FREMONT, Calif., May 21, 2024 /PRNewswire/ -- Lam Research Corporation (NASDAQ:LRCX) today announced that its Board of Directors approved a $10 billion share repurchase authorization and a forward split of its outstanding shares of common stock at a ratio of 10:1. "The share repurchase authorization announced today will execute over an indeterminate period of time and is consistent with our plan to return 75% to 100% of free cash flow to stockholders in the form of dividends and share buybacks," said Doug Bettinger, Lam's Executive Vice President, and Chief Financial Officer. "Furthermore, the stock split announced today will enable a larger proportion of Lam's worldwide employee base to participate in the company's employee stock plans." The company is authorized to repurchase up to $10 billion of common stock. The new share repurchase authorization supplements the remaining balances from any prior authorizations. Repurchases may be made through both public market and private transactions and may include the use of derivative contracts and structured share repurchase agreements. This repurchase program has no termination date and may be suspended or discontinued at any time. The stock split is expected to be effective after market close on Wednesday, October 2, 2024, for stockholders of record at that time. Lam Research's common stock will begin trading on a post-split basis at the market open on Thursday, October 3, 2024, under the company's existing trading symbol "LRCX."