ASML - Summary US GAAP Consolidated Statements of Operations 1,2
|
| | | | | | |
| | | Three months ended, |
| | | Apr 1, |
| | Mar 31, |
|
| | | 2018 |
| | 2019 |
|
| (in millions EUR, except per share data) | | | | |
| | | | | |
| Net system sales | | 1,667.7 |
| | 1,689.0 |
|
| Net service and field option sales | | 617.3 |
| | 540.1 |
|
| Total net sales | | 2,285.0 |
| | 2,229.1 |
|
| | | | | |
| Total cost of sales | | (1,171.5 | ) | | (1,301.1 | ) |
| Gross profit | | 1,113.5 |
| | 928.0 |
|
| | | | | |
| Research and development costs | | (357.1 | ) | | (472.7 | ) |
| Selling, general and administrative costs | | (114.2 | ) | | (121.0 | ) |
| Income from operations | | 642.2 |
| | 334.3 |
|
| | | | | |
| Interest and other, net | | (10.5 | ) | | (7.9 | ) |
| Income before income taxes | | 631.7 |
| | 326.4 |
|
| | | | | |
| Benefit from (provision for) income taxes | | (74.4 | ) | | 17.0 |
|
| Income after income taxes | | 557.3 |
| | 343.4 |
|
| | | | |
| Profit (loss) related to equity method investments | | (17.6 | ) | | 12.0 |
|
| Net income | | 539.7 |
| | 355.4 |
|
| | | | | |
| | | | | |
| Basic net income per ordinary share | | 1.26 |
| | 0.84 |
|
Diluted net income per ordinary share 3 | | 1.26 |
| | 0.84 |
|
| | | | | |
| | | | | |
| Weighted average number of ordinary shares used in computing per share amounts (in millions): |
| Basic | | 427.2 |
| | 421.1 |
|
Diluted 3 | | 428.9 |
| | 422.5 |
|
ASML - Ratios and Other Data 1,2
|
| | | | | | |
| | | Three months ended, |
| | | Apr 1, |
| | Mar 31, |
|
| | | 2018 |
| | 2019 |
|
| (in millions EUR, except otherwise indicated) | | | | |
| | | | | |
| Gross profit as a percentage of net sales | | 48.7 | % | | 41.6 | % |
| Income from operations as a percentage of net sales | | 28.1 | % | | 15.0 | % |
| Net income as a percentage of net sales | | 23.6 | % | | 15.9 | % |
| Income taxes as a percentage of income before income taxes | | 11.8 | % | | (5.2 | )% |
| Shareholders’ equity as a percentage of total assets | | 59.3 | % | | 58.8 | % |
Sales of lithography systems (in units) 4 | | 49 |
| | 48 |
|
Value of booked systems (EUR millions) 5 | | 2,442 |
| | 1,399 |
|
Net bookings lithography systems (in units) 4 | | 62 |
| | 34 |
|
| Number of payroll employees in FTEs | | 16,994 |
| | 21,461 |
|
| Number of temporary employees in FTEs | | 3,271 |
| | 2,395 |
|
ASML - Summary US GAAP Consolidated Balance Sheets 1,2
|
| | | | | | |
| | | Dec 31, |
| | Mar 31, |
|
| | | 2018 |
| | 2019 |
|
| (in millions EUR) | | | | |
| | | | | |
| ASSETS | | | | |
| Cash and cash equivalents | | 3,121.1 |
| | 2,253.0 |
|
| Short-term investments | | 913.3 |
| | 1,022.1 |
|
| Accounts receivable, net | | 1,498.2 |
| | 1,589.3 |
|
| Finance receivables, net | | 611.1 |
| | 534.6 |
|
| Current tax assets | | 79.7 |
| | 373.3 |
|
| Contract assets | | 95.9 |
| | 103.5 |
|
| Inventories, net | | 3,439.5 |
| | 3,764.8 |
|
| Other assets | | 772.6 |
| | 755.7 |
|
| Total current assets | | 10,531.4 |
| | 10,396.3 |
|
| | | | | |
| Finance receivables, net | | 275.1 |
| | 399.4 |
|
| Deferred tax assets | | 236.3 |
| | 280.7 |
|
| Other assets | | 806.1 |
| | 881.1 |
|
| Equity method investments | | 915.8 |
| | 933.6 |
|
| Goodwill | | 4,541.1 |
| | 4,541.1 |
|
| Other intangible assets, net | | 1,104.0 |
| | 1,158.5 |
|
| Property, plant and equipment, net | | 1,589.5 |
| | 1,621.8 |
|
| Right-of-use assets | | 137.6 |
| | 148.1 |
|
| Total non-current assets | | 9,605.5 |
| | 9,964.3 |
|
| | | | | |
| Total assets | | 20,136.9 |
| | 20,360.6 |
|
| | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
| Total current liabilities | | 3,791.9 |
| | 3,721.2 |
|
| | | | | |
| Long-term debt | | 3,026.5 |
| | 3,082.5 |
|
| Deferred and other tax liabilities | | 251.2 |
| | 218.6 |
|
| Provisions | | 29.3 |
| | 29.3 |
|
| Contract liabilities | | 1,224.6 |
| | 1,190.0 |
|
| Accrued and other liabilities | | 172.4 |
| | 153.3 |
|
| Total non-current liabilities | | 4,704.0 |
| | 4,673.7 |
|
| | | | | |
| Total liabilities | | 8,495.9 |
| | 8,394.9 |
|
| | | | | |
| Total shareholders’ equity | | 11,641.0 |
| | 11,965.7 |
|
| Total liabilities and shareholders’ equity | | 20,136.9 |
| | 20,360.6 |
|
ASML - Summary US GAAP Consolidated Statements of Cash Flows 1,2
|
| | | | | | |
| | | Three months ended, |
| | | Apr 1, |
| | Mar 31, |
|
| | | 2018 |
| | 2019 |
|
| (in millions EUR) | | | | |
| | | | | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
| Net income | | 539.7 |
| | 355.4 |
|
| | | | | |
| Adjustments to reconcile net income to net cash flows from operating activities: | | | | |
| Depreciation and amortization | | 102.6 |
| | 104.8 |
|
| Impairment | | 2.0 |
| | 2.7 |
|
| Loss on disposal of property, plant and equipment | | 0.4 |
| | 0.6 |
|
| Share-based payments | | 12.2 |
| | 14.9 |
|
| Allowance for doubtful receivables | | 2.4 |
| | 0.6 |
|
| Allowance for obsolete inventory | | 59.0 |
| | 72.1 |
|
| Deferred income taxes | | 8.6 |
| | (76.5 | ) |
| Equity method investments | | 11.7 |
| | (17.0 | ) |
| Changes in assets and liabilities | | (553.5 | ) | | (938.4 | ) |
| Net cash provided by (used in) operating activities | | 185.1 |
| | (480.8 | ) |
| | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
| Purchase of property, plant and equipment | | (129.2 | ) | | (147.0 | ) |
| Purchase of intangible assets | | (6.1 | ) | | (86.7 | ) |
| Purchase of short-term investments | | (79.3 | ) | | (288.1 | ) |
| Maturity of short-term investments | | 379.3 |
| | 179.4 |
|
| Cash from (used for) derivative financial instruments | | 23.6 |
| | — |
|
| Loans issued and other investments | | (0.2 | ) | | — |
|
| Repayment on loans | | — |
| | — |
|
| Net cash provided by (used in) investing activities | | 188.1 |
| | (342.4 | ) |
| | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
| Dividend paid | | — |
| | — |
|
| Purchase of shares | | (166.9 | ) | | (52.6 | ) |
| Net proceeds from issuance of shares | | 7.0 |
| | 5.2 |
|
| Repayment of debt | | (0.3 | ) | | (0.7 | ) |
| Net cash provided by (used in) financing activities | | (160.2 | ) | | (48.1 | ) |
| | | | | |
| Net cash flows | | 213.0 |
| | (871.3 | ) |
| | | | | |
| Effect of changes in exchange rates on cash | | (7.2 | ) | | 3.2 |
|
| Net increase (decrease) in cash and cash equivalents | | 205.8 |
| | (868.1 | ) |
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations 1,2
|
| | | | | | | | | | | | | | | |
| | Three months ended, |
| | | Apr 1, |
| | July 1, |
| | Sep 30, |
| | Dec 31, |
| | Mar 31, |
|
| | | 2018 |
| | 2018 |
| | 2018 |
| | 2018 |
| | 2019 |
|
| (in millions EUR, except per share data) | | | | | | | | | | |
| | | | | | | | | | | |
| Net system sales | | 1,667.7 |
| | 2,086.5 |
| | 2,080.6 |
| | 2,424.3 |
| | 1,689.0 |
|
| Net service and field option sales | | 617.3 |
| | 653.9 |
| | 695.5 |
| | 718.2 |
| | 540.1 |
|
| Total net sales | | 2,285.0 |
| | 2,740.4 |
| | 2,776.1 |
| | 3,142.5 |
| | 2,229.1 |
|
| | | | | | | | | | | |
| Total cost of sales | | (1,171.5 | ) | | (1,553.5 | ) | | (1,440.2 | ) | | (1,749.6 | ) | | (1,301.1 | ) |
| Gross profit | | 1,113.5 |
| | 1,186.9 |
| | 1,335.9 |
| | 1,392.9 |
| | 928.0 |
|
| | | | | | | | | | | |
| Research and development costs | | (357.1 | ) | | (380.1 | ) | | (396.3 | ) | | (442.4 | ) | | (472.7 | ) |
| Selling, general and administrative costs | | (114.2 | ) | | (117.4 | ) | | (121.8 | ) | | (134.6 | ) | | (121.0 | ) |
| Income from operations | | 642.2 |
| | 689.4 |
| | 817.8 |
| | 815.9 |
| | 334.3 |
|
| | | | | | | | | | | |
| Interest and other, net | | (10.5 | ) | | (2.2 | ) | | (8.1 | ) | | (7.5 | ) | | (7.9 | ) |
| Income before income taxes | | 631.7 |
| | 687.2 |
| | 809.7 |
| | 808.4 |
| | 326.4 |
|
| | | | | | | | | | | |
| Benefit from (provision for) income taxes | | (74.4 | ) | | (107.5 | ) | | (129.6 | ) | | (40.1 | ) | | 17.0 |
|
| Income after income taxes | | 557.3 |
| | 579.7 |
| | 680.1 |
| | 768.3 |
| | 343.4 |
|
| | | | | | | | | | | |
| Profit (loss) related to equity method investments | | (17.6 | ) | | 4.3 |
| | 0.3 |
| | 19.2 |
| | 12.0 |
|
| Net income | | 539.7 |
| | 584.0 |
| | 680.4 |
| | 787.5 |
| | 355.4 |
|
| | | | | | | | | | | |
| | | | | | | | | | | |
| Basic net income per ordinary share | | 1.26 |
| | 1.37 |
| | 1.60 |
| | 1.87 |
| | 0.84 |
|
Diluted net income per ordinary share 3 | | 1.26 |
| | 1.37 |
| | 1.60 |
| | 1.86 |
| | 0.84 |
|
| | | | | | | | | | | |
| | | | | | | | | | | |
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | | | | |
| Basic | | 427.2 |
| | 426.0 |
| | 424.3 |
| | 422.2 |
| | 421.1 |
|
Diluted 3 | | 428.9 |
| | 427.6 |
| | 425.9 |
| | 423.6 |
| | 422.5 |
|
ASML - Quarterly Summary Ratios and other data 1,2
|
| | | | | | | | | | | | | | | |
| | | |
| | | Apr 1, |
| | July 1, |
| | Sep 30, |
| | Dec 31, |
| | Mar 31, |
|
| | | 2018 |
| | 2018 |
| | 2018 |
| | 2018 |
| | 2019 |
|
| (in millions EUR, except otherwise indicated) | | | | | | | | | | |
| | | | | | | | | | | |
| Gross profit as a percentage of net sales | | 48.7 | % | | 43.3 | % | | 48.1 | % | | 44.3 | % | | 41.6 | % |
| Income from operations as a percentage of net sales | | 28.1 | % | | 25.2 | % | | 29.5 | % | | 26.0 | % | | 15.0 | % |
| Net income as a percentage of net sales | | 23.6 | % | | 21.3 | % | | 24.5 | % | | 25.1 | % | | 15.9 | % |
| Income taxes as a percentage of income before income taxes | | 11.8 | % | | 15.6 | % | | 16.0 | % | | 5.0 | % | | (5.2 | )% |
| Shareholders’ equity as a percentage of total assets | | 59.3 | % | | 57.8 | % | | 57.3 | % | | 57.8 | % | | 58.8 | % |
Sales of lithography systems (in units) 4 | | 49 |
| | 58 |
| | 53 |
| | 64 |
| | 48 |
|
Value of booked systems (EUR millions) 5 | | 2,442 |
| | 1,952 |
| | 2,200 |
| | 1,587 |
| | 1,399 |
|
Net bookings lithography systems (in units) 4 | | 62 |
| | 59 |
| | 67 |
| | 53 |
| | 34 |
|
| Number of payroll employees in FTEs | | 16,994 |
| | 17,994 |
| | 19,041 |
| | 20,044 |
| | 21,461 |
|
| Number of temporary employees in FTEs | | 3,271 |
| | 3,407 |
| | 3,378 |
| | 3,203 |
| | 2,395 |
|
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets 1,2
|
| | | | | | | | | | | | | | | |
| | | Apr 1, |
|
| July 1, |
|
| Sep 30, |
| | Dec 31, |
| | Mar 31, |
|
| | | 2018 |
|
| 2018 |
| | 2018 |
| | 2018 |
| | 2019 |
|
| (in millions EUR) | | | | | | | | | | |
| | | | | | | | | | | |
| ASSETS | | | | | | | | | | |
| Cash and cash equivalents | | 2,464.8 |
| | 2,325.7 |
| | 2,203.2 |
| | 3,121.1 |
| | 2,253.0 |
|
| Short-term investments | | 729.3 |
| | 654.3 |
| | 744.3 |
| | 913.3 |
| | 1,022.1 |
|
| Accounts receivable, net | | 1,603.4 |
| | 1,138.9 |
| | 1,679.1 |
| | 1,498.2 |
| | 1,589.3 |
|
| Finance receivables, net | | 228.7 |
| | 599.7 |
| | 921.1 |
| | 611.1 |
| | 534.6 |
|
| Current tax assets | | 312.5 |
| | 292.8 |
| | 193.4 |
| | 79.7 |
| | 373.3 |
|
| Contract assets | | 11.5 |
| | 284.7 |
| | 116.7 |
| | 95.9 |
| | 103.5 |
|
| Inventories, net | | 3,231.5 |
| | 3,217.5 |
| | 3,402.7 |
| | 3,439.5 |
| | 3,764.8 |
|
| Other assets | | 631.0 |
| | 700.6 |
| | 652.6 |
| | 772.6 |
| | 755.7 |
|
| Total current assets | | 9,212.7 |
| | 9,214.2 |
| | 9,913.1 |
| | 10,531.4 |
| | 10,396.3 |
|
| | | | | | | | | | | |
| Finance receivables, net | | 193.2 |
| | 193.0 |
| | 193.5 |
| | 275.1 |
| | 399.4 |
|
| Deferred tax assets | | 90.7 |
| | 97.5 |
| | 109.5 |
| | 236.3 |
| | 280.7 |
|
| Other assets | | 805.9 |
| | 871.2 |
| | 904.5 |
| | 806.1 |
| | 881.1 |
|
| Equity method investments | | 970.5 |
| | 979.5 |
| | 985.2 |
| | 915.8 |
| | 933.6 |
|
| Goodwill | | 4,541.2 |
| | 4,541.2 |
| | 4,541.2 |
| | 4,541.1 |
| | 4,541.1 |
|
| Other intangible assets, net | | 1,146.5 |
| | 1,130.2 |
| | 1,108.7 |
| | 1,104.0 |
| | 1,158.5 |
|
| Property, plant and equipment, net | | 1,559.5 |
| | 1,584.6 |
| | 1,572.4 |
| | 1,589.5 |
| | 1,621.8 |
|
| Right-of-use assets | | 124.0 |
| | 127.4 |
| | 129.5 |
| | 137.6 |
| | 148.1 |
|
| Total non-current assets | | 9,431.5 |
| | 9,524.6 |
| | 9,544.5 |
| | 9,605.5 |
| | 9,964.3 |
|
| | | | | | | | | | | |
| Total assets | | 18,644.2 |
| | 18,738.8 |
| | 19,457.6 |
| | 20,136.9 |
| | 20,360.6 |
|
| | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | |
| Total current liabilities | | 3,132.2 |
| | 3,380.8 |
| | 3,546.1 |
| | 3,791.9 |
| | 3,721.2 |
|
| | | | | | | | | | | |
| Long-term debt | | 2,978.6 |
| | 3,007.7 |
| | 2,985.9 |
| | 3,026.5 |
| | 3,082.5 |
|
| Deferred and other tax liabilities | | 354.7 |
| | 390.9 |
| | 363.1 |
| | 251.2 |
| | 218.6 |
|
| Provisions | | 22.3 |
| | 23.5 |
| | 28.1 |
| | 29.3 |
| | 29.3 |
|
| Contract liabilities | | 819.4 |
| | 854.8 |
| | 1,140.7 |
| | 1,224.6 |
| | 1,190.0 |
|
| Accrued and other liabilities | | 275.3 |
| | 258.9 |
| | 239.7 |
| | 172.4 |
| | 153.3 |
|
| Total non-current liabilities | | 4,450.3 |
| | 4,535.8 |
| | 4,757.5 |
| | 4,704.0 |
| | 4,673.7 |
|
| | | | | | | | | | | |
| Total liabilities | | 7,582.5 |
| | 7,916.6 |
| | 8,303.6 |
| | 8,495.9 |
| | 8,394.9 |
|
| | | | | | | | | | | |
| Total shareholders’ equity | | 11,061.7 |
| | 10,822.2 |
| | 11,154.0 |
| | 11,641.0 |
| | 11,965.7 |
|
| Total liabilities and shareholders’ equity | | 18,644.2 |
| | 18,738.8 |
| | 19,457.6 |
| | 20,136.9 |
| | 20,360.6 |
|
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows 1,2
|
| | | | | | | | | | | | | | | |
| | Three months ended, |
| | | Apr 1, |
| | July 1, |
| | Sep 30, |
| | Dec 31, |
| | Mar 31, |
|
| | | 2018 |
| | 2018 |
| | 2018 |
| | 2018 |
| | 2019 |
|
| (in millions EUR) | | | | | | | | | | |
| | | | | | | | | | | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | |
| Net income | | 539.7 |
| | 584.0 |
| | 680.4 |
| | 787.5 |
| | 355.4 |
|
| | | | | | | | | | | |
| Adjustments to reconcile net income to net cash flows from operating activities: | | | | | | | | | | |
| Depreciation and amortization | | 102.6 |
| | 99.7 |
| | 110.0 |
| | 110.4 |
| | 104.8 |
|
| Impairment | | 2.0 |
| | 2.6 |
| | 1.2 |
| | 9.6 |
| | 2.7 |
|
| Loss on disposal of property, plant and equipment | | 0.4 |
| | 3.0 |
| | 0.1 |
| | 0.1 |
| | 0.6 |
|
| Share-based payments | | 12.2 |
| | 9.2 |
| | 16.6 |
| | 8.3 |
| | 14.9 |
|
| Allowance for doubtful receivables | | 2.4 |
| | 2.9 |
| | 2.7 |
| | 3.2 |
| | 0.6 |
|
| Allowance for obsolete inventory | | 59.0 |
| | 41.7 |
| | 45.5 |
| | 72.0 |
| | 72.1 |
|
| Deferred income taxes | | 8.6 |
| | 30.0 |
| | (40.2 | ) | | (236.9 | ) | | (76.5 | ) |
| Equity method investments | | 11.7 |
| | (8.9 | ) | | (5.8 | ) | | 64.6 |
| | (17.0 | ) |
| Changes in assets and liabilities | | (553.5 | ) | | (9.7 | ) | | (323.8 | ) | | 827.6 |
| | (938.4 | ) |
| Net cash provided by (used in) operating activities | | 185.1 |
| | 754.5 |
| | 486.7 |
| | 1,646.4 |
| | (480.8 | ) |
| | | | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | |
| Purchase of property, plant and equipment | | (129.2 | ) | | (125.6 | ) | | (129.1 | ) | | (190.1 | ) | | (147.0 | ) |
| Purchase of intangible assets | | (6.1 | ) | | (9.8 | ) | | (5.2 | ) | | (14.4 | ) | | (86.7 | ) |
| Purchase of short-term investments | | (79.3 | ) | | (104.5 | ) | | (214.8 | ) | | (519.5 | ) | | (288.1 | ) |
| Maturity of short-term investments | | 379.3 |
| | 179.5 |
| | 124.9 |
| | 350.4 |
| | 179.4 |
|
| Cash from (used for) derivative financial instruments | | 23.6 |
| | 3.5 |
| | (20.2 | ) | | (9.3 | ) | | — |
|
| Loans issued and other investments | | (0.2 | ) | | (0.4 | ) | | (0.3 | ) | | (0.1 | ) | | — |
|
| Repayment on loans | | — |
| | — |
| | 5.4 |
| | — |
| | — |
|
| Net cash provided by (used in) investing activities | | 188.1 |
| | (57.3 | ) | | (239.3 | ) | | (383.0 | ) | | (342.4 | ) |
| | | | | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | |
| Dividend paid | | — |
| | (597.1 | ) | | — |
| | — |
| | — |
|
| Purchase of shares | | (166.9 | ) | | (252.9 | ) | | (370.0 | ) | | (356.4 | ) | | (52.6 | ) |
| Net proceeds from issuance of shares | | 7.0 |
| | 6.1 |
| | 4.3 |
| | 4.4 |
| | 5.2 |
|
| Repayment of debt | | (0.3 | ) | | (1.3 | ) | | (0.2 | ) | | (1.0 | ) | | (0.7 | ) |
| Net cash provided by (used in) financing activities | | (160.2 | ) | | (845.2 | ) | | (365.9 | ) | | (353.0 | ) | | (48.1 | ) |
| | | | | | | | | | | |
| Net cash flows | | 213.0 |
| | (148.0 | ) | | (118.5 | ) | | 910.4 |
| | (871.3 | ) |
| | | | | | | | | | | |
| Effect of changes in exchange rates on cash | | (7.2 | ) | | 8.9 |
| | (4.0 | ) | | 7.5 |
| | 3.2 |
|
| Net increase (decrease) in cash and cash equivalents | | 205.8 |
| | (139.1 | ) | | (122.5 | ) | | 917.9 |
| | (868.1 | ) |
Notes to the Summary US GAAP Consolidated Financial Statements
Basis of preparation
The accompanying Summary Consolidated Financial Statements are stated in millions of euros unless indicated otherwise. The accompanying Summary Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our Summary of Significant Accounting Policies refer to the Notes to the Consolidated Financial Statements as recorded in our 2018 Integrated Report based on US GAAP which is available on www.asml.com. Further disclosures, as required under US GAAP in annual reports, are not included in the Summary Consolidated Financial Statements.
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| 1 | These financial statements are unaudited. |
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| 2 | Numbers have been rounded for readers' convenience. |
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| 3 | The calculation of diluted net income per ordinary share assumes the exercise of options issued under ASML stock option plans and the issuance of shares under ASML share plans for periods in which exercises or issuances would have a dilutive effect. The calculation of diluted net income per ordinary share does not assume exercise of such options when such exercises would be anti-dilutive. |
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| 4 | Lithography systems do not include metrology and inspection systems. |
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| 5 | Our systems net bookings include all system sales orders for which written authorizations have been accepted (for EUV excluding the High-NA systems). Our Q3 2018 systems net bookings include 1 EUV system which was shipped in Q4 2018 to collaborative Research Center (imec). This system is not recognized in revenue. |
This document contains statements relating to certain projections, business trends and other matters that are forward-looking, including statements with respect to expected trends and outlook, bookings, expected financial results and trends, including expected sales, EUV revenue, gross margin, R&D and SG&A expenses, and estimated annualized effective tax rate for the second quarter of 2019, and expected financial results and trends for the full year 2019, including the expectation for continued growth in sales in 2019, annual revenue opportunity in 2020 and annual revenue through 2025, outlook for 2020 and beyond, including ASML's positive view on technology drivers such as 5G communications, automotive, artificial intelligence and data centers, trends in DUV systems revenue and Holistic Lithography and installed based management and Applications revenues, expected industry trends and expected trends in the business environment, including expected short term volatility in the market due to macroeconomics, including added capacity in memory and new leading edge nodes in logic, drivers of long-term growth opportunity, statements with respect to the expected benefits of the introduction of the new DUV system and expected demand for such system, statements with respect to film head manufacturing, where ASML is expected to enable the shrink roadmap with a special version of the XT:1460K scanner, expected support of technology transitions through the higher productivity NXE:3400C, including its expected availability date and the expectation that such scanner will drive adoption in the DRAM memory segment, expected throughput of higher transmission optics and the expectation that this will deliver cost effective shrink for both Logic and DRAM, statements with respect to the continued DUV innovation, to support future nodes and new applications, including the expectation that DUV Dry products will be brought to the NTX platform and the expected timing of delivery of NXT:1470, the expected deliver of a multi-beam system in 2019 for R&D and expected timing of commercial product shipment of e-beam products , shrink being a key industry driver supporting innovation and providing long-term industry growth, Holistic Lithography enabling affordable shrink and delivering value to customers, DUV, EUV and Application products providing unique value drivers for ASML and its customers, the expected continuation of Moore’s law and that EUV will continue to enable Moore’s law and drive long term value for ASML well into the next decade, the intention to continue to return excess cash to shareholders through a combination of share buybacks and growing dividends in line with ASML’s policy, and statements with respect to the proposed dividend for the 2019 Annual General Meeting of Shareholders and the share repurchase plan for 2018-2019, including the intention to use certain shares to cover employee share plans and cancel the rest of the shares upon repurchase. 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", "targets", "commits to secure" 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 the 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, including the impact of general economic conditions on consumer confidence and demand for our customers’ products, competitive products and pricing, the impact of any manufacturing efficiencies and capacity constraints, performance of our systems, the continuing success of technology advances and the related pace of new product development and customer acceptance of and demand for new products including EUV and DUV, the number and timing of EUV and DUV systems shipped and recognized in revenue, timing of EUV orders and the risk of order cancellation or push out, EUV production capacity, delays in EUV systems production and development and volume production by customers, including meeting development requirements for volume production, demand for EUV systems being sufficient to result in utilization of EUV facilities in which ASML has made significant investments, potential inability to successfully integrate acquired businesses to create value for our customers, our ability to enforce patents and protect intellectual property rights, the outcome of intellectual property litigation, availability of raw materials, critical manufacturing equipment and qualified employees, trade environment, changes in exchange rates, changes in tax rates, available cash and liquidity, our ability to refinance our indebtedness, distributable reserves for dividend payments and share repurchases, results of the share repurchase plan and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F and other filings with 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.
