$VVV
VALVOLINE INC

2017 Q4 Form 10-Q Financial Statement

#000167491018000013 Filed on February 08, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $545.0M $489.0M
YoY Change 11.45% 7.24%
Cost Of Revenue $350.0M $304.0M
YoY Change 15.13% 8.57%
Gross Profit $195.0M $185.0M
YoY Change 5.41% 5.11%
Gross Profit Margin 35.78% 37.83%
Selling, General & Admin $107.0M $95.00M
YoY Change 12.63% 9.2%
% of Gross Profit 54.87% 51.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.00M $9.000M
YoY Change 22.22% 0.0%
% of Gross Profit 5.64% 4.86%
Operating Expenses $107.0M $95.00M
YoY Change 12.63% 9.2%
Operating Profit $88.00M $94.00M
YoY Change -6.38% -2.08%
Interest Expense -$14.00M -$10.00M
YoY Change 40.0% -300.0%
% of Operating Profit -15.91% -10.64%
Other Income/Expense, Net $19.00M $36.00M
YoY Change -47.22%
Pretax Income $84.00M $110.0M
YoY Change -23.64% 14.58%
Income Tax $71.00M $38.00M
% Of Pretax Income 84.52% 34.55%
Net Earnings -$10.00M $72.00M
YoY Change -113.89% 10.77%
Net Earnings / Revenue -1.83% 14.72%
Basic Earnings Per Share -$0.05 $0.35
Diluted Earnings Per Share -$0.05 $0.35
COMMON SHARES
Basic Shares Outstanding 202.0M shares 205.0M shares
Diluted Shares Outstanding 202.0M shares 205.0M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.0M $236.0M
YoY Change -51.27%
Cash & Equivalents $115.0M $236.0M
Short-Term Investments
Other Short-Term Assets $32.00M $29.00M
YoY Change 10.34%
Inventory $170.0M $141.0M
Prepaid Expenses
Receivables $418.0M $353.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $735.0M $759.0M
YoY Change -3.16%
LONG-TERM ASSETS
Property, Plant & Equipment $384.0M $331.0M
YoY Change 16.01%
Goodwill $360.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.00M $30.00M
YoY Change 10.0%
Other Assets $86.00M $89.00M
YoY Change -3.37%
Total Long-Term Assets $1.092B $1.106B
YoY Change -1.27%
TOTAL ASSETS
Total Short-Term Assets $735.0M $759.0M
Total Long-Term Assets $1.092B $1.106B
Total Assets $1.827B $1.865B
YoY Change -2.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.0M $146.0M
YoY Change -3.42%
Accrued Expenses $208.0M $257.0M
YoY Change -19.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $75.00M
YoY Change -100.0%
Long-Term Debt Due $19.00M $15.00M
YoY Change 26.67%
Total Short-Term Liabilities $368.0M $493.0M
YoY Change -25.35%
LONG-TERM LIABILITIES
Long-Term Debt $1.147B $650.0M
YoY Change 76.46%
Other Long-Term Liabilities $175.0M $152.0M
YoY Change 15.13%
Total Long-Term Liabilities $1.653B $1.658B
YoY Change -0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $368.0M $493.0M
Total Long-Term Liabilities $1.653B $1.658B
Total Liabilities $2.021B $2.151B
YoY Change -6.04%
SHAREHOLDERS EQUITY
Retained Earnings -$238.0M $62.00M
YoY Change -483.87%
Common Stock $2.000M $2.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$194.0M -$286.0M
YoY Change
Total Liabilities & Shareholders Equity $1.827B $1.865B
YoY Change -2.04%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$10.00M $72.00M
YoY Change -113.89% 10.77%
Depreciation, Depletion And Amortization $11.00M $9.000M
YoY Change 22.22% 0.0%
Cash From Operating Activities $20.00M $88.00M
YoY Change -77.27% 120.0%
INVESTING ACTIVITIES
Capital Expenditures $14.00M $9.000M
YoY Change 55.56% 80.0%
Acquisitions $60.00M $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $1.000M
YoY Change -100.0%
Cash From Investing Activities -$74.00M -$10.00M
YoY Change 640.0% 11.11%
FINANCING ACTIVITIES
Cash Dividend Paid $15.00M $10.00M
YoY Change 50.0%
Common Stock Issuance & Retirement, Net $37.00M $0.00
YoY Change
Debt Paid & Issued, Net $4.000M $79.00M
YoY Change -94.94%
Cash From Financing Activities -$31.00M -$16.00M
YoY Change 93.75% -48.39%
NET CHANGE
Cash From Operating Activities $20.00M $88.00M
Cash From Investing Activities -$74.00M -$10.00M
Cash From Financing Activities -$31.00M -$16.00M
Net Change In Cash -$85.00M $62.00M
YoY Change -237.1%
FREE CASH FLOW
Cash From Operating Activities $20.00M $88.00M
Capital Expenditures $14.00M $9.000M
Free Cash Flow $6.000M $79.00M
YoY Change -92.41% 125.71%

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CY2017Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
60000000 USD
CY2017Q4 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
15000000 USD
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14000000 USD
CY2016Q4 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
331000000 USD
CY2016Q4 us-gaap Pension Contributions
PensionContributions
3000000 USD
CY2017Q4 us-gaap Pension Contributions
PensionContributions
3000000 USD
CY2017Q4 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.70
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
75000000 USD
CY2017Q4 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
44000000 USD
CY2016Q4 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2017Q4 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
391000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
384000000 USD
CY2016Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
79000000 USD
CY2017Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-167000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-238000000 USD
CY2016Q4 us-gaap Revenues
Revenues
489000000 USD
CY2017Q4 us-gaap Revenues
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545000000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
95000000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
114000000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
1000000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
4000000 USD
CY2017Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
75000000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2017Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000000 USD
CY2017Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 USD
CY2017Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2000000 shares
CY2017Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
39000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
-117000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-194000000 USD
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
45000000 USD
CY2017Q4 vvv Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Deferred Tax Asset Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateDeferredTaxAssetProvisionalIncomeTaxExpenseBenefit
67000000 USD
CY2017Q4 vvv Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
68000000 USD
CY2017Q4 vvv Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Liability
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalLiability
22000000 USD
CY2016Q4 vvv Utilization Of Accounts Receivable Factoring Under Arrangement
UtilizationOfAccountsReceivableFactoringUnderArrangement
11000000 USD
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
202000000 shares
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10000000 USD
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
205000000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
202000000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
205000000 shares
CY2017Q3 vvv Debt Instrument Unamortized Discount Premiumand Debt Issuance Costs Netand Other Longterm Debt
DebtInstrumentUnamortizedDiscountPremiumandDebtIssuanceCostsNetandOtherLongtermDebt
-11000000 USD
CY2017Q4 vvv Debt Instrument Unamortized Discount Premiumand Debt Issuance Costs Netand Other Longterm Debt
DebtInstrumentUnamortizedDiscountPremiumandDebtIssuanceCostsNetandOtherLongtermDebt
-10000000 USD
CY2016Q4 vvv Defined Benefit Plan Recognized Net Gain Lossand Non Service Income
DefinedBenefitPlanRecognizedNetGainLossandNonServiceIncome
26000000 USD
CY2017Q4 vvv Defined Benefit Plan Recognized Net Gain Lossand Non Service Income
DefinedBenefitPlanRecognizedNetGainLossandNonServiceIncome
10000000 USD
CY2016Q4 vvv Depreciation Depletionand Amortization Excluding Amortizationof Debt Issuance Costs
DepreciationDepletionandAmortizationExcludingAmortizationofDebtIssuanceCosts
9000000 USD
CY2017Q4 vvv Depreciation Depletionand Amortization Excluding Amortizationof Debt Issuance Costs
DepreciationDepletionandAmortizationExcludingAmortizationofDebtIssuanceCosts
11000000 USD
CY2016Q4 vvv Net Transfers Of Cash From To Former Parent
NetTransfersOfCashFromToFormerParent
2000000 USD
CY2017Q4 vvv Net Transfers Of Cash From To Former Parent
NetTransfersOfCashFromToFormerParent
0 USD
CY2016Q4 vvv Proceedsfrom Paymentsfor Other Financing Activities Other Intercompany Activity
ProceedsfromPaymentsforOtherFinancingActivitiesOtherIntercompanyActivity
0 USD
CY2017Q4 vvv Proceedsfrom Paymentsfor Other Financing Activities Other Intercompany Activity
ProceedsfromPaymentsforOtherFinancingActivitiesOtherIntercompanyActivity
0 USD
CY2016Q4 vvv Separation Costs
SeparationCosts
6000000 USD
CY2017Q4 vvv Separation Costs
SeparationCosts
2000000 USD
CY2017Q4 vvv Tax Cuts And Jobs Act O2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense Benefit
TaxCutsAndJobsActO2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpenseBenefit
4000000 USD

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