Lam Research (LRCX) FY2012 results: revenue $2.7 billion, down 17.7% on the year
Lam Research Corp. (LRCX) reported revenue of $2.7 billion for fiscal 2012, the year ended 24 June 2012, down 17.7% on the year before. Net income was $169 million, down 76.7%, and diluted earnings per share $0.14. The figures are the company's own, from the 10-K it filed with the SEC on 22 August 2012.
Revenue
$2.7 billion
-17.7% on the year
FY2009FY2012
Operating margin
8.9%
24.8% a year earlier
FY2009FY2012
Net income
$169 million
-76.7% on the year
FY2009FY2012
Diluted EPS
$0.14
-76.7% on the year
FY2009FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,665
3,238
2,134
-17.7%
Cost of revenue
1,581
1,740
1,164
-9.2%
Gross profit
1,084
1,497
970
-27.6%
Gross margin
40.7%
46.2%
45.5%
Research and development
445
373
321
+19.1%
Selling, general and administrative
402
308
241
+30.4%
Operating income
238
804
425
-70.4%
Operating margin
8.9%
24.8%
19.9%
Interest expense
39.0
5.4
1.0
+624.2%
Pre-tax income
204
801
430
-74.5%
Income tax
35.7
77.1
83.5
-53.7%
Effective tax rate
17.5%
9.6%
19.4%
Net income
169
724
347
-76.7%
Net margin
6.3%
22.4%
16.2%
Diluted EPS
$0.14
$0.58
$0.27
-76.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
499
881
351
-43.4%
Capital expenditure
107
127
35.6
-15.9%
Free cash flow
392
754
315
-48.0%
Free cash flow margin
14.7%
23.3%
14.8%
Cash from investing
270
-480
-103
Cash from financing
-693
527
-72.7
Depreciation and amortisation
101
74.8
71.4
+34.9%
Share-based compensation
81.6
53.0
50.5
+53.9%
Buybacks
773
211
93.0
+265.6%
Diluted shares, weighted
1,252m
1,250m
1,281m
+0.2%
Shares outstanding at period end
1,867m
1,236m
1,259m
+51.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
5,132
2,470
1,768
+107.8%
Redeemable equity
190
n/a
n/a
Debt
1,259
726
7.0
+73.3%
Other liabilities
1,424
861
712
+65.3%
Total liabilities and equity
8,005
4,057
2,487
+97.3%
Fixed assets
585
270
200
+116.2%
Goodwill
1,446
169
169
+754.9%
Intangible assets
1,240
47.4
67.7
+2,515.1%
Investments
1,298
630
281
+106.0%
Cash and equivalents
1,565
1,492
546
+4.9%
Receivables
766
591
500
+29.7%
Inventory
633
397
318
+59.6%
Other assets
472
461
405
+2.4%
Total assets
8,005
4,057
2,487
+97.3%
10-K for the year ended 24 June 2012, filed 22 August 2012: the filing.