Full year 2020
- Cash flow from operations of $657 million; free cash flow of
$365 million
- All segments achieved financial guidance
- Total Company inbound orders of $10.1 billion; Subsea orders of
$4 billion
- Resilient backlog of $21.4 billion; Subsea backlog of $6.9
billion
Fourth quarter 2020
- U.S. GAAP diluted loss per share was $0.09
- Includes total after-tax charges, net of credits, of $0.14 per
diluted share
- Adjusted diluted earnings per share, excluding charges and
credits, was $0.05
- Includes expense resulting from increased liability to joint
venture partners of $0.12 per diluted share
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
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%
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
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%)
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)
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
- Eni Merakes iEPCI™ (Indonesia) Successful completion of
installation campaign.
- Energean Karish iEPCI™ (Israel) Completion of 90
kilometer hydrotest of sales pipeline and tie-in spool scope.
- Total Mozambique LNG (Mozambique) Completion of first
subsea trees.
- Eni Coral South project (Mozambique) Moving to the
offshore execution phase with mobilization of personnel in
country.
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:
- Equinor Breidablikk (Norway) Significant* engineering,
procurement, construction and installation contract by Equinor for
the Breidablikk Pipelay, including option for the subsea
installation scope located in the area close to the Grane Field,
North Sea. The Breidablikk project is a tie-back to the existing
Grane platform. TechnipFMC’s scope includes provision of flexible
jumpers and rigid pipelines as well as pipeline installation work.
*A “significant” award ranges between $75 million and $250 million;
this inbound order was included in the Company’s first half
financial results.
Subsequent to the period, the following awards were announced
and will be included in first quarter 2021 results:
- Energean North El Amriya and North Idku iEPCI™ Project
(Egypt) Significant* integrated engineering, procurement,
construction and installation (iEPCI™) contract from NIpetco and
PetroAmriya, two Joint Ventures between Energean and Egyptian
Natural Gas Holding Company (EGAS) and Egyptian General Petroleum
Corporation (EGPC) for a subsea tieback located offshore Egypt on
the North El Amriya and North Idku concession. TechnipFMC will
design, manufacture, deliver and install subsea equipment including
the subsea production system, subsea trees, production manifolds,
umbilicals, flexible pipelines, jumpers and associated subsea and
topside controls. *A “significant” award ranges between $75 million
and $250 million.
- PETRONAS Carigali Limbayong Deepwater Development Project
(Malaysia) Substantial* front-end engineering design, and
integrated engineering, procurement, construction, installation and
commissioning of subsea production system, umbilicals, risers and
flowlines (iEPCI™) contract from PETRONAS Carigali, a subsidiary of
PETRONAS for the Limbayong Deepwater Development Project. This
contract covers the development of 10 deepwater wells and their
tieback to the Limbayong Floating Production Storage and Offloading
(FPSO) unit in Malaysia. TechnipFMC will design, manufacture,
deliver and install subsea equipment including subsea trees,
manifolds, umbilicals, flexible risers, flowlines, jumpers and
other associated subsea hardware for the project. The iEPCI™
contract combines our integrated subsea solution with our Subsea
2.0™ products, demonstrating the added value of our unique and
complete integrated offering. *A “substantial” award ranges between
$250 million and $500 million.
- Energean Karish North iEPCI™ Development Project
(Israel) Letter of award (LOA) by Energean Israel Limited for
the development of the Karish North field, located offshore Israel.
TechnipFMC will design, manufacture, deliver and install subsea
equipment including the subsea production system, rigid flowlines
and umbilicals as a tieback to the ‘Energean Power’ FPSO as well as
the second gas export riser.
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.
2 Backlog does not capture all revenue
potential for Subsea Services.
3 Non-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)
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
- Arctic LNG 2 project (Russian Federation) Overall
construction progress reached 30 percent by year-end.
- Neste Singapore expansion project (Singapore) Multiple
heavy lifts performed, including a 700-ton reactor.
- Eni Coral South FLNG (Mozambique) Final topside modules
installed on the hull in South Korea ahead of schedule.
- Bapco Modernization program (Bahrain) Series of heavy
lift operations successfully completed, including units for water
desalination, heavy crude conversion and catalyst reactors.
- ExxonMobil Beaumont Refinery (United States) The five
crude and hydrotreater furnace modules safely arrived in
country.
- Motor Oil Hellas Refinery (Greece) Start of construction
of the new naptha complex at the Corinth refinery.
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:
- Sempra LNG, IEnova and Total Energía Costa Azul LNG Facility
(Mexico) Received a Notice to Proceed for a major* engineering,
procurement, and construction (EPC) contract by Sempra LNG,
Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), and Total
at their Energía Costa Azul LNG facility in Baja California,
Mexico. The project will add a natural gas liquefaction facility
with nameplate capacity of 3.25 million tons per annum (Mtpa) to
the existing regasification terminal using a compact and high
efficiency mid-scale LNG design. TechnipFMC has been involved in
this project since 2017, including the delivery of the FEED. *A
“major” award is over $1 billion.
- Assiut National Oil Processing Company Hydrocracking Complex
(Egypt) Major* EPC contract with Assiut National Oil Processing
Company for the construction of a new Hydrocracking Complex for the
Assiut refinery in Egypt. The EPC contract covers new process units
such as a Vacuum Distillation Unit, a Diesel Hydrocracking Unit, a
Delayed Coker Unit, a Distillate Hydrotreating Unit as well as a
Hydrogen Production Facility Unit using TechnipFMC’s proprietary
steam reforming technology. *A “major” award is over $1
billion.
Subsequent to the period, the following award was announced:
- Qatar Petroleum North Field East Project (Qatar) Major*
engineering, procurement, construction and commissioning contract
to CTJV, a joint venture between Chiyoda Corporation and Technip
Energies, by Qatar Petroleum for the onshore facilities of the
North Field East Project. Award will cover the delivery of 4 mega
trains, each with a capacity of 8 Mtpa of Liquefied Natural Gas
(“LNG”), and associated utility facilities. It will include a large
CO2 Carbon Capture and Sequestration facility, leading to more than
25% reduction of Green House Gas emissions when compared to similar
LNG facilities. *A “major” award is over $1 billion.
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.
2 Non-consolidated backlog reflects the
proportional share of backlog related to joint ventures that is not
consolidated due to our minority ownership position.
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)
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
- iComplete™ (United States) Four full-scale iComplete™
ecosystem tender wins in three basins.
- BPX Energy and BPX Energy/Devon Energy joint venture (United
States) Multi-year supply contract for wellheads and trees in
Eagle Ford basin.
- AkerBP HOD B field re-development project (Norway)
Contracted to supply wellheads, tree systems and controls.
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
Subsea
Surface Technologies
Revenue in a range of $5.0 - 5.4
billion
Revenue in a range of $1,050 - 1,250
million
EBITDA margin in a range of 10 - 11%
(excluding charges and credits)
EBITDA margin in a range of 8 - 11%
(excluding charges and credits)
TechnipFMC
Corporate expense, net $105 -115
million
(includes depreciation and amortization of
~$15 million)
Net interest expense $130 - 135
million
Tax provision, as reported $110 -
120 million
(includes separation-related tax items of
~$40 million)
Capital expenditures approximately
$250 million
Free cash flow $50 - 150
million
(includes separation-related tax items of
~$40 million and costs of ~$30 million)
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.
###
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:
- risks associated with disease outbreaks and other public health
issues, including the coronavirus disease 2019 (“COVID-19”), their
impact on the global economy and the business of our company,
customers, suppliers and other partners, changes in, and the
administration of, treaties, laws, and regulations, including in
response to such issues and the potential for such issues to
exacerbate other risks we face, including those related to the
factors listed or referenced below;
- unanticipated changes relating to competitive factors in our
industry;
- demand for our products and services, which is affected by
changes in the price of, and demand for, crude oil and natural gas
in domestic and international markets;
- our ability to develop and implement new technologies and
services, as well as our ability to protect and maintain critical
intellectual property assets;
- potential liabilities arising out of the installation or use of
our products;
- cost overruns related to our fixed price contracts or capital
asset construction projects that may affect revenues;
- our ability to timely deliver our backlog and its effect on our
future sales, profitability, and our relationships with our
customers;
- our reliance on subcontractors, suppliers and joint venture
partners in the performance of our contracts;
- our ability to hire and retain key personnel;
- piracy risks for our maritime employees and assets;
- the potential impacts of seasonal and weather conditions;
- the cumulative loss of major contracts or alliances;
- U.S. and international laws and regulations, including existing
or future environmental regulations, that may increase our costs,
limit the demand for our products and services or restrict our
operations;
- disruptions in the political, regulatory, economic and social
conditions of the countries in which we conduct business;
- risks associated with The Depository Trust Company and
Euroclear for clearance services for shares traded on the NYSE and
Euronext Paris, respectively;
- the United Kingdom’s withdrawal from the European Union;
- risks associated with being an English public limited company,
including the need for “distributable profits,” shareholder
approval of certain capital structure decisions, and the risk that
we may not be able to pay dividends or repurchase shares in
accordance with our announced capital allocation plan;
- compliance with covenants under our debt instruments and
conditions in the credit markets;
- downgrade in the ratings of our debt could restrict our ability
to access the debt capital markets;
- the outcome of uninsured claims and litigation against us;
- the risks of currency exchange rate fluctuations associated
with our international operations;
- risks related to our acquisition and divestiture
activities;
- failure of our information technology infrastructure or any
significant breach of security, including related to cyber attacks,
and actual or perceived failure to comply with data security and
privacy obligations;
- risks associated with tax liabilities, changes in U.S. federal
or international tax laws or interpretations to which they are
subject; and
- such other risk factors as set forth in our filings with the
U.S. Securities and Exchange Commission and in our filings with the
Autorité des marchés financiers or the U.K. Financial Conduct
Authority.
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
Revenue
$
3,426.1
$
3,726.8
$
13,050.6
$
13,409.1
Costs and expenses
3,343.2
5,816.0
15,936.2
14,935.8
82.9
(2,089.2)
(2,885.6)
(1,526.7)
Other (expense) income, net
33.2
(55.3)
94.1
(157.8)
Income (loss) before net interest expense
and income taxes
116.1
(2,144.5)
(2,791.5)
(1,684.5)
Net interest expense
(54.5)
(106.0)
(293.0)
(451.3)
Income (loss) before income taxes
61.6
(2,250.5)
(3,084.5)
(2,135.8)
Provision for income taxes
75.5
179.8
153.4
276.3
Net income (loss)
(13.9)
(2,430.3)
(3,237.9)
(2,412.1)
Net income attributable to non-controlling
interests
(25.4)
16.3
(49.7)
(3.1)
Net loss attributable to TechnipFMC
plc
$
(39.3)
$
(2,414.0)
$
(3,287.6)
$
(2,415.2)
Income (loss) per share attributable to
TechnipFMC plc:
Basic
$
(0.09)
$
(5.40)
$
(7.33)
$
(5.39)
Diluted
$
(0.09)
$
(5.40)
$
(7.33)
$
(5.39)
Weighted average shares outstanding:
Basic
449.4
447.1
448.7
448.0
Diluted
449.4
447.1
448.7
448.0
Cash dividends declared per share
$
—
$
0.13
$
0.13
$
0.52
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
Subsea
$
1,338.0
$
1,486.8
$
5,471.4
$
5,523.0
Technip Energies
1,825.8
1,832.4
6,520.0
6,268.8
Surface Technologies
262.3
407.6
1,059.2
1,617.3
$
3,426.1
$
3,726.8
$
13,050.6
$
13,409.1
Income (loss) before income
taxes
Segment operating profit (loss)
Subsea
$
(9.5)
$
(1,512.7)
$
(2,815.5)
$
(1,447.7)
Technip Energies
171.6
245.3
683.6
959.6
Surface Technologies
15.1
(698.2)
(429.3)
(656.1)
Total segment operating profit (loss)
177.2
(1,965.6)
(2,561.2)
(1,144.2)
Corporate items
Corporate expense (1)
(58.5)
(116.8)
(201.5)
(393.4)
Net interest expense
(54.5)
(106.0)
(293.0)
(451.3)
Foreign exchange gains (losses)
(2.6)
(62.1)
(28.8)
(146.9)
Total corporate items
(115.6)
(284.9)
(523.3)
(991.6)
Income (loss) before income taxes (2)
$
61.6
$
(2,250.5)
$
(3,084.5)
$
(2,135.8)
(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,
2020
2019
2020
2019
Subsea
$
712.1
$
1,172.3
$
4,003.0
$
7,992.6
Technip Energies
3,192.1
1,114.5
5,001.3
13,080.5
Surface Technologies
300.3
431.6
1,061.2
1,619.9
Total inbound orders
$
4,204.5
$
2,718.4
$
10,065.5
$
22,693.0
Order Backlog (2)
December 31,
2020
2019
Subsea
$
6,876.0
$
8,479.8
Technip Energies
14,098.7
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
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