Valvoline’s third quarter of fiscal 2024 (quarter ended June 30, 2024) delivered solid top-line momentum and continued portfolio execution, supported by meaningful franchise growth and an accelerating fleet services opportunity. Net sales rose 12% year over year to $421.0 million, with system-wide store sales up 12.4% to $809 million and same-store sales (SSS) up 6.5% (2-year stack up 19%). The quarter benefited from higher non-oil-change revenue (NOCR) as a primary driver of ticket growth, offset somewhat by depreciation-driven margin headwinds and higher advertising spend. Adjusted EBITDA rose about 12% to $123 million, while operating income increased 8% to $93 million. However, net income declined 16% year over year to $58 million on lower interest income and a higher base, with reported net income of $45.9 million and trailing twelve-month free cash flow of roughly $9.8 million. Valvoline also announced a $400 million share repurchase authorization and closed or announced refranchising actions in Las Vegas (17 stores) and Texas (5 company-operated stores), underscoring a capital-allocation framework that prioritizes profitable growth, debt discipline, and shareholder value creation. Management reiterated the FY24 guidance remains unchanged, targeting the low end of revenue, EBITDA, and EPS ranges, and signaling a continued focus on accelerating global franchise unit growth (targeting midpoint of 140–170 new units for the year) and optimizing SG&A through advertising efficiency and labor productivity improvements. The ERP remediation progress is a meaningful risk mitigant, expected to be fully remediated by year-end, supporting ongoing operating efficiency as the network scales.