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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, 2022
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 filer☒Accelerated 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 April 18, 2022, there were 149,235,049 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.

INDEX
 
  Page
Number
PART IFINANCIAL INFORMATION
Item 1
Condensed Consolidated Statements of Comprehensive Income for the Three Months and Nine Months Ended March 31, 2022 and 2021
Item 2
Item 3
Item 4
PART IIOTHER 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,
2022		June 30,
2021
ASSETS
Current assets:
Cash and cash equivalents$1,415,172 $1,434,610 
Marketable securities1,162,724 1,059,912 
Accounts receivable, net1,618,867 1,305,479 
Inventories1,982,297 1,575,380 
Other current assets403,657 320,867 
Total current assets6,582,717 5,696,248 
Land, property and equipment, net808,874 663,027 
Goodwill2,314,471 2,011,172 
Deferred income taxes614,957 270,461 
Purchased intangible assets, net1,255,672 1,185,311 
Other non-current assets441,121 444,905 
Total assets$12,017,812 $10,271,124 
LIABILITIES, NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$424,128 $342,083 
Deferred system revenue428,723 295,192 
Deferred service revenue350,429 284,936 
Short-term debt— 20,000 
Other current liabilities1,625,703 1,161,016 
Total current liabilities2,828,983 2,103,227 
Long-term debt3,699,799 3,422,767 
Deferred tax liabilities660,816 650,623 
Deferred service revenue107,424 87,575 
Other non-current liabilities642,166 631,290 
Total liabilities7,939,188 6,895,482 
Commitments and contingencies (Notes 9, 14 and 15)
Stockholders’ equity:
Common stock and capital in excess of par value2,179,229 2,175,988 
Retained earnings1,972,611 1,277,123 
Accumulated other comprehensive loss(71,533)(75,557)
Total KLA stockholders’ equity4,080,307 3,377,554 
Non-controlling interest in consolidated subsidiaries(1,683)(1,912)
Total stockholders’ equity4,078,624 3,375,642 
Total liabilities and stockholders’ equity$12,017,812 $10,271,124 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
3
KLA CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended March 31,Nine Months Ended March 31,
(In thousands, except per share amounts)2022202120222021
Revenues:
Product$1,800,659 $1,375,320 $5,326,316 $3,758,838 
Service488,017 428,453 1,398,828 1,234,425 
Total revenues2,288,676 1,803,773 6,725,144 4,993,263 
Costs and expenses:
Costs of revenues892,091 709,629 2,613,877 1,999,924 
Research and development285,189 238,957 808,373 687,059 
Selling, general and administrative216,489 183,040 623,229 537,580 
Interest expense39,978 39,092 116,142 117,358 
Other expense (income), net8,644 (7,348)23,985 (269)
Income before income taxes846,285 640,403 2,539,538 1,651,611 
Provision for income taxes115,625 73,233 22,876 207,316 
Net income730,660 567,170 2,516,662 1,444,295 
Less: Net income (loss) attributable to non-controlling interest88 (326)229 (1,019)
Net income attributable to KLA$730,572 $567,496 $2,516,433 $1,445,314 
Net income per share attributable to KLA
Basic$4.87 $3.69 $16.64 $9.36 
Diluted$4.83 $3.66 $16.52 $9.28 
Weighted-average number of shares:
Basic150,145 153,801 151,250 154,457 
Diluted151,186 155,159 152,346 155,789 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
4
KLA CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31,Nine Months Ended March 31,
(In thousands)2022202120222021
Net income $730,660 $567,170 $2,516,662 $1,444,295 
Other comprehensive income (loss):
Currency translation adjustments:
Cumulative currency translation adjustments413 (2,079)(3,733)12,262 
Income tax (provision) benefit870 (417)1,265 (1,607)
Net change related to currency translation adjustments1,283 (2,496)(2,468)10,655 
Cash flow hedges:
Net unrealized gains arising during the period17,777 5,824 25,370 3,550 
Reclassification adjustments for net (gains) losses included in net income(992)675 (3,122)1,736 
Income tax provision(4,023)(1,629)(5,047)(1,369)
Net change related to cash flow hedges12,762 4,870 17,201 3,917 
Net change related to unrecognized losses and transition obligations in connection with defined benefit plans467 872 1,675 (2,626)
Available-for-sale securities:
Net unrealized losses arising during the period(12,270)(1,268)(15,860)(3,130)
Reclassification adjustments for net (gains) losses included in net income88 (25)90 (238)
Income tax benefit2,616 278 3,386 723 
Net change related to available-for-sale securities(9,566)(1,015)(12,384)(2,645)
Other comprehensive income4,946 2,231 4,024 9,301 
Less: Comprehensive income (loss) attributable to non-controlling interest88 (326)229 (1,019)
Total comprehensive income attributable to KLA$735,518 $569,727 $2,520,457 $1,454,615 
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)SharesAmount
Balances as of June 30, 2021152,776 $2,175,988 $1,277,123 $(75,557)$3,377,554 $(1,912)$3,375,642 
Net income attributable to KLA— — 1,068,417 — 1,068,417 — 1,068,417 
Net income attributable to non-controlling interest— — — — — 68 68 
Other comprehensive loss — — — (2,487)(2,487)— (2,487)
Net issuance under employee stock plans160 (46,532)— — (46,532)— (46,532)
Repurchase of common stock(1,190)(16,966)(382,711)— (399,677)— (399,677)
Cash dividends ($1.05 per share) and dividend equivalents declared
— — (161,561)— (161,561)— (161,561)
Stock-based compensation expense— 25,216 — — 25,216 — 25,216 
Balances as of September 30, 2021151,746 2,137,706 1,801,268 (78,044)3,860,930 (1,844)3,859,086 
Net income attributable to KLA— — 717,444 — 717,444 — 717,444 
Net income attributable to non-controlling interest— — — — — 73 73 
Other comprehensive income — — — 1,565 1,565 — 1,565 
Net issuance under employee stock plans205 31,157 — — 31,157 — 31,157 
Repurchase of common stock(1,104)(15,604)(414,270)— (429,874)— (429,874)
Cash dividends ($1.05 per share) and dividend equivalents declared
— — (160,461)— (160,461)— (160,461)
Stock-based compensation expense— 27,766 — — 27,766 — 27,766 
Balances as of December 31, 2021150,847 2,181,025 1,943,981 (76,479)4,048,527 (1,771)4,046,756 
Net income attributable to KLA— — 730,572 — 730,572 — 730,572 
Net income attributable to non-controlling interest— — — — — 88 88 
Other comprehensive income — — — 4,946 4,946 — 4,946 
Net issuance under employee stock plans67 (16,661)— — (16,661)— (16,661)
Repurchase of common stock(1,539)(22,222)(542,444)— (564,666)— (564,666)
Cash dividends ($1.05 per share) and dividend equivalents declared
— — (159,498)— (159,498)— (159,498)
Stock-based compensation expense— 37,087 — — 37,087 — 37,087 
Balances as of March 31, 2022149,375 $2,179,229 $1,972,611 $(71,533)$4,080,307 $(1,683)$4,078,624 

6
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)SharesAmount
Balances 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 
Net loss attributable to non-controlling interest— — — — — (425)(425)
Other comprehensive income — — — 328 328 — 328 
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 expense— 26,992 — — 26,992 — 26,992 
Balances 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 
Net loss attributable to non-controlling interest— — — — — (268)(268)
Other comprehensive income— — — 6,742 6,742 — 6,742 
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 
Balances as of December 31, 2020154,161 2,104,190 903,696 (72,704)2,935,182 15,124 2,950,306 
Net income attributable to KLA— — 567,496 — 567,496 — 567,496 
Net loss attributable to non-controlling interest— — — — — (326)(326)
Other comprehensive income— — — 2,231 2,231 — 2,231 
Net issuance under employee stock plans104 (6,674)— — (6,674)— (6,674)
Repurchase of common stock(906)(12,431)(261,010)— (273,441)— (273,441)
Cash dividends ($0.90 per share) and dividend equivalents declared
— — (140,058)— (140,058)— (140,058)
Stock-based compensation expense— 30,120 — — 30,120 207 30,327 
Net issuance on exercise of options by non-controlling interest— — — — — 127 127 
Disposal of non-controlling interest— — — — — (17,124)(17,124)
Balances as of March 31, 2021153,359 $2,115,205 $1,070,124 $(70,473)$3,114,856 $(1,992)$3,112,864 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
7

KLA CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended March 31,
(In thousands)20222021
Cash flows from operating activities:
Net income$2,516,662 $1,444,295 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization262,496 248,688 
Unrealized foreign exchange (gain) loss and other14,669 (13,339)
Asset impairment charges5,962 842 
Stock-based compensation expense90,069 84,146 
Gain on sale of business— (4,422)
Deferred income taxes(382,975)(39,658)
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable(318,271)(101,134)
Inventories(396,403)(146,375)
Other assets(23,729)(32,480)
Accounts payable82,376 30,952 
Deferred system revenue141,122 (3,775)
Deferred service revenue81,216 10,076 
Other liabilities420,279 241,586 
Net cash provided by operating activities2,493,473 1,719,402 
Cash flows from investing activities:
Proceeds from sale of assets— 1,855 
Proceeds from sale of business— 16,833 
Business acquisitions, net of cash acquired(470,887)— 
Capital expenditures(234,160)(176,252)
Purchases of available-for-sale securities(733,386)(795,124)
Proceeds from sale of available-for-sale securities67,505 125,774 
Proceeds from maturity of available-for-sale securities524,677 418,447 
Purchases of trading securities(101,342)(83,866)
Proceeds from sale of trading securities95,734 84,919 
Proceeds from other investments