2024-02-22 14:35:22 ET
TechnipFMC plc (FTI)
Q4 2023 Earnings Conference Call
February 22, 2024 8:30 AM ET
Company Participants
Matt Seinsheimer - Senior Vice President, Investor Relations and Corporate Development
Doug Pferdehirt - Chairman and Chief Executive Officer
Alf Melin - Executive Vice President and Chief Financial Officer
Conference Call Participants
Arun Jayaram - J.P. Morgan
Dave Anderson - Barclays Capital
Mark Wilson - Jefferies
Daniel Thompson - BNP Paribas
Kurt Hallead - The Benchmark Company
Scott Gruber - Citigroup
Bertrand Hodée - Kepler Cheuvreux
Luke Lemoine - Piper Sandler
Saurabh Pant - Bank of America
Presentation
Operator
Hello, and welcome everyone to the TechnipFMC Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. [Operator Instructions]
I will now turn the call over to Matt Seinsheimer, please go ahead.
Matt Seinsheimer
Thank you, Sarah. Good morning, and good afternoon, and welcome to TechnipFMC's fourth quarter 2023 earnings conference call. Our news release and financial statements issued earlier today can be found on our website.
I'd like to caution you with respect to any forward-looking statements made during this call. Although these forward-looking statements are based on our current expectations, beliefs and assumptions regarding future developments and business conditions, they are subject to certain risk and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements. Non-material factors that could cause our actual results to differ from our projected results are described in our most recent 10-K, most recent 10-Q, and other periodic filings with the U.S. Securities and Exchange Commission. We wish to 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.
I will now turn the call over to Doug Pferdehirt, TechnipFMC's Chair and Chief Executive Officer.
Doug Pferdehirt
Thank you, Matt. Good morning, and good afternoon. Thank you for participating in our fourth quarter earnings call. I am proud to report our strong quarterly and full year results which really speak to the growth and operational momentum we are achieving.
Total company inbound for the year grew to $11 billion. This included subsea orders of $9.7 billion, which was an increase of 45% versus the prior year and a book-to-bill of 1.5. These strong results benefited from a record level of iEPCI awards in the period.
Total company revenue for the year grew 17% to $7.8 billion. Adjusted EBITDA improved to $939 million when excluding the impact of foreign exchange. This was an increase of 30% percent when compared to the prior year. We generated free cash flow of $468 million for the year and we returned nearly $250 million to shareholders through share repurchases and dividends. ...
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TechnipFMC plc (FTI) Q4 2023 Earnings Call Transcript