0000707549-24-000064.txt : 20240424 0000707549-24-000064.hdr.sgml : 20240424 20240424161233 ACCESSION NUMBER: 0000707549-24-000064 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240424 DATE AS OF CHANGE: 20240424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAM RESEARCH CORP CENTRAL INDEX KEY: 0000707549 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] ORGANIZATION NAME: 06 Technology IRS NUMBER: 942634797 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12933 FILM NUMBER: 24870715 BUSINESS ADDRESS: STREET 1: 4650 CUSHING BLVD CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5106590200 MAIL ADDRESS: STREET 1: 4650 CUSHING PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 8-K 1 lrcx-20240424.htm 8-K lrcx-20240424
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 24, 2024
  LAM RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware 0-12933 94-2634797
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)
 (IRS Employer
Identification Number)
4650 Cushing Parkway
Fremont, California 94538
(Address of principal executive offices including zip code)
(510572-0200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $0.001 Per ShareLRCXThe Nasdaq Stock Market
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                     


Table of Contents
 
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
On April 24, 2024, Lam Research Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2024, the text of which is attached hereto as Exhibit 99.1.
The information in this item of this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the information in this item of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
 Item 9.01.Financial Statements and Exhibits
(d) Exhibits
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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)
 


EX-99.1 2 lrcx_exhibitx991xq3x2024.htm EX-99.1 Document

Exhibit 99.1
FOR IMMEDIATE RELEASE        
Lam Research Corporation Reports Financial Results for the Quarter Ended March 31, 2024
FREMONT, Calif., April 24, 2024 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended March 31, 2024 (the “March 2024 quarter”).
Highlights for the March 2024 quarter were as follows:
Revenue of $3.79 billion.
U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 27.9%, and U.S. GAAP diluted EPS of $7.34.
Non-GAAP gross margin of 48.7%, non-GAAP operating income as a percentage of revenue of 30.3%, and non-GAAP diluted EPS of $7.79.
Key Financial Data for the Quarters Ended
March 31, 2024 and December 24, 2023
(in thousands, except per-share data, percentages, and basis points) 
U.S. GAAP
 March 2024December 2023Change Q/Q
Revenue$3,793,558 $3,758,259 + 0.9%
Gross margin as percentage of revenue47.5 %46.8 %+ 70 bps
Operating income as percentage of revenue27.9 %28.1 %- 20 bps
Diluted EPS$7.34 $7.22 + 1.7%
Non-GAAP
 March 2024December 2023Change Q/Q
Revenue$3,793,558 $3,758,259 + 0.9%
Gross margin as percentage of revenue48.7 % 47.6 %+ 110 bps
Operating income as percentage of revenue30.3 % 30.0 %+ 30 bps
Diluted EPS$7.79  $7.52 + 3.6%

U.S. GAAP Financial Results
For the March 2024 quarter, revenue was $3,794 million, gross margin was $1,801 million, or 47.5% of revenue, operating expenses were $743 million, operating income was 27.9% of revenue, and net income was $966 million, or $7.34 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,758 million, gross margin of $1,757 million, or 46.8% of revenue, operating expenses of $700 million, operating income of 28.1% of revenue, and net income of $954 million, or $7.22 per diluted share, for the quarter ended December 24, 2023 (the “December 2023 quarter”). The March 2024 quarter included 14 weeks; the December 2023 quarter included 13 weeks.
Non-GAAP Financial Results
For the March 2024 quarter, non-GAAP gross margin was $1,848 million, or 48.7% of revenue, non-GAAP operating expenses were $698 million, non-GAAP operating income was 30.3% of revenue, and non-GAAP net income was $1,024 million, or $7.79 per diluted share. This compares to non-GAAP gross margin of $1,790 million, or 47.6% of revenue, non-GAAP operating expenses of $662 million, non-GAAP operating income of 30.0% of revenue, and non-GAAP net income of $994 million, or $7.52 per diluted share, for the December 2023 quarter.

“With solid revenue and earnings per share performance in the March quarter, Lam is off to a strong start in calendar 2024” said Tim Archer, Lam Research's President and Chief Executive Officer. “As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI transformation, Lam is strengthening its leadership and is well-positioned for the significant opportunities ahead.”



Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and restricted cash and investments balances increased slightly to $5.7 billion at the end of the March 2024 quarter compared to $5.6 billion at the end of the December 2023 quarter. The increase was primarily the result of $1,385 million of cash generated from operating activities, partially offset by $981 million of share repurchases, including net share settlement of employee stock-based compensation; and $263 million of dividends paid to stockholders.
Deferred revenue at the end of the March 2024 quarter decreased to $1,746 million compared to $1,928 million as of the end of the December 2023 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $107 million as of March 31, 2024 and $157 million as of December 24, 2023.
Revenue
The geographic distribution of revenue during the March 2024 quarter is shown in the following table:
RegionRevenue
China42%
Korea24%
Japan9%
Taiwan9%
United States6%
Southeast Asia5%
Europe5%
The following table presents revenue disaggregated between system and customer support-related revenue:
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 other1,397,741 1,458,973 1,613,536 
$3,793,558 $3,758,259 $3,869,569 
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 our Reliant® product line.
Outlook
For the quarter ended June 30, 2024, Lam is providing the following guidance:
U.S. GAAPReconciling ItemsNon-GAAP
Revenue$3.8 Billion+/-$300 Million$3.8 Billion+/-$300 Million
Gross margin as a percentage of revenue46.7%+/-1%$30 Million47.5%+/-1%
Operating income as a percentage of revenue28.3%+/-1%$43 Million29.5%+/-1%
Net income per diluted share$7.20+/-$0.75$39 Million$7.50+/-$0.75
Diluted share count131 million131 million
The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other significant arrangements that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

Gross margin as a percentage of revenue - transformational costs, $18 million; restructuring charges, $9 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $30 million.




Operating income as a percentage of revenue - transformational costs, $29 million; restructuring charges, $10 million; and amortization related to intangible assets acquired through business combinations, $4 million; totaling $43 million.

Net income per diluted share - transformational costs, $29 million; restructuring charges, $10 million; amortization related to intangible assets acquired though business combinations, $4 million; amortization of debt discounts, $1 million; and associated tax benefit for non-GAAP items ($5 million); totaling $39 million.
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 2024 and December 2023 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, net restructuring charges, transformational costs, and the net income tax effect of non-GAAP items. The March 2024 non-GAAP results also exclude expenses associated with the impairment of long-lived assets.
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 https://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: our outlook and guidance for future financial results, including revenue, gross margin, operating income and net income; our performance in calendar year 2024; the objectives of our customers; the requirements for driving artificial intelligence transformation; the strengthening of our leadership; and the significance of the opportunities ahead and Lam’s positioning relative to those opportunities. Some factors that may affect these forward-looking statements include: trade regulations, export controls, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; 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; supply chain cost increases and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control 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 25, 2023 and our quarterly report on Form 10-Q for the fiscal quarter ended December 24, 2023. 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.
Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. 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)
Consolidated Financial Tables Follow.
 ###





 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)
(unaudited) 
 Three Months EndedNine 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 sold1,977,820 1,985,847 2,197,237 5,783,087 7,835,743 
Restructuring charges, net - cost of goods sold15,202 14,957 66,720 38,099 66,720 
Total cost of goods sold1,993,022 2,000,804 2,263,957 5,821,186 7,902,463 
Gross margin1,800,536 1,757,455 1,605,612 5,212,693 6,318,796 
Gross margin as a percent of revenue47.5 %46.8 %41.5 %47.2 %44.4 %
Research and development512,274 469,712 429,451 1,404,615 1,325,211 
Selling, general and administrative215,904 228,843 193,500 651,770 632,922 
Restructuring charges, net - operating expenses15,246 1,688 40,408 18,955 40,408 
Total operating expenses743,424 700,243 663,359 2,075,340 1,998,541 
Operating income1,057,112 1,057,212 942,253 3,137,353 4,320,255 
Operating income as a percent of revenue27.9 %28.1 %24.4 %28.4 %30.4 %
Other income (expense), net36,073 29,839 (3,331)68,513 (74,660)
Income before income taxes1,093,185 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:
Basic130,838 131,629 134,924 131,663 135,945 
Diluted131,518 132,220 135,395 132,282 136,314 
Cash dividend declared per common share$2.00 $2.00 $1.725 $6.00 $5.175 
 





 LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
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, net2,203,707 2,707,458 2,823,376 
Inventories4,322,967 4,429,906 4,816,190 
Prepaid expenses and other current assets289,530 279,239 214,149 
Total current assets12,488,436 13,054,612 13,228,412 
Property and equipment, net2,181,741 2,147,482 1,856,672 
Goodwill and intangible assets1,768,998 1,777,593 1,790,943 
Other assets1,840,475 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 liabilities3,925,023 4,268,604 4,176,560 
Total current liabilities4,430,089 4,272,383 4,184,918 
Long-term debt and finance lease obligations4,478,385 4,980,005 5,003,183 
Income taxes payable832,397 797,556 882,084 
Other long-term liabilities516,678 511,430 501,286 
Total liabilities10,257,549 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.
 





 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
 Three Months EndedNine 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 amortization89,922 90,941 91,663 271,342 252,828 
Deferred income taxes(24,621)(88,747)7,195 (137,606)(133,101)
Equity-based compensation expense76,854 69,901 73,911 213,966 218,105 
Other, net10,210 4,182 1,559 14,242 11,537 
Changes in operating assets and liabilities266,645 423,297 738,102 620,405 (1,550)
Net cash provided by operating activities1,384,836 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 securities14,650 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 stock8,235 1,704 — 12,757 7,673 
Other, net300 (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 cash48,231 498,713 820,276 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





 
Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)
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 revenue48.7 %47.6 %
Operating expenses$697,672 $662,259 
Operating income$1,150,080 $1,128,129 
Operating income as a percentage of revenue30.3 %30.0 %
Net income$1,024,206 $994,285 
Net income per diluted share$7.79 $7.52 
Shares used in per share calculation - diluted131,518 132,220 
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited) 
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 sold3,076 2,631 
Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold6,963 6,492 
Restructuring charges, net - cost of goods sold15,202 14,957 
Transformational costs - cost of goods sold13,270 8,853 
Impairment of long-lived assets - cost of goods sold8,705 — 
EDC related liability valuation increase - research and development12,534 11,685 
Transformational costs - Research and development4,423 — 
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative770 770 
EDC related liability valuation increase - selling, general and administrative8,356 7,790 
Transformational costs - selling, general and administrative4,423 16,051 
Restructuring charges, net - operating expenses15,246 1,688 
Amortization of note discounts - other income (expense), net753 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 calculation131,518 132,220 

 



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 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 combinations3,076 2,631 
EDC related liability valuation increase6,963 6,492 
Restructuring charges, net15,202 14,957 
Transformational costs13,270 8,853 
Impairment of long-lived assets8,705 — 
Non-GAAP gross margin$1,847,752 $1,790,388 
U.S. GAAP gross margin as a percentage of revenue47.5 %46.8 %
Non-GAAP gross margin as a percentage of revenue48.7 %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 revenue27.9 %28.1 %
Non-GAAP operating income as a percent of revenue30.3 %30.0 %
 
Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com


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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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