Slide 1: World Fuel Services Corporation 2016 Third Quarter Earnings Call
World Fuel Services Corporation 2016 Third Quarter Earnings Call October 27, 2016 Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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
Slide 3: Business Overview
Business Overview Michael Kasbar Chairman and Chief Executive Officer Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 4: Third Quarter Overview
Third Quarter Overview • Third quarter adjusted earnings of $45 million or $0.65 diluted earnings per share • Aviation posted record results in volume and profitability o 13% volume growth year-over-year o Corporate and general aviation continues to perform well o We will begin the phased acquisitio
Slide 5: Financial Overview
Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 6: Volume by Segment
Volume by Segment Aviation Marine Land (Gallons in millions) (Metric tons in millions) (Gallons in millions) Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 7: Consolidated Gross Profit
Consolidated Gross Profit ($ in millions) Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 8: Gross Profit by Segment
Gross Profit by Segment ($ in millions) Aviation Marine Land Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 9: Consolidated Operating Expenses (excluding bad debt provision)
Consolidated Operating Expenses (excluding bad debt provision) ($ in millions) Q4’16E: $178 – $182 Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 10: Reconciliation of Non-Recurring Items
Reconciliation of Non-Recurring Items ($ in millions) Aviation segment $ 1.7 Land segment $ 0.7 Marine segment $ 0.2 Total non-recurring items $ 2.6 Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 11: Consolidated Income From Operations
Consolidated Income From Operations ($ in millions) Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 12: Non-Operating Expense
Non-Operating Expense ($ in millions) Q4’16E: $10 – $12 Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 13: Effective Tax Rate
Effective Tax Rate Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 14: Net Income
Net Income ($ in millions) Adjusted Net Income Non-GAAP Net Income Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 15: Diluted Earnings Per Share
Diluted Earnings Per Share Adjusted EPS Non-GAAP EPS Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 16: Balance Sheet Management
Balance Sheet Management • Total accounts receivable was $2 billion at quarter end o Effectively flat with the third quarter of 2015 • Net working capital was $989 million o Net working capital increased $166 million principally due to recent acquisitions • Generated $19 million of operating cash fl
Slide 17: In Closing
In Closing • Our balance sheet continues to benefit from consistent cash flow generation and we amended our bank facilities which will significantly increase our liquidity available to invest in our business • Our diversified business model continues to serve us well as we grow market share • The ad
Slide 18: Questions & Answers
Questions & Answers Copyright © 2016 World Fuel Services Corporation. Proprietary & Confidential. All Rights Reserved.
Slide 19: Earnings Reconciliation
Earnings Reconciliation ($ in millions, except per share data) Q3 2015 Q3 2016 Revenue, as reported $ 7,810.7 $ 7,399.8 Gross profit, as reported $ 226.7 $ 236.7 Operating expenses, as reported $ 160.4 $ 178.4 Expenses related to the acquisitions and other non-recurring charges (3.0) (2.6) Operating