World Fuel Services Corporation

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. 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. 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, Michelle. Good evening, everyone, and welcome to the World Fuels Services Second Quarter 2022 Earnings Conference Call. This is Glenn Clevitz, 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 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 World Fuel'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 those forward-looking statements in light of new information or 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 WorldFuel's press release and can be found on its website. We'll 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. Once again, the resilience of our business portfolio and the agility of our people drove a strong outcome in the second quarter. As we mentioned last quarter, super backwardization impacted commercial aviation, which continued throughout the second quarter. But we pivoted quickly, as we indicated we would, materially reducing this risk going forward. And our business aviation activity generally performed well. Conversely, high prices and continued volatility were extremely favorable for our marine business, where we achieved record results. Our marine team did an extraordinary job of servicing our clients and managing the business. And finally, our land business performed well across the board with Flyers Energy, UK, Brazil, and our World Connect business all delivering solid results. As I've said many times, we see the energy transition as a global imperative and are focused on continuing to expand our suite of energy and digital solutions to continue to deliver critical support to our customers, suppliers, and stakeholders in meeting net-zero objectives. There has been a significant increase in demand for renewable energy, and in response, we continue to build out our platform in key areas such as renewable fuels as well as wind and solar energy solutions. We have been at the forefront of sustainable aviation fuel for many years, delivering about 30 million gallons to date And during the second quarter, we became an authorized branded distributor of Neste's Sustainable Aviation Fuel, commonly referred to as SAF. With this relationship, we were able to bring SAF to Paris Le Bourget Airport in France last month. We also recently partnered with WPD Europe, a developer and operator of wind farms and solar parks in 28 countries, on a wind project in Finland. where we will manage the wind farm's power output. These are only a few of the many examples of how we are participating in the energy transition and transforming our offering with innovative energy and digital solutions. Whether our customers need help developing a carbon reduction plan, devising strategies to reduce energy use, or sourcing renewable energy, our broad offering of sustainable solutions are available to support these critical initiatives. We're proud of our team at World Connect and are excited about the growth opportunities this offers across all of our businesses in the future. While the macro environment is fraught with a confluence of market and geopolitical risks and a more active regulatory dynamic, I believe we are placed, better than ever, to profitably grow our global energy and logistics business in core conventional activities and build greater value, growth, and return in sustainable businesses and offerings, including those I just mentioned. Our focus has always been and will continue to be delivering a complementary set of products and services that delivers value for our customers, suppliers, and partners with an increasing number of digital solutions. I am enormously proud of our global team and the grit that they have shown over the last few years and continue to demonstrate as we further fortify our global diverse energy solutions offerings. We are encouraged and animated by the continuing opportunities and runway we see for our business. Before I turn over the call to Ira for a financial review of the quarter, I want to give a very special thanks to Jeff Smith and our digital and business teams for their tremendous effort and teamwork in shutting down our last of 22 data centers, which will make us a cloud-first business. This will increase our resiliency and give us virtually unlimited scalability. Ira, why don't you take it from here?