Asml Holding NV 6-K, filed Oct 20, 2021
Asml Holding NV (ASML)
6-K
2021-10-20
For: 2021-10-03
View Original
Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on October 20, 2021.
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 20, 2021
Commission File Number 001-33463
______________________
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 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 €5.2 billion net sales and €1.7 billion net income in Q3 2021. Expected growth for 2021 to approach 35%", press release dated October 20, 2021
99.2 “ASML reports €5.2 billion net sales and €1.7 billion net income in Q3 2021. Expected growth for 2021 to approach 35%", presentation dated October 20, 2021
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 20, 2021 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Chief Executive Officer
Exhibit 99.1
ASML reports €5.2 billion net sales and €1.7 billion net income in Q3 2021
Expected growth for 2021 to approach 35%
VELDHOVEN, the Netherlands, October 20, 2021 – today ASML Holding NV (ASML) has published its 2021 third-quarter results.
•Q3 net sales of €5.2 billion, gross margin of 51.7%, net income of €1.7 billion
•Q3 net bookings of €6.2 billion
•ASML expects Q4 2021 net sales between €4.9 billion and €5.2 billion and a gross margin between 51% and 52%
| (Figures in millions of euros unless otherwise indicated) | Q2 2021 | Q3 2021 | ||||||||||||
| Net sales | 4,020 | 5,241 | ||||||||||||
...of which Installed Base Management sales 1 | 1,071 | 1,130 | ||||||||||||
| New lithography systems sold (units) | 69 | 72 | ||||||||||||
| Used lithography systems sold (units) | 3 | 7 | ||||||||||||
Net bookings 2 | 8,271 | 6,179 | ||||||||||||
| Gross profit | 2,045 | 2,711 | ||||||||||||
| Gross margin (%) | 50.9 | 51.7 | ||||||||||||
| Net income | 1,038 | 1,740 | ||||||||||||
| EPS (basic; in euros) | 2.52 | 4.27 | ||||||||||||
| End-quarter cash and cash equivalents and short-term investments | 5,374 | 4,456 | ||||||||||||
(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 EUV 0.55 NA (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 net sales came in at €5.2 billion with a gross margin of 51.7%, both within our guidance. Our third-quarter net bookings came in at €6.2 billion, including €2.9 billion from EUV systems.
"The demand continues to be high. The ongoing digital transformation and current chip shortage fuel the need to increase our capacity to meet the current and expected future demand for Memory and for all Logic nodes.
"ASML expects fourth-quarter net sales between €4.9 billion and €5.2 billion with a gross margin between 51% and 52%. ASML expects R&D costs of around €670 million and SG&A costs of around €195 million. For the full year, we are on track to achieving growth approaching 35%," said ASML President and Chief Executive Officer Peter Wennink.
Products and business highlights
•In our EUV business, we had a record quarter in terms of shipments and revenue, due to the volume as well as the share of TWINSCAN NXE:3600D systems.
The TWINSCAN NXE:3600D achieved a record of 160 wafers per hour at customers' sites.
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•In our DUV business, we reached a milestone as we shipped the 1000th ArF immersion scanner. The first immersion system designed to support volume manufacturing, the XT:1700Fi, was shipped 15 years ago, in 2006.
•On October 19, 2021, we reached an agreement with Jenoptik AG whereby they will acquire the Medical Applications and Swiss Optic business of Berliner Glas. The deal is targeted to close by the end of the year, subject to regulatory approvals. This concludes our divestment plans regarding the non-semiconductor businesses of Berliner Glas. ASML acquired Berliner Glas in 2020.
Interim dividend and share buyback program update
The interim dividend for 2021 will be €1.80 per ordinary share. The ex-dividend date as well as the fixing date for the EUR/USD conversion will be November 2, 2021, and the record date will be November 3, 2021. The dividend will be made payable on November 12, 2021.
As part of its financial policy to return excess cash to its shareholders through growing annualized dividends and regularly timed share buybacks, ASML announced a new share buyback program which started on July 22, 2021, and is to be executed by December 31, 2023. As part of this program, ASML intends to repurchase shares up to an amount of €9 billion, of which we expect a total of up to 0.45 million shares will be used to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. In the third quarter, we purchased around €2.4 billion of shares under the current and previous program.
The share buyback program will be executed within the limitations of the existing authority granted by the Annual General Meeting of Shareholders (AGM) on April 29, 2021, and of the authority to be granted by future AGMs. The share buyback program may be suspended, modified or discontinued at any time. All transactions under this program will be published on ASML's website (www.asml.com/investors) on a weekly basis.
Media Relations contacts | Investor Relations contacts | ||||
| Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
| Brittney Wolff Zatezalo +1 408 483 3207 | Marcel Kemp +31 40 268 6494 | ||||
| Karen Lo +886 36 23 6639 | Peter Cheang +886 3 659 6771 | ||||
Quarterly video interview, investor call
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2021 third-quarter results and full year 2021 outlook. This video and the transcript can be viewed 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 October 20, 2021 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 Europe, the US and Asia. Every day, ASML’s more than 30,000 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.
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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 Summary 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 October 3, 2021, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and nine months ended October 3, 2021 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, including expected net sales, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate, expected growth in net sales, expected trends in Logic and Memory demand and sales, annual revenue and gross margin for 2025, annual revenue growth rate for the period 2020-2030, timing of revenue recognition, including estimates of revenue to be deferred into 2022, expected capacity growth, long term demand drivers, plans and strategies, including ESG strategy, statements with respect to dividends and share buybacks, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing annualized dividends including the 2021 interim dividend and statements with respect to the 2021-2023 share buyback program including the amount of shares intended to be repurchased under the program 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" 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, 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 impact of the COVID-19 outbreak and measures taken to contain it on us, our suppliers, the global economy and financial markets, and other factors that may impact ASML’s financial results, 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, production capacity and our ability to increase capacity to meet demand, 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, risks relating to supply chain capacity and logistics, trends in the semi-conductor industry, 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 for the year ended December 31, 2020 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 2021 Third-Quarter Veldhoven, the Netherlands October 20, 2021 ASML reports €5.2 billion net sales and €1.7 billion net income in Q3 2021 Expected growth for 2021 to approach 35% Exhibit 99.2
Public Page 2October 20, 2021 • Investor key messages • Business summary • Outlook • Financial statements Agenda
Public Page 3October 20, 2021 Investor key messages
Public Page 4October 20, 2021 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 scenarios, we have an opportunity to reach annual revenue in 2025 between approximately €24 billion and €30 billion, with a gross margin between approximately 54% and 56%1 • We see significant growth opportunities beyond 2025. We expect our systems and Installed Base Management2 to provide an annual revenue growth rate of around 11% for the period 2020-2030, based on third party research and our assumptions1 • ASML and its supply chain partners are actively adding and improving capacity to meet current and future customer demand • We are continuously improving our performance on ESG Sustainability KPIs and are upgrading our ESG Sustainability strategy to accelerate progress • We expect to continue to return significant amounts of cash to our shareholders through a combination of growing dividends and share buybacks 1 as presented at Investor day on 29 September 2021; 2 Installed Base Management equals our net service and field option sales
Public Page 5October 20, 2021 Business summary
Public Page 6October 20, 2021 Q3 results summary • Net sales of €5.2 billion, net systems sales of €4.1 billion, Installed Base Management1 sales of €1.1 billion • Gross margin of 51.7% • Operating margin of 36.6% • Net income as a percentage of net sales of 33.2% • Earnings per share (basic) of €4.27 • Net bookings of €6.2 billion, including €2.9 billion of EUV 0.33 NA systems 1 Installed Base Management equals our net service and field option sales
Public Page 7October 20, 2021 Net system sales breakdown (Quarterly) Q3’21 total system sales €4,111 million Q2’21 total system sales €2,949 million
Public Page 8October 20, 2021 Logic Memory Installed Base Management1 As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative 2017 numbers presented above have not been adjusted to reflect these changes in accounting policy. 1 Installed Base Management equals our net service and field option sales Total net sales € million by End-use
Public Page 9October 20, 2021 Litho systems bookings activity by End-use Q3’21 total system value €6,179 million Q2’21 total system value €8,271 million Lithography systems New Used Units 168 10 Lithography systems New Used Units 156 11 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the EUV 0.55 NA (High-NA) systems).
Public Page 10October 20, 2021 • Interim dividend for 2021 will be €1.80 per ordinary share and will be made payable on November 12, 2021 • In Q3 2021 around €2.4 billion of shares were purchased under the current and previous program Capital return to shareholders Capital return is cumulative dividend + share buyback Share buyback Dividend paid The dividend for a year is paid in the subsequent year, except interim Total dividend Interim dividend
Public Page 11October 20, 2021 Outlook
Public Page 12October 20, 2021 Outlook Q4 • Net sales between €4.9 billion and €5.2 billion, including ◦ Installed Base Management1 sales of around €1.1 billion • Gross margin between 51% and 52% • R&D costs of around €670 million • SG&A costs of around €195 million 2021 • Strong demand across markets drives expected net sales growth for 2021 to approach 35% • Estimated annualized effective tax rate around 15% 1 Installed Base Management equals our net service and field option sales
Public Page 13October 20, 2021 Financial Statements
Public Page 14October 20, 2021 Consolidated statements of operations € million Quarter on Quarter Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Net sales 3,958 4,254 4,364 4,020 5,241 Gross profit 1,881 2,212 2,352 2,045 2,711 Gross margin % 47.5 52.0 53.9 50.9 51.7 R&D costs (534) (556) (623) (634) (609) SG&A costs (132) (152) (168) (172) (183) Income from operations 1,216 1,504 1,561 1,239 1,919 Operating income as a % of net sales 30.7 35.3 35.8 30.8 36.6 Net income 1,062 1,351 1,331 1,038 1,740 Net income as a % of net sales 26.8 31.7 30.5 25.8 33.2 Earnings per share (basic) € 2.54 3.23 3.21 2.52 4.27 Earnings per share (diluted) € 2.53 3.23 3.20 2.52 4.26 Lithography systems sold (units) 1 60 80 76 72 79 Net bookings 2 2,868 4,238 4,740 8,271 6,179 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 EUV 0.55 NA (High-NA) systems). These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Page 15October 20, 2021 Consolidated statements of cash flows € million Quarter on Quarter Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Cash and cash equivalents, beginning of period 3,499 3,532 6,049 3,244 5,187 Net cash provided by (used in) operating activities 191 4,670 (942) 3,569 1,802 Net cash provided by (used in) investing activities (166) (956) (307) 991 (280) Net cash provided by (used in) financing activities 9 (1,194) (1,560) (2,613) (2,392) Effect of changes in exchange rates on cash (2) (2) 3 (4) 2 Net increase (decrease) in cash and cash equivalents 33 2,518 (2,806) 1,943 (868) Cash and cash equivalents, end of period 3,532 6,049 3,244 5,187 4,319 Short-term investments 876 1,302 1,412 187 137 Cash and cash equivalents and short-term investments 4,408 7,351 4,656 5,374 4,456 Purchases of property, plant and equipment and intangible assets (222) (305) (197) (247) (205) Free cash flow 1 (31) 4,365 (1,139) 3,322 1,597 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 16October 20, 2021 Consolidated balance sheets € million Quarter on Quarter Assets Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Cash & cash equivalents and short-term investments 4,408 7,352 4,656 5,374 4,456 Net accounts receivable and finance receivables 4,664 3,421 4,524 4,426 4,708 Contract assets 177 119 107 179 272 Inventories, net 4,614 4,569 4,748 5,086 4,944 Other assets and Held for sale assets 1,734 1,753 2,396 2,088 2,268 Tax assets 876 739 1,510 1,319 1,276 Equity method investments 918 821 842 865 963 Goodwill 4,541 4,629 4,556 4,556 4,556 Other intangible assets 1,035 1,049 1,014 988 964 Property, plant and equipment 2,198 2,470 2,522 2,609 2,730 Right-of-use assets 298 345 344 326 161 Total assets 25,463 27,267 27,219 27,816 27,298 Liabilities and shareholders' equity Current liabilities 4,991 6,604 6,876 8,754 9,163 Non-current liabilities 6,730 6,798 6,714 6,969 6,633 Shareholders' equity 13,742 13,865 13,629 12,093 11,502 Total liabilities and shareholders' equity 25,463 27,267 27,219 27,816 27,298 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience. For more details see US GAAP Consolidated Financial Statements.
Public Page 17October 20, 2021 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, including expected net sales, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate, expected growth in net sales, expected trends in Logic and Memory demand and sales, annual revenue and gross margin for 2025, annual revenue growth rate for the period 2020-2030, timing of revenue recognition, including estimates of revenue to be deferred into 2022, expected capacity growth, long term demand drivers, plans and strategies, including ESG strategy, statements with respect to dividends and share buybacks, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing annualized dividends including the 2021 interim dividend and statements with respect to the 2021-2023 share buyback program including the amount of shares intended to be repurchased under the program 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" 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, 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 impact of the COVID-19 outbreak and measures taken to contain it on us, our suppliers, the global economy and financial markets, and other factors that may impact ASML’s financial results, 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, production capacity and our ability to increase capacity to meet demand, 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, risks relating to supply chain capacity and logistics, trends in the semi-conductor industry, 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 for the year ended December 31, 2020 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, | Nine months ended, | ||||||||||||||||||||||||||||
| Sep 27, | Oct 3, | Sep 27, | Oct 3, | ||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||
| Net system sales | 3,095.6 | 4,111.1 | 7,118.2 | 10,189.6 | |||||||||||||||||||||||||
| Net service and field option sales | 862.4 | 1,130.2 | 2,606.1 | 3,435.8 | |||||||||||||||||||||||||
| Total net sales | 3,958.0 | 5,241.3 | 9,724.3 | 13,625.4 | |||||||||||||||||||||||||
| Total cost of sales | (2,076.6) | (2,529.9) | (5,138.3) | (6,517.0) | |||||||||||||||||||||||||
| Gross profit | 1,881.4 | 2,711.4 | 4,586.0 | 7,108.4 | |||||||||||||||||||||||||
| Research and development costs | (534.0) | (609.2) | (1,644.9) | (1,866.4) | |||||||||||||||||||||||||
| Selling, general and administrative costs | (131.5) | (182.9) | (393.4) | (523.1) | |||||||||||||||||||||||||
| Income from operations | 1,215.9 | 1,919.3 | 2,547.7 | 4,718.9 | |||||||||||||||||||||||||
| Interest and other, net | (8.4) | (10.5) | (26.9) | (32.4) | |||||||||||||||||||||||||
| Income before income taxes | 1,207.5 | 1,908.8 | 2,520.8 | 4,686.5 | |||||||||||||||||||||||||
| Income tax expense | (166.5) | (270.9) | (381.3) | (705.4) | |||||||||||||||||||||||||
| Income after income taxes | 1,041.0 | 1,637.9 | 2,139.5 | 3,981.1 | |||||||||||||||||||||||||
| Profit related to equity method investments | 20.5 | 102.3 | 63.6 | 128.7 | |||||||||||||||||||||||||
| Net income | 1,061.5 | 1,740.2 | 2,203.1 | 4,109.8 | |||||||||||||||||||||||||
| Basic net income per ordinary share | 2.54 | 4.27 | 5.26 | 9.99 | |||||||||||||||||||||||||
| Diluted net income per ordinary share | 2.53 | 4.26 | 5.25 | 9.97 | |||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||
| Basic | 418.4 | 407.9 | 418.9 | 411.6 | |||||||||||||||||||||||||
| Diluted | 419.2 | 408.6 | 419.6 | 412.2 | |||||||||||||||||||||||||
ASML - Ratios and Other Data
| Three months ended, | Nine months ended, | ||||||||||||||||||||||||||||
| Sep 27, | Oct 3, | Sep 27, | Oct 3, | ||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 47.5 | % | 51.7 | % | 47.2 | % | 52.2 | % | |||||||||||||||||||||
| Income from operations as a percentage of net sales | 30.7 | % | 36.6 | % | 26.2 | % | 34.6 | % | |||||||||||||||||||||
| Net income as a percentage of net sales | 26.8 | % | 33.2 | % | 22.7 | % | 30.2 | % | |||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 13.8 | % | 14.2 | % | 15.1 | % | 15.1 | % | |||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 54.0 | % | 42.1 | % | 54.0 | % | 42.1 | % | |||||||||||||||||||||
Sales of lithography systems (in units) 1 | 60 | 79 | 178 | 227 | |||||||||||||||||||||||||
Value of booked systems (EUR millions) 2 | 2,868 | 6,179 | 7,054 | 19,190 | |||||||||||||||||||||||||
Net bookings lithography systems (in units) 1, 2 | 73 | 178 | 180 | 465 | |||||||||||||||||||||||||
| Number of payroll employees in FTEs | 24,749 | 29,025 | 24,749 | 29,025 | |||||||||||||||||||||||||
| Number of temporary employees in FTEs | 1,451 | 1,659 | 1,451 | 1,659 | |||||||||||||||||||||||||
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 EUV 0.55 NA (High-NA) systems).
ASML - Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Oct 3, | ||||||||||||||||
| (unaudited, in millions €) | 2020 | 2021 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | 6,049.4 | 4,318.7 | |||||||||||||||
| Short-term investments | 1,302.2 | 137.0 | |||||||||||||||
| Accounts receivable, net | 1,310.3 | 3,383.3 | |||||||||||||||
| Finance receivables, net | 1,710.5 | 1,185.9 | |||||||||||||||
| Current tax assets | 67.3 | 289.5 | |||||||||||||||
| Contract assets | 119.2 | 272.0 | |||||||||||||||
| Inventories, net | 4,569.4 | 4,944.2 | |||||||||||||||
| Other assets | 801.7 | 995.0 | |||||||||||||||
| Held for sale assets | — | 152.7 | |||||||||||||||
| Total current assets | 15,930.0 | 15,678.3 | |||||||||||||||
| Finance receivables, net | 400.5 | 139.0 | |||||||||||||||
| Deferred tax assets | 671.5 | 986.0 | |||||||||||||||
| Other assets | 951.4 | 1,120.9 | |||||||||||||||
| Equity method investments | 820.7 | 963.2 | |||||||||||||||
| Goodwill | 4,629.1 | 4,555.6 | |||||||||||||||
| Other intangible assets, net | 1,049.0 | 963.8 | |||||||||||||||
| Property, plant and equipment, net | 2,470.3 | 2,730.3 | |||||||||||||||
| Right-of-use assets - Operating | 180.1 | 155.0 | |||||||||||||||
| Right-of-use assets - Finance | 164.8 | 5.9 | |||||||||||||||
| Total non-current assets | 11,337.4 | 11,619.7 | |||||||||||||||
| Total assets | 27,267.4 | 27,298.0 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities | 6,603.5 | 9,114.7 | |||||||||||||||
| Held for sale liabilities | — | 47.9 | |||||||||||||||
| Total current liabilities | 6,603.5 | 9,162.6 | |||||||||||||||
| Long-term debt | 4,662.8 | 4,105.8 | |||||||||||||||
| Deferred and other tax liabilities | 238.3 | 282.6 | |||||||||||||||
| Contract liabilities | 1,639.9 | 2,001.7 | |||||||||||||||
| Accrued and other liabilities | 257.5 | 242.9 | |||||||||||||||
| Total non-current liabilities | 6,798.5 | 6,633.0 | |||||||||||||||
| Total liabilities | 13,402.0 | 15,795.6 | |||||||||||||||
| Total shareholders’ equity | 13,865.4 | 11,502.4 | |||||||||||||||
| Total liabilities and shareholders’ equity | 27,267.4 | 27,298.0 | |||||||||||||||
ASML - Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | Nine months ended, | |||||||||||||||||||||||||
| Sep 27, | Oct 3, | Sep 27, | Oct 3, | |||||||||||||||||||||||
| (unaudited, in millions €) | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||
| Net income | 1,061.5 | 1,740.2 | 2,203.1 | 4,109.8 | ||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 122.0 | 116.2 | 365.4 | 346.8 | ||||||||||||||||||||||
| Impairment and loss (gain) on disposal | 0.8 | (39.8) | 4.7 | (33.4) | ||||||||||||||||||||||
| Share-based compensation expense | 22.5 | 34.0 | 47.7 | 84.0 | ||||||||||||||||||||||
| Inventory reserves | 36.3 | 52.9 | 114.8 | 131.3 | ||||||||||||||||||||||
| Deferred tax expense (benefit) | (110.6) | (270.1) | (150.6) | (313.4) | ||||||||||||||||||||||
| Equity method investments | (26.1) | (97.3) | (84.8) | (141.2) | ||||||||||||||||||||||
| Changes in assets and liabilities | (915.3) | 265.5 | (2,543.1) | 244.9 | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 191.1 | 1,801.6 | (42.8) | 4,428.8 | ||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (212.5) | (197.0) | (669.1) | (627.5) | ||||||||||||||||||||||
| Purchase of intangible assets | (9.1) | (8.0) | (26.6) | (22.2) | ||||||||||||||||||||||
| Purchase of short-term investments | (343.7) | (50.0) | (654.7) | (658.5) | ||||||||||||||||||||||
| Maturity of short-term investments | 408.7 | 99.7 | 964.3 | 1,823.7 | ||||||||||||||||||||||
| Loans issued and other investments | (10.0) | (124.3) | (10.0) | (124.3) | ||||||||||||||||||||||
| Proceeds from sale of subsidiaries | — | — | — | 12.9 | ||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (166.6) | (279.6) | (396.1) | 404.1 | ||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||
| Dividend paid | — | — | (564.8) | (639.1) | ||||||||||||||||||||||
| Purchase of treasury shares | — | (2,401.6) | (507.5) | (5,953.1) | ||||||||||||||||||||||
| Net proceeds from issuance of shares | 10.4 | 12.3 | 30.0 | 36.9 | ||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | — | 1,486.3 | — | ||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (0.9) | (2.6) | (2.6) | (9.4) | ||||||||||||||||||||||
| Net cash provided by (used in) financing activities | 9.5 | (2,391.9) | 441.4 | (6,564.7) | ||||||||||||||||||||||
| Net cash flows | 34.0 | (869.9) | 2.5 | (1,731.8) | ||||||||||||||||||||||
| Effect of changes in exchange rates on cash | (1.6) | 2.0 | (3.3) | 1.1 | ||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 32.4 | (867.9) | (0.8) | (1,730.7) | ||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 3,499.1 | 5,186.6 | 3,532.3 | 6,049.4 | ||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 3,531.5 | 4,318.7 | 3,531.5 | 4,318.7 | ||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Sep 27, | Dec 31, | Apr 4, | Jul 4, | Oct 3, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2020 | 2020 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||
| Net system sales | 3,095.6 | 3,198.3 | 3,128.8 | 2,949.6 | 4,111.1 | ||||||||||||||||||||||||||||||
| Net service and field option sales | 862.4 | 1,055.8 | 1,235.1 | 1,070.6 | 1,130.2 | ||||||||||||||||||||||||||||||
| Total net sales | 3,958.0 | 4,254.1 | 4,363.9 | 4,020.2 | 5,241.3 | ||||||||||||||||||||||||||||||
| Total cost of sales | (2,076.6) | (2,043.0) | (2,011.5) | (1,975.6) | (2,529.9) | ||||||||||||||||||||||||||||||
| Gross profit | 1,881.4 | 2,211.1 | 2,352.4 | 2,044.6 | 2,711.4 | ||||||||||||||||||||||||||||||
| Research and development costs | (534.0) | (555.9) | (623.4) | (633.8) | (609.2) | ||||||||||||||||||||||||||||||
| Selling, general and administrative costs | (131.5) | (151.5) | (168.4) | (171.8) | (182.9) | ||||||||||||||||||||||||||||||
| Income from operations | 1,215.9 | 1,503.7 | 1,560.6 | 1,239.0 | 1,919.3 | ||||||||||||||||||||||||||||||
| Interest and other, net | (8.4) | (8.0) | (12.1) | (9.8) | (10.5) | ||||||||||||||||||||||||||||||
| Income before income taxes | 1,207.5 | 1,495.7 | 1,548.5 | 1,229.2 | 1,908.8 | ||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | (166.5) | (170.2) | (230.3) | (204.2) | (270.9) | ||||||||||||||||||||||||||||||
| Income after income taxes | 1,041.0 | 1,325.5 | 1,318.2 | 1,025.0 | 1,637.9 | ||||||||||||||||||||||||||||||
| Profit related to equity method investments | 20.5 | 25.0 | 13.2 | 13.2 | 102.3 | ||||||||||||||||||||||||||||||
| Net income | 1,061.5 | 1,350.5 | 1,331.4 | 1,038.2 | 1,740.2 | ||||||||||||||||||||||||||||||
| Basic net income per ordinary share | 2.54 | 3.23 | 3.21 | 2.52 | 4.27 | ||||||||||||||||||||||||||||||
| Diluted net income per ordinary share | 2.53 | 3.23 | 3.20 | 2.52 | 4.26 | ||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||||||||
| Basic | 418.4 | 417.5 | 415.3 | 411.5 | 407.9 | ||||||||||||||||||||||||||||||
| Diluted | 419.2 | 418.4 | 415.8 | 412.0 | 408.6 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary Ratios and other data
| Sep 27, | Dec 31, | Apr 4, | Jul 4, | Oct 3, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2020 | 2020 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 47.5 | % | 52.0 | % | 53.9 | % | 50.9 | % | 51.7 | % | |||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 30.7 | % | 35.3 | % | 35.8 | % | 30.8 | % | 36.6 | % | |||||||||||||||||||||||||
| Net income as a percentage of net sales | 26.8 | % | 31.7 | % | 30.5 | % | 25.8 | % | 33.2 | % | |||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 13.8 | % | 11.4 | % | 14.9 | % | 16.6 | % | 14.2 | % | |||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 54.0 | % | 50.8 | % | 50.1 | % | 43.5 | % | 42.1 | % | |||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 60 | 80 | 76 | 72 | 79 | ||||||||||||||||||||||||||||||
Value of booked systems (EUR millions) 2 | 2,868 | 4,238 | 4,740 | 8,271 | 6,179 | ||||||||||||||||||||||||||||||
Net bookings lithography systems (in units) 1, 2 | 73 | 123 | 120 | 167 | 178 | ||||||||||||||||||||||||||||||
| Number of payroll employees in FTEs | 24,749 | 26,614 | 27,248 | 27,777 | 29,025 | ||||||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 1,451 | 1,459 | 1,561 | 1,609 | 1,659 | ||||||||||||||||||||||||||||||
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 EUV 0.55 NA (High-NA) systems).
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
| Sep 27, | Dec 31, | Apr 4, | Jul 4, | Oct 3, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2020 | 2020 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 3,531.5 | 6,049.4 | 3,243.8 | 5,186.6 | 4,318.7 | ||||||||||||||||||||||||||||||
| Short-term investments | 876.3 | 1,302.2 | 1,411.6 | 186.7 | 137.0 | ||||||||||||||||||||||||||||||
| Accounts receivable, net | 2,458.8 | 1,310.3 | 2,239.2 | 2,782.0 | 3,383.3 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 1,855.4 | 1,710.5 | 2,218.6 | 1,637.4 | 1,185.9 | ||||||||||||||||||||||||||||||
| Current tax assets | 265.6 | 67.3 | 809.7 | 608.2 | 289.5 | ||||||||||||||||||||||||||||||
| Contract assets | 176.8 | 119.2 | 107.4 | 178.9 | 272.0 | ||||||||||||||||||||||||||||||
| Inventories, net | 4,613.7 | 4,569.4 | 4,748.1 | 5,086.3 | 4,944.2 | ||||||||||||||||||||||||||||||
| Other assets | 772.7 | 801.7 | 915.7 | 922.9 | 995.0 | ||||||||||||||||||||||||||||||
| Held for sale assets | — | — | 165.5 | 150.2 | 152.7 | ||||||||||||||||||||||||||||||
| Total current assets | 14,550.8 | 15,930.0 | 15,859.6 | 16,739.2 | 15,678.3 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 349.6 | 400.5 | 66.6 | 6.2 | 139.0 | ||||||||||||||||||||||||||||||
| Deferred tax assets | 610.7 | 671.5 | 700.8 | 710.5 | 986.0 | ||||||||||||||||||||||||||||||
| Other assets | 961.5 | 951.4 | 1,313.4 | 1,016.4 | 1,120.9 | ||||||||||||||||||||||||||||||
| Equity method investments | 918.0 | 820.7 | 842.5 | 864.9 | 963.2 | ||||||||||||||||||||||||||||||
| Goodwill | 4,541.1 | 4,629.1 | 4,555.5 | 4,555.5 | 4,555.6 | ||||||||||||||||||||||||||||||
| Other intangible assets, net | 1,035.4 | 1,049.0 | 1,014.2 | 987.7 | 963.8 | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | 2,198.3 | 2,470.3 | 2,521.6 | 2,609.4 | 2,730.3 | ||||||||||||||||||||||||||||||
| Right-of-use assets - Operating | 180.1 | 180.1 | 179.7 | 161.8 | 155.0 | ||||||||||||||||||||||||||||||
| Right-of-use assets - Finance | 117.9 | 164.8 | 164.8 | 163.9 | 5.9 | ||||||||||||||||||||||||||||||
| Total non-current assets | 10,912.6 | 11,337.4 | 11,359.1 | 11,076.3 | 11,619.7 | ||||||||||||||||||||||||||||||
| Total assets | 25,463.4 | 27,267.4 | 27,218.7 | 27,815.5 | 27,298.0 | ||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Current liabilities | 4,990.9 | 6,603.5 | 6,829.1 | 8,707.5 | 9,114.7 | ||||||||||||||||||||||||||||||
| Held for sale liabilities | — | — | 47.2 | 46.6 | 47.9 | ||||||||||||||||||||||||||||||
| Total current liabilities | 4,990.9 | 6,603.5 | 6,876.3 | 8,754.1 | 9,162.6 | ||||||||||||||||||||||||||||||
| Long-term debt | 4,626.7 | 4,662.8 | 4,634.2 | 4,619.9 | 4,105.8 | ||||||||||||||||||||||||||||||
| Deferred and other tax liabilities | 209.1 | 238.3 | 245.2 | 247.7 | 282.6 | ||||||||||||||||||||||||||||||
| Contract liabilities | 1,652.8 | 1,639.9 | 1,583.2 | 1,860.2 | 2,001.7 | ||||||||||||||||||||||||||||||
| Accrued and other liabilities | 241.4 | 257.5 | 250.9 | 240.3 | 242.9 | ||||||||||||||||||||||||||||||
| Total non-current liabilities | 6,730.0 | 6,798.5 | 6,713.5 | 6,968.1 | 6,633.0 | ||||||||||||||||||||||||||||||
| Total liabilities | 11,720.9 | 13,402.0 | 13,589.8 | 15,722.2 | 15,795.6 | ||||||||||||||||||||||||||||||
| Total shareholders’ equity | 13,742.5 | 13,865.4 | 13,628.9 | 12,093.3 | 11,502.4 | ||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | 25,463.4 | 27,267.4 | 27,218.7 | 27,815.5 | 27,298.0 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Sep 27, | Dec 31, | Apr 4, | Jul 4, | Oct 3, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2020 | 2020 | 2021 | 2021 | 2021 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Net income | 1,061.5 | 1,350.6 | 1,331.4 | 1,038.2 | 1,740.2 | ||||||||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 122.0 | 125.4 | 117.9 | 112.7 | 116.2 | ||||||||||||||||||||||||||||||
| Impairment and loss (gain) on disposal | 0.8 | 0.8 | 6.2 | 0.2 | (39.8) | ||||||||||||||||||||||||||||||
| Share-based compensation expense | 22.5 | 6.2 | 21.0 | 29.0 | 34.0 | ||||||||||||||||||||||||||||||
| Inventory reserves | 36.3 | 77.6 | 34.4 | 44.0 | 52.9 | ||||||||||||||||||||||||||||||
| Deferred tax expense (benefit) | (110.6) | (60.7) | (35.8) | (7.5) | (270.1) | ||||||||||||||||||||||||||||||
| Equity method investments | (26.1) | 95.8 | (21.5) | (22.5) | (97.3) | ||||||||||||||||||||||||||||||
| Changes in assets and liabilities | (915.3) | 3,074.7 | (2,395.3) | 2,374.8 | 265.5 | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 191.1 | 4,670.4 | (941.7) | 3,568.9 | 1,801.6 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (212.5) | (292.9) | (189.4) | (241.1) | (197.0) | ||||||||||||||||||||||||||||||
| Purchase of intangible assets | (9.1) | (12.2) | (7.9) | (6.3) | (8.0) | ||||||||||||||||||||||||||||||
| Purchase of short-term investments | (343.7) | (820.8) | (608.5) | — | (50.0) | ||||||||||||||||||||||||||||||
| Maturity of short-term investments | 408.7 | 394.8 | 499.1 | 1,224.9 | 99.7 | ||||||||||||||||||||||||||||||
| Loans issued and other investments | (10.0) | (2.2) | — | — | (124.3) | ||||||||||||||||||||||||||||||
| Proceeds from sale of subsidiaries | — | — | — | 12.9 | — | ||||||||||||||||||||||||||||||
| Acquisition of subsidiaries (net of cash acquired) | — | (222.8) | — | — | — | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (166.6) | (956.1) | (306.7) | 990.4 | (279.6) | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Dividend paid | — | (501.6) | — | (639.1) | — | ||||||||||||||||||||||||||||||
| Purchase of treasury shares | — | (700.0) | (1,567.6) | (1,983.9) | (2,401.6) | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of shares | 10.4 | 7.9 | 11.0 | 13.6 | 12.3 | ||||||||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (0.9) | (0.7) | (3.6) | (3.2) | (2.6) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | 9.5 | (1,194.4) | (1,560.2) | (2,612.6) | (2,391.9) | ||||||||||||||||||||||||||||||
| Net cash flows | 34.0 | 2,519.9 | (2,808.6) | 1,946.7 | (869.9) | ||||||||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | (1.6) | (2.0) | 3.0 | (3.9) | 2.0 | ||||||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 32.4 | 2,517.9 | (2,805.6) | 1,942.8 | (867.9) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 3,499.1 | 3,531.5 | 6,049.4 | 3,243.8 | 5,186.6 | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 3,531.5 | 6,049.4 | 3,243.8 | 5,186.6 | 4,318.7 | ||||||||||||||||||||||||||||||
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 2020 Annual 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, including expected net sales, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate, expected growth in net sales, expected trends in Logic and Memory demand and sales, annual revenue and gross margin for 2025, annual revenue growth rate for the period 2020-2030, timing of revenue recognition, including estimates of revenue to be deferred into 2022, expected capacity growth, long term demand drivers, plans and strategies, including ESG strategy, statements with respect to dividends and share buybacks, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing annualized dividends including the 2021 interim dividend and statements with respect to the 2021-2023 share buyback program including the amount of shares intended to be repurchased under the program 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" 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, 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 impact of the COVID-19 outbreak and measures taken to contain it on us, our suppliers, the global economy and financial markets, and other factors that may impact ASML’s financial results, 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, production capacity and our ability to increase capacity to meet demand, 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, risks relating to supply chain capacity and logistics, trends in the semi-conductor industry, 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 for the year ended December 31, 2020 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.