Lam Research Corp. (Nasdaq:LRCX) today announced financial results
for the quarter ended September 25, 2016 (the "September 2016
quarter").
Highlights for the September 2016 quarter were as follows:
- Shipments of $1,708 million and revenue of $1,632 million.
- GAAP gross margin of 43.9%, GAAP operating margin of 19.4%, and
GAAP diluted EPS of $1.47.
- Non-GAAP gross margin of 45.2%, non-GAAP operating margin of
22.4%, and non-GAAP diluted EPS of $1.81.
|
Key
Financial Data for the Quarters Ended September 25, 2016 and
June 26, 2016 (in thousands, except per-share data,
percentages, and basis points) |
|
U.S. GAAP |
|
|
September 2016 |
|
June 2016 |
|
Change Q/Q |
Shipments |
|
$ |
1,708,483 |
|
|
$ |
1,587,417 |
|
|
|
+ 8 |
% |
Revenue |
|
$ |
1,632,419 |
|
|
$ |
1,546,261 |
|
|
|
+ 6 |
% |
Gross margin as
percentage of revenue |
|
43.9 |
% |
|
45.2 |
% |
|
-130 bps |
Operating margin as
percentage of revenue |
|
19.4 |
% |
|
20.0 |
% |
|
- 60 bps |
Diluted EPS |
|
$ |
1.47 |
|
|
$ |
1.46 |
|
|
|
+ 1 |
% |
|
Non-GAAP |
|
|
September 2016 |
|
June 2016 |
|
Change Q/Q |
Shipments |
|
$ |
1,708,483 |
|
|
$ |
1,587,417 |
|
|
|
+ 8 |
% |
Revenue |
|
$ |
1,632,419 |
|
|
$ |
1,546,261 |
|
|
|
+ 6 |
% |
Gross margin as
percentage of revenue |
|
45.2 |
% |
|
46.6 |
% |
|
- 140 bps |
Operating margin as
percentage of revenue |
|
22.4 |
% |
|
23.2 |
% |
|
- 80 bps |
Diluted EPS |
|
$ |
1.81 |
|
|
$ |
1.80 |
|
|
|
+ 1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP Financial Results
For the September 2016 quarter, revenue was $1,632 million,
gross margin was $716 million, or 43.9% of revenue, operating
expenses were $400 million, operating margin was 19.4% of revenue,
and net income was $264 million, or $1.47 per diluted share on a
GAAP basis. This compares to revenue of $1,546 million, gross
margin of $699 million, or 45.2% of revenue, operating expenses of
$390 million, operating margin of 20.0% of revenue, and net income
of $259 million, or $1.46 per diluted share, for the quarter ended
June 26, 2016 (the “June 2016 quarter”).
Non-GAAP Financial Results
For the September 2016 quarter, non-GAAP gross margin was $737
million or 45.2% of revenue, non-GAAP operating expenses were $372
million, non-GAAP operating margin was 22.4% of revenue, and
non-GAAP net income was $322 million, or $1.81 per diluted share.
This compares to non-GAAP gross margin of $720 million or 46.6% of
revenue, non-GAAP operating expenses of $361 million, non-GAAP
operating margin of 23.2% of revenue, and non-GAAP net income of
$315 million, or $1.80 per diluted share for the June 2016
quarter.
“Lam delivered another record quarter in shipments, revenues and
non-GAAP net income, validating the importance of having the right
products at the right time to address industry enabling technology
inflections that are critical to powering a new generation of
semiconductor devices in a world that is now clearly, more than
Moore,” said Martin Anstice, Lam Research’s President and Chief
Executive Officer. “We continue to see strong momentum for
differentiated products and services addressing key applications
including multi-patterning, 3D device architecture and advanced
packaging. The combination of our technology leadership,
disciplined operational execution and close partnerships with
customers positions us for our fifth straight calendar year of
revenue growth of approximately 18% annually over that period,
record performance in 2016 and a favorable forward looking
multi-year growth outlook."
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances increased to $7.5 billion
at the end of the September 2016 quarter compared to $7.1 billion
at the end of the June 2016 quarter. This increase was primarily
the result of approximately $473 million in cash flows from
operating activities which was partially offset by approximately
$42 million of capital expenditures; and approximately $48 million
of dividends paid to stockholders during the September 2016
quarter. As a result of the October 5, 2016 termination of the
Agreement and Plan of Merger and Reorganization with KLA-Tencor,
our Senior Notes maturing in 2023 and 2026 were redeemed on October
13, 2016 under the Special Mandatory Redemption terms of the
indenture governing these Notes, thereby reducing our cash and cash
equivalents and short-term investments balance by approximately
$1.6 billion.
Deferred revenue at the end of the September 2016 quarter
increased to $704 million as compared to $566 million at the end of
the June 2016 quarter. Deferred profit at the end of the September
2016 quarter increased to $418 million as compared to $349 million
at the end of the June 2016 quarter. Lam’s deferred revenue balance
does not include shipments to Japanese customers, to whom title
does not transfer until customer acceptance. Shipments to Japanese
customers are classified as inventory at cost until the time of
acceptance. The estimated future revenue from shipments to Japanese
customers was approximately $65 million as of September 25,
2016.
Geographic Distribution
The geographic distribution of shipments and revenue during the
September 2016 quarter is shown in the following table:
Region |
Shipments |
|
Revenue |
Taiwan |
26 |
% |
|
26 |
% |
Korea |
28 |
% |
|
23 |
% |
Japan |
11 |
% |
|
15 |
% |
China |
11 |
% |
|
14 |
% |
Southeast Asia |
11 |
% |
|
12 |
% |
United States |
8 |
% |
|
7 |
% |
Europe |
5 |
% |
|
3 |
% |
|
|
|
|
|
|
Outlook
For the December 2016 quarter, Lam is providing the following
guidance:
|
U.S. GAAP |
|
Reconciling Items |
|
Non-GAAP |
Shipments |
$1.85 Billion |
+/- |
$75 Million |
|
— |
|
$1.85 Billion |
+/- |
$75 Million |
Revenue |
$1.84 Billion |
+/- |
$75 Million |
|
— |
|
$1.84 Billion |
+/- |
$75 Million |
Gross margin |
|
44.9 |
% |
+/- |
1 |
% |
|
$ |
21 |
|
Million
|
|
|
46.0 |
% |
+/- |
1 |
% |
Operating margin |
|
23.0 |
% |
+/- |
1 |
% |
|
$ |
37 |
|
Million |
|
|
25.0 |
% |
+/- |
1 |
% |
Net income per diluted
share |
$ |
1.82 |
|
+/- |
$ |
0.10 |
|
|
$ |
60 |
|
Million |
|
$ |
2.18 |
|
+/- |
$ |
0.10 |
|
Diluted share
count |
181 Million |
|
2 |
|
Million |
|
179 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, financing
arrangements, other investments, or other significant transactions
that may be completed after the date of this release. 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 - amortization related to intangible assets
acquired in the Novellus transaction, $21 million.
- Operating margin - amortization related to intangible assets
acquired in the Novellus transaction, $37 million.
- Earnings per share - amortization related to intangible assets
acquired in the Novellus transaction, $37 million; amortization of
note discounts, $6 million; special mandatory redemption fees,
accelerated amortization of loan issuance costs and debt discounts,
and interest expense, net associated with the early redemption of
the KLA-Tencor acquisition funding, $37 million; and associated tax
benefit for non-GAAP items ($20) million; totaling $60
million.
- Diluted share count - impact of a note hedge issued
contemporaneously with the convertible notes due 2018, 2 million
shares.
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 2016 and June 2016 quarters exclude
amortization related to intangible assets acquired in the Novellus
transaction, costs associated with campus consolidation, the
amortization of note discounts, costs associated with the
KLA-Tencor acquisition and tax benefit of non-GAAP items.
Additionally, the June 2016 quarter non-GAAP results exclude
Novellus acquisition-related inventory fair value impact,
restructuring charges, gain on sale of real property, net of
associated exit costs, amortization of bridge loan issuance costs
and other related fees associated with the KLA-Tencor acquisition,
change in income tax benefit from a court ruling, and income tax
benefit on resolution of certain tax matters.
Management uses non-GAAP gross margin, operating income,
operating expenses, operating margin, 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
http://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; the estimated future revenue from shipments to
Japanese customers; economic and market conditions in the industry
and their impact on technology inflections; our growth revenue and
performance outlooks and their drivers: the extent of our
underlying fundamentals and multi-year outperformance opportunities
and our ability to strengthen those positions and accelerate
innovation for the benefit of our customers; the legal and business
factors that may affect our future tax rate; and our guidance for
shipments, revenue, gross margin, operating margin, net income or
earnings per diluted share, and diluted share count. Some factors
that may affect these forward-looking statements include: business
conditions in the consumer electronics industry, the semiconductor
industry and the overall economy may deteriorate or change; and the
actions of our customers and competitors may be inconsistent with
our expectations, 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 26, 2016.
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.
About Lam Research
Lam Research Corp. (NASDAQ:LRCX) is a trusted global supplier of
innovative wafer fabrication equipment and services to the
semiconductor industry. Lam's broad portfolio of market-leading
deposition, etch, and clean solutions helps customers achieve
success on the wafer by enabling device features that are 1,000
times smaller than a grain of sand, resulting in smaller, faster,
more powerful, and more power-efficient chips. Through
collaboration, continuous innovation, and delivering on
commitments, Lam is transforming atomic-scale engineering and
enabling its customers to shape the future of technology. Based in
Fremont, Calif., Lam Research is a Nasdaq-100 Index® and S&P
500® company whose common stock trades on the Nasdaq Global Select
MarketSM under the symbol LRCX. For more information, please visit
http://www.lamresearch.com. (LRCX-F)
Consolidated Financial Tables Follow.
LAM RESEARCH CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
per share data and
percentages)(unaudited) |
|
|
Three Months Ended |
|
September 25, 2016 |
|
June 26,2016 |
|
September 27, 2015 |
Revenue |
$ |
1,632,419 |
|
|
$ |
1,546,261 |
|
|
$ |
1,600,043 |
|
Cost of goods sold |
916,222 |
|
|
847,477 |
|
|
877,680 |
|
Gross
margin |
716,197 |
|
|
698,784 |
|
|
722,363 |
|
Gross margin
as a percent of revenue |
43.9 |
% |
|
45.2 |
% |
|
45.1 |
% |
Research and
development |
235,240 |
|
|
237,255 |
|
|
234,209 |
|
Selling, general and
administrative |
165,010 |
|
|
152,288 |
|
|
152,726 |
|
Total
operating expenses |
400,250 |
|
|
389,543 |
|
|
386,935 |
|
Operating
income |
315,947 |
|
|
309,241 |
|
|
335,428 |
|
Operating
income as a percent of revenue |
19.4 |
% |
|
20.0 |
% |
|
21.0 |
% |
Other expense, net |
(23,154 |
) |
|
(27,249 |
) |
|
(27,121 |
) |
Income
before income taxes |
292,793 |
|
|
281,992 |
|
|
308,307 |
|
Income tax expense |
(28,958 |
) |
|
(23,053 |
) |
|
(19,628 |
) |
Net
income |
$ |
263,835 |
|
|
$ |
258,939 |
|
|
$ |
288,679 |
|
Net income per share: |
|
|
|
|
|
Basic |
$ |
1.64 |
|
|
$ |
1.62 |
|
|
$ |
1.82 |
|
Diluted |
$ |
1.47 |
|
|
$ |
1.46 |
|
|
$ |
1.66 |
|
Number of shares used in
per share calculations: |
|
|
|
|
|
Basic |
160,607 |
|
|
159,862 |
|
|
158,352 |
|
Diluted |
180,017 |
|
|
177,649 |
|
|
174,374 |
|
Cash dividend declared per
common share |
$ |
0.30 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
LAM RESEARCH CORPORATIONCONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands) |
|
|
September 25, 2016 |
|
June 26, 2016 |
|
September 27, 2015 |
|
|
(unaudited) |
|
|
(1 |
) |
|
(unaudited) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
5,861,701 |
|
|
$ |
5,039,322 |
|
|
$ |
1,744,325 |
|
|
Investments |
1,352,775 |
|
|
1,788,612 |
|
|
2,587,474 |
|
|
Accounts receivable,
net |
1,290,317 |
|
|
1,262,145 |
|
|
1,088,942 |
|
|
Inventories |
931,581 |
|
|
971,911 |
|
|
916,683 |
|
|
Other current assets |
162,628 |
|
|
151,160 |
|
|
(3 |
) |
177,668 |
|
|
(3 |
) |
Total
current assets |
9,599,002 |
|
|
9,213,150 |
|
|
6,515,092 |
|
|
Property and equipment,
net |
649,587 |
|
|
639,608 |
|
|
636,769 |
|
|
Restricted cash and
investments |
255,640 |
|
|
250,421 |
|
|
183,455 |
|
|
Goodwill and intangible
assets |
1,912,431 |
|
|
1,951,197 |
|
|
2,076,164 |
|
|
Other assets |
219,702 |
|
|
209,939 |
|
|
(3 |
) |
177,859 |
|
|
(3 |
) |
Total
assets |
$ |
12,636,362 |
|
|
$ |
12,264,315 |
|
|
$ |
9,589,339 |
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current portion of
convertible notes and capital leases |
$ |
952,999 |
|
|
$ |
947,733 |
|
|
(3 |
) |
$ |
968,503 |
|
|
(3 |
) |
Other current
liabilities |
1,533,253 |
|
|
1,470,308 |
|
|
1,312,549 |
|
|
Total
current liabilities |
2,486,252 |
|
|
2,418,041 |
|
|
2,281,052 |
|
|
Long-term debt and capital
leases |
3,378,179 |
|
|
3,378,129 |
|
|
(3 |
) |
1,396,412 |
|
|
(3 |
) |
Income taxes payable |
241,671 |
|
|
231,514 |
|
|
247,448 |
|
|
Other long-term
liabilities |
142,910 |
|
|
134,562 |
|
|
127,607 |
|
|
Total
liabilities |
6,249,012 |
|
|
6,162,246 |
|
|
4,052,519 |
|
|
Temporary equity,
convertible notes |
202,467 |
|
|
207,552 |
|
|
178,665 |
|
|
Stockholders’ equity
(2) |
6,184,883 |
|
|
5,894,517 |
|
|
5,358,155 |
|
|
Total
liabilities and stockholders’ equity |
$ |
12,636,362 |
|
|
$ |
12,264,315 |
|
|
$ |
9,589,339 |
|
|
|
(1 |
) |
Derived from audited
financial statements |
|
(2 |
) |
Common shares issued
and outstanding were 161,706 as of September 25, 2016, 160,201 as
of June 26, 2016, and 158,101 as of September 27, 2015 |
|
(3 |
) |
Adjusted for effects of
retrospective implementation of ASU 2015-3, regarding the
simplification of the presentation of bond issuance costs, which
requires that bond issuance costs related to a recognized liability
be presented on the balance sheet as a direct reduction from the
carrying amount of that debt liability, consistent with debt
discounts. |
LAM RESEARCH CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands,
unaudited) |
|
|
Three Months Ended |
|
September 25, 2016 |
|
June 26, 2016 |
|
September 27, 2015 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
Net income |
$ |
263,835 |
|
|
$ |
258,939 |
|
|
$ |
288,679 |
|
Adjustments to reconcile
net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation
and amortization |
74,562 |
|
|
74,976 |
|
|
70,590 |
|
Deferred
income taxes |
7,633 |
|
|
(46,708 |
) |
|
(5,563 |
) |
Equity-based
compensation expense |
38,595 |
|
|
39,288 |
|
|
35,774 |
|
Income tax
benefit on equity-based compensation plans |
— |
|
|
(8,048 |
) |
|
3,545 |
|
Excess tax
benefit on equity-based compensation plans |
— |
|
|
9,035 |
|
|
(3,572 |
) |
Amortization
of note discounts and issuance costs |
6,830 |
|
|
14,584 |
|
|
9,831 |
|
Gain on sale
of assets |
|
— |
|
|
(15,223 |
) |
|
— |
|
Other,
net |
16,807 |
|
|
17,929 |
|
|
10,011 |
|
Changes in
operating assets and liabilities |
64,962 |
|
|
79,052 |
|
|
39,702 |
|
Net cash
provided by operating activities |
473,224 |
|
|
423,824 |
|
|
448,997 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
Capital expenditures and
intangible assets |
(41,979 |
) |
|
(51,726 |
) |
|
(49,454 |
) |
Net sale (purchase) of
available-for-sale securities |
431,750 |
|
|
605,891 |
|
|
(28,203 |
) |
Proceeds from sale of
assets |
— |
|
|
79,730 |
|
|
— |
|
Transfer of restricted
cash and investments |
(5,219 |
) |
|
(112,381 |
) |
|
— |
|
Other, net |
(7,800 |
) |
|
— |
|
|
(1,500 |
) |
Net cash
provided by (used for) investing activities |
376,752 |
|
|
521,514 |
|
|
(79,157 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
Principal payments on
long-term debt and capital lease obligations and payments for debt
issuance costs |
(371 |
) |
|
(450,624 |
) |
|
(96 |
) |
Proceeds from issuance of
long-term debt, net of issuance costs |
— |
|
|
2,374,220 |
|
|
— |
|
Excess tax benefit on
equity-based compensation plans |
— |
|
|
(9,035 |
) |
|
3,572 |
|
Treasury stock
purchases |
(1,854 |
) |
|
(27,114 |
) |
|
(98,385 |
) |
Dividends paid |
(48,052 |
) |
|
(47,308 |
) |
|
(47,659 |
) |
Reissuance of treasury
stock related to employee stock purchase plan |
19,320 |
|
|
20,360 |
|
|
19,245 |
|
Proceeds from issuance of
common stock |
1,459 |
|
|
1,547 |
|
|
377 |
|
Other, net |
(10 |
) |
|
(159 |
) |
|
(300 |
) |
Net cash
(used for) provided by financing activities |
(29,508 |
) |
|
1,861,887 |
|
|
(123,246 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
1,911 |
|
|
76 |
|
|
(3,808 |
) |
Net increase in cash and
cash equivalents |
822,379 |
|
|
2,807,301 |
|
|
242,786 |
|
Cash and cash equivalents
at beginning of period |
5,039,322 |
|
|
2,232,021 |
|
|
1,501,539 |
|
Cash and cash equivalents
at end of period |
$ |
5,861,701 |
|
|
$ |
5,039,322 |
|
|
$ |
1,744,325 |
|
Non-GAAP Financial Summary(in
thousands, except percentages and per share
data)(unaudited) |
|
|
Three Months Ended |
|
September 25, 2016 |
|
June
26, 2016 |
Revenue |
$ |
1,632,419 |
|
|
$ |
1,546,261 |
|
Gross margin |
$ |
737,447 |
|
|
$ |
720,162 |
|
Gross margin as
percentage of revenue |
45.2 |
% |
|
46.6 |
% |
Operating expenses |
$ |
371,634 |
|
|
$ |
361,490 |
|
Operating income |
$ |
365,813 |
|
|
$ |
358,672 |
|
Operating margin as a
percentage of revenue |
22.4 |
% |
|
23.2 |
% |
Net income |
$ |
322,074 |
|
|
$ |
314,806 |
|
Net income per diluted
share |
$ |
1.81 |
|
|
$ |
1.80 |
|
Shares used in per
share calculation - diluted |
177,628 |
|
|
175,052 |
|
Reconciliation of U.S. GAAP Net Income to
Non-GAAP Net Income and U.S. GAAP number of dilutive shares to
Non-GAAP number of dilutive shares(in thousands,
except per share data)(unaudited) |
|
|
Three Months Ended |
|
September 25, 2016 |
|
June 26,2016 |
U.S. GAAP net
income |
$ |
263,835 |
|
|
$ |
258,939 |
|
Pre-tax non-GAAP
items: |
|
|
|
Amortization related to intangible assets acquired in Novellus
transaction - cost of goods sold |
21,250 |
|
|
21,250 |
|
Novellus
acquisition-related inventory fair value impact - cost of goods
sold |
— |
|
|
128 |
|
Costs
associated with campus consolidation - research and
development |
2,561 |
|
|
7,763 |
|
Restructuring charges - research and development |
— |
|
|
43 |
|
Amortization related to intangible assets acquired in Novellus
transaction -selling, general and administrative |
16,083 |
|
|
16,083 |
|
KLA-Tencor acquisition-related costs - selling, general and
administrative |
9,972 |
|
|
19,270 |
|
Restructuring charges - selling, general and administrative |
— |
|
|
117 |
|
Gain on
sale of real property, net of associated exit costs -
selling, general and administrative |
— |
|
|
(15,223 |
) |
KLA-Tencor acquisition funding interest expense, net - other
expense, net |
17,709 |
|
|
3,821 |
|
Amortization of note discounts - other expense, net |
5,913 |
|
|
7,492 |
|
Amortization of bridge loan issuance costs and other related fees -
other expense, net |
— |
|
|
6,938 |
|
Net income tax benefit
on non-GAAP items |
(15,249 |
) |
|
(8,413 |
) |
Income tax benefit on
resolution of certain tax matters |
— |
|
|
(2,515 |
) |
Change to income tax
benefit from court ruling |
— |
|
|
(887 |
) |
Non-GAAP net
income |
$ |
322,074 |
|
|
$ |
314,806 |
|
Non-GAAP net income per
diluted share |
$ |
1.81 |
|
|
$ |
1.80 |
|
U.S. GAAP number of
shares used for per diluted share calculation |
180,017 |
|
|
177,649 |
|
Effect of convertible
note hedge |
(2,389 |
) |
|
(2,597 |
) |
Non-GAAP number of
shares used for per diluted share calculation |
177,628 |
|
|
175,052 |
|
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 25, 2016 |
|
June 26,2016 |
U.S. GAAP gross
margin |
$ |
716,197 |
|
|
$ |
698,784 |
|
Pre-tax non-GAAP
items: |
|
|
|
Amortization
related to intangible assets acquired in Novellus transaction |
21,250 |
|
|
21,250 |
|
Novellus
acquisition-related inventory fair value impact |
— |
|
|
128 |
|
Non-GAAP gross
margin |
$ |
737,447 |
|
|
$ |
720,162 |
|
U.S. GAAP gross margin
as a percentage of revenue |
43.9 |
% |
|
45.2 |
% |
Non-GAAP gross margin
as a percentage of revenue |
45.2 |
% |
|
46.6 |
% |
U.S. GAAP operating
expenses |
$ |
400,250 |
|
|
$ |
389,543 |
|
Pre-tax non-GAAP
items: |
|
|
|
Amortization
related to intangible assets acquired in Novellus transaction |
(16,083 |
) |
|
(16,083 |
) |
KLA-Tencor
acquisition-related costs |
(9,972 |
) |
|
(19,270 |
) |
Costs
associated with campus consolidation |
(2,561 |
) |
|
(7,763 |
) |
Restructuring charges |
— |
|
|
(160 |
) |
Gain on sale
of real property, net of associated exit costs |
— |
|
|
15,223 |
|
Non-GAAP operating
expenses |
$ |
371,634 |
|
|
$ |
361,490 |
|
Non-GAAP operating
income |
$ |
365,813 |
|
|
$ |
358,672 |
|
GAAP operating margin
as percent of revenue |
19.4 |
% |
|
20.0 |
% |
Non-GAAP operating
margin as a percent of revenue |
22.4 |
% |
|
23.2 |
% |
Lam Research Corporation Contacts:
Satya Kumar, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com
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