ASML Holding N.V. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • ASML reported strong Q4 and full-year 2022 results with record sales and backlog despite a softening semiconductor market in consumer end‑markets.
  • Management reaffirmed confidence in long‑term semiconductor demand and expects strong 2023 growth, even amid macroeconomic uncertainty.

Fourth Quarter 2022 Highlights

  • Net sales were €6.4 billion, at the midpoint of guidance.
  • Net system sales totaled €4.7 billion: 64% Logic and 36% Memory.
  • 18 EUV systems shipped; revenue recognized on 13 systems totaling €2.3 billion.
  • Installed Base Management revenue: €1.7 billion (higher than guided due to upgrades).
  • Gross margin: 51.5%, above expectations due to higher upgrade revenue and Berlin fire insurance settlement.
  • R&D: €906 million; SG&A: €280 million.
  • Net income: €1.8 billion (28.2% of sales) and EPS of €4.60.
  • Order bookings: €6.3 billion (EUV €3.4 billion, non-EUV €2.9 billion).

Full Year 2022 Highlights

  • Total net sales: €21.2 billion, up 14% from 2021.
  • EUV system sales: €7 billion (+12% YoY) from 40 systems recognized (54 shipped).
  • Deep UV system sales: €7.7 billion (+13% YoY).
  • Metrology & inspection systems: €660 million (+28% YoY).
  • Logic revenue: €10 billion (+4% YoY); Memory revenue: €5.5 billion (+34% YoY).

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Operator: Welcome to the ASML 2022 Fourth Quarter and Full Year Financial Results Conference Call on January 25, 2023. [Operator Instructions]. I would 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 2022 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 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. Peter Wen

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