Slide 1: Third Quarter 2022 Earnings Call
Third Quarter 2022 Earnings Call Thursday, October 27, 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 2022 World Fuel Services Corporation. All Rights Reserved. 3
Slide 4: myWorld Tankering
myWorld Tankering A fast, precise fuel tankering calculator to help flight operators minimize overall fuel costs. ✓ Minimizes overall fuel cost on multi-leg trips ✓ Saves time with calculations in seconds for up to six locations ✓ Detailed savings report and clear direction on where to uplift so fli
Slide 5: Financial Overview
Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright 2022 World Fuel Services Corporation. All Rights Reserved. 5
Slide 6: Financial Overview
Financial Overview Consolidated volume Adjusted net income Consolidated revenue was and earnings per share Adjusted EBITDA was was 4.6 billion $41.8 were $123 million $15.7 billion gallons or gallon million and bringing YTD revenue to equivalents up 92% year-over- $45 billion up 10% year-over- $0.67
Slide 7: Volume by Segment
Volume by Segment Aviation Marine Land Aviation Volumes increased Marine Volumes increased Land Volumes increased 11% in Q3 2022 1% in Q3 2022 vs. 17% in Q3 2022 vs. Q3 2021 Q3 2021 vs. Q3 2021 1,840 1,656 1,515 4.8 4.8 1,294 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 (Gallons in millions) (Met
Slide 8: Gross Profit by Segment
Gross Profit by Segment ($ in millions) Aviation Marine Land Aviation Gross Profit increased Marine Gross Profit increased Land Gross Profit increased 15% in Q3 2022 242% in Q3 2022 88% in Q3 2022 vs. Q3 2021 vs. Q3 2021 vs. Q3 2021 $130 $113 $118 $75 $63 $22 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021
Slide 9: Core Operating Expenses and Adjusted EBITDA
Core Operating Expenses Adjusted EBITDA ($ in millions) ($ in millions) Record quarterly EBITDA performance Q4’22 Estimate: $221 $198 - $204 $329 $197 $221 $123 $64 Q2 2022 Q3 2022 Q4 2022E Q3 2021 Q3 2022 TTM 2021 TTM 2022 Core Operating Expenses exclude provision for bad debt Copyright 2022 World
Slide 10: Financial Overview
Financial Overview Generated cash flow from Net debt less than Increased quarterly operations of $430 million further dividend by 17% to $259 million improving liquidity profile $0.14 per share Copyright 2022 World Fuel Services Corporation. All Rights Reserved. 10
Slide 11: Questions + Answers
Questions + Answers Copyright 2022 World Fuel Services Corporation. All Rights Reserved. 11
Slide 12: Earnings Reconciliation ($ in millions except per share data)
Earnings Reconciliation ($ in millions except per share data) For the Three Months Ended September 30, 2021 For the Three Months Ended September 30, 2022 1 As Reported Adjustments As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit $113.0 $0.0 $113.0 $129.6 $0.0 $129.6 Operating E
Slide 13: Earnings Reconciliation ($ in millions except per share data)
Earnings Reconciliation ($ in millions except per share data) For the Nine Months Ended September 30, 2021 For the Nine Months Ended September 30, 2022 1 As Reported Adjustments As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit $277.1 $0.8 $277.9 $246.6 $0.0 $246.6 Operating Exp