FREMONT,
Calif., May 21, 2024 /PRNewswire/ -- Lam
Research Corporation (Nasdaq: LRCX) today announced that its Board
of Directors approved a $10 billion
share repurchase authorization and a forward split of its
outstanding shares of common stock at a ratio of 10:1.
"The share repurchase authorization announced
today will execute over an indeterminate period of time and is
consistent with our plan to return 75% to 100% of free cash flow to
stockholders in the form of dividends and share buybacks," said
Doug Bettinger, Lam's Executive Vice
President, and Chief Financial Officer. "Furthermore, the stock
split announced today will enable a larger proportion of Lam's
worldwide employee base to participate in the company's employee
stock plans."
The company is authorized to repurchase up to
$10 billion of common stock. The new
share repurchase authorization supplements the remaining balances
from any prior authorizations. Repurchases may be made through both
public market and private transactions and may include the use of
derivative contracts and structured share repurchase agreements.
This repurchase program has no termination date and may be
suspended or discontinued at any time.
The stock split is expected to be effective after
market close on Wednesday, October 2,
2024, for stockholders of record at that time. Lam
Research's common stock will begin trading on a post-split basis at
the market open on Thursday, October 3,
2024, under the company's existing trading symbol
"LRCX."
As a result of the stock split, proportionate
adjustments will be made to the number of shares of Lam Research's
common stock underlying the company's outstanding equity awards,
equity incentive plans, and other existing agreements, as well as
exercise or conversion prices, as applicable. The company
anticipates filing a Form 8-K with the U.S. Securities and Exchange
Commission after the occurrence of the stock split to report an
amendment to the company's Restated Certificate of Incorporation
effecting the stock split and reflecting a proportionate adjustment
to the total number of authorized shares of Lam Research common
stock.
About Lam Research:
Lam Research Corporation is a global supplier of
innovative wafer fabrication equipment and services to the
semiconductor industry. Lam's equipment and services allow
customers to build smaller and better performing devices. In fact,
today, nearly every advanced chip is built with Lam technology. We
combine superior systems engineering, technology leadership, and a
strong values-based culture, with an unwavering commitment to our
customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company
headquartered in Fremont, Calif.,
with operations around the globe. Learn more at
www.lamresearch.com. (LRCX)
Caution Regarding Forward-Looking
Statements:
Statements made in this press release that are
not of historical fact are forward-looking statements and are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
relate to, but are not limited to: our plans to repurchase shares;
our ability to fund share repurchase activities; our plans to
return free cash flow to stockholders in the form of dividends and
share buybacks; our plans to make dividend payments or declare
dividends; and the completion of the anticipated stock split. Some
factors that may affect these forward-looking statements include:
trade regulations, export controls, trade disputes, and other
geopolitical tensions may inhibit our ability to sell our products;
business, political and/or regulatory conditions in the consumer
electronics industry, the semiconductor industry and the overall
economy may deteriorate or change; the actions of our customers and
competitors may be inconsistent with our expectations; supply chain
cost increases and other inflationary pressures have impacted and
may continue to impact our profitability; supply chain disruptions
or manufacturing capacity constraints may limit our ability to
manufacture and sell our products; natural and human-caused
disasters, disease outbreaks, war, terrorism, political or
governmental unrest or instability, or other events beyond our
control may impact our operations and revenue in affected areas;
and our ability to generate revenues necessary to conduct the share
repurchases and issue dividends; as well as the other risks and
uncertainties that are described in the documents filed or
furnished by us with the Securities and Exchange Commission,
including specifically the Risk Factors described in our annual
report on Form 10-K for the fiscal year ended June 25, 2023 and our quarterly report on Form
10-Q for the fiscal quarter ended March 31,
2024. These uncertainties and changes could materially
affect the forward-looking statements and cause actual results to
vary from expectations in a material way. The Company undertakes no
obligation to update the information or statements made in this
press release.
Company Contacts:
Ram Ganesh
Investor Relations
(510) 572-1615
Email: investor.relations@lamresearch.com
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SOURCE Lam Research Corporation