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Valvoline Inc (VVV) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

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Valvoline Inc

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CIK: 1674910 Ticker: VVV

Exhibit 99.1
vvvlogo917a01.jpg
PRESS RELEASE

Valvoline Reports Fourth-Quarter and Fiscal Year 2022 Results
Announces $1.6 Billion Share Repurchase Authorization; Sale of Global Products Expected to Close in Early Calendar Year 2023

Full-year highlights

•Reported net income of $424.3 million grew 1% and earnings per diluted share (EPS) of $2.35 grew 3%
•Adjusted EPS of $2.12 improved 9% and adjusted EBITDA of $674.6 million increased 7%
•Continuing operations net revenues of $1.2 billion increased 19%, reported net income of $109.4 million decreased 45% and adjusted EBITDA of $315.7 million increased 14%
◦Continuing operations results reflect supply agreement markup, agency accounting treatment and indirect expense realignment
•System-wide same-store sales (SSS) increased 13.7% -- the 16th consecutive year of SSS growth -- and net system-wide unit additions increased 8%
•Returned $231.8 million in cash to shareholders via share repurchases and dividends
•Provides fiscal 2023 guidance for continuing operations adjusted EBITDA of $370 million - $390 million

Fourth-quarter summary

•Reported net income of $157.7 million declined 7% and EPS of $0.88 decreased 4%
•Adjusted EPS of $0.59 improved 20% and adjusted EBITDA of $181.6 million increased 18%
•Continuing operations sales of $335.4 million increased 14%, reported net income of $12.4 million decreased 90% and adjusted EBITDA of $87.5 million increased 11%
•System-wide SSS increased 9.2% and net system-wide unit additions increased 1% during the quarter
•Returned $61.2 million in cash to shareholders via dividends and share repurchases

1
The following information was filed by Valvoline Inc (VVV) on Tuesday, November 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Valvoline Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Valvoline Inc's 10-K Annual Report:
Ticker: VVV
CIK: 1674910
Form Type: 10-K Annual Report
Accession Number: 0001674910-22-000135
Submitted to the SEC: Wed Nov 23 2022 4:16:24 PM EST
Accepted by the SEC: Wed Nov 23 2022
Period: Friday, September 30, 2022
Industry: Miscellaneous Products Of Petroleum And Coal

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