ASML Holding N.V. Q4 FY2024 Earnings Call

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ASML Q4 & Full-Year 2024 Earnings Summary

Overall Performance
  • Total Q4 2024 net sales reached €9.3B, above guidance, driven by strong Installed Base management and recognition of two High NA EUV systems.
  • Net income for Q4 was €2.7B with EPS of €6.85.
  • Full-year 2024 net sales were €28.3B, down from €29.0B in 2023 due to lower EUV sales, but supported by higher DUV and Installed Base revenues.
  • Full-year 2024 EPS was €19.25, compared to €19.91 in 2023.
  • Gross margin for the full year was 51.3%, slightly below last year, but Q4 margin improved to 51.7% due to lower High NA install costs and strong upgrade revenue.
Q4 Segment and Operational Highlights
  • Net system sales: €7.1B (EUV €2.9B, non-EUV €4.2B).
  • Installed Base management revenue: €2.1B, above guidance from strong upgrades.
  • R&D spend: €1.1B; SG&A: €318M (above guidance due to payroll and IT costs).
  • Book-to-bill healthy: Q4 bookings €7.1B (Logic 61%, Memory 39%).
  • Cash & investments: €12.7B; Q4 free cash flow surged to €8.8B due to late-quarter inflows.
Full-Year 2024 Segment Trends (vs 2023)
  • EUV sales: €8.3B, down 9% as customers aligned spending to delayed ramps.
  • DUV sales: €12.8B, up 4% from sustained mature-node investments.
  • Metrology & Inspection: €646M, up 20%.

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Operator: Good day, and thank you for standing by. Welcome to the ASML 2024 Fourth Quarter and Full Year Financial Results Conference Call on January 29, 2025. At this time, all participants are in a listen-only mode. After the speaker's introduction, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference call over to Mr. Jim Kavanagh. Please go ahead. Jim Kavanagh: Thank you, operator. Welcome, everyone. This is Jim Kavanagh, Vice President of Investor Relations at ASML. Joining me today on the call are ASML's CEO, Christophe Fouquet; and our CFO, Roger Dassen. The subject of today's call is ASML's fourth quarter and full year results 2024. 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 on www.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 presentati

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