Lam Research Corporation (the "Company," "Lam," "Lam Research")
today announced financial results for the quarter ended
June 28, 2020 (the “June 2020 quarter”).
Highlights for the June 2020 quarter were as follows:
- Revenue of $2.79 billion.
- U.S. GAAP gross margin of 45.9%, U.S. GAAP operating income as
a percentage of revenue of 27.1%, and U.S. GAAP diluted EPS of
$4.73.
- Non-GAAP gross margin of 46.1%, non-GAAP operating income as a
percentage of revenue of 28.5%, and non-GAAP diluted EPS of
$4.78.
Key Financial Data for the Quarters
EndedJune 28, 2020 and March 29,
2020(in thousands, except per-share data,
percentages, and basis points)
U.S. GAAP |
|
June 2020 |
|
March 2020 |
|
Change Q/Q |
Revenue |
$ |
2,791,864 |
|
|
$ |
2,503,625 |
|
|
+12% |
Gross margin as percentage of
revenue |
45.9 |
% |
|
46.6 |
% |
|
- 70 bps |
Operating income as percentage
of revenue |
27.1 |
% |
|
27.7 |
% |
|
- 60 bps |
Diluted EPS |
$ |
4.73 |
|
|
$ |
3.88 |
|
|
+22% |
|
|
|
|
|
|
Non-GAAP |
|
June 2020 |
|
March 2020 |
|
Change Q/Q |
Revenue |
$ |
2,791,864 |
|
|
$ |
2,503,625 |
|
|
+12% |
Gross margin as percentage of
revenue |
46.1 |
% |
|
46.3 |
% |
|
- 20 bps |
Operating income as percentage
of revenue |
28.5 |
% |
|
26.9 |
% |
|
+ 160 bps |
Diluted EPS |
$ |
4.78 |
|
|
$ |
3.98 |
|
|
+20% |
U.S. GAAP Financial Results
For the June 2020 quarter, revenue was $2,792 million, gross
margin was $1,280 million, or 45.9% of revenue, operating expenses
were $525 million, operating income was 27.1% of revenue, and net
income was $697 million, or $4.73 per diluted share on a U.S. GAAP
basis. This compares to revenue of $2,504 million, gross margin of
$1,167 million, or 46.6% of revenue, operating expenses of $473
million, operating income of 27.7% of revenue, and net income of
$575 million, or $3.88 per diluted share, for the quarter ended
March 29, 2020 (the “March 2020 quarter”).
Non-GAAP Financial Results
For the June 2020 quarter, non-GAAP gross margin was $1,288
million, or 46.1% of revenue, non-GAAP operating expenses were $493
million, non-GAAP operating income was 28.5% of revenue, and
non-GAAP net income was $704 million, or $4.78 per diluted share.
This compares to non-GAAP gross margin of $1,160 million, or 46.3%
of revenue, non-GAAP operating expenses of $486 million, non-GAAP
operating income of 26.9% of revenue, and non-GAAP net income of
$590 million, or $3.98 per diluted share, for the March 2020
quarter.
“Lam delivered strong financial results in the June quarter
despite tremendous global health, macroeconomic, and geopolitical
uncertainty,” said Tim Archer, Lam Research’s President and Chief
Executive Officer. “This is a clear demonstration of our Company’s
ability to adapt and execute in a period of unprecedented
challenges. With an outlook for continued industry growth, we
are in an excellent position to outperform as our investments in
disruptive innovation and differentiated customer support gain
momentum.”
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances increased to $7.0 billion
at the end of the June 2020 quarter compared to $5.6 billion at the
end of the March 2020 quarter. This increase was primarily the
result of net proceeds of $1.97 billion on issuance of long-term
debt and $813.0 million of cash generated from operating
activities. These sources of cash were partially offset by the
$1.25 billion repayment of borrowings from the Company's revolving
credit facility and $167.7 million of dividends paid to
stockholders.
Revenue
The geographic distribution of revenue during the June 2020
quarter is shown in the following table:
Region |
Revenue |
China |
34% |
Korea |
32% |
Taiwan |
11% |
Japan |
8% |
United States |
7% |
Southeast Asia |
5% |
Europe |
3% |
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months Ended |
|
Twelve Months Ended |
|
June 28, 2020 |
|
March 29, 2020 |
|
June 30, 2019 |
|
June 28, 2020 |
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Systems revenue |
$ |
1,865,249 |
|
$ |
1,647,560 |
|
$ |
1,570,373 |
|
$ |
6,625,130 |
|
$ |
6,451,104 |
Customer support-related
revenue and other |
926,615 |
|
856,065 |
|
790,774 |
|
3,419,606 |
|
3,202,455 |
|
$ |
2,791,864 |
|
$ |
2,503,625 |
|
$ |
2,361,147 |
|
$ |
10,044,736 |
|
$ |
9,653,559 |
System 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 27, 2020, Lam is providing the
following guidance:
|
U.S. GAAP |
|
Reconciling Items |
|
Non-GAAP |
Revenue |
$3.1 Billion |
+/- |
$200 Million |
|
— |
|
$3.1 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 |
29.0% |
+/- |
1% |
|
$14 Million |
|
29.5% |
+/- |
1% |
Net income per diluted
share |
$5.06 |
+/- |
$0.40 |
|
$13 Million |
|
$5.15 |
+/- |
$0.40 |
Diluted share count |
147 Million |
|
— |
|
147 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 June 2020 and March 2020 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 income
tax expense (benefit) of non-GAAP items. Additionally, the June
2020 quarter non-GAAP results exclude an adjustment to the
previously recognized cumulative income tax benefit reversal
associated with the Ninth Circuit decision to deny a rehearing of
the Altera stock-based compensation case and the March 2020 quarter
non-GAAP results exclude the income tax benefit on conclusion of
certain tax matters related to a prior business combination.
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: our ability to adapt and execute, including
during a period of challenges; our outlook for continued industry
growth; our ability to gain momentum from our investments in
disruptive innovation and differentiated customer support as well
as whether our innovation will indeed be disruptive and our support
differentiated in the future; the impact of the COVID-19 outbreak
on our operations and financial results; macroeconomic conditions;
the status of the industry supply chain; customer demand for our
equipment; industry conditions; the long–term resiliency of the
semiconductor industry; the relevance of our technology to our
customers; our positioning within the industry; and our ability to
outperform. Some factors that may affect these forward-looking
statements include: the severity, magnitude and duration of the
COVID-19 pandemic (and the related governmental, public health,
business and community responses to it), and their impacts on our
business, results of operations and financial condition, are
evolving and are highly uncertain and unpredictable; 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, our quarterly reports on Form 10-Q for the
fiscal quarters ended September 29, 2019, December 29, 2019 and
March 29, 2020 and our Current Report on Form 8-K dated April 30,
2020. 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. In fact, today, nearly every advanced
chip is built with Lam technology. 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)
|
Three Months Ended |
|
Twelve Months Ended |
|
June 28, 2020 |
|
March 29, 2020 |
|
June 30, 2019 |
|
June 28, 2020 |
|
June 30, 2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(1) |
Revenue |
$ |
2,791,864 |
|
|
$ |
2,503,625 |
|
|
$ |
2,361,147 |
|
|
$ |
10,044,736 |
|
|
$ |
9,653,559 |
|
Cost of goods sold |
1,511,532 |
|
|
1,336,618 |
|
|
1,280,256 |
|
|
5,436,043 |
|
|
5,295,100 |
|
Gross margin |
1,280,332 |
|
|
1,167,007 |
|
|
1,080,891 |
|
|
4,608,693 |
|
|
4,358,459 |
|
Gross margin as a percent of revenue |
45.9 |
% |
|
46.6 |
% |
|
45.8 |
% |
|
45.9 |
% |
|
45.1 |
% |
Research and development |
338,810 |
|
|
307,914 |
|
|
295,578 |
|
|
1,252,412 |
|
|
1,191,320 |
|
Selling, general and
administrative |
185,800 |
|
|
164,979 |
|
|
168,228 |
|
|
682,479 |
|
|
702,407 |
|
Total operating expenses |
524,610 |
|
|
472,893 |
|
|
463,806 |
|
|
1,934,891 |
|
|
1,893,727 |
|
Operating income |
755,722 |
|
|
694,114 |
|
|
617,085 |
|
|
2,673,802 |
|
|
2,464,732 |
|
Operating income as a percent of revenue |
27.1 |
% |
|
27.7 |
% |
|
26.1 |
% |
|
26.6 |
% |
|
25.5 |
% |
Other expense, net |
(7,553 |
) |
|
(64,619 |
) |
|
(7,667 |
) |
|
(98,824 |
) |
|
(18,161 |
) |
Income before income taxes |
748,169 |
|
|
629,495 |
|
|
609,418 |
|
|
2,574,978 |
|
|
2,446,571 |
|
Income tax expense |
(51,496 |
) |
|
(54,714 |
) |
|
(67,593 |
) |
|
(323,225 |
) |
|
(255,141 |
) |
Net income |
$ |
696,673 |
|
|
$ |
574,781 |
|
|
$ |
541,825 |
|
|
$ |
2,251,753 |
|
|
$ |
2,191,430 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
4.79 |
|
|
$ |
3.96 |
|
|
$ |
3.66 |
|
|
$ |
15.55 |
|
|
$ |
14.37 |
|
Diluted |
$ |
4.73 |
|
|
$ |
3.88 |
|
|
$ |
3.51 |
|
|
$ |
15.10 |
|
|
$ |
13.70 |
|
Number of shares used in per
share calculations: |
|
|
|
|
|
|
|
|
|
Basic |
145,295 |
|
|
145,301 |
|
|
148,131 |
|
|
144,814 |
|
|
152,478 |
|
Diluted |
147,416 |
|
|
148,165 |
|
|
154,474 |
|
|
149,090 |
|
|
159,915 |
|
Cash dividend declared per common
share |
$ |
1.15 |
|
|
$ |
1.15 |
|
|
$ |
1.10 |
|
|
$ |
4.60 |
|
|
$ |
4.40 |
|
(1) |
Derived from audited financial statements. |
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
June 28, 2020 |
|
March 29, 2020 |
|
June 30, 2019 |
|
(unaudited) |
|
(unaudited) |
|
(1) |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
4,915,172 |
|
|
$ |
3,961,586 |
|
|
$ |
3,658,219 |
|
Investments |
1,795,080 |
|
|
1,431,550 |
|
|
1,772,984 |
|
Accounts receivable, net |
2,097,099 |
|
|
2,191,070 |
|
|
1,455,522 |
|
Inventories |
1,900,024 |
|
|
1,674,740 |
|
|
1,540,140 |
|
Prepaid expenses and other
current assets |
146,160 |
|
|
149,839 |
|
|
133,544 |
|
Total current assets |
10,853,535 |
|
|
9,408,785 |
|
|
8,560,409 |
|
Property and equipment, net |
1,071,499 |
|
|
1,048,619 |
|
|
1,059,077 |
|
Restricted cash and
investments |
253,911 |
|
|
254,155 |
|
|
255,177 |
|
Goodwill and intangible
assets |
1,652,968 |
|
|
1,666,732 |
|
|
1,701,547 |
|
Other assets |
727,134 |
|
|
560,344 |
|
|
425,123 |
|
Total assets |
$ |
14,559,047 |
|
|
$ |
12,938,635 |
|
|
$ |
12,001,333 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
Current portion of long-term debt
and finance lease obligations |
$ |
839,877 |
|
|
$ |
42,407 |
|
|
$ |
667,131 |
|
Other current liabilities |
2,322,565 |
|
|
2,063,254 |
|
|
1,704,519 |
|
Total current liabilities |
3,162,442 |
|
|
2,105,661 |
|
|
2,371,650 |
|
Long-term debt and finance lease
obligations |
4,970,848 |
|
|
5,043,931 |
|
|
3,822,768 |
|
Income taxes payable |
909,709 |
|
|
889,287 |
|
|
892,790 |
|
Other long-term liabilities |
332,559 |
|
|
350,603 |
|
|
190,821 |
|
Total liabilities |
9,375,558 |
|
|
8,389,482 |
|
|
7,278,029 |
|
Temporary equity, convertible
notes |
10,995 |
|
|
11,546 |
|
|
49,439 |
|
Stockholders’ equity (2) |
5,172,494 |
|
|
4,537,607 |
|
|
4,673,865 |
|
Total liabilities and stockholders’ equity |
$ |
14,559,047 |
|
|
$ |
12,938,635 |
|
|
$ |
12,001,333 |
|
(1) |
Derived from audited financial statements. |
(2) |
Common shares issued and
outstanding were 145,331 as of June 28, 2020, 145,156 as of March
29, 2020, and 144,433 as of June 30, 2019. |
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)
|
Three Months Ended |
|
Twelve Months Ended |
|
June 28, 2020 |
|
March 29, 2020 |
|
June 30, 2019 |
|
June 28, 2020 |
|
June 30, 2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(1) |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
696,673 |
|
|
574,781 |
|
|
541,825 |
|
|
2,251,753 |
|
|
2,191,430 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
71,083 |
|
|
67,248 |
|
|
65,408 |
|
|
268,525 |
|
|
309,281 |
|
Deferred income taxes |
(92,293 |
) |
|
— |
|
|
70,125 |
|
|
(17,777 |
) |
|
(4,980 |
) |
Equity-based compensation expense |
53,153 |
|
|
47,414 |
|
|
44,845 |
|
|
189,197 |
|
|
187,234 |
|
Amortization of note discounts and issuance costs |
1,329 |
|
|
1,361 |
|
|
2,206 |
|
|
5,940 |
|
|
7,343 |
|
Other, net |
(10,822 |
) |
|
7,811 |
|
|
(5,173 |
) |
|
688 |
|
|
(5,819 |
) |
Changes in operating assets and
liabilities |
93,925 |
|
|
(157,187 |
) |
|
161,251 |
|
|
(571,875 |
) |
|
491,524 |
|
Net cash provided by operating activities |
813,048 |
|
|
541,428 |
|
|
880,487 |
|
|
2,126,451 |
|
|
3,176,013 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Capital expenditures and
intangible assets |
(50,554 |
) |
|
(51,375 |
) |
|
(65,948 |
) |
|
(203,239 |
) |
|
(303,491 |
) |
Net (purchase) sale of
available-for-sale securities |
(354,350 |
) |
|
211,159 |
|
|
(555,468 |
) |
|
(15,000 |
) |
|
(1,326,208 |
) |
Other, net |
(25,305 |
) |
|
9,988 |
|
|
(2,067 |
) |
|
(25,845 |
) |
|
(7,355 |
) |
Net cash (used for) provided by investing activities |
(430,209 |
) |
|
169,772 |
|
|
(623,483 |
) |
|
(244,084 |
) |
|
(1,637,054 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
long-term debt, net of issuance costs |
1,974,651 |
|
|
— |
|
|
— |
|
|
1,974,651 |
|
|
2,476,720 |
|
Principal payments on debt |
(2,948 |
) |
|
(617,637 |
) |
|
(1,157 |
) |
|
(667,537 |
) |
|
(117,653 |
) |
Net repayments from issuance of
commercial paper |
— |
|
|
— |
|
|
(300,000 |
) |
|
— |
|
|
(361,754 |
) |
Proceeds from borrowings on
revolving credit facility |
— |
|
|
1,250,000 |
|
|
— |
|
|
1,250,000 |
|
|
— |
|
Repayments of borrowings on
revolving credit facility |
(1,250,000 |
) |
|
— |
|
|
— |
|
|
(1,250,000 |
) |
|
— |
|
Treasury stock purchases |
(41,017 |
) |
|
(245,433 |
) |
|
(1,108,560 |
) |
|
(1,369,649 |
) |
|
(3,780,611 |
) |
Dividends paid |
(167,739 |
) |
|
(163,510 |
) |
|
(164,874 |
) |
|
(656,838 |
) |
|
(678,348 |
) |
Reissuance of treasury stock
related to employee stock purchase plan |
46,992 |
|
|
— |
|
|
45,041 |
|
|
85,439 |
|
|
77,961 |
|
Proceeds from issuance of common
stock |
1,869 |
|
|
1,714 |
|
|
1,694 |
|
|
8,084 |
|
|
6,813 |
|
Other, net |
1,592 |
|
|
328 |
|
|
— |
|
|
1,920 |
|
|
(13,208 |
) |
Net cash provided by (used for) financing activities |
563,400 |
|
|
225,462 |
|
|
(1,527,856 |
) |
|
(623,930 |
) |
|
(2,390,080 |
) |
Effect of exchange rate changes
on cash, cash equivalents, and restricted cash |
7,103 |
|
|
(10,715 |
) |
|
(3,137 |
) |
|
(2,750 |
) |
|
(4,041 |
) |
Net increase (decrease) in cash,
cash equivalents, and restricted cash |
953,342 |
|
|
925,947 |
|
|
(1,273,989 |
) |
|
1,255,687 |
|
|
(855,162 |
) |
Cash, cash equivalents, and
restricted cash at beginning of period |
4,215,741 |
|
|
3,289,794 |
|
|
5,187,385 |
|
|
3,913,396 |
|
|
4,768,558 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
5,169,083 |
|
|
$ |
4,215,741 |
|
|
$ |
3,913,396 |
|
|
$ |
5,169,083 |
|
|
$ |
3,913,396 |
|
(1) |
Derived from audited financial statements. |
Non-GAAP Financial
Summary(in thousands, except percentages and per
share data)(unaudited)
|
Three Months Ended |
|
June 28, 2020 |
|
March 29, 2020 |
Revenue |
$ |
2,791,864 |
|
|
$ |
2,503,625 |
|
Gross margin |
$ |
1,288,339 |
|
|
$ |
1,159,981 |
|
Gross margin as percentage of
revenue |
46.1 |
% |
|
46.3 |
% |
Operating expenses |
$ |
493,115 |
|
|
$ |
486,494 |
|
Operating income |
$ |
795,224 |
|
|
$ |
673,487 |
|
Operating income as a
percentage of revenue |
28.5 |
% |
|
26.9 |
% |
Net income |
$ |
704,456 |
|
|
$ |
590,359 |
|
Net income per diluted
share |
$ |
4.78 |
|
|
$ |
3.98 |
|
Shares used in per share
calculation - diluted |
147,416 |
|
|
148,165 |
|
Reconciliation of U.S. GAAP Net Income to
Non-GAAP Net Income(in thousands, except per share
data)(unaudited)
|
Three Months Ended |
|
June 28, 2020 |
|
March 29, 2020 |
U.S. GAAP net income |
$ |
696,673 |
|
|
$ |
574,781 |
|
Pre-tax non-GAAP items: |
|
|
|
Amortization related to intangible assets acquired through certain
business combinations - cost of goods sold |
1,627 |
|
|
1,627 |
|
Loss (gain) on elective deferred compensation ("EDC") - related
liability - cost of goods sold |
6,380 |
|
|
(8,653 |
) |
Loss (gain) on EDC - related liability - research and
development |
11,483 |
|
|
(15,575 |
) |
Amortization related to intangible assets acquired through certain
business combinations -selling, general and administrative |
12,357 |
|
|
12,357 |
|
Loss (gain) on EDC - related liability - selling, general and
administrative |
7,655 |
|
|
(10,383 |
) |
Amortization of note discounts - other expense, net |
935 |
|
|
953 |
|
(Gain) loss on EDC - related asset - other expense, net |
(26,135 |
) |
|
33,828 |
|
Net income tax (benefit)
expense on non-GAAP items |
(5,698 |
) |
|
1,700 |
|
Adjustment to cumulative
income tax benefit reversal due to a court ruling |
(821 |
) |
|
— |
|
Income tax benefit on the
conclusion of certain tax matters |
— |
|
|
(276 |
) |
Non-GAAP net income |
$ |
704,456 |
|
|
$ |
590,359 |
|
Non-GAAP net income per
diluted share |
$ |
4.78 |
|
|
$ |
3.98 |
|
U.S. GAAP net income per
diluted share |
$ |
4.73 |
|
|
$ |
3.88 |
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation |
147,416 |
|
|
148,165 |
|
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 |
|
June 28, 2020 |
|
March 29, 2020 |
U.S. GAAP gross margin |
$ |
1,280,332 |
|
|
$ |
1,167,007 |
|
Pre-tax non-GAAP items: |
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
1,627 |
|
|
1,627 |
|
Loss (gain) on EDC-related liability |
6,380 |
|
|
(8,653 |
) |
Non-GAAP gross margin |
$ |
1,288,339 |
|
|
$ |
1,159,981 |
|
U.S. GAAP gross margin as a
percentage of revenue |
45.9 |
% |
|
46.6 |
% |
Non-GAAP gross margin as a
percentage of revenue |
46.1 |
% |
|
46.3 |
% |
U.S. GAAP operating
expenses |
$ |
524,610 |
|
|
$ |
472,893 |
|
Pre-tax non-GAAP items: |
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
(12,357 |
) |
|
(12,357 |
) |
(Loss) gain on EDC-related liability |
(19,138 |
) |
|
25,958 |
|
Non-GAAP operating
expenses |
$ |
493,115 |
|
|
$ |
486,494 |
|
U.S. GAAP operating
income |
$ |
755,722 |
|
|
$ |
694,114 |
|
Non-GAAP operating income |
$ |
795,224 |
|
|
$ |
673,487 |
|
U.S. GAAP operating income as
percent of revenue |
27.1 |
% |
|
27.7 |
% |
Non-GAAP operating income as a
percent of revenue |
28.5 |
% |
|
26.9 |
% |
Lam Research Corporation Contact:
Tina Correia, Investor Relations, phone: 510-572-1615,
e-mail: investor.relations@lamresearch.com
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