- Subsea inbound of $1.4 billion supports full-year outlook
for orders to approach $7 billion
- Surface Technologies inbound of $449 million driven by
Middle East; book-to-bill of 1.4
- Cash provided by operating activities of $212 million; free
cash flow of $181 million
- Repurchased $50 million of ordinary shares following $400
million authorization in July
TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today
reported third 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)
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2021
Sequential
Year-over- Year
Revenue
$1,733.0
$1,717.2
$1,579.4
0.9%
9.7%
Income (loss)
$5.0
$2.1
$(40.6)
138.1%
n/m
Diluted earnings (loss) per
share
$0.01
$0.00
$(0.09)
n/m
n/m
Adjusted EBITDA
$185.6
$186.5
$140.6
(0.5%)
32.0%
Adjusted EBITDA margin
10.7%
10.9%
8.9%
(20 bps)
180 bps
Adjusted income (loss)
$12.7
$8.4
$(25.0)
51.2%
n/m
Adjusted diluted earnings (loss) per
share
$0.03
$0.02
$(0.06)
50.0%
n/m
Inbound orders
$1,850.0
$2,201.7
$1,365.9
(16.0%)
35.4%
Backlog
$8,841.0
$9,039.4
$7,002.4
(2.2%)
26.3%
n/m - not meaningful
Total Company revenue in the third quarter was $1,733 million.
Income from continuing operations attributable to TechnipFMC was $5
million, or $0.01 per diluted share. These results included
after-tax charges and credits totaling $7.7 million of expense, or
$0.02 per share, which included the following (Exhibit 6):
- Impairment and other charges of $3.6 million; and
- Restructuring and other charges of $4.1 million.
Adjusted income from continuing operations was $12.7 million, or
$0.03 per diluted share (Exhibit 6).
Adjusted EBITDA excludes pre-tax charges and credits. Adjusted
EBITDA in the period also included a foreign exchange loss of $14.5
million. When excluding the foreign exchange loss, adjusted EBITDA
was $200.1 million.
Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “Third
quarter results reflect continued momentum in financial
performance. Total Company revenue of $1.7 billion was a solid
achievement given the currency headwind experienced during the
period. Adjusted EBITDA was $200 million with a margin of 11.5%
when excluding foreign exchange loss. Subsea and Surface
Technologies both achieved sequential improvement in adjusted
EBITDA margin in the period.”
Pferdehirt added, “In Subsea, inbound was $1.4 billion, with
year-to-date orders now totaling $5.2 billion, exceeding the level
achieved in all of last year. Our Subsea Opportunities list remains
at a record level. This strong project pipeline and the active
dialogue with our large and expanded customer base give us
continued confidence that our full-year Subsea orders will approach
$7 billion, up as much as 40 percent versus the prior year.
Extending the outlook into 2023, we believe orders over the next
five quarters will be at least $9 billion.”
“In Surface Technologies, inbound increased sequentially by
approximately 65% to $449 million, representing a book-to-bill of
1.4. The strong order activity benefited from the acceleration of
orders from Aramco, which was a significant achievement in the
period. A large portion of these awards will result in revenue in
future periods, providing us with increased visibility for
continued growth in our international revenue in 2023.”
Pferdehirt continued, “We continue to see the potential for
strong growth in EBITDA, cash flow and financial returns, as
evidenced by our stated objective to achieve more than $1 billion
of Subsea EBITDA by 2025. Further demonstrating our confidence in
this outlook, we announced a new $400 million share buyback program
in July, which we quickly put into action with the repurchase of
$50 million of our ordinary shares in the third quarter.”
Pferdehirt concluded, “The next leg of growth in oil and gas
will be fueled by offshore and the Middle East. The bold steps we
took more than five years ago to create TechnipFMC have resulted in
a pure-play technology company that is uniquely levered to both of
these markets. Our portfolio of innovative products, solutions and
disruptive commercial models has further strengthened our
leadership position, and we are now taking full advantage of the
market growth that lies ahead.”
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, 2022
Jun. 30, 2022
Sep. 30, 2021
Sequential
Year-over- Year
Revenue
$1,415.0
$1,414.6
$1,312.1
0.0%
7.8%
Operating profit
$105.0
$97.1
$23.5
8.1%
346.8%
Adjusted EBITDA
$183.8
$176.0
$146.5
4.4%
25.5%
Adjusted EBITDA margin
13.0%
12.4%
11.2%
60 bps
180 bps
Inbound orders
$1,400.8
$1,928.0
$1,116.0
(27.3%)
25.5%
Backlog1,2,3
$7,603.2
$7,926.3
$6,661.4
(4.1%)
14.1%
Estimated Consolidated Backlog
Scheduling (In millions)
Sep. 30, 2022
2022 (3 months)
$996
2023
$3,747
2024 and beyond
$2,860
Total
$7,603
1 Backlog as of Sep. 30, 2022 was reduced
by a foreign exchange impact of $307 million.
2 Backlog does not capture all revenue
potential for Subsea Services.
3 Backlog as of Sep. 30, 2022 does not
include total Company non-consolidated backlog of $509 million.
Subsea reported third quarter revenue of $1,415 million, flat
sequentially versus the second quarter. Higher project installation
activity in Brazil and Guyana was offset by the negative impact of
foreign exchange.
Subsea reported an operating profit of $105 million.
Sequentially, operating profit benefited primarily from the higher
installation activity and improved margins in backlog.
Subsea reported adjusted EBITDA of $183.8 million. Adjusted
EBITDA increased by 4.4 percent when compared to the second
quarter. The factors impacting operating profit also drove the
sequential increase in adjusted EBITDA. Adjusted EBITDA margin
improved 60 basis points to 13 percent.
Subsea inbound orders were $1,400.8 million for the quarter.
Book-to-bill was 1.0. The following awards were included in the
period:
- TotalEnergies Lapa North East Project (Brazil)
Significant* engineering, procurement, construction, and
installation (EPCI) contract by TotalEnergies for its Lapa North
East field in the pre-salt Santos Basin offshore Brazil. TechnipFMC
will reconfigure and install umbilicals and flexible pipe in a new
configuration that will further secure the production of the field.
*A “significant” contract ranges between $75 million and $250
million.
- Shell Jackdaw Project (United Kingdom) Significant* EPCI
contract by Shell plc for the Jackdaw development, located in the
United Kingdom North Sea. The contract covers pipelay for a 30
kilometer tieback from the new Jackdaw platform to Shell’s
Shearwater platform, as well as an associated riser, spoolpieces,
subsea structures, and umbilicals. The tieback will use
pipe-in-pipe technology, which is designed for high pressure, high
temperature use. *A “significant” contract ranges between $75
million and $250 million.
The following award was announced in the period, but not
included in third quarter inbound orders:
- ExxonMobil Gas to Energy Project (Guyana) Significant*
contract by ExxonMobil affiliate, Esso Exploration and Production
Guyana Limited, for the Gas to Energy Project in Guyana. Subject to
final project sanction, TechnipFMC will provide engineering,
procurement, construction, and installation of subsea risers and
pipelines. The project will connect the production from Liza
Destiny and Unity back to shore, delivering associated gas from the
field to a gas-fired power plant that will supply electricity to
the community. TechnipFMC currently employs more than 85 Guyanese
and expects to continue to hire and train additional local staff in
support of this award. *A “significant” contract ranges between $75
million and $250 million; the full contract award will not be
included in inbound orders until the project receives final
investment decision and government approvals.
Partnership and Alliance Highlights
- TechnipFMC and Halliburton Technology Alliance
TechnipFMC and Halliburton renewed their Technology Alliance after
the successful completion of an initial 5-year alliance agreement.
The alliance accelerates the development and commercialization of
new technologies that deliver integrated production solutions that
span subsea and subsurface applications. This includes fiber optic
sensing, all-electric subsea field development, riserless well
intervention systems and carbon capture and storage solutions and
includes the award-winning Odassea™ fiber optic sensing solution
for reservoir monitoring and production diagnostics.
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, 2022
Jun. 30, 2022
Sep. 30, 2021
Sequential
Year-over- Year
Revenue
$318.0
$302.6
$267.3
5.1%
19.0%
Operating profit
$19.0
$10.0
$12.1
90.0%
57.0%
Adjusted EBITDA
$40.8
$32.4
$28.4
25.9%
43.7%
Adjusted EBITDA margin
12.8%
10.7%
10.6%
210 bps
220 bps
Inbound orders
$449.2
$273.7
$249.9
64.1%
79.8%
Backlog
$1,237.8
$1,113.1
$341.0
11.2%
263.0%
Surface Technologies reported third quarter revenue of $318
million, an increase of 5.1 percent from the second quarter.
Revenue growth was strongest outside North America, with particular
strength in the Middle East.
Surface Technologies reported operating profit of $19 million.
Operating profit increased sequentially primarily due to higher
international activity, including the progressive ramp in Middle
East volume, and timing of associated costs.
Surface Technologies reported adjusted EBITDA of $40.8 million.
Adjusted EBITDA increased by 25.9 percent when compared to the
second quarter. The factors impacting operating profit also drove
the sequential increase in adjusted EBITDA. Adjusted EBITDA margin
increased by 210 basis points to 12.8 percent.
Inbound orders for the quarter were $449.2 million, an increase
of 64.1 percent sequentially. Book-to-bill in the period was 1.4.
The strong order activity benefited from the acceleration of orders
from Aramco, a large portion of which will be consumed in future
periods. Backlog ended the period at $1,237.8 million.
Corporate and Other Items (three months ended, September
30, 2022)
Corporate expense was $25.2 million.
Foreign exchange loss was $14.5 million.
Net interest expense was $30.9 million.
The provision for income taxes was $42.7 million.
Total depreciation and amortization was $94.5 million.
Cash provided by operating activities from continuing operations
was $212 million. Capital expenditures were $30.9 million. Free
cash flow from continuing operations was $181.1 million (Exhibit
11).
The Company ended the period with cash and cash equivalents of
$711.5 million; net debt was $655.3 million (Exhibit 10).
Share repurchase
On July 27, 2022, the Board of Directors authorized a new share
repurchase program under which the Company may repurchase up to
$400 million of its ordinary shares. The program represented 14
percent of the Company's outstanding ordinary shares at the time of
announcement.
During the quarter, the Company repurchased 5.8 million of its
ordinary shares for total consideration of $50.1 million.
2022 Full-Year Financial Guidance1
The Company’s full-year guidance for 2022 can be found in the
table below. Updates to the guidance are as follows:
- Capital expenditures of approximately $180 million, which
decreased from the previous guidance of approximately $230
million.
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 (*Updated
October 26, 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
$180 million
Free cash flow $100 - 250
million
____________________
1 Our guidance measures of adjusted EBITDA
margin 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, October 27,
2022 to discuss the third 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.
Beginning with the Company’s fourth quarter 2022 financial
results, the earnings release and teleconference will occur on the
same day.
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 statements
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; 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
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2022
2022
2021
2022
2021
Revenue
$
1,733.0
$
1,717.2
$
1,579.4
$
5,006.0
$
4,880.2
Costs and expenses
1,652.2
1,640.2
1,543.4
4,837.8
4,810.5
80.8
77.0
36.0
168.2
69.7
Other income, net
3.5
7.3
(35.9
)
57.0
19.2
Income (loss) from investment in Technip
Energies
—
0.8
28.5
(27.7
)
351.8
Income before net interest expense and
income taxes
84.3
85.1
28.6
197.5
440.7
Net interest expense
(30.9
)
(27.7
)
(39.3
)
(92.5
)
(109.0
)
Loss on early extinguishment of debt
—
(29.8
)
(16.0
)
(29.8
)
(39.5
)
Income (loss) before income taxes
53.4
27.6
(26.7
)
75.2
292.2
Provision for income taxes
42.7
19.8
12.3
91.0
71.7
Income (loss) from continuing
operations
10.7
7.8
(39.0
)
(15.8
)
220.5
Net (income) from continuing operations
attributable to non-controlling interests
(5.7
)
(5.7
)
(1.6
)
(19.4
)
(5.5
)
Income (loss) from continuing operations
attributable to TechnipFMC plc
5.0
2.1
(40.6
)
(35.2
)
215.0
Income (loss) from discontinued
operations
(15.3
)
—
8.4
(34.7
)
(44.1
)
Income from discontinued operations
attributable to non-controlling interests
—
—
—
—
(1.9
)
Net income (loss) attributable to
TechnipFMC plc
$
(10.3
)
$
2.1
$
(32.2
)
$
(69.9
)
$
169.0
Earnings (loss) per share from continuing
operations
Basic
$
0.01
$
0.00
$
(0.09
)
$
(0.08
)
$
0.48
Diluted
$
0.01
$
0.00
$
(0.09
)
$
(0.08
)
$
0.47
Earnings (loss) per share from
discontinued operations
Basic and diluted
$
(0.03
)
$
0.00
$
0.02
$
(0.08
)
$
(0.10
)
Earnings (loss) per share attributable to
TechnipFMC plc
Basic
$
(0.02
)
$
0.00
$
(0.07
)
$
(0.16
)
$
0.38
Diluted
$
(0.02
)
$
0.00
$
(0.07
)
$
(0.16
)
$
0.37
Weighted average shares outstanding:
Basic
450.1
452.2
450.7
451.1
450.4
Diluted
458.1
456.8
450.7
451.1
454.7
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,
2022
2022
2021
2022
2021
Revenue
Subsea
$
1,415.0
$
1,414.6
$
1,312.1
$
4,118.7
$
4,092.9
Surface Technologies
318.0
302.6
267.3
887.3
787.3
$
1,733.0
$
1,717.2
$
1,579.4
$
5,006.0
$
4,880.2
Segment operating
profit
Subsea
$
105.0
$
97.1
$
23.5
$
256.1
$
132.9
Surface Technologies
19.0
10.0
12.1
32.7
33.2
Total segment operating profit
124.0
107.1
35.6
288.8
166.1
Corporate
items
Corporate expense (1)
$
(25.2
)
$
(22.0
)
$
(29.3
)
$
(76.7
)
$
(88.4
)
Net interest expense and loss on early
extinguishment of debt
(30.9
)
(57.5
)
(55.3
)
(122.3
)
(148.5
)
Income (loss) from investment in Technip
Energies
—
0.8
28.5
(27.7
)
351.8
Foreign exchange gains (losses)
(14.5
)
(0.8
)
(6.2
)
13.1
11.2
Total corporate items
(70.6
)
(79.5
)
(62.3
)
(213.6
)
126.1
Income (loss) before income taxes (2)
$
53.4
$
27.6
$
(26.7
)
$
75.2
$
292.2
(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,
2022
2022
2021
2022
2021
Subsea
$
1,400.8
$
1,928.0
$
1,116.0
$
5,222.4
$
3,926.1
Surface Technologies
449.2
273.7
249.9
1,014.2
721.4
Total inbound orders
$
1,850.0
$
2,201.7
$
1,365.9
$
6,236.6
$
4,647.5
Order
Backlog (2)
September 30, 2022
June 30, 2022
September 30, 2021
Subsea
$
7,603.2
$
7,926.3
$
6,661.4
Surface Technologies
1,237.8
1,113.1
341.0
Total order backlog
$
8,841.0
$
9,039.4
$
7,002.4
(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)
September 30,
2022
December 31,
2021
Cash and cash equivalents
$
711.5
$
1,327.4
Trade receivables, net
1,048.8
911.9
Contract assets, net
1,023.9
966.0
Inventories, net
1,031.6
1,031.9
Other current assets
943.2
787.0
Investment in Technip Energies
—
317.3
Total current assets
4,759.0
5,341.5
Property, plant and equipment, net
2,258.2
2,597.2
Intangible assets, net
734.2
813.7
Other assets
1,307.5
1,267.7
Total assets
$
9,058.9
$
10,020.1
Short-term debt and current portion of
long-term debt
$
231.9
$
277.6
Accounts payable, trade
1,299.4
1,294.3
Contract liabilities
711.1
1,012.9
Other current liabilities
1,496.6
1,267.0
Total current liabilities
3,739.0
3,851.8
Long-term debt, less current portion
1,134.9
1,727.3
Other liabilities
1,010.7
1,022.6
TechnipFMC plc stockholders’ equity
3,146.9
3,402.7
Non-controlling interests
27.4
15.7
Total liabilities and equity
$
9,058.9
$
10,020.1
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,
2022
2022
2021
Cash provided (required) by operating
activities
Net income (loss)
$
(4.6
)
$
(50.5
)
$
176.4
Net loss from discontinued operations
15.3
34.7
44.1
Adjustments to reconcile income (loss)
from continuing operations to cash provided (required) by operating
activities
Depreciation and amortization
94.5
284.4
289.7
Impairments
3.6
4.7
20.9
Employee benefit plan and share-based
compensation costs
9.9
27.0
22.5
Deferred income tax benefit
(10.3
)
(21.1
)
(39.0
)
(Income) loss from investment in Technip
Energies
—
27.7
(351.8
)
Unrealized (gain) loss on derivative
instruments and foreign exchange
29.7
66.4
(19.3
)
Loss (income) from equity affiliates, net
of dividends received
(13.8
)
(23.1
)
9.4
Loss on early extinguishment of debt
—
29.8
39.5
Other
0.5
2.9
(19.0
)
Changes in operating assets and
liabilities, net of effects of acquisitions
Trade receivables, net and contract
assets
(52.3
)
(375.1
)
(320.0
)
Inventories, net
16.1
(27.4
)
165.9
Accounts payable, trade
107.8
134.7
78.0
Contract liabilities
(66.3
)
(242.7
)
(104.8
)
Income taxes payable, net
16.6
(19.0
)
178.9
Other current assets and liabilities,
net
41.3
(93.5
)
57.4
Other non-current assets and liabilities,
net
24.0
25.8
2.7
Cash provided (required) by operating
activities from continuing operations
212.0
(214.3
)
231.5
Cash provided by operating activities
from discontinued operations
—
—
66.3
Cash provided (required) by operating
activities
212.0
(214.3
)
297.8
Cash provided (required) by investing
activities
Capital expenditures
(30.9
)
(94.3
)
(131.2
)
Proceeds from redemption of debt
securities
9.2
9.7
27.4
Payment to acquire debt securities
—
—
(29.1
)
Proceeds from sales of assets
5.5
13.4
95.7
Proceeds from sale of investment in
Technip Energies
—
288.5
784.5
Proceeds from repayment of advances to
joint venture
—
12.5
12.5
Other
—
(16.5
)
—
Cash provided (required) by investing
activities from continuing operations
(16.2
)
213.3
759.8
Cash required by investing activities
from discontinued operations
—
—
(4.5
)
Cash provided (required) by investing
activities
(16.2
)
213.3
755.3
Cash required by financing activities
Net decrease in short-term debt
(31.2
)
(204.7
)
(31.3
)
Net change in revolving credit facility
and commercial paper
(20.0
)
150.0
(974.3
)
Proceeds from issuance of long-term
debt
—
—
1,164.4
Repayments of long-term debt
—
(451.7
)
(1,242.2
)
Share repurchases
(50.1
)
(50.1
)
—
Payments for debt issuance costs
—
—
(53.5
)
Acquisition of non-controlling
interest
—
—
(48.6
)
Other
(64.8
)
(70.3
)
(3.8
)
Cash required by financing activities
from continuing operations
(166.1
)
(626.8
)
(1,189.3
)
Cash required by financing activities
from discontinued operations
—
—
(3,617.7
)
Cash required by financing
activities
(166.1
)
(626.8
)
(4,807.0
)
Effect of changes in foreign exchange
rates on cash and cash equivalents
(3.1
)
11.9
(19.9
)
Change in cash and cash equivalents
26.6
(615.9
)
(3,773.8
)
Cash and cash equivalents, beginning of
period
684.9
1,327.4
4,807.8
Cash and cash equivalents, end of
period
$
711.5
$
711.5
$
1,034.0
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 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 Adjusted EBITDA, excluding foreign exchange gains or
losses); and net debt) 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, 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 and other charges
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
Three Months Ended
June 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
$
2.1
$
5.7
$
19.8
$
57.5
$
85.1
$
94.0
$
179.1
Charges and (credits):
Restructuring and other charges
7.1
—
1.1
—
8.2
—
8.2
Income from investment in Technip
Energies
(0.8
)
—
—
—
(0.8
)
—
(0.8
)
Adjusted financial measures
$
8.4
$
5.7
$
20.9
$
57.5
$
92.5
$
94.0
$
186.5
Diluted earnings per share from continuing
operations attributable to TechnipFMC plc, as reported
$
0.00
Adjusted diluted earnings per share from
continuing operations attributable to TechnipFMC plc
$
0.02
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
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 (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
$
(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
)
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
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 Adjusted EBITDA,
excluding foreign exchange gains or losses); and net debt) 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, 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 and other charges
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
Exhibit 7
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
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
)
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 and
Other
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 and other charges
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
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
%
Three Months Ended
June 30, 2022
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,414.6
$
302.6
$
—
$
—
$
1,717.2
Operating profit (loss), as reported
(pre-tax)
$
97.1
$
10.0
$
(22.0
)
$
—
$
85.1
Charges and (credits):
Restructuring and other charges
2.6
5.4
0.2
—
8.2
Income from investment in Technip
Energies
—
—
—
(0.8
)
(0.8
)
Subtotal
2.6
5.4
0.2
(0.8
)
7.4
Adjusted Operating profit (loss)
99.7
15.4
(21.8
)
(0.8
)
92.5
Depreciation and amortization
76.3
17.0
0.7
—
94.0
Adjusted EBITDA
$
176.0
$
32.4
$
(21.1
)
$
(0.8
)
$
186.5
Operating profit margin, as reported
6.9
%
3.3
%
5.0
%
Adjusted Operating profit margin
7.0
%
5.1
%
5.4
%
Adjusted EBITDA margin
12.4
%
10.7
%
10.9
%
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
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
%
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 profit (loss), as reported
(pre-tax)
$
256.1
$
32.7
$
(76.7
)
$
(14.6
)
$
197.5
Charges and (credits):
Impairment and other charges
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
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
%
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
Total
Revenue
$
4,092.9
$
787.3
$
—
$
—
$
4,880.2
Operating 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
%
Exhibit 10
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
September 30, 2022
June 30, 2022
September 30, 2021
Cash and cash equivalents
$
711.5
$
684.9
$
1,034.0
Short-term debt and current portion of
long-term debt
(231.9
)
(274.0
)
(282.2
)
Long-term debt, less current portion
(1,134.9
)
(1,200.7
)
(1,973.6
)
Net debt
$
(655.3
)
$
(789.8
)
$
(1,221.8
)
Net debt, 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 is a meaningful financial measure
that may assist investors in understanding our financial condition
and recognizing underlying trends in our capital structure. Net
debt should not be considered an alternative to, or more meaningful
than, cash and cash equivalents as determined in accordance with
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,
2022
2022
2021
Cash provided (required) by operating
activities from continuing operations
$
212.0
$
(214.3
)
$
231.5
Capital expenditures
(30.9
)
(94.3
)
(131.2
)
Free cash flow (deficit) from continuing
operations
$
181.1
$
(308.6
)
$
100.3
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/20221026005896/en/
Investor relations Matt Seinsheimer Senior Vice
President, Investor Relations and Corporate Development 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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