Lam Research Corporation (NASDAQ:LRCX) Q4 2023 Earnings Call Transcript July 26, 2023 5:00 PM ET Company Participants Tina Correia - VP, IR and Corporate Finance Tim Archer - President and CEO Doug Bettinger - EVP and CFO Conference Call Participants Harlan Sur - JPMorgan CJ Muse - Evercore Krish Sankar - TD Cowen Tim Arcuri - UBS Brian Chin - Stifel Toshiya Hari - Goldman Sachs Atif Malik - Citi Joe Moore - Morgan Stanley Vivek Arya - Bank of America Stacy Rasgon - Bernstein Research Blayne Curtis - Barcla ...

July 26, 2023 This presentation and the accompanying discussion contain "forward-looking statements" under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking statements include, but are not limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results, including guidance, whether on a GAAP or non-GAAP basis; (2) economic, market, industry and industry segment expectations; (3) pro ...

Lam Research Corporation (NASDAQ:LRCX) Conference Call Summary Company Overview - **Company**: Lam Research Corporation - **Industry**: Semiconductor Equipment - **Date**: June 6, 2023 Key Points Current Market Conditions - The semiconductor industry is experiencing a down year, with wafer fab equipment (WFE) investment spending expected to be in the low to mid-70s billion range, down from initial expectations of mid-70s billion [3][4] - Memory spending is down more than 50%, with NAND memory down significantly more than overall memory, while DRAM is slightly less affected [4] - The second half of the year is expected to be stronger due to clarifications on shipping regulations to China, potentially adding a few hundred million dollars in revenue [4][28] AI and Cloud Computing Impact - AI is seen as a significant growth driver for the future, particularly in cloud computing, although current spending on AI servers is modest, around 5% of total servers [8][9] - The memory content in AI servers is substantially higher than in traditional enterprise servers, with DRAM usage being eight times greater and NAND usage three to five times greater [9] Customer Behavior and Inventory - Current customer behavior indicates high inventory levels in the memory sector, which is delaying new equipment orders [11][48] - The recovery in WFE is contingent on inventory levels decreasing and memory pricing stabilizing [48] Long-term Growth Outlook - The semiconductor industry is expected to grow significantly over the next five to ten years, driven by AI and automotive content growth [14][23] - The company is focused on maintaining a strong product roadmap and R&D investment despite current down cycles [24][25] Deferred Revenue and Financial Metrics - Deferred revenue remains elevated due to previous supply chain issues, but is expected to normalize by the end of the calendar year [41][45] - The company is currently generating significant cash flow, with gross margins around 44% despite lower utilization rates [66][68] Competitive Landscape - Competitors are also adjusting their outlooks, but Lam Research has a robust process for anticipating market changes based on customer communications [15][16] - The company does not provide backlog figures for its service business, as it is not deemed relevant for spares and upgrades [60][63] Government Initiatives - There is cautious optimism regarding the impact of government funding (e.g., CHIPS Act) on fab investments, but the primary driver remains semiconductor demand [75][76] Conclusion - Lam Research is positioning itself for future growth by focusing on product development and operational efficiency, while navigating current market challenges and uncertainties in the semiconductor industry [26][34]

Summary of Lam Research Corporation Conference Call Company Overview - **Company**: Lam Research Corporation (NASDAQ:LRCX) - **Event**: Bernstein 39th Annual Strategic Decisions Conference - **Date**: May 31, 2023 - **Key Executive**: Tim Archer, President and CEO Industry Context - **Industry**: Semiconductor and Semiconductor Capital Equipment - **Current Trends**: The semiconductor industry is experiencing a cyclical downturn after a period of strong growth, with significant focus on memory spending and the impact of export controls on the market [2][3][4] Key Points Discussed Supply and Demand Dynamics - The COVID-19 pandemic caused significant disruptions in both supply and demand within the semiconductor industry, leading to increased demand for electronics as people worked from home [4][5] - Equipment demand surged due to the urgency of adding supply to meet the spike in demand, but supply constraints, including labor and logistics issues, impacted financial performance [6][8] Financial Performance and Resilience - Despite challenges, Lam Research delivered strong financials, although not as robust as expected due to inflationary costs [6] - The company is using the current slow period to implement structural improvements and enhance its manufacturing and supply chain capabilities, particularly in Asia [8] Market Segmentation and Strategy - Lam Research is diversifying its revenue streams beyond memory, with a focus on foundry and logic segments, as well as services [10][12] - The installed base of equipment has grown by 40% since the last downturn, contributing to a more stable revenue source through spares and services [15][16] - The company is seeing significant reductions in memory spending, with NAND down approximately 75% year-on-year [12][22] Long-term Industry Outlook - The semiconductor industry is projected to grow to around $1 trillion by the end of the decade, with a substantial portion of that growth expected to come from memory [20] - AI applications are anticipated to drive increased demand for memory and advanced packaging, with Lam Research's addressable market for advanced packaging expected to double in the next three to four years [74][78] Export Controls and China Market - Export controls have impacted the NAND and DRAM segments, with an estimated financial impact of around $2 billion to $2.5 billion, now revised to approximately $2 billion [31][32] - There is a growing demand for trailing edge technology in China, driven by local investments in electric vehicles and other semiconductor applications [34][40] Capital Intensity and Equipment Demand - Capital intensity in the semiconductor industry is expected to rise, with discussions around the potential for $150 billion in wafer fabrication equipment (WFE) spending by 2030 [54][56] - Lam Research is focused on maintaining its competitive edge by innovating and improving productivity without significantly increasing costs [60][61] Advanced Technologies and Future Opportunities - The company is investing in advanced technologies such as atomic layer deposition and selective etch, which are critical for new 3D devices and advanced packaging [64][70] - The transition to gate-all-around technology presents a $1 billion incremental opportunity for Lam Research in the foundry logic space [65] Additional Insights - The current memory cycle is the worst since the financial crisis, but there is optimism about recovery driven by increased utilization of existing fabs and technology upgrades [22][25] - The regionalization of semiconductor manufacturing is seen as an opportunity for growth, particularly in specialty technologies and trailing edge markets [81] This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of Lam Research Corporation and the semiconductor industry.

Lam Research Corporation (NASDAQ:LRCX) 51st Annual JPMorgan Global Technology, Media and Communications Conference May 22, 2023 10:00 AM ET Company Participants Doug Bettinger - Chief Financial Officer Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Good morning and welcome to JPMorgan's 51st Annual Technology, Media & Communications Conference. My name is Harlan Sur, semiconductor and semiconductor capital equipment analyst for the firm. Very pleased to have Doug Bettinger, Chief Financial Of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12933 ___________________________________________________________ LAM RESEARCH CORPORATION (Exact name of registrant as specified ...

Lam Research Corporation (NASDAQ:LRCX) Q3 2023 Results Conference Call April 20, 2023 5:00 PM ET Company Participants Tina Correia - Vice President, Investor Relations and Corporate Finance Tim Archer - President and Chief Executive Officer Doug Bettinger - Executive Vice President and Chief Financial Officer Conference Call Participants C.J. News - Evercore Timothy Arcuri - UBS Krish Sankar - TD Cowen Joe Moore - Morgan Stanley Harlan Sur - JPMorgan Vivek Arya - Bank of America Securities Stacy Rasgon - Be ...

Lam Research Corporation (NASDAQ:LRCX) Morgan Stanley Technology, Media and Telecom Conference Call March 7, 2023 1:25 PM ET Company Participants Doug Bettinger - Executive Vice President, Chief Financial Officer Conference Call Participants Joe Moore - Morgan Stanley Joe Moore I think we're on. All right. Hi, everybody, welcome back. I'm Joe Moore from the Morgan Stanley semiconductor analyst. Very happy to have with us today the CFO of Lam Research, Doug Bettinger. I think -- I'm supposed to read this fir ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 25, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12933 ___________________________________________________________ LAM RESEARCH CORPORATION (Exact name of registrant as specifi ...

EDC related liability valuation (increase) decrease (8,560) 9,354 U.S. GAAP operating income as percent of revenue 31.8 % 33.5 % Appendix – reconciliation LAM R E S E AR C H Appendix – reconciliation U.S. GAAP cash used for capital expenditures and intangible assets $ (574,555) Total free cash flow $ 2,956,864 December 25, 2022 U.S. GAAP income tax rate 11.1 % 13.8 % EDC related liability valuation increase (decrease) - research and development 5,136 (5,612) Amortization of note discounts - other income (ex ...