Lam Research Corporation (the "Company," "Lam," "Lam Research")
today announced financial results for the quarter ended
March 27, 2022 (the “March 2022 quarter”).
Highlights for the March 2022 quarter were as follows:
- Revenue of $4.06 billion.
- U.S. GAAP gross margin of 44.7%, U.S.
GAAP operating income as a percentage of revenue of 29.4%, and U.S.
GAAP diluted EPS of $7.30.
- Non-GAAP gross margin of 44.7%,
non-GAAP operating income as a percentage of revenue of 29.4%, and
non-GAAP diluted EPS of $7.40.
Key Financial Data for the Quarters
Ended March 27, 2022 and December 26,
2021 (in thousands, except per-share data,
percentages, and basis points)
U.S. GAAP |
|
|
March 2022 |
|
December 2021 |
|
Change Q/Q |
Revenue |
|
$ |
4,060,416 |
|
|
$ |
4,226,604 |
|
|
- 4 |
% |
Gross margin as percentage of
revenue |
|
|
44.7 |
% |
|
|
46.8 |
% |
|
- 210 bps |
Operating income as percentage
of revenue |
|
|
29.4 |
% |
|
|
31.7 |
% |
|
- 230 bps |
Diluted EPS |
|
$ |
7.30 |
|
|
$ |
8.44 |
|
|
- 14 |
% |
|
|
|
|
|
|
|
Non-GAAP |
|
|
March 2022 |
|
December 2021 |
|
Change Q/Q |
Revenue |
|
$ |
4,060,416 |
|
|
$ |
4,226,604 |
|
|
- 4 |
% |
Gross margin as percentage of
revenue |
|
|
44.7 |
% |
|
|
46.8 |
% |
|
- 210 bps |
Operating income as percentage
of revenue |
|
|
29.4 |
% |
|
|
32.0 |
% |
|
- 260 bps |
Diluted EPS |
|
$ |
7.40 |
|
|
$ |
8.53 |
|
|
- 13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP Financial Results
For the March 2022 quarter, revenue was $4,060 million, gross
margin was $1,817 million, or 44.7% of revenue, operating expenses
were $625 million, operating income was 29.4% of revenue, and net
income was $1,022 million, or $7.30 per diluted share on a U.S.
GAAP basis. This compares to revenue of $4,227 million, gross
margin of $1,978 million, or 46.8% of revenue, operating expenses
of $640 million, operating income of 31.7% of revenue, and net
income of $1,195 million, or $8.44 per diluted share, for the
quarter ended December 26, 2021 (the “December 2021
quarter”).
Non-GAAP Financial Results
For the March 2022 quarter, non-GAAP gross margin was $1,815
million, or 44.7% of revenue, non-GAAP operating expenses were $621
million, non-GAAP operating income was 29.4% of revenue, and
non-GAAP net income was $1,036 million, or $7.40 per diluted share.
This compares to non-GAAP gross margin of $1,979 million, or 46.8%
of revenue, non-GAAP operating expenses of $627 million, non-GAAP
operating income of 32.0% of revenue, and non-GAAP net income of
$1,207 million, or $8.53 per diluted share, for the December 2021
quarter.
“In an extraordinarily difficult supply environment, Lam
reported March quarter results within guided ranges,” said Tim
Archer, Lam Research’s President and Chief Executive Officer. “We
are focused on resolving our supply issues as quickly as possible
to support strong customer demand. We remain confident in the
secular drivers of wafer fabrication equipment investment as well
as Lam's leadership position and expect to return to solid growth
as industry constraints ease.”
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances decreased to $4.6 billion
at the end of the March 2022 quarter compared to $5.6 billion at
the end of the December 2021 quarter. This decrease was primarily
the result of $1.3 billion of share repurchases, including net
share settlement of employee stock-based compensation; $211 million
of dividends paid to stockholders; and $145 million of capital
expenditures, partially offset by $758 million of cash generated
from operating activities.
Deferred revenue at the end of the March 2022 quarter increased
to $2,069 million compared to $1,458 million as of the end of the
December 2021 quarter. Lam's deferred revenue balance does not
include shipments to customers in Japan, to whom title does not
transfer until customer acceptances. 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 $263 million as of
March 27, 2022 and $328 million as of December 26,
2021.
Revenue
The geographic distribution of revenue during the March 2022
quarter is shown in the following table:
Region |
Revenue |
China |
31 |
% |
Korea |
24 |
% |
Taiwan |
16 |
% |
Japan |
9 |
% |
Southeast Asia |
9 |
% |
United States |
8 |
% |
Europe |
3 |
% |
|
|
|
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months Ended |
|
March 27,2022 |
|
December 26,2021 |
|
March 28,2021 |
|
(In thousands) |
System revenue |
$ |
2,650,842 |
|
$ |
2,740,173 |
|
$ |
2,545,306 |
Customer support-related
revenue and other |
|
1,409,574 |
|
|
1,486,431 |
|
|
1,302,348 |
|
$ |
4,060,416 |
|
$ |
4,226,604 |
|
$ |
3,847,654 |
|
|
|
|
|
|
|
|
|
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 June 26, 2022, Lam is providing the
following guidance:
|
U.S. GAAP |
|
ReconcilingItems |
|
Non-GAAP |
Revenue |
$4.20 Billion |
+/- |
$300 Million |
|
|
— |
|
$4.20 Billion |
+/- |
$300 Million |
Gross margin as a percentage of revenue |
|
44.5% |
|
+/- |
|
1% |
|
|
$ |
1 |
Million |
|
|
44.5% |
|
+/- |
|
1% |
|
Operating income as a
percentage of revenue |
|
29.2% |
|
+/- |
|
1% |
|
|
$ |
11 |
Million |
|
|
29.5% |
|
+/- |
|
1% |
|
Net income per diluted
share |
|
$7.18 |
|
+/- |
|
$0.75 |
|
|
$ |
10 |
Million |
|
|
$7.25 |
|
+/- |
|
$0.75 |
|
Diluted share count |
139 Million |
|
|
— |
|
139 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 or recognized 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, $1
million.
- Operating income as a percentage of revenue - amortization
related to intangible assets acquired through business
combinations, $11 million.
- Net income per diluted share - amortization related to
intangible assets acquired though business combinations, $11
million; amortization of note discounts, $1 million; and associated
tax benefit for non-GAAP items ($2 million); totaling $10
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 March 2022 and December 2021 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 benefit of non-GAAP items.
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
StatementsStatements 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; customer and industry
investment and demand for wafer fabrication equipment and for our
products; supply chain conditions and other industry constraints,
our efforts to address them and the timing for doing so, and the
impacts on our results; and our position in the industry and
prospects for growth. Some factors that may affect these
forward-looking statements include: supply chain disruptions have
limited and are expected to continue to limit our ability to meet
demand for our products; supply chain cost increases and other
inflationary pressures have impacted and are expected to continue
to impact our profitability; 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; 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; 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 27, 2021 and our quarterly report on Form 10-Q for
the fiscal quarter ended December 26, 2021. 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-F)
Consolidated Financial Tables Follow.
###
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share data and
percentages)(unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
March 27,2022 |
|
December 26,2021 |
|
March 28,2021 |
|
March 27,2022 |
|
March 28,2021 |
Revenue |
$ |
4,060,416 |
|
|
$ |
4,226,604 |
|
|
$ |
3,847,654 |
|
|
$ |
12,591,485 |
|
|
$ |
10,480,971 |
|
Cost of
goods sold |
|
2,243,791 |
|
|
|
2,248,688 |
|
|
|
2,067,523 |
|
|
|
6,820,190 |
|
|
|
5,590,866 |
|
Gross margin |
|
1,816,625 |
|
|
|
1,977,916 |
|
|
|
1,780,131 |
|
|
|
5,771,295 |
|
|
|
4,890,105 |
|
Gross margin as a percent of revenue |
|
44.7 |
% |
|
|
46.8 |
% |
|
|
46.3 |
% |
|
|
45.8 |
% |
|
|
46.7 |
% |
Research
and development |
|
407,120 |
|
|
|
403,644 |
|
|
|
381,120 |
|
|
|
1,193,091 |
|
|
|
1,111,659 |
|
Selling,
general and administrative |
|
217,408 |
|
|
|
236,133 |
|
|
|
203,703 |
|
|
|
675,735 |
|
|
|
612,350 |
|
Total operating expenses |
|
624,528 |
|
|
|
639,777 |
|
|
|
584,823 |
|
|
|
1,868,826 |
|
|
|
1,724,009 |
|
Operating income |
|
1,192,097 |
|
|
|
1,338,139 |
|
|
|
1,195,308 |
|
|
|
3,902,469 |
|
|
|
3,166,096 |
|
Operating income as a percent of revenue |
|
29.4 |
% |
|
|
31.7 |
% |
|
|
31.1 |
% |
|
|
31.0 |
% |
|
|
30.2 |
% |
Other
income (expense), net |
|
(57,402 |
) |
|
|
17,999 |
|
|
|
(35,320 |
) |
|
|
(68,260 |
) |
|
|
(104,053 |
) |
Income before income taxes |
|
1,134,695 |
|
|
|
1,356,138 |
|
|
|
1,159,988 |
|
|
|
3,834,209 |
|
|
|
3,062,043 |
|
Income
tax expense |
|
(112,917 |
) |
|
|
(161,308 |
) |
|
|
(88,867 |
) |
|
|
(437,857 |
) |
|
|
(298,242 |
) |
Net income |
$ |
1,021,778 |
|
|
$ |
1,194,830 |
|
|
$ |
1,071,121 |
|
|
$ |
3,396,352 |
|
|
$ |
2,763,801 |
|
Net
income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
7.34 |
|
|
$ |
8.50 |
|
|
$ |
7.51 |
|
|
$ |
24.17 |
|
|
$ |
19.20 |
|
Diluted |
$ |
7.30 |
|
|
$ |
8.44 |
|
|
$ |
7.41 |
|
|
$ |
24.02 |
|
|
$ |
18.94 |
|
Number
of shares used in per share calculations: |
|
|
|
|
|
|
|
|
|
Basic |
|
139,229 |
|
|
|
140,630 |
|
|
|
142,676 |
|
|
|
140,534 |
|
|
|
143,925 |
|
Diluted |
|
140,057 |
|
|
|
141,530 |
|
|
|
144,609 |
|
|
|
141,400 |
|
|
|
145,923 |
|
Cash
dividend declared per common share |
$ |
1.50 |
|
|
$ |
1.50 |
|
|
$ |
1.30 |
|
|
$ |
4.50 |
|
|
$ |
3.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
March 27,2022 |
|
December 26,2021 |
|
June 27,2021 |
|
(unaudited) |
|
(unaudited) |
|
|
(1) |
|
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
4,194,719 |
|
$ |
5,086,544 |
|
$ |
4,418,263 |
|
Investments |
|
160,072 |
|
|
242,590 |
|
|
1,310,872 |
|
Accounts
receivable, net |
|
3,702,320 |
|
|
3,402,840 |
|
|
3,026,430 |
|
Inventories |
|
3,479,332 |
|
|
3,074,177 |
|
|
2,689,294 |
|
Prepaid
expenses and other current assets |
|
351,658 |
|
|
296,711 |
|
|
207,528 |
|
Total current assets |
|
11,888,101 |
|
|
12,102,862 |
|
|
11,652,387 |
|
Property
and equipment, net |
|
1,561,875 |
|
|
1,503,385 |
|
|
1,303,479 |
|
Restricted cash and investments |
|
251,036 |
|
|
250,863 |
|
|
252,487 |
|
Goodwill
and intangible assets |
|
1,627,035 |
|
|
1,601,755 |
|
|
1,622,499 |
|
Other
assets |
|
1,260,984 |
|
|
1,226,563 |
|
|
1,061,300 |
|
Total assets |
$ |
16,589,031 |
|
$ |
16,685,428 |
|
$ |
15,892,152 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current
portion of long-term debt and finance lease obligations |
$ |
7,689 |
|
$ |
6,201 |
|
$ |
11,349 |
|
Other
current liabilities |
|
4,187,052 |
|
|
3,856,950 |
|
|
3,516,518 |
|
Total current liabilities |
|
4,194,741 |
|
|
3,863,151 |
|
|
3,527,867 |
|
Long-term debt and finance lease obligations |
|
5,000,657 |
|
|
4,988,121 |
|
|
4,990,333 |
|
Income
taxes payable |
|
916,668 |
|
|
891,545 |
|
|
948,037 |
|
Other
long-term liabilities |
|
450,475 |
|
|
466,830 |
|
|
398,727 |
|
Total liabilities |
|
10,562,541 |
|
|
10,209,647 |
|
|
9,864,964 |
|
Stockholders’ equity (2) |
|
6,026,490 |
|
|
6,475,781 |
|
|
6,027,188 |
|
Total liabilities and stockholders’ equity |
$ |
16,589,031 |
|
$ |
16,685,428 |
|
$ |
15,892,152 |
|
(1 |
) |
Derived from audited financial
statements. |
(2 |
) |
Common shares issued and
outstanding were 138,707 as of March 27, 2022, 140,275 as of
December 26, 2021, and 142,501 as of June 27, 2021. |
|
|
|
LAM RESEARCH
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands, unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
March 27,2022 |
|
December 26,2021 |
|
March 28,2021 |
|
March 27,2022 |
|
March 28,2021 |
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,021,778 |
|
|
$ |
1,194,830 |
|
|
$ |
1,071,121 |
|
|
$ |
3,396,352 |
|
|
$ |
2,763,801 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
84,228 |
|
|
|
81,705 |
|
|
|
79,453 |
|
|
|
245,807 |
|
|
|
228,754 |
|
Deferred income taxes |
|
(56,878 |
) |
|
|
(13,550 |
) |
|
|
(1,136 |
) |
|
|
(83,451 |
) |
|
|
(5,448 |
) |
Equity-based compensation expense |
|
68,543 |
|
|
|
62,834 |
|
|
|
55,746 |
|
|
|
189,476 |
|
|
|
163,843 |
|
Other, net |
|
(3,121 |
) |
|
|
(66,514 |
) |
|
|
(635 |
) |
|
|
(78,325 |
) |
|
|
10,394 |
|
Changes
in operating assets and liabilities |
|
(356,840 |
) |
|
|
181,201 |
|
|
|
(39,469 |
) |
|
|
(1,014,119 |
) |
|
|
(1,009,116 |
) |
Net cash provided by operating activities |
|
757,710 |
|
|
|
1,440,506 |
|
|
|
1,165,080 |
|
|
|
2,655,740 |
|
|
|
2,152,228 |
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Capital
expenditures and intangible assets |
|
(145,368 |
) |
|
|
(138,493 |
) |
|
|
(89,596 |
) |
|
|
(420,288 |
) |
|
|
(244,474 |
) |
Net sale
(purchase) of available-for-sale securities |
|
79,184 |
|
|
|
325,171 |
|
|
|
233,529 |
|
|
|
1,142,398 |
|
|
|
(335,443 |
) |
Other,
net |
|
(28,380 |
) |
|
|
(595 |
) |
|
|
(27,997 |
) |
|
|
(33,898 |
) |
|
|
(35,873 |
) |
Net cash (used for) provided by investing activities |
|
(94,564 |
) |
|
|
186,083 |
|
|
|
115,936 |
|
|
|
688,212 |
|
|
|
(615,790 |
) |
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Principal payments on debt |
|
(1,821 |
) |
|
|
(1,698 |
) |
|
|
(16,245 |
) |
|
|
(9,857 |
) |
|
|
(40,014 |
) |
Treasury
stock purchases |
|
(1,338,006 |
) |
|
|
(414,815 |
) |
|
|
(1,094,571 |
) |
|
|
(2,989,574 |
) |
|
|
(2,266,449 |
) |
Dividends paid |
|
(210,587 |
) |
|
|
(211,216 |
) |
|
|
(186,551 |
) |
|
|
(607,234 |
) |
|
|
(541,607 |
) |
Reissuance of treasury stock related to employee stock purchase
plan |
|
— |
|
|
|
46,380 |
|
|
|
— |
|
|
|
46,380 |
|
|
|
41,434 |
|
Proceeds
from issuance of common stock |
|
492 |
|
|
|
3,451 |
|
|
|
9,626 |
|
|
|
4,685 |
|
|
|
23,272 |
|
Other,
net |
|
214 |
|
|
|
(205 |
) |
|
|
(665 |
) |
|
|
197 |
|
|
|
(1,844 |
) |
Net cash used for financing activities |
|
(1,549,708 |
) |
|
|
(578,103 |
) |
|
|
(1,288,406 |
) |
|
|
(3,555,403 |
) |
|
|
(2,785,208 |
) |
Effect
of exchange rate changes on cash, cash equivalents, and restricted
cash |
|
(5,090 |
) |
|
|
(4,678 |
) |
|
|
(5,756 |
) |
|
|
(13,544 |
) |
|
|
6,513 |
|
Net
(decrease) increase in cash, cash equivalents, and restricted
cash |
|
(891,652 |
) |
|
|
1,043,808 |
|
|
|
(13,146 |
) |
|
|
(224,995 |
) |
|
|
(1,242,257 |
) |
Cash,
cash equivalents, and restricted cash at beginning of period |
|
5,337,407 |
|
|
|
4,293,599 |
|
|
|
3,939,972 |
|
|
|
4,670,750 |
|
|
|
5,169,083 |
|
Cash,
cash equivalents, and restricted cash at end of period |
$ |
4,445,755 |
|
|
$ |
5,337,407 |
|
|
$ |
3,926,826 |
|
|
$ |
4,445,755 |
|
|
$ |
3,926,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Summary(in thousands, except percentages and per
share data)(unaudited)
|
Three Months Ended |
|
March 27,2022 |
|
December 26,2021 |
Revenue |
$ |
4,060,416 |
|
|
$ |
4,226,604 |
|
Gross margin |
$ |
1,814,910 |
|
|
$ |
1,979,000 |
|
Gross margin as percentage of
revenue |
|
44.7 |
% |
|
|
46.8 |
% |
Operating expenses |
$ |
620,636 |
|
|
$ |
627,445 |
|
Operating income |
$ |
1,194,274 |
|
|
$ |
1,351,555 |
|
Operating income as a
percentage of revenue |
|
29.4 |
% |
|
|
32.0 |
% |
Net income |
$ |
1,036,359 |
|
|
$ |
1,207,340 |
|
Net income per diluted
share |
$ |
7.40 |
|
|
$ |
8.53 |
|
Shares used in per share
calculation - diluted |
|
140,057 |
|
|
|
141,530 |
|
|
|
|
|
|
|
|
|
Reconciliation of U.S. GAAP Net Income to
Non-GAAP Net Income(in thousands, except per share
data) (unaudited)
|
Three Months Ended |
|
March 27,2022 |
|
December 26,2021 |
U.S. GAAP net income |
$ |
1,021,778 |
|
|
$ |
1,194,830 |
|
Pre-tax non-GAAP items: |
|
|
|
Amortization related to intangible assets acquired through certain
business combinations - cost of goods sold |
|
1,153 |
|
|
|
1,092 |
|
Elective deferred compensation ("EDC") related liability valuation
decrease - cost of goods sold |
|
(2,868 |
) |
|
|
(8 |
) |
EDC related liability valuation decrease - research and
development |
|
(5,161 |
) |
|
|
(15 |
) |
Amortization related to intangible assets acquired through certain
business combinations - selling, general and administrative |
|
12,494 |
|
|
|
12,357 |
|
EDC related liability valuation decrease - selling, general and
administrative |
|
(3,441 |
) |
|
|
(10 |
) |
Amortization of note discounts - other income (expense), net |
|
695 |
|
|
|
689 |
|
Loss on EDC related asset - other income (expense), net |
|
13,118 |
|
|
|
56 |
|
Net income tax benefit on
non-GAAP items |
|
(1,409 |
) |
|
|
(1,651 |
) |
Non-GAAP net income |
$ |
1,036,359 |
|
|
$ |
1,207,340 |
|
Non-GAAP net income per
diluted share |
$ |
7.40 |
|
|
$ |
8.53 |
|
U.S. GAAP net income per
diluted share |
$ |
7.30 |
|
|
$ |
8.44 |
|
U.S. GAAP and non-GAAP number
of shares used for per diluted share calculation |
|
140,057 |
|
|
|
141,530 |
|
|
|
|
|
|
|
|
|
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 |
|
March 27,2022 |
|
December 26,2021 |
U.S. GAAP gross margin |
$ |
1,816,625 |
|
|
$ |
1,977,916 |
|
Pre-tax non-GAAP items: |
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
|
1,153 |
|
|
|
1,092 |
|
EDC related liability valuation decrease |
|
(2,868 |
) |
|
|
(8 |
) |
Non-GAAP gross margin |
$ |
1,814,910 |
|
|
$ |
1,979,000 |
|
U.S. GAAP gross margin as a
percentage of revenue |
|
44.7 |
% |
|
|
46.8 |
% |
Non-GAAP gross margin as a
percentage of revenue |
|
44.7 |
% |
|
|
46.8 |
% |
U.S. GAAP operating
expenses |
$ |
624,528 |
|
|
$ |
639,777 |
|
Pre-tax non-GAAP items: |
|
|
|
Amortization related to intangible assets acquired through certain
business combinations |
|
(12,494 |
) |
|
|
(12,357 |
) |
EDC related liability valuation decrease |
|
8,602 |
|
|
|
25 |
|
Non-GAAP operating
expenses |
$ |
620,636 |
|
|
$ |
627,445 |
|
U.S. GAAP operating
income |
$ |
1,192,097 |
|
|
$ |
1,338,139 |
|
Non-GAAP operating income |
$ |
1,194,274 |
|
|
$ |
1,351,555 |
|
U.S. GAAP operating income as
percent of revenue |
|
29.4 |
% |
|
|
31.7 |
% |
Non-GAAP operating income as a
percent of revenue |
|
29.4 |
% |
|
|
32.0 |
% |
|
|
|
|
|
|
|
|
Lam Research Corporation Contacts:
Tina Correia, Investor Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com
Source: Lam Research Corporation###
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