ASML Holding N.V. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 2022 net sales were €5.4 billion, slightly above guidance of €5.1–€5.3 billion.
  • Net income was €1.4 billion (26% of net sales), with EPS of €3.54.
  • Gross margin was 49.1%, at the low end of guidance and below initial 2022 expectations due to inflation and supply constraints.
  • Installed Base Management revenue reached €1.3 billion, above guidance.
  • Order bookings hit a record €8.5 billion, driven by strong demand across both advanced and mature nodes.
  • Bookings mix: 60% Logic, 40% Memory.
  • Cash and equivalents ended the quarter at €4.4 billion.

System Shipments and Revenue Details

  • 14 EUV systems shipped; 12 recognized for revenue (€2.0 billion).
  • Net system sales: €4.1 billion (Logic 71%, Memory 29%).
  • ASML expects to ship 55 EUV systems in 2022, unchanged from prior expectations.
  • EUV revenue recognition in 2022 now expected for only 40 systems, resulting in ~€6.4 billion EUV revenue for the year (flat vs. 2021), due to increased fast shipments.

Supply Chain and Fast Shipments

  • Increasing supply constraints continue to delay system starts and revenue recognition.

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Operator: Thank you for standing by. Welcome to the ASML 2022 Second Quarter Financial Results Conference Call on July 20, 20222. Throughout today’s introduction, all participants will be in listen-only mode. After ASML’s introduction, there will be an opportunity to ask questions. [Operator Instructions] I’d now like to turn over the call to Mr. Skip Miller. Please go ahead, sir. Skip Miller: Yes. 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 second 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

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