EX-99.3 4 financialstatementsusgaapq.htm EXHIBIT 99.3 Exhibit
Exhibit 99.3


ASML - Summary US GAAP Consolidated Statements of Operations
 
 
Three months ended,
 
 
 
Mar 31,

 
Mar 29,

 
 
 
2019

 
2020

 
(unaudited, in millions EUR, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Net system sales
 
1,689.0

 
1,584.0

 
Net service and field option sales
 
540.1

 
856.6

 
Total net sales
 
2,229.1

 
2,440.6

 
 
 
 
 
 
 
Total cost of sales
 
(1,301.1
)
 
(1,339.2
)
 
Gross profit
 
928.0

 
1,101.4

 
 
 
 
 
 
 
Research and development costs
 
(472.7
)
 
(544.0
)
 
Selling, general and administrative costs
 
(121.0
)
 
(130.7
)
 
Income from operations
 
334.3

 
426.7

 
 
 
 
 
 
 
Interest and other, net
 
(7.9
)
 
(11.4
)
 
Income before income taxes
 
326.4

 
415.3

 
 
 
 
 
 
 
Benefit from (provision for) income taxes
 
17.0

 
(48.5
)
 
Income after income taxes
 
343.4

 
366.8

 

 
 
 
 
 
Profit (loss) related to equity method investments
 
12.0

 
23.8

 
Net income
 
355.4

 
390.6

 
 
 
 
 
 
 
Basic net income per ordinary share
 
0.84

 
0.93

 
Diluted net income per ordinary share
 
0.84

 
0.93

 
 
 
 
 
 
 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic
 
421.1

 
419.0

 
Diluted
 
422.5

 
419.7

 
ASML - Ratios and Other Data
 
 
Three months ended,
 
 
 
Mar 31,

 
Mar 29,

 
 
 
2019

 
2020

 
(unaudited, in millions EUR, except otherwise indicated)
 
 
 
 
 
 
 
 
 
 
 
Gross profit as a percentage of net sales
 
41.6
 %
 
45.1
%
 
Income from operations as a percentage of net sales
 
15.0
 %
 
17.5
%
 
Net income as a percentage of net sales
 
15.9
 %
 
16.0
%
 
Income taxes as a percentage of income before income taxes
 
(5.2
)%
 
11.7
%
 
Shareholders’ equity as a percentage of total assets
 
58.8
 %
 
53.8
%
 
Sales of lithography systems (in units) 1
 
48

 
57

 
Value of booked systems (EUR millions) 2
 
1,399

 
3,085

 
Net bookings lithography systems (in units) 1, 2
 
34

 
73

 
Number of payroll employees in FTEs
 
21,461

 
23,860

 
Number of temporary employees in FTEs
 
2,395

 
1,467

 










1     Lithography systems do not include metrology and inspection systems.
2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).


ASML - Summary US GAAP Consolidated Balance Sheets

 
 
Dec 31,

 
Mar 29,

 
 
2019

 
2020

 (unaudited, in millions EUR)
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
Cash and cash equivalents
 
3,532.3

 
2,723.7

Short-term investments
 
1,185.8

 
1,388.1

Accounts receivable, net
 
1,786.8

 
1,767.4

Finance receivables, net
 
564.5

 
748.7

Current tax assets
 
178.7

 
529.0

Contract assets
 
231.0

 
292.1

Inventories, net
 
3,809.2

 
4,345.3

Other assets
 
842.8

 
905.8

Total current assets
 
12,131.1

 
12,700.1

 
 
 
 
 
Finance receivables, net
 
421.1

 
340.8

Deferred tax assets
 
445.3

 
482.3

Other assets
 
830.4

 
902.3

Equity method investments
 
833.0

 
865.1

Goodwill
 
4,541.1

 
4,541.1

Other intangible assets, net
 
1,104.4

 
1,082.5

Property, plant and equipment, net
 
1,999.3

 
2,046.9

Right-of-use assets - Operating
 
205.4

 
197.1

Right-of-use assets - Finance
 
118.5

 
119.4

Total non-current assets
 
10,498.5

 
10,577.5

 
 
 
 
 
Total assets
 
22,629.6

 
23,277.6

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Total current liabilities
 
4,694.1

 
4,677.4

 
 
 
 
 
Long-term debt
 
3,108.3

 
3,868.2

Deferred and other tax liabilities
 
234.4

 
262.7

Contract liabilities
 
1,759.6

 
1,702.6

Accrued and other liabilities
 
241.0

 
241.5

Total non-current liabilities
 
5,343.3

 
6,075.0

 
 
 
 
 
Total liabilities
 
10,037.4

 
10,752.4

 
 
 
 
 
Total shareholders’ equity
 
12,592.2

 
12,525.2

Total liabilities and shareholders’ equity
 
22,629.6

 
23,277.6




ASML - Summary US GAAP Consolidated Statements of Cash Flows

 
 
Three months ended,
 
 
Mar 31,

 
Mar 29,

 
 
2019

 
2020

 (unaudited, in millions EUR)
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net income
 
355.4

 
390.6

 
 
 
 
 
Adjustments to reconcile net income to net cash flows from operating activities:
 
 
 
 
Depreciation and amortization
 
104.8

 
118.3

Impairment
 
2.7

 
2.7

Loss on disposal of property, plant and equipment
 
0.6

 
1.0

Share-based compensation expense
 
14.9

 
14.9

Allowance for obsolete inventory
 
72.1

 
39.3

Deferred income taxes
 
(76.5
)
 
(24.6
)
Equity method investments
 
(17.0
)
 
(32.3
)
Changes in assets and liabilities
 
(937.8
)
 
(1,115.7
)
Net cash provided by (used in) operating activities
 
(480.8
)
 
(605.8
)
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Purchase of property, plant and equipment
 
(147.0
)
 
(231.5
)
Purchase of intangible assets
 
(86.7
)
 
(10.8
)
Purchase of short-term investments
 
(288.1
)
 
(310.5
)
Maturity of short-term investments
 
179.4

 
108.2

Repayment on loans
 
—

 
0.3

Net cash provided by (used in) investing activities
 
(342.4
)
 
(444.3
)
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Purchase of shares
 
(52.6
)
 
(507.5
)
Net proceeds from issuance of shares
 
5.2

 
8.6

Net proceeds from issuance of notes, net of issuance costs
 
—

 
739.8

Repayment of debt
 
(0.7
)
 
(0.9
)
Net cash provided by (used in) financing activities
 
(48.1
)
 
240.0

 
 
 
 
 
Net cash flows
 
(871.3
)
 
(810.1
)
 
 
 
 
 
Effect of changes in exchange rates on cash
 
3.2

 
1.5

Net increase (decrease) in cash and cash equivalents
 
(868.1
)
 
(808.6
)
 
 
 
 
 
Cash and cash equivalents at beginning of the period
 
3,121.1

 
3,532.3

Cash and cash equivalents at end of the period
 
2,253.0

 
2,723.7




ASML - Quarterly Summary US GAAP Consolidated Statements of Operations


Three months ended,


Mar 31,


June 30,


Sep 29,


Dec 31,


Mar 29,



2019


2019


2019


2019


2020

 (unaudited, in millions EUR, except per share data)





















Net system sales

1,689.0


1,850.8


2,325.6


3,130.7


1,584.0

Net service and field option sales

540.1


717.1


660.9


905.7


856.6

Total net sales

2,229.1


2,567.9


2,986.5


4,036.4


2,440.6












Total cost of sales

(1,301.1
)

(1,462.7
)

(1,680.1
)

(2,096.3
)

(1,339.2
)
Gross profit

928.0


1,105.2


1,306.4


1,940.1


1,101.4












Research and development costs

(472.7
)

(487.4
)

(492.3
)

(516.1
)

(544.0
)
Selling, general and administrative costs

(121.0
)

(123.5
)

(128.5
)

(147.6
)

(130.7
)
Income from operations

334.3


494.3


685.6


1,276.5


426.7












Interest and other, net

(7.9
)

(6.9
)

(5.4
)

(4.8
)

(11.4
)
Income before income taxes

326.4


487.4


680.2


1,271.7


415.3












Benefit from (provision for) income taxes

17.0


(19.1
)

(65.0
)

(124.5
)

(48.5
)
Income after income taxes

343.4


468.3


615.2


1,147.2


366.8

















Profit (loss) related to equity method investments

12.0


7.7


11.6


(13.1
)

23.8

Net income

355.4


476.0


626.8


1,134.1


390.6












Basic net income per ordinary share

0.84


1.13


1.49


2.70


0.93

Diluted net income per ordinary share

0.84


1.13


1.49


2.69


0.93












Weighted average number of ordinary shares used in computing per share amounts (in millions):




Basic

421.1


421.1


420.9


420.1


419.0

Diluted

422.5


421.8


421.7


421.1


419.7



ASML - Quarterly Summary Ratios and other data





Mar 31,


June 30,


Sep 29,


Dec 31,


Mar 29,



2019


2019


2019


2019


2020

(unaudited, in millions EUR, except otherwise indicated)





















Gross profit as a percentage of net sales

41.6
 %

43.0
%

43.7
%

48.1
%

45.1
%
Income from operations as a percentage of net sales

15.0
 %

19.2
%

23.0
%

31.6
%

17.5
%
Net income as a percentage of net sales

15.9
 %

18.5
%

21.0
%

28.1
%

16.0
%
Income taxes as a percentage of income before income taxes

(5.2
)%

3.9
%

9.6
%

9.8
%

11.7
%
Shareholders’ equity as a percentage of total assets

58.8
 %

57.6
%

58.3
%

55.6
%

53.8
%
Sales of lithography systems (in units) 1

48


48


57


76


57

Value of booked systems (EUR millions) 2

1,399


2,828


5,111


2,402


3,085

Net bookings lithography systems (in units) 1, 2, 3

34


61


81


60


73

Number of payroll employees in FTEs

21,461


22,125


22,805


23,219


23,860

Number of temporary employees in FTEs

2,395


2,157


1,913


1,681


1,467







1     Lithography systems do not include metrology and inspection systems.
2 Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems).
3 Our Q3 2019 systems net bookings include 1 DUV system shipped to collaborative Research Center (Imec) in Q3 2019. This system is not recognized in revenue.


ASML - Quarterly Summary US GAAP Consolidated Balance Sheets



Mar 31,


June 30,


Sep 29,


Dec 31,


Mar 29,



2019


2019

 
2019


2019


2020

(unaudited, in millions EUR)





















ASSETS










Cash and cash equivalents

2,253.0


1,661.1


1,586.1


3,532.3


2,723.7

Short-term investments

1,022.1


673.5


483.8


1,185.8


1,388.1

Accounts receivable, net

1,589.3


1,637.7


2,100.7


1,786.8


1,767.4

Finance receivables, net

534.6


620.1


584.9


564.5


748.7

Current tax assets

373.3


320.9


339.6


178.7


529.0

Contract assets

103.5


190.4


287.8


231.0


292.1

Inventories, net

3,764.8


3,914.1


3,895.0


3,809.2


4,345.3

Other assets

755.7


877.5


816.2


842.8


905.8

Total current assets

10,396.3


9,895.3


10,094.1


12,131.1


12,700.1












Finance receivables, net

399.4


406.3


588.2


421.1


340.8

Deferred tax assets

280.7


326.6


309.2


445.3


482.3

Other assets

881.1


893.3


951.2


830.4


902.3

Equity method investments

933.6


949.9


969.0


833.0


865.1

Goodwill

4,541.1


4,541.1


4,541.1


4,541.1


4,541.1

Other intangible assets, net

1,158.5


1,140.8


1,122.8


1,104.4


1,082.5

Property, plant and equipment, net

1,621.8


1,669.8


1,817.9


1,999.3


2,046.9

Right-of-use assets - Operating

148.1


154.8


227.2


205.4


197.1

Right-of-use assets - Finance
 
—

 
56.0

 
78.5

 
118.5

 
119.4

Total non-current assets

9,964.3


10,138.6


10,605.1


10,498.5


10,577.5












Total assets

20,360.6


20,033.9


20,699.2


22,629.6


23,277.6












LIABILITIES AND SHAREHOLDERS’ EQUITY










Total current liabilities

3,721.2


3,692.5


3,712.5


4,694.1


4,677.4












Long-term debt

3,082.5


3,132.4


3,170.0


3,108.3


3,868.2

Deferred and other tax liabilities

218.6


199.6


203.6


234.4


262.7

Contract liabilities

1,190.0


1,280.2


1,276.5


1,759.6


1,702.6

Accrued and other liabilities

182.6


183.9


265.5


241.0


241.5

Total non-current liabilities

4,673.7


4,796.1


4,915.6


5,343.3


6,075.0












Total liabilities

8,394.9


8,488.6


8,628.1


10,037.4


10,752.4












Total shareholders’ equity

11,965.7


11,545.3


12,071.1


12,592.2


12,525.2

Total liabilities and shareholders’ equity

20,360.6


20,033.9


20,699.2


22,629.6


23,277.6




ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows


Three months ended,


Mar 31,


June 30,


Sep 29,


Dec 31,


Mar 29,



2019

 
2019

 
2019

 
2019


2020

 (unaudited, in millions EUR)





















CASH FLOWS FROM OPERATING ACTIVITIES










Net income

355.4


476.0


626.8


1,134.1


390.6












Adjustments to reconcile net income to net cash flows from operating activities:










Depreciation and amortization

104.8


108.4


112.4


122.9


118.3

Impairment

2.7


—


2.0


—


2.7

Loss on disposal of property, plant and equipment

0.6


1.4


0.3


0.8


1.0

Share-based compensation expense

14.9


12.5


18.0


29.2


14.9

Allowance for obsolete inventory

72.1


49.1


46.1


54.2


39.3

Deferred income taxes

(76.5
)

(65.1
)

22.5


(80.9
)

(24.6
)
Equity method investments

(17.0
)

(15.3
)

(18.6
)

107.8


(32.3
)
Changes in assets and liabilities

(937.8
)

(467.5
)

(740.1
)

2,220.2


(1,115.7
)
Net cash provided by (used in) operating activities

(480.8
)

99.5


69.4


3,588.3


(605.8
)











CASH FLOWS FROM INVESTING ACTIVITIES










Purchase of property, plant and equipment

(147.0
)

(128.3
)

(185.8
)

(305.5
)

(231.5
)
Purchase of intangible assets

(86.7
)

(11.7
)

(11.2
)

(9.7
)

(10.8
)
Purchase of short-term investments

(288.1
)

(0.7
)

(100.3
)

(902.4
)

(310.5
)
Maturity of short-term investments

179.4


349.3


290.0


200.3


108.2

Repayment on loans

—


—


—


0.9


0.3

Net cash provided by (used in) investing activities

(342.4
)

208.6


(7.3
)

(1,016.4
)

(444.3
)











CASH FLOWS FROM FINANCING ACTIVITIES










Dividend paid

—


(884.4
)

—


(441.3
)

—

Purchase of shares

(52.6
)

(17.4
)

(148.4
)

(191.6
)

(507.5
)
Net proceeds from issuance of shares

5.2


7.4


7.4


7.2


8.6

Net proceeds from issuance of notes, net of issuance costs

—


—


—


—


739.8

Repayment of debt

(0.7
)

(1.2
)

(1.0
)

(0.9
)

(0.9
)
Net cash provided by (used in) financing activities

(48.1
)

(895.6
)

(142.0
)

(626.6
)

240.0












Net cash flows

(871.3
)

(587.5
)

(79.9
)

1,945.3


(810.1
)











       Effect of changes in exchange rates on cash

3.2


(4.4
)

4.9


0.9


1.5

Net increase (decrease) in cash and cash equivalents

(868.1
)

(591.9
)

(75.0
)

1,946.2


(808.6
)
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of the period
 
3,121.1

 
2,253.0

 
1,661.1

 
1,586.1

 
3,532.3

Cash and cash equivalents at end of the period
 
2,253.0

 
1,661.1

 
1,586.1

 
3,532.3

 
2,723.7




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 2019 Integrated Report based on US GAAP, which is available on www.asml.com.




Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, bookings, annual revenue opportunity in 2020 and through 2025 and long term growth opportunity, expected trends in end markets, expected technology industry and business environment trends, including the expected impact of the Covid-19 pandemic on ASML, expected revenue recognition of systems in Q2/Q3, demand outlook, shrink being a key industry driver supporting innovation and providing long-term industry growth, the expected continuation of Moore’s law and the expectation that EUV will enable continuation of Moore’s law and drive long term value for ASML well into this decade, and statements with respect to plans regarding dividends and share buybacks, including the dividend proposal in respect of 2019, the 2020-2022 share buyback program, including the plan to not make purchases in Q1 and the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing annualized dividends. 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, risks related to the Covid-19 virus on the global economy and financial markets, as well as on ASML and its customers and suppliers, the impact on ASML’s and its customers’ and suppliers’ operations and other risks relating to the Covid-19 virus and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to supply its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products; the number and timing of systems ordered, shipped and recognized in revenue, and the risk of order cancellation or push out, production capacity for our systems including delays in system production; our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation; availability of raw materials, critical manufacturing equipment and qualified employees; trade environment; 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.