Valvoline Full-Year Report 2023

Highlights

• Sales from continuing operations of $1.4 billion grew 17%, while system-wide same-store sales (SSS) increased 11.9% — the 17th consecutive year of system-wide SSS growth
• Reported income from continuing operations of $199 million grew 82% and earnings per diluted share (EPS) of $1.23 increased 102%
• Continuing operations adjusted EBITDA of $380 million increased 20% and adjusted EPS of $1.18 increased 62%
• Returned $1.5 billion in cash to shareholders via share repurchases

Balance Sheet and Cash Flow

• • Cash, cash equivalents and short-term investments balance of $757 million; total debt of $1.6 billion
  • Full-year operating cash flow from continuing operations of $353 million and free cash flow of $173 million
  • Returned $1.5 billion in cash to shareholders in fiscal 2023 via share repurchases with $212 million remaining on the existing share repurchase authorization at year end
  • Included in net interest expense is income of $11 million and $44 million earned during the quarter and fiscal year, respectively, on invested net proceeds from the sale of Global Products