REVENUE

9 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

Disaggregation of Revenue

The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution.

The Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located. The Company serves three primary markets: memory, foundry, and logic/integrated device manufacturing.

The following table presents the Company’s revenues disaggregated between systems and customer support-related revenue:

	Three Months Ended				Nine Months Ended
	March 31, 2024		March 26, 2023		March 31, 2024		March 26, 2023
	(In thousands)
Systems revenue	$	2,395,817	$	2,256,033	$	6,751,758	$	8,985,538
Customer support-related revenue and other	1,397,741		1,613,536		4,282,121		5,235,721
	$	3,793,558	$	3,869,569	$	11,033,879	$	14,221,259

Systems revenue includes sales of new leading-edge equipment in deposition, etch and clean markets.

Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company’s Reliant product line.

The following table presents the Company’s revenues disaggregated by geographic region:

	Three Months Ended				Nine Months Ended
	March 31, 2024		March 26, 2023		March 31, 2024		March 26, 2023
	(In thousands)
China	$	1,606,693	$	839,710	$	4,787,399	$	3,633,692
Korea	916,812		847,728		2,176,708		2,780,158
Japan	340,331		406,219		1,177,696		1,440,857
Taiwan	334,952		713,708		1,077,325		2,825,827
United States	227,085		594,426		728,098		1,402,641
Southeast Asia	190,328		155,935		495,060		1,225,835
Europe	177,357		311,843		591,593		912,249
	$	3,793,558	$	3,869,569	$	11,033,879	$	14,221,259

The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves:

	Three Months Ended				Nine Months Ended
	March 31, 2024		March 26, 2023		March 31, 2024		March 26, 2023
Memory	44	%	32	%	44	%	46	%
Foundry	44	%	46	%	39	%	36	%
Logic/integrated device manufacturing	12	%	22	%	17	%	18	%

Deferred Revenue

Revenue of $302.5 million and $1,228.4 million included in deferred profit at June 25, 2023 was recognized during the three and nine months ended March 31, 2024, representing 16% and 67%, respectively, of the $1,837.9 million of deferred revenue as of June 25, 2023.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 31, 2024 and when the Company expects to recognize the amounts as revenue:

	Less than 1 Year		1-3 Years			More than 3 Years			Total
	(In thousands)
Deferred revenue	$	1,371,378	$	333,416	(1)	$	41,051	(1)	$	1,745,845

(1)This amount is reported in Deferred profit on the Company's Condensed Consolidated Balance Sheets as the customers can demand the liability to be performed at any time.