World Fuel Services Corporation

Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Service's first quarter 2021 earnings conference call. My name is Joelle, and I will be coordinating this call this evening. During the presentation, all participants will be in a listen-only mode. After the speaker's remarks, there will be a question and answer session. Instructions on how to ask a question will be given at the beginning of the Q&A session. If at any time during the conference you need to reach an operator, please press star zero. As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Glenn Clevitz, World Fuels Vice President, Treasurer, and Investor Relations. Mr. Clevitz, you may begin your conference.

Thank you, Joelle. Good evening, everyone, and welcome to the World Fuels Service's first quarter 2021 earnings conference call. My name is Glenn Clevitz, and I will be doing the introductions on this evening's call alongside our live presentation. This call is also available via webcast. To access this webcast or future webcasts, please visit the World Fuel Service Corporation website and click on the webcast icon. With us on the call today are Michael Kaspar, Chairman and Chief Executive Officer, and Ira Burns, Executive Vice President and Chief Financial Officer. By now, you should have all received a copy of our earnings release. If not, you can access the release on our website. Before we get started, I would like to review World Fuel Safe Harbor Statement. Certain statements made today, including comments about WorldFuel's expectations regarding future plans and performance, are forward-looking statements that are subject to a range of uncertainties and risks that could cause WorldFuel's actual results to materially differ from the forward-looking information. A description of the risk factors that could cause results to materially differ from these projections can be found in WorldFuel's most recent Form 10-K and other reports filed with the Securities and Exchange Commission. WorldFuel assumes no obligation to revise or publicly release the results of any revisions to these forward-looking statements in light of new information for future events. This presentation also includes certain non-GAAP financial measures as defined in Regulation G. A reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures is included in World Fuels Press release and can be found on its website. We will begin with several minutes of prepared remarks, which will then be followed by a question and answer period. As with prior conference calls, we ask that members of the media and individual private investors on the line participate in listen-only mode. At this time, I would like to introduce our Chairman and Chief Executive Officer, Michael Kasbar.

Thank you, Glenn, and good evening, everyone. Thank you for joining us. I hope you're all well, and I hope you are as optimistic as I am about the medium and long-term future market opportunities. We opened the year with a strong first quarter, once again demonstrating the resiliency of a well-diversified portfolio. And considering current market conditions, all of our businesses performed well. Our balance sheet in cash flow has never been stronger. We believe we have a significant medium and long-term opportunity to deploy capital in our North American C&I, meaning commercial and industrial, liquid fuel business, and globally in fuel, gas, power, carbon, and renewables to serve our aviation, marine, and land customers and drive the energy transition. As I mentioned last quarter, the work we have done over the last few years in talent, culture, and leadership is having a positive impact. We are converging our organization and business solutions in line with the transitioning marketplace. Combining functions and the business itself is creating greater efficiencies and effectiveness, as well as greater mobility and career opportunities for our global teams. consolidating our global origination, fulfillment, and support with our digital and sustainability competencies gives us a forward-ready business as the world emerges from this global health and economic crisis. We are already a globally diverse group. And the inclusiveness that convergence drives is accelerating value creation as our customers see comprehensive solutions and pathways to lower carbon footprints and supply chains. We are maintaining the cost discipline achieved so far in our operations as markets reopen. We have grown market share in our global land business with higher quality, rateable business activity. We see a long runway of growth opportunities in this space. And now, as we experience the world's growing commitment to sustainability, we view this as an incredible opportunity to tap into our ability to create innovative solutions. I am personally more excited and enthusiastic about our future prospects as a global team than I have been in years. We have been through our most challenging stress test ever, and our global teams performed flawlessly. We have never been tighter or more coordinated. Building a global, diverse, and increasingly digital energy and logistics solutions business is not easy, but that is exactly what we have done, and we are highly motivated to continue to build and leverage our platform. It's not easy to have global share of anything, but we have achieved that in two businesses, and we are well on our way to do that in our World Connect global land business, simultaneously creating lower carbon synergies for our global marine and aviation businesses. We are not only becoming more sustainable ourselves, but driving sustainability for the marketplace. We are truly helping to build a better tomorrow by accelerating the green and digital agenda with and for our partners around the world. It is hard to find an energy-related subject or problem anywhere in the world that we cannot address in one way or the other. World Connect is the emerging brand for comprehensive energy solutions. And finally, more of our teams are getting fully vaccinated, and this is both raising optimism and providing opportunities for greater engagement with each other and the market. I look forward to your questions, but let me first hand you over to Ira for a review of our quarterly results.