ASML Holding(US:ASML)2025-01-29 07:00Financial Data and Key Metrics Changes - Q4 net sales reached CHF 9.3 billion, exceeding guidance, driven by the installed base business at SEK 2.1 billion [1] - Full year revenue was SEK 28.3 billion, marking a 16% growth compared to 2023, primarily from the installed base business which totaled €6.5 billion [1] - Gross margin for Q4 was 51.7%, above guidance due to additional upgrade business and revenue recognition for high NA tools [2] - Full year gross margin was 51.3%, consistent with 2023 [3] - Q4 net income was €2.7 billion, with total net income for the year at €7.6 billion [3] - Net system bookings for Q4 were €7.1 billion, including €3 billion from EUV, resulting in a backlog of approximately €36 billion [3] Business Line Data and Key Metrics Changes - The installed base business showed significant growth, contributing to overall revenue increases [1] - Memory segment performance was strong in 2024, with expectations for continued strength [9] - Logic segment is anticipated to grow to meet AI demand [9] - Installed base systems continue to grow, with an increased share of EUV and expected upgrades [10] Market Data and Key Metrics Changes - Revenue from China was exceptionally high in 2023 and 2024 due to backlog fulfillment, but is expected to normalize in 2025 [11] Company Strategy and Development Direction - The company maintains a positive long-term outlook, emphasizing the role of AI in driving semiconductor demand and advanced technology [28] - Revenue projections for 2025 are between €30 billion and €35 billion, with gross margins between 51% and 53% [7] - Long-term revenue expectations for 2030 are between €44 billion and €60 billion, with gross margins projected at 56% to 60% [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic market conditions and expresses gratitude to employees and partners for achieving record results [6] - There is uncertainty regarding customer demand, particularly outside of AI, which influences revenue guidance [8] - The impact of recent export control regulations has been factored into revenue guidance [19] Other Important Information - The company plans to continue increasing dividends, with an interim payment of €1.52 per share and a proposed final dividend of SEK 1.84 per share, totaling SEK 6.40 for the year, a 5% increase from the previous year [26] Q&A Session Summary Question: What is the outlook for 2025? - The company expects total revenue between €30 billion and €35 billion, with gross margins between 51% and 53% [7] Question: How do you see the different market segments progressing through 2025? - Memory is expected to remain strong, while logic is anticipated to grow to meet AI demand [9] Question: What about installed base? - The installed base is expected to grow, with an increased share of EUV and more upgrades anticipated [10] Question: How will China revenue progress in 2025? - China revenue is expected to return to more normal levels after the high performance in 2023 and 2024 [11] Question: What is the guidance for Q1? - Guidance for Q1 net sales is between SEK 7.5 billion and SEK 8 billion, with a gross margin of 52% to 53% [12] Question: Will there be impacts from recent export control regulations? - The impact of new U.S. and Dutch regulations has been reflected in the revenue guidance [19] Question: Can you provide updates on technology progress? - Significant milestones were achieved in EUV Low NA and high NA tools, with positive feedback from customers [20][21][22]