(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(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: | July 21, 2021 | Name: Alf Melin | ||||||
Title: Executive Vice President and Chief Financial Officer |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,668.8 | $1,632.0 | $1,620.2 | 2.3% | 3.0% | ||||||||||||
Income (loss) | ($174.7) | $430.3 | ($177.6) | n/m | n/m | ||||||||||||
Diluted earnings (loss) per share | $(0.39) | $0.95 | $(0.40) | n/m | n/m | ||||||||||||
Adjusted EBITDA | $144.3 | $165.2 | $77.4 | (12.7%) | 86.4% | ||||||||||||
Adjusted EBITDA margin | 8.6 | % | 10.1 | % | 4.8 | % | (150 bps) | 380 bps | |||||||||
Adjusted income (loss) | $(26.0) | $(14.5) | $(63.6) | n/m | n/m | ||||||||||||
Adjusted diluted earnings (loss) per share | $(0.06) | $(0.03) | $(0.14) | n/m | n/m | ||||||||||||
Inbound orders | $1,559.5 | $1,722.1 | $698.8 | (9.4%) | 123.2% | ||||||||||||
Backlog | $7,312.0 | $7,221.4 | $7,471.2 | 1.3% | (2.1%) |
TechnipFMC.com | Page 1 of 24 |
TechnipFMC.com | Page 2 of 24 |
Subsea |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,394.3 | $1,386.5 | $1,378.5 | 0.6% | 1.1% | ||||||||||||
Operating profit (loss) | $72.4 | $37.0 | $(75.6) | 95.7% | n/m | ||||||||||||
Adjusted EBITDA | $154.1 | $135.1 | $99.6 | 14.1% | 54.7% | ||||||||||||
Adjusted EBITDA margin | 11.1 | % | 9.7 | % | 7.2 | % | 140 bps | 390 bps | |||||||||
Inbound orders | $1,291.3 | $1,518.8 | $511.7 | (15.0%) | 152.4% | ||||||||||||
Backlog1,2,3 | $6,951.6 | $6,857.1 | $7,085.3 | 1.4% | (1.9%) |
Estimated Consolidated Backlog Scheduling (In millions) | Jun. 30, 2021 | ||||
2021 (6 months) | $1,996 | ||||
2022 | $2,988 | ||||
2023 and beyond | $1,968 | ||||
Total | $6,952 | ||||
1 Backlog in the period was increased by a foreign exchange impact of $170 million. | |||||
2 Backlog does not capture all revenue potential for Subsea Services. | |||||
3 Backlog does not include total Company non-consolidated backlog of $594 million. |
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TechnipFMC.com | Page 5 of 24 |
Surface Technologies |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Sequential | Year-over-Year | ||||||||||||
Revenue | $274.5 | $245.5 | $241.7 | 11.8% | 13.6% | ||||||||||||
Operating profit (loss) | $12.9 | $8.2 | $(13.4) | 57.3% | n/m | ||||||||||||
Adjusted EBITDA | $30.2 | $26.9 | $8.3 | 12.3% | 263.9% | ||||||||||||
Adjusted EBITDA margin | 11.0 | % | 11.0 | % | 3.4 | % | 0 bps | 760 bps | |||||||||
Inbound orders | $268.2 | $203.3 | $187.1 | 31.9% | 43.3% | ||||||||||||
Backlog | $360.4 | $364.3 | $385.9 | (1.1%) | (6.6%) |
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TechnipFMC.com | Page 7 of 24 |
2021 Guidance *Updated July 21, 2021 | ||||||||||||||
Subsea | Surface Technologies | |||||||||||||
Revenue in a range of $5.2 - 5.5 billion* | Revenue in a range of $1,050 - 1,250 million | |||||||||||||
EBITDA margin in a range of 10 - 11% (excluding charges and credits) | EBITDA margin in a range of 10 - 12%* (excluding charges and credits) | |||||||||||||
TechnipFMC | ||||||||||||||
Corporate expense, net $105 - 115 million | ||||||||||||||
(includes depreciation and amortization of ~$5 million) | ||||||||||||||
Net interest expense* $135 - 140 million | ||||||||||||||
Tax provision, as reported* $85 - 95 million | ||||||||||||||
Capital expenditures approximately $250 million | ||||||||||||||
Free cash flow $120 - 220 million | ||||||||||||||
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Contacts Investor relations Matt Seinsheimer Vice President, Investor Relations Tel: +1 281 260 3665 Email: Matt Seinsheimer James Davis Senior Manager, Investor Relations Tel: +1 281 260 3665 Email: James Davis | Media relations Nicola Cameron Vice President, Corporate Communications Tel: +44 383 742 297 Email: Nicola Cameron Catie Tuley Director, Public Relations Tel: +1 281 591 5405 Email: Catie Tuley |
TechnipFMC.com | Page 11 of 24 |
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Revenue | $ | 1,668.8 | $ | 1,632.0 | $ | 1,620.2 | $ | 3,300.8 | $ | 3,202.8 | |||||||||||||||||||
Costs and expenses | 1,636.3 | 1,630.8 | 1,737.2 | 3,267.1 | 6,561.1 | ||||||||||||||||||||||||
32.5 | 1.2 | (117.0) | 33.7 | (3,358.3) | |||||||||||||||||||||||||
Other (expense) income, net | 11.8 | 43.3 | (4.6) | 55.1 | 8.6 | ||||||||||||||||||||||||
Income (loss) from investment in Technip Energies | (146.8) | 470.1 | — | 323.3 | — | ||||||||||||||||||||||||
Income (loss) before net interest expense and income taxes | (102.5) | 514.6 | (121.6) | 412.1 | (3,349.7) | ||||||||||||||||||||||||
Net interest expense | (35.2) | (34.5) | (26.6) | (69.7) | (49.6) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | (23.5) | — | (23.5) | — | ||||||||||||||||||||||||
Income (loss) before income taxes | (137.7) | 456.6 | (148.2) | 318.9 | (3,399.3) | ||||||||||||||||||||||||
Provision (benefit) for income taxes | 34.9 | 24.5 | 27.6 | 59.4 | 4.4 | ||||||||||||||||||||||||
Income (loss) from continuing operations | (172.6) | 432.1 | (175.8) | 259.5 | (3,403.7) | ||||||||||||||||||||||||
Income from continuing operations attributable to non-controlling interests | (2.1) | (1.8) | (1.8) | (3.9) | (8.7) | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | (174.7) | 430.3 | (177.6) | 255.6 | (3,412.4) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | 7.7 | (60.2) | 191.1 | (52.5) | 173.3 | ||||||||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | (1.9) | (1.8) | (1.9) | (5.3) | ||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (167.0) | $ | 368.2 | $ | 11.7 | $ | 201.2 | $ | (3,244.4) | |||||||||||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||||||||||||||
Basic and diluted | $ | (0.39) | $ | 0.96 | $ | (0.40) | $ | 0.57 | $ | (7.62) | |||||||||||||||||||
Diluted | $ | (0.39) | $ | 0.95 | $ | (0.40) | $ | 0.56 | $ | (7.62) | |||||||||||||||||||
Earnings (loss) per share from discontinued operations | |||||||||||||||||||||||||||||
Basic and diluted | $ | 0.02 | $ | (0.14) | $ | 0.42 | $ | (0.12) | $ | 0.38 | |||||||||||||||||||
Earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||||||||
Basic and diluted | $ | (0.37) | $ | 0.82 | $ | 0.03 | $ | 0.45 | $ | (7.24) | |||||||||||||||||||
Diluted | $ | (0.37) | $ | 0.81 | $ | 0.03 | $ | 0.44 | $ | (7.24) | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 450.6 | 449.7 | 448.3 | 450.4 | 447.9 | ||||||||||||||||||||||||
Diluted | 450.6 | 451.1 | 448.3 | 454.9 | 447.9 | ||||||||||||||||||||||||
Cash dividends declared per share | $ | — | $ | — | $ | — | $ | — | $ | 0.13 |
TechnipFMC.com | Page 12 of 24 |
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Subsea | $ | 1,394.3 | $ | 1,386.5 | $ | 1,378.5 | $ | 2,780.8 | $ | 2,631.6 | |||||||||||||||||||
Surface Technologies | 274.5 | 245.5 | 241.7 | 520.0 | 571.2 | ||||||||||||||||||||||||
$ | 1,668.8 | $ | 1,632.0 | $ | 1,620.2 | $ | 3,300.8 | $ | 3,202.8 | ||||||||||||||||||||
Income (loss) before income taxes | |||||||||||||||||||||||||||||
Segment operating profit (loss) | |||||||||||||||||||||||||||||
Subsea | $ | 72.4 | $ | 37.0 | $ | (75.6) | $ | 109.4 | $ | (2,826.3) | |||||||||||||||||||
Surface Technologies | 12.9 | 8.2 | (13.4) | 21.1 | (437.4) | ||||||||||||||||||||||||
Total segment operating profit (loss) | 85.3 | 45.2 | (89.0) | 130.5 | (3,263.7) | ||||||||||||||||||||||||
Corporate items | |||||||||||||||||||||||||||||
Corporate expense (1) | $ | (30.3) | $ | (28.8) | $ | (16.5) | $ | (59.1) | $ | (46.8) | |||||||||||||||||||
Net interest expense | (35.2) | (58.0) | (26.6) | (93.2) | (49.6) | ||||||||||||||||||||||||
Income (loss) from investment in Technip Energies | (146.8) | 470.1 | — | 323.3 | — | ||||||||||||||||||||||||
Foreign exchange gains (losses) | (10.7) | 28.1 | (16.1) | 17.4 | (39.2) | ||||||||||||||||||||||||
Total corporate items | (223.0) | 411.4 | (59.2) | 188.4 | (135.6) | ||||||||||||||||||||||||
Income (loss) before income taxes (2) | $ | (137.7) | $ | 456.6 | $ | (148.2) | $ | 318.9 | $ | (3,399.3) |
TechnipFMC.com | Page 13 of 24 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Inbound Orders (1) | June 30, | March 31, | June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Subsea | $ | 1,291.3 | $ | 1,518.8 | $ | 511.7 | $ | 2,810.1 | $ | 1,683.8 | |||||||||||||||||||
Surface Technologies | 268.2 | 203.3 | 187.1 | 471.5 | 553.4 | ||||||||||||||||||||||||
Total inbound orders | $ | 1,559.5 | $ | 1,722.1 | $ | 698.8 | $ | 3,281.6 | $ | 2,237.2 |
Order Backlog (2) | June 30, 2021 | March 31, 2021 | June 30, 2020 | ||||||||||||||
Subsea | $ | 6,951.6 | $ | 6,857.1 | $ | 7,085.3 | |||||||||||
Surface Technologies | 360.4 | 364.3 | 385.9 | ||||||||||||||
Total order backlog | $ | 7,312.0 | $ | 7,221.4 | $ | 7,471.2 |
TechnipFMC.com | Page 14 of 24 |
(Unaudited) | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | 854.9 | $ | 1,269.2 | |||||||
Trade receivables, net | 1,272.3 | 987.7 | |||||||||
Contract assets | 928.3 | 886.8 | |||||||||
Inventories, net | 1,135.8 | 1,252.8 | |||||||||
Other current assets | 932.9 | 1,323.1 | |||||||||
Investment in Technip Energies | 760.0 | — | |||||||||
Current assets of discontinued operations | — | 5,725.1 | |||||||||
Total current assets | 5,884.2 | 11,444.7 | |||||||||
Property, plant and equipment, net | 2,712.7 | 2,756.2 | |||||||||
Intangible assets, net | 809.7 | 851.3 | |||||||||
Other assets | 1,321.3 | 1,356.9 | |||||||||
Non-current assets of discontinued operations | — | 3,283.5 | |||||||||
Total assets | $ | 10,727.9 | $ | 19,692.6 | |||||||
Short-term debt and current portion of long-term debt | $ | 297.7 | $ | 624.7 | |||||||
Accounts payable, trade | 1,307.2 | 1,201.0 | |||||||||
Contract liabilities | 833.6 | 1,046.8 | |||||||||
Other current liabilities | 1,275.1 | 1,446.2 | |||||||||
Current liabilities of discontinued operations | — | 6,096.5 | |||||||||
Total current liabilities | 3,713.6 | 10,415.2 | |||||||||
Long-term debt, less current portion | 2,180.2 | 2,835.5 | |||||||||
Other liabilities | 1,157.5 | 1,102.6 | |||||||||
Non-current liabilities of discontinued operations | — | 1,081.3 | |||||||||
Redeemable non-controlling interest | 47.3 | 43.7 | |||||||||
TechnipFMC plc stockholders’ equity | 3,586.4 | 4,154.2 | |||||||||
Non-controlling interests | 42.9 | 40.4 | |||||||||
Non-controlling interests of discontinued operations | — | 19.7 | |||||||||
Total liabilities and equity | $ | 10,727.9 | $ | 19,692.6 |
TechnipFMC.com | Page 15 of 24 |
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2021 | 2020 | |||||||||||||||
Cash provided (required) by operating activities | |||||||||||||||||
Net income (loss) from continuing operations | $ | (172.6) | $ | 259.5 | $ | (3,403.7) | |||||||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | |||||||||||||||||
Depreciation | 74.6 | 145.7 | 153.0 | ||||||||||||||
Amortization | 23.4 | 47.5 | 51.1 | ||||||||||||||
Impairments | 0.8 | 19.6 | 3,221.7 | ||||||||||||||
Employee benefit plan and share-based compensation costs | 5.8 | 10.5 | 28.5 | ||||||||||||||
Deferred income tax benefit, net | 17.9 | (14.0) | (25.7) | ||||||||||||||
Income (loss) from investment in Technip Energies | 146.8 | (323.3) | — | ||||||||||||||
Unrealized (gain) loss on derivative instruments and foreign exchange | 66.9 | 61.4 | (5.2) | ||||||||||||||
Income from equity affiliates, net of dividends received | (12.7) | (20.4) | (35.8) | ||||||||||||||
Loss on early extinguishment of debt | — | 23.5 | — | ||||||||||||||
Other | 4.0 | 3.9 | (13.9) | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||||||||
Trade receivables, net and contract assets | (187.9) | (353.5) | (126.8) | ||||||||||||||
Inventories, net | 56.6 | 122.6 | (56.8) | ||||||||||||||
Accounts payable, trade | 23.6 | 108.4 | (72.8) | ||||||||||||||
Contract liabilities | (74.0) | (206.9) | 51.3 | ||||||||||||||
Income taxes payable (receivable), net | 8.3 | 173.6 | 4.5 | ||||||||||||||
Other current assets and liabilities, net | (66.2) | 34.5 | (181.5) | ||||||||||||||
Other non-current assets and liabilities, net | (1.2) | 3.0 | (3.5) | ||||||||||||||
Cash provided (required) by operating activities from continuing operations | (85.9) | 95.6 | (415.6) | ||||||||||||||
Cash provided by operating activities from discontinued operations | — | 66.3 | 349.6 | ||||||||||||||
Cash provided (required) by operating activities | (85.9) | 161.9 | (66.0) | ||||||||||||||
Cash provided (required) by investing activities | |||||||||||||||||
Capital expenditures | (39.7) | (83.9) | (163.6) | ||||||||||||||
Net proceeds (payments) from sale of debt securities | (29.1) | (4.9) | — | ||||||||||||||
Proceeds from sales of assets | 84.3 | 88.7 | 25.0 | ||||||||||||||
Proceeds from sale of investment in Technip Energies | 358.1 | 458.1 | — | ||||||||||||||
Advances paid to BPI | (100.0) | — | — | ||||||||||||||
Proceeds from repayment of advances to joint venture | — | 12.5 | 12.5 | ||||||||||||||
Other | — | — | 11.2 | ||||||||||||||
Cash provided (required) by investing activities from continuing operations | 273.6 | 470.5 | (114.9) | ||||||||||||||
Cash required by investing activities from discontinued operations | — | (4.5) | (22.4) | ||||||||||||||
Cash provided (required) by investing activities | 273.6 | 466.0 | (137.3) | ||||||||||||||
Cash provided (required) by financing activities | |||||||||||||||||
Net increase (decrease) in short-term debt | (29.3) | (23.1) | 24.0 | ||||||||||||||
Net decrease in commercial paper | (21.2) | (974.3) | (39.1) | ||||||||||||||
Net decrease in revolving credit facility | (200.0) | — | — | ||||||||||||||
Proceeds from issuance of long-term debt | 164.4 | 1,164.4 | 163.6 | ||||||||||||||
Repayments of long-term debt | — | (1,065.8) | — | ||||||||||||||
Dividends paid | — | — | (59.2) | ||||||||||||||
Payments for debt issuance costs | — | (53.5) | — | ||||||||||||||
Payments related to taxes withheld on share-based compensation | (2.4) | (2.4) | — | ||||||||||||||
Other | (0.7) | (1.1) | (6.4) | ||||||||||||||
Cash provided (required) by financing activities from continuing operations | (89.2) | (955.8) | 82.9 | ||||||||||||||
Cash required by financing activities from discontinued operations | — | (79.1) | (327.2) | ||||||||||||||
Cash required by financing activities | (89.2) | (1,034.9) | (244.3) | ||||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 3.6 | (7.3) | (42.0) | ||||||||||||||
Change in cash and cash equivalents | 102.1 | (414.3) | (489.6) | ||||||||||||||
Cash and cash equivalents, beginning of period | 752.8 | 1,269.2 | 1,563.1 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 854.9 | $ | 854.9 | $ | 1,073.5 |
TechnipFMC.com | Page 16 of 24 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 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 | 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 | $ | (174.7) | $ | 2.1 | $ | 34.9 | $ | 35.2 | $ | (102.5) | $ | 98.0 | $ | (4.5) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 0.8 | — | — | — | 0.8 | — | 0.8 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 1.1 | — | 0.1 | — | 1.2 | — | 1.2 | ||||||||||||||||||||||||||||||||||
Loss from investment in Technip Energies | 146.8 | — | — | — | 146.8 | — | 146.8 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (26.0) | $ | 2.1 | $ | 35.0 | $ | 35.2 | $ | 46.3 | $ | 98.0 | $ | 144.3 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.39) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.06) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision (benefit) for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 430.3 | $ | 1.8 | $ | 24.5 | $ | 58.0 | $ | 514.6 | $ | 95.2 | $ | 609.8 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 18.8 | — | — | — | 18.8 | — | 18.8 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 6.5 | — | 0.2 | — | 6.7 | — | 6.7 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (470.1) | — | — | — | (470.1) | — | (470.1) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (14.5) | $ | 1.8 | $ | 24.7 | $ | 58.0 | $ | 70.0 | $ | 95.2 | $ | 165.2 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.95 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.03) |
TechnipFMC.com | Page 17 of 24 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | 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 | $ | (177.6) | $ | 1.8 | $ | 27.6 | $ | 26.6 | $ | (121.6) | $ | 95.4 | $ | (26.2) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 53.5 | — | (19.8) | — | 33.7 | — | 33.7 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 36.0 | — | 2.3 | — | 38.3 | — | 38.3 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 29.7 | — | 1.9 | — | 31.6 | — | 31.6 | ||||||||||||||||||||||||||||||||||
Valuation allowance | (5.2) | — | 5.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (63.6) | $ | 1.8 | $ | 17.2 | $ | 26.6 | $ | (18.0) | $ | 95.4 | $ | 77.4 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.40) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.14) |
TechnipFMC.com | Page 18 of 24 |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 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 (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 | $ | 255.6 | $ | 3.9 | $ | 59.4 | $ | 93.2 | $ | 412.1 | $ | 193.2 | $ | 605.3 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 19.6 | — | — | — | 19.6 | — | 19.6 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 7.6 | — | 0.3 | — | 7.9 | — | 7.9 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (323.3) | — | — | — | (323.3) | — | (323.3) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (40.5) | $ | 3.9 | $ | 59.7 | $ | 93.2 | $ | 116.3 | $ | 193.2 | $ | 309.5 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.56 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.09) |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | 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 | $ | (3,412.4) | $ | 8.7 | $ | 4.4 | $ | 49.6 | $ | (3,349.7) | $ | 204.1 | $ | (3,145.6) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 3,213.4 | — | 8.3 | — | 3,221.7 | — | 3,221.7 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 40.5 | — | 3.8 | — | 44.3 | — | 44.3 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 33.6 | — | 3.1 | — | 36.7 | — | 36.7 | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5) | — | ||||||||||||||||||||||||||||||||||
Valuation allowance | (3.1) | — | 3.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (121.5) | $ | 8.7 | $ | 24.7 | $ | 49.6 | $ | (38.5) | $ | 195.6 | $ | 157.1 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (7.62) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.27) |
TechnipFMC.com | Page 19 of 24 |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,394.3 | $ | 274.5 | $ | — | $ | — | $ | 1,668.8 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 72.4 | $ | 12.9 | $ | (30.3) | $ | (157.5) | $ | (102.5) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 0.6 | 0.2 | — | — | 0.8 | ||||||||||||||||||||||||
Restructuring and other charges | 0.4 | 0.8 | — | — | 1.2 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | 146.8 | 146.8 | ||||||||||||||||||||||||
Subtotal | 1.0 | 1.0 | — | 146.8 | 148.8 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 73.4 | 13.9 | (30.3) | (10.7) | 46.3 | ||||||||||||||||||||||||
Depreciation and amortization | 80.7 | 16.3 | 1.0 | — | 98.0 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 154.1 | $ | 30.2 | $ | (29.3) | $ | (10.7) | $ | 144.3 | |||||||||||||||||||
Operating profit margin, as reported | 5.2 | % | 4.7 | % | -6.1 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 5.3 | % | 5.1 | % | 2.8 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 11.1 | % | 11.0 | % | 8.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,386.5 | $ | 245.5 | $ | — | $ | — | $ | 1,632.0 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 37.0 | $ | 8.2 | $ | (28.8) | $ | 498.2 | $ | 514.6 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 15.7 | 0.1 | 3.0 | — | 18.8 | ||||||||||||||||||||||||
Restructuring and other charges | 4.0 | 2.7 | — | — | 6.7 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (470.1) | (470.1) | ||||||||||||||||||||||||
Subtotal | 19.7 | 2.8 | 3.0 | (470.1) | (444.6) | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 56.7 | 11.0 | (25.8) | 28.1 | 70.0 | ||||||||||||||||||||||||
Depreciation and amortization | 78.4 | 15.9 | 0.9 | — | 95.2 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 135.1 | $ | 26.9 | $ | (24.9) | $ | 28.1 | $ | 165.2 | |||||||||||||||||||
Operating profit margin, as reported | 2.7 | % | 3.3 | % | 31.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.1 | % | 4.5 | % | 4.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 9.7 | % | 11.0 | % | 10.1 | % |
TechnipFMC.com | Page 20 of 24 |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,378.5 | $ | 241.7 | $ | — | $ | — | $ | 1,620.2 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (75.6) | $ | (13.4) | $ | (16.5) | $ | (16.1) | $ | (121.6) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 32.5 | 1.2 | — | — | 33.7 | ||||||||||||||||||||||||
Restructuring and other charges | 35.9 | 1.3 | 1.1 | — | 38.3 | ||||||||||||||||||||||||
Direct COVID-19 expenses | 27.4 | 4.2 | — | — | 31.6 | ||||||||||||||||||||||||
Subtotal | 95.8 | 6.7 | 1.1 | — | 103.6 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 20.2 | (6.7) | (15.4) | (16.1) | (18.0) | ||||||||||||||||||||||||
Depreciation and amortization | 79.4 | 15.0 | 1.0 | — | 95.4 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 99.6 | $ | 8.3 | $ | (14.4) | $ | (16.1) | $ | 77.4 | |||||||||||||||||||
Operating profit margin, as reported | -5.5 | % | -5.5 | % | -7.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 1.5 | % | -2.8 | % | -1.1 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 7.2 | % | 3.4 | % | 4.8 | % |
TechnipFMC.com | Page 21 of 24 |
Six Months Ended | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 2,780.8 | $ | 520.0 | $ | — | $ | — | $ | 3,300.8 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 109.4 | $ | 21.1 | $ | (59.1) | $ | 340.7 | $ | 412.1 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 16.3 | 0.3 | 3.0 | — | 19.6 | ||||||||||||||||||||||||
Restructuring and other charges | 4.4 | 3.5 | — | — | 7.9 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (323.3) | (323.3) | ||||||||||||||||||||||||
Subtotal | 20.7 | 3.8 | 3.0 | (323.3) | (295.8) | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 130.1 | 24.9 | (56.1) | 17.4 | 116.3 | ||||||||||||||||||||||||
Depreciation and amortization | 159.1 | 32.2 | 1.9 | — | 193.2 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 289.2 | $ | 57.1 | $ | (54.2) | $ | 17.4 | $ | 309.5 | |||||||||||||||||||
Operating profit margin, as reported | 3.9 | % | 4.1 | % | 12.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.7 | % | 4.8 | % | 3.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.4 | % | 11.0 | % | 9.4 | % |
Six Months Ended | |||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 2,631.6 | $ | 571.2 | $ | — | $ | — | $ | 3,202.8 | |||||||||||||||||||
Operating loss, as reported (pre-tax) | $ | (2,826.3) | $ | (437.4) | $ | (46.8) | $ | (39.2) | $ | (3,349.7) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 2,809.0 | 412.7 | — | — | 3,221.7 | ||||||||||||||||||||||||
Restructuring and other charges | 29.0 | 13.1 | 2.2 | — | 44.3 | ||||||||||||||||||||||||
Direct COVID-19 expenses | 31.4 | 5.3 | — | — | 36.7 | ||||||||||||||||||||||||
Purchase price accounting adjustment | 8.5 | — | — | — | 8.5 | ||||||||||||||||||||||||
Subtotal | 2,877.9 | 431.1 | 2.2 | — | 3,311.2 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 51.6 | (6.3) | (44.6) | (39.2) | (38.5) | ||||||||||||||||||||||||
Adjusted Depreciation and amortization | 152.8 | 39.1 | 3.7 | — | 195.6 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 204.4 | $ | 32.8 | $ | (40.9) | $ | (39.2) | $ | 157.1 | |||||||||||||||||||
Operating profit margin, as reported | -107.4 | % | -76.6 | % | -104.6 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 2.0 | % | -1.1 | % | -1.2 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 7.8 | % | 5.7 | % | 4.9 | % |
TechnipFMC.com | Page 22 of 24 |
June 30, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | 854.9 | $ | 1,269.2 | |||||||
Short-term debt and current portion of long-term debt | (297.7) | (624.7) | |||||||||
Long-term debt, less current portion | (2,180.2) | (2,835.5) | |||||||||
Net debt | $ | (1,623.0) | $ | (2,191.0) |
TechnipFMC.com | Page 23 of 24 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2021 | 2020 | |||||||||||||||
Cash provided (required) by operating activities from continuing operations | $ | (85.9) | $ | 95.6 | $ | (415.6) | |||||||||||
Capital expenditures | (39.7) | (83.9) | (163.6) | ||||||||||||||
Free cash flow (deficit) from continuing operations | $ | (125.6) | $ | 11.7 | $ | (579.2) |
TechnipFMC.com | Page 24 of 24 |
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Cover Document |
Jul. 21, 2021 |
---|---|
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 | One St. Paul’s Churchyard |
Entity Incorporation, State or Country Code | X0 |
Entity File Number | 001-37983 |
Document Period End Date | Jul. 21, 2021 |
Entity Tax Identification Number | 98-1283037 |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | EC4M 8AP |
Trading Symbol | FTI |
Security Exchange Name | NYSE |
Entity Registrant Name | TechnipFMC plc |
Country Region | 44 |
City Area Code | 203 |
Local Phone Number | 429-3950 |
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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