- Subsea inbound orders of $1.1 billion in the quarter, $3.9
billion for first nine months
- Cash flow from operations of $135.9 million; free cash flow
of $88.6 million
- Cash and cash equivalents increased to $1.0 billion; net
debt reduced by $401 million
TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported third
quarter 2021 results.
Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are
provided in financial schedules.
Three Months Ended
Change
(In millions, except per share
amounts)
Sep. 30,
2021
Jun. 30,
2021
Sep. 30,
2020
Sequential
Year-over-Year
Revenue
$1,579.4
$1,668.8
$1,727.5
(5.4%)
(8.6%)
Income (loss)
($40.6)
($174.7)
($64.7)
n/m
n/m
Diluted earnings (loss) per
share
$(0.09)
$(0.39)
$(0.14)
n/m
n/m
Adjusted EBITDA
$140.6
$144.3
$121.1
(2.6%)
16.1%
Adjusted EBITDA margin
8.9%
8.6%
7.0%
30 bps
190 bps
Adjusted income (loss)
$(25.0)
$(26.0)
$(19.7)
n/m
n/m
Adjusted diluted earnings (loss) per
share
$(0.06)
$(0.06)
$(0.04)
n/m
n/m
Inbound orders
$1,365.9
$1,559.5
$1,814.6
(12.4%)
(24.7%)
Backlog
$7,002.4
$7,312.0
$7,586.9
(4.2%)
(7.7%)
Total Company revenue in the third quarter was $1,579.4 million.
Loss from continuing operations attributable to TechnipFMC was
$40.6 million, or $0.09 per diluted share. These results included
after-tax charges and (credits) totaling $15.6 million of expense,
or $0.03 per share, which included the following (Exhibit 6):
- Impairment and other charges of $38 million;
- Restructuring and other charges of $6.1 million; and
- Income from equity investment in Technip Energies of ($28.5)
million.
Adjusted loss from continuing operations was $25 million, or
$0.06 per diluted share (Exhibit 6). Included in adjusted loss from
continuing operations was a loss on early extinguishment of debt of
$16 million.
Adjusted EBITDA, which excludes pre-tax charges and credits, was
$140.6 million; adjusted EBITDA margin was 8.9 percent (Exhibit 8).
Included in adjusted EBITDA was a foreign exchange loss of $6.2
million.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Third
quarter results reflect continued strength in operational
performance and further support our confidence in achieving
full-year financial guidance. We also made progress on our
commitments to strengthen our balance sheet and exit our ownership
in Technip Energies. With the completion of our most recent sale,
we have now sold just over 75% of our original stake in Technip
Energies, a portion of which was used to reduce our outstanding
debt by $185 million in the quarter.”
Pferdehirt added, “In Subsea, inbound orders were $1.1 billion,
bringing the year-to-date segment total to $3.9 billion. The
strength of our inbound was driven by direct awards, subsea
services, alliance partners and several long-term vessel charters.
We continue to forecast order growth through 2022, which is
supported by the fourth consecutive quarter of increased project
value in our Subsea Opportunity list.”
“In Surface Technologies, inbound orders were $250 million for
the quarter. We expect a significant increase in international
order activity in the fourth quarter, driven by several multi-year
awards.”
Pferdehirt continued, “Subsea inbound growth throughout 2021
partly reflects the momentum we are seeing in Brazil – an important
region for TechnipFMC where we have been present for over five
decades. During the quarter, we signed three long-term vessel
charter contracts with Petrobras. These awards are a leading
indicator of the strong demand for flexible pipe in the Brazilian
market, where we believe volumes will exceed 700 kilometers per
annum over the next three years.”
“In 2018, we created a strategic alliance and made a minority
investment in Magma Global, a leader in advanced composite
technologies. With the ongoing success of this technology alliance,
we were pleased to announce we acquired the remaining 75% interest
in Magma Global earlier this month. By combining their proprietary
technologies with our flexible pipe, we are advancing the
development and qualification of a hybrid flexible pipe solution
for use in the Brazilian pre-salt fields.”
Pferdehirt added, “We were also pleased to announce a long-term
strategic alliance with Talos Energy to develop and deliver
solutions for carbon capture and storage, or CCS. The alliance is
an important step for both companies, combining Talos’s offshore
operational strength and sub-surface expertise with our long
history in subsea engineering, system integration and automation
and control. Additionally, we believe that composite technologies
from Magma will be a critical enabler to the carbon transportation
system. Cultivated through a shared vision to responsibly deliver
CCS solutions that will help to reduce the global carbon footprint,
this innovative partnership will accelerate offshore CCS adoption
with reliable, specialized systems. This type of collaboration,
innovation and integration will position TechnipFMC to be a leading
provider in carbon transportation and storage.”
Pferdehirt concluded, “Our results reflect a continuation of the
strong operational performance that we demonstrated over the first
half of the year. Subsea orders have nearly matched the $4 billion
inbound in all of 2020, and we remain on track to achieve solid
double-digit growth. The acquisition of Magma and our strategic
alliance with Talos Energy serve as tangible progress and further
demonstrate the impactful role we will play in the energy
transition.”
Operational and Financial Highlights
Subsea
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are
provided in financial schedules.
Three Months Ended
Change
(In millions)
Sep. 30,
2021
Jun. 30,
2021
Sep. 30,
2020
Sequential
Year-over-Year
Revenue
$1,312.1
$1,394.3
$1,501.8
(5.9%)
(12.6%)
Operating profit
$23.5
$72.4
$20.3
(67.5%)
15.8%
Adjusted EBITDA
$146.5
$154.1
$146.0
(4.9%)
0.3%
Adjusted EBITDA margin
11.2%
11.1%
9.7%
10 bps
150 bps
Inbound orders
$1,116.0
$1,291.3
$1,607.1
(13.6%)
(30.6%)
Backlog1,2,3
$6,661.4
$6,951.6
$7,218.0
(4.2%)
(7.7%)
Estimated Consolidated Backlog
Scheduling
(In millions)
Sep. 30,
2021
2021 (3 months)
$931
2022
$3,242
2023 and beyond
$2,488
Total
$6,661
1 Backlog in the period was decreased by a
foreign exchange impact of $94 million.
2 Backlog does not capture all revenue
potential for Subsea Services.
3 Backlog does not include total Company
non-consolidated backlog of $622 million.
Subsea reported third quarter revenue of $1,312.1 million, a
decrease of 5.9 percent from the second quarter. Revenue decreased
sequentially driven by lower activity in the North Sea and
Asia.
Subsea reported an operating profit of $23.5 million.
Sequentially, operating results decreased due to higher impairment
and other charges and lower revenue. During the quarter, the
Company recorded a $36.7 million non-cash impairment to its
previous investment in Magma Global, reflecting the purchase price
paid for the remaining stake subsequent to the quarter.
Subsea reported adjusted EBITDA of $146.5 million. Adjusted
EBITDA decreased 4.9 percent when compared to the second quarter,
due to lower revenue. Adjusted EBITDA margin increased 10 basis
points to 11.2 percent.
Subsea inbound orders were $1,116 million for the quarter.
Book-to-bill in the period was 0.9.
The following awards were included in the period:
- TechnipFMC and DOF Subsea awarded long-term charter
contracts by Petrobras (Brazil) TechnipFMC and its joint
venture partner DOF Subsea awarded significant* long-term charter
and services contracts by Petrobras for the pipelay support vessels
Skandi Vitória and Skandi Niteroi. The Brazilian-built and flagged
vessels are owned by DOFCON Navegação Ltda, a 50/50 JV between
TechnipFMC and DOF Subsea. Each contract is for three years, with
an option to extend. Operations are expected to begin by February
2022. *A “significant” contract ranges between $75 million and $250
million.
- TechnipFMC awarded long-term contract by Petrobras
(Brazil) Substantial* long-term charter and services contract
from Petrobras for the pipelay support vessel Coral do Atlântico.
The Brazilian-registered vessel has been secured on a three-year
contract, with an option to extend. Operations offshore Brazil are
expected to begin in the second quarter of 2022. Coral do Atlântico
is an important component of the Company’s leading flexible pipe
ecosystem in Brazil and will mainly be deployed in ultra-deepwater
of up to 3,000 meters. *A “substantial” contract is between $250
million and $500 million.
Partnership and Alliance Highlights
- Acquisition of Remaining Shares of Joint Venture TIOS
TechnipFMC acquired the remaining 49% of shares in TIOS AS, a joint
venture between TechnipFMC and Island Offshore Management AS
(Island Offshore) formed in 2018. This will accelerate the
development of TechnipFMC’s integrated service model focused on
maximizing value to our clients. TIOS provides fully integrated
Riserless Light Well Intervention (RLWI) services, including
project management and engineering for well completion and
intervention operations, riserless coiled tubing, and plug &
abandonment, and has serviced over 740 wells globally since
2005.
- Strategic Investment in Loke Marine Minerals to Enable the
Energy Transition TechnipFMC is joining forces with Loke Marine
Minerals (Loke) to develop enabling technologies for the extraction
of seabed minerals, driving energy transition and a sustainable
future. Marine minerals have been identified by the World Bank,
World Economic Forum, and International Energy Agency as one of the
potential solutions to meet the increasing demand for metals used
in electric vehicle batteries, clean energy technologies, and
consumer electronics. Together, Loke and TechnipFMC are developing
a patent-pending, autonomous subsea production system that aims to
have minimal impact on the environment and positions the company
well for potential offshore licensing on the Norwegian Continental
Shelf (NCS) and internationally.
- Acquisition of Magma Global to Accelerate Development of
Breakthrough Composite Pipe Technologies for Conventional Energy
and CO2 Applications Subsequent to the third quarter,
TechnipFMC completed the acquisition of the outstanding shares of
Magma Global (Magma), the leading provider of composite pipe
technology to support the Energy Transition. TechnipFMC originally
acquired an interest in Magma in 2018, combining its strong history
in flexible pipe technology with Magma’s advanced composite
capabilities to develop a disruptive composite pipe solution for
the traditional and new energy industries. Magma’s technology
enables the manufacture of Thermoplastic Composite Pipe (TCP) using
Polyether Ether Ketone (PEEK) polymer, which is highly resistive to
corrosive compounds, such as CO2. When combined with TechnipFMC’s
flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP)
that will be deployed in the Brazilian pre-salt fields.
Manufactured by a fully automated robotic system, PEEK TCP will
also be a critical enabler for both the carbon and hydrogen
transportation and storage markets, and particularly offshore
applications.
- Strategic Alliance with Talos Energy to Provide Carbon
Capture and Storage Subsequent to the third quarter, TechnipFMC
and Talos Energy entered into a long-term strategic alliance to
develop and deliver technical and commercial solutions to Carbon
Capture and Storage (CCS) projects along the United States Gulf
Coast. The alliance combines Talos’s offshore operational strength
and sub-surface expertise with TechnipFMC’s extended history in
subsea engineering, system integration and automation and control.
Cultivated through a shared vision to responsibly deliver CCS
solutions that will help to reduce the global carbon footprint,
this innovative partnership will accelerate offshore CCS adoption
with reliable, specialized systems. Under the alliance, the
companies will collaborate to progress CCS opportunities through
the full lifecycle of storage site characterization, front-end
engineering and design (FEED), and first injection through life of
field operations. This further advances the companies’ leadership
in the emerging Gulf Coast CCS market, building on Talos’s recent
successful award as the operator of the only major offshore carbon
sequestration hub in the United States.
Surface Technologies
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are
provided in financial schedules.
Three Months Ended
Change
(In millions)
Sep 30, 2021
Jun. 30, 2021
Sep. 30, 2020
Sequential
Year-over-Year
Revenue
$267.3
$274.5
$225.7
(2.6%)
18.4%
Operating profit (loss)
$12.1
$12.9
$(7.0)
(6.2%)
n/m
Adjusted EBITDA
$28.4
$30.2
$17.3
(6.0%)
64.2%
Adjusted EBITDA margin
10.6%
11.0%
7.7%
(40 bps)
290 bps
Inbound orders
$249.9
$268.2
$207.5
(6.8%)
20.4%
Backlog
$341.0
$360.4
$368.9
(5.4%)
(7.6%)
Surface Technologies reported third quarter revenue of $267.3
million, a decrease of 2.6 percent from the second quarter. Revenue
decreased sequentially primarily due to the timing of large,
multi-year international awards, partially offset by increased
revenue in North America. The continued growth in North America was
driven by higher drilling and completion activity.
Surface Technologies reported operating profit of $12.1 million.
Sequentially, operating profit decreased primarily due to lower
revenue.
Surface Technologies reported adjusted EBITDA of $28.4 million.
Adjusted EBITDA decreased 6 percent when compared to the second
quarter, primarily driven by lower revenue. Adjusted EBITDA margin
decreased 40 basis points to 10.6 percent.
Inbound orders for the quarter were $249.9 million, a decrease
of 6.8 percent sequentially. Book-to-bill was 0.9 in the period. We
expect a significant increase in international order activity in
the fourth quarter, driven by several multi-year awards.
Backlog ended the period at $341 million. Given the short-cycle
nature of the business, orders are generally converted into revenue
within twelve months.
Corporate and Other Items (three months ended, September
30, 2021)
Corporate expense was $29.3 million.
Foreign exchange loss was $6.2 million.
Net interest expense was $39.3 million.
The provision for income taxes was $12.3 million.
Total depreciation and amortization was $96.5 million.
Cash provided by operating activities from continuing operations
was $135.9 million. Capital expenditures were $47.3 million. Free
cash flow from continuing operations was $88.6 million (Exhibit
11).
The Company ended the period with cash and cash equivalents of
$1,034 million; net debt was $1,221.8 million. Net debt declined
$401.2 million from the second quarter due in part to a tender
offer in September from which we purchased $164.1 million of 6.5%
senior notes due 2026. Upon completion of the tender offer in
October, we purchased an additional $2.8 million of the outstanding
notes (Exhibit 10).
Investment in Technip Energies
The Company completed the partial spin-off of Technip Energies
on February 16, 2021. Financial results for Technip Energies are
reported as discontinued operations. The Company’s investment in
Technip Energies is reflected in current assets at market
value.
On July 29, 2021, the Company sold 16 million shares from its
retained stake in Technip Energies for gross proceeds of $213.1
million.
On September 3, 2021, the Company announced the sale of 17.6
million shares of its retained stake in Technip Energies to HAL
Holding, N.V. (HAL) for gross proceeds of approximately $230
million. The HAL sale was completed in two tranches. The first
tranche of 8.6 million shares was sold and settled in September for
gross proceeds of $114.4 million. The second tranche of 9.0 million
shares was sold in September and is expected to settle before the
end of October for gross proceeds of approximately $115
million.
As of September 30, 2021, the Company’s ownership stake was 30.9
million shares, or approximately 17.2% of Technip Energies’ issued
and outstanding share capital. Following the completion of the sale
of the second tranche to HAL, the Company retains a direct stake of
21.9 million shares, representing 12.3% of Technip Energies’ issued
and outstanding share capital.
The Company recognized a gain in the third quarter of $28.5
million from its equity ownership in Technip Energies. The gain was
primarily related to the change in market value in the period.
Additional items
During the quarter, the Company acquired the remaining 49%
interest in TIOS AS, a joint venture between the Company and Island
Offshore Management AS, for cash consideration of $48.7
million.
In 2018, we entered into a collaboration agreement with Magma
Global Ltd. (“Magma Global”) to develop a new generation of hybrid
flexible pipe for use in offshore applications. As part of the
collaboration, we purchased a 25% ownership stake in Magma Global.
In October 2021, we purchased the remaining 75% ownership stake for
$64 million. The cash consideration will be paid to the
shareholders of Magma Global in three installments.
2021 Full-Year Financial Guidance1
The Company’s full-year guidance for 2021 can be found in the
table below. No updates were made to the previous guidance that was
issued on July 21, 2021.
All segment guidance assumes no further material degradation
from COVID-19-related impacts. Guidance is based on continuing
operations and thus excludes the impact of Technip Energies, which
is reported as discontinued operations.
2021 Guidance (As of July 21,
2021)
Subsea
Surface Technologies
Revenue in a range of $5.2 - 5.5
billion
Revenue in a range of $1,050 - 1,250
million
EBITDA margin in a range of 10 - 11%
(excluding charges and credits)
EBITDA margin in a range of 10 - 12%
(excluding charges and credits)
TechnipFMC
Corporate expense, net $105 - 115
million
(includes depreciation and amortization of
~$5 million)
Net interest expense $135 - 140
million
Tax provision, as reported $85 - 95
million
Capital expenditures approximately
$250 million
Free cash flow $120 - 220
million
1 Our guidance measures adjusted EBITDA margin, corporate
expense, net, net interest expense and free cash flow are non-GAAP
financial measures. We are unable to provide a reconciliation to
comparable GAAP financial measures on a forward-looking basis
without unreasonable effort because of the unpredictability of the
individual components of the most directly comparable GAAP
financial measure and the variability of items excluded from each
such measure. Such information may have a significant, and
potentially unpredictable, impact on our future financial
results.
Analyst Day
The Company will host an Analyst Day on Tuesday, November 16,
2021 in Houston, Texas. The general presentation session will be
held from 8:30 a.m. to 12 p.m. Houston time and will be available
via webcast (link to be made available prior to event).
Throughout the day, we will share more on how we are leveraging
and extending our core competencies of innovation, integration and
collaboration to develop both new and novel energy resources
offshore.
Following the live webcast, those attending the event in-person
will participate in a series of tours showcasing several of the
innovative and disruptive technologies that demonstrate how
TechnipFMC continues to drive change in the energy industry.
Teleconference
The Company will host a teleconference on Thursday, October 21,
2021 to discuss the third quarter 2021 financial results. The call
will begin at 1 p.m. London time (8 a.m. New York time). Webcast
access and an accompanying presentation can be found at
www.TechnipFMC.com.
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 20,000 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 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 statement usually
relate to future events and anticipated revenues, earnings, cash
flows, or other aspects of our operations or operating results.
Forward-looking statements are often identified by words such as
“guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,”
“intend,” “foresee,” “should,” “would,” “could,” “may,” “will,”
“likely,” “predicated,” “estimate,” “outlook” and similar
expressions, including the negative thereof. The absence of these
words, however, does not mean that the statements are not
forward-looking. These forward-looking statements are based on our
current expectations, beliefs, and assumptions concerning future
developments and business conditions and their potential effect on
us. While management believes these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. All of
our forward-looking statements involve risks and uncertainties
(some of which are significant or beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections, including unpredictable trends in the demand for and
price of crude oil and natural gas; competition and unanticipated
changes relating to competitive factors in our industry, including
ongoing industry consolidation; the COVID-19 pandemic and its
impact on the demand for our products and services; our inability
to develop, implement and protect new technologies and services;
the cumulative loss of major contracts, customers or alliances;
disruptions in the political, regulatory, economic and social
conditions of the countries in which we conduct business; the
refusal of DTC and Euroclear to act as depository and clearing
agencies for our shares; the United Kingdom’s withdrawal from the
European Union; 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; the risks caused by
fixed-price contracts; any delays and cost overruns of new capital
asset construction projects for vessels and manufacturing
facilities; our failure to 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; the risks of pirates endangering our maritime
employees and assets; potential liabilities inherent in the
industries in which we operate or have operated; our failure to
comply with numerous laws and regulations, including those related
to environmental protection, 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, including intellectual property
litigation; tax laws, treaties and regulations and any unfavorable
findings by relevant tax authorities; the uncertainties related to
the anticipated benefits or our future liabilities in connection
with the spin-off of Technip Energies (the “Spin-off”); any
negative changes in Technip Energies’ results of operations, cash
flows and financial position, which impact the value of our
remaining investment therein; potential departure of our key
managers and employees; adverse seasonal and weather conditions and
unfavorable currency exchange rate and risk in connection with our
defined benefit pension plan commitments and other risks as
discussed in Part I, Item 1A, “Risk Factors” of our Annual Report
on Form 10-K for the fiscal year ended December 31, 2020 and Part
II, Item 1A, “Risk Factors” of our subsequently filed Quarterly
Reports on Form 10-Q.
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
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(In millions, except per share
data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2021
2021
2020
2021
2020
Revenue
$
1,579.4
$
1,668.8
$
1,727.5
$
4,880.2
$
4,930.3
Costs and expenses
1,543.4
1,636.3
1,774.9
4,810.5
8,336.0
36.0
32.5
(47.4
)
69.7
(3,405.7
)
Other (expense) income, net
(35.9
)
11.8
20.8
19.2
29.4
Income (loss) from investment in Technip
Energies
28.5
(146.8
)
—
351.8
—
Income (loss) before net interest expense
and income taxes
28.6
(102.5
)
(26.6
)
440.7
(3,376.3
)
Net interest expense
(39.3
)
(35.2
)
(23.1
)
(109.0
)
(72.7
)
Loss on early extinguishment of debt
(16.0
)
—
—
(39.5
)
—
Income (loss) before income taxes
(26.7
)
(137.7
)
(49.7
)
292.2
(3,449.0
)
Provision for income taxes
12.3
34.9
9.1
71.7
13.5
Income (loss) from continuing
operations
(39.0
)
(172.6
)
(58.8
)
220.5
(3,462.5
)
Net income from continuing operations
attributable to non-controlling interests
(1.6
)
(2.1
)
(5.9
)
(5.5
)
(14.6
)
Income (loss) from continuing operations
attributable to TechnipFMC plc
(40.6
)
(174.7
)
(64.7
)
215.0
(3,477.1
)
Income (loss) from discontinued
operations
8.4
7.7
65.2
(44.1
)
238.5
Income from discontinued operations
attributable to non-controlling interests
—
—
(4.4
)
(1.9
)
(9.7
)
Net income (loss) attributable to
TechnipFMC plc
$
(32.2
)
$
(167.0
)
$
(3.9
)
$
169.0
$
(3,248.3
)
Earnings (loss) per share from continuing
operations
Basic and diluted
$
(0.09
)
$
(0.39
)
$
(0.14
)
$
0.48
$
(7.75
)
Diluted
$
(0.09
)
$
(0.39
)
$
(0.14
)
$
0.47
$
(7.75
)
Earnings (loss) per share from
discontinued operations
Basic and diluted
$
0.02
$
0.02
$
0.14
$
(0.10
)
$
0.51
Earnings (loss) per share attributable to
TechnipFMC plc
Basic and diluted
$
(0.07
)
$
(0.37
)
$
(0.01
)
$
0.38
$
(7.24
)
Diluted
$
(0.07
)
$
(0.37
)
$
(0.01
)
$
0.37
$
(7.24
)
Weighted average shares outstanding:
Basic
450.7
450.6
449.4
450.4
448.4
Diluted
450.7
450.6
449.4
454.7
448.4
Cash dividends declared per share
$
—
$
—
$
—
$
—
$
0.13
Exhibit 2
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
BUSINESS
SEGMENT DATA
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2021
2021
2020
2021
2020
Revenue
Subsea
$
1,312.1
$
1,394.3
$
1,501.8
$
4,092.9
$
4,133.4
Surface Technologies
267.3
274.5
225.7
787.3
796.9
$
1,579.4
$
1,668.8
$
1,727.5
$
4,880.2
$
4,930.3
Income (loss)
before income taxes
Segment operating profit (loss)
Subsea
$
23.5
$
72.4
$
20.3
$
132.9
$
(2,806.0
)
Surface Technologies
12.1
12.9
(7.0
)
33.2
(444.4
)
Total segment operating profit (loss)
35.6
85.3
13.3
166.1
(3,250.4
)
Corporate items
Corporate expense (1)
$
(29.3
)
$
(30.3
)
$
(25.3
)
$
(88.4
)
$
(72.1
)
Net interest expense and loss on early
extinguishment of debt
(55.3
)
(35.2
)
(23.1
)
(148.5
)
(72.7
)
Income (loss) from investment in Technip
Energies
28.5
(146.8
)
—
351.8
—
Foreign exchange gains (losses)
(6.2
)
(10.7
)
(14.6
)
11.2
(53.8
)
Total corporate items
(62.3
)
(223.0
)
(63.0
)
126.1
(198.6
)
Income (loss) before income taxes (2)
$
(26.7
)
$
(137.7
)
$
(49.7
)
$
292.2
$
(3,449.0
)
(1)
Corporate expense primarily includes
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
Nine Months Ended
Inbound
Orders (1)
September 30,
June 30,
September 30,
September 30,
2021
2021
2020
2021
2020
Subsea
$
1,116.0
$
1,291.3
$
1,607.1
$
3,926.1
$
3,290.9
Surface Technologies
249.9
$
268.2
207.5
721.4
760.9
Total inbound orders
$
1,365.9
$
1,559.5
$
1,814.6
$
4,647.5
$
4,051.8
Order
Backlog (2)
September 30, 2021
June 30, 2021
September 30, 2020
Subsea
$
6,661.4
$
6,951.6
$
7,218.0
Surface Technologies
341.0
360.4
368.9
Total order backlog
$
7,002.4
$
7,312.0
$
7,586.9
(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,
2021
December 31,
2020
Cash and cash equivalents
$
1,034.0
$
1,269.2
Trade receivables, net
1,128.9
987.7
Contract assets
1,027.0
886.8
Inventories, net
1,069.8
1,252.8
Other current assets
852.2
1,323.1
Investment in Technip Energies
485.3
—
Current assets of discontinued
operations
—
5,725.1
Total current assets
5,597.2
11,444.7
Property, plant and equipment, net
2,619.0
2,756.2
Intangible assets, net
786.4
851.3
Other assets
1,251.0
1,356.9
Non-current assets of discontinued
operations
—
3,283.5
Total assets
$
10,253.6
$
19,692.6
Short-term debt and current portion of
long-term debt
$
282.2
$
624.7
Accounts payable, trade
1,238.0
1,201.0
Contract liabilities
914.6
1,046.8
Other current liabilities
1,256.1
1,446.2
Current liabilities of discontinued
operations
—
6,096.5
Total current liabilities
3,690.9
10,415.2
Long-term debt, less current portion
1,973.6
2,835.5
Other liabilities
1,069.7
1,102.6
Non-current liabilities of discontinued
operations
—
1,081.3
Redeemable non-controlling interest
—
43.7
TechnipFMC plc stockholders’ equity
3,497.1
4,154.2
Non-controlling interests
22.3
40.4
Non-controlling interests of discontinued
operations
—
19.7
Total liabilities and equity
$
10,253.6
$
19,692.6
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,
2021
2021
2020
Cash provided (required) by operating
activities
Net income (loss) from continuing
operations
$
(39.0)
$
220.5
$
(3,462.5)
Adjustments to reconcile income (loss)
from continuing operations to cash provided (required) by operating
activities
Depreciation
73.3
219.0
222.3
Amortization
23.2
70.7
76.0
Impairments
1.3
20.9
3,244.7
Employee benefit plan and share-based
compensation costs
12.0
22.5
36.3
Deferred income tax benefit, net
(25.0)
(39.0)
(5.8)
Income from investment in Technip
Energies
(28.5)
(351.8)
—
Unrealized gains on derivative instruments
and foreign exchange
(80.7)
(19.3)
(26.9)
(Income) loss from equity affiliates, net
of dividends received
29.8
9.4
(46.5)
Loss on early extinguishment of debt
16.0
39.5
—
Other
(22.9)
(19.0)
(1.9)
Changes in operating assets and
liabilities, net of effects of acquisitions
Trade receivables, net and contract
assets
33.5
(320.0)
(45.3)
Inventories, net
43.3
165.9
(20.7)
Accounts payable, trade
(30.4)
78.0
(236.0)
Contract liabilities
102.1
(104.8)
(33.3)
Income taxes payable (receivable), net
5.3
178.9
(34.4)
Other current assets and liabilities,
net
22.9
57.4
644.9
Other non-current assets and liabilities,
net
(0.3)
2.7
(21.2)
Cash provided by operating activities
from continuing operations
135.9
231.5
289.7
Cash provided (required) by operating
activities from discontinued operations
—
66.3
(187.6)
Cash provided by operating
activities
135.9
297.8
102.1
Cash provided (required) by investing
activities
Capital expenditures
(47.3)
(131.2)
(227.3)
Proceeds from redemption of debt
securities
3.2
27.4
3.9
Payment to acquire debt securities
—
(29.1)
(3.9)
Proceeds from sales of assets
7.0
95.7
23.0
Cash received from divestiture
—
—
2.5
Proceeds from sale of investment in
Technip Energies
326.4
784.5
—
Proceeds from repayment of advances to
joint venture
—
12.5
12.5
Other
—
—
(1.0)
Cash provided (required) by investing
activities from continuing operations
289.3
759.8
(190.3)
Cash required by investing activities
from discontinued operations
—
(4.5)
(22.1)
Cash provided (required) by investing
activities
289.3
755.3
(212.4)
Cash provided (required) by financing
activities
Net decrease in short-term debt
(8.2)
(31.3)
(2.0)
Net decrease in commercial paper
—
(974.3)
(251.3)
Proceeds from issuance of long-term
debt
—
1,164.4
223.2
Repayments of long-term debt
(176.4)
(1,242.2)
(423.9)
Dividends paid
—
—
(59.2)
Payments for debt issuance costs
—
(53.5)
—
Acquisition of non-controlling
interest
(48.6)
(48.6)
—
Payments related to taxes withheld on
share-based compensation
—
(2.4)
(6.4)
Other
(0.3)
(1.4)
—
Cash required by financing activities
from continuing operations
(233.5)
(1,189.3)
(519.6)
Cash required by financing activities
from discontinued operations
—
(79.1)
(392.2)
Cash required by financing
activities
(233.5)
(1,268.4)
(911.8)
Effect of changes in foreign exchange
rates on cash and cash equivalents
(12.6)
(19.9)
75.9
Change in cash and cash equivalents
179.1
(235.2)
(946.2)
Cash and cash equivalents, beginning of
period
854.9
1,269.2
5,190.2
Cash and cash equivalents, end of
period
$
1,034.0
$
1,034.0
$
4,244.0
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Charges and Credits
In addition to financial results
determined in accordance with U.S. generally accepted accounting
principles (GAAP), the third quarter 2021 Earnings Release also
includes non-GAAP financial measures (as defined in Item 10 of
Regulation S-K of the Securities Exchange Act of 1934, as amended)
and describes performance on a year-over-year basis against 2020
results and measures. Net income, excluding charges and credits, as
well as measures derived from it (including Diluted EPS, excluding
charges and credits; Income before net interest expense and taxes,
excluding charges and credits ("Adjusted Operating profit");
Depreciation and amortization, excluding charges and credits;
Earnings before net interest expense, income taxes, depreciation
and amortization, excluding charges and credits ("Adjusted
EBITDA"); and net cash) are non-GAAP financial measures. Management
believes that the exclusion of charges and credits from these
financial measures enables investors and management to more
effectively evaluate TechnipFMC's operations and consolidated
results of operations period-over-period, and to identify operating
trends that could otherwise be masked or misleading to both
investors and management by the excluded items. 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, 2021
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
$
(40.6)
$
1.6
$
12.3
$
55.3
$
28.6
$
96.5
$
125.1
Charges and (credits):
Impairment and other charges
38.0
—
—
—
38.0
—
38.0
Restructuring and other charges
6.1
—
(0.1)
—
6.0
—
6.0
Income from investment in Technip
Energies
(28.5)
—
—
—
(28.5)
—
(28.5)
Adjusted financial measures
$
(25.0)
$
1.6
$
12.2
$
55.3
$
44.1
$
96.5
$
140.6
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.09)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.06)
Three Months Ended
June 30, 2021
Income (loss) from continuing
operations attributable to TechnipFMC plc
Income attributable to
non-controlling interests from continuing operations
Provision (benefit) 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
$
(174.7)
$
2.1
$
34.9
$
35.2
$
(102.5)
$
98.0
$
(4.5)
Charges and (credits):
Impairment and other charges
0.8
—
—
—
0.8
—
0.8
Restructuring and other charges
1.1
—
0.1
—
1.2
—
1.2
Loss from investment in Technip
Energies
146.8
—
—
—
146.8
—
146.8
Adjusted financial measures
$
(26.0)
$
2.1
$
35.0
$
35.2
$
46.3
$
98.0
$
144.3
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.39)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.06)
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended
September 30, 2020
Loss from continuing
operations attributable to TechnipFMC plc
Income 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
$
(64.7)
$
5.9
$
9.1
$
23.1
$
(26.6)
$
94.2
$
67.6
Charges and (credits):
Impairment and other charges
19.3
—
3.7
—
23.0
—
23.0
Restructuring and other charges
8.4
—
1.0
—
9.4
—
9.4
Direct COVID-19 expenses
17.3
—
3.8
—
21.1
—
21.1
Adjusted financial measures
$
(19.7)
$
5.9
$
17.6
$
23.1
$
26.9
$
94.2
$
121.1
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.14)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.04)
Exhibit 7
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Charges and Credits
In addition to financial results
determined in accordance with U.S. generally accepted accounting
principles (GAAP), the third quarter 2021 Earnings Release also
includes non-GAAP financial measures (as defined in Item 10 of
Regulation S-K of the Securities Exchange Act of 1934, as amended)
and describes performance on a year-over-year basis against 2020
results and measures. Net income, excluding charges and credits, as
well as measures derived from it (including Diluted EPS, excluding
charges and credits; Income before net interest expense and taxes,
excluding charges and credits ("Adjusted Operating profit");
Depreciation and amortization, excluding charges and credits;
Earnings before net interest expense, income taxes, depreciation
and amortization, excluding charges and credits ("Adjusted
EBITDA"); and net cash) are non-GAAP financial measures. Management
believes that the exclusion of charges and credits from these
financial measures enables investors and management to more
effectively evaluate TechnipFMC's operations and consolidated
results of operations period-over-period, and to identify operating
trends that could otherwise be masked or misleading to both
investors and management by the excluded items. 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, 2021
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
$
215.0
$
5.5
$
71.7
$
148.5
$
440.7
$
289.7
$
730.4
Charges and (credits):
Impairment and other charges
57.6
—
—
—
57.6
—
57.6
Restructuring and other charges
13.7
—
0.2
—
13.9
—
13.9
Income from investment in Technip
Energies
(351.8)
—
—
—
(351.8)
—
(351.8)
Adjusted financial measures
$
(65.5)
$
5.5
$
71.9
$
148.5
$
160.4
$
289.7
$
450.1
Diluted earnings per share from continuing
operations attributable to TechnipFMC plc, as reported
$
0.47
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.14)
Nine Months Ended
September 30, 2020
Loss from continuing
operations attributable to TechnipFMC plc
Income attributable to
non-controlling interests from continuing operations
Provision for income
taxes
Net interest expense
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
$
(3,477.1)
$
14.6
$
13.5
$
72.7
$
(3,376.3)
$
298.3
$
(3,078.0)
Charges and (credits):
Impairment and other charges
3,232.7
—
12.0
—
3,244.7
—
3,244.7
Restructuring and other charges
48.9
—
4.8
—
53.7
—
53.7
Direct COVID-19 expenses
50.9
—
6.9
—
57.8
—
57.8
Purchase price accounting adjustment
6.5
—
2.0
—
8.5
(8.5)
—
Valuation allowance
(3.1)
—
3.1
—
—
—
—
Adjusted financial measures
$
(141.2)
$
14.6
$
42.3
$
72.7
$
(11.6)
$
289.8
$
278.2
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(7.75)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.31)
Exhibit 8
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended
September 30, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,312.1
$
267.3
$
—
$
—
$
1,579.4
Operating profit (loss), as reported
(pre-tax)
$
23.5
$
12.1
$
(29.3)
$
22.3
$
28.6
Charges and (credits):
Impairment and other charges
38.0
—
—
—
38.0
Restructuring and other charges
5.6
—
0.4
—
6.0
Income from investment in Technip
Energies
—
—
—
(28.5)
(28.5)
Subtotal
43.6
—
0.4
(28.5)
15.5
Adjusted Operating profit (loss)
67.1
12.1
(28.9)
(6.2)
44.1
Depreciation and amortization
79.4
16.3
0.8
—
96.5
Adjusted EBITDA
$
146.5
$
28.4
$
(28.1)
$
(6.2)
$
140.6
Operating profit margin, as reported
1.8
%
4.5
%
1.8
%
Adjusted Operating profit margin
5.1
%
4.5
%
2.8
%
Adjusted EBITDA margin
11.2
%
10.6
%
8.9
%
Three Months Ended
June 30, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,394.3
$
274.5
$
—
$
—
$
1,668.8
Operating profit (loss), as reported
(pre-tax)
$
72.4
$
12.9
$
(30.3)
$
(157.5)
$
(102.5)
Charges and (credits):
Impairment and other charges
0.6
0.2
—
—
0.8
Restructuring and other charges
0.4
0.8
—
—
1.2
Loss from investment in Technip
Energies
—
—
—
146.8
146.8
Subtotal
1.0
1.0
—
146.8
148.8
Adjusted Operating profit (loss)
73.4
13.9
(30.3)
(10.7)
46.3
Depreciation and amortization
80.7
16.3
1.0
—
98.0
Adjusted EBITDA
$
154.1
$
30.2
$
(29.3)
$
(10.7)
$
144.3
Operating profit margin, as reported
5.2
%
4.7
%
-6.1
%
Adjusted Operating profit margin
5.3
%
5.1
%
2.8
%
Adjusted EBITDA margin
11.1
%
11.0
%
8.6
%
Exhibit 8
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended
September 30, 2020
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net
Total
Revenue
$
1,501.8
$
225.7
$
—
$
—
$
1,727.5
Operating profit (loss), as reported
(pre-tax)
$
20.3
$
(7.0)
$
(25.3)
$
(14.6)
$
(26.6)
Charges and (credits):
Impairment and other charges
17.6
5.4
—
—
23.0
Restructuring and other charges
7.1
0.9
1.4
—
9.4
Direct COVID-19 expenses
18.7
2.4
—
—
21.1
Subtotal
43.4
8.7
1.4
—
53.5
Adjusted Operating profit (loss)
63.7
1.7
(23.9)
(14.6)
26.9
Depreciation and amortization
82.3
15.6
(3.7)
—
94.2
Adjusted EBITDA
$
146.0
$
17.3
$
(27.6)
$
(14.6)
$
121.1
Operating profit margin, as reported
1.4
%
-3.1
%
-1.5
%
Adjusted Operating profit margin
4.2
%
0.8
%
1.6
%
Adjusted EBITDA margin
9.7
%
7.7
%
7.0
%
Exhibit 9
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Nine Months Ended
September 30, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
4,092.9
$
787.3
$
—
$
—
$
4,880.2
Operating profit (loss), as reported
(pre-tax)
$
132.9
$
33.2
$
(88.4)
$
363.0
$
440.7
Charges and (credits):
Impairment and other charges
54.3
0.3
3.0
—
57.6
Restructuring and other charges
10.0
3.5
0.4
—
13.9
Income from investment in Technip
Energies
—
—
—
(351.8)
(351.8)
Subtotal
64.3
3.8
3.4
(351.8)
(280.3)
Adjusted Operating profit (loss)
197.2
37.0
(85.0)
11.2
160.4
Depreciation and amortization
238.5
48.5
2.7
—
289.7
Adjusted EBITDA
$
435.7
$
85.5
$
(82.3)
$
11.2
$
450.1
Operating profit margin, as reported
3.2
%
4.2
%
9.0
%
Adjusted Operating profit margin
4.8
%
4.7
%
3.3
%
Adjusted EBITDA margin
10.6
%
10.9
%
9.2
%
Nine Months Ended
September 30, 2020
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net
Total
Revenue
$
4,133.4
$
796.9
$
—
$
—
$
4,930.3
Operating loss, as reported (pre-tax)
$
(2,806.0)
$
(444.4)
$
(72.1)
$
(53.8)
$
(3,376.3)
Charges and (credits):
Impairment and other charges
2,826.6
418.1
—
—
3,244.7
Restructuring and other charges
36.1
14.0
3.6
—
53.7
Direct COVID-19 expenses
50.1
7.7
—
—
57.8
Purchase price accounting adjustment
8.5
—
—
—
8.5
Subtotal
2,921.3
439.8
3.6
—
3,364.7
Adjusted Operating profit (loss)
115.3
(4.6)
(68.5)
(53.8)
(11.6)
Adjusted Depreciation and amortization
235.1
54.7
—
—
289.8
Adjusted EBITDA
$
350.4
$
50.1
$
(68.5)
$
(53.8)
$
278.2
Operating profit margin, as reported
-67.9
%
-55.8
%
-68.5
%
Adjusted Operating profit margin
2.8
%
-0.6
%
-0.2
%
Adjusted EBITDA margin
8.5
%
6.3
%
5.6
%
Exhibit 10
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
September 30,
2021
June 30, 2021
December 31,
2020
Cash and cash equivalents
$
1,034.0
$
854.9
$
1,269.2
Short-term debt and current portion of
long-term debt
(282.2)
(297.7)
(624.7)
Long-term debt, less current portion
(1,973.6)
(2,180.2)
(2,835.5)
Net debt
$
(1,221.8)
$
(1,623.0)
$
(2,191.0)
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 U.S. GAAP or as an indicator of
our operating performance or liquidity.
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,
2021
2021
2020
Cash provided by operating activities from
continuing operations
$
135.9
$
231.5
$
289.7
Capital expenditures
(47.3)
(131.2)
(227.3)
Free cash flow from continuing
operations
$
88.6
$
100.3
$
62.4
Free cash flow (deficit) from continuing operations, is a
non-GAAP financial measure and is defined as cash provided by
operating activities less capital expenditures. Management uses
this non-GAAP financial measure to evaluate our financial
condition. We believe from continuing operations, free cash flow
(deficit) from continuing operations is a meaningful financial
measure that may assist investors in understanding our financial
condition and results of operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211020006019/en/
Investor relations Matt Seinsheimer Vice President,
Investor Relations Tel: +1 281 260 3665 Email: Matt Seinsheimer
James Davis Senior Manager, Investor Relations Tel: +1 281 260 3665
Email: James Davis
Media relations Nicola Cameron Vice President, Corporate
Communications Tel: +44 383 742 297 Email: Nicola Cameron Catie
Tuley Director, Public Relations Tel: +1 281 591 5405 Email: Catie
Tuley
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