(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: | April 24, 2024 | LAM RESEARCH CORPORATION | |||||||||
(Registrant) | |||||||||||
/s/ Douglas R. Bettinger | |||||||||||
Douglas R. Bettinger | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
U.S. GAAP | ||||||||||||||||||||
March 2024 | December 2023 | Change Q/Q | ||||||||||||||||||
Revenue | $ | 3,793,558 | $ | 3,758,259 | + 0.9% | |||||||||||||||
Gross margin as percentage of revenue | 47.5 | % | 46.8 | % | + 70 bps | |||||||||||||||
Operating income as percentage of revenue | 27.9 | % | 28.1 | % | - 20 bps | |||||||||||||||
Diluted EPS | $ | 7.34 | $ | 7.22 | + 1.7% | |||||||||||||||
Non-GAAP | ||||||||||||||||||||
March 2024 | December 2023 | Change Q/Q | ||||||||||||||||||
Revenue | $ | 3,793,558 | $ | 3,758,259 | + 0.9% | |||||||||||||||
Gross margin as percentage of revenue | 48.7 | % | 47.6 | % | + 110 bps | |||||||||||||||
Operating income as percentage of revenue | 30.3 | % | 30.0 | % | + 30 bps | |||||||||||||||
Diluted EPS | $ | 7.79 | $ | 7.52 | + 3.6% |
Region | Revenue | ||||
China | 42% | ||||
Korea | 24% | ||||
Japan | 9% | ||||
Taiwan | 9% | ||||
United States | 6% | ||||
Southeast Asia | 5% | ||||
Europe | 5% |
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 24, 2023 | March 26, 2023 | |||||||||||||||
(In thousands) | |||||||||||||||||
Systems revenue | $ | 2,395,817 | $ | 2,299,286 | $ | 2,256,033 | |||||||||||
Customer support-related revenue and other | 1,397,741 | 1,458,973 | 1,613,536 | ||||||||||||||
$ | 3,793,558 | $ | 3,758,259 | $ | 3,869,569 | ||||||||||||
U.S. GAAP | Reconciling Items | Non-GAAP | ||||||||||||||||||||||||||||||
Revenue | $3.8 Billion | +/- | $300 Million | — | $3.8 Billion | +/- | $300 Million | |||||||||||||||||||||||||
Gross margin as a percentage of revenue | 46.7% | +/- | 1% | $ | 30 | Million | 47.5% | +/- | 1% | |||||||||||||||||||||||
Operating income as a percentage of revenue | 28.3% | +/- | 1% | $ | 43 | Million | 29.5% | +/- | 1% | |||||||||||||||||||||||
Net income per diluted share | $7.20 | +/- | $0.75 | $ | 39 | Million | $7.50 | +/- | $0.75 | |||||||||||||||||||||||
Diluted share count | 131 million | — | 131 million |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
March 31, 2024 | December 24, 2023 | March 26, 2023 | March 31, 2024 | March 26, 2023 | |||||||||||||||||||||||||
Revenue | $ | 3,793,558 | $ | 3,758,259 | $ | 3,869,569 | $ | 11,033,879 | $ | 14,221,259 | |||||||||||||||||||
Cost of goods sold | 1,977,820 | 1,985,847 | 2,197,237 | 5,783,087 | 7,835,743 | ||||||||||||||||||||||||
Restructuring charges, net - cost of goods sold | 15,202 | 14,957 | 66,720 | 38,099 | 66,720 | ||||||||||||||||||||||||
Total cost of goods sold | 1,993,022 | 2,000,804 | 2,263,957 | 5,821,186 | 7,902,463 | ||||||||||||||||||||||||
Gross margin | 1,800,536 | 1,757,455 | 1,605,612 | 5,212,693 | 6,318,796 | ||||||||||||||||||||||||
Gross margin as a percent of revenue | 47.5 | % | 46.8 | % | 41.5 | % | 47.2 | % | 44.4 | % | |||||||||||||||||||
Research and development | 512,274 | 469,712 | 429,451 | 1,404,615 | 1,325,211 | ||||||||||||||||||||||||
Selling, general and administrative | 215,904 | 228,843 | 193,500 | 651,770 | 632,922 | ||||||||||||||||||||||||
Restructuring charges, net - operating expenses | 15,246 | 1,688 | 40,408 | 18,955 | 40,408 | ||||||||||||||||||||||||
Total operating expenses | 743,424 | 700,243 | 663,359 | 2,075,340 | 1,998,541 | ||||||||||||||||||||||||
Operating income | 1,057,112 | 1,057,212 | 942,253 | 3,137,353 | 4,320,255 | ||||||||||||||||||||||||
Operating income as a percent of revenue | 27.9 | % | 28.1 | % | 24.4 | % | 28.4 | % | 30.4 | % | |||||||||||||||||||
Other income (expense), net | 36,073 | 29,839 | (3,331) | 68,513 | (74,660) | ||||||||||||||||||||||||
Income before income taxes | 1,093,185 | 1,087,051 | 938,922 | 3,205,866 | 4,245,595 | ||||||||||||||||||||||||
Income tax expense | (127,359) | (132,785) | (124,914) | (398,376) | (537,201) | ||||||||||||||||||||||||
Net income | $ | 965,826 | $ | 954,266 | $ | 814,008 | $ | 2,807,490 | $ | 3,708,394 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||
Basic | $ | 7.38 | $ | 7.25 | $ | 6.03 | $ | 21.32 | $ | 27.28 | |||||||||||||||||||
Diluted | $ | 7.34 | $ | 7.22 | $ | 6.01 | $ | 21.22 | $ | 27.20 | |||||||||||||||||||
Number of shares used in per share calculations: | |||||||||||||||||||||||||||||
Basic | 130,838 | 131,629 | 134,924 | 131,663 | 135,945 | ||||||||||||||||||||||||
Diluted | 131,518 | 132,220 | 135,395 | 132,282 | 136,314 | ||||||||||||||||||||||||
Cash dividend declared per common share | $ | 2.00 | $ | 2.00 | $ | 1.725 | $ | 6.00 | $ | 5.175 | |||||||||||||||||||
March 31, 2024 | December 24, 2023 | June 25, 2023 | |||||||||||||||
(unaudited) | (unaudited) | (1) | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 5,672,232 | $ | 5,623,289 | $ | 5,337,056 | |||||||||||
Investments | — | 14,720 | 37,641 | ||||||||||||||
Accounts receivable, net | 2,203,707 | 2,707,458 | 2,823,376 | ||||||||||||||
Inventories | 4,322,967 | 4,429,906 | 4,816,190 | ||||||||||||||
Prepaid expenses and other current assets | 289,530 | 279,239 | 214,149 | ||||||||||||||
Total current assets | 12,488,436 | 13,054,612 | 13,228,412 | ||||||||||||||
Property and equipment, net | 2,181,741 | 2,147,482 | 1,856,672 | ||||||||||||||
Goodwill and intangible assets | 1,768,998 | 1,777,593 | 1,790,943 | ||||||||||||||
Other assets | 1,840,475 | 1,804,165 | 1,905,616 | ||||||||||||||
Total assets | $ | 18,279,650 | $ | 18,783,852 | $ | 18,781,643 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current portion of long-term debt and finance lease obligations | $ | 505,066 | $ | 3,779 | $ | 8,358 | |||||||||||
Other current liabilities | 3,925,023 | 4,268,604 | 4,176,560 | ||||||||||||||
Total current liabilities | 4,430,089 | 4,272,383 | 4,184,918 | ||||||||||||||
Long-term debt and finance lease obligations | 4,478,385 | 4,980,005 | 5,003,183 | ||||||||||||||
Income taxes payable | 832,397 | 797,556 | 882,084 | ||||||||||||||
Other long-term liabilities | 516,678 | 511,430 | 501,286 | ||||||||||||||
Total liabilities | 10,257,549 | 10,561,374 | 10,571,471 | ||||||||||||||
Stockholders’ equity (2) | 8,022,101 | 8,222,478 | 8,210,172 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 18,279,650 | $ | 18,783,852 | $ | 18,781,643 | |||||||||||
(1) | Derived from audited financial statements. | ||||
(2) | Common shares issued and outstanding were 130,736 as of March 31, 2024, 131,278 as of December 24, 2023, and 133,297 as of June 25, 2023. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
March 31, 2024 | December 24, 2023 | March 26, 2023 | March 31, 2024 | March 26, 2023 | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||
Net income | $ | 965,826 | $ | 954,266 | $ | 814,008 | $ | 2,807,490 | $ | 3,708,394 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation and amortization | 89,922 | 90,941 | 91,663 | 271,342 | 252,828 | ||||||||||||||||||||||||
Deferred income taxes | (24,621) | (88,747) | 7,195 | (137,606) | (133,101) | ||||||||||||||||||||||||
Equity-based compensation expense | 76,854 | 69,901 | 73,911 | 213,966 | 218,105 | ||||||||||||||||||||||||
Other, net | 10,210 | 4,182 | 1,559 | 14,242 | 11,537 | ||||||||||||||||||||||||
Changes in operating assets and liabilities | 266,645 | 423,297 | 738,102 | 620,405 | (1,550) | ||||||||||||||||||||||||
Net cash provided by operating activities | 1,384,836 | 1,453,840 | 1,726,438 | 3,789,839 | 4,056,213 | ||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||
Capital expenditures and intangible assets | (103,654) | (115,276) | (119,457) | (295,922) | (422,898) | ||||||||||||||||||||||||
Business acquisitions, net of cash acquired | — | — | — | — | (119,955) | ||||||||||||||||||||||||
Net maturities and sales of available-for-sale securities | 14,650 | 15,841 | 39,414 | 37,766 | 71,852 | ||||||||||||||||||||||||
Other, net | (3,356) | (2,523) | (4,289) | (10,845) | (8,381) | ||||||||||||||||||||||||
Net cash used for investing activities | (92,360) | (101,958) | (84,332) | (269,001) | (479,382) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||
Principal payments on debt, including finance lease obligations | (1,060) | (986) | (2,209) | (255,155) | (21,145) | ||||||||||||||||||||||||
Treasury stock purchases | (980,561) | (645,458) | (581,943) | (2,469,257) | (1,147,998) | ||||||||||||||||||||||||
Dividends paid | (262,707) | (264,414) | (233,977) | (757,453) | (675,572) | ||||||||||||||||||||||||
Reissuance of treasury stock related to employee stock purchase plan | — | 53,081 | — | 53,081 | 44,996 | ||||||||||||||||||||||||
Proceeds from issuance of common stock | 8,235 | 1,704 | — | 12,757 | 7,673 | ||||||||||||||||||||||||
Other, net | 300 | (3,821) | (1,399) | (5,672) | (635) | ||||||||||||||||||||||||
Net cash used for financing activities | (1,235,793) | (859,894) | (819,528) | (3,421,699) | (1,792,681) | ||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (8,452) | 6,725 | (2,302) | (12,758) | (1,349) | ||||||||||||||||||||||||
Net change in cash, cash equivalents, and restricted cash | 48,231 | 498,713 | 820,276 | 86,381 | 1,782,801 | ||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period (1) | 5,625,522 | 5,126,809 | 4,736,060 | 5,587,372 | 3,773,535 | ||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period (1) | $ | 5,673,753 | $ | 5,625,522 | $ | 5,556,336 | $ | 5,673,753 | $ | 5,556,336 | |||||||||||||||||||
(1) | Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets |
Three Months Ended | |||||||||||
March 31, 2024 | December 24, 2023 | ||||||||||
Revenue | $ | 3,793,558 | $ | 3,758,259 | |||||||
Gross margin | $ | 1,847,752 | $ | 1,790,388 | |||||||
Gross margin as percentage of revenue | 48.7 | % | 47.6 | % | |||||||
Operating expenses | $ | 697,672 | $ | 662,259 | |||||||
Operating income | $ | 1,150,080 | $ | 1,128,129 | |||||||
Operating income as a percentage of revenue | 30.3 | % | 30.0 | % | |||||||
Net income | $ | 1,024,206 | $ | 994,285 | |||||||
Net income per diluted share | $ | 7.79 | $ | 7.52 | |||||||
Shares used in per share calculation - diluted | 131,518 | 132,220 |
Three Months Ended | |||||||||||
March 31, 2024 | December 24, 2023 | ||||||||||
U.S. GAAP net income | $ | 965,826 | $ | 954,266 | |||||||
Pre-tax non-GAAP items: | |||||||||||
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold | 3,076 | 2,631 | |||||||||
Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold | 6,963 | 6,492 | |||||||||
Restructuring charges, net - cost of goods sold | 15,202 | 14,957 | |||||||||
Transformational costs - cost of goods sold | 13,270 | 8,853 | |||||||||
Impairment of long-lived assets - cost of goods sold | 8,705 | — | |||||||||
EDC related liability valuation increase - research and development | 12,534 | 11,685 | |||||||||
Transformational costs - Research and development | 4,423 | — | |||||||||
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative | 770 | 770 | |||||||||
EDC related liability valuation increase - selling, general and administrative | 8,356 | 7,790 | |||||||||
Transformational costs - selling, general and administrative | 4,423 | 16,051 | |||||||||
Restructuring charges, net - operating expenses | 15,246 | 1,688 | |||||||||
Amortization of note discounts - other income (expense), net | 753 | 746 | |||||||||
Gain on EDC related asset - other income (expense), net | (26,495) | (25,530) | |||||||||
Net income tax benefit on non-GAAP items | (8,846) | (6,114) | |||||||||
Non-GAAP net income | $ | 1,024,206 | $ | 994,285 | |||||||
Non-GAAP net income per diluted share | $ | 7.79 | $ | 7.52 | |||||||
U.S. GAAP net income per diluted share | $ | 7.34 | $ | 7.22 | |||||||
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation | 131,518 | 132,220 | |||||||||
Three Months Ended | |||||||||||
March 31, 2024 | December 24, 2023 | ||||||||||
U.S. GAAP gross margin | $ | 1,800,536 | $ | 1,757,455 | |||||||
Pre-tax non-GAAP items: | |||||||||||
Amortization related to intangible assets acquired through certain business combinations | 3,076 | 2,631 | |||||||||
EDC related liability valuation increase | 6,963 | 6,492 | |||||||||
Restructuring charges, net | 15,202 | 14,957 | |||||||||
Transformational costs | 13,270 | 8,853 | |||||||||
Impairment of long-lived assets | 8,705 | — | |||||||||
Non-GAAP gross margin | $ | 1,847,752 | $ | 1,790,388 | |||||||
U.S. GAAP gross margin as a percentage of revenue | 47.5 | % | 46.8 | % | |||||||
Non-GAAP gross margin as a percentage of revenue | 48.7 | % | 47.6 | % | |||||||
U.S. GAAP operating expenses | $ | 743,424 | $ | 700,243 | |||||||
Pre-tax non-GAAP items: | |||||||||||
Amortization related to intangible assets acquired through certain business combinations | (770) | (770) | |||||||||
EDC related liability valuation increase | (20,890) | (19,475) | |||||||||
Restructuring charges, net | (15,246) | (1,688) | |||||||||
Transformational costs | (8,846) | (16,051) | |||||||||
Non-GAAP operating expenses | $ | 697,672 | $ | 662,259 | |||||||
U.S. GAAP operating income | $ | 1,057,112 | $ | 1,057,212 | |||||||
Non-GAAP operating income | $ | 1,150,080 | $ | 1,128,129 | |||||||
U.S. GAAP operating income as percent of revenue | 27.9 | % | 28.1 | % | |||||||
Non-GAAP operating income as a percent of revenue | 30.3 | % | 30.0 | % |
Cover page |
Apr. 24, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 24, 2024 |
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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