Sales growth of around 20% expected for 2022.

Today ASML Holding NV (ASML) has published its 2021 fourth-quarter and full-year results.
Q4 net sales of €5.0 billion, gross margin of 54.2%, net income of €1.8 billion
Q4 net bookings of €7.1 billion2
2021 net sales of €18.6 billion, gross margin of 52.7%, net income of €5.9 billion
ASML expects Q1 2022 net sales between €3.3 billion and €3.5 billion and a gross margin of around 49%
Approximately €2 billion worth of sales that are expected to ship in the first quarter are not included in this number, and will be recognized in subsequent quarters after formal customer acceptance tests are completed in the field
ASML expects 2022 net sales to grow around 20% compared to 2021. The expected impact of the fire in part of a building at our Berlin site is included in this. Based on our current insights, we believe we can manage the consequences of this fire without significant impact on our system output for 2022
ASML intends to declare a total dividend over 2021 of €5.50 per ordinary share (100% increase compared to previous year)
(Figures in millions of euros unless otherwise indicated)
Q3 2021 Q4 2021 FY 2020 FY 2021
Net sales 5,241 4,986 13,979 18,611
...of which Installed Base Management sales 1 1,130 1,522 3,662 4,958

New lithography systems sold (units) 72 72 236 286
Used lithography systems sold (units) 7 10 22 23

Net bookings 2 6,179 7,050 11,292 26,240

Gross profit 2,711 2,701 6,798 9,809
Gross margin (%) 51.7 54.2 48.6 52.7

Net income 1,740 1,774 3,554 5,883
EPS (basic; in euros) 4.27 4.39 8.49 14.36

End-quarter cash and cash equivalents and short-term investments 4,456 7,590 7,351 7,590

(1) Installed Base Management sales equals our net service and field option sales.


(2) Our systems net bookings include all system sales orders for which written authorizations have been accepted. As of Q4 2021 and for FY 2021, this includes EUV 0.55 NA (High-NA) systems. We have not restated comparable periods for previously received EUV 0.55 NA (High-NA) sales orders.


Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com.

CEO statement and outlook
"Our fourth-quarter net sales came in at €5.0 billion which is within our guidance. The gross margin of 54.2%, is higher than guided due to strong Installed Base revenue. Our fourth-quarter net bookings came in at €7.1 billion, including €2.6 billion from 0.33 NA and 0.55 NA EUV systems.

"The total net sales for the year was €18.6 billion, including €6.3 billion from 42 EUV systems. For ASML, 2021 was a strong growth year in a dynamic environment.

"We experience higher demand for our systems than our production capacity can accommodate. Very strong demand in end markets puts pressure on our customers for more wafer output. In order to support our customers, we are providing them with high-productivity upgrade solutions for their installed base, and we are reducing cycle time in our factory to ship more systems. One way to reduce cycle time is through a fast shipment process that skips some of the testing in our factory. Final testing and formal acceptance then takes place at the customer site. This leads to a deferral of revenue recognition for those shipments until formal customer acceptance, but does provide our customers with earlier access to wafer output capacity.



"ASML expects first-quarter net sales between €3.3 billion and €3.5 billion with a gross margin of around 49%. ASML expects R&D costs of around €760 million and SG&A costs of around €210 million. The lower net sales guidance for the first quarter is due to a significant number of fast shipments, translating to approximately €2 billion of expected revenue shift from the first quarter to subsequent quarters. Looking at the full year – even taking into account our current expectation of fast-shipment-related revenue shifts of six EUV systems into 2023 – we expect a revenue growth of around 20%," said ASML President and Chief Executive Officer Peter Wennink.

Products and business highlights
In our EUV business, we received one order for the TWINSCAN EXE:5000 in the fourth quarter. We already received four orders in 2018.

Early 2022, we received the first order for the next generation, TWINSCAN EXE:5200, marking the next step on the path to 0.55 NA EUV introduction.

In our DUV business, the XT:860N was shipped to its first customer at the end of 2021. This KrF system offers improved performance and a lower cost per exposure.

In 2022 we will add KrF to the NXT platform with the introduction of the NXT:870, allowing us to make a significant step in productivity and cost of ownership, building on the existing experience on this platform in ArFi and ArF dry.

In our Applications business, shipment of the first eScan1100 multibeam inspection system designed for high-volume manufacturing is planned in the coming weeks. With 25 beams (5x5), we expect the eScan1100 to increase throughput up to 15 times compared to single e-beam inspection tools for targeted in-line defect inspection applications.

Dividend proposal and share buyback program update
ASML intends to declare a total dividend in respect of 2021 of €5.50 per ordinary share. Recognizing the interim dividend of €1.80 per ordinary share paid in November 2021, this leads to a final dividend proposal to the General Meeting of €3.70 per ordinary share. The total 2021 dividend is a 100% increase compared to the 2020 total dividend of €2.75 per ordinary share.



As part of its financial policy to return excess cash to its shareholders through growing annualized dividends and regularly timed share buybacks, ASML executes a share buyback program which started on July 22, 2021, and is to be closed by December 31, 2023. As part of this program, ASML intends to repurchase shares up to an amount of €9 billion, of which we expect a total of up to 0.45 million shares will be used to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. In the fourth quarter, we purchased around €2.5 billion of shares under the current program.

The share buyback program will be executed within the limitations of the existing authority granted by the Annual General Meeting of Shareholders (AGM) on April 29, 2021, and of the authority to be granted by future AGMs. The share buyback program may be suspended, modified or discontinued at any time. All transactions under this program will be published on ASML's website (www.asml.com/investors) on a weekly basis.

Quarterly video interview, press conference and investor call
With this press release, ASML has published a video interview in which CEO Peter Wennink discusses the 2021 fourth-quarter and full-year results and outlook for 2022. This video and the transcript can be viewed on www.asml.com.

CEO Peter Wennink and CFO Roger Dassen will host a virtual press conference in Veldhoven on January 19, 2022, at 11:00 Central European Time, which will be accessible via live webcast on www.asml.com.

An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on January 19, 2022 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.

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