Lam Research said revenue for December 2023 rose 8% from September 2023, mainly on higher investments in the DRAM market segment. The company attributed the increase in the memory segment to higher customer spending on DRAM.

1. 01

   Lam Research said revenue for December 2023 rose 8% from September 2023, mainly on higher investments in the DRAM market segment. The company attributed the increase in the memory segment to higher customer spending on DRAM.

2. 02

   The company said gross margin for December 2023 was lower than in September 2023 due to restructuring-related activities, deferred compensation plan-related costs and unfavorable product mix, which were partially offset by favorable customer mix. It cited higher operating expenses from deferred compensation plan and employee-related costs, and spending on outside services and supplies, including transformational charges.

3. 03

   Lam Research said its cash, cash equivalents, investments, and restricted cash and investments balances rose to $5.6 billion as of the end of December 2023 from $5.2 billion at the end of September 2023. The company said the increase was mainly driven by $1,453.8 million of cash generated from operating activities, partly offset by $645.5 million in share repurchases, including net share settlement of employee stock-based compensation, $264.4 million in dividends and $115.3 million in capital expenditures.

4. 04

   The company said it recorded restructuring workforce-action costs of about $107.1 million in the second half of fiscal 2023 and $7.3 million in the first half of fiscal 2024. It also said it expects business process improvement and initiative expenditures, including restructuring activity, of about $300 million during fiscal 2024.

Key figures

Quarter ended December 24, 2023

Revenue

$3.8B

Operating income

$1.1B

Net income

$954M

EPS

$7.22

Gross profit

$1.8B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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