https://www.avient.com/sites/default/files/2023-03/2023 Avient Bookmarked Proxy Statement - FINAL.pdf
Adjustments: The Committee will make or provide for such adjustments in: (1) the number of and kind of
Common Shares covered by outstanding stock options, SARs, restricted stock, RSUs, performance shares
and performance units granted under the Amended 2020 Plan; (2) if applicable, the number of and kind of
Common Shares covered by Other Awards granted pursuant to the Amended 2020 Plan; (3) the exercise
price or base price provided in outstanding stock options and SARs, respectively; (4) cash incentive
awards; and (5) other award terms, as the Committee in its sole discretion, exercised in good faith
determines to be equitably required in order to prevent dilution or enlargement of the rights of
participants or optionees that otherwise would result from (a) any extraordinary cash dividend, stock
dividend, stock split, combination of shares, recapitalization or other change in the capital structure of
the Company; (b) any merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or
complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities;
or (c) any other corporate transaction or event having an effect similar to any of the foregoing.
The Compensation Committee shall make or provide for such
adjustments in the number of and kind of Common Shares covered by outstanding Option
Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and
Performance Units granted hereunder and, if applicable, in the number of and kind of
Common Shares covered by other awards granted pursuant to Section 10 hereof, in the
Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights,
respectively, in Cash Incentive Awards, and in other award terms, as the Compensation
Committee, in its sole discretion, exercised in good faith, determines is equitably required to
prevent dilution or enlargement of the rights of Participants that otherwise would result from
(a) any extraordinary cash dividend, stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, (b) any merger,
consolidation, spin-off, split-off, spin- out, split-up, reorganization, partial or complete
liquidation or other distribution of assets, issuance of rights or warrants to purchase securities,
or (c) any other corporate transaction or event having an effect similar to any of the foregoing.
https://www.avient.com/sites/default/files/resources/PolyOne%25202017%2520Proxy%2520Statement.PDF
Adjud stments;tt Corporate Transactions: The Committee will make or provide for such adjustments in: (1) the number of
and kind of Common Shares covered by outstanding stock options, SARs, restricted stock, RSUs, perforff mance shares
and performance units granted under the 2017 Plan; (2) if applicable, the number of and kind of Common Shares
covered by Other Awards granted pursuant to the 2017 Plan; (3) the exercise price or base price provided in
outstanding stock options and SARs, respectively; (4) cash incentive awards; and (5) other award terms, as the
Committee in its sole discretion, exercised in good faith determines to be equitably required in order to prevent
25
dilution or enlargement of the rights of participants or optionees that otherwise would result froff m (A) any
extraordinary cash dividend, stock dividend, stock split, combination of shares, recapitalization or other change in the
capital structure of the Company; (B) any merger, consolidation, spin-off, sf pin-out, split-off, split-up, reorganization,
partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities; or
(C) any other corporate transaction or event having an effecff t similar to any of the foregoing.
The Compensation Committee shall make or provide forff such adjustments
in the number of and kind of Common Shares covered by outstanding Option Rights, Appreciation Rights,
Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units granted hereunder
and, if applicable, in the number of and kind of Common Shares covered by other awards granted pursuant
to Section 10 hereof, in the Option Price and Base Price provided in outstanding Option Rights and
Appreciation Rights, respectively, in Cash Incentive Awards, and in other award terms, as the Compensation
Committee, in its sole discretion, exercised in good faith, determines is equitably required to prevent
dilution or enlargement of the rights of Participants or Optionees that otherwise would result froff m (a) any
extraordinary cash dividend, stock dividend, stock split, combination of shares, recapitalization or other
change in the capital structure of the Company, (b) any merger, consolidation, spin-off, split- off, spin-out,
split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or
warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to
any of the foregoing.
https://www.avient.com/knowledge-base/article/thermoplastic-elastomer-tpe-faqs
Gate location will determine the direction of flow into the part and thus the shrinkage direction.
https://www.avient.com/knowledge-base/article/thermoplastic-elastomer-tpe-faqs?rtype[]=1164
Gate location will determine the direction of flow into the part and thus the shrinkage direction.
https://www.avient.com/sites/default/files/2023-09/Avient Sustainability Day 2023 - Website %289.19%29.pdf
DISCLAIMER
Avient Corporation 3
Avient Corporation 4
Welcome
Chairman, President, and Chief Executive Officer
INTRODUCTION
Sustainability for a Better Tomorrow
Senior Vice President and Chief Financial Officer
Avient Corporation 5
WE ARE A FORMULATOR
CUSTOM
FORMULATION
Avient Corporation 6
Avient Corporation 7
WE ARE INNOVATORS
2,500+
ACTIVE PATENT
FILINGS WORLDWIDE
1,100+
RESEARCH AND
DEVELOPMENT ASSOCIATES
>85% Stage-gate technology projects
enable sustainable solutions
INDIA INNOVATION CENTER
33%
2022 VITALITY
INDEX
140+
MATERIAL SCIENCE
PhD ASSOCIATES
Avient Corporation 8
3% 3%
5%
Avient Specialty Formulators Other Specialty /
Chemical Companies
CAPEX / Revenue
2023E
Global footprint enables greater flexibility to exceed
needs of customers and deliver localized technical
and formulation expertise
9
36
24
Manufacturing Locations by Region
WE ARE ASSET LIGHT
Note: Free cash flow conversion calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA
Avient Corporation 9
Asset-light flexibility
enables more nimble
manufacturing capabilities
and lower overhead
Periods of economic
weakness have driven
higher levels of cash
generation due to working
capital improvement
PROVEN TRACK RECORD OF HIGH FREE CASH FLOW CONVERSION
80% 80%
81%
84%
83%
79%
50%
70%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E
150
200
250
300
350
400
Fr
ee
C
as
h
Fl
ow
C
ve
rs
io
Fr
ee
C
as
h
Fl
ow
FCF $ AVNT FCF Conversion % S&P FCF Conversion %
2 Recent Divestitures - Combined $1.7B in Proceeds
PORTFOLIO EVOLUTION
Avient Corporation 10
Combined $3.6B Investment in Acquisitions Since 2016
Color Business
Distribution
2016 2022
PORTFOLIO TRANSFORMATION
46%
87%
0%
20%
2005 2010 2015 2020 2023
%
o
f A
dj
us
te
d
EB
IT
DA
Commodity JVs Distribution Performance Products & Solutions Specialty Businesses
Adjusted EBITDA from Specialty Applications
Avient Corporation 11
END MARKET TRANSFORMATION
Defense
Avient Corporation 12
8%
23%
4%
2006 2023E
Other
Industri
es
22%
56%
14%
43%
9%
2006 2023E
Reduced Exposure to Cyclical End Markets End Market Diversification
Transportation
Building &
Construction
57%
Defense
IMPROVING PROFITABILITY AND EXPANDING MARGINS
Avient Corporation 13
Adj.
https://www.avient.com/knowledge-base/article/carbon-footprint-management-strategy-cn
从摇篮到大门(Cradle-to-gate):计算从原材料采购到完成聚合物生产所产生的碳排放量。
https://www.avient.com/knowledge-base/article/carbon-footprint-management-strategy-cn?rtype[]=1164
从摇篮到大门(Cradle-to-gate):计算从原材料采购到完成聚合物生产所产生的碳排放量。
https://www.avient.com/knowledge-base/article/carbon-footprint-management-strategy-cn?sust[]=1133
从摇篮到大门(Cradle-to-gate):计算从原材料采购到完成聚合物生产所产生的碳排放量。
https://www.avient.com/sites/default/files/2022-03/Avient 2022 Proxy Statement.pdf
We have utilized
remote, alternate and flexible work arrangements where possible, including split shifts at facilities and
virtual work options for those on-site functions that can be performed remotely.
https://www.avient.com/sites/default/files/resources/PolyOne%25202013%2520Annual%2520Report.pdf
Spartech’s
former Custom Sheet and Rollstock and Packaging Technology businesses are reported within this
new segment referred to as “Designed Structures and Solutions”, and the remaining Spartech
businesses were split among PolyOne’s existing Global Color, Additives and Inks, Global Specialty
Engineered Materials and Performance Products and Solutions segments.
24 POLYONE CORPORATION
Highlights and Executive Summary
A summary of PolyOne’s sales, operating income, income from continuing operations net of income
taxes, net income from continuing operations attributable to PolyOne common shareholders, liquidity
and total debt is included in the following table:
Sales $3,771.2 $2,860.8 $2,709.4
Operating income 231.5 137.5 203.0
Income from continuing operations net of income taxes 92.9 53.2 153.4
Net income from continuing operations attributable to PolyOne common
shareholders 94.0 53.3 153.4
Liquidity $ 650.9 $ 381.2 $ 340.1
Total debt $ 988.9 $ 706.9 $ 707.0
POLYONE CORPORATION 25
Results of Operations Variances — Favorable (Unfavorable)
2013 versus 2012 2012 versus 2011
(Dollars in millions, except per share data) 2013 2012 2011 Change
Change Change
Change
Sales $3,771.2 $2,860.8 $2,709.4 $ 910.4 31.8 % $ 151.4 5.6 %
Cost of sales 3,109.0 2,329.7 2,280.1 (779.3) (33.5)% (49.6) (2.2)%
Gross margin 662.2 531.1 429.3 131.1 24.7 % 101.8 23.7 %
Selling and administrative expense 457.6 417.0 378.3 (40.6) (9.7)% (38.7) (10.2)%
Income related to previously owned
equity affiliates 26.9 23.4 152.0 3.5 15.0 % (128.6) (84.6)%
Operating income 231.5 137.5 203.0 94.0 68.4 % (65.5) (32.3)%
Interest expense, net (63.5) (50.8) (33.7) (12.7) (25.0)% (17.1) (50.7)%
Debt extinguishment costs (15.8) — (0.9) (15.8) (100.0)% 0.9 100.0 %
Other (expense) income, net (1.2) (3.4) 0.5 2.2 64.7 % (3.9) (780.0)%
Income from continuing operations,
before income taxes 151.0 83.3 168.9 67.7 81.3 % (85.6) (50.7)%
Income tax expense (58.1) (30.1) (15.5) (28.0) (93.0)% (14.6) (94.2)%
Net income from continuing operations $ 92.9 $ 53.2 $ 153.4 $ 39.7 74.6 % $(100.2) (65.3)%
Income from discontinued operations,
net of income taxes 149.8 18.6 19.2 131.2 705.4 % (0.6) (3.1)%
Net income 242.7 71.8 $ 172.6 170.9 238.0 % (100.8) (58.4)%
Net loss attributable to
noncontrolling interests 1.1 0.1 — 1.0 1,000 % 0.1 100.0 %
Net income attributable to PolyOne
common shareholders $ 243.8 $ 71.9 $ 172.6 $ 171.9 239.1 % $(100.7) (58.3)%
Earnings per share attributable to PolyOne common shareholders — basic:
Continuing operations $ 0.98 $ 0.60 $ 1.66
Discontinued operations 1.57 0.21 0.21
Total $ 2.55 $ 0.81 $ 1.87
Earnings per share attributable to PolyOne common shareholders — diluted:
Continuing operations $ 0.97 $ 0.59 $ 1.63
Discontinued operations 1.56 0.21 0.21
Total $ 2.53 $ 0.80 $ 1.84
Sales increased 31.8% in 2013 compared to 2012, 30.6% of which is attributable to the acquisitions of
Spartech and Glasforms.
Spartech’s former
Custom Sheet and Rollstock and Packaging Technology businesses are reported within this new
segment, referred to as “Designed Structures and Solutions”, and the remaining Spartech businesses
were split among PolyOne’s existing Global Specialty Engineered Materials, Global Color, Additives
and Inks and Performance Products and Solutions segments.