ASML Holding N.V. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Q3 2022 Highlights

  • Net sales: €5.8B, above guidance (Q2 2022: €5.4B).
  • Gross margin: 51.8%, above guidance and up from 49.1% in Q2 2022.
  • Net income: €1.7B, up from €1.4B in Q2 2022.
  • EPS: €4.29.
  • Installed Base Management revenue: €1.5B, above guidance due to higher upgrade activity.
  • EU V systems shipped: 13; revenue recognized on 12 systems (€2.2B).
  • Order intake: record €8.9B (Logic 77%, Memory 23%).
  • Backlog: >€38B, the largest in company history.

Balance Sheet & Cash Returns

  • Cash and equivalents: €3.4B.
  • Share buybacks: 2.1M shares repurchased for €1B; 2021–2023 program now completed.
  • Dividend: €1.37 per share payable November 14, 2022.

Q4 2022 Outlook

  • Net sales: €6.1B–€6.6B.
  • Gross margin: ~49% (down from Q3 due to mix effects, timing shifts, inflation).
  • Installed Base Management revenue: ~€1.6B.
  • R&D expense: ~€880M; SG&A: ~€265M.
  • Fast‐shipment–related revenue deferral in Q4: ~€100M.

Full-Year 2022 Outlook

  • Expected sales: ~€21.1B (midpoint of guidance), up from €18.6B in FY2021.
  • EUV system revenue: ~€6.8B (vs. ~€6.3B in 2021).
  • Deferred revenue expected to push ~€2.2B into 2023 due to fast shipments.

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Operator: Welcome to the ASML 2022 Third Quarter Financial Results Conference Call on October 19, 2022. 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 would now like to turn the conference 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 2022 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 presentation found on our website at asml.com and in the ASML's Annual Report on Form 20-F and other documents as filed with the

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