10-KPeriod: FY2014

LAM RESEARCH CORP Annual Report, Year Ended Jun 29, 2014

Filed August 26, 2014For Securities:LRCX

Summary

Lam Research Corporation's 2014 Form 10-K highlights a pivotal period for the company, operating within the dynamic semiconductor equipment manufacturing industry. The report indicates a strong financial footing with a significant market capitalization for its common stock held by non-affiliates. As a large accelerated filer, Lam Research demonstrates compliance and transparency in its financial reporting, crucial for investor confidence. The company's business is characterized by its role in providing essential wafer fabrication equipment. Investors should note the detailed disclosure of various agreements, including credit facilities, leases, and employment contracts, which provide insight into the company's operational structure and financial commitments. The inclusion of XBRL data signifies a commitment to modern financial reporting standards, facilitating easier analysis for investors.

Financial Highlights

57 data points
Beta

Revenue

$4.61B

43.6% Gross Margin

Net Income

$632.29M

13.7% Net Margin

EPS (Diluted)

$0.36

Total Assets

$7.99B

Cash & Equivalents

$1.45B

Free Cash Flow

$717.05M

Financial Statements
Beta
Revenue$4.61B
Cost of Revenue$2.60B
Gross Profit$2.01B
R&D Expenses$716.47M
SG&A Expenses$613.34M
Operating Expenses$1.33B
Operating Income$677.67M
Interest Expense$61.69M
Net Income$632.29M
EPS (Basic)$0.38
EPS (Diluted)$0.36
Shares Outstanding (Basic)1.65B
Shares Outstanding (Diluted)1.75B

Key Highlights

  • 1Lam Research Corporation is classified as a large accelerated filer, indicating a substantial market capitalization and adherence to rigorous financial reporting standards.
  • 2The company's common stock is registered on The NASDAQ Stock Market (NASDAQ Global Select Market).
  • 3The aggregate market value of the Registrant’s Common Stock held by non-affiliates as of December 29, 2013, was over $6.18 billion.
  • 4The 10-K filing includes a comprehensive Exhibit Index detailing various corporate agreements, including credit facilities, stock plans, employment agreements, and leases, providing transparency into the company's operational and financial framework.
  • 5The financial statements and supplementary data, along with Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), are key sections for investors to assess the company's performance and outlook.
  • 6Schedule II details the changes in the allowance for doubtful accounts over the past three fiscal years, showing a relatively stable and managed level of receivables risk.
  • 7The filing includes certifications from the Principal Executive Officer and Principal Financial Officer, affirming the accuracy and integrity of the financial disclosures.

Frequently Asked Questions

While this specific 10-K filing does not contain the full 'Item 1. Business' section, Lam Research Corporation operates in the semiconductor equipment manufacturing industry, providing wafer fabrication equipment and services. Its classification as a large accelerated filer suggests a significant market presence.

This extract primarily focuses on the cover page, table of contents, exhibits, and schedule II. To understand key financial indicators like revenue, net income, and cash flows for the fiscal year ended June 29, 2014, investors would need to refer to 'Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations' and 'Item 8. Financial Statements and Supplementary Data' within the full 10-K report.

Schedule II shows that the allowance for doubtful accounts remained relatively stable and was managed effectively. For the fiscal year ended June 29, 2014, the allowance decreased slightly from $5.45 million to $4.96 million, with only a minor charge to expenses and a write-off of $500,000, suggesting a controlled approach to credit risk.

The extensive list of agreements in the Exhibit Index, including credit agreements, stock incentive plans, employment contracts, and leases, provides investors with a detailed view of Lam Research's corporate governance, financing structure, executive compensation, and operational commitments. It demonstrates transparency regarding the company's contractual obligations and strategic arrangements.