Lam Research (LRCX) FY2017 results: revenue $8.0 billion, up 36.1% on the year
Lam Research Corp. (LRCX) reported revenue of $8.0 billion for fiscal 2017, the year ended 25 June 2017, up 36.1% on the year before. Net income was $1.7 billion, up 85.7%, and diluted earnings per share $0.92. The figures are the company's own, from the 10-K it filed with the SEC on 20 August 2019.
Revenue
$8.0 billion
+36.1% on the year
FY2010FY2017
Operating margin
23.7%
18.3% a year earlier
FY2010FY2017
Net income
$1.7 billion
+85.7% on the year
FY2010FY2017
Diluted EPS
$0.92
+77.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
8,014
5,886
5,259
+36.1%
Cost of revenue
4,410
3,267
2,975
+35.0%
Gross profit
3,603
2,619
2,284
+37.6%
Gross margin
45.0%
44.5%
43.4%
Research and development
1,034
914
825
+13.1%
Selling, general and administrative
667
631
592
+5.8%
Operating income
1,902
1,074
788
+77.1%
Operating margin
23.7%
18.3%
15.0%
Interest expense
118
135
73.7
-12.6%
Pre-tax income
1,812
960
741
+88.7%
Income tax
114
46.1
85.3
+147.3%
Effective tax rate
6.3%
4.8%
11.5%
Net income
1,698
914
656
+85.7%
Net margin
21.2%
15.5%
12.5%
Diluted EPS
$0.92
$0.52
$0.37
+77.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,029
1,350
786
+50.3%
Capital expenditure
157
175
198
-10.2%
Free cash flow
1,872
1,175
587
+59.3%
Free cash flow margin
23.4%
20.0%
11.2%
Cash from investing
-2,053
n/a
n/a
Cash from financing
-2,632
n/a
n/a
Depreciation and amortisation
307
291
278
+5.5%
Share-based compensation
150
142
135
+5.4%
Buybacks
812
158
573
+412.5%
Dividends paid
243
190
116
+27.9%
Dividend per share
$0.17
$0.12
$0.08
+37.5%
Diluted shares, weighted
1,838m
1,752m
1,771m
+4.9%
Shares outstanding at period end
1,617m
1,602m
1,585m
+1.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
6,817
5,895
5,103
+15.7%
Redeemable equity
170
208
242
-18.2%
Debt
2,687
4,326
2,352
-37.9%
Other liabilities
2,449
1,844
1,668
+32.8%
Total liabilities and equity
12,123
12,272
9,365
-1.2%
Fixed assets
686
640
621
+7.2%
Goodwill
1,386
1,386
1,388
-0.0%
Intangible assets
411
565
728
-27.2%
Investments
n/a
n/a
2,575
Cash and equivalents
2,378
5,039
1,502
-52.8%
Receivables
1,673
1,262
1,094
+32.6%
Inventory
1,233
972
943
+26.9%
Other assets
4,357
2,407
514
+81.0%
Total assets
12,123
12,272
9,365
-1.2%
10-K for the year ended 25 June 2017, filed 20 August 2019: the filing.