Asml Holding NV 6-K, filed Apr 19, 2023
Asml Holding NV (ASML)
6-K
2023-04-19
For: 2023-04-02
View Original
Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on April 19, 2023.
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 April 19, 2023
Commission File Number 001-33463
______________________
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ¨
EXHIBITS 99.1 AND 99.3 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-116337), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-126340), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-136362), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-141125), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-142254), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-144356), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147128), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-153277), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-162439), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-170034), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-188938), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-190023), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-192951), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-203390), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-219442) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-227464) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits 
99.1 “ASML reports €6.7 billion net sales and €2.0 billion net income in Q1 2023. Sales growth expectations for 2023 unchanged.", press release dated April 19, 2023
99.2 “ASML reports €6.7 billion net sales and €2.0 billion net income in Q1 2023. Sales growth expectations for 2023 unchanged.", presentation dated April 19, 2023
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: April 19, 2023 By: /s/ Peter T.F.M. Wennink
Peter T.F.M. Wennink
Chief Executive Officer
Exhibit 99.1
ASML reports €6.7 billion net sales and €2.0 billion net income in Q1 2023
Sales growth expectations for 2023 unchanged
VELDHOVEN, the Netherlands, April 19, 2023 – today ASML Holding NV (ASML) has published its 2023 first-quarter results.
•Q1 net sales of €6.7 billion, gross margin of 50.6%, net income of €2.0 billion
•Quarterly net bookings in Q1 of €3.8 billion2 of which €1.6 billion is EUV
•ASML expects Q2 2023 net sales between €6.5 billion and €7.0 billion and a gross margin between 50% and 51%
•ASML expects 2023 net sales to grow over 25% compared to 2022
| (Figures in millions of euros unless otherwise indicated) | Q4 2022 | Q1 2023 | ||||||||||||
| Net sales | 6,430 | 6,746 | ||||||||||||
...of which Installed Base Management sales 1 | 1,682 | 1,404 | ||||||||||||
| New lithography systems sold (units) | 95 | 96 | ||||||||||||
| Used lithography systems sold (units) | 11 | 4 | ||||||||||||
Net bookings 2 | 6,316 | 3,752 | ||||||||||||
| Gross profit | 3,311 | 3,413 | ||||||||||||
| Gross margin (%) | 51.5 | 50.6 | ||||||||||||
| Net income | 1,817 | 1,956 | ||||||||||||
| EPS (basic; in euros) | 4.60 | 4.96 | ||||||||||||
| End-quarter cash and cash equivalents and short-term investments | 7,376 | 6,653 | ||||||||||||
(1) Installed Base Management sales equals our net service and field option sales
(2) Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
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 first-quarter net sales came in at €6.7 billion with a gross margin of 50.6% – both above our guidance due to higher than expected EUV and DUV revenue from faster installation and earlier acceptance of systems in the quarter.
"We continue to see mixed signals on demand from the different end-market segments as the industry works to bring inventory to more healthy levels. Some major customers are making further adjustments to demand timing while we also see other customers absorbing this demand change, particularly in DUV at more mature nodes. The overall demand still exceeds our capacity for this year and we currently have a backlog of over €38.9 billion. Our focus continues to be on maximizing system output.
"We expect second-quarter net sales between €6.5 billion and €7.0 billion with a gross margin between 50% and 51%. ASML expects R&D costs of around €990 million and SG&A costs of around €275 million For 2023, ASML expects continued strong growth with a net sales increase of over 25% and a slight improvement in gross margin, relative to 2022," said ASML President and Chief Executive Officer Peter Wennink.
1
Update share buyback program and dividend proposal
In the first quarter we purchased around €400 million worth of shares under the current 2022-2025 program.
ASML intends to declare a total dividend for the year 2022 of €5.80 per ordinary share, which is a 5.5% increase compared to 2021. Recognizing the three interim dividends of €1.37 per ordinary share each paid in 2022 and 2023, this leads to a final dividend proposal to the Annual General Meeting of €1.69 per ordinary share.
Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend proposal are published on ASML's website (www.asml.com/investors).
Media Relations contacts | Investor Relations contacts | ||||
| Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
| Sarah de Crescenzo +1 925 899 8985 | Marcel Kemp +31 40 268 6494 | ||||
| Karen Lo +886 939788635 | Peter Cheang +886 3 659 6771 | ||||
Quarterly video interview and investor call
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2023 first-quarter results and outlook for 2023. This video and the transcript can be viewed on www.asml.com.
An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on April 19, 2023 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
About ASML
ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across Europe, the US and Asia. Every day, ASML’s more than 40,500 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.
US GAAP 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 April 2, 2023, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and three months ended April 2, 2023 as presented in this press release are unaudited.
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
2
Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in semiconductor end markets and technology industry and business environment trends, statements with respect to demand and capacity, plans to increase capacity and capacity goals, outlook, backlog, bookings and orders, expected financial results, including expected growth in sales and gross margin for 2023 and expected net sales, gross margin, R&D costs, SG&A costs for Q2 2023 and estimated annualized effective tax rate for Q2 and full year 2023, expected system shipments in 2023, statements made at our 2022 Investor Day including revenue and gross margin opportunity for 2025 and 2030, statements with respect to fast shipments including estimates of amounts of deferred revenue not yet recognized and expected timing of recognition of such deferred revenue for fast shipments, expected customer demand trends, statements with respect to export control policy and regulations and expected impact on us, statements with respect to capital allocation policy including plans to return significant amounts of cash thought growing dividends and buybacks and statements with respect to the final 2022 dividend and statements with respect to share buyback programs, aim to improve performance on ESG sustainability and upgrade ESG sustainability strategy and other non-historical statements. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", "future", "progress", "goal" and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions, product demand and semiconductor equipment industry capacity, worldwide demand and manufacturing capacity utilization for semiconductors, trends in the semi-conductor industry, the impact of general economic conditions including the impact of the current macroeconomic uncertainty in the market and in consumer confidence, inflation, interest rates, geopolitical developments, the risk of a recession, demand for our customers' products, performance of our systems, the impact of COVID-19 and other pandemics and measures taken to contain them, the impact of the Russian military actions in the Ukraine and measures taken in response on the global economy and global financial markets and other factors that may impact ASML's financial results, including semiconductor inventory levels, customer demand including changes in demand for semiconductors and lithography tools, ASML's ability to obtain parts and components for its products and otherwise meet demand, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, production capacity and our ability to meet demand, the impact of inflation, the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push outs, supply chain capacity and constraints and logistics and constraints on our ability to produce systems to meet demand, the timing of recognition of deferred revenue from fast shipments and impact on our results, 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 including the expected impact of recent and expected changes in export regulations, 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, our ability to meet ESG goals and improve performance on ESG Sustainability and upgrade ESG strategy and other risks indicated in the risk factors included in ASML's Annual Report on Form 20-F for the year ended December 31, 2022 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.
3
Confidential ASML 2023 First-Quarter Veldhoven, the Netherlands April 19, 2023 ASML reports €6.7 billion net sales and €2.0 billion net income in Q1 2023 Sales growth expectations for 2023 unchanged Exhibit 99.2
Confidential Page 2April 19, 2023 • Investor key messages • Business summary • Outlook • Financial statements Agenda
Confidential Page 3April 19, 2023 Investor key messages
Confidential Page 4April 19, 2023 Investor key messages • Global megatrends in the electronics industry, supported by a highly profitable and fiercely innovative ecosystem, are expected to continue to fuel growth across the semiconductor market • Growth in semiconductor end markets and increasing lithography intensity are driving demand for our products and services • ASML’s comprehensive product portfolio is aligned with our customers’ roadmaps, delivering cost effective solutions in support of all applications from leading edge to mature nodes • Based on different market scenarios1 as presented during our Investor Day in November 2022, we modeled an opportunity to reach annual revenue in 2025 between approximately €30 billion and €40 billion, with a gross margin between approximately 54% and 56% and in 2030 an annual revenue between approximately €44 billion and €60 billion, with a gross margin between approximately 56% and 60% • ASML and its supply chain partners are actively adding and improving capacity to meet current and future customer demand • We continue to accelerate the execution of our ESG Sustainability strategy and have shared the latest progress and actions to reach our ambitious targets in our integrated Annual Report 2022 • We expect to continue to return significant amounts of cash to our shareholders through a combination of growing dividends and share buybacks 1 based on third party research and our assumptions
Confidential Page 5April 19, 2023 Business summary
Confidential Page 6April 19, 2023 1 Installed Base Management equals our net service and field option sales 2 Income from operations as a percentage of Total net sales 3 Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted. Q1 results summary • Net sales of €6.7 billion, net system sales of €5.3 billion, Installed Base Management1 sales of €1.4 billion • Gross margin of 50.6% • Operating margin2 of 32.7% • Net income as a percentage of net sales of 29.0% • Earnings per share (basic) of €4.96 • Net bookings3 of €3.8 billion ◦ including EUV bookings of €1.6 billion
Confidential Page 7April 19, 2023 Q1 product highlights • We shipped the first NXT:1980Fi immersion system. The NXT:1980Fi is a mid-critical, high productivity immersion scanner with key performance upgrades to help our customers boost their capacity • In support of the mature market segment, ASML is expanding its i-line portfolio with the recent shipment of the XT:400M. This system encompasses key improvements for customers, most notably increased throughput that lowers cost of ownership • We also shipped the first YieldStar 500, the next-generation optical metrology tool, delivering 1.5x improvement in throughput, while supporting the overlay and focus metrology requirements for the next generation of logic and memory devices, as well as a 20% improvement in matching performance over the previous YieldStar platform
Confidential Page 8April 19, 2023 Net system sales breakdown (Quarterly) Q1’23 Net system sales €5,342 million Q4’22 Net system sales €4,748 million
Confidential Page 9April 19, 2023 Logic Memory Installed Base Management1 1 Installed Base Management equals our net service and field option sales Total net sales € million by End-use
Confidential Page 10April 19, 2023 Net systems bookings activity by End-use Q1’23 net system sales value €3,752 million Q4’22 net system sales value €6,316 million Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
Confidential Page 11April 19, 2023 • ASML intends to declare a total dividend for the year 2022 of €5.80 per ordinary share • Recognizing the three interim dividends of €1.37 per ordinary share each paid in 2022 and 2023, this leads to a final dividend proposal to the General Meeting of €1.69 per ordinary share • In Q1 2023 we purchased around 0.7 million shares for a total amount of around €400 million Capital return to shareholders Share buyback Dividend paid Third interim and final dividend for a year are paid in the subsequent year Total dividend Interim dividend Proposed final dividend
Confidential Page 12April 19, 2023 Outlook
Confidential Page 13April 19, 2023 Outlook Q2 • Net sales between €6.5 billion and €7.0 billion, including ◦ Installed Base Management1 sales of around €1.3 billion • Gross margin between 50% and 51% • R&D costs of around €990 million • SG&A costs of around €275 million 2023 • Expected net sales growth of more than 25% with a slight improvement in gross margin, relative to 2022 • Estimated annualized effective tax rate between 15% and 16% 1 Installed Base Management equals our net service and field option sales
Confidential Page 14April 19, 2023 Financial Statements
Confidential Page 15April 19, 2023 Consolidated statements of operations € million Quarter on Quarter Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net sales 3,534 5,431 5,778 6,430 6,746 Gross profit 1,731 2,665 2,994 3,311 3,413 Gross margin % 49.0 49.1 51.8 51.5 50.6 R&D costs (739) (789) (819) (906) (948) SG&A costs (208) (222) (236) (280) (260) Income from operations 784 1,653 1,939 2,125 2,205 Operating income as a % of net sales 22.2 30.4 33.5 33.0 32.7 Net income 695 1,411 1,701 1,817 1,956 Net income as a % of net sales 19.7 26.0 29.4 28.2 29.0 Earnings per share (basic) € 1.73 3.54 4.29 4.60 4.96 Earnings per share (diluted) € 1.73 3.54 4.29 4.60 4.95 Lithography systems sold (units) 1 62 91 86 106 100 Net bookings 2 6,977 8,461 8,920 6,316 3,752 1 Lithography systems do not include metrology and inspection systems. 2 Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Confidential Page 16April 19, 2023 Consolidated statements of cash flows € million Quarter on Quarter Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Cash and cash equivalents, beginning of period 6,952 4,324 4,097 3,153 7,268 Net cash provided by (used in) operating activities (586) 2,553 1,170 5,351 734 Net cash provided by (used in) investing activities (12) (144) (509) (364) (436) Net cash provided by (used in) financing activities (2,030) (2,638) (1,613) (859) (916) Effect of changes in exchange rates on cash — 1 8 (13) (2) Net increase (decrease) in cash and cash equivalents (2,628) (228) (944) 4,115 (620) Cash and cash equivalents, end of period 4,324 4,097 3,153 7,268 6,648 Short-term investments 399 305 210 108 5 Cash and cash equivalents and short-term investments 4,723 4,402 3,363 7,376 6,653 Purchases of property, plant and equipment and intangible assets (252) (238) (364) (466) (539) Free cash flow 1 (838) 2,315 805 4,885 194 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.
Confidential Page 17April 19, 2023 Consolidated balance sheets € million Quarter on Quarter Assets Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Cash & cash equivalents and short-term investments 4,723 4,402 3,363 7,376 6,653 Net accounts receivable and finance receivables 4,954 6,610 7,414 6,680 4,862 Contract assets 371 270 277 132 236 Inventories, net 6,074 6,367 6,884 7,200 7,392 Loan receivable 124 124 364 364 364 Other assets 2,278 2,282 2,403 2,383 2,735 Tax assets 1,953 1,899 1,905 1,706 1,921 Equity method investments 940 961 999 924 970 Goodwill 4,556 4,556 4,556 4,556 4,556 Other intangible assets 923 896 870 842 814 Property, plant and equipment 3,159 3,358 3,562 3,944 4,355 Right-of-use assets 177 188 207 193 290 Total assets 30,232 31,913 32,804 36,300 35,148 Liabilities and shareholders' equity Current liabilities 13,613 14,637 15,669 17,983 16,948 Non-current liabilities 7,809 9,627 9,180 9,506 8,413 Shareholders' equity 8,810 7,649 7,955 8,811 9,787 Total liabilities and shareholders' equity 30,232 31,913 32,804 36,300 35,148 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Confidential Page 18April 19, 2023 This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in semiconductor end markets and technology industry and business environment trends, statements with respect to demand and capacity, plans to increase capacity and capacity goals, outlook, backlog, bookings and orders, expected financial results, including expected growth in sales and gross margin for 2023 and expected net sales, gross margin, R&D costs, SG&A costs for Q2 2023 and estimated annualized effective tax rate for Q2 and full year 2023, expected system shipments in 2023, statements made at our 2022 Investor Day including revenue and gross margin opportunity for 2025 and 2030, statements with respect to fast shipments including estimates of amounts of deferred revenue not yet recognized and expected timing of recognition of such deferred revenue for fast shipments, expected customer demand trends, statements with respect to export control policy and regulations and expected impact on us, statements with respect to capital allocation policy including plans to return significant amounts of cash thought growing dividends and buybacks and statements with respect to the final 2022 dividend and statements with respect to share buyback programs, aim to improve performance on ESG sustainability and upgrade ESG sustainability strategy and other non-historical statements. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", "future", "progress", "goal" and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions, product demand and semiconductor equipment industry capacity, worldwide demand and manufacturing capacity utilization for semiconductors, trends in the semi-conductor industry, the impact of general economic conditions including the impact of the current macroeconomic uncertainty in the market and in consumer confidence, inflation, interest rates, geopolitical developments, the risk of a recession, demand for our customers' products, performance of our systems, the impact of COVID-19 and other pandemics and measures taken to contain them, the impact of the Russian military actions in the Ukraine and measures taken in response on the global economy and global financial markets and other factors that may impact ASML's financial results, including semiconductor inventory levels, customer demand including changes in demand for semiconductors and lithography tools, ASML's ability to obtain parts and components for its products and otherwise meet demand, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, production capacity and our ability to meet demand, the impact of inflation, the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push outs, supply chain capacity and constraints and logistics and constraints on our ability to produce systems to meet demand, the timing of recognition of deferred revenue from fast shipments and impact on our results, 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 including the expected impact of recent and expected changes in export regulations, 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, our ability to meet ESG goals and improve performance on ESG Sustainability and upgrade ESG strategy and other risks indicated in the risk factors included in ASML's Annual Report on Form 20-F for the year ended December 31, 2022 and other filings with and submissions to the US Securities and Exchange Commission. These forward- looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law. Forward looking statements
Confidential
Exhibit 99.3
ASML - Summary US GAAP Consolidated Statements of Operations
| Three months ended, | |||||||||||||||||||||||||||||
| Apr 3, | Apr 2, | ||||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2022 | 2023 | |||||||||||||||||||||||||||
| Net system sales | 2,287.2 | 5,341.8 | |||||||||||||||||||||||||||
| Net service and field option sales | 1,247.2 | 1,404.4 | |||||||||||||||||||||||||||
| Total net sales | 3,534.4 | 6,746.2 | |||||||||||||||||||||||||||
| Total cost of sales | (1,803.4) | (3,333.0) | |||||||||||||||||||||||||||
| Gross profit | 1,731.0 | 3,413.2 | |||||||||||||||||||||||||||
| Research and development costs | (738.7) | (947.9) | |||||||||||||||||||||||||||
| Selling, general and administrative costs | (207.7) | (260.3) | |||||||||||||||||||||||||||
| Income from operations | 784.6 | 2,205.0 | |||||||||||||||||||||||||||
| Interest and other, net | (15.6) | 12.2 | |||||||||||||||||||||||||||
| Income before income taxes | 769.0 | 2,217.2 | |||||||||||||||||||||||||||
| Income tax expense | (114.4) | (302.6) | |||||||||||||||||||||||||||
| Income after income taxes | 654.6 | 1,914.6 | |||||||||||||||||||||||||||
| Profit related to equity method investments | 40.7 | 41.2 | |||||||||||||||||||||||||||
| Net income | 695.3 | 1,955.8 | |||||||||||||||||||||||||||
| Basic net income per ordinary share | 1.73 | 4.96 | |||||||||||||||||||||||||||
| Diluted net income per ordinary share | 1.73 | 4.95 | |||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||
| Basic | 401.1 | 394.5 | |||||||||||||||||||||||||||
| Diluted | 401.5 | 394.8 | |||||||||||||||||||||||||||
ASML - Ratios and Other Data
| Three months ended, | |||||||||||||||||||||||||||||
| Apr 3, | Apr 2, | ||||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2022 | 2023 | |||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 49.0 | % | 50.6 | % | |||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 22.2 | % | 32.7 | % | |||||||||||||||||||||||||
| Net income as a percentage of net sales | 19.7 | % | 29.0 | % | |||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 14.9 | % | 13.6 | % | |||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 29.1 | % | 27.8 | % | |||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 62 | 100 | |||||||||||||||||||||||||||
Value of booked systems 2 | 6,977 | 3,752 | |||||||||||||||||||||||||||
| Number of payroll employees in FTEs | 30,861 | 37,704 | |||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 2,329 | 2,816 | |||||||||||||||||||||||||||
1. Lithography systems do not include metrology and inspection systems.
2. Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
ASML - Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Apr 2, | ||||||||||||||||
| (unaudited, in millions €) | 2022 | 2023 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | 7,268.3 | 6,647.7 | |||||||||||||||
| Short-term investments | 107.7 | 4.8 | |||||||||||||||
| Accounts receivable, net | 5,323.8 | 3,454.7 | |||||||||||||||
| Finance receivables, net | 1,356.7 | 1,349.2 | |||||||||||||||
| Current tax assets | 33.4 | 253.6 | |||||||||||||||
| Contract assets | 131.9 | 236.4 | |||||||||||||||
| Inventories, net | 7,199.7 | 7,392.0 | |||||||||||||||
| Other assets | 1,643.4 | 1,722.4 | |||||||||||||||
| Total current assets | 23,064.9 | 21,060.8 | |||||||||||||||
| Finance receivables, net | — | 58.3 | |||||||||||||||
| Deferred tax assets | 1,672.8 | 1,667.4 | |||||||||||||||
| Loan receivable | 364.4 | 364.4 | |||||||||||||||
| Other assets | 739.8 | 1,012.8 | |||||||||||||||
| Equity method investments | 923.6 | 969.6 | |||||||||||||||
| Goodwill | 4,555.6 | 4,555.6 | |||||||||||||||
| Other intangible assets, net | 842.4 | 813.7 | |||||||||||||||
| Property, plant and equipment, net | 3,944.2 | 4,354.8 | |||||||||||||||
| Right-of-use assets | 192.7 | 290.2 | |||||||||||||||
| Total non-current assets | 13,235.5 | 14,086.8 | |||||||||||||||
| Total assets | 36,300.4 | 35,147.6 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities | 17,983.6 | 16,948.1 | |||||||||||||||
| Total current liabilities | 17,983.6 | 16,948.1 | |||||||||||||||
| Long-term debt | 3,514.2 | 3,536.0 | |||||||||||||||
| Deferred and other tax liabilities | 267.0 | 293.0 | |||||||||||||||
| Contract liabilities | 5,269.9 | 4,147.4 | |||||||||||||||
| Accrued and other liabilities | 454.9 | 436.8 | |||||||||||||||
| Total non-current liabilities | 9,506.0 | 8,413.2 | |||||||||||||||
| Total liabilities | 27,489.6 | 25,361.3 | |||||||||||||||
| Total shareholders’ equity | 8,810.8 | 9,786.3 | |||||||||||||||
| Total liabilities and shareholders’ equity | 36,300.4 | 35,147.6 | |||||||||||||||
ASML - Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | ||||||||||||||||||||||||||
| Apr 3, | Apr 2, | |||||||||||||||||||||||||
| (unaudited, in millions €) | 2022 | 2023 | ||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||
| Net income | 695.3 | 1,955.8 | ||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 131.0 | 170.3 | ||||||||||||||||||||||||
| Impairment and loss (gain) on disposal | 12.1 | 3.2 | ||||||||||||||||||||||||
| Share-based compensation expense | 11.5 | 18.3 | ||||||||||||||||||||||||
| Inventory reserves | 50.2 | 81.7 | ||||||||||||||||||||||||
| Deferred tax expense (benefit) | (39.7) | 12.7 | ||||||||||||||||||||||||
| Equity method investments | (47.5) | (46.8) | ||||||||||||||||||||||||
| Changes in assets and liabilities | (1,399.0) | (1,461.6) | ||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | (586.1) | 733.6 | ||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (240.1) | (532.0) | ||||||||||||||||||||||||
| Purchase of intangible assets | (11.5) | (7.4) | ||||||||||||||||||||||||
| Purchase of short-term investments | (19.6) | (18.2) | ||||||||||||||||||||||||
| Maturity of short-term investments | 259.5 | 121.1 | ||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (11.7) | (436.5) | ||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||
| Dividend paid | — | (541.1) | ||||||||||||||||||||||||
| Purchase of treasury shares | (2,038.2) | (396.2) | ||||||||||||||||||||||||
| Net proceeds from issuance of shares | 21.5 | 22.7 | ||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (13.5) | (1.5) | ||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (2,030.2) | (916.1) | ||||||||||||||||||||||||
| Net cash flows | (2,628.0) | (619.0) | ||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | 0.3 | (1.6) | ||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (2,627.7) | (620.6) | ||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 6,951.8 | 7,268.3 | ||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 4,324.1 | 6,647.7 | ||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Apr 3, | Jul 3, | Oct 2, | Dec 31, | Apr 2, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except per share data) | 2022 | 2022 | 2022 | 2022 | 2023 | ||||||||||||||||||||||||||||||
| Net system sales | 2,287.2 | 4,140.5 | 4,254.7 | 4,747.9 | 5,341.8 | ||||||||||||||||||||||||||||||
| Net service and field option sales | 1,247.2 | 1,290.0 | 1,523.6 | 1,682.3 | 1,404.4 | ||||||||||||||||||||||||||||||
| Total net sales | 3,534.4 | 5,430.5 | 5,778.3 | 6,430.2 | 6,746.2 | ||||||||||||||||||||||||||||||
| Total cost of sales | (1,803.4) | (2,766.0) | (2,784.6) | (3,119.3) | (3,333.0) | ||||||||||||||||||||||||||||||
| Gross profit | 1,731.0 | 2,664.5 | 2,993.7 | 3,310.9 | 3,413.2 | ||||||||||||||||||||||||||||||
| Research and development costs | (738.7) | (789.1) | (819.4) | (906.3) | (947.9) | ||||||||||||||||||||||||||||||
| Selling, general and administrative costs | (207.7) | (222.0) | (235.8) | (280.4) | (260.3) | ||||||||||||||||||||||||||||||
| Income from operations | 784.6 | 1,653.4 | 1,938.5 | 2,124.2 | 2,205.0 | ||||||||||||||||||||||||||||||
| Interest and other, net | (15.6) | (10.8) | (15.1) | (3.1) | 12.2 | ||||||||||||||||||||||||||||||
| Income before income taxes | 769.0 | 1,642.6 | 1,923.4 | 2,121.1 | 2,217.2 | ||||||||||||||||||||||||||||||
| Benefit from (provision for) income taxes | (114.4) | (246.2) | (252.0) | (357.3) | (302.6) | ||||||||||||||||||||||||||||||
| Income after income taxes | 654.6 | 1,396.4 | 1,671.4 | 1,763.8 | 1,914.6 | ||||||||||||||||||||||||||||||
| Profit related to equity method investments | 40.7 | 14.5 | 30.1 | 52.7 | 41.2 | ||||||||||||||||||||||||||||||
| Net income | 695.3 | 1,410.9 | 1,701.5 | 1,816.5 | 1,955.8 | ||||||||||||||||||||||||||||||
| Basic net income per ordinary share | 1.73 | 3.54 | 4.29 | 4.60 | 4.96 | ||||||||||||||||||||||||||||||
| Diluted net income per ordinary share | 1.73 | 3.54 | 4.29 | 4.60 | 4.95 | ||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||||||||
| Basic | 401.1 | 398.3 | 396.2 | 394.9 | 394.5 | ||||||||||||||||||||||||||||||
| Diluted | 401.5 | 398.6 | 396.6 | 395.2 | 394.8 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary Ratios and other data
| Apr 3, | Jul 3, | Oct 2, | Dec 31, | Apr 2, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €, except otherwise indicated) | 2022 | 2022 | 2022 | 2022 | 2023 | ||||||||||||||||||||||||||||||
| Gross profit as a percentage of net sales | 49.0 | % | 49.1 | % | 51.8 | % | 51.5 | % | 50.6 | % | |||||||||||||||||||||||||
| Income from operations as a percentage of net sales | 22.2 | % | 30.4 | % | 33.5 | % | 33.0 | % | 32.7 | % | |||||||||||||||||||||||||
| Net income as a percentage of net sales | 19.7 | % | 26.0 | % | 29.4 | % | 28.2 | % | 29.0 | % | |||||||||||||||||||||||||
| Income taxes as a percentage of income before income taxes | 14.9 | % | 15.0 | % | 13.1 | % | 16.8 | % | 13.6 | % | |||||||||||||||||||||||||
| Shareholders’ equity as a percentage of total assets | 29.1 | % | 24.0 | % | 24.3 | % | 24.3 | % | 27.8 | % | |||||||||||||||||||||||||
Sales of lithography systems (in units) 1 | 62 | 91 | 86 | 106 | 100 | ||||||||||||||||||||||||||||||
Value of booked systems 2 | 6,977 | 8,461 | 8,920 | 6,316 | 3,752 | ||||||||||||||||||||||||||||||
Number of payroll employees in FTEs | 30,861 | 32,627 | 34,720 | 36,112 | 37,704 | ||||||||||||||||||||||||||||||
| Number of temporary employees in FTEs | 2,329 | 2,689 | 2,875 | 2,974 | 2,816 | ||||||||||||||||||||||||||||||
1. Lithography systems do not include metrology and inspection systems.
2. Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
| Apr 3, | Jul 3, | Oct 2, | Dec 31, | Apr 2, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2022 | 2022 | 2022 | 2022 | 2023 | ||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 4,324.1 | 4,096.5 | 3,152.8 | 7,268.3 | 6,647.7 | ||||||||||||||||||||||||||||||
| Short-term investments | 398.5 | 305.4 | 210.0 | 107.7 | 4.8 | ||||||||||||||||||||||||||||||
| Accounts receivable, net | 3,494.6 | 5,376.7 | 5,840.2 | 5,323.8 | 3,454.7 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 1,267.6 | 1,233.1 | 1,399.4 | 1,356.7 | 1,349.2 | ||||||||||||||||||||||||||||||
| Current tax assets | 811.0 | 658.0 | 305.6 | 33.4 | 253.6 | ||||||||||||||||||||||||||||||
| Contract assets | 371.3 | 270.4 | 276.9 | 131.9 | 236.4 | ||||||||||||||||||||||||||||||
| Inventories, net | 6,073.5 | 6,367.1 | 6,884.0 | 7,199.7 | 7,392.0 | ||||||||||||||||||||||||||||||
| Other assets | 1,468.2 | 1,528.1 | 1,657.5 | 1,643.4 | 1,722.4 | ||||||||||||||||||||||||||||||
| Total current assets | 18,208.8 | 19,835.3 | 19,726.4 | 23,064.9 | 21,060.8 | ||||||||||||||||||||||||||||||
| Finance receivables, net | 191.5 | — | 174.9 | — | 58.3 | ||||||||||||||||||||||||||||||
| Deferred tax assets | 1,141.9 | 1,240.8 | 1,599.6 | 1,672.8 | 1,667.4 | ||||||||||||||||||||||||||||||
| Loan receivable | 124.4 | 124.4 | 364.4 | 364.4 | 364.4 | ||||||||||||||||||||||||||||||
| Other assets | 809.8 | 752.9 | 745.2 | 739.8 | 1,012.8 | ||||||||||||||||||||||||||||||
| Equity method investments | 940.0 | 961.4 | 998.7 | 923.6 | 969.6 | ||||||||||||||||||||||||||||||
| Goodwill | 4,555.6 | 4,555.6 | 4,555.6 | 4,555.6 | 4,555.6 | ||||||||||||||||||||||||||||||
| Other intangible assets, net | 923.4 | 896.1 | 870.1 | 842.4 | 813.7 | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | 3,159.4 | 3,357.7 | 3,561.7 | 3,944.2 | 4,354.8 | ||||||||||||||||||||||||||||||
| Right-of-use assets | 177.1 | 188.4 | 206.9 | 192.7 | 290.2 | ||||||||||||||||||||||||||||||
| Total non-current assets | 12,023.0 | 12,077.3 | 13,077.1 | 13,235.5 | 14,086.8 | ||||||||||||||||||||||||||||||
| Total assets | 30,231.8 | 31,912.6 | 32,803.5 | 36,300.4 | 35,147.6 | ||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
| Current liabilities | 13,612.8 | 14,637.0 | 15,668.6 | 17,983.6 | 16,948.1 | ||||||||||||||||||||||||||||||
| Total current liabilities | 13,612.8 | 14,637.0 | 15,668.6 | 17,983.6 | 16,948.1 | ||||||||||||||||||||||||||||||
| Long-term debt | 3,951.7 | 4,385.3 | 3,503.1 | 3,514.2 | 3,536.0 | ||||||||||||||||||||||||||||||
| Deferred and other tax liabilities | 262.2 | 252.4 | 283.0 | 267.0 | 293.0 | ||||||||||||||||||||||||||||||
| Contract liabilities | 3,292.2 | 4,630.6 | 4,918.6 | 5,269.9 | 4,147.4 | ||||||||||||||||||||||||||||||
| Accrued and other liabilities | 302.5 | 358.7 | 475.1 | 454.9 | 436.8 | ||||||||||||||||||||||||||||||
| Total non-current liabilities | 7,808.6 | 9,627.0 | 9,179.8 | 9,506.0 | 8,413.2 | ||||||||||||||||||||||||||||||
| Total liabilities | 21,421.4 | 24,264.0 | 24,848.4 | 27,489.6 | 25,361.3 | ||||||||||||||||||||||||||||||
| Total shareholders’ equity | 8,810.4 | 7,648.6 | 7,955.1 | 8,810.8 | 9,786.3 | ||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | 30,231.8 | 31,912.6 | 32,803.5 | 36,300.4 | 35,147.6 | ||||||||||||||||||||||||||||||
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | |||||||||||||||||||||||||||||||||||
| Apr 3, | Jul 3, | Oct 2, | Dec 31, | Apr 2, | |||||||||||||||||||||||||||||||
| (unaudited, in millions €) | 2022 | 2022 | 2022 | 2022 | 2023 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Net income | 695.3 | 1,410.9 | 1,701.5 | 1,816.5 | 1,955.8 | ||||||||||||||||||||||||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 131.0 | 131.5 | 137.9 | 183.2 | 170.3 | ||||||||||||||||||||||||||||||
| Impairment and loss (gain) on disposal | 12.1 | 0.3 | 13.2 | 13.7 | 3.2 | ||||||||||||||||||||||||||||||
| Share-based compensation expense | 11.5 | 13.9 | 22.5 | 21.0 | 18.3 | ||||||||||||||||||||||||||||||
| Inventory reserves | 50.2 | 75.2 | 81.8 | 71.3 | 81.7 | ||||||||||||||||||||||||||||||
| Deferred tax expense (benefit) | (39.7) | (94.7) | (340.8) | (89.0) | 12.7 | ||||||||||||||||||||||||||||||
| Equity method investments | (47.5) | (21.2) | (36.8) | 120.8 | (46.8) | ||||||||||||||||||||||||||||||
| Changes in assets and liabilities | (1,399.0) | 1,037.0 | (409.8) | 3,213.0 | (1,461.6) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | (586.1) | 2,552.9 | 1,169.5 | 5,350.5 | 733.6 | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | (240.1) | (231.5) | (356.6) | (453.6) | (532.0) | ||||||||||||||||||||||||||||||
| Purchase of intangible assets | (11.5) | (6.0) | (7.7) | (12.3) | (7.4) | ||||||||||||||||||||||||||||||
| Purchase of short-term investments | (19.6) | (206.4) | (104.1) | (4.2) | (18.2) | ||||||||||||||||||||||||||||||
| Maturity of short-term investments | 259.5 | 299.6 | 199.5 | 106.1 | 121.1 | ||||||||||||||||||||||||||||||
| Loans issued and other investments | — | — | (240.0) | — | — | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (11.7) | (144.3) | (508.9) | (364.0) | (436.5) | ||||||||||||||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
| Dividend paid | — | (1,475.3) | (543.5) | (541.1) | (541.1) | ||||||||||||||||||||||||||||||
| Purchase of treasury shares | (2,038.2) | (1,178.5) | (1,087.9) | (335.0) | (396.2) | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of shares | 21.5 | 21.5 | 19.9 | 18.9 | 22.7 | ||||||||||||||||||||||||||||||
| Net proceeds from issuance of notes, net of issuance costs | — | 495.6 | — | — | — | ||||||||||||||||||||||||||||||
| Repayment of debt and finance lease obligations | (13.5) | (500.7) | (1.2) | (0.8) | (1.5) | ||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (2,030.2) | (2,637.4) | (1,612.7) | (858.0) | (916.1) | ||||||||||||||||||||||||||||||
| Net cash flows | (2,628.0) | (228.8) | (952.1) | 4,128.5 | (619.0) | ||||||||||||||||||||||||||||||
| Effect of changes in exchange rates on cash | 0.3 | 1.2 | 8.4 | (13.0) | (1.6) | ||||||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (2,627.7) | (227.6) | (943.7) | 4,115.5 | (620.6) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of the period | 6,951.8 | 4,324.1 | 4,096.5 | 3,152.8 | 7,268.3 | ||||||||||||||||||||||||||||||
| Cash and cash equivalents at end of the period | 4,324.1 | 4,096.5 | 3,152.8 | 7,268.3 | 6,647.7 | ||||||||||||||||||||||||||||||
Notes to the Summary US GAAP Consolidated Financial Statements
Basis of preparation
The accompanying unaudited Summary Consolidated Financial Statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our annual disclosure requirements under US GAAP, including our significant accounting policies, these interim unaudited Summary Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included within our 2022 Annual Report based on US GAAP, which is available on www.asml.com.
Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in semiconductor end markets and technology industry and business environment trends, statements with respect to demand and capacity, plans to increase capacity and capacity goals, outlook, backlog, bookings and orders, expected financial results, including expected growth in sales and gross margin for 2023 and expected net sales, gross margin, R&D costs, SG&A costs for Q2 2023 and estimated annualized effective tax rate for Q2 and full year 2023, expected system shipments in 2023, statements made at our 2022 Investor Day including revenue and gross margin opportunity for 2025 and 2030, statements with respect to fast shipments including estimates of amounts of deferred revenue not yet recognized and expected timing of recognition of such deferred revenue for fast shipments, expected customer demand trends, statements with respect to export control policy and regulations and expected impact on us, statements with respect to capital allocation policy including plans to return significant amounts of cash thought growing dividends and buybacks and statements with respect to the final 2022 dividend and statements with respect to share buyback programs, aim to improve performance on ESG sustainability and upgrade ESG sustainability strategy and other non-historical statements. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", "future", "progress", "goal" and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions, product demand and semiconductor equipment industry capacity, worldwide demand and manufacturing capacity utilization for semiconductors, trends in the semi-conductor industry, the impact of general economic conditions including the impact of the current macroeconomic uncertainty in the market and in consumer confidence, inflation, interest rates, geopolitical developments, the risk of a recession, demand for our customers' products, performance of our systems, the impact of COVID-19 and other pandemics and measures taken to contain them, the impact of the Russian military actions in the Ukraine and measures taken in response on the global economy and global financial markets and other factors that may impact ASML's financial results, including semiconductor inventory levels, customer demand including changes in demand for semiconductors and lithography tools, ASML's ability to obtain parts and components for its products and otherwise meet demand, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, production capacity and our ability to meet demand, the impact of inflation, the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push outs, supply chain capacity and constraints and logistics and constraints on our ability to produce systems to meet demand, the timing of recognition of deferred revenue from fast shipments and impact on our results, 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 including the expected impact of recent and expected changes in export regulations, 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, our ability to meet ESG goals and improve performance on ESG Sustainability and upgrade ESG strategy and other risks indicated in the risk factors included in ASML's Annual Report on Form 20-F for the year ended December 31, 2022 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.