Lam Research (LRCX) FY2020 results: revenue $10.0 billion, up 4.1% on the year
Lam Research Corp. (LRCX) reported revenue of $10.0 billion for fiscal 2020, the year ended 28 June 2020, up 4.1% on the year before. Net income was $2.3 billion, up 2.8%, and diluted earnings per share $1.51. The figures are the company's own, from the 10-K it filed with the SEC on 18 August 2020.
Revenue
$10.0 billion
+4.1% on the year
FY2013FY2020
Operating margin
26.6%
25.5% a year earlier
FY2013FY2020
Net income
$2.3 billion
+2.8% on the year
FY2013FY2020
Diluted EPS
$1.51
+10.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
10,045
9,654
11,077
+4.1%
Cost of revenue
5,436
5,295
5,912
+2.7%
Gross profit
4,609
4,358
5,165
+5.7%
Gross margin
45.9%
45.1%
46.6%
Research and development
1,252
1,191
1,190
+5.1%
Selling, general and administrative
682
702
762
-2.8%
Operating income
2,674
2,465
3,213
+8.5%
Operating margin
26.6%
25.5%
29.0%
Interest expense
177
117
97.4
+51.3%
Pre-tax income
2,575
2,447
3,152
+5.2%
Income tax
323
255
771
+26.7%
Effective tax rate
12.6%
10.4%
24.5%
Net income
2,252
2,191
2,381
+2.8%
Net margin
22.4%
22.7%
21.5%
Diluted EPS
$1.51
$1.37
$1.32
+10.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,126
3,176
2,656
-33.0%
Capital expenditure
203
303
273
-33.0%
Free cash flow
1,923
2,873
2,382
-33.0%
Free cash flow margin
19.1%
29.8%
21.5%
Cash from investing
-244
-1,637
2,749
Cash from financing
-624
-2,390
-3,272
Depreciation and amortisation
269
309
326
-13.2%
Share-based compensation
189
187
172
+1.0%
Buybacks
1,370
3,781
2,653
-63.8%
Dividends paid
657
678
308
-3.2%
Dividend per share
$0.46
$0.44
$0.26
+4.5%
Diluted shares, weighted
1,491m
1,599m
1,808m
-6.8%
Shares outstanding at period end
1,453m
1,444m
1,569m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,172
4,674
6,502
+10.7%
Redeemable equity
11.0
49.4
78.2
-77.8%
Debt
5,795
4,490
2,417
+29.1%
Operating lease liabilities
124
n/a
n/a
Finance lease liabilities
11.5
n/a
n/a
Other liabilities
3,445
2,788
3,483
+23.5%
Total liabilities and equity
14,559
12,001
12,479
+21.3%
Fixed assets
1,053
1,059
903
-0.6%
Goodwill
1,484
1,485
1,485
-0.0%
Intangible assets
169
217
318
-22.3%
Cash and equivalents
4,915
3,658
4,512
+34.4%
Receivables
2,097
1,456
2,177
+44.1%
Inventory
1,900
1,540
1,876
+23.4%
Other assets
2,941
2,587
1,209
+13.7%
Total assets
14,559
12,001
12,479
+21.3%
10-K for the year ended 28 June 2020, filed 18 August 2020: the filing.