Earnings call transcript Q2 2023

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Operator

Good morning, ladies and gentlemen, welcome to today's Valvoline Second Quarter 2023 Earnings Conference Call and Webcast. My name is [Jaqueta]. I will be your moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to your host, Elizabeth Russell. ahead. go please Elizabeth,

Elizabeth Russell

second morning, that Call to Relations at and Time, which viewed on for AM Good This available XX, Fiscal should is release. presentation approximately Second at A XXXX website Eastern be the results released Conference Webcast. conjunction Valvoline Investor ended and Jaqueta. investors.valvoline.com. March Valvoline's XXXX. with welcome in Quarter X quarter earnings Thanks, our This of morning copy

file Mitchell, these our and President that are Lori Mary results CFO. and the this until we Meixelsperger, Flees, Services; XX-Q note Securities Form Please Exchange morning's preliminary with call our our On Commission. Retail our is of Sam CEO;

historical based on forward-looking any results As Slide certain facts to differ and current today on may of forward-looking from X, uncertainties that statements. to subject actual statements. presentation as risks of statements this remarks and date These that such of statements are the are shown our are assumptions of are materially not cause

or and of ongoing forward-looking the in noted. reported restructuring under for use our and measures the are an obligation law. business. in and GAAP, appendix. adjusted management's enhances non-operational nature. presentation results Valvoline business our We assumes be this In non-GAAP are amounts to believe results unless discussion is A of presentation our understanding this approach update in which by non-GAAP required reconciliation statements of key a included we basis of otherwise non-GAAP our to results unless adjusted discussing key will on items Non-GAAP adjusted remarks, no unusual, any

measures our comparable other by used by used management and companies. is similar be provided may to information not The

purposes continuing the retail GAAP segment represents of the Global operations the reporting. discontinued as As a Products services operations business for reminder, and the is classified former company's

update closing on first discussing Products On for an you'll call. proceeds of planned. along announced that the we March Slide sale the We'll begin the Global see the with of today's X, by agenda return of

a our talk We results. review of will our operational then share second-quarter highlights, with second-quarter end about and insights

turn I'd Sam. to to like Now the over call

Sam Mitchell

thank and Elizabeth, joining today. Thanks, us all you for

on sale the Products complete. we of As the business X, is announced Global now March

Our the and price a strong the $X.XX while other billion, delivering sale expenses. Total cash focused remaining job on completing transaction teams excellent an transaction have QX. proceeds billion net with $X.XX for taxes after done purchase was of approximately

$XXX coming we repurchases open-market have announced we QX, through a from billion Board million returned year repurchase. In the this current authorized Through share has the authorization. that $X.X million $XXX of just over fiscal share with April,

and efficiently auction After shareholders. our expeditiously concluded that thoughtful us consideration, Management a Board and to allow would most proceeds sale to Dutch the of return Directors our tender modified

to to conditions. proceed with $X up expect a offer We market billion, subject of tender to

new on driving business to the retail of excited high-growth, We and focus The are increasing is a that with new a on growth invested Valvoline. Valvoline high-return is capital. and value automotive pure-play high-margin

our is primed retail long-term to to The best-in-class through new shareholders our Valvoline platform. value deliver

the evolving store growing and to and algorithm a runway on time. has sales, system-wide into long both increasing us through franchised portfolio future. service focused company-operated are units additions the over We This take

Turning to Slide X.

prior key increase in of growth strong an a compared is continues year. $XXX to top-line the almost which with The quarter, take from at highlights look the million Let's store-sales quarter. some be XX.X% for to system-wide

across of growth an see network our For XX.X%. overall we with continue consistent same-store growth sales, to

QX. XX% and year, and X% performance improved EBITDA a over a we increase As in adjusted in increase This prior we expected, XX.X% comes saw on over QX. over of year prior QX over XX% revenue with adjusted growth profit

X,XXX. XX for unit store this added quarter, locations total to on company-operated Additionally, be and to bringing our franchise track we additions count continue with XX

a provides X years. over recent our Slide look at growth

store including metrics key and across growth substantial sales count, growth, same-store EBITDA. sales system-wide seen have We

continue provide quick, the service our easy see trusted and demand customers. We preventive we resiliency maintenance for the to and in to strength

great XXXX. a track year have continue growth record We of in and that will fiscal

Lori QX insights. look more over results to details at some Now of operational our share I will and it turn to

Lori Flees

Sam. Thanks,

Sam said, our demand trusted As for consumer quick, is easy, strong service.

Our VIOC has a units, from years, base in-part five doubled XX% over same a the the customer last component rate. stores. driven by our compound This is of additional growing annual growth growth nearly but at is significant

our QX, growth was system-wide In XX.X%. same-store sales

balanced of company-operated have enables across our and we is which the same-store growth and a result of the sales our process, Our consistent This delivery high-quality a SuperPro strength direct a growth franchise is partnerships consistent locations. with of experience. franchisees customer

of to drivers of in On optimize increase same-store of Approximately see transactions. pricing monitor continuously prior our to pricing taken was the actions ticket, year pricing continuing confident We remain we're driven it and QX with pleased across actions sales by fiscal XXXX benefit sales. during the ongoing XX% We're and the geographies. QX same-store take we power. lapping

service ticket to penetration and non-oil growth. drive change Additionally, further continues our improve

penetration, With the customer-base sales the change confident same-store growth, target. growth and ongoing our pricing revenue continued non-oil and remain in and from long-term we service premiumization, both power, our tailwind fiscal 'XX

Slide to XX. Turning

lower basis As we saw increased volume and of utilization cost in points improved G&A leverage was margins improvement and expected, year-over-year. higher EBITDA expense. margin sequential of EBITDA The sequentially and driven both improvement, stores quarter-over-quarter our with XXX by

The basis margins continued XX the as year-over-year last EBITDA as months, the demonstrates XXX through points margins the recovery of taken growth. transaction actions well of in in improvement pricing our

to well of are drive season XX.X%. the EBITDA staffed gear summer for and up anticipate to stores Our continue margin we full-year to XX.X% a

underpinned by EBITDA is shown Our as XX. the on stores Page mature our growth of performance

Since annual and continued solid an XXXX, have our a CAGR fiscal year mature XX.X%. growth most higher leverage XX.X% stores continue see our mature grow even to at growth store in delivering top-line while We to rate, group. of EBITDA compound

of with penetration. the revenue top-line growth drivers similar as in overall non-oil The has and our pricing, stores change growth transactions, mature performance

mature operational will ongoing efficiencies and drive on focus enable store us a improve EBITDA. to continue with along growth continued to Our our leverage

impact at look stores new the Slide a of our XX. on take Let's

XX stores are of minutes growth an part algorithm. center. our Valvoline live New service XX% owners a long-term important only within of Today, of vehicle

New units enable proposition. in ramp. our outperformed revenue performance ramp our three have expectations store to both ground-up five. speed stores access new-store to years ramps mature in to us size Recently the early of Typically, a through the broaden of and our

acquisition of faster New of generally ramp size less a ramp have a than maturity, typically stores is but the to that the ground-up.

to $XX all see mature, new we our EBITDA. of expect least million As incremental at units

modeling performance, in drive our to units. demand predictive franchise continue company return and invested by returns capital strength us ability of we driving and through investment improve on along gives consumer on focus confidence While to costs to our highly improving real-estate the the ways down new with

financial QX Now I over will to Mary to discuss turn it our results.

Mary Meixelsperger

Lori. you, Thank

Global of important is sale milestone The Valvoline. for Products an

Accordingly, As the is X,XXX Valvoline Canada. U.S. consumer nearly industry and to a XX, stores classification automotive with of discretionary Sam now updated our retail solely automotive sector. the shared, maintenance been the GICS code across within business April preventative services on as retail focused has

longer will within We chemicals be no the commodity sector.

want generated change transaction. taxes impacts large after In proceeds the financial addition the The a the expenses. I $X.XX of to as other during and industry Global sale of the highlight a few Products recorded of transaction to of result quarter billion in net classification,

after-tax an of recognized gain $X.X also We book billion.

billion with Products is $X.X in the very the hand, business our of cash-and-cash cash With a proceeds position of sale strong balance Global quarter. of end of at equivalents the the

Additionally, the in assets. received the liquid are from invested proceeds sale being

proceeds Our investment for first, liquidity the philosophy and yield. then is safety

sale of $X.X income the March related Through proceeds. the to of XX, million investment we have interest earned

the the sale With return $XXX anticipate to tender of offer, million addition proceeds in to the April billion XX. we through already repurchases $X returned after-tax to from share up the through

will million the by $XXX gain tax to an on sale million $XXX for repayment. Another for the related the used payment to $XXX additional million proceeds of debt be followed

over XX. ticket Our XX.X% non-oil are our growth. higher results. EBITDA is million transactions the results Adjusted pricing This with average driven quarter. just Slide from penetration unit in were well summarized actions as line first-half service $XX for as and Gross QX by change increased profit historical improved improvements on and to

million by investments advertising, future increased prior our from related the investments primarily improvements process year, to $X.X support growth. SG&A and talent in to

volume. leverage sales While improved the by SG&A dollars SG&A increased modestly, increased we driven saw

to Now, I back over will Sam. turn it

Sam Mitchell

Mary. Thanks,

with Valvoline. of for a of and strong results Completion sale our milestone QX track important fiscal the 'XX pleased performance. for remain an are on Global We Products was

plan we said, up to have to shareholders to initiate our continue we returning expect and offer tender to of common stock. As proceeds $X for a billion

the team excited focus new Valvoline, shareholders. and we Our to for drive continue on our as we value to tremendous doing is work are

Elizabeth turn line to I'll open the to back for Q&A. Now the call

Elizabeth Russell

Sam. Thanks,

please Jaqueta, can to the we With follow start limit want everyone up, on line. that, the the to remind to Q&A, your a line. and one we everyone Before to get so I open

Operator

Gutman first the [Operator line from Instructions] of Stanley. The question Simeon Morgan comes with

proceed. may You

Simeon Gutman

Good time. Curious Sam everyone, a business are target and wanted the over see to about over if versus or Simeon. you or keep growth it's if how identify the going it's morning you're that part strategy Hi. of to to going it I open-ended ask franchised company evolves time.

Sam Mitchell

Simeon. Yes,

be fall last but and strong expect stores franchisee growth. we have achieve X,XXX both have stores our that part on we we an communicated grow company and especially growth to to target that we As franchise the focus that, to accelerating aggressive network of an to

their And partners with and that includes accelerating working so our current growth plans.

growth expect there, certain attract to partners progress in help also We're accelerate markets. making good new but us we to

while growth that haven't where will accelerate a specific long-term store for on that we that point five will the the exceed but be on So basis, annual over to working franchise company's set years. target mix, expect we will an a next plan this a the do is it growth

Simeon Gutman

The follow-up transactions. helpful. that's Okay, on is

know XX% the transactions. gave if use you us, quarter. think, I think don't think, I last you I XX%, said you price terminology same I

just any how that's -- consumers all basis. and feeling and because if number transaction read talk anything transactions I'm sure price how the on not is but the weather if Thank a can gauge you to a about in as played curious trended role level. under transaction healthy topline a even and that there's based healthy, is If a at you.

Lori Flees

and I'll ahead growth We QX, at had go overall, bit that little pushed in answer of But January. we weather month. every Lori, a transaction question. in actually is of the this end which saw Simeon, volume

made those changes significant will in lapping that bulk we changes year of in and last the fiscal price we are so increases XXXX, QX that We year. be made or

you'll months. finish was strong. bit the saw good months, growth all shifted that -- of So but transaction was growth lapping months, within pockets transaction around ticket and weather but we across all things regions there's -- that transaction the little across see component a growth overall, very There of between

Mary Meixelsperger

that that transaction Simeon I really would add we're growth. with QX to pleased

and transactions we with had been versus through, QX, the increases what our And of we're being -- in we had really portion that seeing that pricing seeing and passing thought comp to from growth was larger the sourced pleased customer total we're the acquisition. really new it customer XX% we and With transaction a seen close comp retention encouraging. ticket of

Simeon Gutman

Yes. Thanks, everyone.

Operator

next The comes Steven question Zaccone with you. the Thank line Citi. from of

proceed. may You

Steven Zaccone

up I Hi, question. my everyone, question thanks sales. wanted same-store taking to talking good morning about for follow Simeon's just on

half, in a the be transactions So little balance clearly expectations, moderates should detail bit range. and more to one-year the a just talk above you the guidance how Can ticket expect That second-half ticket sales? second-half versus on between first commentary full-year about same-store transaction, because the basis? that it we about

Mary Meixelsperger

year. the price second this impacted Steve, that pretty some half take aggressive year did is We increases Sure. primarily the Mary. of last

we in So half. moderation those and the of price versus expecting back the lapping price to some will changes QX, will -- comp drive QX saw that see that half the are in in in front lapping what we that be of in

our half year more over believe latter that forward. of that the as expect over we're to balance the between And part we sales in to of we're back time, ticket through in that time, price we'll the seeing transactions. more balance terms long-term actions We in overall as we we again, the balanced start of year. see time and last of comp-store of these took balancing pricing see over But looking expect some

Steven Zaccone

our that see to we from continuing I summer season. stores half good is as the consumer, is, the strength of think the in drive the we about we're back year, do think volume news the the higher

growth business in share seeing solid, seeing the trends so strength of in transactions, terms And really the that and the are the we're the both ticket. in then that we're the

the at we presenting added we team a about As got we've focus good talked performance the executing to year, on continue and beginning and services from services. of see and strong those our effectively

Lori Flees

but those and transaction tailwinds on. all revenue there, price continue component our is this well of increase premiumization year. XX% we also as add And XX% is continued points penetration. -- price. sorry. for two XX is When latter I'm in I'll say Yes. as ticket, is There there's through change that not service a will non-oil ticket

in well our We've significant team as use equipment process, it. we training in ensuring is working made have that right store, investments to and and is as trained the every

ticket will so It's Mary the said. that will moderate you when So we that within continue. the that, be -- just of definitely believe And FYXX, is see strongly the that sort of price guidance for our can we and guidance the as at piece had subside. look you growth part lap will will

Steven Zaccone

can year think of the in I second a with Great. had through about the the very the Thanks EBITDA the blocks? clearly don't that. of the similar versus building is help of pattern guide leverage just some good margin Then SG&A Like gross back execution us here know the for improvement? half much. margin year Thanks just SG&A, driving all quarter. to should but the margin detail half in I the more you follow-up follow you improvement second because the on

Mary Meixelsperger

terms -- in Yes. then as the half the benefit the made the the the of will leverage profit. see the see some volumes higher leverage gross adjustments from -- overall year Steve, and we pricing definitely in from that SG&A of back in the we've of both margin in as full half other and gross of margin just benefits should of you we as well back year

think full-year needs us the there to the XX.X% full-year, what able for as guidance the So, our get to sequentially really when improvement our XX.X% to to can in back-half back-half well margin period. see to to kind be talked margin we going around about back Lori EBITDA in -- for be and year-over-year you into as it that strong we're of

that? there is add anything to Lori, you'd

Lori Flees

investments I No, agree. made standpoint. And some a technology from we've

in of And labor, perspective. overspend in. things get we'll the then But don't year. that demand, on example, ensure labor later from gross us always the of when the wave just is scheduling, store to meet this helps a For leverage on but rolling scheduled basic profit our on the be second we out in stores more running we expenses that comes SG&A, volume help us that those

as we So always volumes up. see quarter-over-quarter leverage go increasing

Steven Zaccone

very you much. Thank Great.

Operator

the you. The of line Partners. from Thank question Seaport Harrison next Research Mike with comes

You may proceed.

Mike Harrison

Hi. Good morning.

Mary Meixelsperger

Good morning, Mike.

Mike Harrison

on costs ask to flow-through early impact wondering a flows wanted came understand costs. stores, oil raw-material through timing like but your us be should franchisees you bit company-owned to of lower kind little help I how of That for again I your a that margin the about what It can mid-April. your down was seeing margins. on positive gross that franchisee how will and gross affect raw-material you're base looks on if

Mary Meixelsperger

side to jump we in on the maybe Unfortunately, the take pressure and just it oil flow-through perspective, see base oil. talk Lori used I'll lower company company on side. are From on a costs. franchise pricing seeing for store the store we're some we're starting about Mike, getting Sure, some and can

anything the changes, I getting guiding As as base that what -- expect within that's that softness result, you the benefits in natural oil and cost costs partial sell do been some our value we'll see -- pressure reclaimed overall all come we we'll of it's and causing product think oil But well. hedge in of a a see of used in as to recall, I'm kind some modest been that we're to lot to there's oil probably marketplace well see base to a of certainly but not back-half of down market that's oil we've the those the the expecting been there. terms some we're starting on I business. always

the franchise side, speak franchise to pass-through? the to On do want you Lori,

Lori Flees

Yes.

working our we certain to are pass-through, franchise we contractual the thresholds as oil how On we fairly pass pricing to agreement as partners through. Because start down, realize decline it. franchise oils the used the we're that quickly of through those with pass quickly coming have of base around a

higher pass on But portfolio our realize the within do and soon are to I our overall tightly to as our keep be continuing or company franchisees. have we behalf the to on base on intent positive expect both to to we're of We is the have distributor impact it. franchisees the oil wouldn't packets fees us so a just pretty struggled of our benefit still negative on managing financials, as delivery staffed, where and partners as cost behalf stores

Mike Harrison

I'm perfect. curious, out from? labor shows are maybe be customer some that slide this out times constraints coming have may of weeks dealerships to your growth you're new if and right, from still customers in these curious in you talk base, All planned the benefiting the a bit there having that little where then advance. more with be And maybe struggling just service you about can with

Lori Flees

Yes. That's question. a great

them We customers well of we've in about day, the service and other And we've about that our and continue of rest providers per new are that two-thirds source months. are them as as both vehicles them, just When past XX% them of customers are we the customer within dealerships. look XX% we served independents from to seen, new last about haven't at year. seen XX customers seen

year. the provided from population customers, oil and And dealership that which the that fairly when was of goes last XX% is still this those we remains change we consistent to the coming dealership work new by their look them, roughly at through as are

those very transparent really a and with and very relationship we're happy of customers the once very easy, service, quick, it's the those retention strong customers. -- So have they

Mike Harrison

very much. Excellent. Thanks

Operator

you. Thank

Alexander line Laurence from of next question Jefferies. comes Your with the

You may proceed.

Dan Rizzo

Hi, about for you you focus Rizzo sort this Thank is for guys on talk question. taking of some a there service particular competitors? when non-oil you have change Dan Laurence. that my on some you is services, advantage But versus that

Lori Flees

to Yes. wipers that and of It's safety we things The have thing great one lights cabin is filters. those on items windshield question. and air a focus like are and

they quick do That they I two convenience take are -- our actually most not time and much lube think basics, significant provide providers to are good, items those the So which customers. offering.

a that have services certain we But of other other think in times there quick from differentiate are lubes. do when year pickup us I

this centers we've a service in as conditioning months, and customers always that of becomes we colder air Valvoline seen and a health much it that or to that a during on their an it. do we and that -- red our can pickup see For battery report give easier time conversation charge in on we battery every replacement example, we into battery we comes test a yellow, recharge, the moves confidence such the the builds when replace indicator having increase

the say I can attractive highly do very in a So do is a preventative cheaper can they a at a They and and relatively what drive would customer to it's us. car dealership. quickly, which maintenance that and we than don't get XX% leave those We could services save quick to XX% money. with at is services lot service, that their dealership, do OEM people have we of

of of some OEM things seasonal. things replacement, the are recharge differentiate So us AC battery are more the those those services, and that the are

Dan Rizzo

evolve is, how kind second an then a my And actually sourcing it, perspective? think or is things helpful, as diminishing just issue macro issue very we about of a from labor here is That's it should or question thanks.

Lori Flees

shortening retention in well tools business. application of in a hire are of acquisition for amount are those market. us days. a our time recruiting from to time retention, spending is focus We've the been And Talent hire, seven that implementing, obviously Yes. and the serving critical significant very

year XX we're also at we're and Really that retention very before in rate changes results current a the relative days. the the well is for focused We've been higher to that with last so the and have where happy attrition on onboarding driven, rate year can a team staffed. the and first training low period, we

staff And in drive hit store we time, every to So up to the need to the that present demand hit in we're one than typically the hire expecting store at per summer. the less we season. need

So we're very well staffed.

have don't opportunity. we mean pockets doesn't that Now of

in There as market experience the a But be that. the are are higher and/or those this want to be. we're would we is level In the as with and from standpoint and with pipeline work our cases where certain want year. system, into robust training is already to we local it team remedy just attrition that, where a the markets than where not has really we solutions we to it team staffing happy of of that to try as part going the

Dan Rizzo

much. very you Thank

Operator

comes final The with from Goldman the question line you. of English Thank Sachs. Jason

proceed. may You

Jason English

the morning congratulations good or you staples the But completing for being on -- Thanks congratulations code. calling deal, on Hi, folks. guy GICS in me, the reclassified got in. still

the of guidance questions. the year first-half full-year to your on X% guide XX%. of is delivery The couple same-store -- quick based and a sales year the for implicitly back-half So back-half the for of

I the correct did high-end that of have correct versus if you low-end What that? in would me factors are math think, come on the wrong. the I I'm and the

Mary Meixelsperger

oil to in macro to put We macro that's the us it at shift would of the changes end, imply trade-down from you'd premium end us non-premium. probably dramatic the that think I in unlikely. come to see that's have for broader think not probably terms low low pretty in numbers a So for reflected already some

deeper both where midpoint we're the would in of on continue we toward back what similar quarter. the to with we than could saw relative impact second think by that strength in I what today, along to we're seeing strength be half in continued saw going more the be trade-down a consumers impacted to we ticket think if transactions in terms

Lori Flees

Yes. I'll just add.

driven other to miles given to we're positive affects either relates and the not is think the And negative at as or people's miles and concerns piece that summer whether driven to interval. it it I plans recession watching. looking is something we're I the trade-down think is or one, that around just always also

customer signs But behavior. forward-looking any economic has seen consumer the uncertainty the changing forecast recognize on some haven't their the side. We of we also

So that's in strong very resiliency We coming that we're don't anything through. demand. We watching. something see see

thing acquisition. other The customer is new

digital finding for we acquisition, are for oil on cars or see ways optimize markets, spend, as way customer We preventative new marketing channels but in do into the to back to using get maintenance the to it shop competitors dealership our change side shifting certain a particularly to people dealership during this period.

ability customers And in summer attract sentiment proposition us for us is, would discounting that also lower to end given where of be the that that so things us the move the impact to something see those impacts, of new is period. without don't inflation our the the range. and we heavy consumer would could those more but Again,

Sam Mitchell

we're said, is good is Lori strong, the solid. current the the that performance store mentioned, -- feeling about is staffing All business where today as the and

summer. good very a have to expect we'd So

Jason English

Yes.

responses the I open, think the to came through questions. that

and be Why it be past, otherwise about you a Why the we negative different the to have is from moving in that talking oil it oil So different question now? as oil negative wouldn't earlier. you about base used I would don't to have had that. the to an either offset of benefit all offset. time guys related recall positive for thank I base truly resale And recall This from or you talking contributors. first back as than historically? is guys the you it

Mary Meixelsperger

base and supply and question, It's on for used haven't the of oil the a talked crude and we've been between the sanctions relationships then a affected oil the put conflict Jason. it oil used and Russia about and just We've in since chain a Jason, had. between used oil how oil those the in Ukraine kind long-term base oil, change and always oils that's And into and and really relationships about that have while. of upstream base kind Russian both we talked past, then good

had where have last removed facilities in the seven been have oil we've business history I've here for There since years being in to to versus been pay times from the paid used the it.

relationship cost always material a definitely of product to for in the us that's enough time business overall never been ever on lot just been it. anything a it's within So the factor to spend

I further market kind the creating this putting than faster think base oil that's markets. I that's there's what no the re-refined we're of on conventional oil base base markets market oil the In in just we softness in pressure oil in softness seeing the insight some of seeing case, have -- used probably we seeing that, from for that giving oil otherwise the not than significant might except seen, except were pressure base that, as to market. the we us the say we're as on getting it reductions pass-through oil have definitely we're on the used pricing

demand U.S. think over you out think is it's and And might there valuable we're imagine, the hard. very more We increased a as working time. in very commodity there, there's refineries we here opening

forward. a be we a going us think move very that short-term we for produce used our think offset it's little oil sold. available that there continues here, opportunity high-quality we have pressure good there. as We be stores, in of just We bit be And to to to

Jason English

for the I it. all Thanks appreciate Okay. color.

Operator

time. no waiting There you. this additional Thank are at questions

to management now team the back any I for So closing would like over conference to pass remarks. additional the or

Sam Mitchell

our pure-play as to and drive automotive All right. return following the Products you. tender excited Global the new growth We business. your driving joining Well, and like business, today. I'd to in plans proceeds they place, sale on thank to a retail the to store team you Thank capital of business. high shareholders with the on a returns of focused the through all for are appreciate members with work and today. close us do offer time forward franchise to our move thank our we partners We're all for Valvoline

Operator

line. you your That Thank participation, call. today's your disconnect may concludes now conference for you

Valvoline (VVV) 10 May 232023 Q2 Earnings call transcript