FREMONT,
Calif., Jan. 29, 2025 /PRNewswire/ -- Lam
Research Corporation (the "Company," "Lam," "Lam Research") today
announced financial results for the quarter ended December 29, 2024 (the "December 2024 quarter").
Highlights for the December 2024
quarter were as follows:
- Revenue of $4.38 billion.
- U.S. GAAP gross margin of 47.4%, U.S. GAAP operating income as
a percentage of revenue of 30.5%, and U.S. GAAP diluted EPS of
$0.92.
- Non-GAAP gross margin of 47.5%, non-GAAP operating income as a
percentage of revenue of 30.7%, and non-GAAP diluted EPS of
$0.91.
|
Key Financial Data
for the Quarters Ended
December 29, 2024 and September 29, 2024
(in thousands, except per-share data, percentages, and basis
points)
|
|
|
U.S.
GAAP
|
|
|
December
2024
|
|
September
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
4,376,047
|
|
$
4,167,976
|
|
+ 5 %
|
|
Gross margin as
percentage of revenue
|
|
47.4 %
|
|
48.0 %
|
|
- 60 bps
|
|
Operating income as
percentage of revenue
|
|
30.5 %
|
|
30.3 %
|
|
+ 20 bps
|
|
Diluted EPS
|
|
$
0.92
|
|
$
0.86
|
|
+ 7 %
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
December
2024
|
|
September
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
4,376,047
|
|
$
4,167,976
|
|
+ 5 %
|
|
Gross margin as
percentage of revenue
|
|
47.5 %
|
|
48.2 %
|
|
- 70 bps
|
|
Operating income as
percentage of revenue
|
|
30.7 %
|
|
30.9 %
|
|
- 20 bps
|
|
Diluted EPS
|
|
$
0.91
|
|
$
0.86
|
|
+ 6 %
|
U.S. GAAP Financial Results
For the December 2024 quarter,
revenue was $4,376 million, gross
margin was $2,073 million, or 47.4%
of revenue, operating expenses were $739
million, operating income was 30.5% of revenue, and net
income was $1,191 million, or
$0.92 per diluted share on a U.S.
GAAP basis. This compares to revenue of $4,168 million, gross margin of $2,003 million, or 48.0% of revenue, operating
expenses of $738 million, operating
income of 30.3% of revenue, and net income of $1,116 million, or $0.86 per diluted share, for the quarter ended
September 29, 2024 (the "September
2024 quarter").
Non-GAAP Financial Results
For the December 2024 quarter,
non-GAAP gross margin was $2,077
million, or 47.5% of revenue, non-GAAP operating expenses
were $735 million, non-GAAP operating
income was 30.7% of revenue, and non-GAAP net income was
$1,175 million, or $0.91 per diluted share. This compares to
non-GAAP gross margin of $2,009
million, or 48.2% of revenue, non-GAAP operating expenses of
$722 million, non-GAAP operating
income of 30.9% of revenue, and non-GAAP net income of $1,122 million, or $0.86 per diluted share, for the September 2024 quarter.
"Lam is executing at a high level at a pivotal moment for
semiconductor manufacturing. Increasing demands on chip performance
play into Lam's strengths, with advanced deposition and etch
applications set to comprise a growing share of WFE," said
Tim Archer, Lam Research's President
and Chief Executive Officer. "Our investments to win at key
technology inflections are paying off, with more exciting
opportunities ahead."
Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances decreased
to $5.7 billion at the end of the
December 2024 quarter compared to
$6.1 billion at the end of the
September 2024 quarter. The decrease
was primarily the result of cash deployed for capital return
activities and capital expenditures during the quarter, partially
offset by cash generated from operating activities.
Deferred revenue at the end of the December 2024 quarter decreased to $2,032 million compared to $2,047 million as of the end of the September 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 $453 million as of
December 29, 2024 and $184
million as of September 29, 2024.
Revenue
The geographic distribution of revenue during the December 2024 quarter is shown in the following
table:
|
Region
|
Revenue
|
|
China
|
31 %
|
|
Korea
|
25 %
|
|
Taiwan
|
17 %
|
|
United
States
|
9 %
|
|
Japan
|
8 %
|
|
Southeast
Asia
|
7 %
|
|
Europe
|
3 %
|
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months
Ended
|
|
December 29,
2024
|
|
September
29,
2024
|
|
December 24,
2023
|
|
(In
thousands)
|
|
Systems
revenue
|
$
2,625,649
|
|
$
2,392,730
|
|
$
2,299,286
|
|
Customer
support-related revenue and other
|
1,750,398
|
|
1,775,246
|
|
1,458,973
|
|
$
4,376,047
|
|
$
4,167,976
|
|
$
3,758,259
|
|
|
|
|
|
|
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 March 30, 2025, Lam is providing the
following guidance:
|
U.S.
GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$4.65
Billion
|
+/-
|
$300 Million
|
|
—
|
|
$4.65
Billion
|
+/-
|
$300 Million
|
|
Gross margin as a
percentage of revenue
|
47.9 %
|
+/-
|
1 %
|
|
$
2.8
|
Million
|
|
48.0 %
|
+/-
|
1 %
|
|
Operating income as a
percentage of revenue
|
31.9 %
|
+/-
|
1 %
|
|
$
3.4
|
Million
|
|
32.0 %
|
+/-
|
1 %
|
|
Net income per diluted
share
|
$1.00
|
+/-
|
$0.10
|
|
$
3.9
|
Million
|
|
$1.00
|
+/-
|
$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 December 2024 and
September 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. Additionally, the non-GAAP
results for the December 2024 quarter
exclude the income tax benefit from a change in tax law.
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 prospects for semiconductor
manufacturing and for demand for wafer fabrication equipment
("WFE"); chip performance demands; the competitive positioning
of Lam's products; growth in the significance of advanced
deposition and etch applications as a proportion of wafer
fabrication equipment spending; the success of our investments at
key technology inflections; and the opportunities ahead of us. Some
factors that may affect these forward-looking statements include:
the actions of our customers and competitors may be inconsistent
with our expectations; business, political and/or regulatory
conditions in the consumer electronics industry, the semiconductor
industry and the overall economy may deteriorate or change; trade
regulations, export controls, trade disputes, and other
geopolitical tensions may inhibit our ability to sell our products;
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, and our
quarterly report on Form 10-Q for the fiscal quarter ended
September 29, 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
|
|
Six Months
Ended
|
|
December 29,
2024
|
|
September
29,
2024
|
|
December 24,
2023
|
|
December 29,
2024
|
|
December 24,
2023
|
|
Revenue
|
$
4,376,047
|
|
$
4,167,976
|
|
$
3,758,259
|
|
$
8,544,023
|
|
$
7,240,321
|
|
Cost of goods
sold
|
2,303,066
|
|
2,165,293
|
|
1,985,847
|
|
4,468,359
|
|
3,805,267
|
|
Restructuring charges,
net - cost of goods sold
|
—
|
|
—
|
|
14,957
|
|
—
|
|
22,897
|
|
Total cost of goods
sold
|
2,303,066
|
|
2,165,293
|
|
2,000,804
|
|
4,468,359
|
|
3,828,164
|
|
Gross
margin
|
2,072,981
|
|
2,002,683
|
|
1,757,455
|
|
4,075,664
|
|
3,412,157
|
|
Gross margin as a
percent of revenue
|
47.4 %
|
|
48.0 %
|
|
46.8 %
|
|
47.7 %
|
|
47.1 %
|
|
Research and
development
|
494,947
|
|
495,358
|
|
469,712
|
|
990,305
|
|
892,341
|
|
Selling, general and
administrative
|
244,150
|
|
243,128
|
|
228,843
|
|
487,278
|
|
435,866
|
|
Restructuring charges,
net - operating expenses
|
—
|
|
—
|
|
1,688
|
|
—
|
|
3,709
|
|
Total operating
expenses
|
739,097
|
|
738,486
|
|
700,243
|
|
1,477,583
|
|
1,331,916
|
|
Operating
income
|
1,333,884
|
|
1,264,197
|
|
1,057,212
|
|
2,598,081
|
|
2,080,241
|
|
Operating income as a
percent of revenue
|
30.5 %
|
|
30.3 %
|
|
28.1 %
|
|
30.4 %
|
|
28.7 %
|
|
Other income (expense),
net
|
14,262
|
|
30,081
|
|
29,839
|
|
44,343
|
|
32,440
|
|
Income before income
taxes
|
1,348,146
|
|
1,294,278
|
|
1,087,051
|
|
2,642,424
|
|
2,112,681
|
|
Income tax
expense
|
(157,128)
|
|
(177,834)
|
|
(132,785)
|
|
(334,962)
|
|
(271,017)
|
|
Net income
|
$
1,191,018
|
|
$
1,116,444
|
|
$ 954,266
|
|
$
2,307,462
|
|
$
1,841,664
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.93
|
|
$
0.86
|
|
$
0.72
|
|
$
1.78
|
|
$
1.39
|
|
Diluted
|
$
0.92
|
|
$
0.86
|
|
$
0.72
|
|
$
1.78
|
|
$
1.39
|
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1,287,109
|
|
1,299,236
|
|
1,316,293
|
|
1,293,173
|
|
1,321,067
|
|
Diluted
|
1,291,469
|
|
1,304,066
|
|
1,322,201
|
|
1,297,767
|
|
1,326,933
|
|
Cash dividend declared
per common share
|
$
0.23
|
|
$
0.23
|
|
$
0.20
|
|
$
0.46
|
|
$
0.40
|
|
|
|
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
|
|
|
December 29,
2024
|
|
September
29,
2024
|
|
June 30,
2024
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
5,665,379
|
|
$
6,067,471
|
|
$
5,847,856
|
|
Accounts receivable,
net
|
3,304,946
|
|
2,937,217
|
|
2,519,250
|
|
Inventories
|
4,358,152
|
|
4,209,878
|
|
4,217,924
|
|
Prepaid expenses and
other current assets
|
284,370
|
|
277,802
|
|
298,190
|
|
Total current
assets
|
13,612,847
|
|
13,492,368
|
|
12,883,220
|
|
Property and equipment,
net
|
2,313,590
|
|
2,214,269
|
|
2,154,518
|
|
Goodwill and intangible
assets
|
1,761,021
|
|
1,758,344
|
|
1,765,073
|
|
Other assets
|
2,152,458
|
|
2,067,508
|
|
1,941,917
|
|
Total
assets
|
$
19,839,916
|
|
$
19,532,489
|
|
$
18,744,728
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current portion of
long-term debt and finance lease obligations
|
$
504,136
|
|
$
504,682
|
|
$
504,814
|
|
Other current
liabilities
|
4,846,160
|
|
4,837,986
|
|
3,833,624
|
|
Total current
liabilities
|
5,350,296
|
|
5,342,668
|
|
4,338,438
|
|
Long-term debt and
finance lease obligations
|
4,478,148
|
|
4,479,087
|
|
4,478,520
|
|
Income taxes
payable
|
669,747
|
|
664,717
|
|
813,304
|
|
Other long-term
liabilities
|
533,699
|
|
574,126
|
|
575,012
|
|
Total
liabilities
|
11,031,890
|
|
11,060,598
|
|
10,205,274
|
|
Stockholders' equity
(2)
|
8,808,026
|
|
8,471,891
|
|
8,539,454
|
|
Total liabilities and
stockholders' equity
|
$
19,839,916
|
|
$
19,532,489
|
|
$
18,744,728
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
|
(2)
|
Common shares issued
and outstanding were 1,284,956 as of December 29, 2024,
1,291,958 as of September 29, 2024, and 1,303,769 as of
June 30, 2024.
|
|
LAM RESEARCH
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands, unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
December 29,
2024
|
|
September
29,
2024
|
|
December 24,
2023
|
|
December 29,
2024
|
|
December 24,
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
1,191,018
|
|
$
1,116,444
|
|
$
954,266
|
|
$
2,307,462
|
|
$
1,841,664
|
|
Adjustments to
reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
96,200
|
|
94,295
|
|
90,941
|
|
190,495
|
|
181,420
|
|
Deferred income
taxes
|
(82,854)
|
|
(108,722)
|
|
(88,747)
|
|
(191,576)
|
|
(112,985)
|
|
Equity-based
compensation expense
|
81,959
|
|
80,011
|
|
69,901
|
|
161,970
|
|
137,112
|
|
Other, net
|
(8,592)
|
|
(457)
|
|
4,182
|
|
(9,049)
|
|
4,032
|
|
Changes in operating
assets and liabilities
|
(535,789)
|
|
386,900
|
|
423,297
|
|
(148,889)
|
|
353,760
|
|
Net cash provided by
operating activities
|
741,942
|
|
1,568,471
|
|
1,453,840
|
|
2,310,413
|
|
2,405,003
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and intangible assets
|
(188,349)
|
|
(110,588)
|
|
(115,276)
|
|
(298,937)
|
|
(192,268)
|
|
Net maturities and
sales of available-for-sale securities
|
—
|
|
—
|
|
15,841
|
|
—
|
|
23,116
|
|
Other, net
|
12,974
|
|
37
|
|
(2,523)
|
|
13,011
|
|
(7,489)
|
|
Net cash used for
investing activities
|
(175,375)
|
|
(110,551)
|
|
(101,958)
|
|
(285,926)
|
|
(176,641)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Principal payments on
debt, including finance lease
obligations
|
(1,032)
|
|
(934)
|
|
(986)
|
|
(1,966)
|
|
(254,095)
|
|
Treasury stock
purchases, including excise tax payments
|
(697,688)
|
|
(997,035)
|
|
(645,458)
|
|
(1,694,723)
|
|
(1,488,696)
|
|
Dividends
paid
|
(297,634)
|
|
(260,985)
|
|
(264,414)
|
|
(558,619)
|
|
(494,746)
|
|
Reissuance of treasury
stock related to employee stock
purchase plan
|
60,557
|
|
—
|
|
53,081
|
|
60,557
|
|
53,081
|
|
Proceeds from issuance
of common stock, net issuance
costs
|
(194)
|
|
(43)
|
|
1,704
|
|
(237)
|
|
4,522
|
|
Other, net
|
761
|
|
(324)
|
|
(3,821)
|
|
437
|
|
(5,972)
|
|
Net cash used for
financing activities
|
(935,230)
|
|
(1,259,321)
|
|
(859,894)
|
|
(2,194,551)
|
|
(2,185,906)
|
|
Effect of exchange rate
changes on cash, cash equivalents,
and restricted cash
|
(26,022)
|
|
22,682
|
|
6,725
|
|
(3,340)
|
|
(4,306)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
(394,685)
|
|
221,281
|
|
498,713
|
|
(173,404)
|
|
38,150
|
|
Cash, cash equivalents,
and restricted cash at beginning of
period (1)
|
6,072,084
|
|
5,850,803
|
|
5,126,809
|
|
5,850,803
|
|
5,587,372
|
|
Cash, cash equivalents,
and restricted cash at end of
period (1)
|
$
5,677,399
|
|
$
6,072,084
|
|
$
5,625,522
|
|
$
5,677,399
|
|
$
5,625,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
December 29,
2024
|
|
September
29,
2024
|
|
Revenue
|
$
4,376,047
|
|
$
4,167,976
|
|
Gross margin
|
$
2,077,151
|
|
$
2,009,022
|
|
Gross margin as
percentage of revenue
|
47.5 %
|
|
48.2 %
|
|
Operating
expenses
|
$
734,501
|
|
$
722,148
|
|
Operating
income
|
$
1,342,650
|
|
$
1,286,874
|
|
Operating income as a
percentage of revenue
|
30.7 %
|
|
30.9 %
|
|
Net income
|
$
1,175,000
|
|
$
1,121,507
|
|
Net income per diluted
share
|
$
0.91
|
|
$
0.86
|
|
Shares used in per
share calculation - diluted
|
1,291,469
|
|
1,304,066
|
|
Reconciliation of
U.S. GAAP Net Income to Non-GAAP Net Income
(in
thousands, except per share
data)
(unaudited)
|
|
|
Three Months
Ended
|
|
December 29,
2024
|
|
September
29,
2024
|
|
U.S. GAAP net
income
|
$
1,191,018
|
|
$
1,116,444
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business combinations
- cost of goods sold
|
2,817
|
|
3,076
|
|
Elective deferred
compensation ("EDC") related liability valuation increase - cost of
goods sold
|
1,353
|
|
3,263
|
|
EDC related liability
valuation increase - research and development
|
2,432
|
|
8,136
|
|
Amortization related
to intangible assets acquired through certain business combinations
- selling, general and
administrative
|
538
|
|
692
|
|
EDC related liability
valuation increase - selling, general and administrative
|
1,626
|
|
7,510
|
|
Amortization of note
discounts - other income (expense), net
|
772
|
|
765
|
|
Gain on EDC related
asset - other income (expense), net
|
(4,502)
|
|
(17,420)
|
|
Net income tax benefit
on non-GAAP items
|
(276)
|
|
(959)
|
|
Income tax benefit from
a change in tax law
|
(20,778)
|
|
—
|
|
Non-GAAP net
income
|
$
1,175,000
|
|
$
1,121,507
|
|
Non-GAAP net income per
diluted share
|
$
0.91
|
|
$
0.86
|
|
U.S. GAAP net income
per diluted share
|
$
0.92
|
|
$
0.86
|
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation
|
1,291,469
|
|
1,304,066
|
|
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,
2024
|
|
September
29,
2024
|
|
U.S. GAAP gross
margin
|
$
2,072,981
|
|
$
2,002,683
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
2,817
|
|
3,076
|
|
EDC related liability
valuation increase
|
1,353
|
|
3,263
|
|
Non-GAAP gross
margin
|
$
2,077,151
|
|
$
2,009,022
|
|
U.S. GAAP gross margin
as a percentage of revenue
|
47.4 %
|
|
48.0 %
|
|
Non-GAAP gross margin
as a percentage of revenue
|
47.5 %
|
|
48.2 %
|
|
U.S. GAAP operating
expenses
|
$
739,097
|
|
$
738,486
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
(538)
|
|
(692)
|
|
EDC related liability
valuation increase
|
(4,058)
|
|
(15,646)
|
|
Non-GAAP operating
expenses
|
$
734,501
|
|
$
722,148
|
|
U.S. GAAP operating
income
|
$
1,333,884
|
|
$
1,264,197
|
|
Non-GAAP operating
income
|
$
1,342,650
|
|
$
1,286,874
|
|
U.S. GAAP operating
income as percent of revenue
|
30.5 %
|
|
30.3 %
|
|
Non-GAAP operating
income as a percent of revenue
|
30.7 %
|
|
30.9 %
|
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
