(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive office) | (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, 2023 | Name: Alf Melin | ||||||
Title: Executive Vice President and Chief Financial Officer |
Three Months Ended | Change | ||||||||||||||||
(In millions, except per share amounts) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,717.4 | $1,694.4 | $1,555.8 | 1.4% | 10.4% | ||||||||||||
Income (loss) | $0.4 | $(26.7) | $(42.3) | n/m | n/m | ||||||||||||
Income (loss) margin | 0.0 | % | (1.6 | %) | (2.7 | %) | n/m | n/m | |||||||||
Diluted earnings (loss) per share | $0.00 | $(0.06) | $(0.09) | n/m | n/m | ||||||||||||
Adjusted EBITDA | $157.5 | $120.9 | $153.5 | 30.3% | 2.6% | ||||||||||||
Adjusted EBITDA margin | 9.2 | % | 7.1 | % | 9.9 | % | 210 bps | (70 bps) | |||||||||
Adjusted income (loss) | $1.0 | $(20.7) | $(13.0) | n/m | n/m | ||||||||||||
Adjusted diluted earnings (loss) per share | $0.00 | $(0.05) | $(0.03) | n/m | n/m | ||||||||||||
Inbound orders | $2,858.9 | $1,842.5 | $2,184.9 | 55.2% | 30.8% | ||||||||||||
Backlog | $10,607.4 | $9,353.0 | $8,894.1 | 13.4% | 19.3% |
TechnipFMC.com | Page 1 of 22 |
TechnipFMC.com | Page 2 of 22 |
Subsea |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $1,387.6 | $1,342.5 | $1,289.1 | 3.4% | 7.6% | ||||||||||||
Operating profit | $66.8 | $61.5 | $54.0 | 8.6% | 23.7% | ||||||||||||
Operating profit margin | 4.8 | % | 4.6 | % | 4.2 | % | 20 bps | 60 bps | |||||||||
Adjusted EBITDA | $141.9 | $140.1 | $129.0 | 1.3% | 10.0% | ||||||||||||
Adjusted EBITDA margin | 10.2 | % | 10.4 | % | 10.0 | % | (20 bps) | 20 bps | |||||||||
Inbound orders | $2,536.5 | $1,515.9 | $1,893.6 | 67.3% | 34.0% | ||||||||||||
Backlog1,2,3 | $9,395.3 | $8,131.5 | $7,741.3 | 15.5% | 21.4% |
Estimated Consolidated Backlog Scheduling (In millions) | Mar. 31, 2023 | ||||
2023 (9 months) | $3,340 | ||||
2024 | $3,898 | ||||
2025 and beyond | $2,157 | ||||
Total | $9,395 | ||||
1 Backlog as of March 31, 2023 was increased by a foreign exchange impact of $107 million. | |||||
2 Backlog does not capture all revenue potential for Subsea Services. | |||||
3 Backlog as of March 31, 2023 does not include total Company non-consolidated backlog of $411 million. |
TechnipFMC.com | Page 3 of 22 |
TechnipFMC.com | Page 4 of 22 |
Surface Technologies |
Three Months Ended | Change | ||||||||||||||||
(In millions) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Sequential | Year-over-Year | ||||||||||||
Revenue | $329.8 | $351.9 | $266.7 | (6.3%) | 23.7% | ||||||||||||
Operating profit | $22.4 | $25.6 | $3.7 | (12.5%) | 505.4% | ||||||||||||
Operating profit margin | 6.8 | % | 7.3 | % | 1.4 | % | (50 bps) | 540 bps | |||||||||
Adjusted EBITDA | $40.3 | $44.4 | $22.0 | (9.2%) | 83.2% | ||||||||||||
Adjusted EBITDA margin | 12.2 | % | 12.6 | % | 8.2 | % | (40 bps) | 400 bps | |||||||||
Inbound orders | $322.4 | $326.6 | $291.3 | (1.3%) | 10.7% | ||||||||||||
Backlog | $1,212.1 | $1,221.5 | $1,152.8 | (0.8%) | 5.1% |
TechnipFMC.com | Page 5 of 22 |
TechnipFMC.com | Page 6 of 22 |
2023 Guidance (As of February 23, 2023) | ||||||||||||||
Subsea | Surface Technologies | |||||||||||||
Revenue in a range of $5.9 - 6.3 billion | Revenue in a range of $1.3 - 1.45 billion | |||||||||||||
Adjusted EBITDA margin in a range of 12.5 - 13.5% | Adjusted EBITDA margin in a range of 12 - 14% | |||||||||||||
TechnipFMC | ||||||||||||||
Corporate expense, net $100 - 110 million | ||||||||||||||
(includes depreciation and amortization of ~$5 million; excludes charges and credits) | ||||||||||||||
Net interest expense $100 - 110 million | ||||||||||||||
Tax provision, as reported $155 - 165 million | ||||||||||||||
Capital expenditures approximately $250 million | ||||||||||||||
Free cash flow2 $225 - 375 million | ||||||||||||||
TechnipFMC.com | Page 7 of 22 |
TechnipFMC.com | Page 8 of 22 |
TechnipFMC.com | Page 9 of 22 |
Contacts Investor relations Matt Seinsheimer Senior Vice President, Investor Relations and Corporate Development Tel: +1 281 260 3665 Email: Matt Seinsheimer James Davis Director, Investor Relations Tel: +1 281 260 3665 Email: James Davis | Media relations Catie Tuley Director, Public Relations Tel: +1 281 591 5405 Email: Catie Tuley David Willis Senior Manager, Public Relations Tel: +44 7841 492988 Email: David Willis |
TechnipFMC.com | Page 10 of 22 |
(Unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||
Revenue | $ | 1,717.4 | $ | 1,694.4 | $ | 1,555.8 | |||||||||||
Costs and expenses | 1,666.4 | 1,665.3 | 1,545.4 | ||||||||||||||
51.0 | 29.1 | 10.4 | |||||||||||||||
Other income (expense), net | 12.9 | (7.0) | 46.2 | ||||||||||||||
Loss from investment in Technip Energies | — | — | (28.5) | ||||||||||||||
Income before net interest expense and income taxes | 63.9 | 22.1 | 28.1 | ||||||||||||||
Net interest expense | (18.7) | (28.4) | (33.9) | ||||||||||||||
Income (loss) before income taxes | 45.2 | (6.3) | (5.8) | ||||||||||||||
Provision for income taxes | 37.4 | 14.4 | 28.5 | ||||||||||||||
Income (loss) from continuing operations | 7.8 | (20.7) | (34.3) | ||||||||||||||
Net (income) from continuing operations attributable to non-controlling interests | (7.4) | (6.0) | (8.0) | ||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 0.4 | (26.7) | (42.3) | ||||||||||||||
Loss from discontinued operations | — | (10.6) | (19.4) | ||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 0.4 | $ | (37.3) | $ | (61.7) | |||||||||||
Earnings (loss) per share from continuing operations | |||||||||||||||||
Basic and diluted | $ | 0.00 | $ | (0.06) | $ | (0.09) | |||||||||||
Earnings (loss) per share from discontinued operations | |||||||||||||||||
Basic and diluted | $ | 0.00 | $ | (0.02) | $ | (0.04) | |||||||||||
Earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||
Basic and diluted | $ | 0.00 | $ | (0.08) | $ | (0.13) | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 442.1 | 444.6 | 451.1 | ||||||||||||||
Diluted | 455.0 | 444.6 | 451.1 | ||||||||||||||
TechnipFMC.com | Page 11 of 22 |
(Unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||
Segment revenue | |||||||||||||||||
Subsea | $ | 1,387.6 | $ | 1,342.5 | $ | 1,289.1 | |||||||||||
Surface Technologies | 329.8 | 351.9 | 266.7 | ||||||||||||||
Total segment revenue | $ | 1,717.4 | $ | 1,694.4 | $ | 1,555.8 | |||||||||||
Segment operating profit | |||||||||||||||||
Subsea | $ | 66.8 | $ | 61.5 | $ | 54.0 | |||||||||||
Surface Technologies | 22.4 | 25.6 | 3.7 | ||||||||||||||
Total segment operating profit | 89.2 | 87.1 | 57.7 | ||||||||||||||
Corporate items | |||||||||||||||||
Corporate expense (1) | $ | (27.4) | $ | (28.0) | $ | (29.5) | |||||||||||
Net interest expense | (18.7) | (28.4) | (33.9) | ||||||||||||||
Loss from investment in Technip Energies | — | — | (28.5) | ||||||||||||||
Foreign exchange gains (losses) | 2.1 | (37.0) | 28.4 | ||||||||||||||
Total corporate items | (44.0) | (93.4) | (63.5) | ||||||||||||||
Income (loss) before income taxes (2) | $ | 45.2 | $ | (6.3) | $ | (5.8) |
TechnipFMC.com | Page 12 of 22 |
Three Months Ended | |||||||||||||||||
Inbound Orders (1) | March 31, | December 31, | March 31, | ||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||
Subsea | $ | 2,536.5 | $ | 1,515.9 | $ | 1,893.6 | |||||||||||
Surface Technologies | 322.4 | 326.6 | 291.3 | ||||||||||||||
Total inbound orders | $ | 2,858.9 | $ | 1,842.5 | $ | 2,184.9 |
Order Backlog (2) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Subsea | $ | 9,395.3 | $ | 8,131.5 | $ | 7,741.3 | |||||||||||
Surface Technologies | 1,212.1 | 1,221.5 | 1,152.8 | ||||||||||||||
Total order backlog | $ | 10,607.4 | $ | 9,353.0 | $ | 8,894.1 |
TechnipFMC.com | Page 13 of 22 |
(Unaudited) | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | 522.3 | $ | 1,057.1 | |||||||
Trade receivables, net | 1,129.5 | 966.5 | |||||||||
Contract assets, net | 1,221.5 | 981.6 | |||||||||
Inventories, net | 1,139.4 | 1,039.7 | |||||||||
Other current assets | 1,089.2 | 943.8 | |||||||||
Total current assets | 5,101.9 | 4,988.7 | |||||||||
Property, plant and equipment, net | 2,356.1 | 2,354.9 | |||||||||
Intangible assets, net | 694.9 | 716.0 | |||||||||
Other assets | 1,424.9 | 1,384.7 | |||||||||
Total assets | $ | 9,577.8 | $ | 9,444.3 | |||||||
Short-term debt and current portion of long-term debt | $ | 385.0 | $ | 367.3 | |||||||
Accounts payable, trade | 1,413.2 | 1,282.8 | |||||||||
Contract liabilities | 1,172.6 | 1,156.4 | |||||||||
Other current liabilities | 1,286.9 | 1,367.8 | |||||||||
Total current liabilities | 4,257.7 | 4,174.3 | |||||||||
Long-term debt, less current portion | 1,005.7 | 999.3 | |||||||||
Other liabilities | 1,071.7 | 994.0 | |||||||||
TechnipFMC plc stockholders’ equity | 3,200.8 | 3,240.2 | |||||||||
Non-controlling interests | 41.9 | 36.5 | |||||||||
Total liabilities and equity | $ | 9,577.8 | $ | 9,444.3 |
TechnipFMC.com | Page 14 of 22 |
(In millions) | Three Months Ended March 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Cash provided (required) by operating activities | ||||||||||||||
Net income (loss) | $ | 7.8 | $ | (53.7) | ||||||||||
Net loss from discontinued operations | — | 19.4 | ||||||||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | ||||||||||||||
Depreciation and amortization | 93.0 | 95.9 | ||||||||||||
Impairments | — | 1.1 | ||||||||||||
Loss from investment in Technip Energies | — | 28.5 | ||||||||||||
Income from equity affiliates, net of dividends received | (14.2) | (5.4) | ||||||||||||
Other non-cash items, net | 18.0 | 52.6 | ||||||||||||
Working capital(1) | (484.8) | (449.9) | ||||||||||||
Other non-current assets and liabilities, net | (6.0) | (17.9) | ||||||||||||
Cash required by operating activities | (386.2) | (329.4) | ||||||||||||
Cash provided (required) by investing activities | ||||||||||||||
Capital expenditures | (57.3) | (27.3) | ||||||||||||
Proceeds from sale of investment in Technip Energies | — | 238.5 | ||||||||||||
Other investing activities | 4.5 | (7.5) | ||||||||||||
Cash provided (required) by investing activities | (52.8) | 203.7 | ||||||||||||
Cash required by financing activities | ||||||||||||||
Net decrease in short-term debt | (9.2) | (8.0) | ||||||||||||
Cash settlement for derivative hedging debt | (12.9) | — | ||||||||||||
Share repurchases | (50.0) | — | ||||||||||||
Other financing activities | (15.4) | (5.1) | ||||||||||||
Cash required by financing activities | (87.5) | (13.1) | ||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | (8.3) | 14.4 | ||||||||||||
Change in cash and cash equivalents | (534.8) | (124.4) | ||||||||||||
Cash and cash equivalents, beginning of period | 1,057.1 | 1,327.4 | ||||||||||||
Cash and cash equivalents, end of period | $ | 522.3 | $ | 1,203.0 |
TechnipFMC.com | Page 15 of 22 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | 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 | $ | 0.4 | $ | 7.4 | $ | 37.4 | $ | 18.7 | $ | 63.9 | $ | 93.0 | $ | 156.9 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Restructuring and other charges | 0.6 | — | — | — | 0.6 | — | 0.6 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 1.0 | $ | 7.4 | $ | 37.4 | $ | 18.7 | $ | 64.5 | $ | 93.0 | $ | 157.5 | |||||||||||||||||||||||||||
Diluted earnings (loss) per share from continuing operations attributable to TechnipFMC plc, as reported | $0.00 | ||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings (loss) per share from continuing operations attributable to TechnipFMC plc | $0.00 |
TechnipFMC.com | Page 16 of 22 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
December 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 | $ | (26.7) | $ | 6.0 | $ | 14.4 | $ | 28.4 | $ | 22.1 | $ | 92.8 | $ | 114.9 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Restructuring and other charges | 6.0 | — | — | — | 6.0 | — | 6.0 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (20.7) | $ | 6.0 | $ | 14.4 | $ | 28.4 | $ | 28.1 | $ | 92.8 | $ | 120.9 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.06) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.05) |
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 22 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,387.6 | $ | 329.8 | $ | — | $ | — | $ | 1,717.4 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 66.8 | $ | 22.4 | $ | (27.4) | $ | 2.1 | $ | 63.9 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring and other charges | (0.1) | 0.7 | — | — | 0.6 | ||||||||||||||||||||||||
Subtotal | (0.1) | 0.7 | — | — | 0.6 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 66.7 | 23.1 | (27.4) | 2.1 | 64.5 | ||||||||||||||||||||||||
Depreciation and amortization | 75.2 | 17.2 | 0.6 | — | 93.0 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 141.9 | $ | 40.3 | $ | (26.8) | $ | 2.1 | $ | 157.5 | |||||||||||||||||||
Foreign exchange, net | — | — | — | (2.1) | (2.1) | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 141.9 | $ | 40.3 | $ | (26.8) | $ | — | $ | 155.4 | |||||||||||||||||||
Operating profit margin, as reported | 4.8 | % | 6.8 | % | 3.7 | % | |||||||||||||||||||||||
Adjusted operating profit margin | 4.8 | % | 7.0 | % | 3.8 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.2 | % | 12.2 | % | 9.2 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 10.2 | % | 12.2 | % | 9.0 | % |
TechnipFMC.com | Page 18 of 22 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,342.5 | $ | 351.9 | $ | — | $ | — | $ | 1,694.4 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 61.5 | $ | 25.6 | $ | (28.0) | $ | (37.0) | $ | 22.1 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Restructuring and other charges | 4.5 | 0.8 | 0.7 | — | 6.0 | ||||||||||||||||||||||||
Subtotal | 4.5 | 0.8 | 0.7 | — | 6.0 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 66.0 | 26.4 | (27.3) | (37.0) | 28.1 | ||||||||||||||||||||||||
Depreciation and amortization | 74.1 | 18.0 | 0.7 | — | 92.8 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 140.1 | $ | 44.4 | $ | (26.6) | $ | (37.0) | $ | 120.9 | |||||||||||||||||||
Foreign exchange, net | — | — | — | 37.0 | 37.0 | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 140.1 | $ | 44.4 | $ | (26.6) | $ | — | $ | 157.9 | |||||||||||||||||||
Operating profit margin, as reported | 4.6 | % | 7.3 | % | 1.3 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.9 | % | 7.5 | % | 1.7 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.4 | % | 12.6 | % | 7.1 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 10.4 | % | 12.6 | % | 9.3 | % |
TechnipFMC.com | Page 19 of 22 |
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 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 | |||||||||||||||||||
Foreign exchange, net | — | — | — | (28.4) | (28.4) | ||||||||||||||||||||||||
Adjusted EBITDA, excluding foreign exchange, net | $ | 129.0 | $ | 22.0 | $ | (25.9) | $ | — | $ | 125.1 | |||||||||||||||||||
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 | % | |||||||||||||||||||||||
Adjusted EBITDA margin, excluding foreign exchange, net | 10.0 | % | 8.2 | % | 8.0 | % |
TechnipFMC.com | Page 20 of 22 |
March 31, | December 31, | March 31, | |||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||
Cash and cash equivalents | $ | 522.3 | $ | 1,057.1 | $ | 1,203.0 | |||||||||||
Short-term debt and current portion of long-term debt | (385.0) | (367.3) | (281.8) | ||||||||||||||
Long-term debt, less current portion | (1,005.7) | (999.3) | (1,723.3) | ||||||||||||||
Net debt | $ | (868.4) | $ | (309.5) | $ | (802.1) |
TechnipFMC.com | Page 21 of 22 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash provided (required) by operating activities from continuing operations | $ | (386.2) | $ | (329.4) | ||||||||||
Capital expenditures | (57.3) | (27.3) | ||||||||||||
Free cash flow (deficit) from continuing operations | $ | (443.5) | $ | (356.7) |
TechnipFMC.com | Page 22 of 22 |
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Cover Document |
Apr. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 27, 2023 |
Entity Registrant Name | TechnipFMC plc |
Entity Incorporation, State or Country Code | X0 |
Entity File Number | 001-37983 |
Entity Tax Identification Number | 98-1283037 |
Entity Address, Address Line One | One Subsea Lane |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 77044 |
Country Region | 1 |
City Area Code | 281 |
Local Phone Number | 591-4000 |
Title of 12(b) Security | Ordinary shares, $1.00 par value per share |
Trading Symbol | FTI |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001681459 |
Amendment Flag | false |
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