2012 Form 10-K Financial Statement

#000119312512365446 Filed on August 22, 2012

View on sec.gov

Income Statement

Concept 2012 2011 Q2 2011
Revenue $2.665B $752.0M $3.238B
YoY Change -17.68% 8.15% 51.74%
Cost Of Revenue $1.581B $411.0M $1.740B
YoY Change -9.15% 10.96% 49.54%
Gross Profit $1.084B $341.1M $1.497B
YoY Change -27.6% 4.99% 54.36%
Gross Profit Margin 40.68% 45.36% 46.24%
Selling, General & Admin $401.8M $79.90M $308.1M
YoY Change 30.42% 19.61% 27.86%
% of Gross Profit 37.06% 23.42% 20.58%
Research & Development $444.6M $99.60M $373.3M
YoY Change 19.09% 16.36% 16.34%
% of Gross Profit 41.01% 29.2% 24.93%
Depreciation & Amortization $74.00M $20.00M $54.00M
YoY Change 37.04% 12.99% 12.97%
% of Gross Profit 6.83% 5.86% 3.61%
Operating Expenses $846.3M $179.4M $692.9M
YoY Change 22.14% 17.64% 27.26%
Operating Profit $237.7M $161.7M $804.3M
YoY Change -70.44% -6.21% 89.06%
Interest Expense $38.96M -$5.300M $5.380M
YoY Change 624.2% -289.29% 441.25%
% of Operating Profit 16.39% -3.28% 0.67%
Other Income/Expense, Net -$33.32M $100.0K -$3.409M
YoY Change 877.27% -87.5% -172.06%
Pretax Income -$6.950M $137.1M $159.3M
YoY Change -104.36% -13.94% 13.5%
Income Tax $35.70M $11.10M $77.13M
% Of Pretax Income 8.1% 48.43%
Net Earnings $168.7M $125.9M $723.7M
YoY Change -76.69% -10.07% 108.77%
Net Earnings / Revenue 6.33% 16.74% 22.35%
Basic Earnings Per Share $1.36 $5.86
Diluted Earnings Per Share $1.35 $1.006M $5.79
COMMON SHARES
Basic Shares Outstanding 124.2M shares 123.5M shares
Diluted Shares Outstanding 125.2M shares 125.0M shares

Balance Sheet

Concept 2012 2011 Q2 2011
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.863B $2.122B $2.122B
YoY Change 34.92% 156.9% 156.9%
Cash & Equivalents $1.565B $1.492B $1.492B
Short-Term Investments $1.298B $630.0M $630.0M
Other Short-Term Assets $154.0M $163.0M $163.0M
YoY Change -5.52% 45.54% 45.54%
Inventory $633.0M $396.6M $397.0M
Prepaid Expenses
Receivables $766.0M $590.6M $591.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.415B $3.273B $3.273B
YoY Change 34.89% 86.33% 86.28%
LONG-TERM ASSETS
Property, Plant & Equipment $585.0M $270.5M $270.0M
YoY Change 116.67% 35.0% 35.0%
Goodwill $169.2M
YoY Change 0.0%
Intangibles $47.43M
YoY Change -29.96%
Long-Term Investments
YoY Change
Other Assets $318.0M $124.4M $294.0M
YoY Change 8.16% 21.9% 0.34%
Total Long-Term Assets $3.590B $780.6M $781.0M
YoY Change 359.67% 6.82% 6.99%
TOTAL ASSETS
Total Short-Term Assets $4.415B $3.273B $3.273B
Total Long-Term Assets $3.590B $780.6M $781.0M
Total Assets $8.005B $4.054B $4.054B
YoY Change 97.46% 62.98% 63.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $259.0M $163.5M $164.0M
YoY Change 57.93% 35.05% 35.54%
Accrued Expenses $338.0M $358.8M $247.0M
YoY Change 36.84% 83.04% 26.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $511.0M $5.000M $5.000M
YoY Change 10120.0% 0.0% 0.0%
Total Short-Term Liabilities $1.427B $680.8M $681.0M
YoY Change 109.54% 21.86% 21.82%
LONG-TERM LIABILITIES
Long-Term Debt $952.0M $738.0M $738.0M
YoY Change 29.0% 4000.0% 4000.0%
Other Long-Term Liabilities $494.0M $51.19M $165.0M
YoY Change 199.39% 57.55% 15.38%
Total Long-Term Liabilities $1.446B $51.19M $903.0M
YoY Change 60.13% 57.55% 460.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.427B $680.8M $681.0M
Total Long-Term Liabilities $1.446B $51.19M $903.0M
Total Liabilities $2.873B $1.584B $1.584B
YoY Change 81.38% 120.23% 120.31%
SHAREHOLDERS EQUITY
Retained Earnings $2.690B
YoY Change 36.81%
Common Stock $124.0K
YoY Change -1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.762B
YoY Change 11.39%
Treasury Stock Shares 41.00M shares
Shareholders Equity $5.132B $2.470B $2.470B
YoY Change
Total Liabilities & Shareholders Equity $8.005B $4.054B $4.054B
YoY Change 97.46% 62.98% 63.01%

Cashflow Statement

Concept 2012 2011 Q2 2011
OPERATING ACTIVITIES
Net Income $168.7M $125.9M $723.7M
YoY Change -76.69% -10.07% 108.77%
Depreciation, Depletion And Amortization $74.00M $20.00M $54.00M
YoY Change 37.04% 12.99% 12.97%
Cash From Operating Activities $499.0M $198.1M $881.0M
YoY Change -43.36% 19.77% 151.21%
INVESTING ACTIVITIES
Capital Expenditures -$107.3M -$34.60M -$127.5M
YoY Change -15.84% 185.95% 258.15%
Acquisitions -$418.7M
YoY Change
Other Investing Activities $377.0M -$316.8M -$352.4M
YoY Change -206.98% 380.0% 419.76%
Cash From Investing Activities $269.7M -$351.4M -$479.9M
YoY Change -156.2% 350.51% 364.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $770.9M $198.9M
YoY Change 287.55% 149.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -692.7M 700.0M 527.0M
YoY Change -231.45% 27900.0% -825.24%
NET CHANGE
Cash From Operating Activities 499.0M 198.1M 881.0M
Cash From Investing Activities 269.7M -351.4M -479.9M
Cash From Financing Activities -692.7M 700.0M 527.0M
Net Change In Cash 76.01M 546.7M 928.1M
YoY Change -91.81% 508.12% 431.28%
FREE CASH FLOW
Cash From Operating Activities $499.0M $198.1M $881.0M
Capital Expenditures -$107.3M -$34.60M -$127.5M
Free Cash Flow $606.3M $232.7M $1.009B
YoY Change -39.88% 31.1% 161.06%

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LAM RESEARCH CORP
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Fiscal Year:</i> The Company follows a 52/53-week fiscal reporting calendar, and its fiscal year ends on the last Sunday of June each year. The Company&#x2019;s most recent fiscal year ended on June&#xA0;24, 2012 and included 52 weeks. The fiscal years ended June&#xA0;26, 2011 and June&#xA0;27, 2010 also included 52&#xA0;weeks. The Company&#x2019;s next fiscal year, ending on June&#xA0;30, 2013 will include 53&#xA0;weeks.</font></p> </div>
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Guarantees:</i> The Company has certain operating leases that contain provisions whereby the properties subject to the operating leases may be remarketed at lease expiration. The Company has guaranteed to the lessor an amount approximating the lessor&#x2019;s investment in the property. The Company has recorded a liability for certain guaranteed residual values related to these specific operating lease agreements. Also, the Company&#x2019;s guarantees generally include certain indemnifications to its lessors under operating lease agreements for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company&#x2019;s subsidiaries, indemnifications to the Company&#x2019;s customers for certain infringement of third-party intellectual property rights by its products and services, and the Company&#x2019;s warranty obligations under sales of its products.</font></p> </div>
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Note 1: Company and Industry Information</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company designs, manufactures, markets, refurbishes and services semiconductor processing equipment used in the fabrication of integrated circuits. Semiconductor wafers are subjected to a complex series of process and preparation steps that result in the simultaneous creation of many individual integrated circuits. The Company leverages its expertise in the areas of etch and single-wafer clean to develop processing solutions that typically benefit its customers through lower defect rates, enhanced yields, faster processing time, and reduced cost. With the acquisition of Novellus Systems, Inc. (&#x201C;Novellus&#x201D;), in June, 2012, the Company expanded into the areas of thin-film deposition and surface preparation, which, like single-wafer clean, are process steps often adjacent to etch.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company sells its products and services primarily to companies involved in the production of semiconductors in North America, Europe, Taiwan, Korea, Japan, and Asia Pacific.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The semiconductor industry is cyclical in nature and has historically experienced periodic downturns and upturns. Today&#x2019;s leading indicators of changes in customer investment patterns, such as electronics demand, memory pricing, and foundry utilization rates, may not be any more reliable than in prior years. Demand for the Company&#x2019;s equipment can vary significantly from period to period as a result of various factors, including, but not limited to, economic conditions, supply, demand, and prices for semiconductors, customer capacity requirements, and the Company&#x2019;s ability to develop and market competitive products. For these and other reasons, the Company&#x2019;s results of operations for fiscal years 2012, 2011, and 2010 may not necessarily be indicative of future operating results.</font></p> </div>
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