ASML Holding N.V. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

ASML Q4 2023 & Full-Year Earnings Summary (Call Date: Jan 24, 2024)

Q4 2023 Highlights

  • Net sales were €7.2B, slightly above guidance (driven by stronger installed base sales).
  • 10 EUV systems shipped; €2.3B revenue recognized from 13 systems.
  • Net system sales were €5.7B: 63% Logic and 37% Memory.
  • Installed Base Management (IBM) revenue reached €1.6B, above expectations.
  • Gross margin was 51.4%, above guidance due to mix and higher IBM contribution.
  • Net income was €2B (28.3% of sales) and EPS was €5.21.
  • System bookings were €9.2B, including €5.6B EUV orders and €3.6B non-EUV. Memory orders were particularly strong at 47% of total systems booked.
  • Cash and investments stood at €7B at quarter-end.

Full-Year 2023 Results

  • Net sales grew 30% year-over-year to €27.6B.
  • Gross margin was 51.3% (roughly flat versus 2022).
  • EUV system revenue rose 30% to €9.1B (53 systems recognized, 42 shipped).
  • Deep UV (DPV) revenue grew 60% to €12.3B.
  • Metrology and inspection revenue declined 19% to €536M.
  • Logic system revenue increased 60% to €16B; Memory system revenue increased 9% to €6B.
  • Installed Base Management revenue was €5.6B, down 2% year-over-year.
  • R&D spending reached €4B (14% of sales), SG&A €1.1B (4% of sales).

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Operator: Good day and thank you for standing by. Welcome to the ASML 2023 Fourth Quarter and Full Year Financial Results Conference Call on January 24, 2024. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mr. Skip Miller. Please go ahead. Skip Miller: Thank you, operator. Welcome, everyone. This is Skip Miller, Vice President of Investor Relations at ASML. Today on the call are ASML's CEO, Peter Wennink; and our CFO, Roger Dassen. The subject of today's call is ASML's 2023 fourth quarter and full year results. The length of this call will be 60 minutes and questions will take 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

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