Asml Holding NV 6-K, filed Jan 24, 2024
Asml Holding NV (ASML)
6-K
2024-01-24
For: 2023-12-31
View Original
Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on January 24, 2024.
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 January 24, 2024
Commission File Number 001-33463
______________________
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
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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 if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ¨
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 €27.6 billion net sales and €7.8 billion net income in 2023. 2024 expected to be a transition year with sales similar to 2023", press release dated January 24, 2024
99.2 “ASML reports €27.6 billion net sales and €7.8 billion net income in 2023. 2024 expected to be a transition year with sales similar to 2023", presentation dated January 24, 2024
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: January 24, 2024 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Chief Executive Officer
Exhibit 99.1
ASML reports €27.6 billion net sales and €7.8 billion net income in 2023
2024 expected to be a transition year with sales similar to 2023
VELDHOVEN, the Netherlands, January 24, 2024 – Today, ASML Holding NV (ASML) has published its 2023 fourth-quarter and full-year results.
•Q4 net sales of €7.2 billion, gross margin of 51.4%, net income of €2.0 billion
•Quarterly net bookings in Q4 of €9.2 billion2 of which €5.6 billion is EUV
•2023 net sales of €27.6 billion, gross margin of 51.3%, net income of €7.8 billion
•ASML expects 2024 net sales to be similar to 2023
•ASML expects Q1 2024 net sales between €5.0 billion and €5.5 billion and a gross margin between 48% and 49%
| (Figures in millions of euros unless otherwise indicated) | Q3 2023 | Q4 2023 | FY 2022 | FY 2023 | ||||||||||||||||||||||
| Net sales | 6,673 | 7,237 | 21,173 | 27,559 | ||||||||||||||||||||||
...of which Installed Base Management sales1 | 1,365 | 1,555 | 5,743 | 5,620 | ||||||||||||||||||||||
| New lithography systems sold (units) | 105 | 113 | 317 | 421 | ||||||||||||||||||||||
| Used lithography systems sold (units) | 7 | 11 | 28 | 28 | ||||||||||||||||||||||
Net bookings | 2,602 | 2 | 9,186 | 2 | 30,674 | 3 | 20,040 | 3 | ||||||||||||||||||
| Gross profit | 3,462 | 3,717 | 10,700 | 14,136 | ||||||||||||||||||||||
| Gross margin (%) | 51.9 | 51.4 | 50.5 | 51.3 | ||||||||||||||||||||||
| Net income | 1,893 | 2,048 | 5,624 | 7,839 | ||||||||||||||||||||||
| EPS (basic; in euros) | 4.81 | 5.21 | 14.14 | 19.91 | ||||||||||||||||||||||
| End-quarter cash and cash equivalents and short-term investments | 4,981 | 7,010 | 7,376 | 7,010 | ||||||||||||||||||||||
(1) Installed Base Management sales equals our net service and field option sales
(2) Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
(3) The sum of quarterly net bookings over the full year.
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com
CEO statement and outlook
"Our fourth-quarter net sales came in at €7.2 billion with a gross margin of 51.4%, both slightly above our guidance.
"ASML achieved another strong year in 2023 with 30% growth, ending with total net sales for the year of €27.6 billion, a gross margin of 51.3% and a backlog of €39 billion. We shipped the first modules of the first High NA EUV system, EXE:5000, to a customer before the end of the year.
"The semiconductor industry continues to work through the bottom of the cycle. Although our customers are still not certain about the shape of the semiconductor market recovery this year, there are some positive signs. Industry end-market inventory levels continue to improve and litho tool utilization levels are beginning to show improvement. Our strong order intake in the fourth quarter clearly supports future demand.
"We expect first-quarter net sales between €5.0 billion and €5.5 billion with a gross margin between 48% and 49%. ASML expects R&D costs of around €1,070 million and SG&A costs of around €300 million. In spite of the positive signs as described above, we maintain our conservative view for the total year and expect 2024 revenue to be similar to 2023. We also expect 2024 to be an important year to prepare for significant growth that we expect for 2025," said ASML President and Chief Executive Officer Peter Wennink.
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Update dividend and share buyback program
ASML intends to declare a total dividend for the year 2023 of €6.10 per ordinary share, which is a 5.2% increase compared to 2022. An interim dividend of €1.45 per ordinary share will be made payable on February 14, 2024. Recognizing this interim dividend and the two interim dividends of €1.45 per ordinary share paid in 2023, this leads to a final dividend proposal to the General Meeting of €1.75 per ordinary share.
In the fourth quarter we did not purchase any shares under the current 2022-2025 share buyback program.
Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML's website (www.asml.com/investors).
Media Relations contacts | Investor Relations contacts | ||||
| Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
| Sarah de Crescenzo +1 925 899 8985 | Marcel Kemp +31 40 268 6494 | ||||
| Karen Lo +886 939788635 | Peter Cheang +886 3 659 6771 | ||||
Quarterly video interview, investor call and annual press conference
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2023 fourth-quarter and full-year results and outlook for 2024. This video and the transcript can be viewed on www.asml.com.
CEO Peter Wennink and CFO Roger Dassen will host a press conference in Veldhoven on January 24, 2024, at 11:00
Central European Time, which will also be accessible via a live webcast on www.asml.com.
An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on January 24, 2024 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
About ASML
ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 42,400 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.
US GAAP and IFRS 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 December 31, 2023, the related Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the quarter and twelve months ended December 31, 2023 as presented in this press release are unaudited.
In addition to reporting financial figures in accordance with US GAAP, ASML also reports financial figures in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') for statutory purposes. The most significant recurring differences between US GAAP and IFRS that affect ASML concerns the capitalization of certain product development costs and accounting for income taxes.
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2023 Annual Reports
ASML will publish its 2023 Annual Report based on US GAAP and its 2023 Annual Report based on IFRS on February 14, 2024. The reports and introductory video with CFO Roger Dassen will be published on our website, www.asml.com.
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 and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, including expected demand, utilization, inventory levels, backlog, bookings, expected recovery in the semiconductor industry and expected timing thereof, assumptions and expectations with respect to fast shipments, plans to increase capacity, outlook and expected financial results, including expected results for Q1 2024, including net sales, gross margin, R&D costs, SG&A costs, expected results for full year 2024, including expectations with respect to revenue and gross margin and estimated annualized effective tax rate, expectations with respect to sales by market segment and EUV, non-EUV and IBM sales and expected drivers thereof, and other full year 2024 expectations, expectations with respect to revenue growth in 2025 and expected drivers thereof, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to export control policy and regulations and expected impact on us, expectation to return significant amounts of cash to shareholders through growing dividends and share buybacks, including the amount of shares intended to be repurchased under the program and statements with respect to dividends, statements with respect to our ESG goals and strategy and other non-historical statements. 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”, “future”, “progress”, “goal”, “opportunity”, “potential” 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 a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, customer demand and semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, utilization and inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic uncertainty on the semiconductor industry, the impact of inflation, interest rates, geopolitical developments, the impact of pandemics, performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, constraints and logistics, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, and constraints on our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push outs and restrictions on shipment of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems to certain customers, 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, the number of shares repurchased under our share repurchase programs, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2022 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 undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.
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Public ASML 2023 Fourth-Quarter and Full-Year results Veldhoven, the Netherlands January 24, 2024 ASML reports €27.6 billion net sales and €7.8 billion net income in 2023 2024 expected to be a transition year with sales similar to 2023 Exhibit 99.2
Public Page 2January 24, 2024 • Investor key messages • Business summary • Outlook • Financial statements Agenda
Public Page 3January 24, 2024 Investor key messages
Public Page 4January 24, 2024 Investor key messages • Global megatrends in the electronics industry, supported by a highly profitable and fiercely innovative ecosystem, are expected to continue to fuel growth across the semiconductor market • Growth in semiconductor end markets and increasing lithography intensity are driving demand for our products and services • ASML’s comprehensive product portfolio is aligned with our customers’ roadmaps, delivering cost effective solutions in support of all applications from leading edge to mature nodes • Based on different market scenarios1 as presented during our Investor Day in November 2022, we modeled an opportunity to reach annual revenue in 2025 between approximately €30 billion and €40 billion, with a gross margin between approximately 54% and 56% and in 2030 an annual revenue between approximately €44 billion and €60 billion, with a gross margin between approximately 56% and 60% • ASML and its supply chain partners are actively adding and improving capacity to meet current and future customer demand • We continue to execute our ESG Sustainability strategy and will share the latest progress and actions to reach our targets in our integrated Annual Report 2023, to be published on February 14, 2024 • We expect to continue to return significant amounts of cash to our shareholders through a combination of growing dividends and share buybacks 1 based on third party research and our assumptions
Public Page 5January 24, 2024 Business summary
Public Page 6January 24, 2024 2023 - Business summary ASML achieved a sales growth of 30%, reflecting the continued strong global demand for our products: • Net sales grew to €27.6 billion at 51.3% gross margin • Net income at €7.8 billion resulted in an EPS of €19.91 EUV lithography: • EUV system sales grew 30% to €9.1 billion, recognized revenue on 53 systems and shipped 42 systems • Shipped the first modules of the first High NA EUV EXE:5000 system DUV lithography: • DUV system sales grew 60% to €12.3 billion, recognized revenue on 396 systems of which 32% immersion systems • Shipped the first NXT:1980Fi immersion systems as well as the XT:400M i-line systems Applications: • Our Metrology & Inspection systems sales declined 19% to €536 million due to lower YieldStar systems sales • Shipped the first YieldStar 500 systems Installed Base1: • Our Installed Base business declined 2% to €5.6 billion due to lower upgrade business Capital return: • Returned €3.3 billion to shareholders through dividends and share buybacks 1 Installed Base Management equals our net service and field option sales
Public Page 7January 24, 2024 Shipped 1st modules of 1st High NA EUV EXE:5000 system Increased NA enables cost effective shrink with increased transistor density
Public Page 8January 24, 2024 1 Installed Base Management equals our net service and field option sales 2 Income from operations as a percentage of Total net sales 3 Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted. Q4 results summary • Net sales of €7.2 billion, net system sales of €5.7 billion, Installed Base Management1 sales of €1.6 billion • Gross margin of 51.4% • Operating margin2 of 33.1% • Net income as a percentage of net sales of 28.3% • Earnings per share (basic) of €5.21 • Net bookings3 of €9.2 billion ◦ including EUV bookings of €5.6 billion Numbers have been rounded for readers' convenience.
Public Page 9January 24, 2024 Net system sales breakdown (Quarterly) Q4’23 Net system sales €5,683 million Q3’23 Net system sales €5,308 million
Public Page 10January 24, 2024 2023 Net system sales €21,939 million 2022 Net system sales €15,430 million Net system sales breakdown (Yearly)
Public Page 11January 24, 2024 Logic Memory Installed Base Management1 1 Installed Base Management equals our net service and field option sales Total net sales € million by End-use
Public Page 12January 24, 2024 Net systems bookings1 activity by End-use Q4’23 net system bookings €9,186 million Q3’23 net system bookings €2,602 million 1 Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
Public Page 13January 24, 2024 • ASML intends to declare a total dividend for the year 2023 of €6.10 per ordinary share. An interim dividend of €1.45 per ordinary share will be made payable on February 14, 2024 • Recognizing this (third) interim dividend and the two interim dividends of €1.45 per ordinary share paid in 2023, this leads to a final dividend proposal to the General Meeting of €1.75 per ordinary share • In Q4 2023 no shares were purchased Capital return to shareholders Share buyback Dividend paid Third interim and final dividend for a year are paid in the subsequent year Total dividend Interim dividend (paid) Interim dividend (to be paid) Proposed final dividend
Public Page 14January 24, 2024 Outlook
Public Page 15January 24, 2024 Outlook Q1 • Net sales between €5.0 billion and €5.5 billion, including ◦ Installed Base Management1 sales of around €1.3 billion • Gross margin between 48% and 49% • R&D costs of around €1,070 million • SG&A costs of around €300 million 2024 • Similar net sales with a slightly lower gross margin, relative to 2023 • Estimated annualized effective tax rate between 16% and 17% 1 Installed Base Management equals our net service and field option sales
Public Page 16January 24, 2024 Financial Statements
Public Page 17January 24, 2024 2019 2020 2021 2022 2023 Net sales 11,820 13,979 18,611 21,173 27,559 Gross profit 5,280 6,798 9,809 10,700 14,136 Gross margin % 44.7 48.6 52.7 50.5 51.3 Other income 1 — — 214 — — R&D costs (1,968) (2,201) (2,547) (3,254) (3,981) SG&A costs (521) (545) (726) (946) (1,113) Income from operations 2,791 4,051 6,750 6,501 9,042 Operating income as a % of net sales 23.6 29.0 36.3 30.7 32.8 Net income 2,592 3,554 5,883 5,624 7,839 Net income as a % of net sales 21.9 25.4 31.6 26.6 28.4 Earnings per share (basic) € 6.16 8.49 14.36 14.14 19.91 Earnings per share (diluted) € 6.15 8.48 14.34 14.13 19.89 Lithography systems sold (units) 2 229 258 309 345 449 Net bookings 3 11,740 11,292 26,240 30,674 20,040 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience. Consolidated statements of operations € million Year on Year 1 Other income includes the gain on the sale of Berliner Glas subsidiaries 2 Lithography systems do not include metrology and inspection systems 3 The sum of quarterly net bookings over the full year. Our 2019 systems net bookings include 1 EUV and 1 DUV order shipped to our collaborative Research Center (Imec). These systems were not recognized in revenue.
Public Page 18January 24, 2024 Consolidated statements of operations € million Quarter on Quarter Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net sales 6,430 6,746 6,902 6,673 7,237 Gross profit 3,311 3,413 3,544 3,462 3,717 Gross margin % 51.5 50.6 51.3 51.9 51.4 R&D costs (906) (948) (1,000) (992) (1,041) SG&A costs (280) (260) (281) (288) (284) Income from operations 2,125 2,205 2,263 2,182 2,392 Operating income as a % of net sales 33.0 32.7 32.8 32.7 33.1 Net income 1,817 1,956 1,942 1,893 2,048 Net income as a % of net sales 28.2 29.0 28.1 28.4 28.3 Earnings per share (basic) € 4.60 4.96 4.93 4.81 5.21 Earnings per share (diluted) € 4.60 4.95 4.93 4.81 5.20 Lithography systems sold (units) 1 106 100 113 112 124 Net bookings 2 6,316 3,752 4,500 2,602 9,186 1 Lithography systems do not include metrology and inspection systems. 2 Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Page 19January 24, 2024 2019 2020 2021 2022 2023 Cash and cash equivalents, beginning of period 3,121 3,532 6,049 6,952 7,268 Net cash provided by (used in) operating activities 3,276 4,628 10,847 8,487 5,443 Net cash provided by (used in) investing activities (1,158) (1,352) (72) (1,029) (2,689) Net cash provided by (used in) financing activities (1,712) (753) (9,892) (7,138) (3,003) Effect of changes in exchange rates on cash 5 (5) 20 (4) (14) Net increase (decrease) in cash and cash equivalents 411 2,517 903 316 (263) Cash and cash equivalents, end of period 3,532 6,049 6,952 7,268 7,005 Short-term investments 1,186 1,302 638 108 5 Cash and cash equivalents and short-term investments 4,718 7,351 7,590 7,376 7,010 Purchases of property, plant and equipment and intangible assets (885) (1,001) (940) (1,319) (2,196) Free cash flow 1 2,391 3,627 9,906 7,168 3,247 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. Consolidated statements of cash flows € million Year on Year
Public Page 20January 24, 2024 Consolidated statements of cash flows € million Quarter on Quarter Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Cash and cash equivalents, beginning of period 3,153 7,268 6,648 6,341 4,976 Net cash provided by (used in) operating activities 5,351 734 385 1,128 3,197 Net cash provided by (used in) investing activities (364) (436) (545) (1,090) (617) Net cash provided by (used in) financing activities (859) (916) (137) (1,406) (545) Effect of changes in exchange rates on cash (13) (2) (10) 3 (6) Net increase (decrease) in cash and cash equivalents 4,115 (620) (307) (1,365) 2,029 Cash and cash equivalents, end of period 7,268 6,648 6,341 4,976 7,005 Short-term investments 108 5 5 5 5 Cash and cash equivalents and short-term investments 7,376 6,653 6,346 4,981 7,010 Purchases of property, plant and equipment and intangible assets (466) (539) (544) (510) (602) Free cash flow 1 4,885 194 (161) 618 2,595 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 Page 21January 24, 2024 Assets 2019 2020 2021 2022 2023 Cash & cash equivalents and short-term investments 4,718 7,352 7,590 7,376 7,010 Net accounts receivable and finance receivables 2,773 3,421 4,597 6,680 5,774 Contract assets 231 119 165 132 240 Inventories, net 3,809 4,569 5,179 7,200 8,851 Loan receivable — — 124 364 929 Other assets 1,673 1,753 1,886 2,383 2,230 Tax assets 624 739 1,141 1,706 2,873 Equity method investments 833 821 893 924 920 Goodwill 4,541 4,629 4,556 4,556 4,589 Other intangible assets 1,105 1,049 952 842 742 Property, plant and equipment 1,999 2,470 2,983 3,944 5,493 Right-of-use assets 324 345 165 193 307 Total assets 22,630 27,267 30,231 36,300 39,958 Liabilities and shareholders' equity Current liabilities 4,694 6,604 12,298 17,983 16,275 Non-current liabilities 5,344 6,798 7,792 9,506 10,231 Shareholders' equity 12,592 13,865 10,141 8,811 13,452 Total liabilities and shareholders' equity 22,630 27,267 30,231 36,300 39,958 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience. Consolidated balance sheets € million Year on Year
Public Page 22January 24, 2024 Consolidated balance sheets € million Quarter on Quarter Assets Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Cash & cash equivalents and short-term investments 7,376 6,653 6,346 4,981 7,010 Net accounts receivable and finance receivables 6,680 4,862 5,686 5,682 5,774 Contract assets 132 236 193 267 240 Inventories, net 7,200 7,392 7,734 8,379 8,851 Loan receivable 364 364 364 921 929 Other assets 2,383 2,735 2,912 2,776 2,230 Tax assets 1,706 1,921 2,275 2,681 2,873 Equity method investments 924 970 1,040 1,094 920 Goodwill 4,556 4,556 4,556 4,583 4,589 Other intangible assets 842 814 789 757 742 Property, plant and equipment 3,944 4,355 4,728 5,093 5,493 Right-of-use assets 193 290 306 300 307 Total assets 36,300 35,148 36,929 37,514 39,958 Liabilities and shareholders' equity Current liabilities 17,983 16,948 16,755 16,310 16,275 Non-current liabilities 9,506 8,413 9,569 9,209 10,231 Shareholders' equity 8,811 9,787 10,605 11,995 13,452 Total liabilities and shareholders' equity 36,300 35,148 36,929 37,514 39,958 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Page 23January 24, 2024 This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, including expected demand, utilization, inventory levels, backlog, bookings, expected recovery in the semiconductor industry and expected timing thereof, assumptions and expectations with respect to fast shipments, plans to increase capacity, outlook and expected financial results, including expected results for Q1 2024, including net sales, gross margin, R&D costs, SG&A costs, expected results for full year 2024, including expectations with respect to revenue and gross margin and estimated annualized effective tax rate, expectations with respect to sales by market segment and EUV, non-EUV and IBM sales and expected drivers thereof, and other full year 2024 expectations, expectations with respect to revenue growth in 2025 and expected drivers thereof, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to export control policy and regulations and expected impact on us, expectation to return significant amounts of cash to shareholders through growing dividends and share buybacks, including the amount of shares intended to be repurchased under the program and statements with respect to dividends, statements with respect to our ESG goals and strategy and other non-historical statements. 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”, “future”, “progress”, “goal”, “opportunity”, “potential” 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 a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, customer demand and semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, utilization and inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic uncertainty on the semiconductor industry, the impact of inflation, interest rates, geopolitical developments, the impact of pandemics, performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, constraints and logistics, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, and constraints on our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push outs and restrictions on shipment of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems to certain customers, 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, the number of shares repurchased under our share repurchase programs, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2022 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 undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law. Forward looking statements
Public
Exhibit 99.3
ASML - Summary US GAAP Consolidated Statements of Operations
| Three months ended, | Twelve months ended, | ||||||||||||||||||||||||||||
| Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||||||||||||
| Net system sales | 4,747.9 | 5,682.5 | 15,430.3 | 21,938.6 | |||||||||||||||||||||||||
| Net service and field option sales | 1,682.3 | 1,554.5 | 5,743.1 | 5,619.9 | |||||||||||||||||||||||||
| Total net sales | 6,430.2 | 7,237.0 | 21,173.4 | 27,558.5 | |||||||||||||||||||||||||
| Total cost of sales | (3,119.3) | (3,519.7) | (10,473.3) | (13,422.4) | |||||||||||||||||||||||||
| Gross profit | 3,310.9 | 3,717.3 | 10,700.1 | 14,136.1 | |||||||||||||||||||||||||
| Research and development costs | (906.3) | (1,041.3) | (3,253.5) | (3,980.6) | |||||||||||||||||||||||||
| Selling, general and administrative costs | (280.4) | (284.1) | (945.9) | (1,113.2) | |||||||||||||||||||||||||
| Income from operations | 2,124.2 | 2,391.9 | 6,500.7 | 9,042.3 | |||||||||||||||||||||||||
| Interest and other, net | (3.1) | 5.2 | (44.6) | 41.2 | |||||||||||||||||||||||||
| Income before income taxes | 2,121.1 | 2,397.1 | 6,456.1 | 9,083.5 | |||||||||||||||||||||||||
| Income tax expense | (357.3) | (385.6) | (969.9) | (1,435.8) | |||||||||||||||||||||||||
| Income after income taxes | 1,763.8 | 2,011.5 | 5,486.2 | 7,647.7 | |||||||||||||||||||||||||
| Profit related to equity method investments | 52.7 | 36.6 | 138.0 | 191.3 | |||||||||||||||||||||||||
| Net income | 1,816.5 | 2,048.1 | 5,624.2 | 7,839.0 | |||||||||||||||||||||||||
| Basic net income per ordinary share | 4.60 | 5.21 | 14.14 | 19.91 | |||||||||||||||||||||||||
| Diluted net income per ordinary share | 4.60 | 5.20 | 14.13 | 19.89 | |||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||
| Basic | 394.9 | 393.4 | 397.7 | 393.8 | |||||||||||||||||||||||||
| Diluted | 395.2 | 393.8 | 398.1 | 394.1 | |||||||||||||||||||||||||
ASML - Ratios and Other Data
| Three months ended, | Twelve months ended, | ||||||||||||||||||||||||||||
| Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 51.5 | % | 51.4 | % | 50.5 | % | 51.3 | % | |||||||||||||||||||||
| Income from operations as a percentage of net sales | 33.0 | % | 33.1 | % | 30.7 | % | 32.8 | % | |||||||||||||||||||||
| Net income as a percentage of net sales | 28.2 | % | 28.3 | % | 26.6 | % | 28.4 | % | |||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 16.8 | % | 16.1 | % | 15.0 | % | 15.8 | % | |||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 24.3 | % | 33.7 | % | 24.3 | % | 33.7 | % | |||||||||||||||||||||
Sales of lithography systems (in units) 1 | 106 | 124 | 345 | 449 | |||||||||||||||||||||||||
| Value of booked systems | 6,316 | 2 | 9,186 | 2 | 30,674 | 3 | 20,040 | 3 | |||||||||||||||||||||
| Number of payroll employees in FTEs | 36,112 | 40,310 | 36,112 | 40,310 | |||||||||||||||||||||||||
| Number of temporary employees in FTEs | 2,974 | 2,107 | 2,974 | 2,107 | |||||||||||||||||||||||||
1. Lithography systems do not include metrology and inspection systems.
2. Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
3. The sum of quarterly net bookings over the full year.
ASML - Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Dec 31, | ||||||||||||||||
| (unaudited, in millions €) | 2022 | 2023 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | 7,268.3 | 7,004.7 | |||||||||||||||
| Short-term investments | 107.7 | 5.4 | |||||||||||||||
| Accounts receivable, net | 5,323.8 | 4,334.1 | |||||||||||||||
| Finance receivables, net | 1,356.7 | 1,379.2 | |||||||||||||||
| Current tax assets | 33.4 | 1,001.2 | |||||||||||||||
| Contract assets | 131.9 | 240.1 | |||||||||||||||
| Inventories, net | 7,199.7 | 8,850.7 | |||||||||||||||
| Other assets | 1,643.4 | 1,578.5 | |||||||||||||||
| Total current assets | 23,064.9 | 24,393.9 | |||||||||||||||
| Finance receivables, net | — | 60.6 | |||||||||||||||
| Deferred tax assets | 1,672.8 | 1,872.3 | |||||||||||||||
| Loan receivable | 364.4 | 929.2 | |||||||||||||||
| Other assets | 739.8 | 651.8 | |||||||||||||||
| Equity method investments | 923.6 | 919.6 | |||||||||||||||
| Goodwill | 4,555.6 | 4,588.6 | |||||||||||||||
| Other intangible assets, net | 842.4 | 741.7 | |||||||||||||||
| Property, plant and equipment, net | 3,944.2 | 5,493.2 | |||||||||||||||
| Right-of-use assets | 192.7 | 306.6 | |||||||||||||||
| Total non-current assets | 13,235.5 | 15,563.6 | |||||||||||||||
| Total assets | 36,300.4 | 39,957.5 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities | 17,983.6 | 16,274.8 | |||||||||||||||
| Total current liabilities | 17,983.6 | 16,274.8 | |||||||||||||||
| Long-term debt | 3,514.2 | 4,631.5 | |||||||||||||||
| Deferred and other tax liabilities | 267.0 | 372.2 | |||||||||||||||
| Contract liabilities | 5,269.9 | 4,825.5 | |||||||||||||||
| Accrued and other liabilities | 454.9 | 401.2 | |||||||||||||||
| Total non-current liabilities | 9,506.0 | 10,230.4 | |||||||||||||||
| Total liabilities | 27,489.6 | 26,505.2 | |||||||||||||||
| Total shareholders’ equity | 8,810.8 | 13,452.3 | |||||||||||||||
| Total liabilities and shareholders’ equity | 36,300.4 | 39,957.5 | |||||||||||||||
ASML - Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | Twelve months ended, | |||||||||||||||||||||||||
| Dec 31, | Dec 31, | Dec 31, | Dec 31, | |||||||||||||||||||||||
| (unaudited, in millions €) | 2022 | 2023 | 2022 | 2023 | ||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||
| Net income | 1,816.5 | 2,048.1 | 5,624.2 | 7,839.0 | ||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 183.2 | 212.1 | 583.6 | 739.8 | ||||||||||||||||||||||
| Impairment and loss (gain) on disposal | 13.7 | 10.0 | 39.3 | 37.5 | ||||||||||||||||||||||
| Share-based compensation expense | 21.0 | 41.6 | 68.9 | 134.8 | ||||||||||||||||||||||
| Inventory reserves | 71.3 | 210.7 | 278.5 | 485.3 | ||||||||||||||||||||||
| Deferred tax expense (benefit) | (89.0) | (48.9) | (564.2) | (133.6) | ||||||||||||||||||||||
| Equity method investments | 120.8 | 175.7 | 15.3 | 4.2 | ||||||||||||||||||||||
| Changes in assets and liabilities | 3,213.0 | 547.7 | 2,441.2 | (3,663.6) | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 5,350.5 | 3,197.0 | 8,486.8 | 5,443.4 | ||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (453.6) | (584.0) | (1,281.8) | (2,155.6) | ||||||||||||||||||||||
| Purchase of intangible assets | (12.3) | (18.3) | (37.5) | (40.6) | ||||||||||||||||||||||
| Purchase of short-term investments | (4.2) | (1.0) | (334.3) | (23.6) | ||||||||||||||||||||||
| Maturity of short-term investments | 106.1 | 0.9 | 864.7 | 125.6 | ||||||||||||||||||||||
| Loans issued and other investments | — | (8.5) | (240.0) | (561.5) | ||||||||||||||||||||||
| Acquisition of subsidiaries (net of cash acquired) | — | (6.0) | — | (33.6) | ||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (364.0) | (616.9) | (1,028.9) | (2,689.3) | ||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||
| Dividend paid | (541.1) | (570.8) | (2,559.8) | (2,348.3) | ||||||||||||||||||||||
| Purchase of treasury shares | (335.0) | — | (4,639.7) | (1,000.0) | ||||||||||||||||||||||
| Net proceeds from issuance of shares | 18.9 | 25.9 | 81.8 | 99.4 | ||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | — | 495.6 | 997.8 | ||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (0.8) | (0.2) | (516.2) | (752.8) | ||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (858.0) | (545.1) | (7,138.3) | (3,003.9) | ||||||||||||||||||||||
| Net cash flows | 4,128.5 | 2,035.0 | 319.6 | (249.8) | ||||||||||||||||||||||
| Effect of changes in exchange rates on cash | (13.0) | (5.8) | (3.1) | (13.8) | ||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 4,115.5 | 2,029.2 | 316.5 | (263.6) | ||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 3,152.8 | 4,975.5 | 6,951.8 | 7,268.3 | ||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 7,268.3 | 7,004.7 | 7,268.3 | 7,004.7 | ||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2022 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||
| Net system sales | 4,747.9 | 5,341.8 | 5,606.1 | 5,308.2 | 5,682.5 | ||||||||||||||||||||||||||||||
| Net service and field option sales | 1,682.3 | 1,404.4 | 1,296.2 | 1,364.8 | 1,554.5 | ||||||||||||||||||||||||||||||
| Total net sales | 6,430.2 | 6,746.2 | 6,902.3 | 6,673.0 | 7,237.0 | ||||||||||||||||||||||||||||||
| Total cost of sales | (3,119.3) | (3,333.0) | (3,358.3) | (3,211.4) | (3,519.7) | ||||||||||||||||||||||||||||||
| Gross profit | 3,310.9 | 3,413.2 | 3,544.0 | 3,461.6 | 3,717.3 | ||||||||||||||||||||||||||||||
| Research and development costs | (906.3) | (947.9) | (999.9) | (991.4) | (1,041.3) | ||||||||||||||||||||||||||||||
| Selling, general and administrative costs | (280.4) | (260.3) | (281.1) | (287.8) | (284.1) | ||||||||||||||||||||||||||||||
| Income from operations | 2,124.2 | 2,205.0 | 2,263.0 | 2,182.4 | 2,391.9 | ||||||||||||||||||||||||||||||
| Interest and other, net | (3.1) | 12.2 | 16.7 | 7.1 | 5.2 | ||||||||||||||||||||||||||||||
| Income before income taxes | 2,121.1 | 2,217.2 | 2,279.7 | 2,189.5 | 2,397.1 | ||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | (357.3) | (302.6) | (403.9) | (343.7) | (385.6) | ||||||||||||||||||||||||||||||
| Income after income taxes | 1,763.8 | 1,914.6 | 1,875.8 | 1,845.8 | 2,011.5 | ||||||||||||||||||||||||||||||
| Profit related to equity method investments | 52.7 | 41.2 | 65.9 | 47.6 | 36.6 | ||||||||||||||||||||||||||||||
| Net income | 1,816.5 | 1,955.8 | 1,941.7 | 1,893.4 | 2,048.1 | ||||||||||||||||||||||||||||||
| Basic net income per ordinary share | 4.60 | 4.96 | 4.93 | 4.81 | 5.21 | ||||||||||||||||||||||||||||||
| Diluted net income per ordinary share | 4.60 | 4.95 | 4.93 | 4.81 | 5.20 | ||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||||||||
| Basic | 394.9 | 394.5 | 393.8 | 393.4 | 393.4 | ||||||||||||||||||||||||||||||
| Diluted | 395.2 | 394.8 | 394.0 | 393.7 | 393.8 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary Ratios and other data
| Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2022 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 51.5 | % | 50.6 | % | 51.3 | % | 51.9 | % | 51.4 | % | |||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 33.0 | % | 32.7 | % | 32.8 | % | 32.7 | % | 33.1 | % | |||||||||||||||||||||||||
| Net income as a percentage of net sales | 28.2 | % | 29.0 | % | 28.1 | % | 28.4 | % | 28.3 | % | |||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 16.8 | % | 13.6 | % | 17.7 | % | 15.7 | % | 16.1 | % | |||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 24.3 | % | 27.8 | % | 28.7 | % | 32.0 | % | 33.7 | % | |||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 106 | 100 | 113 | 112 | 124 | ||||||||||||||||||||||||||||||
Value of booked systems 2 | 6,316 | 3,752 | 4,500 | 2,602 | 9,186 | ||||||||||||||||||||||||||||||
Number of payroll employees in FTEs | 36,112 | 37,704 | 38,866 | 39,850 | 40,310 | ||||||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 2,974 | 2,816 | 2,676 | 2,416 | 2,107 | ||||||||||||||||||||||||||||||
1. Lithography systems do not include metrology and inspection systems.
2. Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2022 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 | ||||||||||||||||||||||||||||||
| Short-term investments | 107.7 | 4.8 | 5.1 | 5.4 | 5.4 | ||||||||||||||||||||||||||||||
| Accounts receivable, net | 5,323.8 | 3,454.7 | 3,963.6 | 3,910.5 | 4,334.1 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 1,356.7 | 1,349.2 | 1,650.8 | 1,348.2 | 1,379.2 | ||||||||||||||||||||||||||||||
| Current tax assets | 33.4 | 253.6 | 595.8 | 854.3 | 1,001.2 | ||||||||||||||||||||||||||||||
| Contract assets | 131.9 | 236.4 | 191.9 | 266.5 | 240.1 | ||||||||||||||||||||||||||||||
| Inventories, net | 7,199.7 | 7,392.0 | 7,734.4 | 8,378.5 | 8,850.7 | ||||||||||||||||||||||||||||||
| Other assets | 1,643.4 | 1,722.4 | 1,915.3 | 1,916.8 | 1,578.5 | ||||||||||||||||||||||||||||||
| Total current assets | 23,064.9 | 21,060.8 | 22,398.2 | 21,655.7 | 24,393.9 | ||||||||||||||||||||||||||||||
| Finance receivables, net | — | 58.3 | 71.7 | 423.4 | 60.6 | ||||||||||||||||||||||||||||||
| Deferred tax assets | 1,672.8 | 1,667.4 | 1,679.1 | 1,827.4 | 1,872.3 | ||||||||||||||||||||||||||||||
| Loan receivable | 364.4 | 364.4 | 364.4 | 920.7 | 929.2 | ||||||||||||||||||||||||||||||
| Other assets | 739.8 | 1,012.8 | 996.3 | 859.2 | 651.8 | ||||||||||||||||||||||||||||||
| Equity method investments | 923.6 | 969.6 | 1,040.4 | 1,094.3 | 919.6 | ||||||||||||||||||||||||||||||
| Goodwill | 4,555.6 | 4,555.6 | 4,555.6 | 4,582.6 | 4,588.6 | ||||||||||||||||||||||||||||||
| Other intangible assets, net | 842.4 | 813.7 | 789.2 | 756.6 | 741.7 | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | 3,944.2 | 4,354.8 | 4,727.9 | 5,093.2 | 5,493.2 | ||||||||||||||||||||||||||||||
| Right-of-use assets | 192.7 | 290.2 | 305.7 | 300.4 | 306.6 | ||||||||||||||||||||||||||||||
| Total non-current assets | 13,235.5 | 14,086.8 | 14,530.3 | 15,857.8 | 15,563.6 | ||||||||||||||||||||||||||||||
| Total assets | 36,300.4 | 35,147.6 | 36,928.5 | 37,513.5 | 39,957.5 | ||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Current liabilities | 17,983.6 | 16,948.1 | 16,754.3 | 16,309.5 | 16,274.8 | ||||||||||||||||||||||||||||||
| Total current liabilities | 17,983.6 | 16,948.1 | 16,754.3 | 16,309.5 | 16,274.8 | ||||||||||||||||||||||||||||||
| Long-term debt | 3,514.2 | 3,536.0 | 4,517.8 | 4,522.3 | 4,631.5 | ||||||||||||||||||||||||||||||
| Deferred and other tax liabilities | 267.0 | 293.0 | 372.8 | 380.4 | 372.2 | ||||||||||||||||||||||||||||||
| Contract liabilities | 5,269.9 | 4,147.4 | 4,205.3 | 3,826.0 | 4,825.5 | ||||||||||||||||||||||||||||||
| Accrued and other liabilities | 454.9 | 436.8 | 473.4 | 480.4 | 401.2 | ||||||||||||||||||||||||||||||
| Total non-current liabilities | 9,506.0 | 8,413.2 | 9,569.3 | 9,209.1 | 10,230.4 | ||||||||||||||||||||||||||||||
| Total liabilities | 27,489.6 | 25,361.3 | 26,323.6 | 25,518.6 | 26,505.2 | ||||||||||||||||||||||||||||||
| Total shareholders’ equity | 8,810.8 | 9,786.3 | 10,604.9 | 11,994.9 | 13,452.3 | ||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | 36,300.4 | 35,147.6 | 36,928.5 | 37,513.5 | 39,957.5 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2022 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Net income | 1,816.5 | 1,955.8 | 1,941.7 | 1,893.4 | 2,048.1 | ||||||||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 183.2 | 170.3 | 181.2 | 176.2 | 212.1 | ||||||||||||||||||||||||||||||
| Impairment and loss (gain) on disposal | 13.7 | 3.2 | 3.9 | 20.4 | 10.0 | ||||||||||||||||||||||||||||||
| Share-based compensation expense | 21.0 | 18.3 | 33.4 | 41.5 | 41.6 | ||||||||||||||||||||||||||||||
| Inventory reserves | 71.3 | 81.7 | 90.6 | 102.3 | 210.7 | ||||||||||||||||||||||||||||||
| Deferred tax expense (benefit) | (89.0) | 12.7 | 41.5 | (138.9) | (48.9) | ||||||||||||||||||||||||||||||
| Equity method investments | 120.8 | (46.8) | (70.9) | (53.8) | 175.7 | ||||||||||||||||||||||||||||||
| Changes in assets and liabilities | 3,213.0 | (1,461.6) | (1,836.7) | (913.0) | 547.7 | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 5,350.5 | 733.6 | 384.7 | 1,128.1 | 3,197.0 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (453.6) | (532.0) | (537.8) | (501.8) | (584.0) | ||||||||||||||||||||||||||||||
| Purchase of intangible assets | (12.3) | (7.4) | (6.6) | (8.3) | (18.3) | ||||||||||||||||||||||||||||||
| Purchase of short-term investments | (4.2) | (18.2) | (0.5) | (3.9) | (1.0) | ||||||||||||||||||||||||||||||
| Maturity of short-term investments | 106.1 | 121.1 | — | 3.6 | 0.9 | ||||||||||||||||||||||||||||||
| Loans issued and other investments | — | — | — | (553.0) | (8.5) | ||||||||||||||||||||||||||||||
| Acquisition of subsidiaries (net of cash acquired) | — | — | — | (27.6) | (6.0) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (364.0) | (436.5) | (544.9) | (1,091.0) | (616.9) | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Dividend paid | (541.1) | (541.1) | (666.1) | (570.4) | (570.8) | ||||||||||||||||||||||||||||||
| Purchase of treasury shares | (335.0) | (396.2) | (492.6) | (111.1) | — | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of shares | 18.9 | 22.7 | 25.1 | 25.7 | 25.9 | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | — | 997.8 | — | — | ||||||||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (0.8) | (1.5) | (0.7) | (750.4) | (0.2) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (858.0) | (916.1) | (136.5) | (1,406.2) | (545.1) | ||||||||||||||||||||||||||||||
| Net cash flows | 4,128.5 | (619.0) | (296.7) | (1,369.1) | 2,035.0 | ||||||||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | (13.0) | (1.6) | (9.7) | 3.3 | (5.8) | ||||||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 4,115.5 | (620.6) | (306.4) | (1,365.8) | 2,029.2 | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 3,152.8 | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 | ||||||||||||||||||||||||||||||
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 2022 Annual Report based on US GAAP, which is available on www.asml.com.
Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, including expected demand, utilization, inventory levels, backlog, bookings, expected recovery in the semiconductor industry and expected timing thereof, assumptions and expectations with respect to fast shipments, plans to increase capacity, outlook and expected financial results, including expected results for Q1 2024, including net sales, gross margin, R&D costs, SG&A costs, expected results for full year 2024, including expectations with respect to revenue and gross margin and estimated annualized effective tax rate, expectations with respect to sales by market segment and EUV, non-EUV and IBM sales and expected drivers thereof, and other full year 2024 expectations, expectations with respect to revenue growth in 2025 and expected drivers thereof, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to export control policy and regulations and expected impact on us, expectation to return significant amounts of cash to shareholders through growing dividends and share buybacks, including the amount of shares intended to be repurchased under the program and statements with respect to dividends, statements with respect to our ESG goals and strategy and other non-historical statements. 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”, “future”, “progress”, “goal”, “opportunity”, “potential” 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 a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, customer demand and semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, utilization and inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic uncertainty on the semiconductor industry, the impact of inflation, interest rates, geopolitical developments, the impact of pandemics, performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, constraints and logistics, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, and constraints on our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push outs and restrictions on shipment of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems to certain customers, 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, the number of shares repurchased under our share repurchase programs, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2022 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 undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.