England and Wales | 001-37983 | 98-1283037 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
One St. Paul’s Churchyard London, United Kingdom | EC4M 8AP | |||
(Address of principal executive offices) | (Zip Code) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
99.1 | News Release issued by TechnipFMC dated April 25, 2019 |
Exhibit No. | Description |
99.1 |
TechnipFMC plc | ||
By: /s/ Maryann T. Mannen | ||
Dated: | April 25, 2019 | Name: Maryann T. Mannen |
Title: Executive Vice President and Chief Financial Officer |
• | Total Company inbound orders of $6.2 billion; book-to-bill of 2.1 |
• | Net income of $20.9 million and adjusted EBITDA of $295.8 million |
• | Updated 2019 financial guidance reflects strong orders and execution in Onshore/Offshore and lower North American activity in Surface Technologies |
• | $11.6 million of foreign exchange losses included in corporate expense, or $0.02 per diluted share on an after-tax basis; and |
• | $84.7 million of increased liability payable to joint venture partners included in interest expense, or $0.19 per diluted share on an after-tax basis. |
Three Months Ended (In millions, except per share amounts) | March 31, 2019 | March 31, 2018 | Change |
Revenue | $2,913.0 | $3,125.2 | (6.8%) |
Net income | $20.9 | $95.1 | (78.0%) |
Diluted earnings per share | $0.05 | $0.20 | (75.0%) |
Adjusted EBITDA | $295.8 | $386.6 | (23.5%) |
Adjusted EBITDA margin | 10.2% | 12.4% | (222 bps) |
Adjusted net income | $27.3 | $131.5 | (79.2%) |
Adjusted diluted earnings per share | $0.06 | $0.28 | (78.6%) |
Inbound orders | $6,184.5 | $3,487.0 | 77.4% |
Backlog | $17,777.6 | $14,012.0 | 26.9% |
Subsea |
Three Months Ended (In millions) | March 31, 2019 | March 31, 2018 | Change |
Revenue | $1,185.3 | $1,180.2 | 0.4% |
Operating profit | $49.9 | $54.4 | (8.3%) |
Adjusted EBITDA | $139.7 | $172.0 | (18.8%) |
Adjusted EBITDA margin | 11.8% | 14.6% | (279 bps) |
Inbound orders | $2,677.6 | $1,227.8 | 118.1% |
Backlog | $7,477.3 | $6,110.9 | 22.4% |
• | Total Egina (Nigeria) |
• | Total Kaombo (Angola) |
• | Skandi Olinda PLSV (Brazil) |
• | BP Atlantis Phase 3 iEPCI™ Project (Gulf of Mexico) |
• | Lundin Solveig (Luno II) and Rolvsnes iEPCI™ Projects (North Sea) |
• | Petrobras Mero I Pre-Salt Project (Brazil) |
• | Equinor Johan Sverdrup Phase 2 Project (North Sea) |
• | Eni Merakes iEPCI™ Project (Indonesia) |
• | Total Lapa Pre-Salt Project (Brazil) |
Subsea Estimated Backlog Scheduling as of March 31, 2019 (In millions) | Consolidated backlog* | Non-consolidated backlog** |
2019 (9 months) | $3,387.1 | $140.3 |
2020 | $2,480.3 | $136.7 |
2021 and beyond | $1,609.9 | $659.6 |
Total | $7,477.3 | $936.6 |
* Backlog does not capture all revenue potential for subsea services. | ||
** Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
Onshore/Offshore |
Three Months Ended (In millions) | March 31, 2019 | March 31, 2018 | Change |
Revenue | $1,335.1 | $1,573.4 | (15.1%) |
Operating profit | $155.7 | $202.9 | (23.3%) |
Adjusted EBITDA | $194.8 | $215.0 | (9.4%) |
Adjusted EBITDA margin | 14.6% | 13.7% | 93 bps |
Inbound orders | $3,138.9 | $1,849.6 | 69.7% |
Backlog | $9,862.7 | $7,491.6 | 31.7% |
• | MIDOR refinery (Egypt) |
• | BP Tortue Ahmeyim gas FPSO (Mauritania and Senegal) |
• | Sasol petrochemical complex (United States) |
• | Shell Prelude FLNG (Australia) |
• | ExxonMobil Refinery Expansion (United States) |
• | BP Greater Tortue Ahmeyim Development FPSO (Mauritania and Senegal) |
• | MIDOR Refinery Expansion and Modernization (Egypt) |
• | Mid-scale, modular LNG solutions offering |
• | ExxonMobil Chemicals Master License and Engineering Agreement (MLEA) for Ethylene technology |
Onshore/Offshore Estimated Backlog Scheduling as of March 31, 2019 (In millions) | Consolidated backlog | Non-consolidated backlog* |
2019 (9 months) | $4,299.4 | $564.8 |
2020 | $3,252.3 | $642.6 |
2021 and beyond | $2,311.0 | $558.3 |
Total | $9,862.7 | $1,765.7 |
* Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
Surface Technologies |
Three Months Ended (In millions) | March 31, 2019 | March 31, 2018 | Change |
Revenue | $392.6 | $371.6 | 5.7% |
Operating profit | $10.5 | $30.6 | (65.7%) |
Adjusted EBITDA | $30.1 | $50.3 | (40.2%) |
Adjusted EBITDA margin | 7.7% | 13.5% | (587 bps) |
Inbound orders | $368.0 | $409.6 | (10.2%) |
Backlog | $437.6 | $409.5 | 6.9% |
• | an operating lease liability of approximately $1,133.9 million which represents the present value of the remaining lease payments discounted using the Company’s applicable weighted average incremental borrowing rates; and |
• | an operating lease right-of-use asset of approximately $1,105.9 million which represents the lease liability of $1,133.9 million adjusted for lease incentives, prepaid rent, and other balances. |
2019 Guidance *Updated April 25, 2019 | ||||
Subsea | Onshore/Offshore | Surface Technologies | ||
Revenue in a range of $5.4 - 5.7 billion | Revenue in a range of $6.0 - 6.3 billion* | Revenue in a range of $1.6 - 1.7 billion* | ||
EBITDA margin at least 11% (excluding amortization related impact of purchase price accounting, and other charges and credits) | EBITDA margin at least 14%* (excluding amortization related impact of purchase price accounting, and other charges and credits) | EBITDA margin at least 12%* (excluding amortization related impact of purchase price accounting, and other charges and credits) | ||
TechnipFMC | ||||
Corporate expense, net $160 - 170 million for the full year (excluding the impact of foreign currency fluctuations) | ||||
Net interest expense $40 - 60 million for the full year (excluding the impact of revaluation of partners’ redeemable financial liability) | ||||
Tax rate 28 - 32% for the full year (excluding the impact of discrete items) | ||||
Capital expenditures approximately $350 million for the full year | ||||
Cash flow from operating activities positive for the full year | ||||
Merger integration and restructuring costs approximately $50 million for the full year | ||||
Cost synergies $450 million total savings ($220m exit run-rate 12/31/17, $400m exit run-rate 12/31/18, $450m exit run-rate 12/31/19) |
• | Onshore/Offshore revenue in a range of $6.0 - 6.3 billion; revenue has been increased from the previous guidance range of $5.7 - 6.0 billion. |
• | Onshore/Offshore EBITDA margin of at least 14% (excluding amortization related impact of purchase price accounting, and other charges and credits); EBITDA margin guidance has been increased from the previous guidance of at least 12%. |
• | Surface Technologies revenue in a range of $1.6 - 1.7 billion; revenue has been decreased from the previous guidance range of $1.7 - 1.8 billion. |
• | Surface Technologies EBITDA margin of at least 12% (excluding amortization related impact of purchase price accounting, and other charges and credits); EBITDA margin guidance has been decreased from the previous guidance of at least 17%. |
• | unanticipated changes relating to competitive factors in our industry; |
• | demand for our products and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets; |
• | our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets; |
• | potential liabilities arising out of the installation or use of our products; |
• | cost overruns related to our fixed price contracts or capital asset construction projects that may affect revenues; |
• | our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers; |
• | our reliance on subcontractors, suppliers and joint venture partners in the performance of our contracts; |
• | our ability to hire and retain key personnel; |
• | piracy risks for our maritime employees and assets; |
• | the potential impacts of seasonal and weather conditions; |
• | the cumulative loss of major contracts or alliances; |
• | U.S. and international laws and regulations, including existing or future environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations; |
• | disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; |
• | risks associated with The Depository Trust Company and Euroclear for clearance services for shares traded on the NYSE and Euronext Paris, respectively; |
• | the United Kingdom’s proposed withdrawal from the European Union; risks associated with being an English public limited company, including the need for “distributable profits”, shareholder approval of certain capital structure decisions, and the risk that we may not be able to pay dividends or repurchase shares in accordance with our announced capital allocation plan; |
• | compliance with covenants under our debt instruments and conditions in the credit markets; |
• | downgrade in the ratings of our debt could restrict our ability to access the debt capital markets; |
• | the outcome of uninsured claims and litigation against us; |
• | the risks of currency exchange rate fluctuations associated with our international operations; |
• | significant merger-related costs; |
• | risks related to our acquisition and divestiture activities; |
• | failure of our information technology infrastructure or any significant breach of security, including related to cyber attacks, and actual or perceived failure to comply with data security and privacy obligations; |
• | risks that the legacy businesses of FMC Technologies, Inc. and Technip S.A. will not be integrated successfully or that the combined company will not realize estimated cost savings, value of certain tax assets, synergies and growth or that such benefits may take longer to realize than expected; |
• | risks associated with tax liabilities, changes in U.S. federal or international tax laws or interpretations to which they are subject; |
• | the remedial measures to address our material weaknesses could be insufficient or additional issues relating to disclosure controls and procedures or internal control over financial reporting could be identified; and |
• | such other risk factors set forth in our filings with the United States Securities and Exchange Commission and in our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority. |
Contacts Investor relations Matt Seinsheimer Vice President Investor Relations Tel: +1 281 260 3665 Email: Matt Seinsheimer Phillip Lindsay Director Investor Relations (Europe) Tel: +44 (0) 20 3429 3929 Email: Phillip Lindsay | Media relations Christophe Bélorgeot Senior Vice President Corporate Engagement Tel: +33 1 47 78 39 92 Email: Christophe Belorgeot Delphine Nayral Director Public Relations Tel: +33 1 47 78 34 83 Email: Delphine Nayral |
(Unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 2,913.0 | $ | 3,125.2 | |||
Costs and expenses | 2,778.2 | 2,885.9 | |||||
134.8 | 239.3 | ||||||
Other (expense) income, net | (12.3 | ) | (11.2 | ) | |||
Income before net interest expense and income taxes | 122.5 | 228.1 | |||||
Net interest expense | (88.2 | ) | (87.4 | ) | |||
Income before income taxes | 34.3 | 140.7 | |||||
Provision for income taxes | 14.5 | 49.3 | |||||
Net income | 19.8 | 91.4 | |||||
Net loss attributable to noncontrolling interests | 1.1 | 3.7 | |||||
Net income attributable to TechnipFMC plc | $ | 20.9 | $ | 95.1 | |||
Earnings per share attributable to TechnipFMC plc: | |||||||
Basic | $ | 0.05 | $ | 0.20 | |||
Diluted | $ | 0.05 | $ | 0.20 | |||
Weighted average shares outstanding: | |||||||
Basic | 450.1 | 464.3 | |||||
Diluted | 453.3 | 465.7 | |||||
Cash dividends declared per share | $ | 0.13 | $ | 0.13 |
(Unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Revenue | |||||||
Subsea | $ | 1,185.3 | $ | 1,180.2 | |||
Onshore/Offshore | 1,335.1 | 1,573.4 | |||||
Surface Technologies | 392.6 | 371.6 | |||||
$ | 2,913.0 | $ | 3,125.2 | ||||
Income before income taxes | |||||||
Segment operating profit (loss) | |||||||
Subsea | $ | 49.9 | $ | 54.4 | |||
Onshore/Offshore | 155.7 | 202.9 | |||||
Surface Technologies | 10.5 | 30.6 | |||||
Total segment operating profit | 216.1 | 287.9 | |||||
Corporate items | |||||||
Corporate expense (1) | (93.6 | ) | (59.8 | ) | |||
Net interest expense | (88.2 | ) | (87.4 | ) | |||
Total corporate items | (181.8 | ) | (147.2 | ) | |||
Net income before income taxes (2) | $ | 34.3 | $ | 140.7 |
(1) | Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, other employee benefits, certain foreign exchange gains and losses, and merger transaction and integration expenses. |
(2) | Includes amounts attributable to noncontrolling interests. |
Three Months Ended | |||||||
Inbound Orders (1) | March 31, | ||||||
2019 | 2018 | ||||||
Subsea | $ | 2,677.6 | $ | 1,227.8 | |||
Onshore/Offshore | 3,138.9 | 1,849.6 | |||||
Surface Technologies | 368.0 | 409.6 | |||||
Total inbound orders | $ | 6,184.5 | $ | 3,487.0 |
Order Backlog (2) | March 31, | ||||||
2019 | 2018 | ||||||
Subsea | $ | 7,477.3 | $ | 6,110.9 | |||
Onshore/Offshore | 9,862.7 | 7,491.6 | |||||
Surface Technologies | 437.6 | 409.5 | |||||
Total order backlog | $ | 17,777.6 | $ | 14,012.0 |
(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. |
(Unaudited) | |||||||
March 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 4,965.3 | $ | 5,540.0 | |||
Trade receivables, net | 2,250.3 | 2,469.7 | |||||
Contract assets | 1,383.7 | 1,295.0 | |||||
Inventories, net | 1,315.2 | 1,251.2 | |||||
Other current assets | 1,337.6 | 1,225.3 | |||||
Total current assets | 11,252.1 | 11,781.2 | |||||
Property, plant and equipment, net | 3,381.9 | 3,259.8 | |||||
Goodwill | 7,603.4 | 7,607.6 | |||||
Intangible assets, net | 1,156.9 | 1,176.7 | |||||
Other assets | 2,277.6 | 959.2 | |||||
Total assets | $ | 25,671.9 | $ | 24,784.5 | |||
Short-term debt and current portion of long-term debt | $ | 208.9 | $ | 67.4 | |||
Accounts payable, trade | 2,464.5 | 2,600.3 | |||||
Contract liabilities | 4,252.2 | 4,085.1 | |||||
Other current liabilities | 2,702.9 | 2,381.6 | |||||
Total current liabilities | 9,628.5 | 9,134.4 | |||||
Long-term debt, less current portion | 3,725.0 | 4,124.3 | |||||
Other liabilities | 1,864.3 | 1,056.4 | |||||
Redeemable noncontrolling interest | 38.5 | 38.5 | |||||
TechnipFMC plc stockholders’ equity | 10,384.7 | 10,399.6 | |||||
Noncontrolling interests | 30.9 | 31.3 | |||||
Total liabilities and equity | $ | 25,671.9 | $ | 24,784.5 |
(Unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Cash provided (required) by operating activities | |||||||
Net income | $ | 19.8 | $ | 91.4 | |||
Adjustments to reconcile net income (loss) to cash provided (required) by operating activities | |||||||
Depreciation | 88.9 | 86.4 | |||||
Amortization | 30.5 | 45.4 | |||||
Impairments | 0.9 | 0.4 | |||||
Employee benefit plan and share-based compensation costs | 20.9 | 7.4 | |||||
Deferred income tax provision (benefit), net | (90.8 | ) | (59.9 | ) | |||
Unrealized loss on derivative instruments and foreign exchange | 29.2 | 7.3 | |||||
Income from equity affiliates, net of dividends received | (9.9 | ) | (13.2 | ) | |||
Other | 72.7 | 136.0 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||
Trade receivables, net and contract assets | 131.8 | (522.7 | ) | ||||
Inventories, net | (61.5 | ) | (59.7 | ) | |||
Accounts payable, trade | (148.6 | ) | (332.2 | ) | |||
Contract liabilities | 186.1 | 462.0 | |||||
Income taxes payable (receivable), net | 20.8 | 15.9 | |||||
Other current assets and liabilities, net | (126.3 | ) | 39.7 | ||||
Other noncurrent assets and liabilities, net | (43.1 | ) | (105.8 | ) | |||
Cash provided (required) by operating activities | 121.4 | (201.6 | ) | ||||
Cash provided (required) by investing activities | |||||||
Capital expenditures | (178.2 | ) | (53.2 | ) | |||
Payment to acquire debt securities | (59.7 | ) | — | ||||
Acquisitions, net of cash acquired | — | (62.0 | ) | ||||
Proceeds from sale of assets | 0.9 | 1.8 | |||||
Other | — | (0.2 | ) | ||||
Cash provided (required) by investing activities | (237.0 | ) | (113.6 | ) | |||
Cash required by financing activities | |||||||
Net increase in short-term debt | 114.5 | 2.4 | |||||
Net decrease in commercial paper | (450.4 | ) | (117.6 | ) | |||
Proceeds from issuance of long-term debt | 96.2 | 0.5 | |||||
Repayments of long-term debt | — | (5.3 | ) | ||||
Purchase of ordinary shares | (33.0 | ) | (92.6 | ) | |||
Settlements of mandatorily redeemable financial liability | (174.9 | ) | — | ||||
Other | — | 1.4 | |||||
Cash required by financing activities | (447.6 | ) | (211.2 | ) | |||
Effect of changes in foreign exchange rates on cash and cash equivalents | (11.5 | ) | 9.6 | ||||
Increase (decrease) in cash and cash equivalents | (574.7 | ) | (516.8 | ) | |||
Cash and cash equivalents, beginning of period | 5,540.0 | 6,737.4 | |||||
Cash and cash equivalents, end of period | $ | 4,965.3 | $ | 6,220.6 |
Three Months Ended | |||||||||||||||||||||||||||
March 31, 2019 | |||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings (loss) before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | 20.9 | $ | (1.1 | ) | $ | 14.5 | $ | 88.2 | $ | 122.5 | $ | 119.4 | $ | 241.9 | ||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 0.5 | — | 0.2 | — | 0.7 | — | 0.7 | ||||||||||||||||||||
Restructuring and other severance charges | 11.6 | — | 4.2 | — | 15.8 | — | 15.8 | ||||||||||||||||||||
Business combination transaction and integration costs | 8.9 | — | 3.2 | — | 12.1 | — | 12.1 | ||||||||||||||||||||
Reorganization | 19.2 | — | 6.1 | — | 25.3 | — | 25.3 | ||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5 | ) | — | |||||||||||||||||||
Valuation allowance | (40.3 | ) | — | 40.3 | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | 27.3 | $ | (1.1 | ) | $ | 70.5 | $ | 88.2 | $ | 184.9 | $ | 110.9 | $ | 295.8 | ||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | 0.05 | |||||||||||||||||||||||||
Adjusted diluted earnings (loss) per share attributable to TechnipFMC plc | $ | 0.06 |
Three Months Ended | |||||||||||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||||||
Net income attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | 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 | $ | 95.1 | $ | (3.7 | ) | $ | 49.3 | $ | 87.4 | $ | 228.1 | $ | 131.8 | $ | 359.9 | ||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 2.2 | — | 0.8 | — | 3.0 | — | 3.0 | ||||||||||||||||||||
Restructuring and other severance charges | 6.2 | — | 2.3 | — | 8.5 | — | 8.5 | ||||||||||||||||||||
Business combination transaction and integration costs | 4.1 | — | 1.5 | — | 5.6 | — | 5.6 | ||||||||||||||||||||
Purchase price accounting adjustment | 23.9 | — | 7.4 | — | 31.3 | (21.7 | ) | 9.6 | |||||||||||||||||||
Adjusted financial measures | $ | 131.5 | $ | (3.7 | ) | $ | 61.3 | $ | 87.4 | $ | 276.5 | $ | 110.1 | $ | 386.6 | ||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | 0.20 | |||||||||||||||||||||||||
Adjusted diluted earnings (loss) per share attributable to TechnipFMC plc | $ | 0.28 |
Three Months Ended | |||||||||||||||||||
March 31, 2019 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 1,185.3 | $ | 1,335.1 | $ | 392.6 | $ | — | $ | 2,913.0 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | 49.9 | $ | 155.7 | $ | 10.5 | $ | (93.6 | ) | $ | 122.5 | ||||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 0.7 | — | — | — | 0.7 | ||||||||||||||
Restructuring and other severance charges | 1.6 | 3.8 | 1.5 | 8.9 | 15.8 | ||||||||||||||
Business combination transaction and integration costs | — | — | — | 12.1 | 12.1 | ||||||||||||||
Reorganization | — | 25.3 | — | — | 25.3 | ||||||||||||||
Purchase price accounting adjustments - amortization related | 8.5 | — | — | — | 8.5 | ||||||||||||||
Subtotal | 10.8 | 29.1 | 1.5 | 21.0 | 62.4 | ||||||||||||||
Adjusted Operating profit (loss) | 60.7 | 184.8 | 12.0 | (72.6 | ) | 184.9 | |||||||||||||
Adjusted Depreciation and amortization | 79.0 | 10.0 | 18.1 | 3.8 | 110.9 | ||||||||||||||
Adjusted EBITDA | $ | 139.7 | $ | 194.8 | $ | 30.1 | $ | (68.8 | ) | $ | 295.8 | ||||||||
Operating profit margin, as reported | 4.2 | % | 11.7 | % | 2.7 | % | 4.2 | % | |||||||||||
Adjusted Operating profit margin | 5.1 | % | 13.8 | % | 3.1 | % | 6.3 | % | |||||||||||
Adjusted EBITDA margin | 11.8 | % | 14.6 | % | 7.7 | % | 10.2 | % |
Three Months Ended | |||||||||||||||||||
March 31, 2018 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 1,180.2 | $ | 1,573.4 | $ | 371.6 | $ | — | $ | 3,125.2 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | 54.4 | $ | 202.9 | $ | 30.6 | $ | (59.8 | ) | $ | 228.1 | ||||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 0.4 | 2.6 | — | — | 3.0 | ||||||||||||||
Restructuring and other severance charges | 2.7 | 0.9 | 2.4 | 2.5 | 8.5 | ||||||||||||||
Business combination transaction and integration costs | — | — | — | 5.6 | 5.6 | ||||||||||||||
Purchase price accounting adjustments - non-amortization related | 6.0 | — | 3.6 | — | 9.6 | ||||||||||||||
Purchase price accounting adjustments - amortization related | 21.9 | — | (0.1 | ) | (0.1 | ) | 21.7 | ||||||||||||
Subtotal | 31.0 | 3.5 | 5.9 | 8.0 | 48.4 | ||||||||||||||
Adjusted Operating profit (loss) | 85.4 | 206.4 | 36.5 | (51.8 | ) | 276.5 | |||||||||||||
Adjusted Depreciation and amortization | 86.6 | 8.6 | 13.8 | 1.1 | 110.1 | ||||||||||||||
Adjusted EBITDA | $ | 172.0 | $ | 215.0 | $ | 50.3 | $ | (50.7 | ) | $ | 386.6 | ||||||||
Operating profit margin, as reported | 4.6 | % | 12.9 | % | 8.2 | % | 7.3 | % | |||||||||||
Adjusted Operating profit margin | 7.2 | % | 13.1 | % | 9.8 | % | 8.8 | % | |||||||||||
Adjusted EBITDA margin | 14.6 | % | 13.7 | % | 13.5 | % | 12.4 | % |
March 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 4,965.3 | $ | 5,540.0 | |||
Short-term debt and current portion of long-term debt | (208.9 | ) | (67.4 | ) | |||
Long-term debt, less current portion | (3,725.0 | ) | (4,124.3 | ) | |||
Net cash | $ | 1,031.4 | $ | 1,348.3 |
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