wkc-20240331

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


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

COMMISSION FILE NUMBER 001-09533

WORLD KINECT CORPORATION

(Exact name of registrant as specified in its charter)

Florida

9800 N.W. 41st Street,

Miami,

Florida

33178

59-2459427

(State or other jurisdiction of
incorporation or organization)

(Address of Principal Executive Offices) (Zip Code)

(I.R.S. Employer
Identification No.)

(

305

)

428-8000

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common Stock, $0.01 par value

WKC

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

The registrant had a total of 59,938,301 shares of common stock, par value $0.01 per share, issued and outstanding as of April 19, 2024.

TABLE OF CONTENTS


PART I.	Financial Information
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	1
	Condensed Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023	2
	Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	4
	Notes to the Condensed Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30

PART II.	Other Information
Item 1.	Legal Proceedings	31


Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 5.	Other Information	31
Item 6.	Exhibits	32

SIGNATURES

Part I — Financial Information

Item 1. Financial Statements

WORLD KINECT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - In millions, except per share data)


	March 31, 2024		December 31, 2023
Assets:
Current assets:
Cash and cash equivalents	$	321.3	$	304.3
Accounts receivable, net of allowance for credit losses of $20.0 million and $18.3 million as of March 31, 2024 and December 31, 2023, respectively	2,679.0		2,735.5
Inventories	654.6		664.6
Prepaid expenses	73.9		77.6
Short-term derivative assets, net	233.6		275.4
Other current assets	430.1		446.4
Total current assets	4,392.6		4,503.8
Property and equipment, net	496.1		515.3
Goodwill	1,175.2		1,238.0
Identifiable intangible assets, net	284.0		299.7
Other non-current assets	826.4		818.6
Total assets	$	7,174.4	$	7,375.3
Liabilities:
Current liabilities:
Current maturities of long-term debt	$	81.1	$	78.8
Accounts payable	2,965.5		3,097.6
Short-term derivative liabilities, net	134.9		128.2
Accrued expenses and other current liabilities	680.9		745.0
Total current liabilities	3,862.4		4,049.7
Long-term debt	802.6		809.1
Other long-term liabilities	550.9		566.9
Total liabilities	5,215.9

SEC Form 10-Q filed by World Kinect Corporation