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Valvoline Inc (VVV) SEC Filing 8-K Material Event for the period ending Tuesday, February 8, 2022

Valvoline Inc

CIK: 1674910 Ticker: VVV

Exhibit 99.1
vvvlogo917a01.jpg
PRESS RELEASE

Valvoline Reports First-Quarter Results
Reported net income of $87 million was flat and earnings per diluted share (EPS) of $0.48 increased 2%
Adjusted EPS of $0.48 increased 12% and adjusted EBITDA of $156 million improved 5%
Sales grew 31% to $858 million
Retail Services sales grew 36% with system-wide same-store sales (SSS) increasing 24.7% and net system-wide unit additions of 7%
Global Products sales increased 28% with volume growth of 13%
Returned $54 million in cash to shareholders via dividends and share repurchases
LEXINGTON, Ky., February 8, 2022 – Valvoline Inc. (NYSE: VVV), a global leader in vehicle care powering the future of mobility through innovative services and products, today reported financial results for its first fiscal quarter ended December 31, 2021. All comparisons in this press release are made to the same prior-year period unless otherwise noted.

“Demand for Valvoline’s products and services remains robust, as we continue to gain share in both segments,” said Sam Mitchell, CEO. “Our team has done an outstanding job of helping to drive growth and meet demand, despite significant supply chain challenges.

“Topline growth in both segments was impressive with a 36% increase in sales for Retail Services and a 28% increase in sales for Global Products, highlighting a strong start to the fiscal year and a reflection of the health of both businesses. Retail Services operating income and adjusted EBITDA increased 45% and 40%, respectively, driven by topline growth and margin expansion. Global Products delivered strong volume growth of 13% and ongoing progress in price pass-through of raw material cost increases. Price-cost lag impacted profitability, which declined year-over-year. As we have done in the past, we expect to continue to pass-through pricing to recover our costs.”

Mitchell continued, “Our results this quarter demonstrate that our business continues to perform well and highlight the independent strengths of both segments, as we make progress on the separation of these two strong businesses.”


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Operating Segment Results
(In millions)
Retail ServicesQ1 resultsYoY growth
Segment sales$346 36 %
System-wide store sales (a)
$551 31 %
Operating income$81 45 %
Adjusted EBITDA (a)
$98 40 %
YoY growth
System-wide SSS (a) growth
24.7%
Global ProductsQ1 resultsYoY growth (decline)
Lubricant sales (gallons) (a)
43.1 13 %
Segment sales$512 28 %
Operating income$70 (20)%
Adjusted EBITDA (a)
$77 (18)%
Discretionary free cash flow (a)
$52 (17)%
(a)Refer to Key Business Measures, Use of Non-GAAP Measures, and Tables 4 and 5, Information by Operating Segment, for a description of the metrics presented above.

Balance Sheet and Cash Flow

Total debt of approximately $1.7 billion and net debt of approximately $1.5 billion
Cash flow from operations of $32 million and free cash flow of $(3) million
Returned $31 million of cash to shareholders via share repurchases and $23 million via dividends

Outlook

“We are making good progress on separation-related work, and we remain focused on the performance of the business and delivering results,” Mitchell said. “We are reaffirming our guidance, including exceptional topline growth and solid improvement in adjusted EBITDA. We continue to be pleased with strong demand in Global Products, as we navigate short-term supply-chain challenges. Retail Services topline performance remains strong as our algorithm of same-store sales growth and unit additions continues to deliver. We do expect our same-store sales to moderate as we compare against strong comps in the prior year.

“As we did in Q1, we will continue to return cash to shareholders through dividends and share repurchases. We believe that the separation of our two businesses will enhance value for all of our stakeholders and expect to have more information to share in the coming months.”

Information regarding the Company's outlook for fiscal 2022 is provided in the table below:

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Updated OutlookPrior Outlook
Operating Items
Sales growth no change1921%
Retail Services system-wide store additionsno change110130
Retail Services system-wide SSS growthno change912%
Adjusted EBITDA no change$675 $700 million
Corporate Items
Adjusted effective tax rate 2425%2526%
Adjusted EPS $2.07$2.20$2.06 $2.18
Capital expenditures no change$180 $200 million
Free cash flow no change$260 $300 million

Valvoline’s outlook for adjusted EBITDA, adjusted EPS and the adjusted effective tax rate are non-GAAP financial measures that are expected to be adjusted for items impacting comparability. Valvoline is unable to reconcile these forward-looking non-GAAP financial measures to the comparable GAAP measures estimated for fiscal 2022 without unreasonable efforts, as the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact these GAAP measures in fiscal 2022 but would not impact non-GAAP adjusted results.

Conference Call Webcast

Valvoline will host a live audio webcast of its fiscal first quarter 2022 conference call at 9 a.m. ET on Wednesday, February 9, 2022. The webcast and supporting materials will be accessible through Valvoline’s website at http://investors.valvoline.com. Following the live event, an archived version of the webcast and supporting materials will be available.

Key Business Measures

Valvoline tracks its operating performance and manages its business using certain key measures, including system-wide, company-operated and franchised store counts and SSS; system-wide store sales; and lubricant volumes sold. Management believes these measures are useful to evaluating and understanding Valvoline’s operating performance and should be considered as supplements to, not substitutes for, Valvoline's sales and operating income, as determined in accordance with U.S. GAAP.

Sales in the Retail Services reportable segment are influenced by the number of service center stores and the business performance of those stores. Stores are considered open upon acquisition or opening for business. Temporary store closings remain in the respective store counts with only permanent store closures reflected in the activity and end of period store counts. SSS is defined as sales by U.S. Retail Services stores (company-operated, franchised and the combination of these for system-wide SSS), with new stores, including franchised conversions, excluded from the metric until the completion of their first full fiscal year in operation as this period is generally required for new store sales levels to begin to normalize.

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Retail Services sales are limited to sales at company-operated stores, sales of lubricants and other products to independent franchisees and Express Care operators and royalties and other fees from franchised stores. Although Valvoline does not recognize store-level sales from franchised stores as sales in its Statements of Consolidated Income, management believes system-wide and franchised SSS comparisons, store counts, and total system-wide store sales are useful to assess market position relative to competitors and overall store and segment operating performance.

Management believes lubricant volumes sold in gallons by its consolidated subsidiaries is a useful measure in evaluating and understanding the operating performance of the Global Products segment. Volumes sold in other units of measure, including liters, are converted to gallons utilizing standard conversions.

Use of Non-GAAP Measures

To supplement the financial measures prepared in accordance with U.S. GAAP, certain items within this press release are presented on an adjusted basis. These non-GAAP measures, presented on both a consolidated and operating segment basis, have limitations as analytical tools and should not be considered in isolation from, or as an alternative to, or more meaningful than, the financial results presented in accordance with U.S. GAAP. The financial results presented in accordance with U.S. GAAP and the reconciliations of non-GAAP measures should be carefully evaluated. The non-GAAP information used by management may not be comparable to similar measures disclosed by other companies, because of differing methods used in calculating such measures.

This press release includes the following non-GAAP measures: segment adjusted operating income, consolidated EBITDA, consolidated and segment adjusted EBITDA, consolidated adjusted net income and earnings per share, consolidated free cash flow, and consolidated and segment discretionary free cash flow. Refer to Tables 4-5 and 7-9 for management's definition of each non-GAAP measure and reconciliation to the most comparable U.S. GAAP measure.

Management believes the use of non-GAAP measures on a consolidated and operating segment basis provides a useful supplemental presentation of Valvoline's operating performance and allows for transparency with respect to key metrics used by management in operating the business and measuring performance. Management believes EBITDA measures provide a meaningful supplemental presentation of Valvoline’s operating performance between periods on a comparable basis due to the depreciable assets associated with the nature of the Company’s operations, and income tax and interest costs related to Valvoline’s tax and capital structures, respectively.

Adjusted profitability measures enable comparison of financial trends and results between periods where certain items may vary independent of business performance. These adjusted measures exclude the impact of certain unusual, infrequent or non-operational activity not directly attributable to the underlying business, which management believes impacts the comparability of operational results between periods ("key items"). Key items are often related to legacy matters or market-driven events considered by management to not be reflective of the ongoing operating performance. Key items may consist of adjustments related to: legacy businesses, including the separation from Valvoline's former parent company and associated impacts of related indemnities; the separation of Valvoline’s businesses; significant acquisitions
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or divestitures; restructuring-related matters; tax reform legislation; debt extinguishment and modification costs; and other matters that are non-operational or unusual in nature, including the following:

Net pension and other postretirement plan expense/income - includes several elements impacted by changes in plan assets and obligations that are primarily driven by changes in the debt and equity markets, as well as those that are predominantly legacy in nature and related to prior service to the Company from employees (e.g., retirees, former employees and current employees with frozen benefits). These elements include (i) interest cost, (ii) expected return on plan assets, (iii) actuarial gains/losses, and (iv) amortization of prior service cost/credit. Significant factors that can contribute to changes in these elements include changes in discount rates used to remeasure pension and other postretirement obligations on an annual basis or upon a qualifying remeasurement, differences between actual and expected returns on plan assets, and other changes in actuarial assumptions, such as the life expectancy of plan participants. Accordingly, management considers that these elements may be more reflective of changes in current conditions in global financial markets (in particular, interest rates), outside the operational performance of the business, and are also primarily legacy amounts that are not directly related to the underlying business and do not have an immediate, corresponding impact on the compensation and benefits provided to eligible employees for current service. Adjusted profitability measures include the costs of benefits provided to employees for current service, including pension and other postretirement service costs.

Changes in the last-in, first out (LIFO) inventory reserve - charges or credits recognized in Cost of sales to value certain lubricant inventories at the lower of cost or market using the LIFO method. During inflationary or deflationary pricing environments, the application of LIFO can result in variability of the cost of sales recognized each period as the most recent costs are matched against current sales, while preceding costs are retained in inventories. LIFO adjustments are determined based on published prices, which are difficult to predict and largely dependent on future events. The application of LIFO can impact comparability and enhance the lag period effects between changes in inventory costs and related pricing adjustments.

Management uses free cash flow and discretionary free cash flow as additional non-GAAP metrics of cash flow generation. By including capital expenditures and certain other adjustments, as applicable, management is able to provide an indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Discretionary free cash flow includes maintenance capital expenditures, which are routine uses of cash that are necessary to maintain the Company's operations and provides a supplemental view of cash flow generation to maintain operations before discretionary investments in growth. Free cash flow and discretionary free cash flow have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash flows, such as mandatory debt repayments.

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About ValvolineTM

Valvoline Inc. (NYSE: VVV) is a global leader in vehicle care powering the future of mobility through innovative services and products for vehicles with electric, hybrid and internal combustion powertrains. Established in 1866, the Company introduced the world’s first branded motor oil and developed strong brand recognition and customer satisfaction ratings across multiple service and product channels over the years. The Company operates and franchises approximately 1,600 service center locations and is the No. 2 and No. 3 largest chain in the U.S. and Canada, respectively, by number of stores. With sales in more than 140 countries and territories, Valvoline’s solutions are available for every engine and drivetrain, including high-mileage and heavy-duty vehicles, and are offered at more than 80,000 locations worldwide. Creating the next generation of advanced automotive solutions, Valvoline has established itself as the world’s No. 1 supplier of battery fluids to electric vehicle manufacturers, offering tailored products to help extend vehicle range and efficiency. To learn more, or to find a Valvoline service center near you, visit www.valvoline.com.

Forward-Looking Statements

Certain statements in this press release, other than statements of historical fact, including estimates, projections and statements related to Valvoline’s business plans and operating results, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Valvoline has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should,” and “intends,” and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline’s current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosures about Market Risk” sections of Valvoline’s most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline’s website at http://investors.valvoline.com/sec-filings or on the SEC’s website at http://www.sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.

TM Trademark, Valvoline or its subsidiaries, registered in various countries
SM Service mark, Valvoline or its subsidiaries, registered in various countries

FOR FURTHER INFORMATION

Investor Inquiries
+1 (859) 357-3155
IR@valvoline.com

Media Inquiries
Michele Gaither Sparks
Sr. Director, Corporate Communications
+1 (859) 230-8097
michele.sparks@valvoline.com
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Valvoline Inc. and Consolidated SubsidiariesTable 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions, except per share amounts - preliminary and unaudited)
Three months ended
December 31
20212020
Sales$858 $653 
Cost of sales614 425 
GROSS PROFIT244 228 
Selling, general and administrative expenses135 117 
Legacy and separation-related expenses
Equity and other income, net(15)(14)
OPERATING INCOME121 124 
Net pension and other postretirement plan income(9)(13)
Net interest and other financing expenses17 20 
INCOME BEFORE INCOME TAXES113 117 
Income tax expense26 30 
NET INCOME$87 $87 
NET EARNINGS PER SHARE
         BASIC $0.48 $0.47 
         DILUTED$0.48 $0.47 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
         BASIC181 185 
         DILUTED182 186 

7


Valvoline Inc. and Consolidated SubsidiariesTable 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - preliminary and unaudited)
December 31September 30
20212021
ASSETS
Current assets
Cash and cash equivalents$152 $230 
Receivables, net530 496 
Inventories, net264 258 
Prepaid expenses and other current assets55 53 
Total current assets1,001 1,037 
Noncurrent assets
Property, plant and equipment, net824 817 
Operating lease assets309 307 
Goodwill and intangibles, net782 775 
Equity method investments50 47 
Deferred income taxes13 14 
Other noncurrent assets204 194 
Total noncurrent assets2,182 2,154 
Total assets$3,183 $3,191 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt$32 $17 
Trade and other payables218 246 
Accrued expenses and other liabilities291 306 
Total current liabilities541 569 
Noncurrent liabilities
Long-term debt1,662 1,677 
Employee benefit obligations248 258 
Operating lease liabilities276 274 
Deferred income taxes34 26 
Other noncurrent liabilities255 252 
Total noncurrent liabilities2,475 2,487 
Stockholders' equity167 135 
Total liabilities and stockholders’ equity$3,183 $3,191 

8


Valvoline Inc. and Consolidated SubsidiariesTable 3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions - preliminary and unaudited)
Three months ended
December 31
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$87 $87 
Adjustments to reconcile net income to cash flows from operating activities
Depreciation and amortization25 21 
Deferred income taxes— 
Stock-based compensation expense
Other, net(1)(1)
Change in operating assets and liabilities
(90)(31)
Total cash provided by operating activities32 79 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment(35)(35)
Repayments of notes receivable
Acquisitions of businesses(14)(218)
Other investing activities, net— (1)
Total cash used in investing activities(46)(245)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings30 11 
Repayments on borrowings(31)— 
Repurchases of common stock(31)(58)
Cash dividends paid(23)(23)
Other financing activities(8)(3)
Total cash used in financing activities(63)(73)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash— 
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(77)(233)
Cash, cash equivalents and restricted cash - beginning of period231 761 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD$154 $528 

9


Valvoline Inc. and Consolidated SubsidiariesTable 4
INFORMATION BY OPERATING SEGMENT - RETAIL SERVICES
(In millions - preliminary and unaudited)
Three months ended
December 31
20212020
Sales information
Retail Services segment sales$346 $254 
Year-over-year growth36 %17 %
System-wide store sales (a)
$551 $421 
Year-over-year growth (a)
31 %11 %
Same-store sales growth (b)
Company-operated22.1 %6.1 %
Franchised (a)
26.8 %6.0 %
System-wide (a)
24.7 %6.0 %
Profitability information
Operating income (c)
$81 $56 
Key items— — 
Adjusted operating income (c)
81 56 
Depreciation and amortization17 14 
Adjusted EBITDA (c)
$98 $70 
Adjusted EBITDA margin (d)
28.3 %27.6 %
Discretionary cash flow information
Adjusted operating income (c)
$81 $56 
Income tax expense (e)
(18)(15)
Maintenance additions to property, plant and equipment(4)(3)
Discretionary free cash flow (f)
$59 $38 
(a)Measure includes Valvoline franchisees, which are independent legal entities. Valvoline does not consolidate the results of operations of its franchisees.
(b)Valvoline determines SSS growth as sales by U.S. Retail Services stores, with new stores, including franchised conversions, excluded from the metric until the completion of their first full fiscal year in operation.
(c)
Segment adjusted operating income is segment operating income adjusted for key items impacting comparability. Segment adjusted operating income is further adjusted for depreciation and amortization to determine segment adjusted EBITDA. Valvoline does not generally allocate activity below operating income to its operating segments; therefore, the table above reconciles operating income to Adjusted EBITDA.
(d)Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by segment sales.
(e)Income tax expense estimated using the adjusted effective tax rate for the period multiplied by operating segment adjusted operating income.
(f)Segment discretionary free cash flow is defined as operating segment adjusted operating income after-tax less maintenance capital expenditures.
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Valvoline Inc. and Consolidated SubsidiariesTable 5
INFORMATION BY OPERATING SEGMENT - GLOBAL PRODUCTS
(In millions - preliminary and unaudited)
Three months ended
December 31
20212020
Volume information
Lubricant sales (gallons)43.1 38.0 
Year-over-year growth13 %%
Sales information
Sales by geographic region
North America (a)
$304 $235 
Europe, Middle East and Africa ("EMEA")67 51 
Asia Pacific104 83 
Latin America (a)
37 30 
Global Products segment sales$512 $399 
Profitability information
Operating income (b)
$70 $88 
Key items— — 
Adjusted operating income (b)
70 88 
Depreciation and amortization
Adjusted EBITDA (b)
$77 $94 
Adjusted EBITDA margin (c)
15.0 %23.6 %
Discretionary cash flow information
Adjusted operating income (b)
$70 $88 
Income tax expense (d)
(16)(23)
Maintenance additions to property, plant and equipment
(2)(2)
Discretionary free cash flow (e)
$52 $63 
(a)Valvoline includes the United States and Canada in its North America region. Mexico is included within the Latin America region.
(b)
Segment adjusted operating income is segment operating income adjusted for key items impacting comparability. Segment adjusted operating income is further adjusted for depreciation and amortization to determine segment adjusted EBITDA. Valvoline does not generally allocate activity below operating income to its operating segments; therefore, the table above reconciles operating income to Adjusted EBITDA.
(c)Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by segment sales.
(d)Income tax expense estimated using the adjusted effective tax rate for the period multiplied by operating segment adjusted operating income.
(e)Segment discretionary free cash flow is defined as operating segment adjusted operating income after-tax less maintenance capital expenditures.
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Valvoline Inc. and Consolidated SubsidiariesTable 6
RETAIL SERVICES STORE INFORMATION
(Preliminary and unaudited)
System-wide stores (a)
First Quarter 2022Fourth Quarter 2021Third Quarter 2021Second Quarter 2021First Quarter 2021
Beginning of period1,594 1,569 1,548 1,533 1,462 
Opened32 21 17 13 18 
Acquired12 54 
Closed(3)(3)(1)(1)(1)
End of period 1,635 1,594 1,569 1,548 1,533 
Number of stores at end of period
First Quarter 2022Fourth Quarter 2021Third Quarter 2021Second Quarter 2021First Quarter 2021
Company-operated738 719 698 673 663 
Franchised 897 875 871 875 870 
December 31
20212020
System-wide store count (a)
1,635 1,533 
Year-over-year growth%%
(a)System-wide store count includes franchised service center stores. Valvoline franchises are independent legal entities, and Valvoline does not consolidate the results of operations of its franchisees.
12


Valvoline Inc. and Consolidated SubsidiariesTable 7
RECONCILIATION OF NON-GAAP DATA - NET INCOME AND DILUTED EARNINGS PER SHARE
(In millions, except per share amounts - preliminary and unaudited)
Three months ended
December 31
20212020
Reported net income$87 $87 
Adjustments:
Net pension and other postretirement plan income(9)(13)
Legacy and separation-related expenses
LIFO charge
Information technology transition costs— 
Business interruption recovery— (1)
Total adjustments, pre-tax(9)
Income tax expense of adjustments— 
Total adjustments, after tax(7)
Adjusted net income (a)
$88 $80 
Reported diluted earnings per share$0.48 $0.47 
Adjusted diluted earnings per share (b)
$0.48 $0.43 
Weighted average diluted common shares outstanding182 186 
(a)
Adjusted net income is defined as net income adjusted for key items. Refer to "Use of Non-GAAP Measures" in this press release for management's definition of key items.
(b)
Adjusted diluted earnings per share is defined as earnings per diluted share calculated using adjusted net income.

13


Valvoline Inc. and Consolidated SubsidiariesTable 8
RECONCILIATION OF NON-GAAP DATA - ADJUSTED EBITDA
(In millions - preliminary and unaudited)
Three months ended
December 31
20212020
Adjusted EBITDA - Valvoline
Net income$87 $87 
Add:
Income tax expense26 30 
Net interest and other financing expenses17 20 
Depreciation and amortization25 21 
EBITDA (a)
155 158 
Key items:
Net pension and other postretirement plan income(9)(13)
Legacy and separation-related expenses
LIFO charge
Information technology transition costs— 
Business interruption recovery— (1)
Key items - subtotal(9)
Adjusted EBITDA (a)
$156 $149 
Segment Adjusted EBITDA
Retail Services$98 $70 
Global Products77 94 
Segment Adjusted EBITDA (b)
175 164 
Corporate(19)(15)
Total Adjusted EBITDA (a)
156 149 
Net interest and other financing expenses(17)(20)
Depreciation and amortization(25)(21)
Key items(1)
Income before income taxes$113 $117 
(a)
EBITDA is defined as net income, plus income tax expense, net interest and other financing expenses, and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for key items, as described in "Use of Non-GAAP Measures" within this press release.
(b)Segment adjusted EBITDA represents the operations of the Company's two operating segments, including expenses associated with each segment's utilization of indirect resources. The costs of corporate functions, in addition to certain corporate and non-operational matters, or key items, are not included in segment adjusted EBITDA. The table above reconciles segment adjusted EBITDA to consolidated pre-tax income.
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Valvoline Inc. and Consolidated SubsidiariesTable 9
RECONCILIATION OF NON-GAAP DATA - FREE CASH FLOWS
(In millions - preliminary and unaudited)
Free cash flow (a)
Three months ended
December 31
20212020
Total cash flows provided by operating activities$32 $79 
Adjustments:
Additions to property, plant and equipment(35)(35)
Free cash flow$(3)$44 
Discretionary free cash flow (b)
Three months ended
December 31
20212020
Total cash flows provided by operating activities$32 $79 
Adjustments:
Maintenance additions to property, plant and equipment(6)(5)
Discretionary free cash flow$26 $74 
Free cash flow (a)
Fiscal year
2022 Outlook
Total cash flows provided by operating activities$460 $480 
Adjustments:
Additions to property, plant and equipment180 200 
Free cash flow$260 $300 
(a)Free cash flow is defined as cash flows from operating activities less capital expenditures and certain other adjustments as applicable.
(b)Discretionary free cash flow is defined as cash flows from operating activities less maintenance capital expenditures and certain other adjustments as applicable.

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Ticker: VVV
CIK: 1674910
Form Type: 8-K Corporate News
Accession Number: 0001674910-22-000033
Submitted to the SEC: Tue Feb 08 2022 5:01:24 PM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Tuesday, February 8, 2022
Industry: Miscellaneous Products Of Petroleum And Coal
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Regulated Disclosure

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