Valvoline Inc. (NYSE:VVV) Q1 2023 Earnings Conference Call February 7, 2023 9:00 AM ET
Company Participants
Elizabeth Russell - Investor Relations
Sam Mitchell - Chief Executive Officer
Lori Flees - President of Retail Services
Mary Meixelsperger - Chief Financial Officer
Conference Call Participants
Simeon Gutman - Morgan Stanley
Mike Harrison - Seaport Research Partners
Dan Rizzo - Jefferies
Chris Shaw - Monness, Crespi & Hardt
Operator
Good morning or good afternoon, all, and welcome to the Valvoline First Quarter FY ‘23 Earnings Webcast. My name is Adam, and I'll be your operator for today. [Operator Instructions]
I will now hand the floor over to Elizabeth Russell to begin. So Elizabeth, please go ahead when you are ready.
Elizabeth Russell
Thanks, Adam. Good morning, and welcome to Valvoline's first quarter fiscal 2023 conference call and webcast. On February 7, at approximately 7:00 a.m. Eastern Time, Valvoline released results for the first quarter ended December 31, 2022. 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 two, 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 announcement that Valvoline signed a definitive agreement to sell its global products business resulted in the former Global Products segment being classified as discontinued operations for purposes of GAAP reporting, with the Retail Services segment becoming the company's continuing operations.