Lam Research Files Q2 2024 10-Q

TL;DR

LRCX 10-Q filed: Financials for Q ending 9/29/24 are in. Check for operational updates.

AI Summary

Lam Research Corporation (LRCX) filed its 10-Q for the period ending September 29, 2024. The filing details financial performance and operational updates for the quarter. Specific financial figures and operational metrics are provided within the report, reflecting the company's status in the semiconductor equipment industry.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Lam Research, a key player in the semiconductor manufacturing equipment sector.

Risk Assessment

Risk Level: medium — The semiconductor industry is cyclical and subject to global economic conditions, geopolitical risks, and rapid technological changes, all of which can impact Lam Research's performance.

Key Numbers

• 2024-09-29 — Period End Date (Indicates the end of the reporting fiscal quarter.)
• 2024-10-28 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-09-24 — Prior Year Period End (Provides a comparative point for financial performance analysis.)

Key Players & Entities

• LAM RESEARCH CORP (company) — Filer
• 0000707549 (company) — Central Index Key
• 20240929 (date) — Period of Report
• 20241028 (date) — Filing Date
• FREMONT (location) — Business Address City
• CA (location) — Business Address State
• 94538 (location) — Business Address Zip

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, Par Value $0.001 Per Share LRCX The Nasdaq Stock Market

Filing Documents

• lrcx-20240929.htm (10-Q) — 818KB
• lrcx_1qx2025xexhibitx311.htm (EX-31.1) — 8KB
• lrcx_1qx2025xexhibitx312.htm (EX-31.2) — 8KB
• lrcx_1qx2025xexhibitx321.htm (EX-32.1) — 4KB
• lrcx_1qx2025xexhibitx322.htm (EX-32.2) — 4KB
• 0000707549-24-000128.txt ( ) — 4206KB
• lrcx-20240929.xsd (EX-101.SCH) — 30KB
• lrcx-20240929_cal.xml (EX-101.CAL) — 56KB
• lrcx-20240929_def.xml (EX-101.DEF) — 67KB
• lrcx-20240929_lab.xml (EX-101.LAB) — 430KB
• lrcx-20240929_pre.xml (EX-101.PRE) — 276KB
• lrcx-20240929_htm.xml (XML) — 408KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the three months ended September 29, 2024, and September 24, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three months ended September 29, 2024, and September 24, 2023 4 Condensed Consolidated Balance Sheets as of September 29, 2024, and June 30, 2024 5 Condensed Consolidated Statements of Cash Flows for the three months ended September 29, 2024, and September 24, 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended September 29, 2024, and September 24, 2023 7 Notes to Condensed Consolidated Financial Statements 8

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 15

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 38 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 September 29, 2024 September 24, 2023 Revenue $ 4,167,976 $ 3,482,062 Cost of goods sold 2,165,293 1,819,420 Restructuring charges, net - cost of goods sold — 7,940 Total cost of goods sold 2,165,293 1,827,360 Gross margin 2,002,683 1,654,702 Research and development 495,358 422,629 Selling, general, and administrative 243,128 207,023 Restructuring charges, net - operating expenses — 2,021 Total operating expenses 738,486 631,673 Operating income 1,264,197 1,023,029 Other income (expense), net 30,081 2,601 Income before income taxes 1,294,278 1,025,630 Income tax expense ( 177,834 ) ( 138,232 ) Net income $ 1,116,444 $ 887,398 Net income per share: Basic $ 0.86 $ 0.67 Diluted $ 0.86 $ 0.67 Number of shares used in per share calculations: Basic 1,299,236 1,325,840 Diluted 1,304,066 1,331,664 See Notes to Condensed Consolidated Financial Statements Lam Research Corporation 2025 Q1 10-Q 3 Table of Contents LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended September 29, 2024 September 24, 2023 Net income $ 1,116,444 $ 887,398 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 45,126 ( 20,678 ) Cash flow hedges: Net unrealized (losses) gains during the period ( 2,436 ) 8,598 Net gains reclassified into net income ( 104 ) ( 8,917 ) ( 2,540 ) ( 319 ) Available-for-sale investments: Net unrealized gains during the period — 182 Net gains reclassified into net income — ( 10 ) — 172 Defined benefit plans, net change in unrealized component 39 181 Other comprehensive income (loss), net of tax 42,625 ( 20,644 ) Comprehensive income $ 1,159,069 $ 866,754 See Notes to Condensed Consolidated Financial Statements Lam Research Corporation 2025 Q