FREMONT,
Calif., April 23, 2025 /PRNewswire/ -- Lam
Research Corporation (the "Company," "Lam," "Lam Research") today
announced financial results for the quarter ended March 30, 2025 (the "March
2025 quarter").
Highlights for the March 2025
quarter were as follows:
- Revenue of $4.72 billion.
- U.S. GAAP gross margin of 49.0%, U.S. GAAP operating income as
a percentage of revenue of 33.1%, and U.S. GAAP diluted EPS of
$1.03.
- Non-GAAP gross margin of 49.0%, non-GAAP operating income as a
percentage of revenue of 32.8%, and non-GAAP diluted EPS of
$1.04.
|
Key Financial Data
for the Quarters Ended
March 30,
2025 and December 29, 2024
(in thousands,
except per-share data, percentages, and basis
points)
|
|
|
U.S.
GAAP
|
|
|
March
2025
|
|
December
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
4,720,175
|
|
$
4,376,047
|
|
+ 8 %
|
|
Gross margin as
percentage of revenue
|
|
49.0 %
|
|
47.4 %
|
|
+ 160 bps
|
|
Operating income as
percentage of revenue
|
|
33.1 %
|
|
30.5 %
|
|
+ 260 bps
|
|
Diluted EPS
|
|
$
1.03
|
|
$
0.92
|
|
+ 12 %
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
March
2025
|
|
December
2024
|
|
Change
Q/Q
|
|
Revenue
|
|
$
4,720,175
|
|
$
4,376,047
|
|
+ 8 %
|
|
Gross margin as
percentage of revenue
|
|
49.0 %
|
|
47.5 %
|
|
+ 150 bps
|
|
Operating income as
percentage of revenue
|
|
32.8 %
|
|
30.7 %
|
|
+ 210 bps
|
|
Diluted EPS
|
|
$
1.04
|
|
$
0.91
|
|
+ 14 %
|
U.S. GAAP Financial Results
For the March 2025 quarter,
revenue was $4,720 million, gross
margin was $2,314 million, or 49.0%
of revenue, operating expenses were $752
million, operating income was 33.1% of revenue, and net
income was $1,331 million, or
$1.03 per diluted share on a U.S.
GAAP basis. This compares to revenue of $4,376 million, gross margin of $2,073 million, or 47.4% of revenue, operating
expenses of $739 million, operating
income of 30.5% of revenue, and net income of $1,191 million, or $0.92 per diluted share, for the quarter ended
December 29, 2024 (the "December
2024 quarter").
Non-GAAP Financial Results
For the March 2025 quarter,
non-GAAP gross margin was $2,312
million, or 49.0% of revenue, non-GAAP operating expenses
were $763 million, non-GAAP operating
income was 32.8% of revenue, and non-GAAP net income was
$1,336 million, or $1.04 per diluted share. This compares to
non-GAAP gross margin of $2,077
million, or 47.5% of revenue, non-GAAP operating expenses of
$735 million, non-GAAP operating
income of 30.7% of revenue, and non-GAAP net income of $1,175 million, or $0.91 per diluted share, for the December 2024 quarter.
"Lam's portfolio is the most compelling it's ever been, driving
opportunities to expand our addressable market, gain share, and
deliver innovative services as deposition and etch intensity
increases in the production of advanced semiconductors," said
Tim Archer, Lam Research's President
and Chief Executive Officer. "Our outlook remains strong even as we
address near-term tariff-related uncertainty, and we are highly
confident in our ability to outperform semiconductor industry
growth in the years to come."
Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances decreased
to $5.5 billion at the end of the
March 2025 quarter compared to
$5.7 billion at the end of the
December 2024 quarter. The decrease
was primarily the result of cash deployed for capital return
activities, principal payment on debt instruments, and capital
expenditures during the quarter, partially offset by cash generated
from operating activities.
Deferred revenue at the end of the March
2025 quarter decreased to $2,011
million compared to $2,032
million as of the end of the December
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 $587 million as of
March 30, 2025 and $453 million
as of December 29, 2024.
Revenue
The geographic distribution of revenue during the March 2025 quarter is shown in the following
table:
|
Region
|
Revenue
|
|
China
|
31 %
|
|
Korea
|
24 %
|
|
Taiwan
|
24 %
|
|
Japan
|
10 %
|
|
United
States
|
4 %
|
|
Southeast
Asia
|
4 %
|
|
Europe
|
3 %
|
The following table presents revenue disaggregated between
system and customer support-related revenue:
|
Three Months
Ended
|
|
March 30,
2025
|
|
December 29,
2024
|
|
March 31,
2024
|
|
(In
thousands)
|
|
Systems
revenue
|
$
3,035,276
|
|
$
2,625,649
|
|
$
2,395,817
|
|
Customer
support-related revenue and other
|
1,684,899
|
|
1,750,398
|
|
1,397,741
|
|
$
4,720,175
|
|
$
4,376,047
|
|
$
3,793,558
|
|
|
|
|
|
|
Systems revenue includes sales of new leading-edge equipment in
deposition, etch, clean and other wafer fabrication 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 29, 2025, Lam is providing the
following guidance:
|
U.S.
GAAP
|
|
Reconciling
Items
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$5.00
Billion
|
+/-
|
$300 Million
|
|
—
|
|
$5.00
Billion
|
+/-
|
$300 Million
|
|
Gross margin as a
percentage of revenue
|
49.4 %
|
+/-
|
1 %
|
|
$
2.7
|
Million
|
|
49.5 %
|
+/-
|
1 %
|
|
Operating income as a
percentage of revenue
|
33.4 %
|
+/-
|
1 %
|
|
$
3.2
|
Million
|
|
33.5 %
|
+/-
|
1 %
|
|
Net income per diluted
share
|
$1.20
|
+/-
|
$0.10
|
|
$
3.7
|
Million
|
|
$1.20
|
+/-
|
$0.10
|
|
Diluted share
count
|
1.28 Billion
|
|
—
|
|
1.28 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,
$2.7 million.
- Operating income as a percentage of revenue - amortization
related to intangible assets acquired through business
combinations, $3.2 million.
- Net income per diluted share - amortization related to
intangible assets acquired though business combinations,
$3.2 million; amortization of debt
discounts, $0.7 million; and
associated tax benefit for non-GAAP items ($0.2 million); totaling $3.7 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 2025 and
December 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 opportunities,
including with respect to our addressable market, share and
delivery of services; trends with respect to deposition and etch
intensity in semiconductor production; the strength of our outlook;
our ability to address the impacts of tariff-related uncertainty;
the duration of tariff-related uncertainty; our confidence in our
outlook; our relative performance compared the future performance
of the industry; and the prospects for future industry growth. Some
factors that may affect these forward-looking statements
include: business, economic, 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; trade regulations, export controls, tariffs,
trade disputes, and other geopolitical tensions may inhibit our
ability to sell our products; supply chain cost increases, tariffs
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 December
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
|
|
Nine Months
Ended
|
|
March 30,
2025
|
|
December 29,
2024
|
|
March 31,
2024
|
|
March 30,
2025
|
|
March 31,
2024
|
|
Revenue
|
$
4,720,175
|
|
$
4,376,047
|
|
$
3,793,558
|
|
$ 13,264,198
|
|
$
11,033,879
|
|
Cost of goods
sold
|
2,406,489
|
|
2,303,066
|
|
1,977,820
|
|
6,874,848
|
|
5,783,087
|
|
Restructuring charges,
net - cost of goods sold
|
—
|
|
—
|
|
15,202
|
|
—
|
|
38,099
|
|
Total cost of goods
sold
|
2,406,489
|
|
2,303,066
|
|
1,993,022
|
|
6,874,848
|
|
5,821,186
|
|
Gross
margin
|
2,313,686
|
|
2,072,981
|
|
1,800,536
|
|
6,389,350
|
|
5,212,693
|
|
Gross margin as a
percent of revenue
|
49.0 %
|
|
47.4 %
|
|
47.5 %
|
|
48.2 %
|
|
47.2 %
|
|
Research and
development
|
525,904
|
|
494,947
|
|
512,274
|
|
1,516,209
|
|
1,404,615
|
|
Selling, general and
administrative
|
226,023
|
|
244,150
|
|
215,904
|
|
713,301
|
|
651,770
|
|
Restructuring charges,
net - operating expenses
|
—
|
|
—
|
|
15,246
|
|
—
|
|
18,955
|
|
Total operating
expenses
|
751,927
|
|
739,097
|
|
743,424
|
|
2,229,510
|
|
2,075,340
|
|
Operating
income
|
1,561,759
|
|
1,333,884
|
|
1,057,112
|
|
4,159,840
|
|
3,137,353
|
|
Operating income as a
percent of revenue
|
33.1 %
|
|
30.5 %
|
|
27.9 %
|
|
31.4 %
|
|
28.4 %
|
|
Other income (expense),
net
|
(25,035)
|
|
14,262
|
|
36,073
|
|
19,308
|
|
68,513
|
|
Income before income
taxes
|
1,536,724
|
|
1,348,146
|
|
1,093,185
|
|
4,179,148
|
|
3,205,866
|
|
Income tax
expense
|
(206,057)
|
|
(157,128)
|
|
(127,359)
|
|
(541,019)
|
|
(398,376)
|
|
Net income
|
$
1,330,667
|
|
$
1,191,018
|
|
$ 965,826
|
|
$
3,638,129
|
|
$
2,807,490
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.04
|
|
$
0.93
|
|
$
0.74
|
|
$
2.82
|
|
$
2.13
|
|
Diluted
|
$
1.03
|
|
$
0.92
|
|
$
0.73
|
|
$
2.81
|
|
$
2.12
|
|
Number of shares used
in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1,283,779
|
|
1,287,109
|
|
1,308,382
|
|
1,290,041
|
|
1,316,627
|
|
Diluted
|
1,288,100
|
|
1,291,469
|
|
1,315,178
|
|
1,294,545
|
|
1,322,819
|
|
Cash dividend declared
per common share
|
$
0.23
|
|
$
0.23
|
|
$
0.20
|
|
$
0.69
|
|
$
0.60
|
|
|
|
|
|
|
|
|
|
|
|
LAM RESEARCH
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
|
March 30,
2025
|
|
December 29,
2024
|
|
June 30,
2024
|
|
(unaudited)
|
|
(unaudited)
|
|
(1)
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
5,450,718
|
|
$
5,665,379
|
|
$
5,847,856
|
|
Accounts receivable,
net
|
3,228,182
|
|
3,304,946
|
|
2,519,250
|
|
Inventories
|
4,463,275
|
|
4,358,152
|
|
4,217,924
|
|
Prepaid expenses and
other current assets
|
318,147
|
|
284,370
|
|
298,190
|
|
Total current
assets
|
13,460,322
|
|
13,612,847
|
|
12,883,220
|
|
Property and equipment,
net
|
2,372,203
|
|
2,313,590
|
|
2,154,518
|
|
Goodwill and intangible
assets
|
1,795,248
|
|
1,761,021
|
|
1,765,073
|
|
Other assets
|
2,340,537
|
|
2,152,458
|
|
1,941,917
|
|
Total
assets
|
$
19,968,310
|
|
$
19,839,916
|
|
$
18,744,728
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current portion of
long-term debt and finance lease obligations
|
$
754,306
|
|
$
504,136
|
|
$
504,814
|
|
Other current
liabilities
|
4,735,539
|
|
4,846,160
|
|
3,833,624
|
|
Total current
liabilities
|
5,489,845
|
|
5,350,296
|
|
4,338,438
|
|
Long-term debt and
finance lease obligations
|
3,730,034
|
|
4,478,148
|
|
4,478,520
|
|
Income taxes
payable
|
690,660
|
|
669,747
|
|
813,304
|
|
Other long-term
liabilities
|
546,666
|
|
533,699
|
|
575,012
|
|
Total
liabilities
|
10,457,205
|
|
11,031,890
|
|
10,205,274
|
|
Stockholders' equity
(2)
|
9,511,105
|
|
8,808,026
|
|
8,539,454
|
|
Total liabilities and
stockholders' equity
|
$
19,968,310
|
|
$
19,839,916
|
|
$
18,744,728
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited
financial statements.
|
|
(2)
|
Common shares issued
and outstanding were 1,282,957 as of March 30, 2025, 1,284,956
as of December 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
|
|
Nine Months
Ended
|
|
March 30,
2025
|
|
December 29,
2024
|
|
March 31,
2024
|
|
March 30,
2025
|
|
March 31,
2024
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
1,330,667
|
|
$
1,191,018
|
|
$
965,826
|
|
$
3,638,129
|
|
$
2,807,490
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
97,343
|
|
96,200
|
|
89,922
|
|
287,838
|
|
271,342
|
|
Deferred income
taxes
|
(19,992)
|
|
(82,854)
|
|
(24,621)
|
|
(211,568)
|
|
(137,606)
|
|
Equity-based
compensation expense
|
87,115
|
|
81,959
|
|
76,854
|
|
249,085
|
|
213,966
|
|
Other, net
|
1,654
|
|
(8,592)
|
|
10,210
|
|
(7,395)
|
|
14,242
|
|
Changes in operating
assets and liabilities
|
(188,124)
|
|
(535,789)
|
|
266,645
|
|
(337,013)
|
|
620,405
|
|
Net cash provided by
operating activities
|
1,308,663
|
|
741,942
|
|
1,384,836
|
|
3,619,076
|
|
3,789,839
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and intangible assets
|
(288,058)
|
|
(188,349)
|
|
(103,654)
|
|
(586,995)
|
|
(295,922)
|
|
Net maturities and
sales of available-for-sale securities
|
—
|
|
—
|
|
14,650
|
|
—
|
|
37,766
|
|
Other, net
|
(4,857)
|
|
12,974
|
|
(3,356)
|
|
8,154
|
|
(10,845)
|
|
Net cash used for
investing activities
|
(292,915)
|
|
(175,375)
|
|
(92,360)
|
|
(578,841)
|
|
(269,001)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Principal payments on
debt, including finance lease
obligations and payments for debt issuance costs
|
(504,037)
|
|
(1,032)
|
|
(1,060)
|
|
(506,003)
|
|
(255,155)
|
|
Treasury stock
purchases, including excise tax payments
|
(435,321)
|
|
(697,688)
|
|
(980,561)
|
|
(2,130,044)
|
|
(2,469,257)
|
|
Dividends
paid
|
(295,716)
|
|
(297,634)
|
|
(262,707)
|
|
(854,335)
|
|
(757,453)
|
|
Reissuance of treasury
stock related to employee stock purchase plan
|
—
|
|
60,557
|
|
—
|
|
60,557
|
|
53,081
|
|
Proceeds from issuance
of common stock, net issuance costs
|
1,993
|
|
(194)
|
|
8,235
|
|
1,756
|
|
12,757
|
|
Other, net
|
526
|
|
761
|
|
300
|
|
963
|
|
(5,672)
|
|
Net cash used for
financing activities
|
(1,232,555)
|
|
(935,230)
|
|
(1,235,793)
|
|
(3,427,106)
|
|
(3,421,699)
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
2,380
|
|
(26,022)
|
|
(8,452)
|
|
(960)
|
|
(12,758)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
(214,427)
|
|
(394,685)
|
|
48,231
|
|
(387,831)
|
|
86,381
|
|
Cash, cash equivalents,
and restricted cash at beginning of period (1)
|
5,677,399
|
|
6,072,084
|
|
5,625,522
|
|
5,850,803
|
|
5,587,372
|
|
Cash, cash equivalents,
and restricted cash at end of period (1)
|
$
5,462,972
|
|
$
5,677,399
|
|
$
5,673,753
|
|
$
5,462,972
|
|
$
5,673,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 30,
2025
|
|
December 29,
2024
|
|
Revenue
|
$
4,720,175
|
|
$
4,376,047
|
|
Gross margin
|
$
2,312,391
|
|
$
2,077,151
|
|
Gross margin as
percentage of revenue
|
49.0 %
|
|
47.5 %
|
|
Operating
expenses
|
$
763,336
|
|
$
734,501
|
|
Operating
income
|
$
1,549,055
|
|
$
1,342,650
|
|
Operating income as a
percentage of revenue
|
32.8 %
|
|
30.7 %
|
|
Net income
|
$
1,336,006
|
|
$
1,175,000
|
|
Net income per diluted
share
|
$
1.04
|
|
$
0.91
|
|
Shares used in per
share calculation - diluted
|
1,288,100
|
|
1,291,469
|
|
Reconciliation of
U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands,
except per share data)
(unaudited)
|
|
|
Three Months
Ended
|
|
March 30,
2025
|
|
December 29,
2024
|
|
U.S. GAAP net
income
|
$
1,330,667
|
|
$
1,191,018
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business combinations
- cost of goods sold
|
2,687
|
|
2,817
|
|
Elective deferred
compensation ("EDC") related liability valuation (decrease)
increase - cost of goods sold
|
(3,982)
|
|
1,353
|
|
EDC related liability
valuation (decrease) increase - research and development
|
(7,168)
|
|
2,432
|
|
Amortization related
to intangible assets acquired through certain business combinations
- selling, general and
administrative
|
538
|
|
538
|
|
EDC related liability
valuation (decrease) increase - selling, general and
administrative
|
(4,779)
|
|
1,626
|
|
Amortization of note
discounts - other income (expense), net
|
759
|
|
772
|
|
Loss (gain) on EDC
related asset - other income (expense), net
|
16,903
|
|
(4,502)
|
|
Net income tax expense
(benefit) on non-GAAP items
|
381
|
|
(276)
|
|
Income tax benefit from
a change in tax law
|
—
|
|
(20,778)
|
|
Non-GAAP net
income
|
$
1,336,006
|
|
$
1,175,000
|
|
Non-GAAP net income per
diluted share
|
$
1.04
|
|
$
0.91
|
|
U.S. GAAP net income
per diluted share
|
$
1.03
|
|
$
0.92
|
|
U.S. GAAP and non-GAAP
number of shares used for per diluted share calculation
|
1,288,100
|
|
1,291,469
|
|
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 30,
2025
|
|
December 29,
2024
|
|
U.S. GAAP gross
margin
|
$
2,313,686
|
|
$
2,072,981
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
2,687
|
|
2,817
|
|
EDC related liability
valuation (decrease) increase
|
(3,982)
|
|
1,353
|
|
Non-GAAP gross
margin
|
$
2,312,391
|
|
$
2,077,151
|
|
U.S. GAAP gross margin
as a percentage of revenue
|
49.0 %
|
|
47.4 %
|
|
Non-GAAP gross margin
as a percentage of revenue
|
49.0 %
|
|
47.5 %
|
|
U.S. GAAP operating
expenses
|
$
751,927
|
|
$
739,097
|
|
Pre-tax non-GAAP
items:
|
|
|
|
|
Amortization related
to intangible assets acquired through certain business
combinations
|
(538)
|
|
(538)
|
|
EDC related liability
valuation decrease (increase)
|
11,947
|
|
(4,058)
|
|
Non-GAAP operating
expenses
|
$
763,336
|
|
$
734,501
|
|
U.S. GAAP operating
income
|
$
1,561,759
|
|
$
1,333,884
|
|
Non-GAAP operating
income
|
$
1,549,055
|
|
$
1,342,650
|
|
U.S. GAAP operating
income as percent of revenue
|
33.1 %
|
|
30.5 %
|
|
Non-GAAP operating
income as a percent of revenue
|
32.8 %
|
|
30.7 %
|
Lam Research Corporation Contacts:
Ram Ganesh,
Investor Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com
View original
content:https://www.prnewswire.com/news-releases/lam-research-corporation-reports-financial-results-for-the-quarter-ended-march-30-2025-302436137.html
SOURCE Lam Research Corporation