Lam Research Earnings 2019-03-31

LRCX 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q

___________________________________________________________

(Mark One)



x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019



¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-12933

___________________________________________________________

LAM RESEARCH CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________________________________



Delaware		94-2634797
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)



4650 Cushing Parkway Fremont, California		94538
(Address of principal executive offices)		(Zip Code)

(510) 572-0200

(Registrant’s telephone number, including area code)

__________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:



Large accelerated filer	x	Accelerated filer	¨

Non-accelerated filer	¨	Smaller reporting company	¨

		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of April 26, 2019, the Registrant had 149,926,529 shares of Common Stock outstanding.

Table of Contents

LAM RESEARCH CORPORATION

TABLE OF CONTENTS



		Page No.
	PART I. Financial Information

Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2019 and March 25, 2018	3
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2019, and March 25, 2018	4
	Condensed Consolidated Balance Sheets as of March 31, 2019, and June 24, 2018	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2019, and March 25, 2018	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended March 31, 2019, and March 25, 2018	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	40

	PART II. Other Information

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
Signatures		54

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.
Financial Statements

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)



	Three Months Ended						Nine Months Ended
	March 31, 2019			March 25, 2018			March 31, 2019			March 25, 2018
Revenue	$	2,439,048		$	2,892,115		$	7,292,412		$	7,951,070
Cost of goods sold	1,364,711			1,561,401			4,014,844			4,265,446
Gross margin	1,074,337			1,330,714			3,277,568			3,685,624
Research and development	318,514			305,412			895,742			861,801
Selling, general, and administrative	190,306			197,791			534,179			565,719
Total operating expenses	508,820			503,203			1,429,921			1,427,520
Operating income	565,517			827,511			1,847,647			2,258,104
Other income (expense), net	20,532			(55,810		)	(10,494		)	(64,464		)
Income before income taxes	586,049			771,701			1,837,153			2,193,640
Income tax (expense) benefit	(38,659		)	7,099			(187,548		)	(834,105		)
Net income	$	547,390		$	778,800		$	1,649,605		$	1,359,535
Net income per share:
Basic	$	3.62		$	4.80		$	10.72		$	8.40
Diluted	$	3.47		$	4.33		$	10.20		$	7.45
Number of shares used in per share calculations:
Basic	151,201			162,378			153,891			161,885
Diluted	157,849			179,779			161,683			182,565

See Notes to Condensed Consolidated Financial Statements

Table of Contents

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)



	Three Months Ended						Nine Months Ended
	March 31, 2019			March 25, 2018			March 31, 2019			March 25, 2018
Net income	$	547,390		$	778,800		$	1,649,605		$	1,359,535
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	6,684			12,197			(6,845		)	25,305
Cash flow hedges:
Net unrealized (losses) gains during the period	(7,950		)	(36,616		)	4,038			(26,624		)
Net losses (gains) reclassified into earnings	2,086			5,290			(2,492		)	2,019
	(5,864		)	(31,326		)	1,546			(24,605		)
Available-for-sale investments:
Net unrealized gains (losses) during the period	1,143			(25,406		)	1,441			(45,472		)
Net (gains) losses reclassified into earnings	(147		)	43,109			(201		)	43,070
	996			17,703			1,240			(2,402		)
Defined benefit plans, net change in unrealized component	216			155			(1,152		)	(2,029		)
Other comprehensive income (loss), net of tax	2,032			(1,271		)	(5,211		)	(3,731		)
Comprehensive income	$	549,422		$	777,529		$	1,644,394		$	1,355,804

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	March 31, 2019			June 24, 2018
	(unaudited)			(1)
ASSETS
Cash and cash equivalents	$	4,931,611		$	4,512,257
Investments	1,209,315			437,338
Accounts receivable, less allowance for doubtful accounts of $4,952 as of March 31, 2019, and $5,343 as of June 24, 2018	1,522,273			2,176,936
Inventories	1,622,242			1,876,162
Prepaid expenses and other current assets	156,800			147,218
Total current assets	9,442,241			9,149,911
Property and equipment, net	1,040,329			902,547
Restricted cash and investments	255,774			256,301
Goodwill	1,484,908			1,484,904
Intangible assets, net	223,022			317,836
Other assets	448,988			367,979
Total assets	$	12,895,262		$	12,479,478
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	416,187		$	510,983
Accrued expenses and other current liabilities	1,046,938			1,309,209
Deferred profit	378,396			720,086
Current portion of convertible notes, capital leases, and commercial paper	964,107			610,030
Total current liabilities	2,805,628			3,150,308
Long-term debt and capital leases, less current portion	3,801,514			1,806,562
Income taxes payable	863,155			851,936
Other long-term liabilities	83,986			90,629
Total liabilities	7,554,283			5,899,435
Commitments and contingencies
Temporary equity, convertible notes	49,783			78,192
Stockholders’ equity:
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding	—			—
Common stock, at par value of $0.001 per share; authorized, 400,000 shares; issued and outstanding, 149,886 shares at March 31,2019, and 156,892 shares at June 24, 2018	150			157
Additional paid-in capital	6,315,495			6,144,425
Treasury stock, at cost; 135,045 shares at March 31, 2019, and 119,679 shares at June 24, 2018	(10,509,750		)	(7,846,476		)
Accumulated other comprehensive loss	(62,660		)	(57,449		)
Retained earnings	9,547,961			8,261,194
Total stockholders’ equity	5,291,196			6,501,851
Total liabilities and stockholders’ equity	$	12,895,262		$	12,479,478

(1) Derived from audited financial statements

See Notes to Condensed Consolidated Financial Statements

Table of Contents

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)



	Nine Months Ended
	March 31, 2019			March 25, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,649,605		$	1,359,535
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	243,873			241,276
Deferred income taxes	(75,105		)	(209,214		)
Equity-based compensation expense	142,389			125,002
Amortization of note discounts and issuance costs	5,137			13,469
Impairment of investment	—			42,456
Other, net	(646		)	23,327
Changes in operating assets and liabilities	330,273			341,538
Net cash provided by operating activities	2,295,526			1,937,389
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets	(237,543		)	(193,814		)
Business acquisition, net of cash acquired	—			(115,697		)
Purchases of available-for-sale securities	(1,975,688		)	(2,377,459		)
Maturities of available-for-sales securities	395,569			549,539
Sales of available-for-sale securities	809,379			3,639,331
Other, net	(5,288		)	(14,358		)
Net cash (used for) provided by investing activities	(1,013,571		)	1,487,542
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt	(116,496		)	(577,415		)
Net (repayments) proceeds from issuance of commercial paper	(61,754		)	997,971
Proceeds from borrowings on revolving credit facility	—			750,000
Repayments of borrowings on revolving credit facility	—			(750,000		)
Proceeds from issuance of long-term debt, net of issuance costs	2,476,720			—
Treasury stock purchases	(2,672,051		)	(1,346,940		)
Dividends paid	(513,475		)	(225,604		)
Reissuance of treasury stock related to employee stock purchase plan	32,920			34,057
Proceeds from issuance of common stock	5,119			6,632
Other, net	(13,207		)	11
Net cash used for financing activities	(862,224		)	(1,111,288		)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(904		)	8,200
Net increase in cash, cash equivalents, and restricted cash	418,827			2,321,843
Cash, cash equivalents, and restricted cash at beginning of period	4,768,558			2,633,739
Cash, cash equivalents, and restricted cash at end of period	$	5,187,385		$	4,955,582
Schedule of non-cash transactions:
Accrued payables for stock repurchases	1,637			2,165
Accrued payables for capital expenditures	27,283			32,610
Dividends payable	164,874			82,030
Transfers of inventory to property and equipment, net	42,519			38,878

Reconciliation of cash, cash equivalents, and restricted cash	March 31, 2019			March 25, 2018
Cash and cash equivalents	$	4,931,611		$	4,698,995
Restricted cash and investments	255,774			256,587
Total Cash, cash equivalents, and restricted cash	$	5,187,385		$	4,955,582

See Notes to Condensed Consolidated Financial Statements

Table of Contents

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)



	Three Months Ended
	March 31, 2019
	Common Stock Shares		Common Stock			Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Total
Balance at December 23, 2018	153,961		$	154		$	6,256,942		$	(9,573,486	)	$	(64,692	)	$	9,165,445		$	5,784,363
Sale of common stock	947		1			5,009			—			—			—			5,010
Purchase of treasury stock	(5,702	)	(6		)	—			(936,264		)	—			—			(936,270		)
Equity-based compensation expense	—		—			53,240			—			—			—			53,240
Effect of conversion of convertible notes	680		1			(6,921		)	—			—			—			(6,920		)
Reclassification from temporary to permanent equity	—		—			7,225			—			—			—			7,225
Net income	—		—			—			—			—			547,390			547,390
Other comprehensive income	—		—			—			—			2,032			—			2,032
Cash dividends declared ($1.10 per common share)	—		—			—			—			—			(164,874		)	(164,874		)
Balance at March 31, 2019	149,886		$	150		$	6,315,495		$	(10,509,750	)	$	(62,660	)	$	9,547,961		$	5,291,196

	Nine Months Ended
	March 31, 2019
	Common Stock Shares		Common Stock			Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Total
Balance at June 24, 2018	156,892		$	157		$	6,144,425		$	(7,846,476	)	$	(57,449	)	$	8,261,194		$	6,501,851
Sale of common stock	1,026		1			5,118			—			—			—			5,119
Purchase of treasury stock	(15,193	)	(15		)	—			(2,673,557		)	—			—			(2,673,572		)
Reissuance of treasury stock	273		—			22,637			10,283			—			—			32,920
Equity-based compensation expense	—		—			142,389			—			—			—			142,389
Effect of conversion of convertible notes	2,783		3			(27,470		)	—			—			—			(27,467		)
Exercise of warrants	4,105		4			(12		)	—			—			—			(8		)
Reclassification from temporary to permanent equity	—		—			28,408			—			—			—			28,408
Adoption of ASU 2014-09⁽¹⁾	—		—			—			—			—			139,355			139,355
Adoption of ASU 2016-16⁽¹⁾	—		—			—			—			—			(443		)	(443		)
Adoption of ASU 2018-02⁽¹⁾	—		—			—			—			(2,227		)	2,227			—
Net income	—		—			—			—			—			1,649,605			1,649,605
Other comprehensive loss	—		—			—			—			(2,984		)	—			(2,984		)
Cash dividends declared ($3.30 per common share)	—		—			—			—			—			(503,977		)	(503,977		)
Balance at March 31, 2019	149,886		$	150		$	6,315,495		$	(10,509,750	)	$	(62,660	)	$	9,547,961		$	5,291,196

(1) Refer to Note 2 - Recent Accounting Pronouncements for more information regarding these FASB Accounting Standard Updates.

See Notes to Condensed Consolidated Financial Statements

Table of Contents




	Three Months Ended
	March 25, 2018
	Common Stock Shares		Common Stock			Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Total
Balance at December 24, 2017	159,451		$	159		$	5,959,945		$	(6,470,434	)	$	(64,160	)	$	6,717,621		$	6,143,131
Sale of common stock	1,367		1			2,516			—			—			—			2,517
Purchase of treasury stock	(1,470	)	(1		)	—			(81,196		)	—			—			(81,197		)
Equity-based compensation expense	—		—			41,095			—			—			—			41,095
Effect of conversion of convertible notes	5,147		5			(47,458		)	—			—			—			(47,453		)
Effect of bond hedge, cash in lieu of shares	(395	)	—			7			—			—			—			7
Reclassification from temporary to permanent equity	—		—			49,452			—			—			—			49,452
Net income	—		—			—			—			—			778,800			778,800
Other comprehensive loss	—		—			—			—			(1,271		)	—			(1,271		)
Cash dividends declared ($0.50 per common share)	—		—			—			—			—			(82,026		)	(82,026		)
Balance at March 25, 2018	164,100		$	164		$	6,005,557		$	(6,551,630	)	$	(65,431	)	$	7,414,395		$	6,803,055


	Nine Months Ended
	March 25, 2018
	Common Stock Shares		Common Stock			Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Total
Balance at June 25, 2017	161,723		$	162		$	5,845,485		$	(5,216,187	)	$	(61,700	)	$	6,249,691		$	6,817,451
Sale of common stock	1,833		1			6,631			—			—			—			6,632
Purchase of treasury stock	(7,067	)	(7		)	—			(1,349,098		)	—			—			(1,349,105		)
Reissuance of treasury stock	413		—			20,402			13,655			—			—			34,057
Equity-based compensation expense	—		—			125,002			—			—			—			125,002
Effect of conversion of convertible notes	10,053		10			(80,864		)	—			—			—			(80,854		)
Effect of bond hedge, cash in lieu of shares	(2,855	)	(2		)	13			—			—			—			11
Reclassification from temporary to permanent equity	—		—			88,888			—			—			—			88,888
Adoption of ASU 2016-09	—		—			—			—			—			40,065			40,065
Net income	—		—			—			—			—			1,359,535			1,359,535
Other comprehensive loss	—		—			—			—			(3,731		)	—			(3,731		)
Cash dividends declared ($1.45 per common share)	—		—			—			—			—			(234,896		)	(234,896		)
Balance at March 25, 2018	164,100		$	164		$	6,005,557		$	(6,551,630	)	$	(65,431	)	$	7,414,395		$	6,803,055

See Notes to Condensed Consolidated Financial Statements

Table of Contents

LAM RESEARCH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2019

(Unaudited)

NOTE 1 — BASIS OF PRESENTATION

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of Lam Research Corporation (“Lam Research” or the “Company”) for the fiscal year ended June 24, 2018, which are included in the Company’s Annual Report on Form 10-K as of and for the year ended June 24, 2018 (the “2018 Form 10-K”). The Company’s reports on Form 10-K, Form 10-Q and Form 8-K are available online at the Securities and Exchange Commission website on the Internet. The address of that site is www.sec.gov. The Company also posts its reports on Form 10-K, Form 10-Q and Form 8-K on its corporate website at http://investor.lamresearch.com. The content on any website referred to in this Form 10-Q is not a part of or incorporated by reference in this Form 10-Q unless expressly noted.

The condensed consolidated financial statements include the accounts of Lam Research and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s reporting period is a 52/53-week fiscal year. The Company’s current fiscal year will end June 30, 2019 and includes 53 weeks. The quarters ended March 31, 2019 (the “March 2019 quarter”) and March 25, 2018 (the “March 2018 quarter”) included 14 weeks and 13 weeks, respectively.

NOTE 2 — RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted

In May 2014, the FASB released ASU 2014-09, “Revenue from Contracts with Customers,” to supersede nearly all existing revenue recognition guidance under GAAP. The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015–14, ASU 2016–08, ASU 2016–10, ASU 2016–12 and ASU 2016–20, respectively; all of which in combination with ASU 2014-09 were codified as Accounting Standard Codification Topic 606 (“ASC 606”). The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Company adopted ASC 606 on the first day of the current fiscal year, June 25, 2018, under the modified retrospective approach, applying the amendments to prospective reporting periods. Results for reporting periods beginning on or after June 25, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under ASC 605. In conjunction with the adoption of ASC 606, the Company’s revenue recognition policy has been amended, refer to Note 3 - Revenue for a description of the amendments.

The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheet as of June 25, 2018 for the adoption of ASC 606 to all contracts with customers that were not completed as of June 24, 2018 was recorded as an adjustment to retained earnings as of the adoption date as follows:



	June 24, 2018					June 25, 2018
	As reported		Adjustments			As Adjusted
	(In thousands)
Total assets	$	12,479,478	$	12,955		$	12,492,433
Deferred profit	$	720,086	$	(160,695	)	$	559,391
Total liabilities	$	5,899,435	$	(126,400	)	$	5,773,035
Stockholders' equity	$	6,501,851

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$198.63	150	$29,780

10-Q	2019-03-31	Quarter: 2019-03-31
10-Q	2018-12-23	Quarter: 2018-12-23
10-Q	2018-09-23	Quarter: 2018-09-23
10-K	2018-06-24	Annual: 2018-06-24
10-Q	2018-03-25	Quarter: 2018-03-25
10-Q	2017-12-24	Quarter: 2017-12-24
10-Q	2017-09-24	Quarter: 2017-09-24
10-K	2017-06-25	Annual: 2017-06-25
10-Q	2017-03-26	Quarter: 2017-03-26
10-Q	2016-12-25	Quarter: 2016-12-25
10-Q	2016-09-25	Quarter: 2016-09-25
10-K	2016-06-26	Annual: 2016-06-26
10-Q	2016-03-27	Quarter: 2016-03-27
10-Q	2015-12-27	Quarter: 2015-12-27
10-Q	2015-09-27	Quarter: 2015-09-27
10-K	2015-06-28	Annual: 2015-06-28
10-Q	2015-03-29	Quarter: 2015-03-29
10-Q	2014-12-28	Quarter: 2014-12-28
10-Q	2014-09-28	Quarter: 2014-09-28
10-K	2014-06-29	Annual: 2014-06-29
10-Q	2014-03-30	Quarter: 2014-03-30
10-Q	2013-12-29	Quarter: 2013-12-29

8-K	2019-06-14	Regulation FD, Regulation FD, Exhibits
8-K	2019-06-03	Officers
8-K	2019-05-08	Officers, Amend Bylaw, Exhibits
8-K	2019-04-24	Earnings, Earnings, Exhibits
8-K	2019-03-26	Regulation FD, Regulation FD, Exhibits
8-K	2019-02-25	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2019-01-23	Earnings, Earnings, Other Events, Exhibits
8-K	2019-01-23	Earnings, Earnings, Other Events, Exhibits
8-K	2018-12-10	Regulation FD, Regulation FD, Exhibits
8-K	2018-12-05	Officers, Regulation FD, Exhibits
8-K	2018-11-30	Officers, Exhibits
8-K	2018-11-06	Shareholder Vote, Shareholder Vote
8-K	2018-10-16	Earnings, Earnings, Exhibits
8-K	2018-09-17	Regulation FD, Regulation FD, Exhibits
8-K	2018-07-26	Earnings, Earnings, Exhibits
8-K	2018-06-12	Regulation FD, Regulation FD, Exhibits
8-K	2018-05-10	Officers
8-K	2018-04-17	Earnings, Earnings, Exhibits
8-K	2018-03-12	Regulation FD, Regulation FD, Exhibits
8-K	2018-03-06	Other Events, Other Events, Exhibits
8-K	2018-01-24	Earnings, Officers, Exhibits
8-K	2018-01-02	Officers, Exhibits

THG	Hanover Insurance Group	4,970
TDC	Teradata	4,420
OUT	Outfront Media	3,540
NOAH	Noah Holdings	2,890
ANDE	Andersons	974
GCBC	Greene County Bancorp	261
SJT	San Juan Basin Royalty Trust	189
INWK	Innerworkings	175
MOSY	Mosys	10
CNCG	Concierge Technologies	0

EX-10.1	lrcx3q2019exhibit10120.htm
EX-10.2	lrcx3q2019exhibit10220.htm
EX-10.3	lrcx3q2019exhibit10320.htm
EX-10.4	lrcx3q2019exhibit10420.htm
EX-10.5	lrcx3q2019exhibit10520.htm
EX-31.1	lrcx3q2019exhibit311.htm
EX-31.2	lrcx3q2019exhibit312.htm
EX-32.1	lrcx3q2019exhibit321.htm
EX-32.2	lrcx3q2019exhibit322.htm