ASML Holding N.V. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total net sales: EUR 6.2 billion (slightly above guidance). Up from Q1, though no explicit Q1 figure provided in this call.
  • Net system sales: EUR 4.8 billion (EUV EUR 1.5 billion, Non‑EUV EUR 3.3 billion).
  • Installed Base Management (IBM) revenue: EUR 1.48 billion (slightly above guidance).
  • Gross margin: 51.5% (above guidance; Q1 margin not restated here, but company notes improvement due to mix).
  • Net income: EUR 1.6 billion (EPS EUR 4.01).
  • Free cash flow: EUR 386 million (improved from Q1, with continued pressure due to customer support and elevated inventories).
  • Cash and equivalents: EUR 5.0 billion.

Order Book & Backlog

  • Net system bookings: EUR 5.6 billion (EUR 2.5 EUV, EUR 3.1 non‑EUV).
  • Bookings mix: 73% Logic, 27% Memory.
  • Backlog at Q2 end: ~EUR 39 billion.
  • Management confirms 2nm foundry orders are included in Q2 bookings; no High NA orders booked this quarter.

Q3 2024 Outlook

  • Net sales: EUR 6.7–7.3 billion.
  • Installed Base Management sales: ~EUR 1.4 billion.
  • Gross margin: 50–51% (lower vs. Q2 due to High NA cost mix and more dry lithography shipments).
  • R&D: ~EUR 1.1 billion; SG&A: ~EUR 295 million.

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Operator: Good day and thank you for standing by. Welcome to the ASML 2024 Second Quarter Financial Results Conference Call on July 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 call 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, Christophe Fouquet; and our CFO, Roger Dassen. The subject of today's call is ASML's 2024 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 will also be 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.co

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