(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Wincomblee Road | ||||||||||||||
(Address of principal executive offices) | (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: | Name: Alf Melin | |||||||
Title: Executive Vice President and Chief Financial Officer |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $2,077.7 | $2,056.9 | $1,694.4 | 1.0% | 22.6% | ||||||||||||
Income (loss) | $53.0 | $90.0 | $(26.7) | (41.1%) | n/m | ||||||||||||
Income (loss) margin | 2.6 | % | 4.4 | % | (1.6 | %) | (180 bps) | n/m | |||||||||
Diluted earnings (loss) per share | $0.12 | $0.20 | $(0.06) | (40.0%) | n/m | ||||||||||||
Adjusted EBITDA | $218.7 | $237.5 | $120.9 | (7.9%) | 80.9% | ||||||||||||
Adjusted EBITDA margin | 10.5 | % | 11.5 | % | 7.1 | % | (100 bps) | 340 bps | |||||||||
Adjusted income (loss) | $62.7 | $93.7 | $(20.7) | (33.1%) | n/m | ||||||||||||
Adjusted diluted earnings (loss) per share | $0.14 | $0.21 | $(0.05) | (33.3%) | n/m | ||||||||||||
Inbound orders | $1,531.6 | $2,145.1 | $1,842.5 | (28.6%) | (16.9%) | ||||||||||||
Ending backlog | $13,231.0 | $13,230.7 | $9,353.0 | 0.0% | 41.5% |
TechnipFMC.com | Page 1 of 25 |
Twelve Months Ended | Change | ||||||||||
(In millions, except per share amounts) | Dec. 31, 2023 | Dec. 31, 2022 | Year-over- Year | ||||||||
Revenue | $7,824.2 | $6,700.4 | 16.8% | ||||||||
Income (loss) | $56.2 | $(61.9) | n/m | ||||||||
Income (loss) margin | 0.7 | % | (0.9 | %) | n/m | ||||||
Diluted earnings (loss) per share | $0.12 | $(0.14) | n/m | ||||||||
Adjusted EBITDA | $819.6 | $646.5 | 26.8% | ||||||||
Adjusted EBITDA margin | 10.5 | % | 9.6 | % | 90 bps | ||||||
Adjusted income (loss) | $201.4 | $(12.6) | n/m | ||||||||
Adjusted diluted earnings (loss) per share | $0.45 | $(0.03) | n/m | ||||||||
Inbound orders | $10,982.9 | $8,079.1 | 35.9% | ||||||||
Ending backlog | $13,231.0 | $9,353.0 | 41.5% |
TechnipFMC.com | Page 2 of 25 |
TechnipFMC.com | Page 3 of 25 |
Subsea |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,720.5 | $1,708.3 | $1,342.5 | 0.7% | 28.2% | ||||||||||||
Operating profit | $145.7 | $177.7 | $61.5 | (18.0%) | 136.9% | ||||||||||||
Operating profit margin | 8.5 | % | 10.4 | % | 4.6 | % | (190 bps) | 390 bps | |||||||||
Adjusted EBITDA | $225.5 | $257.8 | $140.1 | (12.5%) | 61.0% | ||||||||||||
Adjusted EBITDA margin | 13.1 | % | 15.1 | % | 10.4 | % | (200 bps) | 270 bps | |||||||||
Inbound orders | $1,270.0 | $1,828.0 | $1,515.9 | (30.5%) | (16.2%) | ||||||||||||
Ending backlog1,2,3 | $12,164.1 | $12,073.6 | $8,131.5 | 0.7% | 49.6% |
Estimated Consolidated Backlog Scheduling (In millions) | Dec. 31, 2023 | ||||
2024 | $4,812 | ||||
2025 | $3,411 | ||||
2026 and beyond | $3,941 | ||||
Total | $12,164 | ||||
1 Backlog as of December 31, 2023 was increased by a foreign exchange impact of $541 million. | |||||
2 Backlog does not capture all revenue potential for Subsea Services. | |||||
3 Backlog as of December 31, 2023 does not include total Company non-consolidated backlog of $272 million. |
TechnipFMC.com | Page 4 of 25 |
TechnipFMC.com | Page 5 of 25 |
Surface Technologies |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $357.2 | $348.6 | $351.9 | 2.5% | 1.5% | ||||||||||||
Operating profit | $33.2 | $33.3 | $25.6 | (0.3%) | 29.7% | ||||||||||||
Operating profit margin | 9.3 | % | 9.6 | % | 7.3 | % | (30 bps) | 200 bps | |||||||||
Adjusted EBITDA | $52.5 | $49.9 | $44.4 | 5.2% | 18.2% | ||||||||||||
Adjusted EBITDA margin | 14.7 | % | 14.3 | % | 12.6 | % | 40 bps | 210 bps | |||||||||
Inbound orders | $261.6 | $317.1 | $326.6 | (17.5%) | (19.9%) | ||||||||||||
Ending backlog | $1,066.9 | $1,157.1 | $1,221.5 | (7.8%) | (12.7%) |
TechnipFMC.com | Page 6 of 25 |
TechnipFMC.com | Page 7 of 25 |
2024 Guidance (As of February 22, 2024) | ||||||||||||||
Subsea | Surface Technologies | |||||||||||||
Revenue in a range of $7.2 - 7.6 billion | Revenue in a range of $1.2 - 1.35 billion | |||||||||||||
Adjusted EBITDA margin in a range of 15.5 - 16.5% | Adjusted EBITDA margin in a range of 13 - 15% | |||||||||||||
TechnipFMC | ||||||||||||||
Corporate expense, net $115 - 125 million | ||||||||||||||
(includes depreciation and amortization of ~$3 million; excludes charges and credits) | ||||||||||||||
Net interest expense $70 - 80 million | ||||||||||||||
Tax provision, as reported $280 - 290 million | ||||||||||||||
Capital expenditures approximately $275 million | ||||||||||||||
Free cash flow2 $350 - 500 million | ||||||||||||||
(includes payment for legal settlement of ~$170 million) | ||||||||||||||
TechnipFMC.com | Page 8 of 25 |
TechnipFMC.com | Page 9 of 25 |
TechnipFMC.com | Page 10 of 25 |
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 11 of 25 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Revenue | $ | 2,077.7 | $ | 2,056.9 | $ | 1,694.4 | $ | 7,824.2 | $ | 6,700.4 | |||||||||||||||||||
Costs and expenses | 1,938.8 | 1,896.1 | 1,665.3 | 7,315.0 | 6,503.1 | ||||||||||||||||||||||||
138.9 | 160.8 | 29.1 | 509.2 | 197.3 | |||||||||||||||||||||||||
Other income (expense), net | (24.7) | (20.9) | (7.0) | (213.9) | 50.0 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | — | (27.7) | ||||||||||||||||||||||||
Income before net interest expense and income taxes | 114.2 | 139.9 | 22.1 | 295.3 | 219.6 | ||||||||||||||||||||||||
Net interest expense and loss on early extinguishment of debt | (13.0) | (26.7) | (28.4) | (88.7) | (150.7) | ||||||||||||||||||||||||
Income (loss) before income taxes | 101.2 | 113.2 | (6.3) | 206.6 | 68.9 | ||||||||||||||||||||||||
Provision for income taxes | 54.5 | 19.5 | 14.4 | 154.7 | 105.4 | ||||||||||||||||||||||||
Income (loss) from continuing operations | 46.7 | 93.7 | (20.7) | 51.9 | (36.5) | ||||||||||||||||||||||||
(Income) loss from continuing operations attributable to non-controlling interests | 6.3 | (3.7) | (6.0) | 4.3 | (25.4) | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 53.0 | 90.0 | (26.7) | 56.2 | (61.9) | ||||||||||||||||||||||||
Loss from discontinued operations | — | — | (10.6) | — | (45.3) | ||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 53.0 | $ | 90.0 | $ | (37.3) | $ | 56.2 | $ | (107.2) | |||||||||||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.21 | $ | (0.06) | $ | 0.13 | $ | (0.14) | |||||||||||||||||||
Diluted | $ | 0.12 | $ | 0.20 | $ | (0.06) | $ | 0.12 | $ | (0.14) | |||||||||||||||||||
Loss per share from discontinued operations | |||||||||||||||||||||||||||||
Basic and diluted | $ | — | $ | — | $ | (0.02) | $ | — | $ | (0.10) | |||||||||||||||||||
Earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.21 | $ | (0.08) | $ | 0.13 | $ | (0.24) | |||||||||||||||||||
Diluted | $ | 0.12 | $ | 0.20 | $ | (0.08) | $ | 0.12 | $ | (0.24) | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 434.4 | 436.9 | 444.6 | 438.6 | 449.5 | ||||||||||||||||||||||||
Diluted | 448.6 | 450.3 | 444.6 | 452.3 | 449.5 | ||||||||||||||||||||||||
Cash dividends declared per share | $ | 0.05 | $ | 0.05 | $ | — | $ | 0.10 | $ | — |
TechnipFMC.com | Page 12 of 25 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Subsea | $ | 1,720.5 | $ | 1,708.3 | $ | 1,342.5 | $ | 6,434.8 | $ | 5,461.2 | |||||||||||||||||||
Surface Technologies | 357.2 | 348.6 | 351.9 | 1,389.4 | 1,239.2 | ||||||||||||||||||||||||
Total segment revenue | $ | 2,077.7 | $ | 2,056.9 | $ | 1,694.4 | $ | 7,824.2 | $ | 6,700.4 | |||||||||||||||||||
Segment operating profit | |||||||||||||||||||||||||||||
Subsea | $ | 145.7 | $ | 177.7 | $ | 61.5 | $ | 543.6 | $ | 317.6 | |||||||||||||||||||
Surface Technologies | 33.2 | 33.3 | 25.6 | 114.6 | 58.3 | ||||||||||||||||||||||||
Total segment operating profit | 178.9 | 211.0 | 87.1 | 658.2 | 375.9 | ||||||||||||||||||||||||
Corporate items | |||||||||||||||||||||||||||||
Corporate expense (1) | $ | (38.3) | $ | (24.7) | $ | (28.0) | $ | (243.9) | $ | (104.7) | |||||||||||||||||||
Net interest expense and loss on early extinguishment of debt | (13.0) | (26.7) | (28.4) | (88.7) | (150.7) | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | — | (27.7) | ||||||||||||||||||||||||
Foreign exchange losses | (26.4) | (46.4) | (37.0) | (119.0) | (23.9) | ||||||||||||||||||||||||
Total corporate items | (77.7) | (97.8) | (93.4) | (451.6) | (307.0) | ||||||||||||||||||||||||
Income (loss) before income taxes (2) | $ | 101.2 | $ | 113.2 | $ | (6.3) | $ | 206.6 | $ | 68.9 |
TechnipFMC.com | Page 13 of 25 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
Inbound Orders (1) | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Subsea | $ | 1,270.0 | $ | 1,828.0 | $ | 1,515.9 | $ | 9,749.0 | $ | 6,738.3 | |||||||||||||||||||
Surface Technologies | 261.6 | 317.1 | 326.6 | 1,233.9 | 1,340.8 | ||||||||||||||||||||||||
Total inbound orders | $ | 1,531.6 | $ | 2,145.1 | $ | 1,842.5 | $ | 10,982.9 | $ | 8,079.1 |
Order Backlog (2) | December 31, 2023 | September 30, 2022 | December 31, 2022 | ||||||||||||||
Subsea | $ | 12,164.1 | $ | 12,073.6 | $ | 8,131.5 | |||||||||||
Surface Technologies | 1,066.9 | 1,157.1 | 1,221.5 | ||||||||||||||
Total order backlog | $ | 13,231.0 | $ | 13,230.7 | $ | 9,353.0 |
TechnipFMC.com | Page 14 of 25 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | 951.7 | $ | 1,057.1 | |||||||
Trade receivables, net | 1,138.1 | 966.5 | |||||||||
Contract assets, net | 1,010.1 | 981.6 | |||||||||
Inventories, net | 1,100.3 | 1,039.7 | |||||||||
Other current assets | 995.2 | 943.8 | |||||||||
Total current assets | 5,195.4 | 4,988.7 | |||||||||
Property, plant and equipment, net | 2,270.9 | 2,354.9 | |||||||||
Intangible assets, net | 601.6 | 716.0 | |||||||||
Other assets | 1,588.7 | 1,384.7 | |||||||||
Total assets | $ | 9,656.6 | $ | 9,444.3 | |||||||
Short-term debt and current portion of long-term debt | $ | 153.8 | $ | 367.3 | |||||||
Accounts payable, trade | 1,355.8 | 1,282.8 | |||||||||
Contract liabilities | 1,485.8 | 1,156.4 | |||||||||
Other current liabilities | 1,473.2 | 1,367.8 | |||||||||
Total current liabilities | 4,468.6 | 4,174.3 | |||||||||
Long-term debt, less current portion | 913.5 | 999.3 | |||||||||
Other liabilities | 1,102.4 | 994.0 | |||||||||
TechnipFMC plc stockholders’ equity | 3,136.7 | 3,240.2 | |||||||||
Non-controlling interests | 35.4 | 36.5 | |||||||||
Total liabilities and equity | $ | 9,656.6 | $ | 9,444.3 |
TechnipFMC.com | Page 15 of 25 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Cash provided by operating activities | |||||||||||||||||
Net income (loss) | $ | 46.7 | $ | 51.9 | $ | (81.8) | |||||||||||
Net loss from discontinued operations | — | — | 45.3 | ||||||||||||||
Adjustments to reconcile net income (loss) to cash provided (required) by operating activities | |||||||||||||||||
Depreciation and amortization | 94.5 | 377.8 | 377.2 | ||||||||||||||
Employee benefit plan and share-based compensation costs | (12.8) | 30.8 | 33.5 | ||||||||||||||
Deferred income tax provision, net | (31.3) | (54.2) | (13.0) | ||||||||||||||
Loss from investment in Technip Energies | — | — | 27.7 | ||||||||||||||
Unrealized loss on derivative instruments and foreign exchange | 23.8 | 29.6 | 54.0 | ||||||||||||||
(Income) loss from equity affiliates, net of dividends received | 1.7 | (34.2) | (31.9) | ||||||||||||||
Loss on early extinguishment of debt | — | — | 29.8 | ||||||||||||||
Other | 36.8 | 42.4 | 11.4 | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||||||||
Trade receivables, net and contract assets | 359.9 | (227.7) | (160.2) | ||||||||||||||
Inventories, net | 21.7 | (91.2) | (35.0) | ||||||||||||||
Accounts payable, trade | (213.2) | 62.5 | 52.1 | ||||||||||||||
Contract liabilities | 231.6 | 321.0 | 164.5 | ||||||||||||||
Income taxes payable (receivable), net | (11.7) | 34.3 | (62.1) | ||||||||||||||
Other current assets and liabilities, net | 160.6 | 203.3 | (40.4) | ||||||||||||||
Other non-current assets and liabilities, net | (7.2) | (53.3) | (19.0) | ||||||||||||||
Cash provided by operating activities | 701.1 | 693.0 | 352.1 | ||||||||||||||
Cash provided (required) by investing activities | |||||||||||||||||
Capital expenditures | (71.5) | (225.2) | (157.9) | ||||||||||||||
Proceeds from sale of assets | 9.4 | 84.7 | 30.2 | ||||||||||||||
Proceeds from sales of investment in Technip Energies | — | — | 288.5 | ||||||||||||||
Other | — | 14.9 | 1.4 | ||||||||||||||
Cash provided (required) by investing activities | (62.1) | (125.6) | 162.2 | ||||||||||||||
Cash required by financing activities | |||||||||||||||||
Net change in short-term debt | (303.4) | (341.6) | (200.4) | ||||||||||||||
Cash settlement for derivative hedging debt | — | (30.1) | (80.5) | ||||||||||||||
Proceeds from issuance of long-term debt | — | — | 60.9 | ||||||||||||||
Repayments of long-term debt | — | — | (451.7) | ||||||||||||||
Payments for debt issuance cost | — | (16.7) | — | ||||||||||||||
Share repurchases | (55.0) | (205.1) | (100.2) | ||||||||||||||
Dividends paid | (21.7) | (43.5) | — | ||||||||||||||
Other | 0.3 | (19.5) | (24.8) | ||||||||||||||
Cash required by financing activities | (379.8) | (656.5) | (796.7) | ||||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 1.6 | (16.3) | 12.1 | ||||||||||||||
Change in cash and cash equivalents | 260.8 | (105.4) | (270.3) | ||||||||||||||
Cash and cash equivalents in the statement of cash flows, beginning of period | 690.9 | 1,057.1 | 1,327.4 | ||||||||||||||
Cash and cash equivalents in the statement of cash flows, end of period | $ | 951.7 | $ | 951.7 | $ | 1,057.1 | |||||||||||
TechnipFMC.com | Page 16 of 25 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 53.0 | $ | 90.0 | $ | (26.7) | $ | 56.2 | $ | (61.9) | ||||||||||||||||||||||
Charges and (credits): | ||||||||||||||||||||||||||||||||
Restructuring, impairment and other charges | 10.0 | 4.3 | 6.0 | 20.0 | 22.0 | |||||||||||||||||||||||||||
Non-recurring legal settlement charges* | — | — | — | 126.5 | — | |||||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | — | 27.7 | |||||||||||||||||||||||||||
Tax on charges and (credits) | (0.3) | (0.6) | — | (1.3) | (0.4) | |||||||||||||||||||||||||||
Adjusted net income (loss) attributable to TechnipFMC plc | $ | 62.7 | $ | 93.7 | $ | (20.7) | $ | 201.4 | $ | (12.6) | ||||||||||||||||||||||
Weighted diluted average shares outstanding | 448.6 | 450.3 | 444.6 | 452.3 | 449.5 | |||||||||||||||||||||||||||
Reported earnings (loss) per share - diluted | $ | 0.12 | $ | 0.20 | $ | (0.06) | $ | 0.12 | $ | (0.14) | ||||||||||||||||||||||
Adjusted earnings (loss) per share - diluted | $ | 0.14 | $ | 0.21 | $ | (0.05) | $ | 0.45 | $ | (0.03) |
TechnipFMC.com | Page 17 of 25 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 53.0 | $ | 90.0 | $ | (26.7) | $ | 56.2 | $ | (61.9) | ||||||||||||||||||||||
Income (loss) attributable to non-controlling interests | (6.3) | 3.7 | 6.0 | (4.3) | 25.4 | |||||||||||||||||||||||||||
Provision for income tax | 54.5 | 19.5 | 14.4 | 154.7 | 105.4 | |||||||||||||||||||||||||||
Net interest expense | 13.0 | 26.7 | 28.4 | 88.7 | 150.7 | |||||||||||||||||||||||||||
Depreciation and amortization | 94.5 | 93.3 | 92.8 | 377.8 | 377.2 | |||||||||||||||||||||||||||
Restructuring, impairment and other charges | 10.0 | 4.3 | 6.0 | 20.0 | 22.0 | |||||||||||||||||||||||||||
Non-recurring legal settlement charges* | — | — | — | 126.5 | — | |||||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | — | 27.7 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 218.7 | $ | 237.5 | $ | 120.9 | $ | 819.6 | $ | 646.5 | ||||||||||||||||||||||
Foreign exchange, net | 26.4 | 46.4 | 37.0 | 119.0 | 23.9 | |||||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 245.1 | $ | 283.9 | $ | 157.9 | $ | 938.6 | $ | 670.4 |
TechnipFMC.com | Page 18 of 25 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,720.5 | $ | 357.2 | $ | — | $ | — | $ | 2,077.7 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 145.7 | $ | 33.2 | $ | (38.3) | $ | (26.4) | $ | 114.2 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring, impairment and other charges | 1.2 | 3.9 | 4.9 | — | 10.0 | ||||||||||||||||||||||||
Subtotal | 1.2 | 3.9 | 4.9 | — | 10.0 | ||||||||||||||||||||||||
Depreciation and amortization | 78.6 | 15.4 | 0.5 | — | 94.5 | ||||||||||||||||||||||||
Adjusted EBITDA | 225.5 | 52.5 | (32.9) | (26.4) | 218.7 | ||||||||||||||||||||||||
Foreign exchange, net | — | — | — | 26.4 | 26.4 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 225.5 | $ | 52.5 | $ | (32.9) | $ | — | $ | 245.1 | |||||||||||||||||||
Operating profit margin, as reported | 8.5 | % | 9.3 | % | 5.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 13.1 | % | 14.7 | % | 10.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 13.1 | % | 14.7 | % | 11.8 | % |
TechnipFMC.com | Page 19 of 25 |
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): | |||||||||||||||||||||||||||||
Restructuring, impairment and other charges | 3.3 | 0.6 | 0.4 | — | 4.3 | ||||||||||||||||||||||||
Subtotal | 3.3 | 0.6 | 0.4 | — | 4.3 | ||||||||||||||||||||||||
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 | — | — | — | 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 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 25 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,342.5 | $ | 351.9 | $ | — | $ | — | $ | 1,694.4 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 61.5 | $ | 25.6 | $ | (28.0) | $ | (37.0) | $ | 22.1 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring, impairment and other charges | 4.5 | 0.8 | 0.7 | — | 6.0 | ||||||||||||||||||||||||
Subtotal | 4.5 | 0.8 | 0.7 | — | 6.0 | ||||||||||||||||||||||||
Depreciation and amortization | 74.1 | 18.0 | 0.7 | — | 92.8 | ||||||||||||||||||||||||
Adjusted EBITDA | 140.1 | 44.4 | (26.6) | (37.0) | 120.9 | ||||||||||||||||||||||||
Foreign exchange, net | — | — | — | 37.0 | 37.0 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 140.1 | $ | 44.4 | $ | (26.6) | $ | — | $ | 157.9 | |||||||||||||||||||
Operating profit margin, as reported | 4.6 | % | 7.3 | % | 1.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.4 | % | 12.6 | % | 7.1 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 10.4 | % | 12.6 | % | 9.3 | % |
TechnipFMC.com | Page 21 of 25 |
Year Ended | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 6,434.8 | $ | 1,389.4 | $ | — | $ | — | $ | 7,824.2 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 543.6 | $ | 114.6 | $ | (243.9) | $ | (119.0) | $ | 295.3 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring, impairment and other charges | 4.9 | 9.8 | 5.3 | — | 20.0 | ||||||||||||||||||||||||
Non-recurring legal settlement charge | — | — | 126.5 | — | 126.5 | ||||||||||||||||||||||||
Subtotal | 4.9 | 9.8 | 131.8 | — | 146.5 | ||||||||||||||||||||||||
Depreciation and amortization | 310.5 | 65.2 | 2.1 | — | 377.8 | ||||||||||||||||||||||||
Adjusted EBITDA | 859.0 | 189.6 | (110.0) | (119.0) | 819.6 | ||||||||||||||||||||||||
Foreign exchange, net | — | — | — | 119.0 | 119.0 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 859.0 | $ | 189.6 | $ | (110.0) | $ | — | $ | 938.6 | |||||||||||||||||||
Operating profit margin, as reported | 8.4 | % | 8.2 | % | 3.8 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 13.3 | % | 13.6 | % | 10.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 13.3 | % | 13.6 | % | 12.0 | % |
TechnipFMC.com | Page 22 of 25 |
Year Ended | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 5,461.2 | $ | 1,239.2 | $ | — | $ | — | $ | 6,700.4 | |||||||||||||||||||
Operating loss, as reported (pre-tax) | $ | 317.6 | $ | 58.3 | $ | (104.7) | $ | (51.6) | $ | 219.6 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring, impairment and other charges | 7.0 | 11.3 | 3.7 | — | 22.0 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | 27.7 | 27.7 | ||||||||||||||||||||||||
Subtotal | 7.0 | 11.3 | 3.7 | 27.7 | 49.7 | ||||||||||||||||||||||||
Adjusted Depreciation and amortization | 304.3 | 70.0 | 2.9 | — | 377.2 | ||||||||||||||||||||||||
Adjusted EBITDA | 628.9 | 139.6 | (98.1) | (23.9) | 646.5 | ||||||||||||||||||||||||
Foreign exchange, net | — | — | — | 23.9 | 23.9 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 628.9 | $ | 139.6 | $ | (98.1) | $ | — | $ | 670.4 | |||||||||||||||||||
Operating profit margin, as reported | 5.8 | % | 4.7 | % | 3.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 11.5 | % | 11.3 | % | 9.6 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 11.5 | % | 11.3 | % | 10.0 | % |
TechnipFMC.com | Page 23 of 25 |
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||
Cash and cash equivalents | $ | 951.7 | $ | 690.9 | $ | 1,057.1 | |||||||||||
Short-term debt and current portion of long-term debt | (153.8) | (407.3) | (367.3) | ||||||||||||||
Long-term debt, less current portion | (913.5) | (933.5) | (999.3) | ||||||||||||||
Net debt | $ | (115.6) | $ | (649.9) | $ | (309.5) |
TechnipFMC.com | Page 24 of 25 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Cash provided by operating activities | $ | 701.1 | $ | 693.0 | $ | 352.1 | |||||||||||
Capital expenditures | (71.5) | (225.2) | (157.9) | ||||||||||||||
Free cash flow | $ | 629.6 | $ | 467.8 | $ | 194.2 |
TechnipFMC.com | Page 25 of 25 |
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Cover Document |
Feb. 22, 2024 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001681459 |
Document Type | 8-K |
Title of 12(b) Security | Ordinary shares, $1.00 par value per share |
Entity Address, Address Line One | Hadrian House,Wincomblee Road |
Entity Incorporation, State or Country Code | X0 |
Entity File Number | 001-37983 |
Document Period End Date | Feb. 22, 2024 |
Entity Tax Identification Number | 98-1283037 |
Entity Address, City or Town | Newcastle Upon Tyne |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | NE6 3PL |
Trading Symbol | FTI |
Security Exchange Name | NYSE |
Entity Registrant Name | TechnipFMC plc |
Country Region | 44 |
City Area Code | 191 |
Local Phone Number | 295-0303 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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