Technipfmc Plc · NYSE:FTI
Technipfmc — Q4 2022 Earnings Presentation
24 slides from Technipfmc's earnings presentation, Feb 23, 2023
Slide 1: Q4 2022 Earnings Presentation
Q4 2022 Earnings Presentation February 23, 2023
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: 2022 – Taking full advantage of the market growth
2022 – Taking full advantage of the market growth Total Company orders increased 20%, driving backlog growth of 22% to $9.4 billion Multi-year upcycle Subsea inbound increased 36% to $6.7 billion, resulting in Subsea backlog growth of 24% (versus 2021) Surface Technologies revenue growth of 15
Slide 5: Q4 2022 Operational summary
Q4 2022 Operational summary Highlights Subsea backlog increased to $8.1 billion, +24% versus prior year; scheduling extends beyond 2025 Surface Technologies revenue growth driven by international markets; Middle East more than 70% of growth Repurchased $50 million of shares; completed 25% of $
Slide 6: Q4 2022 Financial results
Q4 2022 Financial results Sequential highlights $1.8B Cash provided by operating activities of $566 million; free cash flow of $503 million Inbound orders Cash and cash equivalents increased to $1.1 billion; net debt reduced to $309 million $9.4B Subsea revenue and adjusted EBITDA impacted by
Slide 7: Subsea opportunities in the next 24 months
Subsea opportunities in the next 24 months1 dded E I E I EP a u ord o e a Polo a d C i ol E I P eru a ar a E E E E ar a E I aru E E E l u l u I E E I rio o ail E I C PE Removed a rE ala Clu er elida EP E E IE PE Polo a d C i ol PE loc u io e ari E I E I PE PE E I E E IE i i C u io ero alei e Ca eia
Slide 8: 2023 Full-year financial guidance
2023 Full-year financial guidance1 As of February 23, 2023 Subsea Surface Technologies Revenue in a range of $5.9 – 6.3 billion Revenue in a range of $1.3 – 1.45 billion Adjusted EBITDA margin in a range of 12.5 – 13.5% Adjusted EBITDA margin in a range of 12 – 14% TechnipFMC Corporate exp
Slide 9: 2025 Intermediate-term outlook update
2025 Intermediate-term outlook update Updated Subsea 2025 outlook (versus 2022) Free cash flow conversion1 • Inbound orders of ~$25 billion 2023 through 2025 • includes Subsea Services inbound orders of ~$1.65 billion in 2025 • Revenue of ~$8 billion, an increase of more than 45% • Adjusted EBITDA m
Slide 10: Q4 2022 Cash flow and net debt
Q4 2022 Cash flow and net debt Free cash flow $503M (in $ millions) (64) (50) Net Debt (107) (In millions, unaudited) 566 December 31, 2022 Cash and cash equivalents $ 1,057 Short-term debt and current portion of long-term debt (367) 1,057 Long-term debt, less current portion (999) 712 Net debt $ (3
Slide 11: Backlog scheduling provides visibility
Backlog scheduling provides visibility Subsea1 Surface Technologies as of December 31, 2022 as of December 31, 2022 2025+ $1.3B 2023 $8.1 2023 $1.2 $537M $3.9B 2024+ billion billion $684M 2024 $2.9B 1 Backlog does not capture all revenue potential for subsea services Q4 2022 Earnings Call Presentati
Slide 12: Appendix
Appendix Q4 2022 Earnings Call Presentation | 12
Slide 13: 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 14: Q4 2022 Earnings Call Presentation – Charges and Credits
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 f ourth quarter 2022 Earn
Slide 15: Year ended December 31, 2022 reconciliation
Exhibit 7 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Year Ended December 31, 2022 Earnings Income bef ore net Loss f rom attributable Income interest continuing to non- bef ore net expense, operations controlling Net in
Slide 16: Year ended December 31, 2021 reconciliation
Exhibit 7 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Year Ended December 31, 2021 Earnings Income (loss) Loss bef ore net f rom attributable Income interest continuing to non- bef ore net expense, operations controlling
Slide 17: Three months ended December 31, 2022
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 Corporate Foreign Exchange, Subsea Technologies Expense net Total Revenue $ 1,342.5 $ 351.9 $ — $ — $ 1,694.4 Operating p
Slide 18: Three months ended September 30, 2022
Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended September 30, 2022 Surface Corporate Foreign Exchange, Subsea Technologies Expense net Total Revenue $ 1,415.0 $ 318.0 $ — $ — $ 1,733.0 Operating
Slide 19: Three months ended December 31, 2021
Exhibit 8 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended December 31, 2021 Surface Corporate Foreign Exchange, Subsea Technologies Expense net and Other Total Revenue $ 1,236.2 $ 287.1 $ — $ — $ 1,523.3 O
Slide 20: Year ended December 31, 2022 by segment
Exhibit 9 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Year Ended December 31, 2022 Foreign Surface Corporate Exchange, net Subsea Technologies Expense and Other Total Revenue $ 5,461.2 $ 1,239.2 $ — $ — $ 6,700.4 Operati
Slide 21: Year ended December 31, 2021 by segment
Exhibit 9 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Year Ended December 31, 2021 Foreign Surface Corporate Exchange, net Subsea Technologies Expense and Other Total Revenue $ 5,329.1 $ 1,074.4 $ — $ — $ 6,403.5 Operati
Slide 22: Reconciliation of GAAP to non-GAAP: Net debt
Exhibit 10 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) December 31, September 30, December 31, 2022 2022 2021 Cash and cash equivalents $ 1,057.1 $ 711.5 $ 1,327.4 Short-term debt and current portion of long-term debt (3
Slide 23: Reconciliation of GAAP to non-GAAP: Free cash flow
Exhibit 11 TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2022 2021 Cash provided by operating activities from continuing operations $ 566.4 352.1 715.0 Capital e
Slide 24: TechnipFMC
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