- Subsea inbound orders of $1.9 billion in the quarter;
book-to-bill of 1.5
- Cash and cash equivalents of $1.2 billion
- Completed sale of remaining stake in Technip Energies in
April
- Targeting reduction of gross debt of up to $400 million in
second quarter
TechnipFMC plc (NYSE: FTI) today reported first quarter 2022
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)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Sequential
Year-over- Year
Revenue
$1,555.8
$1,523.3
$1,632.0
2.1%
(4.7%)
Income (loss)
$(42.3)
$(127.2)
$430.3
n/m
n/m
Diluted earnings (loss) per
share
$(0.09)
$(0.28)
$0.95
n/m
n/m
Adjusted EBITDA
$153.5
$130.3
$165.2
17.8%
(7.1%)
Adjusted EBITDA margin
9.9%
8.6%
10.1%
130 bps
(20 bps)
Adjusted income (loss)
$(13.0)
$(55.8)
$(14.5)
n/m
n/m
Adjusted diluted earnings (loss) per
share
$(0.03)
$(0.12)
$(0.03)
n/m
n/m
Inbound orders
$2,184.9
$2,106.7
$1,722.1
3.7%
26.9%
Backlog
$8,894.1
$7,657.7
$7,221.4
16.1%
23.2%
Total Company revenue in the first quarter was $1,555.8 million.
Loss from continuing operations attributable to TechnipFMC was
$42.3 million, or $0.09 per diluted share. These results included
after-tax charges and credits totaling $29.3 million of expense, or
$0.06 per share, which included the following (Exhibit 6):
- Impairment, restructuring and other charges of $0.8 million;
and
- Loss from equity investment in Technip Energies of $28.5
million.
Adjusted loss from continuing operations was $13 million, or
$0.03 per diluted share (Exhibit 6).
Adjusted EBITDA, which excludes pre-tax charges and credits, was
$153.5 million; adjusted EBITDA margin was 9.9 percent (Exhibit 7).
Included in adjusted EBITDA was a foreign exchange gain of $28.4
million.
Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “Looking
at the first quarter, total Company revenue was $1.6 billion, with
adjusted EBITDA of $154 million. Total Company inbound orders were
$2.2 billion, driving sequential growth in backlog. With cash and
cash equivalents totaling $1.2 billion and our confidence that we
will generate strong free cash flow in the second half of the year,
we are taking aggressive steps to further reduce debt in the second
quarter. This is another important milestone on our path to
shareholder distributions.”
Pferdehirt continued, “In Subsea, inbound orders of $1.9 billion
increased more than 80 percent when compared to the fourth quarter,
resulting in a book-to-bill of 1.5. We announced two awards in the
period, including our first iEPCI™ project with Wintershall Dea for
the Maria field. The breadth of operators and regional
diversification was particularly notable in the quarter, with
projects from more than 30 clients across all major offshore
basins. We continue to anticipate Subsea order growth of up to 30
percent in 2022, with iEPCI™, direct awards and Subsea services
together approaching 75 percent of total inbound.”
“Surface Technologies inbound orders were $291 million, with a
book-to-bill above 1.0, driven by strength in the U.S. market.
North American sales and profitability grew sequentially, driven by
increased drilling and completion activity and an improved pricing
environment. Outside of North America, we are investing in new
manufacturing capacity in Saudi Arabia to support the strong Middle
East outlook. We are now undergoing final production testing and
expect final certification of the facility by the end of the second
quarter, at which time we anticipate an acceleration of orders
in-country. We remain confident in meeting our full-year
expectations.”
Pferdehirt added, “First quarter results demonstrated our
ability to effectively navigate the ongoing challenges facing the
global supply chain. While not immune to the market dislocations,
we have taken many strategic actions over the last several years
that have mitigated the near-term effects on our Company. Our
internal efforts to drive simplification, standardization and
industrialization are also transforming our supply chain.”
Pferdehirt concluded, “We are in the midst of a multi-year
upcycle for oil and gas investment. Our Subsea Opportunity List
highlights this very robust market outlook, representing an
opportunity set of larger projects that totals more than $20
billion in potential industry awards over the next 24 months. In
the current environment, we are also experiencing improvements in
pricing and contractual arrangements that more appropriately
balance the terms and conditions needed to support this
growth.”
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)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Sequential
Year-over- Year
Revenue
$1,289.1
$1,236.2
$1,386.5
4.3%
(7.0%)
Operating profit
$54.0
$8.5
$37.0
535.3%
45.9%
Adjusted EBITDA
$129.0
$123.6
$135.1
4.4%
(4.5%)
Adjusted EBITDA margin
10.0%
10.0%
9.7%
0 bps
30 bps
Inbound orders
$1,893.6
$1,034.8
$1,518.8
83.0%
24.7%
Backlog1,2,3
$7,741.3
$6,533.0
$6,857.1
18.5%
12.9%
Estimated Consolidated Backlog
Scheduling
(In millions)
Mar. 31, 2022
2022 (9 months)
$2,933
2023
$2,880
2024 and beyond
$1,928
Total
$7,741
1 Backlog in the period was increased by a
foreign exchange impact of $596 million.
2 Backlog does not capture all revenue
potential for Subsea Services.
3 Backlog does not include total Company
non-consolidated backlog of $550 million.
Subsea reported first quarter revenue of $1,289.1 million, an
increase of 4.3 percent from the fourth quarter. Revenue increased
sequentially primarily due to higher project activity in Australia,
North America and Asia, partially offset by reduced activity in
Africa. Subsea services revenue was largely unchanged from the
fourth quarter due to the seasonal impact of weather in both
periods.
Subsea reported an operating profit of $54 million.
Sequentially, operating results increased largely due to a $39.8
million reduction in impairment, restructuring and other charges
and credits.
Subsea reported adjusted EBITDA of $129 million. Adjusted EBITDA
increased 4.4 percent when compared to the fourth quarter, broadly
in-line with the sequential increase in revenue. Adjusted EBITDA
margin was unchanged at 10 percent.
Subsea inbound orders were $1,893.6 million for the quarter.
Book-to-bill in the period was 1.5. The following awards were
included in the period:
- Petrobras Búzios 6 Field Project (Brazil) Large* subsea
Engineering, Procurement, Construction and Installation (EPCI)
contract by Petrobras for its Búzios 6 field (module 7), a
greenfield development in the pre-salt area. The contract covers
flexible and rigid pipe, umbilicals, pipeline end terminals, rigid
jumpers, umbilical termination assemblies and a mooring system. The
flexible pipe, umbilicals and subsea structures, as well as some of
the rigid pipe, will be manufactured in Brazil using skills and
competencies the Company has developed in-country, while minimizing
the carbon footprint associated with transportation and
installation. The project will also utilize our established and
qualified Brazilian supply chain. *A “large” contract ranges
between $500 million and $1 billion.
- Wintershall Dea Maria iEPCI™ Project (Norway)
Significant* integrated Engineering, Procurement, Construction, and
Installation (iEPCI™) contract by Wintershall Dea Norge AS for its
Maria revitalization project. The project will boost production at
the existing Maria field in the Norwegian Continental Shelf. The
contract includes subsea trees, spools, jumpers, and flexible
pipes. The revitalization project will tie in an additional
lightweight six-slot integrated template structure (ITS). The two
existing templates in the Maria field are part of TechnipFMC’s
installed base and began production in 2017. *A “significant”
contract ranges between $75 million and $250 million.
Additionally, we secured the following frame agreement in the
period:
- TotalEnergies Frame Agreement for Subsea 2.0™ Production
Systems (Angola) Frame Agreement with TotalEnergies to supply
subsea production systems for brownfield developments in Block 17
in Angola. Subsea 2.0™ products use standardized components that
are pre-engineered and qualified, which allows equipment to be
rapidly configured according to each project’s specific
requirements. This optimizes the engineering, supply chain, and
manufacturing processes, thus reducing the time to first
production.
Energy Transition Highlights
- Magnora Offshore Wind signs Option to Lease Agreement with
the Crown Estate Scotland for the ScotWind N3 area Magnora
Offshore Wind AS signed the Option to Lease Agreement with the
Crown Estate Scotland for the ScotWind N3 area, securing
exclusivity for the development of the N3 project. The project area
N3 is situated in the north-western part of Scotland, 40 kilometers
offshore Western Isles. The Option to Lease Agreement covers an
area of 103 square kilometers in water depths of 106 to 125 meters.
The project plans to install 33 floating wind turbines, each with a
capacity of 15MW, totaling a wind farm capacity of 495MW.
- Shell Collaboration TechnipFMC and Shell have signed an
agreement to explore synergies with a shared goal of enabling
offshore renewable energy generation and reducing total CO2
emissions. This is another example of how our long-standing
partnerships extend to all areas of our business.
Surface Technologies
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP
financial measures are provided in financial schedules.
Three Months Ended
Change
(In millions)
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Sequential
Year-over- Year
Revenue
$266.7
$287.1
$245.5
(7.1%)
8.6%
Operating profit
$3.7
$8.8
$8.2
(58.0%)
(54.9%)
Adjusted EBITDA
$22.0
$28.9
$26.9
(23.9%)
(18.2%)
Adjusted EBITDA margin
8.2%
10.1%
11.0%
(190 bps)
(280 bps)
Inbound orders
$291.3
$1,071.9
$203.3
(72.8%)
43.3%
Backlog
$1,152.8
$1,124.7
$364.3
2.5%
216.4%
Surface Technologies reported first quarter revenue of $266.7
million, a decrease of 7.1 percent from the fourth quarter. Revenue
decreased sequentially primarily due to lower international
activity resulting from the Company’s transition to a new
manufacturing facility in Saudi Arabia. The decline in segment
revenue was partially offset by growth in North America which
benefited from the continued increase in drilling and completion
activity.
Surface Technologies reported operating profit of $3.7 million.
Sequentially, operating profit decreased primarily due to lower
international revenue and the impacts of the manufacturing
transition. Operating profit in North America increased
sequentially due to higher activity and an improved pricing
environment. Operating results also benefited sequentially from
lower restructuring, impairment and other charges which totaled
$1.6 million in the period.
Surface Technologies reported adjusted EBITDA of $22 million.
Adjusted EBITDA decreased 23.9 percent when compared to the fourth
quarter. Results were negatively impacted by lower international
revenue and the impacts of the manufacturing transition, partially
offset by higher activity and an improving pricing environment in
North America. Adjusted EBITDA margin decreased 190 basis points to
8.2 percent.
Inbound orders for the quarter were $291.3 million, a decrease
of 72.8 percent sequentially. Book-to-bill was 1.1 in the period.
Inbound orders decreased sequentially as the fourth quarter
benefited from the award of a multi-year framework agreement from
Abu Dhabi National Oil Company.
Backlog ended the period at $1,152.8 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, March 31,
2022)
Corporate expense was $29.5 million. Excluding charges and
credits totaling $2.8 million of expense, corporate expense was
$26.7 million.
Foreign exchange gain was $28.4 million.
Net interest expense was $33.9 million and is expected to
decline during the year as the Company achieves its stated
objective to reduce gross debt.
The provision for income taxes was $28.5 million.
Total depreciation and amortization was $95.9 million.
Cash required by operating activities from continuing operations
was $329.4 million. Capital expenditures were $27.3 million. Free
cash flow from continuing operations was $(356.7) million (Exhibit
9).
The Company ended the period with cash and cash equivalents of
$1,203 million; net debt was $802.1 million (Exhibit 8).
On April 20, 2022, the Company announced that it has commenced a
tender offer for $320 million of its outstanding 6.500% Senior
Notes due February 1, 2026.
The Company intends to reduce gross debt by up to $400 million
in the second quarter. This includes the retirement of €150 million
of debt due in June 2022.
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.
During the first quarter, the Company sold 17.8 million Technip
Energies shares for total proceeds of $238.5 million. As of March
31, 2022, we retained 2.2% ownership of Technip Energies’ issued
and outstanding share capital.
In April 2022, we sold the remaining 4 million Technip Energies
shares for total proceeds of $49.9 million.
Following the distribution of the majority stake, the Company
retained ownership of 49.9% of Technip Energies’ outstanding
shares. The Company fully exited its position for total proceeds of
$1,189.4 million.
Additional items
On January 10, 2022, the Company announced that following a
comprehensive review of its strategic objectives, it would proceed
with the voluntary delisting of its shares from Euronext Paris. The
delisting was completed on February 18, 2022.
The Company’s shares remain listed on the New York Stock
Exchange under the symbol “FTI”.
2022 Full-Year Financial Guidance1
The Company’s full-year guidance for 2022 can be found in the
table below. No updates were made to the previous guidance that was
issued on February 23, 2022.
All segment guidance assumes no further material degradation
from COVID-19-related impacts. Guidance is based on continuing
operations and thus excludes the impact of Technip Energies, which
is reported as discontinued operations.
2022 Guidance (As of February
23, 2022)
Subsea
Surface Technologies
Revenue in a range of $5.2 - 5.6
billion
Revenue in a range of $1,150 - 1,300
million
EBITDA margin in a range of 11 - 12%
(excluding charges and credits)
EBITDA margin in a range of 11 - 13%
(excluding charges and credits)
TechnipFMC
Corporate expense, net $100 - 110
million
(includes depreciation and amortization of
~$5 million)
Net interest expense $105 - 115
million
Tax provision, as reported $100 -
110 million
Capital expenditures approximately
$230 million
Free cash flow $100 - 250
million
______________________________ 1Our guidance measures adjusted
EBITDA margin, corporate expense, net, net interest expense and
free cash flow are non-GAAP financial measures. We are unable to
provide a reconciliation to comparable GAAP financial measures on a
forward-looking basis without unreasonable effort because of the
unpredictability of the individual components of the most directly
comparable GAAP financial measure and the variability of items
excluded from each such measure. Such information may have a
significant, and potentially unpredictable, impact on our future
financial results.
Teleconference
The Company will host a teleconference on Thursday, April 28,
2022 to discuss the first quarter 2022 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, 2021 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
March 31,
December 31,
March 31,
2022
2021
2021
Revenue
$
1,555.8
$
1,523.3
$
1,632.0
Costs and expenses
1,545.4
1,559.1
1,630.8
10.4
(35.8
)
1.2
Other (expense) income, net
46.2
28.0
43.3
Income (loss) from investment in Technip
Energies
(28.5
)
(29.6
)
470.1
Income (loss) before net interest expense
and income taxes
28.1
(37.4
)
514.6
Net interest expense
(33.9
)
(34.3
)
(34.5
)
Loss on early extinguishment of debt
—
(22.4
)
(23.5
)
Income (loss) before income taxes
(5.8
)
(94.1
)
456.6
Provision for income taxes
28.5
39.4
24.5
Income (loss) from continuing
operations
(34.3
)
(133.5
)
432.1
(Income) loss from continuing operations
attributable to non-controlling interests
(8.0
)
6.3
(1.8
)
Income (loss) from continuing operations
attributable to TechnipFMC plc
(42.3
)
(127.2
)
430.3
Loss from discontinued operations
(19.4
)
(28.5
)
(60.2
)
Income from discontinued operations
attributable to non-controlling interests
—
—
(1.9
)
Net income (loss) attributable to
TechnipFMC plc
$
(61.7
)
$
(155.7
)
$
368.2
Earnings (loss) per share from continuing
operations
Basic
$
(0.09
)
$
(0.28
)
$
0.96
Diluted
$
(0.09
)
$
(0.28
)
$
0.95
Loss per share from discontinued
operations
Basic and diluted
$
(0.04
)
$
(0.06
)
$
(0.14
)
Earnings (loss) per share attributable to
TechnipFMC plc
Basic
$
(0.13
)
$
(0.35
)
$
0.82
Diluted
$
(0.13
)
$
(0.35
)
$
0.81
Weighted average shares outstanding:
Basic
451.1
450.5
449.7
Diluted
451.1
450.5
451.1
Exhibit 2
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
BUSINESS
SEGMENT DATA
(In millions)
(Unaudited)
Three Months Ended
March 31,
December 31,
March 31,
2022
2021
2021
Revenue
Subsea
$
1,289.1
$
1,236.2
$
1,386.5
Surface Technologies
266.7
287.1
245.5
$
1,555.8
$
1,523.3
$
1,632.0
Income (loss) before income
taxes
Segment operating profit
Subsea
$
54.0
$
8.5
$
37.0
Surface Technologies
3.7
8.8
8.2
Total segment operating profit
57.7
17.3
45.2
Corporate items
Corporate expense (1)
$
(29.5
)
$
(29.7
)
$
(28.8
)
Net interest expense and loss on early
extinguishment of debt
(33.9
)
(56.7
)
(58.0
)
Income (loss) from investment in Technip
Energies
(28.5
)
(29.6
)
470.1
Foreign exchange gains
28.4
4.6
28.1
Total corporate items
(63.5
)
(111.4
)
411.4
Income (loss) before income taxes (2)
$
(5.8
)
$
(94.1
)
$
456.6
(1) Corporate expense primarily includes
corporate staff expenses, share-based compensation expenses, and
other employee benefits.
(2) Includes amounts attributable to
non-controlling interests.
Exhibit 3
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
BUSINESS
SEGMENT DATA
(In millions,
unaudited)
Three Months Ended
Inbound Orders (1)
March 31,
December 31,
March 31,
2022
2021
2021
Subsea
$
1,893.6
$
1,034.8
$
1,518.8
Surface Technologies
291.3
$
1,071.9
203.3
Total inbound orders
$
2,184.9
$
2,106.7
$
1,722.1
Order Backlog (2)
March 31, 2022
December 31, 2021
March 31, 2021
Subsea
$
7,741.3
$
6,533.0
$
6,857.1
Surface Technologies
1,152.8
1,124.7
364.3
Total order backlog
$
8,894.1
$
7,657.7
$
7,221.4
(1) Inbound orders represent the estimated
sales value of confirmed customer orders received during the
reporting period.
(2) Order backlog is calculated as the
estimated sales value of unfilled, confirmed customer orders at the
reporting date.
Exhibit 4
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
March 31, 2022
December 31,
2021
Cash and cash equivalents
$
1,203.0
$
1,327.4
Trade receivables, net
1,020.8
911.9
Contract assets
983.4
966.0
Inventories, net
1,074.4
1,031.9
Other current assets
908.2
787.0
Investment in Technip Energies
49.1
317.3
Total current assets
5,238.9
5,341.5
Property, plant and equipment, net
2,570.0
2,597.2
Intangible assets, net
788.4
813.7
Other assets
1,481.7
1,267.7
Total assets
$
10,079.0
$
10,020.1
Short-term debt and current portion of
long-term debt
$
281.8
$
277.6
Accounts payable, trade
1,283.6
1,294.3
Contract liabilities
834.7
1,012.9
Other current liabilities
1,274.7
1,267.0
Total current liabilities
3,674.8
3,851.8
Long-term debt, less current portion
1,723.3
1,727.3
Other liabilities
1,190.5
1,022.6
TechnipFMC plc stockholders’ equity
3,466.3
3,402.7
Non-controlling interests
24.1
15.7
Total liabilities and equity
$
10,079.0
$
10,020.1
Exhibit 5
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions,
unaudited)
(In millions)
Three Months Ended March
31,
2022
2021
Cash provided (required) by operating
activities
Net income (loss)
$
(53.7
)
$
371.9
Net loss from discontinued operations
19.4
60.2
Adjustments to reconcile income (loss)
from continuing operations to cash provided (required) by operating
activities
Depreciation and amortization
95.9
95.2
Impairments
1.1
18.8
Employee benefit plan and share-based
compensation costs
7.9
4.7
Deferred income tax provision (benefit),
net
23.0
(31.9
)
(Income) loss from investment in Technip
Energies
28.5
(470.1
)
Unrealized loss (gain) on derivative
instruments and foreign exchange
13.0
(5.5
)
Income from equity affiliates, net of
dividends received
(5.4
)
(7.7
)
Loss on early extinguishment of debt
—
23.5
Other
8.7
(0.1
)
Changes in operating assets and
liabilities, net of effects of acquisitions
Trade receivables, net and contract
assets
(64.4
)
(165.6
)
Inventories, net
(15.9
)
66.0
Accounts payable, trade
(26.9
)
84.8
Contract liabilities
(183.5
)
(132.9
)
Income taxes payable, net
1.8
165.3
Other current assets and liabilities,
net
(161.0
)
100.7
Other non-current assets and liabilities,
net
(17.9
)
4.2
Cash provided (required) by operating
activities from continuing operations
(329.4
)
181.5
Cash provided by operating activities
from discontinued operations
—
66.3
Cash provided (required) by operating
activities
(329.4
)
247.8
Cash provided (required) by investing
activities
Capital expenditures
(27.3
)
(44.2
)
Proceeds from redemption of debt
securities
0.5
24.2
Proceeds from sale of investment in
Technip Energies
238.5
100.0
Advances from BPI
—
100.0
Proceeds from repayment of advances to
joint venture
—
12.5
Other
(8.0
)
4.4
Cash provided by investing activities
from continuing operations
203.7
196.9
Cash required by investing activities
from discontinued operations
—
(4.5
)
Cash provided by investing
activities
203.7
192.4
Cash required by financing activities
Net change in short-term debt
(8.0
)
6.2
Net decrease in commercial paper
—
(953.1
)
Net decrease in revolving credit
facility
—
200.0
Proceeds from issuance of long-term
debt
—
1,000.0
Repayments of long-term debt
—
(1,065.8
)
Payments for debt issuance costs
—
(53.5
)
Other
(5.1
)
(0.4
)
Cash required by financing activities
from continuing operations
(13.1
)
(866.6
)
Cash required by financing activities
from discontinued operations
—
(3,617.7
)
Cash required by financing
activities
(13.1
)
(4,484.3
)
Effect of changes in foreign exchange
rates on cash and cash equivalents
14.4
(10.9
)
Change in cash and cash equivalents
(124.4
)
(4,055.0
)
Cash and cash equivalents, beginning of
period
1,327.4
4,807.8
Cash and cash equivalents, end of
period
$
1,203.0
$
752.8
Exhibit 6
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 first quarter 2022 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 2021
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
March 31, 2022
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
$
(42.3
)
$
8.0
$
28.5
$
33.9
$
28.1
$
95.9
$
124.0
Charges and (credits):
Impairment and other charges
1.1
—
—
—
1.1
—
1.1
Restructuring and other charges
(0.3
)
—
0.2
—
(0.1
)
—
(0.1
)
Loss from investment in Technip
Energies
28.5
—
—
—
28.5
—
28.5
Adjusted financial measures
$
(13.0
)
$
8.0
$
28.7
$
33.9
$
57.6
$
95.9
$
153.5
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.09
)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.03
)
Three Months Ended
December 31, 2021
Loss from continuing
operations attributable to TechnipFMC plc
Loss attributable to non-
controlling interests from continuing operations
Provision for income
taxes
Net interest expense and loss
on early extinguishment of debt
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
$
(127.2
)
$
(6.3
)
$
39.4
$
56.7
$
(37.4
)
$
95.7
$
58.3
Charges and (credits):
Impairment and other charges
28.2
—
—
—
28.2
—
28.2
Restructuring and other charges
13.6
—
0.6
—
14.2
—
14.2
Loss from investment in Technip
Energies
29.6
—
—
—
29.6
—
29.6
Adjusted financial measures
$
(55.8
)
$
(6.3
)
$
40.0
$
56.7
$
34.6
$
95.7
$
130.3
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.28
)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.12
)
Three Months Ended
March 31, 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
$
430.3
$
1.8
$
24.5
$
58.0
$
514.6
$
95.2
$
609.8
Charges and (credits):
Impairment and other charges
18.8
—
—
—
18.8
—
18.8
Restructuring and other charges
6.5
—
0.2
—
6.7
—
6.7
Income from Investment in Technip
Energies
(470.1
)
—
—
—
(470.1
)
—
(470.1
)
Adjusted financial measures
$
(14.5
)
$
1.8
$
24.7
$
58.0
$
70.0
$
95.2
$
165.2
Diluted earnings per share from continuing
operations attributable to TechnipFMC plc, as reported
$
0.95
Adjusted diluted loss 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)
Three Months Ended
March 31, 2022
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,289.1
$
266.7
$
—
$
—
$
1,555.8
Operating profit (loss), as reported
(pre-tax)
$
54.0
$
3.7
$
(29.5
)
$
(0.1
)
$
28.1
Charges and (credits):
Impairment and other charges
—
1.1
—
—
1.1
Restructuring and other charges
(3.4
)
0.5
2.8
—
(0.1
)
Loss from investment in Technip
Energies
—
—
—
28.5
28.5
Subtotal
(3.4
)
1.6
2.8
28.5
29.5
Adjusted Operating profit (loss)
50.6
5.3
(26.7
)
28.4
57.6
Depreciation and amortization
78.4
16.7
0.8
—
95.9
Adjusted EBITDA
$
129.0
$
22.0
$
(25.9
)
$
28.4
$
153.5
Operating profit margin, as reported
4.2
%
1.4
%
1.8
%
Adjusted Operating profit margin
3.9
%
2.0
%
3.7
%
Adjusted EBITDA margin
10.0
%
8.2
%
9.9
%
Three Months Ended
December 31, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,236.2
$
287.1
$
—
$
—
$
1,523.3
Operating profit (loss), as reported
(pre-tax)
$
8.5
$
8.8
$
(29.7
)
$
(25.0
)
$
(37.4
)
Charges and (credits):
Impairment and other charges
26.6
1.6
—
—
28.2
Restructuring and other charges
9.8
2.2
2.2
—
14.2
Loss from investment in Technip
Energies
—
—
—
29.6
29.6
Subtotal
36.4
3.8
2.2
29.6
72.0
Adjusted Operating profit (loss)
44.9
12.6
(27.5
)
4.6
34.6
Depreciation and amortization
78.7
16.3
0.7
—
95.7
Adjusted EBITDA
$
123.6
$
28.9
$
(26.8
)
$
4.6
$
130.3
Operating profit margin, as reported
0.7
%
3.1
%
-2.5
%
Adjusted Operating profit margin
3.6
%
4.4
%
2.3
%
Adjusted EBITDA margin
10.0
%
10.1
%
8.6
%
Three Months Ended
March 31, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net
Total
Revenue
$
1,386.5
$
245.5
$
—
$
—
$
1,632.0
Operating loss, as reported (pre-tax)
$
37.0
$
8.2
$
(28.8
)
$
498.2
$
514.6
Charges and (credits):
Impairment and other charges
15.7
0.1
3.0
—
18.8
Restructuring and other charges
4.0
2.7
—
—
6.7
Income from investment in Technip
Energies
—
—
—
(470.1
)
(470.1
)
Subtotal
19.7
2.8
3.0
(470.1
)
(444.6
)
Adjusted Operating profit (loss)
56.7
11.0
(25.8
)
28.1
70.0
Depreciation and amortization
78.4
15.9
0.9
—
95.2
Adjusted EBITDA
$
135.1
$
26.9
$
(24.9
)
$
28.1
$
165.2
Operating profit margin, as reported
2.7
%
3.3
%
31.5
%
Adjusted Operating profit margin
4.1
%
4.5
%
4.3
%
Adjusted EBITDA margin
9.7
%
11.0
%
10.1
%
Exhibit 8
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
March 31, 2022
December 31, 2021
March 31, 2021
Cash and cash equivalents
$
1,203.0
$
1,327.4
$
752.8
Short-term debt and current portion of
long-term debt
(281.8
)
(277.6
)
(96.8
)
Long-term debt, less current portion
(1,723.3
)
(1,727.3
)
(2,434.3
)
Net debt
$
(802.1
)
$
(677.5
)
$
(1,778.3
)
Net (debt) cash, is a non-GAAP financial
measure reflecting cash and cash equivalents, net of debt.
Management uses this non-GAAP financial measure to evaluate our
capital structure and financial leverage. We believe net debt, or
net cash, is a meaningful financial measure that may assist
investors in understanding our financial condition and recognizing
underlying trends in our capital structure. Net (debt) cash should
not be considered an alternative to, or more meaningful than, cash
and cash equivalents as determined in accordance with U.S. GAAP or
as an indicator of our operating performance or liquidity.
Exhibit 9
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended March
31,
2022
2021
Cash provided (required) by operating
activities from continuing operations
$
(329.4
)
$
181.5
Capital expenditures
(27.3
)
(44.2
)
Free cash flow (deficit) from continuing
operations
$
(356.7
)
$
137.3
Free cash flow (deficit) from continuing
operations, is a non-GAAP financial measure and is defined as cash
provided by operating activities less capital expenditures.
Management uses this non-GAAP financial measure to evaluate our
financial condition. We believe from continuing operations, free
cash flow (deficit) from continuing operations is a meaningful
financial measure that may assist investors in understanding our
financial condition and results of operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220427005918/en/
Investor relations
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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