- Solid financial performance in both Subsea and Surface
Technologies
- Total Company inbound orders of $1.6 billion; Subsea inbound
orders of $1.3 billion
- Full-year guidance updated, supported by strength of first
half results and market outlook
TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported second
quarter 2021 results.
Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are
provided in financial schedules.
Three Months Ended
Change
(In millions, except per share
amounts)
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Sequential
Year-over- Year
Revenue
$
1,668.8
$
1,632.0
$
1,620.2
2.3
%
3.0
%
Income (loss)
($
174.7
)
$
430.3
($
177.6
)
n/m
n/m
Diluted earnings (loss) per
share
$
(0.39
)
$
0.95
$
(0.40
)
n/m
n/m
Adjusted EBITDA
$
144.3
$
165.2
$
77.4
(12.7
%)
86.4
%
Adjusted EBITDA margin
8.6%
10.1%
4.8%
(150 bps)
380 bps
Adjusted income (loss)
$
(26.0
)
$
(14.5
)
$
(63.6
)
n/m
n/m
Adjusted diluted earnings (loss) per
share
$
(0.06
)
$
(0.03
)
$
(0.14
)
n/m
n/m
Inbound orders
$
1,559.5
$
1,722.1
$
698.8
(9.4
%)
123.2
%
Backlog
$
7,312.0
$
7,221.4
$
7,471.2
1.3
%
(2.1
%)
Total Company revenue in the second quarter was $1,668.8
million. Loss from continuing operations attributable to TechnipFMC
was $174.7 million, or $0.39 per diluted share.
After-tax charges and credits totaled $148.7 million of charges,
or $0.33 per diluted share. Reported results included a loss from
the Company’s equity investment in Technip Energies of $146.8
million primarily related to the change in market value in the
quarter.
Adjusted loss from continuing operations was $26 million, or
$0.06 per diluted share (Exhibit 6).
Adjusted EBITDA, which excludes pre-tax charges and credits, was
$144.3 million; adjusted EBITDA margin was 8.6 percent (Exhibit 8).
Included in adjusted EBITDA was a foreign exchange loss of $10.7
million.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Second
quarter results reflect another strong quarter for our Company.
Total Company revenue improved sequentially to $1.7 billion, with
both Subsea and Surface Technologies segments reporting an adjusted
EBITDA margin of 11 percent.”
Pferdehirt added, “In Subsea, we demonstrated our ability to
continue winning, with inbound totaling $1.3 billion for the
quarter. The order strength in the first half of the year has been
indicative of the continued market progression we outlined last
year. Year-to-date, we have announced ten awards, of which 50
percent will be executed as integrated projects. This included the
addition of two new iEPCI™ clients in the quarter.”
“In Surface Technologies, inbound orders increased 32 percent
from the first quarter driven by our international business where
well completion activity continued to recover from the prior year
decline. International growth was driven by the Middle East, the
North Sea and China. Orders in the Americas also increased,
reflecting continued momentum in completion and drilling activity
and the success of our iComplete™ offering.”
Pferdehirt continued, “We have increased our full-year
expectations for both operating segments given our strong
year-to-date results and continued improvement in the broader
market outlook. Subsea inbound orders of $2.8 billion in the first
half of the year were strong. We continue to see a healthy list of
prospects and remain very confident in our full-year guidance for
Subsea orders of more than $4 billion. Furthermore, growth in 2022
is supported by an increasing set of opportunities. When using the
midpoint value of our Subsea Opportunity List, the project award
potential has increased by nearly 20 percent to $17 billion over
the next 24 months.”
“Looking beyond the traditional market, we believe that offshore
will continue to play a meaningful role in the total energy mix. We
are building partnerships in support of new energy, leveraging our
differentiated technologies, and capitalizing on our integrated
project execution and expertise as the subsea architect.”
“We are making steady progress in our partnerships focused on
wind and wave opportunities. The market momentum for wind
development continues to support increased investment in this
abundant source of renewable energy. And when combined with wave
technology, we can generate even greater energy output and reduced
intermittency utilizing integrated offshore solutions.”
Pferdehirt added, “Our Deep Purple™ solution is centered around
technology development and integration capabilities that convert
this renewable energy into hydrogen, enabling economies of scale
that were previously unattainable by offshore renewables projects.
An example of this is our recently announced partnership with
Portuguese energy utility EDP, as well as several notable research
partners, in a concept study for the development of green hydrogen
production from offshore wind power through a project called
BEHYOND.”
Pferdehirt concluded, “Our success is driven by our core
competencies, having pioneered and delivered next generation subsea
technologies and the industry’s only fully integrated commercial
model. We are demonstrating that these unique capabilities are
completely transferable to the renewable energy space, giving us
confidence in our ability to extend our leadership in subsea to the
development of new and novel energy resources offshore.”
Operational and Financial Highlights
Subsea
Financial Highlights Reconciliation of U.S. GAAP to
non-GAAP financial measures are provided in financial
schedules.
Three Months Ended
Change
(In millions, except per share
amounts)
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Sequential
Year-over- Year
Revenue
$
1,394.3
$
1,386.5
$
1,378.5
0.6
%
1.1
%
Operating profit (loss)
$
72.4
$
37.0
$
(75.6
)
95.7
%
n/m
Adjusted EBITDA
$
154.1
$
135.1
$
99.6
14.1
%
54.7
%
Adjusted EBITDA margin
11.1%
9.7%
7.2%
140 bps
390 bps
Inbound orders
$
1,291.3
$
1,518.8
$
511.7
(15.0
%)
152.4
%
Backlog1,2,3
$
6,951.6
$
6,857.1
$
7,085.3
1.4
%
(1.9
%)
Estimated Consolidated Backlog
Scheduling
(In millions)
Jun. 30, 2021
2021 (6 months)
$1,996
2022
$2,988
2023 and beyond
$1,968
Total
$6,952
1 Backlog in the period was increased by a
foreign exchange impact of $170 million.
2 Backlog does not capture all revenue
potential for Subsea Services.
3 Backlog does not include total Company
non-consolidated backlog of $594 million.
Subsea reported second quarter revenue of $1,394.3 million, a
modest improvement from the first quarter. Revenue increased
sequentially due to seasonal improvement in installation and
services, largely offset by lower project activity in the
quarter.
Subsea reported an operating profit of $72.4 million.
Sequentially, operating results benefited from lower charges,
improved margins in backlog and increased installation and services
activity.
Subsea reported adjusted EBITDA of $154.1 million. Adjusted
EBITDA increased 14.1 percent when compared to the first quarter,
benefiting from higher margins in backlog and increased
installation and services activity. Adjusted EBITDA margin improved
140 basis points to 11.1 percent.
Subsea inbound orders were $1,291.3 million for the quarter,
reflective of the continued market improvement. Book-to-bill in the
period was 0.9.
The following awards were included in the period:
- Ithaca Energy Captain EOR Project (North Sea)
Significant* Engineering, Procurement, Construction and
Installation (EPCI) contract from Ithaca Energy (UK) Limited for
the Captain Enhanced Oil Recovery (EOR) Project in the UK North
Sea. TechnipFMC will design, manufacture, deliver and install
subsea equipment including a rigid riser caisson, water injection
flexible flowline, umbilicals and associated equipment. *A
“significant” award ranges between $75 million and $250
million.
- Karoon Patola iEPCITM Project (Brazil) TechnipFMC’s
first integrated Engineering, Procurement, Construction and
Installation (iEPCITM) contract in Brazil by Karoon Energy for the
Patola field development. The contract covers engineering,
procurement, construction and installation of subsea trees,
flexible pipes and umbilicals. TechnipFMC was chosen based on its
recognized technical excellence and capability to deliver complete
and integrated solutions. The Company will leverage its assets and
significant local content in Brazil, including its subsea equipment
and flexible pipe plants and its logistics base.
- Petrobras Buzios 6-9 Fields Project (Brazil)
Substantial* contract from Petrobras for the Buzios 6-9 fields.
Located in the Santos basin offshore Brazil, these fields are part
of the pre-salt area, with a water depth of 2,000 meters.
TechnipFMC will supply subsea trees with controls, electrical and
hydraulic distribution units, topside systems, and installation and
intervention support services with rental tooling. All of the
subsea trees will be manufactured at our facilities in Brazil,
which are powered entirely from renewable energy sources. *A
“substantial” award ranges between $250 million and $500
million.
- Equinor Kristin Sør Project (North Sea) Significant*
EPCI contract by Equinor for the Kristin Sør Field in the North
Sea. TechnipFMC will supply rigid pipelines, static and dynamic
umbilicals, as well as pipeline and marine installation of the
subsea production facilities. The project will be executed by
TechnipFMC’s operating center in Oslo, Norway, with fabrication
occurring in the Company’s facilities in Norway and the United
Kingdom. *A “significant” award ranges between $75 million and $250
million.
- Tullow Jubilee South East Development iEPCITM Project
(Ghana) Significant* iEPCI™ contract for the Jubilee South East
development, located offshore Ghana. It will be the Company’s first
iEPCI™ project with Tullow Ghana Ltd. The contract builds upon
TechnipFMC’s established relationship with Tullow and covers supply
and offshore installation of all major subsea equipment, including
manifolds and associated controls, flexible risers and flowlines,
umbilicals, and subsea structures. At the pre-tendering stage,
TechnipFMC utilized its Subsea Studio™ digital solutions to help
optimize field layout. *A “significant” award ranges between $75
million and $250 million.
Partnership and Alliance Highlights
- BEHYOND: Concept study for green hydrogen production from
offshore wind power EDP, TechnipFMC and other research partners
are joining forces to develop a conceptual engineering and economic
feasibility study for a new offshore system for green hydrogen
production from offshore wind power, called the BEHYOND project.
The study will include innovative integration of equipment for the
production and conditioning of green hydrogen and infrastructure
that allows for its transportation to the coast. The goal is to
create a unique concept that can be standardized and implemented
worldwide, allowing for large-scale green hydrogen production
offshore.
Each member of the consortium brings specific
competencies that are complementary. TechnipFMC brings its extended
history in subsea engineering, expertise developed on its Deep
Purple™ green hydrogen project, and essential system integration
abilities.
- TechnipFMC and Halliburton’s Subsea Fiber Optic Solution
selected by OTC and ExxonMobil TechnipFMC and Halliburton
received an OTC Spotlight on New Technology Award® for their
Odassea™ Subsea Fiber Optic Solution, an advanced downhole fiber
optic sensing system. ExxonMobil selected the solution for its
Payara development project in Guyana, the industry’s largest subsea
fiber optic sensing project. The award followed completion of
front-end engineering and design studies and qualifications.
The Odassea™ system integrates hardware and
digital solutions to strengthen capabilities in subsea reservoir
monitoring and production optimization. Halliburton provides the
fiber optic sensing technology and analysis for reservoir
diagnostics. TechnipFMC provides the optical connectivity from the
topside to the completions. Through this collaboration, operators
can accelerate full field subsea fiber optic sensing, design, and
execution.
TechnipFMC and Halliburton are delivering
Odassea™ solutions to multiple other subsea projects at all stages,
from conceptual design to execution.
Surface Technologies
Financial Highlights Reconciliation of U.S. GAAP to
non-GAAP financial measures are provided in financial
schedules.
Three Months Ended
Change
(In millions, except per share
amounts)
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Year-over- Year
Revenue
$
274.5
$
245.5
$
241.7
11.8
%
13.6
%
Operating profit (loss)
$
12.9
$
8.2
$
(13.4
)
57.3
%
n/m
Adjusted EBITDA
$
30.2
$
26.9
$
8.3
12.3
%
263.9
%
Adjusted EBITDA margin
11.0%
11.0%
3.4%
0 bps
760 bps
Inbound orders
$
268.2
$
203.3
$
187.1
31.9
%
43.3
%
Backlog
$
360.4
$
364.3
$
385.9
(1.1
%)
(6.6
%)
Surface Technologies reported second quarter revenue of $274.5
million, an increase of 11.8 percent from the first quarter. The
sequential increase was primarily driven by higher activity in
North America, increased international services and strong project
execution. The Company also benefited from further adoption of its
iComplete™ ecosystem.
Surface Technologies reported operating profit of $12.9 million.
Operating profit increased sequentially primarily due to lower
charges and higher sales volume.
Surface Technologies reported adjusted EBITDA of $30.2 million.
Adjusted EBITDA increased 12.3 percent when compared to the first
quarter, driven by higher sales volume. Adjusted EBITDA margin was
unchanged at 11 percent.
Inbound orders for the quarter were $268.2 million, an increase
of 31.9 percent sequentially driven by the Middle East, including
Saudi Arabia, United Arab Emirates, Bahrain and Qatar, as well as
the North Sea and North America. Book-to-bill improved to 1.0 in
the period.
Backlog ended the period at $360.4 million. Given the
short-cycle nature of the business, orders are generally converted
into revenue within twelve months.
Corporate and Other Items (three months ended, June 30,
2021):
Corporate expense was $30.3 million.
Foreign exchange loss was $10.7 million.
Net interest expense was $35.2 million.
The Company recorded a tax provision of $34.9 million.
Total depreciation and amortization was $98 million.
Cash required by operating activities from continuing operations
was $85.9 million. Capital expenditures were $39.7 million. Free
cash flow from continuing operations was $(125.6) million (Exhibit
11).
The Company ended the period with cash and cash equivalents of
$854.9 million; net debt was $1,623 million.
The Company completed the partial spin-off of Technip Energies
on February 16, 2021. Financial results for Technip Energies are
reported as discontinued operations. The Company’s investment in
Technip Energies is reflected in current assets at market
value.
The Company recognized a loss in the second quarter of $146.8
million from its equity ownership in Technip Energies. The loss was
primarily related to the change in market value in the period.
On April 27, 2021, the Company sold 26.8 million shares from its
retained stake in Technip Energies for proceeds of $358.1 million.
As of June 30, 2021, the Company’s ownership stake was 55.5 million
shares, or approximately 31 percent of Technip Energies’
outstanding shares.
2021 Full-Year Financial Guidance1
The Company’s full-year guidance for 2021 can be found in the
table below.
Updates to the Company’s full-year guidance for 2021 are as
follows:
- Subsea revenue in a range of $5.2 - 5.5 billion, which
increased from the previous guidance range of $5.0 - 5.4
billion.
- Surface Technologies EBITDA margin in a range of 10 - 12%
(excluding charges and credits), which increased from the previous
guidance range of 8 - 11%.
- Net interest expense in a range of $135 - 140 million, which
increased from the previous guidance range of $130 - 135
million.
- Tax provision, as reported, in a range of $85 - 95 million,
which increased from the previous guidance range of $70 - 80
million.
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
is reported as discontinued operations.
2021 Guidance *Updated July
21, 2021
Subsea
Surface Technologies
Revenue in a range of $5.2 - 5.5
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 10 - 12%*
(excluding charges and credits)
TechnipFMC
Corporate expense, net $105 - 115
million
(includes depreciation and amortization of
~$5 million)
Net interest expense* $135 - 140
million
Tax provision, as reported* $85 -
95 million
Capital expenditures approximately
$250 million
Free cash flow $120 - 220
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, July 22,
2021 to discuss the second quarter 2021 financial results. The call
will begin at 1 p.m. London time (8 a.m. New York time). Webcast
access and an accompanying presentation can be found at
www.TechnipFMC.com.
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 energy 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. Forward-looking statement usually
relate to future events and anticipated revenues, earnings, cash
flows, or other aspects of our operations or operating results.
Forward-looking statements are often identified by words such as
“guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,”
“intend,” “foresee,” “should,” “would,” “could,” “may,” “will,”
“likely,” “predicated,” “estimate,” “outlook” and similar
expressions, including the negative thereof. The absence of these
words, however, does not mean that the statements are not
forward-looking. These forward-looking statements are based on our
current expectations, beliefs, and assumptions concerning future
developments and business conditions and their potential effect on
us. While management believes these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. All of
our forward-looking statements involve risks and uncertainties
(some of which are significant or beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections, including unpredictable trends in the demand for and
price of crude oil and natural gas; competition and unanticipated
changes relating to competitive factors in our industry, including
ongoing industry consolidation; the COVID-19 pandemic and its
impact on the demand for our products and services; our inability
to develop, implement and protect new technologies and services;
the cumulative loss of major contracts, customers or alliances;
disruptions in the political, regulatory, economic and social
conditions of the countries in which we conduct business; the
refusal of DTC and Euroclear to act as depository and clearing
agencies for our shares; the United Kingdom’s withdrawal from the
European Union; the impact of our existing and future indebtedness
and the restrictions on our operations by terms of the agreements
governing our existing indebtedness; the risks caused by our
acquisition and divestiture activities; the risks caused by
fixed-price contracts; any delays and cost overruns of new capital
asset construction projects for vessels and manufacturing
facilities; our failure to deliver our backlog; our reliance on
subcontractors, suppliers and our joint venture partners; a failure
or breach of our IT infrastructure or that of our subcontractors,
suppliers or joint venture partners, including as a result of
cyber-attacks; the risks of pirates endangering our maritime
employees and assets; potential liabilities inherent in the
industries in which we operate or have operated; our failure to
comply with numerous laws and regulations, including those related
to environmental protection, health and safety, labor and
employment, import/export controls, currency exchange, bribery and
corruption, taxation, privacy, data protection and data security;
the additional restrictions on dividend payouts or share
repurchases as an English public limited company; uninsured claims
and litigation against us, including intellectual property
litigation; tax laws, treaties and regulations and any unfavorable
findings by relevant tax authorities; the uncertainties related to
the anticipated benefits or our future liabilities in connection
with the spin-off of Technip Energies (the “Spin-off”); any
negative changes in Technip Energies’ results of operations, cash
flows and financial position, which impact the value of our
remaining investment therein; potential departure of our key
managers and employees; adverse seasonable and weather conditions
and unfavorable currency exchange rate and risk in connection with
our defined benefit pension plan commitments and other risks as
discussed in Part I, Item 1A, “Risk Factors” of our Annual Report
on Form 10-K for the fiscal year ended December 31, 2020 and Part
II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2021.
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.
Category: UK regulatory
Exhibit 1
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(In millions, except per share
data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
2021
2021
2020
2021
2020
Revenue
$
1,668.8
$
1,632.0
$
1,620.2
$
3,300.8
$
3,202.8
Costs and expenses
1,636.3
1,630.8
1,737.2
3,267.1
6,561.1
32.5
1.2
(117.0
)
33.7
(3,358.3
)
Other (expense) income, net
11.8
43.3
(4.6
)
55.1
8.6
Income (loss) from investment in Technip
Energies
(146.8
)
470.1
—
323.3
—
Income (loss) before net interest expense
and income taxes
(102.5
)
514.6
(121.6
)
412.1
(3,349.7
)
Net interest expense
(35.2
)
(34.5
)
(26.6
)
(69.7
)
(49.6
)
Loss on early extinguishment of debt
—
(23.5
)
—
(23.5
)
—
Income (loss) before income taxes
(137.7
)
456.6
(148.2
)
318.9
(3,399.3
)
Provision (benefit) for income taxes
34.9
24.5
27.6
59.4
4.4
Income (loss) from continuing
operations
(172.6
)
432.1
(175.8
)
259.5
(3,403.7
)
Income from continuing operations
attributable to non-controlling interests
(2.1
)
(1.8
)
(1.8
)
(3.9
)
(8.7
)
Income (loss) from continuing operations
attributable to TechnipFMC plc
(174.7
)
430.3
(177.6
)
255.6
(3,412.4
)
Income (loss) from discontinued
operations
7.7
(60.2
)
191.1
(52.5
)
173.3
Income from discontinued operations
attributable to non-controlling interests
—
(1.9
)
(1.8
)
(1.9
)
(5.3
)
Net income (loss) attributable to
TechnipFMC plc
$
(167.0
)
$
368.2
$
11.7
$
201.2
$
(3,244.4
)
Earnings (loss) per share from continuing
operations
Basic and diluted
$
(0.39
)
$
0.96
$
(0.40
)
$
0.57
$
(7.62
)
Diluted
$
(0.39
)
$
0.95
$
(0.40
)
$
0.56
$
(7.62
)
Earnings (loss) per share from
discontinued operations
Basic and diluted
$
0.02
$
(0.14
)
$
0.42
$
(0.12
)
$
0.38
Earnings (loss) per share attributable to
TechnipFMC plc
Basic and diluted
$
(0.37
)
$
0.82
$
0.03
$
0.45
$
(7.24
)
Diluted
$
(0.37
)
$
0.81
$
0.03
$
0.44
$
(7.24
)
Weighted average shares outstanding:
Basic
450.6
449.7
448.3
450.4
447.9
Diluted
450.6
451.1
448.3
454.9
447.9
Cash dividends declared per share
$
—
$
—
$
—
$
—
$
0.13
Exhibit 2
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
BUSINESS
SEGMENT DATA
(In millions)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
2021
2021
2020
2021
2020
Revenue
Subsea
$
1,394.3
$
1,386.5
$
1,378.5
$
2,780.8
$
2,631.6
Surface Technologies
274.5
245.5
241.7
520.0
571.2
$
1,668.8
$
1,632.0
$
1,620.2
$
3,300.8
$
3,202.8
Income (loss)
before income taxes
Segment operating profit (loss)
Subsea
$
72.4
$
37.0
$
(75.6
)
$
109.4
$
(2,826.3
)
Surface Technologies
12.9
8.2
(13.4
)
21.1
(437.4
)
Total segment operating profit (loss)
85.3
45.2
(89.0
)
130.5
(3,263.7
)
Corporate items
Corporate expense (1)
$
(30.3
)
$
(28.8
)
$
(16.5
)
$
(59.1
)
$
(46.8
)
Net interest expense
(35.2
)
(58.0
)
(26.6
)
(93.2
)
(49.6
)
Income (loss) from investment in Technip
Energies
(146.8
)
470.1
—
323.3
—
Foreign exchange gains (losses)
(10.7
)
28.1
(16.1
)
17.4
(39.2
)
Total corporate items
(223.0
)
411.4
(59.2
)
188.4
(135.6
)
Income (loss) before income taxes (2)
$
(137.7
)
$
456.6
$
(148.2
)
$
318.9
$
(3,399.3
)
(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
Six Months Ended
Inbound
Orders (1)
June 30,
March 31,
June 30,
June 30,
2021
2021
2020
2021
2020
Subsea
$
1,291.3
$
1,518.8
$
511.7
$
2,810.1
$
1,683.8
Surface Technologies
268.2
203.3
187.1
471.5
553.4
Total inbound orders
$
1,559.5
$
1,722.1
$
698.8
$
3,281.6
$
2,237.2
Order
Backlog (2)
June 30, 2021
March 31, 2021
June 30, 2020
Subsea
$
6,951.6
$
6,857.1
$
7,085.3
Surface Technologies
360.4
364.3
385.9
Total order backlog
$
7,312.0
$
7,221.4
$
7,471.2
(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)
June 30, 2021
December 31,
2020
Cash and cash equivalents
$
854.9
$
1,269.2
Trade receivables, net
1,272.3
987.7
Contract assets
928.3
886.8
Inventories, net
1,135.8
1,252.8
Other current assets
932.9
1,323.1
Investment in Technip Energies
760.0
—
Current assets of discontinued
operations
—
5,725.1
Total current assets
5,884.2
11,444.7
Property, plant and equipment, net
2,712.7
2,756.2
Intangible assets, net
809.7
851.3
Other assets
1,321.3
1,356.9
Non-current assets of discontinued
operations
—
3,283.5
Total assets
$
10,727.9
$
19,692.6
Short-term debt and current portion of
long-term debt
$
297.7
$
624.7
Accounts payable, trade
1,307.2
1,201.0
Contract liabilities
833.6
1,046.8
Other current liabilities
1,275.1
1,446.2
Current liabilities of discontinued
operations
—
6,096.5
Total current liabilities
3,713.6
10,415.2
Long-term debt, less current portion
2,180.2
2,835.5
Other liabilities
1,157.5
1,102.6
Non-current liabilities of discontinued
operations
—
1,081.3
Redeemable non-controlling interest
47.3
43.7
TechnipFMC plc stockholders’ equity
3,586.4
4,154.2
Non-controlling interests
42.9
40.4
Non-controlling interests of discontinued
operations
—
19.7
Total liabilities and equity
$
10,727.9
$
19,692.6
Exhibit 5
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions,
unaudited)
(In millions)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2021
2020
Cash provided (required) by operating
activities
Net income (loss) from continuing
operations
$
(172.6
)
$
259.5
$
(3,403.7
)
Adjustments to reconcile income (loss)
from continuing operations to cash provided (required) by operating
activities
Depreciation
74.6
145.7
153.0
Amortization
23.4
47.5
51.1
Impairments
0.8
19.6
3,221.7
Employee benefit plan and share-based
compensation costs
5.8
10.5
28.5
Deferred income tax benefit, net
17.9
(14.0
)
(25.7
)
Income (loss) from investment in Technip
Energies
146.8
(323.3
)
—
Unrealized (gain) loss on derivative
instruments and foreign exchange
66.9
61.4
(5.2
)
Income from equity affiliates, net of
dividends received
(12.7
)
(20.4
)
(35.8
)
Loss on early extinguishment of debt
—
23.5
—
Other
4.0
3.9
(13.9
)
Changes in operating assets and
liabilities, net of effects of acquisitions
Trade receivables, net and contract
assets
(187.9
)
(353.5
)
(126.8
)
Inventories, net
56.6
122.6
(56.8
)
Accounts payable, trade
23.6
108.4
(72.8
)
Contract liabilities
(74.0
)
(206.9
)
51.3
Income taxes payable (receivable), net
8.3
173.6
4.5
Other current assets and liabilities,
net
(66.2
)
34.5
(181.5
)
Other non-current assets and liabilities,
net
(1.2
)
3.0
(3.5
)
Cash provided (required) by operating
activities from continuing operations
(85.9
)
95.6
(415.6
)
Cash provided by operating activities
from discontinued operations
—
66.3
349.6
Cash provided (required) by operating
activities
(85.9
)
161.9
(66.0
)
Cash provided (required) by investing
activities
Capital expenditures
(39.7
)
(83.9
)
(163.6
)
Net proceeds (payments) from sale of debt
securities
(29.1
)
(4.9
)
—
Proceeds from sales of assets
84.3
88.7
25.0
Proceeds from sale of investment in
Technip Energies
358.1
458.1
—
Advances paid to BPI
(100.0
)
—
—
Proceeds from repayment of advances to
joint venture
—
12.5
12.5
Other
—
—
11.2
Cash provided (required) by investing
activities from continuing operations
273.6
470.5
(114.9
)
Cash required by investing activities
from discontinued operations
—
(4.5
)
(22.4
)
Cash provided (required) by investing
activities
273.6
466.0
(137.3
)
Cash provided (required) by financing
activities
Net increase (decrease) in short-term
debt
(29.3
)
(23.1
)
24.0
Net decrease in commercial paper
(21.2
)
(974.3
)
(39.1
)
Net decrease in revolving credit
facility
(200.0
)
—
—
Proceeds from issuance of long-term
debt
164.4
1,164.4
163.6
Repayments of long-term debt
—
(1,065.8
)
—
Dividends paid
—
—
(59.2
)
Payments for debt issuance costs
—
(53.5
)
—
Payments related to taxes withheld on
share-based compensation
(2.4
)
(2.4
)
—
Other
(0.7
)
(1.1
)
(6.4
)
Cash provided (required) by financing
activities from continuing operations
(89.2
)
(955.8
)
82.9
Cash required by financing activities
from discontinued operations
—
(79.1
)
(327.2
)
Cash required by financing
activities
(89.2
)
(1,034.9
)
(244.3
)
Effect of changes in foreign exchange
rates on cash and cash equivalents
3.6
(7.3
)
(42.0
)
Change in cash and cash equivalents
102.1
(414.3
)
(489.6
)
Cash and cash equivalents, beginning of
period
752.8
1,269.2
1,563.1
Cash and cash equivalents, end of
period
$
854.9
$
854.9
$
1,073.5
Exhibit 6
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 2021 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 2020 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, 2021
Income (loss)
from continuing
operations
attributable to
TechnipFMC
plc
Income
attributable to
non-
controlling
interests from
continuing
operations
Provision for
income taxes
Net interest
expense
Income (loss)
before net
interest
expense and
income taxes
(Operating profit)
Depreciation
and
amortization
Earnings
before net
interest
expense,
income taxes,
depreciation
and
amortization (EBITDA)
TechnipFMC plc, as reported
$
(174.7
)
$
2.1
$
34.9
$
35.2
$
(102.5
)
$
98.0
$
(4.5
)
Charges and (credits):
Impairment and other charges
0.8
—
—
—
0.8
—
0.8
Restructuring and other charges
1.1
—
0.1
—
1.2
—
1.2
Loss from investment in Technip
Energies
146.8
—
—
—
146.8
—
146.8
Adjusted financial measures
$
(26.0
)
$
2.1
$
35.0
$
35.2
$
46.3
$
98.0
$
144.3
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.39
)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.06
)
Three Months Ended
March 31, 2021
Income (loss) from continuing
operations attributable to TechnipFMC plc
Income attributable to
non-controlling interests from continuing operations
Provision (benefit) for income
taxes
Net interest expense and loss
on early extinguishment of debt
Income before net interest
expense and income taxes (Operating profit)
Depreciation and
amortization
Earnings before net interest
expense, income taxes, depreciation and amortization
(EBITDA)
TechnipFMC plc, as reported
$
430.3
$
1.8
$
24.5
$
58.0
$
514.6
$
95.2
$
609.8
Charges and (credits):
Impairment and other charges
18.8
—
—
—
18.8
—
18.8
Restructuring and other charges
6.5
—
0.2
—
6.7
—
6.7
Income from investment in Technip
Energies
(470.1
)
—
—
—
(470.1
)
—
(470.1
)
Adjusted financial measures
$
(14.5
)
$
1.8
$
24.7
$
58.0
$
70.0
$
95.2
$
165.2
Diluted earnings per share from continuing
operations attributable to TechnipFMC plc, as reported
$
0.95
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.03
)
Exhibit 6
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended
June 30, 2020
Loss from continuing
operations attributable to TechnipFMC plc
Income attributable to
non-controlling interests from continuing operations
Provision for income
taxes
Net interest expense
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
$
(177.6)
$
1.8
$
27.6
$
26.6
$
(121.6)
$
95.4
$
(26.2)
Charges and (credits):
Impairment and other charges
53.5
—
(19.8)
—
33.7
—
33.7
Restructuring and other charges
36.0
—
2.3
—
38.3
—
38.3
Direct COVID-19 expenses
29.7
—
1.9
—
31.6
—
31.6
Valuation allowance
(5.2)
—
5.2
—
—
—
—
Adjusted financial measures
$
(63.6)
$
1.8
$
17.2
$
26.6
$
(18.0)
$
95.4
$
77.4
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(0.40)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.14)
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 2021 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 2020 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, 2021
Income (loss) from continuing
operations attributable to TechnipFMC plc
Income attributable to
non-controlling interests from continuing operations
Provision for income
taxes
Net interest expense and loss
on early extinguishment of debt
Income (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
$
255.6
$
3.9
$
59.4
$
93.2
$
412.1
$
193.2
$
605.3
Charges and (credits):
Impairment and other charges
19.6
—
—
—
19.6
—
19.6
Restructuring and other charges
7.6
—
0.3
—
7.9
—
7.9
Income from investment in Technip
Energies
(323.3
)
—
—
—
(323.3
)
—
(323.3
)
Adjusted financial measures
$
(40.5
)
$
3.9
$
59.7
$
93.2
$
116.3
$
193.2
$
309.5
Diluted earnings per share from continuing
operations attributable to TechnipFMC plc, as reported
$
0.56
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.09
)
Six Months Ended
June 30, 2020
Loss from continuing
operations attributable to TechnipFMC plc
Income attributable to
non-controlling interests from continuing operations
Provision for income
taxes
Net interest expense
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
$
(3,412.4
)
$
8.7
$
4.4
$
49.6
$
(3,349.7
)
$
204.1
$
(3,145.6
)
Charges and (credits):
Impairment and other charges
3,213.4
—
8.3
—
3,221.7
—
3,221.7
Restructuring and other charges
40.5
—
3.8
—
44.3
—
44.3
Direct COVID-19 expenses
33.6
—
3.1
—
36.7
—
36.7
Purchase price accounting adjustment
6.5
—
2.0
—
8.5
(8.5
)
—
Valuation allowance
(3.1
)
—
3.1
—
—
—
—
Adjusted financial measures
$
(121.5
)
$
8.7
$
24.7
$
49.6
$
(38.5
)
$
195.6
$
157.1
Diluted loss per share from continuing
operations attributable to TechnipFMC plc, as reported
$
(7.62
)
Adjusted diluted loss per share from
continuing operations attributable to TechnipFMC plc
$
(0.27
)
Exhibit 8
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended
June 30, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,394.3
$
274.5
$
—
$
—
$
1,668.8
Operating profit (loss), as reported
(pre-tax)
$
72.4
$
12.9
$
(30.3
)
$
(157.5
)
$
(102.5
)
Charges and (credits):
Impairment and other charges
0.6
0.2
—
—
0.8
Restructuring and other charges
0.4
0.8
—
—
1.2
Loss from investment in Technip
Energies
—
—
—
146.8
146.8
Subtotal
1.0
1.0
—
146.8
148.8
Adjusted Operating profit (loss)
73.4
13.9
(30.3
)
(10.7
)
46.3
Depreciation and amortization
80.7
16.3
1.0
—
98.0
Adjusted EBITDA
$
154.1
$
30.2
$
(29.3
)
$
(10.7
)
$
144.3
Operating profit margin, as reported
5.2
%
4.7
%
-6.1
%
Adjusted Operating profit margin
5.3
%
5.1
%
2.8
%
Adjusted EBITDA margin
11.1
%
11.0
%
8.6
%
Three Months Ended
March 31, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
1,386.5
$
245.5
$
—
$
—
$
1,632.0
Operating profit (loss), as reported
(pre-tax)
$
37.0
$
8.2
$
(28.8)
$
498.2
$
514.6
Charges and (credits):
Impairment and other charges
15.7
0.1
3.0
—
18.8
Restructuring and other charges
4.0
2.7
—
—
6.7
Income from investment in Technip
Energies
—
—
—
(470.1)
(470.1)
Subtotal
19.7
2.8
3.0
(470.1)
(444.6)
Adjusted Operating profit (loss)
56.7
11.0
(25.8)
28.1
70.0
Depreciation and amortization
78.4
15.9
0.9
—
95.2
Adjusted EBITDA
$
135.1
$
26.9
$
(24.9)
$
28.1
$
165.2
Operating profit margin, as reported
2.7
%
3.3
%
31.5
%
Adjusted Operating profit margin
4.1
%
4.5
%
4.3
%
Adjusted EBITDA margin
9.7
%
11.0
%
10.1
%
Exhibit 8
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended
June 30, 2020
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net
Total
Revenue
$
1,378.5
$
241.7
$
—
$
—
$
1,620.2
Operating profit (loss), as reported
(pre-tax)
$
(75.6
)
$
(13.4
)
$
(16.5
)
$
(16.1
)
$
(121.6
)
Charges and (credits):
Impairment and other charges
32.5
1.2
—
—
33.7
Restructuring and other charges
35.9
1.3
1.1
—
38.3
Direct COVID-19 expenses
27.4
4.2
—
—
31.6
Subtotal
95.8
6.7
1.1
—
103.6
Adjusted Operating profit (loss)
20.2
(6.7
)
(15.4
)
(16.1
)
(18.0
)
Depreciation and amortization
79.4
15.0
1.0
—
95.4
Adjusted EBITDA
$
99.6
$
8.3
$
(14.4
)
$
(16.1
)
$
77.4
Operating profit margin, as reported
-5.5
%
-5.5
%
-7.5
%
Adjusted Operating profit margin
1.5
%
-2.8
%
-1.1
%
Adjusted EBITDA margin
7.2
%
3.4
%
4.8
%
Exhibit 9
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Six Months Ended
June 30, 2021
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net and
Other
Total
Revenue
$
2,780.8
$
520.0
$
—
$
—
$
3,300.8
Operating profit (loss), as reported
(pre-tax)
$
109.4
$
21.1
$
(59.1
)
$
340.7
$
412.1
Charges and (credits):
Impairment and other charges
16.3
0.3
3.0
—
19.6
Restructuring and other charges
4.4
3.5
—
—
7.9
Income from investment in Technip
Energies
—
—
—
(323.3
)
(323.3
)
Subtotal
20.7
3.8
3.0
(323.3
)
(295.8
)
Adjusted Operating profit (loss)
130.1
24.9
(56.1
)
17.4
116.3
Depreciation and amortization
159.1
32.2
1.9
—
193.2
Adjusted EBITDA
$
289.2
$
57.1
$
(54.2
)
$
17.4
$
309.5
Operating profit margin, as reported
3.9
%
4.1
%
12.5
%
Adjusted Operating profit margin
4.7
%
4.8
%
3.5
%
Adjusted EBITDA margin
10.4
%
11.0
%
9.4
%
Six Months Ended
June 30, 2020
Subsea
Surface Technologies
Corporate Expense
Foreign Exchange, net
Total
Revenue
$
2,631.6
$
571.2
$
—
$
—
$
3,202.8
Operating loss, as reported (pre-tax)
$
(2,826.3
)
$
(437.4
)
$
(46.8
)
$
(39.2
)
$
(3,349.7
)
Charges and (credits):
Impairment and other charges
2,809.0
412.7
—
—
3,221.7
Restructuring and other charges
29.0
13.1
2.2
—
44.3
Direct COVID-19 expenses
31.4
5.3
—
—
36.7
Purchase price accounting adjustment
8.5
—
—
—
8.5
Subtotal
2,877.9
431.1
2.2
—
3,311.2
Adjusted Operating profit (loss)
51.6
(6.3
)
(44.6
)
(39.2
)
(38.5
)
Adjusted Depreciation and amortization
152.8
39.1
3.7
—
195.6
Adjusted EBITDA
$
204.4
$
32.8
$
(40.9
)
$
(39.2
)
$
157.1
Operating profit margin, as reported
-107.4
%
-76.6
%
-104.6
%
Adjusted Operating profit margin
2.0
%
-1.1
%
-1.2
%
Adjusted EBITDA margin
7.8
%
5.7
%
4.9
%
Exhibit 10
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
June 30, 2021
December 31,
2020
Cash and cash equivalents
$
854.9
$
1,269.2
Short-term debt and current portion of
long-term debt
(297.7
)
(624.7
)
Long-term debt, less current portion
(2,180.2
)
(2,835.5
)
Net debt
$
(1,623.0
)
$
(2,191.0
)
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 11
TECHNIPFMC PLC AND CONSOLIDATED
SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(In millions,
unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2021
2020
Cash provided (required) by operating
activities from continuing operations
$
(85.9
)
$
95.6
$
(415.6
)
Capital expenditures
(39.7
)
(83.9
)
(163.6
)
Free cash flow (deficit) from continuing
operations
$
(125.6
)
$
11.7
$
(579.2
)
Free cash flow (deficit) from continuing operations, 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 from continuing operations, free cash flow
(deficit) from continuing operations is a meaningful financial
measure that may assist investors in understanding our financial
condition and results of operations.
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version on businesswire.com: https://www.businesswire.com/news/home/20210721005929/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, Corporate
Communications Tel: +44 383 742 297 Email: Nicola Cameron Catie
Tuley Director, Public Relations Tel: +1 281 591 5405 Email: Catie
Tuley