KLA Corporation |
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Condensed Consolidated Unaudited Statements of Cash Flows |
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| Three Months Ended Dec. 31, | ||
(In thousands) | 2023 |
| 2022 |
Cash flows from operating activities: |
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Net income | $ 582,534 |
| $ 978,795 |
Adjustments to reconcile net income to net cash provided by operating activities: |
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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: |
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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: |
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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: |
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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: |
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Income taxes paid, net | $ 506,046 |
| $ 293,403 |
Interest paid | $ 24,818 |
| $ 29,635 |
Non-cash activities: |
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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 |