The following is a summary of the ASM International NV (ASMIY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ASM reported revenue of €639 million in Q1 2024, at the high end of their guidance range.

• The company's gross margin increased to 52.9%, up from 47.9% in Q4 2023.

• SG&A expenses increased by 4% compared to Q1 2023 but were lower than Q4 2023 due to lower variable expenses and reduced spending.

• Net R&D increased by 2% year-on-year and is expected to increase by 10% to 20% in 2024.

• ASM's strong financial position is highlighted by an end of quarter cash balance of €720 million.

• Free cash flow for the quarter amounted to €62 million.

Business Progress:

• Record high Q1 revenues were driven by ALD and Epi with significant sales from the Chinese market, which is expected to remain strong in Q2.

• ASM's capital expenditure remains between €100 million to €180 million with a significant part allotted for R&D.

• The company is actively engaged with customers for developments in 3D DRAM and 4F squared DRAM.

• A significant increase in ALD intensity is expected as the transition continues from 2 nanometer to 1.8 nanometer.

• Anticipated orders for High Bandwidth Memory (HBM) are expected to be converted into revenue over the next few quarters.

• ASM maintains its 2025 revenue target range of €3 billion to €3.6 billion, driven by the start of high volume manufacturing of gate-all-around process and expected recovery in memory.

More details: ASM INTERNATIONAL NV SPON ADR EACH REP 1 ORD SHS IR

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