Slide 1: Q4 2023 Earnings Presentation
Q4 2023 Earnings Presentation February 22, 2024
Slide 2: Disclaimer
Disclaimer Forward-looking statements 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 statements usually relat
Slide 3: Operational highlights and financial results
Operational highlights and financial results
Slide 4: 2023 – A year of strong growth for our Company
2023 – A year of strong growth for our Company Total Company orders increased 36%, driving backlog growth of 42% to $13.2 billion Operational momentum Subsea inbound increased 45% to $9.7 billion, resulting in Subsea backlog growth of 50% (versus 2022) Surface Technologies revenue growth of 12
Slide 5: Q4 2023 Operational summary
Q4 2023 Operational summary Highlights Subsea inbound of $1.3 billion; full-year orders of $9.7 billion driven by record level of iEPCI™ awards Subsea ending backlog of $12.2 billion; highest level since creation of TechnipFMC Sequential revenue growth in Subsea Services; asset maintenance and
Slide 6: Q4 2023 Financial results
Q4 2023 Financial results Sequential highlights Total Company adjusted EBITDA of $245 million, excluding foreign exchange: $1.5B Inbound orders • Subsea declined due to seasonal impact on vessel-based project activity and mix of projects executed from backlog $13.2B • Surface Technologies benefite
Slide 7: Subsea opportunities in the next 24 months
Subsea opportunities in the next 24 months1 EQUINOR Fram Sør EQUINOR BP Johan Sverdrup Ph 3 Kaskida CHEVRON BP Aphrodite Tiber ENERGEAN SHEL L Katlan (Olympus) ENI Leopard EXXONMOBIL Gendalo / Gandang Whiptail MELLITAH Bahr Essalam ONGC ENI WOODSIDE EXXONMOBIL KG-DWN-98/2 Cluster 3 Maha Trion Guyana
Slide 8: 2024 Full-year financial guidance
2024 Full-year financial guidance1 As of February 22, 2024 Subsea Surface Technologies Revenue in a range of $7.2 – 7.6 billion Revenue in a range of $1.2 – 1.35 billion Adjusted EBITDA margin in a range of 15.5 – 16.5% Adjusted EBITDA margin in a range of 13 – 15% • Includes anticipated fin
Slide 9: Q4 2023 Cash flow and net debt
Q4 2023 Cash flow and net debt Free cash flow (in $ millions) $630M (72) Net Debt (In millions, unaudited) (303) December 31, 701 2023 (77) 11 Cash and cash equivalents $ 952 Short-term debt and current portion 952 of long-term debt (154) Long-term debt, less current portion (913) 691 Net debt $ (11
Slide 10: Backlog scheduling provides visibility
Backlog scheduling provides visibility Subsea1 Surface Technologies as of December 31, 2023 as of December 31, 2023 2026+ $3.9B 2024 $4.8B 2024 $12.2 2025+ $1.1 $484M billion $583M billion 2025 $3.4B 1 Backlog does not capture all revenue potential for Subsea Services Q4 2023 Earnings Call Presentat
Slide 11: Appendix
Appendix Q4 2023 Earnings Call Presentation | 11
Slide 12: Glossary
Glossary Term Definition Term Definition CAGR Compound Annual Growth Rate iLOF™ Integrated Life of Field CCS Carbon Capture and Storage LNG Liquefied Natural Gas ESG Environmental, Social and Governance MMb/d Million Barrels per Day FID Final Investment Decision Mtpa Million Metric Tonnes per Annum
Slide 13: Q4 2023 Earnings Call Presentation – Non-GAAP measures
Exhibit 6 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data, unaudited) In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), the fourth quarter 2023 Ea
Slide 14: Adjusted EBITDA reconciliation
Exhibit 7 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, 2023 2023 2022 2023 2022 Net income (loss) attributable to TechnipFMC
Slide 15: Three months ended December 31, 2023 segment reconciliation
Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended December 31, 2023 Surface Technologie Corporate Foreign Subsea s Expense Exchange, net Total Revenue $ 1,720.5 $ 357.2 $ — $ — $ 2,077.7 Operating
Slide 16: Three months ended September 30, 2023 segment reconciliation
Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended September 30, 2023 Surface Technologie Corporate Foreign Subsea s Expense Exchange, net Total Revenue $ 1,708.3 $ 348.6 $ — $ — $ 2,056.9 Operating
Slide 17: Three months ended December 31, 2022 segment reconciliation
Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended December 31, 2022 Surface Technologie Corporate Foreign Subsea s Expense Exchange, net Total Revenue $ 1,342.5 $ 351.9 $ — $ — $ 1,694.4 Operating
Slide 18: Year ended December 31, 2023 segment reconciliation
Exhibit 9 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Year Ended December 31, 2023 Foreign Surface Corporate Exchange, Subsea Technologies Expense net Total Revenue $ 6,434.8 $ 1,389.4 $ — $ — $ 7,824.2 Operating profit
Slide 19: Year ended December 31, 2022 segment reconciliation
Exhibit 9 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Year Ended December 31, 2022 Foreign Exchange, Surface Corporate net and Subsea Technologies Expense Other Total Revenue $ 5,461.2 $ 1,239.2 $ — $ — $ 6,700.4 Operati
Slide 20: Net debt reconciliation
Exhibit 10 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) December 31, September 30, December 31, 2023 2023 2022 Cash and cash equivalents $ 951.7 $ 690.9 $ 1,057.1 Short-term debt and current portion of long-term debt (153
Slide 21: Free cash flow reconciliation
Exhibit 11 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended Year Ended December 31, December 31, 2023 2023 2022 Cash provided by operating activities $ 701.1 $ 693.0 $ 352.1 Capital expenditures (71.5) (225
Slide 22: TechnipFMC
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