https://www.avient.com/sites/default/files/2024-03/QF-02 QMS Global Standard Response.PDF
Recall exercises are done on a regular
basis in accordance with the ISO 22000
requirement.
11
Sustainable Solutions Live Here.
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 2023 Earnings Presentation - Website.pdf
Three Months Ended
September 30, 2023
Three Months Ended
September 30, 2022
Reconciliation to Condensed Consolidated Statements of Income: $ EPS $ EPS
Net income (loss) from continuing operations attributable to Avient
shareholders $ 5.1 $ 0.06 $ (27.4) $ (0.30)
Special items, after tax 32.0 0.35 68.3 0.75
Amortization expense, after-tax 15.2 0.16 $ 13.4 $ 0.14
Adjusted net income / EPS $ 52.3 $ 0.57 $ 54.3 $ 0.59
September 30,
Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022
Sales - GAAP $ 753.7 $ 823.3
Pro Forma APM adjustments — 60.7
Pro forma adjusted sales $ 753.7 $ 884.0
Net income from continuing operations – GAAP $ 5.1 $ (27.8)
Income tax (benefit) expense (0.1) (1.2)
Interest expense, net 30.3 37.3
Depreciation and amortization 46.4 39.8
EBITDA from continuing operations $ 81.7 $ 48.1
Special items, before tax 43.2 82.0
Interest expense included in special items (2.2) (10.0)
Depreciation and amortization included in special items — (0.8)
Adjusted EBITDA $ 122.7 $ 119.3
Pro forma APM adjustments — 17.2
Pro forma adjusted EBITDA $ 122.7 $ 136.5
Pro forma adjusted EBITDA as a % of sales 16.3 % 15.4 %
1
Year Ended
December 31,
Reconciliation to EBITDA and Adjusted EBITDA: 2006 2018
Sales $ 2,622.4 $ 3,533.4
Net income from continuing operations – GAAP $ 133.5 $ 160.8
Income tax expense 29.7 36.4
Interest expense, net 63.1 62.8
Depreciation and amortization 57.1 91.5
EBITDA from continuing operations $ 283.4 $ 351.5
Special items, before tax (34.0) 59.5
Depreciation and amortization included in special items — (3.0)
JV - equity income (107.0) —
Adjusted EBITDA $ 142.4 $ 408.0
Adjusted EBITDA as a % of sales 5.4 % 11.5 %
Reconciliation to EBITDA and Adjusted EBITDA:
December 31, 2022
Net loss from continuing operations – GAAP $ (16.6)
Income tax benefit (60.8)
Interest expense, net 49.4
Depreciation and amortization 48.6
EBITDA from continuing operations $ 20.6
Special items, before tax 104.3
Interest expense included in special items (16.0)
Depreciation and amortization included in special items (1.5)
Adjusted EBITDA $ 107.4
Reconciliation of Pro Forma Adjusted Earnings per Share:
Three Months Ended
December 31, 2022
Net loss from continuing operations attributable to Avient
shareholders $ (17.0)
Special items, after tax 38.3
Amortization expense, after-tax 14.6
Adjusted net income from continuing operations excluding special
items 35.9
Pro forma adjustments* 2.5
Pro forma adjusted net income from continuing operations attributable
to Avient shareholders $ 38.4
Weighted average diluted shares 91.7
Pro forma adjusted EPS - excluding special items pro forma for APM
acquisition $ 0.42
* Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of
debt with net proceeds from the Distribution sale.
2
AVNT Q3 2023 Earnings Presentation
Avient corporation�Third quarter 2023 results
DISCLAIMER
Slide Number 3
Avient protective materials �First Year
Slide Number 5
Slide Number 6
Slide Number 7
Slide Number 8
Slide Number 9
Slide Number 10
Slide Number 11
Slide Number 12
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
Slide Number 20
Slide Number 21
IR Deck - AVNT-2023.09.30 Non GAAP Recs
Attachment
https://www.avient.com/sites/default/files/2024-03/Terms and Conditions of Sale for Ireland.pdf
Seller shall not be liable to Buyer for any other taxes or
duties of any kind unless specifically and mutually agreed to
between the parties.
11.
https://www.avient.com/sites/default/files/2020-07/avient-abac-russian-200721.pdf
Francisco Nakasato, 1700
13295-000 Itupeva Sao Paulo, Brazil
Телефон: +55 11 4593 9200
Европа
Региональный офис компании в г.
https://www.avient.com/sites/default/files/2022-08/Avient Candidates Data Privacy Notice Final - Turkish.pdf
Bu Bildirimin tüm sürümleri sayfanın altında belirtilmiştir.
11.
https://www.avient.com/sites/default/files/2020-07/avient-abac-czech-200717.pdf
Francisco Nakasato, 1700
13295-000 Itrevea Sao Paulo,
Brazílie
Telefonní číslo: +55 11 4593 9200
Evropa
Regionální centrála Pommerloch,
Lucembursko
19 Route de Bastogne Pommerloch,
Lucembursko, L-9638
Telefonní číslo: +352 269 050 35
Fax: +352 269 050 45
www.avient.com
https://www.avient.com
https://www.avient.com/sites/default/files/2023-03/AVNT Q2 2022 Earnings Presentation - Website Version.pdf
S EC O N D Q UART ER 2022
RE S U LTS
$122
$134
$0.87
$0.98
Q2 2022 PERFORMANCE
(TOTAL COMPANY)
4
Sales Adjusted Operating Income
$1,235
$1,302
+ 5%
Adjusted EPS
+ 10% + 13%
(in millions) (in millions)
(+ 10% excluding FX) (+ 16% excluding FX) (+ 20% excluding FX)
Q2 2022 SEGMENT PERFORMANCE
5
CAI
$624
$649
($ in millions)
SEM Distribution
$86
$94
+ 4% + 9%
$404
$443
$24
$27
+ 10% + 13%
(1)
$241 $244
$37 $37
+ 1% Flat
(+ 10% excluding FX) (+ 16% excluding FX) (+ 6% excluding FX) (+ 3% excluding FX)
Q2 2021 $1,235 $122
Sustainable Solutions 17 7% 7
Healthcare 23 14% 5
Composites (ex Outdoor High Performance) 10 20% 4
Growth in Asia / LATAM 5 3% 1
Other 69 11% 5
Sub-total $1,359 10% $144
Outdoor High Performance Impact (9) (5)
Wage Inflation and Overtime (7)
Other Supply Chain Costs (2)
Clariant Color Integration Synergies 7
Incentives, Other Employee Costs 4
FX (48) (7)
Q2 2022 $1,302 5% $134
Q2 2022 SALES AND OPERATING INCOME
(TOTAL COMPANY)
6
Sales Growth Rate
Operating
Income$ millions
EBITDA
Q2 EBITDA BRIDGE
7
Price increases more than
offsets raw material and
supply chain impacts
Q2 2021 $ 159
Demand (29)
$ millions
CAI:
Price / Mix 87
Inflation (58)
SEM:
Price / Mix 36
Inflation (24)
Distribution:
Price / Mix 45
Inflation (41)
Net Price Benefit 45
Wage Inflation and Overtime (7)
Other Supply Chain Costs (2)
Clariant Color Integration Synergies 7
Incentives, Other Employee Costs 4
FX (7)
Q2 2022 $ 170
China Lockdowns / Russia Impact $ (14)
Outdoor High Performance (5)
Transportation (5)
8
Q2 '21 Adjusted EPS 0.87$
Color, Additives and Inks 0.11
Specialty Engineered Materials 0.01
Distribution 0.03
Corporate Costs 0.01
F/X (0.05)
Segment OI 0.11$
Interest Expense 0.03
Tax Rate (0.03)
Q2 '22 Adjusted EPS 0.98$
Q2 EPS BRIDGE
Key Updates
• Provided progress on 2030 Sustainability Goals
• Emphasized commitment to U.N.
https://www.avient.com/sites/default/files/AVNT Q1 2023 Earnings Press Release.pdf
2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and changes
to valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 582.7 $ 641.1
Accounts receivable, net 484.4 440.6
Inventories, net 371.9 372.7
Other current assets 125.3 115.3
Total current assets 1,564.3 1,569.7
Property, net 1,045.7 1,049.2
Goodwill 1,689.7 1,671.9
Intangible assets, net 1,601.7 1,597.6
Other non-current assets 209.8 196.6
Total assets $ 6,111.2 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 2.2 $ 2.2
Accounts payable 448.1 454.4
Accrued expenses and other current liabilities 386.9 412.8
Total current liabilities 837.2 869.4
Non-current liabilities:
Long-term debt 2,177.7 2,176.7
Pension and other post-retirement benefits 66.2 67.2
Deferred income taxes 332.5 342.5
Other non-current liabilities 329.0 276.4
Total non-current liabilities 2,905.4 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,349.8 2,334.5
Noncontrolling interest 18.8 18.3
Total equity 2,368.6 2,352.8
Total liabilities and equity $ 6,111.2 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2023 2022
Operating Activities
Net income $ 20.4 $ 84.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 48.7 35.7
Accelerated depreciation 1.8 2.1
Share-based compensation expense 3.2 3.2
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (40.2) (118.8)
Decrease (increase) in inventories 3.8 (15.1)
(Decrease) increase in accounts payable (9.9) 90.5
Accrued expenses and other assets and liabilities, net (50.0) (63.2)
Net cash (used) provided by operating activities (22.2) 18.9
Investing activities
Capital expenditures (20.3) (13.3)
Net proceeds from divestiture 7.3 —
Net cash used by investing activities (13.0) (13.3)
Financing activities
Purchase of common shares for treasury — (15.8)
Cash dividends paid (22.5) (21.7)
Repayment of long-term debt (0.8) (2.4)
Other financing (2.3) (3.9)
Net cash used by financing activities (25.6) (43.8)
Effect of exchange rate changes on cash 2.4 (0.4)
Decrease in cash and cash equivalents (58.4) (38.6)
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of period $ 582.7 $ 562.6
12
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the
measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2023-03/AVNT Mar 2023 Earnings Presentation.pdf
GUIDANCE
DEBT / LEVERAGE REDUCTION
• Completed sale of Distribution
and paid down $750M of debt
in November
• Strong free cash flow in fourth
quarter reduced leverage and
enabled paydown of additional
$200M of debt
• Fixed/Floating Debt Ratio 63/37
• Proven track record of
deleveraging following
acquisitions through consistent
free cash flow generation
$725 $725 $725
$575 $500 $400
$600
$525
$425
$650
$650
$650
$600
$2.40B
$2.20B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
After Distribution
Divestiture
Year-End
8
Year-End
Leverage 3.8x 3.1x 2.9x
2023 Notes
After Avient
Protective Materials
Acquisition
$3.15B
2022 TRANSFORMATIONAL PORTFOLIO
ENHANCEMENTS
9
EBITDA margins expanded
from 12% to 16%
Diversified end markets
with reduced exposure to
more cyclical industries
Dyneema®
Acquisition
$1.48B acquisition
strengthens composites
platform
Significantly improved
EBITDA margins $950M divestiture results
in 100% specialty sales
Strong exit multiple of 10x
TTM EBITDA despite
market volatility
Distribution
Divestiture
Improved
Portfolio
GROWING COMPOSITES PLATFORM
CONTRIBUTIONS TO SEM SEGMENT
10
Note: 2022 is pro forma for Avient Protective Materials
2016 Sales 2022 Sales
Advanced
Composites
51%
$560M $1,300M
Advanced
Composites
COMPOSITES PORTFOLIO
D Y N E E M A ® E X P A N D S O U R E N G I N E E R E D F I B E R S A N D T A P E S T E C H N O L O G Y
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
11
ADVANCED COMPOSITES PERFORMANCE
12 (1) Pro forma for the acquisition of Avient Protective Materials
$51
$84
$212
$668
$4
$10
$41
$169
(1) (1)
PORTFOLIO EVOLUTION AND EPS EXPANSION
13
Adj.
https://www.avient.com/sites/default/files/resources/Polyolefins%2520Product%2520Selection%2520Guide.pdf
Product Code - - - TP9000
A3
TP9110
A701-SM
TP9120
B397
TP9120
A525-SM
TP9130
A954
Reinforcement
- - - Talc Talc Talc Talc Talc
Reinforcement
- % - 5 11 18 20 30
Specific
73°F (23°C) - ASTM D792 0.94 0.97 1.01 1.04 1.12
Tensile
Yield psi ASTM D638 2400 3000 2750 3600 3450
MPa ISO 527 18 22 19 25 24
Tensile
Yield % ASTM D638 12 6 5 4 8
Break % ASTM D638 >400 100 170 30 250
Flexural
73°F (23°C) psi ASTM D790 140,000 260,000 235,000 300,000 325,000
MPa ISO 178 1100 1800 1620 2000 2250
Notched
73°F (23°C) ft-lb/in ASTM D256 No Break 6 10 2 2.2
kJ/m2 ISO 180 68.0 36.0 53.0 11.0 12.0
-30°C ft-lb/in ASTM D256 1.5 1.2 1.3 0.7 0.8
kJ/m2 ISO 180 8.5 6.0 7.0 3.9 4.0
Heat
66 psi °F ASTM D648 160 208 205 220 218
°C ISO 75 83 98 96 110 105
264 psi °F ASTM D648 100 143 140 160 160
°C ISO 75 50 62 57 70 71
Multiaxial
Impact @
6.6 m/s
0°C ASTM D3763 100% Ductile 100% Ductile 100% Ductile
-30°C ASTM D3763 100% Ductile 100% Ductile
8
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Maxxam™ HST
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Reinforced grades that provide exceptional levels of strength and
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