Lam Research(LRCX) - 2025 Q1 - Quarterly Results

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]