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

ASML - Summary US GAAP Consolidated Statements of Operations
Three months ended,
Apr 4,Apr 3,
(unaudited, in millions €, except per share data)20212022
Net system sales3,128.8 2,287.2 
Net service and field option sales1,235.1 1,247.2 
Total net sales4,363.9 3,534.4 
Total cost of sales(2,011.5)(1,803.4)
Gross profit2,352.4 1,731.0 
Research and development costs(623.4)(738.7)
Selling, general and administrative costs(168.4)(207.7)
Income from operations1,560.6 784.6 
Interest and other, net(12.1)(15.6)
Income before income taxes1,548.5 769.0 
Income tax expense(230.3)(114.4)
Income after income taxes1,318.2 654.6 
Profit related to equity method investments13.2 40.7 
Net income1,331.4 695.3 
Basic net income per ordinary share3.21 1.73 
Diluted net income per ordinary share3.20 1.73 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic415.3 401.1 
Diluted415.8 401.5 

ASML - Ratios and Other Data
Three months ended,
Apr 4,Apr 3,
(unaudited, in millions €, except otherwise indicated)20212022
Gross profit as a percentage of net sales53.9 %49.0 %
Income from operations as a percentage of net sales 35.8 %22.2 %
Net income as a percentage of net sales30.5 %19.7 %
Income taxes as a percentage of income before income taxes14.9 %14.9 %
Shareholders’ equity as a percentage of total assets 50.1 %29.1 %
Sales of lithography systems (in units) 1
76 62 
Value of booked systems (EUR millions) 2
4,740 6,977 
Net bookings lithography systems (in units) 1, 2
120 162 
Number of payroll employees in FTEs27,248 30,861 
Number of temporary employees in FTEs1,561 2,329 











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.


ASML - Summary US GAAP Consolidated Balance Sheets
Dec 31,Apr 3,
 (unaudited, in millions €)20212022
ASSETS
Cash and cash equivalents6,951.8 4,324.1 
Short-term investments638.5 398.5 
Accounts receivable, net3,028.0 3,494.6 
Finance receivables, net1,185.6 1,267.6 
Current tax assets42.0 811.0 
Contract assets164.6 371.3 
Inventories, net5,179.2 6,073.5 
Other assets1,000.5 1,468.2 
Total current assets18,190.2 18,208.8 
Finance receivables, net383.0 191.5 
Deferred tax assets1,098.7 1,141.9 
Other assets1,011.4 934.2 
Equity method investments892.5 940.0 
Goodwill4,555.6 4,555.6 
Other intangible assets, net952.1 923.4 
Property, plant and equipment, net 2,982.7 3,159.4 
Right-of-use assets - Operating159.5 172.5 
Right-of-use assets - Finance5.3 4.5 
Total non-current assets12,040.8 12,023.0 
Total assets30,231.0 30,231.8 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities12,298.0 13,612.8 
Total current liabilities12,298.0 13,612.8 
Long-term debt4,075.0 3,951.7 
Deferred and other tax liabilities240.6 262.2 
Contract liabilities3,225.7 3,292.2 
Accrued and other liabilities251.1 302.5 
Total non-current liabilities7,792.4 7,808.6 
Total liabilities20,090.4 21,421.4 
Total shareholders’ equity10,140.6 8,810.4 
Total liabilities and shareholders’ equity30,231.0 30,231.8 



ASML - Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Apr 4,Apr 3,
 (unaudited, in millions €)20212022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income1,331.4 695.3 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 117.9 131.0 
Impairment and loss (gain) on disposal6.2 12.1 
Share-based compensation expense21.0 11.5 
Inventory reserves34.4 50.2 
Deferred tax expense (benefit)(35.8)(39.7)
Equity method investments(21.5)(47.5)
Changes in assets and liabilities(2,395.3)(1,399.0)
Net cash provided by (used in) operating activities(941.7)(586.1)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(189.4)(240.1)
Purchase of intangible assets(7.9)(11.5)
Purchase of short-term investments(608.5)(19.6)
Maturity of short-term investments499.1 259.5 
Net cash provided by (used in) investing activities(306.7)(11.7)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury shares(1,567.6)(2,038.2)
Net proceeds from issuance of shares11.0 21.5 
Repayment of debt and finance lease obligations(3.6)(13.5)
Net cash provided by (used in) financing activities(1,560.2)(2,030.2)
Net cash flows(2,808.6)(2,628.0)
Effect of changes in exchange rates on cash3.0 0.3 
Net increase (decrease) in cash and cash equivalents(2,805.6)(2,627.7)
Cash and cash equivalents at beginning of the period6,049.4 6,951.8 
Cash and cash equivalents at end of the period3,243.8 4,324.1 



ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
Three months ended,
Apr 4,Jul 4,Oct 3,Dec 31,Apr 3,
 (unaudited, in millions €, except per share data)20212021202120212022
Net system sales3,128.8 2,949.6 4,111.1 3,463.2 2,287.2 
Net service and field option sales1,235.1 1,070.6 1,130.2 1,522.4 1,247.2 
Total net sales4,363.9 4,020.2 5,241.3 4,985.6 3,534.4 
Total cost of sales(2,011.5)(1,975.6)(2,529.9)(2,285.0)(1,803.4)
Gross profit2,352.4 2,044.6 2,711.4 2,700.6 1,731.0 
Research and development costs(623.4)(633.8)(609.2)(680.6)(738.7)
Selling, general and administrative costs(168.4)(171.8)(182.9)(202.5)(207.7)
Other income 1
— — — 213.7 — 
Income from operations1,560.6 1,239.0 1,919.3 2,031.2 784.6 
Interest and other, net(12.1)(9.8)(10.5)(12.2)(15.6)
Income before income taxes1,548.5 1,229.2 1,908.8 2,019.0 769.0 
Benefit from (provision for) income taxes(230.3)(204.2)(270.9)(316.0)(114.4)
Income after income taxes1,318.2 1,025.0 1,637.9 1,703.0 654.6 
Profit related to equity method investments13.2 13.2 102.3 70.4 40.7 
Net income1,331.4 1,038.2 1,740.2 1,773.4 695.3 
Basic net income per ordinary share3.21 2.52 4.27 4.39 1.73 
Diluted net income per ordinary share

3.20 2.52 4.26 4.38 1.73 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic415.3 411.5 407.9 404.3 401.1 
Diluted

415.8 412.0 408.6 405.0 401.5 


ASML - Quarterly Summary Ratios and other data
Apr 4,Jul 4,Oct 3,Dec 31,Apr 3,
(unaudited, in millions €, except otherwise indicated)20212021202120212022
Gross profit as a percentage of net sales53.9 %50.9 %51.7 %54.2 %49.0 %
Income from operations as a percentage of net sales 35.8 %30.8 %36.6 %40.7 %22.2 %
Net income as a percentage of net sales30.5 %25.8 %33.2 %35.6 %19.7 %
Income taxes as a percentage of income before income taxes14.9 %16.6 %14.2 %15.7 %14.9 %
Shareholders’ equity as a percentage of total assets 50.1 %43.5 %42.1 %33.5 %29.1 %
Sales of lithography systems (in units) 2
76 72 79 82 62 
Value of booked systems (EUR millions) 3
4,740 

8,271 

6,179 

7,050 

6,977 
Net bookings lithography systems (in units) 2, 3
120 

167 

178 

191 

162 
Number of payroll employees in FTEs27,248 27,777 29,025 29,861 30,861 
Number of temporary employees in FTEs1,561 1,609 1,659 2,155 2,329 




1. Other income includes the gain on sale of Berliner Glas subsidiaries.    
2. Lithography systems do not include metrology and inspection systems.
3. Our systems net bookings include all system sales orders for which written authorizations have been accepted.


ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
Apr 4,Jul 4,Oct 3,Dec 31,Apr 3,
(unaudited, in millions €)20212021202120212022
ASSETS
Cash and cash equivalents3,243.8 5,186.6 4,318.7 6,951.8 4,324.1 
Short-term investments1,411.6 186.7 137.0 638.5 398.5 
Accounts receivable, net2,239.2 2,782.0 3,383.3 3,028.0 3,494.6 
Finance receivables, net2,218.6 1,637.4 1,185.9 1,185.6 1,267.6 
Current tax assets809.7 608.2 289.5 42.0 811.0 
Contract assets107.4 178.9 272.0 164.6 371.3 
Inventories, net4,748.1 5,086.3 4,944.2 5,179.2 6,073.5 
Other assets915.7 922.9 995.0 1,000.5 1,468.2 
Held for sale assets165.5 150.2 152.7 — — 
Total current assets15,859.6 16,739.2 15,678.3 18,190.2 18,208.8 
Finance receivables, net66.6 6.2 139.0 383.0 191.5 
Deferred tax assets

700.8 710.5 986.0 1,098.7 1,141.9 
Other assets1,313.4 1,016.4 1,120.9 1,011.4 934.2 
Equity method investments842.5 864.9 963.2 892.5 940.0 
Goodwill4,555.5 4,555.5 4,555.6 4,555.6 4,555.6 
Other intangible assets, net1,014.2 987.7 963.8 952.1 923.4 
Property, plant and equipment, net 2,521.6 2,609.4 2,730.3 2,982.7 3,159.4 
Right-of-use assets - Operating179.7 161.8 155.0 159.5 172.5 
Right-of-use assets - Finance164.8 163.9 5.9 5.3 4.5 
Total non-current assets11,359.1 11,076.3 11,619.7 12,040.8 12,023.0 
Total assets27,218.7 27,815.5 27,298.0 30,231.0 30,231.8 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities6,829.1 8,707.5 9,114.7 12,298.0 13,612.8 
Held for sale liabilities47.2 46.6 47.9 — — 
Total current liabilities

6,876.3 8,754.1 9,162.6 12,298.0 13,612.8 
Long-term debt4,634.2 4,619.9 4,105.8 4,075.0 3,951.7 
Deferred and other tax liabilities

245.2 247.7 282.6 240.6 262.2 
Contract liabilities1,583.2 1,860.2 2,001.7 3,225.7 3,292.2 
Accrued and other liabilities250.9 240.3 242.9 251.1 302.5 
Total non-current liabilities6,713.5 6,968.1 6,633.0 7,792.4 7,808.6 
Total liabilities13,589.8 15,722.2 15,795.6 20,090.4 21,421.4 
Total shareholders’ equity13,628.9 12,093.3 11,502.4 10,140.6 8,810.4 
Total liabilities and shareholders’ equity27,218.7 27,815.5 27,298.0 30,231.0 30,231.8 



ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Apr 4,Jul 4,Oct 3,Dec 31,Apr 3,
 (unaudited, in millions €)20212021202120212022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income1,331.4 1,038.2 1,740.2 1,773.4 695.3 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization117.9 112.7 116.2 124.2 131.0 
Impairment and loss (gain) on disposal6.2 0.2 (39.8)17.5 12.1 
Share-based compensation expense21.0 29.0 34.0 33.5 11.5 
Gain on sale of subsidiaries— — — (213.7)— 
Inventory reserves34.4 44.0 52.9 49.4 50.2 
Deferred tax expense (benefit)(35.8)(7.5)(270.1)(106.2)(39.7)
Equity method investments(21.5)(22.5)(97.3)91.4 (47.5)
Changes in assets and liabilities(2,395.3)2,374.8 265.5 4,647.5 (1,399.0)
Net cash provided by (used in) operating activities(941.7)3,568.9 1,801.6 6,417.0 (586.1)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(189.4)(241.1)(197.0)(273.2)(240.1)
Purchase of intangible assets(7.9)(6.3)(7.9)(17.5)(11.5)
Purchase of short-term investments(608.5)— (50.0)(504.2)(19.6)
Maturity of short-term investments499.1 1,224.9 99.7 2.7 259.5 
Loans issued and other investments— — (124.4)— — 
Proceeds from sale of subsidiaries (net of cash disposed)— 12.9 — 316.1 — 
Net cash provided by (used in) investing activities(306.7)990.4 (279.6)(476.1)(11.7)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid— (639.1)— (729.2)— 
Purchase of treasury shares(1,567.6)(1,983.9)(2,401.6)(2,607.2)(2,038.2)
Net proceeds from issuance of shares11.0 13.6 12.3 12.0 21.5 
Repayment of debt and finance lease obligations(3.6)(3.2)(2.6)(2.6)(13.5)
Net cash provided by (used in) financing activities(1,560.2)(2,612.6)(2,391.9)(3,327.0)(2,030.2)
Net cash flows(2,808.6)1,946.7 (869.9)2,613.9 (2,628.0)
Effect of changes in exchange rates on cash3.0 (3.9)2.0 19.2 0.3 
Net increase (decrease) in cash and cash equivalents(2,805.6)1,942.8 (867.9)2,633.1 (2,627.7)
Cash and cash equivalents at beginning of the period6,049.4 3,243.8 5,186.6 4,318.7 6,951.8 
Cash and cash equivalents at end of the period3,243.8 5,186.6 4,318.7 6,951.8 4,324.1 


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 2021 Annual Report based on US GAAP, which is available on www.asml.com.




Forward Looking Statements
This document contains statements that are forward-looking, including statements with respect to expected trends, including trends in end markets and technology industry and business environment trends, rising business costs, outlook and expected financial results, including expected net sales, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate, bookings, expected growth in net sales, full year 2022 expectations including revenue, shipments and expectations for EUV, DUV, IBM and expectations by market segment, statements made at our 2021 Investor Day including revenue and gross margin opportunity for 2025 and growth opportunities beyond 2025, expected annual revenue growth rate for the period of 2020-2030, and our plan to revisit these expectations presented at the 2021 Investor Day, expected revenue recognition, including estimates of revenue to be recognized in periods after shipment, expected shipments, plans and strategies, including plans to increase capacity and plans to build additional cleanrooms, customer demand and plans to meet increasing demand, statements with respect to dividends and share buybacks and financial policy including statements with respect to the 2021-2023 share buyback program, including the amount of shares intended to be repurchased under the program, ESG strategy improvement and other non-historical statements. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", "future", "progress", "goal" and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions, product demand and semiconductor equipment industry capacity, worldwide demand and manufacturing capacity utilization for semiconductors, the impact of general economic conditions on consumer confidence and demand for our customers’ products, performance of our systems, the impact of the COVID-19 outbreak and measures taken to contain it on us, our suppliers, the global economy and financial markets, 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 customer demand and 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 increase capacity 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 out, supply chain capacity and logistics and constraints on our ability to produce systems to meet demand, trends in the semi-conductor industry, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, availability of raw materials, critical manufacturing equipment and qualified employees, trade environment, import/export and national security regulations and orders and their impact on us, changes in exchange and tax rates, available liquidity and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, results of the share repurchase programs and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2021 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.