LAM RESEARCH CORP Files 10-Q for Period Ending 2023-12-24

Ticker: LRCX · Form: 10-Q · Filed: 2024-01-29T00:00:00.000Z

Sentiment: neutral

Topics: LAM RESEARCH CORP, LRCX, 10-Q, Financial Report, Semiconductor Equipment

TL;DR

<b>LAM RESEARCH CORP filed its Q2 FY24 10-Q report on January 29, 2024.</b>

AI Summary

LAM RESEARCH CORP (LRCX) filed a Quarterly Report (10-Q) with the SEC on January 29, 2024. LAM RESEARCH CORP filed a 10-Q report for the period ending December 24, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing was submitted on January 29, 2024. LAM RESEARCH CORP is incorporated in Delaware and operates in the Special Industry Machinery sector.

Why It Matters

For investors and stakeholders tracking LAM RESEARCH CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for LAM RESEARCH CORP. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the semiconductor equipment industry.

Risk Assessment

Risk Level: low — LAM RESEARCH CORP shows low risk based on this filing. The filing is a routine 10-Q, indicating standard financial reporting without immediate red flags.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand LAM RESEARCH CORP's performance and outlook.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

When did LAM RESEARCH CORP file this 10-Q?

LAM RESEARCH CORP filed this Quarterly Report (10-Q) with the SEC on January 29, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by LAM RESEARCH CORP (LRCX).

Where can I read the original 10-Q filing from LAM RESEARCH CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by LAM RESEARCH CORP.

What are the key takeaways from LAM RESEARCH CORP's 10-Q?

LAM RESEARCH CORP filed this 10-Q on January 29, 2024. Key takeaways: LAM RESEARCH CORP filed a 10-Q report for the period ending December 24, 2023.. The filing covers the second quarter of fiscal year 2024.. The company's fiscal year ends on June 30..

Is LAM RESEARCH CORP a risky investment based on this filing?

Based on this 10-Q, LAM RESEARCH CORP presents a relatively low-risk profile. The filing is a routine 10-Q, indicating standard financial reporting without immediate red flags.

What should investors do after reading LAM RESEARCH CORP's 10-Q?

Review the detailed financial statements and management discussion within the 10-Q to understand LAM RESEARCH CORP's performance and outlook. The overall sentiment from this filing is neutral.

How does LAM RESEARCH CORP compare to its industry peers?

LAM RESEARCH CORP operates in the semiconductor equipment manufacturing industry, providing crucial tools for chip production.

Are there regulatory concerns for LAM RESEARCH CORP?

The company is subject to standard SEC regulations for public companies, including quarterly reporting requirements under the Securities Exchange Act of 1934.

Industry Context

LAM RESEARCH CORP operates in the semiconductor equipment manufacturing industry, providing crucial tools for chip production.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including quarterly reporting requirements under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the financial statements within the 10-Q for revenue, net income, and cash flow trends.
  2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and outlook.
  3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending 2023-12-24. Previous filings would need to be compared for trend analysis.

Filing Stats: 4,648 words · 19 min read · ~15 pages · Grade level 17.7 · Accepted 2024-01-29 16:07:46

Key Financial Figures

Filing Documents

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the three and six months ended Dec ember 24, 2023, and Dec ember 25, 2022 3 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended Dec ember 24, 2023, and Dec ember 25, 2022 4 Condensed Consolidated Balance Sheets as of Dec ember 24, 2023, and June 25, 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended Dec ember 24, 2023, and Dec ember 25, 2022 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended Dec ember 24, 2023, and Dec ember 25, 2022 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 39

Signatures

Signatures 40 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended December 24, 2023 December 25, 2022 December 24, 2023 December 25, 2022 Revenue $ 3,758,259 $ 5,277,569 $ 7,240,321 $ 10,351,690 Cost of goods sold 1,985,847 2,901,220 3,805,267 5,638,506 Restructuring charges, net - cost of goods sold 14,957 — 22,897 — Total cost of goods sold 2,000,804 2,901,220 3,828,164 5,638,506 Gross margin 1,757,455 2,376,349 3,412,157 4,713,184 Research and development 469,712 462,385 892,341 895,760 Selling, general, and administrative 228,843 233,802 435,866 439,422 Restructuring charges, net - operating expenses 1,688 — 3,709 — Total operating expenses 700,243 696,187 1,331,916 1,335,182 Operating income 1,057,212 1,680,162 2,080,241 3,378,002 Other income (expense), net 29,839 ( 28,234 ) 32,440 ( 71,329 ) Income before income taxes 1,087,051 1,651,928 2,112,681 3,306,673 Income tax expense ( 132,785 ) ( 183,421 ) ( 271,017 ) ( 412,287 ) Net income $ 954,266 $ 1,468,507 $ 1,841,664 $ 2,894,386 Net income per share: Basic $ 7.25 $ 10.80 $ 13.94 $ 21.21 Diluted $ 7.22 $ 10.77 $ 13.88 $ 21.16 Number of shares used in per share calculations: Basic 131,629 136,018 132,107 136,455 Diluted 132,220 136,339 132,693 136,774 See Notes to Condensed Consolidated Financial Statements Lam Research Corporation 2024 Q2 10-Q 3 Table of Contents LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended Six Months Ended December 24, 2023 December 25, 2022 December 24, 2023 December 25, 2022 Net income $ 954,266 $ 1,468,507 $ 1,841,664 $ 2,894,386 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 14,530 41,470 ( 6,148 ) 7,861 Cash flow hedges: Net unrealized gains (losses) during the period 1,671 ( 18,618 ) 10,269 185 Net

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