Lam Research (LRCX) FY2018 results: revenue $11.1 billion, up 38.2% on the year
Lam Research Corp. (LRCX) reported revenue of $11.1 billion for fiscal 2018, the year ended 24 June 2018, up 38.2% on the year before. Net income was $2.4 billion, up 40.2%, and diluted earnings per share $1.32. The figures are the company's own, from the 10-K it filed with the SEC on 20 August 2019.
Revenue
$11.1 billion
+38.2% on the year
FY2011FY2018
Operating margin
29.0%
23.7% a year earlier
FY2011FY2018
Net income
$2.4 billion
+40.2% on the year
FY2011FY2018
Diluted EPS
$1.32
+42.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,077
8,014
5,886
+38.2%
Cost of revenue
5,912
4,410
3,267
+34.1%
Gross profit
5,165
3,603
2,619
+43.3%
Gross margin
46.6%
45.0%
44.5%
Research and development
1,190
1,034
914
+15.1%
Selling, general and administrative
762
667
631
+14.2%
Operating income
3,213
1,902
1,074
+68.9%
Operating margin
29.0%
23.7%
18.3%
Interest expense
97.4
118
135
-17.3%
Pre-tax income
3,152
1,812
960
+74.0%
Income tax
771
114
46.1
+576.9%
Effective tax rate
24.5%
6.3%
4.8%
Net income
2,381
1,698
914
+40.2%
Net margin
21.5%
21.2%
15.5%
Diluted EPS
$1.32
$0.92
$0.52
+42.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,656
2,029
1,350
+30.9%
Capital expenditure
273
157
175
+73.7%
Free cash flow
2,382
1,872
1,175
+27.3%
Free cash flow margin
21.5%
23.4%
20.0%
Cash from investing
2,749
-2,053
n/a
Cash from financing
-3,272
-2,632
n/a
Depreciation and amortisation
326
307
291
+6.4%
Share-based compensation
172
150
142
+14.8%
Buybacks
2,653
812
158
+226.9%
Dividends paid
308
243
190
+26.3%
Dividend per share
$0.26
$0.17
$0.12
+54.5%
Diluted shares, weighted
1,808m
1,838m
1,752m
-1.6%
Shares outstanding at period end
1,569m
1,617m
1,602m
-3.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,502
6,817
5,895
-4.6%
Redeemable equity
78.2
170
208
-54.0%
Debt
2,417
2,687
4,326
-10.1%
Other liabilities
3,483
2,449
1,844
+42.2%
Total liabilities and equity
12,479
12,123
12,272
+2.9%
Fixed assets
903
686
640
+31.6%
Goodwill
1,485
1,386
1,386
+7.2%
Intangible assets
318
411
565
-22.7%
Cash and equivalents
4,512
2,378
5,039
+89.8%
Receivables
2,177
1,673
1,262
+30.1%
Inventory
1,876
1,233
972
+52.2%
Other assets
1,209
4,357
2,407
-72.3%
Total assets
12,479
12,123
12,272
+2.9%
10-K for the year ended 24 June 2018, filed 20 August 2019: the filing.