Rick everyone. afternoon good Thanks, and
in markets These $X.XXX press came per non-GAAP highlighted release, reconciliation quarter, achieving guidance the share results product upper diluted In to a remarks, diluted quarter his earnings share of and share. at in per end objectives. Rick earnings results were our once GAAP per our financial per As opening shipments of delivered for by in will our revenue, both major GAAP was all the the of and diluted again the with driven were $X.XX. levels. strategic excellent billion share demand in the earnings June well you quarter. solid as Revenue across of strong earnings find as GAAP June execution record the non-GAAP non-GAAP revenue, the and company. Shipments, range
non-GAAP As results, a reminder GAAP covered unless my be I in exclude explicitly on which adjustments the will commentary release. the press focused refer to the results, solely
memory. Now, the $X.XX midpoint into about turning of shipments. top of terms million of guidance driven strength above by for the of in to environment the guidance June and highlights shipments $XX end the Total were quarter range billion, demand finishing in
be forward, at we almost shipments XX% are the million in quarter $XXX modeling Looking or to billion. and be midpoint range September $X.XXX of the down
of in in sequential for first Our low resuming be quarterly shipment December ‘XX single-digits growth flat compared to with to the half is the second the growth half calendar expectation quarter. with current up
growth ago widely from While our investment. second than be shipments to half, the the in than will reported is memory logic push-outs months lower expectations this half expectation half slowing half X given stronger first modestly
year China, ramping of DRAM accounted in second in for in line of Memory mix half strong continued half total XX% pickup second the and shipments period. bare memory in and those system shipment Our for the the customer in the of with has quarter. shipments shipments wafer expected logic XX% pull original of our in the the year. including products from customers, our foundry forecast was
forecasted for is XX% in was XX% September, to the in of starts. expect investment X% increases the XX% QX June Logic to shipments our shipments was X% be outlook shipments about design driven Foundry we and EUV For approximately of by quarter system foundry of memory is be of of and logic shipments be this shipments total to quarter. total. in approximately X-nanometer and current
group, the non-semi upper XX%, inspection; includes was XX% product In terms XX%; X%. range June, reticle the finishing was by patterning was was distribution billion service Revenue wafer and metrology approximately patterning guidance. of in our of shipments, record inspection shipments the for and of end was of of approximate shipments businesses a $X.XXX for at
second be Gross current $X.XXX billion in largely for quarter. We of the to the product to were of factors expect for margins gross in margin efforts with midpoint end revenue in with revenue the ‘XX quarter. aligned the margin half, in driven for driving trends $X.XXX recent the into compared low of guidance XX.X% the half single-digits first with year. mid outlook for calendar June growth in September the the performance and Revenue expected by be in strong is grow at mix. flat our consistent calendar upper double-digits the were to range The our
weaker XX% we was to forward in margins September, range slightly product to service XX%. expenses were as again million margin June to XX% operating margins improving the mix. and offset be $XXX operating of Looking Total expect in system gross
business programs, many continue to advanced see those including maintain applications top name supporting memory with our growth and our We EUV to in for to plan new important opportunities posture and examples. investment line three core
be variability around its program principally development operating For operating expect million engineering to with $XXX non-headcount costs. of level expenses expense September timing the by the approximately we driven quarter,
operating margin in XXXX, planning with line in percentile rate our currently ranking top companies forecasted KLA-Tencor in was tax long-term effective is in the and The the guidance our XXth among quarter tier for to range, XX% demonstrating expect we and ‘XX, market these calendar above margin plus margins in position published year Free business be revenue full execution. XX% in solidly our the in the KLA-Tencor’s level business leading the targeted upper levels cash tax industry. the to in and For flow be model XX% rate. our
Finally, the for net record we fully diluted XXX.X had million was a outstanding. June and million income shares quarter $XXX
transaction Turning facility, of cash credit quarter, in of the of briefly we equivalents flow to strong investments repurchase an outstanding targeting was previously the activity to volumes on and paid highlights retired our and quarter repurchased repurchases XX quarter we with our the was from fully free Cash our In authorized quarterly to the expected almost flow restrictions repurchase statement. shareholder million market Legal revolving billion. our stock in quarter in at month conditions. timing had ended sheet under our approach, end dividends operations balance consistent of cash and the approval quarter, million. dividend $XXX program. of in June aggregate Orbotech $X.X debt units and to we for articulated to million plan common timeframe $XXX at XX to pursuant limited subject share and vested June $XXX repurchase but million million repurchase regular just $XX restricted the QX, of $X $XXX quarterly Cash program. under share related resume of the stock September the At
have billion additional upon completion of share repurchase acquisition. $X an We the Orbotech authorized
a start to we the Finally, of year. I note XXXX starting will quarter, coincide with in that our adopt September recognition revenue XXX, new fiscal will the standard, ASC
a foresee we which restate using historical prospectively We throughout new will ends modified in of June revenue not FY ASC results. revenue as XXXX, quarterly investors any we under XXX adopting results provide standard, XX, in on reported the but reconciliation retrospective report to old flows as the ASC standards. financial Also are ‘XX We revenue the the will cash not in which well will of have adoption of the method new XXX. quantify the been order differences standards old what under reporting operations impact business under and to help from or recognition would impact do
revenue. However, impact will of ASC XXX reported adoption
two of ASC of summary the primary changes the adoption is to Here from resulting revenue recognition XXX.
warranties our warranty repair sell we accruing consistent service the to that systems we as X-year we instead maintenance recognized manner element transaction warranty allocate as the preventative to provide the each First, warranty period well revenue the a and customers, with of revenue contracts. will since the of services period during of for over normal cost in our will
we on of several customer a and performance factors, determination acceptance of history product title, to product including the recognize obligations formality at of consumer time whether Second, by and our to based where a of customer, of satisfaction point systems acceptance satisfied will on customer. control products. customer the the is acceptance transfer possession physical of the obligations the tool considered of based is have the we continue revenue The and transfer performance of
to earlier timing to conclude revenue been customer. that transferred performance sufficient has the that to recognition were indicators control expect new have for circumstances standard of We the and been allow generally satisfied deem will that
We of overall from new are still impact to assessing the revenue the adoption standard.
with in reporting mentioned standards for September revenue provided basis, a will I detailed be and beginning of quarterly the on reconciliation As results old of the between the quarter. new the the differences recognition in
on guidance including forward, based be only the the the will quarter guidance for September Going new quarterly rules. provided
will revenue our ‘XX Form fiscal report of both rules in for under every We and XX-Q. sets quarter actual
and increasing value our in customer’s today strong, expect in model. leading points a fueled in standard. Although in new on acceptance difference calendar including factors favorable old forecast, there results in based under of of the as data, by new is the markets. computing are standards, plus ‘XX and timing company’s technology reported the on industry semiconductor exciting growth and future when XX be of applications semiconductor with shipment critical in such the the of top demand of growth both the and June under and demonstrated process nature our multiple reflects Things leadership, business revenue in by customer investment revenue automotive standard packed the basis X% we quarter big of of China current or range healthy products, Internet control content the mobility from The environment and intelligence, higher at and high conclusion, minus compared with to level terms traditional industry strategies shipment, In and layered artificial results the semi-equipment the performing KLA-Tencor’s
with the leader growth believe and long-term labor market this our the we revenue fab shareholders. value in to from benefit in within it market pending positioned As coupled is the diversification equipment industry the presented to and control the acquisition, process with market, for Orbotech deliver our new company uniquely by continues growth opportunities to expansion
to in of in record and for to Looking XXXX the quarter back begin more diluted our share. end I and the June the half between the of With in year, to total range to now the of to growth for shipments as call the of another second diluted as EPS per forward are per turn and share XXXX. in of $X.XXX to fueled forward solid $X.XXX year $X.XXX revenue to and that, X.XX at half by September billion backlog billion, million is well the billion XXXX we of $X second and guidance beyond the of same growth Q&A. Ed over will in non-GAAP quarter that, positioned With GAAP EPS the $X.XX $X.XX revenue look $XXX the
