Lam Research Corporation (NASDAQ:LRCX) Q1 2016 Earnings Conference Call - Final Transcript

Oct 21, 2015 • 08:00 am ET


Lam Research Corporation (NASDAQ:LRCX) Q1 2016 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Lam Research Corporation September 2015 Conference Call. At this time, I would like to turn the conference over to Audrey Charles, Vice President of Investor Relations. Please go ahead.

Audrey Charles

Thank you, operator. Thank you and good morning, everyone. With me today are Martin Anstice, President and Chief Executive Officer of Lam Research, Rick Wallace, President and Chief Executive Officer of KLA-Tencor, Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research and Bren Higgins, Executive Vice President and Chief Financial Officer of KLA-Tencor.

Prior to turning the call over to Lam and KLA management to share their perspective on this exciting business combination, I will read a few preliminary legal notices of the proposed transaction. The proposed transaction will be submitted to the stockholders of each of Lam and KLA for their consideration.

Lam intends to file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement prospectus of Lam Research and KLA-Tencor. Investors and security holders of Lam and KLA are urged to read the joint proxy statement prospectus and any other relevant documents that will be filed with the SEC carefully and in their entirety when they become available, because they will contain important information about the proposed transaction.

The materials to be filed by Lam and KLA with the SEC may be obtained free of charge at the SEC website at In addition, security holders will be able to obtain free copies of the joint proxy statement prospectus from Lam or KLA by contacting Lam or KLA Investor Relations through the Investor Relations contact page on each company's website, or

(Forward-Looking Cautionary Statements)

With that, I'll turn our call over to Martin Anstice.

Martin Brian Anstice

Thank you, Audrey. I would like to start this morning by thanking you for joining us at short notice.

Today, we announced that Lam Research and KLA-Tencor will be combining. We believe that this transaction will allow us to deliver compelling value to a transforming semiconductor industry by combining industry leaders in wafer processing and process control to help our customers address their most difficult challenges.

Together, we will deliver unmatched capability creating a new paradigm for process and process control, delivering optimized results in partnership with our customers by reducing variability and accelerating yields, helping our customers extend Moore's Law and performance scaling generally. The new company will have increased breadth and scale, both valuable components for sustaining long-term growth.

The technical competency and capability of the combined company, which is illustrated by our respective product leadership positions, will benefit our employees, customers and stockholders alike. We are confident that, together, we will deliver higher levels of innovation and collaboration than would be possible as independent companies. We are certain that, just as we identify the need for closer alignments of deposition and etch, which resulted in our successful merger with Novellus, the opportunity for closer alignments between process and process control creates an exciting opportunity as