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 Lam Research Corporation Reports Financial Results for the Quarter Ended June 25, 2017
   Wednesday, July 26, 2017 4:05:19 PM ET

Lam Research Corp. (LRCX ) today announced financial results for the quarter ended June 25, 2017 (the "June 2017 quarter").

Highlights for the June 2017 quarter were as follows:

-- Shipments of $2.54 billion and revenue of $2.34 billion.

-- GAAP gross margin of 45.6%, GAAP operating margin of 25.9%, and GAAP diluted EPS of $2.82.

-- Non-GAAP gross margin of 46.5%, non-GAAP operating margin of 27.7%, and non-GAAP diluted EPS of $3.11.

Key Financial Data for the Quarters Ended June 25, 2017 and March 26, 2017
(in thousands, except per-share data, percentages, and basis points)
U.S. GAAP
                                           June 2017           March 2017          Change Q/Q
Shipments                                  $      2,542,664    $      2,412,656    + 5      %
Revenue                                    $      2,344,907    $      2,153,995    + 9      %
Gross margin as percentage of revenue      45.6             %  45.1             %  + 50 bps
Operating margin as percentage of revenue  25.9             %  25.0             %  + 90 bps
Diluted EPS                                $      2.82         $      3.10         - 9      %
Non-GAAP
                                           June 2017           March 2017          Change Q/Q
Shipments                                  $      2,542,664    $      2,412,656    + 5      %
Revenue                                    $      2,344,907    $      2,153,995    + 9      %
Gross margin as percentage of revenue      46.5             %  46.1             %  + 40 bps
Operating margin as percentage of revenue  27.7             %  26.9             %  + 80 bps
Diluted EPS                                $      3.11         $      2.80         + 11     %

U.S. GAAP Financial Results

For the June 2017 quarter, revenue was $2,345 million, gross margin was $1,069 million, or 45.6% of revenue, operating expenses were $461 million, operating margin was 25.9% of revenue, and net income was $526 million, or $2.82 per diluted share on a GAAP basis. This compares to revenue of $2,154 million, gross margin of $971 million, or 45.1% of revenue, operating expenses of $433 million, operating margin of 25.0% of revenue, and net income of $575 million, or $3.10 per diluted share, for the quarter ended March 26, 2017 (the "March 2017 quarter").

Non-GAAP Financial Results

For the June 2017 quarter, non-GAAP gross margin was $1,090 million or 46.5% of revenue, non-GAAP operating expenses were $440 million, non-GAAP operating margin was 27.7% of revenue, and non-GAAP net income was $566 million, or $3.11 per diluted share. This compares to non-GAAP gross margin of $993 million or 46.1% of revenue, non-GAAP operating expenses of $414 million, non-GAAP operating margin of 26.9% of revenue, and non-GAAP net income of $508 million, or $2.80 per diluted share for the March 2017 quarter.

"Lam delivered another record quarter for shipments, revenue and non-GAAP operating income in June, capping a record fiscal 2017 highlighted by over eight and a half billion dollars in shipments and nearly ten dollars in non-GAAP diluted earnings per share," said Martin Anstice, Lam Research’s President and Chief Executive Officer. "Demand trends in our key end markets have improved, and we are on track once again to outperform overall industry growth in calendar 2017. Longer-term, our increased strategic relevance enabling a new generation of technology innovations, combined with broad competitive strength, deliver a compelling value creation opportunity for Lam."

Balance Sheet and Cash Flow Results

Cash and cash equivalents, short-term investments, and restricted cash and investments balances increased to $6.3 billion at the end of the June 2017 quarter compared to $6.1 billion at the end of the March 2017 quarter. This increase was primarily the result of approximately $729 million of cash generated in operating activities, partially offset by $526 million of share repurchases, including net share settlement on employee stock-based compensation.

Deferred revenue at the end of the June 2017 quarter increased to $966 million as compared to $842 million at the end of the March 2017 quarter. Deferred profit at the end of the June 2017 quarter increased to $608 million as compared to $527 million at the end of the March 2017 quarter. Lam’s deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to Japanese customers was approximately $397 million as of June 25, 2017 and $260 million as of March 26, 2017.

Geographic Distribution

The geographic distribution of shipments and revenue during the June 2017 quarter is shown in the following table:

Region         Shipments  Revenue
Korea          36   %     38  %
Japan          21   %     17  %
China          16   %     16  %
Taiwan         14   %     16  %
United States  8    %     9   %
Europe         3    %     3   %
Southeast Asia 2    %     1   %

Outlook

For the September 2017 quarter, Lam is providing the following guidance:

                             U.S. GAAP                          Reconciling     Non-GAAP
                                                                Items
Shipments                    $2.35 Billion  +/- $100 Million    --              $2.35 Billion  +/- $100 Million
Revenue                      $2.45 Billion  +/- $100 Million    --              $2.45 Billion  +/- $100 Million
Gross margin                      45.6 %    +/-      1    %     $  21  Million       46.5 %    +/-      1    %
Operating margin                  26.5 %    +/-      1    %     $  37  Million       28.0 %    +/-      1    %
Net income per diluted share $    2.98      +/- $    0.12       $  37  Million  $    3.25      +/- $    0.12
Diluted share count          187 Million                        4      Million  183 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, 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 in the Novellus transaction, $21 million.

-- Operating margin - amortization related to intangible assets acquired in the Novellus transaction, $37 million.

-- Earnings per share - amortization related to intangible assets acquired in the Novellus transaction, $37 million; amortization of note discounts, $6 million; and associated tax benefit for non-GAAP items ($6) million; totaling $37 million.

-- Diluted share count - impact of a note hedge issued contemporaneously with the convertible notes due 2018, 4 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 June 2017 and March 2017 quarters exclude amortization related to intangible assets acquired in the Novellus transaction, costs associated with business process reengineering, the amortization of notes discounts, tax benefit of non-GAAP items, and income tax benefit on the conclusion of tax matters related to a prior business combination.

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 Japanese customers; our revenue, industry, performance and general outlooks, and their drivers; our future strategic relevance to customers; the potential for value creation; 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, 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 26, 2016 and quarterly reports on Form 10-Q for the fiscal quarters ended September 25, 2016, December 25, 2016 and March 26, 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 (LRCX ) is a FORTUNE 500(R) 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)
                                                 Three Months Ended                                         Twelve Months Ended
                                                 June 25,            March 26,           June 26,           June 25,            June 26,
                                                 2017                2017                2016               2017                2016
                                                 (unaudited)         (unaudited)         (unaudited)        (unaudited)         (1)
Revenue                                          $    2,344,907      $    2,153,995      $   1,546,261      $    8,013,620      $    5,885,893
Cost of goods sold                               1,275,946           1,182,591           847,477            4,410,261           3,266,971
Gross margin                                     1,068,961           971,404             698,784            3,603,359           2,618,922
Gross margin as a percent of revenue             45.6           %    45.1           %    45.2          %    45.0           %    44.5           %
Research and development                         285,712             265,986             237,255            1,033,742           913,712
Selling, general and administrative              175,310             167,000             152,288            667,485             630,954
Total operating expenses                         461,022             432,986             389,543            1,701,227           1,544,666
Operating income                                 607,939             538,418             309,241            1,902,132           1,074,256
Operating income as a percent of revenue         25.9           %    25.0           %    20.0          %    23.7           %    18.3           %
Other expense, net                               (4,444         )    (7,838         )    (27,249       )    (90,459        )    (114,139       )
Income before income taxes                       603,495             530,580             281,992            1,811,673           960,117
Income tax (expense) benefit                     (77,071        )    44,133              (23,053       )    (113,910       )    (46,068        )
Net income                                       $    526,424        $    574,713        $   258,939        $    1,697,763      $    914,049
Net income per share:
Basic                                            $    3.25           $    3.52           $   1.62           $    10.47          $    5.75
Diluted                                          $    2.82           $    3.10           $   1.46           $    9.24           $    5.22
Number of shares used in per share calculations:
Basic                                            162,213             163,408             159,862            162,222             158,919
Diluted                                          186,427             185,094             177,649            183,770             175,159
Cash dividend declared per common share          $    0.45           $    0.45           $   0.30           $    1.65           $    1.20
(1) Derived from audited financial statements.
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                        June 25,                                                  March 26,                                                 June 26,
                                                        2017                                                      2017                                                      2016
                                                        (unaudited)                                               (unaudited)                                               (1)
ASSETS
Cash and cash equivalents                               $                           2,377,534                     $                           2,128,570                     $                           5,039,322
Investments                                             3,663,628                                                 3,755,036                                                 1,788,612
Accounts receivable, net                                1,673,398                                                 1,636,090                                                 1,262,145
Inventories                                             1,232,916                                                 1,133,196                                                 971,911
Other current assets                                    195,022                                                   223,056                                                   151,160                                                                                                                                                                                 (2 )
Total current assets                                    9,142,498                                                 8,875,948                                                 9,213,150
Property and equipment, net                             685,595                                                   675,707                                                   639,608
Restricted cash and investments                         256,205                                                   256,157                                                   250,421
Goodwill and intangible assets                          1,796,668                                                 1,835,150                                                 1,951,197
Other assets                                            241,799                                                   232,224                                                   209,939                                                                                                                                                                                 (2 )
Total assets                                            $                           12,122,765                    $                           11,875,186                    $                           12,264,315
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of convertible notes and capital leases $                           908,439                       $                           905,288                       $                           947,733                                                                                                                                                     (2 )
Other current liabilities                               2,041,676                                                 1,851,451                                                 1,470,308
Total current liabilities                               2,950,115                                                 2,756,739                                                 2,418,041
Long-term debt and capital leases                       1,784,974                                                 1,777,297                                                 3,378,129                                                                                                                                                                               (2 )
Income taxes payable                                    120,178                                                   137,173                                                   231,514
Other long-term liabilities                             280,186                                                   282,615                                                   134,562
Total liabilities                                       5,135,453                                                 4,953,824                                                 6,162,246
Temporary equity, convertible notes                     169,861                                                   175,108                                                   207,552
Stockholders’ equity (3)                                6,817,451                                                 6,746,254                                                 5,894,517
Total liabilities and stockholders’ equity              $                           12,122,765                    $                           11,875,186                    $                           12,264,315
(1) Derived from audited financial statements.
(2) Adjusted for effects of retrospective implementation of ASU 2015-3, regarding the simplification of the presentation of bond issuance costs, which requires that bond issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts.
(3) Common shares issued and outstanding were 161,723 as of June 25, 2017, 163,969 as of March 26, 2017 and 160,201 as of June 26, 2016.
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                                                                  Three Months Ended                                          Twelve Months Ended
                                                                                  June 25,            March 26,           June 26,            June 25,             June 26,
                                                                                  2017                2017                2016                2017                 2016
                                                                                  (unaudited)         (unaudited)         (unaudited)         (unaudited)          (1)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                                        $    526,424        $    574,713        $    258,939        $     1,697,763      $    914,049
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                     79,036              76,242              74,976              306,905              291,028
Deferred income taxes                                                             35,069              27,619              (46,708        )    104,936              (49,003        )
Equity-based compensation expense                                                 43,802              35,323              39,288              149,975              142,348
(Gain) Loss on early extinguishment of debt                                       (73            )    --                  --                  36,252               --
Income tax benefit (expense) on equity-based compensation plans                   38,747              --                  (8,048         )    38,747               (1,023         )
Excess tax (benefit) expense on equity-based compensation plans                   (38,635        )    --                  9,035               (38,635         )    1,020
Amortization of note discounts and issuance costs                                 6,114               6,136               14,584              25,282               70,522
Gain on sale of assets, net                                                       (163           )    --                  (15,223        )    (163            )    (15,223        )
Other, net                                                                        8,275               (4,738         )    17,929              19,052               48,788
Changes in operating assets and liabilities                                       30,676              (292,607       )    79,052              (310,832        )    (52,229        )
Net cash provided by operating activities                                         729,272             422,688             423,824             2,029,282            1,350,277
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets                                        (34,811        )    (44,116        )    (51,726        )    (157,419        )    (175,330       )
Net sale (purchase) of available-for-sale securities                              93,858              (418,566       )    605,891             (1,883,886      )    798,828
Proceeds from sale of assets                                                      290                 --                  79,730              1,291                79,730
Transfers of restricted cash and investments                                      (48            )    (982           )    (112,381       )    (5,784          )    (112,381       )
Other, net                                                                        (187           )    (3,586         )    --                  (12,815         )    1,636
Net cash provided by (used for) investing activities                              59,102              (467,250       )    521,514             (2,058,613      )    592,483
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations                (2,445         )    (69,227        )    (450,624       )    (1,688,313      )    (451,497       )
Proceeds from issuance of long-term debt, net of issuance costs                   --                  --                  2,374,220           --                   2,338,144
Excess tax benefit (expense) on equity-based compensation plans                   38,635              --                  (9,035         )    38,635               (1,020         )
Treasury stock purchases                                                          (525,778       )    (216,373       )    (27,114        )    (811,672        )    (158,389       )
Dividends paid                                                                    (73,709        )    (73,337        )    (47,308        )    (243,495        )    (190,402       )
Re-issuance of treasury stock related to employee stock purchase plan             23,120              17,223              20,360              59,663               55,992
Proceeds from issuance of common stock                                            369                 7,964               1,547               12,913               3,405
Other, net                                                                        (1             )    (70            )    (159           )    (125            )    (488           )
Net cash (used for) provided by financing activities                              (539,809       )    (333,820       )    1,861,887           (2,632,394      )    1,595,745
Effect of exchange rate changes on cash and cash equivalents                      399                 2,992               76                  (63             )    (722           )
Net increase (decrease) in cash and cash equivalents                              248,964             (375,390       )    2,807,301           (2,661,788      )    3,537,783
Cash and cash equivalents at beginning of period                                  2,128,570           2,503,960           2,232,021           5,039,322            1,501,539
Cash and cash equivalents at end of period                                        $    2,377,534      $    2,128,570      $    5,039,322      $     2,377,534      $    5,039,322
(1) Derived from audited financial statements.
Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)
                                               Three Months Ended
                                               June 25,            March 26,
                                               2017                2017
Revenue                                        $      2,344,907    $      2,153,995
Gross margin                                   $      1,090,211    $      992,654
Gross margin as percentage of revenue          46.5             %  46.1             %
Operating expenses                             $      440,126      $      414,229
Operating income                               $      650,085      $      578,425
Operating margin as a percentage of revenue    27.7             %  26.9             %
Net income                                     $      565,518      $      507,751
Net income per diluted share                   $      3.11         $      2.80
Shares used in per share calculation - diluted 182,093             181,539
Reconciliation of U.S. GAAP Net Income 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
                                                                                                                June 25,                               March 26,
                                                                                                                2017                                   2017
U.S. GAAP net income                                                                                            $                 526,424              $                 574,713
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired in Novellus transaction - cost of goods sold                 21,250                                 21,250
Amortization related to intangible assets acquired in Novellus transaction -selling, general and administrative 16,083                                 16,083
Cost associated with business process reengineering- selling, general and administrative                        4,813                                  2,674
Amortization of note discounts - other expense, net                                                             5,631                                  5,654
Net income tax benefit on non-GAAP items                                                                        (5,697                              )  (6,418                              )
Income tax benefit on conclusion of certain tax matters                                                         (2,986                              )  (106,205                            )
Non-GAAP net income                                                                                             $                 565,518              $                 507,751
Non-GAAP net income per diluted share                                                                           $                 3.11                 $                 2.80
U.S. GAAP number of shares used for per diluted share calculation                                               186,427                                185,094
Effect of convertible note hedge                                                                                (4,334                              )  (3,555                              )
Non-GAAP number of shares used for per diluted share calculation                                                182,093                                181,539
Reconciliation of U.S. GAAP Net Income 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)
                                                                                                                Twelve Months Ended
                                                                                                                June 25,                               June 26,
                                                                                                                2017                                   2016
U.S. GAAP net income                                                                                            $                 1,697,763            $                 914,049
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired in Novellus transaction - cost of goods sold                 85,000                                 85,000
Product rationalization - cost of goods sold                                                                    6,127                                  --
Novellus acquisition-related inventory fair value impact - cost of goods sold                                   --                                     777
Restructuring charges - cost of goods sold                                                                      --                                     371
Restructuring charges - research and development                                                                --                                     4,355
Product rationalization - research and development                                                              1,650                                  --
Cost associated with campus consolidation - research and development                                            3,556                                  7,763
KLA-Tencor acquisition-related costs - selling, general and administrative                                      9,972                                  50,985
Gain on sale of assets, net associated exit costs -  selling, general and administrative                        --                                     (15,223                             )
Amortization related to intangible assets acquired in Novellus transaction -selling, general and administrative 64,332                                 64,333
Restructuring charges - selling, general and administrative                                                     --                                     4,997
Costs associated with business process reengineering - selling, general and administrative                      7,487                                  --
Litigation settlement - selling, general and administrative                                                     4,000                                  --
Amortization of note discounts - other expense, net                                                             22,869                                 35,205
Costs related to early termination of KLA-Tencor acquisition funding - other expense, net                       34,518                                 --
Amortization of bridge loan issuance costs and other related fees - other expense, net                          --                                     33,843
KLA-Tencor pre-acquisition funding interest expense, net - other expense, net                                   20,391                                 3,821
Net income tax benefit on non-GAAP items                                                                        (47,941                             )  (49,859                             )
Income tax benefit on conclusion of certain tax matters                                                         (109,191                            )  (3,017                              )
Change to income tax benefit due to a court ruling                                                              --                                     (22,812                             )
Income tax benefit related to tax extenders, primarily the research and development credit                      --                                     (13,603                             )
Non-GAAP net income                                                                                             $                 1,800,533            $                 1,100,985
Non-GAAP net income per diluted share                                                                           $                 9.98                 $                 6.37
U.S. GAAP number of shares used for per diluted share calculation                                               183,770                                175,159
Effect of convertible note hedge                                                                                (3,302                              )  (2,398                              )
Non-GAAP number of shares used for per diluted share calculation                                                180,468                                172,761
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
                                                                           June 25,               March 26,              December 25,           September 25,
                                                                           2017                   2017                   2016                   2016
U.S. GAAP gross margin                                                     $         1,068,961    $         971,404      $         846,797      $         716,197
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired in Novellus transaction 21,250                 21,250                 21,250                 21,250
Product rationalization                                                    --                     --                     6,127                  --
Non-GAAP gross margin                                                      $         1,090,211    $         992,654      $         874,174      $         737,447
U.S. GAAP gross margin as a percentage of revenue                          45.6                %  45.1                %  45.0                %  43.9                %
Non-GAAP gross margin as a percentage of revenue                           46.5                %  46.1                %  46.4                %  45.2                %
U.S. GAAP operating expenses                                               $         461,022      $         432,986      $         406,969      $         400,250
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired in Novellus transaction (16,083             )  (16,083             )  (16,083             )  (16,083             )
Costs associated with business process reengineering                       (4,813              )  (2,674              )  --                     --
KLA-Tencor acquisition-related costs                                       --                     --                     --                     (9,972              )
Product rationalization                                                    --                     --                     (1,650              )  --
Cost associated with campus consolidation                                  --                     --                     (995                )  (2,561              )
Litigation settlement                                                      --                     --                     (4,000              )  --
Non-GAAP operating expenses                                                $         440,126      $         414,229      $         384,241      $         371,634
Non-GAAP operating income                                                  $         650,085      $         578,425      $         489,933      $         365,813
GAAP operating margin as percent of revenue                                25.9                %  25.0                %  23.4                %  19.4                %
Non-GAAP operating margin as a percent of revenue                          27.7                %  26.9                %  26.0                %  22.4                %
Lam Research Corporation Contacts:
Satya Kumar, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com

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