KLA Corp Q1 FY25 10-Q Filed

Ticker: KLAC · Form: 10-Q · Filed: 2024-10-31T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, semiconductor

TL;DR

KLAC Q1 FY25 10-Q is in. Financials look solid, check the details.

AI Summary

KLA Corporation (KLAC) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance for the first quarter of fiscal year 2025. Key financial figures and operational segments are presented, with comparisons to the prior year's quarter. The company is based in Milpitas, California.

Why It Matters

This filing provides investors with the latest financial results and operational details for KLA Corp, crucial for understanding the company's performance in the semiconductor equipment industry.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What were KLA Corp's total revenues for the quarter ending September 30, 2024?

The filing does not explicitly state the total revenue figure in the provided text snippet, but it does indicate the reporting period for products and services.

How does the revenue from products in Q1 FY25 compare to Q1 FY24?

The filing provides the periods for product revenue comparison: 2024-07-01 to 2024-09-30 for the current period and 2023-07-01 to 2023-09-30 for the prior year period.

What is KLA Corp's primary industry classification?

KLA Corp is classified under 'OPTICAL INSTRUMENTS & LENSES' with the SIC code 3827.

When was KLA Corp formerly known as KLA Tencor Corp?

The company changed its name from KLA Tencor Corp on 19970505.

What is the filing date for this 10-Q report?

This 10-Q report was filed as of October 31, 2024.

Filing Stats: 4,449 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-10-31 16:04:59

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 September 30, 2024 and June 30, 2024 3 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders ' Equity for the Three Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2024 and 2023 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 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 47

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 70

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 70

Other Information

Item 5. Other Information 70

Exhibits

Item 6. Exhibits 71

SIGNATURES

SIGNATURES 72 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) September 30, 2024 June 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,977,202 $ 1,977,129 Marketable securities 2,652,514 2,526,866 Accounts receivable, net 1,953,156 1,833,041 Inventories 3,109,837 3,034,781 Other current assets 535,730 659,327 Total current assets 10,228,439 10,031,144 Land, property and equipment, net 1,118,312 1,109,968 Goodwill, net 2,015,721 2,015,726 Deferred income taxes 981,591 915,241 Purchased intangible assets, net 612,011 668,764 Other non-current assets 725,663 692,723 Total assets $ 15,681,737 $ 15,433,566 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 376,505 $ 359,487 Deferred system revenue 877,207 985,856 Deferred service revenue 512,470 501,926 Current portion of long-term debt 749,984 749,936 Other current liabilities 2,282,048 2,063,569 Total current liabilities 4,798,214 4,660,774 Long-term debt 5,881,372 5,880,199 Deferred tax liabilities 471,575 486,690 Deferred service revenue 319,794 294,460 Other non-current liabilities 651,068 743,115 Total liabilities 12,122,023 12,065,238 Commitments and contingencies (Notes 8, 13 and 14) Stockholders' equity: Common stock and capital in excess of par value 2,257,052 2,280,133 Retained earnings 1,328,166 1,137,270 Accumulated other comprehensive loss ( 25,504 ) ( 49,075 ) Total stockholders' equity 3,559,714 3,368,328 Total liabilities and stockholders' equity $ 15,681,737 $ 15,433,566 See accompanying notes to Condensed Consolidated Financial Statements (unaudited). 3 Table of Contents KLA CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, (In thousands, except per share amounts) 2024 2023 Revenues: Product $ 2,197,389 $ 1,836,664 Service 644,152 560,292 Total revenues 2,841,541 2,396,956 Costs and expenses: Costs of rev

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