LAM RESEARCH CORP Files 10-Q for Period Ending March 31, 2024

Ticker: LRCX · Form: 10-Q · Filed: 2024-04-29T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, LAM RESEARCH CORP, LRCX, Quarterly Report, Financials

TL;DR

<b>LAM RESEARCH CORP filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

LAM RESEARCH CORP (LRCX) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. The filing is a 10-Q report for LAM RESEARCH CORP (LRCX). The report covers the period ending March 31, 2024. The company's fiscal year ends on June 30. The filing was submitted on April 29, 2024. LAM RESEARCH CORP is in the Special Industry Machinery, NEC 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 an update on LAM RESEARCH CORP's financial performance and position as of Q1 2024. Understanding the details within this report is crucial for assessing the company's operational health and future outlook in the semiconductor equipment industry.

Risk Assessment

Risk Level: low — LAM RESEARCH CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically disclosed by public companies.

Analyst Insight

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

Key Numbers

Key Players & Entities

FAQ

When did LAM RESEARCH CORP file this 10-Q?

LAM RESEARCH CORP filed this Quarterly Report (10-Q) with the SEC on April 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 April 29, 2024. Key takeaways: The filing is a 10-Q report for LAM RESEARCH CORP (LRCX).. The report covers the period ending March 31, 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 standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically disclosed by public companies.

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

Review the financial statements and management discussion within the 10-Q to understand LAM RESEARCH CORP's performance and any emerging trends. 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 critical tools for wafer fabrication.

Are there regulatory concerns for LAM RESEARCH CORP?

The filing is a standard SEC Form 10-Q, adhering to regulations for quarterly financial reporting by public companies.

Industry Context

LAM RESEARCH CORP operates in the semiconductor equipment manufacturing industry, providing critical tools for wafer fabrication.

Regulatory Implications

The filing is a standard SEC Form 10-Q, adhering to regulations for quarterly financial reporting by public companies.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and cash flow trends.
  2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance 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 first 10-Q filing for the period ending March 31, 2024, following the previous 10-Q for the period ending December 25, 2023.

Filing Stats: 4,677 words · 19 min read · ~16 pages · Grade level 17.4 · Accepted 2024-04-29 16:11:09

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 nine months ended March 31, 2024, and March 26, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2024, and March 26, 2023 4 Condensed Consolidated Balance Sheets as of March 31, 2024, and June 25, 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2024, and March 26, 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended March 31, 2024, and March 26, 2023 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 18

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 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 Nine Months Ended March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Revenue $ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259 Cost of goods sold 1,977,820 2,197,237 5,783,087 7,835,743 Restructuring charges, net - cost of goods sold 15,202 66,720 38,099 66,720 Total cost of goods sold 1,993,022 2,263,957 5,821,186 7,902,463 Gross margin 1,800,536 1,605,612 5,212,693 6,318,796 Research and development 512,274 429,451 1,404,615 1,325,211 Selling, general, and administrative 215,904 193,500 651,770 632,922 Restructuring charges, net - operating expenses 15,246 40,408 18,955 40,408 Total operating expenses 743,424 663,359 2,075,340 1,998,541 Operating income 1,057,112 942,253 3,137,353 4,320,255 Other income (expense), net 36,073 ( 3,331 ) 68,513 ( 74,660 ) Income before income taxes 1,093,185 938,922 3,205,866 4,245,595 Income tax expense ( 127,359 ) ( 124,914 ) ( 398,376 ) ( 537,201 ) Net income $ 965,826 $ 814,008 $ 2,807,490 $ 3,708,394 Net income per share: Basic $ 7.38 $ 6.03 $ 21.32 $ 27.28 Diluted $ 7.34 $ 6.01 $ 21.22 $ 27.20 Number of shares used in per share calculations: Basic 130,838 134,924 131,663 135,945 Diluted 131,518 135,395 132,282 136,314 See Notes to Condensed Consolidated Financial Statements Lam Research Corporation 2024 Q3 10-Q 3 Table of Contents LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended Nine Months Ended March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023 Net income $ 965,826 $ 814,008 $ 2,807,490 $ 3,708,394 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment ( 14,215 ) 3,727 ( 20,363 ) 11,588 Cash flow hedges: Net unrealized gains (losses) during the period 8,145 ( 3,320 ) 18,414 ( 3,135 )

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