Financial Data and Key Metrics Changes - The first quarter consolidated volume was 4.2 billion gallons, down 5% year over year [21] - Consolidated gross profit declined 9% from last year's first quarter to $230 million [21] - Adjusted operating expenses were $178 million in the first quarter, down 6% year over year [30] - Interest expense was $23 million in the first quarter, down over 20% year over year [31] - The adjusted effective tax rate in the first quarter was 15%, lower than the full-year guidance range of 22% to 25% [32] Business Line Data and Key Metrics Changes - Aviation volume was 1.7 billion gallons, up 2% year over year, with gross profit of $116 million, a 7% increase [23] - Land volumes decreased 6% year over year, with adjusted gross profit of $79 million, a 19% decline [25] - Marine volumes were down 14% year over year, with gross profit declining about 26% [27] Market Data and Key Metrics Changes - The North American liquid land fuel business was negatively impacted by market trends and broader economic conditions [9] - Volume in Singapore, the world's largest bunker fuel hub, dropped to its lowest level in nearly two years [28] Company Strategy and Development Direction - The company is focused on streamlining its portfolio and reducing fixed costs to improve profitability and reduce earnings volatility [8] - Recent divestments of the Brazilian and UK land businesses are part of the strategy to concentrate on core business activities [10][11] - The company aims to leverage its expertise in last half-mile distribution solutions for sustainable growth [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds but expressed confidence in achieving strategic and operational objectives [8] - The company expects profit improvement from restructuring actions by the second half of 2025 [10] - Despite uncertainty in some markets, management anticipates second quarter consolidated gross profit to be in the range of $235 to $244 million [29] Other Important Information - The company generated operating cash flow of $114 million and free cash flow of $99 million in the first quarter [32] - The company repurchased $10 million of shares during the first quarter [32] Q&A Session Summary Question: Details on the UK sale and its impact on land volumes - The UK land business generated an operating loss in 2024, and its sale is expected to improve Land's operating margin [40][41] Question: Clarification on land segment performance and future expectations - The company expects to perform better than the previous year's weak second quarter, despite ongoing economic uncertainty [62] Question: Insights on restructuring actions and expected savings - A $15 million charge was taken for restructuring, expected to result in about $30 million of annualized cost savings [85] Question: M&A opportunities in the current environment - The pipeline for acquisitions remains stable, with some opportunities arising from more reasonable seller expectations [90]

Financial Performance - For the quarter ended March 2025, World Kinect (WKC) reported revenue of $9.45 billion, down 13.7% year-over-year, and EPS of $0.48, slightly up from $0.47 in the same quarter last year [1] - The reported revenue was below the Zacks Consensus Estimate of $10.27 billion, resulting in a revenue surprise of -7.99%, while the EPS exceeded the consensus estimate of $0.45, yielding an EPS surprise of +6.67% [1] Key Metrics - World Kinect's stock has returned -16.3% over the past month, compared to a -5.1% change in the Zacks S&P 500 composite [3] - The company currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Segment Performance - Aviation volume was reported at 1,700.2 million gallons, exceeding the average estimate of 1,646.91 million gallons, with revenue of $4.65 billion, above the $4.41 billion estimate, but showing a year-over-year decline of -9.5% [4] - Land segment revenue was reported at $2.87 billion, significantly below the $3.68 billion estimate, reflecting a year-over-year decline of -16.1% [4] - Marine segment revenue was $1.93 billion, also below the $2.22 billion estimate, with a year-over-year decline of -19.1% [4] - Income from operations in the Aviation segment was $56.20 million, surpassing the estimate of $42.91 million, while Land reported a loss of -$45.30 million against an expected profit of $15.38 million [4]

Financial Performance - World Kinect Corporation's Q1 2025 diluted EPS was -$0.37, compared to $0.45 in Q1 2024, a decrease of 182%[24] - Adjusted diluted EPS increased by 2% year-over-year, from $0.47 in Q1 2024 to $0.48 in Q1 2025[24] - Adjusted EBITDA decreased by 6%, from $86 million in Q1 2024 to $80 million in Q1 2025[24] - Gross profit decreased by 9% year-over-year, from $254 million in Q1 2024 to $230 million in Q1 2025[24] - Free cash flow increased by 7%, from $93 million in Q1 2024 to $99 million in Q1 2025[24] Segment Performance - Aviation gross profit increased by 7%, from $108.4 million in Q1 2024 to $115.7 million in Q1 2025, with volumes up by 2%[27, 30] - Land gross profit decreased by 19%, from $97.3 million in Q1 2024 to $79.0 million in Q1 2025, with volumes down by 6%[27, 34] - Marine gross profit decreased by 26%, from $48.4 million in Q1 2024 to $35.7 million in Q1 2025, with volumes down by 14%[27, 39] Strategic Actions and Outlook - The company recognized a one-time charge of $44.5 million related to the sale of its UK Land business[23] - Restructuring charges of $15 million were recognized to streamline the operating model[23] - Q2 2025 gross profit is projected to be between $235 million and $244 million[42]

Financial Data and Key Metrics Changes - In the first quarter, consolidated volume was 4.2 billion gallons, down 5% year over year, and consolidated gross profit declined 9% to $230 million [14][20] - Adjusted operating expenses were $178 million, down 6% year over year, and interest expense was $23 million, down over 20% year over year [20][21] - Operating cash flow generated was $114 million and free cash flow was $99 million, demonstrating strong cash flow capabilities [21][24] Business Line Data and Key Metrics Changes - Aviation segment volume was 1.7 billion gallons, up 2% year over year, with gross profit increasing 7% to $116 million, driven by strong performance in airport operations and general aviation [16][22] - Land segment adjusted gross profit was $79 million, a 19% decline year over year, primarily due to weakness in the North American fuel business [17][23] - Marine segment volumes were down 14% year over year, with gross profit declining about 26% due to lower bunker fuel prices and reduced market volatility [18][19] Market Data and Key Metrics Changes - The marine market faced significant uncertainty, with Singapore's bunker fuel volume dropping to its lowest level in nearly two years [19] - Economic uncertainty affected customer dynamics, particularly in the East Coast and California, impacting both volume and margins in the land segment [43][44] Company Strategy and Development Direction - The company is focused on streamlining its portfolio and reducing fixed costs to enhance profitability and resilience [6][8] - Recent divestitures of the Brazilian and UK land businesses are part of a strategy to concentrate on core activities that align with long-term goals [12][13] - The company aims to leverage its geographic diversification to adapt to changes in trade and tariff policies [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds but expressed confidence in achieving strategic objectives and improving profitability in the second half of 2025 [7][8] - The company remains committed to enhancing operational efficiencies and driving growth in the North American land business [23][24] Other Important Information - Non-GAAP adjustments for the first quarter totaled approximately $60 million, primarily related to the sale of the UK land business [11][12] - The company expects land gross profit to improve year over year in the second quarter despite recent divestitures [18] Q&A Session Summary Question: Discussion on the UK Sale and its impact on land volumes - Management indicated that the UK business generated an operating loss and its sale would improve land operating margins and reduce capital expenditures [27][28][29] Question: Clarification on aviation segment performance - The aviation segment's strong performance was attributed to increased demand and improved margins, particularly in European airport operations [36][37] Question: Insights on land segment volume decline and future expectations - Management explained that the decline was due to economic uncertainty and evolving market dynamics, but they expect to outperform last year's weak second quarter [42][44] Question: Details on restructuring actions and cost savings - The restructuring actions resulted in a $15 million charge, expected to yield about $30 million in annualized cost savings, with full recognition anticipated by the third quarter [53][54] Question: M&A opportunities in the current environment - The company sees a stable pipeline for acquisitions, with some opportunities arising from more reasonable seller expectations, despite some deals being paused due to deteriorating seller conditions [56][57]

[First Quarter 2025 Results Overview](index=1&type=section&id=First%20Quarter%202025%20Results%20Overview) [Key Financial and Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) World Kinect Corporation reported a GAAP net loss of $21 million and diluted EPS of $(0.37) for Q1 2025, a significant decrease year-over-year, while adjusted net income was $27 million, or $0.48 per diluted share, showing a slight increase in adjusted EPS, with gross profit decreasing by 9% to $230 million and strong operating cash flow of $114 million - **GAAP net loss of $21 million**, or **$0.37 per diluted share**, a significant decrease of **178%** and **182%** respectively year-over-year[4](index=4&type=chunk)[5](index=5&type=chunk) - **Adjusted net income of $27 million**, or **$0.48 per diluted share**, with adjusted diluted EPS increasing by **2%** year-over-year[4](index=4&type=chunk)[5](index=5&type=chunk) - **Gross profit decreased by 9% to $230 million**[4](index=4&type=chunk)[5](index=5&type=chunk) - Generated **$114 million of operating cash flow**[4](index=4&type=chunk) - Repurchased **$10 million of common stock**[4](index=4&type=chunk) - **Adjusted EBITDA of $80 million**, a decrease of **6%** year-over-year[4](index=4&type=chunk)[5](index=5&type=chunk) [Strategic Actions: Divestiture and Restructuring](index=1&type=section&id=First%20Quarter%202025%20%E2%80%93%20U.K.%20Land%20Divestiture%20and%20Restructuring%20Activities) The company completed the sale of its U.K. land fuels business on April 9, 2025, resulting in a $44.5 million asset impairment charge and an expected additional pre-tax loss of $65 million in Q2 2025, while concurrently launching a restructuring initiative that incurred $15.0 million in charges, primarily for severance costs, to streamline operations and enhance efficiency - Completed the sale of **U.K. land fuels business on April 9, 2025**[4](index=4&type=chunk) - Recognized an **asset impairment charge of $44.5 million** related to the U.K. land fuels business sale[4](index=4&type=chunk) - Expected additional estimated **pre-tax loss of $65 million** from the U.K. land fuels business sale in Q2 2025, including reclassification of **$55 million cumulative translation losses**[4](index=4&type=chunk) - Recognized **restructuring charges of $15.0 million** during Q1 2025, primarily related to severance costs, as part of an initiative to streamline the operating model[4](index=4&type=chunk) [Financial Summary (Table)](index=2&type=section&id=Financial%20Summary) The financial summary table for Q1 2025 shows a 14% decrease in revenue and a 9% decrease in gross profit year-over-year, with operating expenses increasing by 24%, leading to a significant shift from operating income to an operating loss, though adjusted operating expenses decreased by 6% Q1 2025 Financial Summary (YoY Comparison) | | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Volume (Millions of Gallons) | 4,177 | 4,414 | (5)% | | Revenue (Millions of Dollars) | $9,453 | $10,951 | (14)% | | Gross profit (Millions of Dollars) | $230 | $254 | (9)% | | Operating expenses (Millions of Dollars) | $237 | $191 | 24% | | Adjusted operating expenses (Millions of Dollars) | $178 | $190 | (6)% | | Income (loss) from operations (Millions of Dollars) | $(7) | $63 | (110)% | | Operating margin (%) | (3)% | 25% | | | Adjusted income from operations (Millions of Dollars) | $53 | $64 | (18)% | | Adjusted operating margin (%) | 23% | 25% | | | Net income (loss) including noncontrolling interest (Millions of Dollars) | $(21) | $27 | (178)% | | Adjusted EBITDA (Millions of Dollars) | $80 | $86 | (6)% | | Diluted earnings per common share ($) | $(0.37) | $0.45 | (182)% | | Adjusted diluted earnings per common share ($) | $0.48 | $0.47 | 2% | [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted the Aviation business's outperformance and the Land business's challenges due to market conditions, emphasizing the U.K. Land divestiture as progress in streamlining the portfolio and commitment to financial goals, while also noting strong operating and free cash flow and a robust balance sheet for future investments - **Aviation business outperformed expectations**, while **Land business faced headwinds** due to challenging market conditions[5](index=5&type=chunk) - **Divestiture of U.K. Land business** marks continued progress in streamlining the Land portfolio and reinforces commitment to broader financial goals[5](index=5&type=chunk) - Continued to streamline the land business and right-size the cost structure, while delivering **strong operating and free cash flow**[5](index=5&type=chunk) - Company remains well-positioned with a **strong balance sheet** to navigate market dynamics and invest in core capabilities[5](index=5&type=chunk) [Company Information and Non-GAAP Definitions](index=2&type=section&id=Company%20Information%20and%20Non-GAAP%20Definitions) [About World Kinect Corporation](index=2&type=section&id=About%20World%20Kinect%20Corporation) World Kinect Corporation is a global energy management company based in Miami, Florida, providing fulfillment and related services to over 150,000 customers across aviation, marine, and land transportation sectors, also supplying natural gas and power in the U.S. and Europe, along with sustainability-related products and services - **Global energy management company** headquartered in Miami, Florida[7](index=7&type=chunk) - Serves over **150,000 customers** in aviation, marine, and land-based transportation sectors[7](index=7&type=chunk) - Supplies natural gas and power in the U.S. and Europe, and offers **sustainability-related products and services**[7](index=7&type=chunk) [Investor Relations and Contacts](index=2&type=section&id=Earnings%20Conference%20Call) An investor conference call was scheduled for April 24, 2025, to discuss Q1 results, with a webcast replay available, and investor relations contacts are Ira M. Birns (EVP & CFO) and Braulio Medrano (Senior Director FP&A and Investor Relations) - **Q1 2025 earnings conference call** held on April 24, 2025, with webcast replay available[6](index=6&type=chunk) - Key investor contacts are **Ira M. Birns (EVP & CFO)** and **Braulio Medrano (Senior Director FP&A and Investor Relations)**[8](index=8&type=chunk) [Non-GAAP Financial Measures Definitions](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures to provide investors with supplemental information for evaluating ongoing financial performance, emphasizing that these should not be considered in isolation from GAAP results, and these measures exclude specific items like acquisition/divestiture expenses, restructuring charges, impairments, and certain gains/losses to reflect core operating results [General Principles and Exclusions](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20General%20Principles) Non-GAAP measures offer transparency for ongoing financial performance but should not be isolated from GAAP results, excluding specific non-recurring items - **Non-GAAP measures** are useful for evaluating ongoing financial performance and providing greater transparency, but should not be considered in isolation from GAAP[8](index=8&type=chunk)[9](index=9&type=chunk) - **Non-GAAP measures exclude** acquisition/divestiture related expenses, restructuring activities, impairments, gains/losses on debt extinguishment or business sales, integration costs, non-operating legal settlements, and costs from the Finnish bid error[10](index=10&type=chunk) [Specific Non-GAAP Metric Definitions](index=3&type=section&id=Specific%20Non-GAAP%20Metric%20Definitions) This section defines key non-GAAP metrics such as Adjusted net income, Adjusted diluted EPS, Adjusted EBITDA, Adjusted income from operations, and Free cash flow, detailing their specific exclusions and calculation methodologies - **Adjusted net income**: Net income excluding acquisition/divestiture expenses, restructuring, impairments, gains/losses on debt/sales, integration costs, non-operating legal settlements, and Finnish bid error costs[12](index=12&type=chunk) - **Adjusted diluted earnings per common share (Adjusted EPS)**: Computed by dividing adjusted net income by adjusted weighted average shares, including convertible note hedges[12](index=12&type=chunk) - **Adjusted EBITDA**: Net income including noncontrolling interest, excluding interest, taxes, depreciation, amortization, and the same adjustments as adjusted net income[12](index=12&type=chunk) - **Adjusted income from operations**: Income (loss) from operations excluding acquisition/divestiture expenses, restructuring, impairments, integration costs, and Finnish bid error costs[15](index=15&type=chunk) - **Free cash flow**: Operating cash flow minus total capital expenditures[15](index=15&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Information%20Relating%20to%20Forward-Looking%20Statements) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section highlights that the release contains forward-looking statements regarding future results, performance, and achievements, specifically mentioning expected financial impacts from the U.K. land fuels business sale, cost management initiatives, and developments in the Land business, all subject to cautionary statements and risk factor disclosures in SEC filings - Release includes **forward-looking statements** about future results, performance, or achievements[14](index=14&type=chunk) - Specifically, forward-looking statements cover expected financial impacts from the **U.K. land fuels business sale**, **cost management initiatives**, and developments in the Land business[14](index=14&type=chunk) - Forward-looking statements are qualified by cautionary statements and **risk factor disclosures in SEC filings**, including the most recent Form 10-K[14](index=14&type=chunk) [Risk Factors](index=4&type=section&id=Risk%20Factors) Important factors that could cause actual results to differ materially from forward-looking statements include tariffs, trade restrictions, customer creditworthiness, changes in energy/commodity prices, adverse industry conditions, inability to mitigate financial risks, achieving benefits from restructuring, labor disputes, compliance with debt covenants, cyber incidents, political/economic/regulatory changes, environmental legislation, supplier/customer non-performance, integration of acquired businesses, cash flow, currency fluctuations, inflation, technology leverage, product specifications, environmental risks, reputational harm, high-risk locations, uninsured losses, seasonal variability, investment value, employee retention, tax law changes, litigation, and other risks detailed in SEC filings - Risks include effects of **tariffs and trade restrictions**, customer and counterparty creditworthiness, and changes in market prices of energy or commodities[14](index=14&type=chunk) - **Operational risks** involve inability to effectively mitigate financial risks, achieving expected benefits from restructuring, labor disputes, and compliance with debt covenants[14](index=14&type=chunk) - **External factors** include cyber incidents, changes in political, economic, or regulatory environments, greenhouse gas reduction programs, and other environmental/climate change legislation[14](index=14&type=chunk) - Other risks encompass **supplier/customer non-performance**, integration of acquired businesses, lower than expected cash flows, currency exchange fluctuations, inflationary pressures, and the ability to retain key employees[14](index=14&type=chunk)[16](index=16&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were $6,589.1 million, a decrease from $6,731.8 million at December 31, 2024, primarily due to lower accounts receivable, while total liabilities also decreased from $4,775.8 million to $4,660.9 million, mainly driven by a reduction in accounts payable, and total equity slightly decreased to $1,928.3 million Condensed Consolidated Balance Sheets (Selected Items) | | March 31, 2025 (Millions of Dollars) | December 31, 2024 (Millions of Dollars) | | :--- | :--- | :--- | | **Assets:** | | | | Cash and cash equivalents | $456.4 | $382.9 | | Accounts receivable, net | $2,245.8 | $2,432.6 | | Inventories | $503.7 | $513.5 | | Total current assets | $3,829.9 | $3,959.2 | | Total assets | $6,589.1 | $6,731.8 | | **Liabilities:** | | | | Accounts payable | $2,529.7 | $2,726.5 | | Total current liabilities | $3,342.3 | $3,437.8 | | Total liabilities | $4,660.9 | $4,775.8 | | **Equity:** | | | | Total equity | $1,928.3 | $1,955.9 | [Condensed Consolidated Statements of Income and Comprehensive Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20AND%20COMPREHENSIVE%20INCOME) For Q1 2025, the company reported a net loss attributable to World Kinect of $(21.1) million, a significant decline from a net income of $27.4 million in Q1 2024, with revenue decreasing by 14% to $9,452.5 million and gross profit falling by 9% to $230.4 million, while operating expenses increased substantially due to asset impairments and restructuring charges, leading to an operating loss of $(6.6) million compared to an income of $63.3 million in the prior year Condensed Consolidated Statements of Income (Q1 2025 vs Q1 2024) | | 2025 (Millions of Dollars) | 2024 (Millions of Dollars) | | :--- | :--- | :--- | | Revenue | $9,452.5 | $10,951.4 | | Cost of revenue | $9,222.1 | $10,697.3 | | Gross profit | $230.4 | $254.1 | | Operating expenses | $237.0 | $190.8 | | Income (loss) from operations | $(6.6) | $63.3 | | Net income (loss) attributable to World Kinect | $(21.1) | $27.4 | | Diluted earnings (loss) per common share ($) | $(0.37) | $0.45 | - **Asset impairments of $44.5 million** and **restructuring charges of $15.0 million** significantly impacted operating expenses in Q1 2025[22](index=22&type=chunk) - **Total other comprehensive income (loss) improved from $(12.9) million in Q1 2024 to $10.0 million in Q1 2025**, primarily due to foreign currency translation adjustments[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities increased slightly to $114.4 million in Q1 2025 from $110.2 million in Q1 2024, despite a net loss, driven by changes in working capital, particularly a significant decrease in accounts receivable, while net cash used in investing and financing activities also decreased, leading to a $73.5 million increase in cash and cash equivalents during the quarter Condensed Consolidated Statements of Cash Flows (Q1 2025 vs Q1 2024) | | 2025 (Millions of Dollars) | 2024 (Millions of Dollars) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $114.4 | $110.2 | | Net cash provided by (used in) investing activities | $(5.8) | $(16.9) | | Net cash provided by (used in) financing activities | $(32.4) | $(64.3) | | Net increase (decrease) in cash and cash equivalents | $73.5 | $17.1 | | Cash and cash equivalents, as of the end of the period | $456.4 | $321.3 | - **Operating cash flow benefited from a $204.3 million decrease in accounts receivable, net**, in Q1 2025[24](index=24&type=chunk) - Repurchased **$10.0 million of common stock in Q1 2025**, compared to none in Q1 2024[24](index=24&type=chunk) [Business Segments and Sales Volume Information](index=9&type=section&id=BUSINESS%20SEGMENTS%20INFORMATION) [Business Segments Performance](index=9&type=section&id=Business%20Segments%20Performance) In Q1 2025, the Aviation segment showed strong performance with a 7% increase in gross profit and a 27.7% increase in income from operations, driven by improved airport locations and physical inventory business, while the Land segment experienced a 19% decrease in gross profit and shifted to an operating loss of $(45.3) million due to lower liquid fuel profit contribution, and the Marine segment also saw a 26% decrease in gross profit and a 44.8% decrease in operating income, impacted by lower bunker fuel prices and reduced demand Q1 2025 Segment Gross Profit and Income from Operations (YoY Comparison) | Segment | Gross Profit 2025 (Millions of Dollars) | Gross Profit 2024 (Millions of Dollars) | Gross Profit Change (%) | Income (Loss) from Operations 2025 (Millions of Dollars) | Income (Loss) from Operations 2024 (Millions of Dollars) | Income (Loss) from Operations Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Aviation | $115.7 | $108.4 | 7% | $56.2 | $44.0 | 27.7% | | Land | $79.0 | $97.3 | (19)% | $(45.3) | $18.5 | (344.9)% | | Marine | $35.7 | $48.4 | (26)% | $14.8 | $26.8 | (44.8)% | | Total Gross Profit | $230.4 | $254.1 | (9)% | | | | - **Aviation segment's improved performance** was primarily attributable to operated airport locations in Europe, physical inventory business, and business and general aviation activities[4](index=4&type=chunk) - **Land segment's decline** was due to lower profit contribution from liquid fuel business in North America, influenced by industry trends and reduced demand[4](index=4&type=chunk) - **Marine segment's decrease** was principally due to lower bunker fuel prices, reduced volatility, and lower demand/margins in resale and physical businesses[4](index=4&type=chunk) [Sales Volume Supplemental Information](index=9&type=section&id=SALES%20VOLUME%20SUPPLEMENTAL%20INFORMATION) Consolidated total sales volume decreased by 5% to 4,176.8 million gallons in Q1 2025 compared to Q1 2024, with the Aviation segment seeing a slight increase in volume, while both Land and Marine segments experienced decreases, and Marine had the largest percentage drop Q1 2025 Sales Volume by Segment (YoY Comparison) | Segment | Volume 2025 (Millions of Gallons) | Volume 2024 (Millions of Gallons) | Change (%) | | :--- | :--- | :--- | :--- | | Aviation Segment | 1,700.2 | 1,673.1 | 1.6% | | Land Segment | 1,494.3 | 1,598.1 | (6.5)% | | Marine Segment | 982.3 | 1,143.2 | (14.0)% | | Consolidated Total | 4,176.8 | 4,414.5 | (5.4)% | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20FINANCIAL%20MEASURES) [Net Income (Loss) and Diluted Earnings Per Share Reconciliation](index=10&type=section&id=Net%20Income%20(Loss)%20and%20Diluted%20Earnings%20Per%20Share%20Reconciliation) The reconciliation shows a GAAP net loss of $(21.1) million and diluted EPS of $(0.37) for Q1 2025, which, after adjusting for asset impairments ($44.5 million), restructuring charges ($15.0 million), and income tax impacts ($(11.5) million), results in an adjusted net income of $27.3 million and adjusted diluted EPS of $0.48, contrasting with Q1 2024 where GAAP and adjusted figures were closer Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income | | 2025 Net Income (Loss) (Millions of Dollars) | 2025 Diluted EPS ($) | 2024 Net Income (Loss) (Millions of Dollars) | 2024 Diluted EPS ($) | | :--- | :--- | :--- | :--- | :--- | | GAAP measure | $(21.1) | $(0.37) | $27.4 | $0.45 | | (Gain) loss on sale of business | $0.4 | $0.01 | — | — | | Asset impairments | $44.5 | $0.78 | — | — | | Finnish bid error | — | — | $0.9 | $0.02 | | Restructuring charges | $15.0 | $0.26 | $0.2 | — | | Income tax impacts | $(11.5) | $(0.20) | $(0.2) | — | | Adjusted non-GAAP measure | $27.3 | $0.48 | $28.2 | $0.47 | - For Q1 2025, **Adjusted diluted EPS calculation considers 0.5 million dilutive shares** not included in GAAP due to the net loss position, resulting in a non-GAAP weighted average of **57.3 million shares**[31](index=31&type=chunk) [Adjusted EBITDA Reconciliation](index=10&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q1 2025 was $80.3 million, a decrease from $85.9 million in Q1 2024, with the reconciliation from GAAP net income (loss) including adjustments for interest, taxes, depreciation, amortization, and significant non-recurring items such as asset impairments ($44.5 million) and restructuring charges ($15.0 million) in 2025 Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA | | 2025 (Millions of Dollars) | 2024 (Millions of Dollars) | | :--- | :--- | :--- | | Net income (loss) including noncontrolling interest | $(21.3) | $27.2 | | Interest expense and other financing costs, net | $22.9 | $28.9 | | Provision (benefit) for income taxes | $(6.8) | $3.3 | | Depreciation and amortization | $25.6 | $25.3 | | EBITDA | $20.4 | $84.8 | | (Gain) loss on sale of business | $0.4 | — | | Asset impairments | $44.5 | — | | Finnish bid error | — | $0.9 | | Restructuring charges | $15.0 | $0.2 | | Adjusted EBITDA | $80.3 | $85.9 | [Operating Expenses and Income (Loss) from Operations Reconciliation](index=10&type=section&id=Operating%20Expenses%20and%20Income%20(Loss)%20from%20Operations%20Reconciliation) GAAP operating expenses for Q1 2025 were $237.0 million, leading to an operating loss of $(6.6) million, but after adjusting for asset impairments ($(44.5) million) and restructuring charges ($(15.0) million), adjusted operating expenses decreased to $177.5 million, resulting in an adjusted income from operations of $52.9 million, highlighting the impact of one-time charges on GAAP operating results Reconciliation of GAAP Operating Expenses and Income (Loss) from Operations to Adjusted Measures | | 2025 Operating Expenses (Millions of Dollars) | 2025 Operating Income (Loss) (Millions of Dollars) | 2024 Operating Expenses (Millions of Dollars) | 2024 Operating Income (Loss) (Millions of Dollars) | | :--- | :--- | :--- | :--- | :--- | | GAAP measure | $237.0 | $(6.6) | $190.8 | $63.3 | | Asset impairments | $(44.5) | $44.5 | — | — | | Finnish bid error | — | — | $(0.9) | $0.9 | | Restructuring charges | $(15.0) | $15.0 | $(0.2) | $0.2 | | Adjusted non-GAAP measure | $177.5 | $52.9 | $189.7 | $64.4 | [Free Cash Flow Reconciliation](index=10&type=section&id=Free%20Cash%20Flow%20Reconciliation) Free cash flow for Q1 2025 increased to $99.2 million from $92.8 million in Q1 2024, an improvement driven by a slight increase in net cash provided by operating activities and a decrease in capital expenditures Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | | 2025 (Millions of Dollars) | 2024 (Millions of Dollars) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $114.4 | $110.2 | | Capital expenditures | $(15.2) | $(17.5) | | Free cash flow | $99.2 | $92.8 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation or organization) ( 305 ) 428-8000 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act T ...

Exhibit 99.1 World Kinect Corporation Reports First Quarter 2024 Results MIAMI—April 25, 2024—World Kinect Corporation (NYSE: WKC) today reported financial results for the first quarter of 2024. Results compared to the same period last year are as follows (unaudited - in millions, except percentages and per share data): | | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | --- | | | | 2024 | | 2023 | Change | | (1) Volume | | 4,414 | | 4,472 | (1)% | | Revenue | $ | 10,951 | $ | 12,482 ...

Washington, DC 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WORLD FUEL SERVICES CORPORATION (Exact name of registrant as specified in its charter) (Mark One) (State or other jurisdiction of incorporation or organization) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Florida 9800 N.W. 41st Street, Miami, Florida 33178 59-2459427 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Part I. Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section provides the unaudited Condensed Consolidated Financial Statements for Q1 2021 and 2020, encompassing balance sheets, income statements, equity, cash flows, and comprehensive explanatory notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$4.93 billion** by March 31, 2021, driven by a rise in accounts receivable, with total liabilities also growing due to increased accounts payable Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $3,064.5 | $2,639.3 | | Accounts receivable, net | $1,669.2 | $1,238.4 | | **Total Assets** | **$4,925.4** | **$4,500.3** | | **Total Current Liabilities** | $2,092.2 | $1,684.0 | | Accounts payable | $1,619.3 | $1,214.7 | | **Total Liabilities** | **$2,982.3** | **$2,587.4** | | **Total Equity** | **$1,943.0** | **$1,912.9** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Q1 2021 saw a significant year-over-year decline, with revenue decreasing by **25.7%** to **$5.96 billion** and net income attributable to World Fuel dropping by **54.3%** to **$18.9 million** Q1 2021 vs Q1 2020 Performance (in millions, except per share data) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Revenue | $5,957.9 | $8,015.2 | | Gross Profit | $191.6 | $258.7 | | Income from Operations | $37.6 | $70.8 | | Net Income (attributable to World Fuel) | $18.9 | $41.4 | | Diluted Earnings Per Share | $0.30 | $0.63 | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Total equity increased slightly to **$1.94 billion** by March 31, 2021, driven by net income and other comprehensive income, partially offset by cash dividends - Total equity rose to **$1,943.0 million** at the end of Q1 2021 from **$1,912.9 million** at the end of 2020[12](index=12&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.12 per common share**, totaling **$7.5 million**, an increase from **$0.10 per share** (**$6.5 million** total) in the prior-year quarter[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly improved to **$103.4 million** in Q1 2021, while investing activities used less cash and financing activities shifted from providing to using funds Cash Flow Summary (in millions) | Cash Flow Category | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net cash from operating activities | $103.4 | $9.5 | | Net cash from investing activities | $(2.7) | $(149.0) | | Net cash from financing activities | $(20.8) | $507.0 | | **Net increase in cash** | **$76.5** | **$351.0** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, the COVID-19 impact, credit losses, derivatives, debt, taxes, and segment performance, providing context for the financial statements - The company's business continues to be impacted by the COVID-19 pandemic, particularly in transportation, leading to cost reduction, liquidity, and operating efficiency initiatives[26](index=26&type=chunk) - The allowance for credit losses decreased to **$47.5 million** as of March 31, 2021, from **$57.3 million** at year-end 2020, with write-offs of **$13.8 million** during the quarter[34](index=34&type=chunk)[35](index=35&type=chunk) - The company is involved in several tax disputes, notably in Denmark, South Korea, and Brazil, which could materially adversely affect operating results if resolved unfavorably[57](index=57&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) - Restructuring initiatives, particularly focused on the land business in North America, incurred charges of **$2.1 million** in Q1 2021[69](index=69&type=chunk)[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 performance, highlighting the pandemic's impact on aviation and marine segments, cost reductions, liquidity, and the expected decline in NATO sales in Afghanistan - The COVID-19 pandemic continues to significantly impact the global economy and transportation industries, leading to material volume declines in the company's commercial aviation business[81](index=81&type=chunk)[84](index=84&type=chunk) - The company expects a material decline in sales to NATO in Afghanistan following the announcement of a final withdrawal of U.S. and NATO troops, which began on May 1, 2021[85](index=85&type=chunk) Q1 2021 vs Q1 2020 Key Metrics (in millions) | Metric | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $5,957.9 | $8,015.2 | -26% | | Gross Profit | $191.6 | $258.7 | -26% | | Income from Operations | $37.6 | $70.8 | -47% | - Operating expenses decreased by **18%** to **$154.0 million**, driven by ongoing cost-reduction initiatives, the sale of the MSTS business, and a **64%** decrease in the provision for credit losses[98](index=98&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's exposures to commodity price, interest rate, or foreign currency risk have occurred since December 31, 2020 - The company reports no material changes to its market risk exposures, including commodity price, interest rate, or foreign currency risk, since the end of the previous fiscal year[130](index=130&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[133](index=133&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2021[134](index=134&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various tax disputes in multiple countries with potentially material amounts, alongside other ordinary course claims not expected to be material - The company is under review by tax authorities in multiple jurisdictions, with potentially material amounts under controversy in Brazil, Denmark, South Korea, and the U.S[137](index=137&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased a negligible amount of common stock in Q1 2021, primarily for employee tax obligations, with **$246.3 million** remaining available for future repurchases - As of March 31, 2021, approximately **$246.3 million** remains available for future stock repurchases under the company's authorized programs[140](index=140&type=chunk) - No shares were repurchased during the quarter as part of the publicly announced plans or programs[139](index=139&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q report, including CEO and CFO certifications and financial statements in XBRL format - Exhibits filed with the report include CEO/CFO certifications (31.1, 31.2, 32.1) and XBRL data files (101, 104)[141](index=141&type=chunk) [Signatures](index=36&type=section&id=Signatures) The Form 10-Q report was signed and authorized by CEO Michael J. Kasbar and CFO Ira M. Birns on April 30, 2021, on behalf of World Fuel Services Corporation - The Form 10-Q was signed on April 30, 2021, by CEO Michael J. Kasbar and CFO Ira M. Birns[144](index=144&type=chunk)