FREMONT,
Calif., Oct. 23, 2024 /PRNewswire/ -- Lam Research
Corporation (the "Company," "Lam," "Lam Research") today announced
financial results for the quarter ended September 29, 2024 (the "September 2024 quarter").
On May 21, 2024, the Company
announced a ten-for-one stock split which was effective
October 2, 2024. All references made
to share or per share amounts in this press release have been
adjusted to reflect the stock split, unless otherwise
indicated.
Highlights for the September 2024
quarter were as follows:
- Revenue of $4.17 billion.
- U.S. GAAP gross margin of 48.0%, U.S. GAAP operating income as
a percentage of revenue of 30.3%, and U.S. GAAP diluted EPS of
$0.86.
- Non-GAAP gross margin of 48.2%, non-GAAP operating income as a
percentage of revenue of 30.9%, and non-GAAP diluted EPS of
$0.86.
|
Key Financial Data
for the Quarters Ended
September 29,
2024 and June 30, 2024
(in thousands,
except per-share data, percentages, and basis
points)
|
|
U.S.
GAAP
|
|
|
September
2024
|
|
June
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
4,167,976
|
|
$
3,871,507
|
|
+ 8 %
|
|
Gross margin as
percentage of revenue
|
|
48.0 %
|
|
47.5 %
|
|
+ 50 bps
|
|
Operating income as
percentage of revenue
|
|
30.3 %
|
|
29.1 %
|
|
+ 120 bps
|
|
Diluted EPS
pre-split
|
|
$
8.56
|
|
$
7.78
|
|
+ 10 %
|
|
Diluted EPS
post-split
|
|
$
0.86
|
|
$
0.78
|
|
+ 10 %
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
September
2024
|
|
June
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
4,167,976
|
|
$
3,871,507
|
|
+ 8 %
|
|
Gross margin as
percentage of revenue
|
|
48.2 %
|
|
48.5 %
|
|
- 30 bps
|
|
Operating income as
percentage of revenue
|
|
30.9 %
|
|
30.7 %
|
|
+ 20 bps
|
|
Diluted EPS
pre-split
|
|
$
8.60
|
|
$
8.14
|
|
+ 6 %
|
|
Diluted EPS
post-split
|
|
$
0.86
|
|
$
0.81
|
|
+ 6 %
|
U.S. GAAP Financial Results
For the September 2024 quarter,
revenue was $4,168 million, gross
margin was $2,003 million, or 48.0%
of revenue, operating expenses were $738
million, operating income was 30.3% of revenue, and net
income was $1,116 million, or
$0.86 per diluted share on a U.S.
GAAP basis. This compares to revenue of $3,872 million, gross margin of $1,840 million, or 47.5% of revenue, operating
expenses of $714 million, operating
income of 29.1% of revenue, and net income of $1,020 million, or $0.78 per diluted share, for the quarter ended
June 30, 2024 (the "June 2024
quarter").
Non-GAAP Financial Results
For the September 2024 quarter,
non-GAAP gross margin was $2,009
million, or 48.2% of revenue, non-GAAP operating expenses
were $722 million, non-GAAP operating
income was 30.9% of revenue, and non-GAAP net income was
$1,122 million, or $0.86 per diluted share. This compares to
non-GAAP gross margin of $1,876
million, or 48.5% of revenue, non-GAAP operating expenses of
$689 million, non-GAAP operating
income of 30.7% of revenue, and non-GAAP net income of $1,067 million, or $0.81 per diluted share, for the June 2024 quarter.
"With continued strong execution, Lam delivered financial
performance ahead of expectations," said Tim Archer, Lam Research's President and Chief
Executive Officer. "Looking forward, etch and deposition are
fundamental to enabling the next generation of semiconductors. Our
investments in key technology inflections position us well to
outperform WFE growth in 2025 and beyond."
Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances increased
to $6.1 billion at the end of the
September 2024 quarter compared to
$5.9 billion at the end of the
June 2024 quarter. The increase was
primarily the result of cash generated from operating activities,
partially offset by cash deployed for capital return activities and
capital expenditures during the quarter.
Deferred revenue at the end of the September 2024 quarter increased to $2,047 million compared to $1,552 million as of the end of the June 2024 quarter. Lam's deferred revenue balance
does not include shipments to customers in Japan, to whom control does not transfer until
customer acceptance. Shipments to customers in Japan are classified as inventory at cost
until the time of acceptance. The estimated future revenue from
shipments to customers in Japan
was approximately $184 million as of
September 29, 2024 and $98
million as of June 30, 2024.
Revenue
The geographic distribution of revenue during the September 2024 quarter is shown in the following
table:
|
Region
|
Revenue
|
|
China
|
37 %
|
|
Korea
|
18 %
|
|
Taiwan
|
15 %
|
|
United
States
|
12 %
|
|
Japan
|
7 %
|
|
Southeast
Asia
|
6 %
|
|
Europe
|
5 %
|
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months
Ended
|
|
September
29,
2024
|
|
June 30,
2024
|
|
September
24,
2023
|
|
(In
thousands)
|
|
Systems
revenue
|
$
2,392,730
|
|
$
2,169,885
|
|
$
2,056,655
|
|
Customer
support-related revenue and other
|
1,775,246
|
|
1,701,622
|
|
1,425,407
|
|
$
4,167,976
|
|
$
3,871,507
|
|
$
3,482,062
|
|
|
|
|
|
|
Systems revenue includes sales of new leading-edge equipment in
deposition, etch and clean markets.
Customer support-related revenue includes sales of customer
service, spares, upgrades, and non-leading-edge equipment from our
Reliant® product line.
Outlook
For the quarter ended December 29, 2024, Lam is providing
the following guidance:
|
U.S.
GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$4.30
Billion
|
+/-
|
$300 Million
|
|
—
|
|
$4.30
Billion
|
+/-
|
$300 Million
|
|
Gross margin as a
percentage of revenue
|
46.9 %
|
+/-
|
1 %
|
|
$
2.8
|
Million
|
|
47.0 %
|
+/-
|
1 %
|
|
Operating income as a
percentage of revenue
|
29.9 %
|
+/-
|
1 %
|
|
$
3.4
|
Million
|
|
30.0 %
|
+/-
|
1 %
|
|
Net income per diluted
share
|
$0.87
|
+/-
|
$0.10
|
|
$
3.9
|
Million
|
|
$0.87
|
+/-
|
$0.10
|
|
Diluted share
count
|
1.29 Billion
|
|
—
|
|
1.29 Billion
|
The information provided above is only an estimate of what the
Company believes is realizable as of the date of this release and
does not incorporate the potential impact of any business
combinations, asset acquisitions, divestitures, restructuring,
balance sheet valuation adjustments, financing arrangements, other
investments, or other significant arrangements that may be
completed or realized after the date of this release, except as
described below. U.S. GAAP to non-GAAP reconciling items provided
include only those items that are known and can be estimated as of
the date of this release. Actual results will vary from this model
and the variations may be material. Reconciling items included
above are as follows:
- Gross margin as a percentage of revenue - amortization related
to intangible assets acquired through business combinations,
$2.8 million.
- Operating income as a percentage of revenue - amortization
related to intangible assets acquired through business
combinations, $3.4 million.
- Net income per diluted share - amortization related to
intangible assets acquired though business combinations,
$3.4 million; amortization of debt
discounts, $0.8 million; and
associated tax benefit for non-GAAP items ($0.3 million); totaling $3.9 million.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also
contains non-GAAP financial results. The Company's non-GAAP results
for both the September 2024 and
June 2024 quarters exclude
amortization related to intangible assets acquired through business
combinations, the effects of elective deferred compensation-related
assets and liabilities, amortization of note discounts, and the net
income tax effect of non-GAAP items. The June 2024 non-GAAP results also exclude net
restructuring charges, and transformational costs.
Management uses non-GAAP gross margin, operating expense,
operating income, operating income as a percentage of revenue, net
income, and net income per diluted share to evaluate the Company's
operating and financial results. The Company believes the
presentation of non-GAAP results is useful to investors for
analyzing business trends and comparing performance to prior
periods, along with enhancing investors' ability to view the
Company's results from management's perspective. Tables presenting
reconciliations of non-GAAP results to U.S. GAAP results are
included at the end of this press release and on the Company's
website at https://investor.lamresearch.com.
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical
fact are forward-looking statements and are subject to the safe
harbor provisions created by the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements relate to,
but are not limited to: our outlook and guidance for future
financial results, including revenue, gross margin, operating
income and net income; our operational execution; the technologies
that will enable the next generation of semiconductors; the extent
of our investments in product development and the relevance of
those investments to key technology inflections; our competitive
positioning; wafer fabrication equipment ("WFE") spending growth;
and our positioning and prospects for performance relative to WFE
growth. Some factors that may affect these forward-looking
statements include: trade regulations, export controls, trade
disputes, and other geopolitical tensions may inhibit our ability
to sell our products; business, political and/or regulatory
conditions in the consumer electronics industry, the semiconductor
industry and the overall economy may deteriorate or change; the
actions of our customers and competitors may be inconsistent with
our expectations; supply chain cost increases and other
inflationary pressures have impacted and may continue to impact our
profitability; supply chain disruptions or manufacturing capacity
constraints may limit our ability to manufacture and sell our
products; and natural and human-caused disasters, disease
outbreaks, war, terrorism, political or governmental unrest or
instability, or other events beyond our control may impact our
operations and revenue in affected areas; as well as the other
risks and uncertainties that are described in the documents filed
or furnished by us with the Securities and Exchange Commission,
including specifically the Risk Factors described in our annual
report on Form 10-K for the fiscal year ended June 30, 2024. These uncertainties and changes
could materially affect the forward-looking statements and cause
actual results to vary from expectations in a material way. The
Company undertakes no obligation to update the information or
statements made in this release.
Lam Research Corporation is a global supplier of innovative
wafer fabrication equipment and services to the semiconductor
industry. Lam's equipment and services allow customers to build
smaller and better performing devices. In fact, today, nearly every
advanced chip is built with Lam technology. We combine superior
systems engineering, technology leadership, and a strong
values-based culture, with an unwavering commitment to our
customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company
headquartered in Fremont, Calif.,
with operations around the globe. Learn more at
www.lamresearch.com. (LRCX)
Consolidated Financial Tables Follow.
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share data and percentages)
(unaudited)
|
|
|
Three Months
Ended
|
|
September
29,
2024
|
|
June 30,
2024
|
|
September
24,
2023
|
|
Revenue
|
$ 4,167,976
|
|
$ 3,871,507
|
|
$ 3,482,062
|
|
Cost of goods
sold
|
2,165,293
|
|
2,026,133
|
|
1,819,420
|
|
Restructuring charges,
net - cost of goods sold
|
—
|
|
5,276
|
|
7,940
|
|
Total cost of goods
sold
|
2,165,293
|
|
2,031,409
|
|
1,827,360
|
|
Gross
margin
|
2,002,683
|
|
1,840,098
|
|
1,654,702
|
|
Gross margin as a
percent of revenue
|
48.0 %
|
|
47.5 %
|
|
47.5 %
|
|
Research and
development
|
495,358
|
|
497,829
|
|
422,629
|
|
Selling, general and
administrative
|
243,128
|
|
216,477
|
|
207,023
|
|
Restructuring charges,
net - operating expenses
|
—
|
|
(768)
|
|
2,021
|
|
Total operating
expenses
|
738,486
|
|
713,538
|
|
631,673
|
|
Operating
income
|
1,264,197
|
|
1,126,560
|
|
1,023,029
|
|
Operating income as a
percent of revenue
|
30.3 %
|
|
29.1 %
|
|
29.4 %
|
|
Other income (expense),
net
|
30,081
|
|
27,796
|
|
2,601
|
|
Income before income
taxes
|
1,294,278
|
|
1,154,356
|
|
1,025,630
|
|
Income tax
expense
|
(177,834)
|
|
(134,074)
|
|
(138,232)
|
|
Net income
|
$ 1,116,444
|
|
$ 1,020,282
|
|
$
887,398
|
|
Pre-split:
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
Basic
|
$
8.59
|
|
$
7.81
|
|
$
6.69
|
|
Diluted
|
$
8.56
|
|
$
7.78
|
|
$
6.66
|
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
Basic
|
129,924
|
|
130,633
|
|
132,584
|
|
Diluted
|
130,407
|
|
131,112
|
|
133,166
|
|
Cash dividend declared
per common share
|
$
2.30
|
|
$
2.00
|
|
$
2.00
|
|
Post-split:
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
Basic
|
$
0.86
|
|
$
0.78
|
|
$
0.67
|
|
Diluted
|
$
0.86
|
|
$
0.78
|
|
$
0.67
|
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
Basic
|
1,299,236
|
|
1,306,333
|
|
1,325,840
|
|
Diluted
|
1,304,066
|
|
1,311,118
|
|
1,331,664
|
|
Cash dividend declared
per common share
|
$
0.23
|
|
$
0.20
|
|
$
0.20
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
September
29,
2024
|
|
June 30,
2024
|
|
September
24,
2023
|
|
(unaudited)
|
|
(1)
|
|
(unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
6,067,471
|
|
$
5,847,856
|
|
$
5,126,150
|
|
Accounts receivable,
net
|
2,937,217
|
|
2,519,250
|
|
2,810,953
|
|
Inventories
|
4,209,878
|
|
4,217,924
|
|
4,747,781
|
|
Prepaid expenses and
other current assets
|
277,802
|
|
298,190
|
|
308,678
|
|
Total current
assets
|
13,492,368
|
|
12,883,220
|
|
12,993,562
|
|
Property and equipment,
net
|
2,214,269
|
|
2,154,518
|
|
2,110,511
|
|
Goodwill and intangible
assets
|
1,758,344
|
|
1,765,073
|
|
1,784,000
|
|
Other assets
|
2,067,508
|
|
1,941,917
|
|
1,650,384
|
|
Total
assets
|
$
19,532,489
|
|
$
18,744,728
|
|
$
18,538,457
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current portion of
long-term debt and finance lease obligations
|
$
504,682
|
|
$
504,814
|
|
$
3,861
|
|
Other current
liabilities
|
4,837,986
|
|
3,833,624
|
|
4,243,316
|
|
Total current
liabilities
|
5,342,668
|
|
4,338,438
|
|
4,247,177
|
|
Long-term debt and
finance lease obligations
|
4,479,087
|
|
4,478,520
|
|
4,980,460
|
|
Income taxes
payable
|
664,717
|
|
813,304
|
|
780,511
|
|
Other long-term
liabilities
|
574,126
|
|
575,012
|
|
482,979
|
|
Total
liabilities
|
11,060,598
|
|
10,205,274
|
|
10,491,127
|
|
Stockholders' equity
(2)
|
8,471,891
|
|
8,539,454
|
|
8,047,330
|
|
Total liabilities and
stockholders' equity
|
$
19,532,489
|
|
$
18,744,728
|
|
$
18,538,457
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
|
(2)
|
Common shares issued
and outstanding were 1,291,958 as of September 29, 2024,
1,303,769 as of June 30, 2024, and 1,320,721 as of
September 24, 2023.
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands,
unaudited)
|
|
|
Three Months
Ended
|
|
September
29,
2024
|
|
June 30,
2024
|
|
September
24,
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
$
1,116,444
|
|
$
1,020,282
|
|
$
887,398
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
94,295
|
|
88,357
|
|
90,479
|
|
Deferred income
taxes
|
(108,722)
|
|
(61,375)
|
|
(24,238)
|
|
Equity-based
compensation expense
|
80,011
|
|
79,092
|
|
67,211
|
|
Other, net
|
(457)
|
|
(3,999)
|
|
(150)
|
|
Changes in operating
assets and liabilities
|
386,900
|
|
(259,927)
|
|
(69,537)
|
|
Net cash provided by
operating activities
|
1,568,471
|
|
862,430
|
|
951,163
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Capital expenditures
and intangible assets
|
(110,588)
|
|
(100,748)
|
|
(76,992)
|
|
Net maturities and
sales of available-for-sale securities
|
—
|
|
—
|
|
7,275
|
|
Other, net
|
37
|
|
(865)
|
|
(4,966)
|
|
Net cash used for
investing activities
|
(110,551)
|
|
(101,613)
|
|
(74,683)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Principal payments on
debt, including finance lease obligations
|
(934)
|
|
(949)
|
|
(253,109)
|
|
Treasury stock
purchases
|
(997,035)
|
|
(373,550)
|
|
(843,238)
|
|
Dividends
paid
|
(260,985)
|
|
(261,462)
|
|
(230,332)
|
|
Reissuance of treasury
stock related to employee stock purchase plan
|
—
|
|
66,885
|
|
—
|
|
Proceeds from issuance
of common stock, net issuance costs
|
(43)
|
|
2,796
|
|
2,818
|
|
Other, net
|
(324)
|
|
(7,871)
|
|
(2,151)
|
|
Net cash used for
financing activities
|
(1,259,321)
|
|
(574,151)
|
|
(1,326,012)
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
22,682
|
|
(9,616)
|
|
(11,031)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
221,281
|
|
177,050
|
|
(460,563)
|
|
Cash, cash equivalents,
and restricted cash at beginning of period (1)
|
5,850,803
|
|
5,673,753
|
|
5,587,372
|
|
Cash, cash equivalents,
and restricted cash at end of period (1)
|
$
6,072,084
|
|
$
5,850,803
|
|
$
5,126,809
|
|
|
|
|
|
|
|
(1)
|
Restricted cash is
reported within Other assets in the Condensed Consolidated Balance
Sheets
|
|
Non-GAAP Financial
Summary
(in thousands,
except percentages and per share data)
(unaudited)
|
|
|
Three Months
Ended
|
|
September
29,
2024
|
|
June 30,
2024
|
|
Revenue
|
$
4,167,976
|
|
$
3,871,507
|
|
Gross margin
|
$
2,009,022
|
|
$
1,876,345
|
|
Gross margin as
percentage of revenue
|
48.2 %
|
|
48.5 %
|
|
Operating
expenses
|
$
722,148
|
|
$
689,133
|
|
Operating
income
|
$
1,286,874
|
|
$
1,187,212
|
|
Operating income as a
percentage of revenue
|
30.9 %
|
|
30.7 %
|
|
Net income
|
$
1,121,507
|
|
$
1,066,890
|
|
Pre-split:
|
|
|
|
|
Net income per diluted
share
|
$
8.60
|
|
$
8.14
|
|
Shares used in per
share calculation - diluted
|
130,407
|
|
131,112
|
|
Post-split:
|
|
|
|
|
Net income per diluted
share
|
$
0.86
|
|
$
0.81
|
|
Shares used in per
share calculation - diluted
|
1,304,066
|
|
1,311,118
|
|
Reconciliation of
U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands,
except per share data)
(unaudited)
|
|
Three Months
Ended
|
|
September
29,
2024
|
|
June 30,
2024
|
|
U.S. GAAP net
income
|
$
1,116,444
|
|
$
1,020,282
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business combinations
- cost of goods sold
|
3,076
|
|
3,076
|
|
Elective deferred
compensation ("EDC") related liability valuation increase - cost of
goods sold
|
3,263
|
|
2,488
|
|
Restructuring charges,
net - cost of goods sold
|
—
|
|
5,276
|
|
Transformational costs
- cost of goods sold
|
—
|
|
25,407
|
|
EDC related liability
valuation increase - research and development
|
8,136
|
|
4,479
|
|
Transformational costs
- Research and development
|
—
|
|
8,469
|
|
Amortization related
to intangible assets acquired through certain business combinations
- selling, general and administrative
|
692
|
|
770
|
|
EDC related liability
valuation increase - selling, general and administrative
|
7,510
|
|
2,986
|
|
Transformational costs
- selling, general and administrative
|
—
|
|
8,469
|
|
Restructuring charges,
net - operating expenses
|
—
|
|
(768)
|
|
Amortization of note
discounts - other income (expense), net
|
765
|
|
759
|
|
Gain on EDC related
asset - other income (expense), net
|
(17,420)
|
|
(9,643)
|
|
Net income tax benefit
on non-GAAP items
|
(959)
|
|
(5,160)
|
|
Non-GAAP net
income
|
$
1,121,507
|
|
$
1,066,890
|
|
Pre-split
|
|
|
|
|
Non-GAAP net income per
diluted share
|
$
8.60
|
|
$
8.14
|
|
U.S. GAAP net income
per diluted share
|
$
8.56
|
|
$
7.78
|
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation
|
130,407
|
|
131,112
|
|
Post-split
|
|
|
|
|
Non-GAAP net income per
diluted share
|
$
0.86
|
|
$
0.81
|
|
U.S. GAAP net income
per diluted share
|
$
0.86
|
|
$
0.78
|
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation
|
1,304,066
|
|
1,311,118
|
|
Reconciliation of
U.S. GAAP Gross Margin, Operating Expenses and Operating Income to
Non-GAAP Gross Margin, Operating Expenses and Operating
Income
(in thousands,
except percentages)
(unaudited)
|
|
|
Three Months
Ended
|
|
September
29,
2024
|
|
June 30,
2024
|
|
U.S. GAAP gross
margin
|
$
2,002,683
|
|
$
1,840,098
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
3,076
|
|
3,076
|
|
EDC related liability
valuation increase
|
3,263
|
|
2,488
|
|
Restructuring charges,
net
|
—
|
|
5,276
|
|
Transformational
costs
|
—
|
|
25,407
|
|
Non-GAAP gross
margin
|
$
2,009,022
|
|
$
1,876,345
|
|
U.S. GAAP gross margin
as a percentage of revenue
|
48.0 %
|
|
47.5 %
|
|
Non-GAAP gross margin
as a percentage of revenue
|
48.2 %
|
|
48.5 %
|
|
U.S. GAAP operating
expenses
|
$
738,486
|
|
$
713,538
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
(692)
|
|
(770)
|
|
EDC related liability
valuation increase
|
(15,646)
|
|
(7,465)
|
|
Restructuring charges,
net
|
—
|
|
768
|
|
Transformational
costs
|
—
|
|
(16,938)
|
|
Non-GAAP operating
expenses
|
$
722,148
|
|
$
689,133
|
|
U.S. GAAP operating
income
|
$
1,264,197
|
|
$
1,126,560
|
|
Non-GAAP operating
income
|
$
1,286,874
|
|
$
1,187,212
|
|
U.S. GAAP operating
income as percent of revenue
|
30.3 %
|
|
29.1 %
|
|
Non-GAAP operating
income as a percent of revenue
|
30.9 %
|
|
30.7 %
|
Lam Research Corporation Contacts:
Ram Ganesh,
Investor Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com
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SOURCE Lam Research Corporation