Lam Research Corporation Reports Financial Results for the Quarter Ended September 24, 2023

FREMONT, Calif., Oct. 18, 2023

Highlights for the September 2023 quarter were as follows:

• Revenue of $3.48 billion.
• U.S. GAAP gross margin of 47.5%, U.S. GAAP operating income as a percentage of revenue of 29.4%, and U.S. GAAP diluted EPS of $6.66.
• Non-GAAP gross margin of 47.9%, non-GAAP operating income as a percentage of revenue of 30.1%, and non-GAAP diluted EPS of $6.85.

Key Financial Data for the Quarters Ended September 24, 2023 and June 25, 2023 (in thousands, except per-share data, percentages, and basis points)
U.S. GAAP ARIVA.DE Börsen-Geflüster Kurse Lam Research Corp. 864,50 € -0,05%
		September 2023		June 2023		Change Q/Q
Revenue		$                3,482,062		$                3,207,257		+ 8.6 %
Gross margin as percentage of revenue		47.5 %		45.5 %		+ 200 bps
Operating income as percentage of revenue		29.4 %		26.6 %		+ 280 bps
Diluted EPS		$                          6.66		$                          5.97		+ 11.6 %
Non-GAAP
		September 2023		June 2023		Change Q/Q
Revenue		$                3,482,062		$                3,207,257		+ 8.6 %
Gross margin as percentage of revenue		47.9 %		45.7 %		+ 220 bps
Operating income as percentage of revenue		30.1 %		27.3 %		+ 280 bps
Diluted EPS		$                          6.85		$                          5.98		+ 14.5 %

U.S. GAAP Financial Results

For the September 2023 quarter, revenue was $3,482 million, gross margin was $1,655 million, or 47.5% of revenue, operating expenses were $632 million, operating income was 29.4% of revenue, and net income was $887 million, or $6.66 per diluted share on a U.S. GAAP basis. This compares to revenue of $3,207 million, gross margin of $1,458 million, or 45.5% of revenue, operating expenses of $604 million, operating income of 26.6% of revenue, and net income of $803 million, or $5.97 per diluted share, for the quarter ended June 25, 2023 (the "June 2023 quarter").

Non-GAAP Financial Results

For the September 2023 quarter, non-GAAP gross margin was $1,669 million, or 47.9% of revenue, non-GAAP operating expenses were $622 million, non-GAAP operating income was 30.1% of revenue, and non-GAAP net income was $912 million, or $6.85 per diluted share. This compares to non-GAAP gross margin of $1,465 million, or 45.7% of revenue, non-GAAP operating expenses of $590 million, non-GAAP operating income of 27.3% of revenue, and non-GAAP net income of $803 million, or $5.98 per diluted share, for the June 2023 quarter.

"Lam continues to deliver strong results despite a cyclically soft year for wafer fabrication equipment spending," said Tim Archer, Lam Research's President and Chief Executive Officer. "There are tremendous growth vectors ahead for Lam, and we are investing strategically to drive long-term outperformance."

Balance Sheet and Cash Flow Results

Cash and cash equivalents, short-term investments, and restricted cash and investments balances decreased to $5.2 billion at the end of the September 2023 quarter compared to $5.6 billion at the end of the June 2023 quarter. The decrease was primarily the result of $843 million of share repurchases, including net share settlement of employee stock-based compensation; $253 million of repayment of debt, largely associated with the purchase of certain properties under finance leases; and $230 million of dividends paid to stockholders, partially offset by $951 million of cash generated from operating activities.

Deferred revenue at the end of the September 2023 quarter decreased to $1,690 million compared to $1,838 million as of the end of the June 2023 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $261 million as of September 24, 2023 and $160 million as of June 25, 2023.

Revenue

The geographic distribution of revenue during the September 2023 quarter is shown in the following table:

The following table presents revenue disaggregated between system and customer support-related revenue:

Systems revenue includes sales of new leading-edge equipment in deposition, etch and clean markets.

Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ended December 24, 2023, Lam is providing the following guidance: 

	U.S. GAAP				Reconciling Items			Non-GAAP
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