Financial Data and Key Metrics - September quarter diluted earnings per share was $6.85, exceeding the high end of the guided range [1] - Diluted share count was 133 million shares, down from the June quarter [1] - Inventory turns remained flat at 1.5 times compared to the prior quarter [2] - Non-cash expenses for the September quarter included $67 million for equity compensation, $76 million in depreciation, and $14 million in amortization [2] - Capital expenditures for the September quarter were $77 million, consistent with the June quarter [2] - Revenue for the September quarter was $3.48 billion, up 9% from the prior quarter but down over 30% year-over-year [122] - Deferred revenue balance at quarter end was $1.69 billion, a decrease of approximately $150 million from the June quarter [122] Business Line Data and Key Metrics - Systems revenue in the memory segment was 38% of total revenue, up from 27% in the prior quarter, driven by DRAM growth [123] - DRAM represented 23% of systems revenue, up from 9% in the June quarter [123] - NAND spending was at historic lows, representing 15% of systems revenue, down from 18% in the prior quarter [123] - Foundry segment revenue was 36% of systems revenue, down from 47% in the prior quarter, primarily due to timing of leading-edge investments [124] - Logic and other segments represented 26% of systems revenue, flat with the prior quarter [114] Market Data and Key Metrics - China region revenue reached a high of 48% of total revenue, up from 26% in the prior quarter, with the majority coming from domestic Chinese customers [115] - Korea region revenue was 16% of total revenue, down from 24% in the prior quarter [132] - Customer Support Business Group (CSBG) revenue was $1.4 billion, down 5% sequentially and 25% year-over-year, impacted by low fab utilization rates [132] Company Strategy and Industry Competition - The company is focusing on R&D spending growth in 2024 to capitalize on future opportunities, which may temporarily pause historic leverage [4] - Long-term profitability objectives remain unchanged, with continued emphasis on operational efficiencies [4] - The company is investing in technology inflections such as gate-all-around, dry EUV photoresist, advanced packaging, and backside power distribution, which are expected to drive significant revenue growth [26][27] - The company is expanding its manufacturing, supply chain, and warehousing capabilities in Asia to better serve regional customers [118] Management Commentary on Operating Environment and Future Outlook - Management expects solid performance in both revenue and profitability for the December quarter, with earnings per share guidance of $7 plus or minus $0.75 [3] - The company anticipates that 2024 may be a year of R&D spending growth to take advantage of future opportunities, which could temporarily impact leverage [4] - Management believes that China will remain a strong market, albeit potentially not as strong as in September, and expects other markets to recover, mitigating the China mix [6] - The company sees strong demand for high-bandwidth memory (HBM) and expects this business to grow significantly in the next year [20] Other Important Information - The company returned over 120% of free cash flow to shareholders in the September quarter, including $830 million in share repurchases and $230 million in dividends [127] - The company expects deferred revenue to trend toward more normalized levels within calendar year 2024 [122] - The company is investing in advanced packaging, which is expected to become a $1 billion-plus opportunity over the next several years [26] Q&A Session Summary Question: Impact of China Market on Business - Management believes China will remain strong, though potentially not as strong as in September, and expects other markets to recover, which will help balance the China mix [6] - The company does not see a material impact from recent regulations on its forecasted business, as it has already been restricted in shipping certain technologies to China [7] Question: High-Bandwidth Memory (HBM) and Advanced Packaging - The company sees strong demand for HBM, driven by AI-related applications, and expects this business to grow significantly in the next year [20] - Advanced packaging is expected to become a $1 billion-plus opportunity for the company over the next several years [26] Question: Gross Margin and R&D Spending in 2024 - Management expects gross margins to face headwinds in 2024 due to a potential normalization of customer mix, but long-term profitability objectives remain unchanged [129] - The company plans to increase R&D spending in 2024 to capitalize on future technology inflections, which may temporarily flatten operating leverage [40] Question: DRAM Uptick in the Quarter - The DRAM uptick was driven by strong demand for high-bandwidth memory and increased investment from domestic Chinese customers [110] - The company expects DRAM spending to continue to grow, particularly as the industry transitions from DDR4 to DDR5 [29] Question: Impact of Export Restrictions on Business - The company does not see a material incremental impact from recent export restrictions, as it had already factored in the restrictions on certain technologies [161] - The company expects to continue shipping to China, as customers there have long-term investment roadmaps [57] Question: Timing of Memory Spending Recovery - Management expects memory spending recovery to follow a phased approach, starting with increased utilization, followed by technology upgrades, and then capacity expansion [184] - The company anticipates that spares and upgrades will recover first, followed by new equipment purchases as demand improves [184]

Days Sales Outstanding 73 Days 80 Days $3.7B +/- $300M Elective deferred compensation ("EDC") related liability valuation (decrease) increase - cost of goods sold (591) 4,288 Net income tax benefit on non-GAAP items (3,098) (1,146) Pre-tax non-GAAP items: EDC related liability valuation decrease (increase) 1,773 (12,865) Depreciation Expense $76M $76M LAM LAM RESEARCH Product rationalization - selling, general and administrative — (2,891) LAM R E S E AR C H U.S. GAAP gross margin as a percentage of revenue ...

Lam Research Corporation (NASDAQ:LRCX) Evercore ISI 2023 Semiconductor & Semiconductor Equipment Conference September 6, 2023 10:00 AM ET Company Participants Douglas Bettinger - Executive Vice President and Chief Financial Officer Conference Call Participants C.J. Muse - Evercore ISI Joe McCormack - Evercore ISI C.J. Muse There you go. Perfect. Good morning, everyone. Thanks all for your time. Really delighted to have with us Doug Bettinger, Chief Financial Officer of Lam Research, for our next keynote. Jo ...

Lam Research Corporation (NASDAQ:LRCX) Deutsche Bank 2023 Technology Conference Call August 30, 2023 3:30 PM ET Company Participants Doug Bettinger - CFO Conference Call Participants Sidney Ho - Deutsche Bank Amy Sutter - Deutsche Bank Sidney Ho Okay. Well, good afternoon, everyone. I am Sidney Ho. I cover Semiconductor Semi-Cap Equipment and IT Hardware at Deutsche Bank. The next company we have on stage is Lam Research. Lam is a leading semiconductor capital equipment supplier across memory and foundry a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 25, 2023 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 ot ...

Lam Research Corporation (NASDAQ:LRCX) Q4 2023 Earnings Call Transcript July 26, 2023 5:00 PM ET Company Participants Tina Correia - VP, IR and Corporate Finance Tim Archer - President and CEO Doug Bettinger - EVP and CFO Conference Call Participants Harlan Sur - JPMorgan CJ Muse - Evercore Krish Sankar - TD Cowen Tim Arcuri - UBS Brian Chin - Stifel Toshiya Hari - Goldman Sachs Atif Malik - Citi Joe Moore - Morgan Stanley Vivek Arya - Bank of America Stacy Rasgon - Bernstein Research Blayne Curtis - Barcla ...

July 26, 2023 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, including guidance, whether on a GAAP or non-GAAP basis; (2) economic, market, industry and industry segment expectations; (3) pro ...

Lam Research Corporation (NASDAQ:LRCX) Conference Call Summary Company Overview - **Company**: Lam Research Corporation - **Industry**: Semiconductor Equipment - **Date**: June 6, 2023 Key Points Current Market Conditions - The semiconductor industry is experiencing a down year, with wafer fab equipment (WFE) investment spending expected to be in the low to mid-70s billion range, down from initial expectations of mid-70s billion [3][4] - Memory spending is down more than 50%, with NAND memory down significantly more than overall memory, while DRAM is slightly less affected [4] - The second half of the year is expected to be stronger due to clarifications on shipping regulations to China, potentially adding a few hundred million dollars in revenue [4][28] AI and Cloud Computing Impact - AI is seen as a significant growth driver for the future, particularly in cloud computing, although current spending on AI servers is modest, around 5% of total servers [8][9] - The memory content in AI servers is substantially higher than in traditional enterprise servers, with DRAM usage being eight times greater and NAND usage three to five times greater [9] Customer Behavior and Inventory - Current customer behavior indicates high inventory levels in the memory sector, which is delaying new equipment orders [11][48] - The recovery in WFE is contingent on inventory levels decreasing and memory pricing stabilizing [48] Long-term Growth Outlook - The semiconductor industry is expected to grow significantly over the next five to ten years, driven by AI and automotive content growth [14][23] - The company is focused on maintaining a strong product roadmap and R&D investment despite current down cycles [24][25] Deferred Revenue and Financial Metrics - Deferred revenue remains elevated due to previous supply chain issues, but is expected to normalize by the end of the calendar year [41][45] - The company is currently generating significant cash flow, with gross margins around 44% despite lower utilization rates [66][68] Competitive Landscape - Competitors are also adjusting their outlooks, but Lam Research has a robust process for anticipating market changes based on customer communications [15][16] - The company does not provide backlog figures for its service business, as it is not deemed relevant for spares and upgrades [60][63] Government Initiatives - There is cautious optimism regarding the impact of government funding (e.g., CHIPS Act) on fab investments, but the primary driver remains semiconductor demand [75][76] Conclusion - Lam Research is positioning itself for future growth by focusing on product development and operational efficiency, while navigating current market challenges and uncertainties in the semiconductor industry [26][34]

Summary of Lam Research Corporation Conference Call Company Overview - **Company**: Lam Research Corporation (NASDAQ:LRCX) - **Event**: Bernstein 39th Annual Strategic Decisions Conference - **Date**: May 31, 2023 - **Key Executive**: Tim Archer, President and CEO Industry Context - **Industry**: Semiconductor and Semiconductor Capital Equipment - **Current Trends**: The semiconductor industry is experiencing a cyclical downturn after a period of strong growth, with significant focus on memory spending and the impact of export controls on the market [2][3][4] Key Points Discussed Supply and Demand Dynamics - The COVID-19 pandemic caused significant disruptions in both supply and demand within the semiconductor industry, leading to increased demand for electronics as people worked from home [4][5] - Equipment demand surged due to the urgency of adding supply to meet the spike in demand, but supply constraints, including labor and logistics issues, impacted financial performance [6][8] Financial Performance and Resilience - Despite challenges, Lam Research delivered strong financials, although not as robust as expected due to inflationary costs [6] - The company is using the current slow period to implement structural improvements and enhance its manufacturing and supply chain capabilities, particularly in Asia [8] Market Segmentation and Strategy - Lam Research is diversifying its revenue streams beyond memory, with a focus on foundry and logic segments, as well as services [10][12] - The installed base of equipment has grown by 40% since the last downturn, contributing to a more stable revenue source through spares and services [15][16] - The company is seeing significant reductions in memory spending, with NAND down approximately 75% year-on-year [12][22] Long-term Industry Outlook - The semiconductor industry is projected to grow to around $1 trillion by the end of the decade, with a substantial portion of that growth expected to come from memory [20] - AI applications are anticipated to drive increased demand for memory and advanced packaging, with Lam Research's addressable market for advanced packaging expected to double in the next three to four years [74][78] Export Controls and China Market - Export controls have impacted the NAND and DRAM segments, with an estimated financial impact of around $2 billion to $2.5 billion, now revised to approximately $2 billion [31][32] - There is a growing demand for trailing edge technology in China, driven by local investments in electric vehicles and other semiconductor applications [34][40] Capital Intensity and Equipment Demand - Capital intensity in the semiconductor industry is expected to rise, with discussions around the potential for $150 billion in wafer fabrication equipment (WFE) spending by 2030 [54][56] - Lam Research is focused on maintaining its competitive edge by innovating and improving productivity without significantly increasing costs [60][61] Advanced Technologies and Future Opportunities - The company is investing in advanced technologies such as atomic layer deposition and selective etch, which are critical for new 3D devices and advanced packaging [64][70] - The transition to gate-all-around technology presents a $1 billion incremental opportunity for Lam Research in the foundry logic space [65] Additional Insights - The current memory cycle is the worst since the financial crisis, but there is optimism about recovery driven by increased utilization of existing fabs and technology upgrades [22][25] - The regionalization of semiconductor manufacturing is seen as an opportunity for growth, particularly in specialty technologies and trailing edge markets [81] This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of Lam Research Corporation and the semiconductor industry.

Lam Research Corporation (NASDAQ:LRCX) 51st Annual JPMorgan Global Technology, Media and Communications Conference May 22, 2023 10:00 AM ET Company Participants Doug Bettinger - Chief Financial Officer Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Good morning and welcome to JPMorgan's 51st Annual Technology, Media & Communications Conference. My name is Harlan Sur, semiconductor and semiconductor capital equipment analyst for the firm. Very pleased to have Doug Bettinger, Chief Financial Of ...