Asml Holding NV 6-K, filed Oct 14, 2020
Asml Holding NV (ASML)
6-K
2020-10-14
For: 2020-09-27
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Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on October 14, 2020.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
______________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For October 14, 2020
______________________
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
EXHIBITS 99.1 AND 99.3 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-116337), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-126340), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-136362), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-141125), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-142254), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-144356), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147128), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-153277), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-162439), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-170034), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-188938), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-190023), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-192951), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-203390), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-219442) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-227464) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits 
99.1 “ASML reports €4.0 billion net sales at 47.5% gross margin. Strong second half supports expected 2020 revenue of at least €13.3 billion", press release dated October 14, 2020
99.2 “ASML reports €4.0 billion net sales at 47.5% gross margin. Strong second half supports expected 2020 revenue of at least €13.3 billion", presentation dated October 14, 2020
99.3 Summary US GAAP Consolidated Financial Statements
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ASML HOLDING N.V. (Registrant)
Date: October 14, 2020 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Chief Executive Officer
Exhibit 99.1
ASML reports €4.0 billion net sales at 47.5% gross margin in Q3 2020
Strong second half supports expected 2020 revenue of at least €13.3 billion
VELDHOVEN, the Netherlands, October 14, 2020 – today ASML Holding NV (ASML) has published its Q3 2020 results.
•Q3 net sales of €4.0 billion, gross margin of 47.5%, net income of €1.1 billion
•Q3 net bookings of €2.9 billion
| (Figures in millions of euros unless otherwise indicated) | Q2 2020 | Q3 2020 | ||||||||||||
| Net sales | 3,326 | 3,958 | ||||||||||||
...of which Installed Base Management sales 1 | 887 | 862 | ||||||||||||
| New lithography systems sold (units) | 57 | 57 | ||||||||||||
| Used lithography systems sold (units) | 4 | 3 | ||||||||||||
Net bookings 2 | 1,101 | 2,868 | ||||||||||||
| Gross profit | 1,603 | 1,881 | ||||||||||||
| Gross margin (%) | 48.2 | 47.5 | ||||||||||||
| Net income | 751 | 1,062 | ||||||||||||
| EPS (basic; in euros) | 1.79 | 2.54 | ||||||||||||
| End-quarter cash and cash equivalents and short-term investments | 4,440 | 4,408 | ||||||||||||
(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 (for EUV excluding the High-NA systems).
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 third-quarter sales came in at €4.0 billion, which is above our guidance. Our gross margin was within guidance at 47.5%. We shipped 10 EUV systems and were able to recognize revenue for 14 systems in the third quarter. We have seen no major disruptions due to COVID-19 during the last quarter. Our Q3 net bookings came in at €2.9 billion, including €595 million from EUV systems (4 units).
"We expect fourth-quarter revenue of between €3.6 billion and €3.8 billion with a gross margin of around 50%, R&D costs of €550 million and SG&A costs of €140 million. Our outlook for the full year 2020 is therefore confirmed. The estimated annualized effective tax rate is around 14% for 2020.
"For 2021, we expect low double-digit growth. There are of course uncertainties due to the macro environment, including the economic impact of COVID-19 and geopolitical developments. However, the secular end market drivers are still in place (such as 5G, AI and high-performance computing) which fuel demand for advanced process nodes both in Logic and Memory, requiring advanced lithography," said ASML President and Chief Executive Officer Peter Wennink.
Products and business highlights
•In our DUV lithography business, we qualified the first TWINSCAN NXT:2050i in Q3, which shipped in early Q4. The NXT:2050i is based on a new version of the NXT platform, which includes new developments in the reticle stage, wafer stage, projection lens and exposure laser. Thanks to these innovations, the system
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delivers better overlay control at a higher productivity than its predecessor. The NXT:2050i will enter volume manufacturing immediately.
•In our EUV business, the vast majority of the TWINSCAN NXE:3400B systems in the field have now been upgraded with productivity packages.
We announced the final specification for the TWINSCAN NXE:3600D, a new system on the EUV roadmap that will offer an 18% productivity improvement, reaching 160 wph at 30 mJ/cm2 and an improved matched machine overlay of 1.1 nm. Shipments are planned for mid-2021.
Interim dividend and share buyback program update
The interim dividend for 2020 will be €1.20 per ordinary share. The ex-dividend date as well as the fixing date for the EUR/USD conversion will be November 2, 2020, and the record date will be November 3, 2020. The dividend will be made payable on November 13, 2020.
As part of its financial policy to return excess cash to its shareholders through growing annualized dividends and regularly timed share buybacks, in January 2020, ASML announced a new three-year share buyback program, to be executed within the 2020–2022 time frame. As part of this program ASML intends to purchase shares up to €6 billion, which includes a total of up to 0.4 million shares to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. To date, €507 million worth of shares has been repurchased under the current program. Following the pause in the execution of the program in the first quarter of this year, ASML did not execute share buybacks in the second and third quarter. The three-year share buyback program remains in place and ASML will resume executing share buybacks this week.
Media Relations contacts | Investor Relations contacts | ||||
| Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
| Sander Hofman +31 6 2381 0214 | Marcel Kemp +31 40 268 6494 | ||||
| Brittney Wolff Zatezalo +1 408 483 3207 | Peter Cheang +886 3 659 6771 | ||||
Quarterly video interview, investor and media conference call
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the Q3 2020 results. This can be viewed on www.asml.com.
A conference call for investors and media will be hosted by CEO Peter Wennink and CFO Roger Dassen on October 14, 2020 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
About ASML
ASML is one of the world’s leading manufacturers of chip-making equipment. Our vision is a world in which semiconductor technology is everywhere and helps to tackle society’s toughest challenges. We contribute to this goal by creating products and services that let chipmakers define the patterns that integrated circuits are made of. We continuously raise the capabilities of our products, enabling our customers to increase the value and reduce the cost of chips. By helping to make chips cheaper and more powerful, we help to make semiconductor technology more attractive for a larger range of products and services, which in turn enables progress in fields such as healthcare, energy, mobility and entertainment. ASML is a multinational company with offices in more than 60 cities in 16 countries, headquartered in Veldhoven, the Netherlands. We employ more than 26,200 people on payroll and flexible contracts (expressed in full time equivalents). ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. More information about ASML, our products and technology, and career opportunities is available on www.asml.com.
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US GAAP Financial Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.
The consolidated balance sheets of ASML Holding N.V. as of September 27, 2020, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and nine months ended September 27, 2020 as presented in this press release are unaudited.
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q4 2020, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2020, expected revenue for full year 2020 and expected growth in 2021, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing dividends and statements with respect to the 2020-2022 share buyback program including the statement that we will resume buybacks. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Public Exhibit 99.2 ASML reports €4.0 billion net sales at 47.5% gross margin in Q3 Strong second half supports expected 2020 revenue of at least €13.3 billion ASML 2020 Third-Quarter Veldhoven, the Netherlands October 14, 2020
Public Slide 2 October 14, 2020 Agenda • Investor key messages • Business summary • Outlook • Financial statements
Public Slide 3 October 14, 2020 Investor key messages
Public Investor key messages Slide 4 October 14, 2020 • Long term growth opportunity remains, driven by end markets growth enabled by major innovation in semiconductors • Shrink is a key industry driver supporting innovation and providing long term industry growth • Holistic Lithography enables affordable shrink and therefore delivers compelling value for our customers • DUV, EUV and Application products are highly differentiated solutions that provide unique value drivers for our customers and ASML • EUV will enable continuation of Moore’s Law and will drive long term value for ASML well into this decade • In November 2018 ASML modeled an annual revenue opportunity of €13 billion in 2020 under a moderate market scenario and an annual revenue opportunity between €15 – 24 billion through 2025 • We expect to continue to return significant amounts of cash to our shareholders through a combination of share buybacks and growing annualized dividends
Public Slide 5 October 14, 2020 Business summary
Public Q3 results summary Slide 6 October 14, 2020 • Net sales of €3,958 million, net systems sales of €3,096 million, Installed Base Management* sales of €862 million • Gross margin of 47.5% • Operating margin of 30.7% • Net income as a percentage of net sales of 26.8% • Net bookings of €2,868 million, including €595 million of EUV systems (4) * Installed Base Management equals our service and field upgrades sales
Public DUV: Qualified first NXT:2050i system Slide 7 Providing increased customer value via improved overlay and productivity October 14, 2020
Public Net system sales breakdown (Quarterly) Slide 8 October 14, 2020 Q3’20 total sales €3,096 million Q2’20 total sales €2,439 million
Public Total net sales € million by End-use Slide 9 October 14, 2020 Installed Base Management Logic Memory As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers 2016 - 2017 presented above have not been adjusted to reflect these changes in accounting policy.
Public Litho systems bookings activity by End-use Slide 10 October 14, 2020 Lithography systems Q3’20 total value New Used €2,868 million Units 67 6 Lithography systems New Used Q2’20 total value Units 28 6 €1,101 million Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
Public Capital return to shareholders Slide 11 October 14, 2020 • Interim dividend over 2020 is €1.20 per ordinary share and will be made payable on November 13, 2020 • No shares have been repurchased in Q3 2020 • Will resume executing share buybacks this week Dividend paid Share buyback Final dividend Interim dividend up to interim 2011 The dividend for a year is paid in the subsequent year, except interim Capital return is cumulative dividend + share buyback
Public Slide 12 October 14, 2020 Outlook
Public Q4 Outlook Slide 13 October 14, 2020 • Q4 2020 net sales between €3.6 billion and €3.8 billion, including ◦ Installed Base Management sales of around €900 million • Gross margin of around 50% • R&D costs of €550 million • SG&A costs of €140 million • Estimated annualized effective tax rate of around 14% for 2020
Public Slide 14 October 14, 2020 Financial statements
Public Consolidated statements of operations € million Slide 15 Quarter on Quarter October 14, 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Net sales 2,987 4,036 2,441 3,326 3,958 Gross profit 1,306 1,940 1,101 1,603 1,881 Gross margin % 43.7 48.1 45.1 48.2 47.5 R&D costs (492) (516) (544) (567) (534) SG&A costs (128) (148) (130) (131) (132) Income from operations 686 1,277 427 905 1,216 Operating income as a % of net sales 23.0 31.6 17.5 27.2 30.7 Net income 627 1,134 391 751 1,062 Net income as a % of net sales 21.0 28.1 16.0 22.6 26.8 Earnings per share (basic) € 1.49 2.70 0.93 1.79 2.54 Earnings per share (diluted) € 1.49 2.69 0.93 1.79 2.53 Lithography systems sold (units) 1 57 76 57 61 60 Net booking value 2 5,111 2,402 3,085 1,101 2,868 1 Lithography systems do not include metrology and inspection systems. 2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). Our Q3 2019 systems net bookings include 1 DUV system shipped in Q3 2019, shipped to collaborative Research Center (Imec). This system is not recognized in revenue. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Consolidated statements of cash flows € million Slide 16 Quarter on Quarter October 14, 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Cash and cash equivalents, beginning of period 1,661 1,586 3,532 2,724 3,499 Net cash provided by (used in) operating activities 69 3,588 (606) 372 191 Net cash provided by (used in) investing activities (7) (1,017) (444) 215 (166) Net cash provided by (used in) financing activities (142) (626) 240 192 9 Effect of changes in exchange rates on cash 5 1 2 (3) (2) Net increase (decrease) in cash and cash equivalents (75) 1,946 (809) 776 33 Cash and cash equivalents, end of period 1,586 3,532 2,724 3,499 3,532 Short-term investments 484 1,186 1,388 941 876 Cash and cash equivalents and short-term investments 2,070 4,718 4,112 4,440 4,408 Purchases of property, plant and equipment and intangible assets (197) (315) (242) (232) (222) Free cash flow 1 (128) 3,273 (848) 140 (31) 1 Free cash flow, which is a non-GAAP measure, is defined as net cash provided by (used in) operating activities minus purchases of Property, plant and equipment and intangible assets), see US GAAP Consolidated Financial Statements. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Consolidated balance sheets € million Slide 17 Quarter on Quarter October 14, 2020 Assets Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Cash & cash equivalents and short-term investments 2,070 4,718 4,112 4,440 4,408 Net accounts receivable and finance receivables 3,274 2,773 2,857 3,286 4,664 Contract assets 288 231 292 261 177 Inventories, net 3,895 3,809 4,345 4,686 4,614 Other assets 1,767 1,673 1,808 1,833 1,734 Tax assets 649 624 1,011 846 876 Equity method investments 969 833 865 892 918 Goodwill 4,541 4,541 4,541 4,541 4,541 Other intangible assets 1,123 1,105 1,083 1,059 1,035 Property, plant and equipment 1,818 1,999 2,047 2,110 2,198 Right-of-use assets 305 324 317 354 298 Total assets 20,699 22,630 23,278 24,306 25,463 Liabilities and shareholders' equity Current liabilities 3,712 4,694 4,677 4,631 4,991 Non-current liabilities 4,916 5,344 6,076 6,976 6,730 Shareholders' equity 12,071 12,592 12,525 12,700 13,742 Total liabilities and shareholders' equity 20,699 22,630 23,278 24,306 25,463 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Forward looking statements Slide 18 October 14, 2020 This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q4 2020, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2020, expected revenue for full year 2020 and expected growth in 2021, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing dividends and statements with respect to the 2020-2022 share buyback program including the statement that we will resume buybacks. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Exhibit 99.3
ASML - Summary US GAAP Consolidated Statements of Operations
| Three months ended, | Nine months ended, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep 29, | Sep 27, | Sep 29, | Sep 27, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (unaudited, in millions EUR, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net system sales | 2,325.6 | 3,095.6 | 5,865.5 | 7,118.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net service and field option sales | 660.9 | 862.4 | 1,918.1 | 2,606.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total net sales | 2,986.5 | 3,958.0 | 7,783.6 | 9,724.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cost of sales | (1,680.1) | (2,076.6) | (4,443.9) | (5,138.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross profit | 1,306.4 | 1,881.4 | 3,339.7 | 4,586.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and development costs | (492.3) | (534.0) | (1,452.6) | (1,644.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative costs | (128.5) | (131.5) | (372.9) | (393.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from operations | 685.6 | 1,215.9 | 1,514.2 | 2,547.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and other, net | (5.4) | (8.4) | (20.1) | (26.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 680.2 | 1,207.5 | 1,494.1 | 2,520.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | (65.0) | (166.5) | (67.2) | (381.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income after income taxes | 615.2 | 1,041.0 | 1,426.9 | 2,139.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit (loss) related to equity method investments | 11.6 | 20.5 | 31.3 | 63.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 626.8 | 1,061.5 | 1,458.2 | 2,203.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic net income per ordinary share | 1.49 | 2.54 | 3.46 | 5.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted net income per ordinary share | 1.49 | 2.53 | 3.46 | 5.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 420.9 | 418.4 | 421.0 | 418.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 421.7 | 419.2 | 421.8 | 419.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ASML - Ratios and Other Data
| Three months ended, | Nine months ended, | ||||||||||||||||||||||||||||||||||||||||
| Sep 29, | Sep 27, | Sep 29, | Sep 27, | ||||||||||||||||||||||||||||||||||||||
| 2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||
| (unaudited, in millions EUR, except otherwise indicated) | |||||||||||||||||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 43.7 | % | 47.5 | % | 42.9 | % | 47.2 | % | |||||||||||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 23.0 | % | 30.7 | % | 19.5 | % | 26.2 | % | |||||||||||||||||||||||||||||||||
| Net income as a percentage of net sales | 21.0 | % | 26.8 | % | 18.7 | % | 22.7 | % | |||||||||||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 9.6 | % | 13.8 | % | 4.5 | % | 15.1 | % | |||||||||||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 58.3 | % | 54.0 | % | 58.3 | % | 54.0 | % | |||||||||||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 57 | 60 | 153 | 178 | |||||||||||||||||||||||||||||||||||||
Value of booked systems (EUR millions) 2 | 5,111 | 2,868 | 9,338 | 7,054 | |||||||||||||||||||||||||||||||||||||
Net bookings lithography systems (in units) 1, 2, 3 | 81 | 73 | 176 | 180 | |||||||||||||||||||||||||||||||||||||
| Number of payroll employees in FTEs | 22,805 | 24,749 | 22,805 | 24,749 | |||||||||||||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 1,913 | 1,451 | 1,913 | 1,451 | |||||||||||||||||||||||||||||||||||||
1 Lithography systems do not include metrology and inspection systems.
2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
3 Our Q3 2019 systems net bookings include 1 DUV system shipped to collaborative Research Center (Imec) in Q3 2019. This system is not recognized in revenue.
ASML - Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Sep 27, | ||||||||||||||||
| 2019 | 2020 | ||||||||||||||||
| (unaudited, in millions EUR) | |||||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | 3,532.3 | 3,531.5 | |||||||||||||||
| Short-term investments | 1,185.8 | 876.3 | |||||||||||||||
| Accounts receivable, net | 1,786.8 | 2,458.8 | |||||||||||||||
| Finance receivables, net | 564.5 | 1,855.4 | |||||||||||||||
| Current tax assets | 178.7 | 265.6 | |||||||||||||||
| Contract assets | 231.0 | 176.8 | |||||||||||||||
| Inventories, net | 3,809.2 | 4,613.7 | |||||||||||||||
| Other assets | 842.8 | 772.7 | |||||||||||||||
| Total current assets | 12,131.1 | 14,550.8 | |||||||||||||||
| Finance receivables, net | 421.1 | 349.6 | |||||||||||||||
| Deferred tax assets | 445.3 | 610.7 | |||||||||||||||
| Other assets | 830.4 | 961.5 | |||||||||||||||
| Equity method investments | 833.0 | 918.0 | |||||||||||||||
| Goodwill | 4,541.1 | 4,541.1 | |||||||||||||||
| Other intangible assets, net | 1,104.4 | 1,035.4 | |||||||||||||||
| Property, plant and equipment, net | 1,999.3 | 2,198.3 | |||||||||||||||
| Right-of-use assets - Operating | 205.4 | 180.1 | |||||||||||||||
| Right-of-use assets - Finance | 118.5 | 117.9 | |||||||||||||||
| Total non-current assets | 10,498.5 | 10,912.6 | |||||||||||||||
| Total assets | 22,629.6 | 25,463.4 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Total current liabilities | 4,694.1 | 4,990.9 | |||||||||||||||
| Long-term debt | 3,108.3 | 4,626.7 | |||||||||||||||
| Deferred and other tax liabilities | 234.4 | 209.1 | |||||||||||||||
| Contract liabilities | 1,759.6 | 1,652.8 | |||||||||||||||
| Accrued and other liabilities | 241.0 | 241.4 | |||||||||||||||
| Total non-current liabilities | 5,343.3 | 6,730.0 | |||||||||||||||
| Total liabilities | 10,037.4 | 11,720.9 | |||||||||||||||
| Total shareholders’ equity | 12,592.2 | 13,742.5 | |||||||||||||||
| Total liabilities and shareholders’ equity | 22,629.6 | 25,463.4 | |||||||||||||||
ASML - Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | Nine months ended, | |||||||||||||||||||||||||||||||||||||
| Sep 29, | Sep 27, | Sep 29, | Sep 27, | |||||||||||||||||||||||||||||||||||
| 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||
| (unaudited, in millions EUR) | ||||||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||
| Net income | 626.8 | 1,061.5 | 1,458.2 | 2,203.1 | ||||||||||||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 112.4 | 122.0 | 325.6 | 365.4 | ||||||||||||||||||||||||||||||||||
| Impairment | 2.0 | — | 4.7 | 2.7 | ||||||||||||||||||||||||||||||||||
| Loss on disposal of property, plant and equipment | 0.3 | 0.8 | 2.3 | 2.0 | ||||||||||||||||||||||||||||||||||
| Share-based compensation expense | 18.0 | 22.5 | 45.4 | 47.7 | ||||||||||||||||||||||||||||||||||
| Allowance for obsolete inventory | 46.1 | 36.3 | 167.3 | 114.8 | ||||||||||||||||||||||||||||||||||
| Deferred income taxes | 22.5 | (110.6) | (119.1) | (150.6) | ||||||||||||||||||||||||||||||||||
| Equity method investments | (18.6) | (26.1) | (50.9) | (84.8) | ||||||||||||||||||||||||||||||||||
| Changes in assets and liabilities | (740.1) | (915.3) | (2,145.4) | (2,543.1) | ||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 69.4 | 191.1 | (311.9) | (42.8) | ||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (185.8) | (212.5) | (461.1) | (669.1) | ||||||||||||||||||||||||||||||||||
| Purchase of intangible assets | (11.2) | (9.1) | (109.6) | (26.6) | ||||||||||||||||||||||||||||||||||
| Purchase of short-term investments | (100.3) | (343.7) | (389.1) | (654.7) | ||||||||||||||||||||||||||||||||||
| Maturity of short-term investments | 290.0 | 408.7 | 818.7 | 964.3 | ||||||||||||||||||||||||||||||||||
| Loans issued and other investing | — | (10.0) | — | (10.0) | ||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (7.3) | (166.6) | (141.1) | (396.1) | ||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||
| Dividend paid | — | — | (884.4) | (564.8) | ||||||||||||||||||||||||||||||||||
| Purchase of shares | (148.4) | — | (218.4) | (507.5) | ||||||||||||||||||||||||||||||||||
| Net proceeds from issuance of shares | 7.4 | 10.4 | 20.0 | 30.0 | ||||||||||||||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | — | — | 1,486.3 | ||||||||||||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (1.0) | (0.9) | (2.9) | (2.6) | ||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (142.0) | 9.5 | (1,085.7) | 441.4 | ||||||||||||||||||||||||||||||||||
| Net cash flows | (79.9) | 34.0 | (1,538.7) | 2.5 | ||||||||||||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | 4.9 | (1.6) | 3.7 | (3.3) | ||||||||||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (75.0) | 32.4 | (1,535.0) | (0.8) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 1,661.1 | 3,499.1 | 3,121.1 | 3,532.3 | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 1,586.1 | 3,531.5 | 1,586.1 | 3,531.5 | ||||||||||||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
| Three months ended, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep 29, | Dec 31, | Mar 29, | Jun 28, | Sep 27, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (unaudited, in millions EUR, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net system sales | 2,325.6 | 3,130.7 | 1,584.0 | 2,438.6 | 3,095.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net service and field option sales | 660.9 | 905.7 | 856.6 | 887.1 | 862.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total net sales | 2,986.5 | 4,036.4 | 2,440.6 | 3,325.7 | 3,958.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cost of sales | (1,680.1) | (2,096.3) | (1,339.2) | (1,722.5) | (2,076.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross profit | 1,306.4 | 1,940.1 | 1,101.4 | 1,603.2 | 1,881.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and development costs | (492.3) | (516.1) | (544.0) | (566.9) | (534.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative costs | (128.5) | (147.6) | (130.7) | (131.2) | (131.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from operations | 685.6 | 1,276.5 | 426.7 | 905.1 | 1,215.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and other, net | (5.4) | (4.8) | (11.4) | (7.1) | (8.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 680.2 | 1,271.7 | 415.3 | 898.0 | 1,207.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | (65.0) | (124.5) | (48.5) | (166.4) | (166.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income after income taxes | 615.2 | 1,147.2 | 366.8 | 731.6 | 1,041.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit (loss) related to equity method investments | 11.6 | (13.1) | 23.8 | 19.4 | 20.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 626.8 | 1,134.1 | 390.6 | 751.0 | 1,061.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic net income per ordinary share | 1.49 | 2.70 | 0.93 | 1.79 | 2.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted net income per ordinary share | 1.49 | 2.69 | 0.93 | 1.79 | 2.53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 420.9 | 420.1 | 419.0 | 418.4 | 418.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 421.7 | 421.1 | 419.7 | 419.0 | 419.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASML - Quarterly Summary Ratios and other data
| Sep 29, | Dec 31, | Mar 29, | Jun 28, | Sep 27, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2020 | 2020 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (unaudited, in millions EUR, except otherwise indicated) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 43.7 | % | 48.1 | % | 45.1 | % | 48.2 | % | 47.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 23.0 | % | 31.6 | % | 17.5 | % | 27.2 | % | 30.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income as a percentage of net sales | 21.0 | % | 28.1 | % | 16.0 | % | 22.6 | % | 26.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 9.6 | % | 9.8 | % | 11.7 | % | 18.5 | % | 13.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 58.3 | % | 55.6 | % | 53.8 | % | 52.2 | % | 54.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 57 | 76 | 57 | 61 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of booked systems (EUR millions) 2 | 5,111 | 2,402 | 3,085 | 1,101 | 2,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net bookings lithography systems (in units) 1, 2, 3 | 81 | 60 | 73 | 34 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of payroll employees in FTEs | 22,805 | 23,219 | 23,860 | 24,330 | 24,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 1,913 | 1,681 | 1,467 | 1,482 | 1,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Lithography systems do not include metrology and inspection systems.
2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
3 Our Q3 2019 systems net bookings include 1 DUV system shipped to collaborative Research Center (Imec) in Q3 2019. This system is not recognized in revenue.
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
| Sep 29, | Dec 31, | Mar 29, | Jun 28, | Sep 27, | |||||||||||||||||||||||||||||||
| 2019 | 2019 | 2020 | 2020 | 2020 | |||||||||||||||||||||||||||||||
| (unaudited, in millions EUR) | |||||||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,586.1 | 3,532.3 | 2,723.7 | 3,499.1 | 3,531.5 | ||||||||||||||||||||||||||||||
| Short-term investments | 483.8 | 1,185.8 | 1,388.1 | 941.2 | 876.3 | ||||||||||||||||||||||||||||||
| Accounts receivable, net | 2,100.7 | 1,786.8 | 1,767.4 | 1,770.0 | 2,458.8 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 584.9 | 564.5 | 748.7 | 1,071.5 | 1,855.4 | ||||||||||||||||||||||||||||||
| Current tax assets | 339.6 | 178.7 | 529.0 | 360.8 | 265.6 | ||||||||||||||||||||||||||||||
| Contract assets | 287.8 | 231.0 | 292.1 | 260.9 | 176.8 | ||||||||||||||||||||||||||||||
| Inventories, net | 3,895.0 | 3,809.2 | 4,345.3 | 4,685.6 | 4,613.7 | ||||||||||||||||||||||||||||||
| Other assets | 816.2 | 842.8 | 905.8 | 903.5 | 772.7 | ||||||||||||||||||||||||||||||
| Total current assets | 10,094.1 | 12,131.1 | 12,700.1 | 13,492.6 | 14,550.8 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 588.2 | 421.1 | 340.8 | 444.0 | 349.6 | ||||||||||||||||||||||||||||||
| Deferred tax assets | 309.2 | 445.3 | 482.3 | 485.3 | 610.7 | ||||||||||||||||||||||||||||||
| Other assets | 951.2 | 830.4 | 902.3 | 929.7 | 961.5 | ||||||||||||||||||||||||||||||
| Equity method investments | 969.0 | 833.0 | 865.1 | 891.6 | 918.0 | ||||||||||||||||||||||||||||||
| Goodwill | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | ||||||||||||||||||||||||||||||
| Other intangible assets, net | 1,122.8 | 1,104.4 | 1,082.5 | 1,058.3 | 1,035.4 | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | 1,817.9 | 1,999.3 | 2,046.9 | 2,109.6 | 2,198.3 | ||||||||||||||||||||||||||||||
| Right-of-use assets - Operating | 227.2 | 205.4 | 197.1 | 193.0 | 180.1 | ||||||||||||||||||||||||||||||
| Right-of-use assets - Finance | 78.5 | 118.5 | 119.4 | 160.9 | 117.9 | ||||||||||||||||||||||||||||||
| Total non-current assets | 10,605.1 | 10,498.5 | 10,577.5 | 10,813.5 | 10,912.6 | ||||||||||||||||||||||||||||||
| Total assets | 20,699.2 | 22,629.6 | 23,277.6 | 24,306.1 | 25,463.4 | ||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Total current liabilities | 3,712.5 | 4,694.1 | 4,677.4 | 4,631.3 | 4,990.9 | ||||||||||||||||||||||||||||||
| Long-term debt | 3,170.0 | 3,108.3 | 3,868.2 | 4,625.0 | 4,626.7 | ||||||||||||||||||||||||||||||
| Deferred and other tax liabilities | 203.6 | 234.4 | 262.7 | 191.3 | 209.1 | ||||||||||||||||||||||||||||||
| Contract liabilities | 1,276.5 | 1,759.6 | 1,702.6 | 1,918.1 | 1,652.8 | ||||||||||||||||||||||||||||||
| Accrued and other liabilities | 265.5 | 241.0 | 241.5 | 240.6 | 241.4 | ||||||||||||||||||||||||||||||
| Total non-current liabilities | 4,915.6 | 5,343.3 | 6,075.0 | 6,975.0 | 6,730.0 | ||||||||||||||||||||||||||||||
| Total liabilities | 8,628.1 | 10,037.4 | 10,752.4 | 11,606.3 | 11,720.9 | ||||||||||||||||||||||||||||||
| Total shareholders’ equity | 12,071.1 | 12,592.2 | 12,525.2 | 12,699.8 | 13,742.5 | ||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | 20,699.2 | 22,629.6 | 23,277.6 | 24,306.1 | 25,463.4 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep 29, | Dec 31, | Mar 29, | Jun 28, | Sep 27, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2019 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (unaudited, in millions EUR) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 626.8 | 1,134.1 | 390.6 | 751.0 | 1,061.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 112.4 | 122.9 | 118.3 | 125.1 | 122.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment | 2.0 | — | 2.7 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on disposal of property, plant and equipment | 0.3 | 0.8 | 1.0 | 0.2 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | 18.0 | 29.2 | 14.9 | 10.3 | 22.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for obsolete inventory | 46.1 | 54.2 | 39.3 | 39.2 | 36.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred income taxes | 22.5 | (80.9) | (24.6) | (15.4) | (110.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity method investments | (18.6) | 107.8 | (32.3) | (26.4) | (26.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in assets and liabilities | (740.1) | 2,220.2 | (1,115.7) | (512.1) | (915.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 69.4 | 3,588.3 | (605.8) | 371.9 | 191.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (185.8) | (305.5) | (231.5) | (225.1) | (212.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase of intangible assets | (11.2) | (9.7) | (10.8) | (6.7) | (9.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase of short-term investments | (100.3) | (902.4) | (310.5) | (0.5) | (343.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maturity of short-term investments | 290.0 | 200.3 | 108.2 | 447.4 | 408.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans issued and other investing | — | 0.9 | 0.3 | (0.3) | (10.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (7.3) | (1,016.4) | (444.3) | 214.8 | (166.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend paid | — | (441.3) | — | (564.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase of shares | (148.4) | (191.6) | (507.5) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net proceeds from issuance of shares | 7.4 | 7.2 | 8.6 | 11.0 | 10.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | — | 739.8 | 746.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (1.0) | (0.9) | (0.9) | (0.8) | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (142.0) | (626.6) | 240.0 | 191.9 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash flows | (79.9) | 1,945.3 | (810.1) | 778.6 | 34.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | 4.9 | 0.9 | 1.5 | (3.2) | (1.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (75.0) | 1,946.2 | (808.6) | 775.4 | 32.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 1,661.1 | 1,586.1 | 3,532.3 | 2,723.7 | 3,499.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 1,586.1 | 3,532.3 | 2,723.7 | 3,499.1 | 3,531.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to the Summary US GAAP Consolidated Financial Statements
Basis of preparation
The accompanying unaudited Summary Consolidated Financial Statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our annual disclosure requirements under US GAAP, including our significant accounting policies, these interim unaudited Summary Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included within our 2019 Integrated Report based on US GAAP, which is available on www.asml.com.
Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q4 2020, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2020, expected revenue for full year 2020 and expected growth in 2021, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing dividends and statements with respect to the 2020-2022 share buyback program including the statement that we will resume buybacks. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.