KLA CORPORATION REPORTS FISCAL 2022 FOURTH QUARTER AND FULL YEAR RESULTS

 

KLA Corporation

Condensed Consolidated Unaudited Statements of Cash Flows



Three months ended June 30,

(In thousands)

2022


2021

Cash flows from operating activities:




Net income

$              805,398


$              633,058

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




Depreciation and amortization

100,848


84,647

Unrealized foreign exchange (gain) loss and other

31,862


(6,102)

Stock-based compensation expense

36,849


27,690

Deferred income taxes

53,474


(4,787)

Gain on fair value adjustment of marketable equity securities


(26,719)

Settlement of treasury lock agreement

82,799


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

Accounts receivable

(192,055)


(102,021)

Inventories

(170,600)


(123,725)

Other assets

(193,341)


(63,738)

Accounts payable

19,256


48,414

Deferred system revenue

72,246


(40,900)

Deferred service revenue

48,502


35,769

Other liabilities

123,991


4,036

Net cash provided by operating activities

819,229


465,622

Cash flows from investing activities:




Business acquisitions, net of cash acquired

(8,226)


Capital expenditures

(73,160)


(55,375)

Proceeds from sale of assets

27,658


Purchases of available-for-sale securities

(254,274)


(223,619)

Proceeds from sale of available-for-sale securities

46,033


19,759

Proceeds from maturity of available-for-sale securities

235,871


163,232

Purchases of trading securities

(19,912)


(24,001)

Proceeds from sale of trading securities

20,616


26,402

Net cash used in investing activities

(25,394)


(93,602)

Cash flows from financing activities:




Proceeds from issuance of debt, net of issuance costs

2,967,409


Proceeds from revolving credit facility, net of costs

275,000


Repayment of debt

(275,000)


Issuance of common stock

76,102


59,742

Common stock repurchases

(2,573,589)


(299,777)

Forward contract for accelerated share repurchases

(900,000)


Payment of dividends to stockholders

(157,602)


(139,267)

Payment of dividends to subsidiary's non-controlling interest holders

(602)


Tax withholding payments related to vested and released restricted stock units

(15,423)


(13,543)

Contingent consideration payable and other, net

(21)


Net cash used in financing activities

(603,726)


(392,845)

Effect of exchange rate changes on cash and cash equivalents

(20,373)


3,285

Net (decrease) increase in cash and cash equivalents

169,736


(17,540)

Cash and cash equivalents at beginning of period

1,415,172


1,452,150

Cash and cash equivalents at end of period

$           1,584,908


$           1,434,610

Supplemental cash flow disclosures:




Income taxes paid, net

$              109,350


$              111,396

Interest paid

$                37,882


$                37,219

Non-cash activities:




Contingent consideration payable - financing activities

$                  1,195


$                  1,120

Dividends payable - financing activities

$                  1,653


$                  1,428

Unsettled common stock repurchase - financing activities

$                       —


$                  6,000

Accrued purchase of land, property and equipment - investing activities

$                19,595


$                30,615


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