#1Lam Research Corporation June quarter 2023 financial results July 26, 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 26, 2022 and our quarterly report on Form 10-Q for the quarter ended March 26, 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* 14 PRIMARY LOCATIONS + Fremont, CA $1.7B R&D * ~17,400 EMPLOYEES Lam RESEARCH A global leader in wafer fabrication equipment and services since 1980 + Livermore, CA + Sherwood, OR + Tualatin, OR + Springfield, OH Yongin, Korea + Eaton, OH + Hsinchu City, Taiwan + Villach, Austria + Taoyuan City, Taiwan + Hwaseong-si, Korea + + Osan, Korea + Bengaluru, India 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#5Revenue of $3.21B and EPS of $5.98; profitability metrics above guided ranges Strong June quarter performance CSBG at 47% of revenues, a key area of strength and stability in a weak WFE environment Executing on operational initiatives to deliver greater predictability and position Lam for future WFE growth 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. CSBG Customer Support Business Group WFE =wafer fabrication equipment#6WFE outlook CY 2023 WFE tracking to mid $70B range Seeing further upside from domestic China-related spending and growth in high bandwidth memory (HBM) demand Expect overall memory to be down in the mid-40% range year-over-year Non-memory expected to be down approximately 10% Continue to see second half 2023 WFE tracking higher than first half LAM RESEARCH CY calendar year#7AI fundamental to driving increased semi investments Advanced AI creates opportunity for Lam Advanced Al servers have significantly higher leading-edge logic, memory, and storage content Every incremental 1% penetration of Al servers in data centers expected to add $1B to $1.5B of additional WFE investment Lam is broadening its product portfolio for processing at the atomic scale for GAA, 3D DRAM, and advanced packaging LAM RESEARCH Al = artificial intelligence GAA = gate-all-around GOL#8Packaging vital to enabling logic/memory integration LAM RESEARCH HBM = high bandwidth memory TSV = through-silicon via SAM = served available market Lam's advanced packaging leadership >50% market share in deposition and etch solutions for enabling advanced 3D HBM stacking 100% market share for SABRE® 3D and SyndionⓇ systems across leading memory customers for TSV formation Expect our packaging SAM to double in the next 5 years#9Strengthening market position in advanced packaging Chiplet architecture: Inter-die gapfill Win in June quarter at a key foundry-logic customer to drive leading share position for this application across top 3 foundry-logic customers Higher productivity results by leveraging our unique architecture and multi-station design, allowing more wafers to run between clean steps Superior on-wafer performance with better film stress management, improved defectivity, and enhanced uniformity LAM RESEARCH#10Expanding R&D into advanced packaging and specialty New applications Die-to-wafer hybrid bonding + Extending existing product portfolio to enable new die-to-wafer hybrid bonding approach with our KiyoⓇ etch platform + Secured leading foundry-logic customer win by delivering better etch profile + Currently tool of record position for a suite of etches and resist strip steps at this customer New applications Advanced etching for GaN devices + Extending atomic layer etch solutions in manufacturing of GaN devices + GaN technology accelerating across multiple applications + GaN device fabrication requires ultra-low damage etch processes with atomic scale precision + Lam's suite of solutions improves surface roughness and other material properties that benefit device performance LAM RESEARCH GaN = gallium nitride#11Positioned for innovation and outperformance Lam is executing a competitively differentiated strategy We are addressing rising complexity across technology, customer support, and sustainability vectors Lam's Semiverse™ Solutions portfolio enables faster processing, lower cost products, and global collaboration LAM RESEARCH くくくくん くくくくくく#12June quarter 2023 financial results & September quarter 2023 outlook Doug Bettinger Executive Vice President and Chief Financial Officer LAM RESEARCH#13June quarter highlights LAM RESEARCH QJUN 23 REVENUE $3.21B QMar'23 revenue: $3.87B QJUN'23 EARNINGS PER SHARE* $5.98 QMar'23 earnings per share*: $6.99 *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.#14June quarter revenue mix Record level of systems revenue concentration in logic/other SYSTEM REVENUE SEGMENTS* Logic/other 26% LAM RESEARCH NVM 18% Memory 27% REVENUE BY REGION US 8% 500 DRAM 9% Japan 10% SEA Europe 4% 8% China 26% Korea Taiwan 20% 24% Foundry 47% NVM = non-volatile memory *Systems revenue includes equipment and equipment upgrade sales from etch, deposition, clean, and our ReliantⓇ product line.#15June quarter highlights LAM RESEARCH 13 QJUN 23 CSBG REVENUE $1.50B QMar'23 CSBG revenue: $1.61B QJun'22 CSBG revenue: $1.63B#16June quarter financial results QJUN'23 QMAR'23 Revenue $3,207M $3,870M Non-GAAP gross margin* 45.7% 44.0% Non-GAAP operating expenses* $590M $608M Non-GAAP operating income* $875M $1,097M Non-GAAP operating income as a percentage of revenue* 27.3% 28.3% Non-GAAP other expense, net* $7M $8M U.S. GAAP diluted EPS Non-GAAP diluted EPS* $5.97 $6.01 $5.98 $6.99 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. 134M 135M#17Key balance sheet and financial metrics Total consolidated gross cash balance Account receivables, net DSO 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 $160M as of June 25, 2023 and $212M as of March 26, 2023. QJUN'23 QMAR'23 $5,625M $2,823M 80 days $4,816M $5,620M $3,262M 77 days $4,882M 1.5 1.9 $1,838M $2,003M $79M $119M $68M $74M $14M $14M $76M $78M $906M $483M $232M $234M ~17,400 -18,700#18$3.4B +/- $300M Revenue 46.5% +/- 1% Non-GAAP gross margin* September 2023 quarter guidance al 28.0% +/- 1% Non-GAAP operating margin* LAM RESEARCH $6.05 +/- $0.75 Non-GAAP earnings per share* A reconciliation of U.S. GAAP projected results to non-GAAP projected results can be found at the end of this presentation. *Based on a diluted share count of approximately 133 million shares.#19LAM RESEARCH Q&A#20Appendix - reconciliation Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income (in thousands, except per share data) (unaudited) Three Months Ended June 25, 2023 March 26, 2023 U.S. GAAP net income Pre-tax non-GAAP items: 802,537 $ 814,008 Amortization related to intangible assets acquired through certain business combinations - cost of goods sold Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold 3,093 3,093 4,288 1,498 Restructuring charges - cost of goods sold 11,446 66,720 Product rationalization - cost of goods sold (13,383) 26,842 Transformational costs - cost of goods sold 1,634 558 EDC related liability valuation increase - research and development 7,719 2,697 Product rationalization - research and development (3,795) 3,858 Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative EDC related liability valuation increase - selling, general and administrative 1,395 1,395 5,146 1,798 Product rationalization - selling, general and administrative (2,891) 2,891 Transformational costs - selling, general and administrative 4,294 2,692 Restructuring charges, net - operating expenses Amortization of note discounts - other income (expense), net 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 1,742 40,408 724 718 (16,599) (5,443) (1,146) (17,250) (3,079) $ $ 803,125 $ Non-GAAP net income per diluted share $ 5.98 $ U.S. GAAP net income per diluted share 5.97 $ ASSS|| 946,483 6.99 U.S. GAAP and non-GAAP number of shares used for per diluted share calculation 134,392 6.01 135,395 LAM RESEARCH#21Appendix - 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) Three Months Ended Pre-tax non-GAAP items: U.S. GAAP gross margin Amortization related to intangible assets acquired through certain business combinations EDC related liability valuation increase Restructuring charges, net Product rationalization Transformational costs Non-GAAP gross margin U.S. GAAP gross margin as a percentage of revenue $ June 25, 2023 1,458,129 March 26, 2023 $ 1,605,612 3,093 3,093 4,288 1,498 11,446 66,720 (13,383) 26,842 1,634 558 $ 1,465,207 45.5 % $ 1,704,323 41.5 % Non-GAAP gross margin as a percentage of revenue 45.7 % 44.0 % U.S. GAAP operating expenses $ 603,524 $ 663,359 Pre-tax non-GAAP items: Amortization related to intangible assets acquired through certain business combinations (1,395) (1,395) EDC related liability valuation increase (12,865) (4,495) Restructuring charges, net (1,742) (40,408) Product rationalization 6,686 (6,749) 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 (4,294) (2,692) $ 589,914 $ 607,620 $ 854,605 $ 942,253 $ 875,293 $ 1,096,703 26.6 % 24.4 % 27.3 % 28.3 % LAM RESEARCH#22Appendix - reconciliation Reconciliation of U.S. GAAP Other Expense, Net to Non-GAAP Other Expense, Net (in thousands) (unaudited) U.S. GAAP Other income (expense), net Pre-tax non-GAAP items: Amortization of note discounts Gain on EDC related asset Non-GAAP Other income (expense), net LAM RESEARCH Three Months Ended June 25, 2023 March 26, 2023 $ 9,010 $ (3,331) 724 718 (16,599) (5,443) $ (6,865) $ (8,056)#23Appendix - 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 June 25, 2023 $ 1,122,725 (78,670) $ 1,044,055#24Appendix - reconciliation Reconciliation of U.S. GAAP Income Tax Rate to Non-GAAP Income Tax Rate (in thousands, except percentages) (unaudited) Three Months Ended June 25, 2023 March 26, 2023 U.S. GAAP income before income taxes $ U.S. GAAP income tax expense U.S. GAAP income tax rate Pre-tax non-GAAP items: $ SS 863,615 $ 938,922 61,078 $ 124,914 7.1 % 13.3 % Amortization related to intangible assets acquired through certain business combinations - cost of goods sold EDC related liability valuation increase - cost of goods sold $ 3,093 $ 3,093 4,288 1,498 Restructuring charges - cost of goods sold 11,446 66,720 Product rationalization - cost of goods sold (13,383) 26,842 Transformational costs - cost of goods sold 1,634 558 EDC related liability valuation increase - research and development 7,719 2,697 Product rationalization - research and development (3,795) 3,858 Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative EDC related liability valuation increase - selling, general and administrative 1,395 1,395 5,146 1,798 Product rationalization - selling, general and administrative (2,891) 2,891 Transformational costs - selling, general and administrative 4,294 2,692 Restructuring charges, net – operating expenses Amortization of note discounts - other income (expense), net Gain on EDC related asset - other expense, net Non-GAAP income before taxes Net income tax benefit on non-GAAP items Income tax benefit on the conclusion of certain tax matters Non-GAAP income tax expense Non-GAAP income tax rate 1,742 40,408 724 718 (16,599) (5,443) SSSS 868,428 $ $ 1,146 $ $ 3,079 $ 65,303 7.5 % SASASASA 1,088,647 17,250 $ 142,164 13.1 % LAM RESEARCH#25Appendix - reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the Quarter Ended September 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 $3.4 Billion +/- $300 Million $3.4 Billion +/- $300 Million 45.9% +/- 1% $ 21 Million 46.5% +/- 1% 27.0% $5.82 +/- 1% 33 Million 28.0% +/- 1% +/- 133 million $0.75 30 Million $6.05 +/- $0.75 133 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, $14 million; transformational costs, $4 million; and amortization related to intangible assets acquired through business combinations, $3 million; totaling $21 million. Operating income as a percentage of revenue - transformational costs, $15 million; restructuring charges, $14 million; and amortization related to intangible assets acquired through business combinations, $4 million; totaling $33 million. Net income per diluted share - transformational costs, $15 million; restructuring charges, $14 million; amortization related to intangible assets acquired though business combinations, $4 million; amortization of debt discounts, $1 million; and associated tax benefit for non-GAAP items ($4 million); totaling $30 million. LAM RESEARCH#26Lam RESEARCH