FREMONT,
Calif., July 31, 2024 /PRNewswire/ -- Lam Research
Corporation (the "Company," "Lam," "Lam Research") today announced
financial results for the quarter ended June
30, 2024 (the "June 2024
quarter").
Highlights for the June 2024
quarter were as follows:
- Revenue of $3.87 billion.
- U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as
a percentage of revenue of 29.1%, and U.S. GAAP diluted EPS of
$7.78.
- Non-GAAP gross margin of 48.5%, non-GAAP operating income as a
percentage of revenue of 30.7%, and non-GAAP diluted EPS of
$8.14.
|
Key Financial Data
for the Quarters Ended
June 30,
2024 and March 31, 2024
(in thousands,
except per-share data, percentages, and basis
points)
|
|
|
U.S.
GAAP
|
|
|
June
2024
|
|
March
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
3,871,507
|
|
$
3,793,558
|
|
+2.1 %
|
|
Gross margin as
percentage of revenue
|
|
47.5 %
|
|
47.5 %
|
|
+ 0 bps
|
|
Operating income as
percentage of revenue
|
|
29.1 %
|
|
27.9 %
|
|
+ 120 bps
|
|
Diluted EPS
|
|
$
7.78
|
|
$
7.34
|
|
+6.0 %
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
June
2024
|
|
March
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
3,871,507
|
|
$
3,793,558
|
|
+2.1 %
|
|
Gross margin as
percentage of revenue
|
|
48.5 %
|
|
48.7 %
|
|
- 20 bps
|
|
Operating income as
percentage of revenue
|
|
30.7 %
|
|
30.3 %
|
|
+ 40 bps
|
|
Diluted EPS
|
|
$
8.14
|
|
$
7.79
|
|
+4.5 %
|
U.S. GAAP Financial Results
For the June 2024 quarter, revenue
was $3,872 million, gross margin was
$1,840 million, or 47.5% of revenue,
operating expenses were $714 million,
operating income was 29.1% of revenue, and net income was
$1,020 million, or $7.78 per diluted share on a U.S. GAAP basis.
This compares to revenue of $3,794
million, gross margin of $1,801
million, or 47.5% of revenue, operating expenses of
$743 million, operating income of
27.9% of revenue, and net income of $966
million, or $7.34 per diluted
share, for the quarter ended March 31,
2024 (the "March 2024
quarter"). The June 2024 quarter
included 13 weeks; the March 2024
quarter included 14 weeks.
Non-GAAP Financial Results
For the June 2024 quarter,
non-GAAP gross margin was $1,876
million, or 48.5% of revenue, non-GAAP operating expenses
were $689 million, non-GAAP operating
income was 30.7% of revenue, and non-GAAP net income was
$1,067 million, or $8.14 per diluted share. This compares to
non-GAAP gross margin of $1,848
million, or 48.7% of revenue, non-GAAP operating expenses of
$698 million, non-GAAP operating
income of 30.3% of revenue, and non-GAAP net income of $1,024 million, or $7.79 per diluted share, for the March 2024 quarter.
"Lam's June quarter results came in above the midpoint of our
guidance, driven by continued solid execution and growth in our
customer support business group," said Tim
Archer, Lam Research's President and Chief Executive
Officer. "We are making strategic investments in R&D and our
operations to position Lam to outperform in what we believe will be
a multi-year period of strong wafer fab equipment spending."
Balance Sheet and Cash Flow Results
Cash and cash equivalents and restricted cash balances increased
to $5.9 billion at the end of the
June 2024 quarter compared to
$5.7 billion at the end of the
March 2024 quarter. Cash generated
from operating activities totaling $862.4
million was offset by $373.6
million of share repurchases, including net share settlement
of employee stock-based compensation; $261.5
million of dividends paid to stockholders; and $100.7 million of capital expenditures.
Deferred revenue at the end of the June
2024 quarter decreased to $1,552
million compared to $1,746
million as of the end of the March
2024 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 $98 million as of
June 30, 2024 and $107 million
as of March 31, 2024.
Revenue
The geographic distribution of revenue during the June 2024 quarter is shown in the following
table:
|
Region
|
Revenue
|
|
China
|
39 %
|
|
Korea
|
18 %
|
|
Taiwan
|
15 %
|
|
United
States
|
10 %
|
|
Southeast
Asia
|
8 %
|
|
Japan
|
7 %
|
|
Europe
|
3 %
|
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months
Ended
|
|
June 30,
2024
|
|
March 31,
2024
|
|
June 25,
2023
|
|
(In
thousands)
|
|
Systems
revenue
|
$ 2,169,885
|
|
$ 2,395,817
|
|
$ 1,710,359
|
|
Customer
support-related revenue and other
|
1,701,622
|
|
1,397,741
|
|
1,496,898
|
|
$ 3,871,507
|
|
$ 3,793,558
|
|
$ 3,207,257
|
|
|
|
|
|
|
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 September 29, 2024, Lam is providing
the following guidance:
|
U.S.
GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$4.05
Billion
|
+/-
|
$300 Million
|
|
—
|
|
$4.05
Billion
|
+/-
|
$300 Million
|
|
Gross margin as a
percentage of revenue
|
46.9 %
|
+/-
|
1 %
|
|
$
3.1
|
Million
|
|
47.0 %
|
+/-
|
1 %
|
|
Operating income as a
percentage of revenue
|
29.4 %
|
+/-
|
1 %
|
|
$
3.8
|
Million
|
|
29.5 %
|
+/-
|
1 %
|
|
Net income per diluted
share
|
$7.97
|
+/-
|
$0.75
|
|
$
4.3
|
Million
|
|
$8.00
|
+/-
|
$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 - amortization related
to intangible assets acquired through business combinations,
$3.1 million.
- Operating income as a percentage of revenue - amortization
related to intangible assets acquired through business
combinations, $3.8 million.
- Net income per diluted share - amortization related to
intangible assets acquired though business combinations,
$3.8 million; amortization of debt
discounts, $0.8 million; and
associated tax benefit for non-GAAP items ($0.3 million); totaling $4.3 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 2024 and
March 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, 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 investment in R&D and our operations; our
competitive positioning and potential to outperform within our
industry; and our expectations for the strength of future wafer
fabrication equipment spending. 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
March 31, 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)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
June 30,
2024
|
|
March 31,
2024
|
|
June 25,
2023
|
|
June 30,
2024
|
|
June 25,
2023
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
|
Revenue
|
$
3,871,507
|
|
$
3,793,558
|
|
$
3,207,257
|
|
$ 14,905,386
|
|
$ 17,428,516
|
|
Cost of goods
sold
|
2,026,133
|
|
1,977,820
|
|
1,737,682
|
|
7,809,220
|
|
9,573,425
|
|
Restructuring charges,
net - cost of goods sold
|
5,276
|
|
15,202
|
|
11,446
|
|
43,375
|
|
78,166
|
|
Total cost of goods
sold
|
2,031,409
|
|
1,993,022
|
|
1,749,128
|
|
7,852,595
|
|
9,651,591
|
|
Gross
margin
|
1,840,098
|
|
1,800,536
|
|
1,458,129
|
|
7,052,791
|
|
7,776,925
|
|
Gross margin as a
percent of revenue
|
47.5 %
|
|
47.5 %
|
|
45.5 %
|
|
47.3 %
|
|
44.6 %
|
|
Research and
development
|
497,829
|
|
512,274
|
|
401,951
|
|
1,902,444
|
|
1,727,162
|
|
Selling, general and
administrative
|
216,477
|
|
215,904
|
|
199,831
|
|
868,247
|
|
832,753
|
|
Restructuring charges,
net - operating expenses
|
(768)
|
|
15,246
|
|
1,742
|
|
18,187
|
|
42,150
|
|
Total operating
expenses
|
713,538
|
|
743,424
|
|
603,524
|
|
2,788,878
|
|
2,602,065
|
|
Operating
income
|
1,126,560
|
|
1,057,112
|
|
854,605
|
|
4,263,913
|
|
5,174,860
|
|
Operating income as a
percent of revenue
|
29.1 %
|
|
27.9 %
|
|
26.6 %
|
|
28.6 %
|
|
29.7 %
|
|
Other income (expense),
net
|
27,796
|
|
36,073
|
|
9,010
|
|
96,309
|
|
(65,650)
|
|
Income before income
taxes
|
1,154,356
|
|
1,093,185
|
|
863,615
|
|
4,360,222
|
|
5,109,210
|
|
Income tax
expense
|
(134,074)
|
|
(127,359)
|
|
(61,078)
|
|
(532,450)
|
|
(598,279)
|
|
Net income
|
$
1,020,282
|
|
$ 965,826
|
|
$ 802,537
|
|
$
3,827,772
|
|
$
4,510,931
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
7.81
|
|
$
7.38
|
|
$
5.99
|
|
$
29.13
|
|
$
33.30
|
|
Diluted
|
$
7.78
|
|
$
7.34
|
|
$
5.97
|
|
$
29.00
|
|
$
33.21
|
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
130,633
|
|
130,838
|
|
134,052
|
|
131,410
|
|
135,472
|
|
Diluted
|
131,112
|
|
131,518
|
|
134,392
|
|
131,995
|
|
135,834
|
|
Cash dividend declared
per common share
|
$
2.00
|
|
$
2.00
|
|
$
1.725
|
|
$
8.00
|
|
$
6.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
|
June 30,
2024
|
|
March 31,
2024
|
|
June 25,
2023
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
5,847,856
|
|
$
5,672,232
|
|
$
5,337,056
|
|
Accounts receivable,
net
|
2,519,250
|
|
2,203,707
|
|
2,823,376
|
|
Inventories
|
4,217,924
|
|
4,322,967
|
|
4,816,190
|
|
Prepaid expenses and
other current assets
|
298,190
|
|
289,530
|
|
251,790
|
|
Total current
assets
|
12,883,220
|
|
12,488,436
|
|
13,228,412
|
|
Property and equipment,
net
|
2,154,518
|
|
2,181,741
|
|
1,856,672
|
|
Goodwill and intangible
assets
|
1,765,073
|
|
1,768,998
|
|
1,790,943
|
|
Other assets
|
1,941,917
|
|
1,840,475
|
|
1,905,616
|
|
Total
assets
|
$
18,744,728
|
|
$
18,279,650
|
|
$
18,781,643
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current portion of
long-term debt and finance lease obligations
|
$
504,814
|
|
$
505,066
|
|
$
8,358
|
|
Other current
liabilities
|
3,833,624
|
|
3,925,023
|
|
4,176,560
|
|
Total current
liabilities
|
4,338,438
|
|
4,430,089
|
|
4,184,918
|
|
Long-term debt and
finance lease obligations
|
4,478,520
|
|
4,478,385
|
|
5,003,183
|
|
Income taxes
payable
|
813,304
|
|
832,397
|
|
882,084
|
|
Other long-term
liabilities
|
575,012
|
|
516,678
|
|
501,286
|
|
Total
liabilities
|
10,205,274
|
|
10,257,549
|
|
10,571,471
|
|
Stockholders' equity
(2)
|
8,539,454
|
|
8,022,101
|
|
8,210,172
|
|
Total liabilities and
stockholders' equity
|
$
18,744,728
|
|
$
18,279,650
|
|
$
18,781,643
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
(2)
|
Common shares issued
and outstanding were 130,377 as of June 30, 2024, 130,736 as
of March 31, 2024, and 133,297 as of June 25, 2023
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
June 30,
2024
|
|
March 31,
2024
|
|
June 25,
2023
|
|
June 30,
2024
|
|
June 25,
2023
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
1,020,282
|
|
$
965,826
|
|
$
802,537
|
|
$
3,827,772
|
|
$
4,510,931
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
88,357
|
|
89,922
|
|
89,604
|
|
359,699
|
|
342,432
|
|
Deferred income
taxes
|
(61,375)
|
|
(24,621)
|
|
(38,960)
|
|
(198,981)
|
|
(172,061)
|
|
Equity-based
compensation expense
|
79,092
|
|
76,854
|
|
68,495
|
|
293,058
|
|
286,600
|
|
Other, net
|
(3,999)
|
|
10,210
|
|
40,761
|
|
10,243
|
|
52,298
|
|
Changes in operating
assets and liabilities
|
(259,927)
|
|
266,645
|
|
160,288
|
|
360,478
|
|
158,738
|
|
Net cash provided by
operating activities
|
862,430
|
|
1,384,836
|
|
1,122,725
|
|
4,652,269
|
|
5,178,938
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and intangible assets
|
(100,748)
|
|
(103,654)
|
|
(78,670)
|
|
(396,670)
|
|
(501,568)
|
|
Business acquisitions,
net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(119,955)
|
|
Net maturities and sale
of available-for-sale securities
|
—
|
|
14,650
|
|
26,280
|
|
37,766
|
|
98,132
|
|
Other, net
|
(865)
|
|
(3,356)
|
|
(2,790)
|
|
(11,710)
|
|
(11,171)
|
|
Net cash used for
investing activities
|
(101,613)
|
|
(92,360)
|
|
(55,180)
|
|
(370,614)
|
|
(534,562)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Principal payments on
debt, including finance lease obligations
|
(949)
|
|
(1,060)
|
|
(2,061)
|
|
(256,104)
|
|
(23,206)
|
|
Treasury stock
purchases
|
(373,550)
|
|
(980,561)
|
|
(869,014)
|
|
(2,842,807)
|
|
(2,017,012)
|
|
Dividends
paid
|
(261,462)
|
|
(262,707)
|
|
(232,336)
|
|
(1,018,915)
|
|
(907,907)
|
|
Reissuance of treasury
stock related to employee stock purchase plan
|
66,885
|
|
—
|
|
64,903
|
|
119,966
|
|
109,899
|
|
Proceeds from issuance
of common stock
|
2,796
|
|
8,235
|
|
3,438
|
|
15,553
|
|
11,111
|
|
Other, net
|
(7,871)
|
|
300
|
|
(2,916)
|
|
(13,543)
|
|
(3,552)
|
|
Net cash used for
financing activities
|
(574,151)
|
|
(1,235,793)
|
|
(1,037,986)
|
|
(3,995,850)
|
|
(2,830,667)
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
(9,616)
|
|
(8,452)
|
|
1,477
|
|
(22,374)
|
|
128
|
|
Net change in cash,
cash equivalents, and restricted cash
|
177,050
|
|
48,231
|
|
31,036
|
|
263,431
|
|
1,813,837
|
|
Cash, cash equivalents,
and restricted cash at beginning of period (2)
|
5,673,753
|
|
5,625,522
|
|
5,556,336
|
|
5,587,372
|
|
3,773,535
|
|
Cash, cash equivalents,
and restricted cash at end of period (2)
|
$
5,850,803
|
|
$
5,673,753
|
|
$
5,587,372
|
|
$
5,850,803
|
|
$
5,587,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements
|
|
(2)
|
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
|
|
June 30,
2024
|
|
March 31,
2024
|
|
Revenue
|
$
3,871,507
|
|
$
3,793,558
|
|
Gross margin
|
$
1,876,345
|
|
$
1,847,752
|
|
Gross margin as
percentage of revenue
|
48.5 %
|
|
48.7 %
|
|
Operating
expenses
|
$
689,133
|
|
$
697,672
|
|
Operating
income
|
$
1,187,212
|
|
$
1,150,080
|
|
Operating income as a
percentage of revenue
|
30.7 %
|
|
30.3 %
|
|
Net income
|
$
1,066,890
|
|
$
1,024,206
|
|
Net income per diluted
share
|
$
8.14
|
|
$
7.79
|
|
Shares used in per
share calculation - diluted
|
131,112
|
|
131,518
|
|
Reconciliation of
U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands,
except per share data)
(unaudited)
|
|
|
Three Months
Ended
|
|
June 30,
2024
|
|
March 31,
2024
|
|
U.S. GAAP net
income
|
$
1,020,282
|
|
$
965,826
|
|
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
|
2,488
|
|
6,963
|
|
Restructuring charges,
net - cost of goods sold
|
5,276
|
|
15,202
|
|
Transformational costs
- cost of goods sold
|
25,407
|
|
13,270
|
|
Impairment of
long-lived assets - cost of goods sold
|
—
|
|
8,705
|
|
EDC related liability
valuation increase - research and development
|
4,479
|
|
12,534
|
|
Transformational costs
- research and development
|
8,469
|
|
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
|
2,986
|
|
8,356
|
|
Transformational costs
- selling, general and administrative
|
8,469
|
|
4,423
|
|
Restructuring charges,
net - operating expenses
|
(768)
|
|
15,246
|
|
Amortization of note
discounts - other income (expense), net
|
759
|
|
753
|
|
Gain on EDC related
asset - other income (expense), net
|
(9,643)
|
|
(26,495)
|
|
Net income tax benefit
on non-GAAP items
|
(5,160)
|
|
(8,846)
|
|
Non-GAAP net
income
|
$
1,066,890
|
|
$
1,024,206
|
|
Non-GAAP net income per
diluted share
|
$
8.14
|
|
$
7.79
|
|
U.S. GAAP net income
per diluted share
|
$
7.78
|
|
$
7.34
|
|
U.S. GAAP and
non-GAAP number of shares used for per diluted share
calculation
|
131,112
|
|
131,518
|
|
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 30,
2024
|
|
March 31,
2024
|
|
U.S. GAAP gross
margin
|
$
1,840,098
|
|
$
1,800,536
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
3,076
|
|
3,076
|
|
EDC related liability
valuation increase
|
2,488
|
|
6,963
|
|
Restructuring charges,
net
|
5,276
|
|
15,202
|
|
Transformational
costs
|
25,407
|
|
13,270
|
|
Impairment of
long-lived assets
|
—
|
|
8,705
|
|
Non-GAAP gross
margin
|
$
1,876,345
|
|
$
1,847,752
|
|
U.S. GAAP gross margin
as a percentage of revenue
|
47.5 %
|
|
47.5 %
|
|
Non-GAAP gross margin
as a percentage of revenue
|
48.5 %
|
|
48.7 %
|
|
U.S. GAAP operating
expenses
|
$
713,538
|
|
$
743,424
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
(770)
|
|
(770)
|
|
EDC related liability
valuation increase
|
(7,465)
|
|
(20,890)
|
|
Restructuring charges,
net
|
768
|
|
(15,246)
|
|
Transformational
costs
|
(16,938)
|
|
(8,846)
|
|
Non-GAAP operating
expenses
|
$
689,133
|
|
$
697,672
|
|
U.S. GAAP operating
income
|
$
1,126,560
|
|
$
1,057,112
|
|
Non-GAAP operating
income
|
$
1,187,212
|
|
$
1,150,080
|
|
U.S. GAAP operating
income as percent of revenue
|
29.1 %
|
|
27.9 %
|
|
Non-GAAP operating
income as a percent of revenue
|
30.7 %
|
|
30.3 %
|
Lam Research Corporation Contact:
Ram Ganesh, Investor
Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com
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SOURCE Lam Research Corporation
