Full year 2020
Fourth quarter 2020
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:
TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported fourth quarter 2020 results.
Summary Financial Statements - Fourth Quarter 2020
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended (In millions, except per share amounts) | December 31, 2020 | December 31, 2019 | Change | ||
Revenue | $3,426.1 | $3,726.8 | (8.1%) | ||
Net income (loss) | $(39.3) | $(2,414.0) | n/m | ||
Diluted earnings (loss) per share | $(0.09) | $(5.40) | n/m | ||
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Adjusted EBITDA | $300.8 | $404.4 | (25.6%) | ||
Adjusted EBITDA margin | 8.8 | % | 10.9 | % | (210 bps) |
Adjusted net income | $23.4 | $15.1 | 55.0% | ||
Adjusted diluted earnings per share | $0.05 | $0.03 | 66.7% | ||
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Inbound orders | $4,204.5 | $2,718.4 | 54.7% | ||
Backlog | $21,388.2 | $24,251.1 | (11.8%) | ||
Total Company revenue in the fourth quarter was $3,426.1 million. Net loss attributable to TechnipFMC plc was $39.3 million, or $0.09 per diluted share. These results included after-tax charges and credits totaling $62.7 million of expense, or $0.14 per diluted share. Adjusted net income was $23.4 million, or $0.05 per diluted share.
Adjusted results for the current period included all direct COVID-19 expenses and operational impacts related to the pandemic. Direct COVID-19 expenses were excluded from adjusted results in previous quarters in 2020.
Adjusted EBITDA, which excludes pre-tax charges and credits, was $300.8 million and included a foreign exchange loss of $2.6 million; adjusted EBITDA margin was 8.8 percent (Exhibit 10).
Full Year 2020 Results
Summary Financial Statements - Full Year 2020
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Twelve Months Ended (In millions, except per share amounts) | December 31, 2020 | December 31, 2019 | Change | ||
Revenue | $13,050.6 | $13,409.1 | (2.7%) | ||
Net income (loss) | $(3,287.6) | $(2,415.2) | n/m | ||
Diluted earnings (loss) per share | $(7.33) | $(5.39) | n/m | ||
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Adjusted EBITDA | $1,083.3 | $1,529.4 | (29.2%) | ||
Adjusted EBITDA margin | 8.3% | 11.4% | (310 bps) | ||
Adjusted net income | $89.3 | $330.5 | (73.0%) | ||
Adjusted diluted earnings per share | $0.20 | $0.74 | (73.0%) | ||
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Inbound orders | $10,065.5 | $22,693.0 | (55.6%) | ||
Backlog | $21,388.2 | $24,251.1 | (11.8%) | ||
Total Company revenue for the full year was $13,050.6 million. Net loss attributable to TechnipFMC plc was $3,287.6 million, or $7.33 per diluted share. These results included after-tax charges and credits totaling $3,376.9 million of expense, or $7.53 per diluted share. Adjusted net income was $89.3 million, or $0.20 per diluted share.
Adjusted EBITDA, which excludes pre-tax charges and credits, was $1,083.3 million and included a foreign exchange loss of $28.8 million; adjusted EBITDA margin was 8.3 percent (Exhibit 11).
Separation update
Throughout 2020, we continued our work to separate TechnipFMC into two industry-leading, pure-play companies, with the transaction now completed through the partial spin-off of Technip Energies on February 16, 2021.
TechnipFMC shareholders received, as a dividend, one share of Technip Energies N.V. common stock for every five shares of TechnipFMC common stock held at the close of business on the record date. Technip Energies is now an independent public company. Its ordinary shares are traded under the ticker symbol “TE” on the Euronext Paris Exchange and its Level 1 American Depositary Receipts (ADRs) trade over-the-counter in the U.S.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Our success has always been the result of the tireless efforts and unwavering commitment of the women and men of TechnipFMC. Their accomplishments in 2020 were nothing short of exceptional given the hardship and difficulties that occurred across the globe.”
“Our efforts to address COVID-19 challenges have been recognized by our clients. Working together, we found solutions that helped mitigate many of the obstacles we faced and allowed projects to move forward safely. This collaboration allowed us to protect our backlog and remain focused on project execution, enabling us to deliver strong performance and achieve our financial guidance across all segments.”
Pferdehirt added, “Throughout 2020, we delivered several notable achievements with regard to our business transformation. We progressed on our plan to separate into two independent, industry-leading pure-play companies, completing the transaction on February 16 of this year. We achieved targeted cost savings of more than $350 million well ahead of schedule. We provided a comprehensive overview of our ESG efforts, including new initiatives to be realized through 2023 and a commitment to deliver a 50 percent reduction in Scope 1 and 2 equivalent emissions by 2030. And as part of our efforts to drive sustainable change, we introduced key elements of our digital transformation, including Subsea Studio™ and iComplete™, which will improve project economics, enhance performance and reduce emissions.”
Pferdehirt continued, “In Surface Technologies, we expect growth in international activity to drive full-year segment revenue higher in 2021. While we anticipate revenue in North America to be flat to down modestly, we expect strong customer adoption of our iComplete™ ecosystem to drive growth in our completions revenue. We remain levered to the more resilient international markets where we expect to source approximately 65 percent of our full year revenue.”
“In Subsea, our outlook reflects renewed operator confidence given the improved economic outlook, lower market volatility and higher oil price. For the current year, we anticipate Brazil will be the most active region of the world for new project orders, with growth also coming from the North Sea, Asia Pacific and Africa. We remain very confident that inbound orders for 2021 will exceed the $4 billion achieved in 2020. We are also experiencing a high level of front end activity, which should support a more sustainable deepwater recovery and our expectation for continued order growth in 2022.”
Pferdehirt added, “TechnipFMC is well-positioned for the Energy Transition, with significant offshore opportunities in Subsea including novel wind, wave energy, carbon storage and green hydrogen. Deep Purple™ is one such initiative, where we are leveraging our core capabilities: iEPCI™, proprietary technologies and partner alliances. Additionally, we see future opportunities driven by our investments in early phase projects and solutions that accelerate the role of our technologies in the Energy Transition as we continue to redefine offshore energy.”
Pferdehirt concluded, “We are excited to have embarked on our independent journey as a leading technology provider to both the traditional and new energy industries. We are well-positioned to benefit from the improved market outlook and remain focused on progressing our business transformation and ESG commitments to help our customers meet the world’s demand for energy.”
Operational and Financial Highlights - Fourth Quarter 2020
Subsea |
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended (In millions) | December 31, 2020 | December 31, 2019 | Change | ||
Revenue | $1,338.0 | $1,486.8 | (10.0%) | ||
Operating profit (loss) | $(9.5) | $(1,512.7) | n/m | ||
Adjusted EBITDA | $116.5 | $185.0 | (37.0%) | ||
Adjusted EBITDA margin | 8.7% | 12.4% | (370 bps) | ||
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Inbound orders | $712.1 | $1,172.3 | (39.3%) | ||
Backlog | $6,876.0 | $8,479.8 | (18.9%) | ||
Subsea reported fourth quarter revenue of $1,338 million, a decrease of 10 percent from the prior year primarily driven by lower project activity in Norway and Brazil. The revenue decrease was partially offset by increased activity in the United States, Africa and Asia Pacific. Subsea services revenue was largely unchanged from the prior year quarter.
Subsea reported an operating loss of $9.5 million that included impairment, restructuring and other charges totaling $44.7 million. Operating results in the period were negatively impacted by the lower activity and COVID-19. Segment results in the prior year included net charges totaling $1,622.7 million, comprised largely of non-cash impairment charges.
Adjusted EBITDA was $116.5 million, with a margin of 8.7 percent. Adjusted EBITDA for the current period included all direct COVID-19 expenses (previously excluded from adjusted results) and operational impacts related to the pandemic.
Fourth Quarter Subsea Highlights
Subsea inbound orders were $712.1 million for the quarter, resulting in a book-to-bill of 0.5. The following award was announced in the period:
Subsequent to the period, the following awards were announced and will be included in first quarter 2021 results:
Subsea Estimated Backlog Scheduling as of December 31, 2020 (In millions) | Consolidated backlog1,2 | Non-consolidated backlog3 |
2021 | $3,585 | $131 |
2022 | $2,217 | $137 |
2023 and beyond | $1,074 | $372 |
Total | $6,876 | $640 |
1 Backlog in the period was increased by a foreign exchange impact of $280.4 million. | ||
2Backlog does not capture all revenue potential for Subsea Services. | ||
3Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
Technip Energies |
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended (In millions) | December 31, 2020 | December 31, 2019 | Change | ||
Revenue | $1,825.8 | $1,832.4 | (0.4%) | ||
Operating profit | $171.6 | $245.3 | (30.0%) | ||
Adjusted EBITDA | $194.0 | $259.7 | (25.3%) | ||
Adjusted EBITDA margin | 10.6% | 14.2% | (360 bps) | ||
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Inbound orders | $3,192.1 | $1,114.5 | 186.4% | ||
Backlog | $14,098.7 | $15,298.1 | (7.8%) | ||
Technip Energies reported fourth quarter revenue of $1,825.8 million, largely unchanged versus the prior-year quarter. Revenue benefited from the continued ramp-up of Arctic LNG 2 and higher activity on projects in Africa and Asia Pacific, which nearly offset the decline in revenue from Yamal LNG and lower activity on projects in the Middle East and North America.
Technip Energies reported operating profit of $171.6 million that included restructuring, impairment and other charges totaling $14.8 million. Operating profit decreased 30 percent versus the prior-year quarter primarily due to a reduced contribution from Yamal LNG. Operating results continued to reflect strong project execution despite the challenging environment.
Adjusted EBITDA was $194 million, with a margin of 10.6 percent. Adjusted EBITDA for the current period included all direct COVID-19 expenses (previously excluded from adjusted results) and operational impacts related to the pandemic.
Fourth Quarter Technip Energies Highlights
Technip Energies inbound orders were $3,192.1 million for the quarter, resulting in a book-to-bill of 1.7. The following awards were included in the period:
Subsequent to the period, the following award was announced:
Technip Energies Estimated Backlog Scheduling as of December 31, 2020 (In millions) | Consolidated backlog1 | Non-consolidated backlog2 |
2021 | $7,016 | $864 |
2022 | $4,082 | $639 |
2023 and beyond | $3,001 | $387 |
Total | $14,099 | $1,890 |
1 Backlog in the period was increased by a foreign exchange impact of $673.3 million. | ||
2Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position.
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Surface Technologies |
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended (In millions) | December 31, 2020 | December 31, 2019 | Change | ||
Revenue | $262.3 | $407.6 | (35.6%) | ||
Operating profit (loss) | $15.1 | $(698.2) | n/m | ||
Adjusted EBITDA | $30.9 | $55.9 | (44.7%) | ||
Adjusted EBITDA margin | 11.8% | 13.7% | (190 bps) | ||
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Inbound orders | $300.3 | $431.6 | (30.4%) | ||
Backlog | $413.5 | $473.2 | (12.6%) | ||
Surface Technologies reported fourth quarter revenue of $262.3 million, a decrease of 35.6 percent from the prior-year quarter. The decline was primarily driven by the sharp reduction in operator activity in North America while international revenue declined more modestly. Sequentially, revenue increased 16.2 percent, driven by an expanded services offering and strong international backlog conversion as well as increased drilling and completion activity in the United States.
Surface Technologies reported operating profit of $15.1 million. Operating profit decreased primarily due to lower activity in North America, partially offset by cost reduction actions. Sequentially, operating profit significantly improved driven by higher global activity and the benefit of cost reduction.
Adjusted EBITDA was $30.9 million, with a margin of 11.8 percent, and included a positive contribution from North America for both the quarter and full year. Adjusted EBITDA for the current period included all direct COVID-19 expenses (previously excluded from adjusted results) and operational impacts related to the pandemic.
Inbound orders for the quarter were $300.3 million, a decrease of 30.4 percent versus the prior-year quarter primarily due to the significant reduction in North America activity. Sequentially, inbound orders improved 44.8 percent, with international orders reaching the highest level of 2020. Backlog ended the period at $413.5 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.
Fourth Quarter Surface Technologies Highlights
Corporate and Other Items
Corporate expense in the quarter was $58.5 million. Excluding charges and credits totaling $13.1 million of expense, corporate expense was $45.4 million.
Foreign exchange losses in the quarter were $2.6 million.
Net interest expense was $54.5 million in the quarter, which included an increase in the liability payable to joint venture partners of $53.8 million.
The Company recorded a tax provision in the quarter of $75.5 million.
Total depreciation and amortization for the quarter was $111.7 million.
Cash flow from operations in the quarter was $554.8 million and $656.9 million for the full year.
Capital expenditures in the quarter were $41 million and $291.8 million for the full year.
Free cash flow was $513.8 million in the quarter and $365.1 million for the full year (Exhibit 13).
The Company ended the period with cash and cash equivalents of $4,807.8 million; net cash was $853.9 million.
2021 Full-Year Financial Guidance1
The Company’s full-year guidance for 2021 can be found in the table below.
All segment guidance assumes no further material degradation from COVID-19-related impacts.
Guidance is based on continuing operations and thus excludes the impact of Technip Energies, which will be reported as discontinued operations.
2021 Guidance | ||||
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Subsea |
| Surface Technologies | ||
Revenue in a range of $5.0 - 5.4 billion |
| Revenue in a range of $1,050 - 1,250 million | ||
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EBITDA margin in a range of 10 - 11% (excluding charges and credits) |
| EBITDA margin in a range of 8 - 11% (excluding charges and credits) | ||
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TechnipFMC | ||||
Corporate expense, net$105 -115 million | ||||
(includes depreciation and amortization of ~$15 million) | ||||
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Net interest expense$130 - 135 million | ||||
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Tax provision, as reported$110 - 120 million | ||||
(includes separation-related tax items of ~$40 million) | ||||
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Capital expenditures approximately $250 million | ||||
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Free cash flow$50 - 150 million | ||||
(includes separation-related tax items of ~$40 million and costs of ~$30 million) | ||||
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1Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.
Teleconference
The Company will host a teleconference on Thursday, February 25, 2021 to discuss the fourth quarter 2020 financial results. The call will begin at 1 p.m.London time (8 a.m.New York time). Dial-in information and an accompanying presentation can be found at www.TechnipFMC.com.
Webcast access will also be available on our website prior to the start of the call. An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.
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About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energies industries; delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including the following known material factors:
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Exhibit 1
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) | |||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended |
| Year Ended | ||||||||||||
| December 31, |
| December 31, | ||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||||||
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Revenue | $ | 3,426.1 |
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| $ | 3,726.8 |
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| $ | 13,050.6 |
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| $ | 13,409.1 |
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Costs and expenses | 3,343.2 |
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| 5,816.0 |
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| 15,936.2 |
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| 14,935.8 |
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| 82.9 |
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| (2,089.2) |
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| (2,885.6) |
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| (1,526.7) |
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Other (expense) income, net | 33.2 |
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| (55.3) |
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| 94.1 |
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| (157.8) |
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Income (loss) before net interest expense and income taxes | 116.1 |
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| (2,144.5) |
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| (2,791.5) |
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| (1,684.5) |
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Net interest expense | (54.5) |
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| (106.0) |
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| (293.0) |
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| (451.3) |
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Income (loss) before income taxes | 61.6 |
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| (2,250.5) |
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| (3,084.5) |
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| (2,135.8) |
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Provision for income taxes | 75.5 |
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| 179.8 |
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| 153.4 |
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| 276.3 |
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Net income (loss) | (13.9) |
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| (2,430.3) |
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| (3,237.9) |
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| (2,412.1) |
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Net income attributable to non-controlling interests | (25.4) |
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| 16.3 |
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| (49.7) |
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| (3.1) |
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Net loss attributable to TechnipFMC plc | $ | (39.3) |
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| $ | (2,414.0) |
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| $ | (3,287.6) |
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| $ | (2,415.2) |
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Income (loss) per share attributable to TechnipFMC plc: |
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Basic | $ | (0.09) |
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| $ | (5.40) |
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| $ | (7.33) |
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| $ | (5.39) |
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Diluted | $ | (0.09) |
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| $ | (5.40) |
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| $ | (7.33) |
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| $ | (5.39) |
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Weighted average shares outstanding: |
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Basic | 449.4 |
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| 447.1 |
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| 448.7 |
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| 448.0 |
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Diluted | 449.4 |
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| 447.1 |
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| 448.7 |
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| 448.0 |
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Cash dividends declared per share | $ | — |
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| $ | 0.13 |
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| $ | 0.13 |
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| $ | 0.52 |
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Exhibit 2
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions) | |||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended |
| Year Ended | ||||||||||||
| December 31, |
| December 31, | ||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||||||
Revenue |
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Subsea | $ | 1,338.0 |
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| $ | 1,486.8 |
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| $ | 5,471.4 |
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| $ | 5,523.0 |
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Technip Energies | 1,825.8 |
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| 1,832.4 |
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| 6,520.0 |
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| 6,268.8 |
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Surface Technologies | 262.3 |
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| 407.6 |
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| 1,059.2 |
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| 1,617.3 |
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| $ | 3,426.1 |
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| $ | 3,726.8 |
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| $ | 13,050.6 |
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| $ | 13,409.1 |
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Income (loss) before income taxes |
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Segment operating profit (loss) |
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Subsea | $ | (9.5) |
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| $ | (1,512.7) |
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| $ | (2,815.5) |
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| $ | (1,447.7) |
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Technip Energies | 171.6 |
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| 245.3 |
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| 683.6 |
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| 959.6 |
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Surface Technologies | 15.1 |
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| (698.2) |
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| (429.3) |
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| (656.1) |
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Total segment operating profit (loss) | 177.2 |
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| (1,965.6) |
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| (2,561.2) |
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| (1,144.2) |
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Corporate items |
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Corporate expense (1) | (58.5) |
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| (116.8) |
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| (201.5) |
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| (393.4) |
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Net interest expense | (54.5) |
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| (106.0) |
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| (293.0) |
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| (451.3) |
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Foreign exchange gains (losses) | (2.6) |
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| (62.1) |
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| (28.8) |
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| (146.9) |
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Total corporate items | (115.6) |
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| (284.9) |
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| (523.3) |
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| (991.6) |
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Income (loss) before income taxes (2) | $ | 61.6 |
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| $ | (2,250.5) |
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| $ | (3,084.5) |
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| $ | (2,135.8) |
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(1) Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. (2) Includes amounts attributable to non-controlling interests.
Exhibit 3
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions, unaudited) | ||||||||||||||||||||||||
| Three Months Ended |
| Year Ended | |||||||||||||||||||||
| Inbound Orders (1) | December 31, |
| December 31, | ||||||||||||||||||||
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| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||||||||||||||
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| Subsea | $ | 712.1 |
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| $ | 1,172.3 |
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| $ | 4,003.0 |
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| $ | 7,992.6 |
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| Technip Energies | 3,192.1 |
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| 1,114.5 |
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| 5,001.3 |
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| 13,080.5 |
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| Surface Technologies | 300.3 |
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| 431.6 |
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| 1,061.2 |
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| 1,619.9 |
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| Total inbound orders | $ | 4,204.5 |
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| $ | 2,718.4 |
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| $ | 10,065.5 |
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| $ | 22,693.0 |
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Order Backlog (2) | December 31, |
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| 2020 |
| 2019 |
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Subsea | $ | 6,876.0 |
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| $ | 8,479.8 |
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Technip Energies | 14,098.7 |
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| 15,298.1 |
|
| ||||||||||||||||||
Surface Technologies | 413.5 |
|
| 473.2 |
|
| ||||||||||||||||||
Total order backlog | $ | 21,388.2 |
|
| $ | 24,251.1 |
|
|
(1) Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period. (2) Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date.
Exhibit 4
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) | |||||||
| |||||||
| (Unaudited) | ||||||
| December 31, 2020 |
| December 31, 2019 | ||||
|
|
|
| ||||
Cash and cash equivalents | $ | 4,807.8 |
|
| $ | 5,190.2 |
|
Trade receivables, net | 2,289.8 |
|
| 2,287.1 |
| ||
Contract assets | 1,267.6 |
|
| 1,520.0 |
| ||
Inventories, net | 1,268.5 |
|
| 1,416.0 |
| ||
Other current assets | 1,811.0 |
|
| 1,473.1 |
| ||
Total current assets | 11,444.7 |
|
| 11,886.4 |
| ||
|
|
|
| ||||
Property, plant and equipment, net | 2,861.8 |
|
| 3,162.0 |
| ||
Goodwill | 2,512.5 |
|
| 5,598.3 |
| ||
Intangible assets, net | 981.1 |
|
| 1,086.6 |
| ||
Other assets | 1,847.5 |
|
| 1,785.5 |
| ||
Total assets | $ | 19,647.6 |
|
| $ | 23,518.8 |
|
|
|
|
| ||||
Short-term debt and current portion of long-term debt | $ | 636.2 |
|
| $ | 495.4 |
|
Accounts payable, trade | 2,740.3 |
|
| 2,659.8 |
| ||
Contract liabilities | 4,736.1 |
|
| 4,585.1 |
| ||
Other current liabilities | 2,280.0 |
|
| 2,398.1 |
| ||
Total current liabilities | 10,392.6 |
|
| 10,138.4 |
| ||
|
|
|
| ||||
Long-term debt, less current portion | 3,317.7 |
|
| 3,980.0 |
| ||
Other liabilities | 1,679.3 |
|
| 1,671.2 |
| ||
Redeemable non-controlling interest | 43.7 |
|
| 41.1 |
| ||
TechnipFMC plc stockholders’ equity | 4,154.2 |
|
| 7,659.3 |
| ||
Non-controlling interests | 60.1 |
|
| 28.8 |
| ||
Total liabilities and equity | $ | 19,647.6 |
|
| $ | 23,518.8 |
|
Exhibit 5
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) | |||||||
| (Unaudited) | ||||||
| Year Ended | ||||||
December 31, | |||||||
2020 |
| 2019 | |||||
Cash provided (required) by operating activities |
|
|
| ||||
Net loss | $ | (3,237.9) |
|
| $ | (2,412.1) |
|
Adjustments to reconcile net income to cash provided (required) by operating activities |
|
|
| ||||
Depreciation | 323.5 |
|
| 383.5 |
| ||
Amortization | 123.7 |
|
| 126.1 |
| ||
Impairments | 3,287.4 |
|
| 2,484.1 |
| ||
Employee benefit plan and share-based compensation costs | 47.5 |
|
| 63.3 |
| ||
Deferred income tax benefit, net | (6.7) |
|
| (75.4) |
| ||
Unrealized loss (gain) on derivative instruments and foreign exchange | (41.2) |
|
| 32.5 |
| ||
Income from equity affiliates, net of dividends received | (58.1) |
|
| (58.8) |
| ||
Other | 195.5 |
|
| 364.4 |
| ||
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
| ||||
Trade receivables, net and contract assets | 348.1 |
|
| (39.7) |
| ||
Inventories, net | 82.8 |
|
| (169.6) |
| ||
Accounts payable, trade | 18.4 |
|
| 26.1 |
| ||
Contract liabilities | (75.2) |
|
| 520.1 |
| ||
Income taxes payable (receivable), net | (52.8) |
|
| 12.7 |
| ||
Other current assets and liabilities, net | (267.3) |
|
| (431.8) |
| ||
Other noncurrent assets and liabilities, net | (30.8) |
|
| 23.1 |
| ||
Cash provided by operating activities | 656.9 |
|
| 848.5 |
| ||
|
|
|
| ||||
Cash provided (required) by investing activities |
|
|
| ||||
Capital expenditures | (291.8) |
|
| (454.4) |
| ||
Payment to acquire debt securities | (3.9) |
|
| (71.6) |
| ||
Proceeds from sale of debt securities | 51.5 |
|
| 18.9 |
| ||
Acquisition of equity securities | (17.9) |
|
| — |
| ||
Acquisitions, net of cash acquired | — |
|
| 16.0 |
| ||
Cash received (divested) from divestiture | 8.8 |
|
| (2.1) |
| ||
Proceeds from sale of assets | 46.0 |
|
| 7.8 |
| ||
Proceeds from repayment of advance to joint venture | 26.7 |
|
| 62.0 |
| ||
Other | — |
|
| 3.6 |
| ||
Cash required by investing activities | (180.6) |
|
| (419.8) |
| ||
|
|
|
| ||||
Cash required by financing activities |
|
|
| ||||
Net decrease in short-term debt | (24.4) |
|
| (49.6) |
| ||
Net increase (decrease) in commercial paper | (554.5) |
|
| 57.3 |
| ||
Proceeds from issuance of long-term debt | 223.2 |
|
| 96.2 |
| ||
Repayments of long-term debt | (423.9) |
|
| — |
| ||
Purchase of ordinary shares | — |
|
| (92.7) |
| ||
Dividends paid | (59.2) |
|
| (232.8) |
| ||
Payments related to taxes withheld on share-based compensation | (7.4) |
|
| — |
| ||
Settlements of mandatorily redeemable financial liability | (224.2) |
|
| (562.8) |
| ||
Other | (11.8) |
|
| — |
| ||
Cash required by financing activities | (1,082.2) |
|
| (784.4) |
| ||
Effect of changes in foreign exchange rates on cash and cash equivalents | 223.5 |
|
| 5.9 |
| ||
Decrease in cash and cash equivalents | (382.4) |
|
| (349.8) |
| ||
Cash and cash equivalents, beginning of period | 5,190.2 |
|
| 5,540.0 |
| ||
Cash and cash equivalents, end of period | $ | 4,807.8 |
|
| $ | 5,190.2 |
|
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CASH AND CASH EQUIVALENTS (In billions, unaudited) | |||
| December 31, | ||
| 2020 | ||
Held by joint ventures | $ | 3.1 |
|
Operating cash and cash equivalents | 1.7 |
| |
Total cash and cash equivalents | $ | 4.8 |
|
Exhibit 7
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA FOR YAMAL LNG JOINT VENTURE (In millions, unaudited)
Prior to the spin-off of Technip Energies, we controlled the voting control interests in the legal Technip Energies contract entities which own and account for the design, engineering, and construction of the Yamal LNG plant. Our partners have a 50% joint interest in these entities. Below is summarized financial information for the consolidated Yamal LNG joint venture as reflected at 100% in our consolidated financial statements.
| December 31, |
| |||||||||
| 2020 |
| |||||||||
Contract liabilities | $ | 847.7 |
| ||||||||
Mandatorily redeemable financial liability | $ | 246.6 |
| ||||||||
| Three Months Ended |
| Year Ended | ||||||||
| December 31, |
| December 31, | ||||||||
| 2020 |
| 2020 | ||||||||
Cash used by operating activities | $ | 8.8 |
|
| $ | (59.3) | |||||
Settlements of mandatorily redeemable financial liability | $ | (88.9) |
|
| $ | (224.2) |
Exhibit 8
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), the fourth quarter 2020 Earnings Release also includes non-GAAP financial measures (as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended) and describes performance on a year-over-year basis against 2019 results and measures. Net income, excluding charges and credits, as well as measures derived from it (including Diluted EPS, excluding charges and credits; Income before net interest expense and taxes, excluding charges and credits ("Adjusted Operating profit"); Depreciation and amortization, excluding charges and credits; Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ("Adjusted EBITDA"); and net cash) are non-GAAP financial measures. Management believes that the exclusion of charges and credits from these financial measures enables investors and management to more effectively evaluate TechnipFMC's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked or misleading to both investors and management by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures.
| Three Months Ended | ||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| Net income attributable to TechnipFMC plc |
| Net income (loss) attributable to non-controlling interests |
| Provision for income taxes |
| Net interest expense |
| Income before net interest expense and income taxes (Operating profit) |
| Depreciation and amortization |
| Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | ||||||||||||||
TechnipFMC plc, as reported | $ | (39.3) |
|
| $ | 25.4 |
|
| $ | 75.5 |
|
| $ | 54.5 |
|
| $ | 116.1 |
|
| $ | 111.7 |
|
| $ | 227.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Impairment and other charges | 31.6 |
|
| — |
|
| 2.8 |
|
| — |
|
| 34.4 |
|
| — |
|
| 34.4 |
| |||||||
Restructuring and other charges | 18.3 |
|
| — |
|
| 7.9 |
|
| — |
|
| 26.2 |
|
| — |
|
| 26.2 |
| |||||||
Separation costs | 16.1 |
|
| — |
|
| (3.7) |
|
| — |
|
| 12.4 |
|
| — |
|
| 12.4 |
| |||||||
Valuation allowance | (3.3) |
|
| — |
|
| 3.3 |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||||
Adjusted financial measures | $ | 23.4 |
|
| $ | 25.4 |
|
| $ | 85.8 |
|
| $ | 54.5 |
|
| $ | 189.1 |
|
| $ | 111.7 |
|
| $ | 300.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (0.09) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended | ||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||
| Net loss attributable to TechnipFMC plc |
| Net income (loss) attributable to non-controlling interests |
| Provision (benefit) 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 | $ | (2,414.0) |
|
| $ | (16.3) |
|
| $ | 179.8 |
|
| $ | 106.0 |
|
| $ | (2,144.5) |
|
| $ | 131.1 |
|
| $ | (2,013.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Impairment and other charges | 2,268.6 |
|
| — |
|
| 88.0 |
|
| — |
|
| 2,356.6 |
|
| — |
|
| 2,356.6 |
| |||||||
Restructuring and other charges | (1.1) |
|
| — |
|
| (0.4) |
|
| — |
|
| (1.5) |
|
| — |
|
| (1.5) |
| |||||||
Separation costs | 47.1 |
|
| — |
|
| 15.6 |
|
| — |
|
| 62.7 |
|
| — |
|
| 62.7 |
| |||||||
Purchase price accounting adjustment | 6.5 |
|
| — |
|
| 2.0 |
|
| — |
|
| 8.5 |
|
| (8.5) |
|
| — |
| |||||||
Valuation allowance | 108.0 |
|
| — |
|
| (108.0) |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||||
Adjusted financial measures | $ | 15.1 |
|
| $ | (16.3) |
|
| $ | 177.0 |
|
| $ | 106.0 |
|
| $ | 281.8 |
|
| $ | 122.6 |
|
| $ | 404.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (5.40) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 9
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), the fourth quarter 2020 Earnings Release also includes non-GAAP financial measures (as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended) and describes performance on a year-over-year basis against 2019 results and measures. Net income, excluding charges and credits, as well as measures derived from it (including Diluted EPS, excluding charges and credits; Income before net interest expense and taxes, excluding charges and credits ("Adjusted Operating profit"); Depreciation and amortization, excluding charges and credits; Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ("Adjusted EBITDA"); and net cash) are non-GAAP financial measures. Management believes that the exclusion of charges and credits from these financial measures enables investors and management to more effectively evaluate TechnipFMC's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked or misleading to both investors and management by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures.
| Year Ended | ||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| Net income (loss) attributable to TechnipFMC plc |
| Net income (loss) attributable to non-controlling interests |
| Provision (benefit) 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 | $ | (3,287.6) |
|
| $ | 49.7 |
|
| $ | 153.4 |
|
| $ | 293.0 |
|
| $ | (2,791.5) |
|
| $ | 447.2 |
|
| $ | (2,344.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Impairment and other charges | 3,271.0 |
|
| — |
|
| 16.4 |
|
| — |
|
| 3,287.4 |
|
| — |
|
| 3,287.4 |
| |||||||
Restructuring and other charges | 96.1 |
|
| — |
|
| 16.0 |
|
| — |
|
| 112.1 |
|
| — |
|
| 112.1 |
| |||||||
Direct COVID-19 expenses | 83.7 |
|
| — |
|
| 18.1 |
|
| — |
|
| 101.8 |
|
| — |
|
| 101.8 |
| |||||||
Litigation settlement | (113.2) |
|
| — |
|
| — |
|
| — |
|
| (113.2) |
|
| — |
|
| (113.2) |
| |||||||
Separation costs | 36.3 |
|
| — |
|
| 3.2 |
|
| — |
|
| 39.5 |
|
| — |
|
| 39.5 |
| |||||||
Purchase price accounting adjustment | 6.5 |
|
| — |
|
| 2.0 |
|
| — |
|
| 8.5 |
|
| (8.5) |
|
| — |
| |||||||
Valuation allowance | (3.5) |
|
| — |
|
| 3.5 |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||||
Adjusted financial measures | $ | 89.3 |
|
| $ | 49.7 |
|
| $ | 212.6 |
|
| $ | 293.0 |
|
| $ | 644.6 |
|
| $ | 438.7 |
|
| $ | 1,083.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (7.33) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended | ||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||
| Net income (loss) attributable to TechnipFMC plc |
| Net income (loss) attributable to non-controlling interests |
| Provision (benefit) 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 | $ | (2,415.2) |
|
| $ | 3.1 |
|
| $ | 276.3 |
|
| $ | 451.3 |
|
| $ | (1,684.5) |
|
| $ | 509.6 |
|
| $ | (1,174.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Impairment and other charges | 2,364.2 |
|
| — |
|
| 119.9 |
|
| — |
|
| 2,484.1 |
|
| — |
|
| 2,484.1 |
| |||||||
Restructuring and other charges | 27.7 |
|
| — |
|
| 9.3 |
|
| — |
|
| 37.0 |
|
| — |
|
| 37.0 |
| |||||||
Business combinations transaction and integration costs | 23.1 |
|
| — |
|
| 8.1 |
|
| — |
|
| 31.2 |
|
| — |
|
| 31.2 |
| |||||||
Separation costs | 54.2 |
|
| — |
|
| 17.9 |
|
| — |
|
| 72.1 |
|
| — |
|
| 72.1 |
| |||||||
Reorganization | 17.2 |
|
| — |
|
| 8.1 |
|
| — |
|
| 25.3 |
|
| — |
|
| 25.3 |
| |||||||
Legal provision, net | 46.3 |
|
| — |
|
| 8.3 |
|
| — |
|
| 54.6 |
|
| — |
|
| 54.6 |
| |||||||
Purchase price accounting adjustment | 26.0 |
|
| — |
|
| 8.0 |
|
| — |
|
| 34.0 |
|
| (34.0) |
|
| — |
| |||||||
Valuation allowance | 187.0 |
|
| — |
|
| (187.0) |
|
| — |
|
| — |
|
| — |
|
| — |
| |||||||
Adjusted financial measures | $ | 330.5 |
|
| $ | 3.1 |
|
| $ | 268.9 |
|
| $ | 451.3 |
|
| $ | 1,053.8 |
|
| $ | 475.6 |
|
| $ | 1,529.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (5.39) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 10
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) | |||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||
| Subsea |
| Technip Energies |
| Surface Technologies |
| Corporate Expense |
| Foreign Exchange, net |
| Total | ||||||||||||
Revenue | $ | 1,338.0 |
|
| $ | 1,825.8 |
|
| $ | 262.3 |
|
| $ | — |
|
| $ | — |
|
| $ | 3,426.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (9.5) |
|
| $ | 171.6 |
|
| $ | 15.1 |
|
| $ | (58.5) |
|
| $ | (2.6) |
|
| $ | 116.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Impairment and other charges | 27.9 |
|
| 4.6 |
|
| 1.2 |
|
| 0.7 |
|
| — |
|
| 34.4 |
| ||||||
Restructuring and other charges | 16.8 |
|
| 10.2 |
|
| (0.8) |
|
| — |
|
| — |
|
| 26.2 |
| ||||||
Separation costs | — |
|
| — |
|
| — |
|
| 12.4 |
|
| — |
|
| 12.4 |
| ||||||
Subtotal | 44.7 |
|
| 14.8 |
|
| 0.4 |
|
| 13.1 |
|
| — |
|
| 73.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit (loss) | 35.2 |
|
| 186.4 |
|
| 15.5 |
|
| (45.4) |
|
| (2.6) |
|
| 189.1 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Depreciation and amortization | 81.3 |
|
| 7.6 |
|
| 15.4 |
|
| 7.4 |
|
| — |
|
| 111.7 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA | $ | 116.5 |
|
| $ | 194.0 |
|
| $ | 30.9 |
|
| $ | (38.0) |
|
| $ | (2.6) |
|
| $ | 300.8 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit margin, as reported | -0.7 | % |
| 9.4 | % |
| 5.8 | % |
|
|
|
|
| 3.4 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit margin | 2.6 | % |
| 10.2 | % |
| 5.9 | % |
|
|
|
|
| 5.5 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA margin | 8.7 | % |
| 10.6 | % |
| 11.8 | % |
|
|
|
|
| 8.8 | % |
| Three Months Ended | ||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||
| Subsea |
| Technip Energies |
| Surface Technologies |
| Corporate Expense |
| Foreign Exchange, net |
| Total | ||||||||||||
Revenue | $ | 1,486.8 |
|
| $ | 1,832.4 |
|
| $ | 407.6 |
|
| $ | — |
|
| $ | — |
|
| $ | 3,726.8 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,512.7) |
|
| $ | 245.3 |
|
| $ | (698.2) |
|
| $ | (116.8) |
|
| $ | (62.1) |
|
| $ | (2,144.5) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Impairment and other charges | 1,671.7 |
|
| — |
|
| 684.9 |
|
| — |
|
| — |
|
| 2,356.6 |
| ||||||
Restructuring and other charges | (57.5) |
|
| 5.9 |
|
| 37.0 |
|
| 13.1 |
|
| — |
|
| (1.5) |
| ||||||
Separation costs | — |
|
| — |
|
| — |
|
| 62.7 |
|
| — |
|
| 62.7 |
| ||||||
Purchase price accounting adjustments | 8.5 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 8.5 |
| ||||||
Subtotal | 1,622.7 |
|
| 5.9 |
|
| 721.9 |
|
| 75.8 |
|
| — |
|
| 2,426.3 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit (loss) | 110.0 |
|
| 251.2 |
|
| 23.7 |
|
| (41.0) |
|
| (62.1) |
|
| 281.8 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Depreciation and amortization | 75.0 |
|
| 8.5 |
|
| 32.2 |
|
| 6.9 |
|
| — |
|
| 122.6 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA | $ | 185.0 |
|
| $ | 259.7 |
|
| $ | 55.9 |
|
| $ | (34.1) |
|
| $ | (62.1) |
|
| $ | 404.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit margin, as reported | -101.7 | % |
| 13.4 | % |
| -171.3 | % |
|
|
|
|
| -57.5 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit margin | 7.4 | % |
| 13.7 | % |
| 5.8 | % |
|
|
|
|
| 7.6 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA margin | 12.4 | % |
| 14.2 | % |
| 13.7 | % |
|
|
|
|
| 10.9 | % |
Exhibit 11
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
| Year Ended | ||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||
| Subsea |
| Technip Energies |
| Surface Technologies |
| Corporate Expense |
| Foreign Exchange, net |
| Total | ||||||||||||
Revenue | $ | 5,471.4 |
|
| $ | 6,520.0 |
|
| $ | 1,059.2 |
|
| $ | — |
|
| $ | — |
|
| $ | 13,050.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (2,815.5) |
|
| $ | 683.6 |
|
| $ | (429.3) |
|
| $ | (201.5) |
|
| $ | (28.8) |
|
| $ | (2,791.5) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Impairment and other charges | 2,854.5 |
|
| 10.3 |
|
| 419.3 |
|
| 3.3 |
|
| — |
|
| 3,287.4 |
| ||||||
Restructuring and other charges* | 52.9 |
|
| 39.3 |
|
| 13.2 |
|
| 6.7 |
|
| — |
|
| 112.1 |
| ||||||
Direct COVID-19 expenses | 50.1 |
|
| 44.0 |
|
| 7.7 |
|
| — |
|
| — |
|
| 101.8 |
| ||||||
Litigation settlement | — |
|
| (113.2) |
|
| — |
|
| — |
|
| — |
|
| (113.2) |
| ||||||
Separation costs | — |
|
| — |
|
| — |
|
| 39.5 |
|
| — |
|
| 39.5 |
| ||||||
Purchase price accounting adjustments | 8.5 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 8.5 |
| ||||||
Subtotal | 2,966.0 |
|
| (19.6) |
|
| 440.2 |
|
| 49.5 |
|
| — |
|
| 3,436.1 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit (loss) | 150.5 |
|
| 664.0 |
|
| 10.9 |
|
| (152.0) |
|
| (28.8) |
|
| 644.6 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Depreciation and amortization | 316.4 |
|
| 34.2 |
|
| 70.1 |
|
| 18.0 |
|
| — |
|
| 438.7 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA | $ | 466.9 |
|
| $ | 698.2 |
|
| $ | 81.0 |
|
| $ | (134.0) |
|
| $ | (28.8) |
|
| $ | 1,083.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit margin, as reported | -51.5 | % |
| 10.5 | % |
| -40.5 | % |
|
|
|
|
| -21.4 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit margin | 2.8 | % |
| 10.2 | % |
| 1.0 | % |
|
|
|
|
| 4.9 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA margin | 8.5 | % |
| 10.7 | % |
| 7.6 | % |
|
|
|
|
| 8.3 | % |
*On December 30, 2019, we completed the acquisition of the remaining 50% of Technip Odebrecht PLSV CV. A $7.3 million gain recorded within restructuring and other charges in the Subsea segment during the year ended December 31, 2020.
| Year Ended | ||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||
| Subsea |
| Technip Energies |
| Surface Technologies |
| Corporate Expense |
| Foreign Exchange, net |
| Total | ||||||||||||
Revenue | $ | 5,523.0 |
|
| $ | 6,268.8 |
|
| $ | 1,617.3 |
|
| $ | — |
|
| $ | — |
|
| $ | 13,409.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,447.7) |
|
| $ | 959.6 |
|
| $ | (656.1) |
|
| $ | (393.4) |
|
| $ | (146.9) |
|
| $ | (1,684.5) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Impairment and other charges | 1,798.6 |
|
| — |
|
| 685.5 |
|
| — |
|
| — |
|
| 2,484.1 |
| ||||||
Restructuring and other charges | (46.4) |
|
| 17.0 |
|
| 39.8 |
|
| 26.6 |
|
| — |
|
| 37.0 |
| ||||||
Business combination transaction and integration costs | — |
|
| — |
|
| — |
|
| 31.2 |
|
| — |
|
| 31.2 |
| ||||||
Separation costs | — |
|
| — |
|
| — |
|
| 72.1 |
|
| — |
|
| 72.1 |
| ||||||
Reorganization | — |
|
| 25.3 |
|
| — |
|
| — |
|
| — |
|
| 25.3 |
| ||||||
Legal provision, net | — |
|
| — |
|
| — |
|
| 54.6 |
|
| — |
|
| 54.6 |
| ||||||
Purchase price accounting adjustments | 34.0 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 34.0 |
| ||||||
Subtotal | 1,786.2 |
|
| 42.3 |
|
| 725.3 |
|
| 184.5 |
|
| — |
|
| 2,738.3 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit (loss) | 338.5 |
|
| 1,001.9 |
|
| 69.2 |
|
| (208.9) |
|
| (146.9) |
|
| 1,053.8 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Depreciation and amortization | 311.6 |
|
| 38.7 |
|
| 107.9 |
|
| 17.4 |
|
| — |
|
| 475.6 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA | $ | 650.1 |
|
| $ | 1,040.6 |
|
| $ | 177.1 |
|
| $ | (191.5) |
|
| $ | (146.9) |
|
| $ | 1,529.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating profit margin, as reported | -26.2 | % |
| 15.3 | % |
| -40.6 | % |
|
|
|
|
| -12.6 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted Operating profit margin | 6.1 | % |
| 16.0 | % |
| 4.3 | % |
|
|
|
|
| 7.9 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Adjusted EBITDA margin | 11.8 | % |
| 16.6 | % |
| 11.0 | % |
|
|
|
|
| 11.4 | % |
Exhibit 12
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) | |||||||||||||||||||
| December 31, 2020 |
| September 30, 2020 |
| June 30, 2020 |
| March 31, 2020 |
| December 31, 2019 | ||||||||||
Cash and cash equivalents | $ | 4,807.8 |
|
| $ | 4,244.0 |
|
| $ | 4,809.5 |
|
| $ | 4,999.4 |
|
| $ | 5,190.2 |
|
Short-term debt and current portion of long-term debt | (636.2) |
|
| (612.2) |
|
| (524.1) |
|
| (586.7) |
|
| (495.4) |
| |||||
Long-term debt, less current portion | (3,317.7) |
|
| (3,248.0) |
|
| (3,982.9) |
|
| (3,823.9) |
|
| (3,980.0) |
| |||||
Net cash | $ | 853.9 |
|
| $ | 383.8 |
|
| $ | 302.5 |
|
| $ | 588.8 |
|
| $ | 714.8 |
|
Net (debt) cash, is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate our capital structure and financial leverage. We believe net debt, or net cash, is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. Net (debt) cash should not be considered an alternative to, or more meaningful than, cash and cash equivalents as determined in accordance with U.S. GAAP or as an indicator of our operating performance or liquidity.
Exhibit 13
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) | |||||||
| Three Months Ended |
| Year Ended | ||||
| December 31, |
| December 31, | ||||
| 2020 |
| 2020 | ||||
Cash provided by operating activities | $ | 554.8 |
|
| $ | 656.9 |
|
Capital expenditures | (41.0) |
|
| (291.8) |
| ||
Free cash flow | $ | 513.8 |
|
| $ | 365.1 |
|
Free cash flow, is a non-GAAP financial measure and is defined as cash provided by operating activities less capital expenditures. Management uses this non-GAAP financial measure to evaluate our financial condition. We believe, free cash flow is a meaningful financial measure that may assist investors in understanding our financial condition and results of operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224006056/en/
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 Communications Tel: +44 383 742 297 Email: Nicola Cameron
Brooke Robertson Public Relations Director Tel: +1 281 591 4108 Email: Brooke Robertson
Source: TechnipFMC plc