Lam Research Corporation (the "Company," "Lam," "Lam Research")
today announced financial results for the quarter ended
December 29, 2019 (the “December 2019 quarter”).
Highlights for the December 2019 quarter were as follows:
- Revenue of $2.58 billion.
- U.S. GAAP gross margin of 45.7%, U.S. GAAP operating income as
a percentage of revenue of 26.6%, and U.S. GAAP diluted EPS of
$3.43.
- Non-GAAP gross margin of 45.7%, non-GAAP operating income as a
percentage of revenue of 27.1%, and non-GAAP diluted EPS of
$4.01.
Key Financial Data for the Quarters
EndedDecember 29, 2019 and September 29,
2019(in thousands, except per-share data,
percentages, and basis points)
|
U.S. GAAP |
|
|
|
December 2019 |
|
September 2019 |
|
Change Q/Q |
|
Revenue |
|
$ |
2,583,501 |
|
|
$ |
2,165,746 |
|
|
+ 19% |
| Gross margin as percentage of
revenue |
|
45.7 |
% |
|
45.3 |
% |
|
+ 40 bps |
| Operating income as percentage
of revenue |
|
26.6 |
% |
|
24.8 |
% |
|
+ 180 bps |
| Diluted EPS |
|
$ |
3.43 |
|
|
$ |
3.09 |
|
|
+ 11% |
| |
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
December 2019 |
|
September 2019 |
|
Change Q/Q |
| Revenue |
|
$ |
2,583,501 |
|
|
$ |
2,165,746 |
|
|
+ 19% |
| Gross margin as percentage of
revenue |
|
45.7 |
% |
|
45.4 |
% |
|
+ 30 bps |
| Operating income as percentage
of revenue |
|
27.1 |
% |
|
25.5 |
% |
|
+ 160 bps |
| Diluted EPS |
|
$ |
4.01 |
|
|
$ |
3.18 |
|
|
+ 26% |
U.S. GAAP Financial Results
For the December 2019 quarter, revenue was $2,584 million, gross
margin was $1,180 million, or 45.7% of revenue, operating expenses
were $493 million, operating income was 26.6% of revenue, and net
income was $515 million, or $3.43 per diluted share on a U.S. GAAP
basis. This compares to revenue of $2,166 million, gross margin of
$982 million, or 45.3% of revenue, operating expenses of $444
million, operating income of 24.8% of revenue, and net income of
$466 million, or $3.09 per diluted share, for the quarter ended
September 29, 2019 (the “September 2019 quarter”).
Non-GAAP Financial Results
For the December 2019 quarter, non-GAAP gross margin was $1,181
million or 45.7% of revenue, non-GAAP operating expenses were $481
million, non-GAAP operating income was 27.1% of revenue, and
non-GAAP net income was $602 million, or $4.01 per diluted share.
This compares to non-GAAP gross margin of $983 million or 45.4% of
revenue, non-GAAP operating expenses of $431 million, non-GAAP
operating income of 25.5% of revenue, and non-GAAP net income of
$480 million, or $3.18 per diluted share for the September 2019
quarter.
“Lam closed out calendar 2019 with strong December quarter
results,” said Tim Archer, Lam Research’s President and Chief
Executive Officer. “We are executing at a high level in an
improving wafer fabrication equipment environment and building a
powerful pipeline of new products to fuel future growth.”
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances decreased to $4.9 billion
at the end of the December 2019 quarter compared to $5.8 billion at
the end of the September 2019 quarter. This decrease was primarily
the result of $1.0 billion of share repurchases, including net
share settlement on employee stock-based compensation, $166.7
million of dividends paid to stockholders, and $62.1 million of
capital expenditures, partially offset by $307.9 million of cash
generated from operating activities.
Deferred revenue and deferred profit at the end of the December
2019 quarter decreased to $411 million and $366 million,
respectively, as compared to $481 million and $407 million,
respectively, at the end of the September 2019 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 $91 million as of
December 29, 2019 and $47 million as of September 29,
2019.
Geographic Distribution
The geographic distribution of revenue during the December 2019
quarter is shown in the following table:
|
Region |
Revenue |
| China |
29% |
| Taiwan |
26% |
| Korea |
18% |
| United States |
9% |
| Japan |
8% |
| Southeast Asia |
7% |
| Europe |
3% |
Outlook
For the quarter ended March 29, 2020, Lam is providing the
following guidance:
| |
U.S. GAAP |
|
Reconciling Items |
|
Non-GAAP |
| Revenue |
$2.8 Billion |
+/- |
$200 Million |
|
— |
|
$2.8 Billion |
+/- |
$200 Million |
| Gross margin as a percentage
of revenue |
46.4% |
+/- |
1% |
|
$2 |
|
Million |
|
46.5% |
+/- |
1% |
| Operating income as a
percentage of revenue |
27.5% |
+/- |
1% |
|
$14 |
|
Million |
|
28.0% |
+/- |
1% |
| Net income per diluted
share |
$4.46 |
+/- |
$0.40 |
|
$13 |
|
Million |
|
$4.55 |
+/- |
$0.40 |
| Diluted share count |
149 Million |
|
— |
|
149 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 after the date of this release. 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
million.
- Operating income as a percentage of revenue - amortization
related to intangible assets acquired through business
combinations, $14 million.
- Net income per diluted share - amortization related to
intangible assets acquired though business combinations, $14
million; amortization of note discounts, $1 million; and associated
tax benefit for non-GAAP items ($2 million); totaling $13
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 December 2019 and September 2019 quarters exclude
amortization related to intangible assets acquired through business
combinations, amortization of note discounts, and income tax
benefit of non-GAAP items. Additionally, the December 2019 quarter
non-GAAP results exclude the cumulative income tax benefit reversal
due to the Ninth Circuit decision to deny a rehearing of the Altera
stock-based compensation case and the September 2019 quarter
non-GAAP results exclude restructuring charges.
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 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
customers in Japan; the timing and amount of revenue and profit
earned from any booked deferred revenue and profit; our continuing
ability to execute; improvement in the wafer fabrication equipment
environment; our ability to develop successful new products and the
potential for those products to fuel future growth; the legal and
business factors that may affect our future tax rate; and our
guidance for revenue, gross margin (both as a dollar value and a
percentage of revenue), operating income (both as a dollar value
and a percentage of revenue), net income or earnings per diluted
share, on either a GAAP or non-GAAP basis and diluted share count.
Some factors that may affect these forward-looking statements
include: 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; and widespread outbreaks of illness 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, 2019
and our quarterly report on Form 10-Q for the fiscal quarter ended
September 29, 2019. 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 Corporation is a global supplier of innovative
wafer fabrication equipment and services to the semiconductor
industry. As a trusted, collaborative partner to the world’s
leading semiconductor companies, we combine superior systems
engineering capability, technology leadership, and unwavering
commitment to customer success to accelerate innovation through
enhanced device performance. 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-F)
Consolidated Financial Tables Follow.
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share data and
percentages)(unaudited)
| |
Three Months Ended |
|
Six Months Ended |
| |
December 29, 2019 |
|
September 29, 2019 |
|
December 23, 2018 |
|
December 29, 2019 |
|
December 23, 2018 |
|
Revenue |
$ |
2,583,501 |
|
|
$ |
2,165,746 |
|
|
$ |
2,522,673 |
|
|
$ |
4,749,247 |
|
|
$ |
4,853,364 |
|
| Cost of goods sold |
1,403,857 |
|
|
1,184,036 |
|
|
1,377,640 |
|
|
2,587,893 |
|
|
2,650,133 |
|
|
Gross margin |
1,179,644 |
|
|
981,710 |
|
|
1,145,033 |
|
|
2,161,354 |
|
|
2,203,231 |
|
|
Gross margin as a percent of revenue |
45.7 |
% |
|
45.3 |
% |
|
45.4 |
% |
|
45.5 |
% |
|
45.4 |
% |
| Research and development |
318,861 |
|
|
286,827 |
|
|
285,556 |
|
|
605,688 |
|
|
577,228 |
|
| Selling, general and
administrative |
174,272 |
|
|
157,428 |
|
|
169,098 |
|
|
331,700 |
|
|
343,873 |
|
|
Total operating expenses |
493,133 |
|
|
444,255 |
|
|
454,654 |
|
|
937,388 |
|
|
921,101 |
|
|
Operating income |
686,511 |
|
|
537,455 |
|
|
690,379 |
|
|
1,223,966 |
|
|
1,282,130 |
|
|
Operating income as a percent of revenue |
26.6 |
% |
|
24.8 |
% |
|
27.4 |
% |
|
25.8 |
% |
|
26.4 |
% |
| Other expense, net |
(13,924 |
) |
|
(12,728 |
) |
|
(30,649 |
) |
|
(26,652 |
) |
|
(31,026 |
) |
|
Income before income taxes |
672,587 |
|
|
524,727 |
|
|
659,730 |
|
|
1,197,314 |
|
|
1,251,104 |
|
| Income tax expense |
(158,077 |
) |
|
(58,938 |
) |
|
(90,875 |
) |
|
(217,015 |
) |
|
(148,889 |
) |
|
Net income |
$ |
514,510 |
|
|
$ |
465,789 |
|
|
$ |
568,855 |
|
|
$ |
980,299 |
|
|
$ |
1,102,215 |
|
| Net income per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
3.57 |
|
|
$ |
3.22 |
|
|
$ |
3.67 |
|
|
$ |
6.79 |
|
|
$ |
7.10 |
|
|
Diluted |
$ |
3.43 |
|
|
$ |
3.09 |
|
|
$ |
3.51 |
|
|
$ |
6.52 |
|
|
$ |
6.73 |
|
| Number of shares used in per
share calculations: |
|
|
|
|
|
|
|
|
|
|
Basic |
143,987 |
|
|
144,673 |
|
|
155,022 |
|
|
144,330 |
|
|
155,340 |
|
|
Diluted |
150,097 |
|
|
150,682 |
|
|
162,170 |
|
|
150,389 |
|
|
163,749 |
|
| Cash dividend declared per common
share |
$ |
1.15 |
|
|
$ |
1.15 |
|
|
$ |
1.10 |
|
|
$ |
2.30 |
|
|
$ |
2.20 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
| |
December 29, 2019 |
|
September 29, 2019 |
|
June 30, 2019 |
| |
(unaudited) |
|
(unaudited) |
|
(1) |
|
| ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3,035,887 |
|
|
$ |
4,607,182 |
|
|
$ |
3,658,219 |
|
| Investments |
1,647,867 |
|
|
983,650 |
|
|
1,772,984 |
|
| Accounts receivable, net |
2,030,490 |
|
|
1,635,643 |
|
|
1,455,522 |
|
| Inventories |
1,528,620 |
|
|
1,483,385 |
|
|
1,540,140 |
|
| Prepaid expenses and other
current assets |
212,101 |
|
|
124,755 |
|
|
133,544 |
|
|
Total current assets |
8,454,965 |
|
|
8,834,615 |
|
|
8,560,409 |
|
| Property and equipment, net |
1,047,254 |
|
|
1,030,168 |
|
|
1,059,077 |
|
| Restricted cash and
investments |
253,907 |
|
|
254,654 |
|
|
255,177 |
|
| Goodwill and intangible
assets |
1,677,940 |
|
|
1,690,648 |
|
|
1,701,547 |
|
| Other assets |
480,056 |
|
|
533,417 |
|
|
425,123 |
|
|
Total assets |
$ |
11,914,122 |
|
|
$ |
12,343,502 |
|
|
$ |
12,001,333 |
|
| LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
| Current portion of long-term debt
and finance lease obligations |
$ |
632,292 |
|
|
$ |
645,158 |
|
|
$ |
667,131 |
|
| Other current liabilities |
1,933,209 |
|
|
1,812,524 |
|
|
1,704,519 |
|
|
Total current liabilities |
2,565,501 |
|
|
2,457,682 |
|
|
2,371,650 |
|
| Long-term debt and finance lease
obligations |
3,786,067 |
|
|
3,788,089 |
|
|
3,822,768 |
|
| Income taxes payable |
872,778 |
|
|
856,895 |
|
|
892,790 |
|
| Other long-term liabilities |
272,043 |
|
|
261,890 |
|
|
190,821 |
|
|
Total liabilities |
7,496,389 |
|
|
7,364,556 |
|
|
7,278,029 |
|
| Temporary equity, convertible
notes |
38,304 |
|
|
42,553 |
|
|
49,439 |
|
| Stockholders’ equity (2) |
4,379,429 |
|
|
4,936,393 |
|
|
4,673,865 |
|
|
Total liabilities and stockholders’ equity |
$ |
11,914,122 |
|
|
$ |
12,343,502 |
|
|
$ |
12,001,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Derived from audited financial
statements. |
|
(2 |
) |
Common shares issued and
outstanding were 142,462 as of December 29, 2019, 144,871 as of
September 29, 2019, and 144,433 as of June 30, 2019. |
|
|
|
|
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands, unaudited)
| |
Three Months Ended |
|
Six Months Ended |
| |
December 29, 2019 |
|
September 29, 2019 |
|
December 23, 2018 |
|
December 29, 2019 |
|
December 23, 2018 |
| CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
514,510 |
|
|
$ |
465,789 |
|
|
$ |
568,855 |
|
|
$ |
980,299 |
|
|
$ |
1,102,215 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
65,530 |
|
|
64,664 |
|
|
81,794 |
|
|
130,194 |
|
|
161,599 |
|
|
Deferred income taxes |
77,508 |
|
|
(2,992 |
) |
|
20,797 |
|
|
74,516 |
|
|
(62,704 |
) |
|
Equity-based compensation expense |
45,725 |
|
|
42,905 |
|
|
38,806 |
|
|
88,630 |
|
|
89,149 |
|
|
Amortization of note discounts and issuance costs |
1,575 |
|
|
1,675 |
|
|
1,031 |
|
|
3,250 |
|
|
2,276 |
|
|
Other, net |
(327 |
) |
|
4,026 |
|
|
(1,343 |
) |
|
3,699 |
|
|
848 |
|
| Changes in operating assets and
liabilities |
(396,593 |
) |
|
(112,020 |
) |
|
(67,521 |
) |
|
(508,613 |
) |
|
69,322 |
|
|
Net cash provided by operating activities |
307,928 |
|
|
464,047 |
|
|
642,419 |
|
|
771,975 |
|
|
1,362,705 |
|
| CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Capital expenditures and
intangible assets |
(62,054 |
) |
|
(39,256 |
) |
|
(105,923 |
) |
|
(101,310 |
) |
|
(162,021 |
) |
| Net (purchase) sale of
available-for-sale securities |
(662,287 |
) |
|
790,478 |
|
|
773,223 |
|
|
128,191 |
|
|
160,640 |
|
| Other, net |
(9,988 |
) |
|
(540 |
) |
|
(369 |
) |
|
(10,528 |
) |
|
(4,019 |
) |
|
Net cash (used for) provided by investing activities |
(734,329 |
) |
|
750,682 |
|
|
666,931 |
|
|
16,353 |
|
|
(5,400 |
) |
| CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Principal payments on debt |
(17,987 |
) |
|
(28,965 |
) |
|
(6,440 |
) |
|
(46,952 |
) |
|
(86,271 |
) |
| Net repayments of commercial
paper |
— |
|
|
— |
|
|
(359,518 |
) |
|
— |
|
|
(359,604 |
) |
| Treasury stock purchases |
(1,005,067 |
) |
|
(78,132 |
) |
|
(1,519 |
) |
|
(1,083,199 |
) |
|
(1,737,414 |
) |
| Dividends paid |
(166,721 |
) |
|
(158,868 |
) |
|
(167,907 |
) |
|
(325,589 |
) |
|
(342,279 |
) |
| Reissuance of treasury stock
related to employee stock purchase plan |
38,447 |
|
|
— |
|
|
32,920 |
|
|
38,447 |
|
|
32,920 |
|
| Proceeds from issuance of common
stock |
632 |
|
|
3,869 |
|
|
109 |
|
|
4,501 |
|
|
109 |
|
| Other, net |
— |
|
|
— |
|
|
(13,198 |
) |
|
— |
|
|
(13,207 |
) |
|
Net cash used for financing activities |
(1,150,696 |
) |
|
(262,096 |
) |
|
(515,553 |
) |
|
(1,412,792 |
) |
|
(2,505,746 |
) |
| Effect of exchange rate changes
on cash, cash equivalents, and restricted cash |
5,055 |
|
|
(4,193 |
) |
|
(2,721 |
) |
|
862 |
|
|
(5,032 |
) |
| Net (decrease) increase in cash,
cash equivalents, and restricted cash |
(1,572,042 |
) |
|
948,440 |
|
|
791,076 |
|
|
(623,602 |
) |
|
(1,153,473 |
) |
| Cash, cash equivalents, and
restricted cash at beginning of period |
4,861,836 |
|
|
3,913,396 |
|
|
2,824,009 |
|
|
3,913,396 |
|
|
4,768,558 |
|
| Cash, cash equivalents, and
restricted cash at end of period |
$ |
3,289,794 |
|
|
$ |
4,861,836 |
|
|
$ |
3,615,085 |
|
|
$ |
3,289,794 |
|
|
$ |
3,615,085 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Summary(in thousands, except percentages and per
share data)(unaudited)
| |
Three Months Ended |
| |
December 29, 2019 |
|
September 29, 2019 |
|
Revenue |
$ |
2,583,501 |
|
|
$ |
2,165,746 |
|
| Gross margin |
$ |
1,181,271 |
|
|
$ |
983,338 |
|
| Gross margin as percentage of
revenue |
45.7 |
% |
|
45.4 |
% |
| Operating expenses |
$ |
480,776 |
|
|
$ |
430,853 |
|
| Operating income |
$ |
700,495 |
|
|
$ |
552,485 |
|
| Operating income as a
percentage of revenue |
27.1 |
% |
|
25.5 |
% |
| Net income |
$ |
601,810 |
|
|
$ |
479,555 |
|
| Net income per diluted
share |
$ |
4.01 |
|
|
$ |
3.18 |
|
| Shares used in per share
calculation - diluted |
150,097 |
|
|
150,682 |
|
| |
|
|
|
|
|
Reconciliation of U.S. GAAP Net Income to
Non-GAAP Net Income(in thousands, except per share
data)(unaudited)
| |
Three Months Ended |
| |
December 29, 2019 |
|
September 29, 2019 |
|
U.S. GAAP net income |
$ |
514,510 |
|
|
$ |
465,789 |
|
| Pre-tax non-GAAP items: |
|
|
|
|
Amortization related to intangible assets acquired through certain
business combinations - cost of goods sold |
1,627 |
|
|
1,628 |
|
|
Amortization related to intangible assets acquired through certain
business combinations - selling, general and administrative |
12,357 |
|
|
12,357 |
|
|
Restructuring charges - selling, general and administrative |
— |
|
|
1,045 |
|
|
Amortization of note discounts - other expense, net |
1,158 |
|
|
1,234 |
|
| Net income tax benefit on
non-GAAP items |
(2,358 |
) |
|
(2,498 |
) |
| Cumulative income tax benefit
reversal due to a court ruling |
74,516 |
|
|
— |
|
| Non-GAAP net income |
$ |
601,810 |
|
|
$ |
479,555 |
|
| Non-GAAP net income per
diluted share |
$ |
4.01 |
|
|
$ |
3.18 |
|
| U.S. GAAP net income per
diluted share |
$ |
3.43 |
|
|
$ |
3.09 |
|
| U.S. GAAP and non-GAAP number
of shares used for per diluted share calculation |
150,097 |
|
|
150,682 |
|
| |
|
|
|
|
|
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 |
| |
December 29, 2019 |
|
September 29, 2019 |
|
U.S. GAAP gross margin |
$ |
1,179,644 |
|
|
$ |
981,710 |
|
| Pre-tax non-GAAP items: |
|
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
1,627 |
|
|
1,628 |
|
| Non-GAAP gross margin |
$ |
1,181,271 |
|
|
$ |
983,338 |
|
| U.S. GAAP gross margin as a
percentage of revenue |
45.7 |
% |
|
45.3 |
% |
| Non-GAAP gross margin as a
percentage of revenue |
45.7 |
% |
|
45.4 |
% |
| U.S. GAAP operating
expenses |
$ |
493,133 |
|
|
$ |
444,255 |
|
| Pre-tax non-GAAP items: |
|
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
(12,357 |
) |
|
(12,357 |
) |
|
Restructuring charges |
— |
|
|
(1,045 |
) |
| Non-GAAP operating
expenses |
$ |
480,776 |
|
|
$ |
430,853 |
|
| U.S. GAAP operating
income |
$ |
686,511 |
|
|
$ |
537,455 |
|
| Non-GAAP operating income |
$ |
700,495 |
|
|
$ |
552,485 |
|
| U.S. GAAP operating income as
percent of revenue |
26.6 |
% |
|
24.8 |
% |
| Non-GAAP operating income as a
percent of revenue |
27.1 |
% |
|
25.5 |
% |
Lam Research Corporation
Contact:
Tina Correia, Investor Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com
Lam Research (NASDAQ:LRCX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lam Research (NASDAQ:LRCX)
Historical Stock Chart
From Apr 2023 to Apr 2024
