FREMONT,
Calif., Jan. 24, 2024 /PRNewswire/ -- Lam Research
Corporation (the "Company," "Lam," "Lam Research") today announced
financial results for the quarter ended December 24, 2023 (the "December 2023 quarter").
Highlights for the December 2023
quarter were as follows:
- Revenue of $3.76 billion.
- U.S. GAAP gross margin of 46.8%, U.S. GAAP operating income as
a percentage of revenue of 28.1%, and U.S. GAAP diluted EPS of
$7.22.
- Non-GAAP gross margin of 47.6%, non-GAAP operating income as a
percentage of revenue of 30.0%, and non-GAAP diluted EPS of
$7.52.
Key Financial Data
for the Quarters Ended
December 24,
2023 and September 24, 2023
(in thousands,
except per-share data, percentages, and basis
points)
|
|
U.S.
GAAP
|
|
|
December
2023
|
|
September
2023
|
|
Change
Q/Q
|
Revenue
|
|
$
3,758,259
|
|
$
3,482,062
|
|
+ 7.9 %
|
Gross margin as
percentage of revenue
|
|
46.8 %
|
|
47.5 %
|
|
- 70 bps
|
Operating income as
percentage of revenue
|
|
28.1 %
|
|
29.4 %
|
|
- 130 bps
|
Diluted EPS
|
|
$
7.22
|
|
$
6.66
|
|
+ 8.4 %
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
December
2023
|
|
September
2023
|
|
Change
Q/Q
|
Revenue
|
|
$
3,758,259
|
|
$
3,482,062
|
|
+ 7.9 %
|
Gross margin as
percentage of revenue
|
|
47.6 %
|
|
47.9 %
|
|
- 30 bps
|
Operating income as
percentage of revenue
|
|
30.0 %
|
|
30.1 %
|
|
- 10 bps
|
Diluted EPS
|
|
$
7.52
|
|
$
6.85
|
|
+ 9.8 %
|
U.S. GAAP Financial Results
For the December 2023 quarter,
revenue was $3,758 million, gross
margin was $1,757 million, or 46.8%
of revenue, operating expenses were $700
million, operating income was 28.1% of revenue, and net
income was $954 million, or
$7.22 per diluted share on a U.S.
GAAP basis. This compares to revenue of $3,482 million, gross margin of $1,655 million, or 47.5% of revenue, operating
expenses of $632 million, operating
income of 29.4% of revenue, and net income of $887 million, or $6.66 per diluted share, for the quarter ended
September 24, 2023 (the "September
2023 quarter").
Non-GAAP Financial Results
For the December 2023 quarter,
non-GAAP gross margin was $1,790
million, or 47.6% of revenue, non-GAAP operating expenses
were $662 million, non-GAAP operating
income was 30.0% of revenue, and non-GAAP net income was
$994 million, or $7.52 per diluted share. This compares to
non-GAAP gross margin of $1,669
million, or 47.9% of revenue, non-GAAP operating expenses of
$622 million, non-GAAP operating
income of 30.1% of revenue, and non-GAAP net income of $912 million, or $6.85 per diluted share, for the September 2023 quarter.
"Lam delivered solid results to close out 2023," said
Tim Archer, Lam Research's President
and Chief Executive Officer. "With our investments in extending
product differentiation and building a flexible and efficient
global infrastructure, we are in a strong position to benefit as
innovations such as AI power robust semiconductor industry growth
in the years to come."
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and
restricted cash and investments balances increased to $5.6 billion at the end of the December 2023 quarter compared to $5.2 billion at the end of the September 2023 quarter. The increase was
primarily the result of $1,454
million of cash generated from operating activities,
partially offset by $645 million of
share repurchases, including net share settlement of employee
stock-based compensation; and $264
million of dividends paid to stockholders.
Deferred revenue at the end of the December 2023 quarter increased to $1,928 million compared to $1,690 million as of the end of the September 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 $157 million as of
December 24, 2023 and $261
million as of September 24, 2023.
Revenue
The geographic distribution of revenue during the December 2023 quarter is shown in the following
table:
Region
|
Revenue
|
China
|
40 %
|
Korea
|
19 %
|
Japan
|
14 %
|
Taiwan
|
13 %
|
United
States
|
5 %
|
Europe
|
5 %
|
Southeast
Asia
|
4 %
|
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months
Ended
|
|
December 24,
2023
|
|
September
24,
2023
|
|
December 25,
2022
|
|
(In
thousands)
|
Systems
revenue
|
$
2,299,286
|
|
$
2,056,655
|
|
$
3,547,518
|
Customer
support-related revenue and other
|
1,458,973
|
|
1,425,407
|
|
1,730,051
|
|
$
3,758,259
|
|
$
3,482,062
|
|
$
5,277,569
|
|
|
|
|
|
|
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 March 31, 2024, Lam is providing the
following guidance:
|
U.S.
GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$3.7 Billion
|
+/-
|
$300 Million
|
|
—
|
|
$3.7 Billion
|
+/-
|
$300 Million
|
Gross margin as a
percentage of revenue
|
47.2 %
|
+/-
|
1 %
|
|
$
28
|
Million
|
|
48.0 %
|
+/-
|
1 %
|
Operating income as a
percentage of revenue
|
28.1 %
|
+/-
|
1 %
|
|
$
51
|
Million
|
|
29.5 %
|
+/-
|
1 %
|
Net income per diluted
share
|
$6.90
|
+/-
|
$0.75
|
|
$
46
|
Million
|
|
$7.25
|
+/-
|
$0.75
|
Diluted share
count
|
132 million
|
|
—
|
|
132 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 - restructuring
charges, $13 million;
transformational costs, $12 million;
and amortization related to intangible assets acquired through
business combinations, $3 million;
totaling $28 million.
- Operating income as a percentage of revenue - restructuring
charges, $28 million;
transformational costs, $20 million;
and amortization related to intangible assets acquired through
business combinations, $3 million;
totaling $51 million.
- Net income per diluted share - restructuring charges,
$28 million; transformational costs,
$20 million; amortization related to
intangible assets acquired though business combinations,
$3 million; amortization of debt
discounts, $1 million; and associated
tax benefit for non-GAAP items ($6
million); totaling $46
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 2023 and
September 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.
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; the results we seek to
accomplish through our investments; the strength of our market
position and the benefits to be realized from our positioning; the
role of innovations such as AI; and semiconductor industry 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 are expected to 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 September
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-F)
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 24,
2023
|
|
September
24,
2023
|
|
December 25,
2022
|
|
December 24,
2023
|
|
December 25,
2022
|
Revenue
|
$
3,758,259
|
|
$
3,482,062
|
|
$
5,277,569
|
|
$
7,240,321
|
|
$
10,351,690
|
Cost of goods
sold
|
1,985,847
|
|
1,819,420
|
|
2,901,220
|
|
3,805,267
|
|
5,638,506
|
Restructuring charges,
net - cost of goods sold
|
14,957
|
|
7,940
|
|
—
|
|
22,897
|
|
—
|
Total cost of goods
sold
|
2,000,804
|
|
1,827,360
|
|
2,901,220
|
|
3,828,164
|
|
5,638,506
|
Gross
margin
|
1,757,455
|
|
1,654,702
|
|
2,376,349
|
|
3,412,157
|
|
4,713,184
|
Gross margin as a
percent of revenue
|
46.8 %
|
|
47.5 %
|
|
45.0 %
|
|
47.1 %
|
|
45.5 %
|
Research and
development
|
469,712
|
|
422,629
|
|
462,385
|
|
892,341
|
|
895,760
|
Selling, general and
administrative
|
228,843
|
|
207,023
|
|
233,802
|
|
435,866
|
|
439,422
|
Restructuring charges,
net - operating expenses
|
1,688
|
|
2,021
|
|
—
|
|
3,709
|
|
—
|
Total operating
expenses
|
700,243
|
|
631,673
|
|
696,187
|
|
1,331,916
|
|
1,335,182
|
Operating
income
|
1,057,212
|
|
1,023,029
|
|
1,680,162
|
|
2,080,241
|
|
3,378,002
|
Operating income as a
percent of revenue
|
28.1 %
|
|
29.4 %
|
|
31.8 %
|
|
28.7 %
|
|
32.6 %
|
Other income (expense),
net
|
29,839
|
|
2,601
|
|
(28,234)
|
|
32,440
|
|
(71,329)
|
Income before income
taxes
|
1,087,051
|
|
1,025,630
|
|
1,651,928
|
|
2,112,681
|
|
3,306,673
|
Income tax
expense
|
(132,785)
|
|
(138,232)
|
|
(183,421)
|
|
(271,017)
|
|
(412,287)
|
Net income
|
$ 954,266
|
|
$ 887,398
|
|
$
1,468,507
|
|
$
1,841,664
|
|
$
2,894,386
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
7.25
|
|
$
6.69
|
|
$
10.80
|
|
$
13.94
|
|
$
21.21
|
Diluted
|
$
7.22
|
|
$
6.66
|
|
$
10.77
|
|
$
13.88
|
|
$
21.16
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
|
|
|
Basic
|
131,629
|
|
132,584
|
|
136,018
|
|
132,107
|
|
136,455
|
Diluted
|
132,220
|
|
133,166
|
|
136,339
|
|
132,693
|
|
136,774
|
Cash dividend declared
per common share
|
$
2.00
|
|
$
2.00
|
|
$
1.725
|
|
$
4.00
|
|
$
3.450
|
|
|
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
|
December 24,
2023
|
|
September
24,
2023
|
|
June 25,
2023
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
$
5,623,289
|
|
$
5,126,150
|
|
$
5,337,056
|
Investments
|
14,720
|
|
30,557
|
|
37,641
|
Accounts receivable,
net
|
2,707,458
|
|
2,810,953
|
|
2,823,376
|
Inventories
|
4,429,906
|
|
4,747,781
|
|
4,816,190
|
Prepaid expenses and
other current assets
|
279,239
|
|
278,121
|
|
214,149
|
Total current
assets
|
13,054,612
|
|
12,993,562
|
|
13,228,412
|
Property and equipment,
net
|
2,147,482
|
|
2,110,511
|
|
1,856,672
|
Goodwill and intangible
assets
|
1,777,593
|
|
1,784,000
|
|
1,790,943
|
Other assets
|
1,804,165
|
|
1,650,384
|
|
1,905,616
|
Total
assets
|
$
18,783,852
|
|
$
18,538,457
|
|
$
18,781,643
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current portion of
long-term debt and finance lease obligations
|
$
3,779
|
|
$
3,861
|
|
$
8,358
|
Other current
liabilities
|
4,268,604
|
|
4,243,316
|
|
4,176,560
|
Total current
liabilities
|
4,272,383
|
|
4,247,177
|
|
4,184,918
|
Long-term debt and
finance lease obligations
|
4,980,005
|
|
4,980,460
|
|
5,003,183
|
Income taxes
payable
|
797,556
|
|
780,511
|
|
882,084
|
Other long-term
liabilities
|
511,430
|
|
482,979
|
|
501,286
|
Total
liabilities
|
10,561,374
|
|
10,491,127
|
|
10,571,471
|
Stockholders' equity
(2)
|
8,222,478
|
|
8,047,330
|
|
8,210,172
|
Total liabilities and
stockholders' equity
|
$
18,783,852
|
|
$
18,538,457
|
|
$
18,781,643
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
(2)
|
Common shares issued
and outstanding were 131,278 as of December 24, 2023, 132,072
as of September 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
|
|
Six Months
Ended
|
|
December 24,
2023
|
|
September
24,
2023
|
|
December 25,
2022
|
|
December 24,
2023
|
|
December 25,
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
|
$
954,266
|
|
$
887,398
|
|
$
1,468,507
|
|
$
1,841,664
|
|
$
2,894,386
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
90,941
|
|
90,479
|
|
85,414
|
|
181,420
|
|
161,165
|
Deferred income
taxes
|
(88,747)
|
|
(24,238)
|
|
(6,680)
|
|
(112,985)
|
|
(140,296)
|
Equity-based
compensation expense
|
69,901
|
|
67,211
|
|
73,084
|
|
137,112
|
|
144,194
|
Other, net
|
4,182
|
|
(150)
|
|
12,729
|
|
4,032
|
|
9,978
|
Changes in operating
assets and liabilities
|
423,297
|
|
(69,537)
|
|
(492,867)
|
|
353,760
|
|
(739,652)
|
Net cash provided by
operating activities
|
1,453,840
|
|
951,163
|
|
1,140,187
|
|
2,405,003
|
|
2,329,775
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and intangible assets
|
(115,276)
|
|
(76,992)
|
|
(163,378)
|
|
(192,268)
|
|
(303,441)
|
Business acquisitions,
net of cash acquired
|
—
|
|
—
|
|
(119,955)
|
|
—
|
|
(119,955)
|
Net maturities and
sales of available-for-sale securities
|
15,841
|
|
7,275
|
|
17,743
|
|
23,116
|
|
32,438
|
Other, net
|
(2,523)
|
|
(4,966)
|
|
(1,657)
|
|
(7,489)
|
|
(4,092)
|
Net cash used for
investing activities
|
(101,958)
|
|
(74,683)
|
|
(267,247)
|
|
(176,641)
|
|
(395,050)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Principal payments on
debt, including finance lease obligations
|
(986)
|
|
(253,109)
|
|
(17,082)
|
|
(254,095)
|
|
(18,936)
|
Treasury stock
purchases
|
(645,458)
|
|
(843,238)
|
|
(456,276)
|
|
(1,488,696)
|
|
(566,055)
|
Dividends
paid
|
(264,414)
|
|
(230,332)
|
|
(235,980)
|
|
(494,746)
|
|
(441,595)
|
Reissuance of treasury
stock related to employee stock purchase plan
|
53,081
|
|
—
|
|
44,996
|
|
53,081
|
|
44,996
|
Proceeds from issuance
of common stock
|
1,704
|
|
2,818
|
|
877
|
|
4,522
|
|
7,673
|
Other, net
|
(3,821)
|
|
(2,151)
|
|
1,253
|
|
(5,972)
|
|
764
|
Net cash used for
financing activities
|
(859,894)
|
|
(1,326,012)
|
|
(662,212)
|
|
(2,185,906)
|
|
(973,153)
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
6,725
|
|
(11,031)
|
|
17,878
|
|
(4,306)
|
|
953
|
Net change in cash,
cash equivalents, and restricted cash
|
498,713
|
|
(460,563)
|
|
228,606
|
|
38,150
|
|
962,525
|
Cash, cash equivalents,
and restricted cash at beginning of period (1)
|
5,126,809
|
|
5,587,372
|
|
4,507,454
|
|
5,587,372
|
|
3,773,535
|
Cash, cash equivalents,
and restricted cash at end of period (1)
|
$
5,625,522
|
|
$
5,126,809
|
|
$
4,736,060
|
|
$
5,625,522
|
|
$
4,736,060
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 24,
2023
|
|
September
24,
2023
|
Revenue
|
$
3,758,259
|
|
$
3,482,062
|
Gross margin
|
$
1,790,388
|
|
$
1,669,469
|
Gross margin as
percentage of revenue
|
47.6 %
|
|
47.9 %
|
Operating
expenses
|
$
662,259
|
|
$
622,219
|
Operating
income
|
$
1,128,129
|
|
$
1,047,250
|
Operating income as a
percentage of revenue
|
30.0 %
|
|
30.1 %
|
Net income
|
$
994,285
|
|
$
912,439
|
Net income per diluted
share
|
$
7.52
|
|
$
6.85
|
Shares used in per
share calculation - diluted
|
132,220
|
|
133,166
|
Reconciliation of
U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands,
except per share data)
(unaudited)
|
|
|
Three Months
Ended
|
|
December 24,
2023
|
|
September
24,
2023
|
U.S. GAAP net
income
|
$
954,266
|
|
$
887,398
|
Pre-tax non-GAAP
items:
|
|
|
|
Amortization related
to intangible assets acquired through certain business combinations
- cost of goods sold
|
2,631
|
|
3,149
|
Elective deferred
compensation ("EDC") related liability valuation increase
(decrease) - cost of goods sold
|
6,492
|
|
(591)
|
Restructuring charges,
net - cost of goods sold
|
14,957
|
|
7,940
|
Transformational costs
- cost of goods sold
|
8,853
|
|
4,269
|
EDC related liability
valuation increase (decrease) - research and development
|
11,685
|
|
(1,064)
|
Amortization related
to intangible assets acquired through certain business combinations
- selling, general and
administrative
|
770
|
|
1,186
|
EDC related liability
valuation increase (decrease) - selling, general and
administrative
|
7,790
|
|
(709)
|
Transformational costs
- selling, general and administrative
|
16,051
|
|
8,020
|
Restructuring charges,
net - operating expenses
|
1,688
|
|
2,021
|
Amortization of note
discounts - other income (expense), net
|
746
|
|
1,017
|
(Gain) Loss on EDC
related asset - other income (expense), net
|
(25,530)
|
|
2,901
|
Net income tax benefit
on non-GAAP items
|
(6,114)
|
|
(3,098)
|
Non-GAAP net
income
|
$
994,285
|
|
$
912,439
|
Non-GAAP net income per
diluted share
|
$
7.52
|
|
$
6.85
|
U.S. GAAP net income
per diluted share
|
$
7.22
|
|
$
6.66
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation
|
132,220
|
|
133,166
|
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 24,
2023
|
|
September
24,
2023
|
U.S. GAAP gross
margin
|
$
1,757,455
|
|
$
1,654,702
|
Pre-tax non-GAAP
items:
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
2,631
|
|
3,149
|
EDC related liability
valuation increase (decrease)
|
6,492
|
|
(591)
|
Restructuring charges,
net
|
14,957
|
|
7,940
|
Transformational
costs
|
8,853
|
|
4,269
|
Non-GAAP gross
margin
|
$
1,790,388
|
|
$
1,669,469
|
U.S. GAAP gross margin
as a percentage of revenue
|
46.8 %
|
|
47.5 %
|
Non-GAAP gross margin
as a percentage of revenue
|
47.6 %
|
|
47.9 %
|
U.S. GAAP operating
expenses
|
$
700,243
|
|
$
631,673
|
Pre-tax non-GAAP
items:
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
(770)
|
|
(1,186)
|
EDC related liability
valuation (increase) decrease
|
(19,475)
|
|
1,773
|
Restructuring charges,
net
|
(1,688)
|
|
(2,021)
|
Transformational
costs
|
(16,051)
|
|
(8,020)
|
Non-GAAP operating
expenses
|
$
662,259
|
|
$
622,219
|
U.S. GAAP operating
income
|
$
1,057,212
|
|
$
1,023,029
|
Non-GAAP operating
income
|
$
1,128,129
|
|
$
1,047,250
|
U.S. GAAP operating
income as percent of revenue
|
28.1 %
|
|
29.4 %
|
Non-GAAP operating
income as a percent of revenue
|
30.0 %
|
|
30.1 %
|
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