TechnipFMC Announces First Quarter 2022 Results
TechnipFMC plc (NYSE: FTI) reported first-quarter 2022 results, achieving total revenue of $1.56 billion with a year-over-year decline of 4.7%. The company reported a loss of $42.3 million. Subsea inbound orders surged to $1.9 billion, resulting in a book-to-bill ratio of 1.5. Cash and equivalents stood at $1.2 billion, as the company aims to reduce gross debt by up to $400 million in Q2. Adjusted EBITDA was $153.5 million, representing a 7.1% decrease year-over-year. The backlog increased to $8.9 billion, reflecting growth across multiple sectors and international markets.
- Subsea inbound orders rose to $1.9 billion, with a book-to-bill of 1.5, indicating strong demand.
- Total backlog increased to $8.9 billion, a 23.2% year-over-year growth.
- Cash and cash equivalents amounted to $1.2 billion, supporting liquidity.
- Adjusted EBITDA was $153.5 million, despite overall revenue decline.
- Reported a net loss of $42.3 million for the quarter.
- Total revenue decreased by 4.7% year-over-year, from $1.63 billion to $1.56 billion.
- Adjusted EBITDA fell by 7.1% compared to the previous year.
- Surface Technologies faced a 72.8% drop in inbound orders sequentially.
-
Subsea inbound orders of$1.9 billion -
Cash and cash equivalents of
$1.2 billion - Completed sale of remaining stake in Technip Energies in April
-
Targeting reduction of gross debt of up to
$400 million
NEWCASTLE &
Summary Financial Results from Continuing Operations
Reconciliation of |
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Three Months Ended |
Change |
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(In millions, except per share amounts) |
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Sequential |
Year-over-
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Revenue |
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( |
Income (loss) |
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n/m |
n/m |
Diluted earnings (loss) per share |
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n/m |
n/m |
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Adjusted EBITDA |
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( |
Adjusted EBITDA margin |
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130 bps |
(20 bps) |
Adjusted income (loss) |
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n/m |
n/m |
Adjusted diluted earnings (loss) per share |
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n/m |
n/m |
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Inbound orders |
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Backlog |
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|
|
-
Impairment, restructuring and other charges of
$0.8 million -
Loss from equity investment in Technip Energies of
$28.5 million
Adjusted loss from continuing operations was
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Pferdehirt continued, “In Subsea, inbound orders of
“Surface Technologies inbound orders were
Pferdehirt added, “First quarter results demonstrated our ability to effectively navigate the ongoing challenges facing the global supply chain. While not immune to the market dislocations, we have taken many strategic actions over the last several years that have mitigated the near-term effects on our Company. Our internal efforts to drive simplification, standardization and industrialization are also transforming our supply chain.”
Pferdehirt concluded, “We are in the midst of a multi-year upcycle for oil and gas investment. Our Subsea Opportunity List highlights this very robust market outlook, representing an opportunity set of larger projects that totals more than
Operational and Financial Highlights
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Financial Highlights
Reconciliation of |
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Three Months Ended |
Change |
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(In millions) |
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|
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Sequential |
Year-over-
|
Revenue |
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( |
Operating profit |
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|
|
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Adjusted EBITDA |
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( |
Adjusted EBITDA margin |
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0 bps |
30 bps |
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Inbound orders |
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Backlog1,2,3 |
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Estimated Consolidated Backlog Scheduling (In millions) |
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2022 (9 months) |
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2023 |
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2024 and beyond |
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Total |
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1 Backlog in the period was increased by a foreign exchange impact of |
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2 Backlog does not capture all revenue potential for Subsea Services. |
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3 Backlog does not include total Company non-consolidated backlog of |
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-
Petrobras Búzios 6
Field Project (Brazil )
Large* subsea Engineering, Procurement, Construction and Installation (EPCI) contract by Petrobras for its Búzios 6 field (module 7), a greenfield development in the pre-salt area. The contract covers flexible and rigid pipe, umbilicals, pipeline end terminals, rigid jumpers, umbilical termination assemblies and a mooring system. The flexible pipe, umbilicals and subsea structures, as well as some of the rigid pipe, will be manufactured inBrazil using skills and competencies the Company has developed in-country, while minimizing the carbon footprint associated with transportation and installation. The project will also utilize our established and qualified Brazilian supply chain.
*A “large” contract ranges between$500 million $1 billion
-
Wintershall Dea Maria iEPCI™ Project (
Norway )
Significant* integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract byWintershall Dea Norge AS for its Maria revitalization project. The project will boost production at the existing Maria field in the Norwegian Continental Shelf. The contract includes subsea trees, spools, jumpers, and flexible pipes. The revitalization project will tie in an additional lightweight six-slot integrated template structure (ITS). The two existing templates in the Maria field are part of TechnipFMC’s installed base and began production in 2017.
*A “significant” contract ranges between$75 million $250 million
Additionally, we secured the following frame agreement in the period:
-
TotalEnergies Frame Agreement for
Subsea 2.0™ Production Systems (Angola )
Frame Agreement with TotalEnergies to supply subsea production systems for brownfield developments in Block 17 inAngola .Subsea 2.0™ products use standardized components that are pre-engineered and qualified, which allows equipment to be rapidly configured according to each project’s specific requirements. This optimizes the engineering, supply chain, and manufacturing processes, thus reducing the time to first production.
Energy Transition Highlights
-
Magnora Offshore Wind signs Option to Lease Agreement with the Crown Estate Scotland for the ScotWind N3 area
Magnora Offshore Wind AS signed the Option to Lease Agreement with the Crown Estate Scotland for the ScotWind N3 area, securing exclusivity for the development of the N3 project.
The project area N3 is situated in the north-western part ofScotland , 40 kilometers offshore Western Isles. The Option to Lease Agreement covers an area of 103 square kilometers in water depths of 106 to 125 meters. The project plans to install 33 floating wind turbines, each with a capacity of 15MW, totaling a wind farm capacity of 495MW.
-
Shell Collaboration
TechnipFMC and Shell have signed an agreement to explore synergies with a shared goal of enabling offshore renewable energy generation and reducing total CO2 emissions. This is another example of how our long-standing partnerships extend to all areas of our business.
Surface Technologies |
Financial Highlights
Reconciliation of |
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Three Months Ended |
Change |
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(In millions) |
|
|
|
Sequential |
Year-over-
|
Revenue |
|
|
|
( |
|
Operating profit |
|
|
|
( |
( |
Adjusted EBITDA |
|
|
|
( |
( |
Adjusted EBITDA margin |
|
|
|
(190 bps) |
(280 bps) |
|
|||||
Inbound orders |
|
|
|
( |
|
Backlog |
|
|
|
|
|
Surface Technologies reported first quarter revenue of
Surface Technologies reported operating profit of
Surface Technologies reported adjusted EBITDA of
Inbound orders for the quarter were
Backlog ended the period at
Corporate and Other Items (three months ended,
Corporate expense was
Foreign exchange gain was
Net interest expense was
The provision for income taxes was
Total depreciation and amortization was
Cash required by operating activities from continuing operations was
The Company ended the period with cash and cash equivalents of
On
The Company intends to reduce gross debt by up to
Investment in Technip Energies
The Company completed the partial spin-off of Technip Energies on
During the first quarter, the Company sold 17.8 million Technip Energies shares for total proceeds of
In
Following the distribution of the majority stake, the Company retained ownership of
Additional items
On
The Company’s shares remain listed on the
2022 Full-Year Financial Guidance1
The Company’s full-year guidance for 2022 can be found in the table below. No updates were made to the previous guidance that was issued on
All segment guidance assumes no further material degradation from COVID-19-related impacts. Guidance is based on continuing operations and thus excludes the impact of Technip Energies, which is reported as discontinued operations.
2022 Guidance (As of |
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Surface Technologies |
Revenue in a range of |
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Revenue in a range of |
|
|
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EBITDA margin in a range of 11 - |
|
EBITDA margin in a range of 11 - |
|
||
|
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Corporate expense, net |
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(includes depreciation and amortization of |
||
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|
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Net interest expense |
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Tax provision, as reported |
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Capital expenditures approximately |
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Free cash flow |
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______________________________
1Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.
Teleconference
The Company will host a teleconference on
An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.
About
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments —
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statement usually relate to future events and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC and
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Exhibit 1 |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) |
|||||||||||
|
|
||||||||||
|
(Unaudited) |
||||||||||
|
Three Months Ended |
||||||||||
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|
|
|
|
|
||||||
|
2022 |
|
2021 |
|
2021 |
||||||
|
|
|
|
|
|
||||||
Revenue |
$ |
1,555.8 |
|
|
$ |
1,523.3 |
|
|
$ |
1,632.0 |
|
Costs and expenses |
|
1,545.4 |
|
|
|
1,559.1 |
|
|
|
1,630.8 |
|
|
|
10.4 |
|
|
|
(35.8 |
) |
|
|
1.2 |
|
|
|
|
|
|
|
||||||
Other (expense) income, net |
|
46.2 |
|
|
|
28.0 |
|
|
|
43.3 |
|
Income (loss) from investment in Technip Energies |
|
(28.5 |
) |
|
|
(29.6 |
) |
|
|
470.1 |
|
|
|
|
|
|
|
||||||
Income (loss) before net interest expense and income taxes |
|
28.1 |
|
|
|
(37.4 |
) |
|
|
514.6 |
|
Net interest expense |
|
(33.9 |
) |
|
|
(34.3 |
) |
|
|
(34.5 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
(22.4 |
) |
|
|
(23.5 |
) |
|
|
|
|
|
|
||||||
Income (loss) before income taxes |
|
(5.8 |
) |
|
|
(94.1 |
) |
|
|
456.6 |
|
Provision for income taxes |
|
28.5 |
|
|
|
39.4 |
|
|
|
24.5 |
|
|
|
|
|
|
|
||||||
Income (loss) from continuing operations |
|
(34.3 |
) |
|
|
(133.5 |
) |
|
|
432.1 |
|
(Income) loss from continuing operations attributable to non-controlling interests |
|
(8.0 |
) |
|
|
6.3 |
|
|
|
(1.8 |
) |
Income (loss) from continuing operations attributable to |
|
(42.3 |
) |
|
|
(127.2 |
) |
|
|
430.3 |
|
|
|
|
|
|
|
||||||
Loss from discontinued operations |
|
(19.4 |
) |
|
|
(28.5 |
) |
|
|
(60.2 |
) |
Income from discontinued operations attributable to non-controlling interests |
|
— |
|
|
|
— |
|
|
|
(1.9 |
) |
Net income (loss) attributable to |
$ |
(61.7 |
) |
|
$ |
(155.7 |
) |
|
$ |
368.2 |
|
|
|
|
|
|
|
||||||
Earnings (loss) per share from continuing operations |
|
|
|
|
|
||||||
Basic |
$ |
(0.09 |
) |
|
$ |
(0.28 |
) |
|
$ |
0.96 |
|
Diluted |
$ |
(0.09 |
) |
|
$ |
(0.28 |
) |
|
$ |
0.95 |
|
|
|
|
|
|
|
||||||
Loss per share from discontinued operations |
|
|
|
|
|
||||||
Basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
||||||
Earnings (loss) per share attributable to |
|
|
|
|
|
||||||
Basic |
$ |
(0.13 |
) |
|
$ |
(0.35 |
) |
|
$ |
0.82 |
|
Diluted |
$ |
(0.13 |
) |
|
$ |
(0.35 |
) |
|
$ |
0.81 |
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
451.1 |
|
|
|
450.5 |
|
|
|
449.7 |
|
Diluted |
|
451.1 |
|
|
|
450.5 |
|
|
|
451.1 |
|
Exhibit 2 |
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BUSINESS SEGMENT DATA (In millions) |
|||||||||||
|
|
||||||||||
|
(Unaudited) |
||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
|
2022 |
|
2021 |
|
2021 |
||||||
Revenue |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
$ |
1,289.1 |
|
|
$ |
1,236.2 |
|
|
$ |
1,386.5 |
|
Surface Technologies |
|
266.7 |
|
|
|
287.1 |
|
|
|
245.5 |
|
|
$ |
1,555.8 |
|
|
$ |
1,523.3 |
|
|
$ |
1,632.0 |
|
|
|
|
|
|
|
||||||
Income (loss) before income taxes |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Segment operating profit |
|
|
|
|
|
||||||
|
$ |
54.0 |
|
|
$ |
8.5 |
|
|
$ |
37.0 |
|
Surface Technologies |
|
3.7 |
|
|
|
8.8 |
|
|
|
8.2 |
|
Total segment operating profit |
|
57.7 |
|
|
|
17.3 |
|
|
|
45.2 |
|
|
|
|
|
|
|
||||||
Corporate items |
|
|
|
|
|
||||||
Corporate expense (1) |
$ |
(29.5 |
) |
|
$ |
(29.7 |
) |
|
$ |
(28.8 |
) |
Net interest expense and loss on early extinguishment of debt |
|
(33.9 |
) |
|
|
(56.7 |
) |
|
|
(58.0 |
) |
Income (loss) from investment in Technip Energies |
|
(28.5 |
) |
|
|
(29.6 |
) |
|
|
470.1 |
|
Foreign exchange gains |
|
28.4 |
|
|
|
4.6 |
|
|
|
28.1 |
|
Total corporate items |
|
(63.5 |
) |
|
|
(111.4 |
) |
|
|
411.4 |
|
|
|
|
|
|
|
||||||
Income (loss) before income taxes (2) |
$ |
(5.8 |
) |
|
$ |
(94.1 |
) |
|
$ |
456.6 |
|
(1) Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. |
|||||||||||
(2) Includes amounts attributable to non-controlling interests. |
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Exhibit 3 |
||||||||
BUSINESS SEGMENT DATA (In millions, unaudited) |
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|
Three Months Ended |
|||||||
Inbound Orders (1) |
|
|
|
|
|
|||
|
2022 |
|
2021 |
|
2021 |
|||
|
|
|
|
|
|
|||
|
$ |
1,893.6 |
|
$ |
1,034.8 |
|
$ |
1,518.8 |
Surface Technologies |
|
291.3 |
|
$ |
1,071.9 |
|
|
203.3 |
Total inbound orders |
$ |
2,184.9 |
|
$ |
2,106.7 |
|
$ |
1,722.1 |
Order Backlog (2) |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
$ |
7,741.3 |
|
$ |
6,533.0 |
|
$ |
6,857.1 |
Surface Technologies |
|
1,152.8 |
|
|
1,124.7 |
|
|
364.3 |
Total order backlog |
$ |
8,894.1 |
|
$ |
7,657.7 |
|
$ |
7,221.4 |
(1) Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period. |
||||||||
(2) Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date. |
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Exhibit 4 |
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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) |
|||||
|
|
||||
|
(Unaudited) |
||||
|
|
|
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
1,203.0 |
|
$ |
1,327.4 |
Trade receivables, net |
|
1,020.8 |
|
|
911.9 |
Contract assets |
|
983.4 |
|
|
966.0 |
Inventories, net |
|
1,074.4 |
|
|
1,031.9 |
Other current assets |
|
908.2 |
|
|
787.0 |
Investment in Technip Energies |
|
49.1 |
|
|
317.3 |
Total current assets |
|
5,238.9 |
|
|
5,341.5 |
|
|
|
|
||
Property, plant and equipment, net |
|
2,570.0 |
|
|
2,597.2 |
Intangible assets, net |
|
788.4 |
|
|
813.7 |
Other assets |
|
1,481.7 |
|
|
1,267.7 |
Total assets |
$ |
10,079.0 |
|
$ |
10,020.1 |
|
|
|
|
||
Short-term debt and current portion of long-term debt |
$ |
281.8 |
|
$ |
277.6 |
Accounts payable, trade |
|
1,283.6 |
|
|
1,294.3 |
Contract liabilities |
|
834.7 |
|
|
1,012.9 |
Other current liabilities |
|
1,274.7 |
|
|
1,267.0 |
Total current liabilities |
|
3,674.8 |
|
|
3,851.8 |
|
|
|
|
||
Long-term debt, less current portion |
|
1,723.3 |
|
|
1,727.3 |
Other liabilities |
|
1,190.5 |
|
|
1,022.6 |
|
|
3,466.3 |
|
|
3,402.7 |
Non-controlling interests |
|
24.1 |
|
|
15.7 |
Total liabilities and equity |
$ |
10,079.0 |
|
$ |
10,020.1 |
Exhibit 5 |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
||||||||
(In millions) |
|
Three Months Ended |
||||||
|
2022 |
|
2021 |
|||||
Cash provided (required) by operating activities |
|
|
|
|
||||
Net income (loss) |
|
$ |
(53.7 |
) |
|
$ |
371.9 |
|
Net loss from discontinued operations |
|
|
19.4 |
|
|
|
60.2 |
|
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities |
|
|
|
|
||||
Depreciation and amortization |
|
|
95.9 |
|
|
|
95.2 |
|
Impairments |
|
|
1.1 |
|
|
|
18.8 |
|
Employee benefit plan and share-based compensation costs |
|
|
7.9 |
|
|
|
4.7 |
|
Deferred income tax provision (benefit), net |
|
|
23.0 |
|
|
|
(31.9 |
) |
(Income) loss from investment in Technip Energies |
|
|
28.5 |
|
|
|
(470.1 |
) |
Unrealized loss (gain) on derivative instruments and foreign exchange |
|
|
13.0 |
|
|
|
(5.5 |
) |
Income from equity affiliates, net of dividends received |
|
|
(5.4 |
) |
|
|
(7.7 |
) |
Loss on early extinguishment of debt |
|
|
— |
|
|
|
23.5 |
|
Other |
|
|
8.7 |
|
|
|
(0.1 |
) |
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
|
||||
Trade receivables, net and contract assets |
|
|
(64.4 |
) |
|
|
(165.6 |
) |
Inventories, net |
|
|
(15.9 |
) |
|
|
66.0 |
|
Accounts payable, trade |
|
|
(26.9 |
) |
|
|
84.8 |
|
Contract liabilities |
|
|
(183.5 |
) |
|
|
(132.9 |
) |
Income taxes payable, net |
|
|
1.8 |
|
|
|
165.3 |
|
Other current assets and liabilities, net |
|
|
(161.0 |
) |
|
|
100.7 |
|
Other non-current assets and liabilities, net |
|
|
(17.9 |
) |
|
|
4.2 |
|
Cash provided (required) by operating activities from continuing operations |
|
|
(329.4 |
) |
|
|
181.5 |
|
Cash provided by operating activities from discontinued operations |
|
|
— |
|
|
|
66.3 |
|
Cash provided (required) by operating activities |
|
|
(329.4 |
) |
|
|
247.8 |
|
|
|
|
|
|
||||
Cash provided (required) by investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(27.3 |
) |
|
|
(44.2 |
) |
Proceeds from redemption of debt securities |
|
|
0.5 |
|
|
|
24.2 |
|
Proceeds from sale of investment in Technip Energies |
|
|
238.5 |
|
|
|
100.0 |
|
Advances from BPI |
|
|
— |
|
|
|
100.0 |
|
Proceeds from repayment of advances to joint venture |
|
|
— |
|
|
|
12.5 |
|
Other |
|
|
(8.0 |
) |
|
|
4.4 |
|
Cash provided by investing activities from continuing operations |
|
|
203.7 |
|
|
|
196.9 |
|
Cash required by investing activities from discontinued operations |
|
|
— |
|
|
|
(4.5 |
) |
Cash provided by investing activities |
|
|
203.7 |
|
|
|
192.4 |
|
|
|
|
|
|
||||
Cash required by financing activities |
|
|
|
|
||||
Net change in short-term debt |
|
|
(8.0 |
) |
|
|
6.2 |
|
Net decrease in commercial paper |
|
|
— |
|
|
|
(953.1 |
) |
Net decrease in revolving credit facility |
|
|
— |
|
|
|
200.0 |
|
Proceeds from issuance of long-term debt |
|
|
— |
|
|
|
1,000.0 |
|
Repayments of long-term debt |
|
|
— |
|
|
|
(1,065.8 |
) |
Payments for debt issuance costs |
|
|
— |
|
|
|
(53.5 |
) |
Other |
|
|
(5.1 |
) |
|
|
(0.4 |
) |
Cash required by financing activities from continuing operations |
|
|
(13.1 |
) |
|
|
(866.6 |
) |
Cash required by financing activities from discontinued operations |
|
|
— |
|
|
|
(3,617.7 |
) |
Cash required by financing activities |
|
|
(13.1 |
) |
|
|
(4,484.3 |
) |
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
|
14.4 |
|
|
|
(10.9 |
) |
Change in cash and cash equivalents |
|
|
(124.4 |
) |
|
|
(4,055.0 |
) |
Cash and cash equivalents, beginning of period |
|
|
1,327.4 |
|
|
|
4,807.8 |
|
Cash and cash equivalents, end of period |
|
$ |
1,203.0 |
|
|
$ |
752.8 |
|
Exhibit 6 |
|||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||||||||||
Charges and Credits
In addition to financial results determined in accordance with |
|||||||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Loss from
|
|
Income
|
|
Provision for
|
|
Net interest
|
|
Income before
|
|
Depreciation
|
|
Earnings
|
||||||||||||||
|
$ |
(42.3 |
) |
|
$ |
8.0 |
|
$ |
28.5 |
|
$ |
33.9 |
|
$ |
28.1 |
|
|
$ |
95.9 |
|
$ |
124.0 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
|
1.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
Restructuring and other charges |
|
(0.3 |
) |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Loss from investment in Technip Energies |
|
28.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.5 |
|
|
|
— |
|
|
|
28.5 |
|
Adjusted financial measures |
$ |
(13.0 |
) |
|
$ |
8.0 |
|
|
$ |
28.7 |
|
|
$ |
33.9 |
|
|
$ |
57.6 |
|
|
$ |
95.9 |
|
|
$ |
153.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted loss per share from continuing operations attributable to |
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Loss from
|
|
Loss
|
|
Provision for
|
|
Net interest
|
|
Income (loss)
|
|
Depreciation
|
|
Earnings
|
||||||||||||||
|
$ |
(127.2 |
) |
|
$ |
(6.3 |
) |
|
$ |
39.4 |
|
$ |
56.7 |
|
$ |
(37.4 |
) |
|
$ |
95.7 |
|
$ |
58.3 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
|
28.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.2 |
|
|
|
— |
|
|
|
28.2 |
|
Restructuring and other charges |
|
13.6 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
14.2 |
|
|
|
— |
|
|
|
14.2 |
|
Loss from investment in Technip Energies |
|
29.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.6 |
|
|
|
— |
|
|
|
29.6 |
|
Adjusted financial measures |
$ |
(55.8 |
) |
|
$ |
(6.3 |
) |
|
$ |
40.0 |
|
|
$ |
56.7 |
|
|
$ |
34.6 |
|
|
$ |
95.7 |
|
|
$ |
130.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted loss per share from continuing operations attributable to |
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Income (loss)
|
|
Income
|
|
Provision for
|
|
Net interest
|
|
Income before
|
|
Depreciation
|
|
Earnings
|
||||||||||||||
|
$ |
430.3 |
|
|
$ |
1.8 |
|
$ |
24.5 |
|
$ |
58.0 |
|
$ |
514.6 |
|
|
$ |
95.2 |
|
$ |
609.8 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
|
18.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.8 |
|
|
|
— |
|
|
|
18.8 |
|
Restructuring and other charges |
|
6.5 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
6.7 |
|
|
|
— |
|
|
|
6.7 |
|
Income from Investment in Technip Energies |
|
(470.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(470.1 |
) |
|
|
— |
|
|
|
(470.1 |
) |
Adjusted financial measures |
$ |
(14.5 |
) |
|
$ |
1.8 |
|
|
$ |
24.7 |
|
|
$ |
58.0 |
|
|
$ |
70.0 |
|
|
$ |
95.2 |
|
|
$ |
165.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share from continuing operations attributable to |
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted loss per share from continuing operations attributable to |
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Exhibit 7 |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,289.1 |
|
|
$ |
266.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,555.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
54.0 |
|
|
$ |
3.7 |
|
|
$ |
(29.5 |
) |
|
$ |
(0.1 |
) |
|
$ |
28.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
|
|
1.1 |
|
Restructuring and other charges |
|
(3.4 |
) |
|
|
0.5 |
|
|
|
2.8 |
|
|
|
— |
|
|
|
(0.1 |
) |
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.5 |
|
|
|
28.5 |
|
Subtotal |
|
(3.4 |
) |
|
|
1.6 |
|
|
|
2.8 |
|
|
|
28.5 |
|
|
|
29.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
50.6 |
|
|
|
5.3 |
|
|
|
(26.7 |
) |
|
|
28.4 |
|
|
|
57.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
78.4 |
|
|
|
16.7 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
95.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
129.0 |
|
|
$ |
22.0 |
|
|
$ |
(25.9 |
) |
|
$ |
28.4 |
|
|
$ |
153.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
4.2 |
% |
|
|
1.4 |
% |
|
|
|
|
|
|
1.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
3.9 |
% |
|
|
2.0 |
% |
|
|
|
|
|
|
3.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
10.0 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
9.9 |
% |
||||
|
Three Months Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,236.2 |
|
|
$ |
287.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,523.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
8.5 |
|
|
$ |
8.8 |
|
|
$ |
(29.7 |
) |
|
$ |
(25.0 |
) |
|
$ |
(37.4 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
26.6 |
|
|
|
1.6 |
|
|
|
— |
|
|
|
— |
|
|
|
28.2 |
|
Restructuring and other charges |
|
9.8 |
|
|
|
2.2 |
|
|
|
2.2 |
|
|
|
— |
|
|
|
14.2 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.6 |
|
|
|
29.6 |
|
Subtotal |
|
36.4 |
|
|
|
3.8 |
|
|
|
2.2 |
|
|
|
29.6 |
|
|
|
72.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
44.9 |
|
|
|
12.6 |
|
|
|
(27.5 |
) |
|
|
4.6 |
|
|
|
34.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
78.7 |
|
|
|
16.3 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
95.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
123.6 |
|
|
$ |
28.9 |
|
|
$ |
(26.8 |
) |
|
$ |
4.6 |
|
|
$ |
130.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
0.7 |
% |
|
|
3.1 |
% |
|
|
|
|
|
|
-2.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
3.6 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
2.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
10.0 |
% |
|
|
10.1 |
% |
|
|
|
|
|
|
8.6 |
% |
||||
|
Three Months Ended |
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,386.5 |
|
|
$ |
245.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,632.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss, as reported (pre-tax) |
$ |
37.0 |
|
|
$ |
8.2 |
|
|
$ |
(28.8 |
) |
|
$ |
498.2 |
|
|
$ |
514.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
|
15.7 |
|
|
|
0.1 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
18.8 |
|
Restructuring and other charges |
|
4.0 |
|
|
|
2.7 |
|
|
|
— |
|
|
|
— |
|
|
|
6.7 |
|
Income from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(470.1 |
) |
|
|
(470.1 |
) |
Subtotal |
|
19.7 |
|
|
|
2.8 |
|
|
|
3.0 |
|
|
|
(470.1 |
) |
|
|
(444.6 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
56.7 |
|
|
|
11.0 |
|
|
|
(25.8 |
) |
|
|
28.1 |
|
|
|
70.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
78.4 |
|
|
|
15.9 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
95.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
135.1 |
|
|
$ |
26.9 |
|
|
$ |
(24.9 |
) |
|
$ |
28.1 |
|
|
$ |
165.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
2.7 |
% |
|
|
3.3 |
% |
|
|
|
|
|
|
31.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
4.1 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
4.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
9.7 |
% |
|
|
11.0 |
% |
|
|
|
|
|
|
10.1 |
% |
||||
Exhibit 8 |
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
1,203.0 |
|
|
$ |
1,327.4 |
|
|
$ |
752.8 |
|
Short-term debt and current portion of long-term debt |
|
(281.8 |
) |
|
|
(277.6 |
) |
|
|
(96.8 |
) |
Long-term debt, less current portion |
|
(1,723.3 |
) |
|
|
(1,727.3 |
) |
|
|
(2,434.3 |
) |
Net debt |
$ |
(802.1 |
) |
|
$ |
(677.5 |
) |
|
$ |
(1,778.3 |
) |
Net (debt) cash, is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate our capital structure and financial leverage. We believe net debt, or net cash, is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net (debt) cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with |
|||||||||||
Exhibit 9 |
||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
Cash provided (required) by operating activities from continuing operations |
|
$ |
(329.4 |
) |
|
$ |
181.5 |
|
Capital expenditures |
|
|
(27.3 |
) |
|
|
(44.2 |
) |
Free cash flow (deficit) from continuing operations |
|
$ |
(356.7 |
) |
|
$ |
137.3 |
|
Free cash flow (deficit) from continuing operations, is a non-GAAP financial measure and is defined as cash provided by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe from continuing operations, free cash flow (deficit) from continuing operations is a meaningful financial measure that may assist investors in understanding our financial condition and results of operations. |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220427005918/en/
Investor relations
Vice President, Investor Relations
Tel: +1 281 260 3665
Email:
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email:
Media relations
Vice President, Corporate Communications
Tel: +44 383 742 297
Email:
Director, Public Relations
Tel: +1 281 591 5405
Email:
Source:
FAQ
What were TechnipFMC's total revenues for Q1 2022?
What was TechnipFMC's net loss for Q1 2022?
How much cash did TechnipFMC hold at the end of Q1 2022?
What is the book-to-bill ratio for TechnipFMC in Q1 2022?
What is TechnipFMC's target for gross debt reduction?
