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Lam Research (LRCX)

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. As a trusted, collaborative partner to the world's leading semiconductor companies, the company combines superior systems engineering capability, technology leadership, and unwavering commitment to customer success to accelerate innovation through enhanced device performance. In fact, today, nearly every advanced chip is built with Lam technology. Lam Research is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe..

Company profile

Ticker
LRCX
Exchange
CEO
Timothy Archer
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Lam Research AG • Lam Research Management GmbH • Lam Research Belgium BV • Novellus Systems, Inc. • Novellus Systems International, LLC • Lam Research International Holdings Ltd. • Lam Research Capital Ltd. • Lam Research (Shanghai) Co., Ltd. • Lam Research Service Co., Ltd. • Coventor, Inc. ...
IRS number
942634797

LRCX stock data

Calendar

26 Apr 22
18 Aug 22
26 Jun 23
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jun 21 Jun 20 Jun 19 Jun 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 4.45B 4.45B 4.45B 4.45B 4.45B 4.45B
Cash burn (monthly) 297.22M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 1.41B n/a n/a n/a n/a n/a
Cash remaining 3.04B n/a n/a n/a n/a n/a
Runway (months of cash) 10.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Aug 22 Timothy Archer Common Stock Payment of exercise Dispose F No No 519.97 176 91.51K 84,907
29 Jul 22 Douglas R Bettinger Common Stock Payment of exercise Dispose F No No 500.51 566 283.29K 79,528
6 Jul 22 Timothy Archer Common Stock Payment of exercise Dispose F No No 391.69 175 68.55K 85,083
30 Jun 22 Douglas R Bettinger Common Stock Payment of exercise Dispose F No No 426.15 566 241.2K 80,094
2 Feb 22 Abhijit Y Talwalkar Common Stock Gift Dispose G No No 0 100 0 15,079
78.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1235 1341 -7.9%
Opened positions 90 106 -15.1%
Closed positions 196 194 +1.0%
Increased positions 530 531 -0.2%
Reduced positions 437 508 -14.0%
13F shares Current Prev Q Change
Total value 46.42B 59.32B -21.7%
Total shares 108.96M 110.67M -1.5%
Total puts 2.89M 3.53M -18.0%
Total calls 2.39M 2.72M -12.2%
Total put/call ratio 1.2 1.3 -6.6%
Largest owners Shares Value Change
Vanguard 11.64M $4.96B +0.6%
BLK Blackrock 11.04M $4.7B -2.2%
STT State Street 5.64M $2.41B -3.5%
AMP Ameriprise Financial 5.47M $2.33B +0.0%
FMR 5.1M $2.17B -12.1%
JPM JPMorgan Chase & Co. 4.42M $1.88B +4.4%
JHG Janus Henderson 2.75M $1.17B -6.8%
Geode Capital Management 2.56M $1.09B +2.1%
Fisher Asset Management 1.99M $849.27M +4.7%
Sands Capital Management 1.88M $799.97M +43.0%
Largest transactions Shares Bought/sold Change
LGEN Legal & General 0 -1.11M EXIT
TROW T. Rowe Price 1.22M +949.75K +345.3%
Artisan Partners Limited Partnership 841.51K +841.51K NEW
FMR 5.1M -701.03K -12.1%
Viking Global Investors 694.03K +694.03K NEW
Sands Capital Management 1.88M +564.61K +43.0%
MS Morgan Stanley 1.23M +556.06K +82.4%
Parametric Portfolio Associates 0 -544.7K EXIT
Aspex Management 580K +510K +728.6%
D. E. Shaw & Co. 7.6K -361.68K -97.9%

Financial report summary

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Risks
  • The Semiconductor Capital Equipment Industry Is Subject to Variability and Periods of Rapid Growth or Decline; We Therefore Face Risks Related to Our Strategic Resource Allocation Decisions
  • Future Declines in the Semiconductor Industry, and the Overall World Economic Conditions on Which It Is Significantly Dependent, Could Have a Material Adverse Impact on Our Results of Operations and Financial Condition
  • We Have a Limited Number of Key Customers
  • We Face a Challenging and Complex Competitive Environment
  • Once a Semiconductor Manufacturer Commits to Purchase a Competitor’s Semiconductor Manufacturing Equipment, the Manufacturer Typically Continues to Purchase That Competitor’s Equipment, Making It More Difficult for Us to Sell Our Equipment to That Customer
  • We Depend on Creating New Products and Processes and Enhancing Existing Products and Processes for Our Success; Consequently, We Are Subject to Risks Associated with Rapid Technological Change
  • Strategic Alliances and Customer Consolidation May Have Negative Effects on Our Business
  • The COVID-19 Pandemic Has Adversely Impacted, and May Continue to Adversely Impact, Our Business, Operations, and Financial Results
  • Our Revenues and Operating Results Are Variable
  • Disruptions to Our Supply Chain and Outsource Providers Could Impact Our Ability to Meet Demand, Increase Our Costs, and Adversely Impact our Revenue and Operating Results
  • Our Business Relies on Technology, Data, Intellectual Property and Other Sensitive Information That is Susceptible to Cybersecurity and Other Threats or Incidents
  • Our Future Success Depends Heavily on International Sales and the Management of Global Operations
  • We Face Risks Related to the Disruption of Our Primary Manufacturing and R&D Facilities
  • We Are Subject to Risks Relating to Product Concentration and Lack of Product Revenue Diversification
  • We May Fail to Protect Our Critical Proprietary Technology Rights, Which Could Affect Our Business
  • Our Ability to Attract, Retain, and Motivate Key Employees Is Critical to Our Success
  • If We Choose to Acquire or Dispose of Businesses, Product Lines, and Technologies, We May Encounter Unforeseen Costs and Difficulties That Could Impair Our Financial Performance
  • Our Sales to Customers in China, a Region of Growing Significance to Us, Could be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China
  • We Are Exposed to Various Risks from Our Regulatory Environment
  • Intellectual Property, Indemnity, and Other Claims Against Us Can Be Costly and We Could Lose Significant Rights That Are Necessary to Our Continued Business and Profitability
  • Our Financial Results May Be Adversely Impacted by Higher than Expected Tax Rates or Exposure to Additional Tax Liabilities
  • A Failure to Comply with Environmental Regulations May Adversely Affect Our Operating Results
  • Our Bylaws Designate the Court of Chancery of the State of Delaware as the Sole and Exclusive Judicial Forum for Certain Legal Actions Between the Company and its Stockholders, Which May Discourage Lawsuits with Respect to Such Claims
  • The Market for Our Common Stock Is Volatile, Which May Affect Our Ability to Raise Capital or Make Acquisitions or May Subject Our Business to Additional Costs
  • We May Incur Impairments to Goodwill or Long-lived Assets
  • Our Leverage and Debt Service Obligations May Adversely Affect Our Financial Condition, Results of Operations, and Earnings per Share
  • Our Credit Agreements Contain Covenant Restrictions That May Limit Our Ability to Operate Our Business
  • There Can Be No Assurance That We Will Continue to Declare Cash Dividends or Repurchase Our Shares at All or in Any Particular Amounts
Management Discussion
  • Revenue for the March 2022 quarter decreased 4% from the December 2021 quarter due to continued supplier-related delays given the broad supply chain issues in the industry, which impacted our ability to fulfill demand. Revenue for the nine months ended March 2022 increased 20% compared to the same period in the prior year driven by increased wafer fabrication equipment spending by semiconductor manufacturers.
  • Please refer to Note 3, “Revenue,” to the Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding the composition of the two categories into which revenue has been disaggregated.
  • Gross margin as a percentage of revenue was lower in the March 2022 quarter compared to the December 2021 quarter primarily as a result of unfavorable customer and product mix; increased spending related to supply chain, freight and logistics and inflationary pressures; and lower factory absorption and field utilization; partially offset by decreased variable compensation.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: broadened, broadening, constrained, DRAM, fuel, fulfill, inflationary, long, NAND, persist, shortage, solid, subassembly, Ukraine
Removed: Run

Patents

Utility
Etching Metal-oxide and Protecting Chamber Components
18 Aug 22
Various embodiments include methods and chemistries to etch metal-oxide films.
Utility
Systems and Methods for Reducing Effluent Build-up In a Pumping Exhaust System
18 Aug 22
A method for reducing effluent buildup in a pumping exhaust system of a substrate processing system includes, during a substrate treatment process, arranging a substrate on a substrate support in a processing chamber; supplying one or more process gases to the processing chamber; supplying an inert dilution gas at a first flow rate to the pumping exhaust system; performing the substrate treatment process on the substrate in the processing chamber; evacuating reactants from the processing chamber using the pumping exhaust system.
Utility
Method for Preventing Line Bending During Metal Fill Process
18 Aug 22
Provided herein are methods and apparatuses for reducing line bending when depositing a metal such as tungsten, molybdenum, ruthenium, or cobalt into features on substrates by periodically exposing the feature to nitrogen, oxygen, or ammonia during atomic layer deposition, chemical vapor deposition, or sequential chemical vapor deposition to reduce interactions between metal deposited onto sidewalls of a feature.
Utility
Spindle Assembly for Wafer Transfer In a Multi-station Process Module
18 Aug 22
A spindle assembly for transferring wafers in a multi-station process module is provided, including: a hub body, the hub body configured to be rotated about a center axis; a plurality of end effectors, each end effector having a first end configured for connection to the hub body and a second end configured to support a wafer; a plurality of covers; a plurality of fastener assemblies; wherein the first end of each end effector is clamped between a respective cover and a respective outer portion of the hub body by a respective fastener assembly, the respective fastener assembly including a wave spring that provides a consistent clamping force.
Utility
Non-elastomeric, Non-polymeric, Non-metallic Membrane Valves for Semiconductor Processing Equipment
11 Aug 22
An apparatus may be provided that includes a substrate having one or more microfluidic valve structures.