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Lam Research — LRCX Exhibit 99.1 Q1 2023 (company IR deck)
Lam Research (LRCX) · 8 slides · Filed Oct 21, 2026
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Slide 1 — + 9
Exhibit 9 FOR IMMEDIATE RELEASE Lam Research Corporation Reports Financial Results for the Quarte September 25, 2022 FREMONT, Calif., October 19, 2022 - Lam Research Corporation (the "Company," "Lam," " 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 billi on . • U.S. GAAP gross margin of 46.1% , U.S. GAAP operating income as a percentage o 33.5% , and U.S. GAAP EPS of $10.39 . • Non -GAAP gross margin of 46.0% , non -GAAP operating income as a percentage of rev 33.3% , and non -GAAP diluted 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 poin U.S . GAAP September June 2022 Change Q/ Revenue $ 5,074, $ 4,635, + 9 Gross margin as percentage 46.1 % 45.3 % + 80 Operating income as percent 33.5 % 31.9 % + 160 Diluted EPS $ 10.3 $ 8.74 + 18 Non -GAAP September June 2022 Change Q/ Revenue $ 5,074, $ 4,635, + 9 Gross margin as percentage 46.0 % 45.2 % + 80 Operating income as percent revenue 33.3 % 31.5 % + 180 Diluted EPS $ 10.4 $ 8.83 + 18 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, operati were $639 million , operating income was 33.5% of revenue, and net income was $1,426 million , or $10.39 per diluted share GAAP basis. This compares to revenue of $4,636 million , gross margin of $2,101 million , or 45 .3% of revenue, operating $621 million , operating income of 31.9% of revenue, and net income of $1,209 million , or $8.74 per diluted share, for the June 26, 2022 (the — June 2022 quarter“). Non -GAAP Financial Results For the Septe mber 2022 quarter, non -GAAP gross margin was $2,335 million , or 46.0% of revenue, non -GAAP operating expe $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 c ompares to non -GAAP gross margin of $2,094 million , or 45.2% of revenue, non -GAAP operating expenses $635 millio , non -GAAP operating income of 31.5% of revenue, and non -GAAP net income of $1,221 million , or $8.83 per diluted share, June 2022 quarter. —Lam exceeded $5 billion in revenue in the September quarter, an -time record. Solid execution combin conditions produced strong overall performance,“ said Tim Archer, ch‘s President and Chief Execut weaker wafer fabrication equipment spending in 2023, our technolo ugh downturns provide us a strong foundation to capture the exciting pportunities ahead for the semicondu
Slide 2 — 30%
Balance Sheet and Cash Flow Results Cash and cash equivalents, short -term investments, and restricted cash and investme increased to $4.6 billion at the end September 2022 quarter co mpared to $3.9 billion at the end of the June 2022 quarter. This increase was prim $1,190 million of cash generated from operating activities, partially offset $206 million of dividends paid to stockhold $140 million of capita ex penditures; and $110 million of share repurchases, including net share settlement -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 Ju ne 2022 quarter. Lam's deferred revenue balance does not include ship il customer acceptances. Shipments to customers in Japan are classif The estimate future revenue from shipments to customers in Japan was approxima $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 th e 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 -related revenue: Three Months Ended September 2022 June 26, 2022 September 2021 (In thousands) System revenue $ 3,181 $ 3,006 $ 2,924 Customer support -related revenue and other 1,892 1,629 1,379 $ 5,074 $ 4,635 $ 4,304 System revenue includes sales of new leading -edge equipment in deposition, etch and clean Customer support -related revenue includes sales of customer service, spare -leading -edge equipment fro Reliant® product line. Outlook For the quarter ended December 25, 2022 , Lam is providing the following guidance: U.S. GAAP Reconci Items Non -GAAP Revenue $5.1 Bi +/ - $300 M – $5.1 Bi +/ - $300 Mi Gross margin as a perc 44.5% +/ - 1% $ 1 Mill 44.5% +/ - 1% Operating income as a 31.5% +/ - 1% $ 3 Mill 31.5% +/ - 1% Net income per diluted $9.98 +/ - $0.75 $ 3 Mill $10.00 +/ - $0.75 Diluted share count 136 Million – 136 Million The information provided above is only an estimate of what the Co and does n incorporate the potential impact of any business combinations, as e sheet valuat
Slide 3 — adjustments, financing arrangements, other investments, or other
adjustments, financing arrangements, other investments, or other after th date of this release. U.S. GAAP to non -GAAP reconciling items provided include only tho re known and can be of the date of this release. Actual results will vary from this mo ncluded abov as follows: • Gross margin as a percentage of revenue - amortization related to i ntangible assets acquired throug million. • Operating income as a percentage of revenue - amortization related to intangible asset $3 million. • Net income per diluted share - amortization related to intangible assets acquir amortization of note discounts, $1 million; and associated ta -GAAP items ($1 million); to Use of Non -GAAP Financial Results In addition to U.S. GAAP results, this press release also contain -GAAP financial results. The Compan -GAAP results fo the September 2022 and June 2022 quarters exclude amortization related to intangib quired through business effects of elective deferred compensation -related assets and liabilities, amortization of - GAAP items. Management uses non -GAAP gross margin, operating expense, operating income, operating income as income, and net income per diluted share to evaluate the Company‘ presentation of non -GAAP results is useful to investors for ana lyzing business trends and comparing p with enhancing investors‘ ability to view the Company‘s results f ons of non - GAAP results to U.S. GAAP results are included at the end of this press release and on the https://investor.lamresearch.com . Caution Regarding Forward -Looking Statements Statements made in this press release that are not of historical -looking statements and are sub ject to the safe provisions created by the Private Securities Litigation Reform Act -looking statements relate our outlook and guidance for future financial results, including operating income and net in for wafer fabrication equipment spending; our technology leadersh ry and ou ability to capture those opportunities. Some factors that may aff hese forward -looking statements include: trade regulations controls, trade disputes, and other geopolitical tensions may inh supply chain disruptio are expected to continue to limit our abili ty to meet demand for our products; supply chai have impacted and are expected to continue to impact our profitab business, political and/or regulat electronics industry, the semiconductor industry and the overall economy may d competitors may be inconsistent with our expectations; the severi œ19 pandemic (and t governmenta l, public health, business and community responses to it), a cial condition, are evolving and are highly uncertain and unpredictabl ions and revenue in affected areas; as well as the other risks and uncerta d by us wit Securities and Exchange Commission, including specifically the Ri on Form 10 œK for the fi year ended June 26, 2022. These uncertainties and changes could m -looking statements and to vary from expectations in a material way. The Company undertake te the information or sta release. Lam Research Corporation is a global supplier of innovative wafer ustry. La equipment and services allow customers to build smaller and be tter performing devices. In fact, tod with Lam technology. We combine superior systems engineering, tec -based culture, wi unwavering commitment to our customers. Lam Researc h (Nasdaq: LRCX) is a FORTUNE 500® compa Calif., with operations around the globe. Learn more at www.lamres -F) Consolidated Financial Tables Follow. ###
Slide 4 — LAM RESEARCH CORPORATION
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEM ENTS OF OPERATIONS (in thousands, except per share data and percent (unaudited) Three Months Ended Septembe 2022 June 26 2022 Septembe 2021 Revenue $ 5,074, $ 4,635, $ 4,304, Cost of goods sold 2,737, 2,535, 2,327, Gross margin 2,336, 2,100, 1,976, Gross margin as a percent of 46.1 % 45.3 % 45.9 % Research and development 433,3 411,1 382,3 Selling, general and administrative 205,6 210,0 222,1 Total operating expenses 638,9 621,1 604,5 Operating income 1,697, 1,479, 1,372, Operating income as a percent 33.5 % 31.9 % 31.9 % Other income (expense), net (43,0 (120,4 (28,8 Income before income taxes 1,654, 1,358, 1,343, Income tax expense (228,8 (149,9 (163,6 Net income $ 1,425, $ 1,208, $ 1,179, Net income per share: Basic $ 10.4 $ 8.76 $ 8.32 Diluted $ 10.3 $ 8.74 $ 8.27 Number of shares used in per share Basic 136,8 137,9 141,7 Diluted 137,2 138,3 142,6 Cash dividend declared per common $ 1.72 $ 1.50 $ 1.50
Slide 5 — 4,256 $
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) Septembe 2022 June 26 2022 Septembe 2021 (unaudit (1) (unaudit ASSETS Cash and cash equivalents $ 4,256 $ 3,522 $ 4,042 Investments 120, 135, 569, Accounts receivable, net 4,569 4,313 3,397 Inventories 4,360 3,966 2,872 Prepaid expenses and other curren 305, 347, 263, Total current assets 13,612 12,285 11,144 Property and equipment, net 1,718 1,647 1,372 Restricted cash and investments 250, 251, 251, Goodwill and intangible assets 1,624 1,616 1,614 Other assets 1,513 1,394 1,181 Total assets $ 18,721 $ 17,195 $ 15,565 LIABILITIES AND STOCKHOLDERS‘ EQU Current portion of long -term debt and finance l $ 7,1 $ 7,3 $ 6,3 Other current liabilities 5,046 4,557 3,402 Total current liabilities 5,053 4,564 3,409 Long -term debt and finance lease ob 4,996 4,998 4,988 Income taxes payable 840, 931, 881, Other long -term liabilities 418, 422, 466, Total liabilities 11,308 10,917 9,745 Stockholders‘ equity (2) 7,412 6,278 5,820 Total liabilities and stockho $ 18,721 $ 17,195 $ 15,565 (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 of September 26, 2021.
Slide 6 — 1,425 $
LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited) Three Months Ended September 2022 June 26, 2022 September 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,425 $ 1,208 $ 1,179 Adjustments to reconcile net income t Depreciation and amortization 75,7 87,9 79,8 Deferred income taxes (133, (173, (13, Equity -based compensation expense 71,1 69,5 58,0 Other, net (2,7 33,5 (8,6 Changes in operating assets and liabi (246, (782, (838, Net cash provided by operating act 1,189 443, 457, CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures and intangible a (140, (125, (136, Net maturities and sales of available -for -sale securities 14,6 23,4 738, Other, net (2,4 26,3 (4,9 Net cash (used for) provided by in (127, (75, 596, CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (1,8 (2,0 (6,3 Treasury stock purchases (109, (876, (1,236 Dividends paid (205, (208, (185, Reissuance of treasury stock related – 61,7 – Proceeds from issuance of common stoc 6,7 99 742 Other, net (48 (15 188 Net cash used for financing activi (310, (1,023 (1,427 Effect of exchange rate changes on ca (16, (16, (3,7 Net increase (decrease) in cash, cash 733, (672, (377, Cash, cash equivalents, and restricte 3,773 4,445 4,670 Cash, cash equivalents, and restricte $ 4,507 $ 3,773 $ 4,293
Slide 7 — Septembe
Non -GAAP Financial Summary (in thousands, except percentages and per share (unaudited) Three Months E Septembe 2022 June 26 2022 Revenue $ 5,074, $ 4,635, Gross margin $ 2,335, $ 2,094, Gross margin as percentage of revenue 46.0 % 45.2 % Operating expenses $ 647,2 $ 634,6 Operating income $ 1,687, $ 1,459, Operating income as a percentage of revenue 33.3 % 31.5 % Net income $ 1,429, $ 1,221, Net income per diluted share $ 10.4 $ 8.83 Shares used in per share calculation - diluted 137,2 138,3 Reconciliation of U.S. GAAP Net Income to Non -GAAP Net Income (in thousands, except per share data) (unaudited) Three Months E Septembe 2022 June 26 2022 U.S. GAAP net income $ 1,425 $ 1,208 Pre -tax non -GAAP items: Amortization related to intangible assets acquired - cost of go 1,4 1,3 Elective deferred compensation ("EDC") related lia - cost of goods so (3,1 (7,8 EDC related liability valuation decrease - research and development (5,6 (14, Amortization related to intangible assets acquired - selling, g administrative 1,1 9,9 EDC related liability valuation decrease - selling, general and administrat (3,7 (9,3 Amortization of note discounts - other income (expense), net 707 70 Loss on EDC related asset - other income (expense), net 12,7 32,3 Net income tax expense (benefit) on non -GAAP items 94 (71 Non -GAAP net income $ 1,429 $ 1,221 Non -GAAP net income per diluted share $ 10. $ 8.8 U.S. GAAP net income per diluted share $ 10. $ 8.7 U.S. GAAP and non -GAAP number of shares used for per diluted 137, 138,
Slide 8 — Septembe
Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and -GAAP Gross Marg Operating Expenses and Operating Income (in thousands, except percentages) (unaudited) Three Months E Septembe 2022 June 26 2022 U.S. GAAP gross margin $ 2,336, $ 2,100, Pre -tax non -GAAP items: Amortization related to intangible assets acquired 1,45 1,30 EDC related liability valuation decrease (3,11 (7,8 Non -GAAP gross margin $ 2,335, $ 2,094, 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 $ 638,9 $ 621,1 Pre -tax non -GAAP items: Amortization related to intangible assets acquired (1,11 (9,96 EDC related liability valuation decrease 9,35 23,44 Non -GAAP operating expenses $ 647,2 $ 634,6 U.S. GAAP operating income $ 1,697, $ 1,479, Non -GAAP operating income $ 1,687, $ 1,459, 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: [email protected]