Inferra AI / Company / LRCX / Slides
Lam Research — LRCX Exhibit 99.1 Q3 2021+Draft+ (company IR deck)
Lam Research (LRCX) · 9 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All LRCX deck slides
Slide 1 — Exhibit
Exhibit FOR IMMEDIATE RELEASE Lam Research Corporation Reports Financial Results for the 28, 2021 FREMONT, Calif., April 21, 2021 - Lam Research Corporation (the "Company," "La results for the quarter ended March 28, 2021 (the —March 2021 quarter“). Highlights for the March 2021 quarter were as follows: • Rev enue of $3.85 billion. • U.S. GAAP gross margin of 46.3%, U.S. GAAP operating inc EPS of $7.41. • Non -GAAP gross margin of 46.3%, non -GAAP operating income as a percentage o on -GAAP dilut EPS of $7.49. Key Financial Data for the Quarters Ende March 28, 2021 and December 27, 2020 (in thousands, except per -share data, percentages, and basis U.S. GAAP March 20 December Change Q Revenu e $ 3,847 $ 3,456 + 1 Gross margin as percentage o 46 % 46 % - 10 Operating income as percenta revenue 31 % 29 % + 190 Diluted EPS $ 7. $ 5. + 2 Non -GAAP March 20 December Change Q Revenu e $ 3,847 $ 3,456 + 1 Gross margin as percentage o 46 % 46 % - 30 Operating income as percenta 31 % 30 % + 130 Diluted EPS $ 7. $ 6. + 2 U.S. GAAP Financial Results For the March 2021 quarter, revenue was $3,848 million, gro ses wer $585 million, operating income was 31.1% of revenue, and ne was $1,071 million, or $7.41 p basis. This compares to revenue of $3,456 million, gross ma $594 million, operating income of 29.2% of revenue, and net inco f $869 million, or $5.96 per dilu December 27, 2020 (the —December 2020 quarter“). Non -GAAP Financial Results For the March 2021 quarter, non -GAAP gross margin was $1,783 million, or 46.3% -GAAP operating exp enses were million, non -GAAP operating income was 31.6% of revenue, and non -GAAP net income was $1,084 mill This compares to non -GAAP gross margin of $1,611 million, or 46.6% of r -GAAP operating expenses 563 million - GAAP operating income of 30.3% of revenue, and non -GAAP net income of $880 million, or $ 2020 quarter. —Lam‘s growth trajectory continues with record revenue and arch quarter“ said T Research‘s President and Chief Executive Officer. —Semicond differentiated ability to meet our customers‘ scaling chall wafer fabrication spe
Slide 2 — Balance Sheet and Cash Flow Results
Balance Sheet and Cash Flow Results Cash and cash equivalents, short -term investments, and restricted cash and inve March 2021 quarter compared to $6.3 billion at the end of t result of $ billion of share repurchases, including net share settlemen -based compensation; $186.6 m stockholders; and $89.6 million of capital expenditures, pa ed from operating Revenue The geographic distribution of revenue during the March 202 Region Revenue China 32% Korea 31% Taiwan 14% Japan 7% Southeast Asia 7% United States 5% Europe 4% The following table presents revenue disaggregated between sy -related revenue: Three Months Ended Nine Months En March 2 2021 December 2020 March 2 2020 March 2 2021 March 2 2020 (In thousands) System reven $ 2,545 $ 2,307 $ 1,647 $ 7,000 $ 4,759 Customer sup -relat revenue and 1,302 1,148 856, 3,480 2,492 $ 3,847 $ 3,456 $ 2,503 $ 10,48 $ 7,252 System revenue includes sales of new leading -edge equipment in deposition, etch and c Customer support -related revenue includes sales of customer service, spares, upgrades, an -leading -edge equipment fr Reliant® product line. Outlook For the quarter ended June 27, 2021, Lam is providing the following guidanc U.S. GAAP Reconci Items Non -GAAP Revenue $4.0 Bi +/ - $250 M – $4.0 Bi +/ - $250 Mi Gross margin as a 46.5% +/ - 1% $ 1 Mill 46.5% +/ - 1% Operating income a revenue 31.7% +/ - 1% $ 13 Mill 32.0% +/ - 1% Net income per dil $7.42 +/ - $0.5 $ 12 Mill $7.50 +/ - $0.50 Diluted share coun 144 Million – 144 Million The information provided above is only an estimate of what and does incorporate the potential impact of any business combinatio e sheet valua adjustments, financing arrangements, gains or losses on equ nts that
Slide 3 — be completed or realized after the date of this release. U.
be completed or realized after the date of this release. U. -GAAP reconciling items pro vided include only are known and can be estimated as of the date of this relea y be mate Reconciling items included above are as follows: • Gross margin as a percentage o f revenue - amortization related to intangible ass million. • Operating income as a percentage of revenue - amortization related to intangible as $13 million. • Net income per diluted share - amortization related to intangible assets a amortization of note discounts, $1 million; and associat -GAAP items ($2 million); Use of No n-GAAP Financial Results In addition to U.S. GAAP results, this press release also c -GAAP financial results. The Com -GAAP results the March 2021 and December 2020 quarters exclude amortizat ired through busine effects of elective deferred compensation -related assets and liabilities, amortizati - GAAP items. Management uses non -GAAP gross margin, operating expense, opera ting income, operating income a income, and net income per diluted share to evaluate the Co presentation of non -GAAP results is useful to investors for analyzing business trends and comparing p with enhancing investors‘ ability to view the Company‘s res ons of n - GAAP results to U.S. GAAP results are included at the end of this press release and on the http://investor.lamresearch.com . Caution Regarding Forward -Looking Statements Statements made in this press release that are not of histo -looking statements and are the safe har provisions created by the Private Securities Litigation Ref -looking statements rela to: our outlook and guidance for future financial results, ing income and net i trajectory; the strategic relevance of semiconductors; our o which th ability is differentiated; and the wafer fabrication spendi r positioning within that e may affect these forward -looking statements include: the severity, magnitu œ19 pandemic (and governmental, public health, business and community respons ), and their impacts on our bus condition, are evolving and are highly uncertain and unpred onsumer electronics industry, the semiconductor industry and the overall economy may deteriorate manufacturing capacity constraints may limit our ability to nd competitors may be inconsistent with our expectat ions; trade regulations, export control may inhibit our ability to sell our products; and widesprea fected ar as well as the other risks and uncertainties that are described in the docum Commission, including specifically the Risk Factors describ œK for the fiscal yea and our quarterly reports on Form 10 -Q for the fiscal quarters ended September 27 changes could materially affect the forward -looking statements and cause actual resul ay. The Company undertakes no obligation to update the information Lam Research Corporation is a global supplier of innovative ustry. A trusted, collab orative partner to the world‘s leading semiconductor technology leadership, and unwavering commitment to custome ance. In fact, today, nearly every advanced chip is built with Lam tech headquartered in Fremont, Calif., with operations around th -F) Consolidated Financial Tab les Follow. ###
Slide 4
Slide 5 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (in thousands, except per share data and pe (unaudited) Three Months Ended Nine Months E March 2 2021 Decembe 2020 March 2020 March 2021 March 2020 Revenue $ 3,847 $ 3,456 $ 2,503 $ 10,48 $ 7,252 Cost of goods sold 2,067 1,852 1,336 5,590 3,924 Gross margin 1,780 1,603 1,167 4,890 3,328 Gross margin as a 46 % 46 % 46 % 46 % 45 % Research and developm 381, 375, 307, 1,111 913, Selling, general and 203, 218, 164, 612, 496, Total operating ex 584, 594, 472, 1,724 1,410 Operating income 1,19 5,3 1,009 694, 3,166 1,918 Operating income a 31 % 29 % 27 % 30 % 26 % Other expense, net (35, (29, (64, (104 (91, Income before inco 1,159 979, 629, 3,062 1,826 Income tax expense (88, (110 (54, (298 (271 Net income $ 1,071 $ 869, $ 574, $ 2,763 $ 1,555 Net income per share: Basic $ 7. $ 6. $ 3. $ 19. $ 10. Diluted $ 7. $ 5. $ 3. $ 18. $ 10. Number of shares used Basic 142, 143, 145, 143, 144, Diluted 144, 145, 148, 145, 149, Cash dividend declare$ 1. $ 1. $ 1. $ 3. $ 3.
Slide 6 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 2 2021 December 2020 June 28 2020 (unaudite (unaudite (1) ASSETS Cash and cash equivalents $ 3,673 $ 3,687 $ 4,915 Investments 2,116 2,355 1,795 Accounts receivable, net 2,809 2,900 2,097 Inventor ies 2,552 2,348 1,900 Prepaid expenses and other 171, 176, 146, Total current assets 11,32 11,46 10,85 Property and equipment, ne 1,279 1,208 1,071 Restricted cash and invest 253, 252, 253, Goodwill and intangible as 1,633 1,641 1,652 Other as sets 796, 800, 727, Total assets $ 15,28 $ 15,37 $ 14,55 LIABILITIES AND STOCKHOLDE Current portion of long -term debt and fin $ 825, $ 832, $ 839, Other current liabilities 2,786 2,758 2,322 Total current liabilities 3,612 3,591 3,162 Long -term debt and finance le 4,991 4,992 4,970 Income t axes payable 924, 902, 909, Other long -term liabilities 381, 376, 332, Total liabilities 9,910 9,861 9,375 Temporary equity, convertib 3,2 5,5 15 10, Stockhol ders‘ equity (2) 5,371 5,503 5,172 Total liabilities and s $ 15,28 $ 15,37 $ 14,55 (1 Derived from audited financial statements. (2 Common shares issued and outstanding were 142,607 as June 28, 2020.
Slide 7 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (in thousands, unaudited) Three Months Ende Nine Months E March 2 2021 Decembe 2020 March 2 2020 March 2 2021 March 2 2020 CASH FLOWS FROM OPERATING AC Net income $ 1,071 $ 869, $ 574, $ 2,763 $ 1,555 Adjustments to reconcile ne oper ating activities: Depreciation and amortiza 79, 76, 67, 228, 197, Deferred income taxes (1, (2, – (5, 74, Equity -based compensation exp 55, 52, 47, 163, 136, Amortization of note disc 1,4 1,4 1,3 4,2 4,6 Other, net (2, 5,2 7,8 6,1 11, Changes in operating assets (39, (657 (157 (1,00 (665 Net cash provided by ope 1,165 344, 541, 2,152 1,313 CASH FLOWS FROM INVESTING ACTIVIT Capital expenditures and in (89, (92, (51, (244 (152 Net sale (purchase) of avai -for -sale securiti 233, 168, 211, (335 339, Other, net (27, (6, 9,9 (35, (54 Net cash provided by (use 115, 69, 169, (615 186, CASH FLOWS FROM FINANCING A Principal payments on debt (16, (4, (617 (40, (664 Proceeds from borrowings on – – 1,250 – 1,250 Treasury stock purchases (1,09 (723 (245 (2,26 (1,32 Dividends paid (186 (187 (163 (541 (489 Reissuance of treasury stoc – 41, – 41, 38, Proceeds from issuance of c 9,6 8,1 1,7 23, 6,2 Other, net (66 96 32 (1, 32 Net cash (used for) prov