KLA Corporation (KLAC) Q3 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 26, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks：

Operator

Good afternoon. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation March Quarter 2023 Earnings Conference Call and Webcast. All participant lines have been placed in a listen-only mode to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [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, Chelsea, and thank you for joining us for our earnings call to discuss the results of the March 2023 quarter and our June quarter outlook. Joining me is Rick Wallace, our Chief Executive Officer; and Bren Higgins, our Chief Financial Officer.

During this call, we will discuss our results released today after the market closed. All materials can be found on our IR website. Today's discussion is being presented on a non-GAAP financial basis unless otherwise specified. Whenever we make full year references, they are for calendar years.

A detailed reconciliation of GAAP to non-GAAP results is in the earnings materials posted on our website. Our IR website also contains future investor events as well as presentations, corporate governance information and linked to our SEC filings, including our most recent annual and quarterly reports on Forms 10-K and 10-Q. Our commentary is subject to risks and uncertainties reflected in the risk factor disclosure in our SEC filings.

Any forward-looking statements, including those we make on the call today, are also 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.

Our CEO, Rick Wallace, will begin the call with some comments and quarterly highlights. Bren Higgins, our CFO, will conclude with our financial highlights, including our guidance and our outlook.

I will now turn the call over to our CEO, Rick Wallace. Rick?

Rick Wallace

Thank you, Kevin. Let's start with a summary of KLA's performance in the quarter, along with a few highlights. Further color and detail on my comments and the semiconductor demand environment can be found in our shareholder letter released earlier today. KLA's March quarter results again demonstrate the company's consistency in delivering on long-term strategic objectives and financial targets. Specifically, revenue of $2.43 billion was above the midpoint of the guidance range. This represented 6% growth on a year-over-year basis, although down 18% sequentially. GAAP EPS was $5.03 and non-GAAP EPS was $5.49, with each finishing above the midpoint of their respective guidance ranges.