Lam Research Corporation (LRCX) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to the Lam Research Corporation Annual Meeting of Stockholders. I would now like to introduce Abhi Talwalkar, Chairman of the Board of Directors of Lam Research Corporation. Mr. Talwalkar, the floor is yours.

Thank you. Good afternoon. I am Abhi Talwalkar, Chairman of the Board of Directors of Lam Research Corporation. It is my pleasure to welcome you to the 2020 Annual Meeting of Stockholders. The purpose of this meeting is to vote on 3 items identified in our 2020 proxy statement. Since our last business update was on October 21, 2020, during our earnings release call, we will not be providing a business update at this meeting. As Chairman, I now call the 2020 Annual Meeting to order. I am joined by all of the other nominees for election to the Board of Directors. They are Sohail Ahmed; Timothy Archer, who is also our President and Chief Executive Officer; Eric Brandt; Michael Cannon; Catherine Lego; Bethany Mayer; Rick Tsai; and Leslie Varon. I would like to also introduce additional members of management who are present along with Tim Archer. They include Doug Bettinger, our Executive Vice President and Chief Financial Officer; Ava Hahn, our Senior Vice President, Chief Legal Officer and Corporate Secretary, who will serve as Secretary of this meeting; Mary Hassett, our Senior Vice President, Human Resources; and Tina Correia, our Corporate Vice President, Corporate Finance and Investor Relations. In addition, we are joined by Katie Tobin and [ Mark Seeker ], representatives of Ernst & Young LLP, our independent auditor. [ Hans Regals ] from our legal department has been appointed Inspector of Election. Pursuant to the bylaws, I have established rules of procedure for this annual meeting. These procedures as well as the agenda for this annual meeting are available on the virtual meeting page. Stockholders who are interested in asking a question or making a comment may do so by submitting it in the space provided on the virtual meeting page. Questions or comments from stockholders during the meeting should pertain to the proposals being considered. We will address any germane comments or questions that comply with the rules of procedure after all proposals have been presented. After the formal meeting has been adjourned, we will provide an opportunity for stockholders to ask other general questions. Please note that this meeting is being recorded. However, no one attending via the webcast is permitted to use any audio recording device. The record date for voting at this meeting was September 4, 2020. A list of stockholders as of the record date is available for your review on the virtual meeting page. The Secretary has provided me with an affidavit from Broadridge Financial Solutions, establishing that notice of this meeting was given. Will the Secretary please now report on the existence of a quorum?

As of the record date, there were 145,087,944 shares of common stock outstanding and entitled to vote. I have been informed by the Inspector of Election that based on the proxy submitted prior to today's meeting, there are 128,226,266 shares of stock represented by proxy or approximately 88.4% of all the shares entitled to vote. Therefore, a quorum is present.

Thank you, Ava. It is now 2:04 p.m. on November 3, 2020, and the polls are now open. They will remain open until I announce that the polls are closed. No votes will be accepted after the polls are closed. Any stockholder who has not yet voted or who wishes to change their vote may do so via the virtual meeting website. Stockholders who have sent in proxies or voted in advance of the meeting and who do not want to change their vote do not need to take further action. The official business to be conducted at this meeting consists of 3 proposals: the first proposal is for the election of 9 directors; the second proposal is an advisory vote to approve the compensation of our named executive officers or say on pay; and the third proposal is for the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for fiscal year 2021. Are there any questions or comments on the proposals?

Abhi, no comments or questions related to the proposals have been submitted.

As there are no comments or questions, we'll proceed to close the polls and tally the votes. The polls are about to close. So if you have not yet voted, please do so now. [Voting]