(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: | April 27, 2022 | Name: Alf Melin | ||||||
Title: Executive Vice President and Chief Financial Officer |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,555.8 | $1,523.3 | $1,632.0 | 2.1% | (4.7%) | ||||||||||||
Income (loss) | $(42.3) | $(127.2) | $430.3 | n/m | n/m | ||||||||||||
Diluted earnings (loss) per share | $(0.09) | $(0.28) | $0.95 | n/m | n/m | ||||||||||||
Adjusted EBITDA | $153.5 | $130.3 | $165.2 | 17.8% | (7.1%) | ||||||||||||
Adjusted EBITDA margin | 9.9 | % | 8.6 | % | 10.1 | % | 130 bps | (20 bps) | |||||||||
Adjusted income (loss) | $(13.0) | $(55.8) | $(14.5) | n/m | n/m | ||||||||||||
Adjusted diluted earnings (loss) per share | $(0.03) | $(0.12) | $(0.03) | n/m | n/m | ||||||||||||
Inbound orders | $2,184.9 | $2,106.7 | $1,722.1 | 3.7% | 26.9% | ||||||||||||
Backlog | $8,894.1 | $7,657.7 | $7,221.4 | 16.1% | 23.2% |
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Subsea |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,289.1 | $1,236.2 | $1,386.5 | 4.3% | (7.0%) | ||||||||||||
Operating profit | $54.0 | $8.5 | $37.0 | 535.3% | 45.9% | ||||||||||||
Adjusted EBITDA | $129.0 | $123.6 | $135.1 | 4.4% | (4.5%) | ||||||||||||
Adjusted EBITDA margin | 10.0 | % | 10.0 | % | 9.7 | % | 0 bps | 30 bps | |||||||||
Inbound orders | $1,893.6 | $1,034.8 | $1,518.8 | 83.0% | 24.7% | ||||||||||||
Backlog1,2,3 | $7,741.3 | $6,533.0 | $6,857.1 | 18.5% | 12.9% |
Estimated Consolidated Backlog Scheduling (In millions) | Mar. 31, 2022 | ||||
2022 (9 months) | $2,933 | ||||
2023 | $2,880 | ||||
2024 and beyond | $1,928 | ||||
Total | $7,741 | ||||
1 Backlog in the period was increased by a foreign exchange impact of $596 million. | |||||
2 Backlog does not capture all revenue potential for Subsea Services. | |||||
3 Backlog does not include total Company non-consolidated backlog of $550 million. |
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Surface Technologies |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Sequential | Year-over-Year | ||||||||||||
Revenue | $266.7 | $287.1 | $245.5 | (7.1%) | 8.6% | ||||||||||||
Operating profit | $3.7 | $8.8 | $8.2 | (58.0%) | (54.9%) | ||||||||||||
Adjusted EBITDA | $22.0 | $28.9 | $26.9 | (23.9%) | (18.2%) | ||||||||||||
Adjusted EBITDA margin | 8.2 | % | 10.1 | % | 11.0 | % | (190 bps) | (280 bps) | |||||||||
Inbound orders | $291.3 | $1,071.9 | $203.3 | (72.8%) | 43.3% | ||||||||||||
Backlog | $1,152.8 | $1,124.7 | $364.3 | 2.5% | 216.4% |
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2022 Guidance (As of February 23, 2022) | ||||||||||||||
Subsea | Surface Technologies | |||||||||||||
Revenue in a range of $5.2 - 5.6 billion | Revenue in a range of $1,150 - 1,300 million | |||||||||||||
EBITDA margin in a range of 11 - 12% (excluding charges and credits) | EBITDA margin in a range of 11 - 13% (excluding charges and credits) | |||||||||||||
TechnipFMC | ||||||||||||||
Corporate expense, net $100 - 110 million | ||||||||||||||
(includes depreciation and amortization of ~$5 million) | ||||||||||||||
Net interest expense $105 - 115 million | ||||||||||||||
Tax provision, as reported $100 - 110 million | ||||||||||||||
Capital expenditures approximately $230 million | ||||||||||||||
Free cash flow $100 - 250 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 12 of 23 |
(Unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Revenue | $ | 1,555.8 | $ | 1,523.3 | $ | 1,632.0 | |||||||||||
Costs and expenses | 1,545.4 | 1,559.1 | 1,630.8 | ||||||||||||||
10.4 | (35.8) | 1.2 | |||||||||||||||
Other (expense) income, net | 46.2 | 28.0 | 43.3 | ||||||||||||||
Income (loss) from investment in Technip Energies | (28.5) | (29.6) | 470.1 | ||||||||||||||
Income (loss) before net interest expense and income taxes | 28.1 | (37.4) | 514.6 | ||||||||||||||
Net interest expense | (33.9) | (34.3) | (34.5) | ||||||||||||||
Loss on early extinguishment of debt | — | (22.4) | (23.5) | ||||||||||||||
Income (loss) before income taxes | (5.8) | (94.1) | 456.6 | ||||||||||||||
Provision for income taxes | 28.5 | 39.4 | 24.5 | ||||||||||||||
Income (loss) from continuing operations | (34.3) | (133.5) | 432.1 | ||||||||||||||
(Income) loss from continuing operations attributable to non-controlling interests | (8.0) | 6.3 | (1.8) | ||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | (42.3) | (127.2) | 430.3 | ||||||||||||||
Loss from discontinued operations | (19.4) | (28.5) | (60.2) | ||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | — | (1.9) | ||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (61.7) | $ | (155.7) | $ | 368.2 | |||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||
Basic | $ | (0.09) | $ | (0.28) | $ | 0.96 | |||||||||||
Diluted | $ | (0.09) | $ | (0.28) | $ | 0.95 | |||||||||||
Loss per share from discontinued operations | |||||||||||||||||
Basic and diluted | $ | (0.04) | $ | (0.06) | $ | (0.14) | |||||||||||
Earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||
Basic | $ | (0.13) | $ | (0.35) | $ | 0.82 | |||||||||||
Diluted | $ | (0.13) | $ | (0.35) | $ | 0.81 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 451.1 | 450.5 | 449.7 | ||||||||||||||
Diluted | 451.1 | 450.5 | 451.1 | ||||||||||||||
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(Unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Revenue | |||||||||||||||||
Subsea | $ | 1,289.1 | $ | 1,236.2 | $ | 1,386.5 | |||||||||||
Surface Technologies | 266.7 | 287.1 | 245.5 | ||||||||||||||
$ | 1,555.8 | $ | 1,523.3 | $ | 1,632.0 | ||||||||||||
Income (loss) before income taxes | |||||||||||||||||
Segment operating profit | |||||||||||||||||
Subsea | $ | 54.0 | $ | 8.5 | $ | 37.0 | |||||||||||
Surface Technologies | 3.7 | 8.8 | 8.2 | ||||||||||||||
Total segment operating profit | 57.7 | 17.3 | 45.2 | ||||||||||||||
Corporate items | |||||||||||||||||
Corporate expense (1) | $ | (29.5) | $ | (29.7) | $ | (28.8) | |||||||||||
Net interest expense and loss on early extinguishment of debt | (33.9) | (56.7) | (58.0) | ||||||||||||||
Income (loss) from investment in Technip Energies | (28.5) | (29.6) | 470.1 | ||||||||||||||
Foreign exchange gains | 28.4 | 4.6 | 28.1 | ||||||||||||||
Total corporate items | (63.5) | (111.4) | 411.4 | ||||||||||||||
Income (loss) before income taxes (2) | $ | (5.8) | $ | (94.1) | $ | 456.6 |
TechnipFMC.com | Page 14 of 23 |
Three Months Ended | |||||||||||||||||
Inbound Orders (1) | March 31, | December 31, | March 31, | ||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Subsea | $ | 1,893.6 | $ | 1,034.8 | $ | 1,518.8 | |||||||||||
Surface Technologies | 291.3 | $ | 1,071.9 | 203.3 | |||||||||||||
Total inbound orders | $ | 2,184.9 | $ | 2,106.7 | $ | 1,722.1 |
Order Backlog (2) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||
Subsea | $ | 7,741.3 | $ | 6,533.0 | $ | 6,857.1 | |||||||||||
Surface Technologies | 1,152.8 | 1,124.7 | 364.3 | ||||||||||||||
Total order backlog | $ | 8,894.1 | $ | 7,657.7 | $ | 7,221.4 |
TechnipFMC.com | Page 15 of 23 |
(Unaudited) | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 1,203.0 | $ | 1,327.4 | |||||||
Trade receivables, net | 1,020.8 | 911.9 | |||||||||
Contract assets | 983.4 | 966.0 | |||||||||
Inventories, net | 1,074.4 | 1,031.9 | |||||||||
Other current assets | 908.2 | 787.0 | |||||||||
Investment in Technip Energies | 49.1 | 317.3 | |||||||||
Total current assets | 5,238.9 | 5,341.5 | |||||||||
Property, plant and equipment, net | 2,570.0 | 2,597.2 | |||||||||
Intangible assets, net | 788.4 | 813.7 | |||||||||
Other assets | 1,481.7 | 1,267.7 | |||||||||
Total assets | $ | 10,079.0 | $ | 10,020.1 | |||||||
Short-term debt and current portion of long-term debt | $ | 281.8 | $ | 277.6 | |||||||
Accounts payable, trade | 1,283.6 | 1,294.3 | |||||||||
Contract liabilities | 834.7 | 1,012.9 | |||||||||
Other current liabilities | 1,274.7 | 1,267.0 | |||||||||
Total current liabilities | 3,674.8 | 3,851.8 | |||||||||
Long-term debt, less current portion | 1,723.3 | 1,727.3 | |||||||||
Other liabilities | 1,190.5 | 1,022.6 | |||||||||
TechnipFMC plc stockholders’ equity | 3,466.3 | 3,402.7 | |||||||||
Non-controlling interests | 24.1 | 15.7 | |||||||||
Total liabilities and equity | $ | 10,079.0 | $ | 10,020.1 |
TechnipFMC.com | Page 16 of 23 |
(In millions) | Three Months Ended March 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Cash provided (required) by operating activities | ||||||||||||||
Net income (loss) | $ | (53.7) | $ | 371.9 | ||||||||||
Net loss from discontinued operations | 19.4 | 60.2 | ||||||||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | ||||||||||||||
Depreciation and amortization | 95.9 | 95.2 | ||||||||||||
Impairments | 1.1 | 18.8 | ||||||||||||
Employee benefit plan and share-based compensation costs | 7.9 | 4.7 | ||||||||||||
Deferred income tax provision (benefit), net | 23.0 | (31.9) | ||||||||||||
(Income) loss from investment in Technip Energies | 28.5 | (470.1) | ||||||||||||
Unrealized loss (gain) on derivative instruments and foreign exchange | 13.0 | (5.5) | ||||||||||||
Income from equity affiliates, net of dividends received | (5.4) | (7.7) | ||||||||||||
Loss on early extinguishment of debt | — | 23.5 | ||||||||||||
Other | 8.7 | (0.1) | ||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | ||||||||||||||
Trade receivables, net and contract assets | (64.4) | (165.6) | ||||||||||||
Inventories, net | (15.9) | 66.0 | ||||||||||||
Accounts payable, trade | (26.9) | 84.8 | ||||||||||||
Contract liabilities | (183.5) | (132.9) | ||||||||||||
Income taxes payable, net | 1.8 | 165.3 | ||||||||||||
Other current assets and liabilities, net | (161.0) | 100.7 | ||||||||||||
Other non-current assets and liabilities, net | (17.9) | 4.2 | ||||||||||||
Cash provided (required) by operating activities from continuing operations | (329.4) | 181.5 | ||||||||||||
Cash provided by operating activities from discontinued operations | — | 66.3 | ||||||||||||
Cash provided (required) by operating activities | (329.4) | 247.8 | ||||||||||||
Cash provided (required) by investing activities | ||||||||||||||
Capital expenditures | (27.3) | (44.2) | ||||||||||||
Proceeds from redemption of debt securities | 0.5 | 24.2 | ||||||||||||
Proceeds from sale of investment in Technip Energies | 238.5 | 100.0 | ||||||||||||
Advances from BPI | — | 100.0 | ||||||||||||
Proceeds from repayment of advances to joint venture | — | 12.5 | ||||||||||||
Other | (8.0) | 4.4 | ||||||||||||
Cash provided by investing activities from continuing operations | 203.7 | 196.9 | ||||||||||||
Cash required by investing activities from discontinued operations | — | (4.5) | ||||||||||||
Cash provided by investing activities | 203.7 | 192.4 | ||||||||||||
Cash required by financing activities | ||||||||||||||
Net change in short-term debt | (8.0) | 6.2 | ||||||||||||
Net decrease in commercial paper | — | (953.1) | ||||||||||||
Net decrease in revolving credit facility | — | 200.0 | ||||||||||||
Proceeds from issuance of long-term debt | — | 1,000.0 | ||||||||||||
Repayments of long-term debt | — | (1,065.8) | ||||||||||||
Payments for debt issuance costs | — | (53.5) | ||||||||||||
Other | (5.1) | (0.4) | ||||||||||||
Cash required by financing activities from continuing operations | (13.1) | (866.6) | ||||||||||||
Cash required by financing activities from discontinued operations | — | (3,617.7) | ||||||||||||
Cash required by financing activities | (13.1) | (4,484.3) | ||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 14.4 | (10.9) | ||||||||||||
Change in cash and cash equivalents | (124.4) | (4,055.0) | ||||||||||||
Cash and cash equivalents, beginning of period | 1,327.4 | 4,807.8 | ||||||||||||
Cash and cash equivalents, end of period | $ | 1,203.0 | $ | 752.8 |
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Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | (42.3) | $ | 8.0 | $ | 28.5 | $ | 33.9 | $ | 28.1 | $ | 95.9 | $ | 124.0 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 1.1 | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | (0.3) | — | 0.2 | — | (0.1) | — | (0.1) | ||||||||||||||||||||||||||||||||||
Loss from investment in Technip Energies | 28.5 | — | — | — | 28.5 | — | 28.5 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (13.0) | $ | 8.0 | $ | 28.7 | $ | 33.9 | $ | 57.6 | $ | 95.9 | $ | 153.5 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.09) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.03) |
TechnipFMC.com | Page 18 of 23 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Loss 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 | $ | (127.2) | $ | (6.3) | $ | 39.4 | $ | 56.7 | $ | (37.4) | $ | 95.7 | $ | 58.3 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 28.2 | — | — | — | 28.2 | — | 28.2 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 13.6 | — | 0.6 | — | 14.2 | — | 14.2 | ||||||||||||||||||||||||||||||||||
Loss from investment in Technip Energies | 29.6 | — | — | — | 29.6 | — | 29.6 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (55.8) | $ | (6.3) | $ | 40.0 | $ | 56.7 | $ | 34.6 | $ | 95.7 | $ | 130.3 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.28) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.12) |
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 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) |
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Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,289.1 | $ | 266.7 | $ | — | $ | — | $ | 1,555.8 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 54.0 | $ | 3.7 | $ | (29.5) | $ | (0.1) | $ | 28.1 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | — | 1.1 | — | — | 1.1 | ||||||||||||||||||||||||
Restructuring and other charges | (3.4) | 0.5 | 2.8 | — | (0.1) | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | 28.5 | 28.5 | ||||||||||||||||||||||||
Subtotal | (3.4) | 1.6 | 2.8 | 28.5 | 29.5 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 50.6 | 5.3 | (26.7) | 28.4 | 57.6 | ||||||||||||||||||||||||
Depreciation and amortization | 78.4 | 16.7 | 0.8 | — | 95.9 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 129.0 | $ | 22.0 | $ | (25.9) | $ | 28.4 | $ | 153.5 | |||||||||||||||||||
Operating profit margin, as reported | 4.2 | % | 1.4 | % | 1.8 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 3.9 | % | 2.0 | % | 3.7 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.0 | % | 8.2 | % | 9.9 | % |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,236.2 | $ | 287.1 | $ | — | $ | — | $ | 1,523.3 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 8.5 | $ | 8.8 | $ | (29.7) | $ | (25.0) | $ | (37.4) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 26.6 | 1.6 | — | — | 28.2 | ||||||||||||||||||||||||
Restructuring and other charges | 9.8 | 2.2 | 2.2 | — | 14.2 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | 29.6 | 29.6 | ||||||||||||||||||||||||
Subtotal | 36.4 | 3.8 | 2.2 | 29.6 | 72.0 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 44.9 | 12.6 | (27.5) | 4.6 | 34.6 | ||||||||||||||||||||||||
Depreciation and amortization | 78.7 | 16.3 | 0.7 | — | 95.7 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 123.6 | $ | 28.9 | $ | (26.8) | $ | 4.6 | $ | 130.3 | |||||||||||||||||||
Operating profit margin, as reported | 0.7 | % | 3.1 | % | -2.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 3.6 | % | 4.4 | % | 2.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.0 | % | 10.1 | % | 8.6 | % |
TechnipFMC.com | Page 20 of 23 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,386.5 | $ | 245.5 | $ | — | $ | — | $ | 1,632.0 | |||||||||||||||||||
Operating 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 21 of 23 |
March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||
Cash and cash equivalents | $ | 1,203.0 | $ | 1,327.4 | $ | 752.8 | |||||||||||
Short-term debt and current portion of long-term debt | (281.8) | (277.6) | (96.8) | ||||||||||||||
Long-term debt, less current portion | (1,723.3) | (1,727.3) | (2,434.3) | ||||||||||||||
Net debt | $ | (802.1) | $ | (677.5) | $ | (1,778.3) |
TechnipFMC.com | Page 22 of 23 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash provided (required) by operating activities from continuing operations | $ | (329.4) | $ | 181.5 | ||||||||||
Capital expenditures | (27.3) | (44.2) | ||||||||||||
Free cash flow (deficit) from continuing operations | $ | (356.7) | $ | 137.3 |
TechnipFMC.com | Page 23 of 23 |
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Cover Document |
Apr. 27, 2022 |
---|---|
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 | Apr. 27, 2022 |
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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