Thank you operator. Welcome everyone. I'm joined here today by our CEO, Benjamin Loh, and our CFO, Paul Verhagen. ASMI issued its second quarter 2021 results yesterday evening at 6:00 P.M. Central European Time. For those of you who have not yet seen the press release, it is available on our website, asm.com, along with our latest investor presentation. As always, we remind you that this conference call may contain information relating to ASM's future business and results, in addition to historical information. For more information on the risk factors related to such forward-looking statements, please refer to our company's press releases, reports, and financial statements, which are available on our website. With that, I'll turn the call over to Benjamin Loh, CEO of ASMI. Thank you, Victor, and thanks to everyone for attending our second quarter 2021 results conference call. I hope you are all safe and well. I'm happy that we are joined today on the call for the first time by Paul Verhagen. As most of you know, Paul has joined our company as a new CFO as of last June. We are very fortunate to have him on the team. Paul comes to us with a lot of experience as the CFO of a Dutch-listed company, and will play a major role in our company's operations and growth going forward. Next, I want to update you on our plans for our Investor Day on 28 September. The COVID-19 situation continues to be uncertain, also in view of the recent rise in COVID cases in Europe and other parts of the world, we will take a decision on the format of the event at the latest in the first half of September. We will host our Investor Day, either in the form of an in-person event in London or Amsterdam, or as a fully virtual event if it would not be possible to host an in-person event. We hope to see many of you then in person or virtually. The agenda for today's call is as follows. Paul will first review our second quarter financial results. I will then continue with a discussion of the market trends and outlook, followed by our usual Q&A session. Paul, over to you. Okay. Thank you, Benjamin. It's a pleasure to be here. Maybe let me first briefly introduce myself. As Benjamin already said, before joining ASM, I was a member of the management board and CFO at Dutch-listed Fugro, which is the world's largest geodata specialist. Before that, I worked 24 years at Philips in various financial management and CFO roles in display components in healthcare, consumer electronics, and Philips Lighting. My time with Philips also provided me with the opportunity to live and work in many places, Taiwan, mainland China, Hong Kong, and the U.S. Now being a few months in the company with ASM, that has confirmed me in my view that ASM is a great and highly innovative company that is focused on fast-growing segments of the semiconductor equipment market with tremendous opportunities ahead. I also look forward to meeting many of you at the call today, at our Investor Day or as part of our regular roadshow meetings. Let's now go to the financial results. In the second quarter of 2021, our revenue increased to EUR 412 million, up 4% from the first quarter. Compared to the second quarter of last year, revenue increased 29% at constant currencies and 20% on a reported basis. Revenue in the quarter was a touch above the top end of our previous guidance of EUR 390 million-EUR 410 million. Service and spares grew slightly, up 3% at constant currencies, and decreased 1% year-on-year on a reported basis. Here, it should be noted that the second quarter of last year was particularly strong for service and spares, in part because COVID-related uncertainty led customers to ordering additional spares as a safety buffer in that quarter. Our equipment revenue in the second quarter increased 36% at constant currencies year-on-year, and 27% as reported, and were primarily driven by strong ALD sales. By industry segment, revenue in the second quarter was led by Foundry, followed by Memory, and then Logic. Combined Logic/Foundry sales decreased sequentially, but were still very strong and continued to account for the largest part of sales. Memory sales reached a quarterly high following the strong order intake in Q1, with the 3D NAND sales slightly larger than DRAM. Gross margin amounts to 48.1% in the second quarter, in line with the indications that we provided last quarter. While slightly down from 49.5% in the first quarter, the gross margin in the second quarter was still at a very solid level and again, supported by a positive mix. Looking at the second half year, we continue to expect that compared to the high level in the first half, the gross margin will be somewhat impacted by a higher number of evaluation tool sales. As explained in previous calls, the sale of an evaluation tool is a positive forward sale indicator, as it typically takes place upon successful completion of the evaluation. It tends to have a negative impact on the gross margin in the quarter in which the sale of the evaluation tool is recorded. SG&A expenses increased by 15% compared to the relatively lower level in the first quarter and increased by 12% year-on-year. As a percentage of sales, SG&A expenses decreased from 12% in Q2 of last year to 11% in the same period this year. The R&D expenses on a reported basis increased by 10% compared to Q1 and dropped by 8% year-on-year. The decrease compared to Q2 last year was fully explained by lower impairment charges, which dropped from EUR 5 million- EUR 1 million and higher capitalization, which increased from EUR 16 million -EUR 20 million. Excluding impairments and IFRS effects, the underlying R&D increased by 12% year-on-year. The operating profit in the second quarter increased 35% year-on-year and decreased slightly compared to Q1. Below the operating line, results included a small currency translation loss of EUR 2 million. This compares to a translation gain of EUR 16 million in the first quarter and a translation of EUR 6 million in the same quarter last year. As a reminder, we hold the largest part of our cash balance in U.S. dollars. The currency translation differences are included in our financial results. Some info on ASMPT. Results from investments, which reflects 25% share of the net earnings from ASMPT, increased to EUR 16 million in the second quarter, up from EUR 11 million in the first quarter, and up from EUR 7 million in the second quarter of last year. ASMPT reported sales of EUR 667 million, up 19% to Q1 and up 38% from Q2 last year. Bookings amounted to EUR 943 million in the quarter, down 7% sequentially and up 140% year-on-year. Going back to the ASM consolidated results. The ASM orders in the second quarter were EUR 516 million, up 26% from the first quarter and up 73% from Q2 last year. As we already pre-announced on July 1, the order intake clearly exceeded the guidance that we provided with our Q1 results, which was a range of EUR 410 million-EUR 430 million. The upside was largely driven by customers in the Logic /Foundry segments, pulling in orders into Q2 that were previously mainly expected to be received in Q3. Looking at the breakdown in bookings by industry segments, Foundry represented again the largest segment in the second quarter, followed by Logic and then Memory. Combined Logic /Foundry bookings surged to a new quarterly record level in Q2, substantially above the previous record of Q1 last year. Memory bookings decreased slightly compared to the record level in Q1, but were still at a very solid level and for the larger part, driven by DRAM. Now turning to the balance sheet. We ended the quarter with EUR 465 million in cash, down from EUR 498 million in the previous quarter. The drop in the quarter was due to almost EUR 100 million dividends paid to ASMI shareholders, which was in part offset by free cash flow of EUR 69 million positive, including EUR 22 million in dividends received from ASMPT. Free cash flow in Q2 was driven by continued strong level of profitablity and partly offset by an outflow for working capital of EUR 38 million. Working capital increased because of the higher activity level and the back-end loaded sales in the second quarter. The underlying quality of working capital continued to be healthy. CapEx in the first half was EUR 22 million. We still expect CapEx for the full year to be in a range of EUR 60 million-EUR 80 million, driven by increased spending on the expansion and upgrading of our R&D lab facilities. Regarding share buyback. Yesterday, we announced the start of a new EUR 100 million program as of today, 20th of July, and authorization for this buyback program was announced on the 20th of April. In addition, the earlier announced cancellation of half a million treasury shares became effective on July the 2first. With that, I would like to hand the call back to Benjamin. Thank you, Paul. Let's now look in more detail at trends in our markets. If we look at the market environment, 2021 is shaping up to be a strong growth year for the semiconductor industry. End market demand remained brisk across the board in the first half of this year, with inventories at low levels and several parts of the market impacted by shortages. The semiconductor market is now expected to grow by more than 20% in 2021. Expectations for WFE, or wafer fab equipment market, have also further increased. We now expect WFE spending in U.S. dollar terms to grow by a high 20s to low 30s percentage this year. Looking at the WFE market by segment, Logic/Foundry spending remains strong in the first half as customers continue to build out capacity for multi-year growth drivers such as 5G and high-performance computing. In Foundry, which is our largest segment, the majority of investments continue to be focused on advanced nodes, 7 nm, 5 nm capacity additions in the second quarter. In advanced Logic, investments were mainly related to 10 nm capacity extensions. These are areas where ASM has strong share of wallet. We project Logic /Foundry to remain very strong in the second half of 2021, supported by continued spending on the current advanced nodes. In addition, we expect the contribution from the first investments in the next node in the Logic /Foundry segment to increase in the second half of this year and going into 2022. As highlighted at previous occasions, we expect that the upcoming node in the combined Logic /Foundry segment will drive a further meaningful double-digit growth in our serve available market. In Memory, equipment demand was also robust in the first half. On the back of solid increases in key end markets such as PCs, game consoles, 5G smartphones, and data centers, conditions also started to become tight in parts of the Memory market. As Paul just mentioned, we achieved record high Memory sales in the second quarter, although it should be mentioned that Memory is still a smaller part of our revenue. In 3D NAND, we have been gradually increasing our presence, and we benefited from overall healthy spending levels in the first half of the year. In DRAM, the adoption of High-k ALD in the periphery, as we discussed earlier, continues to be a solid driver for ASM. Last year, we had our first contribution, and this year in 2021, the High-k metal gate application will already account for a sizable part of our DRAM sales. In Memory, overall demand is expected to remain pretty healthy in the second half and especially supported by DRAM. We also previously touched on the recovery of the analog power market. This market suffered from the impact of COVID-19 last year, but nearer the end of last year, we saw the market recovering. This recovery has continued through the first half of this year, and we expect to see a meaningful increase in sales from this market for the full year. I will provide an update on the supply chain and capacity situation. In terms of our manufacturing capacity, we now have the benefit of our new and expanded facility in Singapore, which has proven to be well-timed. After the transfer was completed earlier this year, Q2 was the first full quarter with our new facility up and running. As discussed in previous calls, this has significantly expanded our manufacturing capacity and also gives us additional flexibility to meet future growth. Since we moved into the new facility, we have been steadily increasing headcount to increase the output. The supply chain situation. Against the backdrop of strong customer demand and growth across the broader industry, supply chain conditions further tightened during the quarter. This was further impacted by new lockdown measures in the last couple of months in Southeast Asia, following a worsening of the COVID situation since last April, including in Malaysia, which is an important part of the supply chains in our industry. Our global ops team did a great job in the second quarter in close cooperation with our supply chain partners and customers. In the second quarter, we were largely able to mitigate the impact of supply chain constraints, for instance, by having ordered earlier than usual as part of our learnings from the COVID-19 disruption of the second quarter of last year. We were still able to meet our customer requirements and to deliver a strong financial performance in the quarter. Supply chain conditions continue to be tight, with lockdown measures in Southeast Asia continuing into the third quarter so far. As we mentioned in the press release, continued tight supply chain conditions are reflected in our sales guidance for the third quarter. They are also expected to have some impact in the fourth quarter, although we do expect the fourth quarter sales to increase compared to the level in the third quarter. Moving on to the longer-term outlook. If we take a look at the longer-term trends, the outlook continues to be very positive. The accelerated trend of digitalization, coupled with secular trends such as in 5G, artificial intelligence, and edge computing, is driving ever-increasing demand for advanced semiconductors, not only in terms of volume, but also for faster and more power-efficient semiconductor devices. This creates lots of opportunities for ASM. We will talk more about our long-term expectations at our Investor Day, it is clear that ALD and EPI will continue to be key growth markets for us. In Logic /Foundry, an important driver in the next years will be the transition from FinFET to gate-all-around. EPI is a key enabling technology to create the nanosheets, the heart of the gate-all-around transistor structures. We believe we are well positioned to increase our share in the transition to gate-all-around, underlined by our new EPI customer win that we announced last quarter. Also in ALD, we expect that gate-all-around will require many new applications, and we are heavily engaged with all of the leading customers. Memory is another growth area for ASM, as ALD is a key technology to address increasing complexity and the need for new materials in both DRAM and 3D NAND. Based on our R&D engagements and our first production tool -of -record wins, we are confident about a meaningful further increase in our Memory position as our customers transition to the next and next nodes, starting in 2022, 2023. Next, I would like to highlight the launch of our Intrepid ESA tool that we announced a couple of weeks ago. In the EPI market, we address two segments. Advanced CMOS represents the largest growth opportunity. Since the launch of our Intrepid ES tool some years ago, we have made substantial inroads in this market, and again, we are extremely pleased that we recently added a new customer for an advanced gate-all-around application. The other segment is that of analog power and wafer manufacturers. It is a smaller market segment, but it represents a meaningful part of ASM's EPI sales as of today. Manufactured at older technology nodes, this market offers healthy growth prospects driven by, for instance, electric vehicles, the Internet of Things, and opportunities in China. With the launch of our new tool, the Intrepid ESA, we will now offer the benefits of our Intrepid tool, which is high productivity and improved film performance, also to customers in the 300 mm power analog and wafer maker markets. Let us look at the guidance that we have issued with our second quarter press release. For the third quarter, on a currency comparable level, we expect sales of EUR 400 million-EUR 430 million. Third quarter bookings on a currency comparable level are expected to be in the range of EUR 510 million-EUR 530 million, and also include orders that are planned to be shipped in 2022. Continued tight supply chain conditions are reflected in our sales guidance for the third quarter, and based on the current visibility, are also expected to have some impact in the fourth quarter, although we do expect fourth quarter sales to increase compared to the level in the third quarter. We have finished our introduction. Let us now move on to the Q&A. We'd like to ask you to please limit your questions to not more than two at a time, so that everyone has a chance to ask a question. All right, operator, we are ready for the first question, please. Your first question comes from the line of Stéphane Houri from ODDO BHF. Your line's open. Please ask your question. Yes, good afternoon, sir. I will limit myself to only two question. The first one is about the tightness in the supply chain. You said that you are trying to mitigate the impact on Q2. Could you help us quantify how much it does impact your Q3 guidance, and how much upside can you see on Q4 if the COVID-19 situation in Asia was improving? That's the first question. The second question is about gross margin. You have confirmed that the gross margin in H2 will be down compared to H1 because of the commercialization of the evaluation tool. How much are we talking about? Are we getting back below 45% or are we just talking about a couple of points? Thank you very much. Thank you, Stéphane. I will answer the question regarding the supply chain. Then I will let Paul explain to you about the gross margin. Jumping into the supply chain, it's a good thing to start by explaining that we actually do a lot of outsourcing. What we do in our manufacturing facilities is primarily what you call final assembly and test. We outsource a lot to contract manufacturers that build the modules, the subsystems for us. Of course, we also buy from the component suppliers. We have seen that supply chain has been tight as we enter into 2021. The worsening COVID situation in Southeast Asia did not help that. In fact, a couple of months ago, we ended up, or saw, in some countries, lockdowns, or what they call, especially in Malaysia, movement control orders being implemented. What that really means is that a lot of our suppliers have been forced to cut back on the number of people that they can send back to or allow in their factories. For example, in Malaysia, a lot of our suppliers are now working with just 60% of the usual headcount. Of course, with a 60% headcount, you're going to see a decrease in output. For us, we have actually taken some learnings from COVID-19 from the second quarter of last year. We have implemented a couple of things. One was to try to order earlier than usual. That's the first one. Second one was to try to look for alternative suppliers. Both of those, I think, are actually helping to mitigate some of the risks that we see in the current supply chain. In the second quarter, I think we were basically able to mitigate most of the risks, and we met customer, let's say, requirements fully. In the third quarter, we think that because of the continuing restrictions in some of these countries, we might see some impact, and hence we have factored this into our Q3 guidance. As far as Q4 is concerned, or the fourth quarter is concerned, we do see that perhaps if the measures or the lockdown restrictions continue, this may also impact our revenue plans. That's the reason why we are giving or describing that in our guidance as well. Coming back to the third quarter, I think there will be some impact, but by and large, we will still be able to meet, let's say, the requirements of our customers. We, of course, are continuing to work as much as we can with our suppliers to minimize any kind of risk and to actually make sure that there's not going to be any impact. Stéphane, I think to your question on what is going to be, let's say, the outlook for the fourth quarter and so on. As we have given in our guidance, we do expect that the fourth quarter will be higher than the third quarter, depending on the, let's say, supply chain conditions. It is at this moment a little bit difficult for us to quantify, so we are refraining from giving any kind of guidance as far as the fourth quarter is concerned. We are confident that it will be higher than the third quarter. I pass it now over to Paul for the gross margin, let's say, explanation. Yeah. Thank you, Benjamin. On your question on the gross margin, as you know, margin is impacted by quite a few factors, not only EPI tools. Most important, of course, being the mix, in particular application mix, as I think the company has communicated multiple times. Everything else equal, which of course will never be the case, but anyhow, if I would isolate the EPI tools to your question, there could be indeed a few percentage points impact. Not larger than that, but of course, as I said already, there will also be other impacts impacting the second half margin, like product mix, currency maybe, et cetera. It could go either way. EPI tools as such, max a few percentage points. You expect, I would say, a degradation of the mix in the second half, or you do not expect this degradation? Yeah, we're not guiding specifically on the mix, as you know. We do guide on the revenue. We do guide on the order intake. I'm not going to guide on the mix now, if it would be more or less favorable. What we've said, and I think there's an implied message, is that for the second half, we do expect the margin to be somewhat lower than the first half because of a larger impact of EPI tools. A few percentage points. That's what you said, right? Yeah. Okay. Thank you very much. Thank you. Your next question comes to the line of Keagan Bryce from Barclays. Your line is open. Please ask your question. Hey, guys. Thanks for taking the question. Two from my side. The first one on Logic. I'm sure you've all seen that your Logic customer plans to reenter the Foundry market and now a clear aim for technological parity. How do you feel about your position with that Logic customer across both ALD and maybe potentially epitaxy? What sort of gains are you expecting for their 7 nm node, or I guess what they now call four? For my second question, one of your peers has been talking up the industry's potential shift to 3D DRAM. Do you have a view on whether the industry might go in that direction? If it eventually does, what sort of gains in ALD would you likely expect to see? Thank you. Thanks. On the first question that you have, we will not, of course, refer to customer specifics. I think we all saw the announcement, and I think it provided a lot of color to the industry. With our Logic customer, I would say that we are doing very well in terms of the ramp on the existing node. We are also heavily engaged with them on qualifying some of our solutions, both ALD and epitaxy for the next nodes. As we have said, if you look at Foundry versus, for example, IDM, is there a difference for us? It doesn't really make a lot of difference for us. Our biggest, let's say, factor is that the demand for advanced semiconductors continue to be there, because if that demand is there, it's either Foundry that has to make it or it's IDM that has to make it. On that note, I would say things are looking positive. On the 3D DRAM. Or let's say the transition from planar to 3D DRAM. I think by and large, the market is coming to a consensus that at some point in time in the future, it's probably necessary to switch from planar to 3D DRAM. Timing, of course, is still a question mark. In fact, it is expected that planar DRAM still has a couple of nodes to go before it runs out of steam and has to convert into a 3D DRAM. As far as we are concerned, this is still an early stage, but we are already engaged in discussions with some of the DRAM customers trying to find out what are their plans, and if they have, let's say, any specific milestone in mind. Based on what we can see today, we think that the transition to 3D DRAM could potentially also be positive in terms of ALD usage, because you have more complicated, let's say, 3D structures. You also have new materials being used. These are all good drivers of ALD usage. At the same time, we also feel, or let's say, potentially there could be an increase in epitaxy use, and that is still being, let's say, worked out. I think over time, we will know more. At this moment, generally, if the transition happens, we are prepared, and we are positive. Very clear. Thanks, Benjamin. Next question comes from the line of Didier Scemama from Bank of America. Please ask your question. Good afternoon, and thanks for taking my question. A question first on sort of your appraisal of gate-all-around at this stage. You are engaged with the first deployment and the first recipe on gate-all-around production to leading Foundry customer. I wondered if you could share with us what you think the capacity needs are for that particular customer, e.g., are they only in the early phase of deployment of that technology? Perhaps if you could give us a sense of the applications that are supporting that capacity ramp. Related to that, you touched on one of your Logic customers, and you feel like you're quite comfortable with your portfolio addressing their gate-all-around capabilities whenever that comes. I just wondered, at your other Foundry customer, do you have a feel for where you might start to see orders for that particular recipe? I've got a follow-up. Thank you. Didier, thanks a lot. In general, we are heavily engaged with all three Logic/Foundry customers in gate-all-around, both in the ALD space and also in the epitaxy space. We announced last quarter that we already had the first win as far as the gate-all-around channel is concerned, that we have been selected by one of the key customers as the production tool of record. For the other customers, of course, we are also heavily engaged, trying to get our tool qualified and selected. This goes both ways for both EPI and ALD, the engagements that we have with these three customers continues. In terms of timing or capacity, I think that's still left to be seen, at this stage I think it's still, to a large extent, fine-tuning the process and making sure that they have the right process integration, yield, and so on. We will probably have to wait to see when they move this into high volume manufacturing. I think only when they do that, then we will probably be able to see what kind of capacity that they are planning. This information at present, I think, is still a question mark. In terms of, again, our engagements with all the three major Logic/Foundry customers, we are actually very encouraged. I think we have good momentum in both the EPI and the ALD space. As we continue, we will probably see our served available market expand, because we do believe that gate-all-around is going to lead to a fairly significant increase in usage of ALD and also epitaxy. Yeah, very useful. Maybe just a quick follow-up, in terms of your comments on the WFE growing high 20s to low 30s in U.S. dollars. At least for the product part of the revenue, so minus services, would you expect to outperform that number in U.S. dollars? If you look at what we have described in our press release, in the second quarter, our equipment revenue actually, compared to the year before, grew by about 36% on a constant currency basis. That's for the second quarter. If we look at maybe the first half of this year versus the first half of last year, we also look at our equipment revenue growing at greater than 30% at constant currency. What we have actually, let's say, described is that we do believe that our fourth quarter revenue is going to be higher than our third quarter revenue. At this moment, it's difficult for us to quantify that because of the supply chain, let's say restrictions. If you look on the longer term, we are very confident of our ability to continue to maintain a leading share in Logic and Foundry space, which is the fastest-growing area for us, also for our equipment sales. We also making significant inroads, and progress in Memory, which as Paul has mentioned earlier, the second quarter Memory sales was the highest in our company's history. We continue to, let's say, grow significantly. In the longer term, we do believe that we will outgrow the WFE market, but we will not comment on the shorter term, let's say, question because of the uncertainty over the Q4, let's say, numbers. Perfectly understandable. Thank you very much. Thank you. Your next question comes from the line of Sandeep Deshpande from JP Morgan. Your line is open. Please ask your question. Yeah. Hi. Thanks for letting me on. My question is regarding your epitaxy tools. When we look at your market share in epitaxy, it is still not moved very much. You've announced various wins. Should we be expecting to see your epitaxy revenues and thus your market share in epitaxy increase significantly over the next few years? Secondly, in ALD, you've talked about wins for ALD within the gate stack. Have you engaged with customers beyond the gate stack in ALD? Thank you. Sandeep, thanks a lot. On epitaxy, again, just to clarify, we play in two parts of the market. One, of course, is the advanced CMOS, and the other part is in the power analog space. In the advanced CMOS, we had our breakthrough to the biggest Foundry at seven, now continuing into five, and we will also continue probably into three. For the other two main Logic/Foundry customers, we have actually announced that we have been selected as the production tool of record for one of the customers as the channel for gate-all-around. There we are making progress, but we probably will not see a significant growth in terms of revenue until they go into high volume manufacturing. Now, having said that, with the other two customers where we are not in high volume manufacturing yet, we are very comfortable with the engagements that we have. I think the engagements are all positive, and we do look forward to getting selected and hopefully supporting them when they move into higher volume manufacturing. The other part of the EPI market that we play in, which is a smaller part of our total market, but which is still meaningful for us in terms of EPI, is the power, analog, and sensor market. That market actually was badly affected last year because of COVID-19. We actually saw most of the investments cancel after COVID hit. At the end of last year, the recovery started, and the recovery actually has been continuing during the first half of this year. That part of the market is actually doing very well. We do expect that our sales from that part of the market will continue. Overall, when we look at both parts of the market that we are playing in, we do expect that we will continue to grow our market share in the advanced CMOS space and also continue to leverage on our strengths in the power analog sensor space. Longer term, we do expect that over the next couple of years we will be able to grow our market share for the EPI business. The second question, Sandeep, I think that you have was beside the gate stack, did we make any penetration in terms of ALD? The answer is yes. We are working very closely on various applications. As I alluded to a little bit earlier, I think the transition from FinFET to gate-all-around presents to us significant opportunities because of the increasing EPI and ALD usage. We are engaged with all 3 customers on working on those kind of applications. Again, we need to get qualified, but we are confident of the engagements. Then it's just a question of when they go into High-Volume Manufacturing. Thank you. Next question comes from the line of Marc Hesselink from ING. Your line is open. Please ask your question. Yes. Thank you. First, can you explain the phasing that you now see in when orders come in and when you actually see that into the revenues? See the order intake this quarter, and also the guidance for next quarter are quite a lot higher than the revenues and what you guide for. How should I see that? Is the order intake that you've seen, was that exceptionally strong in these two quarters? Is this something that this is above the EUR 500 million level, that is something that you think can be sustainable? Only thing is then the moment it comes into your revenues is a bit further out than what you usually saw. Marc, thanks. Maybe just a little bit of clarification first. We book the orders when we get the actual purchase order. Because of the timing of when our major customers actually release the paperwork or the purchase order, sometimes you get some fluctuations or some variations. In the second quarter, as we have announced in our earlier press release, we saw customers placing orders earlier. Some of them were expected in the third quarter, but they decided to place them in the second quarter. We are not going to speculate on the motivations of our customers. Overall, it's positive for us because it gives us much more visibility into what is going on to happen in the next quarter or next quarter. With our relatively shorter lead time compared to some of the other WFE equipment, we usually do not have a very long, let's say, visibility spanning several quarters. This actually is a welcome thing for us. This quarter, again, we are seeing that customers are trying to place orders earlier, hence the higher guidance as far as order intake is concerned. We do know that some of the orders will end up as 2022 deliveries. Again, we will not speculate on the reasons or motivations behind that, but we are actually happy and positive that we are given more visibility as far as what their planning is in terms of at least having visibility into the next two, maybe even three quarters. Okay. Maybe to give a bit more feel for me, this is a pull-in of orders. For example, the orders that you're getting now in earlier, you won't get them into the future? Do you believe that this above EUR 500 million level is sustainable for longer term, given the growth of the market and your market share? Marc, I think for the second quarter, that as we've described, that was a pull-in. I think for the third quarter, as I said, they seem to be placing orders a little bit earlier than usual. Whether we continue at this pace, whether it's going to be pull-ins or whatever, I think we will not speculate as to what is going to happen in the fourth quarter, we will see how our customers react or behave. At this moment, we cannot comment on that. Okay. My second question is on your OpEx. That increased a bit over the quarter. I can assume naturally with the growing revenue and also the outlook for the coming quarters. What do you expect there going forward? What kind of growth level is likely and what kind of operational leverage should you therefore see? Thanks for the question, Marc. This is Paul speaking. I think for OpEx, there's two things. One, of course, is R&D, where of course, we intend to continue investments in line with the growth of the company. That is very important, of course, to maintain or maybe even reinforce our leading positions that we have. For SG&A, I expect to grow that more moderately. There we will see some productivity gains, and we will see some benefits from operating leverage. In the Investor Day, I might shed some more light on that, very likely. On the, let's say, manufacturing cost, as Benjamin already explained, we do mainly assembly. The fixed cost part of our cost of goods is relatively low. There will be maybe a little bit of operating leverage, but not a lot because the vast majority is variable cost. It's an assembly organization, and it's not a very high fixed cost type of organization. We will see a little bit there, but don't expect too much in the cost of goods sold. Okay. Did the second quarter include some cost for that you had to counter all the supply chain constraints? Yeah. What we've seen in the second quarter is in terms of supply chain constraints, I think, the key impact we've seen there is, let's say, phasing within the quarter. We communicated about the back-end loaded sales, which partially was driven due to simply incoming material timing. two, for certain parts, we had to divert to other suppliers to the extent released by customers. That might have increased cost a little bit, but not a lot. Overall, I think, the cost is very well managed. I have not heard anything in that order. I don't expect any material impact there in Q2. Otherwise, I would have been told, I'm pretty sure. Okay, thank you. Next question comes in the line of Robert Sanders from Deutsche Bank. Yeah. Hi, good afternoon. Just one question. If you could just give us an update on the High-k metal gate opportunity in DRAM. Has there been any developments there? Second question related to this is, will you at the Capital Markets Day give a served addressable market kind of outlook for 2025? Is that what we should expect? I'm assuming you're now going to have to roll in EPI and a bunch of other things, not just single-wafer ALD. Thanks. Rob, thanks a lot. On the first question regarding the High-k metal gate application, we are very, let's say, encouraged. I think, what you see today in terms of, let's say, a high performance DRAM with the High-k metal gate, we are basically the tool of record. Originally, we kind of expected that high performance DRAM was just a small portion of the overall DRAM market. It looks like there's a lot of increasing applications that requires a high performance DRAM. This year we are very, let's say, encouraged with our sales for High-k metal gate applications in DRAM. In fact, in the prepared remarks, that was one of the points that we made that our increasing DRAM sales this year is led by the High-k metal gate applications. That's going well for us. In terms of the addressable market over the next couple of years, yes. The quick answer is yes, we hope to be able to share with everyone at our Investor Day a couple of things. One, of course, would be the strategy of the company, the technology, maybe a little bit of explanation into how we see node -over -node changes, transitions, and so on. Of course, we will also like to be able to give everybody a view of where we see ourselves going over the next couple of years. We really hope to see everybody, as many of you as possible, either live or virtually, because we think that this would be very good for us to share with you in a more broader sense the more detailed information about our company. Thanks a lot. Thank you. Your next question comes in the line of Tammy Qiu from Berenberg. Your line's open. Please ask your question. Okay. Thank you, guys. I'm more wondering from a market share perspective to get an idea. I know previously your market share was quite solid within the Foundry and Logic market. Can you talk about, has the dynamic actually changing with gate-all-around seems to be a very good opportunity for everybody? AMAT has been trying to go to this market using thermal tools as well. Is the market getting more competitive than it was previously for you? For the Memory market, you talked about the opportunity from High-k metal gate DRAM, and also potentially we may have some new 3D NAND application as well. Can you talk about what the competitive landscape in those markets, is that worse than what you are seeing in Foundry and Logic market, please? Tammy, thank you very much. I think what we see, maybe let's talk about the Logic/Foundry market first, which is where we have a leading position. I think we do not see, for example, a significant increase in competitive pressures or anything. The competition has always been there. And we compete with them on new applications. But we are actually very confident that we will continue to maintain our leading share or position in the Logic/Foundry market segment. Does gate-all-around have an impact? I think it is actually more a positive than anything for us because of the significant increase in usage of ALD, which we think that we, of course, still have to compete with our peers, but we are confident and comfortable and encouraged by the interactions and engagements that we have with the main Logic/Foundry customers. In terms of Memory, as we said, the High-k metal gate application is helping us to increase our sales in DRAM, but that is just the first of new ALD applications that has now been adopted and move into high volume manufacturing. We have over the last two, three years, been also working on other applications which hopefully becomes adopted and also move into high volume manufacturing in the 2022- 2023 timeframe. Similarly, in 3D NAND because of the higher stacks, higher stack ratios, material changes, we have been working for new ALD applications, which again we hope over the next years this will move into high volume manufacturing. Overall, we feel that we will be able to increase our share position in Memory. We think that some of these applications will in fact move into high volume manufacturing in the 2022- 2023 time frame. Okay, cool. That's helpful. Thank you so much. On the market share relating to EPI, you mentioned that, since last quarter you'd be getting more market share with the EPI tool into new applications. Can you share with us that, are you getting the new market share because of your tool design is different from your competitor, or it's just because of the relationship is now mature? I think we believe that we are winning business because we have a superior solution that not only offers a better cost of ownership, but there are other elements in terms of performance, uniformity, layer -to -layer for example, uniformity that we are able to provide a better solution to our customers than the competition. This is the reason why we are increasingly being adopted. I do not believe that it is just because of relationship. Relationship is important, but at the end of the day, I think our customers are savvy enough that whatever selections that they make is going to be heavily based on merit, and that is cost of ownership and performance. Okay, thank you. Your next question comes from the line of Nigel van Putten from Kempen. Your line's open. Please ask your question. Hey, thanks a lot. Good afternoon. I have a brief follow-up on the second half impact from the evaluation tools. I can imagine that you don't see any negative impact from supply chain constraints to actually sort of get these tools qualified. Could you maybe give us a bit more sense in terms of the actual amount? I remember that these tools are sold at about 0% gross margin, so the more you sell, the lower gross margin is. There's maybe some phasing. Also, the third quarter revenues are maybe a bit lower. If that chunk of evaluation tools would be relatively higher, then that would have a more significant impact in the third quarter. Actually, long story short, could you maybe just provide the million euro sales you expect from evaluation tools in the third quarter? Nigel, first of all, good afternoon. Thank you. I need to maybe address a correction. The gross margin for eval tools is not 0%. It's some percentage. Okay. It's slightly, or let's say lower than what we would normally sell, let's say, in terms of to our customers. The reason for that is, when we decide on an eval tool, the customer also has to invest in the evaluation of the tool. Whether it's in terms of fab space, sometimes they have to come up with the utilities and so on. It's actually a very much a joint effort from both sides, from the equipment supplier and the customer. Because of that we tend to offer to them at a slightly lower price when we put in an eval tool. In terms of how much do we expect, I think, this is something which at least I don't have a full number or accurate number in my head. In the third quarter, we do expect a larger number of eval tools to be completed. In other words, the evaluation to be completed, and to be accepted. That's when we have to book the tools as revenue at a slightly lower gross margin. Hence to Paul's point, that will potentially have an impact on our overall third quarter, let's say, gross margin. As we also have mentioned before, the completion of the eval tools, the evaluation is generally also a very positive sign that it has been accepted. The next step is it goes into high volume manufacturing. Yeah. Clearly, that is understood. I think there's also going to be a positive cash flow effect, if I'm not mistaken. It's just that I think Paul said the second half is going to be impacted. It now seems the bulk of it is going to be in the third quarter. Hope we don't get the press release and there's like a 42% gross margin. Trying to get ahead of that, maybe just to help you clarify that also to the other participants in the call that I think we should expect a more significant impact third quarter relative to the fourth quarter. Is that correct? We will have impact on the third and the fourth quarter. In the second half. Benjamin just zoomed in on the third quarter because it's the next quarter, of course, that we talk about. There will be an impact for the second half. As I mentioned before, it will be max a few points, everything else equal. Again, there's many more factors that do have an impact on the margin, but it will be both in the Q3 and Q4. That's the current expectation. Okay. Thank you. Your next question comes from the line of David O'Connor from Exane BNP Paribas. Your line is open please ask your question. Great, good afternoon. Thanks for squeezing me in here. Maybe one or two quick follow-ups, Benjamin, from my side, to previous questions. Just going back to the sustainability of this EUR 500 million kind of quarterly order level that we see now over Q2 and as you guided for Q3. Just to clarify, are you indicating that we should not expect this level of orders beyond Q3? Given that you suggest they stem from more pull-ins, or do you think the Logic/Foundry market can strengthen further to sustain these level of orders? That's my first question. A quick one on the evaluation tool. Benjamin, can you give us any color on what types of applications or specific these tools are being used for at your customers? Thank you. Sure. I think, as I have tried to explain, it is difficult for us to give you any color as to the sustainability, as you call it, of the order intake. We, again, will not speculate on the motivations of our customers. Last quarter, we saw them placing orders earlier than usual, than normal. This quarter, again, we are going to see them placing orders earlier than what they normally do. The good thing, of course, is it gives us a better visibility. At the same time, given our relatively short lead times, there is nothing to stop them from going back to placing orders with a shorter lead time, or they might continue doing this. At the same time, it also depends on, especially in the Logic/Foundry space, our customers' investment plans. I think a lot of these plans have been announced. Do we see them coming into, let's say, play? When do we see them coming into play and when will we see them place orders? I think all those are, let's say, questions that we cannot give a definite answer now. Hence, we will continue to just monitor and react or adapt to whatever plans that our customers have and make sure that we support their requirements as much as possible in terms of how fast they want to place orders and how fast they want deliveries. The question that you have on the evaluation tool, generally, if it's for an application that is already proven and already in high volume manufacturing, we do not do an evaluation with a new customer or an existing customer for that. Evaluations are usually done for only primarily new applications. It's because part of it requires that we sort of work together with the customer to develop and optimize also the process, and sometimes even the hardware. Eval tools are usually, in that sense, targeted at the next nodes. It's not for the current HVM node that is being ramped up, but for the next nodes. Understood. Thank you. Thank you very much. Your next question comes to the line of Timm Schulze-Melander from Redburn. Hi there, Benjamin, Paul. Thank you for taking my question. Just one follow-up on this eval tool question for the second half. Obviously, this is in some parts a normal course of business that you'll have eval tools being revenued in most quarters. Maybe stepping away from a EUR value, could you just maybe just give us some color as to what the normal number of tools would be and how many additional tools you would be seeing added on top of that into the second half? Just on that application question, in the eval tools that you'll be putting through the revenue line in the second half, is it skewed more towards ALD or EPI, please? Maybe because I don't have the actual number with me, to be honest. As you correctly mentioned, during the normal course of business, we have eval tools probably every quarter, and it's not planned in any form or shape or way, not by us or not by our customers, but we have a larger number than normal of eval tools that will be completed in the third and the fourth quarter. This is the reason why we are kind of sharing this information with everyone. This number is one that I remember. If you look at our press release, we have, at the end of the second quarter, about EUR 78 million of eval tools on our books. I would say that the larger part, the majority of that is for ALD tools. There's probably a couple of EPI tools, but the big portion of that is primarily for epitaxy tools. Sorry, ALD tools. Got it. That is very helpful. Thank you. The final question will be a follow-up from Didier Scemama from Bank of America. Please ask your question. Well, thank you very much. I'll be very quick. First, Benjamin, a question on capacity requirements for the coming years, and I guess related to that CapEx. ASML have commented that demand for the EUV tools is substantially higher than expected going forward. They're going to significantly increase capacity over the coming years, in part because of sort of automotive application, image sensors, et cetera. I just wondered, what are the implications for ASMI? Do you guys need to also add capacity or outsource more, perhaps to get those modules off the ground and sustain that level of demand? I've got a very tiny follow-up on gate-all-around. Just wanted to clarify your opinion on gate-all-around and whether or not this has got any impact on the number of EUV layers. Thank you. First question on capacity. As you probably know, we just moved into a new manufacturing facility in Singapore. I would say, in terms of timing, that was very fortunate. At the same time, we are at this moment sufficient in terms of our internal capacity. Now, over the next couple of years, do we need to add capacity? That has to be dependent on demand. We have also shared that when you look at our new manufacturing facility in Singapore, there's actually two floors of manufacturing space. At this moment, we are only using one of them, and that's sufficient for our current needs. When we need to go into the next level, again, will depend on demand. At this moment, we are not planning to activate that. In terms of capacity, even if demand should increase very significantly over the next, let's say, 18- 24 months, we can expand fairly quickly. Internal capacity, we do not really have, let's say, concerns. Does gate-all-around have more impact on, or let's say, increases EUV or decreases EUV? I am actually not in a position to offer my opinion. I think, if you look at gate-all-around, and it's another shrinkage, a scaling down. You probably have to find ways that you need to use EUV to achieve that. My guess, and again, this is just my opinion, you probably need more EUV. Brilliant. Thank you so much, and have a great day. Thank you very much. There are no further questions at this time. I'll hand back the call over to our CEO. Thank you very much. I would like to thank everyone for your attendance today, also on behalf of Paul and Victor. I would like to, again let everybody know that we are going to have our Investor Day on 28th September. Although the format is not finalized, we hope to see as many of you as possible, whether live in person or virtually. Once again, thank you and stay safe.