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Lam Research Corporation Reports Financial Results for the Quarter Ended December 29, 2013

FREMONT, CA -- (Marketwired) -- 01/29/14 -- Lam Research Corp. (NASDAQ: LRCX) today announced financial results for the quarter ended December 29, 2013.

Highlights for the December 2013 quarter were as follows:

  • Shipments of $1,139 million, up 15% from the prior quarter
  • Revenue of $1,116 million, up 10% from the prior quarter
  • GAAP gross margin of 43.7%, GAAP operating margin of 14.7% and GAAP diluted EPS of $0.87
  • Non-GAAP gross margin of 45.8%, non-GAAP operating margin of 18.7%, and non-GAAP diluted EPS of $1.10


                         Lam Research Corporation
    Financial Highlights for the Quarters Ended December 29, 2013 and
                            September 29, 2013
          (in thousands, except per share data and percentages)

                                U.S. GAAP
-------------------------------------------------------------------------
                           December 2013   September 2013    Change Q/Q
                          --------------  ---------------  --------------

Revenue                   $    1,116,061  $     1,015,059             +10%
Gross margin as
 percentage of revenue              43.7%            42.5%           +120bps
Operating margin as
 percentage of revenue              14.7%            10.4%           +430bps
Diluted EPS               $         0.87  $          0.50             +74%

                                 Non-GAAP
-------------------------------------------------------------------------
                           December 2013   September 2013    Change Q/Q
                          --------------  ---------------  --------------

Revenue                   $    1,116,061  $     1,015,059             +10%
Gross margin as
 percentage of revenue              45.8%            45.0%            +80bps
Operating margin as
 percentage of revenue              18.7%            16.2%           +250bps
Diluted EPS               $         1.10  $          0.81             +36%

GAAP Financial Results
Revenue for the period was $1,116 million, gross margin was $487.8 million, or 43.7% of revenue, operating expenses were $323.3 million, and net income was $149.0 million, or $0.87 per diluted share on a GAAP basis. This compares to revenue of $1,015 million, gross margin of $431.9 million, or 42.5% of revenue, operating expenses of $326.5 million, and net income of $85.5 million, or $0.50 per diluted share, for the September 2013 quarter.

Non-GAAP Financial Results
Non-GAAP gross margin was $510.8 million, or 45.8% of revenue, non-GAAP operating expenses were $302.1 million, and non-GAAP net income was $188.7 million, or $1.10 per diluted share. This compares to non-GAAP gross margin of $456.7 million, or 45.0% of revenue, non-GAAP operating expenses of $291.9 million, and non-GAAP net income of $139.2 million, or $0.81 per diluted share, for the September 2013 quarter.

"Calendar 2013 was an extraordinary year for Lam Research, highlighted by strong operating and financial performance. Our December quarter results closed the year with record shipments, record revenues and earnings that exceeded our expectations," stated Martin Anstice, Lam Research's president and chief executive officer. "Our outlook for continued healthy levels of wafer fab equipment spending in 2014 reflects our customers' planned investments in key technology inflections tempered by their focus on maintaining balanced supply and demand. Against this industry back drop, we are further strengthening our emphasis on customer trust and improving competitiveness to reinforce the opportunities for future growth and enhanced financial performance of Lam."

Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and restricted cash and investment balances increased to $2.7 billion at the end of the December 2013 quarter compared to $2.6 billion at the end of the September 2013 quarter. This increase was primarily the result of approximately $129 million in cash flows from operating activities during the December 2013 quarter, partially offset by $48 million of stock repurchases.

Deferred revenue and deferred profit balances at the end of the December 2013 quarter increased to $405.0 million and $224.4 million, respectively, as compared to $334.0 million and $188.4 million, respectively, at the end of the September 2013 quarter. Lam's deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The anticipated future revenue from shipments to Japanese customers was approximately $53.5 million as of December 29, 2013.

Geographic Distribution
The geographic distribution of shipments and revenue during the December 2013 quarter is shown in the following table:


                   Region                       Shipments        Revenue
-------------------------------------------- --------------- ---------------
North America                                             9%       13%
Europe                                                    7%        5%
Japan                                                    13%       17%
Korea                                                    24%       19%
Taiwan                                                   22%       28%
Asia Pacific                                             25%       18%

Outlook

For the March 2014 quarter, Lam is providing the following guidance on a non-GAAP basis:

  • Shipments of approximately $1.250 billion plus or minus $30 million
  • Revenue of approximately $1.215 billion plus or minus $30 million
  • Gross margin of approximately 45.0% plus or minus 1.0%
  • Operating margin as a percent of revenue of approximately 19.5% plus or minus 1.0%
  • Earnings per share of approximately $1.15 plus or minus $0.05, assuming a diluted share count of 173 million

Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results for both the December 2013 and September 2013 quarters exclude costs associated with the fair-value impact of acquisition-related inventory, amortization related to intangible assets acquired in the Novellus transaction, certain integration-related costs, rationalization of certain product configurations, the impairment of a long-lived asset, the amortization of convertible note discounts, and the tax benefit on successful resolution of certain tax matters. Additionally, the December 2013 quarter non-GAAP results exclude the gain on sale of an investment and the September 2013 quarter non-GAAP results excluded certain restructuring charges and the tax expense associated with legal-entity integration.

Management uses non-GAAP gross margin, operating income, operating expenses, operating margin, net income, and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company's web site at http://investor.lamresearch.com.

Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to, the anticipated revenue from shipments to Japanese customers, our opportunities for growth, our financial performance, our wafer fab equipment spending outlook, the expected rate of investment in key technology inflections, the success of our strategies for maintaining customer trust and improving competitiveness, the support from our customers, and our guidance for shipments, revenue, gross margin, operating margin, and earnings per share. Some factors that may affect these forward-looking statements include: business conditions in the consumer electronics industry, the semiconductor industry and the overall economy; the strength of the financial performance of our existing and prospective customers; the introduction of new and innovative technologies; the occurrence and pace of technology transitions and conversions; the actions of our competitors, consumers, semiconductor companies and key suppliers and subcontractors; and the success of research and development and sales and marketing programs. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed by us with the Securities and Exchange Commission, including specifically our report on Form 10-K for the year ended June 30, 2013 and Form 10-Q for the three months ended September 29, 2013. These uncertainties and changes could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.

About Lam Research
Lam Research Corp. (NASDAQ: LRCX) is a trusted global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's broad portfolio of market-leading etch, deposition, strip, and wafer cleaning solutions help customers achieve success on the wafer by enabling device features that are 1,000 times smaller than a grain of sand, resulting in smaller, faster, and more power-efficient chips. Through collaboration, continuous innovation and delivering on commitments, Lam is transforming atomic-scale engineering and enabling our customers to shape the future of technology. Based in Fremont, Calif., Lam Research is an S&P 500 ® company whose common stock trades on the NASDAQ Global Select Market under the symbol LRCX. For more information, please visit http://www.lamresearch.com.

Consolidated Financial Tables Follow.



                         LAM RESEARCH CORPORATION
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          (in thousands, except per share data and percentages)
                               (unaudited)

                         Three Months Ended             Six Months Ended
                 ----------------------------------  ----------------------
                  December    September   December    December    December
                     29,         29,         23,         29,         23,
                    2013        2013        2012        2013        2012
                 ----------  ----------  ----------  ----------  ----------
Revenue          $1,116,061  $1,015,059  $  860,886  $2,131,120  $1,767,774
  Cost of goods
   sold             628,272     583,201     545,472   1,211,473   1,118,474
                 ----------  ----------  ----------  ----------  ----------
    Gross margin    487,789     431,858     315,414     919,647     649,300
    Gross margin
     as a
     percent of
     revenue           43.7%       42.5%       36.6%       43.2%       36.7%
Research and
 development        174,477     170,567     165,951     345,044     329,262
Selling, general
 and
 administrative     148,838     155,883     145,421     304,721     299,284
                 ----------  ----------  ----------  ----------  ----------
    Total
     operating
     expenses       323,315     326,450     311,372     649,765     628,546
                 ----------  ----------  ----------  ----------  ----------
    Operating
     income         164,474     105,408       4,042     269,882      20,754
    Operating
     margin as a
     percent of
     revenue           14.7%       10.4%        0.5%       12.7%        1.2%
Other expense,
 net                 (3,837)    (14,262)    (13,390)    (18,099)    (23,328)
                 ----------  ----------  ----------  ----------  ----------
  Income before
   income taxes     160,637      91,146      (9,348)    251,783      (2,574)
Income tax
 expense
 (benefit)           11,645       5,640     (15,756)     17,285     (11,750)
                 ----------  ----------  ----------  ----------  ----------
  Net income     $  148,992  $   85,506  $    6,408  $  234,498  $    9,176
                 ==========  ==========  ==========  ==========  ==========
Net income per
 share:
  Basic net
   income per
   share         $     0.92  $     0.52  $     0.04  $     1.44  $     0.05
                 ==========  ==========  ==========  ==========  ==========
  Diluted net
   income per
   share         $     0.87  $     0.50  $     0.04  $     1.37  $     0.05
                 ==========  ==========  ==========  ==========  ==========
Number of shares
 used in per
 share
 calculations:
  Basic             162,305     162,896     170,699     162,603     175,314
                 ==========  ==========  ==========  ==========  ==========
  Diluted           171,757     171,363     173,027     171,592     177,490
                 ==========  ==========  ==========  ==========  ==========



                          LAM RESEARCH CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                               (in thousands)

                                      December 29, September 29,   June 30,
                                          2013          2013         2013
                                     ------------- ------------- -----------
                                      (unaudited)   (unaudited)      (1)
ASSETS
Cash and cash equivalents            $   1,132,555 $   1,156,184 $ 1,162,473
Short-term investments                   1,389,735     1,300,031   1,334,745
Accounts receivable, net                   909,720       713,524     602,624
Inventories                                661,572       614,790     559,317
Deferred income taxes                       17,095        29,090      27,674
Other current assets                       138,359       110,633     106,996
                                     ------------- ------------- -----------
  Total current assets                   4,249,036     3,924,252   3,793,829
Property and equipment, net                546,193       564,845     603,910
Restricted cash and investments            166,395       166,385     166,536
Goodwill and intangible assets           2,453,066     2,484,900   2,526,541
Other assets                               141,108       149,963     159,499
                                     ------------- ------------- -----------
  Total assets                       $   7,555,798 $   7,290,345 $ 7,250,315
                                     ============= ============= ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities                  $   1,522,572 $   1,402,890 $ 1,404,475
                                     ------------- ------------- -----------

Long-term debt, convertible notes,
 and capital leases                  $     803,276 $     796,373 $   789,256
Income taxes payable                       248,996       248,462     246,479
Other long-term liabilities                129,710       129,306     134,313
                                     ------------- ------------- -----------
  Total liabilities                      2,704,554     2,577,031   2,574,523
                                     ============= ============= ===========

Senior convertible notes                   185,154       186,042     186,920
Stockholders' equity (2)                 4,666,090     4,527,272   4,488,872
                                     ------------- ------------- -----------
  Total liabilities and
   stockholders' equity              $   7,555,798 $   7,290,345 $ 7,250,315
                                     ============= ============= ===========

(1) Derived from audited financial statements

(2) Common shares issued and outstanding were 162,169 shares as of December
 29, 2013, 162,217 shares as of September 29, 2013 and 162,873 shares as of
 June 30, 2013.



                          LAM RESEARCH CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)
                                 (unaudited)

                         Three Months Ended             Six Months Ended
                 ----------------------------------  ----------------------
                  December    September   December    December    December
                     29,         29,         23,         29,         23,
                    2013        2013        2012        2013        2012
                 ----------  ----------  ----------  ----------  ----------
CASH FLOWS FROM
 OPERATING
 ACTIVITIES:
Net income       $  148,992  $   85,506  $    6,408  $  234,498  $    9,176
Adjustments to
 reconcile net
 income to net
 cash provided by
 operating
 activities:
  Depreciation
   and
   amortization      73,552      74,331      78,388     147,883     153,204
  Deferred income
   taxes             12,457           -      (7,320)     12,457     (19,337)
  Impairment of
   long-lived
   asset                628       7,004           -       7,632           -
  Equity-based
   compensation
   expense           23,046      23,235      24,027      46,281      48,441
  Amortization of
   convertible
   note discount      8,217       8,122       7,843      16,339      15,595
  Other, net         (2,428)      4,115      14,694       1,687      25,744
  Changes in
   operating
   assets and
   liabilities:    (135,441)   (150,388)     69,186    (285,829)    209,665
                 ----------  ----------  ----------  ----------  ----------
    Net cash
     provided by
     operating
     activities     129,023      51,925     193,226     180,948     442,488
                 ----------  ----------  ----------  ----------  ----------

CASH FLOWS FROM
 INVESTING
 ACTIVITIES:
Capital
 expenditures and
 intangible
 assets             (38,323)    (23,778)    (38,924)    (62,101)    (82,889)
Cash paid for
 business
 acquisition        (18,388)          -      (8,716)    (18,388)     (8,716)
Net
 sales/maturities
 (purchases) of
 available-for-
 sale securities    (88,754)     42,567     (23,250)    (46,187)    (39,888)
(Issuance)
 repayments of
 notes receivable    10,000           -           -      10,000           -
Proceeds from
 sale of assets      21,635           -         660      21,635         660
Transfer of
 restricted cash
 and investments          -         150          33         150         179
                 ----------  ----------  ----------  ----------  ----------
    Net cash
     provided by
     (used for)
     investing
     activities    (113,830)     18,939     (70,197)    (94,891)   (130,654)
                 ----------  ----------  ----------  ----------  ----------

CASH FLOWS FROM
 FINANCING
 ACTIVITIES:
Principal
 payments on
 long-term debt
 and capital
 lease
 obligations           (719)        (88)       (115)       (807)       (780)
Treasury stock
 purchases          (47,910)   (104,285)   (355,010)   (152,195)   (710,089)
Reissuances of
 treasury stock
 related to
 employee stock
 purchase plan          (35)     15,154           -      15,119       9,925
Proceeds from
 issuance of
 common stock         8,449      12,574       6,583      21,023       7,534
                 ----------  ----------  ----------  ----------  ----------
    Net cash used
     for
     financing
     activities     (40,215)    (76,645)   (348,542)   (116,860)   (693,410)
                 ----------  ----------  ----------  ----------  ----------
Effect of
 exchange rate
 changes on cash      1,393        (508)      4,236         885       7,013
Net decrease in
 cash and cash
 equivalents        (23,629)     (6,289)   (221,277)    (29,918)   (374,563)
Cash and cash
 equivalents at
 beginning of
 period           1,156,184   1,162,473   1,411,466   1,162,473   1,564,752
                 ----------  ----------  ----------  ----------  ----------
Cash and cash
 equivalents at
 end of period   $1,132,555  $1,156,184  $1,190,189  $1,132,555  $1,190,189
                 ==========  ==========  ==========  ==========  ==========



                         Non-GAAP Financial Summary
           (in thousands, except percentages and per share data)
                                (unaudited)

                                             Three Months     Three Months
                                                Ended            Ended
                                           ---------------  ---------------
                                             December 29,    September 29,
                                                 2013             2013
                                           ---------------  ---------------

Revenue                                    $     1,116,061  $     1,015,059
Gross margin                               $       510,769  $       456,709
Gross margin as percentage of revenue                 45.8%            45.0%
Operating expenses                         $       302,103  $       291,887
Operating income                           $       208,666  $       164,882
Operating margin as a percentage of
 revenue                                              18.7%            16.2%
Net income                                 $       188,745  $       139,227
Net income per diluted share               $          1.10  $          0.81
Shares used in per share calculation -
 diluted                                           171,757          171,363



       Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
                   (in thousands, except per share data)
                                (unaudited)

                                             Three Months     Three Months
                                                Ended            Ended
                                           ---------------  ---------------
                                             December 29,    September 29,
                                                 2013             2013
                                           ---------------  ---------------
U.S. GAAP net income                       $       148,992  $        85,506
Pre-tax non-GAAP items:
  Amortization related to intangible
   assets acquired in Novellus transaction
   - cost of goods sold                             21,491           21,480
  Acquisition-related inventory fair value
   impact - cost of goods sold                       1,225            2,047
  Integration costs - cost of goods sold               264            1,324
  Integration costs - operating expenses             2,785            8,063
  Amortization related to intangible
   assets acquired in Novellus transaction
   - operating expenses                             16,953           16,947
  Restructuring charges - operating
   expenses                                              -            1,705
  Costs associated with rationalization of
   certain product configurations -
   operating expenses                                  846              844
  Impairment of long lived asset -
   operating expenses                                  628            7,004
  Amortization of convertible note
   discount, Lam notes - other expense,
   net                                               7,329            7,243
  Amortization of convertible note
   discount, Novellus assumed notes -
   other expense, net                                  762              859
  Gain on sale of investment - other
   expense, net                                     (4,813)               -
Net tax benefit on non-GAAP items                   (6,404)         (11,646)
Net tax benefit on successful resolution
 of certain tax matters                             (1,313)          (2,286)
Tax expense associated with legal-entity
 integration                                             -              137
                                           ---------------  ---------------
Non-GAAP net income                        $       188,745  $       139,227
                                           ===============  ===============
Non-GAAP net income per diluted share      $          1.10  $          0.81
                                           ===============  ===============
Number of shares used for diluted per
 share calculation                                 171,757          171,363



 Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating
  Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income
                     (in thousands, except percentages)
                                (unaudited)

                                             Three Months     Three Months
                                                Ended            Ended
                                           ---------------  ---------------
                                             December 29,    September 29,
                                                 2013             2013
                                           ---------------  ---------------
U.S. GAAP gross margin                     $       487,789  $       431,858
Pre-tax non-GAAP items:
  Amortization related to intangible
   assets acquired in Novellus transaction
   - cost of goods sold                             21,491           21,480
  Acquisition-related inventory fair value
   impact - cost of goods sold                       1,225            2,047
  Integration costs - cost of goods sold               264            1,324
                                           ---------------  ---------------
Non-GAAP gross margin                      $       510,769  $       456,709
                                           ===============  ===============
U.S. GAAP gross margin as a percentage of
 revenue                                              43.7%            42.5%
Non-GAAP gross margin as a percentage of
 revenue                                              45.8%            45.0%
U.S. GAAP operating expenses               $       323,315  $       326,450
Pre-tax non-GAAP items:
  Integration costs - operating expenses            (2,785)          (8,063)
  Amortization related to intangible
   assets acquired in Novellus transaction
   - operating expenses                            (16,953)         (16,947)
  Restructuring charges - operating
   expenses                                              -           (1,705)
  Costs associated with rationalization of
   certain product configurations -
   operating expenses                                 (846)            (844)
  Impairment of long lived asset -
   operating expenses                                 (628)          (7,004)
                                           ---------------  ---------------
Non-GAAP operating expenses                $       302,103  $       291,887
                                           ===============  ===============
Non-GAAP operating income                  $       208,666  $       164,822
                                           ===============  ===============
Non-GAAP operating margin as a percent of
 revenue                                              18.7%            16.2%



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