What changed in this filing

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Item 1. Business

2024-08-29 compared with 2023-08-15 · 78 added, 68 removed, 340 unchanged (30% of the section changed)

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Our Annual Report on Form 10-K, Quarterly Reports on Forms 10-Q, Current Reports on Forms 8-K, Proxy Statements and all other filings we make with the SEC are available on our website, free of charge, as soon as reasonably practical after we file them with or furnish them to the SEC and are also available online at the SEC’s website at www.sec.gov.

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Table of Content

The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries.

All other marks mentioned herein are the property of their respective holders.

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We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry.

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Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective.

Demand from cloud computing (the “Cloud”) , the Internet of Things (“IoT”), and other markets is driving the need for increasingly powerful and cost - efficient semiconductors.

Demand from cloud computing (the “Cloud”) , artificial intelligence, 5G, the Internet of Things (“IoT”), and other markets is driving the need for increasingly powerful and cost - efficient semiconductors.

At the same time, there are growing technical challenges with traditional two-dimensional scaling.

These trends are driving significant inflections in semiconductor manufacturing, such as the increasing importance of vertical scaling strategies like three-dimensional (“3D”) architectures as well as multiple patterning to enable shrinks.

We believe we are in a strong position with our leadership and expertise in deposition , etch, and clean to facilitate some of the most significant innovations in semiconductor device manufacturing.

We believe we are in a strong position with our leadership and expertise in deposition , etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing.

Several factors create opportunity for sustainable differentiation for us:

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(ii) our ability to effectively leverage cycles of learning from our broad installed base;

(iii) our collaborative focus with semi-ecosystem partners;

(iii) our collaborative focus with semi-ecosystem partners, including our close-to-customer focus;

(iv) our ability to identify and invest in the breadth of our product portfolio to meet technology inflections;

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Many of the technical advances that we introduce in our newest products are also available as upgrades, which provide customers with a cost-effective strategy for extending the performance and capabilities of their existing wafer fabrication lines.

Service offerings include addressing productivity needs for our customers including, but not limited to, system uptime or availability optimization, throughput improvements, and defect reduction.

Service offerings include fleet level Equipment Intelligence ® solutions to maximize the productivity of our customers through system uptime or availability optimization, throughput improvements, and defect reduction.

Our spares product line offers running cost optimization programs and focuses on product life extension to help customers increase the return on their capital purchases.

Additionally, within CSBG, our Reliant ® product line offers new and refurbished non-leading edge products in deposition, etch and clean markets for those applications that do not require the most advanced wafer processing capability.

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Market Process/Application Technology Products

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Atomic Layer Deposition (“ALD”)

(Tungsten) ALTUS ® family

(Tungsten & Molybdenum) ALTUS ® family

Dielectric Films Plasma-enhanced CVD (“PECVD”)

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Plating of copper and other metals is also used for TSV and WLP applications.

Tiny tungsten connectors and thin barriers are made with the precision of chemical vapor deposition and atomic layer deposition, which adds only a few layers of atoms at a time.

Tiny molybdenum or tungsten connectors and thin barriers are made with the precision of chemical vapor deposition and atomic layer deposition, which adds only a few layers of atoms at a time.

Plasma-enhanced CVD, high-density plasma CVD, and ALD are used to form the critical insulating layers that isolate and protect all of these electrical structures.

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At these nanoscale dimensions, even slight imperfections can impact device performance or cause a chip to fail.

Our ALTUS ® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten metallization applications in both logic and memory.

Our ALTUS ® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten or molybdenum metallization applications in both logic and memory.

The Multi-Station Sequential Deposition architecture enables nucleation layer formation and bulk CVD/ALD fill to be performed in the same chamber (“in situ”).

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System capabilities include cobalt deposition for logic applications and copper deposition directly on various liner materials, which is important for next-generation metallization schemes.

For advanced WLP applications, such as forming conductive bumps, redistribution layers, TSV filing, and wafer level bonding, the SABRE ® 3D family combines Lam’s SABRE Electrofill ® technology with additional innovation to deliver the high-quality films needed at high productivity.

For advanced packaging applications, such as forming conductive bumps, redistribution layers, TSV filing, and wafer level bonding, the SABRE ® 3D family combines Lam’s SABRE Electrofill ® technology with additional innovation to deliver the high-quality films needed at high productivity.

The modular architecture can be configured with multiple plating and pre/post-treatment cells, providing flexibility to address a variety of packaging applications, including HBM.

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Striker ® Product Family

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Dielectric film deposition processes are used to form some of the most difficult-to-produce insulating layers in a semiconductor device, including those used in the latest transistors and 3D structures.

In some applications, these films require dielectric films to be exceptionally smooth and defect free since slight imperfections are multiplied greatly in subsequent layers.

In some applications, these films require dielectric films to be exceptionally uniform and defect free since slight imperfections are multiplied greatly in subsequent layers.

Our VECTOR ® PECVD products are designed to provide the performance and flexibility needed to create these enabling structures within a wide range of challenging device applications.

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Etch Processes and Product Families

Etch processes help create chip features by selectively removing dielectric (insulating), metal, silicon and poly silicon (conducting/semiconducting) materials that have been added during deposition.

These processes involve fabricating increasingly small, complex, and narrow features using many types of materials.

The primary technology, reactive ion etch, bombards the wafer surface with ions (charged particles) to remove material.

For the smallest features, atomic-layer etching (“ALE”) removes a few atomic layers of material at a time.

While conductor etch processes precisely shape critical electrical components like transistors, dielectric etch forms the insulating structures that protect conducting parts.

Etch processes create chip features by selectively removing dielectric, metal, silicon and poly silicon materials, including films that have been added during deposition.

Reactive ion etch processing enables device-critical formation steps to enable transistor performance, create storage capacitors, and memory cells.

Low temperature, cryogenic etching enables the use of new, novel chemistries to deliver increased high aspect ratio etch capability.

Flex ® Product Family

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Our latest dielectric etch system, Vantex ® creates high aspect ratio device features while maintaining critical dimension (“CD”) uniformity and selectivity.

Vantex ® is part of our Sense.i ® platform and offers advanced RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence ® to meet the needs of advanced memory manufacturing, primarily in 3D NAND high aspect ratio hole, trench, contact, and capacitor cell applications.

Vantex ® is part of our Sense.i ® platform and offers advanced RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence ® solutions to meet the needs of advanced memory manufacturing, primarily in 3D NAND high aspect ratio hole, trench, contact, and capacitor cell applications.

Kiyo ® Product Family

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Our Kiyo ® product family delivers the high-performance capabilities needed to precisely and consistently form these features precisely and with high productivity.

Proprietary Hydra technology in Kiyo ® products improves CD uniformity by correcting for incoming pattern variability, and atomic-scale variability control with production-worthy throughput is achieved with plasma-enhanced ALE capability.

Proprietary Hydra technology in Kiyo ® products improves CD uniformity by correcting for incoming pattern variability, and atomic-scale variability control with production-worthy throughput.

Syndion ® Product Family

Plasma etch processes used to remove single crystal silicon and other materials deep into the wafer are collectively referred to as deep silicon etch.

Plasma etch processes used to remove silicon and other materials deep into the wafer are collectively referred to as deep silicon etch.

These may be deep trenches for CMOS image sensors, trenches for power and other devices, TSVs for HBM and advanced packaging, and other high aspect ratio features.

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The systems support both conventional single-step etch and rapidly alternating process, which minimizes damage and delivers precise depth uniformity.

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Versys ® Metal Product Family

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These processes can also be used to drill through metal hardmasks that are used to form the wiring for advanced devices.

To enable these critical etch steps, the Versys ® Metal product family provides high-productivity capability on a flexible platform.

To enable these critical etch steps, the Versys ® Metal product family provides high-productivity capability on a flexible

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Superior CD, profile uniformity, and uniformity control are enabled by a symmetrical chamber design with independent process tuning features.

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We believe that comprehensive support programs and close working relationships with customers are essential to maintaining high customer satisfaction and our competitiveness in the marketplace.

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We provide standard warranties for our systems.

The warranty provides that systems will be free from defects in material and workmanship and will conform to agreed-upon specifications.

The warranty is limited to repair of the defect or replacement with new or like-new equivalent goods and is valid when the buyer provides prompt notification within the warranty period of the claimed defect or non-conformity and also makes the items available for inspection and repair.

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or non-conformity and also makes the items available for inspection and repair.

We also offer extended warranty packages to our customers to purchase as desired.

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Refer to Note 9 of our Consolidated Financial Statements, included in Part II, Item 8 of this report, for information concerning customer concentrations.

Our most significant customers during the fiscal years ending June 25, 2023, June 26, 2022, and June 27, 2021 included Intel Corporation;

Kioxia Corporation;

Micron Technology, Inc.;

Our most significant customers during the fiscal years ending June 30, 2024, June 25, 2023, and June 26, 2022 included Micron Technology, Inc.;

Samsung Electronics Company, Ltd.;

SK hynix Inc.;

and Taiwan Semiconductor Manufacturing Company.

Additionally, SK hynix Inc, and Yangtze Memory Technologies Co., Ltd.

were significant customers during the fiscal years ending June 26, 2022, and June 27, 2021.

A material reduction in orders from our customers could adversely affect our results of operations and projected financial condition.

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Certain components and sub-assemblies that we include in our products may only be obtained from a single supplier.

In response to supply chain constraints, we are engaged in efforts to obtain and qualify alternative sources to supply these products and in some circumstances protect against potential supply challenges by carrying inventory in excess of current need.

We are engaged in efforts to obtain and qualify alternative sources to supply these products and in some circumstances protect against potential supply challenges by carrying inventory in excess of current need.

Any prolonged inability to obtain these components could have an adverse effect on our operating results and could unfavorably impact our customer relationships.

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Efforts to comply with new and changing regulations have resulted in, and are likely to continue to result in, decreased net income and increased capital expenditures.

If we are alleged or found by a court or regulatory agency not to be in compliance with regulations, we may be subject to fines, restrictions on our actions, reputational damage, and harm to our

Lam Research Corporation 2023 10-K 8

competitive position, and our business, financial condition, and/or results of operations could be adversely affected.

If we are alleged or found by a court or regulatory agency not to be in compliance with regulations, we may be subject to fines, restrictions on our actions, reputational damage, and harm to our competitive position, and our business, financial condition, and/or results of operations could be adversely affected.

For additional details, please refer to “Legal, Regulatory and Tax Risks – We Are Exposed to Various Risks from Our Regulatory Environment” in Item 1A:

Risk Factors .

Regulations that impact trade, including tariffs, export controls, taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, have the potential to increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial conditions.

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For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our Future Success Depends Heavily on International Sales and the Management of Global Operations” and “Legal, Regulatory and Tax Risks – Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S.

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An important element of our management strategy is to review acquisition prospects that would complement our existing products, augment our market coverage and distribution ability, enhance our technological capabilities, or accomplish other strategic objectives.

However, for regulatory reasons, we may not be successful in our attempts to acquire or dispose of businesses, products, or technologies.

However, for regulatory or other reasons, we may not be successful in our attempts to acquire or dispose of businesses, products, or technologies.

For additional details regarding the impacts of regulations on acquisitions or dispositions we may attempt, please refer to “Business and Operational Risks – If We Choose to Acquire or Dispose of Businesses, Product Lines, and Technologies, We May Encounter Unforeseen Costs and Difficulties That Could Impair Our Financial Performance” in Item 1A:

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We are subject to a variety of domestic and international governmental regulations related to the handling, discharge, and disposal of toxic, volatile, or otherwise hazardous chemicals.

For additional details regarding the impacts of compliance with environmental laws and regulations, please refer to “Legal, Regulatory and Tax Risks – A Failure to Comply with Environmental Regulations May Adversely Affect Our Operating Results” in Item 1A:

For additional details regarding the impacts of compliance with environmental laws and regulations, please refer to “Legal, Regulatory and Tax Risks – Increasing and Evolving Environmental Regulations May Adversely Affect Our Operating Results” in Item 1A:

Risk Factors .

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Our ESG report for calendar year 2023 details, among other items, a number of ESG goals.

One such goal is to achieve net zero emissions by 2050, which we intend to achieve in part by meeting a number of interim targets related to our environmental impact.

One such goal is to achieve net zero emissions by 2050, which we are working to achieve in part by meeting a number of interim targets related to our environmental impact.

There have been no material impacts to capital expenditures or our results of operations associated with this goal, and there are no material cash commitments associated with the goal as of the fiscal year ended June 30, 2024.

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and Tokyo Electron, Ltd.

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We face competition from a number of established and emerging companies in the industry.

We expect our competitors to continue to improve the design and performance of their current products and processes, to introduce new products and processes with enhanced price/performance characteristics, and to provide more comprehensive offerings of products.

If our competitors make acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.

If our competitors make

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acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.

Strategic investments to encourage local semiconductor manufacturing and supply chain in China could increase competition from domestic equipment manufacturers in China.

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To tap into the best and brightest students, we prioritize core initiatives including an internship program, campus events, and thesis awards and scholarships.

We accelerate employee development, broaden career opportunities, and expand professional networks for employees through our mentorship, coaching, and rotation programs.

Additionally, we offer leadership development programs which are designed to scale leadership across our business by guiding managers to motivate, inspire, and lead employees through change.

Through the spirit of continuous improvement, we accelerate skill building and development, create career opportunities, and expand professional networks for employees.

We provide a wide range of opportunities globally to support our commitment to developing the best talent.

Our mentorship, coaching, and professional development programs support this commitment along with our self-directed online learning platform that intelligently aligns content with skill building needs.

Additionally, our leadership development programs are designed to scale leadership across our business, empowering leaders to motivate, inspire, and lead employees through change, ultimately accelerating business outcomes.

Employee Engagement

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Total Rewards

Our Total Rewards program incorporates a comprehensive compensation and benefits package aimed at supporting employees’ financial, physical, and mental well-being.

Our Total Rewards program incorporates a comprehensive compensation and benefits package aimed at supporting employees and their families with financial, physical, and mental well-being programs that meet their needs.

We conduct an annual review of salaries and benefits packages using third-party benchmarking surveys to ensure that our offerings are aligned with the marketplace and attractive to top talent.

We offer our employees a competitive 401(k) benefit, an employee stock purchase plan, and annual cash bonuses.

We offer our employees a competitive 401(k) benefit, an employee stock purchase plan, tuition reimbursement, and annual cash bonuses.

Stock awards are offered to executives and select employees.

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We recognize the importance of time away from work for personal reasons, and we offer annual paid holidays and time off.

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We recognize the importance of time away from work, so we offer annual paid holidays and time off to relax and recharge or take care of personal business.

Additionally, we offer paid parental leave benefits for parents welcoming a new child to the family through birth, adoption, or foster care placement.

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As of August 22, 2024, the executive officers of Lam Research were as follows:

Name Age Title

Archer 56 President and Chief Executive Officer

Bettinger 56 Executive Vice President and Chief Financial Officer

Lord 57 Executive Vice President and Chief Operating Officer

Name Age Position(s)

Archer 57 President, Chief Executive Officer

Bettinger 57 Executive Vice President, Chief Financial Officer

Lord 58 Executive Vice President, Chief Operating Officer

Fernandes 57 Senior Vice President, Global Customer Operations

Hahn 50 Senior Vice President, Chief Legal Officer and Secretary

Vahid Vahedi 57 Senior Vice President and Chief Technology Officer

Harter 54 Senior Vice President, Chief Legal Officer and Secretary

Vahid Vahedi 58 Senior Vice President, Chief Technology and Sustainability Officer

Seshasayee (Sesha) Varadarajan 49 Senior Vice President, Global Products Group

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He started his career in 1989 at Tektronix, where he was responsible for process development for high-speed bipolar ICs.

Archer currently serves on the International Board of Directors for SEMI, the global industry association representing the electronics manufacturing and design supply chain.

Archer has served as a member of the board of directors of Johnson Controls International public limited company, a global provider of building technology, software, and services, since March 2024, where he is a member of the compensation and talent development committee.

He also serves on the International Board of Directors for SEMI, the global industry association representing the electronics manufacturing and design supply chain.

From 2020 to 2022, Mr.

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degree in applied physics from the California Institute of Technology.

Bettinger is our executive vice president and chief financial officer with responsibility for Finance, Tax, Treasury, and Investor Relations.

Bettinger is our executive vice president and chief financial officer with responsibility for Finance, Tax, Treasury, and Investor Relations and Corporate Analytics.

Prior to joining the Company in 2013, Mr.

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Prior to that, Dr.

Lord held the position of group vice president and deputy general manager of the Global Products Group from September 2013 to December 2016.

He served as the head of the Direct Metals, GapFill, Surface Integrity Group, and Integrated Metals (“DGSI”) Business Units between June 2012 and September 2013.

Lord held the position of group vice president and deputy general

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our acquisition of Novellus in June 2012, Dr.

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manager of the Global Products Group from September 2013 to December 2016.

He served as the head of the Direct Metals, GapFill, Surface Integrity Group, and Integrated Metals (“DGSI”) Business Units between June 2012 and September 2013.

Prior to our acquisition of Novellus in June 2012, Dr.

Lord was senior vice president and general manager of the DGSI Business Units at Novellus.

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Fernandes is our senior vice president of Global Customer Operations, a position he has held since March 2023.

Previously, he was global vice president of business development and sales operations and held other senior sales and customer-focused leadership positions at Lam.

Previously, he was group vice president of Business Development and Sales Operations and held other senior sales and customer-focused leadership positions at Lam.

He joined the company in 2012 through the acquisition of Novellus, where he was the vice president of Sales Operations.

Prior to that role, he held range of management positions in product marketing and process engineering at Novellus, Gasonics and Watkins-Johnson.

Neil earned an M.S.

Fernandes earned an M.S.

degree in mechanical engineering from the University of Texas at Austin and a B.E.

in mechanical engineering from the Manipal Institute of Technology.

Hahn is our senior vice president, chief legal officer and secretary.

She joined us in January 2020 and is responsible for global legal matters, ethics and compliance, global trade and government affairs.

Prior to joining us, Ms.

Hahn served as executive vice president, chief compliance officer, general counsel and secretary of CA Technologies, an enterprise software company, from February 2019 to November 2019 (until its acquisition by Broadcom Corp.), general counsel and secretary of Aruba Networks from April 2013 to June 2016 (until its acquisition by Hewlett Packard Enterprise), general counsel and secretary of ShoreTel, Inc.

from 2007 to 2013, and general counsel and secretary of Genesis Microchip from 2002 to 2007.

Hahn also served as general counsel of venture capital firms Kleiner Perkins and Felicis Ventures.

She started her career at the law firm of Wilson Sonsini Goodrich & Rosati, where she practiced corporate and securities law.

Hahn earned a J.D.

from Columbia Law School and a B.A.

in history from the University of California at Berkeley.

Vahid Vahedi is our senior vice president and chief technology officer, a position he has held since March 2023.

Vahedi previously served as senior vice president and general manager of the Etch business unit beginning February 2018;

Harter is our senior vice president, chief legal officer and secretary.

She joined us in July 2024 and is responsible for global legal matters, ethics and compliance, global trade, and government affairs.

Prior to joining us, she served as executive vice president and chief legal officer at Whirlpool Corporation, a home appliance and consumer products company, from December 2020 to March 2024, and as senior vice president, general counsel, and corporate secretary at Owens Corning, a building and construction materials company, from May 2015 to November 2020.

Prior to that, she held legal roles at General Electric and The Dow Chemical Company.

She also worked at the law firms of Jones Day and Thompson Hine LLP and was an adjunct professor at the Case Western Reserve University Law School.

Harter earned her J.D.

from Northwestern University School of Law, an M.B.A.

in sociology from the University of Nebraska, and a B.A.

in political science from Northwestern University.

Vahid Vahedi is our senior vice president and chief technology and sustainability officer, a position he has held since March 2024.

Vahedi previously served as senior vice president and chief technology officer beginning March 2023;

senior vice president and general manager of the Etch business unit beginning February 2018;

and group vice president of the Etch product group beginning March 2012.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business