Lam Research Q1 2023 Earnings Report
Key Takeaways
Lam Research reported record revenue of $5.07 billion in the September quarter. The company's performance was driven by solid execution and easing supply chain conditions. While anticipating weaker wafer fabrication equipment spending in 2023, Lam Research remains confident in its technology leadership and ability to manage through downturns.
Revenue reached $5.07 billion.
U.S. GAAP gross margin was 46.1%, with U.S. GAAP operating income at 33.5% of revenue, and U.S. GAAP diluted EPS of $10.39.
Non-GAAP gross margin stood at 46.0%, non-GAAP operating income was 33.3% of revenue, and non-GAAP diluted EPS was $10.42.
Cash and cash equivalents increased to $4.6 billion.
Lam Research
Lam Research
Lam Research Revenue by Geographic Location
Forward Guidance
For the quarter ended December 25, 2022, Lam is providing revenue guidance of $5.1 Billion +/-$300 Million, gross margin as a percentage of revenue of 44.5%+/-1%, operating income as a percentage of revenue of 31.5%+/-1%, and net income per diluted share of $9.98+/-$0.75.
Positive Outlook
- Revenue guidance of $5.1 Billion +/-$300 Million.
- Gross margin as a percentage of revenue of 44.5%+/-1%.
- Operating income as a percentage of revenue of 31.5%+/-1%.
- Net income per diluted share of $9.98+/-$0.75.
- Diluted share count of 136 Million.
Challenges Ahead
- Guidance does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other significant arrangements that may be completed or recognized after the date of this release.
- Actual results will vary from this model and the variations may be material.
- Reconciling items included above are as follows: Gross margin as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $1 million.
- Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $3 million.
- Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3 million; amortization of note discounts, $1 million; and associated tax benefit for non-GAAP items ($1 million); totaling $3 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income