KLA(KLAC) - 2024 Q4 - Annual Results

Financial Performance - KLA reported Q4 FY2024 GAAP net income of $836.4 million and diluted EPS of $6.18 on total revenues of $2.57 billion[1] - For the full fiscal year 2024, KLA achieved GAAP net income of $2.76 billion and diluted EPS of $20.28 on total revenues of $9.81 billion[1] - Q4 FY2024 non-GAAP net income was $893 million, with non-GAAP diluted EPS of $6.60[3] - Full year FY2024 non-GAAP net income reached $3.23 billion, with non-GAAP diluted EPS of $23.74[5] - Total revenues for the quarter were $2.569 billion, at the upper end of the guidance range of $2.5 billion +/- $125 million[36] - GAAP diluted EPS for the quarter was $6.18, and non-GAAP diluted EPS was $6.60, both above the midpoints of their respective guidance ranges[24] - Total revenues for the fiscal year were $9.81 billion, down 6.5% year-over-year[17] - Net income for the three months ended June 30, 2024, was $836.4 million, up from $684.7 million in the same period in 2023[41] Revenue Breakdown - Q4 FY2024 product revenues were $1.95 billion, while service revenues were $613.9 million[8] - Full year FY2024 product revenues totaled $7.48 billion, and service revenues were $2.33 billion[8] - Semiconductor Process Control segment revenues for the quarter were $2.31 billion, up 10% year-over-year[17] - Specialty Semiconductor Process segment revenues for the quarter were $121.3 million, down 6% year-over-year[17] - PCB and Component Inspection segment revenues for the quarter were $140.0 million, up 9% year-over-year[17] Expenses and Margins - Q4 FY2024 R&D expenses were $325.8 million, representing 12.7% of total revenues[8] - Full year FY2024 R&D expenses were $1.28 billion, accounting for 13.0% of total revenues[8] - Q4 FY2024 pre-tax GAAP to non-GAAP adjustments totaled $76.5 million, primarily from acquisition-related charges and restructuring costs[14] - KLA's Q4 FY2024 operating margin was 38.1% on a GAAP basis and 40.5% on a non-GAAP basis[8] - GAAP gross margin for the quarter was 59.9%, and non-GAAP gross margin was 61.5%[23] Cash Flow and Capital Returns - Cash flow from operating activities for the quarter was $892.6 million, and free cash flow was $831.9 million[24] - Capital returns for the quarter were $667.8 million, including $197.5 million in dividends and $470.3 million in stock repurchases[27] - Net cash provided by operating activities for the three months ended June 30, 2024, was $892.6 million, compared to $959.1 million in the same period in 2023[39] - Free cash flow for the three months ended June 30, 2024, was $831.9 million, down from $880.4 million in the same period in 2023[39] - Capital expenditures for the three months ended June 30, 2024, were $60.7 million, compared to $78.7 million in the same period in 2023[41] Balance Sheet and Equity - Cash and cash equivalents at the end of June 30, 2024, were $1.98 billion, up from $1.93 billion at the end of June 30, 2023[43] - Total current assets as of June 30, 2024, were $10.03 billion, compared to $8.37 billion as of June 30, 2023[43] - Total liabilities as of June 30, 2024, were $12.07 billion, up from $11.15 billion as of June 30, 2023[43] - Stockholders' equity as of June 30, 2024, was $3.37 billion, compared to $2.92 billion as of June 30, 2023[43] Future Guidance - For the first quarter of fiscal 2025, total revenues are expected to be in the range of $2.75 billion +/- $150 million[23]