KLA Corporation Reports Fiscal 2024 Second Quarter Results

 

KLA Corporation




Condensed Consolidated Unaudited Statements of Cash Flows





Three Months Ended Dec. 31,

(In thousands)

2023


2022

Cash flows from operating activities:




Net income

$               582,534


$               978,795

Adjustments to reconcile net income to net cash provided by operating activities:




Impairment of goodwill and purchased intangible assets

219,000


Depreciation and amortization

99,063


103,508

Unrealized foreign exchange (gain) loss and other

(34,346)


(20,679)

Asset impairment charges


749

Stock-based compensation expense

48,620


38,405

Deferred income taxes

(65,158)


(98,890)

Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:




Accounts receivable

(160,265)


(440,647)

Inventories

(21,189)


(127,647)

Other assets

(104,872)


(15,091)

Accounts payable

2,692


44,317

Deferred system revenue

218,250


95,079

Deferred service revenue

68,821


42,630

Other liabilities

(230,908)


87,761

Net cash provided by operating activities

622,242


688,290

Cash flows from investing activities:




Proceeds from sale of assets

5,079


Capital expenditures

(76,801)


(93,642)

Purchases of available-for-sale securities

(451,800)


(301,372)

Proceeds from sale of available-for-sale securities

7,252


10,147

Proceeds from maturity of available-for-sale securities

427,128


141,926

Purchases of trading securities

(16,049)


(18,071)

Proceeds from sale of trading securities

16,715


19,607

Net cash used in investing activities

(88,476)


(241,405)

Cash flows from financing activities:




Repayment of debt


(200,000)

Common stock repurchases

(437,817)


(355,007)

Payment of dividends to stockholders

(196,859)


(184,208)

Issuance of common stock

48,433


33,793

Tax withholding payments related to vested and released restricted stock units

(3,005)


(2,598)

Contingent consideration payable and other, net

(1,676)


(2,500)

Net cash used in financing activities

(590,924)


(710,520)

Effect of exchange rate changes on cash and cash equivalents

10,642


15,832

Net decrease in cash and cash equivalents

(46,516)


(247,803)

Cash and cash equivalents at beginning of period

1,711,570


1,819,280

Cash and cash equivalents at end of period

$            1,665,054


$            1,571,477

Supplemental cash flow disclosures:




Income taxes paid, net

$               506,046


$               293,403

Interest paid

$                 24,818


$                 29,635

Non-cash activities:




Contingent consideration payable - financing activities

$                      155


$                 (1,919)

Dividends payable - financing activities

$                   2,132


$                  1,999

Unsettled common stock repurchase - financing activities

$                 10,999


$                15,975

Accrued purchase of land, property and equipment - investing activities

$                 18,312


$                30,590


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