Asml Holding NV 6-K, filed Jan 22, 2020
Asml Holding NV (ASML)
6-K
2020-01-22
For: 2019-12-31
View Original
Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on January 22, 2020.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
______________________
FORM 6-K
REPORT OF A FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For January 22, 2020
______________________
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
EXHIBITS 99.1 AND 99.3 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-116337), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-126340), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-136362), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-141125), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-142254), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-144356), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147128), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-153277), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-162439), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-170034), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-188938), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-190023), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-192951), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-203390), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-219442) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-227464) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits 
99.1 | “ASML reports €11.8 billion sales and €2.6 billion net income in 2019. Strong EUV demand and Installed Base business support expected growth in 2020. ASML announces a three-year share buyback program up to €6 billion and proposes 14% annualized dividend increase", press release dated January 22, 2020 |
99.2 | “ASML reports €11.8 billion sales and €2.6 billion net income in 2019. Strong EUV demand and Installed Base business support expected growth in 2020. ASML announces a three-year share buyback program up to €6 billion and proposes 14% annualized dividend increase", presentation dated January 22, 2020 |
99.3 | Summary US GAAP Consolidated Financial Statements |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ASML HOLDING N.V. (Registrant)
Date: January 22, 2020 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Chief Executive Officer
Exhibit 99.1
ASML reports €11.8 billion sales and €2.6 billion net income in 2019
Strong EUV demand and Installed Base business support expected growth in 2020
ASML announces a three-year share buyback program up to €6 billion and proposes 14% annualized dividend increase
VELDHOVEN, the Netherlands, January 22, 2020 - today ASML Holding N.V. (ASML) publishes its 2019 fourth-quarter and full-year results.
• | Q4 net sales of €4.0 billion, net income of €1.1 billion, gross margin of 48.1% |
• | Q4 net bookings of €2.4 billion |
• | 2019 net sales of €11.8 billion, net income of €2.6 billion |
• | ASML expects Q1 2020 net sales of between €3.1 billion and €3.3 billion and a gross margin between 46% and 47% |
• | Announces a three-year share buyback program up to €6 billion (2020-2022) |
• | Proposes a dividend over 2019 of €2.40 per share (14% increase), leading to a final dividend payment over 2019 of €1.35 |
(Figures in millions of euros unless otherwise indicated) | Q3 2019 | Q4 2019 | FY 2018 | FY 2019 | ||
Net sales | 2,987 | 4,036 | 10,944 | 11,820 | ||
...of which Installed Base Management sales 1 | 661 | 906 | 2,685 | 2,824 | ||
New lithography systems sold (units) | 52 | 67 | 207 | 203 | ||
Used lithography systems sold (units) | 5 | 9 | 17 | 26 | ||
Net bookings 2 | 5,111 | 2,402 | 8,181 | 11,740 | ||
Gross profit | 1,307 | 1,940 | 5,029 | 5,280 | ||
Gross margin (%) | 43.7 | 48.1 | 46.0 | 44.7 | ||
Net income | 627 | 1,134 | 2,592 | 2,592 | ||
EPS (basic; in euros) | 1.49 | 2.70 | 6.10 | 6.16 | ||
End-quarter cash and cash equivalents and short-term investments | 2,070 | 4,718 | 4,034 | 4,718 | ||
(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). 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.
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 €4.0 billion, bringing the total net sales for the year to €11.8 billion. We shipped eight EUV systems in the fourth quarter and we received orders for nine EUV systems. For ASML, 2019 was another growth year, mainly due to strong Logic demand for both DUV and EUV. We recorded an order intake for EUV of €6.2 billion during the year and saw the adoption of EUV in high-volume manufacturing.
"We expect that 2020 will be another growth year, both in sales and in profitability, driven by EUV demand and our Installed Base business. The Logic market is expected to remain strong in 2020, due to investments in 5G and high-performance compute applications. In the Memory market, our customers are starting to see the first signs of recovery," said ASML President and Chief Executive Officer Peter Wennink.
For the first quarter of 2020, ASML expects net sales of between €3.1 billion and €3.3 billion, and a gross margin between 46% and 47%. ASML also expects R&D costs of around €550 million and SG&A costs of around €140 million. Our expected effective annualized tax rate is around 13% for 2020.
1
Final dividend proposal and new share buyback program
Supported by its long-term business plan, ASML will submit a proposal at the 2020 Annual General Meeting of Shareholders (AGM) to declare a total dividend for 2019 of €2.40 per ordinary share. Recognizing the interim dividend of €1.05 paid in November 2019, this leads to a final dividend of €1.35 to be paid in the second quarter. This is a 14% increase compared to the 2018 dividend.
The total amount repurchased under the share buyback 2018–2019 program, which was closed in December 2019, was €1.6 billion, for which ASML purchased 9.0 million shares. The share buyback program of 2018–2019 was not completed for the full amount.
As part of ASML's financial policy to return excess cash to its shareholders through growing annualized dividends and regularly-timed share buybacks, ASML also announces 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. This share buyback program will start on January 23, 2020.
The share buyback program will be executed within the limitations of the existing authority granted by the AGM on April 24, 2019 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 |
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 CEO Peter Wennink discusses the 2019 Q4 and full-year results and outlook for 2020. This can be viewed on www.asml.com.
CEO Peter Wennink and CFO Roger Dassen will host a press conference in Veldhoven on January 22, 2020, 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 22, 2020 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found in our website.
About ASML
ASML is one of the world’s leading manufacturers of chip-making equipment. Our vision is a world in which semiconductor technology is everywhere and helps to tackle society’s toughest challenges. We contribute to this goal by creating products and services that let chipmakers define the patterns that integrated circuits are made of. We continuously raise the capabilities of our products, enabling our customers to increase the value and reduce the cost of chips. By helping to make chips cheaper and more powerful, we help to make semiconductor technology more attractive for a larger range of products and services, which in turn enables progress in fields such as healthcare, energy, mobility and entertainment. ASML is a multinational company with offices in more than 60 cities in 16 countries, headquartered in Veldhoven, the Netherlands. We employ more than 24,900 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.
2
US GAAP Financial Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.
The consolidated balance sheets of ASML Holding N.V. as of December 31, 2019, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and twelve months ended December 31, 2019 as presented in this press release are unaudited.
2019 Annual Reports
ASML will publish its 2019 Integrated Report based on US GAAP and its 2019 Integrated Report based on IFRS on February 12, 2020. 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.
3
Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, outlook, bookings, financial results and effective tax rate, annual revenue opportunity in 2020 and through 2025 and long term growth opportunity including the expectation that 2020 will be a growth year, expected trends in end markets, products and segments, including memory and logic, expected industry and business environment trends, the expected continuation of Moore’s law and the expectation that EUV will continue to enable Moore’s law and drive long term value for ASML and statements with respect to plans regarding dividends and share buybacks, including the dividend proposal in respect of 2019, the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing annualized dividends and the new share buyback 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 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; changes in exchange and tax rates; available liquidity, 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.
4
Public Exhibit 99.2 ASML reports €11.8 billion net sales and €2.6 billion net income in 2019 Strong EUV demand and Installed Base business support expected growth in 2020 ASML announces a three-year share buyback program up to €6 billion and proposes 14% annualized dividend increase ASML 2019 Fourth-Quarter and Full-Year Results Veldhoven, the Netherlands January 22, 2020
Public Slide 2 January 22, 2020 Agenda • Investor key messages • Business summary • Outlook • Financial statements
Public Slide 3 January 22, 2020 Investor key messages
Public Investor key messages Slide 4 January 22, 2020 • Long term growth opportunity remains, driven by end markets growth enabled by major innovation in semiconductors • Shrink is a key industry driver supporting innovation and providing long term industry growth • Holistic Lithography enables affordable shrink and therefore delivers compelling value for our customers • DUV, EUV and Application products are highly differentiated solutions that provide unique value drivers for our customers and ASML • EUV will enable continuation of Moore’s Law and will drive long term value for ASML well into this decade • In November 2018 ASML modeled an annual revenue opportunity of €13 billion in 2020 under a moderate market scenario and an annual revenue opportunity between €15 – 24 billion through 2025 • We expect to continue to return significant amounts of cash to our shareholders through a combination of share buybacks and growing annualized dividends
Public Slide 5 January 22, 2020 Business summary
Public 2019 - Highlights Slide 6 January 22, 2020 • Despite an overall industry decline, ASML delivered a sales growth of 8%, reflecting our customers' desire to invest in future technology: ◦ Net sales grew to a record €11.8 billion at 44.7% gross margin ◦ Net income at €2.6 billion resulted in an EPS of €6.16 • EUV lithography: ◦ Shipped 26 systems, including 9 NXE:3400C ◦ Adoption in Logic is accelerating and starting in Memory ◦ High-NA preparation progressing at both ASML and suppliers • DUV lithography: our DUV business remained solid despite a weak memory market • Applications: shipped around 50% more YieldStar systems, driven by leading edge Logic • Capital return: returned more than €1.7 billion through dividends and share buybacks, including €441 million in interim dividend for 2019
Public Investing for our long-term growth opportunities Slide 7 Infrastructure, including High-NA @ Zeiss SMT January 22, 2020 HQ: High-NA manufacturing facilities* HQ: Logistic center and offices* Wilton: Manufacturing facilities* Zeiss SMT: High-NA optics metrology vessels * Artist impression
Public Q4 results summary Slide 8 January 22, 2020 • Net sales of €4,036 million, net systems sales of €3,130 million, Installed Base Management* sales of €906 million • Gross margin of 48.1% • Operating margin of 31.6% • Net income as a percentage of net sales of 28.1% • Net bookings of €2,402 million, including €1,068 million of EUV systems (9) * Installed Base Management equals our service and field upgrades sales
Public Net system sales breakdown (Quarterly) Slide 9 January 22, 2020 Q4’19 total sales €3,130 million Q3’19 total sales €2,326 million
Public Net system sales breakdown (Yearly) Slide 10 January 22, 2020 2019 total value €8,996 million 2018 total value €8,259 million
Public Total net sales € million by End-use Slide 11 January 22, 2020 Installed Base Management Logic Memory As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers 2015 - 2017 presented above have not been adjusted to reflect these changes in accounting policy.
Public Litho systems bookings activity by End-use Slide 12 January 22, 2020 Lithography systems Q4’19 total value New Used €2,402 million Units 57 3 Lithography systems New Used Q3’19 total value Units 78 3 €5,111 million Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). Our Q3 2019 systems net bookings include 1 DUV system shipped in Q3 2019 to collaborative Research Center (Imec). This system is not recognized in revenue.
Public Capital return to shareholders Slide 13 January 22, 2020 • Paid total dividends of €1.3 billion, including FY2018 final dividend and FY2019 interim dividend, and purchased €410 million worth of shares in 2019 • Proposal at the 2020 Annual General Meeting of Shareholders (AGM) to declare a total dividend for 2019 of €2.40 per ordinary share. Recognizing the interim dividend of €1.05 paid in November 2019, this leads to a final dividend of €1.35 to be paid in the second quarter. This is a 14% percent increase compared to the 2018 dividend • Announce 3 year share buyback program for 2020-2022 of up to €6 billion: up to 0.4 million shares for employee share plans and the remainder for cancellation Dividend proposed Dividend paid Dividend paid Share buyback interim + proposed The dividend for a year is paid in the subsequent year, except interim Capital return is cumulative share buyback + dividend
Public Slide 14 January 22, 2020 Outlook
Public Q1 Outlook Slide 15 January 22, 2020 • Q1 2020 net sales between €3.1 billion and €3.3 billion, including ◦ Installed Base Management sales of around €950 million • Gross margin between 46% and 47% • R&D costs of around €550 million • SG&A costs of around €140 million • Estimated annualized effective tax rate of around 13% for 2020
Public Slide 16 January 22, 2020 Financial statements
Public Consolidated statements of operations € million Slide 17 Year on Year January 22, 2020 20151 2016 2017 2018 2019 Net sales 6,287 6,875 8,963 10,944 11,820 Gross profit 2,896 3,145 4,020 5,029 5,280 Gross margin % 46.1 45.7 44.9 46.0 44.7 Other income 2 83 94 96 — — R&D costs (1,068) (1,106) (1,260) (1,576) (1,968) SG&A costs (346) (375) (417) (488) (521) Income from operations 1,565 1,758 2,440 2,965 2,791 Operating income as a % of net sales 24.9 25.6 27.2 27.1 23.6 Net income 1,387 1,558 2,067 2,592 2,592 Net income as a % of net sales 22.1 22.7 23.1 23.7 21.9 Earnings per share (basic) € 3.22 3.66 4.81 6.10 6.16 Earnings per share (diluted) € 3.21 3.64 4.79 6.08 6.15 Lithography systems sold (units) 3 169 154 197 224 229 Net booking value 4 4,639 5,396 9,358 8,181 11,740 1 As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers of 2015 have not been adjusted to reflect these changes in accounting policy. The comparative numbers for our systems net booking values have not been adjusted. 2 Customer Co-Investment Program (CCIP). 3 Lithography systems do not include metrology and inspection systems. 4 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 Consolidated statements of operations € million Slide 18 Quarter on Quarter January 22, 2020 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Net sales 3,143 2,229 2,568 2,987 4,036 Gross profit 1,393 928 1,105 1,307 1,940 Gross margin % 44.3 41.6 43.0 43.7 48.1 R&D costs (442) (473) (487) (493) (516) SG&A costs (135) (121) (123) (129) (148) Income from operations 816 334 495 685 1,277 Operating income as a % of net sales 26.0 15.0 19.2 23.0 31.6 Net income 788 355 476 627 1,134 Net income as a % of net sales 25.1 15.9 18.5 21.0 28.1 Earnings per share (basic) € 1.87 0.84 1.13 1.49 2.70 Earnings per share (diluted) € 1.86 0.84 1.13 1.49 2.69 Lithography systems sold (units) 1 64 48 48 57 76 Net booking value 2 1,587 1,399 2,828 5,111 2,402 1 Lithography systems do not include metrology and inspection systems. 2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). Our Q3 2019 systems net bookings include 1 DUV system shipped in Q3 2019, shipped to collaborative Research Center (Imec). This system is not recognized in revenue These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Consolidated statements of cash flows € million Slide 19 Year on Year January 22, 2020 20151 2016 2017 2018 2019 Cash and cash equivalents, beginning of period 2,420 2,459 2,907 2,259 3,121 Net cash provided by (used in) operating activities 2,026 1,666 1,818 3,073 3,276 Net cash provided by (used in) investing activities (1,160) (3,188) (1,229) (492) (1,158) Net cash provided by (used in) financing activities (834) 1,964 (1,209) (1,724) (1,712) Effect of changes in exchange rates on cash 7 7 (28) 5 5 Net increase (decrease) in cash and cash equivalents 39 448 (648) 862 411 Cash and cash equivalents, end of period 2,459 2,907 2,259 3,121 3,532 Short-term investments 950 1,150 1,029 913 1,186 Cash and cash equivalents and short-term investments 3,409 4,057 3,288 4,034 4,718 Purchases of property, plant and equipment and intangible assets (373) (325) (358) (610) (886) Free cash flow 2 1,653 1,341 1,460 2,463 2,391 1 As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers of 2015 have not been adjusted to reflect these changes in accounting policy. 2 Free cash flow, which is a non-GAAP measure, is defined as net cash provided by (used in) operating activities minus investments in Capex (Purchase of Property, plant and equipment and intangibles), see US GAAP Consolidated Financial Statements. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Consolidated statements of cash flows € million Slide 20 Quarter on Quarter January 22, 2020 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Cash and cash equivalents, beginning of period 2,203 3,121 2,253 1,661 1,586 Net cash provided by (used in) operating activities 1,646 (481) 100 69 3,588 Net cash provided by (used in) investing activities (383) (342) 208 (7) (1,017) Net cash provided by (used in) financing activities (353) (48) (896) (142) (626) Effect of changes in exchange rates on cash 8 3 (4) 5 1 Net increase (decrease) in cash and cash equivalents 918 (868) (592) (75) 1,946 Cash and cash equivalents, end of period 3,121 2,253 1,661 1,586 3,532 Short-term investments 913 1,022 673 484 1,186 Cash and cash equivalents and short-term investments 4,034 3,275 2,335 2,070 4,718 Purchases of property, plant and equipment and intangible assets (205) (234) (140) (197) (315) Free cash flow 1 1,442 (714) (41) (128) 3,273 1 Free cash flow, which is a non-GAAP measure, is defined as net cash provided by (used in) operating activities minus purchases of Property, plant and equipment and intangible assets), see US GAAP Consolidated Financial Statements. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Consolidated Balance sheets € million Slide 21 Year on Year January 22, 2020 Assets 20151 2016 2017 2018 2019 Cash & cash equivalents and short-term investments 3,409 4,057 3,288 4,034 4,718 Net accounts receivable and finance receivables 1,208 1,145 1,958 2,384 2,773 Contract assets — 149 270 96 231 Inventories, net 2,574 2,732 2,956 3,440 3,809 Other assets 940 1,141 1,219 1,579 1,673 Tax assets 181 47 94 316 624 Equity method investments — — 982 916 833 Goodwill 2,624 4,874 4,541 4,541 4,541 Other intangible assets 738 1,323 1,166 1,104 1,105 Property, plant and equipment 1,621 1,687 1,601 1,589 1,999 Right-of-use assets — — 114 138 324 Total assets 13,295 17,155 18,189 20,137 22,630 Liabilities and shareholders' equity Current liabilities 3,107 3,076 3,170 3,792 4,694 Non-current liabilities 1,799 4,107 4,243 4,704 5,344 Shareholders' equity 8,389 9,972 10,776 11,641 12,592 Total liabilities and shareholders' equity 13,295 17,155 18,189 20,137 22,630 1 As of January 1, 2018, ASML has adopted the new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC 842). The comparative numbers of 2015 have not been adjusted to reflect these changes in accounting policy. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Consolidated balance sheets € million Slide 22 Quarter on Quarter January 22, 2020 Assets Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Cash & cash equivalents and short-term investments 4,034 3,275 2,335 2,070 4,718 Net accounts receivable and finance receivables 2,384 2,523 2,664 3,274 2,773 Contract assets 96 104 190 288 231 Inventories, net 3,440 3,765 3,914 3,895 3,809 Other assets 1,579 1,637 1,771 1,767 1,673 Tax assets 316 654 647 649 624 Equity method investments 916 934 950 969 833 Goodwill 4,541 4,541 4,541 4,541 4,541 Other intangible assets 1,104 1,158 1,141 1,123 1,105 Property, plant and equipment 1,589 1,622 1,670 1,818 1,999 Right-of-use assets 138 148 211 305 324 Total assets 20,137 20,361 20,034 20,699 22,630 Liabilities and shareholders' equity Current liabilities 3,792 3,721 3,693 3,712 4,694 Non-current liabilities 4,704 4,674 4,796 4,916 5,344 Shareholders' equity 11,641 11,966 11,545 12,071 12,592 Total liabilities and shareholders' equity 20,137 20,361 20,034 20,699 22,630 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Public Forward looking statements Slide 23 January 22, 2020 This document contains statements that are forward-looking, including statements with respect to expected trends, outlook, bookings, financial results and effective tax rate, annual revenue opportunity in 2020 and through 2025 and long term growth opportunity including the expectation that 2020 will be a growth year, expected trends in end markets, products and segments, including memory and logic, expected industry and business environment trends, the expected continuation of Moore’s law and the expectation that EUV will continue to enable Moore’s law and drive long term value for ASML and statements with respect to plans regarding dividends and share buybacks, including the dividend proposal in respect of 2019, the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing annualized dividends and the new share buyback 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 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; changes in exchange and tax rates; available liquidity, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Exhibit 99.3
ASML - Summary US GAAP Consolidated Statements of Operations 1,2
Three months ended, | Twelve months ended, | ||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||
(in millions EUR, except per share data) | |||||||||||||
Net system sales | 2,424.3 | 3,130.7 | 8,259.1 | 8,996.2 | |||||||||
Net service and field option sales | 718.2 | 905.7 | 2,684.9 | 2,823.8 | |||||||||
Total net sales | 3,142.5 | 4,036.4 | 10,944.0 | 11,820.0 | |||||||||
Total cost of sales | (1,749.6 | ) | (2,096.3 | ) | (5,914.8 | ) | (6,540.2 | ) | |||||
Gross profit | 1,392.9 | 1,940.1 | 5,029.2 | 5,279.8 | |||||||||
Research and development costs | (442.4 | ) | (516.1 | ) | (1,575.9 | ) | (1,968.5 | ) | |||||
Selling, general and administrative costs | (134.6 | ) | (147.6 | ) | (488.0 | ) | (520.5 | ) | |||||
Income from operations | 815.9 | 1,276.5 | 2,965.3 | 2,790.8 | |||||||||
Interest and other, net | (7.5 | ) | (4.8 | ) | (28.3 | ) | (25.0 | ) | |||||
Income before income taxes | 808.4 | 1,271.7 | 2,937.0 | 2,765.8 | |||||||||
Benefit from (provision for) income taxes | (40.1 | ) | (124.5 | ) | (351.6 | ) | (191.7 | ) | |||||
Income after income taxes | 768.3 | 1,147.2 | 2,585.4 | 2,574.1 | |||||||||
Profit (loss) related to equity method investments | 19.2 | (13.1 | ) | 6.2 | 18.2 | ||||||||
Net income | 787.5 | 1,134.1 | 2,591.6 | 2,592.3 | |||||||||
Basic net income per ordinary share | 1.87 | 2.70 | 6.10 | 6.16 | |||||||||
Diluted net income per ordinary share 3 | 1.86 | 2.69 | 6.08 | 6.15 | |||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||
Basic | 422.2 | 420.1 | 424.9 | 420.8 | |||||||||
Diluted 3 | 423.6 | 421.1 | 426.4 | 421.6 | |||||||||
ASML - Ratios and Other Data 1,2
Three months ended, | Twelve months ended, | ||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||
(in millions EUR, except otherwise indicated) | |||||||||||||
Gross profit as a percentage of net sales | 44.3 | % | 48.1 | % | 46.0 | % | 44.7 | % | |||||
Income from operations as a percentage of net sales | 26.0 | % | 31.6 | % | 27.1 | % | 23.6 | % | |||||
Net income as a percentage of net sales | 25.1 | % | 28.1 | % | 23.7 | % | 21.9 | % | |||||
Income taxes as a percentage of income before income taxes | 5.0 | % | 9.8 | % | 12.0 | % | 6.9 | % | |||||
Shareholders’ equity as a percentage of total assets | 57.8 | % | 55.6 | % | 57.8 | % | 55.6 | % | |||||
Sales of lithography systems (in units) 4 | 64 | 76 | 224 | 229 | |||||||||
Value of booked systems (EUR millions) 5 | 1,587 | 2,402 | 8,181 | 11,740 | |||||||||
Net bookings lithography systems (in units) 4, 5, 6 | 53 | 60 | 241 | 236 | |||||||||
Number of payroll employees in FTEs | 20,044 | 23,219 | 20,044 | 23,219 | |||||||||
Number of temporary employees in FTEs | 3,203 | 1,681 | 3,203 | 1,681 | |||||||||
ASML - Summary US GAAP Consolidated Balance Sheets 1,2
Dec 31, | Dec 31, | |||||
2018 | 2019 | |||||
(in millions EUR) | ||||||
ASSETS | ||||||
Cash and cash equivalents | 3,121.1 | 3,532.3 | ||||
Short-term investments | 913.3 | 1,185.8 | ||||
Accounts receivable, net | 1,498.2 | 1,786.8 | ||||
Finance receivables, net | 611.1 | 564.5 | ||||
Current tax assets | 79.7 | 178.7 | ||||
Contract assets | 95.9 | 231.0 | ||||
Inventories, net | 3,439.5 | 3,809.2 | ||||
Other assets | 772.6 | 842.8 | ||||
Total current assets | 10,531.4 | 12,131.1 | ||||
Finance receivables, net | 275.1 | 421.1 | ||||
Deferred tax assets | 236.3 | 445.3 | ||||
Other assets | 806.1 | 830.4 | ||||
Equity method investments | 915.8 | 833.0 | ||||
Goodwill | 4,541.1 | 4,541.1 | ||||
Other intangible assets, net | 1,104.0 | 1,104.4 | ||||
Property, plant and equipment, net | 1,589.5 | 1,999.3 | ||||
Right-of-use assets - Operating | 137.6 | 205.4 | ||||
Right-of-use assets - Finance | — | 118.5 | ||||
Total non-current assets | 9,605.5 | 10,498.5 | ||||
Total assets | 20,136.9 | 22,629.6 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Total current liabilities | 3,791.9 | 4,694.1 | ||||
Long-term debt | 3,026.5 | 3,108.3 | ||||
Deferred and other tax liabilities | 251.2 | 234.4 | ||||
Contract liabilities | 1,224.6 | 1,759.6 | ||||
Accrued and other liabilities | 201.7 | 241.0 | ||||
Total non-current liabilities | 4,704.0 | 5,343.3 | ||||
Total liabilities | 8,495.9 | 10,037.4 | ||||
Total shareholders’ equity | 11,641.0 | 12,592.2 | ||||
Total liabilities and shareholders’ equity | 20,136.9 | 22,629.6 | ||||
ASML - Summary US GAAP Consolidated Statements of Cash Flows 1,2
Three months ended, | Twelve months ended, | |||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | |||||||||
2018 | 2019 | 2018 | 2019 | |||||||||
(in millions EUR) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | 787.5 | 1,134.1 | 2,591.6 | 2,592.3 | ||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||
Depreciation and amortization | 110.4 | 122.9 | 422.7 | 448.5 | ||||||||
Impairment | 9.6 | — | 15.4 | 4.7 | ||||||||
Loss on disposal of property, plant and equipment | 0.1 | 0.8 | 3.6 | 3.1 | ||||||||
Share-based payments | 8.3 | 29.2 | 46.3 | 74.6 | ||||||||
Allowance for obsolete inventory | 72.0 | 54.2 | 218.2 | 221.5 | ||||||||
Deferred income taxes | (236.9 | ) | (80.9 | ) | (238.5 | ) | (200.0 | ) | ||||
Equity method investments | 64.6 | 107.8 | 61.6 | 56.9 | ||||||||
Changes in assets and liabilities | 830.8 | 2,220.2 | (48.2 | ) | 74.8 | |||||||
Net cash provided by (used in) operating activities | 1,646.4 | 3,588.3 | 3,072.7 | 3,276.4 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Purchase of property, plant and equipment | (190.1 | ) | (305.5 | ) | (574.0 | ) | (766.6 | ) | ||||
Purchase of intangible assets | (14.4 | ) | (9.7 | ) | (35.5 | ) | (119.3 | ) | ||||
Purchase of short-term investments | (519.5 | ) | (902.4 | ) | (918.1 | ) | (1,291.5 | ) | ||||
Maturity of short-term investments | 350.4 | 200.3 | 1,034.1 | 1,019.0 | ||||||||
Cash from (used for) derivative financial instruments | (9.3 | ) | — | (2.4 | ) | — | ||||||
Loans issued and other investments | (0.1 | ) | — | (1.0 | ) | — | ||||||
Repayment on loans | — | 0.9 | 5.4 | 0.9 | ||||||||
Net cash provided by (used in) investing activities | (383.0 | ) | (1,016.4 | ) | (491.5 | ) | (1,157.5 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Dividend paid | — | (441.3 | ) | (597.1 | ) | (1,325.7 | ) | |||||
Purchase of shares | (356.4 | ) | (191.6 | ) | (1,146.2 | ) | (410.0 | ) | ||||
Net proceeds from issuance of shares | 4.4 | 7.2 | 21.8 | 27.2 | ||||||||
Repayment of debt | (1.0 | ) | (0.9 | ) | (2.8 | ) | (3.8 | ) | ||||
Net cash provided by (used in) financing activities | (353.0 | ) | (626.6 | ) | (1,724.3 | ) | (1,712.3 | ) | ||||
Net cash flows | 910.4 | 1,945.3 | 856.9 | 406.6 | ||||||||
Effect of changes in exchange rates on cash | 7.5 | 0.9 | 5.2 | 4.6 | ||||||||
Net increase (decrease) in cash and cash equivalents | 917.9 | 1,946.2 | 862.1 | 411.2 | ||||||||
Cash and cash equivalents at beginning of the period | 2,203.2 | 1,586.1 | 2,259.0 | 3,121.1 | ||||||||
Cash and cash equivalents at end of the period | 3,121.1 | 3,532.3 | 3,121.1 | 3,532.3 | ||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations 1,2
Three months ended, | |||||||||||||||
Dec 31, | Mar 31, | June 30, | Sep 29, | Dec 31, | |||||||||||
2018 | 2019 | 2019 | 2019 | 2019 | |||||||||||
(in millions EUR, except per share data) | |||||||||||||||
Net system sales | 2,424.3 | 1,689.0 | 1,850.8 | 2,325.6 | 3,130.7 | ||||||||||
Net service and field option sales | 718.2 | 540.1 | 717.1 | 660.9 | 905.7 | ||||||||||
Total net sales | 3,142.5 | 2,229.1 | 2,567.9 | 2,986.5 | 4,036.4 | ||||||||||
Total cost of sales | (1,749.6 | ) | (1,301.1 | ) | (1,462.7 | ) | (1,680.1 | ) | (2,096.3 | ) | |||||
Gross profit | 1,392.9 | 928.0 | 1,105.2 | 1,306.4 | 1,940.1 | ||||||||||
Research and development costs | (442.4 | ) | (472.7 | ) | (487.4 | ) | (492.3 | ) | (516.1 | ) | |||||
Selling, general and administrative costs | (134.6 | ) | (121.0 | ) | (123.5 | ) | (128.5 | ) | (147.6 | ) | |||||
Income from operations | 815.9 | 334.3 | 494.3 | 685.6 | 1,276.5 | ||||||||||
Interest and other, net | (7.5 | ) | (7.9 | ) | (6.9 | ) | (5.4 | ) | (4.8 | ) | |||||
Income before income taxes | 808.4 | 326.4 | 487.4 | 680.2 | 1,271.7 | ||||||||||
Benefit from (provision for) income taxes | (40.1 | ) | 17.0 | (19.1 | ) | (65.0 | ) | (124.5 | ) | ||||||
Income after income taxes | 768.3 | 343.4 | 468.3 | 615.2 | 1,147.2 | ||||||||||
Profit (loss) related to equity method investments | 19.2 | 12.0 | 7.7 | 11.6 | (13.1 | ) | |||||||||
Net income | 787.5 | 355.4 | 476.0 | 626.8 | 1,134.1 | ||||||||||
Basic net income per ordinary share | 1.87 | 0.84 | 1.13 | 1.49 | 2.70 | ||||||||||
Diluted net income per ordinary share 3 | 1.86 | 0.84 | 1.13 | 1.49 | 2.69 | ||||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||
Basic | 422.2 | 421.1 | 421.1 | 420.9 | 420.1 | ||||||||||
Diluted 3 | 423.6 | 422.5 | 421.8 | 421.7 | 421.1 | ||||||||||
ASML - Quarterly Summary Ratios and other data 1,2
Dec 31, | Mar 31, | June 30, | Sep 29, | Dec 31, | |||||||||||
2018 | 2019 | 2019 | 2019 | 2019 | |||||||||||
(in millions EUR, except otherwise indicated) | |||||||||||||||
Gross profit as a percentage of net sales | 44.3 | % | 41.6 | % | 43.0 | % | 43.7 | % | 48.1 | % | |||||
Income from operations as a percentage of net sales | 26.0 | % | 15.0 | % | 19.2 | % | 23.0 | % | 31.6 | % | |||||
Net income as a percentage of net sales | 25.1 | % | 15.9 | % | 18.5 | % | 21.0 | % | 28.1 | % | |||||
Income taxes as a percentage of income before income taxes | 5.0 | % | (5.2 | )% | 3.9 | % | 9.6 | % | 9.8 | % | |||||
Shareholders’ equity as a percentage of total assets | 57.8 | % | 58.8 | % | 57.6 | % | 58.3 | % | 55.6 | % | |||||
Sales of lithography systems (in units) 4 | 64 | 48 | 48 | 57 | 76 | ||||||||||
Value of booked systems (EUR millions) 5 | 1,587 | 1,399 | 2,828 | 5,111 | 2,402 | ||||||||||
Net bookings lithography systems (in units) 4, 5, 6 | 53 | 34 | 61 | 81 | 60 | ||||||||||
Number of payroll employees in FTEs | 20,044 | 21,461 | 22,125 | 22,805 | 23,219 | ||||||||||
Number of temporary employees in FTEs | 3,203 | 2,395 | 2,157 | 1,913 | 1,681 | ||||||||||
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets 1,2
Dec 31, | Mar 31, | June 30, | Sep 29, | Dec 31, | |||||||||||
2018 | 2019 | 2019 | 2019 | 2019 | |||||||||||
(in millions EUR) | |||||||||||||||
ASSETS | |||||||||||||||
Cash and cash equivalents | 3,121.1 | 2,253.0 | 1,661.1 | 1,586.1 | 3,532.3 | ||||||||||
Short-term investments | 913.3 | 1,022.1 | 673.5 | 483.8 | 1,185.8 | ||||||||||
Accounts receivable, net | 1,498.2 | 1,589.3 | 1,637.7 | 2,100.7 | 1,786.8 | ||||||||||
Finance receivables, net | 611.1 | 534.6 | 620.1 | 584.9 | 564.5 | ||||||||||
Current tax assets | 79.7 | 373.3 | 320.9 | 339.6 | 178.7 | ||||||||||
Contract assets | 95.9 | 103.5 | 190.4 | 287.8 | 231.0 | ||||||||||
Inventories, net | 3,439.5 | 3,764.8 | 3,914.1 | 3,895.0 | 3,809.2 | ||||||||||
Other assets | 772.6 | 755.7 | 877.5 | 816.2 | 842.8 | ||||||||||
Total current assets | 10,531.4 | 10,396.3 | 9,895.3 | 10,094.1 | 12,131.1 | ||||||||||
Finance receivables, net | 275.1 | 399.4 | 406.3 | 588.2 | 421.1 | ||||||||||
Deferred tax assets | 236.3 | 280.7 | 326.6 | 309.2 | 445.3 | ||||||||||
Other assets | 806.1 | 881.1 | 893.3 | 951.2 | 830.4 | ||||||||||
Equity method investments | 915.8 | 933.6 | 949.9 | 969.0 | 833.0 | ||||||||||
Goodwill | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | 4,541.1 | ||||||||||
Other intangible assets, net | 1,104.0 | 1,158.5 | 1,140.8 | 1,122.8 | 1,104.4 | ||||||||||
Property, plant and equipment, net | 1,589.5 | 1,621.8 | 1,669.8 | 1,817.9 | 1,999.3 | ||||||||||
Right-of-use assets - Operating | 137.6 | 148.1 | 154.8 | 227.2 | 205.4 | ||||||||||
Right-of-use assets - Finance | — | — | 56.0 | 78.5 | 118.5 | ||||||||||
Total non-current assets | 9,605.5 | 9,964.3 | 10,138.6 | 10,605.1 | 10,498.5 | ||||||||||
Total assets | 20,136.9 | 20,360.6 | 20,033.9 | 20,699.2 | 22,629.6 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Total current liabilities | 3,791.9 | 3,721.2 | 3,692.5 | 3,712.5 | 4,694.1 | ||||||||||
Long-term debt | 3,026.5 | 3,082.5 | 3,132.4 | 3,170.0 | 3,108.3 | ||||||||||
Deferred and other tax liabilities | 251.2 | 218.6 | 199.6 | 203.6 | 234.4 | ||||||||||
Contract liabilities | 1,224.6 | 1,190.0 | 1,280.2 | 1,276.5 | 1,759.6 | ||||||||||
Accrued and other liabilities | 201.7 | 182.6 | 183.9 | 265.5 | 241.0 | ||||||||||
Total non-current liabilities | 4,704.0 | 4,673.7 | 4,796.1 | 4,915.6 | 5,343.3 | ||||||||||
Total liabilities | 8,495.9 | 8,394.9 | 8,488.6 | 8,628.1 | 10,037.4 | ||||||||||
Total shareholders’ equity | 11,641.0 | 11,965.7 | 11,545.3 | 12,071.1 | 12,592.2 | ||||||||||
Total liabilities and shareholders’ equity | 20,136.9 | 20,360.6 | 20,033.9 | 20,699.2 | 22,629.6 | ||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows 1,2
Three months ended, | |||||||||||||||
Dec 31, | Mar 31, | June 30, | Sep 29, | Dec 31, | |||||||||||
2018 | 2019 | 2019 | 2019 | 2019 | |||||||||||
(in millions EUR) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||
Net income | 787.5 | 355.4 | 476.0 | 626.8 | 1,134.1 | ||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||
Depreciation and amortization | 110.4 | 104.8 | 108.4 | 112.4 | 122.9 | ||||||||||
Impairment | 9.6 | 2.7 | — | 2.0 | — | ||||||||||
Loss on disposal of property, plant and equipment | 0.1 | 0.6 | 1.4 | 0.3 | 0.8 | ||||||||||
Share-based payments | 8.3 | 14.9 | 12.5 | 18.0 | 29.2 | ||||||||||
Allowance for obsolete inventory | 72.0 | 72.1 | 49.1 | 46.1 | 54.2 | ||||||||||
Deferred income taxes | (236.9 | ) | (76.5 | ) | (65.1 | ) | 22.5 | (80.9 | ) | ||||||
Equity method investments | 64.6 | (17.0 | ) | (15.3 | ) | (18.6 | ) | 107.8 | |||||||
Changes in assets and liabilities | 830.8 | (937.8 | ) | (467.5 | ) | (740.1 | ) | 2,220.2 | |||||||
Net cash provided by (used in) operating activities | 1,646.4 | (480.8 | ) | 99.5 | 69.4 | 3,588.3 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||
Purchase of property, plant and equipment | (190.1 | ) | (147.0 | ) | (128.3 | ) | (185.8 | ) | (305.5 | ) | |||||
Purchase of intangible assets | (14.4 | ) | (86.7 | ) | (11.7 | ) | (11.2 | ) | (9.7 | ) | |||||
Purchase of short-term investments | (519.5 | ) | (288.1 | ) | (0.7 | ) | (100.3 | ) | (902.4 | ) | |||||
Maturity of short-term investments | 350.4 | 179.4 | 349.3 | 290.0 | 200.3 | ||||||||||
Cash from (used for) derivative financial instruments | (9.3 | ) | — | — | — | — | |||||||||
Loans issued and other investments | (0.1 | ) | — | — | — | — | |||||||||
Repayment on loans | — | — | — | — | 0.9 | ||||||||||
Net cash provided by (used in) investing activities | (383.0 | ) | (342.4 | ) | 208.6 | (7.3 | ) | (1,016.4 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||
Dividend paid | — | — | (884.4 | ) | — | (441.3 | ) | ||||||||
Purchase of shares | (356.4 | ) | (52.6 | ) | (17.4 | ) | (148.4 | ) | (191.6 | ) | |||||
Net proceeds from issuance of shares | 4.4 | 5.2 | 7.4 | 7.4 | 7.2 | ||||||||||
Repayment of debt | (1.0 | ) | (0.7 | ) | (1.2 | ) | (1.0 | ) | (0.9 | ) | |||||
Net cash provided by (used in) financing activities | (353.0 | ) | (48.1 | ) | (895.6 | ) | (142.0 | ) | (626.6 | ) | |||||
Net cash flows | 910.4 | (871.3 | ) | (587.5 | ) | (79.9 | ) | 1,945.3 | |||||||
Effect of changes in exchange rates on cash | 7.5 | 3.2 | (4.4 | ) | 4.9 | 0.9 | |||||||||
Net increase (decrease) in cash and cash equivalents | 917.9 | (868.1 | ) | (591.9 | ) | (75.0 | ) | 1,946.2 | |||||||
Cash and cash equivalents at beginning of the period | 2,203.2 | 3,121.1 | 2,253.0 | 1,661.1 | 1,586.1 | ||||||||||
Cash and cash equivalents at end of the period | 3,121.1 | 2,253.0 | 1,661.1 | 1,586.1 | 3,532.3 | ||||||||||
Notes to the Summary US GAAP Consolidated Financial Statements
Basis of preparation
The accompanying Summary Consolidated Financial Statements are stated in millions of euros unless indicated otherwise. The accompanying Summary Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our Summary of Significant Accounting Policies refer to the Notes to the Consolidated Financial Statements as recorded in our Integrated Report based on US GAAP which is available on www.asml.com. Further disclosures required under US GAAP in annual reports are not included in the Summary Consolidated Financial Statements.
1 | These financial statements are unaudited. |
2 | Numbers have been rounded for readers' convenience. |
3 | The calculation of diluted net income per ordinary share assumes the exercise of options issued under ASML stock option plans and the issuance of shares under ASML share plans for periods in which exercises or issuances would have a dilutive effect. The calculation of diluted net income per ordinary share does not assume exercise of such options when such exercises would be anti-dilutive. |
4 | Lithography systems do not include metrology and inspection systems. |
5 | Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). |
6 | 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. |
Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, outlook, bookings, financial results and effective tax rate, annual revenue opportunity in 2020 and through 2025 and long term growth opportunity including the expectation that 2020 will be a growth year, expected trends in end markets, products and segments, including memory and logic, expected industry and business environment trends, the expected continuation of Moore’s law and the expectation that EUV will continue to enable Moore’s law and drive long term value for ASML and statements with respect to plans regarding dividends and share buybacks, including the dividend proposal in respect of 2019, the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing annualized dividends and the new share buyback 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 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; changes in exchange and tax rates; available liquidity, 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.