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Innovative Technology Trusted Productivity Fast Solutions

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Innovative Technology Trusted Productivity Fast Solutions LAM RESEARCH CORPORATION ANNUAL REPORT 2014 ANNUAL REPORT REPORT ANNUAL Innovative Technology Trusted Productivity 2014 Fast Solutions Lam Research Corporation 4650 Cushing Parkway Fremont, California 94538 Phone: 1.510.572.0200 www.lamresearch.com 269172_LAM_CVR_R2.indd 1 9/17/14 12:36 AM BOARD OF DIRECTORS EXECUTIVE OFFICERS Stephen G. Newberry Martin B. Anstice Chairman President and Chief Executive Officer Martin B. Anstice President and Timothy M. Archer Chief Executive Officer Executive Vice President and Chief Operating Officer Eric K. Brandt Executive Vice President and Douglas R. Bettinger Chief Financial Officer Executive Vice President and Broadcom Corporation Chief Financial Officer Michael R. Cannon Richard A. Gottscho, Ph.D. OUTPERFORMING THE INDUSTRY General Partner Executive Vice President, MRC & LBC Partners, LLC Global Products Retired President of Lam Research delivered a record year for financial performance in fiscal Sarah A. O’Dowd, Esq. Global Operations Senior Vice President and 2014 and is well positioned to continue outperforming the wafer fabrication Dell Inc. Chief Legal Officer equipment industry over the next several years. Our portfolio of deposition, Youssef A. El-Mansy, Ph.D. Retired Vice President, etch, and clean products and complementary service offerings address the key Director of Logic Technology Development technology inflections facing our customers today, helping drive significant Intel Corporation opportunities to expand our served available market and grow our market Christine A. Heckart Chief Marketing Officer share. We are pursuing these opportunities by aspiring to be the industry’s Brocade Communications Systems, Inc. most trusted and collaborative partner for our customers and by focusing on Grant M. Inman execution to create value for all of our stakeholders. Our performance over the General Partner Inman Investment Management past fiscal year and our ability to continue delivering on our objectives reflect Catherine P. Lego the dedication and commitment of Lam’s global employees. Member Lego Ventures, LLC Krishna C. Saraswat, Ph.D. Rickey/Nielsen Professor, School of Engineering Stanford University William R. Spivey, Ph.D. Retired President and Chief Executive Officer Luminent, Inc. Abhijit Y. Talwalkar Former President and Chief Executive Officer LSI Corporation As of September 2, 2014 © 2014 Lam Research Corporation. All rights reserved. 201409-01808/7K 269172_LAM_CVR_R2.indd 2 9/17/14 12:36 AM $40 WAFER FAB EQUIPMENT* $30 Billions $20 $10 $0 *Source: Gartner (July 2014) $1,400 $1,200 $1,000 SHIPMENTS Millions$800 CY 2012 $600 $400 $200 CY 2013 $0 FQ1’12 $1,400 FQ2’12 $1,200 CY 2014F FQ3’12 $1,000 REVENUE FQ4’12 Millions$800 $600 FQ1’13 $400 FQ2’13 $200 FQ3’13 $0 FQ4’13 FQ1’12 FQ1’14 FQ2’12 FQ2’14 FQ3’12 FQ3’14 FQ4’12 FQ4’14 FQ1’13 FQ2’13 FQ3’13 FQ4’13 FQ1’14 FQ2’14 FQ3’14 FQ4’14 $600 $500 GROSS MARGIN $400 $300 $200 Non-GAAP, Millions $100 $0 269172_LAM_NARR_R2.indd 1 FQ1’12 $250 FQ2’12 $200 NET INCOME FQ3’12 $150 FQ4’12 $100 FQ1’13 Non-GAAP, Millions FQ2’13 $50 FQ3’13 $0 FQ4’13 FQ1’12 FQ1’14 $1.50 FQ2’12 FQ2’14 $1.25 EARNINGS PERFQ3’12 SHARE FQ3’14 $1.00 FQ4’12 FQ4’14 $0.75 FQ1’13 $0.50 Non-GAAP, Diluted $0.25 FQ2’13 $0.00 FQ3’13 FQ4’13 FQ1’12 FQ1’14 FQ2’12 FQ2’14 FQ3’12 FQ3’14 Data reflect financial contribution from Novellus Systems following Lam’s acquisition on June 4, 2012. A reconciliation of U.S. GAAP results to non-GAAPFQ4’12 results can be FQ4’14 found at www.lamresearch.com. FQ1’13 FQ2’13 FQ3’13 FQ4’13 FQ1’14 FQ2’14 FQ3’14 FQ4’14 9/17/14 12:38 AM LETTER TO OUR STOCKHOLDERS Lam Research delivered a remarkably successful fiscal 2014, securing market growth and delivering financial performance consistent with our stated targets relative to semiconductor wafer fabrication equipment spending. We began the fiscal year with our first-ever $1 billion revenue quarter, and we grew revenue in each consecutive quarter of fiscal 2014. For the fiscal year, shipments and revenue increased by 23% and 28%, respectively. These significant achievements demonstrate the value of our commitment to optimizing our portfolio of products and services to solve our customers’ most critical challenges. In addition, the Company delivered increased annual profitability with operating income growing more than twice the rate of revenue growth. This strong financial performance generated cash from operations of $717 million, significantly contributing to our targeted return of $1 billion to our stockholders by the end of fiscal 2016, while at the same time supporting continued investment for our future growth. During the fiscal year, we repurchased 4.9 million shares of common stock at an average share price of $52.10, and we initiated our first quarterly dividend of 18 cents per share. Outperformance for Lam Research compared with overall spending on wafer fabrication equipment has emerged as a major theme for our business, not just in fiscal 2014, but more importantly in our future. The devices our customers are creating are growing increasingly more complex as feature sizes continue to shrink and new device architectures and materials are introduced. Semiconductor manufacturing processes are correspondingly more dependent on leading-edge equipment and support, particularly within the market segments served by our strong portfolio of deposition, etch, and clean products, as well as our spare parts and service offerings. Increased customer investments in these areas have already grown our served available market, and we expect expansion in the amount of $2 billion in our annual served market over the next few years. This market expansion results from our customers’ need to introduce new technologies to continue their innovation. The introduction of FinFET structures in logic, advanced patterning schemes in DRAM memory and logic, and 3D architectures in NAND memory and advanced packaging creates inflection points in the market which we have targeted for additional market share gains. These critical applications require stringent control of process variability to maximize customer yield and facilitate the manufacture of devices with lower power consumption and improved semiconductor performance. Lam is investing heavily in these opportunities, and as a result, we are innovating at perhaps the highest rate in the history of our company, with 17 new product configurations introduced in the last 12 months. We are very excited about key product penetration successes that, with continued execution by the Company, position us well for the upcoming market expansion: • In deposition, customers are relying on our VECTOR® ALD Oxide tool in multiple patterning schemes that use atomic layer deposition to create highly conformal films to define critical pattern dimensions. In 3D memory structures, our VECTOR® Q Strata™ delivers ultra-smooth, uniform films with high productivity, and our ALTUS® Max ICEFill™ provides void-free tungsten-fill for the geometrically complex 3D NAND wordlines. • Our market-leading performance in etch has been enhanced by the introduction of the 2300® Kiyo® family with Hydra™ technology. This technology facilitates within-process die-by-die uniformity control and also can correct for incoming pattern non-uniformities. We also announced the introduction of an atomic layer etch capability on the 2300® Kiyo® F Series, which is the first high-volume-manufacturing-worthy atomic layer etch system available in the market. For 3D NAND, our newly introduced 2300® Flex™ F Series etches high aspect ratio structures with minimal distortion or sidewall damage. 269172_LAM_NARR_R2.indd 2 9/17/14 12:38 AM • In wet clean, our next-generation tool is being evaluated at several of our largest customers, and we see emerging acceptance for our broader offering. Damage-free cleans are exceptionally difficult at critical dimensions, and our new spin clean tool has demonstrated this capability with competitive productivity. These and other application successes support our confidence in our ability to continue growth in excess of the pace of our industry. Over the next three years, we are targeting share gains of 4-8% in deposition, 3-5% in etch, and 5-10% in single-wafer clean from the calendar year 2013 baseline. Overall, we estimate our technology inflections market share to be in excess of 50% across the deposition, etch, and clean product portfolio, some 10 percentage points higher than our current baseline. While these anticipated market share gains will drive equipment shipments and revenues over the next several years, it is also important to recognize our growing spares and service business, which extends the life of our installed base by offering our customers productivity and technology enhancements, as well as providing process knowledge solutions. Our installed base business is projected to A key differentiator in Lam’s deliver higher revenue growth rates than current success as well as our future the implied number of Lam tools shipped over the next several years, as we focus outperformance opportunity is on delivering more comprehensive, our focus on customer trust differentiated, and configurable lifecycle and collaboration. solutions to our customers. A key differentiator in Lam’s current success as well as our future outperformance opportunity is our focus on customer trust and collaboration. We invest in collaborative research programs across our industry with our customers, consortia, and leading educational institutions to remain broadly engaged with next-generation process development. We partner extensively with our customers, in their research and development laboratories as well as their manufacturing facilities, contributing to, or delivering, solutions for their most difficult challenges as rapidly as possible. This commitment to our customers and the knowledge we develop as a result of this collaboration serve as the foundation for our fast solution leadership at a time of ongoing consolidation in our sector, both among equipment providers and customers.
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