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Condensed Consolidated Statements of Comprehensive IncomeThree months ended
June 30Nine months ended
June 30(In millions, except per share amounts - unaudited)20222021SalesCost of salesGross profitSelling, general and administrative expensesLegacy and separation-related expensesEquity and other income, netOperating incomeNet pension and other postretirement plan incomeNet interest and other financing expensesIncome before income taxesIncome tax expenseNet incomeNET EARNINGS PER SHAREBasicDilutedWEIGHTED AVERAGE COMMON SHARES OUTSTANDINGCOMPREHENSIVE INCOMEOther comprehensive (loss) income, net of taxCurrency translation adjustmentsAmortization of pension and other postretirement plan prior service credits—Unrealized gain on cash flow hedgesOther comprehensive (loss) incomeComprehensive incomeCondensed Consolidated Balance SheetsJune 30
2022September 30
2021AssetsCurrent assetsCash and cash equivalentsReceivables, netInventories, netPrepaid expenses and other current assetsTotal current assetsNoncurrent assetsProperty, plant and equipment, netOperating lease assetsGoodwill and intangibles, netEquity method investmentsOther noncurrent assetsTotal noncurrent assetsTotal assetsLiabilities and Stockholders’ EquityCurrent liabilitiesCurrent portion of long-term debtTrade and other payablesAccrued expenses and other liabilitiesTotal current liabilitiesNoncurrent liabilitiesLong-term debtEmployee benefit obligationsOperating lease liabilitiesDeferred tax liabilitiesOther noncurrent liabilitiesTotal noncurrent liabilitiesCommitments and contingenciesStockholders’ equityPreferred stock, no par value, 40 shares authorized; no shares issued and outstandingCommon stock, par value $0.01 per share, 400 shares authorized; 177 and 180 shares issued and outstanding at June 30, 2022 and September 30, 2021, respectivelyPaid-in capitalRetained earningsAccumulated other comprehensive (loss) incomeTotal stockholders’ equityTotal liabilities and stockholders’ equityCondensed Consolidated Statements of Stockholders Equity (Deficit)Nine months ended June 30, 2022Common stockAccumulated other comprehensive income (loss)TotalsSharesAmountBalance at September 30, 2021Dividends paid, $0.125 per common shareStock-based compensation, net of issuancesRepurchases of common stockOther comprehensive income, net of taxBalance at December 31, 2021Balance at March 31, 2022Other comprehensive loss, net of taxBalance at June 30, 2022Nine months ended June 30, 2021Retained deficitAccumulated other comprehensive incomeBalance at September 30, 2020Cumulative effect of adoption of credit losses standard, net of taxBalance at December 31, 2020Balance at March 31, 2021Balance at June 30, 2021Consolidated Cash Flows(In millions - unaudited)Cash flows from operating activitiesAdjustments to reconcile net income to cash flows from operating activitiesLoss on extinguishment of debtDepreciation and amortizationDeferred income taxesStock-based compensation expenseOther, netChange in assets and liabilitiesReceivablesInventoriesPayables and accrued liabilitiesOther assets and liabilitiesTotal cash provided by operating activitiesCash flows from investing activitiesAdditions to property, plant and equipmentRepayments of notes receivableAcquisitions of businesses, net of cash acquiredOther investing activities, netTotal cash used in investing activitiesCash flows from financing activitiesProceeds from borrowingsPayments of debt issuance costs and discountsRepayments on borrowingsPremium paid to extinguish debtCash dividends paidOther financing activitiesTotal cash used in financing activitiesEffect of currency exchange rate changes on cash, cash equivalents and restricted cashDecrease in cash, cash equivalents and restricted cashCash, cash equivalents and restricted cash - beginning of periodCash, cash equivalents and restricted cash - end of periodIndex to Notes to Condensed Consolidated Financial StatementsPageNote 1 - Basis of Presentation and Significant Accounting PoliciesNote 2 - Fair Value MeasurementsNote 3 - AcquisitionsNote 4 - GoodwillNote 5 - DebtNote 6 - Income TaxesNote 7 - Employee Benefit PlansNote 8 - Litigation, Claims and ContingenciesNote 9 - Earnings Per ShareNote 10 - Reportable Segment InformationNote 11 - Supplemental Financial InformationNote 12 - Subsequent EventsNotes to Condensed Consolidated Financial Statements (Unaudited)As of June 30, 2022(In millions)TotalLevel 1Level 2Level 3NAV (a)Money market funds$—Time depositsCurrency derivatives (b)Non-qualified trust fundsInterest rate swap agreementsTotal assets at fair valueDeferred compensation obligationsTotal liabilities at fair valueAs of September 30, 2021June 30, 2022September 30, 2021Fair valueCarrying value (a)Unamortized
discounts and
issuance costs2030 Notes2031 NotesNOTE 3 - ACQUISITIONSCashOther current assetsProperty, plant and equipment (a)Goodwill (b)Intangible assets (c)Reacquired franchise rights (d)OtherOther current liabilitiesTotal net assets acquiredConsideration transferred, net of cash acquiredFair value of previously held equity interestCash acquiredTotal consideration transferredNOTE 4 - GOODWILLRetail ServicesGlobal ProductsAcquisitions (a)Currency translationNOTE 5 - DEBTTerm LoanRevolver (a)Trade Receivables Facility (b)China Construction Facility (c)China Working Capital Facilities (d)Debt issuance costs and discountsTotal debtNOTE 6 INCOME TAXESThree months endedNine months endedJune 30Effective tax rate percentage23.3%24.2%23.7%24.8%NOTE 7 EMPLOYEE BENEFIT PLANSPension benefitsOther postretirement benefitsThree months ended June 30Service costInterest costExpected return on plan assetsAmortization of prior service creditsNet periodic benefit incomeNine months ended June 30Amortization of prior service creditNOTE 9 - EARNINGS PER SHARE(In millions, except per share amounts)NumeratorDenominatorWeighted average common shares outstandingEffect of potentially dilutive securitiesWeighted average diluted shares outstandingEarnings per shareSegment financial results(in millions)Consolidated salesAdjusted EBITDATotal operating segmentsCorporateConsolidated Adjusted EBITDAReconciliation to income before income taxes:Key items: (a)LIFO chargeBusiness interruption recoveries (losses)Information technology transition costsDisaggregation of revenueCompany operationsNon-company operationsTotal Retail ServicesDo-It-YourselfInstaller and otherTotal Global ProductsNorth America (a)Europe, Middle East and Africa ("EMEA")Asia PacificLatin America (a)EMEANOTE 11 - SUPPLEMENTAL FINANCIAL INFORMATIONJune 30
2021Restricted cash (a)Total cash, cash equivalents and restricted cashAccounts and other receivablesTradeNotes receivable from franchisees (a)Receivables, grossAllowance for credit lossesFinished productsRaw materials, supplies and work in processReserve for LIFO cost valuationTotal inventories, netRevenue recognitionSales at a point in timeFranchised revenues transferred over timeTotal consolidated salesRESULTS OF OPERATIONS% of Sales100.0%28.8%32.7%28.5%34.2%Net operating expenses14.4%16.2%14.6%16.5%13.9%18.0%10.3%12.2%9.9%11.7%Year-over-year changesThree months ended
June 30, 2022Nine months ended
June 30, 2022Volume and mixPriceCurrency exchangeAcquisitionsChange in salesChange in LIFO reservePrice and costChange in gross profit17.2%15.2%17.8%1.1%0.1%0.7%(1.1)%(1.3)%(1.7)%EBITDA and Adjusted EBITDAEBITDANet pension and other postretirement plan income (a)Business interruption (recoveries) lossesSystem-wide stores (a)Third Quarter 2022Second Quarter 2022First Quarter 2022Fourth Quarter 2021Third Quarter 2021Beginning of periodOpenedAcquiredClosedEnd of periodNumber of stores at end of periodCompany-operatedFranchisedIncrease (decrease)Financial informationRetail Services segment sales16%24%Operating income (b)(1)%9%Key items13%18%1%10%Operating margin (c)25.0%29.4%bps23.5%26.8%Adjusted EBITDA margin (c)33.9%28.3%31.9%Same-store sales growthCompany-operated (c)7.1%36.1%12.5%20.4%Franchised (a) (d)12.1%43.9%17.6%22.5%System-wide (a) (d)40.5%15.4%21.6%Sales by geographic region33%4%19%—%12%53%35%Global Products segment sales27%11%(4)%(22)%(5)%7%14.0%15.6%13.8%18.2%17.5%15.1%20.0%Volume informationLubricant sales (gallons)FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCESCash provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesDecrease increase in cash, cash equivalents and restricted cashFree cash flowCash flows provided by operating activitiesLess: Maintenance capital expendituresDiscretionary free cash flowLess: Growth capital expendituresFiscal year2022 OutlookTotal cash flows provided by operating activitiesAdjustments:Separation-related cash outflowsForecasted free cash flowITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSMonthly PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programsDollar value of shares that may yet be purchased
under the plans or programs
(in millions)April 1, 2022 - April 30, 2022May 1, 2022 - May 31, 2022June 1, 2022 - June 30, 2022Valvoline INCa.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; andd.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; andAll significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; andAny fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting./s/ Samuel J. Mitchell Jr.Samuel J. Mitchell Jr.Chief Executive Officer and Director(Principal Executive Officer)/s/ Mary E. MeixelspergerMary E. MeixelspergerChief Financial Officer(Principal Financial Officer)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; andThe information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company./s/ Samuel J. Mitchell, Jr.Samuel J. Mitchell, Jr.August 4, 2022PK ! f9 docProps/app.xml
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