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    KLA Corporation Reports Fiscal 2025 Second Quarter Results

    1/30/25 4:05:00 PM ET
    $KLAC
    Electronic Components
    Technology
    Get the next $KLAC alert in real time by email
    • Total revenues were $3.08 billion, at the upper end of the guidance range of $2.95 billion +/- $150 million;
    • GAAP diluted EPS was $6.16. Non-GAAP diluted EPS was $8.20, near the upper end of the guidance range. GAAP EPS was impacted by a $239.1 million impairment charge for goodwill and purchased intangible assets, or $1.76 per diluted share.
    • Cash flow from operating activities for the quarter and last twelve months were $849.5 million and $3.65 billion, respectively, and free cash flow was $757.2 million and $3.36 billion, respectively; and
    • Capital returns for the quarter and last twelve months were $876.9 million and $2.88 billion, respectively.

    MILPITAS, Calif., Jan. 30, 2025 /PRNewswire/ -- KLA Corporation (NASDAQ:KLAC) today announced financial and operating results for its second quarter of fiscal year 2025, which ended on Dec. 31, 2024, and reported GAAP net income of $824.5 million and GAAP net income per diluted share of $6.16 on revenues of $3.08 billion.

    "KLA's December quarter results were above the midpoint of our guidance ranges despite navigating through the business impact of new U.S. government export controls released late in the quarter. These results supported a strong finish to calendar 2024 for KLA highlighted by relative revenue growth outperformance and strong profitability," said Rick Wallace, president and CEO, KLA Corporation. "The return to growth at the leading-edge continues to gain momentum led by expanding AI and high-performance computing investments. KLA's differentiated portfolio of solutions aligns exceptionally well in helping enable our customers to navigate increasing technology complexity, growing design starts and larger semiconductor devices in an environment of rising semiconductor demand."

    GAAP Results



    Q2 FY 2025

    Q1 FY 2025

    Q2 FY 2024

    Total Revenues

    $3,077 million

    $2,842 million

    $2,487 million

    Net Income

    $825 million

    $946 million

    $583 million

    Net Income per Diluted Share

    $6.16

    $7.01

    $4.28









    Non-GAAP Results



    Q2 FY 2025

    Q1 FY 2025

    Q2 FY 2024

    Net Income

    $1,098 million

    $988 million

    $839 million

    Net Income per Diluted Share

    $8.20

    $7.33

    $6.16

     

    A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. KLA will discuss the results for its fiscal year 2025 second quarter, along with its outlook, on a conference call today beginning at 3 p.m. P.T. A webcast of the call will be available at: www.kla.com.

    Third Quarter Fiscal 2025 Guidance

    The following details our guidance for the third quarter of fiscal 2025 ending in March:

    • Total revenues is expected to be in a range of $3.0 billion +/- $150 million
    • GAAP gross margin is expected to be in a range of 60.6% +/- 1.0%
    • Non-GAAP gross margin is expected to be in a range of 62.0% +/- 1.0%
    • GAAP diluted EPS is expected to be in a range of $7.77 +/- $0.60
    • Non-GAAP diluted EPS is expected to be in a range of $8.05 +/- $0.60

    For additional details and assumptions underlying our guidance metrics, please see the company's published Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic on the KLA investor relations website. Such Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic are not incorporated by reference into this earnings release.

    About KLA:

    KLA Corporation ("KLA") develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging and printed circuit boards. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Investors and others should note that KLA announces material financial information including SEC filings, press releases, public earnings calls and conference webcasts using an investor relations website (ir.kla.com). Additional information may be found at: www.kla.com. 

    Note Regarding Forward-Looking Statements:

    Statements in this press release other than historical facts, such as statements pertaining to total revenues, GAAP and non-GAAP gross margin and GAAP and non-GAAP diluted EPS for the quarter ending March 31, 2025, are forward-looking statements and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including, but not limited to: our vulnerability to a weakening in the condition of the financial markets and the global economy; risks related to our international operations; evolving Bureau of Industry and Security of the U.S. Department of Commerce rules and regulations and their impact on our ability to sell products to and provide services to certain customers in China; costly intellectual property disputes that could result in our inability to sell or use the challenged technology; risks related to the legal, regulatory and tax environments in which we conduct our business; increasing attention to environment, social and governance ("ESG") matters and the resulting costs, risks and impact on our business; unexpected delays, difficulties and expenses in executing against our environmental, climate, diversity and inclusion or other ESG targets, goals and commitments; our ability to attract, retain and motivate key personnel; our vulnerability to disruptions and delays at our third party service providers; cybersecurity threats, cyber incidents affecting our and our business partners' systems and networks; our inability to access critical information in a timely manner due to system failures; risks related to acquisitions, integrations, strategic alliances or collaborative arrangements; climate change, earthquake, flood or other natural catastrophic events, public health crises such as the COVID-19 pandemic or terrorism and the adverse impact on our business operations; the war between Ukraine and Russia, escalation of hostilities in the Middle East, and the significant military activity in that region; lack of insurance for losses and interruptions caused by terrorists and acts of war, and our self-insurance of certain risks including earthquake risk; risks related to fluctuations in foreign currency exchange rates; risks related to fluctuations in interest rates and the market values of our portfolio investments; risks related to tax and regulatory compliance audits; any change in taxation rules or practices and our effective tax rate; compliance costs with federal securities laws, rules, regulations, NASDAQ requirements, and evolving accounting standards and practices; ongoing changes in the technology industry, and the semiconductor industry in particular, including future growth rates, pricing trends in end-markets, or changes in customer capital spending patterns; our vulnerability to a highly concentrated customer base; the cyclicality of the industries in which we operate; our ability to timely develop new technologies and products that successfully address changes in the industry; risks related to artificial intelligence; our ability to maintain our technology advantage and protect proprietary rights; our ability to compete in the industry; availability and cost of the materials and parts used in the production of our products; our ability to operate our business in accordance with our business plan; risks related to our debt and leveraged capital structure; we may not be able to declare cash dividends at all or in any particular amount; liability to our customers under indemnification provisions if our products fail to operate properly or contain defects or our customers are sued by third parties due to our products; our government funding for research and development is subject to audit, and potential termination or penalties; we may incur significant restructuring charges or other asset impairment charges or inventory write offs; risks related to receivables factoring arrangements and compliance risk of certain settlement agreements with the government; and risks related to the Court of Chancery of the State of Delaware being the sole and exclusive forum for certain actions and proceedings. For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this press release, please refer to KLA's Annual Report on Form 10-K for the year ended June 30, 2024, and other subsequent filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein). KLA assumes no obligation to, and does not currently intend to, update these forward-looking statements.

    KLA Corporation







    Condensed Consolidated Unaudited Balance Sheets















    (In thousands)

    Dec. 31, 2024



    June 30, 2024

    ASSETS







    Current assets:







    Cash and cash equivalents

    $             1,838,278



    $             1,977,129

    Marketable securities

    1,942,127



    2,526,866

    Accounts receivable, net

    2,334,977



    1,833,041

    Inventories

    3,046,340



    3,034,781

    Other current assets

    610,882



    659,327

              Total current assets

    9,772,604



    10,031,144

    Land, property and equipment, net

    1,173,928



    1,109,968

    Goodwill, net

    1,785,297



    2,015,726

    Deferred income taxes

    1,002,169



    915,241

    Purchased intangible assets, net

    548,645



    668,764

    Other non-current assets

    719,053



    692,723

    Total assets

    $           15,001,696



    $           15,433,566

    LIABILITIES AND STOCKHOLDERS' EQUITY





    Current liabilities:







    Accounts payable

    $                432,891



    $                359,487

    Deferred system revenue

    1,072,565



    985,856

    Deferred service revenue

    521,424



    501,926

    Current portion of long-term debt

    —



    749,936

    Other current liabilities

    2,111,378



    2,063,569

    Total current liabilities

    4,138,258



    4,660,774

    Long-term debt

    5,882,387



    5,880,199

    Deferred tax liabilities

    423,626



    486,690

    Deferred service revenue

    333,758



    294,460

    Other non-current liabilities

    639,118



    743,115

    Total liabilities

    11,417,147



    12,065,238

    Stockholders' equity:







    Common stock and capital in excess of par value

    2,346,346



    2,280,133

    Retained earnings

    1,284,589



    1,137,270

    Accumulated other comprehensive loss

    (46,386)



    (49,075)

    Total stockholders' equity

    3,584,549



    3,368,328

    Total liabilities and stockholders' equity

    $           15,001,696



    $           15,433,566

     

    KLA Corporation















    Condensed Consolidated Unaudited Statements of Operations















    Three Months Ended Dec. 31,



    Six Months Ended Dec. 31,

    (In thousands, except per share amounts)

    2024



    2023



    2024



    2023

    Revenues:















    Product

    $     2,409,462



    $     1,921,809



    $     4,606,851



    $     3,758,473

    Service

    667,389



    564,917



    1,311,541



    1,125,209

    Total revenues

    3,076,851



    2,486,726



    5,918,392



    4,883,682

    Costs and expenses:















    Costs of revenues

    1,221,461



    976,746



    2,368,892



    1,923,637

    Research and development

    346,157



    320,418



    669,302



    631,632

    Selling, general and administrative

    267,081



    237,244



    518,123



    476,889

    Impairment of goodwill and purchased intangible assets

    239,100



    219,000



    239,100



    219,000

    Interest expense

    74,981



    74,202



    157,152



    148,436

    Other expense (income), net

    (44,458)



    (32,154)



    (85,393)



    (58,893)

    Income before income taxes

    972,529



    691,270



    2,051,216



    1,542,981

    Provision for income taxes

    148,002



    108,736



    280,838



    219,072

    Net income

    $         824,527



    $         582,534



    $     1,770,378



    $     1,323,909

    Net income per share















    Basic

    $               6.18



    $               4.30



    $             13.24



    $               9.74

    Diluted

    $               6.16



    $               4.28



    $             13.17



    $               9.69

    Weighted-average number of shares:















    Basic

    133,327



    135,539



    133,730



    135,976

    Diluted

    133,926



    136,254



    134,415



    136,684

     

    KLA Corporation







    Condensed Consolidated Unaudited Statements of Cash Flows









    Three Months Ended Dec. 31,

    (In thousands)

    2024



    2023

    Cash flows from operating activities:







    Net income

    $            824,527



    $            582,534

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:







    Impairment of goodwill and purchased intangible assets

    239,100



    219,000

    Depreciation and amortization

    103,922



    99,063

    Unrealized foreign exchange (gain) loss and other

    11,346



    (34,346)

    Stock-based compensation expense

    61,841



    48,620

    Deferred income taxes

    (68,976)



    (65,158)

    Net gain on sale of assets

    (161)



    —

    Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:







    Accounts receivable

    (394,604)



    (160,265)

    Inventories

    64,958



    (21,189)

    Other assets

    (90,845)



    (104,872)

    Accounts payable

    67,080



    2,692

    Deferred system revenue

    195,357



    218,250

    Deferred service revenue

    22,927



    68,821

    Other liabilities

    (186,957)



    (230,908)

    Net cash provided by operating activities

    849,515



    622,242

    Cash flows from investing activities:







    Proceeds from sale of assets

    161



    5,079

    Capital expenditures

    (92,323)



    (76,801)

    Purchases of available-for-sale securities

    (489,033)



    (451,800)

    Proceeds from sale of available-for-sale securities

    183,097



    7,252

    Proceeds from maturity of available-for-sale securities

    1,010,660



    427,128

    Purchases of trading securities

    (17,276)



    (16,049)

    Proceeds from sale of trading securities

    18,420



    16,715

                        Net cash provided by (used in) investing activities

    613,706



    (88,476)

    Cash flows from financing activities:







    Repayment of debt

    (750,000)



    —

    Common stock repurchases

    (650,121)



    (437,817)

    Payment of dividends to stockholders

    (226,776)



    (196,859)

    Issuance of common stock

    47,538



    48,433

    Tax withholding payments related to vested and released restricted stock units

    (3,608)



    (3,005)

    Contingent consideration payable and other, net

    —



    (1,676)

                      Net cash used in financing activities

    (1,582,967)



    (590,924)

    Effect of exchange rate changes on cash and cash equivalents

    (19,178)



    10,642

    Net decrease in cash and cash equivalents

    (138,924)



    (46,516)

    Cash and cash equivalents at beginning of period

    1,977,202



    1,711,570

    Cash and cash equivalents at end of period

    $         1,838,278



    $         1,665,054

    Supplemental cash flow disclosures:







    Income taxes paid, net

    $            361,833



    $            506,046

    Interest paid

    $              25,059



    $              24,818

    Non-cash activities:







    Contingent consideration payable - financing activities

    $                    —



    $                  155

    Dividends payable - financing activities

    $                2,104



    $                2,132

    Unsettled common stock repurchase - financing activities

    $                5,500



    $              10,999

    Accrued purchase of land, property and equipment - investing activities

    $              11,354



    $              18,312

     

    KLA Corporation

    Segment Information (Unaudited)

    The following is a summary of results for each of our three reportable segments and reconciliations to total revenues for the indicated periods:



    Three Months Ended Dec. 31,



    Six Months Ended Dec. 31,

    (In thousands)

    2024



    2023



    2024



    2023

    Revenues:















    Semiconductor Process Control

    $     2,755,743



    $     2,194,079



    $     5,330,894



    $     4,329,557

    Specialty Semiconductor Process

    160,407



    150,065



    288,741



    276,784

    PCB and Component Inspection

    161,080



    143,032



    299,063



    279,075

    Total revenues for reportable segments

    3,077,230



    2,487,176



    5,918,698



    4,885,416

    Corporate allocations and effects of changes in foreign currency exchange rates

    (379)



    (450)



    (306)



    (1,734)

    Total revenues

    $     3,076,851



    $     2,486,726



    $     5,918,392



    $     4,883,682

     

    KLA Corporation

    Condensed Consolidated Unaudited Supplemental Information

    Reconciliation of GAAP Net Income to Non-GAAP Net Income 











    Three Months Ended



    Six Months Ended



    (In thousands, except per share amounts)



    Dec. 31,

    2024



    Sept. 30,

    2024



    Dec. 31,

    2023



    Dec. 31,

    2024



    Dec. 31,

    2023

    GAAP net income



    $      824,527



    $      945,851



    $      582,534



    $  1,770,378



    $  1,323,909

    Adjustments to reconcile GAAP net income to non-GAAP net income:























    Acquisition-related charges

    a

    58,656



    56,694



    59,307



    115,350



    122,551



    Restructuring, severance and other charges

    b

    2,133



    2,862



    1,270



    4,995



    1,270



    Impairment of goodwill and purchased intangible assets

    c

    239,100



    —



    219,000



    239,100



    219,000



    Income tax effect of non-GAAP adjustments

    d

    (23,160)



    (19,486)



    (22,806)



    (42,646)



    (43,205)



    Discrete tax items

    e

    (2,812)



    2,233



    (103)



    (579)



    2,152

    Non-GAAP net income



    $  1,098,444



    $      988,154



    $      839,202



    $  2,086,598



    $  1,625,677

    GAAP net income per diluted share



    $            6.16



    $            7.01



    $            4.28



    $          13.17



    $            9.69

    Non-GAAP net income per diluted share



    $            8.20



    $            7.33



    $            6.16



    $          15.52



    $          11.89

    Shares used in diluted net income per share calculation



    133,926



    134,858



    136,254



    134,415



    136,684

     

    Pre-tax Impact of GAAP to Non-GAAP Adjustments Included in Condensed Consolidated Unaudited Statements of Operations 



    (In thousands)

    Acquisition -

    Related

    Charges



    Restructuring,

    Severance and

    Other Charges



    Goodwill and

    Purchased

    Intangible

    Asset

    Impairment



    Total Pre-tax GAAP

    to Non-GAAP

    Adjustments

    Three Months Ended Dec. 31, 2024















    Costs of revenues

    $        43,348



    $              429



    $                —



    $                43,777

    Research and development

    2,994



    1,166



    —



    4,160

    Selling, general and administrative

    12,314



    538



    —



    12,852

    Impairment of goodwill and purchased intangible assets

    —



    —



    239,100



    239,100

    Total in three months ended Dec. 31, 2024

    $        58,656



    $          2,133



    $      239,100



    $              299,889

    Three Months Ended Sept. 30, 2024















    Costs of revenues

    $        44,090



    $              901



    $                —



    $                44,991

    Research and development

    —



    1,087



    —



    1,087

    Selling, general and administrative

    12,604



    874



    —



    13,478

    Total in three months ended Sept. 30, 2024

    $        56,694



    $          2,862



    $                —



    $                59,556

    Three Months Ended Dec. 31, 2023















    Costs of revenues

    $        46,078



    $              467



    $                —



    $                46,545

    Research and development

    —



    417



    —



    417

    Selling, general and administrative

    13,229



    386



    —



    13,615

    Impairment of goodwill and purchased intangible assets

    —



    —



    219,000



    219,000

    Total in three months ended Dec. 31, 2023

    $        59,307



    $          1,270



    $      219,000



    $              279,577

     

    Free Cash Flow Reconciliation 





    Three Months Ended Dec. 31,



    Twelve Months Ended Dec. 31,

    (In thousands)

    2024



    2023



    2024



    2023

    Net cash provided by operating activities

    $          849,515



    $          622,242



    $      3,647,346



    $      3,475,952

    Capital expenditures

    (92,323)



    (76,801)



    (285,254)



    (308,443)

    Free cash flow

    $          757,192



    $          545,441



    $      3,362,092



    $      3,167,509

     

    Capital Returns Calculation 





    Three Months Ended Dec. 31,



    Twelve Months Ended Dec. 31,

    (In thousands)

    2024



    2023



    2024



    2023

    Payments of dividends to stockholders

    $          226,776



    $          196,859



    $          819,530



    $          738,730

    Common stock repurchases

    650,121



    437,817



    2,060,021



    1,760,240

    Capital returns

    $          876,897



    $          634,676



    $      2,879,551



    $      2,498,970

     

    Third Quarter Fiscal 2025 Guidance

    Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS







    Three Months Ending March 31, 2025

    (In millions, except per share amounts)



    Low



    High

    GAAP net income per diluted share



    $7.17



    $8.37

    Acquisition-related charges

    a

    0.40



    0.40

    Restructuring, severance and other charges

    b

    0.02



    0.02

    Income tax effect of non-GAAP adjustments

    d

    (.14)



    (.14)

    Non-GAAP net income per diluted share



    $7.45



    $8.65

    Shares used in net income per diluted share calculation



    133.3



    133.3

     

    Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin







    Three Months Ending March 31, 2025





    Low



    High

    GAAP gross margin



    59.6 %



    61.6 %

    Acquisition-related charges

    a

    1.4 %



    1.4 %

    Non-GAAP gross margin



    61.0 %



    63.0 %

     

    The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA's financial results presented in accordance with United States GAAP.

    To supplement our Condensed Consolidated Financial Statements presented in accordance with GAAP, we provide certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain gains, costs and expenses, as well as other supplemental information. The non-GAAP and supplemental information is provided to enhance the user's overall understanding of our operating performance and our prospects in the future. Specifically, we believe that the non-GAAP information, including non-GAAP net income, non-GAAP net income per diluted share, non-GAAP gross margin and free cash flow, provides useful measures to both management and investors regarding financial and business trends relating to our financial performance by excluding certain costs and expenses that we believe are not indicative of our core operating results to help investors compare our operating performances with our results in prior periods as well as with the performance of other companies. The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics are inherently subject to significant discretion (for example, determining which costs and expenses to exclude when calculating such a metric). As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP. The following are descriptions of the adjustments made to reconcile GAAP net income to non-GAAP net income:

    a.

    Acquisition-related charges primarily include amortization of intangible assets and write-offs due to abandonment of in-process research and development projects. Although we exclude the effect of amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and such amortization of intangible assets related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of these intangible assets contributed to our revenues earned during the periods presented and are expected to contribute to our future period revenues as well.





    b.

    Restructuring, severance and other charges primarily include costs associated with employee severance.





    c.

    Impairment of goodwill and purchased intangible assets in the three and six months ended Dec. 31, 2024 as well as the three and six months ended Dec. 31, 2023 included non-cash expense recognized as a result of the company's testing for goodwill impairment and long-lived assets impairment. The impairment charge in fiscal 2024 resulted from the downward revision of financial outlook for our PCB and Display reporting units. The impairment charge in fiscal 2025 resulted from the continued deterioration of the long-term forecast for our PCB business. Management believes that it is appropriate to exclude these impairment charges as they are not indicative of ongoing operating results and therefore limit comparability. Management also believes excluding this item helps investors compare our operating performance with our results in prior periods as well as with the performance of other companies.





    d.

    Income tax effect of non-GAAP adjustments includes the income tax effects of the excluded items noted above.





    e.

    Discrete tax items in the three and six months ended Dec. 31, 2024 include the recognition of a deferred tax asset on foreign currency gains/losses resulting from new tax legislation. Discrete tax items in the three and six months ended Dec. 31, 2023 included a one-time tax benefit resulting from changes made to our international structure to better align ownership of certain intellectual property rights with how our business operates. Discrete tax items in all periods presented included a tax impact relating to the amortization of the aforementioned tax benefit or similar tax benefits recorded in other periods.

     

    Cision View original content:https://www.prnewswire.com/news-releases/kla-corporation-reports-fiscal-2025-second-quarter-results-302364726.html

    SOURCE KLA Corporation

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