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LAM RESEARCH CORP 8-K Report, Financial Results (Oct 23, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 23, 2024
Period End
October 23, 2024
Security
LRCX
In the record · 2016–202610-K1110-Q328-K128

LRCX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’17Nov ’17
  2. Leadership change8-K · Dec ’20Dec ’20
  3. Restructuring8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed October 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Lam Research (LRCX) reported fiscal first-quarter 2025 results for the quarter ended September 29, 2024, with revenue of $4.17 billiona, up 8% sequentially and 20% year over year from $3.48 billion.

U.S. GAAP gross margin expanded to 48.0% (up 50 bps Q/Q) and GAAP operating margin rose to 30.3% (up 120 bps Q/Q). GAAP diluted EPS was $0.86b post-split ($8.56 pre-split), up 10% sequentially. Non-GAAP results were broadly similar, with non-GAAP EPS of $0.86 (up 6% Q/Q) and non-GAAP operating margin of 30.9%.

Management characterized performance as ahead of expectations and said investments in key technology inflections position the company to outperform WFE growth in 2025 and beyond. Cash flow and balance sheet data show strong cash generation. Operating cash flow was $1.57 billionc, up sharply from $862 million in the prior quarter, and cash and equivalents rose to $6.1 billion.

The company spent about $997 milliond on share repurchases and $261 million on dividends during the quarter. Deferred revenue climbed to $2.05 billion from $1.55 billion, and accounts receivable rose to $2.94 billion from $2.52 billion, which is a notable build that bears watching for collection timing. Inventories were roughly flat at $4.21 billion.

Total liabilities increased materially, driven by a jump in other current liabilities to $4.84 billion from $3.83 billion. For the December 2024 quarter, Lam guided to revenue of $4.30 billion (plus or minus $300 million), U.S. GAAP gross margin of 46.9% (plus or minus 1%), U.S. GAAP operating margin of 29.9% (plus or minus 1%), and GAAP EPS of $0.87 (plus or minus $0.10) on a diluted share count of 1.29 billion.

Guidance implies modest sequential revenue growth but a slight gross margin decline. The company also noted that China represented 37% of revenue, a concentration that carries export-control and geopolitical risk, as the forward-looking statements caution.

02—Key points

Key Highlights

  1. Revenue of $4.17B rose 8% Q/Q and 20% Y/Y, with systems revenue of $2.39B and customer support-related revenue of $1.78B.
  2. U.S. GAAP gross margin of 48.0% and operating margin of 30.3%, both improving sequentially (+50 bps and +120 bps).
  3. GAAP diluted EPS of $0.86 post-split ($8.56 pre-split), up 10% Q/Q; non-GAAP EPS of $0.86, up 6% Q/Q.
  4. Operating cash flow surged to $1.57B from $862M in the prior quarter, lifting cash and equivalents to $6.1B.
  5. Capital return remained significant, with $997M in share repurchases and $261M in dividends paid during the quarter; a 10-for-1 stock split took effect October 2, 2024.
  6. Q1 FY2025 guidance calls for $4.30B revenue (±$300M), 46.9% GAAP gross margin, and $0.87 GAAP EPS (±$0.10), implying modest growth with slightly lower margins.
  7. China accounted for 37% of revenue, and deferred revenue grew to $2.05B from $1.55B, which supports near-term revenue visibility.

03—Questions

Frequently Asked Questions

  1. How did Lam Research perform in the September 2024 quarter?

    Lam reported revenue of $4.17 billion, up 8% sequentially and 20% year over year. GAAP operating margin was 30.3% and GAAP diluted EPS was $0.86 post-split, both ahead of the June quarter. Management said results were ahead of expectations.

  2. What is Lam's guidance for the December 2024 quarter?

    Lam guided to revenue of $4.30 billion (±$300 million), GAAP gross margin of 46.9% (±1%), GAAP operating margin of 29.9% (±1%), and GAAP EPS of $0.87 (±$0.10). The guidance implies modest sequential growth with slightly lower margins.

  3. Why did operating cash flow increase so much?

    Operating cash flow reached $1.57 billion versus $862 million in the June quarter, driven largely by a $387 million favorable swing in changes in operating assets and liabilities, along with higher net income.

  4. What are the main risks to the outlook?

    The filing cites trade regulations and export controls, geopolitical tensions, customer and competitor actions, supply chain cost inflation, and supply disruptions. China's 37% share of revenue makes export-control exposure especially relevant.

  5. Is the stock split relevant to the per-share figures?

    Yes. A ten-for-one stock split took effect October 2, 2024, and all per-share figures in the release are adjusted. For example, the $0.86 post-split EPS equals $8.56 pre-split, and the quarterly dividend is now $0.23 per share post-split.

04—Continue

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