(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive office) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Securities registered pursuant to Section 12(g) of the Act: None. |
Exhibit Number | Exhibit Description | |||||||
99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K |
TechnipFMC plc | ||||||||
By: /s/ Alf Melin | ||||||||
Dated: | October 26, 2023 | Name: Alf Melin | ||||||
Title: Executive Vice President and Chief Financial Officer |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $2,056.9 | $1,972.2 | $1,733.0 | 4.3% | 18.7% | ||||||||||||
Income (loss) | $90.0 | $(87.2) | $5.0 | n/m | 1,700.0% | ||||||||||||
Income (loss) margin | 4.4 | % | (4.4 | %) | 0.3 | % | n/m | 410 bps | |||||||||
Diluted earnings (loss) per share | $0.20 | $(0.20) | $0.01 | n/m | 1,900.0% | ||||||||||||
Adjusted EBITDA | $237.5 | $205.9 | $185.6 | 15.3% | 28.0% | ||||||||||||
Adjusted EBITDA margin | 11.5 | % | 10.4 | % | 10.7 | % | 110 bps | 80 bps | |||||||||
Adjusted income | $93.7 | $44.0 | $12.7 | 113.0% | 637.8% | ||||||||||||
Adjusted diluted earnings per share | $0.21 | $0.10 | $0.03 | 110.0% | 600.0% | ||||||||||||
Inbound orders | $2,145.1 | $4,447.3 | $1,850.0 | (51.8%) | 16.0% | ||||||||||||
Backlog | $13,230.7 | $13,278.6 | $8,841.0 | (0.4%) | 49.7% |
TechnipFMC.com | Page 1 of 26 |
TechnipFMC.com | Page 2 of 26 |
Subsea |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,708.3 | $1,618.4 | $1,415.0 | 5.6% | 20.7% | ||||||||||||
Operating profit | $177.7 | $153.4 | $105.0 | 15.8% | 69.2% | ||||||||||||
Operating profit margin | 10.4 | % | 9.5 | % | 7.4 | % | 90 bps | 300 bps | |||||||||
Adjusted EBITDA | $257.8 | $233.8 | $183.8 | 10.3% | 40.3% | ||||||||||||
Adjusted EBITDA margin | 15.1 | % | 14.4 | % | 13.0 | % | 70 bps | 210 bps | |||||||||
Inbound orders | $1,828.0 | $4,114.5 | $1,400.8 | (55.6%) | 30.5% | ||||||||||||
Backlog1,2,3 | $12,073.6 | $12,088.5 | $7,603.2 | (0.1%) | 58.8% |
Estimated Consolidated Backlog Scheduling (In millions) | Sep. 30, 2023 | ||||
2023 (3 months) | $1,146 | ||||
2024 | $4,475 | ||||
2025 and beyond | $6,453 | ||||
Total | $12,074 | ||||
1 Backlog as of September 30, 2023 was decreased by a foreign exchange impact of $154 million. | |||||
2 Backlog does not capture all revenue potential for Subsea Services. | |||||
3 Backlog as of September 30, 2023 does not include total Company non-consolidated backlog of $322 million. |
TechnipFMC.com | Page 3 of 26 |
TechnipFMC.com | Page 4 of 26 |
Surface Technologies |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $348.6 | $353.8 | $318.0 | (1.5%) | 9.6% | ||||||||||||
Operating profit | $33.3 | $25.7 | $19.0 | 29.6% | 75.3% | ||||||||||||
Operating profit margin | 9.6 | % | 7.3 | % | 6.0 | % | 230 bps | 360 bps | |||||||||
Adjusted EBITDA | $49.9 | $46.9 | $40.8 | 6.4% | 22.3% | ||||||||||||
Adjusted EBITDA margin | 14.3 | % | 13.3 | % | 12.8 | % | 100 bps | 150 bps | |||||||||
Inbound orders | $317.1 | $332.8 | $449.2 | (4.7%) | (29.4%) | ||||||||||||
Backlog | $1,157.1 | $1,190.1 | $1,237.8 | (2.8%) | (6.5%) |
TechnipFMC.com | Page 5 of 26 |
TechnipFMC.com | Page 6 of 26 |
2023 Guidance (As of February 23, 2023) | ||||||||||||||
Subsea | Surface Technologies | |||||||||||||
Revenue in a range of $5.9 - 6.3 billion | Revenue in a range of $1.3 - 1.45 billion | |||||||||||||
Adjusted EBITDA margin in a range of 12.5 - 13.5% | Adjusted EBITDA margin in a range of 12 - 14% | |||||||||||||
TechnipFMC | ||||||||||||||
Corporate expense, net $100 - 110 million | ||||||||||||||
(includes depreciation and amortization of ~$5 million; excludes charges and credits) | ||||||||||||||
Net interest expense $100 - 110 million | ||||||||||||||
Tax provision, as reported $155 - 165 million | ||||||||||||||
Capital expenditures approximately $250 million | ||||||||||||||
Free cash flow2 $225 - 375 million | ||||||||||||||
TechnipFMC.com | Page 7 of 26 |
TechnipFMC.com | Page 8 of 26 |
TechnipFMC.com | Page 9 of 26 |
Contacts Investor relations Matt Seinsheimer Senior Vice President, Investor Relations and Corporate Development Tel: +1 281 260 3665 Email: Matt Seinsheimer James Davis Director, Investor Relations Tel: +1 281 260 3665 Email: James Davis | Media relations Catie Tuley Director, Public Relations Tel: +1 281 591 5405 Email: Catie Tuley David Willis Senior Manager, Public Relations Tel: +44 7841 492988 Email: David Willis |
TechnipFMC.com | Page 10 of 26 |
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Revenue | $ | 2,056.9 | $ | 1,972.2 | $ | 1,733.0 | $ | 5,746.5 | $ | 5,006.0 | |||||||||||||||||||
Costs and expenses | 1,896.1 | 1,813.7 | 1,652.2 | 5,376.2 | 4,837.8 | ||||||||||||||||||||||||
160.8 | 158.5 | 80.8 | 370.3 | 168.2 | |||||||||||||||||||||||||
Other income (expense), net | (20.9) | (181.2) | 3.5 | (189.2) | 57.0 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | — | (27.7) | ||||||||||||||||||||||||
Income (loss) before net interest expense and income taxes | 139.9 | (22.7) | 84.3 | 181.1 | 197.5 | ||||||||||||||||||||||||
Net interest expense | (26.7) | (30.3) | (30.9) | (75.7) | (92.5) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | (29.8) | ||||||||||||||||||||||||
Income (loss) before income taxes | 113.2 | (53.0) | 53.4 | 105.4 | 75.2 | ||||||||||||||||||||||||
Provision for income taxes | 19.5 | 43.3 | 42.7 | 100.2 | 91.0 | ||||||||||||||||||||||||
Income (loss) from continuing operations | 93.7 | (96.3) | 10.7 | 5.2 | (15.8) | ||||||||||||||||||||||||
(Income) loss from continuing operations attributable to non-controlling interests | (3.7) | 9.1 | (5.7) | (2.0) | (19.4) | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 90.0 | (87.2) | 5.0 | 3.2 | (35.2) | ||||||||||||||||||||||||
Loss from discontinued operations | — | — | (15.3) | — | (34.7) | ||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 90.0 | $ | (87.2) | $ | (10.3) | $ | 3.2 | $ | (69.9) | |||||||||||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||||||||||||||
Basic | $ | 0.21 | $ | (0.20) | $ | 0.01 | $ | 0.01 | $ | (0.08) | |||||||||||||||||||
Diluted | $ | 0.20 | $ | (0.20) | $ | 0.01 | $ | 0.01 | $ | (0.08) | |||||||||||||||||||
Earnings (loss) per share from discontinued operations | |||||||||||||||||||||||||||||
Basic and diluted | $ | 0.00 | $ | 0.00 | $ | (0.03) | $ | 0.00 | $ | (0.08) | |||||||||||||||||||
Earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||||||||
Basic | $ | 0.21 | $ | (0.20) | $ | (0.02) | $ | 0.01 | $ | (0.16) | |||||||||||||||||||
Diluted | $ | 0.20 | $ | (0.20) | $ | (0.02) | $ | 0.01 | $ | (0.16) | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 436.9 | 440.1 | 450.1 | 439.7 | 451.1 | ||||||||||||||||||||||||
Diluted | 450.3 | 440.1 | 458.1 | 452.9 | 451.1 | ||||||||||||||||||||||||
Cash dividends declared per share | $ | 0.05 | $ | — | $ | — | $ | 0.05 | $ | — |
TechnipFMC.com | Page 11 of 26 |
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Segment revenue | |||||||||||||||||||||||||||||
Subsea | $ | 1,708.3 | $ | 1,618.4 | $ | 1,415.0 | $ | 4,714.3 | $ | 4,118.7 | |||||||||||||||||||
Surface Technologies | 348.6 | 353.8 | 318.0 | 1,032.2 | 887.3 | ||||||||||||||||||||||||
Total segment revenue | $ | 2,056.9 | $ | 1,972.2 | $ | 1,733.0 | $ | 5,746.5 | $ | 5,006.0 | |||||||||||||||||||
Segment operating profit | |||||||||||||||||||||||||||||
Subsea | $ | 177.7 | $ | 153.4 | $ | 105.0 | $ | 397.9 | $ | 256.1 | |||||||||||||||||||
Surface Technologies | 33.3 | 25.7 | 19.0 | 81.4 | 32.7 | ||||||||||||||||||||||||
Total segment operating profit | 211.0 | 179.1 | 124.0 | 479.3 | 288.8 | ||||||||||||||||||||||||
Corporate items | |||||||||||||||||||||||||||||
Corporate expense(1) | $ | (24.7) | $ | (153.5) | $ | (25.2) | $ | (205.6) | $ | (76.7) | |||||||||||||||||||
Net interest expense and loss on early extinguishment of debt | (26.7) | (30.3) | (30.9) | (75.7) | (122.3) | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | — | (27.7) | ||||||||||||||||||||||||
Foreign exchange gains (losses) | (46.4) | (48.3) | (14.5) | (92.6) | 13.1 | ||||||||||||||||||||||||
Total corporate items | (97.8) | (232.1) | (70.6) | (373.9) | (213.6) | ||||||||||||||||||||||||
Income (loss) before income taxes(2) | $ | 113.2 | $ | (53.0) | $ | 53.4 | $ | 105.4 | $ | 75.2 |
TechnipFMC.com | Page 12 of 26 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Inbound Orders (1) | September 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Subsea | $ | 1,828.0 | $ | 4,114.5 | $ | 1,400.8 | $ | 8,479.0 | $ | 5,222.4 | |||||||||||||||||||
Surface Technologies | 317.1 | 332.8 | 449.2 | 972.3 | 1,014.2 | ||||||||||||||||||||||||
Total inbound orders | $ | 2,145.1 | $ | 4,447.3 | $ | 1,850.0 | $ | 9,451.3 | $ | 6,236.6 |
Order Backlog (2) | September 30, 2023 | June 30, 2023 | September 30, 2022 | ||||||||||||||
Subsea | $ | 12,073.6 | $ | 12,088.5 | $ | 7,603.2 | |||||||||||
Surface Technologies | 1,157.1 | 1,190.1 | 1,237.8 | ||||||||||||||
Total order backlog | $ | 13,230.7 | $ | 13,278.6 | $ | 8,841.0 |
TechnipFMC.com | Page 13 of 26 |
(Unaudited) | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | 690.9 | $ | 1,057.1 | |||||||
Trade receivables, net | 1,324.4 | 966.5 | |||||||||
Contract assets, net | 1,204.6 | 981.6 | |||||||||
Inventories, net | 1,158.5 | 1,039.7 | |||||||||
Other current assets | 916.9 | 943.8 | |||||||||
Total current assets | 5,295.3 | 4,988.7 | |||||||||
Property, plant and equipment, net | 2,240.0 | 2,354.9 | |||||||||
Intangible assets, net | 650.1 | 716.0 | |||||||||
Other assets | 1,338.9 | 1,384.7 | |||||||||
Total assets | $ | 9,524.3 | $ | 9,444.3 | |||||||
Short-term debt and current portion of long-term debt | $ | 407.3 | $ | 367.3 | |||||||
Accounts payable, trade | 1,537.7 | 1,282.8 | |||||||||
Contract liabilities | 1,237.9 | 1,156.4 | |||||||||
Other current liabilities | 1,273.3 | 1,367.8 | |||||||||
Total current liabilities | 4,456.2 | 4,174.3 | |||||||||
Long-term debt, less current portion | 933.5 | 999.3 | |||||||||
Other liabilities | 1,024.6 | 994.0 | |||||||||
TechnipFMC plc stockholders’ equity | 3,068.2 | 3,240.2 | |||||||||
Non-controlling interests | 41.8 | 36.5 | |||||||||
Total liabilities and equity | $ | 9,524.3 | $ | 9,444.3 |
TechnipFMC.com | Page 14 of 26 |
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Cash provided (required) by operating activities | |||||||||||||||||
Net income (loss) | $ | 93.7 | $ | 5.2 | $ | (50.5) | |||||||||||
Net loss from discontinued operations | — | — | 34.7 | ||||||||||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | |||||||||||||||||
Depreciation and amortization | 93.3 | 283.3 | 284.4 | ||||||||||||||
Loss from investment in Technip Energies | — | — | 27.7 | ||||||||||||||
Income from equity affiliates, net of dividends received | (20.5) | (35.9) | (23.1) | ||||||||||||||
Loss on early extinguishment of debt | — | — | 29.8 | ||||||||||||||
Other non-cash items, net | 20.2 | 32.1 | 79.9 | ||||||||||||||
Working capital(1) | 40.1 | (246.7) | (623.0) | ||||||||||||||
Other non-current assets and liabilities, net | (4.9) | (46.1) | 25.8 | ||||||||||||||
Cash provided (required) by operating activities | 221.9 | (8.1) | (214.3) | ||||||||||||||
Cash provided (required) by investing activities | |||||||||||||||||
Capital expenditures | (43.6) | (153.7) | (94.3) | ||||||||||||||
Proceeds from sales of assets | 54.4 | 75.3 | 13.4 | ||||||||||||||
Proceeds from sale of investment in Technip Energies | — | — | 288.5 | ||||||||||||||
Other investing activities | 5.1 | 14.9 | 5.7 | ||||||||||||||
Cash provided (required) by investing activities | 15.9 | (63.5) | 213.3 | ||||||||||||||
Cash required by financing activities | |||||||||||||||||
Net decrease in short-term debt | (12.1) | (38.2) | (204.7) | ||||||||||||||
Cash settlement for derivative hedging debt | — | (30.1) | (64.4) | ||||||||||||||
Net change in revolving credit facility | (50.0) | — | 150.0 | ||||||||||||||
Repayments of long-term debt | — | — | (451.7) | ||||||||||||||
Dividends paid | (21.8) | (21.8) | — | ||||||||||||||
Share repurchases | (50.1) | (150.1) | (50.1) | ||||||||||||||
Other financing activities | (0.9) | (36.5) | (5.9) | ||||||||||||||
Cash required by financing activities | (134.9) | (276.7) | (626.8) | ||||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 2.8 | (17.9) | 11.9 | ||||||||||||||
Change in cash and cash equivalents | 105.7 | (366.2) | (615.9) | ||||||||||||||
Cash and cash equivalents, beginning of period | 585.2 | 1,057.1 | 1,327.4 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 690.9 | $ | 690.9 | $ | 711.5 |
TechnipFMC.com | Page 15 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 90.0 | $ | 3.7 | $ | 19.5 | $ | 26.7 | $ | 139.9 | $ | 93.3 | $ | 233.2 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment | 2.0 | — | — | — | 2.0 | — | 2.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 1.7 | — | 0.6 | — | 2.3 | — | 2.3 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 93.7 | $ | 3.7 | $ | 20.1 | $ | 26.7 | $ | 144.2 | $ | 93.3 | $ | 237.5 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.20 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc | $ | 0.21 |
TechnipFMC.com | Page 16 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Loss attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (87.2) | $ | (9.1) | $ | 43.3 | $ | 30.3 | $ | (22.7) | $ | 97.0 | $ | 74.3 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Restructuring and other charges | 4.7 | — | 0.4 | — | 5.1 | — | 5.1 | ||||||||||||||||||||||||||||||||||
Non-recurring legal settlement charges * | 126.5 | — | — | — | 126.5 | — | 126.5 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 44.0 | $ | (9.1) | $ | 43.7 | $ | 30.3 | $ | 108.9 | $ | 97.0 | $ | 205.9 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.20) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc | $ | 0.10 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 5.0 | $ | 5.7 | $ | 42.7 | $ | 30.9 | $ | 84.3 | $ | 94.5 | $ | 178.8 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment | 3.6 | — | — | — | 3.6 | — | 3.6 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 4.1 | — | (0.9) | — | 3.2 | — | 3.2 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 12.7 | $ | 5.7 | $ | 41.8 | $ | 30.9 | $ | 91.1 | $ | 94.5 | $ | 185.6 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.01 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc | $ | 0.03 |
TechnipFMC.com | Page 17 of 26 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 3.2 | $ | 2.0 | $ | 100.2 | $ | 75.7 | $ | 181.1 | $ | 283.3 | $ | 464.4 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment | 2.0 | — | — | — | 2.0 | — | 2.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 7.0 | — | 1.0 | — | 8.0 | — | 8.0 | ||||||||||||||||||||||||||||||||||
Non-recurring legal settlement charges * | 126.5 | — | — | 126.5 | — | 126.5 | |||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 138.7 | $ | 2.0 | $ | 101.2 | $ | 75.7 | $ | 317.6 | $ | 283.3 | $ | 600.9 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.01 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc | $ | 0.31 |
TechnipFMC.com | Page 18 of 26 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (35.2) | $ | 19.4 | $ | 91.0 | $ | 122.3 | $ | 197.5 | $ | 284.4 | $ | 481.9 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment | 4.7 | — | — | — | 4.7 | — | 4.7 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 10.9 | — | 0.4 | — | 11.3 | — | 11.3 | ||||||||||||||||||||||||||||||||||
Loss from Investment in Technip Energies ** | 27.7 | — | — | — | 27.7 | — | 27.7 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 8.1 | $ | 19.4 | $ | 91.4 | $ | 122.3 | $ | 241.2 | $ | 284.4 | $ | 525.6 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.08) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc | $ | 0.02 |
TechnipFMC.com | Page 19 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,708.3 | $ | 348.6 | $ | — | $ | — | $ | 2,056.9 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 177.7 | $ | 33.3 | $ | (24.7) | $ | (46.4) | $ | 139.9 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment | 1.6 | — | 0.4 | — | 2.0 | ||||||||||||||||||||||||
Restructuring and other charges | 1.7 | 0.6 | — | — | 2.3 | ||||||||||||||||||||||||
Subtotal | 3.3 | 0.6 | 0.4 | — | 4.3 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 181.0 | 33.9 | (24.3) | (46.4) | 144.2 | ||||||||||||||||||||||||
Depreciation and amortization | 76.8 | 16.0 | 0.5 | — | 93.3 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 257.8 | $ | 49.9 | $ | (23.8) | $ | (46.4) | $ | 237.5 | |||||||||||||||||||
Foreign exchange, net | 0.0 | 0.0 | 0.0 | 46.4 | 46.4 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 257.8 | $ | 49.9 | $ | (23.8) | $ | — | $ | 283.9 | |||||||||||||||||||
Operating profit margin, as reported | 10.4 | % | 9.6 | % | 6.8 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 10.6 | % | 9.7 | % | 7.0 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 15.1 | % | 14.3 | % | 11.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 15.1 | % | 14.3 | % | 13.8 | % |
TechnipFMC.com | Page 20 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,618.4 | $ | 353.8 | $ | — | $ | — | $ | 1,972.2 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 153.4 | $ | 25.7 | $ | (153.5) | $ | (48.3) | $ | (22.7) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring and other charges | 0.5 | 4.6 | — | — | 5.1 | ||||||||||||||||||||||||
Non recurring legal settlement charges | — | — | 126.5 | — | 126.5 | ||||||||||||||||||||||||
Subtotal | 0.5 | 4.6 | 126.5 | — | 131.6 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 153.9 | 30.3 | (27.0) | (48.3) | 108.9 | ||||||||||||||||||||||||
Depreciation and amortization | 79.9 | 16.6 | 0.5 | — | 97.0 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 233.8 | $ | 46.9 | $ | (26.5) | $ | (48.3) | $ | 205.9 | |||||||||||||||||||
Foreign exchange, net | — | — | — | 48.3 | 48.3 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 233.8 | $ | 46.9 | $ | (26.5) | $ | — | $ | 254.2 | |||||||||||||||||||
Operating profit margin, as reported | 9.5 | % | 7.3 | % | -1.2 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 9.5 | % | 8.6 | % | 5.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 14.4 | % | 13.3 | % | 10.4 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 14.4 | % | 13.3 | % | 12.9 | % |
TechnipFMC.com | Page 21 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,415.0 | $ | 318.0 | $ | — | $ | — | $ | 1,733.0 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 105.0 | $ | 19.0 | $ | (25.2) | $ | (14.5) | $ | 84.3 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment | 1.9 | 1.7 | — | — | 3.6 | ||||||||||||||||||||||||
Restructuring and other charges | 1.4 | 1.8 | — | — | 3.2 | ||||||||||||||||||||||||
Subtotal | 3.3 | 3.5 | — | — | 6.8 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 108.3 | 22.5 | (25.2) | (14.5) | 91.1 | ||||||||||||||||||||||||
Depreciation and amortization | 75.5 | 18.3 | 0.7 | — | 94.5 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 183.8 | $ | 40.8 | $ | (24.5) | $ | (14.5) | $ | 185.6 | |||||||||||||||||||
Foreign exchange, net | — | — | — | 14.5 | 14.5 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 183.8 | $ | 40.8 | $ | (24.5) | $ | — | $ | 200.1 | |||||||||||||||||||
Operating profit margin, as reported | 7.4 | % | 6.0 | % | 4.9 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 7.7 | % | 7.1 | % | 5.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 13.0 | % | 12.8 | % | 10.7 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 13.0 | % | 12.8 | % | 11.5 | % |
TechnipFMC.com | Page 22 of 26 |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 4,714.3 | $ | 1,032.2 | $ | — | $ | — | $ | 5,746.5 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 397.9 | $ | 81.4 | $ | (205.6) | $ | (92.6) | $ | 181.1 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment | 1.6 | — | 0.4 | — | 2.0 | ||||||||||||||||||||||||
Restructuring and other charges | 2.1 | 5.9 | — | — | 8.0 | ||||||||||||||||||||||||
Non-recurring legal settlement charges | — | — | 126.5 | — | 126.5 | ||||||||||||||||||||||||
Subtotal | 3.7 | 5.9 | 126.9 | — | 136.5 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 401.6 | 87.3 | (78.7) | (92.6) | 317.6 | ||||||||||||||||||||||||
Depreciation and amortization | 231.9 | 49.8 | 1.6 | — | 283.3 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 633.5 | $ | 137.1 | $ | (77.1) | $ | (92.6) | $ | 600.9 | |||||||||||||||||||
Foreign exchange, net | — | — | — | 92.6 | 92.6 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 633.5 | $ | 137.1 | $ | (77.1) | $ | — | $ | 693.5 | |||||||||||||||||||
Operating profit margin, as reported | 8.4 | % | 7.9 | % | 3.2 | % | |||||||||||||||||||||||
Adjusted operating profit margin | 8.5 | % | 8.5 | % | 5.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 13.4 | % | 13.3 | % | 10.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 13.4 | % | 13.3 | % | 12.1 | % |
TechnipFMC.com | Page 23 of 26 |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 4,118.7 | $ | 887.3 | $ | — | $ | — | $ | 5,006.0 | |||||||||||||||||||
Operating loss, as reported (pre-tax) | $ | 256.1 | $ | 32.7 | $ | (76.7) | $ | (14.6) | $ | 197.5 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment | 1.9 | 2.8 | — | — | 4.7 | ||||||||||||||||||||||||
Restructuring and other charges | 0.6 | 7.7 | 3.0 | — | 11.3 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | 27.7 | 27.7 | ||||||||||||||||||||||||
Subtotal | 2.5 | 10.5 | 3.0 | 27.7 | 43.7 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 258.6 | 43.2 | (73.7) | 13.1 | 241.2 | ||||||||||||||||||||||||
Depreciation and amortization | 230.2 | 52.0 | 2.2 | — | 284.4 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 488.8 | $ | 95.2 | $ | (71.5) | $ | 13.1 | $ | 525.6 | |||||||||||||||||||
Foreign exchange, net | — | — | — | (13.1) | (13.1) | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 488.8 | $ | 95.2 | $ | (71.5) | $ | — | $ | 512.5 | |||||||||||||||||||
Operating profit margin, as reported | 6.2 | % | 3.7 | % | 3.9 | % | |||||||||||||||||||||||
Adjusted operating profit margin | 6.3 | % | 4.9 | % | 4.8 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 11.9 | % | 10.7 | % | 10.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 11.9 | % | 10.7 | % | 10.2 | % |
TechnipFMC.com | Page 24 of 26 |
September 30, | June 30, | September 30, | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Cash and cash equivalents | $ | 690.9 | $ | 585.2 | $ | 711.5 | |||||||||||
Short-term debt and current portion of long-term debt | (407.3) | (429.5) | (231.9) | ||||||||||||||
Long-term debt, less current portion | (933.5) | (999.7) | (1,134.9) | ||||||||||||||
Net debt | $ | (649.9) | $ | (844.0) | $ | (655.3) |
TechnipFMC.com | Page 25 of 26 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Cash provided (required) by operating activities from continuing operations | $ | 221.9 | $ | (8.1) | $ | (214.3) | |||||||||||
Capital expenditures | (43.6) | (153.7) | (94.3) | ||||||||||||||
Free cash flow (deficit) from continuing operations | $ | 178.3 | $ | (161.8) | $ | (308.6) |
TechnipFMC.com | Page 26 of 26 |
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Cover Document |
Oct. 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 26, 2023 |
Entity Registrant Name | TechnipFMC plc |
Entity Incorporation, State or Country Code | X0 |
Entity File Number | 001-37983 |
Entity Tax Identification Number | 98-1283037 |
Entity Address, Address Line One | One Subsea Lane |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 77044 |
Country Region | 1 |
City Area Code | 281 |
Local Phone Number | 591-4000 |
Title of 12(b) Security | Ordinary shares, $1.00 par value per share |
Trading Symbol | FTI |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001681459 |
Amendment Flag | false |
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