$VVV
VALVOLINE INC

2020 Q2 Form 10-Q Financial Statement

#000167491020000079 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $516.0M $578.0M $591.0M
YoY Change -15.82% -2.2% 3.87%
Cost Of Revenue $329.0M $371.0M $388.0M
YoY Change -18.97% -4.38% 7.18%
Gross Profit $187.0M $207.0M $203.0M
YoY Change -9.66% 1.97% -1.93%
Gross Profit Margin 36.24% 35.81% 34.35%
Selling, General & Admin $106.0M $96.00M $113.0M
YoY Change -8.62% -15.04% 1.8%
% of Gross Profit 56.68% 46.38% 55.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $15.00M $14.00M
YoY Change 13.33% 7.14% 0.0%
% of Gross Profit 9.09% 7.25% 6.9%
Operating Expenses $106.0M $96.00M $113.0M
YoY Change -8.62% -15.04% 1.8%
Operating Profit $88.00M $117.0M $96.00M
YoY Change -13.73% 21.88% -4.0%
Interest Expense -$19.00M -$19.00M -$19.00M
YoY Change 0.0% 0.0% 18.75%
% of Operating Profit -21.59% -16.24% -19.79%
Other Income/Expense, Net $17.00M $15.00M $12.00M
YoY Change 30.77% 25.0% -45.45%
Pretax Income $78.00M $88.00M $80.00M
YoY Change -8.24% 10.0% -14.89%
Income Tax $19.00M $25.00M -$2.000M
% Of Pretax Income 24.36% 28.41% -2.5%
Net Earnings $59.00M $63.00M $63.00M
YoY Change -9.23% 0.0% -5.97%
Net Earnings / Revenue 11.43% 10.9% 10.66%
Basic Earnings Per Share $0.32 $0.33 $0.33
Diluted Earnings Per Share $0.32 $0.33 $0.33
COMMON SHARES
Basic Shares Outstanding 186.0M shares 188.0M shares 189.0M shares
Diluted Shares Outstanding 186.0M shares 188.0M shares 189.0M shares

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $751.0M $774.0M $114.0M
YoY Change 496.03% 578.95% -10.24%
Cash & Equivalents $751.0M $774.0M $114.0M
Short-Term Investments
Other Short-Term Assets $43.00M $49.00M $59.00M
YoY Change -17.31% -16.95% 51.28%
Inventory $189.0M $209.0M $192.0M
Prepaid Expenses
Receivables $396.0M $352.0M $368.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.379B $1.384B $733.0M
YoY Change 72.16% 88.81% -7.8%
LONG-TERM ASSETS
Property, Plant & Equipment $559.0M $509.0M $441.0M
YoY Change 22.86% 15.42% 13.08%
Goodwill $434.0M $430.0M $404.0M
YoY Change 4.58% 6.44% 11.29%
Intangibles
YoY Change
Long-Term Investments $39.00M $37.00M $34.00M
YoY Change 11.43% 8.82% 0.0%
Other Assets $133.0M $131.0M $103.0M
YoY Change 25.47% 27.18% 24.1%
Total Long-Term Assets $1.584B $1.533B $1.181B
YoY Change 32.11% 29.81% 9.96%
TOTAL ASSETS
Total Short-Term Assets $1.379B $1.384B $733.0M
Total Long-Term Assets $1.584B $1.533B $1.181B
Total Assets $2.963B $2.917B $1.914B
YoY Change 48.15% 52.4% 2.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.0M $186.0M $154.0M
YoY Change 9.2% 20.78% -20.62%
Accrued Expenses $254.0M $215.0M $206.0M
YoY Change 4.96% 4.37% 4.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $30.00M
YoY Change -100.0% -100.0% 30.43%
Total Short-Term Liabilities $432.0M $401.0M $390.0M
YoY Change 4.85% 2.82% -6.02%
LONG-TERM LIABILITIES
Long-Term Debt $1.953B $2.003B $1.318B
YoY Change 46.4% 51.97% 11.41%
Other Long-Term Liabilities $185.0M $163.0M $179.0M
YoY Change 0.54% -8.94% -1.1%
Total Long-Term Liabilities $2.719B $2.753B $1.822B
YoY Change 47.77% 51.1% 8.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $432.0M $401.0M $390.0M
Total Long-Term Liabilities $2.719B $2.753B $1.822B
Total Liabilities $3.151B $3.154B $2.212B
YoY Change 39.92% 42.59% 5.58%
SHAREHOLDERS EQUITY
Retained Earnings -$211.0M -$249.0M -$336.0M
YoY Change -27.49% -25.89% 22.63%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$188.0M -$237.0M -$298.0M
YoY Change
Total Liabilities & Shareholders Equity $2.963B $2.917B $1.914B
YoY Change 48.15% 52.4% 2.41%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $59.00M $63.00M $63.00M
YoY Change -9.23% 0.0% -5.97%
Depreciation, Depletion And Amortization $17.00M $15.00M $14.00M
YoY Change 13.33% 7.14% 0.0%
Cash From Operating Activities $117.0M $95.00M $49.00M
YoY Change 46.25% 93.88% -44.32%
INVESTING ACTIVITIES
Capital Expenditures -$37.00M -$29.00M -$21.00M
YoY Change 48.0% 38.1% 31.25%
Acquisitions
YoY Change
Other Investing Activities -$35.00M -$7.000M -$8.000M
YoY Change 150.0% -12.5% 700.0%
Cash From Investing Activities -$72.00M -$36.00M -$29.00M
YoY Change 84.62% 24.14% 70.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $60.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.00M 560.0M 5.000M
YoY Change 148.28% 11100.0% -108.06%
NET CHANGE
Cash From Operating Activities 117.0M 95.00M 49.00M
Cash From Investing Activities -72.00M -36.00M -29.00M
Cash From Financing Activities -72.00M 560.0M 5.000M
Net Change In Cash -27.00M 619.0M 25.00M
YoY Change -325.0% 2376.0% 177.78%
FREE CASH FLOW
Cash From Operating Activities $117.0M $95.00M $49.00M
Capital Expenditures -$37.00M -$29.00M -$21.00M
Free Cash Flow $154.0M $124.0M $70.00M
YoY Change 46.67% 77.14% -32.69%

Facts In Submission

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VALVOLINE INC.
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CY2020Q1 us-gaap Liabilities And Stockholders Equity
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CY2019Q3 us-gaap Liabilities And Stockholders Equity
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CY2019Q3 us-gaap Stockholders Equity
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3000000 USD
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8000000 USD
CY2019Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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2000000 USD
CY2019Q4 us-gaap Stockholders Equity
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CY2020Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Dividends Common Stock Cash
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21000000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
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60000000 USD
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2020Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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2000000 USD
CY2020Q1 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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20000000 USD
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1000000 USD
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CY2018Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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2000000 USD
CY2018Q4 us-gaap Stockholders Equity
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20000000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2000000 USD
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2000000 USD
CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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2000000 USD
CY2019Q1 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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116000000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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19000000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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vvv Depreciation And Amortization Excluding Amortization Of Debt Issuance Costs
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31000000 USD
vvv Depreciation And Amortization Excluding Amortization Of Debt Issuance Costs
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28000000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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1000000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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2000000 USD
us-gaap Pension Contributions
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5000000 USD
us-gaap Pension Contributions
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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5000000 USD
us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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20000000 USD
us-gaap Increase Decrease In Inventories
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4000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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16000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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2000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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154000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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57000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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48000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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11000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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35000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Debt Net Of Issuance Costs
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us-gaap Proceeds From Debt Net Of Issuance Costs
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us-gaap Repayments Of Debt
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us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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40000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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125000000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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CY2020Q1 us-gaap Finance Lease Right Of Use Asset
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CY2020Q1 vvv Finance Lease Right Of Use Asset Accumulated Amortization
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CY2020Q1 vvv Total Operating And Finance Lease Right Of Use Asset
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CY2020Q1 us-gaap Operating Lease Liability Current
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CY2020Q1 us-gaap Finance Lease Liability Current
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CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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CY2020Q1 us-gaap Finance Lease Liability Noncurrent
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CY2020Q1 vvv Total Operating And Finance Lease Liability
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CY2020Q1 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2020Q1 us-gaap Finance Lease Interest Expense
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us-gaap Finance Lease Interest Expense
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CY2020Q1 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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CY2020Q1 us-gaap Sublease Income
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us-gaap Sublease Income
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us-gaap Lease Cost
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us-gaap Finance Lease Interest Payment On Liability
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CY2020Q1 us-gaap Finance Lease Principal Payments
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2020Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Five
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2020Q1 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q1 us-gaap Finance Lease Liability Payments Due
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CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2020Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2020Q1 us-gaap Operating Lease Liability
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CY2020Q1 us-gaap Finance Lease Liability
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CY2020Q1 vvv Lessee Operating Lease Lease Not Yet Commenced Undiscounted Amount
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CY2020Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
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CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due Next Twelve Months
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due In Two Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due In Three Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due In Four Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due In Five Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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120000000 USD
CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due Thereafter
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50000000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Due
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84000000 USD
CY2019Q3 vvv Capital Lease And Financing Obligations Future Minimum Payments Imputed Interest
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29000000 USD
CY2019Q3 vvv Capital Leases And Financing Obligations Future Minimum Payments Present Value Of Net Minimum Payments
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55000000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P12Y7M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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vvv Business Disposition Number Of Service Centers Sold
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vvv Business Acquisition Number Of Service Center Stores
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vvv Business Acquisition Number Of Former Franchise Service Centers
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us-gaap Business Combination Consideration Transferred1
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vvv Business Acquisition Number Of Service Center Stores
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us-gaap Business Combination Consideration Transferred1
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CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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CY2020Q1 vvv Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Goodwill Including Purchase Accounting Adjustments
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillIncludingPurchaseAccountingAdjustments
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CY2019Q1 vvv Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Goodwill Including Purchase Accounting Adjustments
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillIncludingPurchaseAccountingAdjustments
24000000 USD
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
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11000000 USD
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
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35000000 USD
us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Gain Loss On Disposition Of Assets1
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CY2019Q3 us-gaap Goodwill
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us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2020Q1 us-gaap Goodwill
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CY2020Q1 vvv Cumulative Restructuring Charges
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CY2020Q1 vvv Debt Instrument Unamortized Discount Premiumand Debt Issuance Costs Netand Other Longterm Debt
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CY2019Q3 vvv Debt Instrument Unamortized Discount Premiumand Debt Issuance Costs Netand Other Longterm Debt
DebtInstrumentUnamortizedDiscountPremiumandDebtIssuanceCostsNetandOtherLongtermDebt
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CY2020Q1 us-gaap Debt Longterm And Shortterm Combined Amount
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CY2019Q3 us-gaap Debt Longterm And Shortterm Combined Amount
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CY2020Q1 us-gaap Long Term Debt Current
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CY2019Q3 us-gaap Long Term Debt Current
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CY2020Q1 us-gaap Long Term Debt Noncurrent
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CY2019Q3 us-gaap Long Term Debt Noncurrent
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CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2019Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2020Q1 us-gaap Other Long Term Debt
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CY2019Q3 us-gaap Other Long Term Debt
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CY2020Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
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CY2020Q1 us-gaap Repayments Of Senior Debt
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CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Income Tax Expense Benefit
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17000000 USD
us-gaap Income Tax Expense Benefit
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49000000 USD
us-gaap Income Tax Expense Benefit
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36000000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2020Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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us-gaap Net Income Loss
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136000000 USD
us-gaap Net Income Loss
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CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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189000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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188000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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189000000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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188000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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189000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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189000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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189000000 shares
CY2020Q1 us-gaap Earnings Per Share Basic
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CY2019Q1 us-gaap Earnings Per Share Basic
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