$VVV
VALVOLINE INC

2021 Q3 Form 10-Q Financial Statement

#000167491021000093 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q3
Revenue $835.0M $792.0M $652.0M
YoY Change 28.07% 53.49% 3.66%
Cost Of Revenue $589.0M $533.0M $394.0M
YoY Change 49.49% 62.01% -4.37%
Gross Profit $246.0M $259.0M $258.0M
YoY Change -4.65% 38.5% 18.89%
Gross Profit Margin 29.46% 32.7% 39.57%
Selling, General & Admin $138.0M $136.0M $123.0M
YoY Change 12.2% 28.3% 6.96%
% of Gross Profit 56.1% 52.51% 47.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.00M $24.00M $18.00M
YoY Change 33.33% 41.18% 0.0%
% of Gross Profit 9.76% 9.27% 6.98%
Operating Expenses $138.0M $136.0M $123.0M
YoY Change 12.2% 28.3% 6.96%
Operating Profit $108.0M $131.0M $176.0M
YoY Change -38.64% 48.86% 55.75%
Interest Expense -$19.00M -$17.00M -$20.00M
YoY Change -5.0% -10.53% 11.11%
% of Operating Profit -17.59% -12.98% -11.36%
Other Income/Expense, Net $93.00M $23.00M $43.00M
YoY Change 116.28% 35.29% -176.79%
Pretax Income $208.0M $128.0M $188.0M
YoY Change 10.64% 64.1% 571.43%
Income Tax $40.00M $31.00M $28.00M
% Of Pretax Income 19.23% 24.22% 14.89%
Net Earnings $168.0M $97.00M $122.0M
YoY Change 37.7% 64.41% 351.85%
Net Earnings / Revenue 20.12% 12.25% 18.71%
Basic Earnings Per Share $0.53 $0.66
Diluted Earnings Per Share $933.3K $0.53 $0.66
COMMON SHARES
Basic Shares Outstanding 180.8M shares 182.0M shares 185.0M shares
Diluted Shares Outstanding 183.0M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.0M $226.0M $760.0M
YoY Change -69.74% -69.91% 377.99%
Cash & Equivalents $230.0M $226.0M $760.0M
Short-Term Investments
Other Short-Term Assets $53.00M $53.00M $46.00M
YoY Change 15.22% 23.26% 6.98%
Inventory $258.0M $247.0M $199.0M
Prepaid Expenses
Receivables $496.0M $490.0M $433.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.037B $1.016B $1.438B
YoY Change -27.89% -26.32% 80.43%
LONG-TERM ASSETS
Property, Plant & Equipment $817.0M $773.0M $613.0M
YoY Change 33.28% 38.28% 23.09%
Goodwill $644.0M $641.0M $445.0M
YoY Change 44.72% 47.7% 3.49%
Intangibles
YoY Change
Long-Term Investments $47.00M $47.00M $44.00M
YoY Change 6.82% 20.51% 29.41%
Other Assets $208.0M $119.0M $132.0M
YoY Change 57.58% -10.53% 22.22%
Total Long-Term Assets $2.154B $2.033B $1.613B
YoY Change 33.54% 28.35% 27.31%
TOTAL ASSETS
Total Short-Term Assets $1.037B $1.016B $1.438B
Total Long-Term Assets $2.154B $2.033B $1.613B
Total Assets $3.191B $3.049B $3.051B
YoY Change 4.59% 2.9% 47.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.0M $216.0M $189.0M
YoY Change 30.16% 21.35% 10.53%
Accrued Expenses $306.0M $289.0M $255.0M
YoY Change 20.0% 13.78% 7.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.00M $2.000M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $569.0M $507.0M $444.0M
YoY Change 28.15% 17.36% 4.96%
LONG-TERM LIABILITIES
Long-Term Debt $1.677B $1.691B $1.962B
YoY Change -14.53% -13.42% 47.85%
Other Long-Term Liabilities $252.0M $280.0M $172.0M
YoY Change 46.51% 51.35% -7.03%
Total Long-Term Liabilities $2.487B $2.519B $2.683B
YoY Change -7.31% -7.36% 41.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $569.0M $507.0M $444.0M
Total Long-Term Liabilities $2.487B $2.519B $2.683B
Total Liabilities $3.056B $3.026B $3.127B
YoY Change -2.27% -3.97% 34.67%
SHAREHOLDERS EQUITY
Retained Earnings $90.00M -$29.00M -$110.0M
YoY Change -181.82% -86.26% -61.27%
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 $135.0M $23.00M -$76.00M
YoY Change
Total Liabilities & Shareholders Equity $3.191B $3.049B $3.051B
YoY Change 4.59% 2.9% 47.82%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q3
OPERATING ACTIVITIES
Net Income $168.0M $97.00M $122.0M
YoY Change 37.7% 64.41% 351.85%
Depreciation, Depletion And Amortization $24.00M $24.00M $18.00M
YoY Change 33.33% 41.18% 0.0%
Cash From Operating Activities $108.0M $106.0M $101.0M
YoY Change 6.93% -9.4% -9.01%
INVESTING ACTIVITIES
Capital Expenditures -$38.00M -$32.00M -$57.00M
YoY Change -33.33% -13.51% 62.86%
Acquisitions
YoY Change
Other Investing Activities -$11.00M -$43.00M -$22.00M
YoY Change -50.0% 22.86% -24.14%
Cash From Investing Activities -$49.00M -$75.00M -$79.00M
YoY Change -37.97% 4.17% 23.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.00M -52.00M -15.00M
YoY Change 253.33% -27.78% -31.82%
NET CHANGE
Cash From Operating Activities 108.0M 106.0M 101.0M
Cash From Investing Activities -49.00M -75.00M -79.00M
Cash From Financing Activities -53.00M -52.00M -15.00M
Net Change In Cash 6.000M -21.00M 7.000M
YoY Change -14.29% -22.22% -72.0%
FREE CASH FLOW
Cash From Operating Activities $108.0M $106.0M $101.0M
Capital Expenditures -$38.00M -$32.00M -$57.00M
Free Cash Flow $146.0M $138.0M $158.0M
YoY Change -7.59% -10.39% 8.22%

Facts In Submission

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VALVOLINE INC.
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us-gaap Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
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CY2020Q2 vvv Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Operating Lease Asset
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CY2021Q2 vvv Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Goodwill Including Purchase Accounting Adjustments
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203000000 USD
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CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
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CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Capital Lease Obligation
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CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Capital Lease Obligation
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CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
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267000000 USD
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18000000 USD
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84000000 USD
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4000000 USD
CY2021Q2 vvv Business Combination Recognized Identifiable Liabilities Assumed Finance Lease Obligation
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80000000 USD
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CY2021Q2 us-gaap Goodwill
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172000000 USD
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40000000 USD
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112000000 USD
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28000000 USD
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us-gaap Amortization Of Intangible Assets
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16000000 USD
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16000000 USD
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19000000 USD
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us-gaap Income Tax Expense Benefit
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68000000 USD
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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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59000000 USD
us-gaap Net Income Loss
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252000000 USD
us-gaap Net Income Loss
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195000000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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182000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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186000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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183000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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187000000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1000000 shares
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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183000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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186000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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184000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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188000000 shares
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us-gaap Earnings Per Share Basic
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CY2020Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000000 shares
CY2021Q2 vvv Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
173000000 USD
CY2020Q2 vvv Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
99000000 USD
vvv Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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479000000 USD
vvv Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
348000000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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792000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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516000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2146000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1701000000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
226000000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
760000000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
751000000 USD
CY2021Q2 us-gaap Restricted Cash
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2000000 USD
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
1000000 USD
CY2020Q2 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
228000000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
761000000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
751000000 USD
CY2021Q2 vvv Accounts Receivable Trade Receivables Gross Current
AccountsReceivableTradeReceivablesGrossCurrent
469000000 USD
CY2020Q3 vvv Accounts Receivable Trade Receivables Gross Current
AccountsReceivableTradeReceivablesGrossCurrent
409000000 USD
CY2021Q2 vvv Accounts Receivable Other Receivables Current
AccountsReceivableOtherReceivablesCurrent
16000000 USD
CY2020Q3 vvv Accounts Receivable Other Receivables Current
AccountsReceivableOtherReceivablesCurrent
14000000 USD
CY2021Q2 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
10000000 USD
CY2020Q3 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
13000000 USD
CY2021Q2 vvv Current Receivables Gross
CurrentReceivablesGross
495000000 USD
CY2020Q3 vvv Current Receivables Gross
CurrentReceivablesGross
436000000 USD
CY2021Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
5000000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
3000000 USD
CY2021Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
490000000 USD
CY2020Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
433000000 USD
CY2021Q2 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
3000000 USD
CY2020Q3 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
13000000 USD
CY2021Q2 vvv Other Notes Receivable Non Current
OtherNotesReceivableNonCurrent
3000000 USD
CY2020Q3 vvv Other Notes Receivable Non Current
OtherNotesReceivableNonCurrent
8000000 USD
CY2021Q2 vvv Notes Receivable Non Current Gross
NotesReceivableNonCurrentGross
6000000 USD
CY2020Q3 vvv Notes Receivable Non Current Gross
NotesReceivableNonCurrentGross
21000000 USD
CY2021Q2 us-gaap Accounts And Financing Receivable Allowance For Credit Loss
AccountsAndFinancingReceivableAllowanceForCreditLoss
3000000 USD
CY2020Q3 us-gaap Accounts And Financing Receivable Allowance For Credit Loss
AccountsAndFinancingReceivableAllowanceForCreditLoss
4000000 USD
CY2021Q2 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
3000000 USD
CY2020Q3 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
17000000 USD
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
252000000 USD
CY2020Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
195000000 USD
CY2021Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
47000000 USD
CY2020Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
30000000 USD
CY2021Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
-52000000 USD
CY2020Q3 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
-26000000 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
247000000 USD
CY2020Q3 us-gaap Inventory Net
InventoryNet
199000000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
792000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
516000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2146000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1701000000 USD

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