LEXINGTON, Ky., May 18, 2021 /PRNewswire/ -- Valvoline Inc.
(NYSE: VVV), a leading provider of automotive services and premium
branded lubricants, today announced the realignment of its global
operations, including updated business segments, a new approach for
allocating indirect expenses and for reporting last-in-first-out
(LIFO) inventory accounting adjustments. Valvoline will host a call
tomorrow, May 19, at 9 am ET to discuss these changes, including
recast fiscal 2021 guidance, as well as enhancements to its capital
allocation framework and growth projections through 2024 for the
business and its realigned segments.
Beginning in the third quarter of fiscal 2021, Valvoline will
manage its business through two operating segments: Retail
Services, which renames the former Quick Lubes segment, and
Global Products, which includes the operations of the former
Core North America and International segments.
"Our business realignment strengthens our strategy and is the
next step in our transformation to a more service-driven business
model," said Sam Mitchell, CEO. "Our
ongoing growth opportunities in retail services are supported by
vertical product integration and strong cash generation from the
global products segment.
"This realignment and related changes enhance our ability to
leverage our strong brand equity and product platforms to capture
opportunities in both segments, drive focus in deploying capital
and provide improved transparency for investors while also
positioning us for faster growth going forward."
Business Realignment and Reporting Changes
Valvoline's global operations will be managed in the following
segments:
- Retail Services contains the operations of the former
Quick Lubes segment. The renamed segment better reflects the broad
array of existing, and potential future, preventive maintenance
services performed in Valvoline's retail network, including
Company-operated and independent franchise and Express Care stores
that service vehicles with Valvoline products. Retail Services is a
high-growth, high-margin segment with significant reinvestment
opportunity.
- Global Products contains the former Core North America
and International segments. The segment focuses on sales of
lubricants, coolants and other preventive maintenance products for
light- and heavy-duty vehicles on a global basis. Global Products
is a capital-light, strong free-cash-flow-generating segment to
fund Valvoline's transition to a more service-driven business
model.
In addition, the Company changed its allocation approach for
certain indirect expenses that previously had been fully allocated
based on proportional contributions to various financial measures.
Going forward, indirect expenses will be recognized in each segment
based on estimated utilization of indirect resources. Costs to
support corporate functions that are not directly attributable to a
particular segment will be presented separately in Corporate as a
reconciling item to consolidated results.
The Company will begin reporting the impact of LIFO inventory
accounting within Corporate as a key item adjusted from GAAP
results for purposes of its presentation of non-GAAP profitability
metrics.
These reporting changes will provide visibility into the
underlying operating results and comparability between periods that
Valvoline's management will use to assess operating performance in
connection with its segment realignment.
These changes have no impact on the Company's historical
consolidated GAAP balance sheets, statements of income or cash
flows. Previously issued historical financial information provided
herein in Table 1 has been recast on a basis that is consistent
with the realignment of Valvoline's global operations.
Share Repurchase Authorization
The Company also announced that its board of directors approved
a share repurchase authorization of $300
million. The timing and amount of any purchases of common
stock will be based on the level of Valvoline's liquidity, general
business and market conditions as well as other factors, including
alternative investment opportunities. The term of the new share
repurchase authorization extends through Sept. 30, 2024. The share repurchase
authorization is part of the Company's broader capital allocation
framework to deliver value to shareholders by first driving growth
in the business, organically and through acquisitions, and then
returning excess cash to shareholders through dividends and share
repurchases.
Conference Call Webcast
Valvoline will host a live call and audio webcast with analysts
and investors at 9 a.m. ET on Wednesday, May 19, 2021. Investors who wish to
participate in the call may dial 1-833-350-1317 (or 1-236-738-2276)
approximately 10 minutes before the call begins and provide
conference ID number 8889198.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.
Use of Non-GAAP Measures
To aid in the understanding of Valvoline's ongoing business
performance, 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, are not defined within
U.S. GAAP and do not purport to be alternatives to net or operating
income/loss as a measure of operating performance. For a
reconciliation of non-GAAP measures, refer to Table 2 of this press
release.
Adjusted EBITDA non-GAAP measures have been included herein,
which management defines as: net income/loss, plus income tax
expense/benefit, net interest and other financing expenses, and
depreciation and amortization, adjusted for certain non-operational
items, including net pension and other postretirement plan
expense/income; changes in the LIFO inventory reserve; impairment
of equity investment; and other items (which can include activity
related to the separation from Ashland, impact of significant acquisitions or
divestitures, restructuring costs, or other non-operational
income/costs not directly attributable to the underlying
business).
Adjusted EBITDA is not prepared in accordance with U.S. GAAP and
contains management's best estimates of cost allocations and shared
resource costs. Management believes the use of non-GAAP measures on
a consolidated and operating segment basis assists investors in
understanding the ongoing operating performance of Valvoline's
business by presenting comparable financial results between
periods. The non-GAAP information provided is used by Valvoline's
management and may not be comparable to similar measures disclosed
by other companies, because of differing methods used by other
companies in calculating Adjusted EBITDA. These non-GAAP measures
provide a supplemental presentation of Valvoline's operating
performance.
Due to depreciable assets associated with the nature of the
Company's operations and interest costs related to Valvoline's
capital structure, management believes Adjusted EBITDA is an
important supplemental measure to evaluate the Company's operating
results between periods on a comparable basis. In addition,
Adjusted EBITDA generally includes adjustments for unusual,
non-operational or restructuring-related activities, which impact
the comparability of results between periods. Management believes
this non-GAAP measure provides investors with a meaningful
supplemental presentation of Valvoline's operating performance.
Adjusted EBITDA does not include changes in the Company's LIFO
inventory reserve, which are the charges or credits recognized in
Cost of sales to value certain lubricant inventories at the lower
of cost or market using the LIFO method. In 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. Management believes
evaluating results without changes in the LIFO reserve provides an
important view of Valvoline's operational performance as the
application of LIFO can impact comparability and enhance the lag
period effects between changes in inventory costs and related
pricing adjustments.
Adjusted EBITDA also includes adjustments for net pension and
other postretirement plan expense/income, which 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, 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 are more reflective of changes in current conditions in
global financial markets (in particular, interest rates) and are
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. These measures include pension and
other postretirement service costs related to current employee
service as well as the costs of other benefits provided to
employees for current service.
Valvoline's results of operations are presented based on
Valvoline's management structure and internal accounting practices.
The structure and practices are specific to Valvoline; therefore,
Valvoline's financial results, Adjusted EBITDA is not necessarily
comparable with similar information for other comparable companies.
Adjusted EBITDA has limitations as an analytical tool and should
not be considered in isolation from, or as an alternative to, or
more meaningful than, net and operating income as determined in
accordance with U.S. GAAP. Because of these limitations, one should
rely primarily on net and operating income as determined in
accordance with U.S. GAAP and use Adjusted EBITDA only as
supplemental information. In evaluating Adjusted EBITDA, one should
be aware that in the future Valvoline may incur expenses/income
similar to those for which adjustments are made in calculating
Adjusted EBITDA. Valvoline's presentation of Adjusted EBITDA should
not be construed as a basis to infer that Valvoline's future
results will be unaffected by unusual or nonrecurring items.
About Valvoline™
Valvoline Inc. (NYSE: VVV) is a leading provider of automotive
services and marketer and supplier of premium branded lubricants
worldwide, with sales in more than 140 countries. Established in
1866, the Company's heritage spans more than 150 years, during
which time it has developed powerful brand recognition across
multiple product and service channels. Valvoline operates and
franchises more than 1,500 quick-lube locations and is the
No. 2 chain by number of stores in the
United States under the Valvoline Instant Oil
ChangeSM brand and the No. 3 chain by number of stores
in Canada under the Valvoline
Great Canadian Oil Change brand. It also markets Valvoline
lubricants and automotive chemicals, including Valvoline EV
Performance Fluids; Valvoline Hybrid Vehicle Full Synthetic
motor oil; Valvoline High Mileage with MaxLife technology motor
oil for engines over 75,000 miles; Valvoline Advanced Full
Synthetic motor oil; Valvoline Premium Blue™ heavy-duty motor oil;
Valvoline Multi-Vehicle Automatic Transmission Fluid; and Zerex™
antifreeze. To learn more, 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 report on Form 10-K, which is
available on Valvoline's website at
http://investors.valvoline.com/sec-filings or on the SEC's website
at http://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.
™ Trademark, Valvoline or its
subsidiaries, registered in various countries
SM Service mark, Valvoline or its subsidiaries,
registered in various countries
FOR FURTHER INFORMATION
Sean T. Cornett
Sr. Director, Investor Relations
+1 (859) 357-2798
scornett@valvoline.com
Michele Gaither Sparks
Sr. Director, Corporate Communications
+1 (859) 230-8079
michele.sparks@valvoline.com
Valvoline Inc. and
Consolidated Subsidiaries
|
RECAST FINANCIAL
INFORMATION BY OPERATING SEGMENT
|
(In millions -
unaudited)
|
Table 1
|
|
|
|
Fiscal
2020
Three months
ended
|
|
Fiscal
2021
Three months
ended
|
|
Years ended
September 30
|
|
|
Dec. 31
|
|
Mar. 31
|
|
June 30
|
|
Sept. 30
|
|
Dec. 31
|
|
Mar. 31
|
|
2019
|
|
2020
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Services
|
|
$
|
218
|
|
$
|
212
|
|
$
|
199
|
|
$
|
254
|
|
$
|
254
|
|
$
|
285
|
|
$
|
822
|
|
$
|
883
|
Global
Products
|
|
389
|
|
366
|
|
317
|
|
398
|
|
399
|
|
416
|
|
1,568
|
|
1,470
|
Consolidated
sales
|
|
$
|
607
|
|
$
|
578
|
|
$
|
516
|
|
$
|
652
|
|
$
|
653
|
|
$
|
701
|
|
$
|
2,390
|
|
$
|
2,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Services
|
|
$
|
48
|
|
$
|
50
|
|
$
|
44
|
|
$
|
66
|
|
$
|
56
|
|
$
|
80
|
|
$
|
205
|
|
$
|
208
|
Global
Products
|
|
71
|
|
66
|
|
62
|
|
85
|
|
88
|
|
73
|
|
269
|
|
284
|
Total operating
segments
|
|
119
|
|
116
|
|
106
|
|
151
|
|
144
|
|
153
|
|
474
|
|
492
|
Corporate
(a)
|
|
(15)
|
|
1
|
|
(18)
|
|
25
|
|
(20)
|
|
(22)
|
|
(76)
|
|
(7)
|
Consolidated
operating income
|
|
$
|
104
|
|
$
|
117
|
|
$
|
88
|
|
$
|
176
|
|
$
|
124
|
|
$
|
131
|
|
$
|
398
|
|
$
|
485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Services
|
|
$
|
9
|
|
$
|
9
|
|
$
|
10
|
|
$
|
11
|
|
$
|
14
|
|
$
|
15
|
|
$
|
34
|
|
$
|
39
|
Global
Products
|
|
6
|
|
6
|
|
7
|
|
6
|
|
6
|
|
7
|
|
25
|
|
25
|
Total operating
segments
|
|
15
|
|
15
|
|
17
|
|
17
|
|
20
|
|
22
|
|
59
|
|
64
|
Corporate
(a)
|
|
1
|
|
—
|
|
—
|
|
1
|
|
1
|
|
1
|
|
2
|
|
2
|
Consolidated
depreciation and amortization
|
|
$
|
16
|
|
$
|
15
|
|
$
|
17
|
|
$
|
18
|
|
$
|
21
|
|
$
|
23
|
|
$
|
61
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Services
|
|
$
|
57
|
|
$
|
59
|
|
$
|
54
|
|
$
|
77
|
|
$
|
70
|
|
$
|
95
|
|
$
|
239
|
|
$
|
247
|
Global
Products
|
|
77
|
|
72
|
|
69
|
|
91
|
|
94
|
|
80
|
|
296
|
|
309
|
Total operating
segments
|
|
134
|
|
131
|
|
123
|
|
168
|
|
164
|
|
175
|
|
535
|
|
556
|
Corporate
(a)
|
|
(15)
|
|
(1)
|
|
(24)
|
|
(21)
|
|
(15)
|
|
(18)
|
|
(57)
|
|
(61)
|
Consolidated
Adjusted EBITDA
|
|
$
|
119
|
|
$
|
130
|
|
$
|
99
|
|
$
|
147
|
|
$
|
149
|
|
$
|
157
|
|
$
|
478
|
|
$
|
495
|
|
(a) Corporate
includes the costs of corporate functions and certain other
non-operational matters, including pension and other postretirement
plan non-service income
and remeasurement adjustments, net legacy and separation-related
activity, changes in the LIFO inventory reserve, and certain other
corporate matters not allocated to the operating
segments.
|
Valvoline Inc. and
Consolidated Subsidiaries
|
RECONCILIATION OF
NON-GAAP DATA - ADJUSTED EBITDA
|
(In millions -
unaudited)
|
Table 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
2020
Three months
ended
|
|
Fiscal
2021
Three months
ended
|
|
Years ended
September 30
|
|
|
Dec. 31
|
|
Mar. 31
|
|
June 30
|
|
Sept. 30
|
|
Dec. 31
|
|
Mar. 31
|
|
2019
|
|
2020
|
Adjusted EBITDA -
Valvoline
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
73
|
|
$
|
63
|
|
$
|
59
|
|
$
|
122
|
|
$
|
87
|
|
$
|
68
|
|
$
|
208
|
|
$
|
317
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
24
|
|
25
|
|
19
|
|
66
|
|
30
|
|
22
|
|
57
|
|
134
|
Net interest and other
financing expenses
|
|
16
|
|
38
|
|
19
|
|
20
|
|
20
|
|
55
|
|
73
|
|
93
|
Depreciation and
amortization
|
|
16
|
|
15
|
|
17
|
|
18
|
|
21
|
|
23
|
|
61
|
|
66
|
EBITDA
|
|
129
|
|
141
|
|
114
|
|
226
|
|
158
|
|
168
|
|
399
|
|
610
|
Key items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net pension and other
postretirement plan (income) expenses
|
|
(9)
|
|
(9)
|
|
(9)
|
|
(32)
|
|
(13)
|
|
(14)
|
|
60
|
|
(59)
|
Net legacy and
separation-related (income) expenses
|
|
(1)
|
|
—
|
|
1
|
|
(30)
|
|
1
|
|
—
|
|
3
|
|
(30)
|
LIFO (credit)
charge
|
|
(1)
|
|
(4)
|
|
(7)
|
|
(3)
|
|
4
|
|
5
|
|
—
|
|
(15)
|
Compensated absences
benefits change
|
|
—
|
|
—
|
|
—
|
|
(11)
|
|
—
|
|
—
|
|
—
|
|
(11)
|
Business interruption
(recovery) expenses
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
(1)
|
|
(2)
|
|
6
|
|
(2)
|
Acquisition and
divestiture-related costs (income)
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4)
|
|
2
|
Restructuring and
related expenses (income)
|
|
1
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
14
|
|
—
|
Adjusted
EBITDA
|
|
$
|
119
|
|
$
|
130
|
|
$
|
99
|
|
$
|
147
|
|
$
|
149
|
|
$
|
157
|
|
$
|
478
|
|
$
|
495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Retail Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(a)
|
|
$
|
48
|
|
$
|
50
|
|
$
|
44
|
|
$
|
66
|
|
$
|
56
|
|
$
|
80
|
|
$
|
205
|
|
$
|
208
|
Key items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Adjusted operating
income
|
|
48
|
|
50
|
|
44
|
|
66
|
|
56
|
|
80
|
|
205
|
|
208
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
9
|
|
9
|
|
10
|
|
11
|
|
14
|
|
15
|
|
34
|
|
39
|
Adjusted
EBITDA
|
|
$
|
57
|
|
$
|
59
|
|
$
|
54
|
|
$
|
77
|
|
$
|
70
|
|
$
|
95
|
|
$
|
239
|
|
$
|
247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
(continued)
|
|
|
|
Fiscal
2020
Three months
ended
|
|
Fiscal
2021
Three months
ended
|
|
Years ended
September 30
|
|
|
Dec. 31
|
|
Mar. 31
|
|
June 30
|
|
Sept. 30
|
|
Dec. 31
|
|
Mar. 31
|
|
2019
|
|
2020
|
Adjusted EBITDA -
Global Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(a)
|
|
$
|
71
|
|
$
|
66
|
|
$
|
62
|
|
$
|
85
|
|
$
|
88
|
|
$
|
73
|
|
$
|
269
|
|
$
|
284
|
Key items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
divestiture-related income
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4)
|
|
—
|
Business interruption
expenses
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
Adjusted operating
income
|
|
71
|
|
66
|
|
62
|
|
85
|
|
88
|
|
73
|
|
271
|
|
284
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6
|
|
6
|
|
7
|
|
6
|
|
6
|
|
7
|
|
25
|
|
25
|
Adjusted
EBITDA
|
|
$
|
77
|
|
$
|
72
|
|
$
|
69
|
|
$
|
91
|
|
$
|
94
|
|
$
|
80
|
|
$
|
296
|
|
$
|
309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income (a)
|
|
$
|
(15)
|
|
$
|
1
|
|
$
|
(18)
|
|
$
|
25
|
|
$
|
(20)
|
|
$
|
(22)
|
|
$
|
(76)
|
|
$
|
(7)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1
|
|
—
|
|
—
|
|
1
|
|
1
|
|
1
|
|
2
|
|
2
|
Net pension and other
postretirement plan income (expenses)
|
|
9
|
|
9
|
|
9
|
|
32
|
|
13
|
|
14
|
|
(60)
|
|
59
|
EBITDA
|
|
(5)
|
|
10
|
|
(9)
|
|
58
|
|
(6)
|
|
(7)
|
|
(134)
|
|
54
|
Key items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net pension and other
postretirement plan (income) expenses
|
|
(9)
|
|
(9)
|
|
(9)
|
|
(32)
|
|
(13)
|
|
(14)
|
|
60
|
|
(59)
|
Net legacy and
separation-related (income) expenses
|
|
(1)
|
|
—
|
|
1
|
|
(30)
|
|
1
|
|
—
|
|
3
|
|
(30)
|
LIFO (credit)
charge
|
|
(1)
|
|
(4)
|
|
(7)
|
|
(3)
|
|
4
|
|
5
|
|
—
|
|
(15)
|
Compensated absences
benefits change
|
|
—
|
|
—
|
|
—
|
|
(11)
|
|
—
|
|
—
|
|
—
|
|
(11)
|
Business interruption
recovery
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
(1)
|
|
(2)
|
|
—
|
|
(2)
|
Acquisition and
divestiture-related costs
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
Restructuring and
related expenses (income)
|
|
1
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
14
|
|
—
|
Adjusted
EBITDA
|
|
$
|
(15)
|
|
$
|
(1)
|
|
$
|
(24)
|
|
$
|
(21)
|
|
$
|
(15)
|
|
$
|
(18)
|
|
$
|
(57)
|
|
$
|
(61)
|
|
(a) Valvoline does
not generally allocate corporate and non-operational matters to its
operating segments, including activity below operating income. The
tables above reconcile reported
operating income to Adjusted EBITDA for each segment and Corporate,
which also includes relevant items reported below operating income
in order to reconcile to consolidated results.
|
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SOURCE Valvoline Inc.