TechnipFMC plc — Investor Presentation 2019

Feb 21, 2019

TechnipFMC Fourth Quarter 2018 Earnings Call Presentation

LONDON & PARIS & HOUSTON – (BUSINESS WIRE) – 20 February 2019

TechnipFMC plc (“TechnipFMC”) (NYSE: FTI) (Paris: FTI) (ISIN: GB00BDSFG982) announces the availability of its Earnings Call Presentation in connection with its teleconference on Thursday, 21 February 2019 to discuss the fourth quarter 2018 financial results and outlook for 2019.

A copy of the Earnings Call Presentation can also be accessed on TechnipFMC’s website (www.technipfmc.com).

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.

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Contacts

Investor relations

Matt Seinsheimer
Vice President Investor Relations
Tel: +1 281 260 3665
Email: Matt Seinsheimer

Phillip Lindsay
Director Investor Relations Europe
Tel: +44 203 429 3929
Email: Phillip Lindsay

Media relations

Christophe Belorgeot
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

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TechnipFMC

Q4 2018 Earnings Call Presentation

February 21, 2019

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Disclaimer

Forward-looking statements

We would like to caution you with respect to any "forward-looking statements" made in this presentation 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. The words such as "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "may," "estimate," "outlook" and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.

Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including the following known material factors: risks related to review of our accounting for foreign currency effects and any resulting financial restatements, pro forma corrections, filing delay, regulatory non-compliance or litigation; the risk that additional information may arise during our review of our accounting for foreign currency effects that would require us to make additional adjustments or identify additional material weaknesses; competitive factors in our industry; risks related to our information technology infrastructure and intellectual property; risks related to our business operations and products; risks related to third parties with whom we do business; our ability to hire and retain key personnel; risks related to legislation or governmental regulations affecting us; international, national or local economic, social or political conditions; risks associated with being a public listed company; conditions in the credit markets; risks associated with litigation or investigations; risks associated with accounting estimates, currency fluctuations and foreign exchange controls; risks related to integration; tax-related risks; and such other risk factors as set forth in our filings with the United States Securities and Exchange Commission.

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.

TechnipFMC

Q4 2018 Earnings Call Presentation

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Q4 2018 Overview
Financial Results and Operational Highlights

Doug Pferdehirt, Chief Executive Officer
Maryann Mannen, EVP and Chief Financial Officer

TechnipFMC

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2018: Winning, executing, collaborating

Delivering on a clear strategy to create value and expand growth opportunities

Winning	Executing	Collaborating
$14.3B
Inbound order intake	12.2%
Adjusted EBITDA^{(1)} margin	5
Strategic relationships announced
Order inbound +40% (YoY); orders exceeded revenues in all segments
Backlog of $14.6B, up 12% (YoY)	Margin down 93bps on anticipated revenue decline of 17% (YoY)
3 iEPCI™^{(2)} projects delivered;
Yamal Trains 2 and 3 handed over ahead of schedule	Island Offshore, Magma Global, Petrobras, Equinor, Chevron
Leveraging know-how, expertise and next generation technology
Maintaining customer confidence to secure new project awards	Meeting and exceeding project delivery and financial commitments	Strengthening integrated offerings through collaboration

(1) Adjusted EBITDA is a non-GAAP measure. Adjusted EBITDA as presented excludes the impact of charges and credits from continuing operations as identified in the reconciliation of GAAP to non-GAAP financial schedules included in the appendix.

(2) iEPCI™ = integrated engineering, procurement, construction and installation

TechnipFMC

Q4 2018 Earnings Call Presentation | 4

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Strengthening our competitive position through collaboration

equinor

PETROBRAS

magma

ISLAND OFFSHORE

Frame Agreement

• Covers supply of surface wellhead, production trees, and related services
• Further supports Chevron development program in North America
• Leverages our integrated drilling and completion offering

Global Strategic Collaboration

• Includes full scope of products and services to develop offshore projects
• Engage early through pre-FEED and concept development
• Builds on recent iEPCI™ project success with Equinor

Master Services Agreement

• Subsea services agreement for subsea equipment and flexibles
• Range of services includes inspection, maintenance, and technical assistance
• Reinforces long-term commitment to Petrobras' operations

Strategic Collaboration

• Develop new generation of hybrid flexible pipe (HFP) for subsea applications
• Addresses new challenges; expands leadership position in flexible pipe market
• Further enhances our Subsea 2.0™ product platform

Strategic Cooperation

• Deliver riserless light well intervention (RLWI) services on a worldwide basis
• Expanded offering; further develop and strengthen market position globally
• Strengthens our growing subsea services platform

> Improving competitiveness and expanding the market opportunity for TechnipFMC

TechnipFMC

Q4 2018 Earnings Call Presentation | 5

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Differentiated approach, iEPCI™ momentum building

Rebuilding – disciplined and differentiated

• Subsea order intake

Total Subsea Orders
Since inception (January 2017)
$10.3B

• Order Inbound strategy – focused where we can differentiate through technology, assets or solutions
• iEPCI™, Subsea 2.0™, Subsea services, and alliance partners serve as key differentiators
• Order mix largely supported by smaller awards and Subsea services
• Majority of inbound orders less exposed to competitive market dynamics

Expanding the iEPCI™ reach

• 2 new iEPCI™ awards announced in 2019

Momentum accelerating

• Growing market recognition of the iEPCI™ value proposition
• Anticipating additional iEPCI™ awards in 2019, driven in part by a broadening of the integrated customer base

• Continued customer qualification and adoption of Subsea 2.0™ product platform

• Courtesy of BP and Lundin
  Q4 2018 Earnings Call Presentation | 6

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Subsea opportunities in the next 24 months*

*February 2019 update; project value ranges reflect potential subsea scope

Q4 2018 Earnings Call Presentation | 7

TechnipFMC

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Onshore/Offshore: delivering projects from concept to start-up

Robust inbound; diverse project set

Order intake
$ billions

Ending backlog
$ billions

• Anticipated profitability from project backlog sustained during period of significant growth
• Remain disciplined in project selection without compromising quality

Well-positioned to capitalize on the growth in LNG

• Outlook for increased demand; global LNG market re-energized after 3-year lull
• Multiple prospects in all relevant regions with large gas reserves

TechnipFMC

Q4 2018 Earnings Call Presentation | 8

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Q4 2018 Financial highlights

Revenue

$3.3 billion

Adjusted EBITDA⁽¹⁾

$342 million
$431 million from Subsea, Onshore/Offshore, Surface Technologies

Adjusted Diluted EPS⁽¹⁾

$(0.09)

Net Cash⁽²⁾

$1.3 billion

Backlog

$14.6 billion

OTHER ITEMS

• After-tax charges and (credits) of $2,220.3 million
• Corporate expense of $90.3 million, excluding charges and (credits); includes $38.7 million, or $0.05 per diluted share, of net foreign exchange loss
• Net interest expense of $116.6 million, including $108.8 million, or $0.24 per diluted share, related to liability payable to joint venture partner
• Depreciation and amortization expense
• Reported: $137.9 million; adjusted: $113.9 million⁽¹⁾
• Purchase price accounting impact of $24 million

⁽¹⁾ Adjusted results exclude the impact of exceptional charges and credits from continuing operations as identified in the reconciliation of GAAP to non-GAAP financial measures schedules included in this presentation.
⁽²⁾ Net cash is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt, as identified in the reconciliation of GAAP to non-GAAP financial schedules included in this presentation.

TechnipFMC
Q4 2018 Earnings Call Presentation | 9

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Improved operating cash flow; shareholder distributions increased

FY 2018 Operating cash flow

FY 2018 items of note

• Positive operating cash flow in 2H 2018
• 2H 2018 $300 million, full-year $(185) million
• Capital expenditures of $368 million
• Shareholder distributions of $681 million
• Dividends of $238 million
• Share repurchase of $443 million
• Cash payments to Yamal JV partners
• $226 million for mandatorily redeemable liability

4Q 2018 Cash flow walk

4Q 2018 items of note

• Positive operating cash flow
• Capex funding for growth initiatives
• Shareholder distributions continue

Q4 2018 Earnings Call Presentation | 10

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Disciplined capital allocation strategy

1

Growth

☑

$350 million capex in 2019

• Reduced from prior guidance of $400 million
• Growth initiatives
• Fleet optimization (dive support vessel)
• Local content capability
• Brazil (spoolbase)
• Saudi Arabia (manufacturing)
• Subsea services
• Tooling
• Well intervention

2

Dividend

☑

Declared a Quarterly cash dividend of USD $0.13 per share

3

Share buyback

☑

Completed previous $500 million share repurchase

Announced new $300 million authorization Dec 2018

$681 million

returned to shareholders in 2018

TechnipFMC

Q4 2018 Earnings Call Presentation | 11

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Summary

Q4 2018 – Solid conclusion to the year

• Solid operating performance across segments despite headwinds in certain markets, notably North America
• Major award for MIDOR refinery expansion; project to be inbound in first quarter 2019
• Positive cash flow from operations; shareholder distributions continued

FY 2018 – Exceeding total Company objectives for the second consecutive year

• Robust orders; full-year inbound of $14.3 billion, up 40 percent versus the prior year
• Delivery of 3 iEPCI™ projects; early delivery of Yamal Trains 2 and 3
• $500 million share repurchase program completed; additional $300 million authorized

FY 2019 – Capitalizing on improving outlook, particularly for Subsea and LNG

• Segment guidance maintained; capital expenditure guidance reduced to $350 million in 2019
• Encouraging Subsea inbound to date, including two iEPCI™ awards; integrated momentum building

• Global LNG markets re-energized; with multiple prospects at play, selectivity will drive differentiation

• Major award is defined as $250 million or greater in value.

TechnipFMC

Q4 2018 Earnings Call Presentation | 12

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Appendix

TechnipFMC

Q4 2018 Earnings Call Presentation | 13

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Q4 2018 Segment results

Subsea

Onshore/Offshore

Surface Technologies

Operational Highlights

• Revenue declined 5%: projects in Africa were completed or progressed towards completion, largely offset by increased activity in North America, Asia Pacific, and South America
• Adjusted EBITDA margin declined 685 bps to 12%: primarily due to execution of more competitively priced backlog, partially offset by merger synergies and other cost reduction activities
• Inbound orders of $880.6 million; book-to-bill of 0.7x; period-end backlog at $6.0 billion

Operational Highlights

• Revenue declined 17%: moved closer to completion on major projects, primarily Yamal LNG
• Adjusted EBITDA margin decreased 160 bps to 13%: due to revenue decline and shift in revenue mix to lower margin work; offset by strong project execution on Yamal LNG, also benefitting from bonus for completion of further milestones, including Train 3
• Inbound orders of $1.6 billion; book-to-bill of 1.0x; period-end backlog at $8.1 billion

Operational Highlights

• Revenue increased 12%: increased drilling activity and market share gains in North America drove wellhead product sales and frac rental assets higher; international growth driven by pressure control sales and services
• Adjusted EBITDA margin decreased 481 bps to 15.6%: primarily due to decline in flowline product sales resulting from lower completions activity in North America
• Inbound orders of $435.1 million; book-to-bill of 1.1x; period-end backlog at $469.9 million

Q4 2018 Earnings Call Presentation | 14

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2019 Financial guidance(1) *Updated February 20, 2018

Subsea	Onshore/Offshore	Surface Technologies
• Revenue in a range of $5.4–5.7 billion
• EBITDA margin at least 11%
(excluding amortization related impact of purchase price accounting, and other charges and credits)	• Revenue in a range of $5.7–6.0 billion
• EBITDA margin at least 12%
(excluding amortization related impact of purchase price accounting, and other charges and credits)	• Revenue in a range of $1.7–1.8 billion
• EBITDA margin at least 17%
(excluding amortization related impact of purchase price accounting, and other charges and credits)
TechnipFMC
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• Corporate expense, net $160 – 170 million for the full year (excluding the impact of foreign currency fluctuations)
• Net interest expense $40 – 60 million for the full year (excluding the impact of revaluation of partners’ redeemable financial liability)
• Tax rate 28 – 32% for the full year (excluding the impact of discrete items)
• 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 EBITDA margin (excluding amortization related impact of purchase price accounting, and other charges and credits), corporate expense, net (excluding the impact of foreign currency fluctuations), net interest expense (excluding the impact of revaluation of partners’ redeemable financial liability), and tax rate (excluding the impact of discrete items) are non-GAAP financial measures. We are unable to provide a reconciliation to a comparable GAAP measure 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 such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

TechnipFMC

Q4 2018 Earnings Call Presentation | 15

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Backlog visibility

Subsea(1)	4Q 2018 Inbound orders: $881 million
$6.0 billion
$3.4 billion	$1.4 billion	$1.2 billion
2019	2020	2021 & beyond
(1) Backlog does not capture all revenue potential for subsea services.
Onshore/Offshore	4Q 2018 Inbound orders: $1,609 million
$8.1 billion
$5.3 billion	$1.7 billion	$1.0 billion
2019	2020	2021 & beyond
Surface Technologies	4Q 2018 Inbound orders: $435 million
$470 million
$470 million
2019
Non-consolidated Backlog(2)
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Subsea
2019	$185 million
2020	$136 million
2021+	$653 million
	$974 million
Onshore/Offshore
2019	$676 million
2020	$588 million
2021+	$485 million
	$1,749 million

(2) Non-consolidated backlog represents our proportional share of backlog relating to joint venture work where we do not have a majority interest in the joint venture.

TechnipFMC

Q4 2018 Earnings Call Presentation | 16

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4Q18 Updates: Subsea opportunities in the next 24 months*

PROJECT UPDATES

*February 2019 update; project value ranges reflect potential subsea scope

Q4 2018 Earnings Call Presentation | 17

TechnipFMC

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Outlook supportive of our key growth markets

Subsea

Offshore Final Investment Decisions(1)

> Growth in Final Investment Decisions (FIDs) for offshore projects; subsea recovering
> Project FIDs (reserves > 50mm barrels) returned to levels last seen above $100 oil

LNG

Emerging LNG supply-demand gap(2)

> Market rebalancing due to strengthening demand; market to tighten as early as 2020
> Timely sanctioning of liquefaction/regasification projects needed to meet medium-term demand

Unconventional

North America onshore capex(3)

> Reduced completions activity likely proves transitory
> Growth in drilled but uncompleted wells (DUCs) continues

(1) All projects have reserves of 50 mmboe or above. Source: Wood Mackenzie, July 2018.
(2) Source: Shell interpretation of IHS market, Wood Mackenzie, FGE, BNEF and Poten & Partners Q4 2017 data.
(3) North America includes United States and Canada. Source: Rystad Energy.
(4) Mtpa = Million metric tons per annum.

Q4 2018 Earnings Call Presentation | 18

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Select financial data

Revenue	Three Months Ended
	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017
Subsea	$ 1,233.3	$ 1,209.1	$ 1,217.4	$ 1,180.2	$ 1,292.2
Onshore/Offshore	$ 1,672.4	$ 1,532.5	$ 1,342.4	$ 1,573.4	$ 2,019.5
Surface Technologies	$ 417.3	$ 402.2	$ 401.1	$ 371.6	$ 372.3
Corporate and Other	$ -	$ -	$ -	$ -	$ (1.0)
Total	$ 3,323.0	$ 3,143.8	$ 2,960.9	$ 3,125.2	$ 3,683.0
Adjusted EBITDA	Three Months Ended
	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017
Subsea	$ 148.5	$ 188.5	$ 191.2	$ 172.0	$ 244.1
Onshore/Offshore	$ 217.2	$ 227.3	$ 170.9	$ 215.0	$ 294.5
Surface Technologies	$ 64.9	$ 72.5	$ 72.6	$ 50.3	$ 75.8
Corporate and Other	$ (88.2)	$ (57.8)	$ (57.5)	$ (50.7)	$ (41.3)
Total	$ 342.4	$ 430.5	$ 377.2	$ 386.6	$ 573.1
Adjusted EBITDA Margin	Three Months Ended
	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017
Subsea	12.0%	15.6%	15.7%	14.6%	18.9%
Onshore/Offshore	13.0%	14.8%	12.7%	13.7%	14.6%
Surface Technologies	15.6%	18.0%	18.1%	13.5%	20.4%
Corporate and Other
Total	10.3%	13.7%	12.7%	12.4%	15.6%
Inbound Orders (1)	Three Months Ended
---	---	---	---	---	---
	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017
Subsea	$ 880.6	$ 1,553.9	$ 1,516.2	$ 1,227.8	$ 1,724.8
Onshore/Offshore	$ 1,609.4	$ 1,666.1	$ 2,300.8	$ 1,849.6	$ 874.2
Surface Technologies	$ 435.1	$ 427.2	$ 414.7	$ 409.6	$ 392.9
Corporate and Other
Total	$ 2,925.1	$ 3,647.2	$ 4,231.7	$ 3,487.0	$ 2,991.9
Order Backlog (2)	Three Months Ended
	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017
Subsea	$ 5,999.6	$ 6,343.4	$ 6,177.0	$ 6,110.9	$ 6,203.9
Onshore/Offshore	$ 8,090.5	$ 8,378.8	$ 8,279.5	$ 7,491.6	$ 6,369.1
Surface Technologies	$ 469.9	$ 455.8	$ 415.3	$ 409.5	$ 409.8
Corporate and Other
Total	$ 14,560.0	$ 15,178.0	$ 14,871.8	$ 14,012.0	$ 12,982.8
Book-to-Bill (3)	Three Months Ended
	December 31, 2018	September 30, 2018	June 30, 2018	March 31, 2018	December 31, 2017
Subsea	0.7	1.3	1.2	1.0	1.3
Onshore/Offshore	1.0	1.1	1.7	1.2	0.4
Surface Technologies	1.0	1.1	1.0	1.1	1.1
Corporate and Other
Total	0.9	1.2	1.4	1.1	0.8

(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.
(3) Book-to-bill is calculated as inbound orders divided by revenue.

Q4 2018 Earnings Call Presentation | 19

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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 fourth quarter 2018 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 2017 results and measures. Net income, excluding charges and credits, as well as measures derived from it (including Diluted EPS, excluding charges and credits; Income before net interest expense and taxes, excluding charges and credits ("Adjusted Operating profit"); Depreciation and amortization, excluding charges and credits; Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ("Adjusted EBITDA"); and net cash) are non-GAAP financial measures. Management believes that the exclusion of charges and credits from these financial measures enables investors and management to more effectively evaluate TechnipFMC's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked or misleading to both investors and management by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures.

| | Three Months Ended
December 31, 2018 | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | Net income (loss) attributable to TechnipFMC plc | Net loss (income) attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings (loss) before net interest expense, income taxes, depreciation and amortization (EBITDA) |
| | $ (2,259.3) | $ (12.8) | $ 242.0 | $ (116.6) | $ (1,887.9) | $ 137.9 | $ (1,750.0) |
| TechnipFMC plc, as reported | | | | | | | |
| Charges and (credits): | | | | | | | |
| Impairment and other charges | 1,688.8 | — | 89.7 | — | 1,778.5 | — | 1,778.5 |
| Restructuring and other severance charges | 11.6 | — | 8.5 | — | 20.1 | — | 20.1 |
| Business combination transaction and integration costs | 8.7 | — | 6.9 | — | 15.6 | — | 15.6 |
| Legal provision | 280.0 | — | — | — | 280.0 | — | 280.0 |
| Purchase price accounting adjustment | 17.0 | — | 5.2 | — | 22.2 | (24.0) | (1.8) |
| Tax reform | 11.8 | — | (11.8) | — | — | — | — |
| Valuation allowance | 202.4 | — | (202.4) | — | — | — | — |
| Adjusted financial measures | $ (59.0) | $ (12.8) | $ 138.1 | $ (116.6) | $ 228.5 | $ 113.9 | $ 342.4 |

Q4 2018 Earnings Call Presentation | 20
TechnipFMC

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Exhibit 8

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

	(Unaudited)
	Three Months Ended December 31,		Year Ended December 31,
	2018	2017	2018	2017
(after-tax)
Net income (loss) attributable to TechnipFMC plc, as reported	$ (2,259)	$ (154)	$ (1,922)	$ 113
Charges and (credits):
Impairment and other charges (1)	1,689	11	1,698	17
Restructuring and other severance charges (2)	11	74	24	103
Business combination transaction and integration costs (3)	9	11	23	64
Legal provision (4)	280	—	280	—
Gain on divestitures (5)	—	—	(20)	—
Change in accounting estimate (6)	—	—	—	16
Purchase price accounting adjustments (7)	17	11	68	153
Tax reform (8)	12	138	12	138
Valuation allowance (9)	202	—	214	—
Total	2,220	245	2,299	491
Adjusted net income (loss) attributable to TechnipFMC plc	$ (39)	$ 91	$ 377	$ 604
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported	$ (5.00)	$ (0.33)	$ (4.20)	$ 0.24
Adjusted diluted earnings (loss) per share attributable to TechnipFMC plc	$ (0.09)	$ 0.20	$ 0.82	$ 1.29

(1) Tax effect of $90 million and $7 million during the three months ended December 31, 2018 and 2017, respectively, and $94 million and $10 million during the twelve months ended December 31, 2018 and 2017, respectively.
(2) Tax effect of $9 million and $43 million during the three months ended December 31, 2018 and 2017, respectively, and $15 million and $61 million during the twelve months ended December 31, 2018 and 2017, respectively.
(3) Tax effect of $7 million and $4 million during the three months ended December 31, 2018 and 2017, respectively, and $14 million and $38 million during the twelve months ended December 31, 2018 and 2017, respectively.
(4) There was no tax effect during the three and twelve months ended December 31, 2018 and 2017, respectively.
(5) Tax effect of all and all during the three months ended December 31, 2018 and 2017, respectively, and $(12) million and all during the twelve months ended December 31, 2018 and 2017, respectively.
(6) Tax effect of all and all during the three months ended December 31, 2018 and 2017, respectively, and all and $6 million during the twelve months ended December 31, 2018 and 2017, respectively.
(7) Tax effect of $5 million and $4 million during the three months ended December 31, 2018 and 2017, respectively, and $21 million and $56 million during the twelve months ended December 31, 2018 and 2017, respectively.
(8) Tax effect of $12 million and $138 million during the three months ended and $12 million and $138 million during the twelve months ended December 31, 2018 and 2017, respectively.
(9) Tax effect of $202 million and all during the three months ended and $214 million and all during the twelve months ended December 31, 2018 and 2017, respectively.

Q4 2018 Earnings Call Presentation | 21

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Exhibit 9

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, unaudited)

	Three Months EndedDecember 31, 2018
	Subsea	Onshore/Offshore	Surface Technologies	Corporate and Other	Total
Revenue	$ 1,233.3	$ 1,672.4	$ 417.3	$ —	$ 3,323.0
Operating profit (loss), as reported (pre-tax)	$ (1,739.5)	$ 206.4	$ 38.8	$ (393.6)	$ (1,887.9)
Charges and (credits):
Impairment and other charges	1,775.6	—	2.9	—	1,778.5
Restructuring and other severance charges	7.2	2.4	2.9	7.6	20.1
Business combination transaction and integration costs	—	—	—	15.6	15.6
Legal provision	—	—	—	280.0	280.0
Purchase price accounting adjustments - non-amortization related	(3.3)	—	1.4	0.1	(1.8)
Purchase price accounting adjustments - amortization related	23.6	—	0.4	—	24.0
Subtotal	1,803.1	2.4	7.6	303.3	2,116.4
Adjusted Operating profit (loss)	63.6	208.8	46.4	(90.3)	228.5
Adjusted Depreciation and amortization	84.9	8.4	18.5	2.1	113.9
Adjusted EBITDA	$ 148.5	$ 217.2	$ 64.9	$ (88.2)	$ 342.4
Operating profit margin, as reported	-141.0%	12.3%	9.3%		-56.8%
Adjusted Operating profit margin	5.2%	12.5%	11.1%		6.9%
Adjusted EBITDA margin	12.0%	13.0%	15.6%		10.3%

Q4 2018 Earnings Call Presentation | 22

TechnipFMC

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Exhibit 9

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, unaudited)

	Three Months EndedDecember 31, 2017
	Subsea	Onshore/Offshore	Surface Technologies	Corporate and Other	Total
Revenue	$ 1,292.2	$ 2,019.5	$ 372.3	$ (1.0)	$ 3,683.0
Operating profit, as reported (pre-tax)	$ 67.4	$ 257.2	$ 53.3	$ (134.9)	$ 243.0
Charges and (credits):
Impairment and other charges	9.3	—	3.2	6.0	18.5
Restructuring and other severance charges	55.0	26.1	4.1	31.0	116.2
Business combination transaction and integration costs	—	—	—	14.6	14.6
Purchase price accounting adjustments - non-amortization related	(14.8)	—	1.0	(6.5)	(20.3)
Purchase price accounting adjustments - amortization related	34.5	—	0.9	(0.3)	35.1
Subtotal	84.0	26.1	9.2	44.8	164.1
Adjusted Operating profit (loss)	151.4	283.3	62.5	(90.1)	407.1
Adjusted Depreciation and amortization	92.7	11.2	13.3	0.7	117.9
Adjusted EBITDA	$ 244.1	$ 294.5	$ 75.8	$ (89.4)	$ 525.0
Operating profit margin, as reported	5.2%	12.7%	14.3%		6.6%
Adjusted Operating profit margin	11.7%	14.0%	16.8%		11.1%
Adjusted EBITDA margin	18.9%	14.6%	20.4%		14.3%

Q4 2018 Earnings Call Presentation | 23

TechnipFMC

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Exhibit 11

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, unaudited)

	December 31, 2018	December 31, 2017
Cash and cash equivalents	$ 5,540.0	$ 6,737.4
Short-term debt and current portion of long-term debt	(67.4)	(77.1)
Long-term debt, less current portion	(4,124.3)	(3,777.9)
Net cash	$ 1,348.3	$ 2,882.4

Net cash (debt) is a non-GAAP financial measure reflecting cash and cash equivalents, net of debt. Management uses this non-GAAP financial measure to evaluate TechnipFMC's capital structure and financial leverage. Management believes net cash (debt) is a meaningful financial measure that may also assist investors in understanding TechnipFMC's financial condition and underlying trends in its capital structure.

Q4 2018 Earnings Call Presentation | 24
TechnipFMC

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TechnipFMC