LAM RESEARCH CORP 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Information Our Common Stock is traded on the Nasdaq Global Select Market SM under the symbol “LRCX.” As of August 22, 2022, we had 462 stockholders of record. Dividends Our Board of Directors has declared quarterly dividends since April 2014. Our intent to continue to pay quarterly dividends is subject to capital availability and periodic determinations by our Board of Directors that cash dividends are in the best interest of our stockholders and are in compliance with all laws and agreements applicable to the declaration and payment of cash dividends by us. During fiscal year 2022, our quarterly dividend declared was $1.50 per share. Repurchases of Company Shares In May 2022, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock; this authorization supplements the remaining balance from any prior authorization. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Accelerated Share Repurchase Agreements On June 2, 2022, we entered into an accelerated share repurchase agreement (the "June 2022 ASR") with two financial institutions to repurchase a total of $500 million of Common Stock. We took an initial delivery of approximately 717 thousand shares, which represented 75% of the prepayment amount divided by our closing stock price on June 2, 2022. The total number of shares received under the June 2022 ASR will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the June 2022 ASR will occur between August 18, 2022 and November 4, 2022. On February 15, 2022, we entered into an accelerated share repurchase agreement (the "February 2022 ASR") with two financial institutions to repurchase a total of $600 million of Common Stock. We took an initial delivery of approximately 758 thousand shares, which represented 75% of the prepayment amount divided by our closing stock price on February 15, 2022. The total number of shares received under the February 2022 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the February 2022 ASR occurred in May 2022, resulting in the receipt of approximately 438 thousand additional shares, which yielded a weighted-average share price of $502.06 for the transaction period. On August 31, 2021, we entered into an accelerated share repurchase agreement (the “August 2021 ASR") with two financial institutions to repurchase a total of $650 million of Common Stock. We took an initial delivery of approximately 806 thousand shares, which represented 75% of the prepayment amount divided by our closing stock price on August 31, 2021. The total number of shares received under the August 2021 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the August 2021 ASR occurred in January 2022, resulting in the receipt of approximately 265 thousand additional shares, which yielded a weighted-average share price of $606.71 for the transaction period. Lam Research Corporation 2022 10-K 25 Table of Contents Share repurchases, including those under the repurchase program, were as follows: Period Total Number of Shares Repurchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Amount Available Under Repurchase Program (in thousands, except per share data) Available balance as of June 27, 2021 $ 4,222,220 Quarter ended September 26, 2021 1,737 $ 608.89 1,725 3,012,476 Quarter ended December 26, 2021 685 $ 634.51 677 2,582,493 Quarter ended March 27, 2022 2,231 $ 597.66 2,007 1,382,287 March 28, 2022 - April 24, 2022 3 $ 482.67 — 1,382,287 Board authorization, $5.0 billion, May 2022 — $ — — 6,382,287 April 25, 2022 - May 22, 2022 903 $ 470.86 900 6,164,869 May 23, 2022 - June 26, 2022 1,015 $ 507.47 1,012 5,514,636 Total 6,574 $ 485.14 (3) 6,321 $ 5,514,636 (1) During the fiscal year ended June 26, 2022, we acquired 253 thousand shares at a total cost of $138.1 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan. (2) Average price paid per share excludes the effect of accelerated share repurchases. See additional disclosure above regarding our accelerated share repurchase activity during the fiscal year. (3) Average price paid per share presented is for the quarter ended June 26, 2022. Lam Research Corporation 2022 10-K 26 Table of Contents Cumulative Five-Year Return The graph below compares Lam Research Corporation’s cumulative five-year total shareholder return on Common Stock with the cumulative total returns of the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return index, and the Standard & Poor’s (“S&P”) 500 (TR) index. The graph tracks the performance of a $100 investment in our Common Stock and in each of the indices (with the reinvestment of all dividends) for the five years ended June 26, 2022. COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* Among Lam Research Corporation, the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return Index, and the S&P 500 (TR) Index. *$100 invested on June 25, 2017 in stock or June 30, 2017 in index, including reinvestment of dividends. Indexes calculated on month-end basis. Copyright © 2022 Standard & Poor’s, a division of S&P Global. All rights reserved. June 25, 2017 June 24, 2018 June 30, 2019 June 28, 2020 June 27, 2021 June 26, 2022 Lam Research Corporation $ 100.00 $ 116.63 $ 128.74 $ 211.10 $ 444.69 $ 321.08 Philadelphia Semiconductor Sector Total Return Index $ 100.00 $ 129.11 $ 146.29 $ 203.84 $ 346.16 $ 267.91 Nasdaq Composite Total Return Index $ 100.00 $ 123.60 $ 133.22 $ 169.11 $ 245.60 $ 188.07 S&P 500 (TR) Index $ 100.00 $ 114.37 $ 126.29 $ 135.77 $ 191.15 $ 170.86 Lam Research Corporation 2022 10-K 27 Table of Contents Item 6. [Reserved]