Investor Presentaiton
Q1'21 EARNINGS PRESENTATION
QUALITATIVE OUTLOOK
REVENUES
FY'21
W. Hemisphere revenues expected to grow by low- to
mid-single digits from annualized 2H'20 results
E. Hemisphere revenues expected to decline by low-
to-mid-single digits from annualized 2H'20 results
Consolidated revenues expected to be in line with
annualized 2H'20 results
Q2'21
Consolidated revenues expected to be in line with
Q1'21
ADJUSTED
EBITDA
Continued focus on improving cost structure and
driving efficiencies
Adjusted EBITDA margin expected to expand by
100 bps to 200 bps from H2'20 levels (excluding
benefit from operational asset sale [1])
Adjusted EBITDA margins expected to be in line
with Q1'21 levels
10
10
M CASH FLOW
Unwinding of net working capital not expected to
repeat in FY'21.
Excluding net working capital, unlevered free cash
flow expected to improve year-on-year.
Capital expenditures expected in the range of
$100-130 million.
Unlevered free cash flow expected to decline
sequentially largely due to the non-repeat of net
working capital unwind in Q1'21 and returning to
CAPEX run rate.
[1] Excluding the impact of the $12 million operational asset sale in Q3'20, 2H'20 adj. EBITDA margin was 11.5%.
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