FREMONT, CA--(Marketwire - Jul 25, 2012) - Lam Research Corporation's (
Lam Research Corporation | ||||||||||||
Financial Highlights for the Quarter Ended June 24, 2012 | ||||||||||||
(in thousands, except per share data and percentages) | ||||||||||||
Combined U.S. GAAP |
Combined Non-GAAP |
Lam Stand-alone Non-GAAP |
||||||||||
Revenue: | $ | 741,814 | $ | 741,814 | $ | 715,971 | ||||||
Gross Margin: | 40.2 | % | 42.1 | % | 41.9 | % | ||||||
Operating Margin: | 4.4 | % | 13.2 | % | 14.7 | % | ||||||
Net Income: | $ | 18,069 | $ | 80,873 | $ | 88,164 | ||||||
Diluted EPS: | $ | 0.13 | $ | 0.60 | $ | 0.75 | ||||||
Lam Research Corporation today announced financial results for the quarter ended June 24, 2012. The Company completed the merger with Novellus Systems Inc. (Novellus) on June 4, 2012; results reflect twenty days of contributed financial performance resulting from that purchase, prior period comparable results represent Lam Stand-alone performance without exception. Revenue for the period was $741.8 million, gross margin was $298.2 million, or 40.2%, operating expenses were $265.5 million, and net income was $18.1 million, or $0.13 per diluted share, compared to revenue of $659.0 million, gross margin of $267.1 million, or 40.5%, operating expenses of $209.0 million, and net income of $45.6 million, or $0.38 per diluted share, for the March 2012 quarter. Shipments for the June 2012 quarter were $816 million compared to $713 million during the March 2012 quarter.
In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this commentary contains non-GAAP financial measures. The Company's non-GAAP results for both the June 2012 and March 2012 quarters exclude the amortization of convertible note discounts and certain acquisition and integration-related costs. Additionally, the Company's non-GAAP results for the June 2012 quarter exclude costs associated with rationalization of certain product configurations, amortization related to intangible assets acquired in the Novellus transaction, and acquisition-related inventory fair value impact. The non-GAAP results for the March 2012 quarter exclude certain costs associated with a customer bankruptcy filing. 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.
Comparative highlights between the June 2012 quarter and March 2012 quarter are as follows:
June 2012 Quarter |
March 2012 Quarter |
||||||||
Lam Stand-alone | |||||||||
Non-GAAP gross margin | $ | 300,253 | $ | 269,757 | |||||
Non-GAAP gross margin as a percentage of revenue | 41.9 | % | 40.9 | % | |||||
Non-GAAP operating expenses | $ | 194,678 | $ | 196,753 | |||||
Non-GAAP net income | $ | 88,164 | $ | 60,621 | |||||
Non-GAAP net income per diluted share | $ | 0.75 | $ | 0.50 | |||||
Lam Stand-alone non-GAAP gross margin performance improved in the June 2012 quarter as compared to the March 2012 quarter due to favorable customer and product mix and improved factory and field utilization. Lam Stand-alone non-GAAP operating expenses decreased in the June 2012 quarter as compared to the March 2012 quarter due to reductions in employee-related benefit costs.
The geographic distribution of shipments and revenue during the June 2012 quarter is shown in the following table:
Shipments | Revenue | |||||||
Region | Combined | Lam Stand-alone |
Combined | Lam Stand-alone |
||||
North America | 15% | 14% | 13% | 12% | ||||
Europe | 6% | 6% | 7% | 7% | ||||
Japan | 7% | 8% | 7% | 7% | ||||
Korea | 31% | 32% | 38% | 39% | ||||
Taiwan | 29% | 28% | 24% | 25% | ||||
Asia Pacific | 12% | 12% | 11% | 10% | ||||
Cash and cash equivalents, short-term investments and restricted cash and investments balances increased to $3.0 billion at the end of the June 2012 quarter, compared to $2.6 billion at the end of the March 2012 quarter. This increase included the impact of $1.1 billion acquired in connection with the Novellus transaction, primarily offset by stock repurchases. Cash flows from operating activities were approximately $96.7 million during the June 2012 quarter. Deferred revenue and deferred profit balances at the end of the June 2012 quarter increased to $335.4 million and $164.8 million, respectively. Deferred revenue and deferred profit balances included $87.1 million and $21.1 million from Novellus related operations, respectively. 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 $23.4 million as of June 24, 2012.
"Lam delivered solid financial performance in the June quarter, with sequential growth across our core product and service businesses," said Martin Anstice, Lam's president and chief executive officer. "The quarter also marked the closing of our acquisition of Novellus Systems, and integration is already underway. As we've shared over the past couple of quarters, this combination offers the potential for accelerated growth and we remain focused on aggressively executing our plans to achieve that potential."
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not statements 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, but are not limited, to the anticipated revenue from shipments to Japanese customers, the potential for accelerated growth arising from the acquisition of Novellus and the Company's future plans for its business. 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 26, 2011 and the reports on Form 10-Q for the three months ended September 25, 2011, December 25, 2011, and March 25, 2012. 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.
Lam Research Corp. is a major supplier of innovative wafer fabrication equipment and services to the worldwide semiconductor industry. For more than 30 years, the Company has driven continuous improvements in chip performance, power consumption, and cost, contributing to the global proliferation of smartphones, computers, tablets, and other electronic products. Lam Research has been the leading supplier of high-throughput plasma etch equipment for more than a decade and expanded its product offerings in 2008 to include single-wafer clean systems. The Company added thin-film deposition and wafer surface preparation technologies to its product portfolio in 2012 with the acquisition of Novellus Systems, Inc. Headquartered in Fremont, Calif., Lam Research maintains a global network of service facilities throughout North America, Asia, and Europe to rapidly meet the needs of its global customer base. It is an S&P 500® company and NASDAQ-100® company whose common stock trades on the NASDAQ Global Select Market(SM) 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) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
June 24, | March 25, | June 26, | June 24, | June 26, | ||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (1) | ||||||||||||||
Total revenue | $ | 741,814 | $ | 658,961 | $ | 752,018 | $ | 2,665,192 | $ | 3,237,693 | ||||||||
Cost of goods sold | 443,601 | 391,814 | 413,564 | 1,581,982 | 1,740,461 | |||||||||||||
Cost of goods sold - restructuring and impairments | - | - | - | (859 | ) | - | ||||||||||||
Total costs of goods sold | 443,601 | 391,814 | 413,564 | 1,581,123 | 1,740,461 | |||||||||||||
Gross margin | 298,213 | 267,147 | 338,454 | 1,084,069 | 1,497,232 | |||||||||||||
Gross margin as a percent of revenue | 40.2 | % | 40.5 | % | 45.0 | % | 40.7 | % | 46.2 | % | ||||||||
Research and development | 124,528 | 113,448 | 99,583 | 444,559 | 373,293 | |||||||||||||
Selling, general and administrative | 141,015 | 95,581 | 79,938 | 400,052 | 308,075 | |||||||||||||
Restructuring and impairments | - | - | 16,742 | 1,725 | 11,579 | |||||||||||||
Total operating expenses | 265,543 | 209,029 | 196,263 | 846,336 | 692,947 | |||||||||||||
Operating income | 32,670 | 58,118 | 142,191 | 237,733 | 804,285 | |||||||||||||
Operating margin as a percent of revenue | 4.4 | % | 8.8 | % | 18.9 | % | 8.9 | % | 24.8 | % | ||||||||
Other income (expense), net | (9,889 | ) | (3,568 | ) | (5,131 | ) | (33,315 | ) | (3,409 | ) | ||||||||
Income before income taxes | 22,781 | 54,550 | 137,060 | 204,418 | 800,876 | |||||||||||||
Income tax expense | 4,712 | 8,946 | 11,132 | 35,695 | 77,128 | |||||||||||||
Net income | $ | 18,069 | $ | 45,604 | $ | 125,928 | $ | 168,723 | $ | 723,748 | ||||||||
Net income per share: | ||||||||||||||||||
Basic net income per share | $ | 0.13 | $ | 0.38 | $ | 1.02 | $ | 1.36 | $ | 5.86 | ||||||||
Diluted net income per share | $ | 0.13 | $ | 0.38 | $ | 1.01 | $ | 1.35 | $ | 5.79 | ||||||||
Number of shares used in per share calculations: | ||||||||||||||||||
Basic | 133,997 | 119,841 | 123,863 | 124,176 | 123,529 | |||||||||||||
Diluted | 135,842 | 120,956 | 125,086 | 125,233 | 125,019 | |||||||||||||
(1) Derived from audited financial statements
LAM RESEARCH CORPORATION | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands) | ||||||||||
June 24, | March 25, | June 26, | ||||||||
2012 | 2012 | 2011 | ||||||||
(unaudited) | (unaudited) | (1) | ||||||||
ASSETS | ||||||||||
Cash and cash equivalents | $ | 1,564,752 | $ | 1,410,267 | $ | 1,492,132 | ||||
Short-term investments | 1,297,931 | 993,696 | 630,115 | |||||||
Accounts receivable, net | 765,818 | 471,776 | 590,568 | |||||||
Inventories | 632,853 | 376,126 | 396,607 | |||||||
Deferred income taxes | 47,782 | 78,719 | 78,435 | |||||||
Other current assets | 105,973 | 93,325 | 85,408 | |||||||
Total current assets | 4,415,109 | 3,423,909 | 3,273,265 | |||||||
Property and equipment, net | 584,596 | 279,955 | 270,458 | |||||||
Restricted cash and investments | 166,335 | 165,220 | 165,256 | |||||||
Deferred income taxes | - | - | 3,892 | |||||||
Goodwill and intangible assets | 2,686,730 | 203,276 | 216,616 | |||||||
Other assets | 151,882 | 120,903 | 124,380 | |||||||
Total assets | $ | 8,004,652 | $ | 4,193,263 | $ | 4,053,867 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities | $ | 1,426,928 | $ | 651,655 | $ | 680,759 | ||||
Long-term debt and capital leases | $ | 761,783 | $ | 755,427 | $ | 738,488 | ||||
Income taxes payable | 274,240 | 115,570 | 113,582 | |||||||
Other long-term liabilities | 219,577 | 61,469 | 51,193 | |||||||
Total liabilities | $ | 2,682,528 | $ | 1,584,121 | $ | 1,584,022 | ||||
Senior convertible notes | 190,343 | - | - | |||||||
Stockholders' equity | 5,131,781 | 2,609,142 | 2,469,845 | |||||||
Total liabilities and stockholders' equity | $ | 8,004,652 | $ | 4,193,263 | $ | 4,053,867 | ||||
(1) Derived from audited financial statements
LAM RESEARCH CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
June 24, | March 25, | June 26, | June 24, | June 26, | ||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (1) | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net income | $ | 18,069 | $ | 45,604 | $ | 125,928 | $ | 168,723 | $ | 723,748 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||
Depreciation and amortization | 34,576 | 22,517 | 19,972 | 100,825 | 74,759 | |||||||||||||
Deferred income taxes | 39,356 | 3,723 | (6,166 | ) | 42,446 | (10,721 | ) | |||||||||||
Restructuring charges, net | - | - | 16,742 | 866 | 11,579 | |||||||||||||
Equity-based compensation expense | 29,174 | 16,417 | 14,788 | 81,559 | 53,012 | |||||||||||||
Income tax benefit on equity-based compensation plans | 1,429 | (1,048 | ) | 9,283 | 1,510 | 28,775 | ||||||||||||
Excess tax benefit on equity-based compensation plans | (394 | ) | (137 | ) | (8,184 | ) | (2,686 | ) | (23,290 | ) | ||||||||
Impairment of investment | - | - | - | 1,724 | - | |||||||||||||
Amortization of convertible note discount | 7,014 | 6,750 | 3,554 | 27,028 | 3,554 | |||||||||||||
Other, net | 7,206 | 1,165 | 477 | 10,877 | (2,341 | ) | ||||||||||||
Changes in operating asset and liabilities: | (39,715 | ) | 51,406 | 21,714 | 66,156 | 21,953 | ||||||||||||
Net cash provided by operating activities | 96,715 | 146,397 | 198,108 | 499,028 | 881,028 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital expenditures and intangible assets | (36,880 | ) | (27,978 | ) | (34,571 | ) | (107,272 | ) | (127,495 | ) | ||||||||
Cash acquired in business acquisition | 418,681 | - | - | 418,681 | - | |||||||||||||
Purchase of other investments | - | - | - | - | (417 | ) | ||||||||||||
Net sales/maturities (purchases) of available-for-sale securities | 329,689 | (282,225 | ) | (316,789 | ) | (41,989 | ) | (353,523 | ) | |||||||||
Purchase of equity method investment | - | - | - | (10,740 | ) | - | ||||||||||||
Receipt of loan payments | - | - | - | 8,375 | - | |||||||||||||
Proceeds from sale of assets | - | - | - | 2,677 | 1,544 | |||||||||||||
Transfer of restricted cash and investments | (29 | ) | 3 | (8 | ) | (6 | ) | (22 | ) | |||||||||
Net cash provided by (used for) investing activities | 711,461 | (310,200 | ) | (351,368 | ) | 269,726 | (479,913 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Principal payments on long-term debt and capital lease obligations | (1,101 | ) | (1,024 | ) | (81 | ) | (5,265 | ) | (4,530 | ) | ||||||||
Net proceeds from issuance of long-term debt | - | - | 882,831 | - | 882,831 | |||||||||||||
Proceeds from sale of warrants | - | - | 133,830 | - | 133,830 | |||||||||||||
Purchase of convertible note hedge | - | - | (181,125 | ) | - | (181,125 | ) | |||||||||||
Excess tax benefit on equity-based compensation plans | 394 | 137 | 8,184 | 2,686 | 23,290 | |||||||||||||
Treasury stock purchases | (661,059 | ) | (18,909 | ) | (53,753 | ) | (772,663 | ) | (211,316 | ) | ||||||||
Net cash received in settlement of (paid in advance for) stock repurchase contracts | - | 79,189 | (99,589 | ) | 55,194 | (149,589 | ) | |||||||||||
Reissuances of treasury stock | 8,765 | 7,902 | 7,518 | 25,525 | 21,194 | |||||||||||||
Proceeds from issuance of common stock | - | 301 | 2,179 | 1,776 | 12,401 | |||||||||||||
Net cash provided by (used for) financing activities | (653,001 | ) | 67,596 | 699,994 | (692,747 | ) | 526,986 | |||||||||||
Effect of exchange rate changes on cash | (690 | ) | (454 | ) | 2,688 | (3,387 | ) | 18,264 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 154,485 | (96,661 | ) | 549,422 | 72,620 | 946,365 | ||||||||||||
Cash and cash equivalents at beginning of period | 1,410,267 | 1,506,928 | 942,710 | 1,492,132 | 545,767 | |||||||||||||
Cash and cash equivalents at end of period | $ | 1,564,752 | $ | 1,410,267 | $ | 1,492,132 | $ | 1,564,752 | $ | 1,492,132 | ||||||||
(1) Derived from audited financial statements
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income | |||||||||
(in thousands, except per share data) | |||||||||
(unaudited) | |||||||||
Three Months Ended | Three Months Ended | ||||||||
June 24, | March 25, | ||||||||
2012 | 2012 | ||||||||
U.S. GAAP net income | $ | 18,069 | $ | 45,604 | |||||
Pre-tax non-GAAP items: | |||||||||
Costs associated with rationalization of certain product configurations - cost of goods sold | 4,045 | - | |||||||
Amortization related to intangible assets acquired in Novellus transaction - cost of goods sold | 4,540 | - | |||||||
Acquisition-related inventory fair value impact - cost of goods sold | 5,864 | - | |||||||
Costs associated with customer bankruptcy filing - cost of goods sold | - | 2,610 | |||||||
Acquisition-related costs - operating expenses | 37,374 | 3,195 | |||||||
Integration costs - operating expenses | 7,293 | 8,441 | |||||||
Amortization related to intangible assets acquired in Novellus transaction - operating expenses | 4,256 | - | |||||||
Costs associated with rationalization of certain product configurations - operating expenses | 1,850 | - | |||||||
Bad debt and other expenses associated with customer bankruptcy filing - operating expenses | - | 640 | |||||||
Amortization of convertible note discount, Lam notes - other income (expense), net | 6,830 | 6,750 | |||||||
Amortization of convertible note discount, Novellus assumed notes - other income (expense), net | 184 | - | |||||||
Acquisition-related costs - other income (expense), net | 2,300 | - | |||||||
Net tax benefit on non-GAAP items | (11,732 | ) | (6,619 | ) | |||||
Non-GAAP net income | $ | 80,873 | $ | 60,621 | |||||
Non-GAAP net income per diluted share | $ | 0.60 | $ | 0.50 | |||||
Number of shares used for diluted per share calculation | 135,842 | 120,956 | |||||||
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 Ended | Three Months Ended | ||||||||
June 24, | March 25, | ||||||||
2012 | 2012 | ||||||||
U.S. GAAP gross margin | $ | 298,213 | $ | 267,147 | |||||
Pre-tax non-GAAP items: | |||||||||
Costs associated with rationalization of certain product configurations - cost of goods sold | 4,045 | - | |||||||
Amortization related to intangible assets acquired in Novellus transaction - cost of goods sold | 4,540 | - | |||||||
Acquisition-related inventory fair value impact - cost of goods sold | 5,864 | - | |||||||
Costs associated with customer bankruptcy filing - cost of goods sold | - | 2,610 | |||||||
Non-GAAP gross margin | $ | 312,662 | $ | 269,757 | |||||
U.S. GAAP gross margin as a percentage of revenue | 40.2 | % | 40.5 | % | |||||
Non-GAAP gross margin as a percentage of revenue | 42.1 | % | 40.9 | % | |||||
U.S. GAAP operating expenses | $ | 265,543 | $ | 209,029 | |||||
Pre-tax non-GAAP items: | |||||||||
Acquisition-related costs - operating expenses | (37,374 | ) | (3,195 | ) | |||||
Integration costs - operating expenses | (7,293 | ) | (8,441 | ) | |||||
Amortization related to intangible assets acquired in Novellus transaction - operating expenses | (4,256 | ) | - | ||||||
Costs associated with rationalization of certain product configurations - operating expenses | (1,850 | ) | - | ||||||
Bad debt and other expenses associated with customer bankruptcy filing - operating expenses | - | (640 | ) | ||||||
Non-GAAP operating expenses | $ | 214,770 | $ | 196,753 | |||||
Non-GAAP operating income | $ | 97,892 | $ | 73,004 | |||||
Non-GAAP operating margin as a percent of revenue | 13.2 | % | 11.1 | % | |||||
Reconciliation of U.S. GAAP Other Income (Expense), Net to Non-GAAP Other Income (Expense), Net | |||||||||
(in thousands) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
June 24, | March 25, | ||||||||
2012 | 2012 | ||||||||
U.S. GAAP other income (expense), net | $ | (9,889 | ) | $ | (3,568 | ) | |||
Pre-tax non-GAAP items: | |||||||||
Amortization of convertible note discount, Lam notes | 6,830 | 6,750 | |||||||
Amortization of convertible note discount, Novellus assumed notes | 184 | - | |||||||
Acquisition-related costs | 2,300 | - | |||||||
Non-GAAP other income (expense), net | $ | (575 | ) | $ | 3,182 | ||||
Reconciliation of Combined Non-GAAP Statement of Operations to Lam Stand-alone Non-GAAP Statement of Operations | |||||||||||||||
Three Months Ended June 24, 2012 | |||||||||||||||
(in thousands, except per share data and percentages) | |||||||||||||||
(unaudited) | |||||||||||||||
Combined Non-GAAP |
Less: Non-GAAP Results Attributable to Novellus |
Lam Stand-alone Non-GAAP |
|||||||||||||
Revenue | $ | 741,814 | $ | 25,843 | $ | 715,971 | |||||||||
Cost of goods sold | 429,152 | 13,434 | 415,718 | ||||||||||||
Gross margin | 312,662 | 12,409 | 300,253 | ||||||||||||
Gross margin as a percent of revenue | 42.1 | % | 41.9 | % | |||||||||||
Total operating expenses | 214,770 | 20,092 | 194,678 | ||||||||||||
Operating income (loss) | 97,892 | (7,683 | ) | 105,575 | |||||||||||
Operating margin as a percent of revenue | 13.2 | % | 14.7 | % | |||||||||||
Other income (expense), net | (575 | ) | (572 | ) | (3 | ) | |||||||||
Income (loss) before income taxes | 97,317 | (8,255 | ) | 105,572 | |||||||||||
Income tax expense (benefit) | 16,444 | (964 | ) | 17,408 | |||||||||||
Net income (loss) | $ | 80,873 | $ | (7,291 | ) | $ | 88,164 | ||||||||
Net income per share: | |||||||||||||||
Basic net income per share | $ | 0.60 | $ | 0.76 | |||||||||||
Diluted net income per share | $ | 0.60 | $ | 0.75 | |||||||||||
Number of shares used in per share calculations: | |||||||||||||||
Basic | 133,997 | 18,167 | 1 | 115,830 | |||||||||||
Diluted | 135,842 | 19,027 | 2 | 116,815 | |||||||||||
(1) Excludes shares issued as acquisition consideration and acquired stock compensation award activity subsequent to acquisition |
(2) Excludes dilutive impact of assumed Novellus stock compensation awards and convertible note |
Contact Information:
Lam Research Corporation Contact:
Shanye Hudson
Director, Investor Relations
phone: 510-572-4589
e-mail: shanye.hudson@lamresearch.com