KLA Corporation. (NASDAQ:KLAC) Q1 2024 Earnings Conference Call April 25, 2024 6:00 PM ET

Company Participants

Kevin Kessel - VP, IR and Market Analytics
Richard Wallace - CEO
Bren Higgins - CFO

Conference Call Participants

Harlan Sur - JPMorgan
CJ Muse - Cantor Fitzgerald
Krish Sankar - TD Cowen
Brian Chin - Stifel
Timothy Arcuri - UBS
Charles Shi - Needham
Christophe Caso - Wolfe Research
Joseph Quattrocci - Wells Fargo
Thomas O'Malley - Barclays
Srinivas Pajjuri - Raymond James

Operator

Good afternoon, my name is Doug and I'll be your conference operator today. At this time I'd like to welcome everyone to the KLA Corporation March Quarter 2024 Earnings Conference Call and Webcast. All participant lines have been placed on a listen-only mode to prevent any background noise. [Operator Instructions] Thank you.

I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

Kevin Kessel

Thank you for joining our earnings call to discuss the March 2024 results in the June quarter outlook. I am joined by our CEO Rick Wallace and our CFO Brent Higgins. We will discuss today's results released after the market close and available on our IR website along with the supplemental materials.

Today's discussion and metrics are presented on a non-GAAP financial basis unless otherwise specified. All four-year references are to calendar years. Earnings materials contain a detailed reconciliation of GAAP to non-GAAP results. KLA's IR website also contains future investor events, presentations, corporate governance information, and links to the SEC filings, including our most recent annual report and quarterly reports on Forms 10-K and 10-Q. Our comments today are subject to risks and uncertainties reflected in the disclosures of risk factors in our SEC filings. Any forward-looking statements, including those we make on the call today, are subject to those risks, and KLA cannot guarantee those forward-looking statements will come true.

Our actual results may differ significantly from those projected in our forward-looking statements. Rick will begin the call with some introductory comments, followed by Brent with additional financial highlights, including our outlook.

We'll now turn the call over to our CEO, Rick Wallace. Rick?

Richard Wallace

Thank you, Kevin. Today I will review KLA's March quarter results and highlights and address the new market share reports, as well as a broader industry outlook. KLA's revenue of $2.36 billion was above the midpoint of our guidance range. EPS results, both non-GAAP and GAAP, were above the midpoint of the adjusted guidance we provided on March 18th, in conjunction with the decision to exit the flat panel business.