ASML Holding N.V. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Q1 2022 Performance Highlights

  • Net sales reached €3.5 billion, at the high end of guidance (flat vs. Q4 2021 levels).
  • Net system sales totaled €2.3 billion, split evenly between logic (50%) and memory (50%).
  • Installed Base Management (service & upgrades) revenue was €1.2 billion, consistent with Q1 guidance and up versus prior year levels.
  • Gross margin was 49.0%, meeting guidance but down from full-year FY2021 margin of 52% due to supply constraints and cost inflation.
  • Net income was €695 million (19.7% of sales), EPS €1.73.
  • Cash and investments position ended at €4.7 billion.
  • Q1 net system bookings were exceptionally strong at €7.0 billion, driven by:
    • €2.5 billion in EUV bookings (both 0.33 NA and multiple 0.55 NA High-NA systems).
    • €4.5 billion in DUV bookings, reflecting unprecedented demand in both advanced and mature nodes.
  • Total backlog reached approximately €29 billion, the highest in ASML history.

Q2 2022 Outlook

  • Expected net sales: €5.1–€5.3 billion (excludes €800 million of revenue delayed due to fast shipments).
  • Installed base revenue: ~€1.2 billion.
  • Gross margin expected between 49% and 50% (flat vs. Q1).
  • R&D expenses: ~€790 million.
  • SG&A: ~€220 million.

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Operator: Thank you for standing by. Welcome to the ASML Q1 2022 Financial Results Call. Throughout today’s introduction, all participants will be on a listen-only mode. 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: All right. Thank you, operator. Welcome, everyone. This is Skip Miller, Vice President of Investor Relations at ASML. Joining me today on the call are ASML's CEO, Peter Wennink; and our CFO, Roger Dassen. The subject of today's call is ASML's 2022 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 ASML’s Annual Report on Form 20-F and other documents as filed with the Sec

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