TechnipFMC Announces Fourth Quarter 2023 Results
- Revenue for the fourth quarter of 2023 increased by 22.6% year-over-year to $2,077.7 million.
- Total Company backlog grew by 41% to $13.2 billion compared to the prior year.
- Subsea orders for the year increased by 45% to $9.7 billion, with an order outlook of $30 billion through 2025.
- Adjusted EBITDA margin was 10.5% for the full year.
- Shareholder distributions totaled $249 million in 2023.
- None.
Insights
The reported financial results of TechnipFMC plc demonstrate a significant year-over-year revenue growth of 22.6% for Q4 and 16.8% for the full year. Notably, the full-year orders grew by 45% and the company's backlog increased by 41%, indicating a healthy pipeline of future revenue. The Subsea segment, in particular, shows robust performance with a 28.2% increase in Q4 revenue and a 49.6% increase in backlog, reflecting strong market demand and the company's competitive positioning.
Furthermore, the company's free cash flow of $630 million in Q4 and $468 million for the year signifies operational efficiency and liquidity, which are positive indicators for investors. The Subsea order outlook for the three-year period through 2025 has increased by 20% to $30 billion, suggesting sustained growth prospects. However, investors should consider the potential risks associated with the energy sector's volatility and the impact of foreign exchange fluctuations, as evidenced by the reported foreign exchange loss.
TechnipFMC's strategic focus on the Subsea segment is evident in the increased backlog and order intake, which are expected to drive nearly 40% growth in Subsea adjusted EBITDA in 2024. The award of the Mero 3 HISEP® project by Petrobras, a contract exceeding $1 billion, underscores the company's technological edge and its ability to secure large-scale projects. This project is particularly significant as it showcases subsea processing technology that aligns with the industry's shift towards more environmentally friendly practices and energy transition.
The company's outlook is reinforced by three major industry trends: a shift in capital flows towards offshore and Middle East markets, the increased role of new technologies and an expanded role for subsea services. These trends suggest that TechnipFMC is well-positioned to capitalize on market opportunities. However, the cyclical nature of the energy sector and geopolitical factors could affect the demand and execution of these projects.
The financial results and forward-looking statements made by TechnipFMC reflect a broader optimism in the energy sector, particularly in offshore developments. The company's focus on integrated solutions, differentiated technologies and comprehensive subsea services aligns with the industry's transition towards more sustainable energy production methods, including CO2 capture and injection technologies. The increased expectations for Subsea inbound orders, reaching $30 billion by 2025, indicate confidence in sustained sector growth and TechnipFMC's ability to secure a significant share of the market.
However, while the company's backlog and projected growth are promising, stakeholders should remain aware of the inherent risks associated with long-term projects, such as cost overruns, project delays and changes in regulatory environments. Additionally, the company's ability to manage foreign exchange risks, as seen by the substantial foreign exchange loss, will be crucial in maintaining profitability.
-
Subsea inbound of
$1.3 billion $9.7 billion 45% versus 2022 -
Total Company backlog of
$13.2 billion 41% versus the prior year -
Cash flow from operations of
$701 million $630 million -
Shareholder distributions of
$77 million $249 million -
Subsea order outlook for three-year period through 2025 increased
20% to$30 billion
NEWCASTLE &
Summary Financial Results from Continuing Operations - Fourth Quarter 2023
Reconciliation of |
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|
Three Months Ended |
Change |
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(In millions, except per share amounts) |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sequential |
Year-over-
|
Revenue |
|
|
|
|
|
Income (loss) |
|
|
|
( |
n/m |
Income (loss) margin |
|
|
( |
(180 bps) |
n/m |
Diluted earnings (loss) per share |
|
|
|
( |
n/m |
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
( |
|
Adjusted EBITDA margin |
|
|
|
(100 bps) |
340 bps |
Adjusted income (loss) |
|
|
|
( |
n/m |
Adjusted diluted earnings (loss) per share |
|
|
|
( |
n/m |
|
|
|
|
|
|
Inbound orders |
|
|
|
( |
( |
Ending backlog |
|
|
|
|
|
n/m - not meaningful |
|||||
Total Company revenue in the fourth quarter was
Adjusted income was
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Included in total Company results was a foreign exchange loss of
Summary Financial Results from Continuing Operations - Full Year 2023
Reconciliation of |
|||
|
Twelve Months Ended |
Change |
|
(In millions, except per share amounts) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Year-over- Year |
Revenue |
|
|
|
Income (loss) |
|
|
n/m |
Income (loss) margin |
|
( |
n/m |
Diluted earnings (loss) per share |
|
|
n/m |
|
|
|
|
Adjusted EBITDA |
|
|
|
Adjusted EBITDA margin |
|
|
90 bps |
Adjusted income (loss) |
|
|
n/m |
Adjusted diluted earnings (loss) per share |
|
|
n/m |
|
|
|
|
Inbound orders |
|
|
|
Ending backlog |
|
|
|
n/m - not meaningful |
|||
Total Company revenue in the full year was
-
An incremental non-recurring legal settlement charge related to the previously disclosed final resolution of all outstanding matters with the French national prosecutor’s office of
$126.5 million -
Restructuring, impairment and other charges of
$20 million
Adjusted income was
Adjusted EBITDA, which excludes pre-tax charges and credits, was
Included in total Company results was a foreign exchange loss of
Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “I am proud to report our strong quarterly and full year results which speak to the growth and operational momentum we are achieving. Total Company inbound for the year grew to
“Total Company revenue for the year grew
Pferdehirt continued, “Any way you look at it, 2023 was a period of strong growth for our company. Our robust order intake drove a
“We started 2024 with the award of Mero 3 HISEP®, the first iEPCI™ project ever awarded by Petrobras, which exceeded
Pferdehirt added, “We see continued strength ahead, driven by the resiliency and durability of this cycle. The demand for energy will continue to grow. However, we believe the market’s evolution will differ from the past, driven by three major trends. First, a shift in capital flows, which we believe will largely be directed to the offshore and
Pferdehirt concluded, “We have entered an unprecedented time for the development of conventional energy resources, particularly offshore. This backdrop, combined with our unique capabilities, gives us the confidence to increase our expectations for Subsea inbound to reach
Operational and Financial Highlights
Subsea |
Financial Highlights
Reconciliation of |
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|
|||||
|
Three Months Ended |
Change |
|||
(In millions) |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sequential |
Year-over-
|
Revenue |
|
|
|
|
|
Operating profit |
|
|
|
( |
|
Operating profit margin |
|
|
|
(190 bps) |
390 bps |
Adjusted EBITDA |
|
|
|
( |
|
Adjusted EBITDA margin |
|
|
|
(200 bps) |
270 bps |
|
|
|
|
|
|
Inbound orders |
|
|
|
( |
( |
Ending backlog1,2,3 |
|
|
|
|
|
Estimated Consolidated Backlog Scheduling (In millions) |
Dec. 31, 2023 |
2024 |
|
2025 |
|
2026 and beyond |
|
Total |
|
1 Backlog as of December 31, 2023 was increased by a foreign exchange impact of |
|
2 Backlog does not capture all revenue potential for Subsea Services. |
|
3 Backlog as of December 31, 2023 does not include total Company non-consolidated backlog of |
|
Subsea reported fourth quarter revenue of
Subsea reported an operating profit of
Subsea reported adjusted EBITDA of
Subsea inbound orders were
-
BP Argos Southwest Extension project (Gulf of
Mexico )
Significant* contract by bp for its Argos Southwest Extension project in the Mad Dog field. TechnipFMC will install pipe and an umbilical, tying back three new wells to the Argos platform in the Gulf ofMexico . Under the contract, TechnipFMC will also manufacture and install pipeline end terminations.
*A “significant” contract is between$75 million $250 million
Surface Technologies |
Financial Highlights
Reconciliation of |
|||||
|
Three Months Ended |
Change |
|||
(In millions) |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sequential |
Year-over-
|
Revenue |
|
|
|
|
|
Operating profit |
|
|
|
( |
|
Operating profit margin |
|
|
|
(30 bps) |
200 bps |
Adjusted EBITDA |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
40 bps |
210 bps |
|
|
|
|
|
|
Inbound orders |
|
|
|
( |
( |
Ending backlog |
|
|
|
( |
( |
Surface Technologies reported fourth quarter revenue of
Surface Technologies reported operating profit of
Surface Technologies reported adjusted EBITDA of
Inbound orders for the quarter were
Corporate and Other Items (three months ended, December 31, 2023)
Corporate expense was
Foreign exchange loss was
Net interest expense was
The provision for income taxes was
Total depreciation and amortization was
Cash provided by operating activities was
Cash and cash equivalents increased
During the quarter, the Company repurchased 2.7 million of its ordinary shares for total consideration of
Corporate Actions
In November, the Company announced an agreement to sell the Measurement Solutions business to One Equity Partners for
As part of the Surface Technologies segment, the Measurement Solutions business encompasses terminal management solutions and metering products and systems, and includes engineering and manufacturing locations in
2024 Full-Year Financial Guidance1
The Company’s full-year guidance for 2024 can be found in the table below.
Guidance for Surface Technologies includes anticipated financial results for the Measurement Solutions business for the three months ending March 31, 2024.
2024 Guidance (As of February 22, 2024) |
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|
||||
Subsea |
|
Surface Technologies |
||
Revenue in a range of |
|
Revenue in a range of |
||
|
|
|
||
Adjusted EBITDA margin in a range of 15.5 - |
|
Adjusted EBITDA margin in a range of 13 - |
||
|
||||
TechnipFMC |
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Corporate expense, net |
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(includes depreciation and amortization of |
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|
|
|
Net interest expense |
||||
|
||||
Tax provision, as reported |
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|
||||
Capital expenditures approximately |
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|
||||
Free cash flow2 |
||||
(includes payment for legal settlement of |
||||
|
||||
|
||||
_______________________
1 Our guidance measures of adjusted EBITDA margin, free cash flow and adjusted corporate expense, net 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. |
2 Free cash flow is calculated as cash flow from operations less capital expenditures. |
Teleconference
The Company will host a teleconference on Thursday, February 22, 2024 to discuss the fourth quarter 2023 financial results. The call will begin at 1:30 p.m.
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 TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.
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 — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 21,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on X (formerly Twitter) @TechnipFMC.
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 statements usually relate to future events, market growth and recovery, growth of our new energy business, 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. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include our ability to close the Measurement Solutions transaction, on a timely basis, if at all and the risks associated therewith; unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; our inability to develop, implement and protect new technologies and services and intellectual property related thereto, including new technologies and services for our new energy business; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC to act as depository and clearing agency for our shares; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding ESG matters; uncertainties related to our investments in new energy business; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; risks of pirates and maritime conflicts endangering our maritime employees and assets; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; potential departure of our key managers and employees; adverse seasonal weather, and other climatic conditions and unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; our inability to obtain sufficient bonding capacity for certain contracts, as well as those set forth in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and our other reports subsequently filed with the Securities and Exchange Commission.
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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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
2,077.7 |
|
|
$ |
2,056.9 |
|
|
$ |
1,694.4 |
|
|
$ |
7,824.2 |
|
|
$ |
6,700.4 |
|
Costs and expenses |
|
1,938.8 |
|
|
|
1,896.1 |
|
|
|
1,665.3 |
|
|
|
7,315.0 |
|
|
|
6,503.1 |
|
|
|
138.9 |
|
|
|
160.8 |
|
|
|
29.1 |
|
|
|
509.2 |
|
|
|
197.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expense), net |
|
(24.7 |
) |
|
|
(20.9 |
) |
|
|
(7.0 |
) |
|
|
(213.9 |
) |
|
|
50.0 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27.7 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before net interest expense and income taxes |
|
114.2 |
|
|
|
139.9 |
|
|
|
22.1 |
|
|
|
295.3 |
|
|
|
219.6 |
|
Net interest expense and loss on early extinguishment of debt |
|
(13.0 |
) |
|
|
(26.7 |
) |
|
|
(28.4 |
) |
|
|
(88.7 |
) |
|
|
(150.7 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes |
|
101.2 |
|
|
|
113.2 |
|
|
|
(6.3 |
) |
|
|
206.6 |
|
|
|
68.9 |
|
Provision for income taxes |
|
54.5 |
|
|
|
19.5 |
|
|
|
14.4 |
|
|
|
154.7 |
|
|
|
105.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations |
|
46.7 |
|
|
|
93.7 |
|
|
|
(20.7 |
) |
|
|
51.9 |
|
|
|
(36.5 |
) |
(Income) loss from continuing operations attributable to non-controlling interests |
|
6.3 |
|
|
|
(3.7 |
) |
|
|
(6.0 |
) |
|
|
4.3 |
|
|
|
(25.4 |
) |
Income (loss) from continuing operations attributable to TechnipFMC plc |
|
53.0 |
|
|
|
90.0 |
|
|
|
(26.7 |
) |
|
|
56.2 |
|
|
|
(61.9 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from discontinued operations |
|
— |
|
|
|
— |
|
|
|
(10.6 |
) |
|
|
— |
|
|
|
(45.3 |
) |
Net income (loss) attributable to TechnipFMC plc |
$ |
53.0 |
|
|
$ |
90.0 |
|
|
$ |
(37.3 |
) |
|
$ |
56.2 |
|
|
$ |
(107.2 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from continuing operations |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.12 |
|
|
$ |
0.21 |
|
|
$ |
(0.06 |
) |
|
$ |
0.13 |
|
|
$ |
(0.14 |
) |
Diluted |
$ |
0.12 |
|
|
$ |
0.20 |
|
|
$ |
(0.06 |
) |
|
$ |
0.12 |
|
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss per share from discontinued operations |
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted |
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.02 |
) |
|
$ |
— |
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share attributable to TechnipFMC plc |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.12 |
|
|
$ |
0.21 |
|
|
$ |
(0.08 |
) |
|
$ |
0.13 |
|
|
$ |
(0.24 |
) |
Diluted |
$ |
0.12 |
|
|
$ |
0.20 |
|
|
$ |
(0.08 |
) |
|
$ |
0.12 |
|
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
434.4 |
|
|
|
436.9 |
|
|
|
444.6 |
|
|
|
438.6 |
|
|
|
449.5 |
|
Diluted |
|
448.6 |
|
|
|
450.3 |
|
|
|
444.6 |
|
|
|
452.3 |
|
|
|
449.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per share |
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.10 |
|
|
$ |
— |
|
Exhibit 2 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Subsea |
$ |
1,720.5 |
|
|
$ |
1,708.3 |
|
|
$ |
1,342.5 |
|
|
$ |
6,434.8 |
|
|
$ |
5,461.2 |
|
Surface Technologies |
|
357.2 |
|
|
|
348.6 |
|
|
|
351.9 |
|
|
|
1,389.4 |
|
|
|
1,239.2 |
|
Total segment revenue |
$ |
2,077.7 |
|
|
$ |
2,056.9 |
|
|
$ |
1,694.4 |
|
|
$ |
7,824.2 |
|
|
$ |
6,700.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment operating profit |
|
|
|
|
|
|
|
|
|
||||||||||
Subsea |
$ |
145.7 |
|
|
$ |
177.7 |
|
|
$ |
61.5 |
|
|
$ |
543.6 |
|
|
$ |
317.6 |
|
Surface Technologies |
|
33.2 |
|
|
|
33.3 |
|
|
|
25.6 |
|
|
|
114.6 |
|
|
|
58.3 |
|
Total segment operating profit |
|
178.9 |
|
|
|
211.0 |
|
|
|
87.1 |
|
|
|
658.2 |
|
|
|
375.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate items |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate expense (1) |
$ |
(38.3 |
) |
|
$ |
(24.7 |
) |
|
$ |
(28.0 |
) |
|
$ |
(243.9 |
) |
|
$ |
(104.7 |
) |
Net interest expense and loss on early extinguishment of debt |
|
(13.0 |
) |
|
|
(26.7 |
) |
|
|
(28.4 |
) |
|
|
(88.7 |
) |
|
|
(150.7 |
) |
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27.7 |
) |
Foreign exchange losses |
|
(26.4 |
) |
|
|
(46.4 |
) |
|
|
(37.0 |
) |
|
|
(119.0 |
) |
|
|
(23.9 |
) |
Total corporate items |
|
(77.7 |
) |
|
|
(97.8 |
) |
|
|
(93.4 |
) |
|
|
(451.6 |
) |
|
|
(307.0 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes (2) |
$ |
101.2 |
|
|
$ |
113.2 |
|
|
$ |
(6.3 |
) |
|
$ |
206.6 |
|
|
$ |
68.9 |
|
(1) |
Corporate expense primarily includes the non-recurring legal settlement charge, corporate staff expenses, share-based compensation expenses, and other employee benefits. |
(2) |
Includes amounts attributable to non-controlling interests. |
Exhibit 3 |
||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions, unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
Inbound Orders (1) |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|||||||
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Subsea |
$ |
1,270.0 |
|
$ |
1,828.0 |
|
$ |
1,515.9 |
|
$ |
9,749.0 |
|
$ |
6,738.3 |
Surface Technologies |
|
261.6 |
|
|
317.1 |
|
|
326.6 |
|
|
1,233.9 |
|
|
1,340.8 |
Total inbound orders |
$ |
1,531.6 |
|
$ |
2,145.1 |
|
$ |
1,842.5 |
|
$ |
10,982.9 |
|
$ |
8,079.1 |
Order Backlog (2) |
December 31, 2023 |
|
September 30, 2022 |
|
December 31, 2022 |
|||
|
|
|
|
|
|
|||
Subsea |
$ |
12,164.1 |
|
$ |
12,073.6 |
|
$ |
8,131.5 |
Surface Technologies |
|
1,066.9 |
|
|
1,157.1 |
|
|
1,221.5 |
Total order backlog |
$ |
13,231.0 |
|
$ |
13,230.7 |
|
$ |
9,353.0 |
(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. |
Exhibit 4 |
|||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, unaudited) |
|||||
|
December 31, |
||||
|
2023 |
|
2022 |
||
|
|
|
|
||
Cash and cash equivalents |
$ |
951.7 |
|
$ |
1,057.1 |
Trade receivables, net |
|
1,138.1 |
|
|
966.5 |
Contract assets, net |
|
1,010.1 |
|
|
981.6 |
Inventories, net |
|
1,100.3 |
|
|
1,039.7 |
Other current assets |
|
995.2 |
|
|
943.8 |
Total current assets |
|
5,195.4 |
|
|
4,988.7 |
|
|
|
|
||
Property, plant and equipment, net |
|
2,270.9 |
|
|
2,354.9 |
Intangible assets, net |
|
601.6 |
|
|
716.0 |
Other assets |
|
1,588.7 |
|
|
1,384.7 |
Total assets |
$ |
9,656.6 |
|
$ |
9,444.3 |
|
|
|
|
||
Short-term debt and current portion of long-term debt |
$ |
153.8 |
|
$ |
367.3 |
Accounts payable, trade |
|
1,355.8 |
|
|
1,282.8 |
Contract liabilities |
|
1,485.8 |
|
|
1,156.4 |
Other current liabilities |
|
1,473.2 |
|
|
1,367.8 |
Total current liabilities |
|
4,468.6 |
|
|
4,174.3 |
|
|
|
|
||
Long-term debt, less current portion |
|
913.5 |
|
|
999.3 |
Other liabilities |
|
1,102.4 |
|
|
994.0 |
TechnipFMC plc stockholders’ equity |
|
3,136.7 |
|
|
3,240.2 |
Non-controlling interests |
|
35.4 |
|
|
36.5 |
Total liabilities and equity |
$ |
9,656.6 |
|
$ |
9,444.3 |
Exhibit 5 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Cash provided by operating activities |
|
|
|
|
|
||||||
Net income (loss) |
$ |
46.7 |
|
|
$ |
51.9 |
|
|
$ |
(81.8 |
) |
Net loss from discontinued operations |
|
— |
|
|
|
— |
|
|
|
45.3 |
|
Adjustments to reconcile net income (loss) to cash provided (required) by operating activities |
|
|
|
|
|
||||||
Depreciation and amortization |
|
94.5 |
|
|
|
377.8 |
|
|
|
377.2 |
|
Employee benefit plan and share-based compensation costs |
|
(12.8 |
) |
|
|
30.8 |
|
|
|
33.5 |
|
Deferred income tax provision, net |
|
(31.3 |
) |
|
|
(54.2 |
) |
|
|
(13.0 |
) |
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
27.7 |
|
Unrealized loss on derivative instruments and foreign exchange |
|
23.8 |
|
|
|
29.6 |
|
|
|
54.0 |
|
(Income) loss from equity affiliates, net of dividends received |
|
1.7 |
|
|
|
(34.2 |
) |
|
|
(31.9 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
29.8 |
|
Other |
|
36.8 |
|
|
|
42.4 |
|
|
|
11.4 |
|
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
|
|
||||||
Trade receivables, net and contract assets |
|
359.9 |
|
|
|
(227.7 |
) |
|
|
(160.2 |
) |
Inventories, net |
|
21.7 |
|
|
|
(91.2 |
) |
|
|
(35.0 |
) |
Accounts payable, trade |
|
(213.2 |
) |
|
|
62.5 |
|
|
|
52.1 |
|
Contract liabilities |
|
231.6 |
|
|
|
321.0 |
|
|
|
164.5 |
|
Income taxes payable (receivable), net |
|
(11.7 |
) |
|
|
34.3 |
|
|
|
(62.1 |
) |
Other current assets and liabilities, net |
|
160.6 |
|
|
|
203.3 |
|
|
|
(40.4 |
) |
Other non-current assets and liabilities, net |
|
(7.2 |
) |
|
|
(53.3 |
) |
|
|
(19.0 |
) |
Cash provided by operating activities |
|
701.1 |
|
|
|
693.0 |
|
|
|
352.1 |
|
|
|
|
|
|
|
||||||
Cash provided (required) by investing activities |
|
|
|
|
|
||||||
Capital expenditures |
|
(71.5 |
) |
|
|
(225.2 |
) |
|
|
(157.9 |
) |
Proceeds from sale of assets |
|
9.4 |
|
|
|
84.7 |
|
|
|
30.2 |
|
Proceeds from sales of investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
288.5 |
|
Other |
|
— |
|
|
|
14.9 |
|
|
|
1.4 |
|
Cash provided (required) by investing activities |
|
(62.1 |
) |
|
|
(125.6 |
) |
|
|
162.2 |
|
|
|
|
|
|
|
||||||
Cash required by financing activities |
|
|
|
|
|
||||||
Net change in short-term debt |
|
(303.4 |
) |
|
|
(341.6 |
) |
|
|
(200.4 |
) |
Cash settlement for derivative hedging debt |
|
— |
|
|
|
(30.1 |
) |
|
|
(80.5 |
) |
Proceeds from issuance of long-term debt |
|
— |
|
|
|
— |
|
|
|
60.9 |
|
Repayments of long-term debt |
|
— |
|
|
|
— |
|
|
|
(451.7 |
) |
Payments for debt issuance cost |
|
— |
|
|
|
(16.7 |
) |
|
|
— |
|
Share repurchases |
|
(55.0 |
) |
|
|
(205.1 |
) |
|
|
(100.2 |
) |
Dividends paid |
|
(21.7 |
) |
|
|
(43.5 |
) |
|
|
— |
|
Other |
|
0.3 |
|
|
|
(19.5 |
) |
|
|
(24.8 |
) |
Cash required by financing activities |
|
(379.8 |
) |
|
|
(656.5 |
) |
|
|
(796.7 |
) |
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
1.6 |
|
|
|
(16.3 |
) |
|
|
12.1 |
|
Change in cash and cash equivalents |
|
260.8 |
|
|
|
(105.4 |
) |
|
|
(270.3 |
) |
Cash and cash equivalents in the statement of cash flows, beginning of period |
|
690.9 |
|
|
|
1,057.1 |
|
|
|
1,327.4 |
|
Cash and cash equivalents in the statement of cash flows, end of period |
$ |
951.7 |
|
|
$ |
951.7 |
|
|
$ |
1,057.1 |
|
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data, unaudited)
In addition to financial results determined in accordance with
Non-GAAP adjustments are presented on a gross basis and the tax impact of the non-GAAP adjustments is separately presented in the applicable reconciliation table. Estimates of the tax effect of each adjustment is calculated item by item, by reviewing the relevant jurisdictional tax rate to the pretax non-GAAP amounts, analyzing the nature of the item and/or the tax jurisdiction in which the item has been recorded, the need of application of a specific tax rate, history of non- GAAP taxable income positions (i.e. net operating loss carryforwards) and concluding on the valuation allowance positions.
Management believes that the exclusion of charges, credits and foreign exchange impacts from these financial measures provides a useful perspective on the Company’s underlying business results and operating trends, and a means to evaluate TechnipFMC’s operations and consolidated results of operations period-over-period. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures.
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to TechnipFMC plc |
|
$ |
53.0 |
|
|
$ |
90.0 |
|
|
$ |
(26.7 |
) |
|
$ |
56.2 |
|
|
$ |
(61.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
|
10.0 |
|
|
|
4.3 |
|
|
|
6.0 |
|
|
|
20.0 |
|
|
|
22.0 |
|
Non-recurring legal settlement charges* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
Loss from investment in Technip Energies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.7 |
|
Tax on charges and (credits) |
|
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
|
(0.4 |
) |
Adjusted net income (loss) attributable to TechnipFMC plc |
|
$ |
62.7 |
|
|
$ |
93.7 |
|
|
$ |
(20.7 |
) |
|
$ |
201.4 |
|
|
$ |
(12.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted diluted average shares outstanding |
|
|
448.6 |
|
|
|
450.3 |
|
|
|
444.6 |
|
|
|
452.3 |
|
|
|
449.5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported earnings (loss) per share - diluted |
|
$ |
0.12 |
|
|
$ |
0.20 |
|
|
$ |
(0.06 |
) |
|
$ |
0.12 |
|
|
$ |
(0.14 |
) |
Adjusted earnings (loss) per share - diluted |
|
$ |
0.14 |
|
|
$ |
0.21 |
|
|
$ |
(0.05 |
) |
|
$ |
0.45 |
|
|
$ |
(0.03 |
) |
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 20 of the coming annual report on Form 10-K for the year ended December 31, 2023 (the “10-K”)). For taxation purposes, the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
||||||||||||||||||||
Exhibit 7 |
||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to TechnipFMC plc |
|
|
53.0 |
|
|
|
90.0 |
|
|
(26.7 |
) |
|
|
56.2 |
|
|
|
(61.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) attributable to non-controlling interests |
|
|
(6.3 |
) |
|
|
3.7 |
|
|
6.0 |
|
|
|
(4.3 |
) |
|
|
25.4 |
|
|
Provision for income tax |
|
|
54.5 |
|
|
|
19.5 |
|
|
14.4 |
|
|
|
154.7 |
|
|
|
105.4 |
|
|
Net interest expense |
|
|
13.0 |
|
|
|
26.7 |
|
|
28.4 |
|
|
|
88.7 |
|
|
|
150.7 |
|
|
Depreciation and amortization |
|
|
94.5 |
|
|
|
93.3 |
|
|
92.8 |
|
|
|
377.8 |
|
|
|
377.2 |
|
|
Restructuring, impairment and other charges |
|
|
10.0 |
|
|
|
4.3 |
|
|
6.0 |
|
|
|
20.0 |
|
|
|
22.0 |
|
|
Non-recurring legal settlement charges* |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
Loss from investment in Technip Energies |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
$ |
218.7 |
|
|
$ |
237.5 |
|
$ |
120.9 |
|
|
$ |
819.6 |
|
|
$ |
646.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
|
26.4 |
|
|
|
46.4 |
|
|
37.0 |
|
|
|
119.0 |
|
|
|
23.9 |
|
|
Adjusted EBITDA, excluding foreign exchange, net |
|
$ |
245.1 |
|
|
$ |
283.9 |
|
$ |
157.9 |
|
|
$ |
938.6 |
|
|
$ |
670.4 |
|
|
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 20 of the 10-K). For taxation purposes the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
||||||||||||||||||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
December 31, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,720.5 |
|
|
$ |
357.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,077.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
145.7 |
|
|
$ |
33.2 |
|
|
$ |
(38.3 |
) |
|
$ |
(26.4 |
) |
|
$ |
114.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
1.2 |
|
|
|
3.9 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
10.0 |
|
Subtotal |
|
1.2 |
|
|
|
3.9 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
10.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
78.6 |
|
|
|
15.4 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
94.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
225.5 |
|
|
|
52.5 |
|
|
|
(32.9 |
) |
|
|
(26.4 |
) |
|
|
218.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26.4 |
|
|
|
26.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
225.5 |
|
|
$ |
52.5 |
|
|
$ |
(32.9 |
) |
|
$ |
— |
|
|
$ |
245.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
8.5 |
% |
|
|
9.3 |
% |
|
|
|
|
|
|
5.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
13.1 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
10.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
13.1 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
11.8 |
% |
||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
September 30, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,708.3 |
|
|
$ |
348.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,056.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
177.7 |
|
|
$ |
33.3 |
|
|
$ |
(24.7 |
) |
|
$ |
(46.4 |
) |
|
$ |
139.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
3.3 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
4.3 |
|
Subtotal |
|
3.3 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
76.8 |
|
|
|
16.0 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
93.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
257.8 |
|
|
|
49.9 |
|
|
|
(23.8 |
) |
|
|
(46.4 |
) |
|
|
237.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46.4 |
|
|
|
46.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
257.8 |
|
|
$ |
49.9 |
|
|
$ |
(23.8 |
) |
|
$ |
— |
|
|
$ |
283.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
10.4 |
% |
|
|
9.6 |
% |
|
|
|
|
|
|
6.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
15.1 |
% |
|
|
14.3 |
% |
|
|
|
|
|
|
11.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
15.1 |
% |
|
|
14.3 |
% |
|
|
|
|
|
|
13.8 |
% |
||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
December 31, 2022 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
1,342.5 |
|
|
$ |
351.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,694.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
61.5 |
|
|
$ |
25.6 |
|
|
$ |
(28.0 |
) |
|
$ |
(37.0 |
) |
|
$ |
22.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
4.5 |
|
|
|
0.8 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
6.0 |
|
Subtotal |
|
4.5 |
|
|
|
0.8 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
6.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
74.1 |
|
|
|
18.0 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
92.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
140.1 |
|
|
|
44.4 |
|
|
|
(26.6 |
) |
|
|
(37.0 |
) |
|
|
120.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37.0 |
|
|
|
37.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
140.1 |
|
|
$ |
44.4 |
|
|
$ |
(26.6 |
) |
|
$ |
— |
|
|
$ |
157.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
4.6 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
1.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
10.4 |
% |
|
|
12.6 |
% |
|
|
|
|
|
|
7.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
10.4 |
% |
|
|
12.6 |
% |
|
|
|
|
|
|
9.3 |
% |
||||
Exhibit 9 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Year Ended |
||||||||||||||||||
|
December 31, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
6,434.8 |
|
|
$ |
1,389.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,824.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
543.6 |
|
|
$ |
114.6 |
|
|
$ |
(243.9 |
) |
|
$ |
(119.0 |
) |
|
$ |
295.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
4.9 |
|
|
|
9.8 |
|
|
|
5.3 |
|
|
|
— |
|
|
|
20.0 |
|
Non-recurring legal settlement charge |
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
Subtotal |
|
4.9 |
|
|
|
9.8 |
|
|
|
131.8 |
|
|
|
— |
|
|
|
146.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
310.5 |
|
|
|
65.2 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
377.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
859.0 |
|
|
|
189.6 |
|
|
|
(110.0 |
) |
|
|
(119.0 |
) |
|
|
819.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119.0 |
|
|
|
119.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
859.0 |
|
|
$ |
189.6 |
|
|
$ |
(110.0 |
) |
|
$ |
— |
|
|
$ |
938.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
8.4 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
3.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
13.3 |
% |
|
|
13.6 |
% |
|
|
|
|
|
|
10.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
13.3 |
% |
|
|
13.6 |
% |
|
|
|
|
|
|
12.0 |
% |
||||
Exhibit 9 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||||||||||
|
Year Ended |
||||||||||||||||||
|
December 31, 2022 |
||||||||||||||||||
|
Subsea |
|
Surface
|
|
Corporate
|
|
Foreign
|
|
Total |
||||||||||
Revenue |
$ |
5,461.2 |
|
|
$ |
1,239.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,700.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss, as reported (pre-tax) |
$ |
317.6 |
|
|
$ |
58.3 |
|
|
$ |
(104.7 |
) |
|
$ |
(51.6 |
) |
|
$ |
219.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring, impairment and other charges |
|
7.0 |
|
|
|
11.3 |
|
|
|
3.7 |
|
|
|
— |
|
|
|
22.0 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.7 |
|
|
|
27.7 |
|
Subtotal |
|
7.0 |
|
|
|
11.3 |
|
|
|
3.7 |
|
|
|
27.7 |
|
|
|
49.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization |
|
304.3 |
|
|
|
70.0 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
377.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
628.9 |
|
|
|
139.6 |
|
|
|
(98.1 |
) |
|
|
(23.9 |
) |
|
|
646.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23.9 |
|
|
|
23.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
628.9 |
|
|
$ |
139.6 |
|
|
$ |
(98.1 |
) |
|
$ |
— |
|
|
$ |
670.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
5.8 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
3.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
11.5 |
% |
|
|
11.3 |
% |
|
|
|
|
|
|
9.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
11.5 |
% |
|
|
11.3 |
% |
|
|
|
|
|
|
10.0 |
% |
||||
Exhibit 10 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||
|
|||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Cash and cash equivalents |
$ |
951.7 |
|
|
$ |
690.9 |
|
|
$ |
1,057.1 |
|
Short-term debt and current portion of long-term debt |
|
(153.8 |
) |
|
|
(407.3 |
) |
|
|
(367.3 |
) |
Long-term debt, less current portion |
|
(913.5 |
) |
|
|
(933.5 |
) |
|
|
(999.3 |
) |
Net debt |
$ |
(115.6 |
) |
|
$ |
(649.9 |
) |
|
$ |
(309.5 |
) |
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 11 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash provided by operating activities |
$ |
701.1 |
|
|
$ |
693.0 |
|
|
$ |
352.1 |
|
Capital expenditures |
|
(71.5 |
) |
|
|
(225.2 |
) |
|
|
(157.9 |
) |
Free cash flow |
$ |
629.6 |
|
|
$ |
467.8 |
|
|
$ |
194.2 |
|
Free cash flow (deficit), 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 operations, free cash flow (deficit) 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/20240222966841/en/
Investor relations
Matt Seinsheimer
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
Email: Matt Seinsheimer
James Davis
Director, Investor Relations
Tel: +1 281 260 3665
Email: James Davis
Media relations
Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
Email: Catie Tuley
David Willis
Senior Manager, Public Relations
Tel: +44 7841 492988
Email: David Willis
Source: TechnipFMC plc
FAQ
What was the revenue growth percentage for the fourth quarter of 2023?
How much did the total Company backlog increase by compared to the prior year?
What was the percentage increase in Subsea orders for the year 2023?
What was the adjusted EBITDA margin for the full year?
How much did the company return to shareholders in 2023?
