Financial Data and Key Metrics - Revenue for the September quarter was $4.17 billion, an 8% increase from the prior quarter [15] - Deferred revenue balance at the end of the quarter was $2.05 billion, up $495 million from the June quarter [15] - Free cash flow for the quarter was $1.46 billion, representing 35% of revenue [14] - Gross margin for the September quarter was 48.2%, exceeding the guided range [19] - Operating margin for the quarter was 30.9%, slightly above the June quarter level of 30.7% [19] - Diluted earnings per share was $0.86, above the midpoint of the guided range [21] Business Line Data and Key Metrics - Systems revenue in memory was 35%, with DRAM increasing to 24% of systems revenue from 19% in the June quarter [15] - Non-volatile memory segment represented 11% of systems revenue, down from 17% in the prior quarter [16] - Foundry segment represented 41% of systems revenue, a slight decrease from 43% in the June quarter [17] - Logic and other segment was 24% of systems revenue, up from 21% in the prior quarter [17] - Customer support business group generated approximately $1.8 billion in revenue, up 4% from the June quarter [18] Market Data and Key Metrics - China region accounted for 37% of total revenue, down slightly from 39% in the prior quarter [17] - Korea accounted for 18% of revenue, flat with the June quarter [18] - Spending in China is expected to decline to approximately 30% of revenue in the December quarter [6][17] Company Strategy and Industry Competition - The company expects to outperform overall WFE growth in 2025 due to the critical role of etch and deposition in enabling higher performance semiconductor device architectures [7] - NAND spending recovery is expected to be driven by technology upgrades, benefiting the company's industry-leading position in critical NAND processes [8] - The company is well-positioned to benefit from growing investments in gate-all-around, backside power distribution, advanced packaging, and dry EUV resist processing [8] - Advanced packaging has been a highlight, with SABRE 3D revenue more than doubling this year [11] Management Commentary on Operating Environment and Future Outlook - The company anticipates WFE growth from the mid-$90 billion range in 2024, with an outstanding opportunity to outperform overall WFE growth in 2025 [6][7] - The AI era is driving strong investments in leading-edge logic nodes and advanced packaging segments, including high-bandwidth memory [6] - The company expects NAND spending to increase in calendar 2025 as utilization rates improve and customers invest in conversions to 256- and 384-layer class devices [16] Other Important Information - The company allocated approximately $1 billion to open market share repurchases and paid $261 million in dividends in the September quarter [20] - The company ended the September quarter with approximately 17,700 regular full-time employees, an increase of approximately 500 people from the prior quarter [23] - The company expects revenue of $4.3 billion, plus or minus $300 million, for the December 2024 quarter [23] Q&A Session Summary Question: China WFE and its impact on the company's revenue - The company expects China WFE to be lower next year, with China representing a lower percentage of total revenue [27] - Outside of China, leading-edge foundry and logic, as well as DRAM, continue to show strong trends [28] - The company's exposure to technology inflections and investments is primarily outside of China, contributing to the expected decline in China's revenue share [29] Question: NAND utilization and WFE spending outlook - The company sees strong utilization for existing NAND capacity and expects technology upgrades to drive higher-quality bits, particularly for enterprise SSDs and AI applications [31] - The company is optimistic about NAND spending in 2025, driven by technology upgrades that align with its product portfolio [32] Question: Advanced packaging and HBM revenue outlook - The company's advanced packaging business has continued to strengthen, driven by AI, with SABRE 3D and copper plating showing strong performance [34] - The company is positive on advanced packaging for 2025, with further details expected in the January earnings call [34] Question: Moly adoption and its impact on the business - The adoption of moly in NAND, DRAM, and foundry/logic represents a net gain opportunity for the company, with production wins scaling in 2025 [36] Question: Leading-edge foundry and logic outlook - The company's outlook for leading-edge foundry and logic remains unchanged, with technology inflections like gate-all-around and backside power distribution driving opportunities [37] Question: China revenue and gross margin outlook - China revenue is expected to trend lower as a percentage of total revenue, but it is not going away [40] - Gross margin guidance for the December quarter reflects a headwind from customer mix, but operational efficiencies are expected to provide some offset [42] Question: CSBG and Reliant business in a slowing China market - The Reliant business may face headwinds from slower China WFE, but other components of CSBG, such as equipment intelligence services, are expected to grow [45] Question: OpEx and operating leverage into 2025 - The company has funded necessary projects and expects to deliver operating leverage into 2025, depending on WFE growth and top-line performance [47] Question: NAND drivers for outperformance in 2025 - The company expects NAND spending in 2025 to be dominated by technology upgrades, where it has a high capture rate [50] - Advanced packaging, backside power, and gate-all-around are also expected to contribute to outperformance [52] Question: Inventory management and recovery outlook - Inventory levels are being managed to align with customer demand, with NAND inventory expected to move lower as business ticks up [56] Question: Visibility into WFE growth by market segment - The company has good visibility into NAND, leading-edge foundry/logic, and advanced packaging, with China WFE expected to be lower [58] Question: Market share assumptions for outperformance - The company expects to gain share in markets like selective etch and ALD, driven by technology transitions and expanded product portfolio [60] Question: Gross margin drivers and China mix impact - Operational efficiencies and a growing top line are expected to help offset the negative impact of a lower China mix on gross margins [62] Question: NAND tech transition vs. capacity-driven market - The company expects to outperform WFE in a tech transition market, with higher share of spend during upgrades [64] Question: China WFE dynamics compared to peers - The company's growth in China has been different from peers, making direct comparisons difficult [67] Question: Dry Resist adoption curve - Dry Resist adoption is not necessarily tied to high NA and is driven by economic and performance benefits [69] Question: Commerce Department export controls and China outlook - The company's outlook for China WFE is based on its best understanding of potential export controls [73] Question: December quarter growth ex-China - The company expects double-digit growth ex-China in the December quarter, driven by customer expectations and orders [75] Question: NAND upgrade timing - NAND upgrades are primarily a 2025 storyline, with more details expected early next year [79] Question: DRAM trends and outlook - DRAM trends remain strong, driven by the transition to DDR5 and high-bandwidth memory, with no significant changes in the last 90 days [82] Question: China revenue as a percentage of total revenue in 2025 - China revenue is likely to trend below 30% of total revenue in 2025, given growth in other segments [83]

Lam Research (LRCX) came out with quarterly earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.50%. A quarter ago, it was expected that this semiconductor equipment maker would post earnings of $0.75 per share when it actually produced earnings of $0.81, delivering a surprise of 8%.Over the last four quarters ...

Lam Research Corporation September quarter 2024 financial results October 23, 2024 Cautionary statement regarding forward-looking statements This presentation and the accompanying discussion contain "forward-looking statements" under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking statements include, but are not limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results and ...

Revenue Performance - Revenue for the September 2024 quarter was $4.17 billion, an 8% increase quarter-over-quarter (Q/Q) from $3.87 billion in the June 2024 quarter[1][2][4] - Revenue for the quarter ended September 29, 2024, was $4.17 billion, up 7.7% from $3.87 billion in the previous quarter and 19.7% from $3.48 billion in the same quarter last year[15] - Revenue from China accounted for 37% of total revenue in the September 2024 quarter, followed by Korea (18%), Taiwan (15%), and the United States (12%)[7] - Systems revenue, including sales of new leading-edge equipment, was $2.39 billion in the September 2024 quarter, up from $2.17 billion in the June 2024 quarter[8] Gross Margin - Non-GAAP gross margin was 48.2% in the September 2024 quarter, a 30 basis points (bps) decrease from 48.5% in the June 2024 quarter[1][5] - Gross margin for the quarter was $2.00 billion, representing 48.0% of revenue, compared to 47.5% in the previous quarter and the same quarter last year[15] - U.S. GAAP gross margin for the three months ended September 29, 2024 was $2,002,683, compared to $1,840,098 for the three months ended June 30, 2024[20] - Non-GAAP gross margin for the three months ended September 29, 2024 was $2,009,022, compared to $1,876,345 for the three months ended June 30, 2024[20] - U.S. GAAP gross margin as a percentage of revenue for the three months ended September 29, 2024 was 48.0%, compared to 47.5% for the three months ended June 30, 2024[20] - Non-GAAP gross margin as a percentage of revenue for the three months ended September 29, 2024 was 48.2%, compared to 48.5% for the three months ended June 30, 2024[20] Operating Income - Non-GAAP operating income as a percentage of revenue was 30.9% in the September 2024 quarter, a 20 bps increase from 30.7% in the June 2024 quarter[1][5] - U.S. GAAP operating income for the three months ended September 29, 2024 was $1,264,197, compared to $1,126,560 for the three months ended June 30, 2024[20] - Non-GAAP operating income for the three months ended September 29, 2024 was $1,286,874, compared to $1,187,212 for the three months ended June 30, 2024[20] - U.S. GAAP operating income as a percentage of revenue for the three months ended September 29, 2024 was 30.3%, compared to 29.1% for the three months ended June 30, 2024[20] - Non-GAAP operating income as a percentage of revenue for the three months ended September 29, 2024 was 30.9%, compared to 30.7% for the three months ended June 30, 2024[20] Earnings Per Share (EPS) - Non-GAAP diluted EPS post-split was $0.86 in the September 2024 quarter, a 6% increase from $0.81 in the June 2024 quarter[1][5] - Diluted earnings per share (pre-split) for the quarter were $8.60, up from $8.14 in the previous quarter and $6.66 in the same quarter last year[18] - Non-GAAP net income per diluted share is expected to be $0.87 (+/- $0.10) for the next quarter[10] Net Income - Net income for the quarter was $1.12 billion, up 9.4% from $1.02 billion in the previous quarter and 25.8% from $887.4 million in the same quarter last year[15] - U.S. GAAP net income for the three months ended September 29, 2024 was $1,116,444, compared to $1,020,282 for the three months ended June 30, 2024[19] - Non-GAAP net income for the three months ended September 29, 2024 was $1,121,507, compared to $1,066,890 for the three months ended June 30, 2024[19] Cash and Cash Equivalents - Cash, cash equivalents, and restricted cash balances increased to $6.1 billion at the end of the September 2024 quarter, up from $5.9 billion in the June 2024 quarter[6] - Cash and cash equivalents increased to $6.07 billion as of September 29, 2024, up from $5.85 billion at the end of the previous quarter and $5.13 billion a year ago[16] Deferred Revenue - Deferred revenue increased to $2,047 million in the September 2024 quarter, up from $1,552 million in the June 2024 quarter[6] Operating Cash Flow - Operating cash flow for the quarter was $1.57 billion, significantly higher than $862.4 million in the previous quarter and $951.2 million in the same quarter last year[17] Capital Expenditures - Capital expenditures for the quarter were $110.6 million, compared to $100.7 million in the previous quarter and $77.0 million in the same quarter last year[17] Stock Repurchase - The company repurchased $997.0 million worth of treasury stock during the quarter, compared to $373.6 million in the previous quarter and $843.2 million in the same quarter last year[17] Total Assets - Total assets increased to $19.53 billion as of September 29, 2024, up from $18.74 billion at the end of the previous quarter and $18.54 billion a year ago[16] Research and Development Expenses - Research and development expenses for the quarter were $495.4 million, slightly lower than $497.8 million in the previous quarter but higher than $422.6 million in the same quarter last year[15] Revenue Guidance - The company provided revenue guidance of $4.30 billion (+/- $300 million) for the next quarter, with a non-GAAP gross margin of 47.0% (+/- 1%)[10]

FREMONT, Calif., Oct. 23, 2024 /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 29, 2024 (the "September 2024 quarter").On May 21, 2024, the Company announced a ten-for-one stock split which was effective October 2, 2024. All references made to share or per share amounts in this press release have been adjusted to reflect the stock split, unless otherwise indicated.Highlights for the September 2024 quarter were ...

I prefer to look for GARP (growth at a reasonable price) stocks but also look for opportunities everywhere else. I don't have a specified time horizon. I invest in a stock for as long as my thesis holds true, and I get out when the facts change. In addition, I've developed market-beating algorithms with Python that have helped me find attractive investment opportunities within my own portfolio, and I have been investing since 2016.On top of that, I've worked at TipRanks as an analysis/news writer and even a ...

Lam Research Corporation (LRCX) is scheduled to release its first-quarter fiscal 2025 results on Oct 23.For the first quarter of fiscal 2025, the company expects revenues of $4.05 billion (+/- $300 million). The Zacks Consensus Estimate is pegged at $4.05 billion, indicating 16.3% growth from the figure reported in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The consensus mark for earnings is pegged at 80 cents per share, indicating growth of 15.9% from the ...

Semiconductor innovation is a multidecade investing trend that is poised to continue with the arrival of AI and other technologies. Semiconductors, or chips, are essentially the building blocks of modern technology. They are often made from silicon sliced into thin wafers and contain countless microscopic circuits. As you can imagine, manufacturing semiconductors is a highly complex process that requires state-of-the-art technology. Lam Research (LRCX -0.41%) sells specialized equipment used in semiconducto ...

Lam Research (LRCX) closed the most recent trading day at $72.84, moving -0.41% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.4% for the day. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, added 0.63%. The semiconductor equipment maker's shares have seen a decrease of 7.31% over the last month, not keeping up with the Computer and Technology sector's gain of 4.88% and the S&P 500's gain of 3.76%. Investors will be eagerly watching ...

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