World Fuel Services Corporation

Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services Third Quarter 2022 Earnings Conference Call. My name is Victor, and I'll 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. If at any time during the conference, please, as a reminder, this conference is being recorded. I want to turn the conference over to Mr. Glenn Clevitz, World Fuel Service Vice President, Treasure and Investor Relations. Mr. Clevitz, you may begin your conference.

Thank you, Victor. Good evening, everyone, and welcome to the World Fuel Service's third quarter 2022 earnings conference call. which will also be presented 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 revision to these 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 World Fuels Press release and can be found on our 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 listen in listen-only mode. At this time, I would like to introduce our Chairman and Chief Executive Officer, Michael Kasbar.

Thank you, Glenn. Before I comment about the quarter, I want to thank our global team in every part of our business and in every part of the world for the results they drive every day for our customers, suppliers, partners, and shareholders. We've managed through COVID followed by supply chain disruptions and then severe inventory backwardation and still produced exceptional results. And now over the past several weeks, our land team responded to the energy and logistic needs of those impacted by Hurricane Ian, one of the deadliest hurricanes to hit Florida since 1935. Our thoughts go out to our neighbors who have been impacted by this horrible storm. Our team responded once again under difficult circumstances, which speaks volumes about the character of our logistics and supply and operations team, as well as our back office team that supported the effort. Thank you for all your service. You executed thousands of deliveries in difficult conditions when it was needed most. Responding to our customers' immediate and evolving needs remains the hallmark of who we are and what has guided what we do. This drove us to establish our sustainability business well before it became a global imperative. Our lower and zero carbon solutions continue to grow in North and South America, Europe and Asia, and will become a bigger part of our business over the next several years. Our approach has always been to drive economics in all forms of energy and digital solutions because that's what our customers want, ask us for, and value. With this as our guide, we will continue to refine our offers organically and through select acquisitions in our core conventional, sustainable, and digital business activities as global energy demand continues to grow and evolve. In the third quarter, our aviation business performed extremely well, aided by a very strong transatlantic summer season in Europe, which continues to rebound from the pandemic, as well as continued growth in business aviation demand. Our recently launched My World Tankering fuel and flight optimization product is the latest evidence of our focus on driving digital engagement with our customers by adding more digital and service solutions to our legacy energy and logistics offerings while simultaneously increasing automation and revenue generation within our ecosystem. My World Tankering utilizes our unique position in the supply chain with experience over millions of flights and many years of data to deliver a breakthrough product that, in seconds, helps operators minimize overall fuel costs on multiple leg flights. This is just one example of the innovation occurring between our business and technology teams. Our marine business once again performed extraordinarily well, managing a volatile, high-priced environment and the associated underwriting risks. It has been quite a run for the container, dry-balk, and tanker markets with strong demand across all segments. While the container sector is softening from historic highs, both tanker and dry bulk are still buoyant, and crews, while dealing with debt and inflation, continue to experience strong demand. And finally, in more ways than one, our land business achieved solid performance across the board, which Ira will now discuss in greater detail, along with his usual fulsome update. Ira?