KLAC

KLA
KLA CORP · CIK 319201
KLAC 리스크 변화 알림 받기
이번 보고서
2026 연차보고서
10-K · 기간 말 2026. 6. 30. · 제출 2026. 8. 6.
비교 기준
2025 연차보고서
10-K · 기간 말 2025. 6. 30.
SEC 원문 ↗
8
새 리스크 항목
27
신규 문단
47
수정 문단
20
삭제
+8%
분량 변화
AI 한국어 요약

한 줄 요약

KLA는 DRAM 칩 부족에 따른 FY2027 매출총이익률 악영향을 처음 명시했습니다. 중국향 장비의 세관 보류, AI 투자 사이클의 지속성, AI가 반도체 산업 구조를 바꿀 가능성도 새로운 핵심 리스크로 추가했습니다.

주목할 변화

  • 신규DRAM 칩 단종·가격 급등이 마진 압박대형 공급사들이 자사 제품에 들어가는 일부 DRAM 칩 생산을 중단하면서 가격이 급등했습니다. 회사는 이 칩 확보 때문에 FY2026 구매 약정이 늘었다고 밝혔습니다. 추가 조달 비용이 "will continue to have an adverse impact on our gross margin in fiscal 2027"라고 구체적으로 적시했습니다.
  • 강화중국향 출하 지연·보류 및 수출통제 확대중국행 일부 제품이 고객 성격이나 제품 성능 문제로 미국 세관(CBP)에 "held up"되었다고 새로 밝혔습니다. 적시 통관이나 라이선스 없는 통관은 보장할 수 없다고 덧붙였습니다. 미 상무부의 'Affiliates Rule'(제재 대상이 50% 이상 소유한 기업까지 규제 확대, 2026년 11월까지 유예)도 추가되었습니다. 중국 매출 비중은 30%(FY2026)로 직전 33%, 그 전 43%에서 낮아졌습니다.
  • 신규AI발 고객 설비투자의 지속성 의문과 백로그 리스크회사는 AI 수요로 고객 설비투자가 높아졌지만 "the sustainability of such elevated investments cannot be assured"라고 명시했습니다. 수요를 예상해 재고·생산능력을 미리 확보했다가 과잉·진부화 재고가 생길 수 있다는 점도 새로 언급했습니다. 높아진 백로그에서 주문 변경·취소가 늦게 통보될 수 있다는 위험도 추가되었습니다.
  • 신규AI가 반도체 개발 방식과 검사·계측 수요 자체를 바꿀 가능성AI 기반 설계·검증·공정 개발이 개발 주기를 단축하고 진입장벽을 낮출 수 있다고 봤습니다. 이 경우 "change inspection and metrology requirements"가 일어나거나 기존 제품군을 "less valuable or obsolete"하게 만들 수 있다는 문단이 신설되었습니다. 데이터센터 투자 규모와 시기 변화에 따른 칩 수요 변동도 리스크로 추가되었습니다.
  • 강화중국의 희토류 수출통제 확대중국은 2025년 10월 추가 제한을 시행했고, 통제 대상 희토류 원소를 5종 더 늘렸습니다. 중국 밖에서 만든 제품이라도 통제 희토류가 들어가면 라이선스 요건이 붙게 되었습니다. 회사는 중국이 채굴의 약 70%, 정제·가공의 90%, 자석 생산의 93%를 장악하고 있다는 수치도 새로 제시했습니다.
  • 강화관세 권한·환급 관련 불확실성2026년 2월 미 연방대법원이 IEEPA에 근거한 관세는 권한 밖이라고 판결했습니다. 회사는 이로 인해 기존 관세의 지위, 환급 절차, 향후 대통령 관세 권한이 불확실해졌다고 새로 기술했습니다. 이미 환급을 받기 시작했지만, 절차가 바뀌면 현금 유입 시점이 영향을 받을 수 있다고 밝혔습니다.
  • 강화중동 분쟁 격화의 영향 구체화회사는 이스라엘에 주요 제조시설을 두고 있습니다. 위험 서술은 "recent escalation of conflicts"로 영공 차질, 운임·보험료 상승이 발생했다는 내용으로 구체화되었습니다. 분쟁 영향 범위도 에너지 공급, 원가 인플레이션, 공급망, 환율로 확대되었습니다. 위협 주체 목록에는 후티 반군이 추가되었습니다.
  • 신규ERP 시스템 업그레이드와 금리 스와프회사는 FY2027 1분기 완료를 목표로 ERP 업그레이드를 진행 중입니다. 데이터 이전 문제나 지연이 재무보고에 차질을 줄 수 있다는 위험을 새로 기재했습니다. 또 2022년 발행 고정금리 채권 중 20억 달러를 변동금리로 바꾸는 스와프를 체결해, 금리가 오르면 이자 부담이 커진다는 리스크도 신설했습니다.

읽는 법

이번 변경의 중심은 AI입니다. 회사는 AI를 성장 동력으로만 보지 않고 세 가지 위험으로 나눠 서술했습니다. 투자 사이클이 꺾일 위험, 재고 판단을 잘못할 위험, 업계의 검사·계측 수요 구조가 바뀔 위험입니다. DRAM 비용이 FY2027 매출총이익률에 미칠 영향을 회사가 직접 언급한 만큼, 이후 분기 실적에서 마진 추이를 확인할 근거가 생겼습니다. 중국 관련 서술은 매출 비중 하락, 세관 보류, 규정 확대를 함께 읽고 향후 공시에서 추가 변화가 있는지 지켜볼 필요가 있습니다.

원문 비교
  1. 새 리스크 항목
    Macroeconomic, International Trade, Operational and Regulatory Risks
  2. 신규Macroeconomic, International Trade, Operational and Regulatory Risks
    •Tariffs, retaliatory trade measures and other trade restrictions, including uncertainty related to tariff authority, implementation and refund processes;
  3. 신규Macroeconomic, International Trade, Operational and Regulatory Risks
    •Legal, regulatory and tax environments in which we conduct our business;
  4. 신규Macroeconomic, International Trade, Operational and Regulatory Risks
    •System failures, ERP system implementation risks or limited access to critical information could disrupt our operations and financial reporting processes;
  5. 신규Macroeconomic, International Trade, Operational and Regulatory Risks
    •Our interest rate hedging activities expose us to risks related to changes in floating interest rates;
  6. 신규Macroeconomic, International Trade, Operational and Regulatory Risks
    •Changes in accounting standards or practices or taxation rules or practices could have unforeseen effects.
  7. 새 리스크 항목
    Industry and Technology Risks
  8. 신규Industry and Technology Risks
    •Prevailing local and global economic conditions, semiconductor industry cyclicality, customer capital spending patterns and AI-related investment trends may negatively affect customer demand and purchasing decisions; and
  9. 신규Business Model and Capital Structure Risks
    •We may not be able to continue to compete successfully worldwide;
  10. 신규Business Model and Capital Structure Risks
    •We may not receive components, materials or subassemblies necessary to build our products in a timely, cost-effective or compliant manner, including as a result of limited-source suppliers, the availability of rare earth elements or DRAM chip shortages;
  11. 신규Business Model and Capital Structure Risks
    •Government funding may be terminated, modified or subject to audit, repayment obligations, penalties or other restrictions;
  12. 새 리스크 항목
    Macroeconomic, International Trade, Operational and Regulatory Risks
  13. 새 리스크 항목
    Export controls, sanctions and other trade-related regulations issued by Commerce and other governmental authorities may limit our ability to sell certain products or provide certain services to certain customers, particularly in
  14. 신규China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    In September 2025, Commerce released an interim final rule that further expands export control restrictions and licensing requirements for foreign entities 50% or more directly or indirectly owned by one or more listed parties on the U.S. Entity List, Military End-User List, and certain entities on the Specially Designated Nationals and Block Persons List, which Commerce has labeled the “Affiliates Rule.” The new rule increases compliance requirements with the EAR by imposing on exporters, re-exporters, and transferors of items subject to the EAR a responsibility to know the ownership of the parties to a transaction. In November 2025, the BIS suspended the Affiliates Rule for one year until November 2026.
  15. 신규Recently announced and future U.S. tariffs, retaliatory trade measures and other trade restrictions, as well as uncertainty regarding tariff authority, implementation and refund processes, may have a material adverse impact on our results of operations.
    In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were not authorized, creating uncertainty around the status of prior tariffs, potential refund processes and the scope of future presidential tariff authority. This ruling adds volatility to an already fluid tariff environment and may result in rapid changes in tariff rates, shifts in enforcement, delays in customs processing and increased uncertainty in supply chain and capital planning for us and our customers.
  16. 신규Recently announced and future U.S. tariffs, retaliatory trade measures and other trade restrictions, as well as uncertainty regarding tariff authority, implementation and refund processes, may have a material adverse impact on our results of operations.
    Additionally, while we are pursuing recovery of duties previously paid through the administrative refund process established by U.S. Customs and Border Protection and have begun receiving refunds, changes in the refund process or related legal challenges could impact the timing of cash receipts and our results of operations.
  17. 새 리스크 항목
    We rely upon critical information systems, including our ERP system, for daily business operations and financial reporting, and system failures, implementation issues, or limited access to critical information could adversely affect our business operations.
  18. 새 리스크 항목
    Disruption of our manufacturing facilities, other operations, suppliers, or customers due to climate change, natural disasters, public health crises, terrorism, acts of war or other catastrophic events could result in order cancellations, delivery delays, supply chain disruption or loss of customers and could seriously harm our business.
  19. 새 리스크 항목
    We are exposed to risks associated with our interest rate hedging activities.
  20. 신규We are exposed to risks associated with our interest rate hedging activities.
    In 2026, we entered into interest rate swaps which are designated as fair value hedges and allow us to convert a portion of our fixed-rate payments under the senior, unsecured long-term notes issued in June 2022 (“2022 Senior Notes”) into floating-rate payments based on the Daily Secured Overnight Financing Rate swap rate plus a fixed number of basis points. As of June 30, 2026, we had an aggregate principal amount of $2.00 billion in fixed-rate debt that was swapped to floating-rate debt.
  21. 신규We are exposed to risks associated with our interest rate hedging activities.
    Because the interest rate swaps convert a portion of our fixed-rate debt to floating-rate debt, an increase in interest rates would require us to pay additional interest on the swapped debt, which may have an adverse effect on our results of operations and cash flows. These hedges may be inadequate to achieve their intended purpose of managing the fair value of our fixed-rate debt exposure. Furthermore, if a financial counterparty to our hedges experiences financial difficulties or is otherwise unable to honor the terms of the interest rate hedges, we may experience material financial losses.
  22. 새 리스크 항목
    Ongoing changes in the technology industry, including AI-related developments and changes in semiconductor manufacturing processes, customer investment patterns and end-market demand, could expose our business to significant risks.
  23. 신규Ongoing changes in the technology industry, including AI-related developments and changes in semiconductor manufacturing processes, customer investment patterns and end-market demand, could expose our business to significant risks.
    •AI-driven design, verification, testing, process-node development, chip-based architectures, advanced packaging and novel materials science may compress semiconductor development cycles, lower barriers to entry, accelerate vertical integration or insourcing by customers or other technology companies, change inspection and metrology requirements, shorten the useful commercial life of existing products, reduce returns on our R&D investments, or render certain product lines, manufacturing processes or IP less valuable or obsolete;
  24. 신규Ongoing changes in the technology industry, including AI-related developments and changes in semiconductor manufacturing processes, customer investment patterns and end-market demand, could expose our business to significant risks.
    •The focus on reducing energy usage and improving the environmental impact and sustainability associated with semiconductor manufacturing operations, including the availability of adequate and reliable energy sources
  25. 신규Ongoing changes in the technology industry, including AI-related developments and changes in semiconductor manufacturing processes, customer investment patterns and end-market demand, could expose our business to significant risks.
    •Changes in demand for semiconductor chips due to changes in the timing, level of investment in, or technologies used in the buildout of data centers, including data-center buildout driven by demand for AI technologies;
  26. 신규We operate in industries that have historically been cyclical, including the semiconductor industry, and customer purchasing decisions are highly dependent on local and global economic conditions, industry conditions, capital spending patterns and AI-related investment trends. If we fail to respond to industry cycles, our business, financial condition and operating results could be adversely impacted.
    The growth that we have experienced over the past few years has resulted in higher levels of backlog. This could result in order modifications, rescheduling or even cancellations that may not be communicated to us in a timely manner, causing backlog to remain elevated until timing changes are agreed with the customer. Customer communication delays for orders already placed could affect our ability to respond quickly in weakening demand environments, which could harm our results of operations.
  27. 신규We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties.
    Although we strive to use AI technologies responsibly and have implemented internal processes and controls designed to identify and mitigate ethical and legal concerns related to our use of AI technologies, such processes and controls may not be sufficient to identify, assess, and mitigate all AI-related risks, and we may not identify or resolve issues before they occur. Failure to effectively develop and manage our AI governance framework could result in legal liability, regulatory action, reputational harm, or other adverse consequences to our business.
  28. 수정Macroeconomic, International Trade, Operational and Regulatory Risks
    •Laws, •Export controls, sanctions and other laws, rules, regulations or other orders that may limit our ability to sell our products or provide service on products previously sold services to certain customers; customers, particularly in China;
  29. 수정Macroeconomic, International Trade, Operational and Regulatory Risks
    •IP disputes can be expensive and could result in an inability to use or sell our products in certain jurisdictions;
  30. 수정Macroeconomic, International Trade, Operational and Regulatory Risks
    •We may be unable to attract, onboard retain and retain motivate key personnel;
  31. 수정Macroeconomic, International Trade, Operational and Regulatory Risks
    •Cybersecurity incidents could result in operational disruption and the loss of valuable information or assets or subject us to costly disruption, remediation, regulatory investigations, litigation and reputational damage;
  32. 수정Macroeconomic, International Trade, Operational and Regulatory Risks
    •Natural disasters, such as earthquakes, climate-related events, public health crises, acts of terrorism or war or war, and other catastrophic events, and the lack of insurance thereof, could significantly disrupt our operations, including affecting the customer operations or global supply chain, chains for lengthy periods of time;
  33. 수정Macroeconomic, International Trade, Operational and Regulatory Risks
    •We are exposed to fluctuations in foreign currency exchange rates, interest rates and rates, the market values of our portfolio investments; investments and the market price of our common stock;
  34. 수정Industry and Technology Risks
    •We are exposed to risks related to the development, adoption, governance and use of AI by us us, our competitors, customers, and our competitors. other third parties.
  35. 수정Business Model and Capital Structure Risks
    •We may not have sufficient financial resources to repay our indebtedness when it becomes due, and our leveraged capital structure may divert resources from operations operations, investments, dividends, stock repurchases and other corporate uses;
  36. 수정Business Model and Capital Structure Risks
    •We are subject to risks related to receivables factoring factoring, banking arrangements, and compliance risk of with certain settlement agreements with the government; and
  37. 수정A majority of our total revenues are derived from outside the U.S., and we maintain significant operations outside the U.S. We are exposed to numerous risks as a result of the international nature of our business and operations. We expect these conditions to continue in the foreseeable future.
    •Slowing growth, increased unemployment unemployment, and changes in fiscal and/or monetary policies in the countries where we operate;
  38. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    These rules China, and regulations may significantly harm our business, results of operations, financial condition and cash flows in future periods, flows, unless we are able to obtain required licenses.
  39. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    We maintain significant operations outside the United States, and existing and evolving trade restrictions imposed by the U.S. and other governments could significantly disrupt our global operations. The U.S. government has tightened export controls for commodities, software, and technology (collectively, “items”) destined to China over the past several years. These controls have included, for example, restrictions on exporting certain items to military end users and for military end uses, the addition of numerous entities to the U.S. Entity List (a list of parties that are generally ineligible to receive U.S.-regulated items without prior licensing from Commerce), and the creation of new licensing requirements that apply to the export, re-export, and transfer of certain foreign-made items that are the direct product of U.S. origin U.S.-origin technology or produced by a plant or major component of a plant that itself is the direct product of U.S. origin U.S.-origin technology and which that are destined to Huawei or its affiliates and other specified companies on the U.S. Entity List, and other facilities in China where the production of advanced node IC ICs occurs.
  40. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    In October 2022, Commerce published the 2022 BIS Rules (the “2022 BIS Rules”) that Rules, which introduced restrictions related to semiconductor, semiconductor manufacturing, supercomputer, supercomputer and advanced computing items and end uses. These rules impose restrictions on our ability to sell, ship and support certain equipment and otherwise conduct business with certain counterparties, primarily including China-based companies involved in advanced semiconductor manufacturing. Further, the 2022 BIS Rules impose restrictions on the activities of U.S. persons with respect to certain items that are not subject to the Export Administration Regulations (“EAR”), which departs from Commerce’s typical practice of controlling items that are subject to the EAR and could further restrict our ability to conduct business in China. In October 2023, Commerce issued the 2023 BIS Rules (the “2023 BIS Rules”) designed to update export controls on advanced computing semiconductors and semiconductor manufacturing equipment, as well as items that support supercomputing applications and end-uses, end uses, to certain D1, D4 and/or D5 countries in Supplement No. 1 of Part 740 of the U.S. EAR, including China. The 2023 BIS Rules adjust the parameters included in the 2022 BIS Rules that determine whether an advanced computing chip is restricted and impose new measures to address risks of circumvention of the controls established by the 2022 BIS Rules.
  41. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    Commerce may continue to add China-based entities to the U.S. Entity List and impose other end use or end user export restrictions, which could disrupt or prevent our product shipment, shipments to China-based entities, and further disrupt our revenue recognition, business operations and our ability to support our customers in China.
  42. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    We may lose revenue in future periods related to anticipated sales to customers in China unless we are able to replace their orders with other customer orders for which either an export license has been obtained or is not required. Our revenue from sales of products and provision of services to customers in China was 30%, 33% and 43% for fiscal years 2026, 2025 and
  43. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    Our revenue from sales of products and provision of services to customers in China was 33%, 43% and 27% for fiscal years 2025, 2024 and 2023, 2024, respectively, and future revenue from China as a percentage of our overall revenue may decline as a result of the current and future Commerce rules and regulations.
  44. 수정China, and may significantly harm our business, results of operations, financial condition and cash flows, unless we are able to obtain required licenses.
    We have faced delays and could face additional delays or denials in the export of our tools by regulatory agencies for national security or other regulatory concerns in the countries in which we do business, which could negatively affect our results of operations and timing of revenue recognition. We have controls and procedures designed to maintain compliance with U.S. and other applicable export control laws and regulations; however, we cannot guarantee that such controls and procedures will be successful in preventing violations or allegations of violations of increasingly complex and often conflicting regulations worldwide. Recently, some of our products destined for China have been held up by U.S. Customs and Border Protection due to questions about the nature of the customer or about the capabilities of our products. We cannot make any assurance that products that have been held up will be cleared for shipment in a timely manner or without a license. Shipment delays or cancellations could have an adverse effect on our financial condition and results of operations. The complexity and evolving nature of the rules and regulations, and the fact that Commerce or other relevant regulators might adopt interpretations of regulations that differ from those of the Company, increase our risk of non-compliance.
  45. 수정Recently announced and future U.S. tariffs, retaliatory trade measures and other trade restrictions, as well as uncertainty regarding tariff authority, implementation and refund processes, may have a material adverse impact on our results of operations.
    Recently announced and future U.S. tariffs or other restrictions placed on imports, tariffs, retaliatory trade measures taken by and other countries trade restrictions, as well as uncertainty regarding tariff authority, implementation and resulting trade wars refund processes, may have a material adverse impact on our results of operations.
  46. 수정Recently announced and future U.S. tariffs, retaliatory trade measures and other trade restrictions, as well as uncertainty regarding tariff authority, implementation and refund processes, may have a material adverse impact on our results of operations.
    In April 2025, Commerce announced the initiation of investigations into the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962. The scope of the investigations include includes semiconductors, semiconductor manufacturing equipment and their derivative products products, including semiconductor substrates and bare wafers, legacy chips, leading-edge chips, microelectronics and other components. While the results of the investigations are currently unknown, they may result in additional tariffs and trade restrictions, which may adversely impact our business.
  47. 수정Differing expectations, requirements and attention to ESG matters from our stakeholders, including any targets or other ESG initiatives, could result in additional costs or risks or adversely impact our business.
    Our ESG efforts have included, and may in the future include further adoption, or expansion, of certain ESG practices or policies, which may require us to expend additional resources to implement or to forego certain business opportunities to the extent others in our value chain do not meet pertinent requirements of such policies. By contrast, any failure, or perceived failure, to conform to such policies could have an adverse impact on our reputation and business activities. Our performance may be subject to greater scrutiny as a result of our announcement of any goals or policies and the publication of our performance against the same. Stakeholders may have different, and at times conflicting, expectations. While some external sources may seek to pressure us to adopt additional or more aggressive ESG initiatives, there are simultaneous efforts by others to reduce companies’ efforts on such matters. Such proponents and opponents of ESG matters are increasingly resorting to activism or litigation to advance their perspectives. In addition, as noted above, regulators, including the European Union and the State of California, have adopted, or are considering adopting, regulations regarding ESG matters, including, but not limited to, climate change-related matters. Such regulatory approaches are not uniform, which may increase the cost and complexity of compliance. Addressing stakeholder expectations, including regulations, entails costs and any failure to successfully navigate such expectations may result in reputational harm, loss of customers or contracts, potential regulatory or investor engagement, or other adverse impacts to our business. Such ESG matters also impact at least certain of our suppliers and customers, which may compound or cause new impacts on our business, financial condition or results of operations.
  48. 수정We depend on key personnel to manage our business effectively, and if we are unable to attract, retain and motivate our key employees, our sales and product development could be harmed.
    Our employees are vital to our success, and our key management, engineering and other employees are difficult to replace. We generally do not have employment contracts with our key employees. Further, we do not maintain key person life insurance for any of our employees. The expansion of high technology companies worldwide and the elevated demand for talent from the growth in the demand for semiconductors in recent years has increased demand and competition for qualified personnel. Competition for engineering and other technical personnel in many areas of the world in which we operate is especially intense due to the proliferation of technology companies worldwide. Our competitors have targeted individuals in our organization who have desired skills and experience. In addition, current or future immigration laws, policies or regulations may limit our ability to attract, hire and retain qualified personnel. If we are unable to attract, onboard and retain key personnel, or if we are not able to attract, assimilate, onboard and retain additional highly qualified employees to meet our current and future needs, our business and operations could be harmed.
  49. 수정We outsource a number of services to third-party service providers, which decreases our control over the performance of these functions. Disruptions or delays at our third-party service providers could adversely impact our operations.
    We outsource a number of services, including our transportation, information systems management and logistics management of spare parts and certain accounting and procurement functions, among others, to domestic and overseas third-party service providers. While outsourcing arrangements may lower our cost of operations, they also reduce our direct control over the services rendered. It is uncertain what effect such diminished control will have on the quality or quantity of products delivered or services rendered, on our ability to quickly respond to changing market conditions, or on our ability to ensure compliance with all applicable domestic and foreign laws and regulations. In addition, many of these outsourced service providers, including certain hosted software applications that we use for confidential data storage, may employ cloud computing technology and other systems. These providers may be are susceptible to “cyber incidents,” such as software vulnerabilities, cyber-attacks aimed at theft of sensitive data, inadvertent cyber-security compromises, attacks aimed at operational disruption at the target or third-party service providers, all of which are outside of our control. If we do not effectively develop and manage our outsourcing strategies, if required export and other governmental approvals are not timely obtained, if our third-party service providers pass on the cost of inflation to us or do not perform as anticipated, or do not adequately maintain operational resilience or fail to protect our data from cyber-related security breaches, or if there are delays or difficulties in enhancing business processes, we may experience operational difficulties (such as limitations on our ability to ship products), increased costs, manufacturing or service interruptions or delays, loss of IP rights or other sensitive data, quality and compliance issues, and challenges in managing our product inventory or recording and reporting financial and management information, any of which could materially and adversely affect our business, financial condition and results of operations.
  50. 수정We depend on information technology for our business and are exposed to risks related to cybersecurity threats and cyber incidents affecting our, our customers’, suppliers’ and other service providers’ systems and networks.
    In the conduct of our business, we and certain of our third-party providers collect, use, transmit and store data on information systems and networks, including systems, software, hardware and networks owned and maintained by KLA and/or by third-party providers (collectively, “IT Systems”). This data includes confidential information, transactional information and IP belonging to us, our customers and our business partners, as well as personal information of individuals (collectively, “Confidential Information”). We also integrate and use certain third-party services and products, including software, in our IT Systems, and such third-party products, services and systems are beyond our control. We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems and Confidential Information, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as diverse attack vectors, such as computer viruses, bugs, ransomware and other malware, technological errors and known and unknown vulnerabilities in our software and systems and those of third parties, cyber-related security breaches and similar disruptions from unauthorized intrusions, tampering, misuse or criminal acts made directly against our systems or networks, or through our third-party providers or the supply chain, including social engineering, phishing, or other events or developments that we may be unable to anticipate or fail to mitigate, including, but not limited to, financial fraud, including check fraud, vulnerabilities or misconfigurations in our IT Systems. In addition, insider actors, malicious or otherwise, could misappropriate our Confidential Information, compromise our IT Systems, tamper with our products or otherwise cause disruptions to our business operations. Cybersecurity threats also include attempts to infiltrate our products or services, including attacks targeting the security, confidentiality, integrity and/or availability of the hardware, software, and information stored in our products, including after those products have been sold by us and when they are incorporated into third-party facilities or infrastructure. Moreover, we have acquired and may continue to acquire companies with cybersecurity vulnerabilities and/or unsophisticated security measures, which may expose exposes us to significant cybersecurity, operational and financial risks. Remote and hybrid working arrangements at our company (and at many third-party providers) also increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks.
  51. 수정We depend on information technology for our business and are exposed to risks related to cybersecurity threats and cyber incidents affecting our, our customers’, suppliers’ and other service providers’ systems and networks.
    We and our third-party providers regularly experience cyber-attacks and events and on occasion incidents involving unauthorized access to IT Systems and Confidential Information and, although no such attacks, events or incidents have materially impacted our operations or financial results to date, there can be no assurance that such attacks, events or incidents will not be material to KLA in the future. Because the techniques used to perpetrate cyberattacks and other security incidents change frequently and increasingly leverage technologies such as AI, cyber-attacks may not be recognized until launched against a target and are increasingly designed to circumvent controls, avoid detection and remove or obfuscate forensic artifacts. As such, we may be unable to anticipate these techniques, implement adequate preventative measures, or adequately identify, investigate and recover from cybersecurity incidents. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT Systems and Confidential Information. We strive to prioritize the remediation of identified security vulnerabilities based on known and anticipated risks, and we aim to patch vulnerabilities within reasonable timeframes. However, we are unable to comprehensively identify all vulnerabilities (particularly as related to third-party software and systems), apply patches or confirm that mitigating measures are in place, or ensure that any patches will be applied by us or our third parties before exploitation by a threat actor. If attackers are able to exploit vulnerabilities before patches are installed or mitigating measures are implemented, significant compromises could impact our IT Systems and Confidential Information. Moreover, AI may be used to generate cyberattacks as AI capabilities improve and are increasingly adopted. These attacks crafted with AI tools could directly attack our IT Systems or Confidential Information with greater speed and/or efficiency than a human threat actor or create more effective phishing emails. emails, polymorphic malware that adapts real-time to a victim environment during deployment, and automated vulnerability identification, among other things. In addition, the threat could be introduced from the result of us, our customers or business partners incorporating AI into our respective businesses, for example, introducing malicious code by incorporating AI generated source code.
  52. 수정We depend on information technology for our business and are exposed to risks related to cybersecurity threats and cyber incidents affecting our, our customers’, suppliers’ and other service providers’ systems and networks.
    Any impact to the availability, integrity or confidentiality of our IT Systems of or Confidential Information can materially adversely impact our business, operations and financial condition directly, or indirectly by impacting third parties in the supply chain, including direct or sub-tier suppliers, in many potential ways: disruptions to operations; misappropriation, corruption or theft of Confidential Information; misappropriation of funds and Company assets; reduced value of our investments in research, development and engineering; litigation (including class action lawsuits) with, or payment of damages to, third parties; reputational damage; costs to comply with regulatory inquiries or actions; data privacy issues; costs to rebuild our IT Systems or restore our Confidential Information; and increased cybersecurity protection and remediation costs. Additionally, cybersecurity and data security and protection laws and regulations are evolving and present increasing compliance challenges, which may increase our costs, affect our competitiveness, cause reputational harm and expose us to substantial fines or other penalties. Cybersecurity incidents affecting our customers could result in substantial delays in our ability to ship to those customers or install our products, which could result in delays in revenue recognition or the cancellation of orders, and cybersecurity incidents affecting our suppliers could result in substantial delays in our ability to obtain necessary components for our products from those suppliers, which could hamper our ability to ship our products to our customers and service them, harming our results of operations. For example, in February 2023, one of our suppliers experienced a ransomware event that caused delays in its manufacturing operations, resulting in its shipment delays to us for components we ordered, which, in turn, caused delays in some of our outbound shipments during the quarter. Similar events could cause disruptions in the future.
  53. 수정We rely upon critical information systems, including our ERP system, for daily business operations and financial reporting, and system failures, implementation issues, or limited access to critical information could adversely affect our business operations.
    Our global operations are dependent upon certain information systems, including telecommunications, the internet, our corporate intranet, network communications, email and various computer hardware and software applications. System failures or malfunctions, such as difficulties with our customer and supplier relationship management systems, could disrupt our operations and our ability to timely and accurately process and report key components of our financial results. Our enterprise resource planning (“ERP”) ERP system is integral to our ability to accurately and efficiently maintain our books and records, record transactions, provide critical information to our management, and prepare our financial statements. We are currently upgrading our ERP system, with implementation expected to be completed in the first quarter of fiscal year 2027. Implementation of an upgrade to an ERP system requires the investment of significant resources and could lead to data migration issues, administrative and technical problems, and delays. Moreover, once our ERP system is upgraded, it may not operate as we expect it to. Any disruptions or difficulties that may occur in connection with our ERP system or other systems (whether in connection with the regular operation, periodic enhancements, modifications or upgrades of such systems or the integration of our acquired businesses into such systems, or due to cybersecurity events such as ransomware attacks, including attacks on the information systems of our business partners and other third parties) could adversely affect our ability to complete important business processes, such as the evaluation of our internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002. Any of these events could have an adverse effect on our business, operating results and financial condition.
  54. 수정Disruption of our manufacturing facilities, other operations, suppliers, or customers due to climate change, natural disasters, public health crises, terrorism, acts of war or other catastrophic events could result in order cancellations, delivery delays, supply chain disruption or loss of customers and could seriously harm our business.
    We have significant manufacturing operations in the U.S., Singapore, Israel, Germany, U. China and various locations throughout Europe. In addition, our business is international in nature, with our sales, service and administrative personnel and our customers and suppliers located in numerous countries throughout the world. Operations at our manufacturing facilities and our assembly subcontractors and those of our suppliers, as well as our other operations and those of our customers, are subject to disruption for a variety of reasons, including work stoppages, acts of war, terrorism, public health crises, fire, earthquake, volcanic eruptions, drought, storms, extreme temperatures, energy shortages, spikes in energy demand or power blackouts, disruptions in the availability of water necessary for our operations (including, but not limited to, operations, including in areas of relatively high water stress), stress, flooding or other natural disasters. Certain of these events may become more frequent or intense as a result of climate change, or other environmental or social issues, which may in some instances also contribute to chronic changes such as sea-level rise or changes to meteorological or hydrological patterns that may also disrupt our or our suppliers’ operations or otherwise adversely impact our business. Such disruption has caused (as caused, as with the COVID-19 pandemic, for example) and could in the future cause inefficiencies in our workforce and delays in, among other things, shipments of products to our customers, our ability to perform services requested by our customers, the ability of our suppliers to supply us components for our products in a timely manner, or the timely installation and acceptance of our products at customer sites. Such disruptions could also induce illiquidity for our customers and suppliers, further straining our supply chain and causing continued uncertainty in customers’ abilities to pay for the products they purchase and their demand for our products and services. In case of any disruptions in our supply chain, we may need to commit to increased purchases and provide longer lead times to secure critical components, which could increase inventory obsolescence risk.
  55. 수정We are predominantly uninsured for losses and interruptions caused by terrorist acts and acts of war. If international political instability or geopolitical tensions continue or increase, our business and results of operations could be harmed.
    We maintain significant operations in Israel. Since the establishment of the State of Israel in 1948, a number of armed conflicts have taken place between Israel and its Arab neighbors, and a state of hostility varying in degree and intensity has led to security and economic challenges for Israel. Persistent hostilities involving Iran and Iran-backed groups, including Hezbollah in Lebanon Lebanon, the Houthis in Yemen and Hamas in the Gaza Strip, have involved missile strikes against civilian targets in various parts of Israel and attacks on marine vessels traversing the Red Sea. The recent escalation of conflicts in the region has heightened instability, disrupted airspace, and increased freight and insurance costs. Disruptions in shipping routes in the Red Sea could result in delays in shipping our products to customers, which could delay the timing of revenue recognition. recognition and create uncertainty related to timeliness of shipments from the region. In addition, some of our employees in Israel are obligated to perform annual reserve duty in the Israel Defense Forces, and may be called to active military duty in emergency circumstances. The ongoing conflicts, including additional military actions, retaliatory measures, sanctions, cyberattacks, or other governmental or market responses, could lead to further disruption of global energy supplies, heighten inflationary pressures on our input costs, adversely affect global supply chains, commodity prices, currency exchange rates, financial markets and overall macroeconomic conditions. These developments could impact our ability to operate our business directly and indirectly through a similar impact on our suppliers and customers.
  56. 수정We are exposed to fluctuations in interest rates and the market values of our portfolio investments, and an impairment of our investments could harm our earnings. In addition, we and our stockholders are exposed to risks related to the volatility of the market for our common stock.
    In addition, the market price for our common stock is volatile and has fluctuated significantly during recent years. The trading price of our common stock could continue to be highly volatile and fluctuate widely in response to various factors, including, without limitation, conditions in the semiconductor industry and other industries in which we operate, fluctuations in the global economy or capital markets, our operating results or other performance metrics, or adverse consequences experienced by us as a result of any of the risks described elsewhere in this Item 1A. Volatility in the market price of our common stock could cause an investor in our common stock to experience a loss on the value of their investment in us and could also adversely impact our ability to raise capital through the sale of our common stock or to use our common stock as consideration to acquire other companies. us. It could also increase stock-based compensation expenses, affect our effective tax rate and adversely impact our ability to raise capital through the sale of our common stock or to use our common stock as consideration to acquire other companies.
  57. 수정We are exposed to risks in connection with tax and regulatory compliance audits in various jurisdictions.
    We are subject to tax and regulatory compliance audits (such as related to customs or product safety requirements) in various jurisdictions, and such jurisdictions may assess additional income or other taxes, penalties, fines or other prohibitions against us. Although we believe our tax estimates are reasonable and that we have the controls in place to help ensure our products and practices comply with applicable regulations, the final determination of any such audit and any related litigation could be materially different from our historical income tax provisions and accruals related to income taxes and other contingencies. The results of an audit or litigation could have a material adverse effect on our operating results or cash flows in the period or periods for which that determination is made.
  58. 수정A change in our effective tax rate can have a significant adverse impact on our business.
    We earn profits in, and are therefore potentially subject to taxes in, the U.S. and numerous foreign jurisdictions, including Singapore and Israel, the countries in which we earn the majority of our non-U.S. profits. Due to economic, political or other conditions, tax rates in those jurisdictions may be subject to significant change. A number of factors may adversely impact our future effective tax rates, such as the jurisdictions in which our profits are determined to be earned and taxed; changes in the tax rates imposed by those jurisdictions; expiration of tax holidays in certain jurisdictions that are not renewed; the resolution of issues arising from tax audits with various tax authorities; changes in the valuation of our deferred tax assets and liabilities; adjustments to estimated taxes upon finalization of various tax returns; increases in expenses not deductible for tax purposes, including write-offs of acquired in-process research and development and impairment of goodwill in connection with acquisitions; changes in available tax credits; changes in stock-based compensation expense; changes in tax laws or the interpretation of such tax laws; changes in generally accepted accounting principles; and the repatriation of earnings from outside the U.S. for which we have not previously provided for U.S. taxes. A change in our effective tax rate can materially and adversely impact our results from of operations.
  59. 수정A change in our effective tax rate can have a significant adverse impact on our business.
    The OBBBA renames GILTI to Net Controlled Foreign Corporation (“CFC”) Tested Income (“NCTI”) and modifies the percentage of foreign earnings under the GILTI regime that is taxable in the U.S. from 50% to 40% for tax years beginning after December 31, 2025. It also renames FDII to Foreign-Derived Deduction Eligible Income (“FDDEI”) and modifies the percentage of U.S. earnings under the FDII regime that is not subject to tax in the U.S. from 37.5% to 33.34% for tax years beginning after December 31, 2025. The net impact of the changes provided by the OBBBA and interpretations of such law may have a material and adverse impact to our effective tax rate beginning in the quarter ending September 30, 2026. rate.
  60. 수정A change in our effective tax rate can have a significant adverse impact on our business.
    The enactment of the Inflation Reduction Act (“IRA”) introduced a corporate alternative minimum tax (“CAMT”). The CAMT applies a 15% minimum income tax rate on certain large corporations. Although we were not subject to the CAMT in our fiscal year ended June 30, 2025, 2026, the enactment of the OBBBA and interpretations of such law may result in our subjection to CAMT liability in future periods, which can have a material and adverse impact to our future effective tax rate.
  61. 수정A change in our effective tax rate can have a significant adverse impact on our business.
    Numerous countries are evaluating their existing tax laws due, in part, to recommendations made by the Organization for Economic Co-operation and Development’s (“OECD”) Base Erosion and Profit Shifting (“BEPS”) project. The OECD continues to advance its work under the BEPS 2.0 initiative to develop the framework for Pillar Two, which aims to implement a global minimum tax of 15%. Many countries have enacted or drafted legislation using the Pillar Two framework to propose domestic tax laws requiring a minimum tax rate of 15% (“top-up tax”) on income earned in the respective countries. The tax liability from top-up tax may have a material and adverse impact to our effective tax rate beginning in the quarter ending September 30, 2026. rate.
  62. 수정Industry and Technology Risks
    Industry and Technology Risks
  63. 수정We operate in industries that have historically been cyclical, including the semiconductor industry, and customer purchasing decisions are highly dependent on local and global economic conditions, industry conditions, capital spending patterns and AI-related investment trends. If we fail to respond to industry cycles, our business, financial condition and operating results could be adversely impacted.
    We operate in industries that have historically been cyclical, including the semiconductor industry, and customer purchasing decisions are highly dependent on local and global economic conditions, industry conditions, capital spending patterns and AI-related investment trends. If we fail to respond to industry cycles, our business, financial condition and operating results could be adversely impacted.
  64. 수정We operate in industries that have historically been cyclical, including the semiconductor industry, and customer purchasing decisions are highly dependent on local and global economic conditions, industry conditions, capital spending patterns and AI-related investment trends. If we fail to respond to industry cycles, our business, financial condition and operating results could be adversely impacted.
    The timing, length and severity of the up-and-down cycles in the industries in which that we serve are difficult to predict. The historically cyclical nature of the semiconductor industry in which we primarily operate is largely a function of our customers’ capital spending patterns and need for expanded manufacturing capacity, which, in turn, are affected by factors such as capacity utilization, consumer demand for products, inventory levels and our customers’ access to capital. Heavy investments in the capacity and infrastructure needed to support AI-driven semiconductor growth have elevated our customers’ capital spending. While AI adoption is likely to continue and grow, the sustainability of such elevated investments cannot be assured. Cyclicality affects our ability to accurately predict customer demand, future revenue and, in some cases, future expense levels. In anticipation of customer demand, including demand driven by AI-related investments, we may purchase or commit to purchase inventory, manufacturing capacity or other resources that do not materialize or are delayed, reduced or canceled. If our forecasts are inaccurate, we may hold inadequate, excess or obsolete inventory, incur cancellation, postponement or expediting costs, experience underutilized capacity or manufacturing inefficiencies, miss revenue opportunities, lose market share or damage customer relationships.
  65. 수정We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties.
    We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties.
  66. 수정We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties.
    We are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services. AI technology is complex and rapidly evolving, and may subject us to significant competitive, legal, regulatory and other risks. We cannot predict the pace or trajectory of AI development or the extent to which AI-driven disruption will affect the semiconductor industry, and AI technologies may disrupt the broader semiconductor supply chain and ecosystem in ways that are difficult to predict. The implementation of AI can be costly and there is no guarantee that our use of AI will enhance our technologies, benefit our business operations or produce products and services that are preferred by our customers. Our competitors may be more successful in their AI strategy and develop superior products and services with the aid of AI.
  67. 수정We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties.
    Additionally, AI algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient or biased information, which can cause errors in outputs. This may give rise to legal liability, damage our reputation and materially harm our business. Our employees, consultants, partners or third-party vendors may use AI tools without authorization or in a manner inconsistent with our policies, which could expose proprietary, confidential or regulated information to unauthorized recipients or create claims relating to privacy, open-source software, contractual obligations or other legal requirements. The use of AI in the development of our products and services, and our customers’ use of AI in relation to our products and services could also cause loss of IP, as well as subject us to risks, including third-party claims, related to IP infringement or misappropriation, data privacy and cybersecurity. Additionally, concerns over the use of AI for purposes contrary to public interests could impair public acceptance of AI and impair demand for our products and services.
  68. 수정We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties.
    Furthermore, the regulatory framework for AI technologies is rapidly evolving, uncertain, and varies significantly by jurisdiction, with new laws and regulations being enacted or proposed in the United States, the European Union and elsewhere. Compliance with new or changing AI-related laws and regulations may impose significant operational costs, require additional investment in governance and controls, or necessitate changes to our offerings or business practices. Any failure or perceived failure by us to comply with such regulatory requirements could subject us to legal liabilities, damage our reputation, or otherwise have a material and adverse impact on our business.
  69. 수정Business Model and Capital Structure Risks
    Risks Related to Our Business Model and Capital Structure Risks
  70. 수정Our business would be harmed if we do not receive parts, materials and subassemblies sufficient in number and performance to meet our production requirements and product specifications in a timely, cost-effective and compliant manner.
    Our business would be harmed if we do not receive parts parts, materials and subassemblies sufficient in number and performance to meet our production requirements and product specifications in a timely timely, cost-effective and cost-effective compliant manner.
  71. 수정Our business would be harmed if we do not receive parts, materials and subassemblies sufficient in number and performance to meet our production requirements and product specifications in a timely, cost-effective and compliant manner.
    In April 2025, the Chinese government imposed certain new export controls on a range seven of critical the seventeen elements classified as rare earth minerals. elements. In October 2025, the Chinese government imposed additional restrictions and licensing requirements on certain rare earth elements, some of which became effective immediately on the announcement date and other portions of the regulations became effective in November 2025. The Chinese government imposed export controls on an additional five rare earth elements and certain license requirements for items made outside of China that incorporate controlled rare earth elements. It is estimated that China controls about 70% of the worldwide mining of rare earth elements, 90% of the separation and processing of those elements and 93% of the magnets manufactured from those elements. Rare earth minerals elements are critical to certain components contained in our products. If our suppliers are unable to provide the components necessary to make our products because of restrictions placed on their access to rare earth minerals, elements or products derived from rare earth elements, our business, financial condition and results of operations could be materially harmed. Our operating results and business may be adversely impacted if we are unable to obtain parts to meet our production requirements and product specifications, or if we are able to do so only on unfavorable terms.
  72. 수정Our business would be harmed if we do not receive parts, materials and subassemblies sufficient in number and performance to meet our production requirements and product specifications in a timely, cost-effective and compliant manner.
    Furthermore, a A supplier may discontinue production of a particular part for any number of reasons, including the supplier’s financial condition or business operational decisions, which would require us to purchase, in a single transaction, a large number of such discontinued parts in order to ensure that a continuous supply of such parts remains available to our customers. Such “end-of-life” parts purchases could result in significant expenditures by us in a particular period, and, ultimately, any unused parts may result in a significant inventory write-off, either of which could have an adverse impact on our financial condition and results of operations for the applicable periods. Recently, a few large suppliers have discontinued manufacturing certain DRAM chips that are incorporated in a number of our products, and the resulting shortage has caused a dramatic increase in the prices to acquire these chips. Our efforts to procure these chips contributed to an increase in purchase commitments in fiscal 2026. We estimate that the additional costs to procure these DRAM chips will continue to have an adverse impact on our gross margin in fiscal 2027. If we are unable to acquire adequate supply of such chips or acquire them in a timely or cost-controlled manner, our results of operations could be harmed.
  73. 수정We have a leveraged capital structure.
    As of June 30, 2025, 2026, we had $5.95 billion aggregate principal amount of outstanding indebtedness, consisting of senior, unsecured long-term notes (the “Senior Notes”). This aggregate principal amount of senior, unsecured notes includes an issuance in February 2024 of $750.0 million aggregate principal amount of senior, unsecured notes, consisting of $500.0 million of 4.700% senior, unsecured notes due February 1, 2034 and an additional $250.0 million of 4.950% senior, unsecured notes due July 15, 2052 which was originally issued in June 2022. On July 3, 2025, we replaced our Prior Revolving Credit Facility (“Prior Revolving Credit Facility”) with We have a new Credit Agreement (the “Credit Agreement”) and new Revolving Credit Facility (the “Revolving Credit Facility”) with a maturity date of July 3, 2030, with two one-year extension options that allow us to borrow up to $1.50 billion. Subject to the terms of the Credit Agreement, the Revolving Credit Facility may be increased by an amount up to $500.0 million in the aggregate. As of June 30, 2025, 2026, we had no outstanding borrowings under our Prior Revolving Credit Facility. We may incur additional indebtedness in the future by accessing the unfunded portion of our Revolving Credit Facility and/or entering into new financing arrangements. We also announced a stock repurchase program, under which the remaining available for repurchases was $5.03 $9.74 billion as of June 30, 2025. 2026. A portion of the remaining repurchases may be financed with new indebtedness. Our ability to pay interest and repay the principal amount of our current indebtedness is dependent upon our ability to manage our business operations, our credit rating, the ongoing interest rate environment and the other risk factors discussed in this Item 1A. There can be no assurance that we will be able to manage any of these risks successfully.
  74. 수정There are risks associated with our receipt of government funding.
    There are risks associated with our receipt of government funding for R&D. funding.
  75. 삭제된 항목
    Commercial, Operational, Financial and Regulatory Risks
  76. 삭제Commercial, Operational, Financial and Regulatory Risks
    •Tariffs and other trade restrictions;
  77. 삭제Commercial, Operational, Financial and Regulatory Risks
    •We may face disruptions if we cannot access critical information in a timely manner due to system failures;
  78. 삭제Commercial, Operational, Financial and Regulatory Risks
    •Changes in accounting pronouncements and laws could have unforeseen effects.
  79. 삭제Industry Risks
    •Prevailing local and global economic conditions may negatively affect the purchasing decisions of our customers; and
  80. 삭제Business Model and Capital Structure Risks
    •We may not be able to compete with new products introduced by our competitors;
  81. 삭제Business Model and Capital Structure Risks
    •We may not receive components necessary to build our products in a timely manner;
  82. 삭제Business Model and Capital Structure Risks
    •Our government funding for R&D is subject to termination, audit and any further penalties;
  83. 삭제된 항목
    Commercial, Operational, Financial and Regulatory Risks
  84. 문장 삭제Over the past several years, there have been a variety of rules and regulations issued by Commerce that have had an impact on our ability to sell certain products and provide certain services to certain customers in China. These rules and regulations may significantly harm our business, results of operations, financial condition and cash flows in future periods, unless we are able to obtain required licenses.
    Over the past several years, there have been a variety of rules and regulations issued by Commerce that have had an impact on our ability to sell certain products and provide certain services to certain customers in China.
  85. 삭제된 항목
    We rely upon certain critical information systems for our daily business operations. Our inability to use or access our information systems at critical points in time could unfavorably impact our business operations.
  86. 삭제된 항목
    Disruption of our manufacturing facilities or other operations or those of our suppliers, or in the operations of our customers, due to climate change, earthquake, flood, other natural catastrophic events, public health crises or terrorism could result in cancellation of orders, delays in deliveries or other business activities, or loss of customers and could seriously harm our business.
  87. 문장 삭제Disruption of our manufacturing facilities or other operations or those of our suppliers, or in the operations of our customers, due to climate change, earthquake, flood, other natural catastrophic events, public health crises or terrorism could result in cancellation of orders, delays in deliveries or other business activities, or loss of customers and could seriously harm our business.
    K., Italy and China.
  88. 문장 삭제We are predominantly uninsured for losses and interruptions caused by terrorist acts and acts of war. If international political instability or geopolitical tensions continue or increase, our business and results of operations could be harmed.
    We cannot assess the impact that emergency conditions in Israel may have on our business, operations, financial condition or results of operations, but it could be material. Instability in any region could directly impact our ability to operate our business (or our customers’ ability to operate their businesses), cause us to incur increased costs in transportation, make such transportation unreliable, increase our insurance costs, and cause international currency markets to fluctuate. Instability in any region could also have the same effects on our suppliers and their ability to timely deliver their products. Our insurance does not cover losses we suffer attributable to war. If international political instability and geopolitical tensions continue or increase in any region in which we do business, our business and results of operations could be harmed.
  89. 문장 삭제A change in our effective tax rate can have a significant adverse impact on our business.
    On August 16, 2022, the enactment of the Inflation Reduction Act (“IRA”) introduced a corporate alternative minimum tax (“CAMT”) that was effective for us beginning in the quarter ended September 30, 2023.
  90. 문장 삭제A change in our effective tax rate can have a significant adverse impact on our business.
    One country that has adopted Pillar Two legislation is Singapore, where KLA earns significant profits and currently benefits from tax incentives granted by the Singapore Economic Development Board.
  91. 삭제된 항목
    Risks Associated with Our Industry
  92. 삭제된 항목
    Ongoing changes in the technology industry, as well as the semiconductor industry in particular, could expose our business to significant risks.
  93. 문장 삭제We operate in industries that have historically been cyclical, including the semiconductor industry. The purchasing decisions of our customers are highly dependent on the economies of both the local markets in which they are located and the condition of the industry worldwide. If we fail to respond to industry cycles, our business, financial condition and operating results could be adversely impacted.
    We operate in industries that have historically been cyclical, including the semiconductor industry. The purchasing decisions of our customers are highly dependent on the economies of both the local markets in which they are located and the condition of the industry worldwide.
  94. 문장 삭제We are exposed to risks related to the use of AI by us, our competitors and other third parties.
    Furthermore, the United States and other countries may adopt laws and regulations related to AI. Such laws and regulations could cause us to incur greater compliance costs and limit the use of AI in the development of our products and services.