ASML Holding N.V. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

ASML Q4 and Full-Year 2020 Earnings Summary

Quarterly Performance (Q4 2020)
  • Net sales reached €4.3 billion, above guidance, driven by stronger DUV and upgrade demand.
  • 9 EUV systems shipped, with €1.1 billion revenue recognized for 8 systems; one system deferred to early 2021 pending customer qualification.
  • System sales mix: 72% Logic / 28% Memory.
  • Installed Base Management revenue (services and upgrades) was €1.1 billion, also above guidance.
  • Gross margin was 52%, helped by favorable DUV mix.
  • Net income was €1.4 billion, EPS $3.23.
  • Order bookings totaled €4.2 billion (78% Logic, 22% Memory), showing continued strong customer demand.
Full-Year 2020 Performance
  • Total net sales: €14 billion, up 18% from 2019.
  • EUV system sales: €4.5 billion, up approximately 60% year-over-year.
  • Installed Base Management sales: €3.7 billion, up 30% year-over-year.
  • Total bookings: €11.3 billion, with record-high DUV bookings (€7.3 billion).
  • R&D spending: €2.2 billion (16% of sales), primarily supporting EUV roadmap acceleration.
  • Net income: €3.6 billion (25.4% of net sales); EPS €8.49.
  • Free cash flow: €3.6 billion, supported by favorable working-capital movements.
Dividend and Capital Return

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Operator: Thank you for standing by. Welcome to the ASML 2020 Fourth Quarter and Full-Year Financial Results Conference Call on January 20, 2021. Throughout today’s introduction, all participants will be in a listen-only mode. After ASML’s introduction, there will be an opportunity to ask questions. I would now like to open the question-and-answer queue. [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 is ASML’s CEO, Peter Wennink; and our CFO, Roger Dassen. The subject of today’s call is ASML’s 2020 fourth quarter and full-year results. The length of this call will be 60 minutes and questions will be taken in the order 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

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