Valvoline, Inc. (NYSE:VVV) Q4 2022 Earnings Conference Call November 15, 2022 8:00 AM ET

Company Participants

Sean Cornett - Senior Director, IR & Assistant Treasurer

Samuel Mitchell - CEO & Director

Lori Flees - President, Retail Services

Mary Meixelsperger - CFO

Conference Call Participants

Michael Kessler - Morgan Stanley

Jeffrey Zekauskas - JPMorgan Chase & Co.

Laurence Alexander - Jefferies

Chasen Bender - Citi

Michael Harrison - Seaport Research Partners

Operator

Thank you all for joining, and welcome to Valvoline's Q4 2022 Earnings Conference Call and Webcast. [Operator Instructions]. I will now turn the conference over to your host, Sean Cornett, from Investor Relations. So please go ahead when you're ready, Sean.

Sean Cornett

Thanks. Good morning, and welcome to Valvoline's Fourth Quarter Fiscal 2022 Conference Call and Webcast. On November 15, 2022, at approximately 7:00 a.m. Eastern Time, Valvoline released results for the fiscal year and fourth quarter ended September 30, 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-K 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 fact 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, nonoperational or restructuring in nature. We believe this approach enhances the understanding of our ongoing business. 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 included in the presentation appendix.

This information provided is used by our management and may not be comparable to similar measures used by other companies. 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 coming to company's continuing operations. Results of continuing operations are comparable to those previously discussed on a pro forma basis at the time of the announcement.