(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) |
Item 2.02. | Results of Operations and Financial Condition | |||||||||||||
Item 9.01. | Financial Statements and Exhibits | |||||||||||||
SIGNATURES | ||||||||||||||
EX-99.1 | ||||||||||||||
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
99.1 | |||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
Date: | October 19, 2022 | LAM RESEARCH CORPORATION | |||||||||
(Registrant) | |||||||||||
/s/ Douglas R. Bettinger | |||||||||||
Douglas R. Bettinger | |||||||||||
Executive Vice President, Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) |
U.S. GAAP | ||||||||||||||||||||
September 2022 | June 2022 | Change Q/Q | ||||||||||||||||||
Revenue | $ | 5,074,121 | $ | 4,635,554 | + 9.5% | |||||||||||||||
Gross margin as percentage of revenue | 46.1 | % | 45.3 | % | + 80 bps | |||||||||||||||
Operating income as percentage of revenue | 33.5 | % | 31.9 | % | + 160 bps | |||||||||||||||
Diluted EPS | $ | 10.39 | $ | 8.74 | + 18.9% | |||||||||||||||
Non-GAAP | ||||||||||||||||||||
September 2022 | June 2022 | Change Q/Q | ||||||||||||||||||
Revenue | $ | 5,074,121 | $ | 4,635,554 | + 9.5% | |||||||||||||||
Gross margin as percentage of revenue | 46.0 | % | 45.2 | % | + 80 bps | |||||||||||||||
Operating income as percentage of revenue | 33.3 | % | 31.5 | % | + 180 bps | |||||||||||||||
Diluted EPS | $ | 10.42 | $ | 8.83 | + 18.0% |
Region | Revenue | ||||
China | 30% | ||||
Taiwan | 22% | ||||
Korea | 17% | ||||
Southeast Asia | 11% | ||||
Japan | 9% | ||||
United States | 6% | ||||
Europe | 5% |
Three Months Ended | |||||||||||||||||
September 25, 2022 | June 26, 2022 | September 26, 2021 | |||||||||||||||
(In thousands) | |||||||||||||||||
System revenue | $ | 3,181,987 | $ | 3,006,374 | $ | 2,924,883 | |||||||||||
Customer support-related revenue and other | 1,892,134 | 1,629,180 | 1,379,582 | ||||||||||||||
$ | 5,074,121 | $ | 4,635,554 | $ | 4,304,465 | ||||||||||||
U.S. GAAP | Reconciling Items | Non-GAAP | ||||||||||||||||||||||||||||||
Revenue | $5.1 Billion | +/- | $300 Million | — | $5.1 Billion | +/- | $300 Million | |||||||||||||||||||||||||
Gross margin as a percentage of revenue | 44.5% | +/- | 1% | $ | 1 | Million | 44.5% | +/- | 1% | |||||||||||||||||||||||
Operating income as a percentage of revenue | 31.5% | +/- | 1% | $ | 3 | Million | 31.5% | +/- | 1% | |||||||||||||||||||||||
Net income per diluted share | $9.98 | +/- | $0.75 | $ | 3 | Million | $10.00 | +/- | $0.75 | |||||||||||||||||||||||
Diluted share count | 136 Million | — | 136 Million |
Three Months Ended | |||||||||||||||||
September 25, 2022 | June 26, 2022 | September 26, 2021 | |||||||||||||||
Revenue | $ | 5,074,121 | $ | 4,635,554 | $ | 4,304,465 | |||||||||||
Cost of goods sold | 2,737,286 | 2,535,042 | 2,327,711 | ||||||||||||||
Gross margin | 2,336,835 | 2,100,512 | 1,976,754 | ||||||||||||||
Gross margin as a percent of revenue | 46.1 | % | 45.3 | % | 45.9 | % | |||||||||||
Research and development | 433,375 | 411,157 | 382,327 | ||||||||||||||
Selling, general and administrative | 205,620 | 210,002 | 222,194 | ||||||||||||||
Total operating expenses | 638,995 | 621,159 | 604,521 | ||||||||||||||
Operating income | 1,697,840 | 1,479,353 | 1,372,233 | ||||||||||||||
Operating income as a percent of revenue | 33.5 | % | 31.9 | % | 31.9 | % | |||||||||||
Other income (expense), net | (43,095) | (120,448) | (28,857) | ||||||||||||||
Income before income taxes | 1,654,745 | 1,358,905 | 1,343,376 | ||||||||||||||
Income tax expense | (228,866) | (149,971) | (163,632) | ||||||||||||||
Net income | $ | 1,425,879 | $ | 1,208,934 | $ | 1,179,744 | |||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 10.42 | $ | 8.76 | $ | 8.32 | |||||||||||
Diluted | $ | 10.39 | $ | 8.74 | $ | 8.27 | |||||||||||
Number of shares used in per share calculations: | |||||||||||||||||
Basic | 136,891 | 137,993 | 141,743 | ||||||||||||||
Diluted | 137,208 | 138,313 | 142,612 | ||||||||||||||
Cash dividend declared per common share | $ | 1.725 | $ | 1.50 | $ | 1.50 | |||||||||||
September 25, 2022 | June 26, 2022 | September 26, 2021 | |||||||||||||||
(unaudited) | (1) | (unaudited) | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 4,256,499 | $ | 3,522,001 | $ | 4,042,151 | |||||||||||
Investments | 120,551 | 135,731 | 569,472 | ||||||||||||||
Accounts receivable, net | 4,569,735 | 4,313,818 | 3,397,180 | ||||||||||||||
Inventories | 4,360,325 | 3,966,294 | 2,872,141 | ||||||||||||||
Prepaid expenses and other current assets | 305,554 | 347,391 | 263,738 | ||||||||||||||
Total current assets | 13,612,664 | 12,285,235 | 11,144,682 | ||||||||||||||
Property and equipment, net | 1,718,791 | 1,647,587 | 1,372,533 | ||||||||||||||
Restricted cash and investments | 250,955 | 251,534 | 251,448 | ||||||||||||||
Goodwill and intangible assets | 1,624,932 | 1,616,963 | 1,614,959 | ||||||||||||||
Other assets | 1,513,940 | 1,394,313 | 1,181,930 | ||||||||||||||
Total assets | $ | 18,721,282 | $ | 17,195,632 | $ | 15,565,552 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current portion of long-term debt and finance lease obligations | $ | 7,110 | $ | 7,381 | $ | 6,368 | |||||||||||
Other current liabilities | 5,046,272 | 4,557,378 | 3,402,852 | ||||||||||||||
Total current liabilities | 5,053,382 | 4,564,759 | 3,409,220 | ||||||||||||||
Long-term debt and finance lease obligations | 4,996,363 | 4,998,449 | 4,988,964 | ||||||||||||||
Income taxes payable | 840,214 | 931,117 | 881,325 | ||||||||||||||
Other long-term liabilities | 418,756 | 422,941 | 466,000 | ||||||||||||||
Total liabilities | 11,308,715 | 10,917,266 | 9,745,509 | ||||||||||||||
Stockholders’ equity (2) | 7,412,567 | 6,278,366 | 5,820,043 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 18,721,282 | $ | 17,195,632 | $ | 15,565,552 | |||||||||||
(1) | Derived from audited financial statements. | ||||
(2) | Common shares issued and outstanding were 136,374 as of September 25, 2022, 136,975 as of June 26, 2022, and 140,811 as of September 26, 2021. |
Three Months Ended | |||||||||||||||||
September 25, 2022 | June 26, 2022 | September 26, 2021 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net income | $ | 1,425,879 | $ | 1,208,934 | $ | 1,179,744 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 75,751 | 87,932 | 79,874 | ||||||||||||||
Deferred income taxes | (133,616) | (173,987) | (13,023) | ||||||||||||||
Equity-based compensation expense | 71,110 | 69,588 | 58,099 | ||||||||||||||
Other, net | (2,751) | 33,574 | (8,690) | ||||||||||||||
Changes in operating assets and liabilities | (246,785) | (782,107) | (838,480) | ||||||||||||||
Net cash provided by operating activities | 1,189,588 | 443,934 | 457,524 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Capital expenditures and intangible assets | (140,063) | (125,746) | (136,427) | ||||||||||||||
Net maturities and sales of available-for-sale securities | 14,695 | 23,486 | 738,043 | ||||||||||||||
Other, net | (2,435) | 26,323 | (4,923) | ||||||||||||||
Net cash (used for) provided by investing activities | (127,803) | (75,937) | 596,693 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Principal payments on debt | (1,854) | (2,032) | (6,338) | ||||||||||||||
Treasury stock purchases | (109,779) | (876,089) | (1,236,753) | ||||||||||||||
Dividends paid | (205,615) | (208,056) | (185,431) | ||||||||||||||
Reissuance of treasury stock related to employee stock purchase plan | — | 61,798 | — | ||||||||||||||
Proceeds from issuance of common stock | 6,796 | 997 | 742 | ||||||||||||||
Other, net | (489) | (152) | 188 | ||||||||||||||
Net cash used for financing activities | (310,941) | (1,023,534) | (1,427,592) | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (16,925) | (16,683) | (3,776) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 733,919 | (672,220) | (377,151) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 3,773,535 | 4,445,755 | 4,670,750 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 4,507,454 | $ | 3,773,535 | $ | 4,293,599 | |||||||||||
Three Months Ended | |||||||||||
September 25, 2022 | June 26, 2022 | ||||||||||
Revenue | $ | 5,074,121 | $ | 4,635,554 | |||||||
Gross margin | $ | 2,335,168 | $ | 2,094,006 | |||||||
Gross margin as percentage of revenue | 46.0 | % | 45.2 | % | |||||||
Operating expenses | $ | 647,239 | $ | 634,631 | |||||||
Operating income | $ | 1,687,929 | $ | 1,459,375 | |||||||
Operating income as a percentage of revenue | 33.3 | % | 31.5 | % | |||||||
Net income | $ | 1,429,495 | $ | 1,221,257 | |||||||
Net income per diluted share | $ | 10.42 | $ | 8.83 | |||||||
Shares used in per share calculation - diluted | 137,208 | 138,313 |
Three Months Ended | |||||||||||
September 25, 2022 | June 26, 2022 | ||||||||||
U.S. GAAP net income | $ | 1,425,879 | $ | 1,208,934 | |||||||
Pre-tax non-GAAP items: | |||||||||||
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold | 1,451 | 1,308 | |||||||||
Elective deferred compensation ("EDC") related liability valuation decrease - cost of goods sold | (3,118) | (7,814) | |||||||||
EDC related liability valuation decrease - research and development | (5,612) | (14,065) | |||||||||
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative | 1,110 | 9,969 | |||||||||
EDC related liability valuation decrease - selling, general and administrative | (3,742) | (9,376) | |||||||||
Amortization of note discounts - other income (expense), net | 707 | 701 | |||||||||
Loss on EDC related asset - other income (expense), net | 12,726 | 32,316 | |||||||||
Net income tax expense (benefit) on non-GAAP items | 94 | (716) | |||||||||
Non-GAAP net income | $ | 1,429,495 | $ | 1,221,257 | |||||||
Non-GAAP net income per diluted share | $ | 10.42 | $ | 8.83 | |||||||
U.S. GAAP net income per diluted share | $ | 10.39 | $ | 8.74 | |||||||
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation | 137,208 | 138,313 | |||||||||
Three Months Ended | |||||||||||
September 25, 2022 | June 26, 2022 | ||||||||||
U.S. GAAP gross margin | $ | 2,336,835 | $ | 2,100,512 | |||||||
Pre-tax non-GAAP items: | |||||||||||
Amortization related to intangible assets acquired through certain business combinations | 1,451 | 1,308 | |||||||||
EDC related liability valuation decrease | (3,118) | (7,814) | |||||||||
Non-GAAP gross margin | $ | 2,335,168 | $ | 2,094,006 | |||||||
U.S. GAAP gross margin as a percentage of revenue | 46.1 | % | 45.3 | % | |||||||
Non-GAAP gross margin as a percentage of revenue | 46.0 | % | 45.2 | % | |||||||
U.S. GAAP operating expenses | $ | 638,995 | $ | 621,159 | |||||||
Pre-tax non-GAAP items: | |||||||||||
Amortization related to intangible assets acquired through certain business combinations | (1,110) | (9,969) | |||||||||
EDC related liability valuation decrease | 9,354 | 23,441 | |||||||||
Non-GAAP operating expenses | $ | 647,239 | $ | 634,631 | |||||||
U.S. GAAP operating income | $ | 1,697,840 | $ | 1,479,353 | |||||||
Non-GAAP operating income | $ | 1,687,929 | $ | 1,459,375 | |||||||
U.S. GAAP operating income as percent of revenue | 33.5 | % | 31.9 | % | |||||||
Non-GAAP operating income as a percent of revenue | 33.3 | % | 31.5 | % |
Cover page |
Oct. 19, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 19, 2022 |
Entity Registrant Name | LAM RESEARCH CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 0-12933 |
Entity Tax Identification Number | 94-2634797 |
Entity Address, Address Line One | 4650 Cushing Parkway |
Entity Address, City or Town | Fremont |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94538 |
City Area Code | 510 |
Local Phone Number | 572-0200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, Par Value $0.001 Per Share |
Trading Symbol | LRCX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000707549 |
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