Valvoline Inc. (NYSE:VVV) Q2 2023 Earnings Conference Call May 10, 2023 9:00 AM ET

Company Participants

Elizabeth Russell - IR

Sam Mitchell - CEO

Lori Flees - President of Retail Services

Mary Meixelsperger - CFO

Conference Call Participants

Simeon Gutman - Morgan Stanley

Steven Zaccone - Citi

Mike Harrison - Seaport Research Partners

Dan Rizzo - Jefferies

Jason English - Goldman Sachs

Operator

Good morning, ladies and gentlemen, welcome to today's Valvoline Second Quarter 2023 Earnings Conference Call and Webcast. My name is [Jaqueta]. I will be your moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to your host, Elizabeth Russell. Elizabeth, please go ahead.

Elizabeth Russell

Thanks, Jaqueta. Good morning, and welcome to Valvoline's Second Quarter Fiscal 2023 Conference Call and Webcast. This morning at approximately 7 AM Eastern Time, Valvoline released results for the second quarter ended March 31, 2023. This presentation should be viewed in conjunction with that earnings release. A copy of which is available on our Investor Relations website at investors.valvoline.com.

Please note that these results are preliminary until we file our Form 10-Q with the Securities and Exchange Commission. On this morning's call is Sam Mitchell, our CEO; Lori Flees, our President of Retail Services; and Mary Meixelsperger, our CFO.

As shown on Slide 2, any of our remarks today that are not statements of historical facts are forward-looking statements. These forward-looking statements are based on current assumptions as of the date of this presentation and are subject to certain risks and uncertainties that may cause actual results to differ materially from such statements.

Valvoline assumes no obligation to update any forward-looking statements unless required by law. In this presentation and in our remarks, we will be discussing our results on an adjusted non-GAAP basis unless otherwise noted. Non-GAAP results are adjusted for key items which are unusual, non-operational or restructuring in nature. We believe this approach enhances the understanding of our ongoing business. A reconciliation of our adjusted non-GAAP results to amounts reported under GAAP, and a discussion of management's use of non-GAAP and key business measures is included in the presentation appendix.

The information provided is used by our management and may not be comparable to similar measures used by other companies. As a reminder, the retail services business represents the company's continuing operations and the former Global Products segment is classified as discontinued operations for the purposes of GAAP reporting.