Annuncio pubblicitario
Italia markets closed
  • FTSE MIB

    34.750,35
    -9,34 (-0,03%)
     
  • Dow Jones

    39.807,37
    +47,29 (+0,12%)
     
  • Nasdaq

    16.379,46
    -20,06 (-0,12%)
     
  • Nikkei 225

    40.369,44
    +201,37 (+0,50%)
     
  • Petrolio

    83,11
    -0,06 (-0,07%)
     
  • Bitcoin EUR

    65.011,32
    -530,00 (-0,81%)
     
  • CMC Crypto 200

    885,54
    0,00 (0,00%)
     
  • Oro

    2.254,80
    +16,40 (+0,73%)
     
  • EUR/USD

    1,0781
    -0,0013 (-0,12%)
     
  • S&P 500

    5.254,35
    +5,86 (+0,11%)
     
  • HANG SENG

    16.541,42
    +148,58 (+0,91%)
     
  • Euro Stoxx 50

    5.083,42
    +1,68 (+0,03%)
     
  • EUR/GBP

    0,8535
    -0,0011 (-0,13%)
     
  • EUR/CHF

    0,9715
    -0,0012 (-0,12%)
     
  • EUR/CAD

    1,4601
    -0,0005 (-0,03%)
     

Lam Research Corporation Reports Financial Results for the Quarter Ended September 25, 2022

Lam Research Corporation
Lam Research Corporation

FREMONT, Calif., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 25, 2022 (the “September 2022 quarter”).

Highlights for the September 2022 quarter were as follows:

  • Revenue of $5.07 billion.

  • U.S. GAAP gross margin of 46.1%, U.S. GAAP operating income as a percentage of revenue of 33.5%, and U.S. GAAP diluted EPS of $10.39.

  • Non-GAAP gross margin of 46.0%, non-GAAP operating income as a percentage of revenue of 33.3%, and non-GAAP diluted EPS of $10.42.

Key Financial Data for the Quarters Ended
September 25, 2022 and June 26, 2022
(in thousands, except per-share data, percentages, and basis points)

U.S. GAAP

 

  

September 2022

 

June 2022

 

Change Q/Q

Revenue

 

$

5,074,121

 

 

$

4,635,554

 

 

+ 9.5

%

Gross margin as percentage of revenue

 

 

46.1

%

 

 

45.3

%

 

+ 80 bps

 

Operating income as percentage of revenue

 

 

33.5

%

 

 

31.9

%

 

+ 160 bps

 

Diluted EPS

 

$

10.39

 

 

$

8.74

 

 

+ 18.9

%

 

 

 

 

 

 

 

Non-GAAP

 

  

September 2022

 

June 2022

 

Change Q/Q

Revenue

  

$

5,074,121

 

 

$

4,635,554

 

 

+ 9.5

%

Gross margin as percentage of revenue

  

 

46.0

%

 

 

45.2

%

 

+ 80 bps

 

Operating income as percentage of revenue

  

 

33.3

%

 

 

31.5

%

 

+ 180 bps

 

Diluted EPS

  

$

10.42

 

 

$

8.83

 

 

+ 18.0

%

U.S. GAAP Financial Results

For the September 2022 quarter, revenue was $5,074 million, gross margin was $2,337 million, or 46.1% of revenue, operating expenses were $639 million, operating income was 33.5% of revenue, and net income was $1,426 million, or $10.39 per diluted share on a U.S. GAAP basis. This compares to revenue of $4,636 million, gross margin of $2,101 million, or 45.3% of revenue, operating expenses of $621 million, operating income of 31.9% of revenue, and net income of $1,209 million, or $8.74 per diluted share, for the quarter ended June 26, 2022 (the “June 2022 quarter”).

ANNUNCIO PUBBLICITARIO

Non-GAAP Financial Results

For the September 2022 quarter, non-GAAP gross margin was $2,335 million, or 46.0% of revenue, non-GAAP operating expenses were $647 million, non-GAAP operating income was 33.3% of revenue, and non-GAAP net income was $1,429 million, or $10.42 per diluted share. This compares to non-GAAP gross margin of $2,094 million, or 45.2% of revenue, non-GAAP operating expenses of $635 million, non-GAAP operating income of 31.5% of revenue, and non-GAAP net income of $1,221 million, or $8.83 per diluted share, for the June 2022 quarter.

“Lam exceeded $5 billion in revenue in the September quarter, an all-time record. Solid execution combined with easing supply chain conditions produced strong overall performance,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “While we expect weaker wafer fabrication equipment spending in 2023, our technology leadership and demonstrated track record of managing through downturns provide us a strong foundation to capture the exciting opportunities ahead for the semiconductor industry.”

Balance Sheet and Cash Flow Results

Cash and cash equivalents, short-term investments, and restricted cash and investments balances increased to $4.6 billion at the end of the September 2022 quarter compared to $3.9 billion at the end of the June 2022 quarter. This increase was primarily the result of $1,190 million of cash generated from operating activities, partially offset by $206 million of dividends paid to stockholders; $140 million of capital expenditures; and $110 million of share repurchases, including net share settlement of employee stock-based compensation.

Deferred revenue at the end of the September 2022 quarter increased to $2,755 million compared to $2,198 million as of the end of the June 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 $401 million as of September 25, 2022 and $367 million as of June 26, 2022.

Revenue

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

Region

Revenue

China

30%

Taiwan

22%

Korea

17%

Southeast Asia

11%

Japan

9%

United States

6%

Europe

5%

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

 

Three Months Ended

 

September 25,
2022

 

June 26,
2022

 

September 26,
2021

 

(In thousands)

System revenue

$

3,181,987

 

$

3,006,374

 

$

2,924,883

Customer support-related revenue and other

 

1,892,134

 

 

1,629,180

 

 

1,379,582

 

$

5,074,121

 

$

4,635,554

 

$

4,304,465

 

 

 

 

 

 

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

 

U.S. GAAP

 

Reconciling Items

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

Revenue

$5.1 Billion

+/-

$300 Million

 

 

$5.1 Billion

+/-

$300 Million

Gross margin as a percentage of revenue

44.5%

+/-

1%

 

$ 1  Million

 

44.5%

+/-

1%

Operating income as a percentage of revenue

31.5%

+/-

1%

 

$ 3  Million

 

31.5%

+/-

1%

Net income per diluted share

$9.98

+/-

$0.75

 

$ 3  Million

 

$10.00

+/-

$0.75

Diluted share count

136 Million

 

 

136 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 recognized 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 September 2022 and June 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 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; our expectations for wafer fabrication equipment spending; our technology leadership; and the opportunities ahead for the semiconductor industry and our ability to capture 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; 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; 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 26, 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)
(unaudited)

 

Three Months Ended

 

September 25,
2022

 

June 26,
2022

 

September 26,
2021

Revenue

$

5,074,121

 

 

$

4,635,554

 

 

$

4,304,465

 

Cost of goods sold

 

2,737,286

 

 

 

2,535,042

 

 

 

2,327,711

 

Gross margin

 

2,336,835

 

 

 

2,100,512

 

 

 

1,976,754

 

Gross margin as a percent of revenue

 

46.1

%

 

 

45.3

%

 

 

45.9

%

Research and development

 

433,375

 

 

 

411,157

 

 

 

382,327

 

Selling, general and administrative

 

205,620

 

 

 

210,002

 

 

 

222,194

 

Total operating expenses

 

638,995

 

 

 

621,159

 

 

 

604,521

 

Operating income

 

1,697,840

 

 

 

1,479,353

 

 

 

1,372,233

 

Operating income as a percent of revenue

 

33.5

%

 

 

31.9

%

 

 

31.9

%

Other income (expense), net

 

(43,095

)

 

 

(120,448

)

 

 

(28,857

)

Income before income taxes

 

1,654,745

 

 

 

1,358,905

 

 

 

1,343,376

 

Income tax expense

 

(228,866

)

 

 

(149,971

)

 

 

(163,632

)

Net income

$

1,425,879

 

 

$

1,208,934

 

 

$

1,179,744

 

Net income per share:

 

 

 

 

 

Basic

$

10.42

 

 

$

8.76

 

 

$

8.32

 

Diluted

$

10.39

 

 

$

8.74

 

 

$

8.27

 

Number of shares used in per share calculations:

 

 

 

 

 

Basic

 

136,891

 

 

 

137,993

 

 

 

141,743

 

Diluted

 

137,208

 

 

 

138,313

 

 

 

142,612

 

Cash dividend declared per common share

$

1.725

 

 

$

1.50

 

 

$

1.50

 

 

 

 

 

 

 

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

 

September 25,
2022

 

June 26,
2022

 

September 26,
2021

 

(unaudited)

 

 

(1)

 

 

(unaudited)

ASSETS

 

 

 

 

 

Cash and cash equivalents

$

4,256,499

 

$

3,522,001

 

 

$

4,042,151

Investments

 

120,551

 

 

135,731

 

 

 

569,472

Accounts receivable, net

 

4,569,735

 

 

4,313,818

 

 

 

3,397,180

Inventories

 

4,360,325

 

 

3,966,294

 

 

 

2,872,141

Prepaid expenses and other current assets

 

305,554

 

 

347,391

 

 

 

263,738

Total current assets

 

13,612,664

 

 

12,285,235

 

 

 

11,144,682

Property and equipment, net

 

1,718,791

 

 

1,647,587

 

 

 

1,372,533

Restricted cash and investments

 

250,955

 

 

251,534

 

 

 

251,448

Goodwill and intangible assets

 

1,624,932

 

 

1,616,963

 

 

 

1,614,959

Other assets

 

1,513,940

 

 

1,394,313

 

 

 

1,181,930

Total assets

$

18,721,282

 

$

17,195,632

 

 

$

15,565,552

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current portion of long-term debt and finance lease obligations

$

7,110

 

$

7,381

 

 

$

6,368

Other current liabilities

 

5,046,272

 

 

4,557,378

 

 

 

3,402,852

Total current liabilities

 

5,053,382

 

 

4,564,759

 

 

 

3,409,220

Long-term debt and finance lease obligations

 

4,996,363

 

 

4,998,449

 

 

 

4,988,964

Income taxes payable

 

840,214

 

 

931,117

 

 

 

881,325

Other long-term liabilities

 

418,756

 

 

422,941

 

 

 

466,000

Total liabilities

 

11,308,715

 

 

10,917,266

 

 

 

9,745,509

Stockholders’ equity (2)

 

7,412,567

 

 

6,278,366

 

 

 

5,820,043

Total liabilities and stockholders’ equity

$

18,721,282

 

$

17,195,632

 

 

$

15,565,552

 

 

 

 

 

 


(1

)

Derived from audited financial statements.

(2

)

Common shares issued and outstanding were 136,374 as of September 25, 2022, 136,975 as of June 26, 2022, and 140,811 as of September 26, 2021.

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)

 

Three Months Ended

 

September 25,
2022

 

June 26,
2022

 

September 26,
2021

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net income

$

1,425,879

 

 

$

1,208,934

 

 

$

1,179,744

 

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

 

 

 

 

 

Depreciation and amortization

 

75,751

 

 

 

87,932

 

 

 

79,874

 

Deferred income taxes

 

(133,616

)

 

 

(173,987

)

 

 

(13,023

)

Equity-based compensation expense

 

71,110

 

 

 

69,588

 

 

 

58,099

 

Other, net

 

(2,751

)

 

 

33,574

 

 

 

(8,690

)

Changes in operating assets and liabilities

 

(246,785

)

 

 

(782,107

)

 

 

(838,480

)

Net cash provided by operating activities

 

1,189,588

 

 

 

443,934

 

 

 

457,524

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Capital expenditures and intangible assets

 

(140,063

)

 

 

(125,746

)

 

 

(136,427

)

Net maturities and sales of available-for-sale securities

 

14,695

 

 

 

23,486

 

 

 

738,043

 

Other, net

 

(2,435

)

 

 

26,323

 

 

 

(4,923

)

Net cash (used for) provided by investing activities

 

(127,803

)

 

 

(75,937

)

 

 

596,693

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

Principal payments on debt

 

(1,854

)

 

 

(2,032

)

 

 

(6,338

)

Treasury stock purchases

 

(109,779

)

 

 

(876,089

)

 

 

(1,236,753

)

Dividends paid

 

(205,615

)

 

 

(208,056

)

 

 

(185,431

)

Reissuance of treasury stock related to employee stock purchase plan

 

 

 

 

61,798

 

 

 

 

Proceeds from issuance of common stock

 

6,796

 

 

 

997

 

 

 

742

 

Other, net

 

(489

)

 

 

(152

)

 

 

188

 

Net cash used for financing activities

 

(310,941

)

 

 

(1,023,534

)

 

 

(1,427,592

)

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

 

(16,925

)

 

 

(16,683

)

 

 

(3,776

)

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

 

733,919

 

 

 

(672,220

)

 

 

(377,151

)

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

 

3,773,535

 

 

 

4,445,755

 

 

 

4,670,750

 

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

$

4,507,454

 

 

$

3,773,535

 

 

$

4,293,599

 

 

 

 

 

 

 

                          

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

 

Three Months Ended

 

September 25,
2022

 

June 26,
2022

Revenue

$

5,074,121

 

 

$

4,635,554

 

Gross margin

$

2,335,168

 

 

$

2,094,006

 

Gross margin as percentage of revenue

 

46.0

%

 

 

45.2

%

Operating expenses

$

647,239

 

 

$

634,631

 

Operating income

$

1,687,929

 

 

$

1,459,375

 

Operating income as a percentage of revenue

 

33.3

%

 

 

31.5

%

Net income

$

1,429,495

 

 

$

1,221,257

 

Net income per diluted share

$

10.42

 

 

$

8.83

 

Shares used in per share calculation - diluted

 

137,208

 

 

 

138,313

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited)

 

Three Months Ended

 

September 25,
2022

 

June 26,
2022

U.S. GAAP net income

$

1,425,879

 

 

$

1,208,934

 

Pre-tax non-GAAP items:

 

 

 

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

 

1,451

 

 

 

1,308

 

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

 

(3,118

)

 

 

(7,814

)

EDC related liability valuation decrease - research and development

 

(5,612

)

 

 

(14,065

)

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

 

1,110

 

 

 

9,969

 

EDC related liability valuation decrease - selling, general and administrative

 

(3,742

)

 

 

(9,376

)

Amortization of note discounts - other income (expense), net

 

707

 

 

 

701

 

Loss on EDC related asset - other income (expense), net

 

12,726

 

 

 

32,316

 

Net income tax expense (benefit) on non-GAAP items

 

94

 

 

 

(716

)

Non-GAAP net income

$

1,429,495

 

 

$

1,221,257

 

Non-GAAP net income per diluted share

$

10.42

 

 

$

8.83

 

U.S. GAAP net income per diluted share

$

10.39

 

 

$

8.74

 

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

 

137,208

 

 

 

138,313

 

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

 

September 25,
2022

 

June 26,
2022

U.S. GAAP gross margin

$

2,336,835

 

 

$

2,100,512

 

Pre-tax non-GAAP items:

 

 

 

Amortization related to intangible assets acquired through certain business combinations

 

1,451

 

 

 

1,308

 

EDC related liability valuation decrease

 

(3,118

)

 

 

(7,814

)

Non-GAAP gross margin

$

2,335,168

 

 

$

2,094,006

 

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

 

46.1

%

 

 

45.3

%

Non-GAAP gross margin as a percentage of revenue

 

46.0

%

 

 

45.2

%

U.S. GAAP operating expenses

$

638,995

 

 

$

621,159

 

Pre-tax non-GAAP items:

 

 

 

Amortization related to intangible assets acquired through certain business combinations

 

(1,110

)

 

 

(9,969

)

EDC related liability valuation decrease

 

9,354

 

 

 

23,441

 

Non-GAAP operating expenses

$

647,239

 

 

$

634,631

 

U.S. GAAP operating income

$

1,697,840

 

 

$

1,479,353

 

Non-GAAP operating income

$

1,687,929

 

 

$

1,459,375

 

U.S. GAAP operating income as percent of revenue

 

33.5

%

 

 

31.9

%

Non-GAAP operating income as a percent of revenue

 

33.3

%

 

 

31.5

%

Lam Research Corporation Contacts:

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