ASML Holding N.V. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total net sales reached EUR 5.2 billion, in line with guidance and representing a record quarter. This compares to EUR 4.0 billion in Q3 2020 (approximate, based on past disclosures).
  • Net system sales were EUR 4.1 billion, with 61% from Logic and 39% from Memory. Logic strength continued from prior quarters.
  • 13 EUV systems were shipped and 15 recognized in revenue, driving EUR 2.2 billion of EUV system revenue (up from 14 EUV systems recognized in Q2 2021).
  • Installed Base Management revenue came in at EUR 1.1 billion, higher than guidance due to increased upgrades and service demand.
  • Gross margin was 51.7%, slightly above Q2’s 50.9% and within guidance.
  • Net income reached EUR 1.7 billion (33.2% of net sales) with EPS of EUR 4.27, an improvement over Q2 2021 EPS of EUR 3.52.
  • Cash and equivalents totaled EUR 4.5 billion at quarter-end.
  • Backlog reached EUR 19.6 billion, including EUR 11.6 billion of EUV—indicative of continued strong market demand. This compares to EUR 17.5 billion in Q2 2021.

Bookings

  • Q3 net system bookings were EUR 6.2 billion, up from EUR 8.3 billion in Q2 2021 (a sequential decline but still strong historically).
  • Logic accounted for 84% of bookings, Memory 16%.
  • EUV bookings were EUR 2.9 billion.

Outlook for Q4 2021

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Operator: Thank you for standing by. Welcome to the ASML 2021 Third Quarter Financial Results Conference Call on October 20, 2021. [Operator Instructions] I'd now like to turn the 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 are ASML's CEO, Peter Wennink; and our CFO, Roger Dassen. The subject of today's call is ASML's 2021 Third 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 the 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 Securities and Exchange Commission. With that, I'd like to turn the call over to Peter Wennink for a brief introduction. P. Wennink: Thank

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