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KLA Corporation, will hold its 2022 Investor Day in New York City with presentations by Rick Wallace, president and chief executive officer, Bren Higgins, executive vice president and chief financial officer, and other senior executives of the Company. A live stream of the event will begin at 8:30 a.m. ET, and conclude at approximately 12:30 p.m. ET. A link to the live stream and presentation materials can be found at KLA's website.
Management will present KLA's strategies to deliver sustainable outperformance guided by the KLA Operating Model, including in-depth reviews of the Semi Process Control, Electronics, Packaging and Components (EPC), and Services businesses. The Company will also introduce its new 2026 Target Model.
In addition, the Company is announcing authorization from the Board of Directors to repurchase up to $6 billion of the Company's common stock. Management expects to transact this share repurchase authorization in the form of an Accelerated Share Repurchase of approximately $3 billion to be completed over the next 3-6 months, with the remaining amount to be repurchased over the next 12-18 months. This is in addition to the existing share repurchase authorization, which had $699 million remaining as of March 31, 2022. Share repurchases are expected to be funded by a combination of new debt and cash on the Company's balance sheet. Repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, accelerated share repurchase programs, or otherwise, all in accordance with the requirements of the Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase programs do not obligate the Company to acquire any particular amount of its common stock, and the repurchase programs may be suspended or discontinued at any time at the Company's discretion.
The Company is also announcing an increase in the quarterly dividend level to $1.30 per share from $1.05 per share, the thirteenth consecutive annual increase in the quarterly dividend level for KLA. The declaration and payment of future dividends is subject to the Board's discretion and will depend on financial and legal requirements and other considerations.
"We are excited to host KLA Corporation's 2022 Investor Day to provide the investment community with a deeper understanding of our company, our financial performance, and the opportunities that lie before us as we execute our strategic objectives," said Rick Wallace, president and chief executive officer. "The semiconductor industry has become even more essential to an increased number of industries and geographies and is expected to grow and change in ways that benefit KLA," added Wallace. "Today's announcements of a new share repurchase authorization and increase in the quarterly dividend level reflect our long standing focus on productive capital allocation and confidence in our business strategies."