1 Second Quarter Fiscal 2024 Earnings Lori Flees, CEO & President Mary Meixelsperger, CFO Elizabeth Russell, Investor Relations 05.08.2024 TOME SAFE HARBOR Forward-Looking Statements Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, executing on its growth strategy to create shareholder value by driving the full potenti ...

Exhibit 99.1 "The second quarter saw growth of 7.7% in system-wide same-store sales, while adjusted EBITDA increased 21%," said Lori Flees, President & CEO. "We delivered network growth of 38 net store additions this quarter, 14 of which came from our franchise partners." Flees continued, "We also repurchased $40 million of shares in the second quarter which completes the $1.6 billion share repurchase authorization. This fulfills our commitment to return a substantial amount of the net proceeds from the sal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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 December 31, 2023 OR ☐ 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 001-37884 VALVOLINE INC. (Exact name of registrant as specified in its charter) Kent ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ 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 001-37884 VALVOLINE INC. Kentucky 30-0939371 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer ...

Valvoline Inc. (NYSE:VVV) Q4 2023 Earnings Conference Call November 9, 2023 9:00 AM ET Company Participants Elizabeth Russell - Investor Relations Lori Flees - President & Chief Executive Officer Mary Meixelsperger - Chief Financial Officer Conference Call Participants Daniel Imbro - Stephens Inc Steven Zaccone - Citi Simeon Gutman - Morgan Stanley Kate McShane - Goldman Sachs Bret Jordan - Jefferies David Lantz - Wells Fargo Mike Harrison - Seaport Research Partners Operator Hello, everyone, and welcome to ...

1 Fourth Quarter Fiscal 2023 Earnings Lori Flees, President & CEO Mary Meixelsperger, CFO Elizabeth Russell, Investor Relations 11.09.2023 TOME SAFE HARBOR Forward-Looking Statements Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, benefits and synergies of the sale of Global Products; future opportunities for the rema ...

PART I – FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) Valvoline Inc.'s unaudited condensed consolidated financial statements and detailed notes are presented [Condensed Consolidated Statements of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) | Metric (In millions) | Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net revenues | $376.2 | $317.4 | $1,053.5 | $900.7 | | Gross profit | $150.7 | $127.8 | $396.2 | $347.3 | | Operating income | $86.5 | $61.1 | $177.0 | $153.1 | | Income from continuing operations | $64.5 | $39.8 | $124.4 | $97.0 | | (Loss) income from discontinued operations | $(2.9) | $58.4 | $1,246.4 | $169.6 | | Net income | $61.6 | $98.2 | $1,370.8 | $266.6 | | Metric (Per share amounts) | Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Basic earnings per share (Continuing operations) | $0.40 | $0.22 | $0.74 | $0.54 | | Basic earnings per share (Discontinued operations) | $(0.02) | $0.33 | $7.35 | $0.94 | | Basic earnings per share (Total) | $0.38 | $0.55 | $8.09 | $1.48 | | Diluted earnings per share (Continuing operations) | $0.40 | $0.22 | $0.73 | $0.53 | | Diluted earnings per share (Discontinued operations) | $(0.02) | $0.33 | $7.31 | $0.94 | | Diluted earnings per share (Total) | $0.38 | $0.55 | $8.04 | $1.47 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric (In millions) | June 30, 2023 | September 30, 2022 | | :-------------------------------- | :-------------- | :----------------- | | Total current assets | $1,087.1 | $1,621.1 | | Total noncurrent assets | $1,898.4 | $1,795.7 | | Total assets | $2,985.5 | $3,416.8 | | Total current liabilities | $405.9 | $919.4 | | Total noncurrent liabilities | $2,294.2 | $2,190.8 | | Stockholders' equity | $285.4 | $306.6 | | Total liabilities and stockholders' equity | $2,985.5 | $3,416.8 | - Cash and cash equivalents increased significantly from **$23.4 million** at September 30, 2022, to **$526.7 million** at June 30, 2023, primarily due to proceeds from the sale of the Global Products business[11](index=11&type=chunk) - Current assets held for sale decreased from **$1,464.2 million** to **$0**, reflecting the completion of the Global Products business sale[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (In millions) | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Total cash (used in) provided by operating activities | $(48.4) | $191.2 | | Total cash provided by (used in) investing activities | $2,026.1 | $(143.6) | | Total cash used in financing activities | $(1,535.5) | $(178.0) | | Increase (decrease) in cash, cash equivalents and restricted cash | $442.8 | $(131.8) | | Cash, cash equivalents and restricted cash - end of period | $526.7 | $99.6 | - Investing cash flows significantly increased to **$2,026.1 million** in 2023, primarily driven by **$2,621.0 million** from discontinued operations, reflecting the sale of the Global Products business[13](index=13&type=chunk) - Financing cash flows used increased substantially to **$(1,535.5) million** in 2023, mainly due to **$1,395.5 million** in repurchases of common stock[13](index=13&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) | Stockholders' Equity (In millions) | Balance at September 30, 2022 | Balance at June 30, 2023 | | :-------------------------------- | :---------------------------- | :----------------------- | | Common stock (Amount) | $1.8 | $1.4 | | Paid-in capital | $44.1 | $44.8 | | Retained earnings | $282.0 | $222.2 | | Accumulated other comprehensive income (loss) | $(21.3) | $17.0 | | Totals | $306.6 | $285.4 | - Repurchases of common stock totaled **$1,149.9 million** for the three months ended June 30, 2023, significantly impacting retained earnings and common stock shares outstanding[14](index=14&type=chunk) - Net income for the nine months ended June 30, 2023, was **$1,370.8 million**, contributing to retained earnings[9](index=9&type=chunk)[14](index=14&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1 - Basis of Presentation and Significant Accounting Policies](index=12&type=section&id=Note%201%20-%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) Valvoline's unaudited financial statements follow U.S. GAAP, detailing the Global Products sale, IRA excise tax, and LIBOR transition - Sale of Global Products business completed March 1, 2023; operations classified as discontinued[23](index=23&type=chunk) - Inflation Reduction Act (IRA) excise tax on share repurchases: **$13.0 million** recognized in Retained earnings for **35.0 million** shares repurchased since January 1, 2023[26](index=26&type=chunk) - Transition from LIBOR to SOFR for Credit Agreement and interest rate swaps completed, with no outstanding LIBOR-based debt or swaps as of June 30, 2023[29](index=29&type=chunk)[30](index=30&type=chunk) [Note 2 - Discontinued Operations](index=14&type=section&id=Note%202%20-%20Discontinued%20Operations) Valvoline sold its Global Products business to Aramco for **$2.650 billion** cash, recognizing a **$1.572 billion** pre-tax gain, and entered into post-closing supply and transition agreements - Sale of Global Products completed March 1, 2023, for **$2.650 billion** cash[31](index=31&type=chunk) - Pre-tax gain on sale: **$1.572 billion** recognized in Income from discontinued operations[31](index=31&type=chunk) | Metric (In millions) | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net revenues | $1,174.4 | $1,953.4 | | Operating (loss) income from discontinued operations | $113.2 | $223.3 | | Gain on sale of discontinued operations | $(1,571.6) | — | | (Loss) income from discontinued operations | $1,246.4 | $169.6 | - Post-closing arrangements include a long-term supply agreement for lubricants and ancillary products and a Transition Services Agreement for IT, legal, finance, and human resources support[35](index=35&type=chunk) [Note 3 - Fair Value Measurements](index=17&type=section&id=Note%203%20-%20Fair%20Value%20Measurements) Valvoline measures financial assets and liabilities at fair value using Level 1 (money market funds, deferred compensation) and Level 2 (time deposits, derivatives, swaps) inputs | Financial Assets at Fair Value (In millions) | Total (June 30, 2023) | Level 1 | Level 2 | | :-------------------------------- | :-------------------- | :------ | :------ | | Money market funds | $1.4 | $1.4 | — | | Time deposits | $277.5 | — | $277.5 | | Currency derivatives | $0.3 | — | $0.3 | | Interest rate swap agreements | $9.8 | — | $9.8 | | Deferred compensation investments

Financial Data and Key Metrics Changes - Valvoline reported a strong top-line growth with system-wide store sales reaching $720 million, an increase of nearly 18% compared to the prior year [9] - Adjusted EBITDA improved by 27.8% year-over-year, totaling just over $110 million for the quarter [23] - Adjusted EPS for the quarter was $0.43, reflecting strong growth [23] Business Line Data and Key Metrics Changes - The Retail Services business continues to show resilience, with same-store sales growth of 12.5%, driven by increased customer traffic [9][17] - The company added 23 locations in the quarter, bringing the total to 1,804 [10][19] - The demand for quick and trusted service experiences is growing, with 40% of same-store sales growth attributed to increased transactions [17] Market Data and Key Metrics Changes - The company is experiencing a balanced increase in transactions from both new and returning customers, alongside an increase in miles driven [17] - The fleet business, while still a small portion at roughly 10% of top-line revenue, is growing faster than the overall business [61] Company Strategy and Development Direction - Valvoline aims to grow its network aggressively, targeting 3,500 units by 2027, with a focus on increasing the franchise base [38] - The company is committed to returning a substantial amount of proceeds from the sale of the Global Products business to shareholders, with $1.4 billion returned this year [8][24] - The leadership transition is set to continue with Lori Flees as the incoming CEO, focusing on high-growth and high-margin retail services [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook for fiscal year 2023, citing strong performance in the third quarter [10] - The company anticipates continued strong demand and pricing increases, expecting to end the year toward the high end of the same-store sales guidance range [47] - Management noted that while there are challenges with franchise unit openings due to permitting and supply constraints, the long-term growth outlook remains positive [21][86] Other Important Information - The company is reiterating its target leverage ratio of 2.5x to 3.5x EBITDA, with cash flow from operations increasing to approximately $250 million [25] - The company expects to see continued improvements in gross profit and SG&A leverage as it expands its footprint [50] Q&A Session Summary Question: On same-store sales growth and normalization - Management indicated that the strongest driver of transactions is the growth in the customer base, with expectations for continued strong performance in Q4 [34][36] Question: On franchise and company-owned mix - The focus is on growing the franchise base faster to achieve the target of 3,500 units, with no specific goal for the percentage of franchise versus company stores [38][41] Question: On fourth quarter same-store sales outlook - Management expects to guide to the high end of the same-store sales range, with a similar balance between transactions and ticket growth as seen in Q3 [47] Question: On cash flow from discontinued operations - The outflow was primarily related to taxes paid on the sale of Global Products, with some additional state and local taxes expected [64][65] Question: On normal volume growth rates - Management noted that mature stores see slightly lower same-store sales growth compared to new stores, with the lubricant industry growing at about 100 basis points annually [66][68]

1 Valvoline. Third Quarter Fiscal 2023 Earnings Sam Mitchell, CEO Lori Flees, President, Retail Services Mary Meixelsperger, CFO Elizabeth Russell, Investor Relations 08.09.2023 SAFE HARBOR Forward-Looking Statements Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, benefits and synergies of the sale of Global Products; ...

Valvoline Inc. (NYSE:VVV) Q2 2023 Earnings Conference Call May 10, 2023 9:00 AM ET Company Participants Elizabeth Russell - IR Sam Mitchell - CEO Lori Flees - President of Retail Services Mary Meixelsperger - CFO Conference Call Participants Simeon Gutman - Morgan Stanley Steven Zaccone - Citi Mike Harrison - Seaport Research Partners Dan Rizzo - Jefferies Jason English - Goldman Sachs Operator Good morning, ladies and gentlemen, welcome to today's Valvoline Second Quarter 2023 Earnings Conference Call and ...