← VALVOLINE INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $273.0m | $304.0m | $166.0m | $208.0m | $317.0m | $420.0m | $424.3m | $1.4b | $211.5m | $210.7m | |
| Loss (income) from discontinued operations | — | — | — | — | — | ($220.2m) | ($314.9m) | ($1.2b) | $3.0m | $4.1m | |
| Investing cash flows from continuing operations | — | — | — | — | — | ($358.7m) | ($170.9m) | ($577.2m) | $136.8m | ($201.1m) | |
| Investing cash flows from discontinued operations | — | — | — | — | — | ($41.2m) | ($36.7m) | $2.6b | $0 | $0 | |
| Financing cash flows from continuing operations | — | — | — | — | — | ($526.1m) | ($262.9m) | ($1.6b) | ($746.3m) | ($112.9m) | |
| Financing cash flows from discontinued operations | — | — | — | — | — | ($9.4m) | $44.0m | ($108.1m) | $0 | $0 | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | — | $109.4m | $199.4m | $214.5m | $214.8m | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | — | $314.9m | $1.2b | ($3.0m) | ($4.1m) | |
| Amortization of Debt Issuance Costs | — | $3.0m | — | — | — | — | — | — | — | — | |
| Amortization of Debt Issuance Costs and Discounts | — | — | $3.0m | — | — | — | — | — | — | — | |
| Amortization of Intangible Assets | — | — | $6.0m | $9.0m | — | $16.0m | $16.6m | $16.8m | $16.7m | $14.5m | |
| Capitalized Computer Software, Amortization | — | — | — | — | — | — | — | $3.3m | $4.2m | $6.6m | |
| Depreciation | $38.0m | $42.0m | $49.0m | $52.0m | $56.0m | $76.0m | $54.7m | $72.0m | $89.2m | $104.9m | |
| Deferred Income Tax Expense (Benefit) | — | $117.0m | $145.0m | $23.0m | $92.0m | $48.0m | $18.0m | $33.6m | $23.5m | $38.3m | |
| Deferred income taxes | $13.0m | $117.0m | $145.0m | $23.0m | $92.0m | $48.0m | $18.0m | $33.6m | $23.5m | $38.3m | |
| Share-based Payment Arrangement, Noncash Expense | — | $9.0m | $12.0m | $9.0m | $12.0m | $14.0m | $14.4m | $12.2m | $12.0m | $10.5m | |
| Share-based Payment Arrangement, Expense | — | $10.0m | $12.0m | $10.0m | $12.0m | $15.0m | $9.9m | $13.8m | $12.0m | — | |
| Equity Method Investment, Other than Temporary Impairment | — | $0 | — | — | — | — | — | — | — | — | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | — | — | — | $41.8m | $71.1m | |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | $19.0m | ($36.0m) | $0 | $0 | ($5.1m) | $0 | |
| Income (Loss) from Equity Method Investments | — | $12.0m | $14.0m | $12.0m | $12.0m | $15.0m | — | — | — | — | |
| Income Tax Expense (Benefit) | — | $186.0m | $166.0m | $57.0m | $134.0m | $123.0m | $34.7m | $37.1m | $69.1m | $77.5m | |
| Loss on extinguishment of debt | — | — | $0 | $0 | $19.0m | $36.0m | $0 | $0 | $5.1m | $0 | |
| Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | — | — | $4 | $3 | $7 | — | — | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | — | $22.0m | $38.0m | $30.0m | $11.0m | $65.0m | $17.5m | ($26.4m) | $900k | $3.1m | |
| Increase (Decrease) in Inventories | — | $35.0m | $4.0m | $10.0m | $1.0m | $53.0m | $5.4m | $3.3m | $7.7m | $5.4m | |
| Goodwill | — | $330.0m | $381.0m | $430.0m | $445.0m | $644.0m | $548.2m | $578.0m | $615.3m | $658.0m | |
| Gain on sale of operations | — | — | — | — | — | — | $0 | $0 | ($41.8m) | ($71.1m) | |
| Loss (gain) on pension and other postretirement plan remeasurements | ($42.0m) | ($68.0m) | $38.0m | $69.0m | ($22.0m) | ($72.0m) | $43.9m | ($41.6m) | ($2.4m) | $26.6m | |
| Stock-based compensation expense | $0 | $9.0m | $12.0m | $9.0m | $12.0m | $14.0m | $14.4m | $12.2m | $12.0m | $10.5m | |
| Other, net | $1.0m | $0 | $1.0m | ($2.0m) | $2.0m | $4.0m | $4.2m | $11.9m | ($100k) | $3.6m | |
| Receivables | ($17.0m) | ($22.0m) | ($38.0m) | ($30.0m) | ($11.0m) | ($65.0m) | ($17.5m) | $26.4m | ($900k) | ($3.1m) | |
| Inventories | ($4.0m) | ($35.0m) | ($4.0m) | ($10.0m) | ($1.0m) | ($53.0m) | ($5.4m) | ($3.3m) | ($7.7m) | ($5.4m) | |
| Payables and accrued liabilities | $5.0m | $0 | ($2.0m) | $37.0m | ($3.0m) | $95.0m | $24.5m | $111.3m | ($6.4m) | $3.3m | |
| Other assets and liabilities | $38.0m | ($64.0m) | ($35.0m) | ($27.0m) | ($81.0m) | ($110.0m) | ($128.5m) | ($85.7m) | ($18.8m) | ($29.8m) | |
| Acquisitions, net of cash acquired | ($83.0m) | ($68.0m) | ($125.0m) | ($78.0m) | ($40.0m) | ($282.0m) | ($50.7m) | ($36.3m) | ($52.7m) | ($65.0m) | |
| Proceeds from sale of operations, net of cash disposed | $0 | $0 | — | — | — | — | $0 | $0 | $71.5m | $121.0m | |
| Issuances of notes receivable | — | — | — | — | — | — | — | ($3.5m) | ($13.6m) | ($24.2m) | |
| Repayments of notes receivable | — | — | — | — | — | — | — | $2.1m | $9.7m | $21.2m | |
| Proceeds from investments | — | — | — | — | — | $0 | $0 | $80.0m | $350.0m | $6.0m | |
| Proceeds from borrowings | — | — | $305.0m | $752.0m | $1.6b | $555.0m | $23.0m | $921.0m | $200.0m | $85.0m | |
| Repayments on borrowings | ($637.0m) | ($90.0m) | ($108.0m) | ($734.0m) | ($929.0m) | ($829.0m) | ($38.1m) | ($920.9m) | ($698.8m) | ($103.8m) | |
| Financing cash flows from finance leases | — | — | — | — | — | — | — | ($10.6m) | ($12.0m) | ($12.2m) | |
| Other Operating Income (Expense), Net | — | — | $33.0m | $40.0m | $34.0m | $44.0m | $9.1m | $0 | $52.8m | $82.7m | |
| Total cash (used in) provided by investing activities | ($148.0m) | ($135.0m) | ($213.0m) | ($188.0m) | ($222.0m) | ($400.0m) | ($207.6m) | $2.0b | $136.8m | ($201.1m) | |
| Total cash used in financing activities | $10.0m | $295.0m | ($209.0m) | ($71.0m) | $450.0m | ($536.0m) | ($218.9m) | ($1.7b) | ($746.3m) | ($112.9m) | |
| Net Cash Provided by (Used in) Operating Activities | $311.0m | ($130.0m) | $320.0m | $325.0m | $372.0m | $404.0m | $284.2m | ($40.8m) | $265.1m | $297.2m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | ($66.0m) | $68.0m | $93.0m | $108.0m | $151.0m | $144.0m | $132.0m | $180.5m | $224.4m | $259.2m | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | $68.0m | $125.0m | $78.0m | $40.0m | $282.0m | $50.7m | $36.3m | $52.7m | $65.0m | |
| Payments to Acquire Investments | — | — | — | — | — | — | — | $440.4m | $3.5m | — | |
| Purchases of investments | — | — | — | — | — | $0 | $0 | ($440.4m) | ($3.5m) | ($4.5m) | |
| Payments for (Proceeds from) Other Investing Activities | — | — | ($5.0m) | $2.0m | $0 | ($9.0m) | ($600k) | $0 | $4.1m | ($3.6m) | |
| Other investing activities, net | $1.0m | $1.0m | $5.0m | ($2.0m) | $0 | $9.0m | $11.8m | $0 | ($4.1m) | $3.6m | |
| Net Cash Provided by (Used in) Investing Activities | — | ($135.0m) | ($213.0m) | ($188.0m) | ($222.0m) | ($400.0m) | ($207.6m) | $2.0b | $136.8m | ($201.1m) | |
| Cash flows from financing activities: | |||||||||||
| Repayments of Long-term Debt | — | $90.0m | $108.0m | $734.0m | — | — | — | — | — | — | |
| Payments for Repurchase of Common Stock | — | $50.0m | $325.0m | $0 | $60.0m | $127.0m | $142.6m | $1.5b | $226.8m | $76.8m | |
| Repurchases of common stock, including excise tax payments | $0 | ($50.0m) | ($325.0m) | $0 | ($60.0m) | ($127.0m) | ($142.6m) | ($1.5b) | ($226.8m) | ($76.8m) | |
| Dividends paid | — | $40.0m | $58.0m | $80.0m | $84.0m | $91.0m | $89.2m | $21.8m | $0 | $0 | |
| Cash dividends paid | $0 | ($40.0m) | ($58.0m) | ($80.0m) | ($84.0m) | ($91.0m) | ($89.2m) | ($21.8m) | $0 | $0 | |
| Proceeds from (Payments for) Other Financing Activities | — | — | ($7.0m) | ($6.0m) | ($4.0m) | ($11.0m) | ($16.0m) | ($19.0m) | ($20.7m) | ($5.1m) | |
| Other financing activities, net | $0 | $0 | ($7.0m) | ($6.0m) | ($4.0m) | ($11.0m) | ($16.0m) | ($19.0m) | ($20.7m) | ($5.1m) | |
| Net Cash Provided by (Used in) Financing Activities | — | $295.0m | ($209.0m) | ($71.0m) | $450.0m | ($536.0m) | ($218.9m) | ($1.7b) | ($746.3m) | ($112.9m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | ($3.0m) | $2.0m | $2.0m | ($5.2m) | ($100k) | $0 | ($300k) | |
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | — | ($1.0m) | ($3.0m) | ($3.0m) | $2.0m | $2.0m | ($5.2m) | ($100k) | $0 | ($300k) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | $63.0m | $602.0m | ($530.0m) | ($147.5m) | $329.2m | ($344.4m) | ($17.1m) | |
| Decrease in cash, cash equivalents and restricted cash | — | $29.0m | ($105.0m) | $63.0m | $602.0m | ($530.0m) | ($147.5m) | $329.2m | ($344.4m) | ($17.1m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $159.0m | $761.0m | $231.0m | $83.9m | $413.1m | $68.7m | $51.6m | |
| Cash, cash equivalents and restricted cash - beginning of year | — | $201.0m | $96.0m | $159.0m | $761.0m | $231.0m | $83.9m | $413.1m | $68.7m | $51.6m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $0 | $35.0m | $53.0m | $67.0m | $65.0m | $62.0m | $59.4m | $69.6m | $78.2m | $56.1m | |
| Income Taxes Paid, Net | $17.0m | $26.0m | $26.0m | $25.0m | $44.0m | $72.0m | $73.9m | $373.8m | $31.3m | $35.8m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.