Lam Research (LRCX) FY2019 results: revenue $9.7 billion, down 12.9% on the year
Lam Research Corp. (LRCX) reported revenue of $9.7 billion for fiscal 2019, the year ended 30 June 2019, down 12.9% on the year before. Net income was $2.2 billion, down 7.9%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 20 August 2019.
Revenue
$9.7 billion
-12.9% on the year
FY2012FY2019
Operating margin
25.5%
29.0% a year earlier
FY2012FY2019
Net income
$2.2 billion
-7.9% on the year
FY2012FY2019
Diluted EPS
$1.37
+4.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
9,654
11,077
8,014
-12.9%
Cost of revenue
5,295
5,912
4,410
-10.4%
Gross profit
4,358
5,165
3,603
-15.6%
Gross margin
45.1%
46.6%
45.0%
Research and development
1,191
1,190
1,034
+0.2%
Selling, general and administrative
702
762
667
-7.8%
Operating income
2,465
3,213
1,902
-23.3%
Operating margin
25.5%
29.0%
23.7%
Interest expense
117
97.4
118
+20.4%
Pre-tax income
2,447
3,152
1,812
-22.4%
Income tax
255
771
114
-66.9%
Effective tax rate
10.4%
24.5%
6.3%
Net income
2,191
2,381
1,698
-7.9%
Net margin
22.7%
21.5%
21.2%
Diluted EPS
$1.37
$1.32
$0.92
+4.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,176
2,656
2,029
+19.6%
Capital expenditure
303
273
157
+11.0%
Free cash flow
2,873
2,382
1,872
+20.6%
Free cash flow margin
29.8%
21.5%
23.4%
Cash from investing
-1,637
2,749
-2,053
Cash from financing
-2,390
-3,272
-2,632
Depreciation and amortisation
309
326
307
-5.2%
Share-based compensation
187
172
150
+8.7%
Buybacks
3,781
2,653
812
+42.5%
Dividends paid
678
308
243
+120.5%
Dividend per share
$0.44
$0.26
$0.17
+72.5%
Diluted shares, weighted
1,599m
1,808m
1,838m
-11.5%
Shares outstanding at period end
1,444m
1,569m
1,617m
-7.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,674
6,502
6,817
-28.1%
Redeemable equity
49.4
78.2
170
-36.8%
Debt
4,490
2,417
2,687
+85.8%
Other liabilities
2,788
3,483
2,449
-19.9%
Total liabilities and equity
12,001
12,479
12,123
-3.8%
Fixed assets
1,059
903
686
+17.3%
Goodwill
1,485
1,485
1,386
-0.0%
Intangible assets
217
318
411
-31.7%
Cash and equivalents
3,658
4,512
2,378
-18.9%
Receivables
1,456
2,177
1,673
-33.1%
Inventory
1,540
1,876
1,233
-17.9%
Other assets
2,587
1,209
4,357
+114.0%
Total assets
12,001
12,479
12,123
-3.8%
10-K for the year ended 30 June 2019, filed 20 August 2019: the filing.