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 10, 2023, we had 439 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 2023, our quarterly dividend declared was $1.725 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 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 June 2022 ASR occurred in September 2022, resulting in the receipt of approximately 433 thousand additional shares, which yielded a weighted-average share price of $435.20 for the transaction period. Share repurchases, including those under the repurchase program, were as follows: Period Total Number of Shares Repurchased (1) Average Price Paid per Share (2, 3) 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 26, 2022 $ 5,514,636 Quarter ended September 25, 2022 686 $ 433.47 675 5,409,654 Quarter ended December 25, 2022 1,133 $ 429.27 1,125 4,926,428 Quarter ended March 26, 2023 1,165 $ 477.15 1,017 4,443,010 March 27, 2023 - April 23, 2023 379 $ 508.62 377 4,251,363 April 24, 2023 - May 21, 2023 608 $ 535.36 603 3,928,585 May 22, 2023 - June 25, 2023 638 $ 615.18 636 3,537,217 Total 4,609 $ 560.47 (4) 4,433 $ 3,537,217 (1) During the fiscal year ended June 25, 2023, we acquired 176 thousand shares at a total cost of $85.4 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 repurchase activities. See additional disclosure above regarding our accelerated share repurchase activity during the fiscal year. (3) As of January 1, 2023, our net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under repurchase programs, as applicable, and is included in the cost of shares repurchased in the Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share. (4) Average price paid per share presented is for the quarter ended June 25, 2023. Lam Research Corporation 2023 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 25, 2023. 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 24, 2018 in stock or index, including reinvestment of dividends. June 24, 2018 June 30, 2019 June 28, 2020 June 27, 2021 June 26, 2022 June 25, 2023 Lam Research Corporation $ 100.00 $ 110.38 $ 181.00 $ 381.27 $ 275.29 $ 377.48 Philadelphia Semiconductor Sector Total Return Index $ 100.00 $ 108.74 $ 145.86 $ 249.32 $ 211.77 $ 277.14 Nasdaq Composite Total Return Index $ 100.00 $ 105.24 $ 129.57 $ 192.09 $ 156.35 $ 183.37 S&P 500 (TR) Index $ 100.00 $ 108.98 $ 113.68 $ 164.28 $ 152.31 $ 172.25 Lam Research Corporation 2023 10-K 27 Table of Contents Item 6. [Reserved]