World Kinect Corporation · NYSE:WKC
World Kinect — World Fuel Services — Q1 2021 Earnings Presentation
15 slides from World Kinect's earnings presentation, Apr 29, 2021
Slide 1: First Quarter 2021 Earnings Call
First Quarter 2021 Earnings Call Thursday, April 29, 2021 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 2: Caution Concerning Forward Looking Statements
Caution Concerning Forward Looking Statements Certain statements made today, including comments about World Fuel's expectations regarding future plans, performance and acquisitions are forward-looking statements that are subject to a range of uncertainties and risks that could cause World Fuel's act
Slide 3: Business Overview
Business Overview Michael Kasbar Chairman and Chief Executive Officer Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 4: Financial Overview
Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 5: Financial Overview
Financial Overview ❑ Adjusted first quarter net income and earnings per share were $21 million or $0.33 per share ❑ Adjusted first quarter EBITDA was $62 million ❑ We generated $103 million of operating cash flow in the first quarter and increased our net cash position to $212 million Copyright 2019
Slide 6: Volume by Segment
Volume by Segment 1,845 4.9 1,381 1,272 1,303 4.2 4.2 1,144 1,143 Q1 2020 Q4 2020 Q1 2021 Q1 2020 Q4 2020 Q1 2021 Q1 2020 Q4 2020 Q1 2021 Aviation Marine Land (Gallons in millions) (Metric tons in millions) (Gallons in millions) * * Includes gallon and gallon equivalents Copyright 2019 World Fuel Se
Slide 7: Consolidated Gross Profit
Consolidated Gross Profit ($ in millions) $234 $192 $165 Q1 2020 Q4 2020 Q1 2021 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 8: Gross Profit by Segment
Gross Profit by Segment ($ in millions) $90 $77 $70 $85 $89 $72 $59 $23 $25 Q1 2020 Q4 2020 Q1 2021 Q1 2020 Q4 2020 Q1 2021 Q1 2020 Q4 2020 Q1 2021 Aviation Marine Land Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
Slide 9: Consolidated Operating Expenses (excluding bad debt provision)
Consolidated Operating Expenses (excluding bad debt provision) ($ in millions) $157 Q2’21 Estimate: $144 - $148 $146 Q1 2020 Q1 2021 Q2 2021E Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
Slide 10: Consolidated Income From Operations
Consolidated Income From Operations ($ in millions) $67 $42 $25 Q1 2020 Q4 2020 Q1 2021 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 11: Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA ($ in millions) $87 $62 $45 Q1 2020 Q4 2020 Q1 2021 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 12: Interest Expense
Interest Expense ($ in millions) $15.4 Q2’21 Estimate: $9M - $10M $8.7 Q1 2020 Q1 2021 Q2 2021E Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
Slide 13: Financial Overview
Financial Overview • Total Accounts Receivable balance was $1.7 billion • We generated $103 million of cash flow from operations • Strong balance sheet includes $735 million of cash at quarter end • Increased quarterly dividend by 20% enhancing shareholder value Copyright 2019 World Fuel Services Co
Slide 14: Questions + Answers
Questions + Answers Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 15: Earnings Reconciliation
Earnings Reconciliation ($ in millions except per share data) For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2021 1 As Reported Adjustments As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit $93.2 $0.0 $93.2 $76.7 $0.0 $76.7 Operating Expenses 64.1