#1Lam Research Corporation September quarter 2023 financial results October 18, 2023 • B Lam RESEARCH#2Cautionary statement regarding forward-looking statements This presentation and the accompanying discussion contain "forward-looking statements" under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking statements include, but are not limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results, including guidance, whether on a GAAP or non-GAAP basis; (2) economic, market, industry and industry segment expectations; (3) product performance and changes in market share or customer demands; (4) our ability to successfully execute business, capital allocation, product and growth plans or strategies, or otherwise deliver value for customers and stockholders; and (5) the impact of trade regulations, export controls and trade disputes. Forward-looking statements speak only as of the date they are made and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed, including: 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 are expected to continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and 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; as well as the other factors discussed in our filings with the Securities and Exchange Commission ("SEC"), including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 25, 2023. You should not place undue reliance on forward-looking statements. Lam undertakes no obligation to update any forward-looking statements. LAM RESEARCH#3$17.4B REVENUE* $1.7B ~17,200 R&D* EMPLOYEES Lam RESEARCH A global leader in wafer fabrication equipment and services since 1980 14 PRIMARY LOCATIONS + Fremont, CA + Livermore, CA + Sherwood, OR + Tualatin, OR + Springfield, OH Yongin, Korea + Eaton, OH + Hsinchu City, Taiwan + Villach, Austria + Taoyuan City, Taiwan + Hwaseong-si, Korea + Bengaluru, India + Osan, Korea + Batu Kawan, Malaysia AWARDS AND RECOGNITION 100 Most Sustainable U.S. Companies Barron's World's Most Ethical Companies Ethisphere America's Best Employers for Diversity Forbes World's Most Admired Companies Fortune Best Places to Work For LGBTQ+ Equality Human Rights Campaign Dow Jones Sustainability Index North America S&P Global LAM RESEARCH All figures as of fiscal year 2023. *GAAP basis#4Business review & industry outlook Tim Archer President and Chief Executive Officer LAM RESEARCH#5Strong September quarter performance Revenue of $3.48B and EPS of $6.85; profitability metrics above guided ranges for second quarter in a row Expect further revenue and EPS improvement in December quarter LAM RESEARCH EPS = earnings per share EPS calculated on a non-GAAP basis. Reconciliations of U.S GAAP results to non-GAAP results can be found at the end of this presentation.#6WFE outlook LAM RESEARCH CY = calendar year WFE =wafer fabrication equipment HBM high bandwidth memory CY 2023 WFE in the $80B range Changed from our prior view of mid-$70B based on updated checks on non-Lam related markets and restricted fab spending in China No impact to Lam revenue assumptions NAND: Customers reduced spending, lowered utilizations to drive faster path to supply/demand balance DRAM: Spending up modestly relative to prior view driven by HBM-related demand and China upside Foundry/logic: Down slightly versus prior baseline on weakness in leading edge and non-China mature node spending#7Lam positioned to benefit from drivers of WFE demand Expect benefits in both the short and long term When memory investments recover, higher utilization drives need for spares, services, and upgrades Etch and deposition are critical to enabling higher performance and increased device complexity Customers continue to identify innovative use cases for vertical scaling LAM RESEARCH#8Addressing the limitations of scaling SAM = served available market LAM RESEARCH BEOL = back end of the line Backside power delivery Close to $1B incremental SAM opportunity for every 100K monthly wafer starts Power interconnects increasingly compete for space in BEOL and at the transistor level Technology enables separation of the signal and power delivery paths; new etch and deposition capabilities are needed Have tool of record positions at a leading foundry/logic customer#9CSBG delivering innovative solutions Expansion of our Equipment Intelligence® offerings First big data application of high-resolution optical emission spectroscopy Complexity in collecting and interpreting plasma spectra across large tool fleet Allows customers to resolve performance issues Collaborative maintenance robot (Co-bot) Industry's first collaborative maintenance robot Deployed into a production fab at a leading customer Helps execute complex maintenance tasks with precision and repeatability • Important capability as semiconductor manufacturing expands and becomes more regionalized CSBG customer support business group LAM RESEARCH#10Investing to capitalize on long-term opportunities Tremendous vectors of growth ahead for the semiconductor industry and for Lam + Scaling and complexity challenges are driving inflections toward 3D architectures leading to greater etch and deposition intensity + Lam is committed to making strategic investments to position for outperformance as industry and markets grow + Laying the groundwork for greater scale and efficiency in our global operations + Increasing R&D efforts to extend differentiation and expand our product portfolio to capture new applications LAM RESEARCH#11September quarter 2023 financial results & December quarter 2023 outlook Doug Bettinger Executive Vice President and Chief Financial Officer LAM RESEARCH#12September quarter highlights 1བ QSEP'23 REVENUE $3.48B QJun'23 revenue: $3.21B QSep'22 revenue: $5.07B QSEP'23 EARNINGS PER SHARE* $6.85 QJun'23 earnings per share*: $5.98 LAM RESEARCH *Data are presented on a non-GAAP basis. Reconciliations of U.S. GAAP results to non-GAAP results can be found at the end of this presentation.#13September quarter revenue mix DRAM segment growth; increase in China revenue concentration SYSTEM REVENUE SEGMENTS* Logic/other 26% Foundry 36% NVM = non-volatile memory LAM RESEARCH NVM 15% REVENUE BY REGION Europe 7% Memory 38% Taiwan 7% US 8% DRAM 23% Japan 9% *System revenue includes equipment and equipment upgrade sales from etch, deposition, clean, and our ReliantⓇ product line Korea 16% Southeast Asia 5% China 48%#14Customer Support Business Group LAM RESEARCH E QSEP'23 CSBG REVENUE $1.43B QJun'23 CSBG revenue: $1.50B QSep'22 CSBG revenue: $1.89B#15September quarter financial results QSEP'23 QJUN'23 Revenue Non-GAAP Gross Margin* $3,482M $3,207M 47.9% 45.7% Non-GAAP Operating Expenses* $622M $590M Non-GAAP Operating Income* $1,047M $875M Non-GAAP Operating Income as a percentage of Revenue* 30.1% 27.3% Non-GAAP Other Income (Expense), Net* U.S. GAAP Diluted EPS Non-GAAP Diluted EPS* Diluted Share Count LAM RESEARCH *A reconciliation of U.S. GAAP results to non-GAAP results can be found at the end of this presentation. $7M $(7)M $6.66 $5.97 $6.85 $5.98 133M 134M#16Key balance sheet and financial metrics Total Consolidated Gross Cash Balance Account Receivables, Net Days Sales Outstanding Inventories Inventory Turns Deferred Revenue* Capital Expenditures Equity Compensation Expense Amortization Expense Depreciation Expense Share Repurchases Cash Dividends Headcount LAM RESEARCH *Lam's deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Estimated future revenue from shipments to customers in Japan was approximately $261M as of September 24, 2023 and $160M as of June 25, 2023. QSEP'23 QJUN'23 $5,157M $2,811M $5,625M $2,823M 73 Days $4,748M 80 Days $4,816M 1.5 1.5 $1,690M $1,838M $77M $79M $67M $68M $14M $14M $76M $76M $830M $906M $230M $232M ~17,200 -17,400#17$3.7B +/- $300M Revenue December 2023 quarter guidance 47.0% +/- 1% Non-GAAP gross margin 29.5% +/- 1% Non-GAAP operating margin LAM RESEARCH A reconciliation of U.S. GAAP projected results can be found at the end of this presentation. *Based on a diluted share count of approximately 132 million shares $7.00 +/- $0.75 Non-GAAP earnings per share*#18LAM RESEARCH Q&A#19Appendix - reconciliation Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income (in thousands, except per share data) (unaudited) Three Months Ended September 24, 2023 June 25, 2023 U.S. GAAP net income Pre-tax non-GAAP items: Amortization related to intangible assets acquired through certain business combinations - cost of goods sold Elective deferred compensation ("EDC") related liability valuation (decrease) increase - cost of goods sold Restructuring charges, net - cost of goods sold 887,398 $ 802,537 3,149 3,093 (591) 4,288 7,940 11,446 Product rationalization - cost of goods sold (13,383) Transformational costs - cost of goods sold 4,269 1,634 EDC related liability valuation (decrease) increase - research and development (1,064) 7,719 Product rationalization - research and development (3,795) Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative EDC related liability valuation (decrease) increase - selling, general and administrative 1,186 1,395 (709) 5,146 Product rationalization - selling, general and administrative (2,891) Transformational costs - selling, general and administrative 8,020 4,294 Restructuring charges, net - operating expenses Amortization of note discounts - other income (expense), net Loss (gain) on EDC related asset - other income (expense), net Net income tax benefit on non-GAAP items Income tax benefit on the conclusion of certain tax matters Non-GAAP net income Non-GAAP net income per diluted share U.S. GAAP net income per diluted share U.S. GAAP and non-GAAP number of shares used for per diluted share calculation 2,021 1,742 1,017 724 2,901 (16,599) (3,098) (1,146) (3,079) SSS 912,439 $ 803,125 $ 6.85 6.66 $ 5.98 5.97 133,166 134,392 LAM RESEARCH#20Appendix - reconciliation Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income (in thousands, except percentages) (unaudited) U.S. GAAP gross margin Pre-tax non-GAAP items: Amortization related to intangible assets acquired through certain business combinations EDC related liability valuation (decrease) increase Restructuring charges, net Product rationalization Transformational costs Non-GAAP gross margin U.S. GAAP gross margin as a percentage of revenue Non-GAAP gross margin as a percentage of revenue U.S. GAAP operating expenses Pre-tax non-GAAP items: Amortization related to intangible assets acquired through certain business combinations EDC related liability valuation decrease (increase) Restructuring charges, net Product rationalization Transformational costs Non-GAAP operating expenses U.S. GAAP operating income Non-GAAP operating income U.S. GAAP operating income as percent of revenue Non-GAAP operating income as a percent of revenue LAM RESEARCH Three Months Ended September 24, June 25, 2023 2023 1,654,702 1,458,129 3,149 3,093 (591) 4,288 7,940 11,446 (13,383) 4,269 1,669,469 1,634 47.5 % 1,465,207 45.5 % 47.9 % 45.7 % 631,673 603,524 (1,186) (1,395) 1,773 (12,865) (2,021) (1,742) 6,686 (8,020) (4,294) $ 622,219 589,914 $ 1,023,029 $ 854,605 1,047,250 875,293 29.4 % 26.6 % 30.1 % 27.3 %#21Appendix - reconciliation Reconciliation of U.S. GAAP Other Income (Expense), Net to Non-GAAP Other Income (Expense), Net (in thousands) (unaudited) U.S. GAAP Other income (expense), net Pre-tax non-GAAP items: Amortization of note discounts Loss (gain) on EDC related asset Non-GAAP Other income (expense), net LAM RESEARCH 2023 Three Months Ended September 24, June 25, 2023 $ 2,601 $ 9,010 1,017 2,901 724 (16,599) $ 6,519 $ (6,865)#22Appendix - reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) U.S. GAAP net cash provided by operating activities U.S. GAAP cash used for capital expenditures and intangible assets Total free cash flow LAM RESEARCH Three Months Ended September 24, 2023 June 25, 2023 March 26, 2023 $ 951,163 $ 1,122,725 $ 1,726,438 (76,992) $ (78,670) $ (119,457) $ 874,171 $ 1,044,055 $ 1,606,981#23Appendix - reconciliation Reconciliation of U.S. GAAP Income Tax Rate to Non-GAAP Income Tax Rate (in thousands, except percentages) (unaudited) Three Months Ended September 24, June 25, 2023 2023 U.S. GAAP income before income taxes $ 1,025,630 $ U.S. GAAP income tax expense U.S. GAAP income tax rate Pre-tax non-GAAP items: 138,232 $ SASA 863,615 61,078 13.5 % 7.1 % Amortization related to intangible assets acquired through certain business combinations - cost of goods sold Elective deferred compensation related liability valuation (decrease) increase - cost of goods sold 3,149 3,093 (591) 4,288 Restructuring charges, net - cost of goods sold 7,940 11,446 Product rationalization - cost of goods sold (13,383) Transformational costs - cost of goods sold 4,269 1,634 EDC related liability valuation (decrease) increase - research and development (1,064) 7,719 Product rationalization - research and development (3,795) Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative EDC related liability valuation (decrease) increase - selling, general and administrative 1,186 1,395 (709) 5,146 Product rationalization - selling, general and administrative (2,891) Transformational costs - selling, general and administrative 8,020 4,294 Restructuring charges, net - operating expenses Amortization of note discounts - other income (expense), net Loss (gain) on EDC related asset - other income (expense), net Non-GAAP income before taxes Net income tax benefit on non-GAAP items Income tax benefit on conclusion of certain tax matters Non-GAAP income tax expense Non-GAAP income tax rate 2,021 1,742 1,017 724 2,901 (16,599) $ $ SSSSA 1,053,769 3,098 141,330 $ SASASASA $ 868,428 1,146 3,079 65,303 13.4 % 7.5 % LAM RESEARCH#24Appendix - reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the quarter ended December 24, 2023 Revenue Gross margin as a percentage of revenue Operating income as a percentage of revenue Net income per diluted share Diluted share count U.S. GAAP Reconciling Items Non-GAAP $3.7 Billion +/- $300 Million $3.7 Billion +/- $300 Million 46.5% +/- 1% $ 17 Million 47.0% +/- 1% 28.6% $6.78 +/- 1% $ 32 Million 29.5% +/- 1% +/- 132 Million $0.75 $ 29 Million $7.00 +/- $0.75 132 million The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other significant arrangements that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows: Gross margin as a percentage of revenue - restructuring charges, $7 million; transformational costs, $7 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $17 million. Operating income as a percentage of revenue - transformational costs, $22 million; restructuring charges, $7 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $32 million. Net income per diluted share - transformational costs, $22 million; restructuring charges, $7 million; amortization related to intangible assets acquired though business combinations, $3 million; amortization of debt discounts, $1 million; and associated tax benefit for non-GAAP items ($4 million); totaling $29 million. LAM RESEARCH#25Lam RESEARCH