World Fuel Services Corporation

Welcome to the WorldFuel Services Corporation fourth quarter and full year 2021 earnings conference call. My name is Sylvia and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question and answer session. During the question and answer session, if you have a question, please press star then 1 on your touchtone phone. I will now turn the call over to Glenn Clevitz, WorldFuel's Vice President, Treasurer Investor Relations. Mr. Clevitz, you may begin.

Thank you, Sylvia. Good evening, everyone, and welcome to the World Fuel Services fourth quarter and full year 2021 earnings conference call. This is Glenn Clevis, and I'll be doing the introductions on this evening's call alongside our live slide presentation. This call is also available via webcast. To access this webcast or future webcasts, please visit the World Fuel Services Corporation website and click on the webcast icon. With us on the call today are Michael Kasbar, 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 WorldFuel's 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 or future events. This presentation also includes 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 WorldFuel's 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. I hope all of you are doing well and adjusting to a somewhat more normal environment. On behalf of our leadership team, I would like to again thank our employees throughout the world for their continued dedication in maintaining and building our global energy solutions business. Your collaborative efforts remain seamless as we successfully managed our commercial business during COVID for a second straight year. And a special call out to our physical operations team members that managed our logistics through the last two years. Thank you for your dedication and teamwork It's truly a pleasure to work with you all. Our aviation business finished the year strong in what has become a more broadly improving operating environment. While the U.S. market has experienced the strongest recovery to date, we are beginning to also see many markets improving in other regions, positioning us well as we continue through 2022. The marine industry also finished the year well, With improving opportunities in various key markets combined with rising prices and interest rates, which have historically benefited the marine business, we are seeing some renewed momentum heading into 2022. And lastly, our land business has a tremendous amount of excitement in the air between the recently completed flyers acquisition, which has immediately added scale and geographic density to our North American operations, and our growing Connect sustainability platform, where we are finding more ways to help our customers navigate the energy transition. We are partnering with our customers to develop carbon reduction plans, advising them on how to reduce energy use, source renewable energy, and finally compensate for residual carbon emissions using carbon offsets. We have a breadth of and a depth in the sustainable services and products such as onsite solar, power agreements, energy efficiency, and many more that we custom tailor for a diverse set of clients to achieve near-term targets while preparing for the energy transition of tomorrow. Our solid financial position will continue to serve us well over the course of 2022 with an abundant pipeline of organic and inorganic growth opportunities across our core lines of business. I'm encouraged about our market position and our ability to deliver comprehensive energy solutions in the years ahead. Now I'll turn the call over to Ira for a review of our financial results.