Regulatory News:
TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported second quarter 2019 results.
Total Company revenue was $3,434.2 million. Net income was $97 million, or $0.21 per diluted share. These results included after-tax charges and credits totaling $78.6 million of expense, or $0.18 per diluted share; adjusted diluted earnings per share were $0.39.
Adjusted EBITDA, which excludes pre-tax charges and credits, was $450 million; adjusted EBITDA margin was 13.1 percent (Exhibit 9).
Other significant pre-tax items impacting the quarter, for which we do not provide guidance, included the following:
Summary Financial Statements - Second Quarter 2019
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) |
June 30, 2019 |
June 30, 2018 |
Change |
||
Revenue |
$3,434.2 |
$2,960.9 |
16.0% |
||
Net income |
$97.0 |
$105.7 |
(8.2%) |
||
Diluted earnings per share |
$0.21 |
$0.23 |
(8.7%) |
||
|
|
|
|
||
Adjusted EBITDA |
$450.0 |
$377.2 |
19.3% |
||
Adjusted EBITDA margin |
13.1 |
% |
12.7 |
% |
40 bps |
Adjusted net income |
$175.6 |
$131.8 |
33.2% |
||
Adjusted diluted earnings per share |
$0.39 |
$0.28 |
39.3% |
||
|
|
|
|
||
Inbound orders |
$11,179.6 |
$4,231.7 |
164.2% |
||
Backlog |
$25,781.9 |
$14,871.8 |
73.4% |
||
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “We achieved record inbound orders in the quarter, with total Company orders reaching $11.2 billion – a book-to-bill of 3.3. Onshore/Offshore inbound of $8.1 billion was also a new record for the business segment, driven by the award of Arctic LNG 2. In Subsea, first half orders have already exceeded the levels achieved in all of 2018, with inbound of $2.6 billion. Total Company backlog increased more than 75 percent since year-end to $25.8 billion.”
Pferdehirt continued, “In the subsea industry, iEPCI™ is a structural transformation that is occurring as a result of the creation of TechnipFMC, and this paradigm shift is accelerating. Integrated project awards have exceeded $3 billion for the first half of the year, and we have secured 100 percent of these awards. Importantly, integrated awards have accounted for more than 50 percent of our inbound orders in 2019. iEPCI™ has clearly proven to be a unique growth engine for TechnipFMC.”
“This momentum is evidenced by our recent award for Anadarko’s Golfinho development in Mozambique. TechnipFMC was a first-mover in the country, and this award further strengthens our leadership position. Golfinho is also our largest integrated subsea project to date and further highlights the differentiation of iEPCI™.”
Pferdehirt added, “In Onshore/Offshore, we are benefiting from the new wave of liquefied natural gas (LNG) projects. The LNG market growth continues to be underpinned by the structural shift towards natural gas as an energy transition fuel, helping to meet the increasing demand for energy while lowering greenhouse gases. Our demonstrated leadership in this important growth market will continue as we anticipate additional LNG awards in the coming quarters.”
“In the second quarter, we were awarded the Arctic LNG 2 project. This award exemplifies our experience in the delivery of large scale modularized fabrication for harsh environments. The project will bring on-stream nearly 20 million metric tonnes per annum of new capacity utilizing an innovative engineering solution developed during the FEED stage of the project. We will leverage our recent success from Yamal LNG through the continuity of leadership, execution model and lessons learned.”
Pferdehirt concluded, “This was a very strong quarter for TechnipFMC. The unprecedented level of order activity demonstrates that we are winning, with an intense focus on project selectivity and commercial differentiation. We reported solid improvements in total Company revenue and adjusted EBITDA. The strength of these results and significant growth in backlog give us even greater confidence that we will achieve our increased full year guidance and provide us with improved visibility as we look to 2020 and beyond.”
Operational and Financial Highlights - Second Quarter 2019
Subsea
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended (In millions) |
June 30, 2019 |
June 30, 2018 |
Change |
||
Revenue |
$1,508.7 |
$1,217.4 |
23.9% |
||
Operating profit |
$94.6 |
$75.9 |
24.6% |
||
Adjusted EBITDA |
$186.2 |
$191.2 |
(2.6%) |
||
Adjusted EBITDA margin |
12.3 |
% |
15.7 |
% |
(340 bps) |
|
|
|
|
||
Inbound orders |
$2,632.7 |
$1,516.2 |
73.6% |
||
Backlog |
$8,747.0 |
$6,177.0 |
41.6% |
||
Subsea reported second quarter revenue of $1,508.7 million, up 23.9 percent from the prior year. Revenue increased primarily due to higher project-related activity and growth in Subsea services. Integrated project activity continues to represent an increasing share of revenue.
Subsea reported operating profit of $94.6 million. Operating profit increased from the prior year, benefiting from the achievement of key milestones on projects nearing completion and increased project activity as well as lower purchase price accounting amortization.
Adjusted EBITDA was $186.2 million. Adjusted EBITDA decreased 2.6 percent from the prior-year results due to more competitively priced backlog, partially offset by the achievement of key milestones on projects nearing completion and increased project activity. Adjusted EBITDA margin decreased 340 basis points to 12.3 percent.
Vessel utilization rate for the second quarter was 69 percent, up from 55 percent in the first quarter, but down from 71 percent in the prior-year quarter.
Second Quarter Subsea Highlights
Subsea inbound orders for the quarter were $2,632.7 million, resulting in a book-to-bill of 1.7. The following announced awards were included in the period:
Subsea Estimated Backlog Scheduling as of June 30, 2019 (In millions) |
Consolidated backlog* |
Non-consolidated backlog** |
2019 (6 months) |
$2,480.5 |
$90.9 |
2020 |
$3,465.5 |
$135.6 |
2021 and beyond |
$2,801.0 |
$647.3 |
Total |
$8,747.0 |
$873.8 |
* Backlog does not capture all revenue potential for subsea services. |
||
** Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
Onshore/Offshore
Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended (In millions) |
June 30, 2019 |
June 30, 2018 |
Change |
||
Revenue |
$1,505.0 |
$1,342.4 |
12.1% |
||
Operating profit |
$274.0 |
$171.3 |
60.0% |
||
Adjusted EBITDA |
$281.9 |
$170.9 |
65.0% |
||
Adjusted EBITDA margin |
18.7 |
% |
12.7 |
% |
600 bps |
|
|
|
|
||
Inbound orders |
$8,131.2 |
$2,300.8 |
253.4% |
||
Backlog |
$16,608.3 |
$8,279.5 |
100.6% |
||
Onshore/Offshore reported second quarter revenue of $1,505 million. Revenue increased 12.1 percent from the prior-year quarter as activity increased on recent awards in the downstream, petrochemical and offshore sectors, more than offsetting a reduction in revenue from Yamal LNG as the project nears completion.
Onshore/Offshore reported operating profit of $274 million; adjusted EBITDA was $281.9 million. Operating profit increased 60 percent versus the prior-year quarter. Operating results in the period benefited from incremental profit related to strong execution and a bonus for completion of key milestones on Yamal LNG. These same factors drove the year-over-year increase in adjusted EBITDA; adjusted EBITDA margin increased 600 basis points from the prior-year results to 18.7 percent.
Second Quarter Onshore/Offshore Highlights
Onshore/Offshore inbound orders for the quarter were $8,131.2 million, resulting in a book-to-bill of 5.4. The following announced award was included in the period:
Onshore/Offshore Estimated Backlog Scheduling as of June 30, 2019 (In millions) |
Consolidated backlog |
Non-consolidated backlog* |
2019 (6 months) |
$3,252.7 |
$438.2 |
2020 |
$4,758.7 |
$673.4 |
2021 and beyond |
$8,596.9 |
$1,713.8 |
Total |
$16,608.3 |
$2,825.4 |
* 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) |
June 30, 2019 |
June 30, 2018 |
Change |
||
Revenue |
$420.5 |
$401.1 |
4.8% |
||
Operating profit |
$25.5 |
$51.5 |
(50.5%) |
||
Adjusted EBITDA |
$46.7 |
$72.6 |
(35.7%) |
||
Adjusted EBITDA margin |
11.1 |
% |
18.1 |
% |
(700 bps) |
|
|
|
|
||
Inbound orders |
$415.7 |
$414.7 |
0.2% |
||
Backlog |
$426.6 |
$415.3 |
2.7% |
||
Surface Technologies reported second quarter revenue of $420.5 million, an increase of 4.8 percent from the prior-year quarter. The revenue growth was primarily driven by higher wellhead equipment sales globally and frac rental service revenue in North America, partially offset by reduced flowline product sales due to lower completions-related activity in North America.
Surface Technologies reported operating profit of $25.5 million; adjusted EBITDA was $46.7 million with a margin of 11.1 percent. Operating profit decreased versus the prior-year quarter primarily due to the continued decline in completions-related activity in North America, resulting in a weaker pricing environment and an unfavorable product line mix. These same factors drove the year-over-year decrease in adjusted EBITDA.
Inbound orders for the quarter were $415.7 million. Backlog increased 2.7 percent versus the prior-year quarter to $426.6 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.
Corporate and Other Items
Corporate expense in the second quarter was $138.9 million. Included in corporate expense were the following charges and credits:
Excluding charges and credits, corporate expense was $69.4 million which included $18 million of foreign exchange losses.
Net interest expense was $140.6 million in the quarter, which included an increase in the liability payable to joint venture partners of $140.2 million. Net interest expense was favorably impacted by higher interest income on cash balances.
The Company recorded a tax provision during the quarter of $0.9 million. Including the impact of discrete items, the effective tax rate in the quarter was 0.8 percent.
Total depreciation and amortization for the quarter was $117.5 million, including depreciation and amortization related to purchase price accounting for the merger of $8.5 million.
The Company repurchased 1.8 million shares during the quarter. Total consideration was $40 million; cash impact in the quarter was $57.1 million due to the timing of settlement.
Cash flow from operations in the quarter was $96.6 million. The Company ended the period with cash and cash equivalents of $4,621.3 million; net cash was $839.5 million.
A new schedule (Exhibit 6) has been added to the earnings release that provides additional financial disclosures related to the Yamal LNG Joint Venture.
2019 Financial Guidance1
Updates to the Company’s full-year guidance for 2019 are included in the revised table below and detailed on the following page:
2019 Guidance *Updated July 24, 2019 |
||||
|
||||
Subsea |
|
Onshore/Offshore |
|
Surface Technologies |
Revenue in a range of $5.6 - 5.8 billion* |
|
Revenue in a range of $6.0 - 6.3 billion |
|
Revenue in a range of $1.6 - 1.7 billion |
|
|
|
|
|
EBITDA margin at least 11.5%* (excluding amortization related impact of purchase price accounting, and other charges and credits) |
|
EBITDA margin at least 16.5%* (excluding amortization related impact of purchase price accounting, and other charges and credits) |
|
EBITDA margin at least 12% (excluding amortization related impact of purchase price accounting, and other charges and credits) |
|
|
|
|
|
TechnipFMC |
||||
Corporate expense, net $160 - 170 million for the full year (excluding the impact of foreign currency fluctuations) |
||||
|
|
|
|
|
Net interest expense* $30 - 40 million for the full year (excluding the impact of revaluation of partners’ mandatorily redeemable financial liability) |
||||
|
|
|
|
|
Tax rate* 26 - 30% for the full year |
||||
|
|
|
|
|
Capital expenditures approximately $350 million for the full year |
||||
|
||||
Cash flow from operating activities positive for the full year |
||||
|
|
|
|
|
Merger integration and restructuring costs approximately $50 million for the full year |
||||
|
|
|
|
|
Cost synergies $450 million total savings ($220m exit run-rate 12/31/17, $400m exit run-rate 12/31/18, $450m exit run-rate 12/31/19) |
__________________________
1 Our guidance measures adjusted EBITDA margin, corporate expense, net (excluding the impact of foreign currency fluctuations), net interest expense (excluding the impact of revaluation of partners’ mandatorily redeemable financial liability), and tax rate 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.
Updates to the Company’s full-year guidance for 2019 are detailed below:
Teleconference
The Company will host a teleconference on Thursday, July 25, 2019 to discuss the second quarter 2019 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 global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.
Each of our more than 37,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
To learn more about us and how we are enhancing the performance of the world’s energy industry, go to 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
|
|||||||||||||||
|
(Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
3,434.2 |
|
|
$ |
2,960.9 |
|
|
$ |
6,347.2 |
|
|
$ |
6,086.1 |
|
Costs and expenses |
3,120.6 |
|
|
2,777.6 |
|
|
5,898.8 |
|
|
5,663.5 |
|
||||
|
313.6 |
|
|
183.3 |
|
|
448.4 |
|
|
422.6 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Other (expense) income, net |
(58.4 |
) |
|
42.4 |
|
|
(70.7 |
) |
|
31.2 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before net interest expense and income taxes |
255.2 |
|
|
225.7 |
|
|
377.7 |
|
|
453.8 |
|
||||
Net interest expense |
(140.6 |
) |
|
(50.9 |
) |
|
(228.8 |
) |
|
(138.3 |
) |
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
114.6 |
|
|
174.8 |
|
|
148.9 |
|
|
315.5 |
|
||||
Provision for income taxes |
0.9 |
|
|
64.7 |
|
|
15.4 |
|
|
114.0 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income |
113.7 |
|
|
110.1 |
|
|
133.5 |
|
|
201.5 |
|
||||
Net income attributable to noncontrolling interests |
(16.7 |
) |
|
(4.4 |
) |
|
(15.6 |
) |
|
(0.7 |
) |
||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to TechnipFMC plc |
$ |
97.0 |
|
|
$ |
105.7 |
|
|
$ |
117.9 |
|
|
$ |
200.8 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to TechnipFMC plc: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.22 |
|
|
$ |
0.23 |
|
|
$ |
0.26 |
|
|
$ |
0.43 |
|
Diluted |
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.26 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
447.5 |
|
|
461.4 |
|
|
447.7 |
|
|
462.8 |
|
||||
Diluted |
451.2 |
|
|
463.3 |
|
|
451.9 |
|
|
464.2 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share |
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.26 |
|
|
$ |
0.26 |
|
Exhibit 2
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
|
|||||||||||||||
|
|
||||||||||||||
|
(Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
1,508.7 |
|
|
$ |
1,217.4 |
|
|
$ |
2,694.0 |
|
|
$ |
2,397.6 |
|
Onshore/Offshore |
1,505.0 |
|
|
1,342.4 |
|
|
2,840.1 |
|
|
2,915.8 |
|
||||
Surface Technologies |
420.5 |
|
|
401.1 |
|
|
813.1 |
|
|
772.7 |
|
||||
|
$ |
3,434.2 |
|
|
$ |
2,960.9 |
|
|
$ |
6,347.2 |
|
|
$ |
6,086.1 |
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Segment operating profit |
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
94.6 |
|
|
$ |
75.9 |
|
|
$ |
144.5 |
|
|
$ |
130.3 |
|
Onshore/Offshore |
274.0 |
|
|
171.3 |
|
|
429.7 |
|
|
374.2 |
|
||||
Surface Technologies |
25.5 |
|
|
51.5 |
|
|
36.0 |
|
|
82.1 |
|
||||
Total segment operating profit |
394.1 |
|
|
298.7 |
|
|
610.2 |
|
|
586.6 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate items |
|
|
|
|
|
|
|
||||||||
Corporate expense (1) |
(138.9 |
) |
|
(73.0 |
) |
|
(232.5 |
) |
|
(132.8 |
) |
||||
Net interest expense |
(140.6 |
) |
|
(50.9 |
) |
|
(228.8 |
) |
|
(138.3 |
) |
||||
Total corporate items |
(279.5 |
) |
|
(123.9 |
) |
|
(461.3 |
) |
|
(271.1 |
) |
||||
|
|
|
|
|
|
|
|
||||||||
Net income before income taxes(2) |
$ |
114.6 |
|
|
$ |
174.8 |
|
|
$ |
148.9 |
|
|
$ |
315.5 |
|
(1) Corporate expense primarily includes corporate staff expenses, legal reserve, share-based compensation expenses, other employee benefits, certain foreign exchange gains and losses, and merger transaction and integration expenses.
(2) Includes amounts attributable to noncontrolling interests.
Exhibit 3
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
|
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
Inbound Orders (1) |
June 30, |
|
June 30, |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Subsea |
$ |
2,632.7 |
|
|
$ |
1,516.2 |
|
|
$ |
5,310.4 |
|
|
$ |
2,744.0 |
|
Onshore/Offshore |
8,131.2 |
|
|
2,300.8 |
|
|
11,270.0 |
|
|
4,150.4 |
|
||||
Surface Technologies |
415.7 |
|
|
414.7 |
|
|
783.6 |
|
|
824.3 |
|
||||
Total inbound orders |
$ |
11,179.6 |
|
|
$ |
4,231.7 |
|
|
$ |
17,364.0 |
|
|
$ |
7,718.7 |
|
Order Backlog (2) |
June 30, |
||||||
|
2019 |
|
2018 |
||||
|
|
|
|
||||
Subsea |
$ |
8,747.0 |
|
|
$ |
6,177.0 |
|
Onshore/Offshore |
16,608.3 |
|
|
8,279.5 |
|
||
Surface Technologies |
426.6 |
|
|
415.3 |
|
||
Total order backlog |
$ |
25,781.9 |
|
|
$ |
14,871.8 |
|
(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
|
|||||||
|
|
||||||
|
(Unaudited) |
||||||
|
June 30,
|
|
December 31,
|
||||
|
|
|
|
||||
Cash and cash equivalents |
$ |
4,621.3 |
|
|
$ |
5,540.0 |
|
Trade receivables, net |
2,240.4 |
|
|
2,469.7 |
|
||
Contract assets |
1,612.4 |
|
|
1,295.0 |
|
||
Inventories, net |
1,387.0 |
|
|
1,251.2 |
|
||
Other current assets |
1,442.7 |
|
|
1,225.3 |
|
||
Total current assets |
11,303.8 |
|
|
11,781.2 |
|
||
|
|
|
|
||||
Property, plant and equipment, net |
3,345.0 |
|
|
3,259.8 |
|
||
Goodwill |
7,609.2 |
|
|
7,607.6 |
|
||
Intangible assets, net |
1,123.7 |
|
|
1,176.7 |
|
||
Other assets |
2,197.2 |
|
|
959.2 |
|
||
Total assets |
$ |
25,578.9 |
|
|
$ |
24,784.5 |
|
|
|
|
|
||||
Short-term debt and current portion of long-term debt |
$ |
80.7 |
|
|
$ |
67.4 |
|
Accounts payable, trade |
2,488.7 |
|
|
2,600.3 |
|
||
Contract liabilities |
4,354.6 |
|
|
4,085.1 |
|
||
Other current liabilities |
2,652.8 |
|
|
2,386.6 |
|
||
Total current liabilities |
9,576.8 |
|
|
9,139.4 |
|
||
|
|
|
|
||||
Long-term debt, less current portion |
3,701.1 |
|
|
4,124.3 |
|
||
Other liabilities |
1,882.1 |
|
|
1,093.4 |
|
||
Redeemable noncontrolling interest |
38.5 |
|
|
38.5 |
|
||
TechnipFMC plc stockholders’ equity |
10,334.6 |
|
|
10,357.6 |
|
||
Noncontrolling interests |
45.8 |
|
|
31.3 |
|
||
Total liabilities and equity |
$ |
25,578.9 |
|
|
$ |
24,784.5 |
|
Exhibit 5
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
|
|||||||
|
|
||||||
|
(Unaudited) |
||||||
|
Six Months Ended |
||||||
June 30, |
|||||||
2019 |
|
2018 |
|||||
Cash provided (required) by operating activities |
|
|
|
||||
Net income |
$ |
133.5 |
|
|
$ |
201.5 |
|
Adjustments to reconcile net income (loss) to cash provided (required) by operating activities |
|
|
|
||||
Depreciation |
176.2 |
|
|
179.6 |
|
||
Amortization |
60.7 |
|
|
90.9 |
|
||
Impairments |
1.2 |
|
|
12.5 |
|
||
Employee benefit plan and share-based compensation costs |
37.6 |
|
|
15.9 |
|
||
Deferred income tax provision (benefit), net |
(127.5 |
) |
|
(36.2 |
) |
||
Unrealized loss on derivative instruments and foreign exchange |
27.5 |
|
|
31.5 |
|
||
Income from equity affiliates, net of dividends received |
(24.1 |
) |
|
(51.8 |
) |
||
Other |
230.5 |
|
|
51.0 |
|
||
Changes in operating assets and liabilities, net of effects of acquisitions |
|
|
|
||||
Trade receivables, net and contract assets |
(82.8 |
) |
|
(173.6 |
) |
||
Inventories, net |
(134.9 |
) |
|
(154.2 |
) |
||
Accounts payable, trade |
(105.0 |
) |
|
(912.1 |
) |
||
Contract liabilities |
274.2 |
|
|
308.1 |
|
||
Income taxes payable (receivable), net |
(68.4 |
) |
|
(77.4 |
) |
||
Other current assets and liabilities, net |
(240.6 |
) |
|
208.3 |
|
||
Other noncurrent assets and liabilities, net |
59.9 |
|
|
(179.2 |
) |
||
Cash provided (required) by operating activities |
218.0 |
|
|
(485.2 |
) |
||
|
|
|
|
||||
Cash provided (required) by investing activities |
|
|
|
||||
Capital expenditures |
(270.5 |
) |
|
(134.8 |
) |
||
Payment to acquire debt securities |
(59.7 |
) |
|
— |
|
||
Proceeds from sale of debt securities |
18.9 |
|
|
— |
|
||
Acquisitions, net of cash acquired |
— |
|
|
(103.4 |
) |
||
Cash divested from deconsolidation |
— |
|
|
1.7 |
|
||
Proceeds from sale of assets |
1.3 |
|
|
6.2 |
|
||
Other |
— |
|
|
(5.4 |
) |
||
Cash required by investing activities |
(310.0 |
) |
|
(235.7 |
) |
||
|
|
|
|
||||
Cash required by financing activities |
|
|
|
||||
Net decrease in short-term debt |
(17.9 |
) |
|
(22.4 |
) |
||
Net (decrease) increase in commercial paper |
(479.5 |
) |
|
83.7 |
|
||
Proceeds from issuance of long-term debt |
96.2 |
|
|
2.5 |
|
||
Purchase of ordinary shares |
(90.1 |
) |
|
(226.3 |
) |
||
Dividends paid |
(116.6 |
) |
|
(120.2 |
) |
||
Settlements of mandatorily redeemable financial liability |
(220.6 |
) |
|
(124.2 |
) |
||
Other |
— |
|
|
1.0 |
|
||
Cash required by financing activities |
(828.5 |
) |
|
(405.9 |
) |
||
Effect of changes in foreign exchange rates on cash and cash equivalents |
1.8 |
|
|
(55.2 |
) |
||
Decrease in cash and cash equivalents |
(918.7 |
) |
|
(1,182.0 |
) |
||
Cash and cash equivalents, beginning of period |
5,540.0 |
|
|
6,737.4 |
|
||
Cash and cash equivalents, end of period |
$ |
4,621.3 |
|
|
$ |
5,555.4 |
|
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
BUSINESS SEGMENT DATA FOR YAMAL LNG JOINT VENTURE
(In millions, unaudited)
We control the voting control interests in the legal onshore/offshore 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.
|
June 30, |
||
|
2019 |
||
Contract liabilities |
$ |
1,721.1 |
|
Mandatorily redeemable financial liability |
412.8 |
|
|
Three Months Ended |
||
|
June 30, |
||
|
2019 |
||
Cash required by operating activities |
$ |
(21.2 |
) |
Settlements of mandatorily redeemable financial liability |
(45.7 |
) |
Exhibit 7
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 second quarter 2019 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 2018 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 |
||||||||||||||||||||||||||
|
June 30, 2019 |
||||||||||||||||||||||||||
|
Net income attributable to TechnipFMC plc |
|
Net income attributable to noncontrolling 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 |
$ |
97.0 |
|
|
$ |
(16.7 |
) |
|
$ |
0.9 |
|
|
$ |
(140.6 |
) |
|
$ |
255.2 |
|
|
$ |
117.5 |
|
|
$ |
372.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
0.4 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
0.5 |
|
|||||||
Restructuring and other severance charges |
6.7 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.7 |
|
|
— |
|
|
8.7 |
|
|||||||
Business combination transaction and integration costs |
9.8 |
|
|
— |
|
|
3.1 |
|
|
— |
|
|
12.9 |
|
|
— |
|
|
12.9 |
|
|||||||
Legal provision, net |
55.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
— |
|
|
55.2 |
|
|||||||
Purchase price accounting adjustment |
6.5 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
8.5 |
|
|
(8.5 |
) |
|
— |
|
|||||||
Adjusted financial measures |
$ |
175.6 |
|
|
$ |
(16.7 |
) |
|
$ |
8.1 |
|
|
$ |
(140.6 |
) |
|
$ |
341.0 |
|
|
$ |
109.0 |
|
|
$ |
450.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported |
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc |
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||||||||||
|
June 30, 2018 |
||||||||||||||||||||||||||
|
Net income attributable to TechnipFMC plc |
|
Net income attributable to noncontrolling 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 |
$ |
105.7 |
|
|
$ |
(4.4 |
) |
|
$ |
64.7 |
|
|
$ |
(50.9 |
) |
|
$ |
225.7 |
|
|
$ |
138.7 |
|
|
$ |
364.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
6.9 |
|
|
— |
|
|
2.6 |
|
|
— |
|
|
9.5 |
|
|
— |
|
|
9.5 |
|
|||||||
Restructuring and other severance charges |
1.4 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
1.9 |
|
|
— |
|
|
1.9 |
|
|||||||
Business combination transaction and integration costs |
6.5 |
|
|
— |
|
|
2.5 |
|
|
— |
|
|
9.0 |
|
|
— |
|
|
9.0 |
|
|||||||
Purchase price accounting adjustment |
11.3 |
|
|
— |
|
|
3.4 |
|
|
— |
|
|
14.7 |
|
|
(22.3 |
) |
|
(7.6 |
) |
|||||||
Adjusted financial measures |
$ |
131.8 |
|
|
$ |
(4.4 |
) |
|
$ |
73.7 |
|
|
$ |
(50.9 |
) |
|
$ |
260.8 |
|
|
$ |
116.4 |
|
|
$ |
377.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported |
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc |
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 second quarter 2019 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 2018 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.
|
Six Months Ended |
||||||||||||||||||||||||||
|
June 30, 2019 |
||||||||||||||||||||||||||
|
Net income attributable to TechnipFMC plc |
|
Net income attributable to noncontrolling 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 |
$ |
117.9 |
|
|
$ |
15.6 |
|
|
$ |
15.4 |
|
|
$ |
228.8 |
|
|
$ |
377.7 |
|
|
$ |
236.9 |
|
|
$ |
614.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
0.9 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
1.2 |
|
|||||||
Restructuring and other severance charges |
18.3 |
|
|
— |
|
|
6.2 |
|
|
— |
|
|
24.5 |
|
|
— |
|
|
24.5 |
|
|||||||
Business combination transaction and integration costs |
18.7 |
|
|
— |
|
|
6.3 |
|
|
— |
|
|
25.0 |
|
|
— |
|
|
25.0 |
|
|||||||
Reorganization |
19.2 |
|
|
— |
|
|
6.1 |
|
|
— |
|
|
25.3 |
|
|
— |
|
|
25.3 |
|
|||||||
Legal provision, net |
55.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
— |
|
|
55.2 |
|
|||||||
Purchase price accounting adjustment |
13.0 |
|
|
— |
|
|
4.0 |
|
|
— |
|
|
17.0 |
|
|
(17.0 |
) |
|
— |
|
|||||||
Valuation allowance |
(40.3 |
) |
|
— |
|
|
40.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Adjusted financial measures |
$ |
202.9 |
|
|
$ |
15.6 |
|
|
$ |
78.6 |
|
|
$ |
228.8 |
|
|
$ |
525.9 |
|
|
$ |
219.9 |
|
|
$ |
745.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported |
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc |
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||||||||||||||||||||
|
June 30, 2018 |
||||||||||||||||||||||||||
|
Net income attributable to TechnipFMC plc |
|
Net income attributable to noncontrolling 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 |
$ |
200.8 |
|
|
$ |
0.7 |
|
|
$ |
114.0 |
|
|
$ |
138.3 |
|
|
$ |
453.8 |
|
|
$ |
270.5 |
|
|
$ |
724.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges |
9.1 |
|
|
— |
|
|
3.4 |
|
|
— |
|
|
12.5 |
|
|
— |
|
|
12.5 |
|
|||||||
Restructuring and other severance charges |
7.6 |
|
|
— |
|
|
2.8 |
|
|
— |
|
|
10.4 |
|
|
— |
|
|
10.4 |
|
|||||||
Business combination transaction and integration costs |
10.6 |
|
|
— |
|
|
4.0 |
|
|
— |
|
|
14.6 |
|
|
— |
|
|
14.6 |
|
|||||||
Purchase price accounting adjustment |
35.2 |
|
|
— |
|
|
10.8 |
|
|
— |
|
|
46.0 |
|
|
(44.0 |
) |
|
2.0 |
|
|||||||
Adjusted financial measures |
$ |
263.3 |
|
|
$ |
0.7 |
|
|
$ |
135.0 |
|
|
$ |
138.3 |
|
|
$ |
537.3 |
|
|
$ |
226.5 |
|
|
$ |
763.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported |
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc |
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 9
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
|
Three Months Ended |
||||||||||||||||||
|
June 30, 2019 |
||||||||||||||||||
|
Subsea |
|
Onshore/ Offshore |
|
Surface Technologies |
|
Corporate and Other |
|
Total |
||||||||||
Revenue |
$ |
1,508.7 |
|
|
$ |
1,505.0 |
|
|
$ |
420.5 |
|
|
$ |
— |
|
|
$ |
3,434.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
94.6 |
|
|
$ |
274.0 |
|
|
$ |
25.5 |
|
|
$ |
(138.9 |
) |
|
$ |
255.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
(0.1 |
) |
|
— |
|
|
0.6 |
|
|
— |
|
|
0.5 |
|
|||||
Restructuring and other severance charges |
4.6 |
|
|
2.1 |
|
|
0.6 |
|
|
1.4 |
|
|
8.7 |
|
|||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
12.9 |
|
|
12.9 |
|
|||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
55.2 |
|
|||||
Purchase price accounting adjustments - amortization related |
8.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
8.5 |
|
|||||
Subtotal |
13.0 |
|
|
2.1 |
|
|
1.2 |
|
|
69.5 |
|
|
85.8 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
107.6 |
|
|
276.1 |
|
|
26.7 |
|
|
(69.4 |
) |
|
341.0 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization |
78.6 |
|
|
5.8 |
|
|
20.0 |
|
|
4.6 |
|
|
109.0 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
186.2 |
|
|
$ |
281.9 |
|
|
$ |
46.7 |
|
|
$ |
(64.8 |
) |
|
$ |
450.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
6.3 |
% |
|
18.2 |
% |
|
6.1 |
% |
|
|
|
7.4 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
7.1 |
% |
|
18.3 |
% |
|
6.3 |
% |
|
|
|
9.9 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
12.3 |
% |
|
18.7 |
% |
|
11.1 |
% |
|
|
|
13.1 |
% |
|
Three Months Ended |
||||||||||||||||||
|
June 30, 2018 |
||||||||||||||||||
|
Subsea |
|
Onshore/
|
|
Surface Technologies |
|
Corporate and Other |
|
Total |
||||||||||
Revenue |
$ |
1,217.4 |
|
|
$ |
1,342.4 |
|
|
$ |
401.1 |
|
|
$ |
— |
|
|
$ |
2,960.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
75.9 |
|
|
$ |
171.3 |
|
|
$ |
51.5 |
|
|
$ |
(73.0 |
) |
|
$ |
225.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
6.8 |
|
|
(2.6 |
) |
|
1.4 |
|
|
3.9 |
|
|
9.5 |
|
|||||
Restructuring and other severance charges |
4.2 |
|
|
(6.5 |
) |
|
2.9 |
|
|
1.3 |
|
|
1.9 |
|
|||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
9.0 |
|
|
9.0 |
|
|||||
Purchase price accounting adjustments - non-amortization related |
(8.6 |
) |
|
— |
|
|
1.2 |
|
|
(0.2 |
) |
|
(7.6 |
) |
|||||
Purchase price accounting adjustments - amortization related |
22.4 |
|
|
— |
|
|
(0.2 |
) |
|
0.1 |
|
|
22.3 |
|
|||||
Subtotal |
24.8 |
|
|
(9.1 |
) |
|
5.3 |
|
|
14.1 |
|
|
35.1 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
100.7 |
|
|
162.2 |
|
|
56.8 |
|
|
(58.9 |
) |
|
260.8 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization |
90.5 |
|
|
8.7 |
|
|
15.8 |
|
|
1.4 |
|
|
116.4 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
191.2 |
|
|
$ |
170.9 |
|
|
$ |
72.6 |
|
|
$ |
(57.5 |
) |
|
$ |
377.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
6.2 |
% |
|
12.8 |
% |
|
12.8 |
% |
|
|
|
7.6 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
8.3 |
% |
|
12.1 |
% |
|
14.2 |
% |
|
|
|
8.8 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
15.7 |
% |
|
12.7 |
% |
|
18.1 |
% |
|
|
|
12.7 |
% |
Exhibit 10
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
Six Months Ended |
||||||||||||||||||
|
June 30, 2019 |
||||||||||||||||||
|
Subsea |
|
Onshore/
|
|
Surface Technologies |
|
Corporate and Other |
|
Total |
||||||||||
Revenue |
$ |
2,694.0 |
|
|
$ |
2,840.1 |
|
|
$ |
813.1 |
|
|
$ |
— |
|
|
$ |
6,347.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
144.5 |
|
|
$ |
429.7 |
|
|
$ |
36.0 |
|
|
$ |
(232.5 |
) |
|
$ |
377.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
0.6 |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
1.2 |
|
|||||
Restructuring and other severance charges |
6.2 |
|
|
5.9 |
|
|
2.1 |
|
|
10.3 |
|
|
24.5 |
|
|||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
25.0 |
|
|
25.0 |
|
|||||
Reorganization |
— |
|
|
25.3 |
|
|
— |
|
|
— |
|
|
25.3 |
|
|||||
Legal provision, net |
— |
|
|
— |
|
|
— |
|
|
55.2 |
|
|
55.2 |
|
|||||
Purchase price accounting adjustments - amortization related |
17.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
17.0 |
|
|||||
Subtotal |
23.8 |
|
|
31.2 |
|
|
2.7 |
|
|
90.5 |
|
|
148.2 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
168.3 |
|
|
460.9 |
|
|
38.7 |
|
|
(142.0 |
) |
|
525.9 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization |
157.6 |
|
|
15.8 |
|
|
38.1 |
|
|
8.4 |
|
|
219.9 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
325.9 |
|
|
$ |
476.7 |
|
|
$ |
76.8 |
|
|
$ |
(133.6 |
) |
|
$ |
745.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
5.4 |
% |
|
15.1 |
% |
|
4.4 |
% |
|
|
|
6.0 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
6.2 |
% |
|
16.2 |
% |
|
4.8 |
% |
|
|
|
8.3 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
12.1 |
% |
|
16.8 |
% |
|
9.4 |
% |
|
|
|
11.8 |
% |
|
Six Months Ended |
||||||||||||||||||
|
June 30, 2018 |
||||||||||||||||||
|
Subsea |
|
Onshore/
|
|
Surface Technologies |
|
Corporate and Other |
|
Total |
||||||||||
Revenue |
$ |
2,397.6 |
|
|
$ |
2,915.8 |
|
|
$ |
772.7 |
|
|
$ |
— |
|
|
$ |
6,086.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax) |
$ |
130.3 |
|
|
$ |
374.2 |
|
|
$ |
82.1 |
|
|
$ |
(132.8 |
) |
|
$ |
453.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits): |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges |
7.2 |
|
|
— |
|
|
1.4 |
|
|
3.9 |
|
|
12.5 |
|
|||||
Restructuring and other severance charges |
6.9 |
|
|
(5.6 |
) |
|
5.3 |
|
|
3.8 |
|
|
10.4 |
|
|||||
Business combination transaction and integration costs |
— |
|
|
— |
|
|
— |
|
|
14.6 |
|
|
14.6 |
|
|||||
Purchase price accounting adjustments - non-amortization related |
(2.6 |
) |
|
— |
|
|
4.8 |
|
|
(0.2 |
) |
|
2.0 |
|
|||||
Purchase price accounting adjustments - amortization related |
44.3 |
|
|
— |
|
|
(0.3 |
) |
|
— |
|
|
44.0 |
|
|||||
Subtotal |
55.8 |
|
|
(5.6 |
) |
|
11.2 |
|
|
22.1 |
|
|
83.5 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss) |
186.1 |
|
|
368.6 |
|
|
93.3 |
|
|
(110.7 |
) |
|
537.3 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization |
177.1 |
|
|
17.3 |
|
|
29.6 |
|
|
2.5 |
|
|
226.5 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
$ |
363.2 |
|
|
$ |
385.9 |
|
|
$ |
122.9 |
|
|
$ |
(108.2 |
) |
|
$ |
763.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported |
5.4 |
% |
|
12.8 |
% |
|
10.6 |
% |
|
|
|
7.5 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin |
7.8 |
% |
|
12.6 |
% |
|
12.1 |
% |
|
|
|
8.8 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin |
15.1 |
% |
|
13.2 |
% |
|
15.9 |
% |
|
|
|
12.5 |
% |
Exhibit 11
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
|
|||||||
|
|
|
|
||||
|
June 30,
|
|
December 31,
|
||||
Cash and cash equivalents |
$ |
4,621.3 |
|
|
$ |
5,540.0 |
|
Short-term debt and current portion of long-term debt |
(80.7 |
) |
|
(67.4 |
) |
||
Long-term debt, less current portion |
(3,701.1 |
) |
|
(4,124.3 |
) |
||
Net cash |
$ |
839.5 |
|
|
$ |
1,348.3 |
|
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190724005814/en/
Investor relations
Matt Seinsheimer
Vice President Investor Relations
Tel: +1 281 260 3665
Email: Matt Seinsheimer
Phillip Lindsay
Director Investor Relations (Europe)
Tel: +44 (0) 20 3429 3929
Email: Phillip Lindsay
Media relations
Christophe Bélorgeot
Senior Vice President Corporate Engagement
Tel: +33 1 47 78 39 92
Email: Christophe Belorgeot
Delphine Nayral
Director Public Relations
Tel: +33 1 47 78 34 83
Email: Delphine Nayral