Lam Research (LRCX) FY2015 results: revenue $5.3 billion, up 14.2% on the year
Lam Research Corp. (LRCX) reported revenue of $5.3 billion for fiscal 2015, the year ended 28 June 2015, up 14.2% on the year before. Net income was $656 million, up 3.7%, and diluted earnings per share $0.37. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2015.
Revenue
$5.3 billion
+14.2% on the year
FY2009FY2015
Operating margin
15.0%
14.7% a year earlier
FY2009FY2015
Net income
$656 million
+3.7% on the year
FY2009FY2015
Diluted EPS
$0.37
+2.2% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
5,259
4,607
3,599
+14.2%
Cost of revenue
2,975
2,600
2,196
+14.4%
Gross profit
2,284
2,007
1,403
+13.8%
Gross margin
43.4%
43.6%
39.0%
Research and development
825
716
684
+15.2%
Selling, general and administrative
592
613
601
-3.5%
Operating income
788
678
118
+16.3%
Operating margin
15.0%
14.7%
3.3%
Interest expense
73.7
61.7
60.4
+19.4%
Pre-tax income
741
723
66.7
+2.4%
Income tax
85.3
91.1
-47.2
-6.4%
Effective tax rate
11.5%
12.6%
-70.8%
Net income
656
632
114
+3.7%
Net margin
12.5%
13.7%
3.2%
Diluted EPS
$0.37
$0.36
$0.07
+2.2%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
786
717
720
+9.5%
Capital expenditure
198
146
161
+36.3%
Free cash flow
587
572
559
+2.7%
Free cash flow margin
11.2%
12.4%
15.5%
Cash from investing
n/a
n/a
-239
Cash from financing
n/a
n/a
-888
Depreciation and amortisation
278
292
304
-4.9%
Share-based compensation
135
104
99.3
+30.5%
Buybacks
573
245
956
+134.1%
Dividends paid
116
0.0
n/a
Dividend per share
$0.08
$0.02
n/a
+366.7%
Diluted shares, weighted
1,771m
1,745m
1,734m
+1.5%
Shares outstanding at period end
1,585m
1,624m
1,629m
-2.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
5,103
5,030
4,489
+1.5%
Redeemable equity
242
183
187
+31.9%
Debt
2,352
1,324
1,290
+77.7%
Other liabilities
1,668
1,457
1,284
+14.5%
Total liabilities and equity
9,365
7,993
7,250
+17.2%
Fixed assets
621
543
604
+14.3%
Goodwill
1,388
1,466
1,452
-5.4%
Intangible assets
728
894
1,074
-18.6%
Investments
2,575
1,613
1,335
+59.6%
Cash and equivalents
1,502
1,453
1,162
+3.4%
Receivables
1,094
801
603
+36.6%
Inventory
943
741
559
+27.4%
Other assets
514
483
461
+6.5%
Total assets
9,365
7,993
7,250
+17.2%
10-K for the year ended 28 June 2015, filed 13 August 2015: the filing.