2014 Q2 Form 10-K Financial Statement

#000119312514321759 Filed on August 26, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2 2012 Q2
Revenue $1.249B $986.2M $741.8M
YoY Change 26.63% 32.95% -1.36%
Cost Of Revenue $691.8M $572.3M $433.7M
YoY Change 20.88% 31.96% 5.52%
Gross Profit $557.0M $413.9M $308.1M
YoY Change 34.57% 34.34% -9.67%
Gross Profit Margin 44.6% 41.97% 41.53%
Selling, General & Admin $155.7M $148.2M $141.0M
YoY Change 5.06% 5.11% 76.47%
% of Gross Profit 27.95% 35.81% 45.76%
Research & Development $185.4M $180.2M $124.5M
YoY Change 2.89% 44.74% 25.0%
% of Gross Profit 33.29% 43.54% 40.41%
Depreciation & Amortization $71.20M $76.00M $34.60M
YoY Change -6.32% 119.65% 73.0%
% of Gross Profit 12.78% 18.36% 11.23%
Operating Expenses $341.1M $327.4M $265.5M
YoY Change 4.18% 23.31% 47.99%
Operating Profit $215.9M $86.50M $42.60M
YoY Change 149.6% 103.05% -73.65%
Interest Expense -$9.900M -$14.40M -$5.900M
YoY Change -31.25% 144.07% 11.32%
% of Operating Profit -4.59% -16.65% -13.85%
Other Income/Expense, Net $400.0K $2.100M -$1.700M
YoY Change -80.95% -223.53% -1800.0%
Pretax Income $289.5M $74.20M $22.80M
YoY Change 290.16% 225.44% -83.37%
Income Tax $56.10M -$11.50M $4.700M
% Of Pretax Income 19.38% -15.5% 20.61%
Net Earnings $233.4M $85.70M $18.10M
YoY Change 172.35% 373.48% -85.62%
Net Earnings / Revenue 18.69% 8.69% 2.44%
Basic Earnings Per Share
Diluted Earnings Per Share $1.262M $501.8K $133.3K
COMMON SHARES
Basic Shares Outstanding 162.1M shares 162.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.066B $2.497B $2.863B
YoY Change 22.79% -12.78% 34.92%
Cash & Equivalents $1.453B $1.162B $1.565B
Short-Term Investments $1.613B $1.335B $1.298B
Other Short-Term Assets $177.0M $135.0M $154.0M
YoY Change 31.11% -12.34% -5.52%
Inventory $740.5M $559.3M $632.9M
Prepaid Expenses
Receivables $800.6M $602.6M $765.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.784B $3.794B $4.415B
YoY Change 26.09% -14.07% 34.88%
LONG-TERM ASSETS
Property, Plant & Equipment $543.5M $603.9M $584.6M
YoY Change -10.0% 3.3% 116.15%
Goodwill $1.466B $1.452B $1.446B
YoY Change 0.97% 0.41% 754.88%
Intangibles $894.1M $1.074B $1.240B
YoY Change -16.78% -13.39% 2515.06%
Long-Term Investments $117.0M $98.00M
YoY Change 19.39%
Other Assets $159.4M $159.5M $151.9M
YoY Change -0.09% 5.02% 22.11%
Total Long-Term Assets $3.210B $3.456B $3.590B
YoY Change -7.14% -3.71% 359.84%
TOTAL ASSETS
Total Short-Term Assets $4.784B $3.794B $4.415B
Total Long-Term Assets $3.210B $3.456B $3.590B
Total Assets $7.993B $7.250B $8.005B
YoY Change 10.25% -9.42% 97.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $223.5M $200.3M $258.8M
YoY Change 11.62% -22.62% 58.23%
Accrued Expenses $604.3M $464.5M $492.2M
YoY Change 30.09% -5.62% 37.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $516.6M $513.0M $509.6M
YoY Change 0.7% 0.67% 10092.0%
Total Short-Term Liabilities $1.582B $1.404B $1.427B
YoY Change 12.64% -1.57% 109.61%
LONG-TERM LIABILITIES
Long-Term Debt $806.9M $777.4M $749.3M
YoY Change 3.79% 3.75% 1.53%
Other Long-Term Liabilities $122.7M $134.3M $219.6M
YoY Change -8.67% -38.83% 328.92%
Total Long-Term Liabilities $929.6M $911.7M $968.9M
YoY Change 1.96% -5.9% 1792.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.582B $1.404B $1.427B
Total Long-Term Liabilities $929.6M $911.7M $968.9M
Total Liabilities $2.780B $2.575B $2.683B
YoY Change 7.99% -4.03% 69.35%
SHAREHOLDERS EQUITY
Retained Earnings $3.576B $2.973B $2.859B
YoY Change 20.29% 3.98% 6.27%
Common Stock $162.0K $163.0K $187.0K
YoY Change -0.61% -12.83% 50.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.757B $3.540B $2.637B
YoY Change 6.14% 34.24% 49.69%
Treasury Stock Shares 92.87M shares 89.21M shares 62.07M shares
Shareholders Equity $5.030B $4.489B $5.132B
YoY Change
Total Liabilities & Shareholders Equity $7.993B $7.250B $8.005B
YoY Change 10.25% -9.42% 97.46%

Cashflow Statement

Concept 2014 Q2 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $233.4M $85.70M $18.10M
YoY Change 172.35% 373.48% -85.62%
Depreciation, Depletion And Amortization $71.20M $76.00M $34.60M
YoY Change -6.32% 119.65% 73.0%
Cash From Operating Activities $245.8M $175.0M $96.70M
YoY Change 40.46% 80.97% -51.19%
INVESTING ACTIVITIES
Capital Expenditures -$41.80M -$43.10M -$36.90M
YoY Change -3.02% 16.8% 6.65%
Acquisitions
YoY Change
Other Investing Activities -$32.70M -$17.50M $748.3M
YoY Change 86.86% -102.34% -336.21%
Cash From Investing Activities -$74.50M -$60.70M $711.4M
YoY Change 22.73% -108.53% -302.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.30M 26.90M -653.0M
YoY Change -142.01% -104.12% -193.29%
NET CHANGE
Cash From Operating Activities 245.8M 175.0M 96.70M
Cash From Investing Activities -74.50M -60.70M 711.4M
Cash From Financing Activities -11.30M 26.90M -653.0M
Net Change In Cash 160.0M 141.2M 155.1M
YoY Change 13.31% -8.96% -71.63%
FREE CASH FLOW
Cash From Operating Activities $245.8M $175.0M $96.70M
Capital Expenditures -$41.80M -$43.10M -$36.90M
Free Cash Flow $287.6M $218.1M $133.6M
YoY Change 31.87% 63.25% -42.59%

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55194000
CY2014 dei Trading Symbol
TradingSymbol
LRCX
CY2014 dei Entity Registrant Name
EntityRegistrantName
LAM RESEARCH CORP
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-06-29
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000707549
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Current Fiscal Year End Date
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--06-29
CY2014 dei Document Fiscal Period Focus
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FY
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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CY2014 us-gaap Nature Of Operations
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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;margin-bottom:0px; text-indent:4%"> <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 deposition, etch, and single-wafer clean to develop processing solutions that are designed to benefit its customers through lower defect rates, enhanced yields, faster processing time, and reduced cost.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <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 other countries in Asia Pacific.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <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 2014, 2013, and 2012 may not necessarily be indicative of future operating results.</font></p> </div>
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<div> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <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 years ended on June&#xA0;29, 2014 and June&#xA0;24, 2012 and included 52&#xA0;weeks. The fiscal year ended June&#xA0;30, 2013 included 53 weeks. The Company&#x2019;s next fiscal year, ending on June&#xA0;28, 2015 will include 52&#xA0;weeks.</font></p> </div>
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CY2014 us-gaap Guarantees Indemnifications And Warranties Policies
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<div> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <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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6200000
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33000000
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TreasuryStockAcquiredAverageCostPerShare
56.89
CY2014Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
830895000
CY2014Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
35486000
CY2013Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1935000 shares
CY2013Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
48.06
CY2013Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
153538000
CY2013Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
96462000
CY2013Q4 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days
DebtInstrumentConvertibleThresholdConsecutiveTradingDays
P30D
CY2013Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
762000 shares
CY2013Q4 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20 D
CY2013Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
52.20
CY2013Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
113738000
CY2013Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
39800000

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