Slide 1: Fourth Quarter & Full Year 2021 Earnings Call
Fourth Quarter & Full Year 2021 Earnings Call Thursday, February 24, 2022 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 fourth quarter net income and EPS Adjusted FY 2021 net Adjusted EBITDA for were income and EPS were the fourth quarter and FY 2021 were Consolidated revenue for $17.6 million $86 million FY 2021 was and $56 million and $31.3 billion and $0.28 per $1.36 per share $241 mill
Slide 6: Consolidated Volume
Consolidated Volume Consolidated Consolidated Consolidated Volumes Consolidated Volumes increased 23% in Q4 increased 11% in FY 2021 vs. Q4 2020 2021 vs. FY 2020 4,336 15,982 14,369 3,529 Q4 2020 Q4 2021 FY 2020 FY 2021 (Gallons in millions) * (Gallons in millions) * * Includes gallon and gallon equ
Slide 7: Volume by Segment - Aviation
Volume by Segment Aviation Aviation Aviation Volumes increased Aviation Volumes increased 47% in Q4 2021 25% in FY 2021 vs. Q4 2020 vs. FY 2020 1,685 5,857 1,144 4,694 Q4 2020 Q4 2021 FY 2020 FY 2021 (Gallons in millions) (Gallons in millions) Copyright 2019 World Fuel Services Corporation. All Righ
Slide 8: Volume by Segment - Marine
Volume by Segment Marine Marine Marine Volumes increased Marine Volumes increased 15% in Q4 2021 6% in FY 2021 vs. Q4 2020 vs. FY 2020 4.9 4.2 18.4 17.5 Q4 2020 Q4 2021 FY 2020 FY 2021 (Metric tons in millions) (Metric tons in millions) Copyright 2019 World Fuel Services Corporation. All Rights Rese
Slide 9: Volume by Segment - Land
Volume by Segment Land Land Land Volumes increased Land Volumes increased 8% in Q4 2021 vs. 4% in FY 2021 vs. Q4 2020 FY 2020 1,369 1,272 5,063 5,254 Q4 2020 Q4 2021 FY 2020 FY 2021 (Gallons in millions) * (Gallons in millions) * * Includes gallon and gallon equivalents Copyright 2019 World Fuel Ser
Slide 10: Consolidated Gross Profit ($ in millions)
Consolidated Gross Profit ($ in millions) Consolidated Consolidated Consolidated Gross Profit Consolidated Gross Profit increased 30% in Q4 was flat in FY 2021 2021 vs. Q4 2020 vs. FY 2020 $788 $789 $215 $165 Q4 2020 Q4 2021 FY 2020 FY 2021 Reflects proforma results excluding the operating results o
Slide 11: Gross Profit by Segment - Aviation
Gross Profit by Segment ($ in millions) Aviation Aviation Aviation Gross Profit Aviation Gross Profit increased 56% in Q4 increased 12% in FY 2021 vs. Q4 2020 2021 vs. FY 2020 $110 $388 $346 $70 Q4 2020 Q4 2021 FY 2020 FY 2021 Reflects proforma results excluding the operating results of the MultiSer
Slide 12: Gross Profit by Segment - Marine
Gross Profit by Segment ($ in millions) Marine Marine Marine Gross Profit increased Marine Gross Profit decreased 33% in Q4 2021 33% in FY 2021 vs. Q4 2020 vs. FY 2020 $30 $150 $23 $100 Q4 2020 Q4 2021 FY 2020 FY 2021 Reflects proforma results excluding the operating results of the MultiService paym
Slide 13: Gross Profit by Segment - Land
Gross Profit by Segment ($ in millions) Land Land Land Gross Profit increased Land Gross Profit increased 4% in Q4 2021 vs. 3% in FY 2021 vs. Q4 2020 FY 2020 $292 $301 $72 $75 Q4 2020 Q4 2021 FY 2020 FY 2021 Reflects proforma results excluding the operating results of the MultiService payment soluti
Slide 14: Core Operating Expenses and Interest Expense
Core Operating Expenses Interest Expense ($ in millions) ($ in millions) Continued focus on expense management while activity increases Q1’22 Estimate: Q1’22 Estimate: $180 - $185 $12.5M - $13.5M $176 $11 $11 $134 Q4 2020 Q4 2021 Q1 2022E Q4 2020 Q4 2021 Q1 2022E Core Operating Expenses exclude prov
Slide 15: Consolidated Gross Profit, EBITDA and Income from Operations
Consolidated Gross Profit, EBITDA and Income from Operations ($ in millions) $788 $789 $243 $241 $215 $165 $162 $160 $45 $56 $35 $25 Q4 2020 FY 2020 Q4 2021 FY 2021 Gross Profit EBITDA Income from Operations Reflects proforma results excluding the operating results of the MultiService payment soluti
Slide 16: Financial Overview
Financial Overview We repurchased For the full year nearly we generated Our balance sheet 1 million $173 million remains strong of cash flow from shares with ample liquidity operations during the fourth quarter Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 17: Questions + Answers
Questions + Answers Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 18: Earnings Reconciliation (Three Months Ended December 31)
Earnings Reconciliation ($ in millions except per share data) For the Three Months Ended December 31, 2020 For the Three Months Ended December 31, 2021 1 As Reported Adjustments As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit $70.3 $0.1 $70.4 $109.8 $0.0 $109.8 Operating Expen
Slide 19: Earnings Reconciliation (Twelve Months Ended December 31)
Earnings Reconciliation ($ in millions except per share data) For the Twelve Months Ended December 31, 2020 For the Twelve Months Ended December 31, 2021 As Reported Adjustments1 As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit $352.9 $0.1 $353.1 $386.9 $0.8 $387.7 Operating Ex