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Table of Contents


 
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 March 29, 2020
or  
☐
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 April 24, 2020 , the Registrant had 145,162,229  shares of Common Stock outstanding.
 

Table of Contents



LAM RESEARCH CORPORATION
TABLE OF CONTENTS
 
 
 
Page No.
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


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
 
Nine Months Ended
 
March 29,
2020
 
March 31,
2019
 
March 29,
2020
 
March 31,
2019
Revenue
$
2,503,625

 
$
2,439,048

 
$
7,252,872

 
$
7,292,412

Cost of goods sold
1,336,618

 
1,364,711

 
3,924,511

 
4,014,844

Gross margin
1,167,007

 
1,074,337

 
3,328,361

 
3,277,568

Research and development
307,914

 
318,514

 
913,602

 
895,742

Selling, general, and administrative
164,979

 
190,306

 
496,679

 
534,179

Total operating expenses
472,893

 
508,820

 
1,410,281

 
1,429,921

Operating income
694,114

 
565,517

 
1,918,080

 
1,847,647

Other (expense) income, net
( 64,619
)
 
20,532

 
( 91,271
)
 
( 10,494
)
Income before income taxes
629,495

 
586,049

 
1,826,809

 
1,837,153

Income tax expense
( 54,714
)
 
( 38,659
)
 
( 271,729
)
 
( 187,548
)
Net income
$
574,781

 
$
547,390

 
$
1,555,080

 
$
1,649,605

Net income per share:
 
 
 
 
 
 
 
Basic
$
3.96

 
$
3.62

 
$
10.75

 
$
10.72

Diluted
$
3.88

 
$
3.47

 
$
10.39

 
$
10.20

Number of shares used in per share calculations:
 
 
 
 
 
 
 
Basic
145,301

 
151,201

 
144,654

 
153,891

Diluted
148,165

 
157,849

 
149,648

 
161,683













See Notes to Condensed Consolidated Financial Statements


3


Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 
 
Three Months Ended
 
Nine Months Ended
 
March 29,
2020
 
March 31,
2019
 
March 29,
2020
 
March 31,
2019
Net income
$
574,781

 
$
547,390

 
$
1,555,080

 
$
1,649,605

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment
( 18,225
)
 
6,684

 
( 19,412
)
 
( 6,845
)
Cash flow hedges:
 
 
 
 
 
 
 
Net unrealized (losses) gains during the period
( 29,456
)
 
( 7,950
)
 
( 26,068
)
 
4,038

Net (gains) losses reclassified into earnings
( 924
)
 
2,086

 
1,810

 
( 2,492
)
 
( 30,380
)
 
( 5,864
)
 
( 24,258
)
 
1,546

Available-for-sale investments:
 
 
 
 
 
 
 
Net unrealized (losses) gains during the period
( 4,129
)
 
1,143

 
( 6,842
)
 
1,441

Net losses (gains) reclassified into earnings
27

 
( 147
)
 
1,010

 
( 201
)
 
( 4,102
)
 
996

 
( 5,832
)
 
1,240

Defined benefit plans, net change in unrealized component
278

 
216

 
856

 
( 1,152
)
Other comprehensive (loss) income, net of tax
( 52,429
)
 
2,032

 
( 48,646
)
 
( 5,211
)
Comprehensive income
$
522,352

 
$
549,422

 
$
1,506,434

 
$
1,644,394


See Notes to Condensed Consolidated Financial Statements
4
Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
 
March 29,
2020
 
June 30,
2019
 
(unaudited)
 
(1)
ASSETS
 
 
 
Cash and cash equivalents
$
3,961,586

 
$
3,658,219

Investments
1,431,550

 
1,772,984

Accounts receivable, less allowance for doubtful accounts of $5,332 as of March 29, 2020, and $5,021 as of June 30, 2019
2,191,070

 
1,455,522

Inventories
1,674,740

 
1,540,140

Prepaid expenses and other current assets
149,839

 
133,544

Total current assets
9,408,785

 
8,560,409

Property and equipment, net
1,048,619

 
1,059,077

Restricted cash and investments
254,155

 
255,177

Goodwill
1,484,050

 
1,484,597

Intangible assets, net
182,682

 
216,950

Other assets
560,344

 
425,123

Total assets
$
12,938,635

 
$
12,001,333

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Trade accounts payable
$
498,860

 
$
376,561

Accrued expenses and other current liabilities
1,024,793

 
946,641

Deferred profit
539,601

 
381,317

Current portion of long-term debt and finance lease obligations
42,407

 
667,131

Total current liabilities
2,105,661

 
2,371,650

Long-term debt and finance lease obligations, less current portion
5,043,931

 
3,822,768

Income taxes payable
889,287

 
892,790

Other long-term liabilities
350,603

 
190,821

Total liabilities
8,389,482

 
7,278,029

Commitments and contingencies

 

Temporary equity, convertible notes
11,546

 
49,439

Stockholders’ equity:
 
 
 
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding
—

 
—

Common stock, at par value of $0.001 per share; authorized, 400,000 shares; issued and outstanding, 145,156 shares at March 29, 2020, and 144,433 shares at June 30, 2019
145

 
144

Additional paid-in capital
6,577,822

 
6,409,405

Treasury stock, at cost; 145,493 shares at March 29, 2020, and 140,573 shares at June 30, 2019
( 12,918,730
)
 
( 11,602,573
)
Accumulated other comprehensive loss
( 112,676
)
 
( 64,030
)
Retained earnings
10,991,046

 
9,930,919

Total stockholders’ equity
4,537,607

 
4,673,865

Total liabilities and stockholders’ equity
$
12,938,635

 
$
12,001,333

(1) Derived from audited financial statements


See Notes to Condensed Consolidated Financial Statements
5
Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
 
Nine Months Ended
 
March 29,
2020
 
March 31,
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
1,555,080

 
$
1,649,605

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
197,442

 
243,873

Deferred income taxes
74,516

 
( 75,105
)
Equity-based compensation expense
136,044

 
142,389

Amortization of note discounts and issuance costs
4,611

 
5,137

Other, net
11,510

 
( 646
)
Changes in operating assets and liabilities
( 665,800
)
 
330,273

Net cash provided by operating activities
1,313,403

 
2,295,526

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Capital expenditures and intangible assets
( 152,685
)
 
( 237,543
)
Purchases of available-for-sale securities
( 1,889,823
)
 
( 1,975,688
)
Maturities of available-for-sales securities
1,163,555

 
395,569

Sales of available-for-sale securities
1,065,618

 
809,379

Other, net
( 540
)
 
( 5,288
)
Net cash provided by (used for) investing activities
186,125

 
( 1,013,571
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Principal payments on debt
( 664,589
)
 
( 116,496
)
Net repayments of commercial paper
—

 
( 61,754
)
Proceeds from borrowings on revolving credit facility
1,250,000

 
—

Proceeds from issuance of long-term debt, net of issuance costs
—

 
2,476,720

Treasury stock purchases
( 1,328,632
)
 
( 2,672,051
)
Dividends paid
( 489,099
)
 
( 513,475
)
Reissuance of treasury stock related to employee stock purchase plan
38,447

 
32,920

Proceeds from issuance of common stock
6,215

 
5,119

Other, net
328

 
( 13,207
)
Net cash used for financing activities
( 1,187,330
)
 
( 862,224
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
( 9,853
)
 
( 904
)
Net increase in cash, cash equivalents, and restricted cash
302,345

 
418,827

Cash, cash equivalents, and restricted cash at beginning of period
3,913,396

 
4,768,558

Cash, cash equivalents, and restricted cash at end of period
$
4,215,741

 
$
5,187,385

Schedule of non-cash transactions:
 
 
 
Accrued payables for stock repurchases
295

 
1,637

Accrued payables for capital expenditures
29,690

 
27,283

Dividends payable
167,740

 
164,874

Transfers of inventory to property and equipment, net
34,155

 
42,519

 
 
 
 
Reconciliation of cash, cash equivalents, and restricted cash
March 29,
2020
 
March 31,
2019
Cash and cash equivalents
$
3,961,586

 
$
4,931,611

Restricted cash and investments
254,155

 
255,774

Total cash, cash equivalents, and restricted cash
$
4,215,741

 
$
5,187,385


See Notes to Condensed Consolidated Financial Statements
6
Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
 
Three Months Ended
 
March 29, 2020
 
Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at December 29, 2019
142,462

 
$
142

 
$
6,528,821

 
$
( 12,673,292
)
 
$
( 60,247
)
 
$
10,584,005

 
$
4,379,429

Sale of common stock
1,047

 
1

 
1,713

 
—

 
—

 
—

 
1,714

Purchase of treasury stock
( 1,576
)
 
( 1
)
 
—

 
( 245,438
)
 
—

 
—

 
( 245,439
)
Equity-based compensation expense
—

 
—

 
47,414

 
—

 
—

 
—

 
47,414

Effect of conversion of convertible notes
3,223

 
3

 
( 26,884
)
 
—

 
—

 
—

 
( 26,881
)
Reclassification from temporary to permanent equity
—

 
—

 
26,758

 
—

 
—

 
—

 
26,758

Net income
—

 
—

 
—

 
—

 
—

 
574,781

 
574,781

Other comprehensive loss
—

 
—

 
—

 
—

 
( 52,429
)
 
—

 
( 52,429
)
Cash dividends declared ($1.15 per common share)
—

 
—

 
—

 
—

 
—

 
( 167,740
)
 
( 167,740
)
Balance at March 29, 2020
145,156

 
$
145

 
$
6,577,822

 
$
( 12,918,730
)
 
$
( 112,676
)
 
$
10,991,046

 
$
4,537,607

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
March 29, 2020

Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at June 30, 2019
144,433

 
$
144

 
$
6,409,405

 
$
( 11,602,573
)
 
$
( 64,030
)
 
$
9,930,919

 
$
4,673,865

Sale of common stock
1,230

 
1

 
6,214

 
—

 
—

 
—

 
6,215

Purchase of treasury stock
( 5,215
)
 
( 4
)
 
—

 
( 1,328,894
)
 
—

 
—

 
( 1,328,898
)
Reissuance of treasury stock
296

 
—

 
25,710

 
12,737

 
—

 
—

 
38,447

Equity-based compensation expense
—

 
—

 
136,044

 
—

 
—

 
—

 
136,044

Effect of conversion of convertible notes
4,412

 
4

 
( 37,444
)
 
—

 
—

 
—

 
( 37,440
)
Reclassification from temporary to permanent equity
—

 
—

 
37,893

 
—

 
—

 
—

 
37,893

Adoption of ASU 2016-02
—

 
—

 
—

 
—

 
—

 
3,018

 
3,018

Net income
—

 
—

 
—

 
—

 
—

 
1,555,080

 
1,555,080

Other comprehensive loss
—

 
—

 
—

 
—

 
( 48,646
)
 
—

 
( 48,646
)
Cash dividends declared ($3.45 per common share)
—

 
—

 
—

 
—

 
—

 
( 497,971
)
 
( 497,971
)
Balance at March 29, 2020
145,156

 
$
145

 
$
6,577,822

 
$
( 12,918,730
)
 
$
( 112,676
)
 
$
10,991,046

 
$
4,537,607

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See Notes to Condensed Consolidated Financial Statements
7
Table of Contents


 
Three Months Ended
 
March 31, 2019
 
Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at December 23, 2018
153,961

 
$
154

 
$
6,256,942

 
$
( 9,573,486
)
 
$
( 64,692
)
 
$
9,165,445

 
$
5,784,363

Sale of common stock
947

 
1

 
5,009

 
—

 
—

 
—

 
5,010

Purchase of treasury stock
( 5,702
)
 
( 6
)
 
—

 
( 936,264
)
 
—

 
—

 
( 936,270
)
Equity-based compensation expense
—

 
—