KLA Corporation (NASDAQ: KLAC) today announced operating results for its second quarter of fiscal year 2022, which ended on Dec. 31, 2021, and reported GAAP net income attributable to KLA of $717.4 million and GAAP earnings per diluted share attributable to KLA of $4.71 on revenue of $2.35 billion.
“KLA's December quarter and calendar 2021 performance exceeded our expectations in a demanding and challenging environment. Our results underscore the importance of our products and solutions in the marketplace, consistent execution by our global teams, and technology leadership and innovation that is guided by the KLA Operating Model,” commented Rick Wallace, president and chief executive officer of KLA Corporation. “In addition to outperforming our 2023 long-term target model and demonstrating strong earnings leverage, KLA returned $2 billion in capital to shareholders during calendar 2021 via both dividends and stock repurchases.”
| GAAP Results | |||
| Q2 FY 2022 | Q1 FY 2022 | Q2 FY 2021 | |
| Total Revenue | $2,353 million | $2,084 million | $1,651 million |
| Net Income Attributable to KLA | $717 million | $1,068 million | $457 million |
| Net Income per Diluted Share Attributable to KLA | $4.71 | $6.96 | $2.94 |
| Non-GAAP Results | |||
| Q2 FY 2022 | Q1 FY 2022 | Q2 FY 2021 | |
| Net Income Attributable to KLA | $851 million | $712 million | $504 million |
| Net Income per Diluted Share Attributable to KLA | $5.59 | $4.64 | $3.24 |
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. KLA will discuss the results for its fiscal year 2022 second quarter, along with its outlook, on a conference call today beginning at 2 p.m. PT. A webcast of the call will be available at: www.kla.com.
Third Quarter Fiscal 2022 Guidance
The following details our guidance for the third quarter of fiscal 2022 ending in March:
-
Total revenues between $2,100 million to $2,300 million
-
GAAP gross margin is expected to be in a range of 59.5% to 61.7%
-
Non-GAAP gross margin is expected to be in a range of 61.5% to 63.5%
-
GAAP diluted EPS attributable to KLA is expected to be in a range of $4.09 to $4.99
-
Non-GAAP diluted EPS attributable to KLA in a range of $4.35 to $5.25
Note that any impact from acquisitions that have not closed as of Dec. 31, 2021 are not included in these estimates. For additional guidance metrics please see the company's published Letter to Shareholders and earnings slides on the KLA investor relations website.
About KLA:
KLA Corporation (“KLA”) develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging, printed circuit boards and flat panel displays. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Investors and others should note that KLA announces material financial information including SEC filings, press releases, public earnings calls and conference webcasts using an investor relations website (ir.kla.com). Additional information may be found at: www.kla.com.
Note Regarding Forward-Looking Statements:
Statements in this press release other than historical facts, such as statements pertaining to total revenues, GAAP and non-GAAP gross margin and GAAP and non-GAAP diluted EPS for the quarter ending March 31, 2022 are forward-looking statements and subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. 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, political and social conditions in the countries in which we, our customers and our suppliers operate, including global trade policies; disruption to our manufacturing facilities or other operations, or the operations of our customers, due to natural catastrophic events, health epidemics or terrorism; ongoing changes in the technology industry, and the semiconductor industry in particular, including future growth rates, pricing trends in end-markets, or changes in customer capital spending patterns; our ability to timely develop new technologies and products that successfully anticipate or address changes in the semiconductor industry; our ability to maintain our technology advantage and protect our proprietary rights; our ability to compete with new products introduced by our competitors; our ability to attract and retain key personnel; cybersecurity threats, cyber incidents affecting our and our service providers' systems and networks and our ability to access critical information systems for daily business operations; liability to our customers under indemnification provisions if our products fail to operate properly or contain defects or our customers are sued by third parties due to our products; exposure to a highly concentrated customer base; availability and cost of the wide range of materials used in the production of our products; our ability to operate our business in accordance with our business plan; legal, regulatory and tax environments in which we perform our operations and conduct our business and our ability to comply with relevant laws and regulations; our ability to pay interest and repay the principal of our current indebtedness is dependent upon our ability to manage our business operations, our credit rating and the ongoing interest rate environment, among other factors; instability in the global credit and financial markets; our exposure to currency exchange rate fluctuations, or declining economic conditions in those countries where we conduct our business; changes in our effective tax rate resulting from changes in the tax rates imposed by jurisdictions where our profits are determined to be earned and taxed, expiration of tax holidays in certain jurisdictions, resolution of issues arising from tax audits with various authorities or changes in tax laws or the interpretation of such tax laws; and our ability to identify suitable acquisition targets and successfully integrate and manage acquired businesses. For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this press release, please refer to KLA Corporation's Annual Report on Form 10-K for the year ended June 30, 2021, and other subsequent filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein). KLA Corporation assumes no obligation to, and does not currently intend to, update these forward-looking statements.
Leave a Reply