Valvoline Inc. (NYSE:VVV) Q1 2022 Earnings Conference Call May 10, 2022 9:00 AM ET

Company Participants

Sean Cornett - Senior Director, Investor Relations

Sam Mitchell - Chief Executive Officer

Mary Meixelsperger - Chief Financial Officer

Conference Call Participants

Michael Kessler - Morgan Stanley

Mike Harrison - Seaport Research Partners

Operator

Ladies and gentlemen, hello and welcome to Valvoline's 2Q 2022 Earnings Conference Call and Webcast. My name is Maxine and I'll be coordinating the call today. [Operator Instructions]

I will now hand over to your host, Sean Cornett from Investor Relations to begin. Sean, please go ahead when you're ready.

Sean Cornett

Thanks Maxine. Good morning and welcome to Valvoline's second quarter fiscal 2022 conference call and webcast. On May 9th at approximately 5:00 PM Eastern Time, Valvoline released results for the second quarter ended March 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; 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, 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 we turn to slide 3, I'd like to turn the call over to Sam.

Sam Mitchell

Thanks Sean, and thank you everyone for joining us this morning. The strength of our top line results continued in Q2 highlighted by a 26% increase in sales. Both segments contributed to the strong performance with Retail Services sales growing 23% and Global Products sales up 29% as demand for our products and services remains robust. Global Products volume growth of 9% and Retail Services same-store sales growth of 13% led by an increase in transactions demonstrate that we continue to gain share.