[PART I: FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited Condensed Consolidated Financial Statements for the quarter ended September 30, 2023, highlighting a year-over-year decrease in revenue and net income due to a semiconductor market slowdown Condensed Consolidated Statements of Operations Highlights (Q1 FY24 vs Q1 FY23) | Financial Metric | Three Months Ended Sep 30, 2023 (in thousands) | Three Months Ended Sep 30, 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $2,396,956 | $2,724,424 | -12.0% | | Gross Profit | $1,450,065 | $1,683,198 | -13.8% | | Income before income taxes | $851,711 | $1,070,028 | -20.4% | | Net Income attributable to KLA | $741,375 | $1,025,991 | -27.7% | | Diluted Net Income per Share | $5.41 | $7.20 | -24.9% | Condensed Consolidated Balance Sheet Highlights | Account | Sep 30, 2023 (in thousands) | Jun 30, 2023 (in thousands) | | :--- | :--- | :--- | | Total current assets | $8,430,791 | $8,372,032 | | Total assets | $14,136,841 | $14,072,357 | | Total current liabilities | $3,817,743 | $3,742,842 | | Total liabilities | $11,146,624 | $11,152,604 | | Total stockholders' equity | $2,990,217 | $2,919,753 | Condensed Consolidated Statements of Cash Flows Highlights (Q1 FY24 vs Q1 FY23) | Cash Flow Activity | Three Months Ended Sep 30, 2023 (in thousands) | Three Months Ended Sep 30, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $883,740 | $1,011,545 | | Net cash used in investing activities | ($391,671) | ($53,475) | | Net cash used in financing activities | ($705,156) | ($705,727) | | Net (decrease) increase in cash and cash equivalents | ($216,295) | $234,372 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes disclose accounting policies, with **$10.85 billion** in remaining performance obligations impacted by market slowdown and U.S. export regulations, and an effective tax rate increase to **13.0%** - As of September 30, 2023, the company had **$10.85 billion** of remaining performance obligations (RPO), representing future product and service deliveries. This is subject to elevated risk of modification or cancellation due to market slowdown and U.S. export regulations targeting China[34](index=34&type=chunk)[35](index=35&type=chunk) - Total long-term debt as of September 30, 2023, was approximately **$5.89 billion**, primarily consisting of various series of Senior Notes with maturities ranging from 2024 to 2062[71](index=71&type=chunk) - The effective tax rate for the quarter was **13.0%**, a significant increase from **4.1%** in the same period last year. The prior year's rate was lower due to a decrease in deferred tax liabilities and unrecognized tax benefits from examination settlements[109](index=109&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) Revenues by Geographic Region (Q1 FY24 vs Q1 FY23) | Region | Q1 2024 Revenue (in thousands) | Q1 2024 % | Q1 2023 Revenue (in thousands) | Q1 2023 % | | :--- | :--- | :--- | :--- | :--- | | China | $1,025,944 | 43% | $839,661 | 31% | | Taiwan | $405,343 | 17% | $748,334 | 27% | | North America | $250,713 | 10% | $233,754 | 9% | | Japan | $227,377 | 10% | $217,709 | 8% | | Korea | $219,821 | 9% | $407,462 | 15% | | Europe and Israel | $168,436 | 7% | $164,073 | 6% | | Rest of Asia | $99,322 | 4% | $113,431 | 4% | [Item 2. MD&A of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **12% year-over-year revenue decline** to a semiconductor market slowdown, with product revenues falling **16%** while service revenues grew **6%**, and maintains a strong liquidity position with **$3.35 billion** in cash - Product revenues decreased primarily due to a macro-driven slowdown causing the semiconductor industry to rebalance its supply chain and reduce capital expenditure plans for calendar 2023[179](index=179&type=chunk)[163](index=163&type=chunk) - Service revenues increased due to a larger installed base of KLA's systems at customer sites[180](index=180&type=chunk) - The U.S. government's 2022 and 2023 BIS Rules impose significant export licensing requirements for advanced semiconductor technology sold to China, which could materially impact future business[165](index=165&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) Gross Margin Change Analysis (Q1 FY23 to Q1 FY24) | Factor | Contribution to Margin Change (%) | | :--- | :--- | | **Q1 FY23 Gross Margin** | **61.8%** | | Revenue volume of products and services | (1.7)% | | Mix of products and services sold | 0.8% | | Manufacturing labor, overhead and efficiencies | (0.3)% | | Other service and manufacturing costs | (0.1)% | | **Q1 FY24 Gross Margin** | **60.5%** | - As of September 30, 2023, the company had **$3.35 billion** in cash, cash equivalents, and marketable securities. Net cash from operations was **$883.7 million** for the quarter[198](index=198&type=chunk)[199](index=199&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate and foreign currency fluctuations, with a **100 basis point** interest rate increase potentially decreasing its **$1.50 billion** fixed-income portfolio by **$15.5 million** - The company's **$1.50 billion** fixed income securities portfolio is subject to interest rate risk; a uniform **100 bps** increase in market rates would cause a **$15.5 million** decline in fair value[214](index=214&type=chunk) - The fair value of the company's **$5.89 billion** in long-term fixed-rate Senior Notes is subject to interest rate risk, with a fair value of **$5.31 billion** as of September 30, 2023[215](index=215&type=chunk) - The company hedges certain foreign currency exposures. A **10%** adverse move in all relevant exchange rates would decrease the fair value of its hedge contracts by **$97.1 million**, which would be largely offset by gains in the underlying hedged exposures[219](index=219&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of the end of the period, the company's disclosure controls and procedures were effective at a reasonable assurance level[221](index=221&type=chunk) - No changes in internal control over financial reporting were identified during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[225](index=225&type=chunk) [PART II: OTHER INFORMATION](index=47&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with uncertain outcomes that could potentially have a material adverse effect on financial results - The company is involved in various legal proceedings and claims (commercial, IP, customer, labor) in the normal course of business. The outcomes are difficult to predict and could have a material adverse effect on financial results[117](index=117&type=chunk)[227](index=227&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from U.S. export controls impacting China sales, semiconductor industry cyclicality, a concentrated customer base, cybersecurity threats, and geopolitical instability, including the war in Israel - Evolving U.S. export rules (2022 and 2023 BIS Rules) significantly restrict sales and services to certain customers in China, which represented **43%** of revenue in Q1 FY24. Failure to obtain licenses could materially harm business[241](index=241&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk) - The business is exposed to the cyclical nature of the semiconductor industry. Current down-cycles affect customer capital spending, order timing, and revenue predictability[293](index=293&type=chunk) - The customer base is highly concentrated, exposing the company to increased volatility, pricing pressure, and risks tied to the financial health and strategic shifts of a few large customers[288](index=288&type=chunk)[290](index=290&type=chunk) - The company faces significant risk from cybersecurity incidents, which could disrupt operations, lead to theft of intellectual property, and result in significant financial and reputational damage[258](index=258&type=chunk)[259](index=259&type=chunk) - The company has significant operations in Israel and identifies the war between Israel and Hamas as a risk that could materially impact business, operations, and financial results[271](index=271&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **956,272 shares** of common stock and authorized an additional **$2.0 billion** for its repurchase program, leaving **$3.45 billion** available Stock Repurchases for the Three Months Ended September 30, 2023 | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | July 2023 | 231,293 | $466.52 | | August 2023 | 365,551 | $486.55 | | September 2023 | 359,428 | $471.96 | | **Total** | **956,272** | | - The Board of Directors approved a **$2.0 billion** increase to the stock repurchase program in the first quarter of fiscal 2024. As of September 30, 2023, approximately **$3.45 billion** remained available for repurchases[331](index=331&type=chunk) [Item 3. Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[332](index=332&type=chunk) [Item 4. Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[333](index=333&type=chunk) [Item 5. Other Information](index=67&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended September 30, 2023[334](index=334&type=chunk) [Item 6. Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents and required CEO and CFO certifications - The exhibits filed with this report include CEO and CFO certifications pursuant to Rule 13a-14(a)/15d-14(a) and 18 U.S.C. Section 1350[336](index=336&type=chunk)

Financial Data and Key Metrics - Revenue for the September quarter was $2.4 billion, at the upper end of the guidance range [24] - GAAP EPS was $5.41 and non-GAAP EPS was $5.74, both at the upper end of the guidance ranges [24] - Non-GAAP operating margin was 40.2% [32] - Cash flow from operations was $884 million, and free cash flow was $816 million [32] - The company ended the quarter with $3.35 billion in total cash, cash equivalents, and marketable securities [33] - The service business grew to $560 million in the September quarter, with high single-digit percent year-over-year growth expected for 2023 [29] Business Line Data and Key Metrics - The service business grew both sequentially and year-over-year, reaching $560 million in the September quarter [29] - The company's process control portfolio showed strength, particularly in legacy node investment globally and industry infrastructure investment [27] - The rapid growth of AI is enabling differentiation and driving industry growth, with the company leveraging AI to improve system performance [28] Market Data and Key Metrics - The company sees strength in markets served by legacy nodes, despite softness in memory and leading-edge logic and foundry investments [25] - China's market mix is approaching 50%, with new entrants and improving yields potentially driving higher investment in process control [6][7] - The company expects China's wafer infrastructure investment to flatten in 2024, but does not anticipate a significant decline [12] Company Strategy and Industry Competition - The company is focused on enabling innovation through technology advancements and transitions, which customers continue to prioritize across all business environments [44] - The company is leveraging AI expertise to improve inspection, metrology, and data analytics systems, helping customers solve challenges associated with current process technologies [35] - The company is well-positioned to support customers in the transition to gate-all-around architecture, with investments in Gen 4 technology and AI capabilities [93][94] Management Commentary on Operating Environment and Future Outlook - The overall business environment remains relatively stable, with strength in legacy node investment and industry infrastructure investment [25] - The company expects demand to stabilize around current levels into the first half of 2024, with no significant changes anticipated in China shipments [57] - The company is monitoring the slowdown in the electronics market and adjusting capacity plans as needed [26] Other Important Information - The company announced an incremental $2 billion share repurchase authorization, reflecting confidence in the business model and growth strategy [34] - The company increased its quarterly dividend to $1.45 per share, marking the 14th consecutive annual dividend increase [41] - The company is focused on employee safety and well-being, particularly in light of the situation in Israel, and is providing resources and support through the KLA Foundation [22][23] Q&A Session Summary Question: Stability in the first half of 2024 and memory recovery timing [56] - The company expects business levels to remain stable in the first half of 2024, with no significant changes in China shipments [57] - Memory customers indicate historical lows in the market, with no near-term changes expected in capacity increases [60] Question: Service business growth and assumptions for 2024 [62] - The company expects service growth to accelerate to the target range of 12% to 14% in 2024, driven by tools coming off warranty and moving into contracts [63] - Utilization rates are stabilizing and increasing in certain parts of the business, which is a positive indicator for service growth in 2024 [68] Question: China business sustainability and outlook [79] - The company sees sustainability in China's legacy node investments, particularly in industries like EV and infrastructure, with no significant changes expected in the near term [80][81] - The company expects China's business to remain elevated, with a meaningful backlog and deposits for future shipments [83] Question: Gate-all-around architecture opportunities [93] - The company is well-prepared for gate-all-around architecture, leveraging Gen 4 technology and AI capabilities to address inspection and metrology challenges [94][95] - The transition to gate-all-around will drive higher process control intensity, benefiting both inspection and metrology [96] Question: DRAM strength and outlook [98] - DRAM strength in the quarter was driven by shipments to China and R&D investment, with no significant decline expected in the December quarter [99] - The company continues to see strength in optical and macro inspection, with process control intensity remaining high [100] Question: 2024 WFE outlook and inventory management [123] - The company expects WFE investment to remain flat in 2024, with no significant changes anticipated in the near term [110] - Inventory levels are high due to long lead-time parts and commitments to suppliers, but the company is well-positioned for future demand [127][128] Question: OpEx outlook for 2024 [134] - The company expects a modest uptick in OpEx in 2024, in line with general post-living adjustments and long-term investment requirements [136][137] Question: Leading-edge foundry/logic weakness and outlook [139] - The company sees stabilization in leading-edge foundry/logic, with no further declines expected in 2024 [149] - The company expects to see more N3 and N2 activity in 2024, with investment focused on R&D and ramp phases [143]

Financial Performance - Total revenues for the year ended June 30, 2023, reached $10.50 billion, up 13.9% from $9.21 billion in 2022[335] - Net income attributable to the company for the year ended June 30, 2023, was $3.39 billion, compared to $3.32 billion in 2022, representing a growth of 2.1%[335] - Basic net income per share attributable to KLA for 2023 was $24.28, up from $22.07 in 2022, reflecting an increase of 10%[514] - Diluted net income per share attributable to KLA for 2023 was $24.15, compared to $21.92 in 2022, marking an increase of 10.6%[514] - Net income for the year ended June 30, 2023, was $3,387,351, an increase of 1.96% compared to $3,322,060 in 2022[338] - Total comprehensive income attributable to KLA for the year ended June 30, 2023, was $3,378,407, slightly up from $3,369,893 in 2022[338] Assets and Liabilities - As of June 30, 2023, the total assets of the company were $14.07 billion, an increase from $12.60 billion in 2022, reflecting a growth of approximately 11.7%[333] - The total liabilities increased to $2,303.5 million in 2023 from $1,545.0 million in 2022, representing an increase of approximately 48.9%[439] - The company’s total debt as of June 30, 2023, was $5,890.7 million, down from $6,660.7 million as of June 30, 2022[469] - The fair value of the company's long-term fixed interest rate Senior Notes was $5.69 billion as of June 30, 2023[325] - The company had $172.4 million in total lease liabilities as of June 30, 2023, after accounting for imputed interest[484] Cash Flow and Investments - Net cash provided by operating activities increased to $3,669,805 in 2023, up from $3,312,702 in 2022, representing a growth of 11%[344] - Cash and cash equivalents at the end of the period rose to $1,927,865, compared to $1,584,908 at the end of 2022, marking an increase of 22%[344] - The company had an investment portfolio of fixed income securities valued at $1.23 billion as of June 30, 2023[324] - Net cash used in investing activities decreased to $482,571 in 2023 from $876,458 in 2022, indicating a reduction of 45%[344] Research and Development - The company reported a research and development expense of $1.30 billion for the year ended June 30, 2023, which is an increase of 17.3% from $1.11 billion in 2022[335] Stockholder Activities - Cash dividends declared were $733,547, with a per share dividend of $5.20[341] - The company repurchased common stock worth $1,329,714 during the year[341] - The total cost of stock repurchases in 2023 was approximately $1.33 billion, a decrease from $3.96 billion in 2022[512] - Payment of dividends to stockholders increased to $732,556 in 2023 from $638,528 in 2022, representing a rise of 15%[344] Inventory and Receivables - Total inventories increased to $2,876.8 million in 2023, up from $2,146.9 million in 2022, representing a significant increase of approximately 34%[439] - As of June 30, 2023, accounts receivable decreased by 3% to $1,753.4 million from $1,811.9 million in the previous year[419] Contractual Obligations - Remaining performance obligations (RPO) amounted to $11.40 billion, with an expectation to recognize approximately 40% to 50% as revenue beyond the next 12 months[422] - Contract liabilities rose by 24% to $1,245.0 million from $1,007.3 million in the prior year[419] - Revenue recognized from contract liabilities was $819.0 million for the fiscal year ended June 30, 2023[421] Goodwill and Intangible Assets - As of June 30, 2023, the company reported total goodwill of $2,278.8 million, a decrease from $2,320.0 million as of June 30, 2022[460] - The company’s total purchased intangible assets as of June 30, 2023, amounted to $2,159.1 million, with $935.3 million net after accumulated amortization[465] Pension and Employee Benefits - The projected benefit obligation for foreign defined benefit pension plans decreased from $124,585 thousand in 2022 to $113,136 thousand in 2023, a reduction of 9.2%[518] - The underfunded status of the pension plans decreased from $80,992 thousand in 2022 to $67,206 thousand in 2023, a decline of 17.2%[519] - The employer contributions to the pension plans increased from $6,955 thousand in 2022 to $8,396 thousand in 2023, reflecting a growth of 20.7%[518] Market Conditions and Risks - The company experienced a macro-driven slowdown impacting semiconductor device demand, leading to adjustments in customer capital expenditure plans for 2023[422] - The U.S. government imposed new export licensing requirements affecting the company's ability to provide certain products and services to customers in China[422] Environmental and Sustainability - The company’s performance against environmental sustainability key performance indicators resulted in reduced fees associated with the Revolving Credit Facility[478]

Liquidity and Working Capital - Working capital increased to $4.60 billion as of March 31, 2023, up by $302.4 million from $4.30 billion as of June 30, 2022 [232] - The company's principal sources of liquidity as of March 31, 2023, included $2.89 billion in cash, cash equivalents, and marketable securities [232] - The company's liquidity is supported by a $1.50 billion Revolving Credit Facility, which is sufficient to meet working capital needs, capital expenditures, and other obligations for at least the next 12 months [232] Investment Portfolio and Market Risks - The company's fixed income securities portfolio was valued at $1.08 billion as of March 31, 2023, with a potential decline of $9.4 million if interest rates increased by 100 bps [238] - The company's investment portfolio is subject to interest rate risk, with a potential decline in value if market interest rates increase [238] - The fair value of the company's equity investment in a publicly traded company was $19.8 million as of March 31, 2023, with a potential decline of $10 million if market prices fell by 50% [241] - The company had net forward and option contracts to buy $235.7 million in foreign currency as of March 31, 2023, with a potential decrease of $80.5 million in fair value if currency exchange rates moved adversely by 10% [243] Debt and Credit Facilities - The fair value of the company's long-term fixed interest rate Senior Notes was $5.79 billion as of March 31, 2023, with a principal amount of $5.95 billion [239] - The company had no outstanding borrowings under its Revolving Credit Facility as of March 31, 2023, with an annual commitment fee of 9 bps [240] - The company's credit ratings as of March 31, 2023, were A from Fitch, A2 from Moody's, and A from S&P [234] Internal Controls and Financial Reporting - No changes in internal control over financial reporting during the most recent fiscal quarter that materially affected or are likely to materially affect the company's financial reporting [249] - Disclosure Controls are designed to ensure timely and accurate reporting of required information under the Exchange Act, including components of internal control over financial reporting [247] - Limitations of Disclosure Controls include the inability to prevent all errors and fraud due to inherent system constraints, resource limitations, and potential circumvention [248] - CEO and CFO certifications are included in the report, referencing Rule 13a-14 of the Exchange Act, and should be read in conjunction with the Controls and Procedures section [246]

Financial Data and Key Metrics Changes - Revenue for the March quarter was $2.43 billion, representing a 6% year-over-year growth but down 18% sequentially [5][11] - GAAP EPS was $5.03 and non-GAAP EPS was $5.49, both above the midpoint of their respective guidance ranges [5][11] - Non-GAAP operating expenses were $534 million, below the expectation of $545 million due to headcount reductions and cost management [12] - Quarterly free cash flow was $926 million, leading to a 20% increase in the last 12 months' free cash flow to $3.2 billion [26] Business Line Data and Key Metrics Changes - Services revenue grew to $529 million, up 8% year-over-year and 2% sequentially, driven by an increasing installed base and customer adoption of long-term service agreements [8] - The automotive-focused business showed rapid growth, with automotive semiconductor demand increasing significantly [7] Market Data and Key Metrics Changes - Foundry/Logic is expected to account for approximately 77% of semiconductor process control systems revenue, while memory is forecasted to be around 23% [14] - In memory, DRAM is expected to represent about 85% of the segment mix, with NAND at approximately 15% [14] Company Strategy and Development Direction - The company is focused on market diversification, particularly in the automotive sector, and is working to standardize in-line defect screening methodologies [7] - KLA aims to maintain its market leadership through innovation and high levels of R&D investment, with a market share gain of approximately 300 basis points in 2022 [24] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are near-term headwinds due to the global macro economy, automotive demand and legacy markets remain strong [23] - The company expects WFE investments in memory to decline by 35% to 40% as customers adjust production to align with demand [30] - Management remains confident in the long-term semiconductor industry demand and investments, despite current market challenges [32] Other Important Information - The company returned $5.1 billion to shareholders over the last 12 months, including $4.4 billion in share repurchases and $711 million in dividends [13] - KLA ended the quarter with $2.9 billion in cash and cash equivalents, and $5.95 billion in debt [29] Q&A Session Summary Question: What is the outlook for foundry WFE in 2023? - Management indicated that lead times on optical inspection remain long, and customers continue to invest in their technology roadmaps, suggesting a stable demand environment [41] Question: How does management view memory demand recovery? - Management noted that memory sales were low at 14% in the March quarter, but they expect some stabilization in the second half of the year, albeit at low levels [44] Question: What is the expected growth for service revenues this year? - Management expects service revenues to grow in the mid- to high single-digit range, despite some headwinds from export controls [96] Question: How is the company addressing the impact of export controls on shipments to China? - Management clarified that they expect to recoup over $200 million in the second half of the year due to clarifications on export controls [94] Question: What is the expected performance of the EPC business? - Management anticipates the EPC business to improve modestly in the second half but expects it to decline year-over-year more than WFE-centric businesses [60]

Forward Looking Statements 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: the impact of the COVID-19 pandemic on the global economy and on our business, financial condition and results of operations, including the supply chain constraints we are experiencing as a result of the pandemic; economic ...

KLA Corporation (NASDAQ:KLAC) Q2 2023 Earnings Conference Call January 26, 2023 6:00 PM ET Company Participants Kevin Kessel - Vice President of Investor Relations & Market Analytics Rick Wallace - Chief Executive Officer Bren Higgins - Chief Financial Officer Conference Call Participants C.J. Muse - Evercore Joe Quatrochi - Wells Fargo Harlan Sur - JPMorgan Vivek Arya - Bank of America Brian Chin - Stifel Sidney Ho - Deutsche Bank Atif Malik - Citi Tim Arcuri - UBS Krish Sankar - Cowen & Company Toshiya Ha ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|---------------------------------|-------|-------|--------------------------------------------------------|-------|--------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended December 31, 2022 | | | Q2 Fiscal 2023 Earnings • Reported On January 26, 2023 | ...

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 KLA CORPORATION (Exact name of registrant as specified in its charter) Delaware 04-2564110 (State or other jurisdiction of incorporation or organization) One Technology Drive, Milpitas, California 95035 (I.R.S. Employer Identification No.) For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT ...

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 September 30, 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) (State or other jurisdiction ...