Baker Hughes Co - FORM 8-K - EX-99.2 - April 21, 2021

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EX-99.1 - EX-99.1 - Baker Hughes Coearningsreleaseex991033120.htm
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Exhibit 99.2

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Financial Supplement
The information contained herein is provided as a Financial Supplement to the earnings presentation. This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. EBITDA (a non-GAAP measure) is defined as operating income (loss) excluding depreciation & amortization. Adjusted EBITDA excludes operating income adjustments from EBITDA.
Fiscal Year 2020
Table 1. Reconciliation of Operating Income (Loss) by Segment to EBITDA
Year EndedThree Months Ended
(in millions)December 31December 31September 30June 30March 31
Operating Income by Segment (GAAP)
Oilfield Services$487 $142 $93 $46 $206 
Oilfield Equipment19 23 19 (14)(8)
Turbomachinery & Process Solutions805 332 191 149 134 
Digital Solutions193 76 46 41 29 
Add: Depreciation & Amortization
Oilfield Services$926 $211 $217 $248 $249 
Oilfield Equipment146 33 35 34 44 
Turbomachinery & Process Solutions118 31 33 27 28 
Digital Solutions98 25 24 24 25 
EBITDA by Segment (non-GAAP)
Oilfield Services$1,412 $353 $310 $293 $456 
Oilfield Equipment166 56 54 20 36 
Turbomachinery & Process Solutions923 362 223 176 161 
Digital Solutions291 101 70 65 55 
Table 2. Reconciliation of Operating Income (Loss) to EBITDA and Adjusted EBITDA
Year EndedThree Months Ended
(in millions)December 31December 31September 30June 30March 31
Operating income (loss) (GAAP)$(15,978)$182 $(49)$(52)$(16,059)
Depreciation & amortization1,317 307 315 340 355 
EBITDA (non-GAAP)(14,661)489 267 288 (15,705)
Separation and merger related134 24 32 37 41 
Restructuring, impairment and other 1,866 229 209 103 1,325 
Inventory impairment246 27 42 16 160 
Goodwill impairment14,773 — — — 14,773 
Adjusted EBITDA (non-GAAP)$2,357 $770 $549 $444 $594 
Certain columns and rows in our tables may not sum up due to the use of rounded numbers.
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Fiscal Year 2019
Table 1. Reconciliation of Operating Income (Loss) by Segment to EBITDA
Year EndedThree Months Ended
(in millions)December 31December 31September 30June 30March 31
Operating Income by Segment (GAAP)
Oilfield Services$917 $235 $274 $233 $176 
Oilfield Equipment55 16 14 14 12 
Turbomachinery & Process Solutions719 305 161 135 118 
Digital Solutions343 109 82 84 68 
Add: Depreciation & Amortization
Oilfield Services$985 $246 $251 $248 $240 
Oilfield Equipment175 43 44 47 42 
Turbomachinery & Process Solutions116 30 28 28 30 
Digital Solutions103 27 25 25 26 
EBITDA by Segment (non-GAAP)
Oilfield Services$1,902 $481 $525 $480 $415 
Oilfield Equipment230 58 58 61 54 
Turbomachinery & Process Solutions835 335 189 163 148 
Digital Solutions446 136 107 109 94 
Table 2. Reconciliation of Operating Income (Loss) to EBITDA and Adjusted EBITDA
Year EndedThree Months Ended
(in millions)December 31December 31September 30June 30March 31
Operating income (loss) (GAAP)$1,074 $331 $297 $271 $176 
Depreciation & amortization1,418 354 355 360 350 
EBITDA (non-GAAP)2,493 684 652 631 526 
Separation and merger related184 57 54 40 34 
Restructuring, impairment and other 342 159 71 50 62 
Adjusted EBITDA (non-GAAP)$3,020 $900 $777 $720 $623 
Certain columns and rows in our tables may not sum up due to the use of rounded numbers.
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Fiscal Year 2018
Table 1. Reconciliation of Operating Income (Loss) by Segment to EBITDA
Year EndedThree Months Ended
(in millions)December 31December 31September 30June 30March 31
Operating Income by Segment (GAAP)
Oilfield Services$785 $224 $231 $189 $141 
Oilfield Equipment— 12 6 (12)(6)
Turbomachinery & Process Solutions621 257 132 113 119 
Digital Solutions390 115 106 96 73 
Add: Depreciation & Amortization
Oilfield Services$1,003 $235 $239 $268 $260 
Oilfield Equipment173 45 43 46 39 
Turbomachinery & Process Solutions156 33 36 44 42 
Digital Solutions112 27 27 32 26 
EBITDA by Segment (non-GAAP)
Oilfield Services$1,788 $459 $470 $457 $401 
Oilfield Equipment173 57 49 35 32 
Turbomachinery & Process Solutions777 290 168 157 161 
Digital Solutions502 142 133 128 98 
Table 2. Reconciliation of Operating Income (Loss) to EBITDA and Adjusted EBITDA
Year EndedThree Months Ended
(in millions)December 31December 31September 30June 30March 31
Operating income (loss) (GAAP)$701 $382 $282 $78 $(41)
Depreciation & amortization1,486 352 353 392 388 
EBITDA (non-GAAP)2,186 734 635 470 347 
Separation and merger related153 41 17 50 46 
Restructuring, impairment and other 433 59 66 146 162 
Inventory impairment105 16 12 15 61 
Adjusted EBITDA (non-GAAP)$2,877 $850 $730 $681 $616 
Certain columns and rows in our tables may not sum up due to the use of rounded numbers.
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