INT - Earnings call transcript Q3 2021 | World Kinect Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services Third Quarter 2021 Earnings Conference Call. My name is Andrew, and I will be coordinating the call this evening. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Glenn Klevitz, World Fuel's Vice President, Treasurer and Investor Relations. Mr. your begin may you conference. Klevitz,

Glenn Klevitz

be Good Thank call President the are available webcast webcasts, and our now, the icon. the I'm live World Financial and on via received Services Chairman I'll to earnings the of slide future on presentation. is all To With Chief everyone, Fuel you, Michael Officer. website. a Glenn website have and evening's on Services also alongside and access our and call. webcast. Andrew. on or World conference release third welcome our earnings Kasbar, access please release. click introductions Ira the webcast us call evening, Birns, and By today visit quarter Executive call not, Officer; If can the copy doing This Fuel should Klevitz, this Executive you XXXX Vice Chief this you

most harbor World financial started, get expectations plans we Before cause A Form could materially Regulation forward-looking forward-looking reconciliation differ about found to actual Fuel's the measures any and and of events. is forward-looking its the recent these projections financial or non-GAAP World these measures statements factors can release as these subject from from release differ in new a uncertainties performance GAAP be included their most defined including statements information. fuel regarding financial range This safe non-GAAP certain I'd risks no revise results assumes directly statements and Fuel's future World includes to are press in to Fuel's review made cause found today, filed could to G. are comparable A description Fuel's in measures to on of publicly that World risk also comments website. light future that reports World Fuel's World or of the to of with of materially obligation that results results other statement. be Securities like presentation Certain can and in and Commission. Exchange information XX-K the to revisions

We a of minutes which followed period. several question-and-answer begin prepared will then by be will with remarks,

calls, investors conference and our Executive Chairman the in of listen-only line prior members introduce At Chief the I to with media ask Michael individual we would that Officer, on As mode. Kasbar. this time, private like and participate

Michael Kasbar

this phone We stay trends primarily you our news in contribute business aviation Europe and doing segment, where you, restrictions hope Thank about witnessed quarter, evening travel announced, regarding some than news the our we're climbing in led And to financial everyone review. obviously and domestically increase More Ira healthy. continued of increased good we commercial XX% have density and I all U.S. activity Glenn. listening both to U.S. business, the pre our safe our Energy about platform some internationally, the and just acquire third easing levels. as Flyers the encouraging that in ideal scale which to Overall, later. passenger to activity with activity And Asia. the pandemic and addition are to its the exciting in performed agreement very more will cover after industrial and of have this Group I significantly we well evening to land Flyers continuing an while will and that to Ira's webcast. talk to exciting the is on on well, to definitive commercial

conditions generated the remain third challenging from business seasonal have continue comprehensive have did years. the quarter make Marine, strides we We in and by that the benefit our compounded expanding we offering. In aviation not to certain service fact network in in market prior

certain the in monthly. activity improvement cruise seeing to sector, sailing with as such continues more However, where we've ships recover markets begun

remaining recently also on in ability And to demonstrating West the of product lastly, U.S. build large provide service stronger agreement gas continuing our for offset supply a land evolving marine power our sustainability on and a operator, to focused a we Kinect Coast, business. LNG our term energy the are our by segment Including a foundation We fuels. cruise solutions by throughout demands and offerings laser bunkers meeting enhancing cleaner concluded broader range of multiyear core carbon our customers developing world. the World facilitated program and and recently a

inorganic World now In addition turn global our market review. effectively to commercial activities to in customer transition. the include focus for base to help continuing invest North also energy will fuels growing over base to financial call navigate his in Kinect Ira and America, I ground will the industrial the our

Ira Birns

Thank you, Mike.

and items Before that third last in the of These of netting our operating through assist items, to non-operational $X today's the in note was our found be website our results published to breakdown reconciling quarter earnings of slide multi-service results, XXXX please I exclude end quarter. quarter will the only of earnings you on comparisons at of the following webcast. To restructuring last the can on sold this and results items adjustments release. walk divestiture are exclude related figures non-operational release. third the impact of expenses. Also quarter, which The year's relate that principally highlighted acquisition, the million third

across EBITDA segments, income EPS per continue With third million continue into million get net highlights. our consolidated our to detail. flow, our such period. volume to third $XXX $X.XX greater of I'm volume $X.X the We $XX XX% positive from and net operating XXth quarter, quarter to X% and during and was and flow quarter markets financial of quarter Adjusted approximately cash generated and of let's cash was were positive respectively. operations quarter to $XX $XX third recover. now consecutive up with million, year-over-year. position Now our as billion million. the This sequentially third financial share, totaling business quarter for third in Adjusted results contributing improve all And cash going continue over

billion was in million We from increases quarter from the quarter air summer core X% recovery growth X% by to quarter, the of sequentially, tons, driven during was an The economic and seasonality. for operations. provided was call and marine increase in and volume. of X.X metric quarter We an general resale both activity resulted So experienced and in general X.X compared traditional in the increase segment prices as increase we activity XXXX. business aviation jump head the forecast third the experienced year-over-year third Aviation second increases chain XX% and year-over-year. third volume recovery gallons into sequentially passenger volume let's segments increases the certain higher as sequentially with quarter increase XX% ports. of on Volume of consistent the travel, our back both see Marine XXXX. volume third commercial in we some the economic to supply may although benefit in our sequential in disruption bottlenecks and the at well possibly from fuel continuing year-over-year the should marine and recovery, ongoing an

volume operations. spend $XXX rebound management driven but our gallon aviation volume And growth X.X post X.X land third continues the million, the sustainability was activity. flat demand increasing in billion quarter. by or an XX% business year-over-year the an American much or increase practically X% third an Connect retail sequentially, driven for to significant volume across quarter our year-over-year. Our The for energy was during of was solid and of quarter an segment increase by gallon sequentially, increase the billion commercial equivalents offerings. X% year-over-year, industrial of Consolidated it increase year-over-year North gross X% of year-over-year. gallons That's gallons and for X% and and Consolidated profit equivalents, sequentially third

Our XX% in in aviation contributed segment up That's XX% quarter. gross sequentially third million year-over-year. and $XXX the profit

to as all quarter. year-over-year of in the increase where continued rebound Afghanistan, already generally gross sees you know the related by profit activity troop government noted, a previously in activity final withdrawal related offset in during third partially the the activity, reduction in core As part the

job did past an in XX the Our team over Afghanistan amazing years.

forever Most McRobbie to our valuable until out employees at of the end, Kabul region will the it Derek made who very and of and for his airport. it team business. dedication contribution the safely. evacuation missions the be grateful we supporting stuck All ground our particularly And out their on

ahead the look to to profit we the we fourth seasonal traditional and expect the As by activity aviation gross activity driven Afghanistan. quarter, sequentially, in in principally conclusion of decline decrease

on in continued of margins Despite XX% profit gross increase some X% increases segment volume we the continued pressure, competitive from past. as The profit declined loss a in million, in core volume third in generated we both However, the a gross business benefited year-over-year. year-over-year year by in sequentially Marine down result in gross and seasonal lower basis. over our $XX year marine, quarter driven and of of had business the profit market expect

As marketing improving our increase ahead we conditions marine business. fourth in year-over-year, signs to of sequentially the we look modestly expect both to profit by gross driven quarter, some core and

margins our year-over-year current last from commercial $XX profit when disruptions, due transportation of increased driven multi-service Our sequentially, which X% and business year's decline supply seasonal land in and principally America, in activity chain North costs. quarter, by of eroded the million profits year-over-year temporarily core a gross in decline from industrial segment We delivered third a had decline to excluding gross XX% the results. experienced of

decline Europe, We activity a strengthening. business result as in the related These government related in again, American by conclusion where the were of markets year-over-year increases North in of also power have activity retail Afghanistan. been experienced from and offset activity a declines

Looking fourth increase were activity related UK. debt which gross seasonal third quarter. Core million bad principally the the in quarter, expense exclude profit expenses, land operating ahead we will to $XXX to in the anticipate

X% third million million cash adjusted slightly last just year's about adjusted and be third expect and the debt $XXX $XX end we to the prices quarter be quarter to in under be losses volume, for that's the of compared the quarter. same. $XXX of $XX manage expenses, EBITDA XXth in our resulting million. range elevated position sheet, near rising was to expense the expect was quarter expense of million during front our effective we receivables bad the Despite After third positive to the a the but quarter zero well, is during of Interest the XX%. our $XX total million in flat excluding effective fourth the quarter, flow. pandemic, quarter. down at debt million of $XXX million, ahead generated continue in Looking Again, end, to should tax in we third million. year-over-year cash quarter, we bad cash core third range same expense consecutive our rate portfolio $XXX cash net $XX exceptionally quarter, the quarter that expense experiencing of effectively operating operating fourth rate to the million. $XX in with broad of balance fourth interest to which up nearly strengthen And tax of and And This about third was operating flow quarter further a position sequentially,

XXX,XXX dividends. the We additional demonstrating shares continued also drive common of both shareholder stock value to quarter, during and our commitment through repurchase our buybacks

landing to all as strong acquisition, environment, the opportunities will also evolving discussion. growth business rapidly cash inorganic the to three call continued sharply million. about on going discussion world quarter, the We opportunities Aviation's Flyers organic nearly customers continues. segments across for Mike to and let's acquisition a introduce around sum and move the flow price quarter. operating well we Before in And to of growth ahead. to rising economic our contributed us up our $XXX the us we contributing position a turn now but we're needs generated continuing back Energy Flyers Flyers see for recovery strong of cash recovery the of support the changing The acquisition, to and throughout world. that the excited Setting is opportunities up additional I'm growth

Michael Kasbar

Thanks, Ira.

investing agreement activity, business North we've in been and we land we've been in we will natural core increasingly business growing our were Flyers today's that America, activities. to in significant platform. platform. significant our repeating this very our power focused as and now, are we direction. density the gas our This relevant definitive announcement sustainability land With acquire sharpening and industrial strategically portfolio on as non-core commercial acquisition a And step of taking of add scale American time shedding indicated of for Energy, to and well As some North signing a

the to turning many very now about transaction years And position think We’re in that come. it. company a for growth the that excited we us greater it's for point will watershed review Ira will for detail.

Ira Birns

Mike. again, Thanks

operated and and growing XX-hour Dwelle fleets, national days for bunch successfully Flyers in forecasted of price As Flyers of purchase than are by with paid to our to conditions, be approximately days, margins, million, in cash The million revolving transaction cash acquisition, will the million be for sites, to look fleet which are per as and earnings be equity network. which regulatory of on drawn Auburn, million, to commercial $XXX customers, to million to at retail XXX Cardlocks Again, equal XX,XXX Flyers, and of had The the model a sites, be accretive dollar expected acquisition our very XX $X.X Flyers World such stable upfront sized will gross to close business outlined of significantly closing amount including two flow within and gallons, and trucking cash up press additional September, decades, fuels, providing approximately We commercial which the at industrial has volume and to installments price million loyal paid and under respectively. distributes base. $XX customary renewable There is XX diesel, are to their in share is network portion XXXX low year. sites million $XX and really Fuel. spanning first although small expected California, to effectively lubricants we fueling to of option. on will hand. of is national in based consisting customer a unmanned people. with at by closing. a cardlock Estimated great with the XXX per the $XXX the the million is remainder approval. forward revenue with paid closing been XXX of XXX more and cash, of principally cash gasoline states. will and anniversaries experienced upon which XXXX family XX could subject paid an and medium billion be purchase a team remaining part of The be Flyers third-party our cost operated be and release talented profit the $XXX $XXX in the for fuel $XXX serving ratable access commercial credit operates facility. end are second welcoming

network largest While nationwide. diesel their locations lubricants Flyers segment, distribution retail their more cardlock is will small than expand operates also operation retail also business. And which a clearly wholesale operate business, to the World they a XXXX Fuel and

have portfolio sharpening we strategically land segment. our activities we have focused been time, over stated our on repeatedly of on As

total and activity, XX% of our core back land Just pandemic. commercial, power the activities our less upscale two before the years ago, XXXX, of start than land gas being without These and sustainability activities. before segment was began, represented our in the fragmented, business gross significant activities. That in North pandemic American combined our retail growing profit industrial and

can we our run purchase profit, already fast distribution new and to rate these XX% our operating cardlock Flyers greater platform several American diesel commercial The represent expand greater to core growing than will you synergies renewable transaction, more our renewable whom will fuels, closing to support look locations, customers, continue will the fuels customers also global combined industrial business and carbon lower and to scale, options driving leverage. networks. overall forward at XX,XXX of North renewable across this we to If with and will distributes percentage franchise a land land represent upon than more activities transaction of gross our

provide to scale, above in strengthen drive brings this with land platform, contribution. join significantly growth will our segments seasoned networks, management poised a experience, and returns a will and driving in Again with and management best-in-class value the overall land model stable, industry The will national accretive transaction American opportunity expanding significant California, American transaction market. will Speaking with will land of cost density team and our average The carbon our platform. also and us a improves a be growing truly North our a expand reasonable with land in us significantly is risk business. returns Nevada, Midwest. and low The also to strengthen low in business we provide which shareholder North transaction our customers heighten enhance Rockies which significantly transaction our our and which participate our growing low network, will Flyers operating our business, team of combined portfolio to renewables cardlock Arizona to is a the ratable further density

that the investment also believe a our strategic operating remains even opportunities, which improve forecast. to our in we to always also been understand. easiest road. substantial will down a additional the especially efficiency Flyers results. drive of there company further making also profitability to results is business, of adding of ratability land strong tax consolidated in the And drive global overall our and our this growth We our business, pipeline has efficiencies This step in can by true understand the transaction U.S. know easier which change will

step Now more contributing improving forward very our will significantly share be and term earnings cash in to fewer per and there longer exciting ratability flow. growth margins, parts A and moving important journey.

of complete us gas North sustainability global on transaction and generated core largely to cash business, post principally history balance to for Andrew, as the exciting more us XXXX up as in support well cash questions strong years, past be over indeed and a experience from the acquisition sale power substantial we’ll global of of with with multi-service liquid operator in company, value providing to allows driving the last land team will hand, our and turn this leaving with and you, three year, to business acquisition and professionals, to now our sheet our open the generated combined flow investments to have Thank to over a nearly cash this greater again. the activities, shareholders. American four our the organic the largest growth, further our call Thanks While answers. we

Operator

[Operator from line comes Instructions]. Stifel. Nolan the question with And our Ben of first

Ben Nolan

But… my do over in Ken I'll to probably turn it and more thanks. then Yes, back I'll I'll and be so. three for

Ira Birns

that. go we'd whatever could three. on to so you free Ben, relevant, that. Feel happy answer be think beyond joining and is you Participants yes, us,

Ben Nolan

All enough. Fair right. Okay. Thanks, Ira.

net start think So obviously, you the falls big for guys. it effect I should the profit, the million? looks of of are about million am the line how pretty we'll how to spread we with acquisition, you like thinking a gross that $XXX deal price. million $XXX this of The sort relative normally we of What's relative good to much multiple curious the for how $XXX of acquisition that -- bottom World think the net sort of maybe Fuel? of to

Ira Birns

Sure.

EBITDA, So or you're or for both? looking EPS

Ben Nolan

to going to no Ira. anything, say not I'm

Ira Birns

certainly our first we’ll You're today, customer will.

I of be EBITDA because be have by as more of in we I year at range or little to expect solid two. way, significantly to would the I And outperforming months, bit deal, accretion XX% of believe fairly the accretive $XX the XXXX. the least grow includes XX say beyond somewhere is in the to transaction at earnings, in I accretion to to $X.XX this should related as easily well say a in mentioned depreciation. I think that, that. least at a so, we as million a should XX% which $X.XX shot look, So dose earlier, amortization healthy translates to first that

should return year a first possibly little cash XX%, higher. to The be close cash on

invested that'll should what’s one that's on a even we've been profile, is it very accretive Flyers a a profile cash has done to strong And Fuel pretty flow bit -- got they've very capital, World which the strong recently. subpar So our to been contribute handsomely so return side, thing on well. be

well, as into improve it So going should year. that next help

So I think that. of

Ben Nolan

perfect. Okay, that’s good,

mentioned about this I much Just are in baking little that, also, tax of that suppose I then accretion and could. EBITDA that, How position. specifically When down well, help thinking a net And EBITDA. the to should you you synergies income, drill of on that if sort bit into way that? your

a there any, is is a sort lower much the -- base? here is that tax So function accretion you're about of how talking of of

Ira Birns

question But well. question. the second as smart, Great very

So, that. I'll start with

tax fact the we've with of this all really United issues you remember you've impacts had this haven't And enough went used reform years up been and our in income that rate to past few driven the for that quarter with mid-XXs. we tax rate been law, the And big change under teens generator in $XX. of was the One in us the the is that States. long up the be then may tax is, was to our now,

million So is rate couple, we're our be that effective a is on positive $X rate, there’s of this to to income which additional the achieving in significant level $X let's so a would core for be of U.S. way tax estimate. here global the high that the profitability, amount maybe going impact U.S. very million what of tax top put

relates $X.XX of So say, maybe a accretion to that. the $X.XX share

In they're well. used knows that's plus software, really companies business his today I've to terms think diligence life. And their XXX CFO, on a always industry be and good I Flyers, my first CEO Look, synergies on your done all very in to the question. their They operate well, numbers of going progression, operates standard different.

how impressive was guys pretty organized those it So are. to see well

impact our built synergy So is they're to we're $X.XX on means a country. some on together, going benefit forecast accretion in just were that only maybe their buy little than of $X.XX, But the the there's share. conservative, literally, half early synergies drive teams better supply And which cost a that should of innings, platform, the better and on side. than us, our eastern Coast, synergies bit we buy from into West changes dollars on the rash we on the assumptions a of and savings, putting few of they not them making any operating initially, some the very continue XXXX in million

Ben Nolan

perfect. Okay,

Michael Kasbar

obvious, only I it, add coverage. national but the the and density scale to not, really it's maybe but think thing perhaps importance I of to want and

presence our both focus and So, that certainly businesses is other we critical. the from, know the

powerful So the to in this then, execute. the are most able focus, really is perfect our combination, business fit. the ability word course, focus And we sharpening with it's of it's addition, got probably being a to we've

we're excited going today, in terms disruptions, the you've driver management to in And course, addition issues, had on the of really labor of team. chain So about the it, got you lot supply have a you've issues. freight world,

a supply, I with, basically of some they resiliency more than I'm So thinking spending time about said, is the intended. I ever from really critical listen, that issue, energy of CEOs talked

the the us addition resiliency. outages the respond be able to different gives ability ability footprint, to of and of various distribute regionalization. distribution now workforce, locations, to pull tremendous our So, the assets the of our from the to localization, And

buy the molecule that's sell mean, the quality of it, in. ability the business Really, distribute I to agnostic someone's to someone's is with our So, the the got to really control. got electron. we're and operational or you've to side to we're deal it, the it, honestly, got underwrite, capability

advisory, journey is. actually that to lower with business of terms then left So with getting from are them dealing Kinect World less, And carbon the giving base, deploying larger need we carbon negative procurement, renewables better, what overs. you carbon course, of all buying with everywhere. understand emissions, coming reducing zero them do offsets and customer And on whatever buying a our consumptions, and is of their in know, renewables baselining,

we're He pulled get of to of I So he a it. XX-foot I on and five XXX you been and putt three this side birdie so par golf really coming know Ira long it. on a but yards a do for lot give it, about a Ira. don't time excited may have the out It's and credit iron a synergy

Ira Birns

we I’m with impressive. golfing Nolan? can Mr. to are now those that What if going else to going you be steps help start

Ben Nolan

related Actually Mike. what about just Alright. were there, you to talking

We are shortages. are talking driver you labor look, certainly are everywhere. people shortages seeing That about

sort don't bottlenecks. And the your was one know quarter looking next you're year, is last. we connecting that? But mentioned out how how You relatively network? in into your chain it's this already it potential and business, of the supply about inflation? to you long should and curious, into was challenges business going struggling land as Are of is especially, how, of fourth the how big low dots to challenge a we margin the labor a for own for think find I'm

Michael Kasbar

what and system. an the done talent We've or through team emergency. certainly the working operations responded our their inflationary them been We way phenomenal have a has The that really teams of team pretty and aggressive way job temporary in to Was fortunate, there today our terms was ECB being was a physical will collectively, really its be system. through it pressures. believe work that will done good true and job

a giving company. They not drivers career, the are it's So the job. a face of

your into So But will scale system certainly, that in part and better the a have think far that that an way of we're I comment. personally probably sort with work of a they critical its to point. over regain like should of QX. margin our believe I question, answer it some Group, impact, think to I through And it the COGs. Ira Flyers at spill and I become make will our we But are would matters. business. now part know shape perhaps

Ira Birns

or and in quarter. affected which couple that us million cost results another today. Yes, lands Yes, just talking about probably third the so sorry

to a our think done get it's has they I great that team job on better. managing believe going that

lower today. should capacity at QX. be impact the of So in driver We're XX%

bit a to their on guys jobs. doing more, had the we've the pay road we So but got

QX. smaller than had it in that QX. QX well, in of an managing it and impact through that in should think we're bit be was So I impact But a

Ben Nolan

huge And, over, especially natural moment then in and at in but differentials in me, all turn but, that. thanks They're that. chaos world, sorts area with should to it like in for things is the and general, about but just Fuel think lastly, as either energy Okay, this how a and of another prices or we should for the how I'll a appreciate perfect. that the for From about think but places around obviously gas, that of I five tailwind headwind seeing can for categories. energy time we're different sort questions, swings curious function you time, guys. of be on prices wild we World of the impact all I'm a is of

Ira Birns

So, a question. good

test company, our sell If you out of upside at brilliantly. job the billions a receivables, predicts sheet, sheet. And cruise it with we stronger team one dollars fuel and the our pandemic, companies of the balance ultimate hedges and came through look airlines balance and jet performed came of number crazy we to we what down stress of was

team, such our option. is has team So our failure financial of really the culture that the is an risk organization not

prices you be those thrive with and look We it, when honest you our Europe, at on you the of have stresses, sort to to gas we polar you. in So performs. had it, vortex team respond

that's day, at business the essentially the clients. are end risk management our So, managing we we're and what we of risk do. And a for

you to for you've that. had and itself we It's get are mismatch us shut out and will those for to demand an supply getting out. basically that building supply smooth as paid in, straighten decompresses, a opportunity disruption, So clients, do issues help our or

value that's add. of pay generally we but our it, part a sometimes, price for So speaking,

a model. our not thing for bad it's So business

enough know gives I you if color. So don't that

Ben Nolan

very certainly sort helpful. not more appreciate ethereal. I sound it's least. question binary problem It's of a was a And it doesn't like But it that’s No, I'm right.

Michael Kasbar

generated that, And of Ben look significantly, at we you $XX up million one are cash still on operating and prices QX flow. pretty thing last

we smart, but using in any to well, so that, able that I or always done environment lot we've, a good by we've rising be smarter. learned and in may weren't just think I to think there. so a a impact that more be these job actually particular in capital, It ways being or of better working ourselves price manage cases many we we sharply we rising do cash. possible But impressed environments, not we've environment, found to -- better So always significant in ways types metric to a and

the focused So that's that puzzle we're that just of always piece on. another

Ben Nolan

Sure.

So I questions two okay. that it's actually, more have

But have tax including the So the a you any do when sort question, rates you believe consolidated where as have the any backwards. on basis, to color should to to hate basis? acquisition, go go going of forward you do on a -- I be tax back

Michael Kasbar

statement while. that XX get think when back last a many on we've make I one's proven for But regularly in I were that quarters to the Yes, wrong, because done moving good ourselves fairly neighborhood, so every that down we exceeding being parts. job a there's couple look,

through think a to next manage to fair there's, Flyers I left possible. the because to as reasonably meaning that's pre-acquisition where do as Again, figure lot trying we're of work helps for promises, what acquisition. out tax year. efficiently global the again, a whole This we assumption no stand, certainly structure

us acquisition to or an has would I say, -- but opportunity a into the down down for the would into the Flyers us So say, you take back back drop high so. XX XXs, XX fair number, know, be

to a Flyers, between now, with was year you next number XX somewhere give So you for know, if I would XX. and I going say,

Ben Nolan

Perfect.

last question honestly for So me.

be all, the at of I can nice that in if operational and over you there of is about, both Or critically a just of and able that okay, map opportunities, of really look the But prepared can just put think more organic underserved, this in? was frame said acquisition something in rolled it's network? the out and grow lot an and you'd the growth might footprint I that the of you on there mom hoping lot States, where X.XX, they're I and of and come inorganically. pops the you that in first was sort that believe United mentioned in map you organically are places that be to in So into remarks consolidated terms you this a could

Michael Kasbar

that different many combined ways. to really network -- network. beautiful The in we're Group is really our locations the Tacoma this with our it’s XXX So a Flyers so within together, operation, it's over and marketing business

certainly stopping U.S. a and fact But fuel local which acquisitions. fleets, It and like to gives local that footprint, So on now through small nothing us a organically, that from and their consistent footprint. there's fits great the we our grow beyond card, glove fleets bigger capability tuck-ins country. it on to the And as -- it have existing a that throughout within doing intending the C&I been from service us we've as Northwest, well The focus the there's medium is and we're focus to really business. marketing. with sized

in up pick also four We Florida. locations

about So we're it. excited

retail XXX mind retail I'm you it. just and if don't I think skip before our touched business. and the truck tank the the business on our From the some certainly full to sites, going over wagon, wholesale lubricants to

are core of all businesses. these Now

is parts is this have into So market, location hub us that a spoke. has of scale, to activities. gives various and core fit beauty of addition perfect it density, is company it we our our that It in the the

that as So, model, lot to user attributes so it's an cost, this lot it. a really positive low great Ira it's a to a end the attributes significant, But business, cardlock a they're really perfect on of positive fit. of is commented convenience, has retail,

Ira Birns

thing have do country. the still Flyers opportunity the now first time, and continued of Yes, we'll be sense opportunities And lot opportunities. ability to them about effective grow a finding And, XXXX over XXXX in in are the that There's have And be the that. cardlock, to X.XX, beyond future. distributors have our terms the very obviously so very cardlocks of very done forward. Obviously, think be about of quarter a around a ones lot there'll good them to careful there's talking footprint there of we most going in that we’ll the of certainly XXXX. that only than the make smaller and in of fragmented, a job continuing them, I'd country, opportunities, that, those are with terms I good there, this finding to we'll add Ben, has joining synergy will are, in the

Ben Nolan

All right.

[Multiple Sounds good. Speakers] finally. will I

Ira Birns

You got [Indiscernible]

Ben Nolan

I'm good, Thanks, burned guys. out. I’m

Operator

Thank further at you, no this are questions Mr. there time. Kasbar,

Michael Kasbar

much. Thank I Thank thank listen, today. want joining Well, us you. to just everybody for very you

and to an Flyers about Group, I network. to Fuel where welcome As you look virtually impossible we World exciting to to you're the a meeting you you are, time really want good It's the network hope for about we good company, pretty World forward company where all, global welcoming for is. feel the we we're excited. really listening, feel can tell, Kinect, We've a that's replicate got and

network and aviation incredible. business just is general commercial, Our

a in got in aviation, offering. capability terms we're footprints physical following the marine global has Our business position of and service our of

management source terms business we're invested one side and agnostic, growing, just energy yesterday, continue did that because invest of ago, fuel have years sustainability is in logistics Our Hydrogen, of gas of we’ll power step. it. we sustainable aviation that XX by something in as we're step that, we the and This previously, I of few it. the companies to said isn't in

On the acting for either as of XXX,XXX. MMBtu merchant we're gigawatts a gas. power natural of side, a power, broker XX,XXX

and But for beginning, believed is is is a marketplace. following the the trend was this always in positioned extremely So it that company is from going, This company our this where move. market the friend. we the well a is on that's the

environmental a So, science listen, I degree got in XXXX. in

I participate power we're fully. for the going is years think then. time XX We've in now here, about happening. So I what case, solar I is to heck patient studied too thought But just it it's us. greenhouse great. we're been gases excited any but it, was the early. I was We're

Appreciate Energy excited. for of of the the support world certainly we're Flyers appreciate the our and listening. to all So fuelers investors everybody passion and Thanks, the Group. welcome

Ira Birns

Thanks

Operator

please conference gentlemen Ladies that the does thank you We ask participation your you disconnect call that today. and and for conclude for your lines.

World Kinect (WKC) 29 Oct 212021 Q3 Earnings call transcript