Company Quick10K Filing
⚲
KLA Tencor
Financials
Price158.48 EPS7
Shares160 P/E23
MCap25,378 P/FCF26
Net Debt2,462 EBIT1,403
TEV27,839 TEV/EBIT20
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-08-16
10-Q 2019-03-31 Filed 2019-05-08
10-Q 2018-12-31 Filed 2019-01-29
10-Q 2018-09-30 Filed 2018-10-31
10-K 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-04-27
10-Q 2017-12-31 Filed 2018-01-26
10-Q 2017-09-30 Filed 2017-10-27
10-K 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-04-28
10-Q 2016-12-31 Filed 2017-01-27
10-Q 2016-09-30 Filed 2016-10-20
10-K 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-04-26
10-Q 2015-12-31 Filed 2016-01-28
10-Q 2015-09-30 Filed 2015-10-22
10-K 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-04-24
10-Q 2014-12-31 Filed 2015-01-23
10-Q 2014-09-30 Filed 2014-10-24
10-K 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-04-25
10-Q 2013-12-31 Filed 2014-01-24
10-Q 2013-09-30 Filed 2013-10-25
10-K 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-04-26
10-Q 2012-12-31 Filed 2013-01-25
10-Q 2012-09-30 Filed 2012-10-26
10-K 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-04-27
10-Q 2011-12-31 Filed 2012-01-27
10-Q 2011-09-30 Filed 2011-10-28
10-K 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-04-29
10-Q 2010-12-31 Filed 2011-01-28
10-K 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-04-30
10-Q 2009-12-31 Filed 2010-01-29
Reports
8-K 2020-05-07 Other Events, Exhibits
8-K 2020-05-05 Earnings, Exhibits
8-K 2020-02-28 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-02-19 Enter Agreement, Other Events, Exhibits
8-K 2020-02-10 Officers, Other Events, Exhibits
8-K 2020-02-04 Earnings, Exhibits
8-K 2019-11-05 Shareholder Vote, Other Events, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-08-16 Officers
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-08-01 Officers, Other Events, Exhibits
8-K 2019-07-15 Amend Bylaw, Exhibits
8-K 2019-06-10 Officers, Exhibits
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-05-03 Other Events, Exhibits
8-K 2019-03-20 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-03-13 Enter Agreement, Other Events, Exhibits
8-K 2019-02-14 M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-01-31 Officers, Other Events, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-11-08 Enter Agreement, Off-BS Arrangement, Shareholder Vote, Other Events, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-08-13 Other Events
8-K 2018-08-02 Other Events, Exhibits
8-K 2018-07-25 Earnings, Officers, Exhibits
8-K 2018-07-12 Other Events
8-K 2018-06-18 Other Events
8-K 2018-06-04 Other Events
8-K 2018-05-11 Enter Agreement, Other Events, Exhibits
8-K 2018-05-02 Other Events, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-18 Enter Agreement, Other Events, Exhibits
8-K 2018-02-14 Other Events, Exhibits
8-K 2018-02-01 Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits

KLAC 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue
Note 3 - Fair Value Measurements
Note 4 - Financial Statement Components
Note 5 - Marketable Securities
Note 6 - Business Combinations
Note 7 - Goodwill and Purchased Intangible Assets
Note 8 - Debt
Note 9 - Leases
Note 10 - Equity, Long - Term Incentive Compensation Plans and Non - Controlling Interest
Note 11 - Stock Repurchase Program
Note 12 - Net Income per Share
Note 13 - Income Taxes
Note 14 - Litigation and Other Legal Matters
Note 15 - Commitments and Contingencies
Note 16 - Derivative Instruments and Hedging Activities
Note 17 - Related Party Transactions
Note 18 - Segment Reporting and Geographic Information
Note 19 - Restructuring Charges
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Note 8 "Debt" in The Notes To The Condensed Consolidated Financial Statements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4 Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-10.1 klac10qex101033120.htm
EX-31.1 klac10qex311033120.htm
EX-31.2 klac10qex312033120.htm
EX-32 klac10qex32033120.htm

KLA Tencor Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
 1.51.20.80.50.1-0.22012201420172020
Rev, G Profit, Net Income
 0.90.4-0.2-0.7-1.3-1.82012201420172020
Ops, Inv, Fin
Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM
10-Q
(Mark one)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 000-09992
KLA CORPORATION
(Exact name of registrant as specified in its charter)
  
Delaware
 
04-2564110
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
One Technology Drive,
Milpitas,
California
 
95035
(Address of Principal Executive Offices)
 
(Zip Code)
(408) 875-3000
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value per share
KLAC
The Nasdaq Stock Market, LLC
 
 
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No  ☒
Large accelerated filer
☒
 
 
 
Accelerated filer 
☐
Non-accelerated filer
☐
 
 
 
Smaller reporting company
☐
 
 
 
 
 
Emerging growth company
☐

As of April 20, 2020, there were 155,048,894 shares of the registrant’s Common Stock, $0.001 par value, outstanding.


INDEX
 
 
 
Page
Number
 
 
 
PART I
FINANCIAL INFORMATION
 
Item 1
 
 
 
 
 
 
 
Item 2
Item 3
Item 4
 
 
 
PART II
OTHER INFORMATION
 
Item 1
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6
 
 
 
 
 
 


 

2

PART I. FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS
KLA CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 
(In thousands)
March 31,
2020
 
June 30,
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
946,175

 
$
1,015,994

Marketable securities
688,356

 
723,391

Accounts receivable, net
1,119,263

 
990,113

Inventories
1,264,130

 
1,262,500

Other current assets
300,541

 
323,077

Total current assets
4,318,465

 
4,315,075

Land, property and equipment, net
497,743

 
448,799

Goodwill
2,043,129

 
2,211,858

Deferred income taxes
207,958

 
206,141

Purchased intangible assets, net
1,437,844

 
1,560,670

Other non-current assets
340,807

 
265,973

Total assets
$
8,845,946

 
$
9,008,516

LIABILITIES, NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
243,234

 
$
202,416

Deferred system revenue
336,383

 
282,348

Deferred service revenue
214,238

 
206,669

Current portion of long-term debt
—

 
249,999

Other current liabilities
859,419

 
827,054

Total current liabilities
1,653,274

 
1,768,486

Non-current liabilities:
 
 
 
Long-term debt
3,443,937

 
3,173,383

Deferred tax liabilities
647,220

 
702,285

Deferred service revenue
100,375

 
98,772

Other non-current liabilities
675,944

 
587,897

Total liabilities
6,520,750

 
6,330,823

Commitments and contingencies (Note 14 and Note 15)

 

Stockholders’ equity:
 
 
 
Common stock and capital in excess of par value
2,019,071

 
2,017,312

Retained earnings
376,656

 
714,825

Accumulated other comprehensive income (loss)
(88,294
)
 
(73,029
)
Total KLA stockholders’ equity
2,307,433

 
2,659,108

Non-controlling interest in consolidated subsidiaries
17,763

 
18,585

Total stockholders’ equity
2,325,196

 
2,677,693

Total liabilities and stockholders’ equity
$
8,845,946

 
$
9,008,516

 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).

3

KLA CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
(In thousands, except per share amounts)
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Product
$
1,051,096

 
$
793,224

 
$
3,253,621

 
$
2,474,652

Service
372,868

 
304,087

 
1,093,210

 
835,817

Total revenues
1,423,964

 
1,097,311

 
4,346,831

 
3,310,469

Costs and expenses:
 
 
 
 
 
 
 
Costs of revenues
590,158

 
486,945

 
1,828,017

 
1,276,592

Research and development
215,433

 
184,887

 
646,764

 
504,320

Selling, general and administrative
185,760

 
182,184

 
566,358

 
409,084

Goodwill impairment
256,649

 
—

 
256,649

 
—

Interest expense
39,231

 
31,187

 
120,053

 
84,087

Loss on extinguishment of debt
22,538

 
—

 
22,538

 
—

Other expense (income), net
(1,004
)
 
(9,282
)
 
(5,190
)
 
(28,535
)
Income before income taxes
115,199

 
221,390

 
911,642

 
1,064,921

Provision for income taxes
37,190

 
28,745

 
106,932

 
107,232

Net income
78,009

 
192,645

 
804,710

 
957,689

Less: Net loss attributable to non-controlling interest
(443
)
 
(83
)
 
(822
)
 
(83
)
Net income attributable to KLA
$
78,452

 
$
192,728

 
$
805,532

 
$
957,772

Net income per share attributable to KLA
 
 
 
 
 
 
 
Basic
$
0.50

 
$
1.23

 
$
5.12

 
$
6.20

Diluted
$
0.50

 
$
1.23

 
$
5.08

 
$
6.17

Weighted-average number of shares:
 
 
 
 
 
 
 
Basic
156,067

 
156,349

 
157,356

 
154,561

Diluted
157,172

 
157,182

 
158,586

 
155,310


See accompanying notes to Condensed Consolidated Financial Statements (unaudited).

4

KLA CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
(In thousands)
2020
 
2019
 
2020
 
2019
Net income
$
78,009

 
$
192,645

 
$
804,710

 
$
957,689

Other comprehensive income (loss):
 
 
 
 
 
 
 
Currency translation adjustments:
 
 
 
 
 
 
 
Cumulative currency translation adjustments
(3,769
)
 
(1,031
)
 
(3,363
)
 
(5,104
)
Income tax (provision) benefit
114

 
442

 
260

 
442

Net change related to currency translation adjustments
(3,655
)
 
(589
)
 
(3,103
)
 
(4,662
)
Cash flow hedges:
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
(19,333
)
 
(1,379
)
 
(17,785
)
 
(6,567
)
Reclassification adjustments for net (gains) losses included in net income
(2,904
)
 
(946
)
 
(1,252
)
 
(3,719
)
Income tax (provision) benefit
4,816

 
461

 
4,380

 
1,641

Net change related to cash flow hedges
(17,421
)
 
(1,864
)
 
(14,657
)
 
(8,645
)
Net change related to unrecognized losses and transition obligations in connection with defined benefit plans
425

 
438

 
1,103

 
993

Available-for-sale securities:
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
(695
)
 
3,922

 
1,104

 
8,681

Reclassification adjustments for net (gains) losses included in net income
(432
)
 
313

 
(346
)
 
1,263

Income tax (provision) benefit
242

 
(680
)
 
634

 
(1,759
)
Net change related to available-for-sale securities
(885
)
 
3,555

 
1,392

 
8,185

Other comprehensive income (loss)
(21,536
)
 
1,540

 
(15,265
)
 
(4,129
)
Less: Comprehensive loss attributable to non-controlling interest
(443
)
 
(83
)
 
(822
)
 
(83
)
Total comprehensive income attributable to KLA
$
56,916

 
$
194,268

 
$
790,267

 
$
953,643


See accompanying notes to Condensed Consolidated Financial Statements (unaudited).

5

KLA CORPORATION
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
 
Common Stock and
Capital in Excess of
Par Value
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total KLA
Stockholders’
Equity
 
Non-Controlling Interest
 
Total Stockholders’ Equity
(In thousands, except per share amounts)
Shares
 
Amount
 
Balance as of June 30, 2019
159,475

 
$
2,017,312

 
$
714,825

 
$
(73,029
)
 
$
2,659,108

 
$
18,585

 
$
2,677,693

Net income attributable to KLA
—

 
—

 
346,525

 
—

 
346,525

 
—

 
346,525

Other comprehensive income
—

 
—

 
—

 
1,174

 
1,174

 
—

 
1,174

Net loss attributable to non-controlling interest
—

 
—

 
—

 
—

 
—

 
(129
)
 
(129
)
Net issuance under employee stock plans
281

 
(23,423
)
 
—

 
—

 
(23,423
)
 
—

 
(23,423
)
Repurchase of common stock
(1,659
)
 
(20,988
)
 
(207,508
)
 
—

 
(228,496
)
 
—

 
(228,496
)
Cash dividends ($0.75 per share) and dividend equivalents declared
—

 
—

 
(120,669
)
 
—

 
(120,669
)
 
—

 
(120,669
)
Stock-based compensation expense
—

 
26,944

 
—

 
—

 
26,944

 
—

 
26,944

Balance as of September 30, 2019
158,097

 
1,999,845

 
733,173

 
(71,855
)
 
2,661,163

 
18,456

 
2,679,619

Net income attributable to KLA
—

 
—

 
380,555

 
—