Exhibit 99.1
FOR IMMEDIATE RELEASE
Lam Research Corporation Contact:
Carol Raeburn, Investor Relations, phone: 510-572-4450, e-mail:carol.raeburn@lamresearch.com
Lam Research Corporation Reports Financial Results for the Quarter Ended September 28, 2014
FREMONT, Calif., October 22, 2014 - Lam Research Corp. (NASDAQ: LRCX) today announced financial results for the quarter ended September 28, 2014.
Highlights for the September 2014 quarter were as follows:
| | • | | GAAP gross margin of 43.9%, GAAP operating margin of 14.6% and GAAP diluted EPS of $0.80 |
| | • | | Non-GAAP gross margin of 45.8%, non-GAAP operating margin of 18.0%, and non-GAAP diluted EPS of $0.96 |
Lam Research Corporation
Financial Highlights for the Quarters Ended September 28, 2014 and June 29, 2014
(in thousands, except per share data and percentages)
| | | | | | | | | | | | |
U.S. GAAP | |
| | | September 2014 | | | June 2014 | | | Change Q/Q | |
| | | |
Revenue | | $ | 1,152,368 | | | $ | 1,248,797 | | | | -8 | % |
Gross margin as percentage of revenue | | | 43.9 | % | | | 44.6 | % | | | -70 bps | |
Operating margin as percentage of revenue | | | 14.6 | % | | | 17.3 | % | | | -270 bps | |
Diluted EPS | | $ | 0.80 | | | $ | 1.35 | | | | -41 | % |
|
Non-GAAP | |
| | | September 2014 | | | June 2014 | | | Change Q/Q | |
| | | |
Revenue | | $ | 1,152,368 | | | $ | 1,248,797 | | | | -8 | % |
Gross margin as percentage of revenue | | | 45.8 | % | | | 46.4 | % | | | -60 bps | |
Operating margin as percentage of revenue | | | 18.0 | % | | | 20.6 | % | | | -260 bps | |
Diluted EPS | | $ | 0.96 | | | $ | 1.25 | | | | -23 | % |
GAAP Financial Results
Revenue for the September 2014 quarter was $1,152.4 million, gross margin was $505.5 million, or 43.9% of revenue, operating expenses were $337.2 million, operating margin was 14.6% of revenue, and net income was $141.1 million, or $0.80 per diluted share on a GAAP basis. This compares to revenue of $1,248.8 million, gross margin of $557.0 million, or 44.6% of revenue, operating expenses of $341.2 million, operating margin of 17.3% of revenue, and net income of $233.4 million, or $1.35 per diluted share, for the June 2014 quarter. Our June 2014 results benefited from an $83.1 million gain on sale of non-essential real estate.
Non-GAAP Financial Results
Non-GAAP gross margin for the September 2014 quarter was $528.0 million or 45.8% of revenue, non-GAAP operating expenses were $321.2 million, non-GAAP operating margin was 18.0% of revenue, and non-GAAP net income was $167.7 million, or $0.96 per diluted share. This compares to non-GAAP gross margin of $579.9 million or 46.4% of revenue, non-GAAP operating expenses of $322.2 million, non-GAAP operating margin of 20.6% of revenue, and non-GAAP net income of $217.2 million, or $1.25 per diluted share for the June 2014 quarter.
“Lam delivered another quarter of strong execution, with performance that met or exceeded our plans and continued our theme of outperformance relative to the semiconductor equipment industry,” said Martin Anstice, Lam Research’s president and chief executive officer. “We are executing on the tremendous opportunity in front of us as key technology inflections in areas like multi-patterning, FinFET, 3DNAND and advanced packaging drive a multi-year, significant expansion in our served market. Central to our present and future success is our commitment to investment at the leading edge, collaborating with our customers to solve their most critical challenges.”
page 1 of 8
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and restricted cash and investment balances decreased to $3.0 billion at the end of the September 2014 quarter compared to $3.2 billion at the end of the June 2014 quarter. This decrease was primarily the result of approximately $308 million in cash flows used for treasury stock purchases including net share settlement on employee stock-based compensation during the September 2014 quarter and was partially offset by approximately $141 million of cash provided by operating activities.
Deferred revenue at the end of the September 2014 quarter decreased to $356.8 million as compared to $361.6 million at the end of the June 2014 quarter. Deferred profit at the end of the September 2014 quarter increased to $251.8 million as compared to $235.9 at the end of the June 2014 quarter. Lam’s deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The anticipated future revenue from shipments to Japanese customers was approximately $34.3 million as of September 28, 2014.
Geographic Distribution
The geographic distribution of shipments and revenue during the September 2014 quarter is shown in the following table:
| | | | | | | | |
Region | | Shipments | | | Revenue | |
United States | | | 25 | % | | | 28 | % |
Korea | | | 16 | % | | | 19 | % |
Taiwan | | | 21 | % | | | 18 | % |
Japan | | | 11 | % | | | 10 | % |
China | | | 8 | % | | | 9 | % |
Southeast Asia | | | 11 | % | | | 9 | % |
Europe | | | 8 | % | | | 7 | % |
Outlook
For the December 2014 quarter, Lam is providing the following guidance:
| | | | | | | | |
| | | GAAP | | Reconciling
Items | | | Non-GAAP |
Shipments | | $1.24 Billion +/- $50 Million | | | — | | | $1.24 Billion +/- $50 Million |
Revenue | | $1.23 Billion +/- $50 Million | | | — | | | $1.23Billion +/- $50 Million |
Gross margin | | 43.8% +/- 1% | | $ | 21 Million | | | 45.5% +/- 1% |
Operating margin | | 16.0% +/- 1% | | $ | 37 Million | | | 19.0% +/- 1% |
Earnings per share | | $0.89 +/- $0.07 | | $ | 38 Million | | | $1.12 +/- $0.07 |
Diluted share count | | 175 Million | | | 2 Million | | | 173 Million |
The information provided above is only an estimate of what the Company believes is realizable as of the date of this release. 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 - amortization related to intangible assets acquired in the Novellus transaction, $21 million. |
| | • | | Operating margin - amortization related to intangible assets acquired in the Novellus transaction, $37 million. |
| | • | | Earnings per share - amortization related to intangible assets acquired in the Novellus transaction, $37 million; amortization of convertible note discounts, $8 million; and associated tax benefit for non-GAAP items ($7) million, totaling $38 million. |
| | • | | Diluted share count - impact of a note hedge issued contemporaneously with the convertible notes due in 2016 and 2018, 2 million shares. |
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the September 2014 and June 2014 quarters exclude rationalization of certain product configurations, amortization related to intangible assets acquired in the Novellus transaction, the amortization of convertible note discounts, and tax expense (benefit) of non-GAAP items. Additionally, the September 2014 quarter non-GAAP results include the impact of the note hedge issued contemporaneously with the convertible notes due in 2016 and 2018 and exclude a net gain associated with the disposition of business and tax benefit on valuation allowance adjustment. The June 2014 quarter non-GAAP results also exclude the release of acquisition-related inventory fair value impacts, restructuring charges, cost associated with the disposition of business, gain on sale of real estate, and tax benefit on successful resolution of certain tax matters.
Management uses non-GAAP gross margin, operating income, operating expenses, operating margin, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s web site athttp://investor.lamresearch.com.
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Lam Announces Financial Results for the September 2014 Quarter
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, the anticipated revenue from shipments to Japanese customers; our ability to continue to outperform the semiconductor equipment industry; our ability to execute and deliver performance that meets or exceeds our plans; the scope of opportunities we have; our ability to execute on these opportunities, including areas like multi-patterning, FinFET, 3DNAND and advanced packaging; our ability to expand our served market; our ability and commitment to invest at the leading edge; our ability to continue to successfully collaborate with customers and to solve their most critical challenges; and our guidance for shipments, revenue, gross margin, operating margin, earnings per share, and diluted share count. Some factors that may affect these forward-looking statements include: business conditions in the consumer electronics industry, the semiconductor industry and the overall economy; the strength of the financial performance of our existing and prospective customers; the introduction of new and innovative technologies; the occurrence and pace of technology transitions and conversions; the actions of our competitors, consumers, semiconductor companies and key suppliers and subcontractors; and the success of research and development and sales and marketing programs. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks, including those detailed in documents filed by us with the Securities and Exchange Commission, including specifically our report on Form 10-K for the year ended June 29, 2014. These uncertainties and changes could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.
About Lam Research
Lam Research Corp. (NASDAQ:LRCX) is a trusted global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s broad portfolio of market-leading deposition, etch, strip and wafer cleaning solutions help customers achieve success on the wafer by enabling device features that are 1,000 times smaller than a grain of sand, resulting in smaller, faster, and more power-efficient chips. Through collaboration, continuous innovation and delivering on commitments, Lam is transforming atomic-scale engineering and enabling our customers to shape the future of technology. Based in Fremont, Calif., Lam Research is an S&P 500 ® company whose common stock trades on the NASDAQ Global Select Market under the symbol LRCX. For more information, please visithttp://www.lamresearch.com. (LRCX-F)
Consolidated Financial Tables Follow.
###
page 3 of 8
Lam Announces Financial Results for the September 2014 Quarter
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)
| | | | | | | | | | | | |
| | | Three Months Ended | |
| | | September 28,
2014 | | | June 29,
2014 | | | September 29,
2013 | |
| | | (unaudited) | | | (1) | | | (unaudited) | |
Revenue | | $ | 1,152,368 | | | $ | 1,248,797 | | | $ | 1,015,059 | |
Cost of goods sold | | | 646,829 | | | | 691,761 | | | | 583,201 | |
| | | | | | | | | | | | |
Gross margin | | | 505,539 | | | | 557,036 | | | | 431,858 | |
Gross margin as a percent of revenue | | | 43.9 | % | | | 44.6 | % | | | 42.5 | % |
Research and development | | | 188,934 | | | | 185,449 | | | | 170,567 | |
Selling, general and administrative | | | 148,307 | | | | 155,737 | | | | 155,883 | |
| | | | | | | | | | | | |
Total operating expenses | | | 337,241 | | | | 341,186 | | | | 326,450 | |
| | | | | | | | | | | | |
Operating income | | | 168,298 | | | | 215,850 | | | | 105,408 | |
Operating margin as a percent of revenue | | | 14.6 | % | | | 17.3 | % | | | 10.4 | % |
Gain on sale of real estate | | | — | | | | 83,090 | | | | — | |
Other expense, net | | | (5,648 | ) | | | (9,442 | ) | | | (14,262 | ) |
| | | | | | | | | | | | |
Income before income taxes | | | 162,650 | | | | 289,498 | | | | 91,146 | |
Income tax expense | | | 21,569 | | | | 56,103 | | | | 5,640 | |
| | | | | | | | | | | | |
Net income | | $ | 141,081 | | | $ | 233,395 | | | $ | 85,506 | |
| | | | | | | | | | | | |
Net income per share: | | | | | | | | | | | | |
Basic net income per share | | $ | 0.87 | | | $ | 1.44 | | | $ | 0.52 | |
| | | | | | | | | | | | |
Diluted net income per share | | $ | 0.80 | | | $ | 1.35 | | | $ | 0.50 | |
| | | | | | | | | | | | |
Number of shares used in per share calculations: | | | | | | | | | | | | |
Basic | | | 161,685 | | | | 162,215 | | | | 162,896 | |
| | | | | | | | | | | | |
Diluted | | | 177,118 | | | | 173,345 | | | | 171,363 | |
| | | | | | | | | | | | |
| | | |
Cash dividend declared per share | | $ | 0.18 | | | $ | 0.18 | | | $ | — | |
| | | | | | | | | | | | |
| (1) | Derived from audited financial statements |
page 4 of 8
Lam Announces Financial Results for the September 2014 Quarter
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| | | | | | | | |
| | | September 28, | | | June 29, | |
| | | 2014 | | | 2014 | |
| | | (unaudited) | | | (1) | |
ASSETS | | | | | | | | |
Cash and cash equivalents | | $ | 1,293,678 | | | $ | 1,452,677 | |
Short-term investments | | | 1,593,668 | | | | 1,612,967 | |
Accounts receivable, net | | | 864,403 | | | | 800,616 | |
Inventories | | | 815,612 | | | | 740,503 | |
Other current assets | | | 123,615 | | | | 176,899 | |
| | | | | | | | |
Total current assets | | | 4,690,976 | | | | 4,783,662 | |
Property and equipment, net | | | 555,658 | | | | 543,496 | |
Restricted cash and investments | | | 149,483 | | | | 146,492 | |
Goodwill and intangible assets | | | 2,322,153 | | | | 2,360,303 | |
Other assets | | | 175,558 | | | | 159,353 | |
| | | | | | | | |
Total assets | | $ | 7,893,828 | | | $ | 7,993,306 | |
| | | | | | | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| | |
Current liabilities | | $ | 1,599,625 | | | $ | 1,582,001 | |
| | | | | | | | |
| | |
Long-term debt, convertible notes, and capital leases | | $ | 824,269 | | | $ | 817,202 | |
Income taxes payable | | | 217,118 | | | | 258,357 | |
Other long-term liabilities | | | 179,711 | | | | 122,662 | |
| | | | | | | | |
Total liabilities | | | 2,820,723 | | | | 2,780,222 | |
| | | | | | | | |
| | |
Senior convertible notes | | | 182,432 | | | | 183,349 | |
Stockholders’ equity(2) | | | 4,890,673 | | | | 5,029,735 | |
| | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 7,893,828 | | | $ | 7,993,306 | |
| | | | | | | | |
| (1) | Derived from audited financial statements |
| (2) | Common shares issued and outstanding were 159,384 shares as of September 28, 2014 and 162,350 shares as of June 29, 2014. |
page 5 of 8
Lam Announces Financial Results for the September 2014 Quarter
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| | | | | | | | | | | | |
| | | Three Months Ended | |
| | | September 28, | | | June 29, | | | September 29, | |
| | | 2014 | | | 2014 | | | 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | |
Net income | | $ | 141,081 | | | $ | 233,395 | | | $ | 85,506 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | |
Depreciation and amortization | | | 67,885 | | | | 71,115 | | | | 74,331 | |
Deferred income taxes | | | 3,186 | | | | (4,104 | ) | | | — | |
Impairment of long-lived asset | | | — | | | | — | | | | 7,004 | |
Equity-based compensation expense | | | 32,040 | | | | 33,085 | | | | 23,235 | |
Income tax benefit on equity-based compensation plans | | | 9,861 | | | | 6,269 | | | | — | |
Excess tax benefit on equity-based compensation plans | | | (10,404 | ) | | | (6,361 | ) | | | — | |
Amortization of convertible note discount | | | 8,509 | | | | 8,411 | | | | 8,122 | |
Gain on sale of business | | | (7,431 | ) | | | — | | | | — | |
Gain on sale of real estate | | | — | | | | (83,090 | ) | | | — | |
Other, net | | | 5,526 | | | | 8,241 | | | | 4,115 | |
Changes in operating assets and liabilities: | | | (109,092 | ) | | | (21,070 | ) | | | (150,388 | ) |
| | | | | | | | | | | | |
Net cash provided by operating activities | | | 141,161 | | | | 245,891 | | | | 51,925 | |
| | | | | | | | | | | | |
| | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | |
Capital expenditures and intangible assets | | | (41,871 | ) | | | (41,764 | ) | | | (23,778 | ) |
Cash paid for business acquisition | | | (1,137 | ) | | | (11,839 | ) | | | — | |
Net sales/maturities (purchases) of available-for-sale securities | | | 9,645 | | | | (155,035 | ) | | | 42,567 | |
Proceeds from sale of business, net | | | 41,212 | | | | — | | | | — | |
Proceeds from sale of assets | | | — | | | | 134,762 | | | | — | |
Transfer of restricted cash and investments | | | 22 | | | | (637 | ) | | | 150 | |
| | | | | | | | | | | | |
Net cash (used for) provided by investing activities | | | 7,871 | | | | (74,513 | ) | | | 18,939 | |
| | | | | | | | | | | | |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | |
Principal payments on long-term debt and capital lease obligations | | | (107 | ) | | | (739 | ) | | | (88 | ) |
Excess tax benefit on equity-based compensation plans | | | 10,404 | | | | 6,361 | | | | — | |
Treasury stock purchases | | | (308,422 | ) | | | (40,249 | ) | | | (104,285 | ) |
Dividends paid | | | (29,240 | ) | | | — | | | | — | |
Reissuances of treasury stock related to employee stock purchase plan | | | 16,919 | | | | 14,597 | | | | 15,154 | |
Proceeds from issuance of common stock | | | 4,609 | | | | 8,657 | | | | 12,574 | |
| | | | | | | | | | | | |
Net cash used for financing activities | | | (305,837 | ) | | | (11,373 | ) | | | (76,645 | ) |
| | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | (2,194 | ) | | | 371 | | | | (508 | ) |
Net (decrease) increase in cash and cash equivalents | | | (158,999 | ) | | | 160,376 | | | | (6,289 | ) |
Cash and cash equivalents at beginning of period | | | 1,452,677 | | | | 1,292,301 | | | | 1,162,473 | |
| | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 1,293,678 | | | $ | 1,452,677 | | | $ | 1,156,184 | |
| | | | | | | | | | | | |
page 6 of 8
Lam Announces Financial Results for the September 2014 Quarter
Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)
| | | | | | | | |
| | | Three Months Ended | | | Three Months Ended | |
| | | September 28, | | | June 29, | |
| | | 2014 | | | 2014 | |
| | |
Revenue | | $ | 1,152,368 | | | $ | 1,248,797 | |
Gross margin | | $ | 528,032 | | | $ | 579,888 | |
Gross margin as percentage of revenue | | | 45.8 | % | | | 46.4 | % |
Operating expenses | | $ | 321,158 | | | $ | 322,155 | |
Operating income | | $ | 206,874 | | | $ | 257,733 | |
Operating margin as a percentage of revenue | | | 18.0 | % | | | 20.6 | % |
Net income | | $ | 167,671 | | | $ | 217,228 | |
Net income per diluted share | | $ | 0.96 | | | $ | 1.25 | |
Shares used in per share calculation - diluted | | | 175,433 | | | | 173,345 | |
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and U.S. GAAP number of dilutive shares to Non-GAAP number of dilutive shares
(in thousands, except share and per share data)
(unaudited)
| | | | | | | | |
| | | Three Months Ended | | | Three Months Ended | |
| | | September 28, | | | June 29, | |
| | | 2014 | | | 2014 | |
U.S. GAAP net income | | $ | 141,081 | | | $ | 233,395 | |
Pre-tax non-GAAP items: | | | | | | | | |
Amortization related to intangible assets acquired in Novellus transaction - cost of goods sold | | | 20,893 | | | | 21,685 | |
Costs associated with rationalization of certain product configurations - cost of goods sold | | | 1,600 | | | | — | |
Acquisition-related inventory fair value impact - cost of goods sold | | | — | | | | 1,167 | |
Amortization related to intangible assets acquired in Novellus transaction - operating expenses | | | 16,083 | | | | 16,547 | |
Restructuring charges - operating expenses | | | — | | | | 295 | |
Costs associated with rationalization of certain product configurations - operating expenses | | | — | | | | 1,086 | |
Costs associated with disposition of business - operating expenses | | | — | | | | 1,103 | |
Amortization of convertible note discount, Lam notes - other expense, net | | | 7,593 | | | | 7,504 | |
Amortization of convertible note discount, Novellus assumed notes - other expense, net | | | 911 | | | | 763 | |
Net gain associated with disposition of business - other expense, net | | | (4,331 | ) | | | — | |
Gain on sale of real estate | | | — | | | | (83,090 | ) |
Net tax (benefit) expense on non-GAAP items | | | (13,348 | ) | | | 17,075 | |
Net tax benefit on valuation allowance adjustment | | | (2,811 | ) | | | — | |
Net tax benefit on successful resolution of certain tax matters | | | — | | | | (302 | ) |
| | | | | | | | |
Non-GAAP net income | | $ | 167,671 | | | $ | 217,228 | |
| | | | | | | | |
Non-GAAP net income per diluted share | | $ | 0.96 | | | $ | 1.25 | |
| | | | | | | | |
| | |
U.S. GAAP number of shares used for diluted per share calculation | | | 177,118 | | | | 173,345 | |
Effect of convertible note hedge | | | (1,685 | ) | | | — | |
| | | | | | | | |
Non-GAAP number of shares used for diluted per share calculation | | | 175,433 | | | | 173,345 | |
| | | | | | | | |
page 7 of 8
Lam Announces Financial Results for the September 2014 Quarter
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 | | | Three Months Ended | |
| | | September 28, | | | June 29, | |
| | | 2014 | | | 2014 | |
U.S. GAAP gross margin | | $ | 505,539 | | | $ | 557,036 | |
Pre-tax non-GAAP items: | | | | | | | | |
Amortization related to intangible assets acquired in Novellus transaction - cost of goods sold | | | 20,893 | | | | 21,685 | |
Costs associated with rationalization of certain product configurations - cost of goods sold | | | 1,600 | | | | — | |
Acquisition-related inventory fair value impact - cost of goods sold | | | — | | | | 1,167 | |
| | | | | | | | |
Non-GAAP gross margin | | $ | 528,032 | | | $ | 579,888 | |
| | | | | | | | |
U.S. GAAP gross margin as a percentage of revenue | | | 43.9 | % | | | 44.6 | % |
Non-GAAP gross margin as a percentage of revenue | | | 45.8 | % | | | 46.4 | % |
U.S. GAAP operating expenses | | $ | 337,241 | | | $ | 341,186 | |
Pre-tax non-GAAP items: | | | | | | | | |
Amortization related to intangible assets acquired in Novellus transaction - operating expenses | | | (16,083 | ) | | | (16,547 | ) |
Restructuring charges - operating expenses | | | — | | | | (295 | ) |
Costs associated with rationalization of certain product configurations - operating expenses | | | — | | | | (1,086 | ) |
Costs associated with disposition of business - operating expenses | | | — | | | | (1,103 | ) |
| | | | | | | | |
Non-GAAP operating expenses | | $ | 321,158 | | | $ | 322,155 | |
| | | | | | | | |
Non-GAAP operating income | | $ | 206,874 | | | $ | 257,733 | |
| | | | | | | | |
Non-GAAP operating margin as a percent of revenue | | | 18.0 | % | | | 20.6 | % |
page 8 of 8
