ASML Holding N.V. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q1 2024 results were broadly in line with expectations, reflecting the semiconductor industry's ongoing recovery from a downturn.
  • Management reaffirmed full-year 2024 guidance: revenue similar to 2023, with a significantly stronger second half.
  • CEO Peter Wennink participated in his final earnings call before retiring; incoming CEO Christophe Fouquet also provided outlook commentary.

Key Financial Highlights (Q1 2024)

  • Total net sales: EUR 5.3 billion (flat vs. guidance midpoint).
  • Net system sales: EUR 4.0 billion.
  • Installed Base Management (service & upgrades): EUR 1.3 billion.
  • Gross margin: 51%, above guidance due to favorable product mix.
  • Net income: EUR 1.2 billion (23.1% margin), EPS EUR 3.11.
  • Cash & equivalents: EUR 5.4 billion (down vs. Q4 due to lower down payments and higher inventory).
  • Free cash flow: negative, driven by inventory build for 2025 demand and customer support measures.
  • Share buybacks: EUR 400 million in Q1 (0.5 million shares).
  • Dividend: Total for 2023 proposed at EUR 6.10 per share (up 5.2% YoY).

Orders & Backlog

  • Q1 net system bookings: EUR 3.6 billion (EUR 656 million EUV, EUR 2.9 billion non‑EUV).
  • Bookings mix: 59% memory, 41% logic.

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Operator: Good day and thank you for standing by. Welcome to ASML 2024 First Quarter Financial Results Conference Call on April 17, 2024. At this time all participants’ are in a listen-only mode. After the speakers’ introduction there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mr. Skip Miller. Please go ahead. Skip Miller: 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; and our Chief Business Officer and Incoming CEO, Christophe Fouquet. The subject of today's call is ASML's 2024 first quarter results. The length of this call will be 60 minutes and questions will take 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 releas

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