KLA Corporation Condensed Consolidated Unaudited Statements of Cash Flows | |||||
| |||||
| Three Months Ended March 31, | ||||
(In thousands) | 2023 |
| 2022 | ||
Cash flows from operating activities: |
|
|
| ||
Net income | $ | 697,837 |
| $ | 730,660 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||
Depreciation and amortization | 104,854 |
| 92,127 | ||
Unrealized foreign exchange (gain) loss and other | (16,531) |
| (7,059) | ||
Stock-based compensation expense | 48,130 |
| 37,087 | ||
Deferred income taxes | (66,596) |
| (11,747) | ||
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: |
|
|
| ||
Accounts receivable | 342,090 |
| 126,414 | ||
Inventories | (211,216) |
| (156,513) | ||
Other assets | (60,973) |
| (25,972) | ||
Accounts payable | (119,606) |
| 41,797 | ||
Deferred system revenue | (1,765) |
| (4,734) | ||
Deferred service revenue | 5,332 |
| 47,748 | ||
Other liabilities | 289,299 |
| (50,930) | ||
Net cash provided by operating activities | 1,010,855 |
| 818,878 | ||
Cash flows from investing activities: |
|
|
| ||
Business acquisitions, net of cash acquired | — |
| (432,901) | ||
Capital expenditures | (84,914) |
| (100,304) | ||
Purchases of available-for-sale securities | (402,672) |
| (207,546) | ||
Proceeds from sale of available-for-sale securities | 37,786 |
| 26,713 | ||
Proceeds from maturity of available-for-sale securities | 345,972 |
| 151,724 | ||
Purchases of trading securities | (40,176) |
| (43,000) | ||
Proceeds from sale of trading securities | 30,797 |
| 35,820 | ||
Net cash used in investing activities | (113,207) |
| (569,494) | ||
Cash flows from financing activities: |
|
|
| ||
Proceeds from revolving credit facility | — |
| 300,000 | ||
Repayment of debt | (225,000) |
| (45,000) | ||
Common stock repurchases | (478,186) |
| (564,666) | ||
Payment of dividends to stockholders | (180,854) |
| (158,976) | ||
Tax withholding payments related to vested and released restricted stock units | (16,154) |
| (16,661) | ||
Contingent consideration payable and other, net | (2,527) |
| (1,100) | ||
Net cash used in financing activities | (902,721) |
| (486,403) | ||
Effect of exchange rate changes on cash and cash equivalents | 2,109 |
| (4,866) | ||
Net decrease in cash and cash equivalents | (2,964) |
| (241,885) | ||
Cash and cash equivalents at beginning of period | 1,571,477 |
| 1,657,057 | ||
Cash and cash equivalents at end of period | $ | 1,568,513 |
| $ | 1,415,172 |
Supplemental cash flow disclosures: |
|
|
| ||
Income taxes paid, net | $ | 56,779 |
| $ | 128,233 |
Interest paid | $ | 125,055 |
| $ | 40,020 |
Non-cash activities: |
|
|
| ||
Contingent consideration payable - financing activities | $ | (75) |
| $ | 423 |
Dividends payable - financing activities | $ | 1,915 |
| $ | 1,638 |
Unsettled common stock repurchase - financing activities | $ | 15,943 |
| $ | 6,000 |
Accrued purchase of land, property and equipment - investing activities | $ | 14,390 |
| $ | 22,305 |