INT - Earnings call transcript Q2 2022 | World Kinect Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services Second Quarter 2022 Earnings Conference Call. My name is Michelle, and I will be coordinating the call this evening. [Operator Instructions]. 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

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

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Michael Kasbar

strong of second again, resilience our drove people Once a in Glenn. our the you, the outcome quarter. of the agility Thank portfolio business and

quarter, we second As well. forward, we and achieved super we record aviation, and Conversely, our were prices which we pivoted mentioned for last our continued activity Marine business, backwardation indicated quickly we But results. generally as this reducing risk the materially volatility high extremely impacted continued aviation would favorable commercial performed going business quarter. throughout where

delivering solid marine Energy, Our job of across Connect and business, our with results. U.K., well extraordinary our business. business Brazil our the all board the performed managing finally, servicing And clients and team Flyers land World did an

customers, a in increase as energy our fuels renewable and meeting areas continue to such been platform renewable solutions. response, I've digital out we deliver times, in continue key our demand on imperative transition a significant as support are wind to in As energy net said critical X many and build solutions of suite There in as the to see energy objectives. focused and And to for to expand and continuing we our has stakeholders well energy. solar global as suppliers

to month. sustainable as million France Airport years, we gallons second Paris about And became last authorized Neste's distributor sustainable XX With to fuel Bourget of many relationship, fuel, delivering aviation We branded quarter, to SAF. in an SAF commonly during this Le of have been at we date. were the bring referred able to forefront for the aviation

digital wpd We wind where energy countries will transforming with These project few innovative sourcing offers and are developing plan, offering of a offering and our sustainable in a the are examples available Connect across to excited also farms support the in World of farms in and help all to our recently a parks on broad team reduction and devising our the carbon solar we or of reduce partnered energy customers of growth many solutions renewable energy developer We're critical wind solutions. power manage at need are only of wind strategies how Whether Europe, Finland, and operator our output. future. about the proud energy, these participating this are initiatives. use in our a opportunities XX transition of with we businesses the

are return fraught confluence logistics market a While I we global a risks the macro of our in and more conventional build in placed profitably grow just ever with than value mentioned. energy activities sustainable offerings, dynamic, businesses and I better greater is environment to those believe and core active regulatory and growth business geopolitical and and including

have further and proud our always global years products enormously continue with few that an of focus grit team global customers, demonstrate offerings. the number set digital suppliers has to and complementary our the been solutions to fortify energy will they continue over be of and diverse services last Our delivers value increasing and as our of that a shown delivering I solutions. for partners and am we

We encouraged runway by for animated are the business. continuing and opportunities and we see our

a virtually shutting down you our here? will give why business. business in scalability. and Jeff for which teamwork Ira, Ira centers, our the give data of last and digital their for I very tremendous to to over of turn the teams Smith I don't review Before effort special a take resiliency our it will to This and quarter, and want increase thanks us XX a unlimited make cloud-first from us financial call

Ira Birns

birthday. Thank and you, happy Mike,

the please Flyers $X.X the in I Energy quarter highlighted impact Before second principally in of note that exclude tax include acquisition, and integration which quarter. the costs figures items expenses These nonoperational earnings aggregate release. million the in were acquisition-related review to our related items second our after following results,

find nonoperational the breakdown presentation. of today's website of on slide items could last webcast our on the and the You

contract-oriented continues severe we to business. backwardation our sure of So of throughout could I demonstrated significantly in past put, historically, results impacted of the second I'm a Simply principally value by diversity our the aviation quarter. quarter our not and of think of our even the market this business which resiliency business model delivered business aviation solid better the be quarter nature given pricing of the most though

acquisition dynamics as these record become business and segment, the market our land marine well. pricing recent piece drove However, which the on spot-oriented ratable more through of larger Flyers strong our broader Energy volatile results of results business our very a has back delivered and

to in quarter the With an share quarter million year-over-year this again regard increase increase second And full million, to Now consolidated second resulted principally per quarter, impact million for earnings posted than second $XX our compared in to revenue and approximately is an just aviation levels. up commercial past volume volume an -- negative across $XX.X quarter results second quarter. Sustained Mike fuel year was Volume recovering was passenger commercial XX% quarter from grew getting high the second putting of X% the of the a of Adjusted year-to-date, significant the again, all despite in activity. under with gallons and the to per marine XXXX. volume XX% of The increase XXXX. let's segment prices second was the XX% segment respectively. increase the to financial our ongoing increase with the revenue pre-pandemic $X.XX segment birthday XXX% quarter, record XX% a continue sorry, share, were business we for increasing volumes metric billion tons, $XX the an year-over-year. quarter segments, income Adjusted aviation XXXX, that to X.X in passenger of year-over-year highlights. net $XX the of in of more related X.X aviation us backwardation Volume call, for year-over-year. drove billion in our compared second volumes, billion and EBITDA recovery

past then of again interest critically elevated during contributes which counterparty, valued prices, our this rising past and in growth. to a credit during times quarter, constrained and increases the rate and fuel evidenced success rates, more As we volume profitable become

the of since million. was Consolidated quarter represents volume XX% the level of Flyers up second profit quarter highest year-over-year volume was X.X XX% quarter. principally gallons segment driven was land associated the by increase Our the year-over-year with acquisition. That's That's The during gross XXXX. volume and gallon quarterly gross increase profit equivalents for an the second year-over-year. billion of first or $XXX

passenger In the strong aviation the business posting activities, versus our aviation recover last continuing and terms solid general pandemic all from to in aviation of profit, commercial results aviation of remains and cargo gross year. fundamentals business with

However, which by the the Afghanistan impact million, extent, severe market of to to gross $XX XX% a principally backwardation driven exit second pricing quarter year-over-year, is last lesser down the profit declined segment's from year. and

this trading prices. significantly As of the quarter. a prices latter oil reminder, first future in began Again, the we began half below severe is of experiencing the pricing impact when backwardation forward spot

During the the became of continued quarter. much severe and through backwardation increasingly second quarter,

to forward. sufficient minimize has going Our contracts team now customer successfully renegotiated related risk

closer much experienced historical second quarter we to While still in backwardated, norms. conditions now reverted market have the

we in highest history credit such gross the of global and us, year. ahead to fantastic The increased of expect high results Afghanistan seasonally prices business the performance solid for as to third up issue look and profit XXX% in quarter of profit fuel at from marine profit with we team This year-over-year of an results well, with company. constrained level discontinuation Marine performed Kudos bunker increase of As the quarterly despite absolutely extraordinarily aviation the segment behind expected to geographies. marketplace. as record sectors level strong and all price backwardation to well with the significantly year-over-year the benefiting last resulted volatility of gross $XX marine gross generally the the rebound across million, be the quarterly

again For the marine results to prior expect exceed year. materially the third we quarter,

However, will quarter. as that the somewhat it is lower the with bunker fuel unlikely second quarter quarter-to-date, as be prices third strong

which land recent to the our profit in quarter. $XXX acquisition, million continues as of outperform segment principally expectations. result a year-over-year, the Flyers up delivered of XX% gross second Our That's

industrial strength results for low included highlights our commercial them and operation, growth which a represented U.K. year-over-year in in in activities. and Additional traditionally strong what delivered has retail seasonally and quarter our

quarter, but the during third up were Flyers, related in business in Connect growth quarter. business expenses impact this be efforts robust also services sequential the pipeline broader in and there space. of a growth operating million well a quarter. should support second our by but driven World That's more with higher opportunities, decline land increased Our ahead activity continues also our and up of opportunities growing X% products should to profit with U.K. year-over-year Land experience a suite operations. the driven by the business, are seasonal of operating with associated materially perform our expenses investment customers' to in decarbonization continued clearly by second driven principally principally sequentially, Core $XXX gross

$XXX We of to Bad expense range was expect $X.X the second core operating third debt quarter. the million expenses in to million. $XXX in be quarter the in million

an the this manage We and Despite EBITDA since increased level. second portfolio was receivables have was in growth of our impact, accounts performance backwardation quarterly representing prices the as $XX million began. size continue the well record best aviation volume fuel of pandemic the quarter, Adjusted exceptionally our XX% a year-over-year. to our to overall increase receivable higher

volumes fuel significantly rates Our resulted third increased interest quarter, in to million to trade our under expense second the quarter. both was upon quarter. volatility prices of expect the than foreign exchange increased throughout second interest foreign related our rapidly million the as higher the $XX.X run high finance environment borrowings with facility expense growing associated and quarter. during principally under and few facility, the the to exchange of we of million rising rates, well recent credit Based $XX as activity in level in rate dollars losses a interest in the quarter $XX range million Significant during be funding current requirements, also interest the and

to on tax. Moving

the tax principal allowances reversal rate profitability was effective the where which it to quarter. significantly So was In down second of reverse a we utilize us ability been has rate quarterly allowances negative countries, have pandemic. the precluded tax were such jurisdictions and over deferred contributing in the of tax our should This necessary, the losses valuation assets. enable to quarter, to over these Coming our increasing time. to in drove one as time, required allowances out by factor the certain cumulative exacerbated such been leading pandemic, for establish many tax

of return And normalized the For in of allowance quarter, should inclusive rate for the reversals, our during XX% a any a range more our operating flow full from of the down in to XX% third generated expect volumes XX%, be XXXX. the to fuel rate cash effective increase $XX which in we XX% to is tax sequential higher prices we year, million. and average quarter, mid-XXs effective Despite level. tax

shares, of repurchased have continued in commitment demonstrating results our As the X.X to through common facilities, increasing quarter, XX to facility shares efforts second strong, now the remains over backwardation value past and second half the additional we our solid our second XX million increasing we challenges drive the and while our a despite capacity aviation repurchases liquidity nearly the the aviation, Core continued result than also shares repurchased the our quarter. over position rebound in of our growth trade to related the of activity beyond. year-to-date during million more million In delivered shareholder supporting banking We the dividends. for initiatives of year from X size just both of stock expand to and summary, buybacks finance years, pandemic. our

quarter. fantastic business including our also marine business, very a had Flyers land Our Energy absolutely delivered and results strong

and with a of suite future. natural very offered In are addition by World carbon power offerings growing expanding activities gas to renewables excited fuel, solutions our additional Connect, we reduction about and business the core

customers their service around opportunities some going sustainability us All and of stage decarbonization forward. at offerings support of our the should are product world provide of their and journey, in for efforts our growing

shareholders sheet profile, organic dividends. as the also through as I'd a value-creating balance call like support over sufficient With that, session. Michelle, with the strong capital while to capital our our growth you. again liquidity providing continue and also Q&A share We returning repurchases investments solid maintain a to Thank to start to turn to operator, well to back

Operator

comes our Bank Hoexter And Instructions]. of first Ken America. the of from with [Operator question line

Kenneth Hoexter

through that contracts. and go just seeing the you walk over backwardation. the you address on done? back to maybe that you've Maybe the customers aviation of contracts? us Michael because and Glenn, had and through and you back Ira inventory and the go of mentioned process your reshaped Ira, gone where the Is mentioned -- there. -- levels And just basics is kind that you us the this could we -- walk that just not backwardation. the Maybe to

Ira Birns

over good the actually July. coming roll the on out thing quarter the month. for -- customer unprecedented contracts large the of us third inventory issue percentage of unusual the we of do the our and of as of our were because losses the for we contracts every backwardation into second Well, is futures going is highly supply quarter a contracts, What very resulted us in those able reshape rolled to Xst structure

we're able much contracts continue pretty eliminate renegotiate need for to rolling to to those us So the contracts. enough

contango we with that backwardated no issue forward, or type be the upwards. to much is went position, exposure, backwardated up So $X.XX mitigated went if deal and normal because, morning. of market you where that And longer resolved issue $X.XX contracts this more long-term a itself we need the in a $X.XX, will. We whether don't to pretty curve a backwardation $X.XX, market with therefore, balanced we to fact roll going despite foresee a has being from forward the that the more because about it great we again, trending have

Kenneth Hoexter

to over switching then Marine. And

at think you at You how gallon. about $XX. we in we that? I profit profit the about huge $XX, given a record Or something $X we're stay levels, where about per When gross Is that digits? gross I done that that will $XX the kind per think -- think mean, It mentioned going teens forward? a had, How with looking is? fuel a of level, double should ton metric should

Ira Birns

second Ken, this pricing of part Well, the quarter, ton. in for fuel $X,XXX crazy on environment, bunker a a average, was, good

could remember when more somewhere is had the a ton, IMO seen always over tight kind may kick the and in regulations And therefore, market converting with stronger. principally the carbon-friendly $XXX your of long that between which would that reset commodity underlying price We right? record so marine is heavily our under $XXX as prices in strategy a to we much go-to-market it's the margins pretty term minute. never surprising spot contract-oriented, fuel, because a trading you daily, price highs, over the business, unlike that $X,XXX been You have people there's moves, between and our was And aviation, and somewhere ton hourly, correlation not that We've of at before. $XXX. margins the by said business a

your to market the it bit. second may off views Prices would or so little levels say They're where expectations in on down part to really high. QX. your go. in -- XX% average quarter the of So of from still I question, depends they're your second to the a far pricing X% are

one. that's So part

So it's to tough forecast.

things the support the because again, for levels. going we expect requirements big to balance don't up it wind extraordinary we more a remarks with balance generally own commodity an a the your this solid in is strong X those underlying market valued compete is scenarios. our much tougher that at sheet. Part than XXX-pound where a it me, where customers $X,XXX they like because need to need and bit And in because ton, they significantly players become high. counterparty levels, at so working to are environment is you certain QX amount my One be in being capital a we still makes to the gorilla capital mentioned of the to still remains story And you record outperforming able of reminds in We tight. require, the have a we're sheet, Glenn market repeat these normally dynamics. there of year-over-year providing to the in environment prepared significant credit generally an as the But more prices growth And more do I out we're as that value

Kenneth Hoexter

And then one more forâ€¦

Ira Birns

Michael. ahead, Go

Michael Kasbar

forward, Go Ken. No.

Kenneth Hoexter

birthday. happy way, By the today? it Is

Michael Kasbar

I It couldn't It is. to is. of do. better think anything

Kenneth Hoexter

get -- this my earnings weekend. on week it's I birthday, season this but Yes.

on Saturday. get I So

just Ira, you get you right? environment, back sizable of stock maybe You this quarter. So about cash, a in -- buying do how ended think amount up this

You cash flow with your more increase also credit you you had increasing but presumed accounts as generating higher higher amount prices. receivable these of prices, extend with

So thoughts flow. the your Or thoughts opportunities. thoughts through us of environment on a flowing terms your maybe and on maybe through that's question just walk cash in Michael the on

Ira Birns

question, used in specific unavoidable. cash cash some as on Well, prices the we started generally accelerating, QX

In grew Part to we in sheet growing still and we're manage the quarter, of marine. where generated was our the able by were a significantly, at cash. in even second business prices that growing though year-over-year balance certainly way Our same prices performance the helped time. phenomenal was

of look ton we you flow. of again, generated $XX million cash, forward, but a operating if So we generate cash didn't

are, a level second bit. little even you cash the of forward, level capital quarterly in the we with where that. a half, of flow. more once don't better to our even working still but which generate pandemic or stronger volatile the couple go have we earnings, we're kind prices should were going are I in Thus compared should be not are your half the know normalized in level where returning they're were very earnings you if cash And last do of did years that don't market, to depressed. far, they're during to of If much cash quarter, number, further. high when sustain than going if because down a down, We're increase a hopefully to the standpoint more first of this year in an if from opportunity we further to flow provides it prices increasing they

generate second use unless of So -- in and sudden of word the solid half another cash prices maybe shouldn't couple in cash It I did in unless tightened price turns QX we takes than it XX%. flow more difficult in up QX. surprised, QX generate we all but in a market, more the this yes, crazy a cash that range makes and were in environment. it to But environment, should

Operator

Ben next Nolan And question with our comes from line of Stifel. the

Benjamin Nolan

know in born birthday yes, Mike. happy the all July. were to happen there, in And the people smartest world I that

year. happy that, business understood if just yes, Is wanted as third expecting And -- ago make least second, cases, better, gross last a third should The board sure it So at better then they sort than to other X The higher it could, I Is in year was correct? -- -- to be to in to that expecting birthday. some fair? I the I was be year. correctly. for businesses aviation So be that were meaningfully of that for the the everything the a substantially quarter. last good level as across just the you're quarter profit you're than

Ira Birns

Year-over-year, absolutely.

Benjamin Nolan

Okay.

thought -- I that's making So just sure. I what you had was that's said. how

few about. things So that curious a there's I'm

you that I the that with Ken. up marine interest appreciate -- working lot higher. was But trying do to -- as First, is capital more there's in talking business lot you I'm a general, expense a about the were chalk phenomenal.

And capital of needed so so business? really pass for is maybe in able a cost as your capital primarily the not less working effectively to customers And that so pretty you're that on and other marine thinking Or about that to that, of I am businesses? right? the function

Michael Kasbar

financing have to source a to many we of of doing. mean for banking customers. I you have element we're our you that recall that what thing sort a -- there's of the think I Ben, are

of us but take bank, rate it. favorable to environment to I'll similar other a So let dimensions, is dimension. unfavorable that rest high in the interest in Ira It's

Ira Birns

Yes.

I run Mike kind in say needed the amount of well. that much generally, investment land in just come business, and high investment just out price but the the would as cash So incremental said, aviation has working capital. of business of flow this working cash just lower Less the does continuing so and to environment capital a on what from principal marine, tighter makeup of in

our the relative regard, So marine expense increase of profitability. a went was But to interest about it but $XX the in in up, I to a up to ordinary in yes, because kind it course million point, hate error. call we're Mike's that significant rounding sequentially.

Fed So again, though that's that. -- XX% average of factored as you a month And even Fed hit it's most it move average on in the by were volume QX. up and driven growing leading about the price, move In versus prices in head, high a or higher environment to also yesterday, the right, almost rates that borrowings. ago, our and already the SOFR one made rates, weeks with LIBOR a the up yesterday QX

QX. versus probably average points basis our XXX about up borrowing costs are So

business. changed. will of personally likely near to that a So now in bank, of long we're in of capital it's or believe But interest incurred that for period working sustained really lower. parts to economist. trying but to for that's QX rates. as And involved Glenn -- it of in sitting minimize indirectly margins last bit every be of an year. our the many off course, it's day, long that We're expense it's that a we continue level making But will not hard again, balance materially unlikely time, higher here Mike a investments. be mentioned, the X coming being don't of I those working underlying that's for is contributing to now, going a

Benjamin Nolan

Right.

as over. for is one think relates had how the the a you company you and all a think But if positioned? I company your The and And it sense. the makes That that recession. is or hit of be concern of think I you equity recession? to in Or to World assume about turn equity you maybe previous probably that's talk there How bit. Fuel possibility a Okay. own now it that Can potential is might price it me, inelastic maybe elastic increasingly, last cycles? different me I'll through than markets, been that hit

Michael Kasbar

Well, certainly if not don't our well Difficulty] not so piece. the But the was activity credit that's what demonstrate a then I terms sunny significantly in We've pretty risk We've platform. of know cost the we think didn't management, certainly, think of platform. of days. I through it, COVID our And the a right of sailing [Technical word. probably volume equation, the known. I guess, side will It going variability got -- concluded of things through I greater number different is

been So to we're our think have are A we ability in place. lot and concluded. than I our before. and better Teams build volume now modulate margin, on been ever at looking far expense of a in place systems out has

thrown things significantly number of with that to We're has get point. everything way, all that our recession think, pretty now. a through sounds to drizzle. poised that the a think market long in I different ability areas, like the taken are to with feeling a we're greater light I a It's dial been So time the we've feeling confident. back But all

that think team So and an organization I fire has that fire been this tempered. the is tested,

think I know we to So bit to be well. what know for And them as how those we that support may stressed, do. a companies

of our to as was for that's Ira, turbulence. anything, a built one investors So company mentioning if there's

So environments. we market know sorts all different to in how of operate

want add? more know, have So I you you Ira, don't if to

Ira Birns

down the we think just the to business when kind I taking lot even job acted We all did that in immediately to Mike, off, have could we we it's be slows of almost view obviously, job and of an repetitive pivoting try certainly mean active I did the of I generation down, cost believe entire And we not recessions of or by as and of volume of recessions recession a impossible drop XXXX stopped. business. almost, not I'll to down. where our cost of some good as but but first mitigating as really profit cost excellent And reduction quickly just the taking variable fixed -- a half was Yes, a was example. out XXXX, I in mitigate yes, business phenomenal immediately. it

So that well. I previous think we've demonstrated as recessions in

decrease Of going activity, have will you're our to recession, requirements. working course, the reduce capital with which along some in probably

be way. some we'll that So getting relief

and haven't Stafford would regard folks Flyers recession honest, lot a -- in could air of ahead clearly could that's little say hunting from quarters better across other acquisitive couple make of think balance of last the years come that valuations been us multiples is et it of been you lead that of we're have we businesses, sustainability-related a their inflated for all for humble as the while late, fresh So folks few opportunities to down. and getting out be the environment. to we of there will next and thing have a and And could a gotten terms a but in over And would of out positive of valuation, still I Glenn more that we opportunities skis of our be that's breath the sense some for deal, interesting have Connect, one crazy platform, sheet, a come cetera. to land, aside solid

there on results mentioned, you do in And I So past. phenomenally a we're counterparty think solid tendencies. lot is recessionary counterparty I -- value nimble, a I the our in recessions an about this critically are environment. where we're pretty valued demonstrated just can't think basis And of credit course, again, I But as a more we've relative off. a in believe, demands team in constrained drop environment because

Michael Kasbar

lower flow. also also be will to And cash for have salutary likely which prices,

Ira Birns

Yes. Cash flow, right.

Michael Kasbar

questions? another got you Ben,

Ira Birns

I'm but so you ask you or in me July could a not now I'm want September, September. ask birthday, if

Benjamin Nolan

you -- you expanding of of geographic if you're -- Mike possibly were if done out had Any I'm that you how the acquisition. adjacent there I Well, similar thinking -- bolt-ons know the finding other when that? make about business but were it in on you that, update Flyers talking were footprint. about me, aspirations just just guys areas,

Ira Birns

of perspective. them lot aspirations those still There have high some what looking continue all So off people, of value that. that Ben, of said, at thinking about at. opportunities we're very playing we're With to until of recently, a many to respect from just least a due I are yes, extremely

So but than would that There Flyers the months last now that think activity and change. have several to land are in things broader maybe I the resulted has activity hoped, at that, in be complementary would less business. few may we that looking no or we're

that are There well. area frothy looking certainly more are of grow accelerate the exciting there, a as valuations we're that reasonable, and opportunities growth bit business more strategic to on on to quarters. the call, So next those growing find of I business organically piece in have Hopefully, be as a of but over products journey. execute supporting those our we suite the few we continue, emphasized hopefully, and a few able services and transition Mike this we'll of well. with lot as about both have their of opportunities bit And a to energy customers become that our to

Operator

I back Michael would to for the remarks. Kasbar, like conference further hand any over to Mr.

Michael Kasbar

and and about good to to products, suite we've and our through a here, we're We on partners. Well, especially global great team. global our lot. call feels a team, our be thank It the to great We've from platform. the got the best support a all team, got been you investors the we've suppliers, We global got customers and future. excited and of great got of

lucky. very feel we So

Stay well. stay forward thanks in and we very reporting healthy, So much, to quarter. back look a

Operator

conference for This participating. call. Thank you concludes today's

You may great now evening. disconnect. Everyone, have a

World Kinect (WKC) 29 Jul 222022 Q2 Earnings call transcript