(Figures in millions of euros unless otherwise indicated) | Q4 2023 | Q1 2024 | ||||||||||||
Total net sales |
7,237 | 5,290 | ||||||||||||
...of which Installed Base Management sales1 |
1,555 | 1,324 | ||||||||||||
New lithography systems sold (units) | 113 | 66 | ||||||||||||
Used lithography systems sold (units) | 11 | 4 | ||||||||||||
Net bookings2 |
9,186 | 3,611 | ||||||||||||
Gross profit | 3,717 | 2,697 | ||||||||||||
Gross margin (%) | 51.4 | 51.0 | ||||||||||||
Net income | 2,048 | 1,224 | ||||||||||||
EPS (basic; in euros) | 5.21 | 3.11 | ||||||||||||
End-quarter cash and cash equivalents and short-term investments | 7,010 | 5,406 |
Media Relations contacts |
Investor Relations contacts |
||||
Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
Sarah de Crescenzo +1 925 899 8985 | Marcel Kemp +31 40 268 6494 | ||||
Karen Lo +886 939788635 | Peter Cheang +886 3 659 6771 |
Three months ended, | |||||||||||||||||
Apr 2, | Mar 31, | ||||||||||||||||
(unaudited, in millions €, except per share data) | 2023 | 2024 | |||||||||||||||
Net system sales | 5,341.8 | 3,965.9 | |||||||||||||||
Net service and field option sales | 1,404.4 | 1,324.1 | |||||||||||||||
Total net sales | 6,746.2 | 5,290.0 | |||||||||||||||
Total cost of sales | (3,333.0) | (2,593.4) | |||||||||||||||
Gross profit | 3,413.2 | 2,696.6 | |||||||||||||||
Research and development costs | (947.9) | (1,031.9) | |||||||||||||||
Selling, general and administrative costs | (260.3) | (273.3) | |||||||||||||||
Income from operations | 2,205.0 | 1,391.4 | |||||||||||||||
Interest and other, net | 12.2 | 26.2 | |||||||||||||||
Income before income taxes | 2,217.2 | 1,417.6 | |||||||||||||||
Income tax expense | (302.6) | (224.0) | |||||||||||||||
Income after income taxes | 1,914.6 | 1,193.6 | |||||||||||||||
Profit related to equity method investments | 41.2 | 30.2 | |||||||||||||||
Net income | 1,955.8 | 1,223.8 | |||||||||||||||
Basic net income per ordinary share | 4.96 | 3.11 | |||||||||||||||
Diluted net income per ordinary share | 4.95 | 3.11 | |||||||||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||
Basic | 394.5 | 393.4 | |||||||||||||||
Diluted | 394.8 | 393.7 |
Three months ended, | |||||||||||||||||
Apr 2, | Mar 31, | ||||||||||||||||
(unaudited, in millions €, except otherwise indicated) | 2023 | 2024 | |||||||||||||||
Gross profit as a percentage of net sales | 50.6 | % | 51.0 | % | |||||||||||||
Income from operations as a percentage of net sales | 32.7 | % | 26.3 | % | |||||||||||||
Net income as a percentage of net sales | 29.0 | % | 23.1 | % | |||||||||||||
Income taxes as a percentage of income before income taxes | 13.6 | % | 15.8 | % | |||||||||||||
Shareholders’ equity as a percentage of total assets | 27.8 | % | 35.3 | % | |||||||||||||
Sales of lithography systems (in units) 1 |
100 | 70 | |||||||||||||||
Value of booked systems 2 |
3,752 | 3,611 | |||||||||||||||
Number of payroll employees in FTEs | 37,704 | 40,940 | |||||||||||||||
Number of temporary employees in FTEs | 2,816 | 1,773 |
Dec 31, | Mar 31, | |||||||||||||
(unaudited, in millions €) | 2023 | 2024 | ||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | 7,004.7 | 5,100.8 | ||||||||||||
Short-term investments | 5.4 | 305.3 | ||||||||||||
Accounts receivable, net | 4,334.1 | 3,585.5 | ||||||||||||
Finance receivables, net | 1,379.2 | 1,441.2 | ||||||||||||
Current tax assets | 1,001.2 | 649.3 | ||||||||||||
Contract assets | 240.1 | 302.6 | ||||||||||||
Inventories, net | 8,850.7 | 9,864.5 | ||||||||||||
Other assets | 1,578.5 | 1,890.5 | ||||||||||||
Total current assets | 24,393.9 | 23,139.7 | ||||||||||||
Finance receivables, net | 60.6 | 13.8 | ||||||||||||
Deferred tax assets | 1,872.3 | 1,875.2 | ||||||||||||
Loan receivable | 929.2 | 929.5 | ||||||||||||
Other assets | 651.8 | 648.5 | ||||||||||||
Equity method investments | 919.6 | 951.5 | ||||||||||||
Goodwill | 4,588.6 | 4,588.6 | ||||||||||||
Other intangible assets, net | 741.7 | 711.1 | ||||||||||||
Property, plant and equipment, net | 5,493.2 | 5,841.4 | ||||||||||||
Right-of-use assets | 306.6 | 343.3 | ||||||||||||
Total non-current assets | 15,563.6 | 15,902.9 | ||||||||||||
Total assets | 39,957.5 | 39,042.6 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | 16,274.7 | 15,048.7 | ||||||||||||
Total current liabilities | 16,274.7 | 15,048.7 | ||||||||||||
Long-term debt | 4,631.5 | 4,612.0 | ||||||||||||
Deferred and other tax liabilities | 372.2 | 400.4 | ||||||||||||
Contract liabilities | 4,825.5 | 4,744.7 | ||||||||||||
Accrued and other liabilities | 401.2 | 442.7 | ||||||||||||
Total non-current liabilities | 10,230.4 | 10,199.8 | ||||||||||||
Total liabilities | 26,505.1 | 25,248.5 | ||||||||||||
Total shareholders’ equity | 13,452.4 | 13,794.1 | ||||||||||||
Total liabilities and shareholders’ equity | 39,957.5 | 39,042.6 |
Three months ended, | |||||||||||||||||
Apr 2, | Mar 31, | ||||||||||||||||
(unaudited, in millions €) | 2023 | 2024 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | 1,955.8 | 1,223.8 | |||||||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||
Depreciation and amortization | 170.3 | 214.4 | |||||||||||||||
Impairment and loss (gain) on disposal | 3.2 | 4.2 | |||||||||||||||
Share-based compensation expense | 18.3 | 19.8 | |||||||||||||||
Inventory reserves | 81.7 | 121.5 | |||||||||||||||
Deferred tax expense (benefit) | 12.7 | (2.7) | |||||||||||||||
Equity method investments | (46.8) | (33.9) | |||||||||||||||
Changes in assets and liabilities | (1,461.6) | (1,799.0) | |||||||||||||||
Net cash provided by (used in) operating activities | 733.6 | (251.9) | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Purchase of property, plant and equipment | (532.0) | (417.3) | |||||||||||||||
Purchase of intangible assets | (7.4) | (6.5) | |||||||||||||||
Purchase of short-term investments | (18.2) | (300.0) | |||||||||||||||
Maturity of short-term investments | 121.1 | — | |||||||||||||||
Loans issued and other investments | — | 0.2 | |||||||||||||||
Net cash provided by (used in) investing activities | (436.5) | (723.6) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Dividend paid | (541.1) | (571.0) | |||||||||||||||
Purchase of treasury shares | (396.2) | (385.1) | |||||||||||||||
Net proceeds from issuance of shares | 22.7 | 29.3 | |||||||||||||||
Repayment of debt and finance lease obligations | (1.5) | (0.6) | |||||||||||||||
Net cash provided by (used in) financing activities | (916.1) | (927.4) | |||||||||||||||
Net cash flows | (619.0) | (1,902.9) | |||||||||||||||
Effect of changes in exchange rates on cash | (1.6) | (1.0) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (620.6) | (1,903.9) | |||||||||||||||
Cash and cash equivalents at beginning of the period | 7,268.3 | 7,004.7 | |||||||||||||||
Cash and cash equivalents at end of the period | 6,647.7 | 5,100.8 |
Three months ended, | ||||||||||||||||||||||||||||||||
Apr 2, | July 2, | Oct 1, | Dec 31, | Mar 31, | ||||||||||||||||||||||||||||
(unaudited, in millions €, except per share data) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||||||||||||||||||||||||
Net system sales | 5,341.8 | 5,606.1 | 5,308.2 | 5,682.5 | 3,965.9 | |||||||||||||||||||||||||||
Net service and field option sales | 1,404.4 | 1,296.2 | 1,364.8 | 1,554.5 | 1,324.1 | |||||||||||||||||||||||||||
Total net sales | 6,746.2 | 6,902.3 | 6,673.0 | 7,237.0 | 5,290.0 | |||||||||||||||||||||||||||
Total cost of sales | (3,333.0) | (3,358.3) | (3,211.4) | (3,519.7) | (2,593.4) | |||||||||||||||||||||||||||
Gross profit | 3,413.2 | 3,544.0 | 3,461.6 | 3,717.3 | 2,696.6 | |||||||||||||||||||||||||||
Research and development costs | (947.9) | (999.9) | (991.4) | (1,041.3) | (1,031.9) | |||||||||||||||||||||||||||
Selling, general and administrative costs | (260.3) | (281.1) | (287.8) | (284.1) | (273.3) | |||||||||||||||||||||||||||
Income from operations | 2,205.0 | 2,263.0 | 2,182.4 | 2,391.9 | 1,391.4 | |||||||||||||||||||||||||||
Interest and other, net | 12.2 | 16.7 | 7.1 | 5.2 | 26.2 | |||||||||||||||||||||||||||
Income before income taxes | 2,217.2 | 2,279.7 | 2,189.5 | 2,397.1 | 1,417.6 | |||||||||||||||||||||||||||
Benefit from (provision for) income taxes | (302.6) | (403.9) | (343.7) | (385.6) | (224.0) | |||||||||||||||||||||||||||
Income after income taxes | 1,914.6 | 1,875.8 | 1,845.8 | 2,011.5 | 1,193.6 | |||||||||||||||||||||||||||
Profit related to equity method investments | 41.2 | 65.9 | 47.6 | 36.6 | 30.2 | |||||||||||||||||||||||||||
Net income | 1,955.8 | 1,941.7 | 1,893.4 | 2,048.1 | 1,223.8 | |||||||||||||||||||||||||||
Basic net income per ordinary share | 4.96 | 4.93 | 4.81 | 5.21 | 3.11 | |||||||||||||||||||||||||||
Diluted net income per ordinary share | 4.95 | 4.93 | 4.81 | 5.20 | 3.11 | |||||||||||||||||||||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | ||||||||||||||||||||||||||||||||
Basic | 394.5 | 393.8 | 393.4 | 393.4 | 393.4 | |||||||||||||||||||||||||||
Diluted | 394.8 | 394.0 | 393.7 | 393.8 | 393.7 |
Apr 2, | July 2, | Oct 1, | Dec 31, | Mar 31, | ||||||||||||||||||||||||||||
(unaudited, in millions €, except otherwise indicated) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||||||||||||||||||||||||
Gross profit as a percentage of net sales | 50.6 | % | 51.3 | % | 51.9 | % | 51.4 | % | 51.0 | % | ||||||||||||||||||||||
Income from operations as a percentage of net sales | 32.7 | % | 32.8 | % | 32.7 | % | 33.1 | % | 26.3 | % | ||||||||||||||||||||||
Net income as a percentage of net sales | 29.0 | % | 28.1 | % | 28.4 | % | 28.3 | % | 23.1 | % | ||||||||||||||||||||||
Income taxes as a percentage of income before income taxes | 13.6 | % | 17.7 | % | 15.7 | % | 16.1 | % | 15.8 | % | ||||||||||||||||||||||
Shareholders’ equity as a percentage of total assets | 27.8 | % | 28.7 | % | 32.0 | % | 33.7 | % | 35.3 | % | ||||||||||||||||||||||
Sales of lithography systems (in units) 1 |
100 | 113 | 112 | 124 | 70 | |||||||||||||||||||||||||||
Value of booked systems 2 |
3,752 | 4,500 | 2,602 | 9,186 | 3,611 | |||||||||||||||||||||||||||
Number of payroll employees in FTEs |
37,704 | 38,866 | 39,850 | 40,310 | 40,940 | |||||||||||||||||||||||||||
Number of temporary employees in FTEs | 2,816 | 2,676 | 2,416 | 2,107 | 1,773 |
Apr 2, | July 2, | Oct 1, | Dec 31, | Mar 31, | ||||||||||||||||||||||||||||
(unaudited, in millions €) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 | 5,100.8 | |||||||||||||||||||||||||||
Short-term investments | 4.8 | 5.1 | 5.4 | 5.4 | 305.3 | |||||||||||||||||||||||||||
Accounts receivable, net | 3,454.7 | 3,963.6 | 3,910.5 | 4,334.1 | 3,585.5 | |||||||||||||||||||||||||||
Finance receivables, net | 1,349.2 | 1,650.8 | 1,348.2 | 1,379.2 | 1,441.2 | |||||||||||||||||||||||||||
Current tax assets | 253.6 | 595.8 | 854.3 | 1,001.2 | 649.3 | |||||||||||||||||||||||||||
Contract assets | 236.4 | 191.9 | 266.5 | 240.1 | 302.6 | |||||||||||||||||||||||||||
Inventories, net | 7,392.0 | 7,734.4 | 8,378.5 | 8,850.7 | 9,864.5 | |||||||||||||||||||||||||||
Other assets | 1,722.4 | 1,915.3 | 1,916.8 | 1,578.5 | 1,890.5 | |||||||||||||||||||||||||||
Total current assets | 21,060.8 | 22,398.2 | 21,655.7 | 24,393.9 | 23,139.7 | |||||||||||||||||||||||||||
Finance receivables, net | 58.3 | 71.7 | 423.4 | 60.6 | 13.8 | |||||||||||||||||||||||||||
Deferred tax assets | 1,667.4 | 1,679.1 | 1,827.4 | 1,872.3 | 1,875.2 | |||||||||||||||||||||||||||
Loan receivable | 364.4 | 364.4 | 920.7 | 929.2 | 929.5 | |||||||||||||||||||||||||||
Other assets | 1,012.8 | 996.3 | 859.2 | 651.8 | 648.5 | |||||||||||||||||||||||||||
Equity method investments | 969.6 | 1,040.4 | 1,094.3 | 919.6 | 951.5 | |||||||||||||||||||||||||||
Goodwill | 4,555.6 | 4,555.6 | 4,582.6 | 4,588.6 | 4,588.6 | |||||||||||||||||||||||||||
Other intangible assets, net | 813.7 | 789.2 | 756.6 | 741.7 | 711.1 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 4,354.8 | 4,727.9 | 5,093.2 | 5,493.2 | 5,841.4 | |||||||||||||||||||||||||||
Right-of-use assets | 290.2 | 305.7 | 300.4 | 306.6 | 343.3 | |||||||||||||||||||||||||||
Total non-current assets | 14,086.8 | 14,530.3 | 15,857.8 | 15,563.6 | 15,902.9 | |||||||||||||||||||||||||||
Total assets | 35,147.6 | 36,928.5 | 37,513.5 | 39,957.5 | 39,042.6 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | 16,948.1 | 16,754.3 | 16,309.5 | 16,274.7 | 15,048.7 | |||||||||||||||||||||||||||
Total current liabilities | 16,948.1 | 16,754.3 | 16,309.5 | 16,274.7 | 15,048.7 | |||||||||||||||||||||||||||
Long-term debt | 3,536.0 | 4,517.8 | 4,522.3 | 4,631.5 | 4,612.0 | |||||||||||||||||||||||||||
Deferred and other tax liabilities | 293.0 | 372.8 | 380.4 | 372.2 | 400.4 | |||||||||||||||||||||||||||
Contract liabilities | 4,147.4 | 4,205.3 | 3,826.0 | 4,825.5 | 4,744.7 | |||||||||||||||||||||||||||
Accrued and other liabilities | 436.8 | 473.4 | 480.4 | 401.2 | 442.7 | |||||||||||||||||||||||||||
Total non-current liabilities | 8,413.2 | 9,569.3 | 9,209.1 | 10,230.4 | 10,199.8 | |||||||||||||||||||||||||||
Total liabilities | 25,361.3 | 26,323.6 | 25,518.6 | 26,505.1 | 25,248.5 | |||||||||||||||||||||||||||
Total shareholders’ equity | 9,786.3 | 10,604.9 | 11,994.9 | 13,452.4 | 13,794.1 | |||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 35,147.6 | 36,928.5 | 37,513.5 | 39,957.5 | 39,042.6 |
Three months ended, | |||||||||||||||||||||||||||||||||||
Apr 2, | July 2, | Oct 1, | Dec 31, | Mar 31, | |||||||||||||||||||||||||||||||
(unaudited, in millions €) | 2023 | 2023 | 2023 | 2023 | 2024 | ||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Net income | 1,955.8 | 1,941.7 | 1,893.4 | 2,048.1 | 1,223.8 | ||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 170.3 | 181.2 | 176.2 | 212.1 | 214.4 | ||||||||||||||||||||||||||||||
Impairment and loss (gain) on disposal | 3.2 | 3.9 | 20.4 | 10.0 | 4.2 | ||||||||||||||||||||||||||||||
Share-based compensation expense | 18.3 | 33.4 | 41.5 | 41.6 | 19.8 | ||||||||||||||||||||||||||||||
Inventory reserves | 81.7 | 90.6 | 102.3 | 210.7 | 121.5 | ||||||||||||||||||||||||||||||
Deferred tax expense (benefit) | 12.7 | 41.5 | (138.9) | (48.9) | (2.7) | ||||||||||||||||||||||||||||||
Equity method investments | (46.8) | (70.9) | (53.8) | 175.7 | (33.9) | ||||||||||||||||||||||||||||||
Changes in assets and liabilities | (1,461.6) | (1,836.7) | (913.0) | 547.7 | (1,799.0) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 733.6 | 384.7 | 1,128.1 | 3,197.0 | (251.9) | ||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Purchase of property, plant and equipment | (532.0) | (537.8) | (501.8) | (584.0) | (417.3) | ||||||||||||||||||||||||||||||
Purchase of intangible assets | (7.4) | (6.6) | (8.3) | (18.3) | (6.5) | ||||||||||||||||||||||||||||||
Purchase of short-term investments | (18.2) | (0.5) | (3.9) | (1.0) | (300.0) | ||||||||||||||||||||||||||||||
Maturity of short-term investments | 121.1 | — | 3.6 | 0.9 | — | ||||||||||||||||||||||||||||||
Loans issued and other investments | — | — | (553.0) | (8.5) | 0.2 | ||||||||||||||||||||||||||||||
Acquisition of subsidiaries (net of cash acquired) | — | — | (27.6) | (6.0) | — | ||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (436.5) | (544.9) | (1,091.0) | (616.9) | (723.6) | ||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Dividend paid | (541.1) | (666.1) | (570.4) | (570.8) | (571.0) | ||||||||||||||||||||||||||||||
Purchase of treasury shares | (396.2) | (492.6) | (111.1) | — | (385.1) | ||||||||||||||||||||||||||||||
Net proceeds from issuance of shares | 22.7 | 25.1 | 25.7 | 25.9 | 29.3 | ||||||||||||||||||||||||||||||
Net proceeds from issuance of notes, net of issuance costs | — | 997.8 | — | — | — | ||||||||||||||||||||||||||||||
Repayment of debt and finance lease obligations | (1.5) | (0.7) | (750.4) | (0.2) | (0.6) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (916.1) | (136.5) | (1,406.2) | (545.1) | (927.4) | ||||||||||||||||||||||||||||||
Net cash flows | (619.0) | (296.7) | (1,369.1) | 2,035.0 | (1,902.9) | ||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash | (1.6) | (9.7) | 3.3 | (5.8) | (1.0) | ||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (620.6) | (306.4) | (1,365.8) | 2,029.2 | (1,903.9) | ||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of the period | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 | 5,100.8 |