Lam Research Corporation (the "Company," "Lam," "Lam Research")
today announced financial results for the quarter ended
March 29, 2020 (the “March 2020 quarter”).
Highlights for the March 2020 quarter were as follows:
- Revenue of $2.50 billion.
- U.S. GAAP gross margin of 46.6%, U.S. GAAP operating income as
a percentage of revenue of 27.7%, and U.S. GAAP diluted EPS of
$3.88.
- Non-GAAP gross margin of 46.3%, non-GAAP operating income as a
percentage of revenue of 26.9%, and non-GAAP diluted EPS of
$3.98.
Key Financial Data for the Quarters
EndedMarch 29, 2020 and December 29,
2019(in thousands, except per-share data,
percentages, and basis points)
U.S. GAAP |
|
|
March 2020 |
|
December 2019 |
|
Change Q/Q |
Revenue |
|
$ |
2,503,625 |
|
|
$ |
2,583,501 |
|
|
- 3 |
% |
Gross margin as percentage of
revenue |
|
46.6 |
% |
|
45.7 |
% |
|
+ 90 bps |
|
Operating income as percentage
of revenue |
|
27.7 |
% |
|
26.6 |
% |
|
+ 110 bps |
|
Diluted EPS |
|
$ |
3.88 |
|
|
$ |
3.43 |
|
|
+ 13 |
% |
|
|
|
|
|
|
|
Non-GAAP |
|
|
March 2020 |
|
December 2019 |
|
Change Q/Q |
Revenue |
|
$ |
2,503,625 |
|
|
$ |
2,583,501 |
|
|
- 3 |
% |
Gross margin as percentage of
revenue |
|
46.3 |
% |
|
45.7 |
% |
|
+ 60 bps |
|
Operating income as percentage
of revenue |
|
26.9 |
% |
|
27.1 |
% |
|
- 20 bps |
|
Diluted EPS |
|
$ |
3.98 |
|
|
$ |
4.01 |
|
|
- 1 |
% |
U.S. GAAP Financial Results
For the March 2020 quarter, revenue was $2,504 million, gross
margin was $1,167 million, or 46.6% of revenue, operating expenses
were $473 million, operating income was 27.7% of revenue, and net
income was $575 million, or $3.88 per diluted share on a U.S. GAAP
basis. This compares to revenue of $2,584 million, gross margin of
$1,180 million, or 45.7% of revenue, operating expenses of $493
million, operating income of 26.6% of revenue, and net income of
$515 million, or $3.43 per diluted share, for the quarter ended
December 29, 2019 (the “December 2019 quarter”).
Non-GAAP Financial Results
For the March 2020 quarter, non-GAAP gross margin was $1,160
million, or 46.3% of revenue, non-GAAP operating expenses were $486
million, non-GAAP operating income was 26.9% of revenue, and
non-GAAP net income was $590 million, or $3.98 per diluted share.
This compares to non-GAAP gross margin of $1,181 million, or 45.7%
of revenue, non-GAAP operating expenses of $481 million, non-GAAP
operating income of 27.1% of revenue, and non-GAAP net income of
$602 million, or $4.01 per diluted share, for the December 2019
quarter.
“Extraordinary efforts by Lam’s global teams helped to mitigate
the operational impact of the COVID-19 pandemic, resulting in solid
financial performance in the March quarter,” said Tim Archer, Lam
Research’s President and Chief Executive Officer. “While there is
limited visibility to near-term macroeconomic conditions and
industry supply chain recovery, customer demand for our equipment
remains strong. We believe in the long-term resiliency of the
semiconductor industry and are focused on providing innovative
technology to our customers and positioning Lam for outperformance
as industry conditions normalize.”
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances increased to $5.6 billion
at the end of the March 2020 quarter compared to $4.9 billion at
the end of the December 2019 quarter. This increase was primarily
the result of a $1.25 billion draw down on the Company's revolving
credit facility and $541.4 million of cash generated from operating
activities. These sources of cash were partially offset by $617.6
million of principal payments on debt; $245.4 million of share
repurchases, including net share settlement on employee stock-based
compensation; $163.5 million of dividends paid to stockholders; and
$51.4 million of capital expenditures.
Revenue
The geographic distribution of revenue during the March 2020
quarter is shown in the following table:
Region |
Revenue |
China |
32% |
Korea |
23% |
Taiwan |
21% |
Japan |
10% |
United States |
9% |
Europe |
3% |
Southeast Asia |
2% |
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months Ended |
|
Nine Months Ended |
|
March 29, 2020 |
|
March 31, 2019 |
|
March 29, 2020 |
|
March 31, 2019 |
|
(In thousands) |
System revenue |
$ |
1,647,560 |
|
|
$ |
1,612,382 |
|
|
$ |
4,759,881 |
|
|
$ |
4,880,731 |
|
Customer support-related
revenue and other |
856,065 |
|
|
826,666 |
|
|
2,492,991 |
|
|
2,411,681 |
|
|
$ |
2,503,625 |
|
|
$ |
2,439,048 |
|
|
$ |
7,252,872 |
|
|
$ |
7,292,412 |
|
System 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 our
Reliant product line.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also
contains non-GAAP financial results. The Company’s non-GAAP results
for both the March 2020 and December 2019 quarters exclude
amortization related to intangible assets acquired through business
combinations, amortization of note discounts, and income tax
expense (benefit) of non-GAAP items. Additionally, the March 2020
quarter non-GAAP results exclude the effects of elective deferred
compensation-related assets and liabilities. To enhance the
comparability relative to the prior period, the Company has
included reconciliation of both the originally-reported December
2019 quarter non-GAAP results, and recast December 2019 quarter
non-GAAP results that conform to the current presentation with
respect to the effects of elective deferred compensation-related
assets and liabilities, in the reconciliation tables at the end of
this press release. The March 2020 quarter non-GAAP results also
exclude the income tax benefit on conclusion of certain tax matters
related to a prior business combination; and the December 2019
quarter non-GAAP results exclude the cumulative income tax benefit
reversal due to the Ninth Circuit decision to deny a rehearing of
the Altera stock-based compensation case.
Management uses non-GAAP gross margin, operating expense,
operating income, operating income as a percentage of revenue, net
income, and net income per diluted share to evaluate the Company’s
operating and financial results. The Company believes the
presentation of non-GAAP results is useful to investors for
analyzing business trends and comparing performance to prior
periods, along with enhancing investors’ ability to view the
Company’s results from management’s perspective. Tables presenting
reconciliations of non-GAAP results to U.S. GAAP results are
included at the end of this press release and on the Company’s
website at http://investor.lamresearch.com.
Caution Regarding Forward-Looking
Statements
Statements made in this press release that are not of historical
fact are forward-looking statements and are subject to the safe
harbor provisions created by the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements relate to, but
are not limited to: the impact of the COVID-19 outbreak on our
operations and financial results; macroeconomic conditions; the
status of the industry supply chain; customer demand for our
equipment; industry conditions; the long–term resiliency of the
semiconductor industry; the relevance of our technology to our
customers; our positioning within the industry; and our ability to
outperform. Some factors that may affect these forward-looking
statements include: the severity, magnitude and duration of the
COVID–19 pandemic (and the related governmental, public health,
business and community responses to it), and their impacts on our
business, results of operations and financial condition, are
evolving and are highly uncertain and unpredictable; business,
political and/or regulatory conditions in the consumer electronics
industry, the semiconductor industry and the overall economy may
deteriorate or change; the actions of our customers and competitors
may be inconsistent with our expectations; and widespread outbreaks
of illness may impact our operations and revenue in affected areas;
as well as the other risks and uncertainties that are described in
the documents filed or furnished by us with the Securities and
Exchange Commission, including specifically the Risk Factors
described in our annual report on Form 10–K for the fiscal year
ended June 30, 2019, our quarterly reports on Form 10–Q for the
fiscal quarters ended September 29, 2019 and December 29, 2019, and
our current report of Form 8–K dated April 22, 2020. These
uncertainties and changes could materially affect the
forward-looking statements and cause actual results to vary from
expectations in a material way. The Company undertakes no
obligation to update the information or statements made in this
release.
About Lam Research
Lam Research Corporation is a global supplier of innovative
wafer fabrication equipment and services to the semiconductor
industry. As a trusted, collaborative partner to the world’s
leading semiconductor companies, we combine superior systems
engineering capability, technology leadership, and unwavering
commitment to customer success to accelerate innovation through
enhanced device performance. In fact, today, nearly every advanced
chip is built with Lam technology. Lam Research (Nasdaq: LRCX) is a
FORTUNE 500® company headquartered in Fremont, Calif., with
operations around the globe. Learn more at www.lamresearch.com.
(LRCX-F)
Consolidated Financial Tables Follow.
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share data and
percentages)(unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
March 29, 2020 |
|
December 29, 2019 |
|
March 31, 2019 |
|
March 29, 2020 |
|
March 31, 2019 |
Revenue |
$ |
2,503,625 |
|
|
$ |
2,583,501 |
|
|
$ |
2,439,048 |
|
|
$ |
7,252,872 |
|
|
$ |
7,292,412 |
|
Cost of goods sold |
1,336,618 |
|
|
1,403,857 |
|
|
1,364,711 |
|
|
3,924,511 |
|
|
4,014,844 |
|
Gross margin |
1,167,007 |
|
|
1,179,644 |
|
|
1,074,337 |
|
|
3,328,361 |
|
|
3,277,568 |
|
Gross margin as a percent of revenue |
46.6 |
% |
|
45.7 |
% |
|
44.0 |
% |
|
45.9 |
% |
|
44.9 |
% |
Research and development |
307,914 |
|
|
318,861 |
|
|
318,514 |
|
|
913,602 |
|
|
895,742 |
|
Selling, general and
administrative |
164,979 |
|
|
174,272 |
|
|
190,306 |
|
|
496,679 |
|
|
534,179 |
|
Total operating expenses |
472,893 |
|
|
493,133 |
|
|
508,820 |
|
|
1,410,281 |
|
|
1,429,921 |
|
Operating income |
694,114 |
|
|
686,511 |
|
|
565,517 |
|
|
1,918,080 |
|
|
1,847,647 |
|
Operating income as a percent of revenue |
27.7 |
% |
|
26.6 |
% |
|
23.2 |
% |
|
26.4 |
% |
|
25.3 |
% |
Other (expense) income, net |
(64,619 |
) |
|
(13,924 |
) |
|
20,532 |
|
|
(91,271 |
) |
|
(10,494 |
) |
Income before income taxes |
629,495 |
|
|
672,587 |
|
|
586,049 |
|
|
1,826,809 |
|
|
1,837,153 |
|
Income tax expense |
(54,714 |
) |
|
(158,077 |
) |
|
(38,659 |
) |
|
(271,729 |
) |
|
(187,548 |
) |
Net income |
$ |
574,781 |
|
|
$ |
514,510 |
|
|
$ |
547,390 |
|
|
$ |
1,555,080 |
|
|
$ |
1,649,605 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
3.96 |
|
|
$ |
3.57 |
|
|
$ |
3.62 |
|
|
$ |
10.75 |
|
|
$ |
10.72 |
|
Diluted |
$ |
3.88 |
|
|
$ |
3.43 |
|
|
$ |
3.47 |
|
|
$ |
10.39 |
|
|
$ |
10.20 |
|
Number of shares used in per
share calculations: |
|
|
|
|
|
|
|
|
|
Basic |
145,301 |
|
|
143,987 |
|
|
151,201 |
|
|
144,654 |
|
|
153,891 |
|
Diluted |
148,165 |
|
|
150,097 |
|
|
157,849 |
|
|
149,648 |
|
|
161,683 |
|
Cash dividend declared per common
share |
$ |
1.15 |
|
|
$ |
1.15 |
|
|
$ |
1.10 |
|
|
$ |
3.45 |
|
|
$ |
3.30 |
|
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
March 29, 2020 |
|
December 29, 2019 |
|
June 30, 2019 |
|
(unaudited) |
|
(unaudited) |
|
(1) |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
3,961,586 |
|
|
$ |
3,035,887 |
|
|
$ |
3,658,219 |
|
Investments |
1,431,550 |
|
|
1,647,867 |
|
|
1,772,984 |
|
Accounts receivable, net |
2,191,070 |
|
|
2,030,490 |
|
|
1,455,522 |
|
Inventories |
1,674,740 |
|
|
1,528,620 |
|
|
1,540,140 |
|
Prepaid expenses and other
current assets |
149,839 |
|
|
212,101 |
|
|
133,544 |
|
Total current assets |
9,408,785 |
|
|
8,454,965 |
|
|
8,560,409 |
|
Property and equipment, net |
1,048,619 |
|
|
1,047,254 |
|
|
1,059,077 |
|
Restricted cash and
investments |
254,155 |
|
|
253,907 |
|
|
255,177 |
|
Goodwill and intangible
assets |
1,666,732 |
|
|
1,677,940 |
|
|
1,701,547 |
|
Other assets |
560,344 |
|
|
480,056 |
|
|
425,123 |
|
Total assets |
$ |
12,938,635 |
|
|
$ |
11,914,122 |
|
|
$ |
12,001,333 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
Current portion of long-term debt
and finance lease obligations |
$ |
42,407 |
|
|
$ |
632,292 |
|
|
$ |
667,131 |
|
Other current liabilities |
2,063,254 |
|
|
1,933,209 |
|
|
1,704,519 |
|
Total current liabilities |
2,105,661 |
|
|
2,565,501 |
|
|
2,371,650 |
|
Long-term debt and finance lease
obligations |
5,043,931 |
|
|
3,786,067 |
|
|
3,822,768 |
|
Income taxes payable |
889,287 |
|
|
872,778 |
|
|
892,790 |
|
Other long-term liabilities |
350,603 |
|
|
272,043 |
|
|
190,821 |
|
Total liabilities |
8,389,482 |
|
|
7,496,389 |
|
|
7,278,029 |
|
Temporary equity, convertible
notes |
11,546 |
|
|
38,304 |
|
|
49,439 |
|
Stockholders’ equity (2) |
4,537,607 |
|
|
4,379,429 |
|
|
4,673,865 |
|
Total liabilities and stockholders’ equity |
$ |
12,938,635 |
|
|
$ |
11,914,122 |
|
|
$ |
12,001,333 |
|
(1 |
) |
Derived from audited financial
statements. |
(2 |
) |
Common shares issued and
outstanding were 145,156 as of March 29, 2020, 142,462 as of
December 29, 2019, and 144,433 as of June 30, 2019. |
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands, unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
March 29, 2020 |
|
December 29, 2019 |
|
March 31, 2019 |
|
March 29, 2020 |
|
March 31, 2019 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
574,781 |
|
|
$ |
514,510 |
|
|
$ |
547,390 |
|
|
$ |
1,555,080 |
|
|
$ |
1,649,605 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
67,248 |
|
|
65,530 |
|
|
82,274 |
|
|
197,442 |
|
|
243,873 |
|
Deferred income taxes |
— |
|
|
77,508 |
|
|
(12,401 |
) |
|
74,516 |
|
|
(75,105 |
) |
Equity-based compensation expense |
47,414 |
|
|
45,725 |
|
|
53,240 |
|
|
136,044 |
|
|
142,389 |
|
Amortization of note discounts and issuance costs |
1,361 |
|
|
1,575 |
|
|
2,861 |
|
|
4,611 |
|
|
5,137 |
|
Other, net |
7,811 |
|
|
(327 |
) |
|
(1,494 |
) |
|
11,510 |
|
|
(646 |
) |
Changes in operating assets and
liabilities |
(157,187 |
) |
|
(396,593 |
) |
|
260,951 |
|
|
(665,800 |
) |
|
330,273 |
|
Net cash provided by operating activities |
541,428 |
|
|
307,928 |
|
|
932,821 |
|
|
1,313,403 |
|
|
2,295,526 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Capital expenditures and
intangible assets |
(51,375 |
) |
|
(62,054 |
) |
|
(75,522 |
) |
|
(152,685 |
) |
|
(237,543 |
) |
Net sale (purchase) of
available-for-sale securities |
211,159 |
|
|
(662,287 |
) |
|
(931,380 |
) |
|
339,350 |
|
|
(770,740 |
) |
Other, net |
9,988 |
|
|
(9,988 |
) |
|
(1,269 |
) |
|
(540 |
) |
|
(5,288 |
) |
Net cash provided by (used for) investing activities |
169,772 |
|
|
(734,329 |
) |
|
(1,008,171 |
) |
|
186,125 |
|
|
(1,013,571 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Principal payments on debt |
(617,637 |
) |
|
(17,987 |
) |
|
(30,225 |
) |
|
(664,589 |
) |
|
(116,496 |
) |
Net proceeds (repayments) from
issuance of commercial paper |
— |
|
|
— |
|
|
297,850 |
|
|
— |
|
|
(61,754 |
) |
Proceeds from borrowings on
revolving credit facility |
1,250,000 |
|
|
— |
|
|
— |
|
|
1,250,000 |
|
|
— |
|
Proceeds from issuance of
long-term debt, net of issuance costs |
— |
|
|
— |
|
|
2,476,720 |
|
|
— |
|
|
2,476,720 |
|
Treasury stock purchases |
(245,433 |
) |
|
(1,005,067 |
) |
|
(934,637 |
) |
|
(1,328,632 |
) |
|
(2,672,051 |
) |
Dividends paid |
(163,510 |
) |
|
(166,721 |
) |
|
(171,196 |
) |
|
(489,099 |
) |
|
(513,475 |
) |
Reissuance of treasury stock
related to employee stock purchase plan |
— |
|
|
38,447 |
|
|
— |
|
|
38,447 |
|
|
32,920 |
|
Proceeds from issuance of common
stock |
1,714 |
|
|
632 |
|
|
5,010 |
|
|
6,215 |
|
|
5,119 |
|
Other, net |
328 |
|
|
— |
|
|
— |
|
|
328 |
|
|
(13,207 |
) |
Net cash provided by (used for) financing activities |
225,462 |
|
|
(1,150,696 |
) |
|
1,643,522 |
|
|
(1,187,330 |
) |
|
(862,224 |
) |
Effect of exchange rate changes
on cash, cash equivalents, and restricted cash |
(10,715 |
) |
|
5,055 |
|
|
4,128 |
|
|
(9,853 |
) |
|
(904 |
) |
Net increase (decrease) in cash,
cash equivalents, and restricted cash |
925,947 |
|
|
(1,572,042 |
) |
|
1,572,300 |
|
|
302,345 |
|
|
418,827 |
|
Cash, cash equivalents, and
restricted cash at beginning of period |
3,289,794 |
|
|
4,861,836 |
|
|
3,615,085 |
|
|
3,913,396 |
|
|
4,768,558 |
|
Cash, cash equivalents, and
restricted cash at end of period |
$ |
4,215,741 |
|
|
$ |
3,289,794 |
|
|
$ |
5,187,385 |
|
|
$ |
4,215,741 |
|
|
$ |
5,187,385 |
|
Non-GAAP Financial
Summary(in thousands, except percentages and per
share data)(unaudited)
|
Three Months Ended |
|
March 29, 2020 |
|
December 29, 2019 |
|
|
|
(As Previously Presented) |
Revenue |
$ |
2,503,625 |
|
|
$ |
2,583,501 |
|
Gross margin |
$ |
1,159,981 |
|
|
$ |
1,181,271 |
|
Gross margin as percentage of
revenue |
46.3 |
% |
|
45.7 |
% |
Operating expenses |
$ |
486,494 |
|
|
$ |
480,776 |
|
Operating income |
$ |
673,487 |
|
|
$ |
700,495 |
|
Operating income as a
percentage of revenue |
26.9 |
% |
|
27.1 |
% |
Net income |
$ |
590,359 |
|
|
$ |
601,810 |
|
Net income per diluted
share |
$ |
3.98 |
|
|
$ |
4.01 |
|
Shares used in per share
calculation - diluted |
148,165 |
|
|
150,097 |
|
Reconciliation of U.S. GAAP Net Income to
Non-GAAP Net Income(in thousands, except per share
data)(unaudited)
|
Three Months Ended |
|
March 29, 2020 |
|
December 29, 2019 |
|
December 29, 2019 |
|
|
|
(As Previously Presented) |
|
(As Adjusted) |
U.S. GAAP net income |
$ |
574,781 |
|
|
$ |
514,510 |
|
|
$ |
514,510 |
|
Pre-tax non-GAAP items: |
|
|
|
|
|
Amortization related to intangible assets acquired through certain
business combinations - cost of goods sold |
1,627 |
|
|
1,627 |
|
|
1,627 |
|
(Gain) loss on elective deferred compensation ("EDC") - related
liability - cost of goods sold |
(8,653 |
) |
|
— |
|
|
3,587 |
|
(Gain) loss on EDC - related liability - research and
development |
(15,575 |
) |
|
— |
|
|
6,456 |
|
Amortization related to intangible assets acquired through certain
business combinations - selling, general and administrative |
12,357 |
|
|
12,357 |
|
|
12,357 |
|
(Gain) loss on EDC - related liability - selling, general and
administrative |
(10,383 |
) |
|
— |
|
|
4,304 |
|
Amortization of note discounts - other expense, net |
953 |
|
|
1,158 |
|
|
1,158 |
|
Loss (gain) on EDC - related asset - other expense, net |
33,828 |
|
|
— |
|
|
(14,129 |
) |
Net income tax expense
(benefit) on non-GAAP items |
1,700 |
|
|
(2,358 |
) |
|
(4,029 |
) |
Income tax benefit on the
conclusion of certain tax matters |
(276 |
) |
|
— |
|
|
— |
|
Cumulative income tax benefit
reversal due to a court ruling |
— |
|
|
74,516 |
|
|
74,516 |
|
Non-GAAP net income |
$ |
590,359 |
|
|
$ |
601,810 |
|
|
$ |
600,357 |
|
Non-GAAP net income per
diluted share |
$ |
3.98 |
|
|
$ |
4.01 |
|
|
$ |
4.00 |
|
U.S. GAAP net income per
diluted share |
$ |
3.88 |
|
|
$ |
3.43 |
|
|
$ |
3.43 |
|
U.S. GAAP and non-GAAP number
of shares used for per diluted share calculation |
148,165 |
|
|
150,097 |
|
|
150,097 |
|
Reconciliation of U.S. GAAP Gross Margin,
Operating Expenses and Operating Income to Non-GAAP Gross Margin,
Operating Expenses and Operating Income(in
thousands, except
percentages)(unaudited)
|
Three Months Ended |
|
March 29, 2020 |
|
December 29, 2019 |
|
December 29,2019 |
|
|
|
(As Previously Presented) |
|
(As Adjusted) |
U.S. GAAP gross margin |
$ |
1,167,007 |
|
|
$ |
1,179,644 |
|
|
1,179,644 |
|
Pre-tax non-GAAP items: |
|
|
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
1,627 |
|
|
1,627 |
|
|
1,627 |
|
(Gain) loss on EDC-related liability |
(8,653 |
) |
|
— |
|
|
3,587 |
|
Non-GAAP gross margin |
$ |
1,159,981 |
|
|
$ |
1,181,271 |
|
|
$ |
1,184,858 |
|
U.S. GAAP gross margin as a
percentage of revenue |
46.6 |
% |
|
45.7 |
% |
|
45.7 |
% |
Non-GAAP gross margin as a
percentage of revenue |
46.3 |
% |
|
45.7 |
% |
|
45.9 |
% |
U.S. GAAP operating
expenses |
$ |
472,893 |
|
|
$ |
493,133 |
|
|
$ |
493,133 |
|
Pre-tax non-GAAP items: |
|
|
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
(12,357 |
) |
|
(12,357 |
) |
|
(12,357 |
) |
Gain (loss) on EDC-related liability |
25,958 |
|
|
— |
|
|
(10,760 |
) |
Non-GAAP operating
expenses |
$ |
486,494 |
|
|
$ |
480,776 |
|
|
$ |
470,016 |
|
U.S. GAAP operating
income |
$ |
694,114 |
|
|
$ |
686,511 |
|
|
$ |
686,511 |
|
Non-GAAP operating income |
$ |
673,487 |
|
|
$ |
700,495 |
|
|
$ |
714,842 |
|
U.S. GAAP operating income as
percent of revenue |
27.7 |
% |
|
26.6 |
% |
|
26.6 |
% |
Non-GAAP operating income as a
percent of revenue |
26.9 |
% |
|
27.1 |
% |
|
27.7 |
% |
Lam Research Corporation Contacts:
Tina Correia, Investor Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com
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