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

ASML - Summary US GAAP Consolidated Statements of Operations
Three months ended,Nine months ended,
Sep 29,Sep 27,Sep 29,Sep 27,
2019202020192020
(unaudited, in millions EUR, except per share data)
Net system sales2,325.6 3,095.6 5,865.5 7,118.2 
Net service and field option sales660.9 862.4 1,918.1 2,606.1 
Total net sales2,986.5 3,958.0 7,783.6 9,724.3 
Total cost of sales(1,680.1)(2,076.6)(4,443.9)(5,138.3)
Gross profit1,306.4 1,881.4 3,339.7 4,586.0 
Research and development costs(492.3)(534.0)(1,452.6)(1,644.9)
Selling, general and administrative costs(128.5)(131.5)(372.9)(393.4)
Income from operations685.6 1,215.9 1,514.2 2,547.7 
Interest and other, net(5.4)(8.4)(20.1)(26.9)
Income before income taxes680.2 1,207.5 1,494.1 2,520.8 
Benefit from (provision for) income taxes(65.0)(166.5)(67.2)(381.3)
Income after income taxes615.2 1,041.0 1,426.9 2,139.5 
Profit (loss) related to equity method investments11.6 20.5 31.3 63.6 
Net income626.8 1,061.5 1,458.2 2,203.1 
Basic net income per ordinary share1.49 2.54 3.46 5.26 
Diluted net income per ordinary share1.49 2.53 3.46 5.25 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic420.9 418.4 421.0 418.9 
Diluted421.7 419.2 421.8 419.6 

ASML - Ratios and Other Data
Three months ended,Nine months ended,
Sep 29,Sep 27,Sep 29,Sep 27,
2019202020192020
(unaudited, in millions EUR, except otherwise indicated)
Gross profit as a percentage of net sales43.7 %47.5 %42.9 %47.2 %
Income from operations as a percentage of net sales 23.0 %30.7 %19.5 %26.2 %
Net income as a percentage of net sales21.0 %26.8 %18.7 %22.7 %
Income taxes as a percentage of income before income taxes9.6 %13.8 %4.5 %15.1 %
Shareholders’ equity as a percentage of total assets 58.3 %54.0 %58.3 %54.0 %
Sales of lithography systems (in units) 1
57 60 153 178 
Value of booked systems (EUR millions) 2
5,111 2,868 9,338 7,054 
Net bookings lithography systems (in units) 1, 2, 3
81 73 176 180 
Number of payroll employees in FTEs22,805 24,749 22,805 24,749 
Number of temporary employees in FTEs1,913 1,451 1,913 1,451 









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 - Summary US GAAP Consolidated Balance Sheets
Dec 31,Sep 27,
20192020
 (unaudited, in millions EUR)
ASSETS
Cash and cash equivalents3,532.3 3,531.5 
Short-term investments1,185.8 876.3 
Accounts receivable, net1,786.8 2,458.8 
Finance receivables, net564.5 1,855.4 
Current tax assets178.7 265.6 
Contract assets231.0 176.8 
Inventories, net3,809.2 4,613.7 
Other assets842.8 772.7 
Total current assets12,131.1 14,550.8 
Finance receivables, net421.1 349.6 
Deferred tax assets445.3 610.7 
Other assets830.4 961.5 
Equity method investments833.0 918.0 
Goodwill4,541.1 4,541.1 
Other intangible assets, net1,104.4 1,035.4 
Property, plant and equipment, net 1,999.3 2,198.3 
Right-of-use assets - Operating205.4 180.1 
Right-of-use assets - Finance118.5 117.9 
Total non-current assets10,498.5 10,912.6 
Total assets22,629.6 25,463.4 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities4,694.1 4,990.9 
Long-term debt3,108.3 4,626.7 
Deferred and other tax liabilities234.4 209.1 
Contract liabilities1,759.6 1,652.8 
Accrued and other liabilities241.0 241.4 
Total non-current liabilities5,343.3 6,730.0 
Total liabilities10,037.4 11,720.9 
Total shareholders’ equity12,592.2 13,742.5 
Total liabilities and shareholders’ equity22,629.6 25,463.4 




ASML - Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,Nine months ended,
Sep 29,Sep 27,Sep 29,Sep 27,
2019202020192020
 (unaudited, in millions EUR)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income626.8 1,061.5 1,458.2 2,203.1 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 112.4 122.0 325.6 365.4 
Impairment2.0 — 4.7 2.7 
Loss on disposal of property, plant and equipment0.3 0.8 2.3 2.0 
Share-based compensation expense18.0 22.5 45.4 47.7 
Allowance for obsolete inventory46.1 36.3 167.3 114.8 
Deferred income taxes22.5 (110.6)(119.1)(150.6)
Equity method investments(18.6)(26.1)(50.9)(84.8)
Changes in assets and liabilities(740.1)(915.3)(2,145.4)(2,543.1)
Net cash provided by (used in) operating activities69.4 191.1 (311.9)(42.8)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(185.8)(212.5)(461.1)(669.1)
Purchase of intangible assets(11.2)(9.1)(109.6)(26.6)
Purchase of short-term investments(100.3)(343.7)(389.1)(654.7)
Maturity of short-term investments290.0 408.7 818.7 964.3 
Loans issued and other investing— (10.0)— (10.0)
Net cash provided by (used in) investing activities(7.3)(166.6)(141.1)(396.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid— — (884.4)(564.8)
Purchase of shares(148.4)— (218.4)(507.5)
Net proceeds from issuance of shares7.4 10.4 20.0 30.0 
Net proceeds from issuance of notes, net of issuance costs— — — 1,486.3 
Repayment of debt and finance lease obligations(1.0)(0.9)(2.9)(2.6)
Net cash provided by (used in) financing activities(142.0)9.5 (1,085.7)441.4 
Net cash flows(79.9)34.0 (1,538.7)2.5 
Effect of changes in exchange rates on cash4.9 (1.6)3.7 (3.3)
Net increase (decrease) in cash and cash equivalents(75.0)32.4 (1,535.0)(0.8)
Cash and cash equivalents at beginning of the period1,661.1 3,499.1 3,121.1 3,532.3 
Cash and cash equivalents at end of the period1,586.1 3,531.5 1,586.1 3,531.5 




ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
Three months ended,
Sep 29,Dec 31,Mar 29,Jun 28,Sep 27,
20192019202020202020
 (unaudited, in millions EUR, except per share data)
Net system sales2,325.6 3,130.7 1,584.0 2,438.6 3,095.6 
Net service and field option sales660.9 905.7 856.6 887.1 862.4 
Total net sales2,986.5 4,036.4 2,440.6 3,325.7 3,958.0 
Total cost of sales(1,680.1)(2,096.3)(1,339.2)(1,722.5)(2,076.6)
Gross profit1,306.4 1,940.1 1,101.4 1,603.2 1,881.4 
Research and development costs(492.3)(516.1)(544.0)(566.9)(534.0)
Selling, general and administrative costs(128.5)(147.6)(130.7)(131.2)(131.5)
Income from operations685.6 1,276.5 426.7 905.1 1,215.9 
Interest and other, net(5.4)(4.8)(11.4)(7.1)(8.4)
Income before income taxes680.2 1,271.7 415.3 898.0 1,207.5 
Benefit from (provision for) income taxes(65.0)(124.5)(48.5)(166.4)(166.5)
Income after income taxes615.2 1,147.2 366.8 731.6 1,041.0 
Profit (loss) related to equity method investments11.6 (13.1)23.8 19.4 20.5 
Net income626.8 1,134.1 390.6 751.0 1,061.5 
Basic net income per ordinary share1.49 2.70 0.93 1.79 2.54 
Diluted net income per ordinary share

1.49 2.69 0.93 1.79 2.53 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic420.9 420.1 419.0 418.4 418.4 
Diluted

421.7 421.1 419.7 419.0 419.2 


ASML - Quarterly Summary Ratios and other data
Sep 29,Dec 31,Mar 29,Jun 28,Sep 27,
20192019202020202020
(unaudited, in millions EUR, except otherwise indicated)
Gross profit as a percentage of net sales43.7 %48.1 %45.1 %48.2 %47.5 %
Income from operations as a percentage of net sales 23.0 %31.6 %17.5 %27.2 %30.7 %
Net income as a percentage of net sales21.0 %28.1 %16.0 %22.6 %26.8 %
Income taxes as a percentage of income before income taxes9.6 %9.8 %11.7 %18.5 %13.8 %
Shareholders’ equity as a percentage of total assets 58.3 %55.6 %53.8 %52.2 %54.0 %
Sales of lithography systems (in units) 1
57 76 57 61 60 
Value of booked systems (EUR millions) 2
5,111 

2,402 

3,085 

1,101 

2,868 
Net bookings lithography systems (in units) 1, 2, 3
81 

60 

73 

34 

73 
Number of payroll employees in FTEs22,805 23,219 23,860 24,330 24,749 
Number of temporary employees in FTEs1,913 1,681 1,467 1,482 1,451 






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
Sep 29,Dec 31,Mar 29,Jun 28,Sep 27,
20192019202020202020
(unaudited, in millions EUR)
ASSETS
Cash and cash equivalents1,586.1 3,532.3 2,723.7 3,499.1 3,531.5 
Short-term investments483.8 1,185.8 1,388.1 941.2 876.3 
Accounts receivable, net2,100.7 1,786.8 1,767.4 1,770.0 2,458.8 
Finance receivables, net584.9 564.5 748.7 1,071.5 1,855.4 
Current tax assets339.6 178.7 529.0 360.8 265.6 
Contract assets287.8 231.0 292.1 260.9 176.8 
Inventories, net3,895.0 3,809.2 4,345.3 4,685.6 4,613.7 
Other assets816.2 842.8 905.8 903.5 772.7 
Total current assets10,094.1 12,131.1 12,700.1 13,492.6 14,550.8 
Finance receivables, net588.2 421.1 340.8 444.0 349.6 
Deferred tax assets

309.2 445.3 482.3 485.3 610.7 
Other assets951.2 830.4 902.3 929.7 961.5 
Equity method investments969.0 833.0 865.1 891.6 918.0 
Goodwill4,541.1 4,541.1 4,541.1 4,541.1 4,541.1 
Other intangible assets, net1,122.8 1,104.4 1,082.5 1,058.3 1,035.4 
Property, plant and equipment, net 1,817.9 1,999.3 2,046.9 2,109.6 2,198.3 
Right-of-use assets - Operating227.2 205.4 197.1 193.0 180.1 
Right-of-use assets - Finance78.5 118.5 119.4 160.9 117.9 
Total non-current assets10,605.1 10,498.5 10,577.5 10,813.5 10,912.6 
Total assets20,699.2 22,629.6 23,277.6 24,306.1 25,463.4 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities

3,712.5 4,694.1 4,677.4 4,631.3 4,990.9 
Long-term debt3,170.0 3,108.3 3,868.2 4,625.0 4,626.7 
Deferred and other tax liabilities

203.6 234.4 262.7 191.3 209.1 
Contract liabilities1,276.5 1,759.6 1,702.6 1,918.1 1,652.8 
Accrued and other liabilities265.5 241.0 241.5 240.6 241.4 
Total non-current liabilities4,915.6 5,343.3 6,075.0 6,975.0 6,730.0 
Total liabilities8,628.1 10,037.4 10,752.4 11,606.3 11,720.9 
Total shareholders’ equity12,071.1 12,592.2 12,525.2 12,699.8 13,742.5 
Total liabilities and shareholders’ equity20,699.2 22,629.6 23,277.6 24,306.1 25,463.4 




ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Sep 29,Dec 31,Mar 29,Jun 28,Sep 27,
20192019202020202020
 (unaudited, in millions EUR)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income626.8 1,134.1 390.6 751.0 1,061.5 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization112.4 122.9 118.3 125.1 122.0 
Impairment2.0 — 2.7 — — 
Loss on disposal of property, plant and equipment0.3 0.8 1.0 0.2 0.8 
Share-based compensation expense18.0 29.2 14.9 10.3 22.5 
Allowance for obsolete inventory46.1 54.2 39.3 39.2 36.3 
Deferred income taxes22.5 (80.9)(24.6)(15.4)(110.6)
Equity method investments(18.6)107.8 (32.3)(26.4)(26.1)
Changes in assets and liabilities(740.1)2,220.2 (1,115.7)(512.1)(915.3)
Net cash provided by (used in) operating activities69.4 3,588.3 (605.8)371.9 191.1 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(185.8)(305.5)(231.5)(225.1)(212.5)
Purchase of intangible assets(11.2)(9.7)(10.8)(6.7)(9.1)
Purchase of short-term investments(100.3)(902.4)(310.5)(0.5)(343.7)
Maturity of short-term investments290.0 200.3 108.2 447.4 408.7 
Loans issued and other investing— 0.9 0.3 (0.3)(10.0)
Net cash provided by (used in) investing activities(7.3)(1,016.4)(444.3)214.8 (166.6)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid— (441.3)— (564.8)— 
Purchase of shares(148.4)(191.6)(507.5)— — 
Net proceeds from issuance of shares7.4 7.2 8.6 11.0 10.4 
Net proceeds from issuance of notes, net of issuance costs— — 739.8 746.5 — 
Repayment of debt and finance lease obligations(1.0)(0.9)(0.9)(0.8)(0.9)
Net cash provided by (used in) financing activities(142.0)(626.6)240.0 191.9 9.5 
Net cash flows(79.9)1,945.3 (810.1)778.6 34.0 
       Effect of changes in exchange rates on cash4.9 0.9 1.5 (3.2)(1.6)
Net increase (decrease) in cash and cash equivalents(75.0)1,946.2 (808.6)775.4 32.4 
Cash and cash equivalents at beginning of the period1,661.1 1,586.1 3,532.3 2,723.7 3,499.1 
Cash and cash equivalents at end of the period1,586.1 3,532.3 2,723.7 3,499.1 3,531.5 



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, including trends in end markets and technology industry and business environment trends, outlook and expected financial results for Q4 2020, including expected revenues, gross margin, R&D costs, SG&A costs and estimated annualized effective tax rate for 2020, expected revenue for full year 2020 and expected growth in 2021, long term growth opportunity, revenue opportunity through 2025, expected benefits and performance of new systems and applications, the expectation that EUV will continue to enable Moore's law and drive long term value for ASML, statements with respect to plans regarding dividends, including the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing dividends and statements with respect to the 2020-2022 share buyback program including the statement that we will resume buybacks. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue", "target", and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, economic conditions; product demand and semiconductor equipment industry capacity; worldwide demand and manufacturing capacity utilization for semiconductors; the impact of general economic conditions on consumer confidence and demand for our customers’ products; performance of our systems, the duration and continued or increased severity of the COVID-19 outbreak and measures taken to contain it and other risks related to the impact of COVID-19 on the global economy and financial markets, as well as on ASML and its customers and suppliers, including their operations, and other risks relating to COVID-19 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; 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; 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 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.