World Kinect Corporation · NYSE:WKC
World Kinect — Q1 2022 Earnings Presentation
13 slides from World Kinect's earnings presentation, Apr 28, 2022
Slide 1: First Quarter 2022 Earnings Call
First Quarter 2022 Earnings Call Thursday, April 28, 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. 2
Slide 4: Financial Overview
Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 3
Slide 5: Financial Overview
Financial Overview Consolidated revenue Consolidated volume Adjusted net income was was and earnings per share $12.5 billion 4.5 billion $26.8 were Adjusted EBITDA was up 25% sequentially gallons or gallon million and $75 million up equivalents and more than $0.42 per 23% year-over-year 100% year-ov
Slide 6: Volume by Segment
Volume by Segment Aviation Marine Land Aviation Volumes increased Marine Volumes increased Land Volumes increased 45% in Q1 2022 11% in Q1 2022 22% in Q1 2022 vs. Q1 2021 vs. Q1 2021 vs. Q1 2021 1,685 1,655 4.9 4.7 1,583 4.2 1,369 1,303 1,143 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q
Slide 7: Consolidated Volume
Consolidated Volume Consolidated Consolidated Volume increased 3% sequentially and 26% year-over-year 4,336 4,476 3,564 Q1 2021 Q4 2021 Q1 2022 (Gallons in millions) * * Includes gallon and gallon equivalents Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
Slide 8: Gross Profit by Segment ($ in millions)
Gross Profit by Segment ($ in millions) Aviation Marine Land Aviation Gross Profit Marine Gross Profit increased Land Gross Profit increased decreased 16% in Q1 85% in Q1 2022 34% in Q1 2022 2022 vs. Q1 2021 vs. Q1 2021 vs. Q1 2021 $120 $110 $89 $75 $77 $64 $47 $30 $25 Q1 2021 Q4 2021 Q1 2022 Q1 202
Slide 9: Core Operating Expenses Interest Expense
Core Operating Expenses Interest Expense ($ in millions) ($ in millions) Continued focus on expense management while activity increases Q2’22 Estimate: Q2’22 Estimate: $185 - $190 $15.5M - $16.5M $187 $14 $146 $9 Q1 2021 Q1 2022 Q2 2022E Q1 2021 Q1 2022 Q2 2022E Core Operating Expenses exclude provi
Slide 10: Consolidated Gross Profit, EBITDA and Income from Operations
Consolidated Gross Profit, EBITDA and Income from Operations ($ in millions) $231 $215 $192 $75 $61 $55 $42 $35 $42 Q1 2021 Q4 2021 Q1 2022 Gross Profit EBITDA Income from Operations Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 7
Slide 11: Financial Overview
Financial Overview Amended bank facility to Mitigated working capital $2 billion and Repurchased 500 impact of higher fuel prices by maintaining near extended maturity to thousand shares record low net trade cycle of common stock 2027 Copyright 2019 World Fuel Services Corporation. All Rights Reserv
Slide 12: Questions + Answers
Questions + Answers Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
Slide 13: Earnings Reconciliation ($ in millions except per share data)
Earnings Reconciliation ($ in millions except per share data) For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2022 1 As Reported Adjustments As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit $76.7 $0.0 $76.7 $64.2 $0.0 $64.2 Operating Expenses 53.7