Highlights for the March 2021quarter were as follows:
Revenue of $3.85 billion.
U.S. GAAP gross margin of 46.3%, U.S. GAAP operating income as a percentage of revenue of 31.1%, and U.S.GAAP diluted EPS of $7.41.Non-GAAP gross margin of 46.3%, non-GAAP operating income as a percentage of revenue of 31.6%, and non-GAAP diluted EPS of $7.49.
Gross margin as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $1 million.
Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $13 million.
Net income per diluted share - amortization related to intangible assets acquired though business combinations, $13 million; amortization of note discounts, $1 million; and associated tax benefit for non-GAAP items ($2 million); totaling $12 million.
U.S.GAAP Financial Results
For the March 2021quarter, revenue was $3,848 million, gross margin was $1,780 million, or 46.3% of revenue, operating expenses were $585 million, operating income was 31.1% of revenue, and net income was $1,071 million, or $7.41per diluted share on a U.S.GAAP basis. This compares to revenue of $3,456 million, gross margin of $1,604 million, or 46.4% of revenue, operating expenses of $594 million, operating income of 29.2% of revenue, and net income of $869 million, or $5.96per diluted share, for the quarter ended December 27, 2020(the 「December 2020 quarter」).
Non-GAAP Financial Results
For the March 2021quarter, non-GAAP gross margin was $1,783 million, or 46.3% of revenue, non-GAAP operating expenses were $567 million, non-GAAP operating income was 31.6% of revenue, and non-GAAP net income was $1,084 million, or $7.49 per diluted share. This compares to non-GAAP gross margin of $1,611 million, or 46.6% of revenue, non-GAAP operating expenses of $563 million, non-GAAP operating income of 30.3% of revenue, and non-GAAP net income of $880 million, or $6.03per diluted share, for the December 2020 quarter.
"Lam’s growth trajectory continues with record revenue and earnings per share delivered in the March quarter," said Tim Archer, Lam Research's President and Chief Executive Officer. "Semiconductors are reaching new heights of strategic relevance, and Lam's differentiated ability to meet our customers scaling challenges positions us well amid a strong wafer fabrication spending environment."
Balance Sheet and Cash Flow Results
Cash and cash equivalents, short-term investments, and restricted cash and investments balance decreased to $6.0 billion at the end of the March 2021quarter compared to $6.3 billion at the end of the December 2020quarter. This decrease was primarily the result of $1.1 billion of share repurchases, including net share settlement of employee stock-based compensation; $186.6 million of dividends paid to stockholders; and $89.6 million of capital expenditures, partially offset by $1.2 billion of cash generated from operating activities.
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