Slide 1: Fourth Quarter & Full Year 2019 Earnings Call
Fourth Quarter & Full Year 2019 Earnings Call Thursday, February 27, 2020 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 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 4: Financial Overview
Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 5: Financial Overview
Financial Overview We delivered more than $1.1 billion of gross profit for the full year Full year adjusted EBITDA exceeded $400 million for the first time We generated $229 of cash flow from operations for the full year Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 6: Consolidated Revenue
Consolidated Revenue ($ in millions) $9,989 $39,752 $9,358 $36,819 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 7: Volume by Segment – Aviation
Volume by Segment – Aviation (gallons in millions) 2,207 8,497 2,047 8,194 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 8: Volume by Segment – Marine
Volume by Segment – Marine (metric tons in millions) 6.1 23.7 20.9 5.1 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 9: Volume by Segment – Land
Volume by Segment – Land (gallons and gallon equivalents in millions) 1,424 5,592 5,450 1,356 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 10: Total Consolidated Volume
Total Consolidated Volume (gallons and gallon equivalents in millions) 5,011 4,972 20,047 19,466 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 11: Consolidated Adjusted Gross Profit
Consolidated Adjusted Gross Profit ($ in millions) $287 $265 Q4 2018 Q4 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 12: Adjusted Gross Profit by Segment – Aviation
Adjusted Gross Profit by Segment – Aviation ($ in millions) $140 $552 $130 $508 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 13: Adjusted Gross Profit by Segment – Marine
Adjusted Gross Profit by Segment – Marine ($ in millions) $57 $182 $44 $148 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 14: Adjusted Gross Profit by Segment – Land
Adjusted Gross Profit by Segment – Land ($ in millions) $91 $379 $90 $366 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 15: Consolidated Adjusted Gross Profit
Consolidated Adjusted Gross Profit ($ in millions) $1,112 $1,023 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 16: Consolidated Adjusted Operating Expenses (excluding bad debt provision)
Consolidated Adjusted Operating Expenses (excluding bad debt provision) ($ in millions) Q1’20 Estimate: $205 $191 - $195 $195 $179 Q4 2018 Q3 2019 Q4 2019 Q1 2020E Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 17: Consolidated Adjusted Income From Operations
Consolidated Adjusted Income From Operations ($ in millions) $75 $322 $68 $279 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 18: Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA ($ in millions) $409 $99 $91 $361 Q4 2018 Q4 2019 FY 2018 FY 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
Slide 19: Interest Expense
Interest Expense ($ in millions) Q1’20 Estimate: $19.7 $16 - $19 $16.7 Q4 2018 Q4 2019 Q1 2020E Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 20: Adjusted Effective Tax Rate
Adjusted Effective Tax Rate FY’20 Estimate: < 30% 29.7% 1.5% Q4 2018 Q4 2019 FY 2020E Copyright 2018 World Fuel Services Corporation. All Rights Reserved. 5
Slide 21: Balance Sheet Management
Balance Sheet Management Total Accounts Receivable $2.9 Billion at quarter end Solid Operating Cash Flow Generation $60 million generated in the fourth quarter $229 million generated for the full year Return to Shareholders $65 million common stock buybacks during 2019 67% increase in quarterly divi
Slide 22: Financial Overview
Financial Overview • Adjusted EBITDA exceeded $400 million for the first time • We continue to drive improvements in operating leverage • Marine business delivered strong results for 2019 • Remain focused on strategy to deliver long-term growth • We further strengthened our liquidity profile and bal
Slide 23: Questions + Answers
Questions + Answers Copyright 2018 World Fuel Services Corporation. All Rights Reserved.