0000707549-24-000125.txt : 20241023 0000707549-24-000125.hdr.sgml : 20241023 20241023160712 ACCESSION NUMBER: 0000707549-24-000125 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20241023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20241023 DATE AS OF CHANGE: 20241023 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: 0629 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12933 FILM NUMBER: 241389283 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-20241023.htm 8-K lrcx-20241023
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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): October 23, 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)
(510) 572-0200
(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 October 23, 2024, Lam Research Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 29, 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:October 23, 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_exhibitx991xq1x2025.htm EX-99.1 Document

Exhibit 99.1
FOR IMMEDIATE RELEASE        
Lam Research Corporation Reports Financial Results for the Quarter Ended September 29, 2024
FREMONT, Calif., October 23, 2024 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 29, 2024 (the “September 2024 quarter”).
On May 21, 2024, the Company announced a ten-for-one stock split which was effective October 2, 2024. All references made to share or per share amounts in this press release have been adjusted to reflect the stock split, unless otherwise indicated.
Highlights for the September 2024 quarter were as follows:
•Revenue of $4.17 billion.
•U.S. GAAP gross margin of 48.0%, U.S. GAAP operating income as a percentage of revenue of 30.3%, and U.S. GAAP diluted EPS of $0.86.
•Non-GAAP gross margin of 48.2%, non-GAAP operating income as a percentage of revenue of 30.9%, and non-GAAP diluted EPS of $0.86.
Key Financial Data for the Quarters Ended
September 29, 2024 and June 30, 2024
(in thousands, except per-share data, percentages, and basis points) 
U.S. GAAP
 September 2024June 2024Change Q/Q
Revenue$4,167,976 $3,871,507 + 8%
Gross margin as percentage of revenue48.0 %47.5 %+ 50 bps
Operating income as percentage of revenue30.3 %29.1 %+ 120 bps
Diluted EPS pre-split$8.56 $7.78 + 10%
Diluted EPS post-split$0.86 $0.78 + 10%
Non-GAAP
 September 2024June 2024Change Q/Q
Revenue$4,167,976 $3,871,507 + 8%
Gross margin as percentage of revenue48.2 % 48.5 %- 30 bps
Operating income as percentage of revenue30.9 % 30.7 %+ 20 bps
Diluted EPS pre-split$8.60 $8.14 + 6%
Diluted EPS post-split$0.86  $0.81 + 6%

U.S. GAAP Financial Results
For the September 2024 quarter, revenue was $4,168 million, gross margin was $2,003 million, or 48.0% of revenue, operating expenses were $738 million, operating income was 30.3% of revenue, and net income was $1,116 million, or $0.86 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,872 million, gross margin of $1,840 million, or 47.5% of revenue, operating expenses of $714 million, operating income of 29.1% of revenue, and net income of $1,020 million, or $0.78 per diluted share, for the quarter ended June 30, 2024 (the “June 2024 quarter”).
Non-GAAP Financial Results
For the September 2024 quarter, non-GAAP gross margin was $2,009 million, or 48.2% of revenue, non-GAAP operating expenses were $722 million, non-GAAP operating income was 30.9% of revenue, and non-GAAP net income was $1,122 million, or $0.86 per diluted share. This compares to non-GAAP gross margin of $1,876 million, or 48.5% of revenue, non-GAAP operating expenses of $689 million, non-GAAP operating income of 30.7% of revenue, and non-GAAP net income of $1,067 million, or $0.81 per diluted share, for the June 2024 quarter.

“With continued strong execution, Lam delivered financial performance ahead of expectations,” said Tim Archer, Lam Research's President and Chief Executive Officer. “Looking forward, etch and deposition are fundamental to enabling the next generation of semiconductors. Our investments in key technology inflections position us well to outperform WFE growth in 2025 and beyond.”


Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances increased to $6.1 billion at the end of the September 2024 quarter compared to $5.9 billion at the end of the June 2024 quarter. The increase was primarily the result of cash generated from operating activities, partially offset by cash deployed for capital return activities and capital expenditures during the quarter.
Deferred revenue at the end of the September 2024 quarter increased to $2,047 million compared to $1,552 million as of the end of the June 2024 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom control 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 $184 million as of September 29, 2024 and $98 million as of June 30, 2024.
Revenue
The geographic distribution of revenue during the September 2024 quarter is shown in the following table:
RegionRevenue
China37%
Korea18%
Taiwan15%
United States12%
Japan7%
Southeast Asia6%
Europe5%
The following table presents revenue disaggregated between system and customer support-related revenue:
Three Months Ended
September 29,
2024		June 30,
2024		September 24,
2023
(In thousands)
Systems revenue$2,392,730 $2,169,885 $2,056,655 
Customer support-related revenue and other1,775,246 1,701,622 1,425,407 
$4,167,976 $3,871,507 $3,482,062 
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 December 29, 2024, Lam is providing the following guidance:
U.S. GAAPReconciling ItemsNon-GAAP
Revenue$4.30 Billion+/-$300 Million—$4.30 Billion+/-$300 Million
Gross margin as a percentage of revenue46.9%+/-1%$2.8 Million47.0%+/-1%
Operating income as a percentage of revenue29.9%+/-1%$3.4 Million30.0%+/-1%
Net income per diluted share$0.87+/-$0.10$3.9 Million$0.87+/-$0.10
Diluted share count1.29 Billion—1.29 Billion
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 - amortization related to intangible assets acquired through business combinations, $2.8 million.



•Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $3.4 million.

•Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.4 million; amortization of debt discounts, $0.8 million; and associated tax benefit for non-GAAP items ($0.3 million); totaling $3.9 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 September 2024 and June 2024 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, and the net income tax effect of non-GAAP items. The June 2024 non-GAAP results also exclude net restructuring charges, and transformational costs.
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 operational execution; the technologies that will enable the next generation of semiconductors; the extent of our investments in product development and the relevance of those investments to key technology inflections; our competitive positioning; wafer fabrication equipment (“WFE”) spending growth; and our positioning and prospects for performance relative to WFE growth. 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 30, 2024. 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 Ended
 September 29,
2024		June 30,
2024		September 24,
2023
Revenue$4,167,976 $3,871,507 $3,482,062 
Cost of goods sold2,165,293 2,026,133 1,819,420 
Restructuring charges, net - cost of goods sold— 5,276 7,940 
Total cost of goods sold2,165,293 2,031,409 1,827,360 
Gross margin2,002,683 1,840,098 1,654,702 
Gross margin as a percent of revenue48.0 %47.5 %47.5 %
Research and development495,358 497,829 422,629 
Selling, general and administrative243,128 216,477 207,023 
Restructuring charges, net - operating expenses— (768)2,021 
Total operating expenses738,486 713,538 631,673 
Operating income1,264,197 1,126,560 1,023,029 
Operating income as a percent of revenue30.3 %29.1 %29.4 %
Other income (expense), net30,081 27,796 2,601 
Income before income taxes1,294,278 1,154,356 1,025,630 
Income tax expense(177,834)(134,074)(138,232)
Net income$1,116,444 $1,020,282 $887,398 
Pre-split:
Net income per share:
Basic$8.59 $7.81 $6.69 
Diluted$8.56 $7.78 $6.66 
Number of shares used in per share calculations:
Basic129,924 130,633 132,584 
Diluted130,407 131,112 133,166 
Cash dividend declared per common share$2.30 $2.00 $2.00 
Post-split:
Net income per share:
Basic$0.86 $0.78 $0.67 
Diluted$0.86 $0.78 $0.67 
Number of shares used in per share calculations:
Basic1,299,236 1,306,333 1,325,840 
Diluted1,304,066 1,311,118 1,331,664 
Cash dividend declared per common share$0.23 $0.20 $0.20 
 




 LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
September 29,
2024		June 30,
2024		September 24,
2023
(unaudited)(1)(unaudited)
ASSETS
Cash and cash equivalents$6,067,471 $5,847,856 $5,126,150 
Accounts receivable, net2,937,217 2,519,250 2,810,953 
Inventories4,209,878 4,217,924 4,747,781 
Prepaid expenses and other current assets277,802 298,190 308,678 
Total current assets13,492,368 12,883,220 12,993,562 
Property and equipment, net2,214,269 2,154,518 2,110,511 
Goodwill and intangible assets1,758,344 1,765,073 1,784,000 
Other assets2,067,508 1,941,917 1,650,384 
Total assets$19,532,489 $18,744,728 $18,538,457 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt and finance lease obligations$504,682 $504,814 $3,861 
Other current liabilities4,837,986 3,833,624 4,243,316 
Total current liabilities5,342,668 4,338,438 4,247,177 
Long-term debt and finance lease obligations4,479,087 4,478,520 4,980,460 
Income taxes payable664,717 813,304 780,511 
Other long-term liabilities574,126 575,012 482,979 
Total liabilities11,060,598 10,205,274 10,491,127 
Stockholders’ equity (2)8,471,891 8,539,454 8,047,330 
Total liabilities and stockholders’ equity$19,532,489 $18,744,728 $18,538,457 
 
(1)Derived from audited financial statements.
(2)
Common shares issued and outstanding were 1,291,958 as of September 29, 2024, 1,303,769 as of June 30, 2024, and 1,320,721 as of September 24, 2023.
 




 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
 Three Months Ended
 September 29,
2024		June 30,
2024		September 24,
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,116,444 $1,020,282 $887,398 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization94,295 88,357 90,479 
Deferred income taxes(108,722)(61,375)(24,238)
Equity-based compensation expense80,011 79,092 67,211 
Other, net(457)(3,999)(150)
Changes in operating assets and liabilities386,900 (259,927)(69,537)
Net cash provided by operating activities1,568,471 862,430 951,163 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets(110,588)(100,748)(76,992)
Net maturities and sales of available-for-sale securities— — 7,275 
Other, net37 (865)(4,966)
Net cash used for investing activities(110,551)(101,613)(74,683)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations(934)(949)(253,109)
Treasury stock purchases(997,035)(373,550)(843,238)
Dividends paid(260,985)(261,462)(230,332)
Reissuance of treasury stock related to employee stock purchase plan— 66,885 — 
Proceeds from issuance of common stock, net issuance costs(43)2,796 2,818 
Other, net(324)(7,871)(2,151)
Net cash used for financing activities(1,259,321)(574,151)(1,326,012)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash22,682 (9,616)(11,031)
Net change in cash, cash equivalents, and restricted cash221,281 177,050 (460,563)
Cash, cash equivalents, and restricted cash at beginning of period (1)
5,850,803 5,673,753 5,587,372 
Cash, cash equivalents, and restricted cash at end of period (1)
$6,072,084 $5,850,803 $5,126,809 

(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
September 29,
2024		June 30,
2024
Revenue$4,167,976 $3,871,507 
Gross margin$2,009,022 $1,876,345 
Gross margin as percentage of revenue48.2 %48.5 %
Operating expenses$722,148 $689,133 
Operating income$1,286,874 $1,187,212 
Operating income as a percentage of revenue30.9 %30.7 %
Net income$1,121,507 $1,066,890 
Pre-split:
Net income per diluted share$8.60 $8.14 
Shares used in per share calculation - diluted130,407 131,112 
Post-split:
Net income per diluted share$0.86 $0.81 
Shares used in per share calculation - diluted1,304,066 1,311,118 
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited) 
Three Months Ended
September 29,
2024		June 30,
2024
U.S. GAAP net income$1,116,444 $1,020,282 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold3,076 3,076 
Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold3,263 2,488 
Restructuring charges, net - cost of goods sold— 5,276 
Transformational costs - cost of goods sold— 25,407 
EDC related liability valuation increase - research and development8,136 4,479 
Transformational costs - Research and development— 8,469 
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative692 770 
EDC related liability valuation increase - selling, general and administrative7,510 2,986 
Transformational costs - selling, general and administrative— 8,469 
Restructuring charges, net - operating expenses— (768)
Amortization of note discounts - other income (expense), net765 759 
Gain on EDC related asset - other income (expense), net(17,420)(9,643)
Net income tax benefit on non-GAAP items(959)(5,160)
Non-GAAP net income$1,121,507 $1,066,890 
Pre-split
Non-GAAP net income per diluted share$8.60 $8.14 
U.S. GAAP net income per diluted share$8.56 $7.78 
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation130,407 131,112 
Post-split
Non-GAAP net income per diluted share$0.86 $0.81 
U.S. GAAP net income per diluted share$0.86 $0.78 
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation1,304,066 1,311,118 



 
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
September 29,
2024		June 30,
2024
U.S. GAAP gross margin$2,002,683 $1,840,098 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations3,076 3,076 
EDC related liability valuation increase3,263 2,488 
Restructuring charges, net— 5,276 
Transformational costs— 25,407 
Non-GAAP gross margin$2,009,022 $1,876,345 
U.S. GAAP gross margin as a percentage of revenue48.0 %47.5 %
Non-GAAP gross margin as a percentage of revenue48.2 %48.5 %
U.S. GAAP operating expenses$738,486 $713,538 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations(692)(770)
EDC related liability valuation increase(15,646)(7,465)
Restructuring charges, net— 768 
Transformational costs— (16,938)
Non-GAAP operating expenses$722,148 $689,133 
U.S. GAAP operating income$1,264,197 $1,126,560 
Non-GAAP operating income$1,286,874 $1,187,212 
U.S. GAAP operating income as percent of revenue30.3 %29.1 %
Non-GAAP operating income as a percent of revenue30.9 %30.7 %
 
Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com


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Cover page
Oct. 23, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 23, 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
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