LRCX Lam Research Corp.

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
• Our Revenues and Operating Results Are Variable
• We May Incur Impairments to Goodwill or Long-lived Assets
• Our Credit Agreements Contain Covenant Restrictions That May Limit Our Ability to Operate Our Business
• We Have a Limited Number of Key Customers
• 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
• We Are Subject to Risks Relating to Product Concentration and Lack of Product Revenue Diversification
• Strategic Alliances and Customer Consolidation May Have Negative Effects on Our Business
• We Depend on a Limited Number of Key Suppliers and Outsource Providers, and We Run the Risk That They Might Not Perform as We Expect
• We Face Risks Related to the Disruption of Our Primary Manufacturing Facilities
• 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 Face a Challenging and Complex Competitive Environment
• Our Future Success Depends Heavily on International Sales and the Management of Global Operations
• Our Ability to Attract, Retain, and Motivate Key Employees Is Critical to Our Success
• Certain Critical Information Systems, That We Rely on for the Operation of Our Business and Products That We Sell, Are Susceptible to Cybersecurity and Other Threats or Incidents
• 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
• 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
• 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
• 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
• We May Fail to Protect Our Critical Proprietary Technology Rights, Which Could Affect Our Business
• We Are Exposed to Various Risks from Our Regulatory Environment
• There Can Be No Assurance That We Will Continue to Declare Cash Dividends or Repurchase Our Shares at All or in Any Particular Amounts