TechnipFMC Announces Third Quarter 2023 Results
- Subsea inbound orders of $1.8 billion
- Operating results expected above midpoint of full-year guidance
- Subsea inbound orders over the next five quarters to approach $11 billion
- None.
-
Subsea inbound orders of
$1.8 billion $12.1 billion -
Cash flow from operations of
$222 million $178 million - Operating results for both segments now expected above midpoint of full-year guidance
-
Subsea inbound over the next five quarters to approach
$11 billion
NEWCASTLE &
Summary Financial Results from Continuing Operations |
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Reconciliation of |
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|
Three Months Ended |
Change |
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(In millions, except per share amounts) |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
|
|
Income (loss) |
|
|
|
n/m |
1, |
Income (loss) margin |
|
( |
|
n/m |
410 bps |
Diluted earnings (loss) per share |
|
|
|
n/m |
1, |
|
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Adjusted EBITDA |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
110 bps |
80 bps |
Adjusted income |
|
|
|
|
|
Adjusted diluted earnings per share |
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|
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|
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Inbound orders |
|
|
|
( |
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Backlog |
|
|
|
( |
|
n/m - not meaningful |
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Total Company revenue in the third quarter was
Adjusted income from continuing operations 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, “Subsea inbound orders in the quarter came in strong at
Pferdehirt continued, “In Subsea, we received significant orders for flexible pipe in the period, including an award from Petrobras for the pre-salt fields in
“Beyond the flexibles activity, we also experienced an exceptionally high level of unannounced project awards in the quarter, which speaks to the ongoing strength of the market. In Subsea Services, inbound was robust, driven by installation and life of field activities. Given the continued strength in our inbound, we are confident that Subsea orders will exceed
Pferdehirt added, “The durability of this cycle is driven by an expansion in the number of active basins and the number of operators participating in those regions. Additionally, activity is supported by a robust and strengthening FEED pipeline. This provides us with extended visibility and confidence that subsea opportunities will remain resilient beyond 2025, even before we consider new frontiers that are likely to present themselves in the second half of the decade.”
Pferdehirt concluded, “Our commercial and operational success continues to drive improved financial results. The upward revisions to our Subsea order outlook are fueled by high quality inbound, driven by iEPCI™, Subsea Services and other direct awards, which we now expect to represent more than 70 percent of segment orders in the current year. More importantly, these results are further strengthening the foundation for higher and more sustainable performance in the years ahead.”
Operational and Financial Highlights
Subsea |
Financial Highlights |
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Reconciliation of |
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|
Three Months Ended |
Change |
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(In millions) |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
|
|
Operating profit |
|
|
|
|
|
Operating profit margin |
|
|
|
90 bps |
300 bps |
Adjusted EBITDA |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
70 bps |
210 bps |
|
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Inbound orders |
|
|
|
( |
|
Backlog1,2,3 |
|
|
|
( |
|
Estimated Consolidated Backlog Scheduling (In millions) |
Sep. 30, 2023 |
2023 (3 months) |
|
2024 |
|
2025 and beyond |
|
Total |
|
1 Backlog as of September 30, 2023 was decreased by a foreign exchange impact of |
|
2 Backlog does not capture all revenue potential for Subsea Services. |
|
3 Backlog as of September 30, 2023 does not include total Company non-consolidated backlog of |
|
Subsea reported third quarter revenue of
Subsea reported an operating profit of
Subsea reported adjusted EBITDA of
Subsea inbound orders were
-
TotalEnergies Girassol Life Extension Project (
Angola )
Significant* contract awarded by TotalEnergies EP Angola and its Block 17 Partners to install flexible pipe and associated subsea structures for the Girassol Life Extension project (GIR LIFEX). The Company was previously awarded the engineering, procurement, and supply of subsea flowlines and connectors for GIR LIFEX last year.
*A “significant” contract is between$75 million $250 million
-
Petrobras Flexible Pipe (
Brazil )
Significant* contract to supply flexible pipe to Petrobras for the pre-salt fields offshoreBrazil . The Company will design, engineer, and manufacture 14 kilometers of gas injection riser pipe. TechnipFMC will also supply associated services including packing and storage.
*A “significant” contract is between$75 million $250 million
-
Woodside Energy Trion Project (
Mexico )
Contract awarded by Woodside Energy to manufacture flexible pipe. The Company will supply infield flowlines and jumpers for the Trion project in deepwaterMexico .
The following awards were announced in the period and were included in prior quarter results:
-
Equinor Rosebank Development (
United Kingdom )
Large* integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract awarded by Equinor for its Rosebank project, west of the Shetland Isles in theUnited Kingdom . The contract covers the manufacture and installation of subsea production systems, flexible and rigid pipe, and umbilicals, as well as connection to the host facility. The project will use pre-qualified equipment, which will accelerate the delivery schedule. Umbilicals, rigid pipe, and the majority of the subsea production systems will be designed, engineered and manufactured in-country using TechnipFMC’s facilities and network of trusted local suppliers, then installed by TechnipFMC. Together, these activities will contribute significantly to value and job creation across theUnited Kingdom , which was an important factor in Equinor’s selection of the Company for this award. TechnipFMC has committed approximately$500 million
*A “large” contract is between$500 million $1 billion
-
Azule Energy Ndungu Project (
Angola )
Significant* contract awarded by Azule Energy to supply flexible pipe for its Ndungu project, offshoreAngola . The Ndungu project will tie into Block 15/06 West Hub, where TechnipFMC was recently awarded a substantial flexible pipe contract. Through this extension, the Company was able to provide an optimized solution that enables Azule to maintain schedule and achieve efficiencies.
*A “significant” contract is between$75 million $250 million
Surface Technologies |
Financial Highlights |
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Reconciliation of |
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|
Three Months Ended |
Change |
|||
(In millions) |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sequential |
Year-over-Year |
Revenue |
|
|
|
( |
|
Operating profit |
|
|
|
|
|
Operating profit margin |
|
|
|
230 bps |
360 bps |
Adjusted EBITDA |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
100 bps |
150 bps |
|
|||||
Inbound orders |
|
|
|
( |
( |
Backlog |
|
|
|
( |
( |
Surface Technologies reported third 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 September 30, 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 from continuing operations was
In August, the Company completed the sale of the Apache II pipelay vessel for net cash proceeds of
The Company ended the period with cash and cash equivalents of
During the quarter, the Company repurchased 2.7 million of its ordinary shares for total consideration of
2023 Full-Year Financial Guidance1
The Company’s full-year guidance for 2023 can be found in the table below. No updates were made to the previous guidance that was issued on February 23, 2023.
2023 Guidance (As of February 23, 2023) |
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Subsea |
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Surface Technologies |
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Revenue in a range of |
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Revenue in a range of |
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|
|
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Adjusted EBITDA margin in a range of 12.5 - |
|
Adjusted EBITDA margin in a range of 12 - |
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TechnipFMC |
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Corporate expense, net |
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(includes depreciation and amortization of |
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Net interest expense |
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|
|
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Tax provision, as reported |
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Capital expenditures approximately |
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Free cash flow2 |
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| _______________________________ |
| 1Our guidance measures of adjusted EBITDA, 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, October 26, 2023 to discuss the third 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, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “commit,” “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 future 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 any resurgence thereof; 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 including the impact of the
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 |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data) |
|||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
||||||||||||
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
2,056.9 |
|
|
$ |
1,972.2 |
|
|
$ |
1,733.0 |
|
|
$ |
5,746.5 |
|
|
$ |
5,006.0 |
|
Costs and expenses |
|
1,896.1 |
|
|
|
1,813.7 |
|
|
|
1,652.2 |
|
|
|
5,376.2 |
|
|
|
4,837.8 |
|
|
|
160.8 |
|
|
|
158.5 |
|
|
|
80.8 |
|
|
|
370.3 |
|
|
|
168.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expense), net |
|
(20.9 |
) |
|
|
(181.2 |
) |
|
|
3.5 |
|
|
|
(189.2 |
) |
|
|
57.0 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27.7 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before net interest expense and income taxes |
|
139.9 |
|
|
|
(22.7 |
) |
|
|
84.3 |
|
|
|
181.1 |
|
|
|
197.5 |
|
Net interest expense |
|
(26.7 |
) |
|
|
(30.3 |
) |
|
|
(30.9 |
) |
|
|
(75.7 |
) |
|
|
(92.5 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29.8 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes |
|
113.2 |
|
|
|
(53.0 |
) |
|
|
53.4 |
|
|
|
105.4 |
|
|
|
75.2 |
|
Provision for income taxes |
|
19.5 |
|
|
|
43.3 |
|
|
|
42.7 |
|
|
|
100.2 |
|
|
|
91.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations |
|
93.7 |
|
|
|
(96.3 |
) |
|
|
10.7 |
|
|
|
5.2 |
|
|
|
(15.8 |
) |
(Income) loss from continuing operations attributable to non-controlling interests |
|
(3.7 |
) |
|
|
9.1 |
|
|
|
(5.7 |
) |
|
|
(2.0 |
) |
|
|
(19.4 |
) |
Income (loss) from continuing operations attributable to TechnipFMC plc |
|
90.0 |
|
|
|
(87.2 |
) |
|
|
5.0 |
|
|
|
3.2 |
|
|
|
(35.2 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from discontinued operations |
|
— |
|
|
|
— |
|
|
|
(15.3 |
) |
|
|
— |
|
|
|
(34.7 |
) |
Net income (loss) attributable to TechnipFMC plc |
$ |
90.0 |
|
|
$ |
(87.2 |
) |
|
$ |
(10.3 |
) |
|
$ |
3.2 |
|
|
$ |
(69.9 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from continuing operations |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.21 |
|
|
$ |
(0.20 |
) |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.08 |
) |
Diluted |
$ |
0.20 |
|
|
$ |
(0.20 |
) |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from discontinued operations |
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.03 |
) |
|
$ |
0.00 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share attributable to TechnipFMC plc |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.21 |
|
|
$ |
(0.20 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
$ |
(0.16 |
) |
Diluted |
$ |
0.20 |
|
|
$ |
(0.20 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
436.9 |
|
|
|
440.1 |
|
|
|
450.1 |
|
|
|
439.7 |
|
|
|
451.1 |
|
Diluted |
|
450.3 |
|
|
|
440.1 |
|
|
|
458.1 |
|
|
|
452.9 |
|
|
|
451.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per share |
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.05 |
|
|
$ |
— |
|
Exhibit 2 |
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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
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BUSINESS SEGMENT DATA |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
||||||||||||
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Segment revenue |
|
|
|
|
|
|
|
|
|
||||||||||
Subsea |
$ |
1,708.3 |
|
|
$ |
1,618.4 |
|
|
$ |
1,415.0 |
|
|
$ |
4,714.3 |
|
|
$ |
4,118.7 |
|
Surface Technologies |
|
348.6 |
|
|
|
353.8 |
|
|
|
318.0 |
|
|
|
1,032.2 |
|
|
|
887.3 |
|
Total segment revenue |
$ |
2,056.9 |
|
|
$ |
1,972.2 |
|
|
$ |
1,733.0 |
|
|
$ |
5,746.5 |
|
|
$ |
5,006.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment operating profit |
|
|
|
|
|
|
|
|
|
||||||||||
Subsea |
$ |
177.7 |
|
|
$ |
153.4 |
|
|
$ |
105.0 |
|
|
$ |
397.9 |
|
|
$ |
256.1 |
|
Surface Technologies |
|
33.3 |
|
|
|
25.7 |
|
|
|
19.0 |
|
|
|
81.4 |
|
|
|
32.7 |
|
Total segment operating profit |
|
211.0 |
|
|
|
179.1 |
|
|
|
124.0 |
|
|
|
479.3 |
|
|
|
288.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate items |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate expense(1) |
$ |
(24.7 |
) |
|
$ |
(153.5 |
) |
|
$ |
(25.2 |
) |
|
$ |
(205.6 |
) |
|
$ |
(76.7 |
) |
Net interest expense and loss on early extinguishment of debt |
|
(26.7 |
) |
|
|
(30.3 |
) |
|
|
(30.9 |
) |
|
|
(75.7 |
) |
|
|
(122.3 |
) |
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27.7 |
) |
Foreign exchange gains (losses) |
|
(46.4 |
) |
|
|
(48.3 |
) |
|
|
(14.5 |
) |
|
|
(92.6 |
) |
|
|
13.1 |
|
Total corporate items |
|
(97.8 |
) |
|
|
(232.1 |
) |
|
|
(70.6 |
) |
|
|
(373.9 |
) |
|
|
(213.6 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes(2) |
$ |
113.2 |
|
|
$ |
(53.0 |
) |
|
$ |
53.4 |
|
|
$ |
105.4 |
|
|
$ |
75.2 |
|
| (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 |
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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
||||||||||||||
BUSINESS SEGMENT DATA |
||||||||||||||
(In millions, unaudited) |
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
Inbound Orders (1) |
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|||||||
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Subsea |
$ |
1,828.0 |
|
$ |
4,114.5 |
|
$ |
1,400.8 |
|
$ |
8,479.0 |
|
$ |
5,222.4 |
Surface Technologies |
|
317.1 |
|
|
332.8 |
|
|
449.2 |
|
|
972.3 |
|
|
1,014.2 |
Total inbound orders |
$ |
2,145.1 |
|
$ |
4,447.3 |
|
$ |
1,850.0 |
|
$ |
9,451.3 |
|
$ |
6,236.6 |
Order Backlog (2) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|||
|
|
|
|
|
|
|||
Subsea |
$ |
12,073.6 |
|
$ |
12,088.5 |
|
$ |
7,603.2 |
Surface Technologies |
|
1,157.1 |
|
|
1,190.1 |
|
|
1,237.8 |
Total order backlog |
$ |
13,230.7 |
|
$ |
13,278.6 |
|
$ |
8,841.0 |
(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) |
||||
|
September 30,
|
|
December 31,
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
690.9 |
|
$ |
1,057.1 |
Trade receivables, net |
|
1,324.4 |
|
|
966.5 |
Contract assets, net |
|
1,204.6 |
|
|
981.6 |
Inventories, net |
|
1,158.5 |
|
|
1,039.7 |
Other current assets |
|
916.9 |
|
|
943.8 |
Total current assets |
|
5,295.3 |
|
|
4,988.7 |
|
|
|
|
||
Property, plant and equipment, net |
|
2,240.0 |
|
|
2,354.9 |
Intangible assets, net |
|
650.1 |
|
|
716.0 |
Other assets |
|
1,338.9 |
|
|
1,384.7 |
Total assets |
$ |
9,524.3 |
|
$ |
9,444.3 |
|
|
|
|
||
Short-term debt and current portion of long-term debt |
$ |
407.3 |
|
$ |
367.3 |
Accounts payable, trade |
|
1,537.7 |
|
|
1,282.8 |
Contract liabilities |
|
1,237.9 |
|
|
1,156.4 |
Other current liabilities |
|
1,273.3 |
|
|
1,367.8 |
Total current liabilities |
|
4,456.2 |
|
|
4,174.3 |
|
|
|
|
||
Long-term debt, less current portion |
|
933.5 |
|
|
999.3 |
Other liabilities |
|
1,024.6 |
|
|
994.0 |
TechnipFMC plc stockholders’ equity |
|
3,068.2 |
|
|
3,240.2 |
Non-controlling interests |
|
41.8 |
|
|
36.5 |
Total liabilities and equity |
$ |
9,524.3 |
|
$ |
9,444.3 |
Exhibit 5 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
(In millions, unaudited) |
|||||||||||
(In millions) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
2023 |
|
2023 |
|
2022 |
|||||||
Cash provided (required) by operating activities |
|
|
|
|
|
||||||
Net income (loss) |
$ |
93.7 |
|
|
$ |
5.2 |
|
|
$ |
(50.5 |
) |
Net loss from discontinued operations |
|
— |
|
|
|
— |
|
|
|
34.7 |
|
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities |
|
|
|
|
|
||||||
Depreciation and amortization |
|
93.3 |
|
|
|
283.3 |
|
|
|
284.4 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
27.7 |
|
Income from equity affiliates, net of dividends received |
|
(20.5 |
) |
|
|
(35.9 |
) |
|
|
(23.1 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
29.8 |
|
Other non-cash items, net |
|
20.2 |
|
|
|
32.1 |
|
|
|
79.9 |
|
Working capital(1) |
|
40.1 |
|
|
|
(246.7 |
) |
|
|
(623.0 |
) |
Other non-current assets and liabilities, net |
|
(4.9 |
) |
|
|
(46.1 |
) |
|
|
25.8 |
|
Cash provided (required) by operating activities |
|
221.9 |
|
|
|
(8.1 |
) |
|
|
(214.3 |
) |
|
|
|
|
|
|
||||||
Cash provided (required) by investing activities |
|
|
|
|
|
||||||
Capital expenditures |
|
(43.6 |
) |
|
|
(153.7 |
) |
|
|
(94.3 |
) |
Proceeds from sales of assets |
|
54.4 |
|
|
|
75.3 |
|
|
|
13.4 |
|
Proceeds from sale of investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
288.5 |
|
Other investing activities |
|
5.1 |
|
|
|
14.9 |
|
|
|
5.7 |
|
Cash provided (required) by investing activities |
|
15.9 |
|
|
|
(63.5 |
) |
|
|
213.3 |
|
|
|
|
|
|
|
||||||
Cash required by financing activities |
|
|
|
|
|
||||||
Net decrease in short-term debt |
|
(12.1 |
) |
|
|
(38.2 |
) |
|
|
(204.7 |
) |
Cash settlement for derivative hedging debt |
|
— |
|
|
|
(30.1 |
) |
|
|
(64.4 |
) |
Net change in revolving credit facility |
|
(50.0 |
) |
|
|
— |
|
|
|
150.0 |
|
Repayments of long-term debt |
|
— |
|
|
|
— |
|
|
|
(451.7 |
) |
Dividends paid |
|
(21.8 |
) |
|
|
(21.8 |
) |
|
|
— |
|
Share repurchases |
|
(50.1 |
) |
|
|
(150.1 |
) |
|
|
(50.1 |
) |
Other financing activities |
|
(0.9 |
) |
|
|
(36.5 |
) |
|
|
(5.9 |
) |
Cash required by financing activities |
|
(134.9 |
) |
|
|
(276.7 |
) |
|
|
(626.8 |
) |
Effect of changes in foreign exchange rates on cash and cash equivalents |
|
2.8 |
|
|
|
(17.9 |
) |
|
|
11.9 |
|
Change in cash and cash equivalents |
|
105.7 |
|
|
|
(366.2 |
) |
|
|
(615.9 |
) |
Cash and cash equivalents, beginning of period |
|
585.2 |
|
|
|
1,057.1 |
|
|
|
1,327.4 |
|
Cash and cash equivalents, end of period |
$ |
690.9 |
|
|
$ |
690.9 |
|
|
$ |
711.5 |
|
(1) |
Working capital includes receivables, payables, inventories and other current assets and liabilities. |
Exhibit 6 |
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
(In millions, unaudited) |
In addition to financial results determined in accordance with
Non-GAAP adjustments are presented on a gross basis and are not net of tax. Estimates of the tax effect of each adjustment is calculated item by item, applying the relevant jurisdiction tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate, tax treatment or valuation allowance consideration, in which case the tax effect of such item is estimated accordingly.
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 |
|||||||||||||||||||
|
September 30, 2023 |
|||||||||||||||||||
|
Income from continuing operations attributable to TechnipFMC plc |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
|||||||
TechnipFMC plc, as reported |
$ |
90.0 |
|
$ |
3.7 |
|
$ |
19.5 |
|
$ |
26.7 |
|
$ |
139.9 |
|
$ |
93.3 |
|
$ |
233.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment |
|
2.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
2.0 |
Restructuring and other charges |
|
1.7 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
2.3 |
|
|
— |
|
|
2.3 |
Adjusted financial measures |
$ |
93.7 |
|
$ |
3.7 |
|
$ |
20.1 |
|
$ |
26.7 |
|
$ |
144.2 |
|
$ |
93.3 |
|
$ |
237.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported |
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc |
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Exhibit 6 |
|||||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
June 30, 2023 |
||||||||||||||||||||||
|
Income (loss) from continuing operations attributable to TechnipFMC plc |
|
Loss attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense |
|
Income (loss) before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||||
TechnipFMC plc, as reported |
$ |
(87.2 |
) |
|
$ |
(9.1 |
) |
|
$ |
43.3 |
|
$ |
30.3 |
|
$ |
(22.7 |
) |
|
$ |
97.0 |
|
$ |
74.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring and other charges |
|
4.7 |
|
|
|
— |
|
|
|
0.4 |
|
|
— |
|
|
5.1 |
|
|
|
— |
|
|
5.1 |
Non-recurring legal settlement charges * |
|
126.5 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
126.5 |
|
|
|
— |
|
|
126.5 |
Adjusted financial measures |
$ |
44.0 |
|
|
$ |
(9.1 |
) |
|
$ |
43.7 |
|
$ |
30.3 |
|
$ |
108.9 |
|
|
$ |
97.0 |
|
$ |
205.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported |
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc |
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 13 of the 10-Q). For taxation purposes the charges are treated as a penalty and as such, do not trigger tax charges or benefits. |
|||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||
|
September 30, 2022 |
||||||||||||||||||||
|
Income from continuing operations attributable to TechnipFMC plc |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense and loss on early extinguishment of debt |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||
TechnipFMC plc, as reported |
$ |
5.0 |
|
$ |
5.7 |
|
$ |
42.7 |
|
|
$ |
30.9 |
|
$ |
84.3 |
|
$ |
94.5 |
|
$ |
178.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Impairment |
|
3.6 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
3.6 |
|
|
— |
|
|
3.6 |
Restructuring and other charges |
|
4.1 |
|
|
— |
|
|
(0.9 |
) |
|
|
— |
|
|
3.2 |
|
|
— |
|
|
3.2 |
Adjusted financial measures |
$ |
12.7 |
|
$ |
5.7 |
|
$ |
41.8 |
|
|
$ |
30.9 |
|
$ |
91.1 |
|
$ |
94.5 |
|
$ |
185.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported |
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc |
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exhibit 7 |
|||||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||
(In millions, unaudited) |
In addition to financial results determined in accordance with
Non-GAAP adjustments are presented on a gross basis and are not net of tax. Estimates of the tax effect of each adjustment is calculated item by item, applying the relevant jurisdiction tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate, tax treatment or valuation allowance consideration, in which case the tax effect of such item is estimated accordingly.
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.
|
Nine Months Ended |
|||||||||||||||||||
|
September 30, 2023 |
|||||||||||||||||||
|
Income from continuing operations attributable to TechnipFMC plc |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
|||||||
TechnipFMC plc, as reported |
$ |
3.2 |
|
$ |
2.0 |
|
$ |
100.2 |
|
$ |
75.7 |
|
$ |
181.1 |
|
$ |
283.3 |
|
$ |
464.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment |
|
2.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
2.0 |
Restructuring and other charges |
|
7.0 |
|
|
— |
|
|
1.0 |
|
|
— |
|
|
8.0 |
|
|
— |
|
|
8.0 |
Non-recurring legal settlement charges * |
|
126.5 |
|
|
— |
|
|
— |
|
|
|
|
126.5 |
|
|
— |
|
|
126.5 |
|
Adjusted financial measures |
$ |
138.7 |
|
$ |
2.0 |
|
$ |
101.2 |
|
$ |
75.7 |
|
$ |
317.6 |
|
$ |
283.3 |
|
$ |
600.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported |
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc |
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
*The non-recurring legal settlement charges reflect the impact of the resolution of all outstanding matters with the PNF (reference to Note 13 of the 10-Q). 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) |
|||||||||||||||||||||
|
Nine Months Ended |
||||||||||||||||||||
|
September 30, 2022 |
||||||||||||||||||||
|
Income (loss) from continuing operations attributable to TechnipFMC plc |
|
Income attributable to non-controlling interests from continuing operations |
|
Provision for income taxes |
|
Net interest expense and loss on early extinguishment of debt |
|
Income before net interest expense and income taxes (Operating profit) |
|
Depreciation and amortization |
|
Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) |
||||||||
TechnipFMC plc, as reported |
$ |
(35.2 |
) |
|
$ |
19.4 |
|
$ |
91.0 |
|
$ |
122.3 |
|
$ |
197.5 |
|
$ |
284.4 |
|
$ |
481.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Impairment |
|
4.7 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4.7 |
|
|
— |
|
|
4.7 |
Restructuring and other charges |
|
10.9 |
|
|
|
— |
|
|
0.4 |
|
|
— |
|
|
11.3 |
|
|
— |
|
|
11.3 |
Loss from Investment in Technip Energies ** |
|
27.7 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
27.7 |
|
|
— |
|
|
27.7 |
Adjusted financial measures |
$ |
8.1 |
|
|
$ |
19.4 |
|
$ |
91.4 |
|
$ |
122.3 |
|
$ |
241.2 |
|
$ |
284.4 |
|
$ |
525.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported |
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc |
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
**The charges reflect the net mark-to-market valuation, on the Company’s investment in Technip Energies and the gains and losses resulting from sale transactions of the investment. Gains and losses of the sales were recorded in a |
|||||||||||||||||||||
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 Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
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): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment |
|
1.6 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
2.0 |
|
Restructuring and other charges |
|
1.7 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
2.3 |
|
Subtotal |
|
3.3 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
181.0 |
|
|
|
33.9 |
|
|
|
(24.3 |
) |
|
|
(46.4 |
) |
|
|
144.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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 |
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
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 Operating profit margin |
|
10.6 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|
7.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
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 |
||||||||||||||||||
|
June 30, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
1,618.4 |
|
|
$ |
353.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,972.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
153.4 |
|
|
$ |
25.7 |
|
|
$ |
(153.5 |
) |
|
$ |
(48.3 |
) |
|
$ |
(22.7 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring and other charges |
|
0.5 |
|
|
|
4.6 |
|
|
|
— |
|
|
|
— |
|
|
|
5.1 |
|
Non recurring legal settlement charges |
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
Subtotal |
|
0.5 |
|
|
|
4.6 |
|
|
|
126.5 |
|
|
|
— |
|
|
|
131.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
153.9 |
|
|
|
30.3 |
|
|
|
(27.0 |
) |
|
|
(48.3 |
) |
|
|
108.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
79.9 |
|
|
|
16.6 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
97.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
233.8 |
|
|
$ |
46.9 |
|
|
$ |
(26.5 |
) |
|
$ |
(48.3 |
) |
|
$ |
205.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48.3 |
|
|
|
48.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
233.8 |
|
|
$ |
46.9 |
|
|
$ |
(26.5 |
) |
|
$ |
— |
|
|
$ |
254.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
9.5 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
-1.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
9.5 |
% |
|
|
8.6 |
% |
|
|
|
|
|
|
5.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
14.4 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
10.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
14.4 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
12.9 |
% |
||||
Exhibit 8 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
September 30, 2022 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
1,415.0 |
|
|
$ |
318.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,733.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
105.0 |
|
|
$ |
19.0 |
|
|
$ |
(25.2 |
) |
|
$ |
(14.5 |
) |
|
$ |
84.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment |
|
1.9 |
|
|
|
1.7 |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
Restructuring and other charges |
|
1.4 |
|
|
|
1.8 |
|
|
|
— |
|
|
|
— |
|
|
|
3.2 |
|
Subtotal |
|
3.3 |
|
|
|
3.5 |
|
|
|
— |
|
|
|
— |
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
|
108.3 |
|
|
|
22.5 |
|
|
|
(25.2 |
) |
|
|
(14.5 |
) |
|
|
91.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
75.5 |
|
|
|
18.3 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
94.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
183.8 |
|
|
$ |
40.8 |
|
|
$ |
(24.5 |
) |
|
$ |
(14.5 |
) |
|
$ |
185.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14.5 |
|
|
|
14.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
183.8 |
|
|
$ |
40.8 |
|
|
$ |
(24.5 |
) |
|
$ |
— |
|
|
$ |
200.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
7.4 |
% |
|
|
6.0 |
% |
|
|
|
|
|
|
4.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
|
7.7 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
5.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
13.0 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
10.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
13.0 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
11.5 |
% |
||||
Exhibit 9 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||
|
Nine Months Ended |
||||||||||||||||||
|
September 30, 2023 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net |
|
Total |
||||||||||
Revenue |
$ |
4,714.3 |
|
|
$ |
1,032.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,746.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
397.9 |
|
|
$ |
81.4 |
|
|
$ |
(205.6 |
) |
|
$ |
(92.6 |
) |
|
$ |
181.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment |
|
1.6 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
2.0 |
|
Restructuring and other charges |
|
2.1 |
|
|
|
5.9 |
|
|
|
— |
|
|
|
— |
|
|
|
8.0 |
|
Non-recurring legal settlement charges |
|
— |
|
|
|
— |
|
|
|
126.5 |
|
|
|
— |
|
|
|
126.5 |
|
Subtotal |
|
3.7 |
|
|
|
5.9 |
|
|
|
126.9 |
|
|
|
— |
|
|
|
136.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating profit (loss) |
|
401.6 |
|
|
|
87.3 |
|
|
|
(78.7 |
) |
|
|
(92.6 |
) |
|
|
317.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
231.9 |
|
|
|
49.8 |
|
|
|
1.6 |
|
|
|
— |
|
|
|
283.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
633.5 |
|
|
$ |
137.1 |
|
|
$ |
(77.1 |
) |
|
$ |
(92.6 |
) |
|
$ |
600.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
92.6 |
|
|
|
92.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
633.5 |
|
|
$ |
137.1 |
|
|
$ |
(77.1 |
) |
|
$ |
— |
|
|
$ |
693.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
8.4 |
% |
|
|
7.9 |
% |
|
|
|
|
|
|
3.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating profit margin |
|
8.5 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
5.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
13.4 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
10.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
13.4 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
12.1 |
% |
||||
Exhibit 9 |
|||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||||
|
Nine Months Ended |
||||||||||||||||||
|
September 30, 2022 |
||||||||||||||||||
|
Subsea |
|
Surface Technologies |
|
Corporate Expense |
|
Foreign Exchange, net and Other |
|
Total |
||||||||||
Revenue |
$ |
4,118.7 |
|
|
$ |
887.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,006.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating loss, as reported (pre-tax) |
$ |
256.1 |
|
|
$ |
32.7 |
|
|
$ |
(76.7 |
) |
|
$ |
(14.6 |
) |
|
$ |
197.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment |
|
1.9 |
|
|
|
2.8 |
|
|
|
— |
|
|
|
— |
|
|
|
4.7 |
|
Restructuring and other charges |
|
0.6 |
|
|
|
7.7 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
11.3 |
|
Loss from investment in Technip Energies |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.7 |
|
|
|
27.7 |
|
Subtotal |
|
2.5 |
|
|
|
10.5 |
|
|
|
3.0 |
|
|
|
27.7 |
|
|
|
43.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating profit (loss) |
|
258.6 |
|
|
|
43.2 |
|
|
|
(73.7 |
) |
|
|
13.1 |
|
|
|
241.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
230.2 |
|
|
|
52.0 |
|
|
|
2.2 |
|
|
|
— |
|
|
|
284.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
488.8 |
|
|
$ |
95.2 |
|
|
$ |
(71.5 |
) |
|
$ |
13.1 |
|
|
$ |
525.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13.1 |
) |
|
|
(13.1 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA, excluding foreign exchange, net |
$ |
488.8 |
|
|
$ |
95.2 |
|
|
$ |
(71.5 |
) |
|
$ |
— |
|
|
$ |
512.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
|
6.2 |
% |
|
|
3.7 |
% |
|
|
|
|
|
|
3.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating profit margin |
|
6.3 |
% |
|
|
4.9 |
% |
|
|
|
|
|
|
4.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
|
11.9 |
% |
|
|
10.7 |
% |
|
|
|
|
|
|
10.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net |
|
11.9 |
% |
|
|
10.7 |
% |
|
|
|
|
|
|
10.2 |
% |
||||
Exhibit 10 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(In millions, unaudited) |
|||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
||||||
|
2023 |
|
2023 |
|
2022 |
||||||
Cash and cash equivalents |
$ |
690.9 |
|
|
$ |
585.2 |
|
|
$ |
711.5 |
|
Short-term debt and current portion of long-term debt |
|
(407.3 |
) |
|
|
(429.5 |
) |
|
|
(231.9 |
) |
Long-term debt, less current portion |
|
(933.5 |
) |
|
|
(999.7 |
) |
|
|
(1,134.9 |
) |
Net debt |
$ |
(649.9 |
) |
|
$ |
(844.0 |
) |
|
$ |
(655.3 |
) |
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 11 |
|||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||||||||
(In millions, unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2023 |
|
2023 |
|
2022 |
||||||
Cash provided (required) by operating activities from continuing operations |
$ |
221.9 |
|
|
$ |
(8.1 |
) |
|
$ |
(214.3 |
) |
Capital expenditures |
|
(43.6 |
) |
|
|
(153.7 |
) |
|
|
(94.3 |
) |
Free cash flow (deficit) from continuing operations |
$ |
178.3 |
|
|
$ |
(161.8 |
) |
|
$ |
(308.6 |
) |
Free cash flow (deficit) from continuing operations, is a non-GAAP financial measure and is defined as cash provided (required) 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/20231026822331/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 were the subsea inbound orders in Q3 2023?
What is the backlog for TechnipFMC?
What are the expectations for subsea inbound orders in the future?
