{"id":809728,"date":"2025-02-06T07:09:12","date_gmt":"2025-02-06T12:09:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/valvoline-inc-reports-first-quarter-results\/"},"modified":"2025-02-06T07:09:12","modified_gmt":"2025-02-06T12:09:12","slug":"valvoline-inc-reports-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/valvoline-inc-reports-first-quarter-results\/","title":{"rendered":"Valvoline Inc. Reports First Quarter Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <b><br \/>\n          <i>Delivers 11%<\/i><br \/>\n        <\/b>\u00a0<b><i>top-line growth, 8% system-wide SSS growth, and 35<\/i><\/b>\u00a0<b><i>store additions<\/i><\/b><\/p>\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">LEXINGTON, Ky.<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Feb. 6, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its first quarter ended December\u00a031, 2024. All comparisons in this press release are made to the same prior-year period unless otherwise noted.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/2476789\/Valvoline_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/2476789\/Valvoline_Logo.jpg\" title=\"Valvoline only logo (PRNewsfoto\/Valvoline Inc.)\" alt=\"Valvoline only logo (PRNewsfoto\/Valvoline Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>&#8220;We are pleased with the performance to start fiscal year 2025,&#8221; said <span class=\"xn-person\">Lori Flees<\/span>, President and CEO.\u00a0 &#8220;Our resilient and differentiated business model continues to deliver double-digit profit growth fueled by strong and more balanced ticket and transaction contribution to same store sales growth.&#8221;\u00a0<\/p>\n<p>Flees continued, &#8220;During the first quarter, we opened 35 stores, including 14 new franchise stores.\u00a0 In December, we closed the previously announced refranchising transaction and welcomed a new partner that committed to more than doubling store count in the central and west <span class=\"xn-location\">Texas<\/span> area.\u00a0 Our focus remains to grow the network to 3,500-plus stores through new-builds, acquisitions and supporting the development of all of our franchise partners.&#8221;<\/p>\n<p>\n        <b>Continuing Operations &#8211; Operating Results<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Sales of <span class=\"xn-money\">$414 million<\/span> grew 11%, driven by system-wide SSS growth of 8.0%<\/li>\n<li>System-wide store sales grew 14% to <span class=\"xn-money\">$820 million<\/span><\/li>\n<li>Reported income from continuing operations of <span class=\"xn-money\">$94 million<\/span> grew 177% and earnings per diluted share (EPS) of <span class=\"xn-money\">$0.73<\/span> increased 181%, both of which benefited from the <span class=\"xn-money\">$71 million<\/span> pre-tax gain due to refranchising<\/li>\n<li>Adjusted EBITDA of <span class=\"xn-money\">$103 million<\/span> increased 14% and adjusted EPS of <span class=\"xn-money\">$0.32<\/span> increased 10%<\/li>\n<li>Store additions in the quarter totaled 35 (14 franchise and 21 company-operated additions before refranchising)<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prncbts prnrbrb1 prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(In millions, except per share amounts and store counts)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntac prncbts prnrbrb1 prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Q1 results<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntac prncbts prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">YoY growth<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 414.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">11\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Operating income<sup> (a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 143.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">129\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Income from continuing operations<sup> (a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 93.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">177\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">EPS <sup>(a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.73<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">181\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted EPS<sup> (b)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.32<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">10\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted EBITDA<sup> (b)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 102.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">14\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">System-wide store sales<sup> (b)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 820.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntar prnsbtb1 prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">14\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntac prnsbtb1 prnrbrb1 prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Q1 results<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntac prnsbtb1 prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Quarter <br \/>change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">System-wide stores<sup> (b)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2,045<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr10 prnpl2 prnvab prntar prnsbtb1 prnbrbrs prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">+35<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Company-operated stores<sup> (c)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">932<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr6 prnpl2 prnvab prntar prnsbtb1 prnbrbrs prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(18)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Franchised stores<sup> (b) (c)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">+53<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen16\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0Q1 &#8211; YoY growth<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prnsbtb1 prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">System-wide SSS<sup> (b)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">8.0\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(a)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Includes the effects of certain unusual, infrequent or non-operational activity not directly attributable to the underlying business, which management believes impacts the comparability of operational results between periods (&#8220;key items&#8221;). These key items are delineated within Table 6 &#8211; Non-GAAP Reconciliation &#8211; Income from Continuing Operations and Diluted Earnings per Share. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(b)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Refer to Key Business Measures, Use of Non-GAAP Measures, Table 4 &#8211; Retail Stores Operating Information, Table 6 &#8211; Non-GAAP Reconciliation &#8211; Income from Continuing Operations and Diluted Earnings per Share, and Table 7 &#8211; Non-GAAP Reconciliation &#8211; Adjusted Net Revenues and EBITDA from Continuing Operations for management&#8217;s definitions of the metrics presented above and reconciliation to the corresponding GAAP measures, where applicable.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(c)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Changes reflect the effects of conversions between company-operated and franchised stores, representing changes in the mix of stores, which do not impact the total system-wide store count.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Balance Sheet and Cash Flow<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Cash and cash equivalents balance of <span class=\"xn-money\">$60 million<\/span>; total debt of <span class=\"xn-money\">$1.0 billion<\/span><\/li>\n<li>Operating cash flow from continuing operations of <span class=\"xn-money\">$41 million<\/span> and free cash flow of <span class=\"xn-money\">($12) million<\/span><\/li>\n<li>Returned <span class=\"xn-money\">$39 million<\/span> in cash to shareholders via share repurchases with <span class=\"xn-money\">$346 million<\/span> of remaining share repurchase authorization<\/li>\n<\/ul>\n<p>\n        <b>Outlook<\/b>\n      <\/p>\n<p>Flees added, &#8220;For the first quarter we delivered financial results\u00a0substantially in line\u00a0with our expectations and we are on track for our full-year guidance. With the completion of our recent refranchising projects, we are encouraged by the momentum our new and existing franchise partners are building as we look to grow our network and market share.&#8221;<\/p>\n<p>\n        <b>Conference Call Webcast<\/b>\n      <\/p>\n<p>Valvoline will host a live audio webcast of its first quarter fiscal 2025 conference call today, February\u00a06, 2025, at 9\u00a0a.m. ET. The webcast and supporting materials will be accessible through Valvoline&#8217;s website at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4356648-1&amp;h=81280970&amp;u=http%3A%2F%2Finvestors.valvoline.com%2F&amp;a=http%3A%2F%2Finvestors.valvoline.com\" target=\"_blank\" rel=\"nofollow\">http:\/\/investors.valvoline.com<\/a><\/u>. Following the live event, an archived version of the webcast and supporting materials will be available.<\/p>\n<p>\n        <b>Key Business Measures<\/b>\n      <\/p>\n<p>Valvoline tracks its operating performance and manages its business using certain key measures, including system-wide, company-operated and franchised store counts and SSS; and system-wide store sales. Management believes these measures are useful to evaluating and understanding Valvoline&#8217;s operating performance and should be considered as supplements to, not substitutes for, Valvoline&#8217;s net revenues and operating income, as determined in accordance with U.S. GAAP.<\/p>\n<p>Net revenues are influenced by the number of service center stores and the business performance of those stores. Stores are considered open upon acquisition or opening for business. Temporary store closings remain in the respective store counts with only permanent store closures reflected in the activity and end of period store counts. For the periods presented herein, SSS is defined as net revenues of U.S. Valvoline Instant Oil Change<sup>SM<\/sup> (VIOC<sup>SM<\/sup>) stores (company-operated, franchised and the combination of these for system-wide SSS), with new stores, including franchised conversions, excluded from the metric until the completion of 12 full months in operation within the system.<\/p>\n<p>Net revenues are limited to sales at company-operated stores, in addition to royalties and other fees from independent franchised and Express Care stores. Although\u00a0Valvoline does not recognize store-level sales from franchised stores as net revenues in its Statements of Condensed Consolidated Income, management believes system-wide and franchised SSS comparisons, store counts, and total system-wide store sales are useful to assess market position relative to competitors and overall store and operating performance.<\/p>\n<p>\n        <b>Use of Non-GAAP Measures<\/b>\n      <\/p>\n<p>The following non-GAAP measures are included herein: EBITDA, adjusted EBITDA, and adjusted EBITDA margin; adjusted net income and adjusted diluted earnings per share; and free cash flow and discrentionary free cash flow. Refer to the tables herein for management&#8217;s definition of each non-GAAP measure and reconciliation to the most comparable U.S. GAAP measure.<\/p>\n<p>Non-GAAP measures include adjustments from results based on U.S. GAAP that management believes enables comparison of certain financial trends and results between periods and provides a useful supplemental presentation of Valvoline&#8217;s operating performance that allows for transparency with respect to key metrics used by management in operating the business and measuring performance. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation from, an alternative to, or more meaningful than, the financial results presented in accordance with U.S. GAAP. The financial results presented in accordance with U.S. GAAP and the reconciliations of non-GAAP measures should be carefully evaluated. The manner used to compute the non-GAAP information used by management may differ from the methods used by other companies and may not be comparable.<\/p>\n<p>Refer to the Appendix at the end of this release for descriptions of the adjustments that depart from the computations in accordance with U.S. GAAP.<\/p>\n<p>\n        <b>About Valvoline\u00a0Inc.<\/b>\n      <\/p>\n<p>Valvoline Inc. (NYSE: VVV) delivers quick, easy, trusted service at more than 2,000 franchised and company-operated service centers across <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Canada<\/span>. The company completes more than 28 million services annually system-wide, from 15-minute stay-in-your-car oil changes to a variety of manufacturer-recommended maintenance services such as wiper replacements and tire rotations. At Valvoline Inc., it all starts with our people, including the 11,000 team members who are working to grow the core business, expand the company&#8217;s retail network, and plan for the vehicles of the future. For more information, visit <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4356648-1&amp;h=993001144&amp;u=https%3A%2F%2Fwww.vioc.com%2F&amp;a=vioc.com.\" target=\"_blank\" rel=\"nofollow\">vioc.com.<\/a><\/u><\/p>\n<p>\n        <b>Forward-Looking Statements<\/b>\n      <\/p>\n<p>Certain statements herein,\u00a0other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, executing on the growth strategy to create shareholder value by driving the full potential in the Company&#8217;s core business, accelerating network growth and innovating to meet the needs of customers and the evolving car parc; realizing the benefits from the refranchising transactions; and future opportunities for the stand-alone retail business; and any other statements regarding Valvoline&#8217;s future operations, financial or operating results, capital allocation, debt leverage ratio, anticipated business levels, dividend policy, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. Valvoline has identified some of these forward-looking statements with words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;estimates,&#8221; &#8220;is likely,&#8221; &#8220;predicts,&#8221; &#8220;projects,&#8221; &#8220;forecasts,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; and &#8220;intends,&#8221; and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline&#8217;s current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the Company&#8217;s filings with the Securities and Exchange Commission (the &#8220;SEC&#8221;), including in the &#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; and &#8220;Quantitative and Qualitative Disclosures about Market Risk&#8221; sections of Valvoline&#8217;s most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline&#8217;s website at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4356648-1&amp;h=411073171&amp;u=https%3A%2F%2Finvestors.valvoline.com%2Ffinancials%2Fsec-filings%2Fdefault.aspx&amp;a=http%3A%2F%2Finvestors.valvoline.com%2Fsec-filings\" target=\"_blank\" rel=\"nofollow\">http:\/\/investors.valvoline.com\/sec-filings<\/a>\u00a0<\/u>\u00a0or on the SEC&#8217;s website at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4356648-1&amp;h=2296208119&amp;u=https%3A%2F%2Fwww.sec.gov%2F&amp;a=http%3A%2F%2Fwww.sec.gov\" target=\"_blank\" rel=\"nofollow\">http:\/\/www.sec.gov<\/a><\/u>. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>TM<\/sup> Trademark, Valvoline Inc., or its subsidiaries, registered in various countries<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>SM<\/sup>\u00a0Service mark, Valvoline Inc., or its subsidiaries, registered in various countries<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>FURTHER INFORMATION<\/b>\n      <\/p>\n<p>\n        <b>Investor Inquiries<br \/><\/b><br \/>\n        <span class=\"xn-person\">Elizabeth B. Clevinger<\/span><br \/>\n        <br \/>+1 (859) 357-3155<br \/><u><a href=\"mailto:IR@valvoline.com\" rel=\"nofollow\">IR@valvoline.com<\/a><\/u>\u00a0<\/p>\n<p>\n        <b>Media Inquiries<br \/><\/b><br \/>\n        <span class=\"xn-person\">Angela Davied<\/span><br \/>\n        <br \/>\n        <u><br \/>\n          <a href=\"mailto:media@valvoline.com\" rel=\"nofollow\">media@valvoline.com<\/a><br \/>\n        <\/u>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Statements of Consolidated Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In millions, except per share amounts &#8211; preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"3\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0 414.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0 373.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Cost of sales<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">261.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">238.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Gross profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">152.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">134.8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Selling, general and administrative expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">82.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">74.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net legacy and separation-related expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Other income, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(74.1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(2.6)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">143.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">62.8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net pension and other postretirement plan (income) expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">3.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net interest and other financing expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">17.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">13.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income before income taxes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">127.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">45.8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">33.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">11.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Income from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">93.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">33.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Loss from discontinued operations, net of tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(2.3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(2.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 91.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net earnings per share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Basic earnings (loss) per share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.73<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.26<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Discontinued operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Basic earnings per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.71<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.24<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Diluted earnings (loss) per share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.73<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.26<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Discontinued operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.02)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Diluted earnings per share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.71<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.24<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average common shares outstanding<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">128.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">131.8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">129.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">132.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Balance Sheets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In millions &#8211; preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\" colspan=\"4\" rowspan=\"2\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">September 30<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 68.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Receivables, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">84.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">86.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Inventories, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">38.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">39.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Prepaid expenses and other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">30.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">61.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Total current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">212.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">255.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noncurrent assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Property, plant and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">934.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">958.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Operating lease assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">290.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">298.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Goodwill and intangibles, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">689.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">705.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Other noncurrent assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">222.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">220.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,349.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,438.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities and Stockholders&#8217; Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Current portion of long-term debt<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23.8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Trade and other payables<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">88.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">117.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Accrued expenses and other liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">191.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">212.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Total current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">303.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">353.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noncurrent liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Long-term debt<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,009.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,070.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Employee benefit obligations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">174.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">176.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Operating lease liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">273.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">279.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Other noncurrent liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">359.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">373.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Total noncurrent liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,816.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,899.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Stockholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">229.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">185.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total liabilities and stockholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,349.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,438.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Statements of Cash Flows<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In millions &#8211; preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\" colspan=\"3\" rowspan=\"3\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen34\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnpr4 prnpl2 prnvab prncbts prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash flows from operating activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 91.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjustments to reconcile net income to cash flows from operating activities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Loss from discontinued operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Gain on sale of operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(71.2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">28.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">24.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Stock-based compensation expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Other, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Change in operating assets and liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(11.5)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(40.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Operating cash flows from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">41.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">21.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Operating cash flows from discontinued operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(2.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Total cash provided by operating activities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">41.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">19.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash flows from investing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Additions to property, plant and equipment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(53.6)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(42.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Acquisitions of businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(4.4)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(8.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Proceeds from sale of operations, net of cash disposed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">121.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Proceeds from investments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">230.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Other investing activities, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(7.1)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Investing cash flows from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">64.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">172.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Investing cash flows from discontinued operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Total cash provided by investing activities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">64.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">172.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash flows from financing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Proceeds from borrowings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">25.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Repayments on borrowings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(85.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(5.9)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Repurchases of common stock, including excise tax payments of $14.3 million <br \/>in 2025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(45.7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(171.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Other financing activities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(6.1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(7.1)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Financing cash flows from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(112.7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(184.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Financing cash flows from discontinued operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Total cash used in financing activities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(112.7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(184.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Effect of currency exchange rate changes on cash, cash equivalents and <br \/>restricted cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.8)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Decrease) increase in cash, cash equivalents and restricted cash<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(8.3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">7.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Cash, cash equivalents and restricted cash &#8211; beginning of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">68.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">413.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash, cash equivalents and restricted cash &#8211; end of period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 420.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Retail Stores Operating Information<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen37\" colspan=\"8\" rowspan=\"3\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"8\" rowspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr10 prnpl2 prnvab prntac prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen39\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen40\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Sales information<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">System-wide store sales &#8211; in millions<sup> (a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0 820.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0 722.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Year-over-year growth<span class=\"prnews_span\"><sup> (a)<\/sup><\/span><\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>13.5\u00a0%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>12.3\u00a0%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <u>Same-store sales growth<\/u><br \/>\n                  <sup>\u00a0(b)<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Company-operated<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">8.2\u00a0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">6.2\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Franchised <sup>(a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">7.8\u00a0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">8.0\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">System-wide <sup>(a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">8.0\u00a0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">7.2\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"12\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Number of stores at end of period<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">First <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Fourth <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Third <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Second <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">First <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Company-operated<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">932<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">950<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">937<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">919<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">895<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Franchised <sup>(a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,060<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">995<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen37\" colspan=\"9\" rowspan=\"2\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">As of December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen39\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">System-wide store count <sup>(a) <\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2,045<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,890<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnnbts prnnbls prnnbrs prnvab\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Year-over-year growth<span class=\"prnews_span\"><sup> (a)<\/sup><\/span><\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen44\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>8.2\u00a0%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen43\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen44\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>8.2\u00a0%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen45\" colspan=\"2\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen46\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(a)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen46\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Measures include Valvoline franchisees, which are independent legal entities. Valvoline does not consolidate the results of operations of its franchisees.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen46\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(b)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen46\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Beginning in fiscal 2025, Valvoline determines SSS growth as sales by U.S. VIOC stores (company-operated, franchised, and the combination of these for system-wide SSS), with new stores, including franchised conversions, excluded from the metric until the completion of 12 full months in operation within the system. Previously, SSS was determined as sales by U.S. Quick Lubes service center stores, with new stores, including franchised conversions, excluded from the metric until the completion of their first full fiscal year in operation. Prior period measures have been revised to conform to the current basis of presentation.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>System-wide Retail Stores<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Company-operated<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">First <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Fourth <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Third <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Second <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">First <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Beginning of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">950<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">937<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">919<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">895<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">876<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Opened<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">15<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">26<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">12<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">14<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">14<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Acquired<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net conversions between company-operated and <br \/>franchised<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(39)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(23)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Closed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">End of period <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">932<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">950<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">937<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">919<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">895<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Franchised <sup>(a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">First <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Fourth <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Third <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Second <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">First <br \/>Quarter <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Beginning of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,060<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">995<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">976<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Opened<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">14<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">13<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">15<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">15<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">19<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Acquired<sup> (b)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net conversions between company-operated and <br \/>franchised<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">39<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">23<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Closed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">End of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,060<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">995<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Total system-wide stores<sup> (a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2,045<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2,010<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,928<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,890<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"splitTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen48\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(a)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen48\" colspan=\"11\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Measures include Valvoline franchisees, which are independent legal entities. Valvoline does not consolidate the results of operations of its franchisees.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(b)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"11\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Represents the acquisition of franchise stores that are new to the Valvoline retail store system by Valvoline Inc. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Reconciliation &#8211; Income from Continuing Operations and Diluted Earnings per Share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In millions, except per share amounts &#8211; preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reported income from continuing operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 93.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 33.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Adjustments:<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net pension and other postretirement plan (income) expenses <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">3.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net legacy and separation-related expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Information technology transition costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Investment and divestiture-related income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(70.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total adjustments, pre-tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntar prncbts prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(69.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen50\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">6.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Income tax expense (benefit) of adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">17.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(1.6)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total adjustments, after tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntar prncbts prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(52.0)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prnpr4 prnpl2 prnvab prntar prncbts prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">4.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted income from continuing operations<\/b><br \/>\n                  <sup><br \/>\n                    <b>(a) (b)<\/b><br \/>\n                  <\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 41.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 38.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Reported diluted earnings per share from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 0.73<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 0.26<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted diluted earnings per share from continuing operations<sup> (b) (c)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 0.32<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0 0.29<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Weighted average diluted common shares outstanding<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen53\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen53\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">129.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen53\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen53\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">132.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"splitTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prnpr2 prnpl2 prnvat prnbbbs\" colspan=\"6\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(a)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen47\" colspan=\"5\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted income from continuing operations is defined as income from continuing operations adjusted for the effects of key items.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(b)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen47\" colspan=\"5\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Represents a non-GAAP measure. Refer to &#8220;Use of Non-GAAP Measures&#8221; and the Appendix for additional details. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen47\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(c)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen47\" colspan=\"5\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted diluted earnings per share from continuing operations is defined as diluted earnings per share calculated using adjusted income from continuing operations. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Reconciliation &#8211; Adjusted Net Revenues and EBITDA from Continuing Operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In millions &#8211; preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"3\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"2\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen39\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reported net revenues <span class=\"prnews_span\"><sup>(a)<\/sup><\/span><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0 414.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0 373.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from continuing operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0 93.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0 33.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Add:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">33.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">11.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net interest and other financing expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">17.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">13.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">28.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">24.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>EBITDA from continuing operations<span class=\"prnews_span\"><sup> (b) (c)<\/sup><\/span><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">172.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">84.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Key items:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net pension and other postretirement plan (income) expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen55\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(0.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">3.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net legacy and separation-related expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Information technology transition costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Investment and divestiture-related income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen55\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(70.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Key items &#8211; subtotal<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prnpr6 prnpl2 prnvab prntar prncbts prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(69.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prnpr10 prnpl2 prnvab prntar prncbts prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">6.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted EBITDA from continuing operations<\/b><br \/>\n                  <sup>\u00a0<b>(b) (c)<\/b><\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen58\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0 102.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen58\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0 90.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net profit margin<\/b><br \/>\n                  <sup>\u00a0(d)<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">22.7\u00a0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">9.1\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted EBITDA margin<\/b><br \/>\n                  <sup> (b) (e)<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">24.8\u00a0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">24.2\u00a0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen45\" colspan=\"2\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(a)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net revenues do not have any key item adjustments in the periods presented herein; therefore, GAAP net revenues and Adjusted net revenues are the same.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(b)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Represents a non-GAAP measure. Refer to &#8220;Use of Non-GAAP Measures&#8221; and the Appendix for additional details.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(c)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">EBITDA from continuing operations is defined as income from continuing operations, plus income tax expense, net interest and other financing expenses, and depreciation and amortization attributable to continuing operations. Adjusted EBITDA from continuing operations is EBITDA adjusted for key items attributable to continuing operations.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(d)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net profit margin is defined as reported income from continuing operations divided by reported net revenues. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(e)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted EBITDA margin is defined as Adjusted EBITDA from continuing operations divided by adjusted net revenues. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Valvoline Inc. and Consolidated Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Table 8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Reconciliation &#8211; Free Cash Flows from Continuing Operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In millions &#8211; preliminary and unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen59\" colspan=\"1\" rowspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Free cash flow<sup> (a)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen34\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating cash flows from continuing operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Adjustments:<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Additions to property, plant and equipment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(53.6)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(42.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Free cash flow from continuing operations <\/b><br \/>\n                  <sup>(b)<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen60\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (12.2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen60\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (20.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen59\" colspan=\"1\" rowspan=\"3\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Discretionary free cash flow<sup> (c)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen34\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen24\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating cash flows from continuing operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Adjustments:<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Maintenance additions to property, plant and equipment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(5.7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(7.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Discretionary free cash flow from continuing operations <\/b><br \/>\n                  <sup>(b)<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen50\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 35.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen50\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen45\" colspan=\"2\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(a)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Free cash flow is defined as operating cash flows less Additions to property, plant and equipment and certain other adjustments, as applicable.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(b)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Represents a non-GAAP measure. Refer to &#8220;Use of Non-GAAP Measures&#8221; and the Appendix for additional details.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(c)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Discretionary free cash flow is defined as operating cash flows less Maintenance additions to property, plant and equipment and certain other adjustments, as applicable. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Valvoline Inc. and Consolidated Subsidiaries<br \/><\/b><br \/>\n        <b>Appendix &#8211; Description of Non-GAAP Measures and Adjustments<\/b>\n      <\/p>\n<p>\n        <b>EBITDA Measures<\/b>\n      <\/p>\n<p>Management believes EBITDA measures provide a meaningful supplemental presentation of Valvoline&#8217;s operating performance between periods on a comparable basis due to the depreciable assets associated with the nature of the Company&#8217;s operations, as well as income tax and interest costs related to Valvoline&#8217;s tax and capital structures, respectively.<\/p>\n<p>\n        <b>Free Cash Flow and Discretionary Free Cash Flow<\/b>\n      <\/p>\n<p>Management uses free cash flow and discretionary free cash flow as additional non-GAAP metrics of cash flow generation. By including capital expenditures and certain other adjustments, as applicable, management is able to provide an indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Discretionary free cash flow includes maintenance capital expenditures, which are routine uses of cash that are necessary to maintain the Company&#8217;s operations and provides a supplemental view of cash flow generation to maintain operations before discretionary investments in growth. Free cash flow and discretionary free cash flow have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash flows, such as mandatory debt repayments.<\/p>\n<p>\n        <b>Adjusted profitability measures<\/b>\n      <\/p>\n<p>Adjusted profitability measures (i.e., adjusted net income, diluted earnings per share and EBITDA) enable the comparison of financial trends and results between periods where certain items may not be reflective of the Company&#8217;s underlying and ongoing operational performance or vary independent of business performance.<\/p>\n<p>\n        <b>Key Items<\/b>\n      <\/p>\n<p>The non-GAAP measures used by management exclude the impact of certain unusual, infrequent or non-operational activity not directly attributable to the underlying business, which management believes impacts the comparability of operational results between periods (&#8220;key items&#8221;). Key items are often related to legacy matters or market-driven events considered by management to not be reflective of the ongoing operating performance. Key items may consist of adjustments related to: legacy businesses, including the separation from Valvoline&#8217;s former parent company, the former Global Products reportable segment, and associated impacts of related activity and indemnities; non-service pension and other postretirement plan activity; restructuring-related matters, including organizational restructuring plans, the separation of Valvoline&#8217;s businesses, significant acquisitions or divestitures, debt extinguishment and modification, and tax reform legislation; in addition to other matters that management considers non-operational, infrequent or unusual in nature.\u00a0<\/p>\n<p>Refer to the below for descriptions of the key items that comprise the adjustments which depart from the computations in accordance with U.S. GAAP:<\/p>\n<p>\n        <b><br \/>\n          <i>Net pension and other postretirement plan (income) expenses<\/i><br \/>\n        <\/b>: Includes several elements impacted by changes in plan assets and obligations that are primarily driven by the debt and equity markets, including remeasurement gains and losses, when applicable; and recurring non-service pension and other postretirement net periodic activity, which consists of interest cost, expected return on plan assets and amortization of prior service credits. Management considers these elements are more reflective of changes in current conditions in global markets (in particular, interest rates), outside the operational performance of the business, and are also legacy amounts that are not directly related to the underlying business and do not have an impact on the compensation and benefits provided to eligible employees for current service.<\/p>\n<p>\n        <b><br \/>\n          <i>Net legacy and separation-related expenses<\/i><br \/>\n        <\/b>: Activity associated with legacy businesses, including the separation from Valvoline&#8217;s former parent company and its former Global Products reportable segment. This activity includes the recognition of and adjustments to indemnity obligations to its former parent company; certain legal, financial, professional advisory and consulting fees; and other expenses incurred by the continuing operations in connection with and directly related to these separation transactions and legacy matters. This incremental activity directly attributable to legacy matters and separation transactions is not considered reflective of the underlying operating performance of the Company&#8217;s continuing operations.<\/p>\n<p>\n        <b><br \/>\n          <i>Information technology transition costs<\/i><br \/>\n        <\/b>: Consists of expenses incurred related to the Company&#8217;s information technology transitions, primarily efforts related to implementing stand-alone enterprise resource planning and human resource information systems that generally began in fiscal 2023 following the sale of the former Global Products reportable segment. These expenses include data conversion, temporary support, training, and redundant expenses incurred from duplicative technology platforms, which are incremental costs directly associated with technology transitions and are not considered to be reflective of the ongoing expenses of operating the Company&#8217;s technology platforms.<\/p>\n<p>\n        <b><br \/>\n          <i>Investment and divestiture-related income: <\/i><br \/>\n        <\/b>Consists of activity associated with significant acquisitions, investments and divestitures, including legal, advisory and consulting fees, such as diligence costs, in addition to gains or losses recognized upon disposition and expense recognized to reduce the carrying values of investments determined to be impaired. These costs are not considered to be reflective of the underlying performance of the Company&#8217;s ongoing continuing operations.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL13039&amp;sd=2025-02-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/valvoline-inc-reports-first-quarter-results-302369554.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/valvoline-inc-reports-first-quarter-results-302369554.html<\/a><\/p>\n<p>SOURCE  Valvoline Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CL13039&amp;Transmission_Id=202502060700PR_NEWS_USPR_____CL13039&amp;DateId=20250206\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Delivers 11% \u00a0top-line growth, 8% system-wide SSS growth, and 35\u00a0store additions LEXINGTON, Ky. , Feb. 6, 2025 \/PRNewswire\/ &#8212; Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its first quarter ended December\u00a031, 2024. All comparisons in this press release are made to the same prior-year period unless otherwise noted. &#8220;We are pleased with the performance to start fiscal year 2025,&#8221; said Lori Flees, President and CEO.\u00a0 &#8220;Our resilient and differentiated business model continues to deliver double-digit profit growth fueled by strong and more balanced ticket and transaction contribution to same store sales growth.&#8221;\u00a0 Flees continued, &#8220;During the first quarter, we opened 35 stores, including 14 new franchise stores.\u00a0 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/valvoline-inc-reports-first-quarter-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Valvoline Inc. Reports First Quarter Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-809728","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Valvoline Inc. Reports First Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/valvoline-inc-reports-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valvoline Inc. Reports First Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Delivers 11% \u00a0top-line growth, 8% system-wide SSS growth, and 35\u00a0store additions LEXINGTON, Ky. , Feb. 6, 2025 \/PRNewswire\/ &#8212; Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its first quarter ended December\u00a031, 2024. All comparisons in this press release are made to the same prior-year period unless otherwise noted. &#8220;We are pleased with the performance to start fiscal year 2025,&#8221; said Lori Flees, President and CEO.\u00a0 &#8220;Our resilient and differentiated business model continues to deliver double-digit profit growth fueled by strong and more balanced ticket and transaction contribution to same store sales growth.&#8221;\u00a0 Flees continued, &#8220;During the first quarter, we opened 35 stores, including 14 new franchise stores.\u00a0 &hellip; Continue reading &quot;Valvoline Inc. 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Reports First Quarter Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/valvoline-inc-reports-first-quarter-results\/","og_locale":"en_US","og_type":"article","og_title":"Valvoline Inc. Reports First Quarter Results - Market Newsdesk","og_description":"PR Newswire Delivers 11% \u00a0top-line growth, 8% system-wide SSS growth, and 35\u00a0store additions LEXINGTON, Ky. , Feb. 6, 2025 \/PRNewswire\/ &#8212; Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its first quarter ended December\u00a031, 2024. 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