LAM RESEARCH CORP 10-Q

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds Repurchases of Company Shares In May 2024, the Board of Directors authorized management to repurchase up to an additional $10.0 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. Share repurchases, including those under the repurchase program, are reflected in the table below. All references to share and per share amounts have been retroactively adjusted to reflect the effects of the stock split. See Note 1, “Basis of presentation,” to our Consolidated Financial Statements, included in Part I of this Form 10-Q for additional information. 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 30, 2024 $ 10,824,660 July 1, 2024 - July 28, 2024 1,879 $ 102.89 1,865 10,632,816 July 29, 2024 - August 25, 2024 3,506 $ 83.83 3,482 10,341,076 August 26, 2024 - September 29, 2024 6,626 $ 78.73 6,605 9,821,006 Quarter ended September 29, 2024 12,011 $ 84.00 (3) 11,952 $ 9,821,006 (1) During the three months ended September 29, 2024, we acquired 59 thousand shares at a total cost of $5.2 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) 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 Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share. (3) Average price paid per share presented is for the quarter ended September 29, 2024. Lam Research Corporation 2025 Q1 10-Q 35 Table of Contents ITEM 3. Defaults Upon Senior Securities None. ITEM 4. Mine Safety Disclosures Not applicable.