10-KPeriod: FY2015

LAM RESEARCH CORP Annual Report, Year Ended Jun 28, 2015

Filed August 13, 2015For Securities:LRCX

Summary

Lam Research Corporation's (LRCX) 2015 Form 10-K report covers the fiscal year ending June 28, 2015. As a leading global supplier of wafer fabrication equipment and services to the semiconductor industry, the company's performance is closely tied to the cyclical nature of semiconductor capital expenditures. This filing is important for investors to understand the company's operational and financial standing as it navigated the market dynamics of that period. The report details the company's business, risk factors, financial condition, and results of operations. Investors should pay close attention to the Management's Discussion and Analysis (MD&A) section for insights into revenue drivers, cost structures, and future outlook. The extensive exhibit list also provides access to key agreements and plans, offering a comprehensive view of the company's governance and contractual obligations.

Financial Highlights

57 data points
Beta

Revenue

$5.26B

43.4% Gross Margin

Net Income

$655.58M

12.5% Net Margin

EPS (Diluted)

$0.37

Total Assets

$9.36B

Cash & Equivalents

$1.50B

Free Cash Flow

$785.50M

Financial Statements
Beta
Revenue$5.26B
Cost of Revenue$2.97B
Gross Profit$2.28B
R&D Expenses$825.24M
SG&A Expenses$591.61M
Operating Expenses$1.50B
Operating Income$788.04M
Interest Expense$73.68M
Net Income$655.58M
EPS (Basic)$0.41
EPS (Diluted)$0.37
Shares Outstanding (Basic)1.60B
Shares Outstanding (Diluted)1.77B

Key Highlights

  • 1Lam Research is a large accelerated filer, indicating its substantial market capitalization and reporting history.
  • 2The company's common stock is registered on The NASDAQ Stock Market (NASDAQ Global Select Market).
  • 3The report covers the fiscal year ended June 28, 2015, with filings made on August 12, 2015.
  • 4The filing includes a detailed exhibit index, referencing various corporate documents, agreements, and equity plans, offering transparency into operational and executive matters.
  • 5The Schedule II for Valuation and Qualifying Accounts shows a decrease in the allowance for doubtful accounts from $4,962 thousand in the prior year to $4,890 thousand for the fiscal year ended June 28, 2015.
  • 6Key employment agreements for senior executives, including the CEO Martin B. Anstice, were entered into in January 2015, highlighting leadership continuity and compensation structures.
  • 7The company has a robust credit facility and has executed amendments and supplemental indentures related to its debt, demonstrating active capital management.

Frequently Asked Questions

Lam Research Corporation designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits (ICs). Its revenue is primarily generated from the sale of this equipment, as well as from the sale of spare parts and services, including maintenance and repair.

While the full risk factors are detailed in Item 1A, typical risks for a company like Lam Research include the cyclical nature of the semiconductor industry, dependency on a few key customers, intense competition, rapid technological changes requiring significant R&D investment, supply chain disruptions, and geopolitical or economic uncertainties affecting global demand for semiconductors.

The provided text does not contain specific financial performance figures (revenue, net income, etc.) for the fiscal year ended June 28, 2015. Investors would need to refer to the 'Selected Financial Data' (Item 6) and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' (Item 7) within the full 10-K filing for detailed financial performance.

The exhibits list includes various critical documents such as the company's Certificate of Incorporation and Bylaws, indentures for convertible notes, executive incentive and stock incentive plans, employment agreements for key executives, change in control agreements, and credit agreements. These documents provide insight into the company's corporate governance, compensation practices, and financing arrangements.