BAKER HUGHES a GE (BHI) 8-K Baker Hughes Company Announces First Quarter 2021 Results

Exhibit 99.2

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 Ended		Three Months Ended
(in millions)	December 31		December 31		September 30		June 30		March 31
Operating Income by Segment (GAAP)
Oilfield Services	$	487	$	142	$	93	$	46	$	206
Oilfield Equipment	19		23		19		(14)		(8)
Turbomachinery & Process Solutions	805		332		191		149		134
Digital Solutions	193		76		46		41		29
Add: Depreciation & Amortization
Oilfield Services	$	926	$	211	$	217	$	248	$	249
Oilfield Equipment	146		33		35		34		44
Turbomachinery & Process Solutions	118		31		33		27		28
Digital Solutions	98		25		24		24		25
EBITDA by Segment (non-GAAP)
Oilfield Services	$	1,412	$	353	$	310	$	293	$	456
Oilfield Equipment	166		56		54		20		36
Turbomachinery & Process Solutions	923		362		223		176		161
Digital Solutions	291		101		70		65		55

Table 2. Reconciliation of Operating Income (Loss) to EBITDA and Adjusted EBITDA

	Year Ended		Three Months Ended
(in millions)	December 31		December 31		September 30		June 30		March 31
Operating income (loss) (GAAP)	$	(15,978)	$	182	$	(49)	$	(52)	$	(16,059)
Depreciation & amortization	1,317		307		315		340		355
EBITDA (non-GAAP)	(14,661)		489		267		288		(15,705)
Separation and merger related	134		24		32		37		41
Restructuring, impairment and other	1,866		229		209		103		1,325
Inventory impairment	246		27		42		16		160
Goodwill impairment	14,773		—		—		—		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.

1

Fiscal Year 2019

Table 1. Reconciliation of Operating Income (Loss) by Segment to EBITDA

	Year Ended		Three Months Ended
(in millions)	December 31		December 31		September 30		June 30		March 31
Operating Income by Segment (GAAP)
Oilfield Services	$	917	$	235	$	274	$	233	$	176
Oilfield Equipment	55		16		14		14		12
Turbomachinery & Process Solutions	719		305		161		135		118
Digital Solutions	343		109		82		84		68
Add: Depreciation & Amortization
Oilfield Services	$	985	$	246	$	251	$	248	$	240
Oilfield Equipment	175		43		44		47		42
Turbomachinery & Process Solutions	116		30		28		28		30
Digital Solutions	103		27		25		25		26
EBITDA by Segment (non-GAAP)
Oilfield Services	$	1,902	$	481	$	525	$	480	$	415
Oilfield Equipment	230		58		58		61		54
Turbomachinery & Process Solutions	835		335		189		163		148
Digital Solutions	446		136		107		109		94

Table 2. Reconciliation of Operating Income (Loss) to EBITDA and Adjusted EBITDA

	Year Ended		Three Months Ended
(in millions)	December 31		December 31		September 30		June 30		March 31
Operating income (loss) (GAAP)	$	1,074	$	331	$	297	$	271	$	176
Depreciation & amortization	1,418		354		355		360		350
EBITDA (non-GAAP)	2,493		684		652		631		526
Separation and merger related	184		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.

2

Fiscal Year 2018

Table 1. Reconciliation of Operating Income (Loss) by Segment to EBITDA

	Year Ended		Three Months Ended
(in millions)	December 31		December 31		September 30		June 30		March 31
Operating Income by Segment (GAAP)
Oilfield Services	$	785	$	224	$	231	$	189	$	141
Oilfield Equipment	—		12		6		(12)		(6)
Turbomachinery & Process Solutions	621		257		132		113		119
Digital Solutions	390		115		106		96		73
Add: Depreciation & Amortization
Oilfield Services	$	1,003	$	235	$	239	$	268	$	260
Oilfield Equipment	173		45		43		46		39
Turbomachinery & Process Solutions	156		33		36		44		42
Digital Solutions	112		27		27		32		26
EBITDA by Segment (non-GAAP)
Oilfield Services	$	1,788	$	459	$	470	$	457	$	401
Oilfield Equipment	173		57		49		35		32
Turbomachinery & Process Solutions	777		290		168		157		161
Digital Solutions	502		142		133		128		98

Table 2. Reconciliation of Operating Income (Loss) to EBITDA and Adjusted EBITDA

	Year Ended		Three Months Ended
(in millions)	December 31		December 31		September 30		June 30		March 31
Operating income (loss) (GAAP)	$	701	$	382	$	282	$	78	$	(41)
Depreciation & amortization	1,486		352		353		392		388
EBITDA (non-GAAP)	2,186		734		635		470		347
Separation and merger related	153		41		17		50		46
Restructuring, impairment and other	433		59		66		146		162
Inventory impairment	105		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.

3