Asml Holding NV 6-K, filed Jan 20, 2021
Asml Holding NV (ASML)
6-K
2021-01-20
For: 2020-12-31
View Original
Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on January 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 January 20, 2021
______________________
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
EXHIBITS 99.1 AND 99.3 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-116337), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-126340), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-136362), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-141125), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-142254), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-144356), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147128), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-153277), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-162439), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-170034), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-188938), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-190023), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-192951), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-203390), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-219442) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-227464) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits 
99.1 “ASML reports €14.0 billion net sales and €3.6 billion net income in 2020. Continued growth expected in 2021 due to strong Logic demand and recovery in Memory", press release dated January 20, 2021
99.2 “ASML reports €14.0 billion net sales and €3.6 billion net income in 2020. Continued growth expected in 2021 due to strong Logic demand and recovery in Memory", presentation dated January 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: January 20, 2021 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Chief Executive Officer
Exhibit 99.1
ASML reports €14.0 billion net sales and €3.6 billion net income in 2020
Continued growth expected in 2021 due to strong Logic demand and recovery in Memory
VELDHOVEN, the Netherlands, January 20, 2021 – today ASML Holding NV (ASML) has published its 2020 fourth-quarter and full-year results.
•Q4 net sales of €4.3 billion, gross margin of 52.0%, net income of €1.4 billion
•Q4 net bookings of €4.2 billion
•2020 net sales of €14.0 billion, gross margin of 48.6%, net income of €3.6 billion
•ASML expects Q1 2021 net sales of between €3.9 billion and €4.1 billion and a gross margin between 50% and 51%
•ASML intends to declare a total dividend over 2020 of €2.75 per ordinary share (15% increase)
| (Figures in millions of euros unless otherwise indicated) | Q3 2020 | Q4 2020 | FY 2019 | FY 2020 | ||||||||||
| Net sales | 3,958 | 4,254 | 11,820 | 13,979 | ||||||||||
...of which Installed Base Management sales 1 | 862 | 1,056 | 2,824 | 3,662 | ||||||||||
| New lithography systems sold (units) | 57 | 73 | 203 | 236 | ||||||||||
| Used lithography systems sold (units) | 3 | 7 | 26 | 22 | ||||||||||
Net bookings 2 | 2,868 | 4,238 | 11,740 | 11,292 | ||||||||||
| Gross profit | 1,881 | 2,212 | 5,280 | 6,798 | ||||||||||
| Gross margin (%) | 47.5 | 52.0 | 44.7 | 48.6 | ||||||||||
| Net income | 1,062 | 1,351 | 2,592 | 3,554 | ||||||||||
| EPS (basic; in euros) | 2.54 | 3.23 | 6.16 | 8.49 | ||||||||||
| End-quarter cash and cash equivalents and short-term investments | 4,408 | 7,351 | 4,718 | 7,351 | ||||||||||
(1) Installed Base Management sales equals our net service and field option sales.
(2) Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com
CEO statement and outlook
"Our fourth-quarter sales came in at €4.3 billion, which is above our guidance. This was mainly due to additional DUV shipments and upgrade opportunities. We shipped nine EUV systems and recognized revenue for eight systems in the fourth quarter. Our fourth-quarter net bookings came in at €4.2 billion, including €1.1 billion from EUV systems (net six units).
"The total net sales for the year was €14.0 billion, including €4.5 billion from 31 EUV systems. For ASML, 2020 was a year of strong growth, both in sales and in profitability.
"For 2021, we expect another year of growth driven by strong Logic demand and continued recovery in Memory. The build out of the digital infrastructure and the continued technology innovation is relevant to the consumer, automotive and industrial markets and drives demand across our entire product portfolio," said ASML President and Chief Executive Officer Peter Wennink.
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ASML expects first-quarter revenue between €3.9 billion and €4.1 billion with a gross margin between 50% and 51%, R&D costs of €620 million and SG&A costs of €165 million. The estimated annualized effective tax rate is expected to be between 14% and 15% for 2021.
Products and business highlights
•In our EUV business, we celebrated the milestone of the 100th EUV system shipment. By end 2020, 26 million wafers were exposed on our EUV installed base, of which 9 million in the fourth quarter.
•In our DUV business, we focused on meeting our customers' increasing demand for all DUV systems as well as on optimizing factory capacity, reducing the install cycle time and supporting the tools in the field for maximum productivity. While the first NXT:2050i systems took up to 120 days to build, at the end of last year we already showed build time capability of 60 days over the last five systems.
We also shipped our first ArF dry system on the NXT platform (NXT:1470). On our Twinscan KrF platform, we shipped a record number of systems. The overall strong demand for DUV systems is confirmed by a record value of DUV bookings during 2020 (€7.3 billion).
•In our Applications business, we shipped the first YieldStar 385 to a customer in Q4 and achieved a record year for YieldStar shipments. The YieldStar 385 offers the latest in-resist overlay and focus metrology, with enhanced throughput and accuracy, to meet N3 requirements. Compared to previous systems, key enhancements include a faster stage and faster wavelength switching, which enable highly accurate overlay measurements and tool matching using multiple wavelengths.
We shipped three eScan1000 Multibeam systems in 2020. With 3x3 beams and high-speed stage technology, these systems provide up to 600% higher productivity than single beam systems, and will provide customers with early process integration capability.
Dividend proposal and share buyback program update
ASML intends to declare a total dividend in respect of 2020 of €2.75 per ordinary share. Recognizing the interim dividend of €1.20 per ordinary share paid in November 2020, this leads to a final dividend proposal to the General Meeting of €1.55 per ordinary share. This is a 15% increase compared to the 2019 total dividend of €2.40 per ordinary share.
As part of its financial policy to return excess cash to its shareholders through growing dividends and share buybacks, in January 2020, ASML announced a new three-year share buyback program, to be executed within the 2020–2022 time frame. As part of this program, ASML intends to purchase shares up to €6 billion, which includes a total of up to 0.4 million shares to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. To date, €1.2 billion worth of shares has been repurchased under the current program.
Media Relations contacts | Investor Relations contacts | ||||
| Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
| Sander Hofman +31 6 2381 0214 | Marcel Kemp +31 40 268 6494 | ||||
| Brittney Wolff Zatezalo +1 408 483 3207 | Peter Cheang +886 3 659 6771 | ||||
Quarterly video interview, press conference, investor and media conference call
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2020 fourth-quarter and full-year results and outlook for 2021. This can be viewed on www.asml.com.
CEO Peter Wennink and CFO Roger Dassen will host a virtual press conference in Veldhoven on January 20, 2021, at 11:00 Central European Time, which will be accessible via live webcast on www.asml.com.
A conference call for investors and media will be hosted by CEO Peter Wennink and CFO Roger Dassen on January 20, 2021 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
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About ASML
ASML is one of the world’s leading manufacturers of chip-making equipment. Our vision is a world in which semiconductor technology is everywhere and helps to tackle society’s toughest challenges. We contribute to this goal by creating products and services that let chipmakers define the patterns that integrated circuits are made of. We continuously raise the capabilities of our products, enabling our customers to increase the value and reduce the cost of chips. By helping to make chips cheaper and more powerful, we help to make semiconductor technology more attractive for a larger range of products and services, which in turn enables progress in fields such as healthcare, energy, mobility and entertainment. ASML is a multinational company with offices in more than 60 cities in 16 countries, headquartered in Veldhoven, the Netherlands. We employ more than 28,000 people on payroll and flexible contracts (expressed in full time equivalents). ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. More information about ASML, our products and technology, and career opportunities is available on www.asml.com.
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, 2020, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and twelve months ended December 31, 2020 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 differences between US GAAP and IFRS that affect ASML concern the capitalization of certain product development costs and the accounting of income taxes.
2020 Annual Reports
ASML will publish its 2020 Annual Report based on US GAAP and its 2020 Annual Report based on IFRS on February 10, 2021. The reports 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 contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q1 2021, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2021, expected growth in net sales in 2021, expected strong Logic demand and continued recovery in Memory, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing dividends, the amount of the final dividend for 2020 and statements with respect to the 2020-2022 share buyback program including the amount of shares intended to be repurchased under the program. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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ASML 2020 Fourth-Quarter and Full-Year results Veldhoven, the Netherlands January 20, 2021 Public ASML reports €14.0 billion net sales and €3.6 billion net income in 2020 Continued growth expected in 2021 due to strong Logic demand and recovery in Memory Exhibit 99.2
Public Slide 2 January 20, 2021 Agenda • Investor key messages • Business summary • Outlook • Financial statements
Public Slide 3 January 20, 2021 Investor key messages
Public Slide 4 January 20, 2021 Investor key messages • Shrink is a key industry driver supporting innovation and providing long term industry growth • Holistic Lithography enables affordable shrink and therefore delivers compelling value for our customers • DUV, EUV and Application products are highly differentiated solutions that provide unique value drivers for our customers and fuel significant growth opportunities for ASML • EUV will enable continuation of Moore’s Law and will drive long term value for ASML well into this decade • In November 2018 ASML modeled an annual revenue opportunity between €15 – 24 billion for 2025. We will provide an update at our Investor Day which is currently planned on June 23 in London • We expect to continue to return significant amounts of cash to our shareholders through a combination of growing annualized dividends and share buybacks
Public Slide 5 January 20, 2021 Business summary
Public Slide 6 January 20, 2021 2020 - Highlights Despite the COVID-19 pandemic ASML delivered a sales growth of 18%, reflecting the strong global demand for a digital infrastructure: • Net sales grew to a record €14.0 billion at 48.6% gross margin • Net income at €3.6 billion resulted in an EPS of €8.49 EUV lithography: • EUV system sales grew ~60% to €4.5 billion, in support of high volume manufacturing for both Logic and Memory • High-NA program in R&D and Manufacturing progressing well at both ASML and suppliers for HVM use in 2025/2026 DUV lithography: • Shipped our most advanced immersion system, the NXT:2050i as well as our first ArF dry system on the NXT platform (NXT:1470). On our Twinscan KrF platform we shipped a record number of systems. The overall strong demand for DUV systems is confirmed by a record value of DUV bookings during 2020 (€7.3 billion) Applications: • Shipped a total of three eScan1000 Multibeam systems (3x3 beams) to customers • Shipped our first next generation metrology system, YS:385, with a record year of YieldStar shipments Capital allocation: • Returned €2.3 billion to shareholders through dividends and share buybacks • Closed the acquisition of Berliner Glas
Public Slide 7 January 20, 2021 Q4 results summary • Net sales of €4,254 million, net systems sales of €3,198 million, Installed Base Management* sales of €1,056 million • Gross margin of 52.0% • Operating margin of 35.3% • Net income as a percentage of net sales of 31.7% • Net bookings of €4,238 million, including €1,067 million of EUV systems (net 6) * Installed Base Management equals our service and field upgrades sales
Public Slide 8 January 20, 2021 Net system sales breakdown (Quarterly) Q4’20 total system sales €3,198 million Q3’20 total system sales €3,096 million
Public Slide 9 January 20, 2021 Net system sales breakdown (Yearly) 2020 total system sales €10,317 million 2019 total system sales €8,996 million
Public Slide 10 January 20, 2021 Logic Memory Installed Base Management As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers 2016 - 2017 presented above have not been adjusted to reflect these changes in accounting policy. Total net sales € million by End-use
Public Slide 11 January 20, 2021 Litho systems bookings activity by End-use Q4’20 total system value €4,238 million Q3’20 total system value €2,868 million Lithography systems New Used Units 114 9 Lithography systems New Used Units 67 6 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
Public Slide 12 January 20, 2021 • Paid total dividends of €1.1 billion, consisting of FY2019 final dividend and FY2020 interim dividend, and purchased €1.2 billion worth of shares in 2020 • ASML intends to declare a total dividend in respect of 2020 of €2.75 per ordinary share. Recognizing the interim dividend of €1.20 per ordinary share paid in November 2020, this leads to a final dividend proposal to the General Meeting of €1.55 per ordinary share. This is a 15% percent increase compared to the 2019 dividend 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 interim + proposed Final dividend Interim dividend up to 2011 Proposed dividend
Public Slide 13 January 20, 2021 Outlook
Public Slide 14 January 20, 2021 Q1 Outlook • Q1 2021 net sales between €3.9 billion and €4.1 billion, including ◦ Installed Base Management sales of around €950 million • Gross margin between 50% and 51% • R&D costs of €620 million • SG&A costs of €165 million • Estimated annualized effective tax rate of between 14% and 15% for 2021
Public Slide 15 January 20, 2021 Financial statements
Public Slide 16 January 20, 2021 Consolidated statements of operations € million Year on Year 2016 2017 2018 2019 2020 Net sales 6,875 8,963 10,944 11,820 13,979 Gross profit 3,145 4,020 5,029 5,280 6,798 Gross margin % 45.7 44.9 46.0 44.7 48.6 Other income 1 94 96 — — — R&D costs (1,106) (1,260) (1,576) (1,968) (2,201) SG&A costs (375) (417) (488) (521) (545) Income from operations 1,758 2,440 2,965 2,791 4,051 Operating income as a % of net sales 25.6 27.2 27.1 23.6 29.0 Net income 1,558 2,067 2,592 2,592 3,554 Net income as a % of net sales 22.7 23.1 23.7 21.9 25.4 Earnings per share (basic) € 3.66 4.81 6.10 6.16 8.49 Earnings per share (diluted) € 3.64 4.79 6.08 6.15 8.48 Lithography systems sold (units) 2 154 197 224 229 258 Net booking value 3 5,396 9,358 8,181 11,740 11,292 1 Customer Co-Investment Program (CCIP). 2 Lithography systems do not include metrology and inspection systems. 3 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). Our 2018 systems net bookings include 1 EUV system shipped in Q4 2018 and our 2019 systems net bookings include 1 DUV system shipped in Q3 2019, both shipped to collaborative Research Center (Imec). These systems are not recognized in revenue. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Slide 17 January 20, 2021 Consolidated statements of operations € million Quarter on Quarter Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net sales 4,036 2,441 3,326 3,958 4,254 Gross profit 1,940 1,101 1,603 1,881 2,212 Gross margin % 48.1 45.1 48.2 47.5 52.0 R&D costs (516) (544) (567) (534) (556) SG&A costs (148) (130) (131) (132) (152) Income from operations 1,277 427 905 1,216 1,504 Operating income as a % of net sales 31.6 17.5 27.2 30.7 35.3 Net income 1,134 391 751 1,062 1,351 Net income as a % of net sales 28.1 16.0 22.6 26.8 31.7 Earnings per share (basic) € 2.70 0.93 1.79 2.54 3.23 Earnings per share (diluted) € 2.69 0.93 1.79 2.53 3.23 Lithography systems sold (units) 1 76 57 61 60 80 Net booking value 2 2,402 3,085 1,101 2,868 4,238 1 Lithography systems do not include metrology and inspection systems. 2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Slide 18 January 20, 2021 Consolidated statements of cash flows € million Year on Year 2016 2017 2018 2019 2020 Cash and cash equivalents, beginning of period 2,459 2,907 2,259 3,121 3,532 Net cash provided by (used in) operating activities 1,666 1,818 3,073 3,276 4,628 Net cash provided by (used in) investing activities (3,188) (1,229) (492) (1,158) (1,352) Net cash provided by (used in) financing activities 1,964 (1,209) (1,724) (1,712) (753) Effect of changes in exchange rates on cash 7 (28) 5 5 (5) Net increase (decrease) in cash and cash equivalents 448 (648) 862 411 2,517 Cash and cash equivalents, end of period 2,907 2,259 3,121 3,532 6,049 Short-term investments 1,150 1,029 913 1,186 1,302 Cash and cash equivalents and short-term investments 4,057 3,288 4,034 4,718 7,351 Purchases of property, plant and equipment and intangible assets (325) (358) (610) (885) (1,001) Free cash flow 1 1,341 1,460 2,463 2,391 3,627 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 Slide 19 January 20, 2021 Consolidated statements of cash flows € million Quarter on Quarter Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Cash and cash equivalents, beginning of period 1,586 3,532 2,724 3,499 3,532 Net cash provided by (used in) operating activities 3,588 (606) 372 191 4,670 Net cash provided by (used in) investing activities (1,016) (444) 215 (166) (956) Net cash provided by (used in) financing activities (626) 240 192 9 (1,194) Effect of changes in exchange rates on cash 1 2 (3) (2) (2) Net increase (decrease) in cash and cash equivalents 1,946 (809) 776 33 2,518 Cash and cash equivalents, end of period 3,532 2,724 3,499 3,532 6,049 Short-term investments 1,186 1,388 941 876 1,302 Cash and cash equivalents and short-term investments 4,718 4,112 4,440 4,408 7,351 Purchases of property, plant and equipment and intangible assets (315) (242) (232) (222) (305) Free cash flow 1 3,273 (848) 140 (31) 4,365 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 Slide 20 January 20, 2021 Consolidated balance sheets € million Year on Year Assets 2016 2017 2018 2019 2020 Cash & cash equivalents and short-term investments 4,057 3,288 4,034 4,718 7,352 Net accounts receivable and finance receivables 1,145 1,958 2,384 2,773 3,421 Contract assets 149 270 96 231 119 Inventories, net 2,732 2,956 3,440 3,809 4,569 Other assets 1,141 1,219 1,579 1,673 1,753 Tax assets 47 94 316 624 739 Equity method investments — 982 916 833 821 Goodwill 4,874 4,541 4,541 4,541 4,629 Other intangible assets 1,323 1,166 1,104 1,105 1,049 Property, plant and equipment 1,687 1,601 1,589 1,999 2,470 Right-of-use assets — 114 138 324 345 Total assets 17,155 18,189 20,137 22,630 27,267 Liabilities and shareholders' equity Current liabilities 3,076 3,170 3,792 4,694 6,604 Non-current liabilities 4,107 4,243 4,704 5,344 6,798 Shareholders' equity 9,972 10,776 11,641 12,592 13,865 Total liabilities and shareholders' equity 17,155 18,189 20,137 22,630 27,267 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Slide 21 January 20, 2021 Consolidated balance sheets € million Quarter on Quarter Assets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Cash & cash equivalents and short-term investments 4,718 4,112 4,440 4,408 7,352 Net accounts receivable and finance receivables 2,773 2,857 3,286 4,664 3,421 Contract assets 231 292 261 177 119 Inventories, net 3,809 4,345 4,686 4,614 4,569 Other assets 1,673 1,808 1,833 1,734 1,753 Tax assets 624 1,011 846 876 739 Equity method investments 833 865 892 918 821 Goodwill 4,541 4,541 4,541 4,541 4,629 Other intangible assets 1,105 1,083 1,059 1,035 1,049 Property, plant and equipment 1,999 2,047 2,110 2,198 2,470 Right-of-use assets 324 317 354 298 345 Total assets 22,630 23,278 24,306 25,463 27,267 Liabilities and shareholders' equity Current liabilities 4,694 4,677 4,631 4,991 6,604 Non-current liabilities 5,344 6,076 6,976 6,730 6,798 Shareholders' equity 12,592 12,525 12,700 13,742 13,865 Total liabilities and shareholders' equity 22,630 23,278 24,306 25,463 27,267 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Slide 22 January 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 for Q1 2021, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2021, expected growth in net sales in 2021, expected strong Logic demand and continued recovery in Memory, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing dividends, the amount of the final dividend for 2020 and statements with respect to the 2020-2022 share buyback program including the amount of shares intended to be repurchased under the program. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers ’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intel lectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking statements
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) | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||
| Net system sales | 3,130.7 | 3,198.3 | 8,996.2 | 10,316.6 | |||||||||||||||||||||||||
| Net service and field option sales | 905.7 | 1,055.8 | 2,823.8 | 3,661.9 | |||||||||||||||||||||||||
| Total net sales | 4,036.4 | 4,254.1 | 11,820.0 | 13,978.5 | |||||||||||||||||||||||||
| Total cost of sales | (2,096.3) | (2,043.0) | (6,540.2) | (7,181.3) | |||||||||||||||||||||||||
| Gross profit | 1,940.1 | 2,211.1 | 5,279.8 | 6,797.2 | |||||||||||||||||||||||||
| Research and development costs | (516.1) | (555.9) | (1,968.5) | (2,200.8) | |||||||||||||||||||||||||
| Selling, general and administrative costs | (147.6) | (151.5) | (520.5) | (544.9) | |||||||||||||||||||||||||
| Income from operations | 1,276.5 | 1,503.7 | 2,790.8 | 4,051.5 | |||||||||||||||||||||||||
| Interest and other, net | (4.8) | (8.0) | (25.0) | (34.9) | |||||||||||||||||||||||||
| Income before income taxes | 1,271.7 | 1,495.7 | 2,765.8 | 4,016.6 | |||||||||||||||||||||||||
| Income tax expense | (124.5) | (170.2) | (191.7) | (551.5) | |||||||||||||||||||||||||
| Income after income taxes | 1,147.2 | 1,325.5 | 2,574.1 | 3,465.1 | |||||||||||||||||||||||||
| Profit (loss) related to equity method investments | (13.1) | 25.0 | 18.2 | 88.6 | |||||||||||||||||||||||||
| Net income | 1,134.1 | 1,350.5 | 2,592.3 | 3,553.7 | |||||||||||||||||||||||||
| Basic net income per ordinary share | 2.70 | 3.23 | 6.16 | 8.49 | |||||||||||||||||||||||||
| Diluted net income per ordinary share | 2.69 | 3.23 | 6.15 | 8.48 | |||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||
| Basic | 420.1 | 417.5 | 420.8 | 418.3 | |||||||||||||||||||||||||
| Diluted | 421.1 | 418.4 | 421.6 | 419.1 | |||||||||||||||||||||||||
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) | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 48.1 | % | 52.0 | % | 44.7 | % | 48.6 | % | |||||||||||||||||||||
| Income from operations as a percentage of net sales | 31.6 | % | 35.3 | % | 23.6 | % | 29.0 | % | |||||||||||||||||||||
| Net income as a percentage of net sales | 28.1 | % | 31.7 | % | 21.9 | % | 25.4 | % | |||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 9.8 | % | 11.4 | % | 6.9 | % | 13.7 | % | |||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 55.6 | % | 50.8 | % | 55.6 | % | 50.8 | % | |||||||||||||||||||||
Sales of lithography systems (in units) 1 | 76 | 80 | 229 | 258 | |||||||||||||||||||||||||
Value of booked systems (EUR millions) 2 | 2,402 | 4,238 | 11,740 | 11,292 | |||||||||||||||||||||||||
Net bookings lithography systems (in units) 1, 2, 3 | 60 | 123 | 236 | 303 | |||||||||||||||||||||||||
| Number of payroll employees in FTEs | 23,219 | 26,614 | 23,219 | 26,614 | |||||||||||||||||||||||||
| Number of temporary employees in FTEs | 1,681 | 1,459 | 1,681 | 1,459 | |||||||||||||||||||||||||
1 Lithography systems do not include metrology and inspection systems.
2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
3 Our Q3 2019 systems net bookings include 1 DUV system shipped to collaborative Research Center (Imec) in Q3 2019. This system is not recognized in revenue.
ASML - Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Dec 31, | ||||||||||||||||
| (unaudited, in millions €) | 2019 | 2020 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | 3,532.3 | 6,049.4 | |||||||||||||||
| Short-term investments | 1,185.8 | 1,302.2 | |||||||||||||||
| Accounts receivable, net | 1,786.8 | 1,310.3 | |||||||||||||||
| Finance receivables, net | 564.5 | 1,710.5 | |||||||||||||||
| Current tax assets | 178.7 | 67.3 | |||||||||||||||
| Contract assets | 231.0 | 119.2 | |||||||||||||||
| Inventories, net | 3,809.2 | 4,569.4 | |||||||||||||||
| Other assets | 842.8 | 801.7 | |||||||||||||||
| Total current assets | 12,131.1 | 15,930.0 | |||||||||||||||
| Finance receivables, net | 421.1 | 400.5 | |||||||||||||||
| Deferred tax assets | 445.3 | 671.5 | |||||||||||||||
| Other assets | 830.4 | 951.4 | |||||||||||||||
| Equity method investments | 833.0 | 820.7 | |||||||||||||||
| Goodwill | 4,541.1 | 4,629.1 | |||||||||||||||
| Other intangible assets, net | 1,104.4 | 1,049.0 | |||||||||||||||
| Property, plant and equipment, net | 1,999.3 | 2,470.3 | |||||||||||||||
| Right-of-use assets - Operating | 205.4 | 180.1 | |||||||||||||||
| Right-of-use assets - Finance | 118.5 | 164.8 | |||||||||||||||
| Total non-current assets | 10,498.5 | 11,337.4 | |||||||||||||||
| Total assets | 22,629.6 | 27,267.4 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Total current liabilities | 4,694.1 | 6,603.5 | |||||||||||||||
| Long-term debt | 3,108.3 | 4,662.8 | |||||||||||||||
| Deferred and other tax liabilities | 234.4 | 238.3 | |||||||||||||||
| Contract liabilities | 1,759.6 | 1,639.9 | |||||||||||||||
| Accrued and other liabilities | 241.0 | 257.5 | |||||||||||||||
| Total non-current liabilities | 5,343.3 | 6,798.5 | |||||||||||||||
| Total liabilities | 10,037.4 | 13,402.0 | |||||||||||||||
| Total shareholders’ equity | 12,592.2 | 13,865.4 | |||||||||||||||
| Total liabilities and shareholders’ equity | 22,629.6 | 27,267.4 | |||||||||||||||
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 €) | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||
| Net income | 1,134.1 | 1,350.6 | 2,592.3 | 3,553.7 | ||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 122.9 | 125.4 | 448.5 | 490.8 | ||||||||||||||||||||||
| Impairment | — | — | 4.7 | 2.7 | ||||||||||||||||||||||
| Loss on disposal of property, plant and equipment | 0.8 | 0.8 | 3.1 | 2.8 | ||||||||||||||||||||||
| Share-based compensation expense | 29.2 | 6.2 | 74.6 | 53.9 | ||||||||||||||||||||||
| Allowance for obsolete inventory | 54.2 | 77.6 | 221.5 | 192.4 | ||||||||||||||||||||||
| Deferred income taxes | (80.9) | (60.7) | (200.0) | (211.3) | ||||||||||||||||||||||
| Equity method investments | 107.8 | 95.8 | 56.9 | 11.0 | ||||||||||||||||||||||
| Changes in assets and liabilities | 2,220.2 | 3,074.7 | 74.8 | 531.6 | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 3,588.3 | 4,670.4 | 3,276.4 | 4,627.6 | ||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (305.5) | (292.9) | (766.6) | (962.0) | ||||||||||||||||||||||
| Purchase of intangible assets | (9.7) | (12.2) | (119.3) | (38.8) | ||||||||||||||||||||||
| Purchase of short-term investments | (902.4) | (820.8) | (1,291.5) | (1,475.5) | ||||||||||||||||||||||
| Maturity of short-term investments | 200.3 | 394.8 | 1,019.0 | 1,359.1 | ||||||||||||||||||||||
| Loans issued and other investing | 0.9 | (2.2) | 0.9 | (12.2) | ||||||||||||||||||||||
| Acquisition of subsidiaries (net of cash acquired) | — | (222.8) | — | (222.8) | ||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (1,016.4) | (956.1) | (1,157.5) | (1,352.2) | ||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||
| Dividend paid | (441.3) | (501.6) | (1,325.7) | (1,066.4) | ||||||||||||||||||||||
| Purchase of shares | (191.6) | (700.0) | (410.0) | (1,207.5) | ||||||||||||||||||||||
| Net proceeds from issuance of shares | 7.2 | 7.9 | 27.2 | 37.9 | ||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | — | — | 1,486.3 | ||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (0.9) | (0.7) | (3.8) | (3.3) | ||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (626.4) | (1,194.4) | (1,712.3) | (753.0) | ||||||||||||||||||||||
| Net cash flows | 1,945.3 | 2,519.9 | 406.6 | 2,522.4 | ||||||||||||||||||||||
| Effect of changes in exchange rates on cash | 0.9 | (2.0) | 4.6 | (5.3) | ||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 1,946.2 | 2,517.9 | 411.2 | 2,517.1 | ||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 1,586.1 | 3,531.5 | 3,121.1 | 3,532.3 | ||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 3,532.3 | 6,049.4 | 3,532.3 | 6,049.4 | ||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Dec 31, | Mar 29, | Jun 28, | Sep 27, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2019 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||
| Net system sales | 3,130.7 | 1,584.0 | 2,438.6 | 3,095.6 | 3,198.3 | ||||||||||||||||||||||||||||||
| Net service and field option sales | 905.7 | 856.6 | 887.1 | 862.4 | 1,055.8 | ||||||||||||||||||||||||||||||
| Total net sales | 4,036.4 | 2,440.6 | 3,325.7 | 3,958.0 | 4,254.1 | ||||||||||||||||||||||||||||||
| Total cost of sales | (2,096.3) | (1,339.2) | (1,722.5) | (2,076.6) | (2,043.0) | ||||||||||||||||||||||||||||||
| Gross profit | 1,940.1 | 1,101.4 | 1,603.2 | 1,881.4 | 2,211.1 | ||||||||||||||||||||||||||||||
| Research and development costs | (516.1) | (544.0) | (566.9) | (534.0) | (555.9) | ||||||||||||||||||||||||||||||
| Selling, general and administrative costs | (147.6) | (130.7) | (131.2) | (131.5) | (151.5) | ||||||||||||||||||||||||||||||
| Income from operations | 1,276.5 | 426.7 | 905.1 | 1,215.9 | 1,503.7 | ||||||||||||||||||||||||||||||
| Interest and other, net | (4.8) | (11.4) | (7.1) | (8.4) | (8.0) | ||||||||||||||||||||||||||||||
| Income before income taxes | 1,271.7 | 415.3 | 898.0 | 1,207.5 | 1,495.7 | ||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | (124.5) | (48.5) | (166.4) | (166.5) | (170.2) | ||||||||||||||||||||||||||||||
| Income after income taxes | 1,147.2 | 366.8 | 731.6 | 1,041.0 | 1,325.5 | ||||||||||||||||||||||||||||||
| Profit (loss) related to equity method investments | (13.1) | 23.8 | 19.4 | 20.5 | 25.0 | ||||||||||||||||||||||||||||||
| Net income | 1,134.1 | 390.6 | 751.0 | 1,061.5 | 1,350.5 | ||||||||||||||||||||||||||||||
| Basic net income per ordinary share | 2.70 | 0.93 | 1.79 | 2.54 | 3.23 | ||||||||||||||||||||||||||||||
| Diluted net income per ordinary share | 2.69 | 0.93 | 1.79 | 2.53 | 3.23 | ||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||||||||
| Basic | 420.1 | 419.0 | 418.4 | 418.4 | 417.5 | ||||||||||||||||||||||||||||||
| Diluted | 421.1 | 419.7 | 419.0 | 419.2 | 418.4 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary Ratios and other data
| Dec 31, | Mar 29, | Jun 28, | Sep 27, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2019 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 48.1 | % | 45.1 | % | 48.2 | % | 47.5 | % | 52.0 | % | |||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 31.6 | % | 17.5 | % | 27.2 | % | 30.7 | % | 35.3 | % | |||||||||||||||||||||||||
| Net income as a percentage of net sales | 28.1 | % | 16.0 | % | 22.6 | % | 26.8 | % | 31.7 | % | |||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 9.8 | % | 11.7 | % | 18.5 | % | 13.8 | % | 11.4 | % | |||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 55.6 | % | 53.8 | % | 52.2 | % | 54.0 | % | 50.8 | % | |||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 76 | 57 | 61 | 60 | 80 | ||||||||||||||||||||||||||||||
Value of booked systems (EUR millions) 2 | 2,402 | 3,085 | 1,101 | 2,868 | 4,238 | ||||||||||||||||||||||||||||||
Net bookings lithography systems (in units) 1, 2 | 60 | 73 | 34 | 73 | 123 | ||||||||||||||||||||||||||||||
| Number of payroll employees in FTEs | 23,219 | 23,860 | 24,330 | 24,749 | 26,614 | ||||||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 1,681 | 1,467 | 1,482 | 1,451 | 1,459 | ||||||||||||||||||||||||||||||
1 Lithography systems do not include metrology and inspection systems.
2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Mar 29, | Jun 28, | Sep 27, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2019 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 3,532.3 | 2,723.7 | 3,499.1 | 3,531.5 | 6,049.4 | ||||||||||||||||||||||||||||||
| Short-term investments | 1,185.8 | 1,388.1 | 941.2 | 876.3 | 1,302.2 | ||||||||||||||||||||||||||||||
| Accounts receivable, net | 1,786.8 | 1,767.4 | 1,770.0 | 2,458.8 | 1,310.3 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 564.5 | 748.7 | 1,071.5 | 1,855.4 | 1,710.5 | ||||||||||||||||||||||||||||||
| Current tax assets | 178.7 | 529.0 | 360.8 | 265.6 | 67.3 | ||||||||||||||||||||||||||||||
| Contract assets | 231.0 | 292.1 | 260.9 | 176.8 | 119.2 | ||||||||||||||||||||||||||||||
| Inventories, net | 3,809.2 | 4,345.3 | 4,685.6 | 4,613.7 | 4,569.4 | ||||||||||||||||||||||||||||||
| Other assets | 842.8 | 905.8 | 903.5 | 772.7 | 801.7 | ||||||||||||||||||||||||||||||
| Total current assets | 12,131.1 | 12,700.1 | 13,492.6 | 14,550.8 | 15,930.0 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 421.1 | 340.8 | 444.0 | 349.6 | 400.5 | ||||||||||||||||||||||||||||||
| Deferred tax assets | 445.3 | 482.3 | 485.3 | 610.7 | 671.5 | ||||||||||||||||||||||||||||||
| Other assets | 830.4 | 902.3 | 929.7 | 961.5 | 951.4 | ||||||||||||||||||||||||||||||
| Equity method investments | 833.0 | 865.1 | 891.6 | 918.0 | 820.7 | ||||||||||||||||||||||||||||||
| Goodwill | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | 4,629.1 | ||||||||||||||||||||||||||||||
| Other intangible assets, net | 1,104.4 | 1,082.5 | 1,058.3 | 1,035.4 | 1,049.0 | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | 1,999.3 | 2,046.9 | 2,109.6 | 2,198.3 | 2,470.3 | ||||||||||||||||||||||||||||||
| Right-of-use assets - Operating | 205.4 | 197.1 | 193.0 | 180.1 | 180.1 | ||||||||||||||||||||||||||||||
| Right-of-use assets - Finance | 118.5 | 119.4 | 160.9 | 117.9 | 164.8 | ||||||||||||||||||||||||||||||
| Total non-current assets | 10,498.5 | 10,577.5 | 10,813.5 | 10,912.6 | 11,337.4 | ||||||||||||||||||||||||||||||
| Total assets | 22,629.6 | 23,277.6 | 24,306.1 | 25,463.4 | 27,267.4 | ||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Total current liabilities | 4,694.1 | 4,677.4 | 4,631.3 | 4,990.9 | 6,603.5 | ||||||||||||||||||||||||||||||
| Long-term debt | 3,108.3 | 3,868.2 | 4,625.0 | 4,626.7 | 4,662.8 | ||||||||||||||||||||||||||||||
| Deferred and other tax liabilities | 234.4 | 262.7 | 191.3 | 209.1 | 238.3 | ||||||||||||||||||||||||||||||
| Contract liabilities | 1,759.6 | 1,702.6 | 1,918.1 | 1,652.8 | 1,639.9 | ||||||||||||||||||||||||||||||
| Accrued and other liabilities | 241.0 | 241.5 | 240.6 | 241.4 | 257.5 | ||||||||||||||||||||||||||||||
| Total non-current liabilities | 5,343.3 | 6,075.0 | 6,975.0 | 6,730.0 | 6,798.5 | ||||||||||||||||||||||||||||||
| Total liabilities | 10,037.4 | 10,752.4 | 11,606.3 | 11,720.9 | 13,402.0 | ||||||||||||||||||||||||||||||
| Total shareholders’ equity | 12,592.2 | 12,525.2 | 12,699.8 | 13,742.5 | 13,865.4 | ||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | 22,629.6 | 23,277.6 | 24,306.1 | 25,463.4 | 27,267.4 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Dec 31, | Mar 29, | Jun 28, | Sep 27, | Dec 31, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2019 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Net income | 1,134.1 | 390.6 | 751.0 | 1,061.5 | 1,350.6 | ||||||||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 122.9 | 118.3 | 125.1 | 122.0 | 125.4 | ||||||||||||||||||||||||||||||
| Impairment | — | 2.7 | — | — | — | ||||||||||||||||||||||||||||||
| Loss on disposal of property, plant and equipment | 0.8 | 1.0 | 0.2 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
| Share-based compensation expense | 29.2 | 14.9 | 10.3 | 22.5 | 6.2 | ||||||||||||||||||||||||||||||
| Allowance for obsolete inventory | 54.2 | 39.3 | 39.2 | 36.3 | 77.6 | ||||||||||||||||||||||||||||||
| Deferred income taxes | (80.9) | (24.6) | (15.4) | (110.6) | (60.7) | ||||||||||||||||||||||||||||||
| Equity method investments | 107.8 | (32.3) | (26.4) | (26.1) | 95.8 | ||||||||||||||||||||||||||||||
| Changes in assets and liabilities | 2,220.2 | (1,115.7) | (512.1) | (915.3) | 3,074.7 | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 3,588.3 | (605.8) | 371.9 | 191.1 | 4,670.4 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (305.5) | (231.5) | (225.1) | (212.5) | (292.9) | ||||||||||||||||||||||||||||||
| Purchase of intangible assets | (9.7) | (10.8) | (6.7) | (9.1) | (12.2) | ||||||||||||||||||||||||||||||
| Purchase of short-term investments | (902.4) | (310.5) | (0.5) | (343.7) | (820.8) | ||||||||||||||||||||||||||||||
| Maturity of short-term investments | 200.3 | 108.2 | 447.4 | 408.7 | 394.8 | ||||||||||||||||||||||||||||||
| Loans issued and other investing | 0.9 | 0.3 | (0.3) | (10.0) | (2.2) | ||||||||||||||||||||||||||||||
| Acquisition of subsidiaries (net of cash acquired) | — | — | — | — | (222.8) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (1,016.4) | (444.3) | 214.8 | (166.6) | (956.1) | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Dividend paid | (441.3) | — | (564.8) | — | (501.6) | ||||||||||||||||||||||||||||||
| Purchase of shares | (191.6) | (507.5) | — | — | (700.0) | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of shares | 7.2 | 8.6 | 11.0 | 10.4 | 7.9 | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | 739.8 | 746.5 | — | — | ||||||||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (0.9) | (0.9) | (0.8) | (0.9) | (0.7) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (626.4) | 240.0 | 191.9 | 9.5 | (1,194.4) | ||||||||||||||||||||||||||||||
| Net cash flows | 1,945.3 | (810.1) | 778.6 | 34.0 | 2,519.9 | ||||||||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | 0.9 | 1.5 | (3.2) | (1.6) | (2.0) | ||||||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 1,946.2 | (808.6) | 775.4 | 32.4 | 2,517.9 | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 1,586.1 | 3,532.3 | 2,723.7 | 3,499.1 | 3,531.5 | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 3,532.3 | 2,723.7 | 3,499.1 | 3,531.5 | 6,049.4 | ||||||||||||||||||||||||||||||
Notes to the Summary US GAAP Consolidated Financial Statements
Basis of preparation
The accompanying unaudited Summary Consolidated Financial Statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our annual disclosure requirements under US GAAP, including our significant accounting policies, these interim unaudited Summary Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included within our 2019 Integrated Report based on US GAAP, which is available on www.asml.com.
Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q1 2021, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2021, expected growth in net sales in 2021, expected strong Logic demand and continued recovery in Memory, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing dividends, the amount of the final dividend for 2020 and statements with respect to the 2020-2022 share buyback program including the amount of shares intended to be repurchased under the program. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates; available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.