LAM RESEARCH CORP
For the period ended Dec 29, 2024. Filed Jan 31, 2025.
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Dec 29, 2024 · Filed Jan 31, 2025
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Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Company Shares
In May 2024, the Board of Directors authorized management to repurchase up to an additional $10.0 billion of Common Stock; this authorization supplements the remaining balance from any prior authorization. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time.
Share repurchases, including those under the repurchase program, are reflected in the table below. All references to share and per share amounts have been retroactively adjusted to reflect the effects of the stock split. See Note 1, “Basis of presentation,” to our Consolidated Financial Statements, included in Part I of this Form 10-Q for additional information.
| Period · Total Numberof SharesRepurchased · Average PricePaid perShare (1) · Total Number ofShares Purchasedas Part of PubliclyAnnounced Plans orPrograms · AmountAvailableUnderRepurchaseProgram | |||||
|---|---|---|---|---|---|
| (in thousands, except per share data) | |||||
| Available balance as of June 30, 2024 | $10,824,660 | ||||
| Quarter ended September 29, 2024 | 11,952 | $83.97 | 11,952 | 9,821,006 | |
| September 30, 2024 - October 27, 2024 | 5,595 | $79.31 | 5,595 | 9,377,293 | |
| October 28, 2024 - November 24, 2024 | 1,212 | $74.89 | 1,212 | 9,286,532 | |
| November 25, 2024 - December 29, 2024 | 1,529 | $75.83 | 1,529 | 9,170,561 | |
| Quarter ended December 29, 2024 | 8,336 | $78.03 | (2) | 8,336 | $9,170,561 |
Lam Research Corporation 2025 Q2 10-Q 37
(1) Our net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share.
(2) Average price paid per share presented is for the quarter ended December 29, 2024.
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