Valvoline, Inc. (NYSE:VVV) Q3 2022 Earnings Conference Call August 4, 2022 9:00 AM ET

Company Participants

Sean Cornett - Senior Director, IR & Assistant Treasurer

Samuel Mitchell - CEO & Director

Mary Meixelsperger - CFO

Conference Call Participants

Michael Harrison - Seaport Research Partners

Michael Kessler - Morgan Stanley

Jason English - Goldman Sachs Group

Operator

Thank you for standing by, and welcome to Valvoline's Third Quarter 2022 Earnings Conference Call and Webcast. My name is Sam, and I will be your moderator for today's call. [Operator Instructions].

I'll now hand the call over to Sean Cornett, with Investor Relations. Sean?

Sean Cornett

Thanks, Sam. Good morning, everyone, and welcome to Valvoline's Third Quarter Fiscal 2022 Conference Call and Webcast. On August 3, at approximately 5 p.m. Eastern time, following released results for the third quarter ended June 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-Q with the Securities and Exchange Commission.

On this morning's call is Sam Mitchell, our CEO; 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'll 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. 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.

Now as we move to Slide 4, I'd like to turn the call over to Sam.

Samuel Mitchell

Thanks, Sean, and thank you, everyone, for joining us this morning. In case you missed our announcement on Monday, we are excited to have reached a definitive agreement to sell our Global Products business for $2.65 billion in cash. I encourage you to review our announcement presentation and press release for further details on the transaction.