Lam Research Corporation Reports Financial Results for the Quarter Ended June 30, 2024
Lam Research (LRCX) reported financial results for Q2 2024 ending June 30. Key highlights include:
- Revenue of $3.87 billion, up 2.1% quarter-over-quarter
- GAAP EPS of $7.78, up 6.0% Q/Q
- Non-GAAP EPS of $8.14, up 4.5% Q/Q
- GAAP operating income at 29.1% of revenue, up 120 bps Q/Q
- Non-GAAP operating income at 30.7% of revenue, up 40 bps Q/Q
The company saw growth in its customer support business. For Q3 2024, Lam expects revenue of $4.05 billion ± $300 million and non-GAAP EPS of $8.00 ± $0.75. CEO Tim Archer noted strategic investments in R&D and operations to position Lam for outperformance in anticipated multi-year strong wafer fab equipment spending.
Lam Research (LRCX) ha riportato i risultati finanziari per il secondo trimestre del 2024, terminato il 30 giugno. Punti salienti includono:
- Ricavi di 3,87 miliardi di dollari, in aumento del 2,1% rispetto al trimestre precedente
- EPS GAAP di 7,78 dollari, in aumento del 6,0% Q/Q
- EPS non-GAAP di 8,14 dollari, in aumento del 4,5% Q/Q
- Reddito operativo GAAP al 29,1% dei ricavi, in aumento di 120 punti base Q/Q
- Reddito operativo non-GAAP al 30,7% dei ricavi, in aumento di 40 punti base Q/Q
L'azienda ha registrato una crescita nel suo settore di supporto ai clienti. Per il terzo trimestre del 2024, Lam prevede ricavi di 4,05 miliardi di dollari ± 300 milioni e un EPS non-GAAP di 8,00 dollari ± 0,75. Il CEO Tim Archer ha sottolineato investimenti strategici in Ricerca e Sviluppo e operazioni per posizionare Lam per una performance superiore in previsione di una forte spesa pluriennale attesa per le attrezzature di fabbricazione di wafer.
Lam Research (LRCX) informó los resultados financieros para el segundo trimestre de 2024, finalizado el 30 de junio. Los puntos destacados incluyen:
- Ingresos de 3.87 mil millones de dólares, un aumento del 2.1% en comparación con el trimestre anterior
- EPS GAAP de 7.78 dólares, un incremento del 6.0% Q/Q
- EPS no-GAAP de 8.14 dólares, un aumento del 4.5% Q/Q
- Ingresos operativos GAAP del 29.1% de los ingresos, un aumento de 120 puntos base Q/Q
- Ingresos operativos no-GAAP del 30.7% de los ingresos, un incremento de 40 puntos base Q/Q
La empresa vio un crecimiento en su negocio de soporte al cliente. Para el tercer trimestre de 2024, Lam espera ingresos de 4.05 mil millones de dólares ± 300 millones y un EPS no-GAAP de 8.00 dólares ± 0.75. El CEO Tim Archer destacó inversiones estratégicas en I+D y operaciones para posicionar a Lam para un desempeño superior en el anticipado gasto robusto en equipos de fabricación de obleas durante varios años.
Lam Research (LRCX)는 2024년 2분기(6월 30일 종료)의 재무 결과를 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 수익 38.7억 달러, 이전 분기 대비 2.1% 증가
- GAAP EPS 7.78 달러, 분기 대비 6.0% 증가
- 비GAAP EPS 8.14 달러, 분기 대비 4.5% 증가
- GAAP 운영 수익률 29.1%로 수익의 120bp 증가
- 비GAAP 운영 수익률 30.7%로 수익의 40bp 증가
회사는 고객 지원 사업에서 성장을 보였습니다. 2024년 3분기에는 수익 40.5억 달러 ± 3억 달러와 비GAAP EPS 8.00 달러 ± 0.75를 예상하고 있습니다. CEO Tim Archer는 다년간 강력한 웨이퍼 팹 장비 지출이 예상되는 가운데 Lam이 우수한 성과를 낼 수 있도록 R&D 및 운영에 대한 전략적 투자를 강조했습니다.
Lam Research (LRCX) a publié les résultats financiers pour le deuxième trimestre 2024 se terminant le 30 juin. Les points clés incluent:
- Revenus de 3,87 milliards de dollars, en hausse de 2,1 % par rapport au trimestre précédent
- Bénéfice par action GAAP de 7,78 dollars, en hausse de 6,0 % T/T
- Bénéfice par action non-GAAP de 8,14 dollars, en hausse de 4,5 % T/T
- Revenu opérationnel GAAP à 29,1 % des revenus, en hausse de 120 points de base T/T
- Revenu opérationnel non-GAAP à 30,7 % des revenus, en hausse de 40 points de base T/T
L'entreprise a connu une croissance deson activité de support client. Pour le troisième trimestre 2024, Lam prévoit des revenus de 4,05 milliards de dollars ± 300 millions et un bénéfice par action non-GAAP de 8,00 dollars ± 0,75. Le PDG Tim Archer a souligné les investissements stratégiques dans la R&D et les opérations pour positionner Lam pour une performance supérieure dans la forte dépense anticipée pluriennale pour les équipements de fabrication de wafers.
Lam Research (LRCX) hat die finanziellen Ergebnisse für das zweite Quartal 2024, das am 30. Juni endete, bekannt gegeben. Wichtige Highlights sind:
- Umsatz von 3,87 Milliarden US-Dollar, ein Anstieg von 2,1 % im Vergleich zum Vorquartal
- GAAP EPS von 7,78 US-Dollar, ein Anstieg von 6,0 % Q/Q
- Non-GAAP EPS von 8,14 US-Dollar, ein Anstieg von 4,5 % Q/Q
- GAAP Betriebsergebnis bei 29,1 % des Umsatzes, ein Anstieg um 120 Basispunkte Q/Q
- Non-GAAP Betriebsergebnis bei 30,7 % des Umsatzes, ein Anstieg um 40 Basispunkte Q/Q
Das Unternehmen verzeichnete Wachstum im Bereich Kundensupport. Für das dritte Quartal 2024 erwartet Lam einen Umsatz von 4,05 Milliarden US-Dollar ± 300 Millionen und ein Non-GAAP EPS von 8,00 US-Dollar ± 0,75. CEO Tim Archer betonte strategische Investitionen in Forschung und Entwicklung sowie in den Betrieb, um Lam für eine überdurchschnittliche Leistung in der erwarteten mehrjährigen starken Ausgaben für Wafer-Fab-Ausrüstung zu positionieren.
- Revenue increased 2.1% quarter-over-quarter to $3.87 billion
- GAAP EPS grew 6.0% Q/Q to $7.78
- Non-GAAP EPS rose 4.5% Q/Q to $8.14
- GAAP operating income as percentage of revenue improved 120 bps Q/Q to 29.1%
- Non-GAAP operating income as percentage of revenue increased 40 bps Q/Q to 30.7%
- Customer support business group showed growth
- Cash and cash equivalents increased to $5.9 billion from $5.7 billion in previous quarter
- Non-GAAP gross margin decreased 20 bps Q/Q to 48.5%
- Deferred revenue decreased to $1,552 million from $1,746 million in previous quarter
Insights
Lam Research's Q2 2024 results demonstrate solid performance amid challenging market conditions. Revenue increased 2.1% quarter-over-quarter to
Key highlights include:
- U.S. GAAP operating income as a percentage of revenue improved by 120 basis points to
29.1% - Non-GAAP gross margin slightly decreased by 20 basis points to
48.5% - Customer support-related revenue grew significantly, indicating strong recurring revenue streams
The company's guidance for Q3 2024 suggests continued growth, with expected revenue of
However, investors should note the potential impact of geopolitical tensions, particularly given Lam's
Lam Research's latest results reflect the ongoing demand for advanced semiconductor manufacturing equipment. The
Notable trends include:
- Strong performance in customer support business, suggesting increased utilization of existing equipment
- Continued dominance in China (
39% of revenue), highlighting Lam's strong position in this important market - Balanced geographic revenue distribution, with significant contributions from Korea (
18% ) and Taiwan (15% )
The company's focus on R&D investments is critical, as it prepares for what management believes will be a "multi-year period of strong wafer fab equipment spending." This aligns with industry expectations of increased demand for advanced nodes and specialty technologies.
However, the semiconductor equipment industry remains cyclical. While Lam's diverse product portfolio and strong customer support business provide some insulation, investors should monitor broader industry trends and potential impacts from ongoing global chip shortages and geopolitical tensions.
Highlights for the June 2024 quarter were as follows:
- Revenue of
$3.87 billion U.S. GAAP gross margin of47.5% ,U.S. GAAP operating income as a percentage of revenue of29.1% , andU.S. GAAP diluted EPS of$7.78 - Non-GAAP gross margin of
48.5% , non-GAAP operating income as a percentage of revenue of30.7% , and non-GAAP diluted EPS of$8.14
Key Financial Data for the Quarters Ended June 30, 2024 and March 31, 2024 (in thousands, except per-share data, percentages, and basis points)
| ||||||
June 2024 | March 2024 | Change Q/Q | ||||
Revenue | $ 3,871,507 | $ 3,793,558 | +2.1 % | |||
Gross margin as percentage of revenue | 47.5 % | 47.5 % | + 0 bps | |||
Operating income as percentage of revenue | 29.1 % | 27.9 % | + 120 bps | |||
Diluted EPS | $ 7.78 | $ 7.34 | +6.0 % | |||
Non-GAAP | ||||||
June 2024 | March 2024 | Change Q/Q | ||||
Revenue | $ 3,871,507 | $ 3,793,558 | +2.1 % | |||
Gross margin as percentage of revenue | 48.5 % | 48.7 % | - 20 bps | |||
Operating income as percentage of revenue | 30.7 % | 30.3 % | + 40 bps | |||
Diluted EPS | $ 8.14 | $ 7.79 | +4.5 % | |||
For the June 2024 quarter, revenue was
Non-GAAP Financial Results
For the June 2024 quarter, non-GAAP gross margin was
"Lam's June quarter results came in above the midpoint of our guidance, driven by continued solid execution and growth in our customer support business group," said Tim Archer, Lam Research's President and Chief Executive Officer. "We are making strategic investments in R&D and our operations to position Lam to outperform in what we believe will be a multi-year period of strong wafer fab equipment spending."
Balance Sheet and Cash Flow Results
Cash and cash equivalents and restricted cash balances increased to
Deferred revenue at the end of the June 2024 quarter decreased to
Revenue
The geographic distribution of revenue during the June 2024 quarter is shown in the following table:
Region | Revenue |
39 % | |
18 % | |
15 % | |
10 % | |
8 % | |
7 % | |
3 % |
The following table presents revenue disaggregated between system and customer support-related revenue:
Three Months Ended | |||||
June 30, | March 31, | June 25, | |||
(In thousands) | |||||
Systems revenue | $ 2,169,885 | $ 2,395,817 | $ 1,710,359 | ||
Customer support-related revenue and other | 1,701,622 | 1,397,741 | 1,496,898 | ||
$ 3,871,507 | $ 3,793,558 | $ 3,207,257 | |||
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 September 29, 2024, Lam is providing the following guidance:
Reconciling | Non-GAAP | |||||||||
Revenue | +/- | — | +/- | |||||||
Gross margin as a percentage of revenue | 46.9 % | +/- | 1 % | $ 3.1 | Million | 47.0 % | +/- | 1 % | ||
Operating income as a percentage of revenue | 29.4 % | +/- | 1 % | $ 3.8 | Million | 29.5 % | +/- | 1 % | ||
Net income per diluted share | +/- | $ 4.3 | Million | +/- | ||||||
Diluted share count | 131 million | — | 131 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.
- Gross margin as a percentage of revenue - amortization related to intangible assets acquired through business combinations,
$3.1 million - Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations,
$3.8 million - Net income per diluted share - amortization related to intangible assets acquired though business combinations,
$3.8 million $0.8 million $0.3 million $4.3 million
Use of Non-GAAP Financial Results
In addition to
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
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 investment in R&D and our operations; our competitive positioning and potential to outperform within our industry; and our expectations for the strength of future wafer fabrication equipment spending. 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 March 31, 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
Consolidated Financial Tables Follow.
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data and percentages) | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
June 30, | March 31, | June 25, | June 30, | June 25, | |||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (1) | |||||
Revenue | $ 3,871,507 | $ 3,793,558 | $ 3,207,257 | ||||||
Cost of goods sold | 2,026,133 | 1,977,820 | 1,737,682 | 7,809,220 | 9,573,425 | ||||
Restructuring charges, net - cost of goods sold | 5,276 | 15,202 | 11,446 | 43,375 | 78,166 | ||||
Total cost of goods sold | 2,031,409 | 1,993,022 | 1,749,128 | 7,852,595 | 9,651,591 | ||||
Gross margin | 1,840,098 | 1,800,536 | 1,458,129 | 7,052,791 | 7,776,925 | ||||
Gross margin as a percent of revenue | 47.5 % | 47.5 % | 45.5 % | 47.3 % | 44.6 % | ||||
Research and development | 497,829 | 512,274 | 401,951 | 1,902,444 | 1,727,162 | ||||
Selling, general and administrative | 216,477 | 215,904 | 199,831 | 868,247 | 832,753 | ||||
Restructuring charges, net - operating expenses | (768) | 15,246 | 1,742 | 18,187 | 42,150 | ||||
Total operating expenses | 713,538 | 743,424 | 603,524 | 2,788,878 | 2,602,065 | ||||
Operating income | 1,126,560 | 1,057,112 | 854,605 | 4,263,913 | 5,174,860 | ||||
Operating income as a percent of revenue | 29.1 % | 27.9 % | 26.6 % | 28.6 % | 29.7 % | ||||
Other income (expense), net | 27,796 | 36,073 | 9,010 | 96,309 | (65,650) | ||||
Income before income taxes | 1,154,356 | 1,093,185 | 863,615 | 4,360,222 | 5,109,210 | ||||
Income tax expense | (134,074) | (127,359) | (61,078) | (532,450) | (598,279) | ||||
Net income | $ 1,020,282 | $ 965,826 | $ 802,537 | $ 3,827,772 | $ 4,510,931 | ||||
Net income per share: | |||||||||
Basic | $ 7.81 | $ 7.38 | $ 5.99 | $ 29.13 | $ 33.30 | ||||
Diluted | $ 7.78 | $ 7.34 | $ 5.97 | $ 29.00 | $ 33.21 | ||||
Number of shares used in per share calculations: | |||||||||
Basic | 130,633 | 130,838 | 134,052 | 131,410 | 135,472 | ||||
Diluted | 131,112 | 131,518 | 134,392 | 131,995 | 135,834 | ||||
Cash dividend declared per common share | $ 2.00 | $ 2.00 | $ 1.725 | $ 8.00 | $ 6.90 | ||||
(1) | Derived from audited financial statements |
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||
June 30, | March 31, | June 25, | |||
(unaudited) | (unaudited) | (1) | |||
ASSETS | |||||
Cash and cash equivalents | $ 5,847,856 | $ 5,672,232 | $ 5,337,056 | ||
Accounts receivable, net | 2,519,250 | 2,203,707 | 2,823,376 | ||
Inventories | 4,217,924 | 4,322,967 | 4,816,190 | ||
Prepaid expenses and other current assets | 298,190 | 289,530 | 251,790 | ||
Total current assets | 12,883,220 | 12,488,436 | 13,228,412 | ||
Property and equipment, net | 2,154,518 | 2,181,741 | 1,856,672 | ||
Goodwill and intangible assets | 1,765,073 | 1,768,998 | 1,790,943 | ||
Other assets | 1,941,917 | 1,840,475 | 1,905,616 | ||
Total assets | $ 18,744,728 | $ 18,279,650 | $ 18,781,643 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current portion of long-term debt and finance lease obligations | $ 504,814 | $ 505,066 | $ 8,358 | ||
Other current liabilities | 3,833,624 | 3,925,023 | 4,176,560 | ||
Total current liabilities | 4,338,438 | 4,430,089 | 4,184,918 | ||
Long-term debt and finance lease obligations | 4,478,520 | 4,478,385 | 5,003,183 | ||
Income taxes payable | 813,304 | 832,397 | 882,084 | ||
Other long-term liabilities | 575,012 | 516,678 | 501,286 | ||
Total liabilities | 10,205,274 | 10,257,549 | 10,571,471 | ||
Stockholders' equity (2) | 8,539,454 | 8,022,101 | 8,210,172 | ||
Total liabilities and stockholders' equity | $ 18,744,728 | $ 18,279,650 | $ 18,781,643 | ||
(1) | Derived from audited financial statements |
(2) | Common shares issued and outstanding were 130,377 as of June 30, 2024, 130,736 as of March 31, 2024, and 133,297 as of June 25, 2023 |
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
June 30, | March 31, | June 25, | June 30, | June 25, | |||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (1) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income | $ 1,020,282 | $ 965,826 | $ 802,537 | $ 3,827,772 | $ 4,510,931 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 88,357 | 89,922 | 89,604 | 359,699 | 342,432 | ||||
Deferred income taxes | (61,375) | (24,621) | (38,960) | (198,981) | (172,061) | ||||
Equity-based compensation expense | 79,092 | 76,854 | 68,495 | 293,058 | 286,600 | ||||
Other, net | (3,999) | 10,210 | 40,761 | 10,243 | 52,298 | ||||
Changes in operating assets and liabilities | (259,927) | 266,645 | 160,288 | 360,478 | 158,738 | ||||
Net cash provided by operating activities | 862,430 | 1,384,836 | 1,122,725 | 4,652,269 | 5,178,938 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Capital expenditures and intangible assets | (100,748) | (103,654) | (78,670) | (396,670) | (501,568) | ||||
Business acquisitions, net of cash acquired | — | — | — | — | (119,955) | ||||
Net maturities and sale of available-for-sale securities | — | 14,650 | 26,280 | 37,766 | 98,132 | ||||
Other, net | (865) | (3,356) | (2,790) | (11,710) | (11,171) | ||||
Net cash used for investing activities | (101,613) | (92,360) | (55,180) | (370,614) | (534,562) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Principal payments on debt, including finance lease obligations | (949) | (1,060) | (2,061) | (256,104) | (23,206) | ||||
Treasury stock purchases | (373,550) | (980,561) | (869,014) | (2,842,807) | (2,017,012) | ||||
Dividends paid | (261,462) | (262,707) | (232,336) | (1,018,915) | (907,907) | ||||
Reissuance of treasury stock related to employee stock purchase plan | 66,885 | — | 64,903 | 119,966 | 109,899 | ||||
Proceeds from issuance of common stock | 2,796 | 8,235 | 3,438 | 15,553 | 11,111 | ||||
Other, net | (7,871) | 300 | (2,916) | (13,543) | (3,552) | ||||
Net cash used for financing activities | (574,151) | (1,235,793) | (1,037,986) | (3,995,850) | (2,830,667) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (9,616) | (8,452) | 1,477 | (22,374) | 128 | ||||
Net change in cash, cash equivalents, and restricted cash | 177,050 | 48,231 | 31,036 | 263,431 | 1,813,837 | ||||
Cash, cash equivalents, and restricted cash at beginning of period (2) | 5,673,753 | 5,625,522 | 5,556,336 | 5,587,372 | 3,773,535 | ||||
Cash, cash equivalents, and restricted cash at end of period (2) | $ 5,850,803 | $ 5,673,753 | $ 5,587,372 | $ 5,850,803 | $ 5,587,372 | ||||
(1) | Derived from audited financial statements |
(2) | 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 | |||
June 30, | March 31, | ||
Revenue | $ 3,871,507 | $ 3,793,558 | |
Gross margin | $ 1,876,345 | $ 1,847,752 | |
Gross margin as percentage of revenue | 48.5 % | 48.7 % | |
Operating expenses | $ 689,133 | $ 697,672 | |
Operating income | $ 1,187,212 | $ 1,150,080 | |
Operating income as a percentage of revenue | 30.7 % | 30.3 % | |
Net income | $ 1,066,890 | $ 1,024,206 | |
Net income per diluted share | $ 8.14 | $ 7.79 | |
Shares used in per share calculation - diluted | 131,112 | 131,518 | |
Reconciliation of (in thousands, except per share data) (unaudited) | |||
Three Months Ended | |||
June 30, | March 31, | ||
$ 1,020,282 | $ 965,826 | ||
Pre-tax non-GAAP items: | |||
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold | 3,076 | 3,076 | |
Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold | 2,488 | 6,963 | |
Restructuring charges, net - cost of goods sold | 5,276 | 15,202 | |
Transformational costs - cost of goods sold | 25,407 | 13,270 | |
Impairment of long-lived assets - cost of goods sold | — | 8,705 | |
EDC related liability valuation increase - research and development | 4,479 | 12,534 | |
Transformational costs - research and development | 8,469 | 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 | 2,986 | 8,356 | |
Transformational costs - selling, general and administrative | 8,469 | 4,423 | |
Restructuring charges, net - operating expenses | (768) | 15,246 | |
Amortization of note discounts - other income (expense), net | 759 | 753 | |
Gain on EDC related asset - other income (expense), net | (9,643) | (26,495) | |
Net income tax benefit on non-GAAP items | (5,160) | (8,846) | |
Non-GAAP net income | $ 1,066,890 | $ 1,024,206 | |
Non-GAAP net income per diluted share | $ 8.14 | $ 7.79 | |
$ 7.78 | $ 7.34 | ||
131,112 | 131,518 | ||
Reconciliation of Operating Expenses and Operating Income (in thousands, except percentages) (unaudited) | |||
Three Months Ended | |||
June 30, | March 31, | ||
$ 1,840,098 | $ 1,800,536 | ||
Pre-tax non-GAAP items: | |||
Amortization related to intangible assets acquired through certain business combinations | 3,076 | 3,076 | |
EDC related liability valuation increase | 2,488 | 6,963 | |
Restructuring charges, net | 5,276 | 15,202 | |
Transformational costs | 25,407 | 13,270 | |
Impairment of long-lived assets | — | 8,705 | |
Non-GAAP gross margin | $ 1,876,345 | $ 1,847,752 | |
47.5 % | 47.5 % | ||
Non-GAAP gross margin as a percentage of revenue | 48.5 % | 48.7 % | |
$ 713,538 | $ 743,424 | ||
Pre-tax non-GAAP items: | |||
Amortization related to intangible assets acquired through certain business combinations | (770) | (770) | |
EDC related liability valuation increase | (7,465) | (20,890) | |
Restructuring charges, net | 768 | (15,246) | |
Transformational costs | (16,938) | (8,846) | |
Non-GAAP operating expenses | $ 689,133 | $ 697,672 | |
$ 1,126,560 | $ 1,057,112 | ||
Non-GAAP operating income | $ 1,187,212 | $ 1,150,080 | |
29.1 % | 27.9 % | ||
Non-GAAP operating income as a percent of revenue | 30.7 % | 30.3 % | |
Lam Research Corporation Contact:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com
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SOURCE Lam Research Corporation
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