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Lam Research — LRCX Exhibit 99.1 Q4 2022 (company IR deck)
Lam Research (LRCX) · 8 slides · Filed Oct 21, 2026
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Slide 1 — Exhibit 9.1
Exhibit 9.1 FOR IMEDIATE RELEASE Lam Research Corporation Reports Financial Results for the Quarter Ended June 26, 202 FREMONT, Calif., July 27, 202 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today anounced financial results for the quarter ended June 26, 2022 (the —June 2022 quarter“). Highlights for the June 202 quarter were as folows: • Revenue of $4.64 bilion. • U.S. GAP g ros margin of 45.3%, U.S. GAP operating income as a percentage of revenue of 31.9%, and U.S. GAP diluted EPS of $8.74. • Non - GAP gros margin of 45.2%, non - GAP operating income as a percentage of revenue of 31.5%, and non - GAP diluted EPS of $8.83. Key Financial Data for the Quarters Ended June 26, 202 and March 27, 202 (in thousands, except per - share data, percentages, and basis points) U.S. GAP June 202 March 202 Change Q/Q Revenue $ 4,635,54 $ 4,060,416 +14% Gros margin as percentage of revenue 45.3 % 4.7 % + 60 bps Operating income as percentage of revenue 31.9 % 29.4 % + 250 bps Diluted EPS $ 8.74 $ 7.30 +20% Non - GAP June 202 March 202 Change Q/Q Revenue $ 4,635,54 $ 4,060,416 +14% Gros margin as percentage of revenue 45.2 % 4.7 % + 50 bps Operating income as percentage of revenue 31.5 % 29.4 % + 210 bps Diluted EPS $ 8.83 $ 7.40 +19% U.S. GAP Financial Results For the June 202 quarter, revenue was $4,636 milion, gros margin was $2,101 milion, or 45.3% of revenue, operating expenses were $621 milion, operating income was 31.9% of revenue, and net income was $1,209 milion, or $8.74 per diluted share on a U.S. GAP basis. Thi s compares to revenue of $4,060 milion, gros margin of $1,817 milion, or 4.7% of revenue, operating expenses of $625 milion, operating income of 29.4% of revenue, and net income of $1,02 milion, or $7.30 per diluted share, for the quarter ended Marc h 27, 2022 (the —March 2022 quarter“). Non - GAP Financial Results For the June 202 quarter, non - GAP gros margin was $2,094 milion, or 45.2% of revenue, non - GAP operating expenses were $635 milion, non - GAP operating income was 31.5% of revenue, and non - GAP net income was $1,21 milion, or $8.83 per diluted share. This compares to non - GAP gros margin of $1,815 milion, or 4.7% of revenue, non - GAP operating expenses of $621 milion, non - GAP operating income of 29.4% of revenue, and non - GAP net income of $1,036 milion, or $7.40 per diluted share, for the March 202 quarter. —Lam delivered record levels of revenue and earnings per sh - constrained environment,“ said Tim Archer, Lam Res earch‘s President and Chief Executive Offic leadership, and a robust instaled base busines, Lam is wel - positioned for long - term growth.“
Slide 2 — Balance Shet and Cash Flow Results
Balance Shet and Cash Flow Results Cash and cash equivalents, s hort - term investments, and restricted cash and investments balances decreased to $3.9 bilion at the end of the June 202 quarter compared to $4.6 bilion the end of the March 202 quarter. This decrease was primarily the result of $876.1 milion of share repurchases, including net share setlement of employe stock - based compensation; $208.1 milion of dividends paid to stockholders; and $125.7 milion of capital expenditures, partialy ofset by $43.9 milion of cash generated by operating activities. De fered revenue at the end of the June 202 quarter increased to $2,198 milion compared to $2,069 milion as of the end of th e March 202 quarter. Lam's defered revenue balance does not include shipments to customers in Japan, to whom title does not trans fer until customer aceptances. Shipments to customers in Japan are clasified as inventory at cost until the time of aceptance. The e stimated future revenue from shipments to customers in Japan was aproximately $367 milion as of June 26, 202 and $263 milion as of March 27, 202. Revenue The geographic distribution of revenue during the June 202 quarter is shown in the folowing table: Region Revenue China 31% Korea 24% Taiwan 19% United States 8% Europe 7% Japan 6% Southeast Asia 5% The folowing table presents revenue disagregated betwen system and customer suport - related revenue: Thre Months Ended Twelve Months Ended June 26, 202 March 27, 202 June 27, 2021 June 26, 202 June 27, 2021 (In thousands) Systems revenue $ 3,06,374 $ 2,650,842 $ 2,763,87 $ 1,32,271 $ 9,764,845 Customer suport - related revenue and other 1,629,180 1,409,574 1,381,302 5,904,768 4,861,305 $ 4,635,54 $ 4,060,416 $ 4,145,179 $ 17,27,039 $ 14,626,150 System revenue includes sales of new leading - edge equipment in deposition, etch and clean markets . Customer suport - related revenue includes sales of customer service, spares, upgrades, and non - leading - edge equipment from our Reliant® product line. Outlok For the quarter ended September 25, 202, Lam is providing the folowing guidance: U.S. GAP Reconciling Items Non - GAP Revenue $4.9 Bilion +/ - $30 Milion – $4.9 Bilion +/ - $30 Milion Gros margin as a percentage of revenue 45.0% +/ - 1% $ 1 Milion 45.0% +/ - 1% Operating income as a percentage of revenue 31.4% +/ - 1% $ 3 Milion 31.5% +/ - 1% Net income per diluted share $9.48 +/ - $0.75 $ 3 Milion $9.50 +/ - $0.75 Diluted share count 137 Milion – 137 Milion 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 busines combinations, aset acquisitions, divestitures, restructuring, balanc e shet valuation adjustments, financing arangements, other investments, or other significant arangements that may be completed or realized a fter the date of this release. U.S. GAP to non - GAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results wil vary from this model and the variations may be material. Reconciling items incl uded above are as folows: • Gros margin as a percentage of revenue - amortization related to inta ngible asets acquired through busines combinations, $1 milion.
Slide 3 — •
• Operating income as a percentage of revenue - amortization related to intangible asets acquired through busines combinations, $3 milion. • Net income per diluted share - amortization relate d to intangible asets acquired though busines combinations, $3 milion; amortization of note discounts, $1 milion; and asociated tax benefit for non - GAP items ($1 milion); totaling $3 milion. Use of Non - GAP Financial Results In adition to U.S. GA P results, this pres release also contains non - GAAP financial results. The Com - GAP results for both the June 202 and March 202 quarters exclude amortization related to intangible asets acquired through busines combination s, the efects of e lective defered compensation - related asets and liabilities, amortization of note discounts, and the net income tax benefit of non - GAP items. Management uses non - GAP gros margin, operating expense, operating income, operating income as a percentage of revenue, net income, and net income per diluted share to evaluate the Co presentation of non - GAP results is useful to investors for analyzing busines trends and comparing performance to pri or periods, along with enhancing investors‘ ability to view the Company‘s res ons of non - GAAP results to U.S. GAAP results are included at the end o ebsite at htps:/investor.lamresearch.com . Caution Regarding Forward - Loking Statements Statements made in this pres release that are not of historical fact are forward - loking statements and are subject to the safe harbor provisions created by the Priva te Securities Litigation Reform Act of 195. Such forward - loking statements relate to, but are not limited to: our outlok and guidance for future financial results, including revenue, gros margin, operating income and net income; our operational execut ion and technology leadership; the strength of our instaled base busines; and our prospects for growth. Some factors that may afect these forward - loking statements include: suply chain disruptions have limited and are expected to continue to limit our ability to met demand for our products; suply chain cost increases and other inflationary presures have impacted and are e xpected to continue to impact our profitability; trade regulations, export controls, trade disputes, and other geopolitical tensio ns may inhibit our ability to sel our products; busines, political and/or regulatory conditions in the consumer electronics industry, the semiconducto r industry and the overal economy may deteriorate or change; the actions of our customers and competito rs may be inconsistent with our expectations; the severity, magnitude and duration of the COVID œ19 pandemic (and the related governmental, public health, busines and comunity responses to it), and their impacts on our busines, results of operations and financial condition, are evolving and are highly uncertain and unpredictable; and widespread outbreaks of ilnes may impact our operations and revenue in afected areas; as wel as the ot her risks and uncertainties that are described in the documents file d or furnished by us with the Securities and Exchange Comision, including specificaly the Risk Factors described in our anual report on Form 10 œK for the fiscal year ended June 27, 2021, and our quarterly reports on Form 10 œQ for the fiscal quarters en ded September 26, 2021, December 26, 2021 and March 27, 202. These uncertainties and changes could materialy afect the forward - loking 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 suplier of inovative wafer fabrication equipment and services to the semiconductor ind ustry. Lam's equipment and services alow customers to build smaler and beter performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems enginering, technology leadership, and a strong values - based culture, with an unwavering comitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 50® company headquartered in Fremont, Calif., with operations around the globe. Learn more at w.lamresearch.com. (LRCX - F) Consolidated Financial Tables Folow. #
Slide 4 — $ 4,060,416
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data and percentages) Thre Months Ended Twelve Months Ended June 26, 202 March 27, 202 June 27, 2021 June 26, 202 June 27, 2021 (unaudited) (unaudited) (unaudited) (unaudited) (1) Revenue $ 4,635,54 $ 4,060,416 $ 4,145,179 $ 17,27,039 $ 14,626,150 Cost of gods sold 2,535,042 2,243,791 2,29,978 9,35,232 7,820,84 Gros margin 2,10,512 1,816,625 1,915,201 7,871,807 6,805,306 Gros margin as a percent of revenue 45.3 % 4.7 % 46.2 % 45.7 % 46.5 % Research and development 41,157 407,120 381,749 1,604,248 1,493,408 Seling, general and administrative 210,02 217,408 217,525 85,737 829,875 Total operating expenses 621,159 624,528 59,274 2,489,985 2,323,283 Operating income 1,479,353 1,192,097 1,315,927 5,381,82 4,482,023 Operating income as a percent of revenue 31.9 % 29.4 % 31.7 % 31.2 % 30.6 % Other expen se, net (120,48) (57,402) (7,16) (18,708) (1,219) Income before income taxes 1,358,905 1,134,695 1,308,761 5,193,14 4,370,804 Income tax expense (149,971) (12,917) (164,104) (587,828) (462,346) Net income $ 1,208,934 $ 1,021,78 $ 1,14,657 $ 4,605,286 $ 3,908,458 Net income per share: Basic $ 8.76 $ 7.34 $ 8.02 $ 32.92 $ 27.2 Diluted $ 8.74 $ 7.30 $ 7.98 $ 32.75 $ 26.90 Number of shares used in per share calculations: Basic 137,93 139,29 142,62 139,89 143,609 Diluted 138,313 140,057 143,514 140,628 145,320 Cash dividend declared per comon share $ 1.50 $ 1.50 $ 1.30 $ 6.0 $ 5.20 (1) Derived from audited financial statements.
Slide 5 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHETS (in thousands) June 26, 202 March 27, 202 June 27, 2021 (unaudited) (unaudited) (1) ASETS Cash and cash equivalents $ 3,52,01 $ 4,194,719 $ 4,418,263 Investments 135,731 160,072 1,310,872 Acounts receivable, net 4,313,818 3,702,320 3,026,430 Inventories 3,96,294 3,479,32 2,689,294 Prepaid expenses and other curent asets 347,391 351,658 207,528 Total curent asets 12,285,235 1,8,101 1,652,387 Property and equipment, net 1,647,587 1,561,875 1,303,479 Restricted cash and investments 251,534 251,036 252,487 Godwil and intangible asets 1,616,963 1,627,035 1,62,49 Other asets 1,394,313 1,260,984 1,061,30 Total asets $ 17,195,632 $ 16,589,031 $ 15,892,152 LIABILITIES AND STOCKHOLDE Curent portion of long - term debt and finance lease obligations $ 7,381 $ 7,689 $ 1,349 Other curent liabilities 4,57,378 4,187,052 3,516,518 Total curent liabilities 4,564,759 4,194,741 3,527,867 Long - term debt and finance lease obligations 4,98,49 5,0,657 4,90,3 Income taxes payable 931,17 916,68 948,037 Other long - term liabilities 42,941 450,475 398,727 Total liabilities 10,917,26 10,562,541 9,864,964 Stockholders‘ equity (2) 6,278,36 6,026,490 6,027,18 Total liabilities and $ 17,195,632 $ 16,589,031 $ 15,892,152 (1) Derived from audited financial statements. (2) Comon shares isued and outstanding were 136,975 as of June 26, 202, 138,707 as of March 27, 202, and 142,501 as of June 27, 2021
Slide 6 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Thre Months Ended Twelve Months Ended June 26, 202 March 27, 202 June 27, 2021 June 26, 202 June 27, 2021 (unaudited) (unaudited) (unaudited) (unaudited) (1) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,208,934 $ 1,021,78 $ 1,14,657 $ 4,605,286 $ 3,908,458 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 87,932 84,28 78,397 3,739 307,151 Defered income taxes (173,987) (56,878) (146,029) (257,438) (151,47) Equity - based compensation expense 69,58 68,543 56,321 259,064 20,164 Other, net 3,574 (3,121) (27,786) (4,751) (17,392) Changes in operating asets and liabilities (782,107) (356,840) 30,375 (1,796,26) (678,741) Net cash provided by operating activities 43,934 757,710 1,435,935 3,09,674 3,58,163 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures and intangible asets (125,746) (145,368) (104,62) (546,034) (349,096) Net sale of available - for - sale securities 23,486 79,184 79,965 1,165,84 464,52 Other, net 26,323 (28,380) (6,282) (7,575) (42,15) 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) (82,046) (1,89) (862,060) Treasury stock purchases (876,089) (1,38,06) (431,25) (3,865,63) (2,697,704)