KLA Corp Files 2024 10-K

TL;DR

KLA Corp's 2024 10-K is in. Check financials for the optical instruments giant.

AI Summary

KLA Corp filed its 2024 10-K report on August 5, 2024, detailing its fiscal year ending June 30, 2024. The company, formerly known as KLA Tencor Corp and KLA Instruments Corp, is a Delaware-incorporated entity specializing in optical instruments and lenses. Its principal business address is One Technology Drive, Milpitas, CA 95035, with a business phone number of 408-875-3000.

Why It Matters

This filing provides a comprehensive overview of KLA Corp's financial performance and business operations for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific risk factors or financial performance details that would indicate a high or medium risk level.

Key Players & Entities

• KLA CORP (company) — Filer
• KLA TENCOR CORP (company) — Former Company Name
• KLA INSTRUMENTS CORP (company) — Former Company Name
• 0000319201-24-000021 (filing_id) — Accession Number
• 20240805 (date) — Filing Date
• 20240630 (date) — Fiscal Year End
• ONE TECHNOLOGY DRIVE, MILPITAS, CA 95035 (address) — Business and Mail Address
• 4088753000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share KLAC The Nasdaq Sto
• $10 b — tion facility today can cost well above $10 billion, substantially more than previous

Filing Documents

• klac-20240630.htm (10-K) — 3128KB
• exhibit21106302024.htm (EX-21.1) — 59KB
• exhibit23106302024.htm (EX-23.1) — 4KB
• exhibit31106302024.htm (EX-31.1) — 11KB
• exhibit31206302024.htm (EX-31.2) — 11KB
• exhibit3206302024.htm (EX-32) — 12KB
• klac10kex971.htm (EX-97.1) — 34KB
• klac-20240630_g1.jpg (GRAPHIC) — 286KB
• 0000319201-24-000021.txt ( ) — 18814KB
• klac-20240630.xsd (EX-101.SCH) — 116KB
• klac-20240630_cal.xml (EX-101.CAL) — 177KB
• klac-20240630_def.xml (EX-101.DEF) — 595KB
• klac-20240630_lab.xml (EX-101.LAB) — 1363KB
• klac-20240630_pre.xml (EX-101.PRE) — 1023KB
• klac-20240630_htm.xml (XML) — 3280KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37

[Reserved]

Item 6. [Reserved] 38

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 52

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 53 Consolidated Balance Sheets as of June 30, 2024 and 2023 54 Consolidated Statements of Operations for each of the three years in the period ended June 30, 2024 55 Consolidated Statements of Comprehensive Income for each of the three years in the period ended June 30, 2024 56 Consolidated Statements of Stockholders' Equity for each of the three years in the period ended June 30, 2024 57 Consolidated Statements of Cash Flows for each of the three years in the period ended June 30, 2024 58

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 59 Report of Independent Registered Public Accounting Firm 102 Schedule II Valuation and Qualifying Accounts 104

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104

Controls and Procedures

Item 9A. Controls and Procedures 104

Other Information

Item 9B. Other Information 105

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 106

Executive Compensation

Item 11. Executive Compensation 106

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 106

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 106 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 106

Form 10-K Summary

Item 16. Form 10-K Summary 109

Signatures

Signatures 110 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"). All statements other than statements of historical fact may be forward-looking statements. You can identify these and other forward-looking statements by the use of words such as "may," "will," "could," "would," "should," "expects," "plans," "anticipates," "relies," "believes," "estimates," "predicts," "intends," "potential," "continues," "thinks," "seeks," or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements include those regarding, among others: forecasts of the future results of our operations, including profitability; orders for our products and capital equipment generally; sales of semiconductors; the investments by our customers in advanced technologies and new materials; growth of revenue in the semiconductor industry, the semiconductor capital equipment industry and our business; technological trends in the semiconductor industry; future developments or trends in the global capital and financial markets; our future product offerings and product features; the success and market acceptance of new products; timing of shipment of order backlog; our future product shipments and product and service revenues; our future gross margins; our future research and development ("R&D") expenses and selling, general and administrative ("SG&A") expenses; international sales and operations; our ability to maintain or improve our existing competitive position; success of our product offerings; creation and funding of programs for R&D; results of our investment in leading edge technologies; the effects of hedging tr

BUSINESS

ITEM 1. BUSINESS Specific industry and technical terms used in this section are defined in the subsection entitled "Glossary," found at the end of this Item 1. The Company KLA Corporation and its majority-owned subsidiaries ("KLA" or the "Company" and also referred to as "we," "our," "us" or similar references) are suppliers of industry-leading equipment and services that enables innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers, reticles/masks, chemicals/materials, integrated circuits ("IC" or "chip"), packaged ICs and printed circuit boards ("PCB"), as well as comprehensive support and services across our installed base. Our suite of advanced products, coupled with our unique process control software and services, allow us to deliver the solutions our customers need to achieve their technology advancement and high volume production goals by significantly improving yields, while simultaneously reducing waste, risks and costs. This improves our customers' overall profitability and return on investment. KLA was formed as KLA-Tencor Corporation in April 1997 through the merger of KLA Instruments Corporation and Tencor Instruments, two long-time leaders in the semiconductor capital equipment industry that began operations in 1975 and 1976, respectively. We are organized into three reportable segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection. Within the Semiconductor Process Control segment, our comprehensive portfolio of inspection, metrology and software products, as well as related services, help IC, wafer, reticle/mask and chemical/materials manufacturers achieve target yields throughout the entire fabrication process, from R&D to high volume production. These products and services are designed to provide comprehensive solutions to help customers accelerate development and production ramp cycles, achieve higher and m