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Lam Research Corporation Reports Financial Results for the Quarter Ended June 26, 2022

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Lam Research Corporation
Lam Research Corporation

FREMONT, Calif., July 27, 2022 (GLOBE NEWSWIRE) -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended June 26, 2022 (the “June 2022 quarter”).

Highlights for the June 2022 quarter were as follows:

  • Revenue of $4.64 billion.

  • U.S. GAAP gross margin of 45.3%, U.S. GAAP operating income as a percentage of revenue of 31.9%, and U.S. GAAP diluted EPS of $8.74.

  • Non-GAAP gross margin of 45.2%, non-GAAP operating income as a percentage of revenue of 31.5%, and non-GAAP diluted EPS of $8.83.

Key Financial Data for the Quarters Ended
June 26, 2022 and March 27, 2022
(in thousands, except per-share data, percentages, and basis points)

U.S. GAAP

 

 

June 2022

 

March 2022

 

Change Q/Q

Revenue

 

$

4,635,554

 

 

$

4,060,416

 

 

+14

%

Gross margin as percentage of revenue

 

 

45.3

%

 

 

44.7

%

 

+ 60 bps

 

Operating income as percentage of revenue

 

 

31.9

%

 

 

29.4

%

 

+ 250 bps

 

Diluted EPS

 

$

8.74

 

 

$

7.30

 

 

+20

%

 

 

 

 

 

 

 

Non-GAAP

 

 

June 2022

 

March 2022

 

Change Q/Q

Revenue

 

$

4,635,554

 

 

$

4,060,416

 

 

+14

%

Gross margin as percentage of revenue

 

 

45.2

%

 

 

44.7

%

 

+ 50 bps

 

Operating income as percentage of revenue

 

 

31.5

%

 

 

29.4

%

 

+ 210 bps

 

Diluted EPS

 

$

8.83

 

 

$

7.40

 

 

+19

%

U.S. GAAP Financial Results

For the June 2022 quarter, revenue was $4,636 million, gross margin was $2,101 million, or 45.3% of revenue, operating expenses were $621 million, operating income was 31.9% of revenue, and net income was $1,209 million, or $8.74 per diluted share on a U.S. GAAP basis. This compares to revenue of $4,060 million, gross margin of $1,817 million, or 44.7% of revenue, operating expenses of $625 million, operating income of 29.4% of revenue, and net income of $1,022 million, or $7.30 per diluted share, for the quarter ended March 27, 2022 (the “March 2022 quarter”).

Non-GAAP Financial Results

For the June 2022 quarter, non-GAAP gross margin was $2,094 million, or 45.2% of revenue, non-GAAP operating expenses were $635 million, non-GAAP operating income was 31.5% of revenue, and non-GAAP net income was $1,221 million, or $8.83 per diluted share. This compares to non-GAAP gross margin of $1,815 million, or 44.7% of revenue, non-GAAP operating expenses of $621 million, non-GAAP operating income of 29.4% of revenue, and non-GAAP net income of $1,036 million, or $7.40 per diluted share, for the March 2022 quarter.

“Lam delivered record levels of revenue and earnings per share in the June quarter, while continuing to operate in a supply-constrained environment,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “With solid operational execution, technology leadership, and a robust installed base business, Lam is well-positioned for long-term growth.”

Balance Sheet and Cash Flow Results

Cash and cash equivalents, short-term investments, and restricted cash and investments balances decreased to $3.9 billion at the end of the June 2022 quarter compared to $4.6 billion the end of the March 2022 quarter. This decrease was primarily the result of $876.1 million of share repurchases, including net share settlement of employee stock-based compensation; $208.1 million of dividends paid to stockholders; and $125.7 million of capital expenditures, partially offset by $443.9 million of cash generated by operating activities.

Deferred revenue at the end of the June 2022 quarter increased to $2,198 million compared to $2,069 million as of the end of the March 2022 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 $367 million as of June 26, 2022 and $263 million as of March 27, 2022.

Revenue

The geographic distribution of revenue during the June 2022 quarter is shown in the following table:

Region

Revenue

China

31%

Korea

24%

Taiwan

19%

United States

8%

Europe

7%

Japan

6%

Southeast Asia

5%

The following table presents revenue disaggregated between system and customer support-related revenue:

 

Three Months Ended

 

Twelve Months Ended

 

June 26,
2022

 

March 27,
2022

 

June 27,
2021

 

June 26,
2022

 

June 27,
2021

 

(In thousands)

Systems revenue

$

3,006,374

 

$

2,650,842

 

$

2,763,877

 

$

11,322,271

 

$

9,764,845

Customer support-related revenue and other

 

1,629,180

 

 

1,409,574

 

 

1,381,302

 

 

5,904,768

 

 

4,861,305

 

$

4,635,554

 

$

4,060,416

 

$

4,145,179

 

$

17,227,039

 

$

14,626,150

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 September 25, 2022, Lam is providing the following guidance:

 

U.S. GAAP

 

Reconciling Items

 

Non-GAAP

Revenue

$4.9 Billion

+/-

$300 Million

 

 

 

$4.9 Billion

+/-

$300 Million

Gross margin as a percentage of revenue

45.0%

+/-

1%

 

$

1 Million

 

45.0%

+/-

1%

Operating income as a percentage of revenue

31.4%

+/-

1%

 

$

3 Million

 

31.5%

+/-

1%

Net income per diluted share

$9.48

+/-

$0.75

 

$

3 Million

 

$9.50

+/-

$0.75

Diluted share count

137 Million

 

 

 

137 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. 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, $3 million.

  • Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3 million; amortization of note discounts, $1 million; and associated tax benefit for non-GAAP items ($1 million); totaling $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 2022 and March 2022 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 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 operational execution and technology leadership; the strength of our installed base business; and our 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 reports on Form 10–Q for the fiscal quarters ended September 26, 2021, December 26, 2021 and March 27, 2022. 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)

 

Three Months Ended

 

Twelve Months Ended

 

June 26,
2022

 

March 27,
2022

 

June 27,
2021

 

June 26,
2022

 

June 27,
2021

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

(1

)

Revenue

$

4,635,554

 

 

$

4,060,416

 

 

$

4,145,179

 

 

$

17,227,039

 

 

$

14,626,150

 

Cost of goods sold

 

2,535,042

 

 

 

2,243,791

 

 

 

2,229,978

 

 

 

9,355,232

 

 

 

7,820,844

 

Gross margin

 

2,100,512

 

 

 

1,816,625

 

 

 

1,915,201

 

 

 

7,871,807

 

 

 

6,805,306

 

Gross margin as a percent of revenue

 

45.3

%

 

 

44.7

%

 

 

46.2

%

 

 

45.7

%

 

 

46.5

%

Research and development

 

411,157

 

 

 

407,120

 

 

 

381,749

 

 

 

1,604,248

 

 

 

1,493,408

 

Selling, general and administrative

 

210,002

 

 

 

217,408

 

 

 

217,525

 

 

 

885,737

 

 

 

829,875

 

Total operating expenses

 

621,159

 

 

 

624,528

 

 

 

599,274

 

 

 

2,489,985

 

 

 

2,323,283

 

Operating income

 

1,479,353

 

 

 

1,192,097

 

 

 

1,315,927

 

 

 

5,381,822

 

 

 

4,482,023

 

Operating income as a percent of revenue

 

31.9

%

 

 

29.4

%

 

 

31.7

%

 

 

31.2

%

 

 

30.6

%

Other expense, net

 

(120,448

)

 

 

(57,402

)

 

 

(7,166

)

 

 

(188,708

)

 

 

(111,219

)

Income before income taxes

 

1,358,905

 

 

 

1,134,695

 

 

 

1,308,761

 

 

 

5,193,114

 

 

 

4,370,804

 

Income tax expense

 

(149,971

)

 

 

(112,917

)

 

 

(164,104

)

 

 

(587,828

)

 

 

(462,346

)

Net income

$

1,208,934

 

 

$

1,021,778

 

 

$

1,144,657

 

 

$

4,605,286

 

 

$

3,908,458

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

$

8.76

 

 

$

7.34

 

 

$

8.02

 

 

$

32.92

 

 

$

27.22

 

Diluted

$

8.74

 

 

$

7.30

 

 

$

7.98

 

 

$

32.75

 

 

$

26.90

 

Number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

Basic

 

137,993

 

 

 

139,229

 

 

 

142,662

 

 

 

139,899

 

 

 

143,609

 

Diluted

 

138,313

 

 

 

140,057

 

 

 

143,514

 

 

 

140,628

 

 

 

145,320

 

Cash dividend declared per common share

$

1.50

 

 

$

1.50

 

 

$

1.30

 

 

$

6.00

 

 

$

5.20

 

(1)  Derived from audited financial statements.



LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

 

June 26,
2022

 

March 27,
2022

 

June 27,
2021

 

(unaudited)

 

(unaudited)

 

 

(1)

ASSETS

 

 

 

 

 

Cash and cash equivalents

$

3,522,001

 

$

4,194,719

 

$

4,418,263

 

Investments

 

135,731

 

 

160,072

 

 

1,310,872

 

Accounts receivable, net

 

4,313,818

 

 

3,702,320

 

 

3,026,430

 

Inventories

 

3,966,294

 

 

3,479,332

 

 

2,689,294

 

Prepaid expenses and other current assets

 

347,391

 

 

351,658

 

 

207,528

 

Total current assets

 

12,285,235

 

 

11,888,101

 

 

11,652,387

 

Property and equipment, net

 

1,647,587

 

 

1,561,875

 

 

1,303,479

 

Restricted cash and investments

 

251,534

 

 

251,036

 

 

252,487

 

Goodwill and intangible assets

 

1,616,963

 

 

1,627,035

 

 

1,622,499

 

Other assets

 

1,394,313

 

 

1,260,984

 

 

1,061,300

 

Total assets

$

17,195,632

 

$

16,589,031

 

$

15,892,152

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current portion of long-term debt and finance lease obligations

$

7,381

 

$

7,689

 

$

11,349

 

Other current liabilities

 

4,557,378

 

 

4,187,052

 

 

3,516,518

 

Total current liabilities

 

4,564,759

 

 

4,194,741

 

 

3,527,867

 

Long-term debt and finance lease obligations

 

4,998,449

 

 

5,000,657

 

 

4,990,333

 

Income taxes payable

 

931,117

 

 

916,668

 

 

948,037

 

Other long-term liabilities

 

422,941

 

 

450,475

 

 

398,727

 

Total liabilities

 

10,917,266

 

 

10,562,541

 

 

9,864,964

 

Stockholders’ equity (2)

 

6,278,366

 

 

6,026,490

 

 

6,027,188

 

Total liabilities and stockholders’ equity

$

17,195,632

 

$

16,589,031

 

$

15,892,152

 

(1) Derived from audited financial statements.
(2) Common shares issued and outstanding were 136,975 as of June 26, 2022, 138,707 as of March 27, 2022, and 142,501 as of June 27, 2021



LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 

Three Months Ended

 

Twelve Months Ended

 

June 26,
2022

 

March 27,
2022

 

June 27,
2021

 

June 26,
2022

 

June 27,
2021

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(1)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Net income

$

1,208,934

 

 

$

1,021,778

 

 

$

1,144,657

 

 

$

4,605,286

 

 

$

3,908,458

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

87,932

 

 

 

84,228

 

 

 

78,397

 

 

 

333,739

 

 

 

307,151

 

Deferred income taxes

 

(173,987

)

 

 

(56,878

)

 

 

(146,029

)

 

 

(257,438

)

 

 

(151,477

)

Equity-based compensation expense

 

69,588

 

 

 

68,543

 

 

 

56,321

 

 

 

259,064

 

 

 

220,164

 

Other, net

 

33,574

 

 

 

(3,121

)

 

 

(27,786

)

 

 

(44,751

)

 

 

(17,392

)

Changes in operating assets and liabilities

 

(782,107

)

 

 

(356,840

)

 

 

330,375

 

 

 

(1,796,226

)

 

 

(678,741

)

Net cash provided by operating activities

 

443,934

 

 

 

757,710

 

 

 

1,435,935

 

 

 

3,099,674

 

 

 

3,588,163

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Capital expenditures and intangible assets

 

(125,746

)

 

 

(145,368

)

 

 

(104,622

)

 

 

(546,034

)

 

 

(349,096

)

Net sale of available-for-sale securities

 

23,486

 

 

 

79,184

 

 

 

799,965

 

 

 

1,165,884

 

 

 

464,522

 

Other, net

 

26,323

 

 

 

(28,380

)

 

 

(6,282

)

 

 

(7,575

)

 

 

(42,155

)

Net cash (used for) provided by investing activities

 

(75,937

)

 

 

(94,564

)

 

 

689,061

 

 

 

612,275

 

 

 

73,271

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Principal payments on debt

 

(2,032

)

 

 

(1,821

)

 

 

(822,046

)

 

 

(11,889

)

 

 

(862,060

)

Treasury stock purchases

 

(876,089

)

 

 

(1,338,006

)

 

 

(431,255

)

 

 

(3,865,663

)

 

 

(2,697,704

)

Dividends paid

 

(208,056

)

 

 

(210,587

)

 

 

(185,385

)

 

 

(815,290

)

 

 

(726,992

)

Reissuance of treasury stock related to employee stock purchase plan

 

61,798

 

 

 

 

 

 

56,330

 

 

 

108,178

 

 

 

97,764

 

Proceeds from issuance of common stock

 

997

 

 

 

492

 

 

 

851

 

 

 

5,682

 

 

 

24,123

 

Other, net

 

(152

)

 

 

214

 

 

 

(269

)

 

 

45

 

 

 

(2,113

)

Net cash used for financing activities

 

(1,023,534

)

 

 

(1,549,708

)

 

 

(1,381,774

)

 

 

(4,578,937

)

 

 

(4,166,982

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(16,683

)

 

 

(5,090

)

 

 

702

 

 

 

(30,227

)

 

 

7,215

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(672,220

)

 

 

(891,652

)

 

 

743,924

 

 

 

(897,215

)

 

 

(498,333

)

Cash, cash equivalents, and restricted cash at beginning of period

 

4,445,755

 

 

 

5,337,407

 

 

 

3,926,826

 

 

 

4,670,750

 

 

 

5,169,083

 

Cash, cash equivalents, and restricted cash at end of period

$

3,773,535

 

 

$

4,445,755

 

 

$

4,670,750

 

 

$

3,773,535

 

 

$

4,670,750

 

(1) Derived from audited financial statements.

                          

Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)

 

Three Months Ended

 

June 26,
2022

 

March 27,
2022

Revenue

$

4,635,554

 

 

$

4,060,416

 

Gross margin

$

2,094,006

 

 

$

1,814,910

 

Gross margin as percentage of revenue

 

45.2

%

 

 

44.7

%

Operating expenses

$

634,631

 

 

$

620,636

 

Operating income

$

1,459,375

 

 

$

1,194,274

 

Operating income as a percentage of revenue

 

31.5

%

 

 

29.4

%

Net income

$

1,221,257

 

 

$

1,036,359

 

Net income per diluted share

$

8.83

 

 

$

7.40

 

Shares used in per share calculation - diluted

 

138,313

 

 

 

140,057

 


Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income

(in thousands, except per share data)
(unaudited)

 

Three Months Ended

 

June 26,
2022

 

March 27,
2022

U.S. GAAP net income

$

1,208,934

 

 

$

1,021,778

 

Pre-tax non-GAAP items:

 

 

 

Amortization related to intangible assets acquired through certain business combinations - cost of goods sold

 

1,308

 

 

 

1,153

 

Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold

 

(7,814

)

 

 

(2,868

)

EDC related liability valuation increase - research and development

 

(14,065

)

 

 

(5,161

)

Amortization related to intangible assets acquired through certain business combinations -selling, general and administrative

 

9,969

 

 

 

12,494

 

EDC related liability valuation increase - selling, general and administrative

 

(9,376

)

 

 

(3,441

)

Amortization of note discounts - other expense, net

 

701

 

 

 

695

 

Loss on EDC related asset - other expense, net

 

32,316

 

 

 

13,118

 

Net income tax benefit on non-GAAP items

 

(716

)

 

 

(1,409

)

Non-GAAP net income

$

1,221,257

 

 

$

1,036,359

 

Non-GAAP net income per diluted share

$

8.83

 

 

$

7.40

 

U.S. GAAP net income per diluted share

$

8.74

 

 

$

7.30

 

U.S. GAAP and non-GAAP number of shares used for per diluted share calculation

 

138,313

 

 

 

140,057

 


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 26,
2022

 

March 27,
2022

U.S. GAAP gross margin

$

2,100,512

 

 

$

1,816,625

 

Pre-tax non-GAAP items:

 

 

 

Amortization related to intangible assets acquired through certain business combinations

 

1,308

 

 

 

1,153

 

EDC related liability valuation increase

 

(7,814

)

 

 

(2,868

)

Non-GAAP gross margin

$

2,094,006

 

 

$

1,814,910

 

U.S. GAAP gross margin as a percentage of revenue

 

45.3

%

 

 

44.7

%

Non-GAAP gross margin as a percentage of revenue

 

45.2

%

 

 

44.7

%

U.S. GAAP operating expenses

$

621,159

 

 

$

624,528

 

Pre-tax non-GAAP items:

 

 

 

Amortization related to intangible assets acquired through certain business combinations

 

(9,969

)

 

 

(12,494

)

EDC related liability valuation increase

 

23,441

 

 

 

8,602

 

Non-GAAP operating expenses

$

634,631

 

 

$

620,636

 

U.S. GAAP operating income

$

1,479,353

 

 

$

1,192,097

 

Non-GAAP operating income

$

1,459,375

 

 

$

1,194,274

 

U.S. GAAP operating income as percent of revenue

 

31.9

%

 

 

29.4

%

Non-GAAP operating income as a percent of revenue

 

31.5

%

 

 

29.4

%

Lam Research Corporation Contact:

Tina Correia, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com