World Kinect(US:WKC)2024-02-22 21:24Financial Performance - Revenue for Q4 2023 was $12.0 billion, a decrease of 14% compared to Q4 2022[1] - Gross profit for Q4 2023 was $232 million, down 18% year-over-year[1] - Adjusted gross profit for Q4 2023 was $280 million, a decrease of 1% compared to the previous year[1] - Net loss for Q4 2023 was $35 million, a decrease of 267% from a net income of $21 million in Q4 2022[1] - Adjusted EBITDA for Q4 2023 was $100 million, a decrease of 6% year-over-year[1] - For the full year 2023, revenue was $47.7 billion, a decrease of 19% compared to 2022[4] - Full year gross profit was $1.06 billion, a decrease of 3% year-over-year[4] - Total revenue for the year ended December 31, 2023, was $47,710.6 million, a decrease of 19.2% from $59,043.1 million in 2022[22] - Net income for the year ended December 31, 2023, was $(34.8) million, compared to a net income of $20.9 million in 2022[26] - The company reported EBITDA of $298.9 million for the year ended December 31, 2023, down from $363.5 million in 2022, a decrease of 17.8%[27] Segment Performance - Aviation segment gross profit increased by 19% to $131 million in Q4 2023[4] - The Aviation segment generated revenue of $23,275.1 million for the year, down 13.5% from $26,799.9 million in 2022[22] - The Land segment's revenue decreased to $15,189.9 million in 2023 from $19,283.7 million in 2022, a decline of 21.3%[22] - Land segment gross profit decreased by 51% to $57 million in Q4 2023, primarily due to an erroneous bid in the Finnish power market[4] - The Marine segment's revenue also fell to $9,245.6 million in 2023, down 28.9% from $12,959.6 million in 2022[22] Cash Flow and Assets - The company generated $271 million in operating cash flow for the year, supporting its liquidity profile for strategic investments and shareholder returns[1] - Total current assets decreased to $4,503.8 million as of December 31, 2023, down from $5,238.1 million in 2022, a decline of 14.0%[16] - Total assets decreased to $7,375.3 million in 2023 from $8,164.6 million in 2022, a decline of 9.7%[16] - Cash and cash equivalents increased to $304.3 million in 2023 from $298.4 million in 2022, an increase of 2.0%[16] - Cash and cash equivalents at the end of the period were $304.3 million, a slight increase from $298.4 million at the end of 2022[20] Expenses and Liabilities - Operating expenses for the year ended December 31, 2023, totaled $860.2 million, up from $815.8 million in 2022, an increase of 5.4%[18] - Total liabilities decreased to $5,425.7 million in 2023 from $6,173.8 million in 2022, a reduction of 12.1%[16] - Total interest expense and other financing costs for the year ended December 31, 2023, were $127.7 million, compared to $110.6 million in 2022, an increase of 15.9%[27] Adjusted Measures - The company reported an adjusted non-GAAP measure of $120.0 million for the year, down from $127.9 million in 2022[26] - The company’s adjusted non-GAAP gross profit for the year ended December 31, 2023, was $1,106.2 million, compared to $1,089.1 million in 2022, reflecting a growth of 1.6%[30] - Adjusted EBITDA for the year ended December 31, 2023, was $386.4 million, showing a slight increase from $380.3 million in 2022[27] Other Financial Metrics - Basic earnings per share for Q4 2023 was $(0.58), a decrease from $0.34 in Q4 2022[18] - Comprehensive income for Q4 2023 was $(13.2) million, compared to $51.5 million in Q4 2022[18] - The company experienced a significant unrealized loss on derivatives of $(267.5) million for the year, compared to a gain of $179.9 million in 2022[20] - The company incurred asset impairments of $32.8 million for the year ended December 31, 2023, compared to $0.6 million in 2022[27] - Restructuring charges for the year ended December 31, 2023, amounted to $7.2 million, compared to a benefit of $0.8 million in 2022[30]