ASML Holding N.V. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2021 net sales reached €4.4 billion, exceeding guidance, driven by strong installed base upgrades and Logic demand.
  • Seven EUV systems recognized as revenue (nine shipped), with EUV revenue at €1.1 billion.
  • Gross margin improved to 53.9%, up from Q4 2020’s ~52% (contextual industry trend), supported by high-margin software upgrades.
  • Net income was €1.3 billion (30.5% margin), EPS €3.21.
  • Order bookings surged to €4.7 billion, including €2.3 billion in EUV orders; Logic represented 76% of bookings.
  • Key operational note: ASML repurchased two EUV systems from a customer due to roadmap delays and will redirect them this year (neutral impact on full-year revenue).

Financial Position

  • Cash and equivalents totaled €4.7 billion.
  • Q1 share buybacks totaled €1.6 billion (3.5 million shares). Company expects to complete 2020–2022 buyback program early.
  • Dividend for FY2020: €2.75/share total (15% YoY increase).

Q2 2021 Guidance

  • Expected net sales: €4.0–€4.1 billion (slightly lower vs. Q1 due to delayed revenue recognition from systems shipped without factory acceptance testing).
  • Installed Base Management revenue expected to dip to ~€900 million (down from €1.2 billion in Q1 due to customers pulling upgrades forward).

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Operator: Thank you for standing by. Welcome to the ASML 2021 First Quarter Financial Results Conference Call on April 21, 2021. Throughout today’s introduction, all participants will be in a listen-only mode. And after ASML’s introduction, there will be an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference call over to Mr. Skip Miller. Please go ahead, sir. Skip Miller: Thank you, operator. Welcome, everyone. This is Skip Miller, Vice President of Investor Relations at ASML. Joining me today on the call is ASML’s CEO, Peter Wennink; and our CFO, Roger Dassen. The subject of today’s call is ASML’s 2021 first quarter results. The length of this call will be 60 minutes and questions will be taken in the order that they are received. This call is also being broadcast live over the internet at asml.com. A transcript of management’s opening remarks and a replay of the call will be available on our website shortly following the conclusion of this call. Before we begin, I’d like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the Federal Securities Laws. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the Safe Harbor statement contained in today’s press release and presentation found on our website at asml.com and in annual -- ASML’s annual report on Form 20-F

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