ASML - Summary US GAAP Consolidated Statements of Operations
|
| | | | | | | | | | | | | |
| | | Three months ended, | | Six months ended, | |
| | | June 30, |
| | Jun 28, |
| | June 30, |
| | Jun 28, |
| |
| | | 2019 |
| | 2020 |
| | 2019 |
| | 2020 |
| |
| (unaudited, in millions EUR, except per share data) | | | | | | | | | |
| | | | | | | | | | |
| Net system sales | | 1,850.8 |
| | 2,438.6 |
| | 3,539.8 |
| | 4,022.6 |
| |
| Net service and field option sales | | 717.1 |
| | 887.1 |
| | 1,257.2 |
| | 1,743.7 |
| |
| Total net sales | | 2,567.9 |
| | 3,325.7 |
| | 4,797.0 |
| | 5,766.3 |
| |
| | | | | | | | | | |
| Total cost of sales | | (1,462.7 | ) | | (1,722.5 | ) | | (2,763.7 | ) | | (3,061.7 | ) | |
| Gross profit | | 1,105.2 |
| | 1,603.2 |
| | 2,033.3 |
| | 2,704.6 |
| |
| | | | | | | | | | |
| Research and development costs | | (487.4 | ) | | (566.9 | ) | | (960.3 | ) | | (1,110.9 | ) | |
| Selling, general and administrative costs | | (123.5 | ) | | (131.2 | ) | | (244.4 | ) | | (261.9 | ) | |
| Income from operations | | 494.3 |
| | 905.1 |
| | 828.6 |
| | 1,331.8 |
| |
| | | | | | | | | | |
| Interest and other, net | | (6.9 | ) | | (7.1 | ) | | (14.8 | ) | | (18.5 | ) | |
| Income before income taxes | | 487.4 |
| | 898.0 |
| | 813.8 |
| | 1,313.3 |
| |
| | | | | | | | | | |
| Benefit from (provision for) income taxes | | (19.1 | ) | | (166.4 | ) | | (2.1 | ) | | (214.8 | ) | |
| Income after income taxes | | 468.3 |
| | 731.6 |
| | 811.7 |
| | 1,098.5 |
| |
| | | | | | | | | |
| Profit (loss) related to equity method investments | | 7.7 |
| | 19.4 |
| | 19.7 |
| | 43.1 |
| |
| Net income | | 476.0 |
| | 751.0 |
| | 831.4 |
| | 1,141.6 |
| |
| | | | | | | | | | |
| Basic net income per ordinary share | | 1.13 |
| | 1.79 |
| | 1.97 |
| | 2.73 |
| |
| Diluted net income per ordinary share | | 1.13 |
| | 1.79 |
| | 1.97 |
| | 2.72 |
| |
| | | | | | | | | | |
| Weighted average number of ordinary shares used in computing per share amounts (in millions): |
| Basic | | 421.1 |
| | 418.4 |
| | 421.1 |
| | 418.5 |
| |
| Diluted | | 421.8 |
| | 419.0 |
| | 421.8 |
| | 419.2 |
| |
ASML - Ratios and Other Data
|
| | | | | | | | | | | | | |
| | | Three months ended, | | Six months ended, | |
| | | June 30, |
| | Jun 28, |
| | June 30, |
| | Jun 28, |
| |
| | | 2019 |
| | 2020 |
| | 2019 |
| | 2020 |
| |
| (unaudited, in millions EUR, except otherwise indicated) | | | | | | | | | |
| | | | | | | | | | |
| Gross profit as a percentage of net sales | | 43.0 | % | | 48.2 | % | | 42.4 | % | | 46.9 | % | |
| Income from operations as a percentage of net sales | | 19.2 | % | | 27.2 | % | | 17.3 | % | | 23.1 | % | |
| Net income as a percentage of net sales | | 18.5 | % | | 22.6 | % | | 17.3 | % | | 19.8 | % | |
| Income taxes as a percentage of income before income taxes | | 3.9 | % | | 18.5 | % | | 0.3 | % | | 16.3 | % | |
| Shareholders’ equity as a percentage of total assets | | 57.6 | % | | 52.2 | % | | 57.6 | % | | 52.2 | % | |
Sales of lithography systems (in units) 1 | | 48 |
| | 61 |
| | 96 |
| | 118 |
| |
Value of booked systems (EUR millions) 2 | | 2,828 |
| | 1,101 |
| | 4,227 |
| | 4,186 |
| |
Net bookings lithography systems (in units) 1, 2 | | 61 |
| | 34 |
| | 95 |
| | 107 |
| |
| Number of payroll employees in FTEs | | 22,125 |
| | 24,330 |
| | 22,125 |
| | 24,330 |
| |
| Number of temporary employees in FTEs | | 2,157 |
| | 1,482 |
| | 2,157 |
| | 1,482 |
| |
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, |
| | Jun 28, |
|
| | | 2019 |
| | 2020 |
|
| (unaudited, in millions EUR) | | | | |
| | | | | |
| ASSETS | | | | |
| Cash and cash equivalents | | 3,532.3 |
| | 3,499.1 |
|
| Short-term investments | | 1,185.8 |
| | 941.2 |
|
| Accounts receivable, net | | 1,786.8 |
| | 1,770.0 |
|
| Finance receivables, net | | 564.5 |
| | 1,071.5 |
|
| Current tax assets | | 178.7 |
| | 360.8 |
|
| Contract assets | | 231.0 |
| | 260.9 |
|
| Inventories, net | | 3,809.2 |
| | 4,685.6 |
|
| Other assets | | 842.8 |
| | 903.5 |
|
| Total current assets | | 12,131.1 |
| | 13,492.6 |
|
| | | | | |
| Finance receivables, net | | 421.1 |
| | 444.0 |
|
| Deferred tax assets | | 445.3 |
| | 485.3 |
|
| Other assets | | 830.4 |
| | 929.7 |
|
| Equity method investments | | 833.0 |
| | 891.6 |
|
| Goodwill | | 4,541.1 |
| | 4,541.1 |
|
| Other intangible assets, net | | 1,104.4 |
| | 1,058.3 |
|
| Property, plant and equipment, net | | 1,999.3 |
| | 2,109.6 |
|
| Right-of-use assets - Operating | | 205.4 |
| | 193.0 |
|
| Right-of-use assets - Finance | | 118.5 |
| | 160.9 |
|
| Total non-current assets | | 10,498.5 |
| | 10,813.5 |
|
| | | | | |
| Total assets | | 22,629.6 |
| | 24,306.1 |
|
| | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
| Total current liabilities | | 4,694.1 |
| | 4,631.3 |
|
| | | | | |
| Long-term debt | | 3,108.3 |
| | 4,625.0 |
|
| Deferred and other tax liabilities | | 234.4 |
| | 191.3 |
|
| Contract liabilities | | 1,759.6 |
| | 1,918.1 |
|
| Accrued and other liabilities | | 241.0 |
| | 240.6 |
|
| Total non-current liabilities | | 5,343.3 |
| | 6,975.0 |
|
| | | | | |
| Total liabilities | | 10,037.4 |
| | 11,606.3 |
|
| | | | | |
| Total shareholders’ equity | | 12,592.2 |
| | 12,699.8 |
|
| Total liabilities and shareholders’ equity | | 22,629.6 |
| | 24,306.1 |
|
ASML - Summary US GAAP Consolidated Statements of Cash Flows
|
| | | | | | | | | | | | |
| | | Three months ended, | | Six months ended, |
| | | June 30, |
| | Jun 28, |
| | June 30, |
| | Jun 28, |
|
| | | 2019 |
| | 2020 |
| | 2019 |
| | 2020 |
|
| (unaudited, in millions EUR) | | | | | | | | |
| | | | | | | | | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | |
| Net income | | 476.0 |
| | 751.0 |
| | 831.4 |
| | 1,141.6 |
|
| | | | | | | | | |
| Adjustments to reconcile net income to net cash flows from operating activities: | | | | | | | | |
| Depreciation and amortization | | 108.4 |
| | 125.1 |
| | 213.2 |
| | 243.4 |
|
| Impairment | | — |
| | — |
| | 2.7 |
| | 2.7 |
|
| Loss on disposal of property, plant and equipment | | 1.4 |
| | 0.2 |
| | 2.0 |
| | 1.2 |
|
| Share-based compensation expense | | 12.5 |
| | 10.3 |
| | 27.4 |
| | 25.2 |
|
| Allowance for obsolete inventory | | 49.1 |
| | 39.2 |
| | 121.2 |
| | 78.5 |
|
| Deferred income taxes | | (65.1 | ) | | (15.4 | ) | | (141.6 | ) | | (40.0 | ) |
| Equity method investments | | (15.3 | ) | | (26.4 | ) | | (32.3 | ) | | (58.7 | ) |
| Changes in assets and liabilities | | (467.5 | ) | | (512.1 | ) | | (1,405.3 | ) | | (1,627.8 | ) |
| Net cash provided by (used in) operating activities | | 99.5 |
| | 371.9 |
| | (381.3 | ) | | (233.9 | ) |
| | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | |
| Purchase of property, plant and equipment | | (128.3 | ) | | (225.1 | ) | | (275.3 | ) | | (456.6 | ) |
| Purchase of intangible assets | | (11.7 | ) | | (6.7 | ) | | (98.4 | ) | | (17.5 | ) |
| Purchase of short-term investments | | (0.7 | ) | | (0.5 | ) | | (288.8 | ) | | (311.0 | ) |
| Maturity of short-term investments | | 349.3 |
| | 447.4 |
| | 528.7 |
| | 555.6 |
|
| Repayment on loans | | — |
| | (0.3 | ) | | — |
| | — |
|
| Net cash provided by (used in) investing activities | | 208.6 |
| | 214.8 |
| | (133.8 | ) | | (229.5 | ) |
| | | | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | |
| Dividend paid | | (884.4 | ) | | (564.8 | ) | | (884.4 | ) | | (564.8 | ) |
| Purchase of shares | | (17.4 | ) | | — |
| | (70.0 | ) | | (507.5 | ) |
| Net proceeds from issuance of shares | | 7.4 |
| | 11.0 |
| | 12.6 |
| | 19.6 |
|
| Net proceeds from issuance of notes, net of issuance costs | | — |
| | 746.5 |
| | — |
| | 1,486.3 |
|
| Repayment of debt and finance lease obligations | | (1.2 | ) | | (0.8 | ) | | (1.9 | ) | | (1.7 | ) |
| Net cash provided by (used in) financing activities | | (895.6 | ) | | 191.9 |
| | (943.7 | ) | | 431.9 |
|
| | | | | | | | | |
| Net cash flows | | (587.5 | ) | | 778.6 |
| | (1,458.8 | ) | | (31.5 | ) |
| | | | | | | | | |
| Effect of changes in exchange rates on cash | | (4.4 | ) | | (3.2 | ) | | (1.2 | ) | | (1.7 | ) |
| Net increase (decrease) in cash and cash equivalents | | (591.9 | ) | | 775.4 |
| | (1,460.0 | ) | | (33.2 | ) |
| | | | | | | | | |
| Cash and cash equivalents at beginning of the period | | 2,253.0 |
| | 2,723.7 |
| | 3,121.1 |
| | 3,532.3 |
|
| Cash and cash equivalents at end of the period | | 1,661.1 |
| | 3,499.1 |
| | 1,661.1 |
| | 3,499.1 |
|
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
|
| | | | | | | | | | | | | | | |
| Three months ended, |
|
| June 30, |
|
| Sep 29, |
|
| Dec 31, |
|
| Mar 29, |
|
| Jun 28, |
|
|
| 2019 |
|
| 2019 |
|
| 2019 |
|
| 2020 |
|
| 2020 |
|
| (unaudited, in millions EUR, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net system sales |
| 1,850.8 |
|
| 2,325.6 |
|
| 3,130.7 |
|
| 1,584.0 |
|
| 2,438.6 |
|
| Net service and field option sales |
| 717.1 |
|
| 660.9 |
|
| 905.7 |
|
| 856.6 |
|
| 887.1 |
|
| Total net sales |
| 2,567.9 |
|
| 2,986.5 |
|
| 4,036.4 |
|
| 2,440.6 |
|
| 3,325.7 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total cost of sales |
| (1,462.7 | ) |
| (1,680.1 | ) |
| (2,096.3 | ) |
| (1,339.2 | ) |
| (1,722.5 | ) |
| Gross profit |
| 1,105.2 |
|
| 1,306.4 |
|
| 1,940.1 |
|
| 1,101.4 |
|
| 1,603.2 |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development costs |
| (487.4 | ) |
| (492.3 | ) |
| (516.1 | ) |
| (544.0 | ) |
| (566.9 | ) |
| Selling, general and administrative costs |
| (123.5 | ) |
| (128.5 | ) |
| (147.6 | ) |
| (130.7 | ) |
| (131.2 | ) |
| Income from operations |
| 494.3 |
|
| 685.6 |
|
| 1,276.5 |
|
| 426.7 |
|
| 905.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and other, net |
| (6.9 | ) |
| (5.4 | ) |
| (4.8 | ) |
| (11.4 | ) |
| (7.1 | ) |
| Income before income taxes |
| 487.4 |
|
| 680.2 |
|
| 1,271.7 |
|
| 415.3 |
|
| 898.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Benefit from (provision for) income taxes |
| (19.1 | ) |
| (65.0 | ) |
| (124.5 | ) |
| (48.5 | ) |
| (166.4 | ) |
| Income after income taxes |
| 468.3 |
|
| 615.2 |
|
| 1,147.2 |
|
| 366.8 |
|
| 731.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) related to equity method investments |
| 7.7 |
|
| 11.6 |
|
| (13.1 | ) |
| 23.8 |
|
| 19.4 |
|
| Net income |
| 476.0 |
|
| 626.8 |
|
| 1,134.1 |
|
| 390.6 |
|
| 751.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic net income per ordinary share |
| 1.13 |
|
| 1.49 |
|
| 2.70 |
|
| 0.93 |
|
| 1.79 |
|
| Diluted net income per ordinary share |
| 1.13 |
|
| 1.49 |
|
| 2.69 |
|
| 0.93 |
|
| 1.79 |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of ordinary shares used in computing per share amounts (in millions): |
|
|
|
|
| Basic |
| 421.1 |
|
| 420.9 |
|
| 420.1 |
|
| 419.0 |
|
| 418.4 |
|
| Diluted |
| 421.8 |
|
| 421.7 |
|
| 421.1 |
|
| 419.7 |
|
| 419.0 |
|
ASML - Quarterly Summary Ratios and other data
|
| | | | | | | | | | | | | | | |
|
|
|
|
| June 30, |
|
| Sep 29, |
|
| Dec 31, |
|
| Mar 29, |
|
| Jun 28, |
|
|
| 2019 |
|
| 2019 |
|
| 2019 |
|
| 2020 |
|
| 2020 |
|
| (unaudited, in millions EUR, except otherwise indicated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit as a percentage of net sales |
| 43.0 | % |
| 43.7 | % |
| 48.1 | % |
| 45.1 | % |
| 48.2 | % |
| Income from operations as a percentage of net sales |
| 19.2 | % |
| 23.0 | % |
| 31.6 | % |
| 17.5 | % |
| 27.2 | % |
| Net income as a percentage of net sales |
| 18.5 | % |
| 21.0 | % |
| 28.1 | % |
| 16.0 | % |
| 22.6 | % |
| Income taxes as a percentage of income before income taxes |
| 3.9 | % |
| 9.6 | % |
| 9.8 | % |
| 11.7 | % |
| 18.5 | % |
| Shareholders’ equity as a percentage of total assets |
| 57.6 | % |
| 58.3 | % |
| 55.6 | % |
| 53.8 | % |
| 52.2 | % |
Sales of lithography systems (in units) 1 |
| 48 |
|
| 57 |
|
| 76 |
|
| 57 |
|
| 61 |
|
Value of booked systems (EUR millions) 2 |
| 2,828 |
|
| 5,111 |
|
| 2,402 |
|
| 3,085 |
|
| 1,101 |
|
Net bookings lithography systems (in units) 1, 2, 3 |
| 61 |
|
| 81 |
|
| 60 |
|
| 73 |
|
| 34 |
|
| Number of payroll employees in FTEs |
| 22,125 |
|
| 22,805 |
|
| 23,219 |
|
| 23,860 |
|
| 24,330 |
|
| Number of temporary employees in FTEs |
| 2,157 |
|
| 1,913 |
|
| 1,681 |
|
| 1,467 |
|
| 1,482 |
|
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
|
| | | | | | | | | | | | | | | |
|
| June 30, |
|
| Sep 29, |
|
| Dec 31, |
|
| Mar 29, |
|
| Jun 28, |
|
|
| 2019 |
|
| 2019 |
| | 2019 |
|
| 2020 |
|
| 2020 |
|
| (unaudited, in millions EUR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
| 1,661.1 |
|
| 1,586.1 |
|
| 3,532.3 |
|
| 2,723.7 |
|
| 3,499.1 |
|
| Short-term investments |
| 673.5 |
|
| 483.8 |
|
| 1,185.8 |
|
| 1,388.1 |
|
| 941.2 |
|
| Accounts receivable, net |
| 1,637.7 |
|
| 2,100.7 |
|
| 1,786.8 |
|
| 1,767.4 |
|
| 1,770.0 |
|
| Finance receivables, net |
| 620.1 |
|
| 584.9 |
|
| 564.5 |
|
| 748.7 |
|
| 1,071.5 |
|
| Current tax assets |
| 320.9 |
|
| 339.6 |
|
| 178.7 |
|
| 529.0 |
|
| 360.8 |
|
| Contract assets |
| 190.4 |
|
| 287.8 |
|
| 231.0 |
|
| 292.1 |
|
| 260.9 |
|
| Inventories, net |
| 3,914.1 |
|
| 3,895.0 |
|
| 3,809.2 |
|
| 4,345.3 |
|
| 4,685.6 |
|
| Other assets |
| 877.5 |
|
| 816.2 |
|
| 842.8 |
|
| 905.8 |
|
| 903.5 |
|
| Total current assets |
| 9,895.3 |
|
| 10,094.1 |
|
| 12,131.1 |
|
| 12,700.1 |
|
| 13,492.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| Finance receivables, net |
| 406.3 |
|
| 588.2 |
|
| 421.1 |
|
| 340.8 |
|
| 444.0 |
|
| Deferred tax assets |
| 326.6 |
|
| 309.2 |
|
| 445.3 |
|
| 482.3 |
|
| 485.3 |
|
| Other assets |
| 893.3 |
|
| 951.2 |
|
| 830.4 |
|
| 902.3 |
|
| 929.7 |
|
| Equity method investments |
| 949.9 |
|
| 969.0 |
|
| 833.0 |
|
| 865.1 |
|
| 891.6 |
|
| Goodwill |
| 4,541.1 |
|
| 4,541.1 |
|
| 4,541.1 |
|
| 4,541.1 |
|
| 4,541.1 |
|
| Other intangible assets, net |
| 1,140.8 |
|
| 1,122.8 |
|
| 1,104.4 |
|
| 1,082.5 |
|
| 1,058.3 |
|
| Property, plant and equipment, net |
| 1,669.8 |
|
| 1,817.9 |
|
| 1,999.3 |
|
| 2,046.9 |
|
| 2,109.6 |
|
| Right-of-use assets - Operating |
| 154.8 |
|
| 227.2 |
|
| 205.4 |
|
| 197.1 |
|
| 193.0 |
|
| Right-of-use assets - Finance | | 56.0 |
| | 78.5 |
| | 118.5 |
| | 119.4 |
| | 160.9 |
|
| Total non-current assets |
| 10,138.6 |
|
| 10,605.1 |
|
| 10,498.5 |
|
| 10,577.5 |
|
| 10,813.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
| 20,033.9 |
|
| 20,699.2 |
|
| 22,629.6 |
|
| 23,277.6 |
|
| 24,306.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
| 3,692.5 |
|
| 3,712.5 |
|
| 4,694.1 |
|
| 4,677.4 |
|
| 4,631.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-term debt |
| 3,132.4 |
|
| 3,170.0 |
|
| 3,108.3 |
|
| 3,868.2 |
|
| 4,625.0 |
|
| Deferred and other tax liabilities |
| 199.6 |
|
| 203.6 |
|
| 234.4 |
|
| 262.7 |
|
| 191.3 |
|
| Contract liabilities |
| 1,280.2 |
|
| 1,276.5 |
|
| 1,759.6 |
|
| 1,702.6 |
|
| 1,918.1 |
|
| Accrued and other liabilities |
| 183.9 |
|
| 265.5 |
|
| 241.0 |
|
| 241.5 |
|
| 240.6 |
|
| Total non-current liabilities |
| 4,796.1 |
|
| 4,915.6 |
|
| 5,343.3 |
|
| 6,075.0 |
|
| 6,975.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
| 8,488.6 |
|
| 8,628.1 |
|
| 10,037.4 |
|
| 10,752.4 |
|
| 11,606.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
| 11,545.3 |
|
| 12,071.1 |
|
| 12,592.2 |
|
| 12,525.2 |
|
| 12,699.8 |
|
| Total liabilities and shareholders’ equity |
| 20,033.9 |
|
| 20,699.2 |
|
| 22,629.6 |
|
| 23,277.6 |
|
| 24,306.1 |
|
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
|
| | | | | | | | | | | | | | | |
| Three months ended, |
|
| June 30, |
|
| Sep 29, |
|
| Dec 31, |
|
| Mar 29, |
|
| Jun 28, |
|
|
| 2019 |
| | 2019 |
| | 2019 |
| | 2020 |
|
| 2020 |
|
| (unaudited, in millions EUR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
| Net income |
| 476.0 |
|
| 626.8 |
|
| 1,134.1 |
|
| 390.6 |
|
| 751.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
| 108.4 |
|
| 112.4 |
|
| 122.9 |
|
| 118.3 |
|
| 125.1 |
|
| Impairment |
| — |
|
| 2.0 |
|
| — |
|
| 2.7 |
|
| — |
|
| Loss on disposal of property, plant and equipment |
| 1.4 |
|
| 0.3 |
|
| 0.8 |
|
| 1.0 |
|
| 0.2 |
|
| Share-based compensation expense |
| 12.5 |
|
| 18.0 |
|
| 29.2 |
|
| 14.9 |
|
| 10.3 |
|
| Allowance for obsolete inventory |
| 49.1 |
|
| 46.1 |
|
| 54.2 |
|
| 39.3 |
|
| 39.2 |
|
| Deferred income taxes |
| (65.1 | ) |
| 22.5 |
|
| (80.9 | ) |
| (24.6 | ) |
| (15.4 | ) |
| Equity method investments |
| (15.3 | ) |
| (18.6 | ) |
| 107.8 |
|
| (32.3 | ) |
| (26.4 | ) |
| Changes in assets and liabilities |
| (467.5 | ) |
| (740.1 | ) |
| 2,220.2 |
|
| (1,115.7 | ) |
| (512.1 | ) |
| Net cash provided by (used in) operating activities |
| 99.5 |
|
| 69.4 |
|
| 3,588.3 |
|
| (605.8 | ) |
| 371.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
| (128.3 | ) |
| (185.8 | ) |
| (305.5 | ) |
| (231.5 | ) |
| (225.1 | ) |
| Purchase of intangible assets |
| (11.7 | ) |
| (11.2 | ) |
| (9.7 | ) |
| (10.8 | ) |
| (6.7 | ) |
| Purchase of short-term investments |
| (0.7 | ) |
| (100.3 | ) |
| (902.4 | ) |
| (310.5 | ) |
| (0.5 | ) |
| Maturity of short-term investments |
| 349.3 |
|
| 290.0 |
|
| 200.3 |
|
| 108.2 |
|
| 447.4 |
|
| Repayment on loans |
| — |
|
| — |
|
| 0.9 |
|
| 0.3 |
|
| (0.3 | ) |
| Net cash provided by (used in) investing activities |
| 208.6 |
|
| (7.3 | ) |
| (1,016.4 | ) |
| (444.3 | ) |
| 214.8 |
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
| Dividend paid |
| (884.4 | ) |
| — |
|
| (441.3 | ) |
| — |
|
| (564.8 | ) |
| Purchase of shares |
| (17.4 | ) |
| (148.4 | ) |
| (191.6 | ) |
| (507.5 | ) |
| — |
|
| Net proceeds from issuance of shares |
| 7.4 |
|
| 7.4 |
|
| 7.2 |
|
| 8.6 |
|
| 11.0 |
|
| Net proceeds from issuance of notes, net of issuance costs |
| — |
|
| — |
|
| — |
|
| 739.8 |
|
| 746.5 |
|
| Repayment of debt and finance lease obligations |
| (1.2 | ) | | (1.0 | ) | | (0.9 | ) | | (0.9 | ) | | (0.8 | ) |
| Net cash provided by (used in) financing activities |
| (895.6 | ) |
| (142.0 | ) |
| (626.6 | ) |
| 240.0 |
|
| 191.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash flows |
| (587.5 | ) |
| (79.9 | ) |
| 1,945.3 |
|
| (810.1 | ) |
| 778.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect of changes in exchange rates on cash |
| (4.4 | ) |
| 4.9 |
|
| 0.9 |
|
| 1.5 |
|
| (3.2 | ) |
| Net increase (decrease) in cash and cash equivalents |
| (591.9 | ) |
| (75.0 | ) |
| 1,946.2 |
|
| (808.6 | ) |
| 775.4 |
|
| | | | | | | | | | | |
| Cash and cash equivalents at beginning of the period | | 2,253.0 |
| | 1,661.1 |
| | 1,586.1 |
| | 3,532.3 |
| | 2,723.7 |
|
| Cash and cash equivalents at end of the period | | 1,661.1 |
| | 1,586.1 |
| | 3,532.3 |
| | 2,723.7 |
| | 3,499.1 |
|
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 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 Q3 2020, including expected revenues, gross margin and 2020 growth expectations, R&D costs, SG&A costs and estimated annualized effective tax rate for 2020, expected revenue recognition of certain systems later in 2020, 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. 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, 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.
