Valvoline Inc. Files 2024 10-K Report

TL;DR

Valvoline's 2024 10-K is in. Check financials for FY ending 9/30/24.

AI Summary

Valvoline Inc. filed its 2024 10-K report, detailing its fiscal year ending September 30, 2024. The company, headquartered in Lexington, KY, operates within the miscellaneous products of petroleum and coal sector. Key financial data and operational metrics for the fiscal years 2022, 2023, and 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Valvoline's financial performance and operational status for the past fiscal year, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 2023 — Fiscal Year (Previous fiscal year for comparison)
• 2022 — Fiscal Year (Prior fiscal year for comparison)

Key Players & Entities

• VALVOLINE INC (company) — Filer
• Lexington, KY (location) — Company Headquarters
• 2024-09-30 (date) — Fiscal Year End
• 2024-11-22 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share VVV New York Stock Exchange

Filing Documents

• vvv-20240930.htm (10-K) — 2372KB
• exhibit1019-valvolinechang.htm (EX-10.19) — 126KB
• exhibit19-securitieslawsan.htm (EX-19) — 54KB
• exhibit21-subsidiariesofva.htm (EX-21) — 12KB
• exhibit231-eyconsentfy24.htm (EX-23.1) — 5KB
• exhibit24-powerofattorneyx.htm (EX-24) — 9KB
• exhibit311-certificationof.htm (EX-31.1) — 14KB
• exhibit312-certificationof.htm (EX-31.2) — 15KB
• exhibit32-certificationofc.htm (EX-32) — 7KB
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• vvv-20240930_g1.jpg (GRAPHIC) — 18KB
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• vvv-20240930_g8.jpg (GRAPHIC) — 47KB
• vvv-20240930_g9.jpg (GRAPHIC) — 126KB
• 0001674910-24-000152.txt ( ) — 16534KB
• vvv-20240930.xsd (EX-101.SCH) — 69KB
• vvv-20240930_cal.xml (EX-101.CAL) — 159KB
• vvv-20240930_def.xml (EX-101.DEF) — 450KB
• vvv-20240930_lab.xml (EX-101.LAB) — 1024KB
• vvv-20240930_pre.xml (EX-101.PRE) — 782KB
• vvv-20240930_htm.xml (XML) — 2716KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26

C ybersecurity

Item 1C. C ybersecurity 26

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29

Reserved

Item 6. Reserved 30

Management's Discussion and Analysis of Financial Condition and Results of Operation s

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation s 31

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 49

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92

Controls and Procedures

Item 9A. Controls and Procedures 92

Other Information

Item 9B. Other Information 97 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 97

Executive Compensation

Item 11. Executive Compensation 97

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 97

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 97 PART IV

Exhibits and Financial Statement Schedule s

Item 15. Exhibits and Financial Statement Schedule s 98

Form 10-K Summary

Item 16. Form 10-K Summary 102 2

Forward-Looking Statements

Forward-Looking Statements Certain statements in this Annual Report on Form 10-K, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, executing on the growth strategy to create shareholder value by driving the full potential in the Company's core business, accelerating network growth and innovating to meet the needs of customers and the evolving car parc; realizing the benefits from the sale of Global Products; and future opportunities for the remaining stand-alone retail business; and any other statements regarding Valvoline's future operations, financial or operating results, capital allocation, debt leverage ratio, anticipated business levels, dividend policy, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. 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. Factors that might cause such differences include, but are not limited to, those discussed under the headings "Risk Factors" in Item 1A of Part I of this Annual Report on Form 10-K, "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Item 7 of Part II of this Annual Report on Form 10-K and "Quantitative and Qualitative Disclosures about Market Risk" in Item 7A of Part II of this Annual Report on

BUSINESS

ITEM 1. BUSINESS Overview Valvoline Inc. is a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States ("U.S.") and Canada. The terms "Valvoline," the "Company," "we," "us," "management," and "our" as used herein refer to Valvoline Inc., its predecessors and its consolidated subsidiaries, except where the context indicates otherwise. As the quick, easy, trusted leader in automotive preventive maintenance, Valvoline is creating shareholder value by driving the full potential of its core business, accelerating network growth and innovating to meet the needs of customers and the evolving car parc. With average customer ratings that indicate high levels of service satisfaction, Valvoline and the Company's franchise partners keep customers moving with approximately 15-minute stay-in-your-car oil changes; battery, bulb and wiper replacements; tire rotations; and other manufacturer recommended maintenance services. The Company operates and franchises more than 2,000 service center locations through its Valvoline Instant Oil Change SM ("VIOC") and Valvoline Great Canadian Oil Change ("GCOC") retail locations and supports nearly 270 locations through its Express Care TM platform. For over 15 decades, Valvoline has consistently adapted to address changing technologies and customer needs and is well positioned to service evolving vehicle maintenance needs with its growing network of stores. Company background Established in 1866, Valvoline has a history of innovation spanning nearly 160 years when Dr. John Ellis founded Valvoline by discovering the lubricating properties of distilled crude oil and formulated the world's first petroleum-based lubricant. Valvoline was trademarked seven years later in 1873, making it the first trademarked motor oil brand in the U.S. Soon thereafter, as vehicle ownership rapidly grew, Valvoline became widely known in the automotive world through racing victor

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