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Lam Research — LRCX Exhibit 99.1 Q3 2022 (company IR deck)
Lam Research (LRCX) · 9 slides · Filed Oct 21, 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 27, 2022 FREMONT, Calif., April 20, 2022 - Lam Research Corporation (the "Company," "La results for the quarter ended March 27, 2022 (the —March 2022 quarter“). Highlights for the March 2022 quarter were as follows: • Rev enue of $4.06 billion. • U.S. GAAP gross margin of 44.7%, U.S. GAAP operating inc EPS of $7.30. • Non -GAAP gross margin of 44.7%, non -GAAP operating income as a percentage o on -GAAP dilut EPS of $7.40. Key Financial Data for the Quarters Ende March 27, 2022 and December 26, 2021 (in thousands, except per -share data, percentages, and basis U.S. GAAP March 20 December Change Q Revenue $ 4,060 $ 4,226 - 4% Gross margin as percentage 44. % 46. % - 210 Operating income as percent 29. % 31. % - 230 Diluted EPS $ 7.3 $ 8.4 - 14 Non -GAAP March 20 December Change Q Revenue $ 4,060 $ 4,226 - 4% Gross margin as percentage 44. % 46. % - 210 Operating income as percent 29. % 32. % - 260 Diluted EPS $ 7.4 $ 8.5 - 13 U.S. GAAP Financial Results For the March 2022 quarter, revenue was $4,060 million, gro ses wer $625 million, operating income was 29.4% of revenue, and ne S. GAAP basis. This compares to revenue of $4,227 million, gross ma $640 million, operating income of 31.7% of revenue, and net inco quarter ende December 26, 2021 (the —December 2021 quarter“). Non -GAAP Financial Results For the March 2022 quarter, non -GAAP gross margin was $1,815 million, or 44.7% -GAAP operating expe million, non -GAAP operating income was 29.4% of revenue, and non -GAAP net income was $1,036 mill This compares to non -GAAP gross margin of $1,979 million, or 46.8% of r -GAAP operating expenses - GAAP operating income of 32 .0% of revenue, and non -GAAP net income of $1,207 million, or 2021 quarter. —In an extraordinarily difficult supply environment, Lam re r, Lam Resea rch‘s President and Chief Executive Officer. —We are focu support st customer demand. We remain confident in the secular drivers wafer fabrication equipment inves ership position and expect to return to solid growth as industry constraints ease.“
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 2022 quarter compared to $5.6 billion at the end of t result of $ billion of share repurchases, including net share settlemen -based compensation; $211 mi stockholders; and $145 million of capital expenditures, par from operating ac Deferred revenue at the end of the March 2022 quarter incre the December 2021 quarter. Lam's deferred revenue balance does apan, to whom titl until customer acceptances. Shipments to customers in Japan The estim future revenue from shipments to customers in Japan was ap llion as of March 27, 2022 and $328 m December 26, 2021. Revenue The geographic distribution of revenue during the March 202 Region Revenue China 31% Korea 24% Taiwan 16% Japan 9% Southeast Asia 9% United States 8% Europe 3% The following table presents revenue disaggregated between -related revenue: Three Months Ended March 2 2022 December 2021 March 2 2021 (In thousands) System revenue $ 2,650 $ 2,740 $ 2,545 Customer support -related revenue and oth 1,409 1,486 1,302 $ 4,060 $ 4,226 $ 3,847 System revenue includes sales of new leading -edge equipment in deposition, etch and c Customer support -related revenue includes sales of customer service, d non -leading -edge equipment fr Reliant® product line. Outlook For the quarter ended June 26, 2022, Lam is providing the following guidanc
Slide 3 — 1 Mill
U.S. GAAP Reconc Items Non -GAAP Revenue $4.20 B +/ - $300 M – $4.20 B +/ - $300 Mi Gross margin as a 44.5% +/ - 1% $ 1 Mill 44.5% +/ - 1% Operating income revenue 29.2% +/ - 1% $ 11 Mill 29.5% +/ - 1% Net income per di $7.18 +/ - $0.7 $ 10 Mill $7.25 +/ - $0.75 Diluted share cou 139 Million – 139 Million The information provided above is only an estimate of what the Compa incorporate the potential impact of any business combinatio valuatio n adjustments, financing arrangements, other investments, or after th date of this release. U.S. GAAP to non -GAAP reconciling items provided include onl be estimat of the date of this release. Actual results will vary from ncluded ab are as follows: • Gross margin as a percentage of revenue - amortization related to intangible ass acquired through busin million. • Operating income as a percentage of revenue - amortization related to intangible as $11 million. • Net income per diluted share - amortization related to intangible assets acquired though amortization of note discounts, $1 million; and associat -GAAP items ($2 million); Use of Non -GAAP Financial Results In addition to U.S. GAAP r esults, this press release also contains non -GAAP financial results. The Com -GAAP results the March 2022 and December 2021 quarters exclude amortizat tions, effects of elective deferred compensation -related assets and liabilities, amortizati non -GAAP items. Management uses non -GAAP gross margin, operating expense, operating in of revenue, income, and net income per diluted share to evaluate the Co presentation of non -GAAP results is useful to investors for analyzing b prior period 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 o s website at http://investor.lamresearch.com .
Slide 4 — Caution Regarding Forward
Caution Regarding Forward -Looking Statements Statements made in this press release that are not of histo -looking statements and are provisions created by the Pri vate Securities Litigation Reform Act of 1995. -looking statements rela to: our outlook and guidance for future financial results, customer industr y investment and demand for wafer fabrication equipment constraints, our efforts to address them and the timing for industry and prospects for growth. Some factors that may affect these fo -looking statements include: supp expected to continue to limit our ability to meet demand fo inflationary p impacted and are expected to continue to impact our profita her geopol tensions may inhibit our ability to sell our products; busi latory conditions in the c the semiconductor industry and the overall economy may dete y be inconsistent with our expectations; the severity, magnitude on of the COVID œ19 pandemic (and the rel health, business and community responses to it), and their tion, are evolving and are highly uncertain and unpredictable; an d widespread outbreaks of illness may affected areas; as well as the other risks and uncertaintie h the Secu and Exchange Commission, including spec ifically the Risk Factors described in our œK for the fisc June 27, 2021 and our quarterly report on Form 10 -Q for the fiscal quarter ended Decembe could materially affect the forward -looking statements and cause actual results t undertakes no obligation to update the information or state Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and se Lam's equipment and services allow customers to build small anced ch built with Lam technology. We combine superi or systems engineering, technology leade -based culture unwavering commitment to our customers. Lam Research (Nasda Calif., with operations around the globe. Lear n more at www.lamresearch.com. (LRCX -F) Consolidated Financial Tables Follow. ###
Slide 5 — $ 4,226
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (in thousands, except per share data and pe (unaudited) Three Months Ended Nine Months E March 2022 Decembe 2021 March 2021 March 2022 March 2021 Revenue $ 4,060 $ 4,226 $ 3,847 $ 12,591 $ 10,480 Cost of goods sold 2,243 2,248 2,067 6,820 5,590 Gross margin 1,816 1,977 1,780 5,771 4,890 Gross margin as a 44. % 46. % 46. % 45. % 46. % Research and developme 407,1 403,6 381,1 1,193 1,111 Selling, general and a 217,4 236,1 203,7 675,7 612,3 Total operating ex 624,5 639,7 584,8 1,868 1,724 Operating income 1,192 1,338 1,195 3,902 3,166 Operating income a 29. % 31. % 31. % 31. % 30. % Other income (expense) (57,4 17,9 (35,3 (68,2 (104, Income before inco 1,134 1,356 1,159 3,834 3,062 Income tax expense (112, (161, (88,8 (437, (298, Net income $ 1,021 $ 1,194 $ 1,071 $ 3,396 $ 2,763 Net income per share: Basic $ 7.3 $ 8.5 $ 7.5 $ 24.1 $ 19.2 Diluted $ 7.3 $ 8.4 $ 7.4 $ 24.0 $ 18.9 Number of shares used Basic 139,2 140,6 142,6 140,5 143,9 Diluted 140,0 141,5 144,6 141,4 145,9 Cash dividend declared $ 1.5 $ 1.5 $ 1.3 $ 4.5 $ 3.9
Slide 6 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 2 2022 December 2021 June 27 2021 (unaudite (unaudite (1) ASSETS Cash and cash equivalents $ 4,194 $ 5,086 $ 4,418 Investments 160, 242, 1,310 Accounts receivable, net 3,702 3,402 3,026 Inventories 3,479 3,074 2,689 Prepaid expenses and other 351, 296, 207, Total current assets 11,88 12,10 11,65 Property and equipment, ne 1,561 1,503 1,303 Restricted cash and invest 251, 250, 252, Goodwill and intangible as 1,627 1,601 1,622 Other assets 1,260 1,226 1,061 Total assets $ 16,58 $ 16,68 $ 15,89 LIABILITIES AND STOCKHOLDE Current portion of long -term debt and fi obligations $ 7,6 $ 6,2 $ 11,3 Other current liabilities 4,187 3,856 3,516 Total current liabilitie 4,194 3,863 3,527 Long -term debt and finance le 5,000 4,988 4,990 Income taxes payable 916, 891, 948, Other long -term liabilities 450, 466, 398, Total liabilities 10,56 10,20 9,864 Stockholders‘ equity (2) 6,026 6,475 6,027 Total liabilities and $ 16,58 $ 16,68 $ 15,89 (1 Derived from audited financial statements. (2 Common shares issued and outstanding were 138,707 as 140,275 as of Decemb of June 27, 2021.
Slide 7 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (in thousands, unaudited) Three Months Ende Nine Months March 2022 Decembe 2021 March 2021 March 2022 March 2021 CASH FLOWS FROM OPERATING A Net income $ 1,021 $ 1,194 $ 1,071 $ 3,396 $ 2,763 Adjustments to reconcile ne operating activities: Depreciation and amortiza 84,2 81,7 79,4 245, 228, Deferred income taxes (56, (13, (1, (83, (5, Equity -based compensation exp 68,5 62,8 55,7 189, 163, Other, net (3, (66, (63 (78, 10,3 Changes in operating assets (356 181, (39, (1,01 (1,00 Net cash provided by ope 757, 1,440 1,165 2,655 2,152 CASH FLOWS FROM INVESTING A Capital expenditures and in (145 (138 (89, (420 (244 Net sale (purchase) of avai -for -sale securit 79, 325, 233, 1,142 (335 Other, net (28, (59 (27, (33, (35, Net cash (used for) prov (94, 186, 115, 688, (615 CASH FLOWS FROM FINANCING A Principal payments on debt (1, (1, (16, (9, (40, Treasury stock purchases (1,33 (414 (1,09 (2,98 (2,26 Dividends paid (210 (211 (186 (607 (541 Reissuance of treasury stoc plan – 46,3 – 46,3 41,4 Proceeds from issuance of c 49 3,4 9,6 4,6 23,2 Other, net 21 (20 (66 19 (1, Net cash used for financ (1,54 (578 (1,28 (3,55