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EX - 99.1 2 lrcx_exhibitx991xq2x2021.htm EX - 99.1 FOR IMMEDIATE RELEASE Lam Research Corporation Reports Financial Results for the Quarter Ended December 27 , 2020 FREMONT , Calif . , January 27 , 2021 - Lam Research Corporation ( the " Company , " " Lam , " " Lam Research " ) today announced financial results for the quarter ended December 27 , 2020 ( the " December 2020 quarter " ) . Highlights for the December 2020 quarter were as follows : Revenue of $ 3.46 billion . ● U.S. GAAP gross margin of 46.4 % , U.S. GAAP operating income as a percentage of revenue of 29.2 % , and U.S. GAAP diluted EPS of $ 5.96 . Non - GAAP gross margin of 46.6 % , non - GAAP operating income as a percentage of revenue of 30.3 % , and non - GAAP diluted EPS of $ 6.03 . Key Financial Data for the Quarters Ended December 27 , 2020 and September 27 , 2020 ( in thousands , except per - share data , percentages , and basis points ) Revenue Gross margin as percentage of revenue Operating income as percentage of revenue Diluted EPS Revenue Gross margin as percentage of revenue Operating income as percentage of revenue Diluted EPS $ $ $ $ U.S. GAAP December 2020 3,456,237 46.4 % 29.2 % 5.96 Non - GAAP December 2020 3,456,237 46.6 % 30.3 % 6.03 $ $ $ $ September 2020 3,177,080 47.4 % 30.2 % 5.59 Exhibit 99.1 September 2020 3,177,080 47.5 % 31.1 % 5.67 Change Q / Q + 9 % - 100 bps - 100 bps + 7 % Change Q / Q + 9 % - 90 bps - 80 bps + 6 % U.S. GAAP Financial Results For the December 2020 quarter , revenue was $ 3,456 million , gross margin was $ 1,604 million , or 46.4 % of revenue , operating expenses were $ 594 million , operating income was 29.2 % of revenue , and net income was $ 869 million , or $ 5.96 per diluted share on a U.S. GAAP basis . This compares to revenue of $ 3,177 million , gross margin of $ 1,506 million , or 47.4 % of revenue , operating expenses of $ 545 million , operating income of 30.2 % of revenue , and net income of $ 823 million , or $ 5.59 per diluted share , for the quarter ended September 27 , 2020 ( the " September 2020 quarter " ) . Non - GAAP Financial Results For the December 2020 quarter , non - GAAP gross margin was $ 1,611 million , or 46.6 % of revenue , non - GAAP operating expenses were $ 563 million , non - GAAP operating income was 30.3 % of revenue , and non - GAAP net income was $ 880 million , or $ 6.03 per diluted share . This compares to non - GAAP gross margin of $ 1,511 million , or 47.5 % of revenue , non - GAAP operating expenses of $ 523 million , non - GAAP operating income of 31.1 % of revenue , and non - GAAP net income of $ 835 million , or $ 5.67 per diluted share , for the September 2020 quarter . " Lam's December quarter closed out the most successful year in our 40 - year history , " said Tim Archer , Lam Research's President and Chief Executive Officer . " In calendar 2020 , our global teams displayed resiliency amid the pandemic , leading the company to set new financial records and deliver ground - breaking new products that enable key technology advances . With strong secular demand for semiconductors driving increased wafer fabrication equipment spending , Lam enters 2021 with solid momentum for continued growth and expanded leadership across our markets . "