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A N N U a L R E P O R T 2 0 ANNUAL REPORT 2017 Lam Research is facilitating the most fundamental technology inflections happening in our industry today. Our customers aspire to change the world, and by delivering extremely complex, differentiated technology and productivity solutions, we strive to enable them to solve their most difficult challenges. Through investing in disruptive technology, harnessing the full value of our multi-product and service portfolio, and partnering across the industry ecosystem, we’re continuing to increase the strategic relevance of the company’s products and services to the success of our customers. We believe our competitive and business strengths, our operating capabilities, and our unique values-based culture create the opportunity for Lam to deliver long- term value creation. Shipments Revenue (Billions) (Billions) $10.0 $10.0 $8.0 $8.0 $6.0 $6.0 $4.0 $4.0 $2.0 $2.0 $0.0 $0.0 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 R&D Spending Earnings per Share (Millions) (Non-GAAP, Diluted) $1,200 $12.00 $1,000 $10.00 $800 $8.00 $600 $6.00 $400 $4.00 $200 $2.00 $0 $0.00 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 A reconciliation of U.S. GAAP results to non-GAAP results can be found at www.lamresearch.com LETTER TO OUR STOCKHOLDERS Lam Research completed another fiscal year of very strong performance, highlighted by shipments and revenue of $8.6 billion and $8.0 billion, respectively; GAAP operating income of $1.9 billion; and non-GAAP operating income* of $2.1 billion. Additionally, we delivered diluted earnings per share of $9.24 on a GAAP basis and $9.98* on a non-GAAP basis. All of these metrics were milestone achievements in the history of the company. These results were made possible through the enabling partnerships with our customers, proactive investment in research and development, and strong execution of our strategy companywide. In the last decade, we built the Lam etch product offerings to an unmatched technology and market share position; we transitioned from a single-product company to a diversified, multi-product and services company; and we diversified our revenue exposure by complementing our traditional strength in memory with enhanced positions in foundry and logic. Combined, our actions over the decade have allowed us to more than double our served market to over 35% of the overall wafer fabrication equipment investment annually. Respectfully, we believe this accomplishment is illustrative of Lam’s increased strategic relevance to the customers and markets we serve. This growth comes at a critical moment in the evolution of the semiconductor industry. Powerful demand drivers in the form of cloud, mobility, and connected devices are driving transformational opportunities, but also creating new challenges. While we have a strong product portfolio for addressing today’s challenges, it is our commitment and investments in research and development along with our disciplined approach to architecting a product and services pipeline that are critical to solidifying and strengthening Lam’s competitive advantage and leadership long term, especially as revolutionary new processes such as vertical scaling redefine the business of wafer fabrication. Complementing the momentum achieved Our competitive and business strengths, through technology innovation is the our operating capabilities, and the capability of Lam operations worldwide, dynamic technology environment which once again delivered record factory output for the fiscal year, supporting around us all combine to create tangible shipments growth of 46% year over year. opportunities for Lam to further deliver Scaling an extremely complex global supply long-term value creation. chain is an endeavor vital to our sustained performance, and while we have done good work here, we remain focused on continuing to proactively build capability and flexibility. Supporting our products in the field and contributing to the profitable growth of Lam is the responsibility of our customer support organization, and it plays a vital role in building customer trust and defining our competitive differentiation. This orgaanization, which represents approximately a quarter of Lam revenues and features annuity-like attributes, is focused on our installed base, which today includes more than 45,000 semiconductor processingg chambers. We are delivering value to our customers by optimizing the productivity and extendibility of theirr Laam eqquipment over the lifetime of their investment. Our objective continues to be growing the installed basee busu iness at a pace thhat is greater than our installed base unit growth, and we expect this organization to be an inccreassingly valuable contributtoor to our performance in the years ahead. *AA reconcilici ation of U.S. GAAP resulultst to non-GAAP results can be found at www.lamrem search.com We generated more than $2.0 billion in cash flows from operations in fiscal 2017, an increase of 50% compared to the prior fiscal year, and we ended the year with a healthy gross cash balance of $6.3 billion. We have continued to balance reinvesting our cash into the business with returns of capital to our stockholders. In fiscal 2017, we returned more than $960 million to stockholders, including $243 million in dividends and $718 million in share repurchases. We achieved important successes in fiscal 2017, not just financially, but also in the work we have done to greatly increase our strategic relevance. However, we cannot stand on those achievements alone. We recognize that we are entering a new phase in our evolution. Our competitive and business strengths, our operating capabilities, and the dynamic technology environment around us all combine to create tangible opportunities for Lam to further deliver long-term value creation. We have built a strong global presence, with core competencies that we believe are fundamental to creating long-term stockholder value. Even so, building a strong foundation does not guarantee success if we do not execute well and remain diligent in seeing and preparing for the inevitable challenges that lie ahead. The semiconductor and equipment industries, while exhibiting signs of more stable and consistent multi-year growth, also are characterized by increasingly intense competitive dynamics, driven by perpetually increasing technology and economic challenges. In this environment, we are focused not only on protecting and capitalizing on our competitive advantages, but also on extending them through strategic investments that leverage core competencies and enable us to participate in the next-generation drivers of global semiconductor demand. Fundamental to our continued outperformance and opportunity is our values-based corporate culture that serves as the basis for how we operate. Our Core Values shape the way we define success as we create solutions for our customers; incorporate environmental, social, and economic responsibility across our business; invest in the development of our diverse global workforce; give back to our communities; and deliver value to our stockholders. Lam’s strengths in innovation, integrity, teamwork, and achievement position us well for integrating sustainability into our business. We would like to extend our appreciation to all of the stakeholders whose contributions are essential to the success of our business: to our stockholders for your investment in us, to our customers for their ongoing collaboration and support, to our employees worldwide for their achievements and dedication, and to our trusted suppliers for their flexibility and partnership. SincerelySincerely, Martin B. Anstice Stephen G. Newberry President and Chief Executive Officer Chairman of the Board September 8,8 2017 INDEPENDENT REGISTERED PUBLIC CAUTIONARY STATEMENT REGARDING ACCOUNTING FIRM FORWARD-LOOKING STATEMENTS Ernst & Young LLP This Annual Report (“Report”) and Letter to Stockholders San Jose, California (“Letter”) contain forward-looking statements (i.e., are not historical in nature) that: (i) are subject to the Private Securities Litigation Reform Act safe harbor; (ii) are TRANSFER AGENT AND REGISTRAR intended to be identified with phrases, such as “expect,” For a response to questions regarding misplaced “continuing,” “believe,” “position us,” “opportunity,” “opportunities,” “objective,” or similar variations; and (iii) stock certificates, changes of address, or the relate for example to our industry, markets, competition consolidation of accounts, please contact the and customers, our products, services and solutions, our Company’s transfer agent. worldwide operations and customer support organization, and our business plans, strategies and performance. These statements are based on current expectations as of the Computershare Investor Services respective dates of the Report and Letter and are subject P.O. BOX 505000 to risks and uncertainties (including those discussed under Louisville, Kentucky 40233-5000 the “Risk Factors” and “Cautionary Statement Regarding 1-877-265-2630 Forward-Looking Statements” headings in our SEC filings such as the fiscal 2017 Form 10-K) that could cause materially different results. Readers are cautioned not to Private Couriers/Registered Mail: unduly rely on them. We do not undertake any obligation Computershare Investor Services to update any forward-looking statements, or to release 462 South 4th Street, Suite 1600 the results of any revisions to these forward-looking statements. Louisville, Kentucky 40202 TRADEMARK INFORMATION TDD for Hearing Impaired: The Lam Research
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