FREMONT,
Calif., April 24, 2024 /PRNewswire/ -- Lam
Research Corporation (the "Company," "Lam," "Lam Research") today
announced financial results for the quarter ended March 31, 2024 (the "March
2024 quarter").
Highlights for the March
2024 quarter were as follows:
- Revenue of $3.79
billion.
- U.S. GAAP gross margin of 47.5%, U.S. GAAP operating
income as a percentage of revenue of 27.9%, and U.S. GAAP diluted
EPS of $7.34.
- Non-GAAP gross margin of 48.7%, non-GAAP operating income
as a percentage of revenue of 30.3%, and non-GAAP diluted EPS of
$7.79.
|
Key Financial Data
for the Quarters Ended
March 31,
2024 and December 24, 2023
(in thousands,
except per-share data, percentages, and basis
points)
|
|
U.S. GAAP
|
|
|
March 2024
|
|
December 2023
|
|
Change Q/Q
|
|
Revenue
|
|
$
3,793,558
|
|
$
3,758,259
|
|
+ 0.9 %
|
|
Gross margin as
percentage of revenue
|
|
47.5 %
|
|
46.8 %
|
|
+ 70 bps
|
|
Operating income as
percentage of revenue
|
|
27.9 %
|
|
28.1 %
|
|
- 20 bps
|
|
Diluted EPS
|
|
$
7.34
|
|
$
7.22
|
|
+ 1.7 %
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
March 2024
|
|
December 2023
|
|
Change Q/Q
|
|
Revenue
|
|
$
3,793,558
|
|
$
3,758,259
|
|
+ 0.9 %
|
|
Gross margin as
percentage of revenue
|
|
48.7 %
|
|
47.6 %
|
|
+ 110 bps
|
|
Operating income as
percentage of revenue
|
|
30.3 %
|
|
30.0 %
|
|
+ 30 bps
|
|
Diluted EPS
|
|
$
7.79
|
|
$
7.52
|
|
+ 3.6 %
|
U.S. GAAP Financial Results
For the March 2024 quarter,
revenue was $3,794 million, gross
margin was $1,801 million, or 47.5%
of revenue, operating expenses were $743
million, operating income was 27.9% of revenue, and net
income was $966 million, or
$7.34 per diluted share on a U.S.
GAAP basis. This compares to revenue of $3,758 million, gross margin of $1,757 million, or 46.8% of revenue, operating
expenses of $700 million, operating
income of 28.1% of revenue, and net income of $954 million, or $7.22 per diluted share, for the quarter ended
December 24, 2023 (the "December
2023 quarter"). The March 2024
quarter included 14 weeks; the December
2023 quarter included 13 weeks.
Non-GAAP Financial Results
For the March 2024 quarter,
non-GAAP gross margin was $1,848
million, or 48.7% of revenue, non-GAAP operating expenses
were $698 million, non-GAAP operating
income was 30.3% of revenue, and non-GAAP net income was
$1,024 million, or $7.79 per diluted share. This compares to
non-GAAP gross margin of $1,790
million, or 47.6% of revenue, non-GAAP operating expenses of
$662 million, non-GAAP operating
income of 30.0% of revenue, and non-GAAP net income of $994 million, or $7.52 per diluted share, for the December 2023 quarter.
"With solid revenue and earnings per share performance in
the March quarter, Lam is off to a strong start in calendar 2024"
said Tim Archer, Lam Research's
President and Chief Executive Officer. "As our customers address
the challenges in scaling semiconductors to meet the power and
speed requirements for driving AI transformation, Lam is
strengthening its leadership and is well-positioned for the
significant opportunities ahead."
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances increased slightly to
$5.7 billion at the end of the
March 2024 quarter compared to
$5.6 billion at the end of the
December 2023 quarter. The increase
was primarily the result of $1,385
million of cash generated from operating activities,
partially offset by $981 million of
share repurchases, including net share settlement of employee
stock-based compensation; and $263
million of dividends paid to stockholders.
Deferred revenue at the end of the March 2024 quarter decreased to $1,746 million compared to $1,928 million as of the end of the December 2023 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 $107 million as of
March 31, 2024 and $157 million
as of December 24, 2023.
|
Revenue
The geographic
distribution of revenue during the March 2024 quarter is shown in
the following table:
|
|
|
Region
|
Revenue
|
|
China
|
42 %
|
|
Korea
|
24 %
|
|
Japan
|
9 %
|
|
Taiwan
|
9 %
|
|
United
States
|
6 %
|
|
Southeast
Asia
|
5 %
|
|
Europe
|
5 %
|
|
The following table
presents revenue disaggregated between system and customer
support-related revenue:
|
|
Three Months Ended
|
|
March 31,
2024
|
|
December 24,
2023
|
|
March 26,
2023
|
|
(In thousands)
|
|
Systems
revenue
|
$
2,395,817
|
|
$
2,299,286
|
|
$
2,256,033
|
|
Customer
support-related revenue and other
|
1,397,741
|
|
1,458,973
|
|
1,613,536
|
|
$
3,793,558
|
|
$
3,758,259
|
|
$
3,869,569
|
|
|
|
|
|
|
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
June 30, 2024, Lam is providing the following
guidance:
|
|
U.S. GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$3.8
Billion
|
+/-
|
$300
Million
|
|
—
|
|
$3.8
Billion
|
+/-
|
$300 Million
|
|
Gross margin as a
percentage of revenue
|
46.7 %
|
+/-
|
1 %
|
|
$
30
|
Million
|
|
47.5 %
|
+/-
|
1 %
|
|
Operating income as a
percentage of revenue
|
28.3 %
|
+/-
|
1 %
|
|
$
43
|
Million
|
|
29.5 %
|
+/-
|
1 %
|
|
Net income per diluted
share
|
$7.20
|
+/-
|
$0.75
|
|
$
39
|
Million
|
|
$7.50
|
+/-
|
$0.75
|
|
Diluted share
count
|
131
million
|
|
—
|
|
131
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 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 -
transformational costs, $18 million;
restructuring charges, $9 million;
and amortization related to intangible assets acquired through
business combinations, $3 million;
totaling $30 million.
- Operating income as a percentage of revenue -
transformational costs, $29 million;
restructuring charges, $10 million;
and amortization related to intangible assets acquired through
business combinations, $4 million;
totaling $43 million.
- Net income per diluted share - transformational costs,
$29 million; restructuring charges,
$10 million; amortization related to
intangible assets acquired though business combinations,
$4 million; amortization of debt
discounts, $1 million; and associated
tax benefit for non-GAAP items ($5
million); totaling $39
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 2024 and
December 2023 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, net
restructuring charges, transformational costs, and the net income
tax effect of non-GAAP items. The March
2024 non-GAAP results also exclude expenses associated with
the impairment of long-lived assets.
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 performance in calendar year
2024; the objectives of our customers; the requirements for driving
artificial intelligence transformation; the strengthening of our
leadership; and the significance of the opportunities ahead and
Lam's positioning relative to those opportunities. 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 25, 2023 and our quarterly
report on Form 10-Q for the fiscal quarter ended December 24, 2023. 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
|
|
Nine Months Ended
|
|
March 31,
2024
|
|
December 24,
2023
|
|
March 26,
2023
|
|
March 31,
2024
|
|
March 26,
2023
|
|
Revenue
|
$
3,793,558
|
|
$
3,758,259
|
|
$
3,869,569
|
|
$ 11,033,879
|
|
$ 14,221,259
|
|
Cost of goods
sold
|
1,977,820
|
|
1,985,847
|
|
2,197,237
|
|
5,783,087
|
|
7,835,743
|
|
Restructuring charges,
net - cost of goods sold
|
15,202
|
|
14,957
|
|
66,720
|
|
38,099
|
|
66,720
|
|
Total cost of goods
sold
|
1,993,022
|
|
2,000,804
|
|
2,263,957
|
|
5,821,186
|
|
7,902,463
|
|
Gross
margin
|
1,800,536
|
|
1,757,455
|
|
1,605,612
|
|
5,212,693
|
|
6,318,796
|
|
Gross margin as a
percent of revenue
|
47.5 %
|
|
46.8 %
|
|
41.5 %
|
|
47.2 %
|
|
44.4 %
|
|
Research and
development
|
512,274
|
|
469,712
|
|
429,451
|
|
1,404,615
|
|
1,325,211
|
|
Selling, general and
administrative
|
215,904
|
|
228,843
|
|
193,500
|
|
651,770
|
|
632,922
|
|
Restructuring charges,
net - operating expenses
|
15,246
|
|
1,688
|
|
40,408
|
|
18,955
|
|
40,408
|
|
Total operating
expenses
|
743,424
|
|
700,243
|
|
663,359
|
|
2,075,340
|
|
1,998,541
|
|
Operating
income
|
1,057,112
|
|
1,057,212
|
|
942,253
|
|
3,137,353
|
|
4,320,255
|
|
Operating income as a
percent of revenue
|
27.9 %
|
|
28.1 %
|
|
24.4 %
|
|
28.4 %
|
|
30.4 %
|
|
Other income (expense),
net
|
36,073
|
|
29,839
|
|
(3,331)
|
|
68,513
|
|
(74,660)
|
|
Income before income
taxes
|
1,093,185
|
|
1,087,051
|
|
938,922
|
|
3,205,866
|
|
4,245,595
|
|
Income tax
expense
|
(127,359)
|
|
(132,785)
|
|
(124,914)
|
|
(398,376)
|
|
(537,201)
|
|
Net income
|
$ 965,826
|
|
$ 954,266
|
|
$ 814,008
|
|
$
2,807,490
|
|
$
3,708,394
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
7.38
|
|
$
7.25
|
|
$
6.03
|
|
$
21.32
|
|
$
27.28
|
|
Diluted
|
$
7.34
|
|
$
7.22
|
|
$
6.01
|
|
$
21.22
|
|
$
27.20
|
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
130,838
|
|
131,629
|
|
134,924
|
|
131,663
|
|
135,945
|
|
Diluted
|
131,518
|
|
132,220
|
|
135,395
|
|
132,282
|
|
136,314
|
|
Cash dividend declared
per common share
|
$
2.00
|
|
$
2.00
|
|
$
1.725
|
|
$
6.00
|
|
$
5.175
|
|
|
|
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
March 31,
2024
|
|
December 24,
2023
|
|
June 25,
2023
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
5,672,232
|
|
$
5,623,289
|
|
$
5,337,056
|
|
Investments
|
—
|
|
14,720
|
|
37,641
|
|
Accounts receivable,
net
|
2,203,707
|
|
2,707,458
|
|
2,823,376
|
|
Inventories
|
4,322,967
|
|
4,429,906
|
|
4,816,190
|
|
Prepaid expenses and
other current assets
|
289,530
|
|
279,239
|
|
214,149
|
|
Total current
assets
|
12,488,436
|
|
13,054,612
|
|
13,228,412
|
|
Property and equipment,
net
|
2,181,741
|
|
2,147,482
|
|
1,856,672
|
|
Goodwill and intangible
assets
|
1,768,998
|
|
1,777,593
|
|
1,790,943
|
|
Other assets
|
1,840,475
|
|
1,804,165
|
|
1,905,616
|
|
Total
assets
|
$
18,279,650
|
|
$
18,783,852
|
|
$
18,781,643
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current portion of
long-term debt and finance lease obligations
|
$
505,066
|
|
$
3,779
|
|
$
8,358
|
|
Other current
liabilities
|
3,925,023
|
|
4,268,604
|
|
4,176,560
|
|
Total current
liabilities
|
4,430,089
|
|
4,272,383
|
|
4,184,918
|
|
Long-term debt and
finance lease obligations
|
4,478,385
|
|
4,980,005
|
|
5,003,183
|
|
Income taxes
payable
|
832,397
|
|
797,556
|
|
882,084
|
|
Other long-term
liabilities
|
516,678
|
|
511,430
|
|
501,286
|
|
Total
liabilities
|
10,257,549
|
|
10,561,374
|
|
10,571,471
|
|
Stockholders' equity
(2)
|
8,022,101
|
|
8,222,478
|
|
8,210,172
|
|
Total liabilities and
stockholders' equity
|
$
18,279,650
|
|
$
18,783,852
|
|
$
18,781,643
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
|
(2)
|
Common shares issued
and outstanding were 130,736 as of March 31, 2024, 131,278 as
of December 24, 2023, and 133,297 as of June 25,
2023.
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands,
unaudited)
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
March 31,
2024
|
|
December 24,
2023
|
|
March 26,
2023
|
|
March 31,
2024
|
|
March 26,
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
965,826
|
|
$
954,266
|
|
$
814,008
|
|
$
2,807,490
|
|
$
3,708,394
|
|
Adjustments to
reconcile net income to net cash provided
by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
89,922
|
|
90,941
|
|
91,663
|
|
271,342
|
|
252,828
|
|
Deferred income
taxes
|
(24,621)
|
|
(88,747)
|
|
7,195
|
|
(137,606)
|
|
(133,101)
|
|
Equity-based
compensation expense
|
76,854
|
|
69,901
|
|
73,911
|
|
213,966
|
|
218,105
|
|
Other, net
|
10,210
|
|
4,182
|
|
1,559
|
|
14,242
|
|
11,537
|
|
Changes in operating
assets and liabilities
|
266,645
|
|
423,297
|
|
738,102
|
|
620,405
|
|
(1,550)
|
|
Net cash provided by
operating activities
|
1,384,836
|
|
1,453,840
|
|
1,726,438
|
|
3,789,839
|
|
4,056,213
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and intangible assets
|
(103,654)
|
|
(115,276)
|
|
(119,457)
|
|
(295,922)
|
|
(422,898)
|
|
Business acquisitions,
net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(119,955)
|
|
Net maturities and
sales of available-for-sale securities
|
14,650
|
|
15,841
|
|
39,414
|
|
37,766
|
|
71,852
|
|
Other, net
|
(3,356)
|
|
(2,523)
|
|
(4,289)
|
|
(10,845)
|
|
(8,381)
|
|
Net cash used for
investing activities
|
(92,360)
|
|
(101,958)
|
|
(84,332)
|
|
(269,001)
|
|
(479,382)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Principal payments on
debt, including finance lease
obligations
|
(1,060)
|
|
(986)
|
|
(2,209)
|
|
(255,155)
|
|
(21,145)
|
|
Treasury stock
purchases
|
(980,561)
|
|
(645,458)
|
|
(581,943)
|
|
(2,469,257)
|
|
(1,147,998)
|
|
Dividends
paid
|
(262,707)
|
|
(264,414)
|
|
(233,977)
|
|
(757,453)
|
|
(675,572)
|
|
Reissuance of treasury
stock related to employee stock
purchase
plan
|
—
|
|
53,081
|
|
—
|
|
53,081
|
|
44,996
|
|
Proceeds from issuance
of common stock
|
8,235
|
|
1,704
|
|
—
|
|
12,757
|
|
7,673
|
|
Other, net
|
300
|
|
(3,821)
|
|
(1,399)
|
|
(5,672)
|
|
(635)
|
|
Net cash used for
financing activities
|
(1,235,793)
|
|
(859,894)
|
|
(819,528)
|
|
(3,421,699)
|
|
(1,792,681)
|
|
Effect of exchange rate
changes on cash, cash
equivalents, and
restricted cash
|
(8,452)
|
|
6,725
|
|
(2,302)
|
|
(12,758)
|
|
(1,349)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
48,231
|
|
498,713
|
|
820,276
|
|
86,381
|
|
1,782,801
|
|
Cash, cash equivalents,
and restricted cash at beginning
of period
(1)
|
5,625,522
|
|
5,126,809
|
|
4,736,060
|
|
5,587,372
|
|
3,773,535
|
|
Cash, cash equivalents,
and restricted cash at end of period (1)
|
$
5,673,753
|
|
$
5,625,522
|
|
$
5,556,336
|
|
$
5,673,753
|
|
$
5,556,336
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
March 31,
2024
|
|
December 24,
2023
|
|
Revenue
|
$
3,793,558
|
|
$
3,758,259
|
|
Gross margin
|
$
1,847,752
|
|
$
1,790,388
|
|
Gross margin as
percentage of revenue
|
48.7 %
|
|
47.6 %
|
|
Operating
expenses
|
$
697,672
|
|
$
662,259
|
|
Operating
income
|
$
1,150,080
|
|
$
1,128,129
|
|
Operating income as a
percentage of revenue
|
30.3 %
|
|
30.0 %
|
|
Net income
|
$
1,024,206
|
|
$
994,285
|
|
Net income per diluted
share
|
$
7.79
|
|
$
7.52
|
|
Shares used in per
share calculation - diluted
|
131,518
|
|
132,220
|
|
Reconciliation of
U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands,
except per share data)
(unaudited)
|
|
Three Months Ended
|
|
March 31,
2024
|
|
December 24,
2023
|
|
U.S. GAAP net
income
|
$
965,826
|
|
$
954,266
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business combinations
- cost of goods sold
|
3,076
|
|
2,631
|
|
Elective deferred
compensation ("EDC") related liability valuation increase - cost of
goods sold
|
6,963
|
|
6,492
|
|
Restructuring charges,
net - cost of goods sold
|
15,202
|
|
14,957
|
|
Transformational costs
- cost of goods sold
|
13,270
|
|
8,853
|
|
Impairment of
long-lived assets - cost of goods sold
|
8,705
|
|
—
|
|
EDC related liability
valuation increase - research and development
|
12,534
|
|
11,685
|
|
Transformational costs
- Research and development
|
4,423
|
|
—
|
|
Amortization related
to intangible assets acquired through certain business combinations
- selling, general and
administrative
|
770
|
|
770
|
|
EDC related liability
valuation increase - selling, general and administrative
|
8,356
|
|
7,790
|
|
Transformational costs
- selling, general and administrative
|
4,423
|
|
16,051
|
|
Restructuring charges,
net - operating expenses
|
15,246
|
|
1,688
|
|
Amortization of note
discounts - other income (expense), net
|
753
|
|
746
|
|
Gain on EDC related
asset - other income (expense), net
|
(26,495)
|
|
(25,530)
|
|
Net income tax benefit
on non-GAAP items
|
(8,846)
|
|
(6,114)
|
|
Non-GAAP net
income
|
$
1,024,206
|
|
$
994,285
|
|
Non-GAAP net income per
diluted share
|
$
7.79
|
|
$
7.52
|
|
U.S. GAAP net income
per diluted share
|
$
7.34
|
|
$
7.22
|
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation
|
131,518
|
|
132,220
|
|
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 31,
2024
|
|
December 24,
2023
|
|
U.S. GAAP gross
margin
|
$
1,800,536
|
|
$
1,757,455
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
3,076
|
|
2,631
|
|
EDC related liability
valuation increase
|
6,963
|
|
6,492
|
|
Restructuring charges,
net
|
15,202
|
|
14,957
|
|
Transformational
costs
|
13,270
|
|
8,853
|
|
Impairment of
long-lived assets
|
8,705
|
|
—
|
|
Non-GAAP gross
margin
|
$
1,847,752
|
|
$
1,790,388
|
|
U.S. GAAP gross margin
as a percentage of revenue
|
47.5 %
|
|
46.8 %
|
|
Non-GAAP gross margin
as a percentage of revenue
|
48.7 %
|
|
47.6 %
|
|
U.S. GAAP operating
expenses
|
$
743,424
|
|
$
700,243
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
(770)
|
|
(770)
|
|
EDC related liability
valuation increase
|
(20,890)
|
|
(19,475)
|
|
Restructuring charges,
net
|
(15,246)
|
|
(1,688)
|
|
Transformational
costs
|
(8,846)
|
|
(16,051)
|
|
Non-GAAP operating
expenses
|
$
697,672
|
|
$
662,259
|
|
U.S. GAAP operating
income
|
$
1,057,112
|
|
$
1,057,212
|
|
Non-GAAP operating
income
|
$
1,150,080
|
|
$
1,128,129
|
|
U.S. GAAP operating
income as percent of revenue
|
27.9 %
|
|
28.1 %
|
|
Non-GAAP operating
income as a percent of revenue
|
30.3 %
|
|
30.0 %
|
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
