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,
Jul 3,July 2,Jul 3,July 2,
(unaudited, in millions €, except per share data)2022202320222023
Net system sales4,140.5 5,606.1 6,427.7 10,947.9 
Net service and field option sales1,290.0 1,296.2 2,537.2 2,700.6 
Total net sales5,430.5 6,902.3 8,964.9 13,648.5 
Total cost of sales(2,766.0)(3,358.3)(4,569.4)(6,691.3)
Gross profit2,664.5 3,544.0 4,395.5 6,957.2 
Research and development costs(789.1)(999.9)(1,527.8)(1,947.8)
Selling, general and administrative costs(222.0)(281.1)(429.7)(541.4)
Income from operations1,653.4 2,263.0 2,438.0 4,468.0 
Interest and other, net(10.8)16.7 (26.4)28.9 
Income before income taxes1,642.6 2,279.7 2,411.6 4,496.9 
Income tax expense(246.2)(403.9)(360.6)(706.5)
Income after income taxes1,396.4 1,875.8 2,051.0 3,790.4 
Profit related to equity method investments14.5 65.9 55.2 107.1 
Net income1,410.9 1,941.7 2,106.2 3,897.5 
Basic net income per ordinary share3.54 4.93 5.29 9.90 
Diluted net income per ordinary share3.54 4.93 5.28 9.89 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic398.3 393.8 398.4 393.8 
Diluted398.6 394.0 398.8 394.0 

ASML - Ratios and Other Data
Three months ended,Six months ended,
Jul 3,July 2,Jul 3,July 2,
(unaudited, in millions €, except otherwise indicated)2022202320222023
Gross profit as a percentage of net sales49.1 %51.3 %49.0 %51.0 %
Income from operations as a percentage of net sales 30.4 %32.8 %27.2 %32.7 %
Net income as a percentage of net sales26.0 %28.1 %23.5 %28.6 %
Income taxes as a percentage of income before income taxes15.0 %17.7 %15.0 %15.7 %
Shareholders’ equity as a percentage of total assets 24.0 %28.7 %24.0 %28.7 %
Sales of lithography systems (in units) 1
91 113 153 213 
Value of booked systems 2
8,461 4,500 15,438 8,252 
Number of payroll employees in FTEs 32,627 38,866 32,627 38,866 
Number of temporary employees in FTEs2,689 2,676 2,689 2,676 











1. Lithography systems do not include metrology and inspection systems.
2. Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.



ASML - Summary US GAAP Consolidated Balance Sheets
Dec 31,July 2,
 (unaudited, in millions €)20222023
ASSETS
Cash and cash equivalents7,268.3 6,341.3 
Short-term investments107.7 5.1 
Accounts receivable, net5,323.8 3,963.6 
Finance receivables, net1,356.7 1,650.8 
Current tax assets33.4 595.8 
Contract assets131.9 191.9 
Inventories, net7,199.7 7,734.4 
Other assets1,643.4 1,915.3 
Total current assets23,064.9 22,398.2 
Finance receivables, net— 71.7 
Deferred tax assets1,672.8 1,679.1 
Loan receivable364.4 364.4 
Other assets739.8 996.3 
Equity method investments923.6 1,040.4 
Goodwill4,555.6 4,555.6 
Other intangible assets, net842.4 789.2 
Property, plant and equipment, net 3,944.2 4,727.9 
Right-of-use assets192.7 305.7 
Total non-current assets13,235.5 14,530.3 
Total assets36,300.4 36,928.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities17,983.6 16,754.3 
Total current liabilities17,983.6 16,754.3 
Long-term debt3,514.2 4,517.8 
Deferred and other tax liabilities267.0 372.8 
Contract liabilities5,269.9 4,205.3 
Accrued and other liabilities454.9 473.4 
Total non-current liabilities9,506.0 9,569.3 
Total liabilities27,489.6 26,323.6 
Total shareholders’ equity8,810.8 10,604.9 
Total liabilities and shareholders’ equity36,300.4 36,928.5 



ASML - Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,Six months ended,
Jul 3,July 2,Jul 3,July 2,
 (unaudited, in millions €)2022202320222023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income1,410.9 1,941.7 2,106.2 3,897.5 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 131.5 181.2 262.5 351.5 
Impairment and loss (gain) on disposal0.3 3.9 12.4 7.1 
Share-based compensation expense13.9 33.4 25.4 51.7 
Inventory reserves75.2 90.6 125.4 172.3 
Deferred tax expense (benefit)(94.7)41.5 (134.4)54.2 
Equity method investments(21.2)(70.9)(68.6)(117.7)
Changes in assets and liabilities1,037.0 (1,836.7)(362.1)(3,298.3)
Net cash provided by (used in) operating activities2,552.9 384.7 1,966.8 1,118.3 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(231.5)(537.8)(471.6)(1,069.8)
Purchase of intangible assets(6.0)(6.6)(17.5)(14.0)
Purchase of short-term investments(206.4)(0.5)(226.0)(18.7)
Maturity of short-term investments299.6 — 559.1 121.1 
Net cash provided by (used in) investing activities(144.3)(544.9)(156.0)(981.4)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid(1,475.3)(666.1)(1,475.3)(1,207.1)
Purchase of treasury shares(1,178.5)(492.6)(3,216.7)(888.9)
Net proceeds from issuance of shares21.5 25.1 43.0 47.8 
Net proceeds from issuance of notes, net of issuance costs495.6 997.8 495.6 997.8 
Repayment of debt and finance lease obligations(500.7)(0.7)(514.2)(2.2)
Net cash provided by (used in) financing activities(2,637.4)(136.5)(4,667.6)(1,052.6)
Net cash flows(228.8)(296.7)(2,856.8)(915.7)
Effect of changes in exchange rates on cash1.2 (9.7)1.5 (11.3)
Net increase (decrease) in cash and cash equivalents(227.6)(306.4)(2,855.3)(927.0)
Cash and cash equivalents at beginning of the period4,324.1 6,647.7 6,951.8 7,268.3 
Cash and cash equivalents at end of the period4,096.5 6,341.3 4,096.5 6,341.3 



ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
Three months ended,
Jul 3,Oct 2,Dec 31,Apr 2,July 2,
 (unaudited, in millions €, except per share data)20222022202220232023
Net system sales4,140.5 4,254.7 4,747.9 5,341.8 5,606.1 
Net service and field option sales1,290.0 1,523.6 1,682.3 1,404.4 1,296.2 
Total net sales5,430.5 5,778.3 6,430.2 6,746.2 6,902.3 
Total cost of sales(2,766.0)(2,784.6)(3,119.3)(3,333.0)(3,358.3)
Gross profit2,664.5 2,993.7 3,310.9 3,413.2 3,544.0 
Research and development costs(789.1)(819.4)(906.3)(947.9)(999.9)
Selling, general and administrative costs(222.0)(235.8)(280.4)(260.3)(281.1)
Income from operations1,653.4 1,938.5 2,124.2 2,205.0 2,263.0 
Interest and other, net(10.8)(15.1)(3.1)12.2 16.7 
Income before income taxes1,642.6 1,923.4 2,121.1 2,217.2 2,279.7 
Benefit from (provision for) income taxes(246.2)(252.0)(357.3)(302.6)(403.9)
Income after income taxes1,396.4 1,671.4 1,763.8 1,914.6 1,875.8 
Profit related to equity method investments14.5 30.1 52.7 41.2 65.9 
Net income1,410.9 1,701.5 1,816.5 1,955.8 1,941.7 
Basic net income per ordinary share3.54 4.29 4.60 4.96 4.93 
Diluted net income per ordinary share

3.54 4.29 4.60 4.95 4.93 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic398.3 396.2 394.9 394.5 393.8 
Diluted

398.6 396.6 395.2 394.8 394.0 


ASML - Quarterly Summary Ratios and other data
Jul 3,Oct 2,Dec 31,Apr 2,July 2,
(unaudited, in millions €, except otherwise indicated)20222022202220232023
Gross profit as a percentage of net sales49.1 %51.8 %51.5 %50.6 %51.3 %
Income from operations as a percentage of net sales 30.4 %33.5 %33.0 %32.7 %32.8 %
Net income as a percentage of net sales26.0 %29.4 %28.2 %29.0 %28.1 %
Income taxes as a percentage of income before income taxes15.0 %13.1 %16.8 %13.6 %17.7 %
Shareholders’ equity as a percentage of total assets 24.0 %24.3 %24.3 %27.8 %28.7 %
Sales of lithography systems (in units) 1
91 86 106 100 113 
Value of booked systems 2
8,461 

8,920 

6,316 

3,752 

4,500 
Number of payroll employees in FTEs
32,627 34,720 36,112 37,704 38,866 
Number of temporary employees in FTEs2,689 2,875 2,974 2,816 2,676 




    
1. Lithography systems do not include metrology and inspection systems.
2. Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.



ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
Jul 3,Oct 2,Dec 31,Apr 2,July 2,
(unaudited, in millions €)20222022202220232023
ASSETS
Cash and cash equivalents4,096.5 3,152.8 7,268.3 6,647.7 6,341.3 
Short-term investments305.4 210.0 107.7 4.8 5.1 
Accounts receivable, net5,376.7 5,840.2 5,323.8 3,454.7 3,963.6 
Finance receivables, net1,233.1 1,399.4 1,356.7 1,349.2 1,650.8 
Current tax assets658.0 305.6 33.4 253.6 595.8 
Contract assets270.4 276.9 131.9 236.4 191.9 
Inventories, net6,367.1 6,884.0 7,199.7 7,392.0 7,734.4 
Other assets1,528.1 1,657.5 1,643.4 1,722.4 1,915.3 
Total current assets19,835.3 19,726.4 23,064.9 21,060.8 22,398.2 
Finance receivables, net— 174.9 — 58.3 71.7 
Deferred tax assets

1,240.8 1,599.6 1,672.8 1,667.4 1,679.1 
Loan receivable124.4 364.4 364.4 364.4 364.4 
Other assets752.9 745.2 739.8 1,012.8 996.3 
Equity method investments961.4 998.7 923.6 969.6 1,040.4 
Goodwill4,555.6 4,555.6 4,555.6 4,555.6 4,555.6 
Other intangible assets, net896.1 870.1 842.4 813.7 789.2 
Property, plant and equipment, net 3,357.7 3,561.7 3,944.2 4,354.8 4,727.9 
Right-of-use assets188.4 206.9 192.7 290.2 305.7 
Total non-current assets12,077.3 13,077.1 13,235.5 14,086.8 14,530.3 
Total assets31,912.6 32,803.5 36,300.4 35,147.6 36,928.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities14,637.0 15,668.6 17,983.6 16,948.1 16,754.3 
Total current liabilities

14,637.0 15,668.6 17,983.6 16,948.1 16,754.3 
Long-term debt4,385.3 3,503.1 3,514.2 3,536.0 4,517.8 
Deferred and other tax liabilities

252.4 283.0 267.0 293.0 372.8 
Contract liabilities4,630.6 4,918.6 5,269.9 4,147.4 4,205.3 
Accrued and other liabilities358.7 475.1 454.9 436.8 473.4 
Total non-current liabilities9,627.0 9,179.8 9,506.0 8,413.2 9,569.3 
Total liabilities24,264.0 24,848.4 27,489.6 25,361.3 26,323.6 
Total shareholders’ equity7,648.6 7,955.1 8,810.8 9,786.3 10,604.9 
Total liabilities and shareholders’ equity31,912.6 32,803.5 36,300.4 35,147.6 36,928.5 



ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Jul 3,Oct 2,Dec 31,Apr 2,July 2,
 (unaudited, in millions €)20222022202220232023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income1,410.9 1,701.5 1,816.5 1,955.8 1,941.7 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization131.5 137.9 183.2 170.3 181.2 
Impairment and loss (gain) on disposal0.3 13.2 13.7 3.2 3.9 
Share-based compensation expense13.9 22.5 21.0 18.3 33.4 
Inventory reserves75.2 81.8 71.3 81.7 90.6 
Deferred tax expense (benefit)(94.7)(340.8)(89.0)12.7 41.5 
Equity method investments(21.2)(36.8)120.8 (46.8)(70.9)
Changes in assets and liabilities1,037.0 (409.8)3,213.0 (1,461.6)(1,836.7)
Net cash provided by (used in) operating activities2,552.9 1,169.5 5,350.5 733.6 384.7 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(231.5)(356.6)(453.6)(532.0)(537.8)
Purchase of intangible assets(6.0)(7.7)(12.3)(7.4)(6.6)
Purchase of short-term investments(206.4)(104.1)(4.2)(18.2)(0.5)
Maturity of short-term investments299.6 199.5 106.1 121.1 — 
Loans issued and other investments— (240.0)— — — 
Net cash provided by (used in) investing activities(144.3)(508.9)(364.0)(436.5)(544.9)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid(1,475.3)(543.5)(541.1)(541.1)(666.1)
Purchase of treasury shares(1,178.5)(1,087.9)(335.0)(396.2)(492.6)
Net proceeds from issuance of shares21.5 19.9 18.9 22.7 25.1 
Net proceeds from issuance of notes, net of issuance costs495.6 — — — 997.8 
Repayment of debt and finance lease obligations(500.7)(1.2)(0.8)(1.5)(0.7)
Net cash provided by (used in) financing activities(2,637.4)(1,612.7)(858.0)(916.1)(136.5)
Net cash flows(228.8)(952.1)4,128.5 (619.0)(296.7)
Effect of changes in exchange rates on cash1.2 8.4 (13.0)(1.6)(9.7)
Net increase (decrease) in cash and cash equivalents(227.6)(943.7)4,115.5 (620.6)(306.4)
Cash and cash equivalents at beginning of the period4,324.1 4,096.5 3,152.8 7,268.3 6,647.7 
Cash and cash equivalents at end of the period4,096.5 3,152.8 7,268.3 6,647.7 6,341.3 


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 2022 Annual Report based on US GAAP, which is available on www.asml.com.




Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in semiconductor end markets and technology industry and business environment trends, demand, expected utilization and capacity, backlog, inventory levels at customers, bookings and orders, outlook and expected financial results, including expected growth in revenue for 2023, estimated annualized effective tax rate and other full year 2023 expectations, including statements with respect to DUV immersion fast shipments and EUV fast shipments, expected net sales for Q3 2023, including installed base revenue, gross margin, R&D costs, SG&A costs, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to export control policy and regulations and expected impact on us, statements with respect to our capital allocation policy, including plans to return significant amounts of cash through growing dividends and buybacks, including the amount of shares intended to be repurchased under the program and the intention to pay an increasing dividend, our ESG sustainability strategy 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, general trends and general consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic uncertainty on the semiconductor industry, interest rates, geopolitical developments, the risk of a recession, demand for our customers’ products, performance of our systems, the impact of COVID-19 and other pandemics and measures taken to contain them 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 semiconductor inventory and utilization levels, customer demand, 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 adjust 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 outs, supply chain capacity and constraints 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, including the impact of recent and expected changes in export 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, our ability to meet ESG goals and improve performance on ESG sustainability and upgrade ESG strategy, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2022 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.