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Valvoline Inc (VVV) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Valvoline Inc

CIK: 1674910 Ticker: VVV

Exhibit 99.1

vvvlogo917a0111.jpg
NEWS RELEASE

Valvoline Reports Third-Quarter Results
Sales declined 16% to $516 million for the quarter, with sequential sales improvement throughout the quarter culminating in 10% growth in June versus the prior-year period
Quick Lubes system-wide same-store sales (SSS) declined 8.0% for the quarter; and grew 7.1% in June versus the same prior-year period
Reported net income decreased 9% to $59 million and earnings per diluted share (EPS) decreased 6% to $0.32 compared to the prior-year period
Adjusted EBITDA decreased 16% to $106 million and adjusted EPS decreased 24% to $0.28
For the quarter, cash flow from operations of $117 million increased $37 million and free cash flow of $80 million increased $25 million from the prior year
Cash and cash equivalents on hand of $751 million and total available liquidity of just over $1.3 billion as of June 30, 2020

LEXINGTON, Ky., August 3, 2020 – Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants and automotive services, today reported financial results for its third fiscal quarter ended June 30, 2020. All comparisons in this press release are made to the same prior-year period unless otherwise noted.

“We continue to closely monitor the latest developments surrounding COVID-19 and remain focused on the health and safety of all of our stakeholders," said Sam Mitchell, CEO. "The durable, non-cyclical nature of our business was clearly on display this quarter. Lockdowns in response to COVID-19 caused meaningful impacts on our results in April and May. As the restrictions eased and miles driven trends improved, we finished the quarter with June overall sales growing by 10% year-over-year. Quick Lubes and Core North America sales were each up 16% in June. International saw significant sequential improvement in June while still below prior year. Margin improvement in Core North America was particularly strong in the quarter due in part to reduced raw material costs, which we expect to moderate as we began to pass through these lower costs to our customers in the latter part of Q3, impacting Q4 margins.

"Our results this quarter demonstrate the resiliency of our business model and show that we have taken the steps necessary to effectively manage our operational response and maintain financial flexibility during the crisis."

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The following information was filed by Valvoline Inc (VVV) on Monday, August 3, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Stockholders' Deficit
Condensed Consolidated Statements Of Stockholders' Deficit (Parenthetical)
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Narrative (Details)
Acquisitions And Divestitures - Summary Of Consideration Paid And Assets And Liabilities Acquired (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Debt
Debt (Tables)
Debt - China Credit Facility (Details)
Debt - Schedule Of Short-Term Borrowings And Long Term Debt (Details)
Debt - Senior Credit Agreement (Details)
Debt - Senior Notes (Details)
Debt - Trade Receivables Facility (Details)
Earnings Per Share
Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Pension And Other Postretirement Benefit Income (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Debt (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities At Fair Value (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Summary Of Goodwill By Segment (Details)
Guarantor Financial Information
Guarantor Financial Information (Tables)
Guarantor Financial Information - Condensed Consolidating Balance Sheets (Details)
Guarantor Financial Information - Condensed Consolidating Statements Of Cash Flows (Details)
Guarantor Financial Information - Condensed Consolidating Statements Of Comprehensive Income (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Income Tax Expense And Effective Tax Rate (Details)
Leases, Codification Topic 842 (Policies)
Leasing
Leasing (Tables)
Leasing - Future Minimum Rental Payments Before Adoption (Details)
Leasing - Schedule Of Future Lease Payments For Operating And Finance Leases After Adoption (Details)
Leasing - Schedule Of Lease Balances On The Balance Sheet (Details)
Leasing - Schedule Of Lease Costs (Details)
Leasing - Schedule Of Other Information Related To Leases (Details)
Leasing - Schedule Of Weighted Average Remaining Lease Term And Interest Rates (Details)
Litigation, Claims And Contingencies
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Disaggregation Of Revenues By Geographical Market (Details)
Reportable Segment Information - Disaggregation Of Revenues By Reportable Segments (Details)
Reportable Segment Information - Narrative (Details)
Reportable Segment Information - Sales And Operating Income By Reportable Segment (Details)
Restructuring Activities
Restructuring Activities (Tables)
Restructuring Activities - Narrative (Details)
Restructuring Activities - Schedule Of Restructuring Activity (Details)
Subsequent Events
Subsequent Events (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Financial Information - Inventory (Details)
Supplemental Financial Information - Narrative (Details)
Supplemental Financial Information - Revenue Recognition And Deferred Revenue (Details)
Supplemental Financial Information - Summary Of Accounts Receivable (Details)

Material Contracts, Statements, Certifications & more

Valvoline Inc provided additional information to their SEC Filing as exhibits

Ticker: VVV
CIK: 1674910
Form Type: 10-Q Quarterly Report
Accession Number: 0001674910-20-000113
Submitted to the SEC: Tue Aug 04 2020 5:07:15 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: Miscellaneous Products Of Petroleum And Coal

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