ASML Holding N.V. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Fourth Quarter 2021 Highlights

  • Net sales were €5.0 billion, in line with guidance. This compares to Q3 levels that were impacted by logistics and supply chain challenges, which continued into Q4 and delayed some deep UV shipments.
  • 12 EUV systems shipped; revenue recognized on 11 systems totaling €1.6 billion.
  • Net system sales were €3.5 billion (73% Logic, 27% Memory).
  • Installed Base Management revenue was €1.5 billion, significantly above guidance due to strong demand for software and productivity upgrades.
  • Gross margin was 54.2%, above guidance, driven by high-value software upgrades.
  • Operating expenses: R&D €681 million; SG&A €203 million.
  • Other income of €214 million from the sale of Berliner Glas' non‑semiconductor units.
  • Net income was €1.8 billion (35.6% of sales) with €4.39 EPS.
  • Q4 system bookings reached €7.1 billion, including €2.6 billion for 0.33 NA EUV and €1.55 billion for High-NA systems.

Full Year 2021 Results

  • Net sales grew 33% year-on-year to €18.6 billion.
  • EUV system revenue rose 41% year-on-year to €6.3 billion.
  • Non-EUV system revenue increased 26% to €7.4 billion.
  • Logic system revenue climbed 30% to €9.6 billion; Memory revenue rose 39% to €4.1 billion.
  • Installed Base Management revenue grew 35% to €5 billion.

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Operator: Thank you for standing by. Welcome to the ASML Q4 and Full Year 2021 Financial Results. Throughout today’s introduction, all participants will be in listen-only mode and after ASML’s introduction, there will be an opportunity to ask question. [Operator Instructions] I would now like you to turn over to 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 2021 fourth quarter and full year 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 just 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 do

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