(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: | July 27, 2022 | Name: Alf Melin | ||||||
Title: Executive Vice President and Chief Financial Officer |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,717.2 | $1,555.8 | $1,668.8 | 10.4% | 2.9% | ||||||||||||
Income (loss) | $2.1 | $(42.3) | $(174.7) | n/m | n/m | ||||||||||||
Diluted earnings (loss) per share | $0.00 | $(0.09) | $(0.39) | n/m | n/m | ||||||||||||
Adjusted EBITDA | $186.5 | $153.5 | $144.3 | 21.5% | 29.2% | ||||||||||||
Adjusted EBITDA margin | 10.9 | % | 9.9 | % | 8.6 | % | 100 bps | 230 bps | |||||||||
Adjusted income (loss) | $8.4 | $(13.0) | $(26.0) | n/m | n/m | ||||||||||||
Adjusted diluted earnings (loss) per share | $0.02 | $(0.03) | $(0.06) | n/m | n/m | ||||||||||||
Inbound orders | $2,201.7 | $2,184.9 | $1,559.5 | 0.8% | 41.2% | ||||||||||||
Backlog | $9,039.4 | $8,894.1 | $7,312.0 | 1.6% | 23.6% |
TechnipFMC.com | Page 1 of 26 |
TechnipFMC.com | Page 2 of 26 |
Subsea |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,414.6 | $1,289.1 | $1,394.3 | 9.7% | 1.5% | ||||||||||||
Operating profit | $97.1 | $54.0 | $72.4 | 79.8% | 34.1% | ||||||||||||
Adjusted EBITDA | $176.0 | $129.0 | $154.1 | 36.4% | 14.2% | ||||||||||||
Adjusted EBITDA margin | 12.4 | % | 10.0 | % | 11.1 | % | 240 bps | 130 bps | |||||||||
Inbound orders | $1,928.0 | $1,893.6 | $1,291.3 | 1.8% | 49.3% | ||||||||||||
Backlog1,2,3 | $7,926.3 | $7,741.3 | $6,951.6 | 2.4% | 14.0% |
Estimated Consolidated Backlog Scheduling (In millions) | Jun. 30, 2022 | ||||
2022 (6 months) | $2,030 | ||||
2023 | $3,226 | ||||
2024 and beyond | $2,670 | ||||
Total | $7,926 | ||||
1 Backlog as of June 30, 2022 was decreased by a foreign exchange impact of $327 million. | |||||
2 Backlog does not capture all revenue potential for Subsea Services. | |||||
3 Backlog as of June 30, 2022 does not include total Company non-consolidated backlog of $534 million. |
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Surface Technologies |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Sequential | Year-over-Year | ||||||||||||
Revenue | $302.6 | $266.7 | $274.5 | 13.5% | 10.2% | ||||||||||||
Operating profit | $10.0 | $3.7 | $12.9 | 170.3% | (22.5%) | ||||||||||||
Adjusted EBITDA | $32.4 | $22.0 | $30.2 | 47.3% | 7.3% | ||||||||||||
Adjusted EBITDA margin | 10.7 | % | 8.2 | % | 11.0 | % | 250 bps | (30 bps) | |||||||||
Inbound orders | $273.7 | $291.3 | $268.2 | (6.0%) | 2.1% | ||||||||||||
Backlog | $1,113.1 | $1,152.8 | $360.4 | (3.4%) | 208.9% |
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TechnipFMC.com | Page 7 of 26 |
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 11 of 26 |
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31 | June 30, | June 30, | ||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Revenue | $ | 1,717.2 | $ | 1,555.8 | $ | 1,668.8 | $ | 3,273.0 | $ | 3,300.8 | |||||||||||||||||||
Costs and expenses | 1,640.2 | 1,545.4 | 1,636.3 | 3,185.6 | 3,267.1 | ||||||||||||||||||||||||
77.0 | 10.4 | 32.5 | 87.4 | 33.7 | |||||||||||||||||||||||||
Other income, net | 7.3 | 46.2 | 11.8 | 53.5 | 55.1 | ||||||||||||||||||||||||
Income (loss) from investment in Technip Energies | 0.8 | (28.5) | (146.8) | (27.7) | 323.3 | ||||||||||||||||||||||||
Income (loss) before net interest expense and income taxes | 85.1 | 28.1 | (102.5) | 113.2 | 412.1 | ||||||||||||||||||||||||
Net interest expense | (27.7) | (33.9) | (35.2) | (61.6) | (69.7) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | (29.8) | — | — | (29.8) | (23.5) | ||||||||||||||||||||||||
Income (loss) before income taxes | 27.6 | (5.8) | (137.7) | 21.8 | 318.9 | ||||||||||||||||||||||||
Provision for income taxes | 19.8 | 28.5 | 34.9 | 48.3 | 59.4 | ||||||||||||||||||||||||
Income (loss) from continuing operations | 7.8 | (34.3) | (172.6) | (26.5) | 259.5 | ||||||||||||||||||||||||
Net (income) from continuing operations attributable to non-controlling interests | (5.7) | (8.0) | (2.1) | (13.7) | (3.9) | ||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 2.1 | (42.3) | (174.7) | (40.2) | 255.6 | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | (19.4) | 7.7 | (19.4) | (52.5) | ||||||||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | — | — | — | (1.9) | ||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 2.1 | $ | (61.7) | $ | (167.0) | $ | (59.6) | $ | 201.2 | |||||||||||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||||||||||||||
Basic | $ | 0.00 | $ | (0.09) | $ | (0.39) | $ | (0.09) | $ | 0.57 | |||||||||||||||||||
Diluted | $ | 0.00 | $ | (0.09) | $ | (0.39) | $ | (0.09) | $ | 0.56 | |||||||||||||||||||
Earnings (loss) per share from discontinued operations | |||||||||||||||||||||||||||||
Basic and diluted | $ | 0.00 | $ | (0.04) | $ | 0.02 | $ | (0.04) | $ | (0.12) | |||||||||||||||||||
Earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||||||||
Basic | $ | 0.00 | $ | (0.13) | $ | (0.37) | $ | (0.13) | $ | 0.45 | |||||||||||||||||||
Diluted | $ | 0.00 | $ | (0.13) | $ | (0.37) | $ | (0.13) | $ | 0.44 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 452.2 | 451.1 | 450.6 | 451.6 | 450.4 | ||||||||||||||||||||||||
Diluted | 456.8 | 451.1 | 450.6 | 451.6 | 454.9 | ||||||||||||||||||||||||
TechnipFMC.com | Page 12 of 26 |
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31 | June 30, | June 30, | ||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Subsea | $ | 1,414.6 | $ | 1,289.1 | $ | 1,394.3 | $ | 2,703.7 | $ | 2,780.8 | |||||||||||||||||||
Surface Technologies | 302.6 | 266.7 | 274.5 | 569.3 | 520.0 | ||||||||||||||||||||||||
$ | 1,717.2 | $ | 1,555.8 | $ | 1,668.8 | $ | 3,273.0 | $ | 3,300.8 | ||||||||||||||||||||
Segment operating profit | |||||||||||||||||||||||||||||
Subsea | $ | 97.1 | $ | 54.0 | $ | 72.4 | $ | 151.1 | $ | 109.4 | |||||||||||||||||||
Surface Technologies | 10.0 | 3.7 | 12.9 | 13.7 | 21.1 | ||||||||||||||||||||||||
Total segment operating profit | 107.1 | 57.7 | 85.3 | 164.8 | 130.5 | ||||||||||||||||||||||||
Corporate items | |||||||||||||||||||||||||||||
Corporate expense (1) | $ | (22.0) | $ | (29.5) | $ | (30.3) | $ | (51.5) | $ | (59.1) | |||||||||||||||||||
Net interest expense and loss on early extinguishment of debt | (57.5) | (33.9) | (35.2) | (91.4) | (93.2) | ||||||||||||||||||||||||
Income (loss) from investment in Technip Energies | 0.8 | (28.5) | (146.8) | (27.7) | 323.3 | ||||||||||||||||||||||||
Foreign exchange gains (losses) | (0.8) | 28.4 | (10.7) | 27.6 | 17.4 | ||||||||||||||||||||||||
Total corporate items | (79.5) | (63.5) | (223.0) | (143.0) | 188.4 | ||||||||||||||||||||||||
Income (loss) before income taxes (2) | $ | 27.6 | $ | (5.8) | $ | (137.7) | $ | 21.8 | $ | 318.9 |
TechnipFMC.com | Page 13 of 26 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Inbound Orders (1) | June 30, | March 31 | June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Subsea | $ | 1,928.0 | $ | 1,893.6 | $ | 1,291.3 | $ | 3,821.6 | $ | 2,810.1 | |||||||||||||||||||
Surface Technologies | 273.7 | $ | 291.3 | 268.2 | 565.0 | 471.5 | |||||||||||||||||||||||
Total inbound orders | $ | 2,201.7 | $ | 2,184.9 | $ | 1,559.5 | $ | 4,386.6 | $ | 3,281.6 |
Order Backlog (2) | June 30, 2022 | March 31, 2022 | June 30, 2021 | ||||||||||||||
Subsea | $ | 7,926.3 | $ | 7,741.3 | $ | 6,951.6 | |||||||||||
Surface Technologies | 1,113.1 | 1,152.8 | 360.4 | ||||||||||||||
Total order backlog | $ | 9,039.4 | $ | 8,894.1 | $ | 7,312.0 |
TechnipFMC.com | Page 14 of 26 |
(Unaudited) | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 684.9 | $ | 1,327.4 | |||||||
Trade receivables, net | 1,097.8 | 911.9 | |||||||||
Contract assets, net | 1,025.0 | 966.0 | |||||||||
Inventories, net | 1,067.1 | 1,031.9 | |||||||||
Other current assets | 859.8 | 787.0 | |||||||||
Investment in Technip Energies | — | 317.3 | |||||||||
Total current assets | 4,734.6 | 5,341.5 | |||||||||
Property, plant and equipment, net | 2,391.3 | 2,597.2 | |||||||||
Intangible assets, net | 761.4 | 813.7 | |||||||||
Other assets | 1,399.8 | 1,267.7 | |||||||||
Total assets | $ | 9,287.1 | $ | 10,020.1 | |||||||
Short-term debt and current portion of long-term debt | $ | 104.0 | $ | 277.6 | |||||||
Accounts payable, trade | 1,250.4 | 1,294.3 | |||||||||
Contract liabilities | 804.4 | 1,012.9 | |||||||||
Other current liabilities | 1,351.7 | 1,267.0 | |||||||||
Total current liabilities | 3,510.5 | 3,851.8 | |||||||||
Long-term debt, less current portion | 1,370.7 | 1,727.3 | |||||||||
Other liabilities | 1,061.5 | 1,022.6 | |||||||||
TechnipFMC plc stockholders’ equity | 3,319.4 | 3,402.7 | |||||||||
Non-controlling interests | 25.0 | 15.7 | |||||||||
Total liabilities and equity | $ | 9,287.1 | $ | 10,020.1 |
TechnipFMC.com | Page 15 of 26 |
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2022 | 2021 | |||||||||||||||
Cash provided (required) by operating activities | |||||||||||||||||
Net income (loss) | $ | 7.8 | $ | (45.9) | $ | 207.0 | |||||||||||
Net loss from discontinued operations | — | 19.4 | 52.5 | ||||||||||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | |||||||||||||||||
Depreciation and amortization | 94.0 | 189.9 | 193.2 | ||||||||||||||
Impairments | — | 1.1 | 19.6 | ||||||||||||||
Employee benefit plan and share-based compensation costs | 9.2 | 17.1 | 10.5 | ||||||||||||||
Deferred income tax benefit | (33.8) | (10.8) | (14.0) | ||||||||||||||
(Income) loss from investment in Technip Energies | (0.8) | 27.7 | (323.3) | ||||||||||||||
Unrealized loss on derivative instruments and foreign exchange | 23.7 | 36.7 | 61.4 | ||||||||||||||
Income from equity affiliates, net of dividends received | (3.9) | (9.3) | (20.4) | ||||||||||||||
Loss on early extinguishment of debt | 29.8 | 29.8 | 23.5 | ||||||||||||||
Other | (6.3) | 2.4 | 3.9 | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||||||||
Trade receivables, net and contract assets | (258.4) | (322.8) | (353.5) | ||||||||||||||
Inventories, net | (27.6) | (43.5) | 122.6 | ||||||||||||||
Accounts payable, trade | 53.8 | 26.9 | 108.4 | ||||||||||||||
Contract liabilities | 7.1 | (176.4) | (206.9) | ||||||||||||||
Income taxes payable, net | (37.4) | (35.6) | 173.6 | ||||||||||||||
Other current assets and liabilities, net | 26.2 | (134.8) | 34.5 | ||||||||||||||
Other non-current assets and liabilities, net | 19.7 | 1.8 | 3.0 | ||||||||||||||
Cash provided (required) by operating activities from continuing operations | (96.9) | (426.3) | 95.6 | ||||||||||||||
Cash provided by operating activities from discontinued operations | — | — | 66.3 | ||||||||||||||
Cash provided (required) by operating activities | (96.9) | (426.3) | 161.9 | ||||||||||||||
Cash provided (required) by investing activities | |||||||||||||||||
Capital expenditures | (36.1) | (63.4) | (83.9) | ||||||||||||||
Proceeds from redemption of debt securities | — | 0.5 | 24.2 | ||||||||||||||
Payment to acquire debt securities | — | — | (29.1) | ||||||||||||||
Proceeds from sales of assets | 7.6 | 7.9 | 88.7 | ||||||||||||||
Proceeds from sale of investment in Technip Energies | 50.0 | 288.5 | 458.1 | ||||||||||||||
Proceeds from repayment of advances to joint venture | 12.5 | 12.5 | 12.5 | ||||||||||||||
Other | (8.2) | (16.5) | — | ||||||||||||||
Cash provided by investing activities from continuing operations | 25.8 | 229.5 | 470.5 | ||||||||||||||
Cash required by investing activities from discontinued operations | — | — | (4.5) | ||||||||||||||
Cash provided by investing activities | 25.8 | 229.5 | 466.0 | ||||||||||||||
Cash required by financing activities | |||||||||||||||||
Net change in short-term debt | (165.5) | (173.5) | (23.1) | ||||||||||||||
Net change in revolving credit facility and commercial paper | 170.0 | 170.0 | (974.3) | ||||||||||||||
Proceeds from issuance of long-term debt | — | — | 1,164.4 | ||||||||||||||
Repayments of long-term debt | (451.7) | (451.7) | (1,065.8) | ||||||||||||||
Payments for debt issuance costs | — | — | (53.5) | ||||||||||||||
Other | (0.4) | (5.5) | (3.5) | ||||||||||||||
Cash required by financing activities from continuing operations | (447.6) | (460.7) | (955.8) | ||||||||||||||
Cash required by financing activities from discontinued operations | — | — | (3,617.7) | ||||||||||||||
Cash required by financing activities | (447.6) | (460.7) | (4,573.5) | ||||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 0.6 | 15.0 | (7.3) | ||||||||||||||
Change in cash and cash equivalents | (518.1) | (642.5) | (3,952.9) | ||||||||||||||
Cash and cash equivalents, beginning of period | 1,203.0 | 1,327.4 | 4,807.8 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 684.9 | $ | 684.9 | $ | 854.9 |
TechnipFMC.com | Page 16 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 2.1 | $ | 5.7 | $ | 19.8 | $ | 57.5 | $ | 85.1 | $ | 94.0 | $ | 179.1 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Restructuring and other charges | 7.1 | — | 1.1 | — | 8.2 | — | 8.2 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (0.8) | — | — | — | (0.8) | — | (0.8) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 8.4 | $ | 5.7 | $ | 20.9 | $ | 57.5 | $ | 92.5 | $ | 94.0 | $ | 186.5 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.00 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations attributable to TechnipFMC plc | $ | 0.02 |
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 17 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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) |
TechnipFMC.com | Page 18 of 26 |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 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 | $ | (40.2) | $ | 13.7 | $ | 48.3 | $ | 91.4 | $ | 113.2 | $ | 189.9 | $ | 303.1 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 1.1 | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 6.8 | — | 1.3 | — | 8.1 | — | 8.1 | ||||||||||||||||||||||||||||||||||
Loss from investment in Technip Energies | 27.7 | — | — | — | 27.7 | — | 27.7 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (4.6) | $ | 13.7 | $ | 49.6 | $ | 91.4 | $ | 150.1 | $ | 189.9 | $ | 340.0 | |||||||||||||||||||||||||||
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 | $ | (0.01) |
TechnipFMC.com | Page 19 of 26 |
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 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) |
TechnipFMC.com | Page 20 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,414.6 | $ | 302.6 | $ | — | $ | — | $ | 1,717.2 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 97.1 | $ | 10.0 | $ | (22.0) | $ | — | $ | 85.1 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring and other charges | 2.6 | 5.4 | 0.2 | — | 8.2 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (0.8) | (0.8) | ||||||||||||||||||||||||
Subtotal | 2.6 | 5.4 | 0.2 | (0.8) | 7.4 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 99.7 | 15.4 | (21.8) | (0.8) | 92.5 | ||||||||||||||||||||||||
Depreciation and amortization | 76.3 | 17.0 | 0.7 | — | 94.0 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 176.0 | $ | 32.4 | $ | (21.1) | $ | (0.8) | $ | 186.5 | |||||||||||||||||||
Operating profit margin, as reported | 6.9 | % | 3.3 | % | 5.0 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 7.0 | % | 5.1 | % | 5.4 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 12.4 | % | 10.7 | % | 10.9 | % |
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 | % |
TechnipFMC.com | Page 21 of 26 |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | 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 | % |
TechnipFMC.com | Page 22 of 26 |
Six Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 2,703.7 | $ | 569.3 | $ | — | $ | — | $ | 3,273.0 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 151.1 | $ | 13.7 | $ | (51.5) | $ | (0.1) | $ | 113.2 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | — | 1.1 | — | — | 1.1 | ||||||||||||||||||||||||
Restructuring and other charges | (0.8) | 5.9 | 3.0 | — | 8.1 | ||||||||||||||||||||||||
Loss from investment in Technip Energies | — | — | — | 27.7 | 27.7 | ||||||||||||||||||||||||
Subtotal | (0.8) | 7.0 | 3.0 | 27.7 | 36.9 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 150.3 | 20.7 | (48.5) | 27.6 | 150.1 | ||||||||||||||||||||||||
Depreciation and amortization | 154.7 | 33.7 | 1.5 | — | 189.9 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 305.0 | $ | 54.4 | $ | (47.0) | $ | 27.6 | $ | 340.0 | |||||||||||||||||||
Operating profit margin, as reported | 5.6 | % | 2.4 | % | 3.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 5.6 | % | 3.6 | % | 4.6 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 11.3 | % | 9.6 | % | 10.4 | % |
TechnipFMC.com | Page 23 of 26 |
Six Months Ended | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 2,780.8 | $ | 520.0 | $ | — | $ | — | $ | 3,300.8 | |||||||||||||||||||
Operating 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 | % |
TechnipFMC.com | Page 24 of 26 |
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
Cash and cash equivalents | $ | 684.9 | $ | 1,203.0 | $ | 854.9 | |||||||||||
Short-term debt and current portion of long-term debt | (104.0) | (281.8) | (297.7) | ||||||||||||||
Long-term debt, less current portion | (1,370.7) | (1,723.3) | (2,180.2) | ||||||||||||||
Net debt | $ | (789.8) | $ | (802.1) | $ | (1,623.0) |
TechnipFMC.com | Page 25 of 26 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2022 | 2022 | 2021 | |||||||||||||||
Cash provided (required) by operating activities from continuing operations | $ | (96.9) | $ | (426.3) | $ | 95.6 | |||||||||||
Capital expenditures | (36.1) | (63.4) | (83.9) | ||||||||||||||
Free cash flow (deficit) from continuing operations | $ | (133.0) | $ | (489.7) | $ | 11.7 |
TechnipFMC.com | Page 26 of 26 |
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Cover Document |
Jul. 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 | Jul. 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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