$LRCX
LAM RESEARCH CORP

2024 Q1 Form 10-Q Financial Statement

#000070754924000016 Filed on January 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $3.794B $3.758B
YoY Change -1.96% -28.79%
Cost Of Revenue $1.965B $2.001B
YoY Change -10.59% -31.04%
Gross Profit $1.829B $1.757B
YoY Change 9.37% -26.04%
Gross Profit Margin 48.21% 46.76%
Selling, General & Admin $206.8M $228.8M
YoY Change 7.64% -1.58%
% of Gross Profit 11.31% 13.02%
Research & Development $512.3M $469.7M
YoY Change 19.29% 1.58%
% of Gross Profit 28.01% 26.73%
Depreciation & Amortization $89.92M $90.92M
YoY Change -1.9% 6.45%
% of Gross Profit 4.92% 5.17%
Operating Expenses $719.8M $700.2M
YoY Change 15.55% 0.58%
Operating Profit $1.109B $1.057B
YoY Change 5.7% -37.08%
Interest Expense $20.26M $46.31M
YoY Change -57.1% -0.75%
% of Operating Profit 1.83% 4.38%
Other Income/Expense, Net $36.07M $29.84M
YoY Change -1182.95% -205.68%
Pretax Income $1.093B $1.087B
YoY Change 16.43% -34.2%
Income Tax $127.4M $132.8M
% Of Pretax Income 11.65% 12.22%
Net Earnings $965.8M $954.3M
YoY Change 18.65% -35.02%
Net Earnings / Revenue 25.46% 25.39%
Basic Earnings Per Share $7.25
Diluted Earnings Per Share $7.34 $7.22
COMMON SHARES
Basic Shares Outstanding 131.1M shares 131.8M shares
Diluted Shares Outstanding 132.2M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.672B $5.638B
YoY Change 5.64% 22.89%
Cash & Equivalents $5.672B $5.623B
Short-Term Investments $0.00 $14.72M
Other Short-Term Assets $289.5M $279.2M
YoY Change 33.76% 20.94%
Inventory $4.323B $4.430B
Prepaid Expenses
Receivables $2.204B $2.707B
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.49B $13.05B
YoY Change -9.04% -4.77%
LONG-TERM ASSETS
Property, Plant & Equipment $2.182B $2.147B
YoY Change 17.61% 15.26%
Goodwill $1.600B $1.600B
YoY Change 0.0% 0.0%
Intangibles $142.5M $151.1M
YoY Change -20.69% -18.24%
Long-Term Investments
YoY Change
Other Assets $1.840B $1.804B
YoY Change -0.86% -1.37%
Total Long-Term Assets $5.791B $5.729B
YoY Change 5.04% 4.21%
TOTAL ASSETS
Total Short-Term Assets $12.49B $13.05B
Total Long-Term Assets $5.791B $5.729B
Total Assets $18.28B $18.78B
YoY Change -5.01% -2.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $531.6M $499.7M
YoY Change -11.68% -45.65%
Accrued Expenses $1.792B $1.976B
YoY Change -9.97% -4.47%
Deferred Revenue $1.602B $1.793B
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $505.1M $3.779M
YoY Change 5872.17% -47.7%
Total Short-Term Liabilities $4.430B $4.272B
YoY Change -0.25% -6.04%
LONG-TERM LIABILITIES
Long-Term Debt $4.478B $4.980B
YoY Change -10.38% -0.32%
Other Long-Term Liabilities $1.349B $511.4M
YoY Change -3.48% -62.36%
Total Long-Term Liabilities $5.827B $511.4M
YoY Change -8.87% -91.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.430B $4.272B
Total Long-Term Liabilities $5.827B $511.4M
Total Liabilities $10.26B $10.56B
YoY Change -5.34% -3.12%
SHAREHOLDERS EQUITY
Retained Earnings $24.05B $23.35B
YoY Change 12.08% 11.82%
Common Stock $131.0K $131.0K
YoY Change -2.96% -2.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.022B $8.222B
YoY Change
Total Liabilities & Shareholders Equity $18.28B $18.78B
YoY Change -5.01% -2.2%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $965.8M $954.3M
YoY Change 18.65% -35.02%
Depreciation, Depletion And Amortization $89.92M $90.92M
YoY Change -1.9% 6.45%
Cash From Operating Activities $1.385B $1.454B
YoY Change -19.79% 27.51%
INVESTING ACTIVITIES
Capital Expenditures $103.7M $115.3M
YoY Change -13.23% -170.55%
Acquisitions
YoY Change
Other Investing Activities $11.29M $13.33M
YoY Change -67.85% -112.83%
Cash From Investing Activities -$92.36M -$101.9M
YoY Change 9.52% -61.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.236B -859.9M
YoY Change 50.79% 29.85%
NET CHANGE
Cash From Operating Activities 1.385B 1.454B
Cash From Investing Activities -92.36M -101.9M
Cash From Financing Activities -1.236B -859.9M
Net Change In Cash 56.68M 492.0M
YoY Change -93.11% 133.46%
FREE CASH FLOW
Cash From Operating Activities $1.385B $1.454B
Capital Expenditures $103.7M $115.3M
Free Cash Flow $1.281B $1.339B
YoY Change -20.27% 2.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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P2Y
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Proceeds From Sale Of Treasury Stock
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us-gaap Proceeds From Sale Of Treasury Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Liabilities Assumed1
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us-gaap Liabilities Assumed1
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Fiscal Period
FiscalPeriod
The Company’s reporting period is a 52/53-week fiscal year. The Company’s current fiscal year will end June 30, 2024 and includes 53 weeks.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reclassification: Certain amounts for the June 25, 2023 Condensed Consolidated Balance Sheet and notes to the financial statements have been reclassified to conform to the current period presentation.</span></div>
us-gaap Number Of Reportable Segments
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lrcx Number Of Operating Geographic Regions
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q4 us-gaap Goodwill
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2023Q4 lrcx Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2023Q4 lrcx Finite Lived Intangible Assets Excluding Assets Not Yetin Service Net
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CY2023Q2 us-gaap Standard Product Warranty Accrual
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CY2022Q2 us-gaap Standard Product Warranty Accrual
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us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
96234000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
171577000 usd
CY2023Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
571517000 usd
CY2023Q2 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
481354000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
243152000 usd
CY2023Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
256781000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
307041000 usd
CY2023Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
460630000 usd
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
263133000 usd
CY2023Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
231267000 usd
CY2023Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3269000 usd
CY2023Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
8014000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
587833000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
572591000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1975945000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2010637000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
101679000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
126734000 usd
lrcx Standard Product Warranty Accrual Increase Decrease For Warranties Issued
StandardProductWarrantyAccrualIncreaseDecreaseForWarrantiesIssued
-74000 usd
lrcx Standard Product Warranty Accrual Increase Decrease For Warranties Issued
StandardProductWarrantyAccrualIncreaseDecreaseForWarrantiesIssued
1941000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-20304000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
15927000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
260840000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
318969000 usd
CY2023Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
6000 shares
CY2023Q4 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4500000 usd
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
1650 employee
CY2023Q4 lrcx Restructuring Charges Cost Of Goods Net
RestructuringChargesCostOfGoodsNet
15000000 usd
CY2023Q4 lrcx Restructuring Charges Operating Expense Net
RestructuringChargesOperatingExpenseNet
1700000 usd
lrcx Restructuring Charges Cost Of Goods Net
RestructuringChargesCostOfGoodsNet
22900000 usd
lrcx Restructuring Charges Operating Expense Net
RestructuringChargesOperatingExpenseNet
3700000 usd
CY2022Q4 lrcx Restructuring Charges Cost Of Goods Net
RestructuringChargesCostOfGoodsNet
0 usd
lrcx Restructuring Charges Operating Expense Net
RestructuringChargesOperatingExpenseNet
0 usd
CY2023Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
146900000 usd
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
8235000 usd
us-gaap Restructuring Charges
RestructuringCharges
26606000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
24274000 usd
lrcx Restructuring Reserve Non Cash Activities
RestructuringReserveNonCashActivities
-6870000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
3697000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
lrcx-20231224_lab.xml Edgar Link unprocessable
lrcx-20231224_pre.xml Edgar Link unprocessable
0000707549-24-000016-index-headers.html Edgar Link pending
0000707549-24-000016-index.html Edgar Link pending
0000707549-24-000016.txt Edgar Link pending
0000707549-24-000016-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lrcx-20231224.htm Edgar Link pending
lrcx-20231224.xsd Edgar Link pending
lrcx_2qx2024xexhibitx311.htm Edgar Link pending
lrcx_2qx2024xexhibitx312.htm Edgar Link pending
lrcx_2qx2024xexhibitx321.htm Edgar Link pending
lrcx_2qx2024xexhibitx322.htm Edgar Link pending
lrcx_2qx2024xexx101xindemn.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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lrcx-20231224_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
lrcx-20231224_def.xml Edgar Link unprocessable
lrcx-20231224_htm.xml Edgar Link completed
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report.css Edgar Link pending
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