPHIC) — 151KB
• 0000319201-24-000012.txt (&nbsp;) — 14516KB
• klac-20240331.xsd (EX-101.SCH) — 88KB
• klac-20240331_cal.xml (EX-101.CAL) — 137KB
• klac-20240331_def.xml (EX-101.DEF) — 484KB
• klac-20240331_lab.xml (EX-101.LAB) — 1003KB
• klac-20240331_pre.xml (EX-101.PRE) — 757KB
• klac-20240331_htm.xml (XML) — 2764KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months and Nine Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders ' Equity for the Three Months and Nine Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9

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) March 31, 2024 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,848,167 $ 1,927,865 Marketable securities 2,446,135 1,315,294 Accounts receivable, net 1,625,257 1,753,361 Inventories 3,007,053 2,876,784 Other current assets 601,470 498,728 Total current assets 9,528,082 8,372,032 Land, property and equipment, net 1,106,278 1,031,841 Goodwill, net 2,015,727 2,278,820 Deferred income taxes 879,380 816,899 Purchased intangible assets, net 727,601 935,303 Other non-current assets 700,221 637,462 Total assets $ 14,957,289 $ 14,072,357 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 354,720 $ 371,026 Deferred system revenue 994,469 651,720 Deferred service revenue 450,933 416,606 Short-term debt 749,889 — Other current liabilities 1,908,527 2,303,490 Total current liabilities 4,458,538 3,742,842 Long-term debt 5,879,025 5,890,736 Deferred tax liabilities 480,270 529,287 Deferred service revenue 271,365 176,681 Other non-current liabilities 773,206 813,058 Total liabilities 11,862,404 11,152,604 Commitments and contingencies (Notes 9, 14 and 15) Stockholders' equity: Common stock and capital in excess of par value 2,177,501 2,107,663 Retained earnings 958,904 848,431 Accumulated other comprehensive loss ( 41,520 ) ( 36,341 ) Total stockholders' equity 3,094,885 2,919,753 Total liabilities and stockholders' equity $ 14,957,289 $ 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 March 31, Nine Months Ended March 31, (In thousands, except per share amounts) 2024 2023 2024 2023 Revenues: Product $ 1,769,369 $ 1,903,484 $ 5,527,842 $ 6,562,501 Service 590,461 529,124 1,715,670 1,578,418 Total revenues 2,359,830