Lam Research Corporation (NASDAQ:LRCX) Q1 2025 Earnings Conference Call October 23, 2024 5:00 PM ET

Company Participants

Ram Ganesh - Vice President, Investor Relations
Tim Archer - President and Chief Executive Officer
Doug Bettinger - Executive Vice President and Chief Financial Officer

Conference Call Participants

Tim Arcuri - UBS
Harlan Sur - JPMorgan
Toshiya Hari - Goldman Sachs
Vivek Arya - Bank of America Securities
C.J. Muse - Cantor Fitzgerald
Krish Sankar - TD Cowen
Srinivas Pajjuri - Raymond James
Stacy Rasgon - Bernstein Research
Atif Malik - Citi
Joe Moore - Morgan Stanley
Blayne Curtis - Jefferies
Chris Caso - Wolfe Research

Operator

Good day, and welcome to the Lam Research September Q1 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Ram Ganesh, Vice President of Investor Relations. Please go ahead, sir.

Ram Ganesh

Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and Chief Executive Officer, and Doug Bettinger, Executive Vice President and Chief Financial Officer.

During today's call, we will share our overview on the business environment and we'll review our financial results for the September 2024 quarter and our outlook for the December 2024 quarter. The press release detailing our financial results was distributed a little after 1:00 p.m. Pacific Time. The release can also be found on the Investor Relations section of the company's website along with the presentation slides that accompany today's call.

Today's presentation and Q&A include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information.

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified. A detailed reconciliation between GAAP and non-GAAP results can be found in the accompanying slides in the presentation. This call is scheduled to last until 3:00 p.m. Pacific time. A replay of this call will be made available later this afternoon on our website.

And with that, I'll hand the call over to Tim.

Tim Archer

Thank you, Ram, and good afternoon, everyone. Lam posted a strong September quarter with revenues and earnings per share higher than the midpoint and profitability above the high-end of the guided ranges. These results mark the fifth consecutive quarter of revenue growth for the company. When combined with our solid outlook for the December quarter, Lam's performance points to strong execution in an industry environment where NAND spending has yet to recover.