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

ASML - Summary US GAAP Consolidated Statements of Operations
Three months ended,Six months ended,
Jun 28,Jul 4,Jun 28,Jul 4,
(unaudited, in millions €, except per share data)2020202120202021
Net system sales2,438.6 2,949.6 4,022.6 6,078.4 
Net service and field option sales887.1 1,070.6 1,743.7 2,305.7 
Total net sales3,325.7 4,020.2 5,766.3 8,384.1 
Total cost of sales(1,722.5)(1,975.6)(3,061.7)(3,987.1)
Gross profit1,603.2 2,044.6 2,704.6 4,397.0 
Research and development costs(566.9)(633.8)(1,110.9)(1,257.2)
Selling, general and administrative costs(131.2)(171.8)(261.9)(340.2)
Income from operations905.1 1,239.0 1,331.8 2,799.6 
Interest and other, net(7.1)(9.8)(18.5)(21.9)
Income before income taxes898.0 1,229.2 1,313.3 2,777.7 
Income tax expense(166.4)(204.2)(214.8)(434.5)
Income after income taxes731.6 1,025.0 1,098.5 2,343.2 
Profit related to equity method investments19.4 13.2 43.1 26.4 
Net income751.0 1,038.2 1,141.6 2,369.6 
Basic net income per ordinary share1.79 2.52 2.73 5.73 
Diluted net income per ordinary share1.79 2.52 2.72 5.72 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic418.4 411.5 418.5 413.4 
Diluted419.0 412.0 419.2 414.0 

ASML - Ratios and Other Data
Three months ended,Six months ended,
Jun 28,Jul 4,Jun 28,Jul 4,
(unaudited, in millions €, except otherwise indicated)2020202120202021
Gross profit as a percentage of net sales48.2 %50.9 %46.9 %52.4 %
Income from operations as a percentage of net sales 27.2 %30.8 %23.1 %33.4 %
Net income as a percentage of net sales22.6 %25.8 %19.8 %28.3 %
Income taxes as a percentage of income before income taxes18.5 %16.6 %16.3 %15.6 %
Shareholders’ equity as a percentage of total assets 52.2 %43.5 %52.2 %43.5 %
Sales of lithography systems (in units) 1
61 72 118 148 
Value of booked systems (EUR millions) 2
1,101 8,271 4,186 13,011 
Net bookings lithography systems (in units) 1, 2
34 167 107 287 
Number of payroll employees in FTEs24,330 27,777 24,330 27,777 
Number of temporary employees in FTEs1,482 1,609 1,482 1,609 











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,Jul 4,
 (unaudited, in millions €)20202021
ASSETS
Cash and cash equivalents6,049.4 5,186.6 
Short-term investments1,302.2 186.7 
Accounts receivable, net1,310.3 2,782.0 
Finance receivables, net1,710.5 1,637.4 
Current tax assets67.3 608.2 
Contract assets119.2 178.9 
Inventories, net4,569.4 5,086.3 
Other assets801.7 922.9 
Held for sale assets— 150.2 
Total current assets15,930.0 16,739.2 
Finance receivables, net400.5 6.2 
Deferred tax assets671.5 710.5 
Other assets951.4 1,016.4 
Equity method investments820.7 864.9 
Goodwill4,629.1 4,555.5 
Other intangible assets, net1,049.0 987.7 
Property, plant and equipment, net 2,470.3 2,609.4 
Right-of-use assets - Operating180.1 161.8 
Right-of-use assets - Finance164.8 163.9 
Total non-current assets11,337.4 11,076.3 
Total assets27,267.4 27,815.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities6,603.5 8,707.5 
Held for sale liabilities— 46.6 
Total current liabilities6,603.5 8,754.1 
Long-term debt4,662.8 4,619.9 
Deferred and other tax liabilities238.3 247.7 
Contract liabilities1,639.9 1,860.2 
Accrued and other liabilities257.5 240.3 
Total non-current liabilities6,798.5 6,968.1 
Total liabilities13,402.0 15,722.2 
Total shareholders’ equity13,865.4 12,093.3 
Total liabilities and shareholders’ equity27,267.4 27,815.5 



ASML - Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,Six months ended,
Jun 28,Jul 4,Jun 28,Jul 4,
 (unaudited, in millions €)2020202120202021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income751.0 1,038.2 1,141.6 2,369.6 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 125.1 112.7 243.4 230.6 
Impairment and loss on disposal0.2 0.2 3.9 6.4 
Share-based compensation expense10.3 29.0 25.2 50.0 
Inventory reserves39.2 44.0 78.5 78.4 
Deferred tax expense (benefit)(15.4)(7.5)(40.0)(43.3)
Equity method investments(26.4)(22.5)(58.7)(44.0)
Changes in assets and liabilities(512.1)2,374.8 (1,627.8)(20.5)
Net cash provided by (used in) operating activities371.9 3,568.9 (233.9)2,627.2 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(225.1)(241.1)(456.6)(430.5)
Purchase of intangible assets(6.7)(6.3)(17.5)(14.2)
Purchase of short-term investments(0.5)— (311.0)(608.5)
Maturity of short-term investments447.4 1,224.9 555.6 1,724.0 
Loans issued and other investing(0.3)— — — 
Proceeds from sale of subsidiaries— 12.9 — 12.9 
Net cash provided by (used in) investing activities214.8 990.4 (229.5)683.7 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid(564.8)(639.1)(564.8)(639.1)
Purchase of treasury shares— (1,983.9)(507.5)(3,551.5)
Net proceeds from issuance of shares11.0 13.6 19.6 24.6 
Net proceeds from issuance of notes, net of issuance costs746.5 — 1,486.3 — 
Repayment of debt and finance lease obligations(0.8)(3.2)(1.7)(6.8)
Net cash provided by (used in) financing activities191.9 (2,612.6)431.9 (4,172.8)
Net cash flows778.6 1,946.7 (31.5)(861.9)
Effect of changes in exchange rates on cash(3.2)(3.9)(1.7)(0.9)
Net increase (decrease) in cash and cash equivalents775.4 1,942.8 (33.2)(862.8)
Cash and cash equivalents at beginning of the period2,723.7 3,243.8 3,532.3 6,049.4 
Cash and cash equivalents at end of the period3,499.1 5,186.6 3,499.1 5,186.6 



ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
Three months ended,
Jun 28,Sep 27,Dec 31,Apr 4,Jul 4,
 (unaudited, in millions €, except per share data)20202020202020212021
Net system sales2,438.6 3,095.6 3,198.3 3,128.8 2,949.6 
Net service and field option sales887.1 862.4 1,055.8 1,235.1 1,070.6 
Total net sales3,325.7 3,958.0 4,254.1 4,363.9 4,020.2 
Total cost of sales(1,722.5)(2,076.6)(2,043.0)(2,011.5)(1,975.6)
Gross profit1,603.2 1,881.4 2,211.1 2,352.4 2,044.6 
Research and development costs(566.9)(534.0)(555.9)(623.4)(633.8)
Selling, general and administrative costs(131.2)(131.5)(151.5)(168.4)(171.8)
Income from operations905.1 1,215.9 1,503.7 1,560.6 1,239.0 
Interest and other, net(7.1)(8.4)(8.0)(12.1)(9.8)
Income before income taxes898.0 1,207.5 1,495.7 1,548.5 1,229.2 
Benefit from (provision for) income taxes(166.4)(166.5)(170.2)(230.3)(204.2)
Income after income taxes731.6 1,041.0 1,325.5 1,318.2 1,025.0 
Profit related to equity method investments19.4 20.5 25.0 13.2 13.2 
Net income751.0 1,061.5 1,350.5 1,331.4 1,038.2 
Basic net income per ordinary share1.79 2.54 3.23 3.21 2.52 
Diluted net income per ordinary share

1.79 2.53 3.23 3.20 2.52 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic418.4 418.4 417.5 415.3 411.5 
Diluted

419.0 419.2 418.4 415.8 412.0 


ASML - Quarterly Summary Ratios and other data
Jun 28,Sep 27,Dec 31,Apr 4,Jul 4,
(unaudited, in millions €, except otherwise indicated)20202020202020212021
Gross profit as a percentage of net sales48.2 %47.5 %52.0 %53.9 %50.9 %
Income from operations as a percentage of net sales 27.2 %30.7 %35.3 %35.8 %30.8 %
Net income as a percentage of net sales22.6 %26.8 %31.7 %30.5 %25.8 %
Income taxes as a percentage of income before income taxes18.5 %13.8 %11.4 %14.9 %16.6 %
Shareholders’ equity as a percentage of total assets 52.2 %54.0 %50.8 %50.1 %43.5 %
Sales of lithography systems (in units) 1
61 60 80 76 72 
Value of booked systems (EUR millions) 2
1,101 

2,868 

4,238 

4,740 

8,271 
Net bookings lithography systems (in units) 1, 2
34 

73 

123 

120 

167 
Number of payroll employees in FTEs24,330 24,749 26,614 27,248 27,777 
Number of temporary employees in FTEs1,482 1,451 1,459 1,561 1,609 








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


ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
Jun 28,Sep 27,Dec 31,Apr 4,Jul 4,
(unaudited, in millions €)20202020202020212021
ASSETS
Cash and cash equivalents3,499.1 3,531.5 6,049.4 3,243.8 5,186.6 
Short-term investments941.2 876.3 1,302.2 1,411.6 186.7 
Accounts receivable, net1,770.0 2,458.8 1,310.3 2,239.2 2,782.0 
Finance receivables, net1,071.5 1,855.4 1,710.5 2,218.6 1,637.4 
Current tax assets360.8 265.6 67.3 809.7 608.2 
Contract assets260.9 176.8 119.2 107.4 178.9 
Inventories, net4,685.6 4,613.7 4,569.4 4,748.1 5,086.3 
Other assets903.5 772.7 801.7 915.7 922.9 
Held for sale assets— — — 165.5 150.2 
Total current assets13,492.6 14,550.8 15,930.0 15,859.6 16,739.2 
Finance receivables, net444.0 349.6 400.5 66.6 6.2 
Deferred tax assets

485.3 610.7 671.5 700.8 710.5 
Other assets929.7 961.5 951.4 1,313.4 1,016.4 
Equity method investments891.6 918.0 820.7 842.5 864.9 
Goodwill4,541.1 4,541.1 4,629.1 4,555.5 4,555.5 
Other intangible assets, net1,058.3 1,035.4 1,049.0 1,014.2 987.7 
Property, plant and equipment, net 2,109.6 2,198.3 2,470.3 2,521.6 2,609.4 
Right-of-use assets - Operating193.0 180.1 180.1 179.7 161.8 
Right-of-use assets - Finance160.9 117.9 164.8 164.8 163.9 
Total non-current assets10,813.5 10,912.6 11,337.4 11,359.1 11,076.3 
Total assets24,306.1 25,463.4 27,267.4 27,218.7 27,815.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities4,631.3 4,990.9 6,603.5 6,829.1 8,707.5 
Held for sale liabilities— — — 47.2 46.6 
Total current liabilities

4,631.3 4,990.9 6,603.5 6,876.3 8,754.1 
Long-term debt4,625.0 4,626.7 4,662.8 4,634.2 4,619.9 
Deferred and other tax liabilities

191.3 209.1 238.3 245.2 247.7 
Contract liabilities1,918.1 1,652.8 1,639.9 1,583.2 1,860.2 
Accrued and other liabilities240.6 241.4 257.5 250.9 240.3 
Total non-current liabilities6,975.0 6,730.0 6,798.5 6,713.5 6,968.1 
Total liabilities11,606.3 11,720.9 13,402.0 13,589.8 15,722.2 
Total shareholders’ equity12,699.8 13,742.5 13,865.4 13,628.9 12,093.3 
Total liabilities and shareholders’ equity24,306.1 25,463.4 27,267.4 27,218.7 27,815.5 



ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Jun 28,Sep 27,Dec 31,Apr 4,Jul 4,
 (unaudited, in millions €)20202020202020212021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income751.0 1,061.5 1,350.6 1,331.4 1,038.2 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization125.1 122.0 125.4 117.9 112.7 
Impairment and loss on disposal0.2 0.8 0.8 6.2 0.2 
Share-based compensation expense10.3 22.5 6.2 21.0 29.0 
Inventory reserves39.2 36.3 77.6 34.4 44.0 
Deferred tax expense (benefit)(15.4)(110.6)(60.7)(35.8)(7.5)
Equity method investments(26.4)(26.1)95.8 (21.5)(22.5)
Changes in assets and liabilities(512.1)(915.3)3,074.7 (2,395.3)2,374.8 
Net cash provided by (used in) operating activities371.9 191.1 4,670.4 (941.7)3,568.9 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(225.1)(212.5)(292.9)(189.4)(241.1)
Purchase of intangible assets(6.7)(9.1)(12.2)(7.9)(6.3)
Purchase of short-term investments(0.5)(343.7)(820.8)(608.5)— 
Maturity of short-term investments447.4 408.7 394.8 499.1 1,224.9 
Loans issued and other investing(0.3)(10.0)(2.2)— — 
Proceeds from sale of subsidiaries— — — — 12.9 
Acquisition of subsidiaries (net of cash acquired)— — (222.8)— — 
Net cash provided by (used in) investing activities214.8 (166.6)(956.1)(306.7)990.4 
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid(564.8)— (501.6)— (639.1)
Purchase of treasury shares— — (700.0)(1,567.6)(1,983.9)
Net proceeds from issuance of shares11.0 10.4 7.9 11.0 13.6 
Net proceeds from issuance of notes, net of issuance costs746.5 — — — — 
Repayment of debt and finance lease obligations(0.8)(0.9)(0.7)(3.6)(3.2)
Net cash provided by (used in) financing activities191.9 9.5 (1,194.4)(1,560.2)(2,612.6)
Net cash flows778.6 34.0 2,519.9 (2,808.6)1,946.7 
Effect of changes in exchange rates on cash(3.2)(1.6)(2.0)3.0 (3.9)
Net increase (decrease) in cash and cash equivalents775.4 32.4 2,517.9 (2,805.6)1,942.8 
Cash and cash equivalents at beginning of the period2,723.7 3,499.1 3,531.5 6,049.4 3,243.8 
Cash and cash equivalents at end of the period3,499.1 3,531.5 6,049.4 3,243.8 5,186.6 


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 2020 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, outlook and expected financial results, including expected net sales, free cash flow, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate, expected growth in net sales, system bookings, backlog, expected trends in Logic and Memory demand and sales, EUV coverage for 2021, revenue opportunity for 2025, expected shipments of systems and revenue recognition, long term growth opportunities, expected capacity, future growth outlook, long term demand drivers, expected benefits and performance of systems and applications, expanding end market trends, expected trends in the semiconductor industry, growth opportunities and drivers, expected increase in output and expected increase trends in EUV and DUV sales and supply chain capacity, the expectation of higher sales growth from increased output capacity and supply chain revenue opportunity, plans and strategies, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, product roadmaps, statements and intentions with respect to dividends and share buybacks, including the intention to continue to return significant amounts of cash to shareholders through a combination of share buybacks and growing annualized dividends and statements with respect to the 2021-2023 share buyback program including the amount of shares intended to be repurchased under the program from 2021 to 2023. 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 the global economy and financial markets, as well as on ASML and its customers and suppliers, and other factors that may impact ASML’s sales and gross margin, including customer demand and ASML’s ability to obtain supplies for its products, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, production capacity and our ability to increase capacity to meet demand, 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 the risk of delays in system production and supply chain capacity and disruptions, 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, 2020 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.