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Sector
Technology
Size
Large Cap
Market Cap £63.40bn
Enterprise Value £62.88bn
Revenue £10.61bn
Position in Universe 147th / 7151

Lam Research Corporation Reports Financial Results for the Quarter Ended March 25, 2018

Tue 17th April, 2018 9:05pm
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FREMONT, Calif., April 17, 2018 (GLOBE NEWSWIRE) -- Lam Research Corp.
(Nasdaq:LRCX) today announced financial results for the quarter ended
March 25, 2018 (the “March 2018 quarter”).

Highlights for the March 2018 quarter were as follows:
* Shipments of $3.13 billion and revenue of $2.89 billion.


* U.S. GAAP gross margin of 46.0%, U.S. GAAP operating margin of 28.6%, and
U.S. GAAP diluted EPS of $4.33.


* Non-GAAP gross margin of 46.8%, non-GAAP operating margin of 30.0%, and
non-GAAP diluted EPS of $4.79.
                                                                                                                    
 Key Financial Data for the Quarters Ended                                                                          
 March 25, 2018 and December 24, 2017                                                                               
 (in thousands, except per-share data, percentages, and basis points)                                               
                                                                                                                    
 U.S. GAAP                                                                                                          
                                              March 2018               December 2017              Change Q/Q        
 Shipments                                    $     3,134,677          $      2,631,723           + 19%             
 Revenue                                      $     2,892,115          $      2,580,815           + 12%             
 Gross margin as percentage of revenue        46.0             %       46.7              %        - 70 bps          
 Operating margin as percentage of revenue    28.6             %       28.6              %        —                 
 Diluted EPS                                  $     4.33               $      (0.06      )        7317%             
                                                                                                                    
 Non-GAAP                                                                                                           
                                              March 2018               December 2017              Change Q/Q        
 Shipments                                    $     3,134,677          $      2,631,723           + 19%             
 Revenue                                      $     2,892,115          $      2,580,815           + 12%             
 Gross margin as percentage of revenue        46.8             %       47.6              %        - 80 bps          
 Operating margin as percentage of revenue    30.0             %       30.2              %        - 20 bps          
 Diluted EPS                                  $     4.79               $      4.34                + 10%             

U.S. GAAP Financial Results

For the March 2018 quarter, revenue was $2,892 million, gross margin was
$1,331 million, or 46.0% of revenue, operating expenses were $503 million,
operating margin was 28.6% of revenue, and net income was $779 million, or
$4.33 per diluted share on a U.S. GAAP basis. This compares to revenue of
$2,581 million, gross margin of $1,206 million, or 46.7% of revenue, operating
expenses of $468 million, operating margin of 28.6% of revenue, and net loss
of $(10) million, or $(0.06) per diluted share, for the quarter ended
December 24, 2017 (the “December 2017 quarter”). The December 2017
results were negatively impacted by a one-time provisional charge of $757
million associated with the recently enacted U.S. tax reform, which the
Company will continue to evaluate during the measurement period.

Non-GAAP Financial Results

For the March 2018 quarter, non-GAAP gross margin was $1,353 million or 46.8%
of revenue, non-GAAP operating expenses were $486 million, non-GAAP operating
margin was 30.0% of revenue, and non-GAAP net income was $852 million, or
$4.79 per diluted share. This compares to non-GAAP gross margin of $1,228
million or 47.6% of revenue, non-GAAP operating expenses of $449 million,
non-GAAP operating margin of 30.2% of revenue, and non-GAAP net income of $788
million, or $4.34 per diluted share for the December 2017 quarter.

“Lam continues to deliver strong performance, again setting new records
highlighted by shipments exceeding three billion dollars in the March quarter.
Fundamental to this achievement is increased strategic relevance enabling
primary technology inflections now critical to our customers’ success,”
said Martin Anstice, Lam Research’s Chief Executive Officer. “We remain
focused on delivering long-term outperformance and making the right
investments for our future.”

Balance Sheet and Cash Flow Results

Cash and cash equivalents, short-term investments, and restricted cash and
investments balances increased to $6.7 billion at the end of the March 2018
quarter compared to $6.0 billion at the end of the December 2017 quarter. This
increase was primarily the result of approximately $1.1 billion of cash
generated from operating activities, partially offset by approximately $80
million of net share settlement on employee stock-based compensation, $80
million of dividends paid to stockholders, $49 million of capital
expenditures, and $29 million of net repayments of debt.

Deferred revenue and deferred profit at the end of the March 2018 quarter
remained steady at $1.1 billion and $749 million, respectively, as compared to
the end of the December 2017 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 $526 million as of
March 25, 2018 and $289 million as of December 24, 2017.

Geographic Distribution

The geographic distribution of shipments and revenue during the March 2018
quarter is shown in the following table:

 Region          Shipments       Revenue     
 Korea           36%             36%         
 China           14%             17%         
 Japan           20%             14%         
 Taiwan          11%             12%         
 Southeast Asia  8%              8%          
 United States   6%              8%          
 Europe          5%              5%          
                                             

Outlook

For the June 2018 quarter, Lam is providing the following guidance:

                               U.S. GAAP                                        Reconciling                  Non-GAAP                                       
                                                                                Items                                                                       
 Shipments                     $3.000 Billion       +/-  $150 Million           —                            $3.000 Billion       +/-  $150 Million         
 Revenue                       $3.100 Billion       +/-  $150 Million           —                            $3.100 Billion       +/-  $150 Million         
 Gross margin                  46.8%                +/-  1%                     $     22          Million    47.5%                +/-  1%                   
 Operating margin              29.7%                +/-  1%                     $     39          Million    31.0%                +/-  1%                   
 Net income per diluted share  $4.77                +/-  $0.20                  $     36          Million    $5.00                +/-  $0.20                
 Diluted share count           179 Million                                      1                 Million    178 Million                                    
                                                                                                                                                            

The information provided above is only an estimate of what the Company
believes is realizable as of the date of this release, and does not
incorporate the potential impact of any business combinations, asset
acquisitions, divestitures, balance sheet valuation adjustments, financing
arrangements, other investments, measurement period adjustments associated
with U.S. tax reform, or other significant transactions that may be completed
after the date of this release. U.S. GAAP to non-GAAP reconciling items
provided include only those items that are known and can be estimated as of
the date of this release. Actual results will vary from this model and the
variations may be material. Reconciling items included above are as follows:
* Gross margin - amortization related to intangible assets acquired through
business combinations, $22 million.
* Operating margin - amortization related to intangible assets acquired
through business combinations, $39 million.
* Earnings per share - amortization related to intangible assets acquired
though business combinations, $39 million; amortization of note discounts, $2
million; and associated tax benefit for non-GAAP items ($5 million); totaling
$36 million.
* Diluted share count - impact of a note hedge issued contemporaneously with
the convertible notes due 2018, 1 million shares.
Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP
financial results. The Company’s non-GAAP results for both the March 2018
and December 2017 quarters exclude amortization related to intangible assets
acquired through business combinations, acquisition and integration costs
associated with a business combination, amortization of note discounts, and
tax benefit of non-GAAP items. Additionally, the March 2018 quarter non-GAAP
results exclude realized loss on sale or impairment of investments associated
with repatriation and tax benefit on the conclusion of tax matters related to
a prior business combination. The December 2017 quarter non-GAAP results
exclude costs associated with business process reengineering and estimated
income tax expense associated with U.S. tax reform.

Management uses non-GAAP gross margin, operating expense, operating income,
operating margin, net income, and net income per diluted share to evaluate the
Company’s operating and financial results. The Company believes the
presentation of non-GAAP results is useful to investors for analyzing business
trends and comparing performance to prior periods, along with enhancing
investors’ ability to view the Company’s results from management’s
perspective. Tables presenting reconciliations of non-GAAP results to U.S.
GAAP results are included at the end of this press release and on the
Company’s website at http://investor.lamresearch.com.

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are
forward-looking statements and are subject to the safe harbor provisions
created by the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements relate to, but are not limited to: the estimated
future revenue from shipments to customers in Japan; our revenue, industry,
performance and general outlooks, and their drivers; our future strategic
relevance to customers; our vision of the Company's future; technology demand
trends; the legal and business factors that may affect our future tax rate;
and our guidance for shipments, revenue, gross margin, operating margin, net
income or earnings per diluted share, provisional tax estimate, and diluted
share count. Some factors that may affect these forward-looking statements
include: business conditions in the consumer electronics industry, the
semiconductor industry and the overall economy may deteriorate or change; and
the actions of our customers and competitors may be inconsistent with our
expectations, as well as the other risks and uncertainties that are described
in the documents filed or furnished by us with the Securities and Exchange
Commission, including specifically the Risk Factors described in our annual
report on Form 10-K for the fiscal year ended June 25, 2017 and our quarterly
report on Form 10-Q for the fiscal quarters ended September 24, 2017 and
December 24, 2017. These uncertainties and changes could materially affect the
forward looking statements and cause actual results to vary from expectations
in a material way. The Company undertakes no obligation to update the
information or statements made in this release.

About Lam Research

Lam Research Corp. is a global supplier of innovative wafer fabrication
equipment and services to the semiconductor industry. As a trusted,
collaborative partner to the world’s leading semiconductor companies, we
combine superior systems engineering capability, technology leadership, and
unwavering commitment to customer success to accelerate innovation through
enhanced device performance. In fact, today, nearly every advanced chip is
built with Lam technology. Lam Research (Nasdaq:LRCX) is a FORTUNE 500®
company headquartered in Fremont, Calif., with operations around the globe.
Learn more at www.lamresearch.com. (LRCX-F)

Consolidated Financial Tables Follow.

                                                                                                                                                                                                                                                                        
 LAM RESEARCH CORPORATION                                                                                                                                                                                                                                               
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                        
 (in thousands, except per share data and percentages)                                                                                                                                                                                                                  
 (unaudited)                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                        
                                                   Three Months Ended                                                                                                                   Nine Months Ended                                                               
                                                   March 25, 2018                                               December 24, 2017                     March 26, 2017                    March 25, 2018                                 March 26, 2017                   
 Revenue                                           $                                           2,892,115        $                    2,580,815        $                 2,153,995       $                           7,951,070          $                 5,668,713      
 Cost of goods sold                                1,561,401                                                    1,375,248                             1,182,591                         4,265,446                                      3,134,315                        
 Gross margin                                      1,330,714                                                    1,205,567                             971,404                           3,685,624                                      2,534,398                        
 Gross margin as a percent of revenue              46.0                                                   %     46.7                            %     45.1                         %    46.4                                   %       44.7                         %   
 Research and development                          305,412                                                      281,311                               265,986                           861,801                                        748,030                          
 Selling, general and administrative               197,791                                                      186,885                               167,000                           565,719                                        492,175                          
 Total operating expenses                          503,203                                                      468,196                               432,986                           1,427,520                                      1,240,205                        
 Operating income                                  827,511                                                      737,371                               538,418                           2,258,104                                      1,294,193                        
 Operating income as a percent of revenue          28.6                                                   %     28.6                            %     25.0                         %    28.4                                   %       22.8                         %   
 Other expense, net                                (55,810                                                )     (3,152                          )     (7,838                       )    (64,464                                )       (86,015                      )   
 Income before income taxes                        771,701                                                      734,219                               530,580                           2,193,640                                      1,208,178                        
 Income tax benefit (expense)                      7,099                                                        (744,174                        )     44,133                            (834,105                               )       (36,839                      )   
 Net income (loss)                                 $                                           778,800          $                    (9,955     )     $                 574,713         $                           1,359,535          $                 1,171,339      
 Net income (loss) per share:                                                                                                                                                                                                                                           
 Basic                                             $                                           4.80             $                    (0.06      )     $                 3.52            $                           8.40               $                 7.22           
 Diluted                                           $                                           4.33             $                    (0.06      )     $                 3.10            $                           7.45               $                 6.40           
 Number of shares used in per share calculations:                                                                                                                                                                                                                       
 Basic                                             162,378                                                      161,135                               163,408                           161,885                                        162,225                          
 Diluted                                           179,779                                                      161,135                               185,094                           182,565                                        182,885                          
 Cash dividend declared per common share           $                                           0.50             $                    0.50             $                 0.45            $                           1.45               $                 1.20           
                                                                                                                                                                                                                                                                        



                                                                                                                                                       
 LAM RESEARCH CORPORATION                                                                                                                              
 CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                                                 
 (in thousands)                                                                                                                                        
                                                                                                                                                       
                                               March 25,                             December 24,                       June 25,                       
                                               2018                                  2017                               2017                           
                                                              (unaudited)       (unaudited)                          (1)                           
 ASSETS                                        
 Cash and cash equivalents                     $              4,698,995              $              1,745,173           $              2,377,534       
 Investments                                   1,785,976                             3,954,526                          3,663,628                      
 Accounts receivable, net                      2,082,632                             2,279,044                          1,673,398                      
 Inventories                                   1,693,128                             1,507,435                          1,232,916                      
 Other current assets                          165,066                               179,944                            195,022                        
 Total current assets                          10,425,797                            9,666,122                          9,142,498                      
 Property and equipment, net                   826,500                               807,340                            685,595                        
 Restricted cash and investments               256,587                               255,984                            256,205                        
 Goodwill and intangible assets                1,825,891                             1,866,159                          1,796,668                      
 Other assets                                  328,724                               316,660                            241,799                        
 Total assets                                  $              13,663,499             $              12,912,265          $              12,122,765      
 LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                  
 Current portion of debt and capital leases    $              1,423,265              $              1,401,660           $              908,439         
 Other current liabilities                     2,525,155                             2,510,035                          2,041,676                      
 Total current liabilities                     3,948,420                             3,911,695                          2,950,115                      
 Long-term debt and capital leases             1,781,731                             1,789,958                          1,784,974                      
 Income taxes payable                          818,700                               818,880                            120,178                        
 Other long-term liabilities                   230,620                               118,177                            280,186                        
 Total liabilities                             6,779,471                             6,638,710                          5,135,453                      
 Temporary equity, convertible notes           80,973                                130,424                            169,861                        
 Stockholders’ equity (2)                      6,803,055                             6,143,131                          6,817,451                      
 Total liabilities and stockholders’ equity    $              13,663,499             $              12,912,265          $              12,122,765      
                                                                                                                                                       



 (1  )  Derived from audited financial statements.                                                                                                 
 (2  )  Common shares issued and outstanding were 164,100 as of March 25, 2018, 159,451 as of December 24, 2017, and 161,723 as of June 25, 2017.  



                                                                                                                                                                                                                                                                                                                      
 LAM RESEARCH CORPORATION                                                                                                                                                                                                                                                                                             
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                                                                                                                                                                      
 (in thousands, unaudited)                                                                                                                                                                                                                                                                                            
                                                                                                          Three Months Ended                                                                                                          Nine Months Ended                                                               
                                                                                                                                           March 25, 2018        December  24, 2017                    March 26,                      March  25, 2018                                March  26, 2017                  
                                                                                                                                                                                                       2017                                                                                                           
 CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                                                                                                                                                                                                
 Net income (loss)                                                                                        $                                778,800               $                    (9,955     )     $              574,713         $                           1,359,535          $                 1,171,339      
 Adjustments to reconcile net income (loss) to net cash provided by operating activities:                                                                                                                                                                                                                             
 Depreciation and amortization                                                                            82,236                                                 79,898                                76,242                         241,276                                        227,869                          
 Deferred income taxes                                                                                    19,060                                                 (271,478                        )     27,619                         (209,214                               )       69,867                           
 Equity-based compensation expense                                                                        41,095                                                 42,124                                35,323                         125,002                                        106,173                          
 Impairment of investment                                                                                 42,456                                                 —                                     —                              42,456                                         —                                
 Loss on extinguishment of debt                                                                           —                                                      —                                     —                              —                                              36,325                           
 Amortization of note discounts and issuance costs                                                        4,342                                                  4,539                                 6,136                          13,469                                         19,168                           
 Other, net                                                                                               17,866                                                 (1,108                          )     (4,738                    )    23,327                                         10,777                           
 Changes in operating assets and liabilities                                                              64,524                                                 184,684                               (292,607                  )    341,538                                        (341,508                     )   
 Net cash provided by operating activities                                                                1,050,379                                              28,704                                422,688                        1,937,389                                      1,300,010                        
 CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                                                                                                                                                                                                                
 Capital expenditures and intangible assets                                                               (49,057                                          )     (84,693                         )     (44,116                   )    (193,814                               )       (122,608                     )   
 Business acquisitions, net of cash acquired                                                              —                                                      (84                             )     —                              (115,697                               )       —                                
 Net sale (purchase) of available-for-sale securities                                                     2,134,886                                              (205,701                        )     (418,566                  )    1,811,411                                      (1,977,744                   )   
 Transfers of restricted cash and investments                                                             (603                                             )     61                                    (982                      )    (382                                   )       (5,736                       )   
 Other, net                                                                                               638                                                    (4,396                          )     (3,586                    )    (14,358                                )       (11,627                      )   
 Net cash provided by (used for) investing activities                                                     2,085,864                                              (294,813                        )     (467,250                  )    1,487,160                                      (2,117,715                   )   
 CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                                                                                                                                                                                                                
 Principal payments on long-term debt and capital lease obligations and payments for debt issuance costs  (228,166                                         )     (47,522                         )     (69,227                   )    (577,415                               )       (1,685,868                   )   
 Net proceeds from issuance of commercial paper                                                           199,024                                                798,947                               —                              997,971                                        —                                
 Proceeds from borrowings on revolving credit facility                                                    —                                                      750,000                               —                              750,000                                        —                                
 Repayments of borrowings on revolving credit facility                                                    —                                                      (750,000                        )     —                              (750,000                               )       —                                
 Treasury stock purchases                                                                                 (80,105                                          )     (1,111,450                      )     (216,373                  )    (1,346,940                             )       (285,894                     )   
 Dividends paid                                                                                           (79,739                                          )     (73,127                         )     (73,337                   )    (225,604                               )       (169,786                     )   
 Reissuance of treasury stock related to employee stock purchase plan                                     —                                                      34,057                                17,223                         34,057                                         36,543                           
 Proceeds from issuance of common stock                                                                   2,517                                                  3,073                                 7,964                          6,632                                          12,544                           
 Other, net                                                                                               7                                                      —                                     (70                       )    11                                             (124                         )   
 Net cash used for financing activities                                                                   (186,462                                         )     (396,022                        )     (333,820                  )    (1,111,288                             )       (2,092,585                   )   
 Effect of exchange rate changes on cash and cash equivalents                                             4,041                                                  842                                   2,992                          8,200                                          (462                         )   
 Net increase (decrease) in cash and cash equivalents                                                     2,953,822                                              (661,289                        )     (375,390                  )    2,321,461                                      (2,910,752                   )   
 Cash and cash equivalents at beginning of period                                                         1,745,173                                              2,406,462                             2,503,960                      2,377,534                                      5,039,322                        
 Cash and cash equivalents at end of period                                                               $                                4,698,995             $                    1,745,173        $              2,128,570       $                           4,698,995          $                 2,128,570      
                                                                                                                                                                                                                                                                                                                      



                                                                                                                                   
 Non-GAAP Financial Summary                                                                                                        
 (in thousands, except percentages and per share data)                                                                             
 (unaudited)                                                                                                                       
                                                                                                                                   
                                                 Three Months Ended                                                                
                                                 March 25, 2018                                 December 24, 2017                  
 Revenue                                         $                           2,892,115          $                 2,580,815        
 Gross margin                                    $                           1,353,056          $                 1,227,961        
 Gross margin as percentage of revenue           46.8                                   %       47.6                         %     
 Operating expenses                              $                           486,022            $                 448,667          
 Operating income                                $                           867,034            $                 779,294          
 Operating margin as a percentage of revenue     30.0                                   %       30.2                         %     
 Net income                                      $                           851,795            $                 787,863          
 Net income per diluted share                    $                           4.79               $                 4.34             
 Shares used in per share calculation - diluted  177,786                                        181,655                            
                                                                                                                                   



 Reconciliation of U.S. GAAP Net Income (Loss) to Non-GAAP Net Income and U.S. GAAP number of dilutive shares to Non-                                                                                           
 GAAP number of dilutive shares                                                                                                                                                                                 
 (in thousands, except per share data)                                                                                                                                                                          
 (unaudited)                                                                                                                                                                                                    
                                                                                                                                                                                                                
                                                                                                                                 Three Months Ended                                                             
                                                                                                                                 March 25, 2018                               December 24, 2017                 
 U.S. GAAP net income (loss)                                                                                                     $                           778,800          $                    (9,955   )   
 Pre-tax non-GAAP items:                                                                                                                                                                                        
 Amortization related to intangible assets acquired through certain business combinations - cost of goods sold                   22,342                                       22,394                            
 Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative  17,074                                       17,074                            
 Costs associated with business process reengineering - selling, general and administrative                                      —                                            1,362                             
 Business combination acquisition and integration related costs - selling, general and administrative                            107                                          1,093                             
 Amortization of note discounts - other expense, net                                                                             2,860                                        3,410                             
 Realized loss on sale or impairment of investments - other expense, net                                                         46,641                                       —                                 
 Net income tax benefit on non-GAAP items                                                                                        (11,518                              )       (4,404                        )   
 Income tax benefit on the conclusion of certain tax matters                                                                     (4,511                               )       —                                 
 Income tax expense associated with U.S. tax reform                                                                              —                                            756,889                           
 Non-GAAP net income                                                                                                             $                           851,795          $                    787,863      
 Non-GAAP net income per diluted share                                                                                           $                           4.79             $                    4.34         
 GAAP net income (loss) per diluted share                                                                                        $                           4.33             $                    (0.06    )   
 U.S. GAAP number of shares used for per diluted share calculation                                                               179,779                                      161,135                           
 Effect of potentially dilutive securities:                                                                                                                                                                     
 Employee stock plans                                                                                                            —                                            2,757                             
 Convertible notes                                                                                                               —                                            15,423                            
 Warrants                                                                                                                        —                                            4,721                             
 Effect of convertible note hedge                                                                                                (1,993                               )       (2,381                        )   
 Non-GAAP number of shares used for per diluted share calculation                                                                177,786                                      181,655                           
                                                                                                                                                                                                                

 

 Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin, Operating                                                       
 Expenses and Operating Income                                                                                                                                               
 (in thousands, except percentages)                                                                                                                                          
 (unaudited)                                                                                                                                                                 
                                                                                                                                                                             
                                                                                           Three Months Ended                                                                
                                                                                           March 25, 2018                                 December 24, 2017                  
 U.S. GAAP gross margin                                                                    $                           1,330,714          $                 1,205,567        
 Pre-tax non-GAAP items:                                                                                                                                                     
 Amortization related to intangible assets acquired through certain business combinations  22,342                                         22,394                             
 Non-GAAP gross margin                                                                     $                           1,353,056          $                 1,227,961        
 U.S. GAAP gross margin as a percentage of revenue                                         46.0                                   %       46.7                         %     
 Non-GAAP gross margin as a percentage of revenue                                          46.8                                   %       47.6                         %     
 U.S. GAAP operating expenses                                                              $                           503,203            $                 468,196          
 Pre-tax non-GAAP items:                                                                                                                                                     
 Amortization related to intangible assets acquired through certain business combinations  (17,074                                )       (17,074                      )     
 Costs associated with business process reengineering                                      —                                              (1,362                       )     
 Business combination acquisition and integration related costs                            (107                                   )       (1,093                       )     
 Non-GAAP operating expenses                                                               $                           486,022            $                 448,667          
 Non-GAAP operating income                                                                 $                           867,034            $                 779,294          
 U.S. GAAP operating margin as percent of revenue                                          28.6                                   %       28.6                         %     
 Non-GAAP operating margin as a percent of revenue                                         30.0                                   %       30.2                         %     
                                                                                                                                                                             

Lam Research Corporation Contacts:

Satya Kumar, Investor Relations, phone: 510-572-1615, e-mail:
investor.relations@lamresearch.com




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