Lam Research (LRCX) FY2016 results: revenue $5.9 billion, up 11.9% on the year
Lam Research Corp. (LRCX) reported revenue of $5.9 billion for fiscal 2016, the year ended 26 June 2016, up 11.9% on the year before. Net income was $914 million, up 39.4%, and diluted earnings per share $0.52. The figures are the company's own, from the 10-K it filed with the SEC on 17 August 2016.
Revenue
$5.9 billion
+11.9% on the year
FY2009FY2016
Operating margin
18.3%
15.0% a year earlier
FY2009FY2016
Net income
$914 million
+39.4% on the year
FY2009FY2016
Diluted EPS
$0.52
+41.1% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
5,886
5,259
4,607
+11.9%
Cost of revenue
3,267
2,975
2,600
+9.8%
Gross profit
2,619
2,284
2,007
+14.6%
Gross margin
44.5%
43.4%
43.6%
Research and development
914
825
716
+10.7%
Selling, general and administrative
631
592
613
+6.7%
Operating income
1,074
788
678
+36.3%
Operating margin
18.3%
15.0%
14.7%
Interest expense
135
73.7
61.7
+82.9%
Pre-tax income
960
741
723
+29.6%
Income tax
46.1
85.3
91.1
-46.0%
Effective tax rate
4.8%
11.5%
12.6%
Net income
914
656
632
+39.4%
Net margin
15.5%
12.5%
13.7%
Diluted EPS
$0.52
$0.37
$0.36
+41.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,350
786
717
+71.9%
Capital expenditure
175
198
146
-11.6%
Free cash flow
1,175
587
572
+100.1%
Free cash flow margin
20.0%
11.2%
12.4%
Depreciation and amortisation
291
278
292
+4.7%
Share-based compensation
142
135
104
+5.2%
Buybacks
158
573
245
-72.4%
Dividends paid
190
116
0.0
+64.1%
Dividend per share
$0.12
$0.08
$0.02
+42.9%
Diluted shares, weighted
1,752m
1,771m
1,745m
-1.1%
Shares outstanding at period end
1,602m
1,585m
1,624m
+1.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
5,895
5,103
5,030
+15.5%
Redeemable equity
208
242
183
-14.2%
Debt
4,326
2,352
1,324
+83.9%
Other liabilities
1,844
1,668
1,457
+10.6%
Total liabilities and equity
12,272
9,365
7,993
+31.0%
Fixed assets
640
621
543
+2.9%
Goodwill
1,386
1,388
1,466
-0.1%
Intangible assets
565
728
894
-22.4%
Investments
n/a
2,575
1,613
Cash and equivalents
5,039
1,502
1,453
+235.6%
Receivables
1,262
1,094
801
+15.4%
Inventory
972
943
741
+3.0%
Other assets
2,407
514
483
+368.2%
Total assets
12,272
9,365
7,993
+31.0%
10-K for the year ended 26 June 2016, filed 17 August 2016: the filing.