Company Quick10K Filing
KLA Tencor
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
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8-K 2018-01-25

KLAC 10Q Quarterly Report

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
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
EX-31.1 klac10-qex311123120.htm
EX-31.2 klac10-qex312123120.htm
EX-32 klac10-qex32123120.htm

KLA Tencor Earnings 2020-12-31

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

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Table of Contents
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 December 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,California95035
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareKLACThe 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 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.
Large accelerated filerAccelerated filer 
Non-accelerated filer Smaller reporting company
Emerging growth company
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  
As of January 15, 2021, there were 154,074,651 shares of the registrant’s Common Stock, $0.001 par value, outstanding.


Table of Contents
INDEX
 
  Page
Number
PART IFINANCIAL INFORMATION
Item 1
6
Item 2
Item 3
Item 4
PART IIOTHER INFORMATION
Item 1
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6


 
2

Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
KLA CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 
(In thousands)December 31,
2020
June 30,
2020
ASSETS
Current assets:
Cash and cash equivalents$1,431,466 $1,234,409 
Marketable securities865,064 746,063 
Accounts receivable, net1,219,189 1,107,413 
Inventories1,420,618 1,310,985 
Other current assets286,617 324,675 
Total current assets5,222,954 4,723,545 
Land, property and equipment, net594,185 519,824 
Goodwill2,045,445 2,045,402 
Deferred income taxes258,734 236,797 
Purchased intangible assets, net1,289,843 1,391,413 
Other non-current assets403,483 362,979 
Total assets$9,814,644 $9,279,960 
LIABILITIES, NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$262,496 $264,280 
Deferred system revenue274,642 336,237 
Deferred service revenue239,618 233,493 
Short-term debt20,000  
Other current liabilities1,223,356 865,776 
Total current liabilities2,020,112 1,699,786 
Non-current liabilities:
Long-term debt3,441,465 3,469,670 
Deferred tax liabilities646,028 660,885 
Deferred service revenue88,769 96,325 
Other non-current liabilities667,964 672,284 
Total liabilities6,864,338 6,598,950 
Commitments and contingencies (Notes 9, 14 and 15)
Stockholders’ equity:
Common stock and capital in excess of par value2,104,190 2,090,268 
Retained earnings903,696 654,930 
Accumulated other comprehensive income (loss)(72,704)(79,774)
Total KLA stockholders’ equity2,935,182 2,665,424 
Non-controlling interest in consolidated subsidiaries15,124 15,586 
Total stockholders’ equity2,950,306 2,681,010 
Total liabilities and stockholders’ equity$9,814,644 $9,279,960 
 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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KLA CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
 Three Months EndedSix Months Ended
December 31,December 31,
(In thousands, except per share amounts)2020201920202019
Revenues:
Product$1,238,023 $1,144,550 $2,383,518 $2,202,525 
Service412,847 364,903 805,972 720,342 
Total revenues1,650,870 1,509,453 3,189,490 2,922,867 
Costs and expenses:
Costs of revenues669,733 633,618 1,290,295 1,237,859 
Research and development229,064 220,751 448,102 431,331 
Selling, general and administrative181,909 192,253 354,540 380,598 
Interest expense38,880 40,472 78,266 80,822 
Other expense (income), net3,882 (2,568)7,079 (4,186)
Income before income taxes527,402 424,927 1,011,208 796,443 
Provision for income taxes70,419 44,622 134,083 69,742 
Net income456,983 380,305 877,125 726,701 
Less: Net loss attributable to non-controlling interest(268)(250)(693)(379)
Net income attributable to KLA$457,251 $380,555 $877,818 $727,080 
Net income per share attributable to KLA
Basic$2.96 $2.42 $5.67 $4.60 
Diluted$2.94 $2.40 $5.62 $4.56 
Weighted-average number of shares:
Basic154,273 157,290 154,777 157,994 
Diluted155,560 158,620 156,057 159,314 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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KLA CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
December 31,December 31,
(In thousands)2020201920202019
Net income $456,983 $380,305 $877,125 $726,701 
Other comprehensive income (loss):
Currency translation adjustments:
Cumulative currency translation adjustments8,901 2,844 14,341 406 
Income tax (provision) benefit(787)(247)(1,190)146 
Net change related to currency translation adjustments8,114 2,597 13,151 552 
Cash flow hedges:
Net unrealized gains (losses) arising during the period(1,357)2,290 (2,275)1,548 
Reclassification adjustments for net (gains) losses included in net income1,115 125 1,061 1,652 
Income tax (provision) benefit52 (412)260 (436)
Net change related to cash flow hedges(190)2,003 (954)2,764 
Net change related to unrecognized losses and transition obligations in connection with defined benefit plans(379)(51)(3,498)678 
Available-for-sale securities:
Net unrealized gains (losses) arising during the period(911)616 (1,862)1,799 
Reclassification adjustments for net (gains) losses included in net income(111)82 (212)86 
Income tax (provision) benefit219 (150)445 392 
Net change related to available-for-sale securities(803)548 (1,629)2,277 
Other comprehensive income (loss)6,742 5,097 7,070 6,271 
Less: Comprehensive loss attributable to non-controlling interest(268)(250)(693)(379)
Total comprehensive income attributable to KLA$463,993 $385,652 $884,888 $733,351 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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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
Stockholder's
Equity
Non-
Controlling
Interest
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of June 30, 2020155,461 $2,090,268 $654,930 $(79,774)$2,665,424 $15,586 $2,681,010 
Adoption of ASC 326— — (5,530)— (5,530)— (5,530)
Net income attributable to KLA— — 420,567 — 420,567 — 420,567 
Other comprehensive income — — — 328 328 — 328 
Net loss attributable to non-controlling interest— — — — — (425)(425)
Net issuance under employee stock plans172 (25,145)— — (25,145)— (25,145)
Repurchase of common stock(1,027)(19,400)(174,497)— (193,897)— (193,897)
Cash dividends ($0.90 per share) and dividend equivalents declared
— — (141,555)— (141,555)— (141,555)
Stock-based compensation expense26,992 — — 26,992 — 26,992 
Balance as of September 30, 2020154,606 2,072,715 753,915 (79,446)2,747,184 15,161 2,762,345 
Net income attributable to KLA— — 457,251 — 457,251 — 457,251 
Other comprehensive income — — — 6,742 6,742 — 6,742 
Net loss attributable to non-controlling interest— — — — — (268)(268)
Net issuance under employee stock plans329 15,356 — — 15,356 — 15,356 
Repurchase of common stock(774)(10,477)(167,015)— (177,492)— (177,492)
Cash dividends ($0.90 per share) and dividend equivalents declared
— — (140,455)— (140,455)— (140,455)
Stock-based compensation expense— 26,596 — — 26,596 231 26,827 
Balance as of December 31, 2020154,161 $2,104,190 $903,696 $(72,704)$2,935,182 $15,124 $2,950,306 


Common Stock and
Capital in Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total KLA
Stockholder's
Equity
Non-
Controlling
Interest
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of June 30, 2019159,475 $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 plans281 (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, 2019158,097 1,999,845 733,173 (71,855)2,661,163 18,456 2,679,619 
Net income attributable to KLA— — 380,555 — 380,555 — 380,555 
Other comprehensive income— — — 5,097 5,097 — 5,097 
Net loss attributable to non-controlling interest— — — — — (250)(250)
Net issuance under employee stock plans442 12,262 — — 12,262 — 12,262 
Repurchase of common stock(1,690)(21,375)(259,218)— (280,593)— (280,593)
Cash dividends ($0.85 per share) and dividend equivalents declared
— — (135,509)— (135,509)— (135,509)
Stock-based compensation expense— 26,789 — — 26,789 — 26,789 
Balance as of December 31, 2019156,849 $2,017,521 $719,001 $(66,758)$2,669,764 $18,206 $2,687,970 

See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
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KLA CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
 December 31,
(In thousands)20202019
Cash flows from operating activities:
Net income$877,125 $726,701 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization164,323 187,122 
Loss (gain) on unrealized foreign exchange and other(18,570)4,763 
Asset impairment charges865 2,581 
Stock-based compensation expense53,819 53,733 
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable(117,189)(201,896)
Inventories(112,206)(6,568)
Other assets</