KLA Corporation |
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Condensed Consolidated Unaudited Statements of Operations |
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| Three Months Ended Sept. 30, | ||
(In thousands, except per share amounts) | 2023 |
| 2022 |
Revenues: |
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Product | $ 1,836,664 |
| $ 2,195,609 |
Service | 560,292 |
| 528,815 |
Total revenues | 2,396,956 |
| 2,724,424 |
Costs and expenses: |
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Costs of revenues | 946,891 |
| 1,041,226 |
Research and development | 311,214 |
| 318,515 |
Selling, general and administrative | 239,645 |
| 253,980 |
Interest expense | 74,234 |
| 74,395 |
Loss on extinguishment of debt | — |
| 13,286 |
Other expense (income), net | (26,739) |
| (47,006) |
Income before income taxes | 851,711 |
| 1,070,028 |
Provision for income taxes | 110,336 |
| 43,963 |
Net income | 741,375 |
| 1,026,065 |
Less: Net income attributable to non-controlling interest | — |
| 74 |
Net income attributable to KLA | $ 741,375 |
| $ 1,025,991 |
Net income per share attributable to KLA |
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Basic | $ 5.43 |
| $ 7.23 |
Diluted | $ 5.41 |
| $ 7.20 |
Weighted-average number of shares: |
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Basic | 136,412 |
| 141,829 |
Diluted | 137,104 |
| 142,563 |
KLA Corporation |
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Condensed Consolidated Unaudited Statements of Cash Flows |
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| Three Months Ended Sept. 30, | ||
(In thousands) | 2023 |
| 2022 |
| Cash flows from operating activities: |
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| Net income | $ 741,375 |
| $ 1,026,065 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization | 102,403 |
| 101,938 |
| Unrealized foreign exchange loss and other | 9,970 |
| 1,783 |
| Asset impairment charges | — |
| 9,156 |
| Disposal of non-controlling interest | — |
| 8,270 |
| Stock-based compensation expense | 48,772 |
| 34,982 |
| Deferred income taxes | (71,322) |
| (156,226) |
| Gain on sale of business | — |
| (29,687) |
| Loss on extinguishment of debt | — |
| 13,286 |
| Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: |
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| Accounts receivable | 107,018 |
| (55,073) |
| Inventories | (138,419) |
| (265,530) |
| Other assets | (7,520) |
| 45,637 |
| Accounts payable | 8,345 |
| 36,472 |
| Deferred system revenue | 14,057 |
| (60,492) |
| Deferred service revenue | 5,901 |
| (12,411) |
| Other liabilities | 63,160 |
| 313,375 |
| Net cash provided by operating activities | 883,740 |
| 1,011,545 |
| Cash flows from investing activities: |
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| Net proceeds from sale of business | — |
| 75,358 |
| Business acquisitions, net of cash acquired | — |
| (27,144) |
| Capital expenditures | (68,045) |
| (84,352) |
| Purchases of available-for-sale securities | (530,842) |
| (256,793) |
| Proceeds from sale of available-for-sale securities | 7,983 |
| 26,608 |
| Proceeds from maturity of available-for-sale securities | 201,149 |
| 211,465 |
| Purchases of trading securities | (49,958) |
| (19,512) |
| Proceeds from sale of trading securities | 48,042 |
| 19,875 |
| Proceeds from other investments | — |
| 1,020 |
| Net cash used in investing activities | (391,671) |
| (53,475) |
| Cash flows from financing activities: |
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| Payment of debt issuance costs | — |
| (6,515) |
| Proceeds from revolving credit facility | — |
| 300,000 |
| Repayment of debt | — |
| (662,250) |
| Common stock repurchases | (455,412) |
| (89,846) |
| Payment of dividends to stockholders | (181,507) |
| (187,984) |
| Issuance of common stock | — |
| 115 |
| Tax withholding payments related to vested and released restricted stock units | (68,237) |
| (54,952) |
| Purchase of non-controlling interest | — |
| (4,295) |
| Net cash used in financing activities | (705,156) |
| (705,727) |
| Effect of exchange rate changes on cash and cash equivalents | (3,208) |
| (17,971) |
| Net increase (decrease) in cash and cash equivalents | (216,295) |
| 234,372 |
| Cash and cash equivalents at beginning of period | 1,927,865 |
| 1,584,908 |
| Cash and cash equivalents at end of period | $ 1,711,570 |
| $ 1,819,280 |
| Supplemental cash flow disclosures: |
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| Income taxes paid, net | $ 99,388 |
| $ 101,061 |
| Interest paid | $ 113,236 |
| $ 44,216 |
| Non-cash activities: |
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| Contingent consideration payable - financing activities | $ (920) |
| $ 145 |
| Dividends payable - financing activities | $ 1,853 |
| $ 1,942 |
| Unsettled common stock repurchase - financing activities | $ 11,000 |
| $ — |
| Accrued purchase of land, property and equipment - investing activities | $ 22,729 |
| $ 34,027 |
