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Valvoline Inc (VVV) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Valvoline Inc

CIK: 1674910 Ticker: VVV

Exhibit 99.1

vvvlogo917a011.jpg
PRESS RELEASE

Valvoline Reports First-Quarter Results
Reported net income of $87 million grew 19% and earnings per diluted share (EPS) of $0.47 grew 21%
Adjusted diluted EPS of $0.41 grew 17% and adjusted EBITDA of $145 million grew 21%
Sales grew 8% to $653 million
Quick Lubes system-wide same-store sales (SSS) grew 6.0%
Returned $81 million of cash to shareholders via dividends and share repurchases
As of January 31, 2021, total available liquidity of approximately
$700 million including cash and cash equivalents on hand of over $200 million after using $312 million in January to redeem senior notes due 2025

LEXINGTON, Ky., February 3, 2021 – Valvoline Inc. (NYSE: VVV), a leading supplier of premium branded lubricants and automotive services, today reported financial results for its first fiscal quarter ended December 31, 2020. All comparisons in this press release are made to the same prior-year period unless otherwise noted.

“Our strong results in Q1 mark a great start to the fiscal year and continue to demonstrate the resiliency and adaptability of our business,” said CEO Sam Mitchell. “We delivered this impressive performance while remaining focused on the health and safety of our employees, customers and business partners.

"Profitability improved across all segments versus last year. Quick Lubes operating income growth of 13% and EBITDA growth of 21% were driven by strong top- and bottom-line performance and robust unit additions. Core North America's operating income and EBITDA were each up 2% demonstrating continued resilience in the current challenging environment. Broad-based top-line growth and margin improvement led to a 70% increase in International operating income and a 64% increase in segment EBITDA.

Mitchell continued, “We also returned $81 million in cash to shareholders in the quarter including dividends, which increased by 11%, and the completion of $58 million in share repurchases. Our dividend and share repurchases demonstrate the confidence that management and our Board have in the ongoing cash generation of the business.”

1

The following information was filed by Valvoline Inc (VVV) on Wednesday, February 3, 2021 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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Inside Valvoline Inc's 10-Q Quarterly Report:

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
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Narrative (Details)
Acquisitions And Divestitures - Schedule Of Aggregate Cash Consideration And Total Assets Acquired And Liabilities Assumed (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)
Earnings Per Share (Tables)
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 (Details)
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Schedule Of Finite-Lived Intangible Assets (Details)
Goodwill And Other Intangibles - Summary Of Goodwill By Segment (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Income Tax Expense And Effective Tax Rate (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)
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 - 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: 0001674910-21-000031
Submitted to the SEC: Thu Feb 04 2021 5:05:16 PM EST
Accepted by the SEC: Thu Feb 04 2021
Period: Thursday, December 31, 2020
Industry: Miscellaneous Products Of Petroleum And Coal

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