lrcx-20220925

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 25, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-12933

___________________________________________________________

LAM RESEARCH CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________________________________


Delaware						94-2634797
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

4650 Cushing Parkway,

Fremont,

California

94538


(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (510) 572-0200

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share	LRCX	The Nasdaq Stock Market
		(Nasdaq Global Select Market)

__________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 20, 2022, the Registrant had 136,379,336 shares of Common Stock outstanding.

LAM RESEARCH CORPORATION

TABLE OF CONTENTS


		Page No.
	PART I. Financial Information

Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations for the three months ended September 25, 2022 and September 26, 2021	3
	Condensed Consolidated Statements of Comprehensive Income for the three months ended September 25, 2022, and September 26, 2021	4
	Condensed Consolidated Balance Sheets as of September 25, 2022, and June 26, 2022	5
	Condensed Consolidated Statements of Cash Flows for the three months ended September 25, 2022, and September 26, 2021	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended September 25, 2022, and September 26, 2021	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25
Item 4.	Controls and Procedures	25

	PART II. Other Information

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
Signatures		41

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Three Months Ended
		September 25, 2022		September 26, 2021
Revenue		$	5,074,121	$	4,304,465
Cost of goods sold		2,737,286		2,327,711
Gross margin		2,336,835		1,976,754
Research and development		433,375		382,327
Selling, general, and administrative		205,620		222,194
Total operating expenses		638,995		604,521
Operating income		1,697,840		1,372,233
Other income (expense), net		(43,095)		(28,857)
Income before income taxes		1,654,745		1,343,376
Income tax expense		(228,866)		(163,632)
Net income		$	1,425,879	$	1,179,744
Net income per share:
Basic		$	10.42	$	8.32
Diluted		$	10.39	$	8.27
Number of shares used in per share calculations:
Basic		136,891		141,743
Diluted		137,208		142,612

See Notes to Condensed Consolidated Financial Statements

Lam Research Corporation 2023 Q1 10-Q 3

Table of Contents

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended
		September 25, 2022		September 26, 2021
Net income		$	1,425,879	$	1,179,744
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(33,609)		(4,032)
Cash flow hedges:
Net unre

SEC Form 10-Q filed by Lam Research Corporation