Lam Research Files 2024 Annual Report

Ticker: LRCX · Form: 10-K · Filed: 2024-08-29T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, semiconductor

Related Tickers: LRCX

TL;DR

LRCX dropped its 2024 10-K. All the deets on revenue, debt, and future outlook.

AI Summary

Lam Research Corporation (LRCX) filed its 10-K for the fiscal year ending June 30, 2024. The company, headquartered in Fremont, CA, reported its financial performance and business operations. Key financial data and operational details are disclosed in this comprehensive annual filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Lam Research's financial health, strategic initiatives, and risks for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard disclosures for a public company, but the semiconductor industry is subject to cyclicality and geopolitical risks.

Key Players & Entities

FAQ

What is Lam Research Corporation's primary business?

Lam Research Corporation is primarily involved in the semiconductor equipment manufacturing industry, as indicated by its SIC code 3559 (SPECIAL INDUSTRY MACHINERY, NEC).

Where is Lam Research Corporation headquartered?

Lam Research Corporation is headquartered in Fremont, CA, with a business address at 4650 Cushing Blvd, Fremont, CA 94538.

What is the fiscal year end for Lam Research Corporation?

The fiscal year end for Lam Research Corporation is June 30, as indicated by the 'CONFORMED PERIOD OF REPORT: 20240630'.

What is the SEC file number for Lam Research Corporation's 10-K filing?

The SEC file number for Lam Research Corporation's 10-K filing is 000-12933.

When was this 10-K filing submitted?

This 10-K filing was submitted on August 29, 2024, as indicated by the accession number and filing date.

Filing Stats: 4,334 words · 17 min read · ~14 pages · Grade level 16.5 · Accepted 2024-08-29 14:10:55

Key Financial Figures

Filing Documents

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

C ybersecurity

Item 1C. C ybersecurity 25

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 Part II.

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[ Reserved ]

Item 6. [ Reserved ] 29

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 36

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 37

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72

Controls and Procedures

Item 9A. Controls and Procedures 72

Other Information

Item 9B. Other Information 72

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 73 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 74

Executive Compensation

Item 11. Executive Compensation 74

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 74

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 74 Part IV.

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 75

Form 10-K Summary

Item 16. Form 10-K Summary 75 Exhibit Index 76

Signatures

Signatures 79 Lam Research Corporation 2024 10-K 2 Table of Content PART I CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS With the exception of historical facts, the statements contained in this discussion are forward-looking statements, which are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Certain, but not all, of the forward-looking statements in this report are specifically identified as forward-looking, by use of phrases and words such as "believe," "estimated," "anticipate," "expect," "probable," "intend," "plan," "aim," "may," "should," "could," "would," "will," "continue," and other future-oriented terms. The identification of certain statements as "forward-looking" does not mean that other statements not specifically identified are not forward-looking. Forward-looking statements include, but are not limited to, statements that relate to: trends and opportunities in the global economic environment; trends and opportunities in the semiconductor industry, including in the end markets and applications for semiconductors, in device complexity, and in the complexity of device manufacturing; growth or decline in the industry and the market for, and spending on, wafer fabrication equipment; the anticipated levels of, and rates of change in, margins, market share, served available market, capital expenditures, research and development expenditures, international sales, revenue (actual and/or deferred), operating expenses and earnings generally; management's plans and objectives for our current and future operations and business focus; restructuring activities; business process improvements and initiatives; volatility in our quarterly results; the makeup of our customer base; customer and end user requirements and our ability to satisfy those requirements; the performance and benefits of our products and services; customer spending and demand for our products and services, and the reliabili

Business

Item 1. Business Incorporated in 1980, Lam Research Corporation ("Lam Research," "Lam," "we," "our," "us," or the "Company") is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base. Additional information about Lam Research is available on our website at www.lamresearch.com. The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted. Our Annual Report on Form 10-K, Quarterly Reports on Forms 10-Q, Current Reports on Forms 8-K, Proxy Statements and all other filings we make with the SEC are available on our website, free of charge, as soon as reasonably practical after we file them with or furnish them to the SEC and are also available online at the SEC's website at www.sec.gov. Lam Research Corporation 2024 10-K 3 Table of Content The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders. We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale applications enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers ("

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