Lam Research (LRCX) FY2013 results: revenue $3.6 billion, up 35.0% on the year
Lam Research Corp. (LRCX) reported revenue of $3.6 billion for fiscal 2013, the year ended 30 June 2013, up 35.0% on the year before. Net income was $114 million, down 32.5%, and diluted earnings per share $0.07. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2015.
Revenue
$3.6 billion
+35.0% on the year
FY2009FY2013
Operating margin
3.3%
8.9% a year earlier
FY2009FY2013
Net income
$114 million
-32.5% on the year
FY2009FY2013
Diluted EPS
$0.07
-51.1% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,599
2,665
3,238
+35.0%
Cost of revenue
2,196
1,581
1,740
+38.9%
Gross profit
1,403
1,084
1,497
+29.4%
Gross margin
39.0%
40.7%
46.2%
Research and development
684
445
373
+53.8%
Selling, general and administrative
601
402
308
+49.7%
Operating income
118
238
804
-50.3%
Operating margin
3.3%
8.9%
24.8%
Interest expense
60.4
39.0
5.4
+55.0%
Pre-tax income
66.7
204
801
-67.4%
Income tax
-47.2
35.7
77.1
Effective tax rate
-70.8%
17.5%
9.6%
Net income
114
169
724
-32.5%
Net margin
3.2%
6.3%
22.4%
Diluted EPS
$0.07
$0.14
$0.58
-51.1%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
720
499
881
+44.3%
Capital expenditure
161
107
127
+49.9%
Free cash flow
559
392
754
+42.7%
Free cash flow margin
15.5%
14.7%
23.3%
Cash from investing
-239
270
-480
Cash from financing
-888
-693
527
Depreciation and amortisation
304
101
74.8
+201.6%
Share-based compensation
99.3
81.6
53.0
+21.8%
Buybacks
956
773
211
+23.7%
Diluted shares, weighted
1,734m
1,252m
1,250m
+38.5%
Shares outstanding at period end
1,629m
1,867m
1,236m
-12.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,489
5,132
2,470
-12.5%
Redeemable equity
187
190
n/a
-1.8%
Debt
1,290
1,259
726
+2.5%
Other liabilities
1,284
1,424
861
-9.8%
Total liabilities and equity
7,250
8,005
4,057
-9.4%
Fixed assets
604
585
270
+3.3%
Goodwill
1,452
1,446
169
+0.4%
Intangible assets
1,074
1,240
47.4
-13.4%
Investments
1,335
1,298
630
+2.8%
Cash and equivalents
1,162
1,565
1,492
-25.7%
Receivables
603
766
591
-21.3%
Inventory
559
633
397
-11.6%
Other assets
461
472
461
-2.4%
Total assets
7,250
8,005
4,057
-9.4%
10-K for the year ended 30 June 2013, filed 13 August 2015: the filing.