Lam Research (LRCX) FY2014 results: revenue $4.6 billion, up 28.0% on the year
Lam Research Corp. (LRCX) reported revenue of $4.6 billion for fiscal 2014, the year ended 29 June 2014, up 28.0% on the year before. Net income was $632 million, up 455.2%, and diluted earnings per share $0.36. The figures are the company's own, from the 10-K it filed with the SEC on 26 August 2014.
Revenue
$4.6 billion
+28.0% on the year
FY2009FY2014
Operating margin
14.7%
3.3% a year earlier
FY2009FY2014
Net income
$632 million
+455.2% on the year
FY2009FY2014
Diluted EPS
$0.36
+448.5% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,607
3,599
2,665
+28.0%
Cost of revenue
2,600
2,196
1,581
+18.4%
Gross profit
2,007
1,403
1,084
+43.1%
Gross margin
43.6%
39.0%
40.7%
Research and development
716
684
445
+4.8%
Selling, general and administrative
613
601
402
+2.0%
Operating income
678
118
238
+474.0%
Operating margin
14.7%
3.3%
8.9%
Interest expense
61.7
60.4
39.0
+2.1%
Pre-tax income
723
66.7
204
+985.2%
Income tax
91.1
-47.2
35.7
Effective tax rate
12.6%
-70.8%
17.5%
Net income
632
114
169
+455.2%
Net margin
13.7%
3.2%
6.3%
Diluted EPS
$0.36
$0.07
$0.14
+448.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
717
720
499
-0.4%
Capital expenditure
146
161
107
-9.5%
Free cash flow
572
559
392
+2.2%
Free cash flow margin
12.4%
15.5%
14.7%
Cash from investing
n/a
-239
270
Cash from financing
n/a
-888
-693
Depreciation and amortisation
292
304
101
-3.9%
Share-based compensation
104
99.3
81.6
+4.4%
Buybacks
245
956
773
-74.4%
Dividends paid
0.0
n/a
n/a
Dividend per share
$0.02
n/a
n/a
Diluted shares, weighted
1,745m
1,734m
1,252m
+0.6%
Shares outstanding at period end
1,624m
1,629m
1,867m
-0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,030
4,489
5,132
+12.0%
Redeemable equity
183
187
190
-1.9%
Debt
1,324
1,290
1,259
+2.6%
Other liabilities
1,457
1,284
1,424
+13.4%
Total liabilities and equity
7,993
7,250
8,005
+10.2%
Fixed assets
543
604
585
-10.0%
Goodwill
1,466
1,452
1,446
+1.0%
Intangible assets
894
1,074
1,240
-16.8%
Investments
1,613
1,335
1,298
+20.8%
Cash and equivalents
1,453
1,162
1,565
+25.0%
Receivables
801
603
766
+32.9%
Inventory
741
559
633
+32.4%
Other assets
483
461
472
+4.8%
Total assets
7,993
7,250
8,005
+10.2%
10-K for the year ended 29 June 2014, filed 26 August 2014: the filing.