Slide 1: First Quarter 2023 Earnings Call
First Quarter 2023 Earnings Call Thursday, April 27, 2023 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: Financial Overview
Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright 2022 World Fuel Services Corporation. All Rights Reserved. 4
Slide 5: Financial Overview
Financial Overview Adjusted net income Consolidated volume and earnings per share was Consolidated revenue was 4.5 billion Adjusted EBITDA was $23 were $87 million up million and $12.5 billion gallons or gallon equivalents 16% year-over-year $0.36 per flat year-over-year share, respectively Copyrigh
Slide 6: Volume by Segment
Volume by Segment Aviation Land Marine Aviation Volumes increased Land Volumes decreased Marine Volumes decreased 7% in Q1 2023 vs. 1% in Q1 2023 vs. 9% in Q1 2023 vs. Q1 2022 Q1 2022 Q1 2022 1,777 1,583 1,565 1,655 4.7 4.3 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 (Gallons in millions) (Gallo
Slide 7: Gross Profit by Segment
Gross Profit by Segment ($ in millions) Aviation Land Marine Aviation Gross Profit increased Land Gross Profit decreased Marine Gross Profit increased 57% in Q1 2023 8% in Q1 2023 vs. 11% in Q1 2023 vs. Q1 2022 Q1 2022 vs. Q1 2022 $101 $120 $110 $64 $47 $52 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1
Slide 8: Total Operating Expenses and Adjusted EBITDA
Total Operating Expenses Adjusted EBITDA ($ in millions) ($ in millions) Q2’23 Estimate: $204 - $208 $202 $198 $392 $252 $87 $75 Q4 2022 Q1 2023 Q2 2023E Q1 2022 Q1 2023 TTM Q1 TTM Q1 2022 2023 Copyright 2022 World Fuel Services Corporation. All Rights Reserved. 8
Slide 9: Interest Expense and Effective Tax Rate
Interest Expense ($ in millions) Effective Tax Rate $36 $34 20% 16% Q4 2022 Q1 2023 Q2 2023E Q1 2022 Q1 2023 Copyright 2023 World Fuel Services Corporation. All Rights Reserved. 9
Slide 10: Quarterly Highlights
Quarterly Highlights Strong aviation segment Marine outperformed results in traditionally historical averages with weakest quarter for air very strong operating travel margins Land North America We have expanded our negatively impacted by Focus on operating Corporate Development extreme weather offs
Slide 11: Questions + Answers
Questions + Answers Copyright 2022 World Fuel Services Corporation. All Rights Reserved. 11
Slide 12: Earnings Reconciliation
Earnings Reconciliation ($ in millions except per share data) For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2023 1 As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Aviation Gross Profit $64.2 $0.0 $64.2 $100.6 $0.0 $100.6 Operating Expenses 56.