Lam Research (LRCX) FY2021 results: revenue $14.6 billion, up 45.6% on the year
Lam Research Corp. (LRCX) reported revenue of $14.6 billion for fiscal 2021, the year ended 27 June 2021, up 45.6% on the year before. Net income was $3.9 billion, up 73.6%, and diluted earnings per share $2.69. The figures are the company's own, from the 10-K it filed with the SEC on 17 August 2021.
Revenue
$14.6 billion
+45.6% on the year
FY2014FY2021
Operating margin
30.6%
26.6% a year earlier
FY2014FY2021
Net income
$3.9 billion
+73.6% on the year
FY2014FY2021
Diluted EPS
$2.69
+78.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
14,626
10,045
9,654
+45.6%
Cost of revenue
7,821
5,436
5,295
+43.9%
Gross profit
6,805
4,609
4,358
+47.7%
Gross margin
46.5%
45.9%
45.1%
Research and development
1,493
1,252
1,191
+19.2%
Selling, general and administrative
830
682
702
+21.6%
Operating income
4,482
2,674
2,465
+67.6%
Operating margin
30.6%
26.6%
25.5%
Interest expense
209
177
117
+17.6%
Pre-tax income
4,371
2,575
2,447
+69.7%
Income tax
462
323
255
+43.0%
Effective tax rate
10.6%
12.6%
10.4%
Net income
3,908
2,252
2,191
+73.6%
Net margin
26.7%
22.4%
22.7%
Diluted EPS
$2.69
$1.51
$1.37
+78.1%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
3,588
2,126
3,176
+68.7%
Capital expenditure
349
203
303
+71.8%
Free cash flow
3,239
1,923
2,873
+68.4%
Free cash flow margin
22.1%
19.1%
29.8%
Cash from investing
73.3
-244
-1,637
Cash from financing
-4,167
-624
-2,390
Depreciation and amortisation
307
269
309
+14.4%
Share-based compensation
220
189
187
+16.4%
Buybacks
2,698
1,370
3,781
+97.0%
Dividends paid
727
657
678
+10.7%
Dividend per share
$0.52
$0.46
$0.44
+13.0%
Diluted shares, weighted
1,453m
1,491m
1,599m
-2.5%
Shares outstanding at period end
1,425m
1,453m
1,444m
-1.9%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
6,027
5,172
4,674
+16.5%
Redeemable equity
0.0
11.0
49.4
Debt
4,961
5,795
4,490
-14.4%
Operating lease liabilities
118
124
n/a
-4.4%
Finance lease liabilities
29.4
11.5
n/a
+156.1%
Other liabilities
4,756
3,445
2,788
+38.1%
Total liabilities and equity
15,892
14,559
12,001
+9.2%
Fixed assets
1,259
1,053
1,059
+19.6%
Goodwill
1,490
1,484
1,485
+0.4%
Intangible assets
132
169
217
-21.5%
Cash and equivalents
4,418
4,915
3,658
-10.1%
Receivables
3,026
2,097
1,456
+44.3%
Inventory
2,689
1,900
1,540
+41.5%
Other assets
2,876
2,941
2,587
-2.2%
Total assets
15,892
14,559
12,001
+9.2%
10-K for the year ended 27 June 2021, filed 17 August 2021: the filing.