https://www.avient.com/sites/default/files/2021-11/avnt-november-investor-meetings.pdf
To provide comparable financial results, the Company references “pro forma” financial metrics, which include the business results of Clariant Color
for periods prior to the Acquisition Date.
Post-consumer recycled content as percentage of total plastic packaging volume, by weight
ENABLING THE USE OF RECYCLED CONTENT
T O P 5 G A P S T H A T W E A R E A D D R E S S I N G
2) DECONTAMINATION1) COLOR MANAGEMENT 3) MAINTAINING MECHANICAL
PROPERTIES
4) MONO-MATERIAL
CONSTRUCTION
5) CONSISTENT RECYCLED
MATERIAL QUALITY
15
G U I D I N G B R A N D S T O W H A T I S P O S S I B L E
CASE STUDY WITH BRAND OWNER
Recycled ResinVirgin Resin
16
SUSTAINABILITY FOR A BETTER TOMORROW
• Revenue from sustainable solutions expected
to grow 18% in 2021 as our innovation efforts
and collaboration with customers continues to
accelerate
• Investments centered around innovation and
global sustainability megatrends
o Enabling a circular economy –
Technologies that allow for increased use of
post-consumer recycled (PCR) material and
improve recyclability of plastics
o Light-weighting – Composites and CAI
applications to reduce weight and material
requirements, which minimize energy and
carbon emissions
o Eco-Conscious – Health and human safety
applications as well as Avient’s alternative
materials to replace lead, PVC, halogens,
BPA and other less eco-friendly options
*Avient Sustainable Solutions definitions aligned with FTC 2012 Guide for the Use of Environmental Marketing Claims (“Green Guides”)
**2020 is Pro Forma to include full year of the Clariant Color business
2016 2017 2018 2019 2020PF** 2021E
$405M
$455M
$340M
$550M
$790M
Revenue From Sustainable Solutions* 2016-2021
$930M
Q3 2020 $925 $74
Sustainable Solutions 35 19% 14
Healthcare 51 44% 10
Composites 13 39% 6
Growth in Asia / LATAM 14 11% 3
Other 177 39% 16
Sub-total $1,215 31% $123
Supply Chain Disruption Costs (19)
COVID Response Applications (5) (3)
FX Impact 10 2
Synergies 12
Incentives, Travel, Other Employee Costs (16)
Q3 2021 $1,220 32% $99
Q3 2021 SALES AND OPERATING INCOME
18
Sales Growth Rate
Operating
Income$ millions
19
Q3 2020 Q3 2021
(1) Financial information is presented on a constant currency basis
(44% of total revenue)
(56% of total revenue)
Q3 END MARKET SALES PERFORMANCE
+20%
+31%
+40%
+24%
+46%
+40%
+14%
+33%
Energy Telecom Building &
Transportation Industrial Healthcare Packaging Consumer
Q3 YEAR-OVER-YEAR EBITDA BRIDGE
20
• Demand driven by growth
in sustainable solutions,
healthcare and consumer
applications
• Price increases more than
offsets raw material and
supply chain impacts
• Synergy capture on pace
to achieve $50M in annual
savings in 2021
Q3 2020 $ 111
Demand 29
EBITDA$ millions
CAI:
Price / Mix 51
Inflation (37)
SEM:
Price / Mix 25
Inflation (22)
Distribution:
Price / Mix 108
Inflation (103)
Net Price Benefit 22
Supply Chain Disruption Costs (19)
COVID Response Applications (3)
Synergies 12
Incentives, FX, Other (16)
Q3 2021 $ 136
21
• Price increases have more than
covered raw material and freight
inflation impacts of $300M year-
to-date compared to 2020
• Demand impact driven by
Q3 seasonality for the business
Q2 TO Q3 SEQUENTIAL EBITDA BRIDGE
Q2 2021 $ 159
CAI:
Price / Mix 17
Inflation (8)
SEM:
Price / Mix 6
Inflation (5)
Distribution:
Price / Mix 35
Inflation (35)
Net Price Benefit 10
Supply Chain Disruption Costs (4)
Demand / Seasonality (35)
Other 6
Q3 2021 $ 136
EBITDA$ millions
FU LL Y EA R 2021
O U T LO O K
$308
$430
$1.93
$3.00
FULL YEAR GROWTH PROJECTIONS
23
Sales Adjusted Operating Income
$3,783
$4,750
+ 26%
+ 40% + 55%
(1) Financial information is pro forma to include a full year of Clariant Color acquisition
(1)(1)(1)
$1.74
$1.93
$3.00
$442
$457
$580
FULL YEAR 2019 – 2021 GROWTH
24
Sales Adjusted EBITDA
$3,981
$3,783
$4,750
+ 19%
(1) Financial information is pro forma to include a full year of Clariant Color acquisition
(1) (1)
(1)(1)
+ 31% + 72%
(1) (1)
0.1 0.1
0.2
0.5
0.6
0.7
0.8
0.9
0.9
1.0 1.0
11 12 13 14 15 16 17 18 19 20 21
40%
99%
YTD 5 - YR 10 - YR
0.16
0.20
0.26
0.34
0.42
0.50
0.58
0.72
0.79 0.81
0.85
0.95
11 12 13 14 15 16 17 18 19 20 21 22
2.1x
Q4 NET LEVERAGE
~$1Bn
REPURCHASED
OVER LAST 10 YEARS
~$450MM
PAID OVER LAST 11 YEARS
CREATING VALUE FOR SHAREHOLDERS
Share Performance Dividends Share Repurchases Deleveraging
3.5x
2.1x
2019PF 2021E
Growing Dividend Cumulative Buybacks Net Leverage
$B
n
$
p
r
sh
ar
Total Shareholder Return
~$4Bn
MARKET CAP INCREASE
OVER LAST 10 YEARS
(1) Share performance includes reinvested dividends and is as of 10.25.2021
(2) Financial information is pro forma to include a full year of Clariant Color acquisition
(2)
494%
SUSTAINABILITY REPORT
Continuous ESG Improvement
26
• Updated 2030 Sustainability Goals
• Further disclosure on key Environmental,
Social, and Governance impacts
• Joined U.N.
APPENDIX
Performance
Additives
Pigments
TiO2
Dyestuffs
4%Polyethylene
Nylon
Polypropylene
Other Raw
Materials
29%
Styrenic Block
Copolymer
~1/3 hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
36
• Significant raw material price inflation and
tight inventory continued in Q3 2021
o Average cost of hydrocarbon based
materials was up 65% year-over-year and
10% sequentially
o Average cost of non-hydrocarbon based
materials was up 20% year-over-year and
3% sequentially
• Additionally, we continued to experience
other supply chain challenges during Q3
related to raw material spot purchases,
freight constraints and productivity loss
as a result of these shortages
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2020 pro forma purchases, excludes Distribution business
SEGMENT DATA
U.S. & Canada
51%
Latin America
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
38
GEOGRAPHY REVENUESEGMENT FINANCIALS
23%
19%
Building and
END MARKET REVENUE
(1) Total company sales and EBITDA of $3,617M and $455M, respectively, include intercompany sales eliminations and corporate costs
All charts reflect YTD financials through September 30
$1,820M
$321M
$691M
$127M
$1,206M
$72M
Sales Adjusted EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$455M$3,617M
34%
21%
7%
Building &
9%
2% Telecommunications
C O L O R , A D D I T I V E S & I N K S
2021 YTD REVENUE | $1 .8 BILL ION
31%
42%
21%
Latin America
END MARKET REGION
39
S P E C I A LT Y E N G I N E E R E D M AT E R I A L S
28%
11%
Building &
7%
2021 YTD REVENUE | $691 MILLION
END MARKET
55%
20%
REGION
40
DI S TR IBU T I ON
26%
22%
20%
Building and
81%
Latin
America
END MARKET REGION
K E Y S U P P L I ER S
2021 YTD REVENUE | $1 .2 BILL ION
41
TOTA L C O M PA N Y R E G I O N A L S A L E S
BY END MARKET
30%
27%
Building &
2% Energy
(16% of sales)
31%
17%
Building &
(25% of sales)
42
19%
17%
Building &
US &
Canada
(51% of sales)
13%
42%
33%
3%
Building &
LATAM
(8% of sales)
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 78.7 $ 20.0 $ 98.7
Income from continuing operations before income taxes $ 61.1 $ 19.9 $ 81.0
Income tax expense - GAAP (8.5) — (8.5)
Income tax impact of special items — (4.6) (4.6)
Tax adjustments — (3.6) (3.6)
Net income attributable to noncontrolling interests 0.3 — 0.3
Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 11.7 $ 64.6
Net income / EPS $ 0.57 $ 0.13 $ 0.70
Weighted-average diluted shares 92.2 92.2 92.2
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Special
Adjusted
Operating income $ 33.5 $ 40.4 $ 73.9
Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3
Income tax expense - GAAP (2.7) — (2.7)
Income tax impact of special items — (12.7) (12.7)
Tax adjustments — 3.0 3.0
Net income attributable to noncontrolling interests (0.9) — (0.9)
Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0
Net income / EPS $ 0.02 $ 0.44 $ 0.46
Weighted-average diluted shares 91.9 91.9 91.9
Three Months Ended
Three
Months
Nine
Months
Year Ended
December 31,
Reconciliation to Pro Forma
Adjusted EBITDA 2021 2020
June 30,
2021
September
30, 2021 2020 2019 2018
Net income from continuing
operations – GAAP $ 52.6 $ 2.6 $ 69.4 $ 201.7 $ 133.8 $ 75.7 $ 87.4
Income tax expense 8.5 2.7 20.4 51.8 5.2 33.7 14.4
Interest expense 19.0 29.7 19.5 57.8 74.6 59.5 62.8
Debt extinguishment cost — — — — — — 1.1
Depreciation and amortization from
continuing operations 36.8 36.5 33.8 107.7 115.0 78.1 72.6
EBITDA $ 116.9 71.5 $ 143.1 $ 419.0 $ 328.6 $ 247.0 $ 238.3
Special items, before tax 19.9 50.0 14.2 36.5 66.2 61.7 59.5
Interest expense included in special
items — (9.6) — — (10.1) — —
Depreciation and amortization
included in special items (0.9) (1.3) 1.4 (0.1) (3.2) — (3.0)
Adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 381.6 $ 308.7 $ 294.8
Clariant MB pro forma adjustments(1) — — — — 75.1 133.2 141.5
Pro forma adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 456.7 $ 441.9 $ 436.3
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
Reconciliation of EBITDA by Segment
Nine Months
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 586.6 $ 493.8 $ 1,820.3 $ 1,502.9 $ 1,003.8 $ 1,046.5
Specialty Engineered Materials 233.6 174.1 690.7 708.8 745.7 645.8
Distribution 438.8 276.9 1,205.9 1,110.3 1,192.2 1,265.4
Corporate and eliminations (39.2) (20.3) (99.6) (79.9) (79.0) (76.7)
Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 3,242.1 $ 2,862.7 $ 2,881.0
Operating income:
Color, Additives and Inks $ 66.8 $ 50.5 $ 241.9 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 31.7 24.7 103.2 94.4 83.7 72.3
Distribution 23.8 17.5 71.5 69.5 75.4 71.5
Corporate and eliminations (43.6) (59.2) (109.4) (155.4) (149.7) (123.7)
Operating income $ 78.7 $ 33.5 $ 307.2 $ 189.3 $ 156.8 $ 178.6
Items below OI in Corporate:
Other income, net $ 1.4 $ 1.5 $ 4.1 $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 26.6 $ 26.3 $ 79.2 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 7.9 7.5 23.8 30.0 29.5 23.2
Distribution 0.2 0.2 0.6 0.7 0.5 0.7
Corporate and eliminations 2.1 2.5 4.1 9.2 5.4 4.4
Depreciation & Amortization $ 36.8 $ 36.5 $ 107.7 $ 115.0 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 93.4 $ 76.8 $ 321.1 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 39.6 32.2 127.0 124.4 113.2 95.5
Distribution 24.0 17.7 72.1 70.2 75.9 72.2
Corporate and eliminations (41.5) (56.7) (105.3) (146.2) (144.3) (119.3)
EBITDA $ 116.9 $ 71.5 $ 419.0 $ 328.6 $ 247.0 $ 238.3
EBITDA as a % of Sales:
Color, Additives and Inks 15.9 % 15.6 % 17.6 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 17.0 % 18.5 % 18.4 % 17.6 % 15.2 % 14.8 %
Distribution 5.5 % 6.4 % 6.0 % 6.3 % 6.4 % 5.7 %
Reconciliation of Pro Forma EBITDA - Color, Additives and Inks
Year Ended
December 31,
2020 2019 2018
Sales:
Color, Additives and Inks $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant MB pro forma
adjustments(1) 540.4 1,118.6 1,209.8
Pro forma sales $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 180.8 $ 147.4 $ 158.5
Clariant MB pro forma
adjustments(1) 45.0 72.9 80.3
Pro forma operating income $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 75.1 $ 42.7 $ 44.3
Clariant MB pro forma adjustments(1) 30.1 60.3 61.2
Pro forma depreciation & amortization $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 255.9 $ 190.1 $ 202.8
Clariant MB pro forma
adjustments(1) 75.1 133.2 141.5
Pro forma EBITDA $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 16.2 % 15.2 % 15.3 %
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Adjusted
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
AVNT November Investor Meetings.pdf
AVNT Q3 2021 Earnings Presentation.pdf
Final 10.27 606pm Q3 21 IR Deck Version v1.pdf
https://www.avient.com/sites/default/files/2021-12/AVNT 2021 Investor Day_0.pdf
To provide comparable financial results, the Company references “pro forma” financial metrics, which include the business results of
Clariant Color for periods prior to the Acquisition Date.
Avient reflects 2021 estimated revenue of $4,750M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
129Avient Corporation
474
644
1,002
107
147
216
467
616
872
2014 2018 2021E
R&D / Technical Marketing Sales
Commercial Resources
Headcount figures all Pro Forma for sale of Designed Structures and Solutions (DSS) and Performance Products and Solutions (PP&S) segments.
2021E data as of October 31, 2021.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Reconciliation of EBITDA by Segment
Sales:
Color, Additives and Inks $ 1,003.8
Specialty Engineered Materials 745.7
Distribution 1,192.2
Corporate and eliminations (79.0)
Sales $ 2,862.7
Operating income:
Color, Additives and Inks $ 147.4
Specialty Engineered Materials 83.7
Distribution 75.4
Corporate and eliminations (149.7)
Operating income $ 156.8
Items below OI in Corporate:
Other income, net $ 12.1
Depreciation & amortization:
Color, Additives and Inks $ 42.7
Specialty Engineered Materials 29.5
Distribution 0.5
Corporate and eliminations 5.4
Depreciation & Amortization $ 78.1
EBITDA:
Color, Additives and Inks $ 190.1
Specialty Engineered Materials 113.2
Distribution 75.9
Corporate and eliminations (132.2)
EBITDA $ 247.0
EBITDA as a % of Sales:
Color, Additives and Inks 18.9 %
Specialty Engineered Materials 15.2 %
Distribution 6.4 %
Reconciliation of Pro Forma EBITDA - Color, Additives and Inks
Year Ended
Sales:
Color, Additives and Inks $ 1,003.8
Clariant Color pro forma adjustments(1) 1,118.6
Pro forma sales $ 2,122.4
Operating income:
Color, Additives and Inks $ 147.4
Clariant Color pro forma adjustments(1) 72.9
Pro forma operating income $ 220.3
Depreciation & amortization:
Color, Additives and Inks $ 42.7
Clariant Color pro forma adjustments(1) 60.3
Pro forma depreciation & amortization $ 103.0
EBITDA
Color, Additives and Inks $ 190.1
Clariant Color pro forma adjustments(1) 133.2
Pro forma EBITDA $ 323.3
Pro forma EBITDA as a % of Sales 15.2 %
2009* 2010* 2011* 2012* 2013 2014 2015 2016** 2017 2018 2018*** 2019*** 2020
Net income from continuing
operations attributable to Avient
common shareholders $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6 $ 166.4 $ 173.5 $ 161.1 $ 87.7 $ 75.5 $ 152.7
Joint venture equity earnings, after
tax (19.0) (14.7) (3.7) — — — — — — — — — —
Special items, before tax(1) (48.7) 24.2 (48.1) 55.1 46.3 164.2 87.6 23.8 32.9 59.5 58.7 61.7 66.2
Special items, tax adjustments(1) (27.2) (96.7) (24.7) (18.9) (13.7) (73.7) (58.7) (15.9) (24.8) (25.3) (25.1) (5.9) (41.4)
Adjusted net income from
continuing operations
attributable to Avient common
shareholders $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5 $ 174.3 $ 181.6 $ 195.3 $ 121.3 $ 131.3 $ 177.5
Diluted shares 93.4 96.0 94.3 89.8 96.5 93.5 88.7 84.6 82.1 80.4 80.4 77.7 92.1
Adjusted EPS attributable to Avient
common shareholders $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96 $ 2.06 $ 2.21 $ 2.43 $ 1.51 $ 1.69 $ 1.93
* Historical results have been updated to reflect subsequent changes to accounting principle and discontinued operations, excluding any changes as a result of
discontinued operations from the sale of the Designed Structures and Solutions segment (DSS) and the Performance Products and Solutions segment (PP&S).
** Pro Forma for sale of DSS.
*** Pro Forma for sale of PP&S.
*** Pro Forma for full year of the Clariant Color acquisition
Nine Months Ended
September 30,
Year Ended
December 31,
Reconciliation to Pro Forma Adjusted EBITDA 2020 2021 2020 2019
Net income from continuing operations – GAAP $ 59.1 $ 201.7 $ 133.8 $ 75.7
Income tax expense 22.5 51.8 5.2 33.7
Interest expense 55.3 57.8 74.6 59.5
Depreciation and amortization from continuing operations 77.3 107.7 115.1 78.1
EBITDA $ 214.2 $ 419.0 $ 328.7 $ 247.0
Special items, before tax 62.0 36.5 66.2 61.7
Interest expense included in special items (10.1) — (10.1) —
Depreciation and amortization included in special items (2.5) (0.1) (3.2) —
Adjusted EBITDA $ 263.6 $ 455.4 $ 381.6 $ 308.7
Clariant MB pro forma adjustments(1) 75.1 — 75.1 133.2
Pro forma adjusted EBITDA $ 338.7 $ 455.4 $ 456.7 $ 441.9
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
Return on Invested Capital
December 31, 2006
Short term debt $ 5.2
Current portion of long term debt 22.5
Long term debt 567.7
Shareholder's equity 574.5
Invested capital $ 1,169.9
Cash 66.2
Current invested capital (net) $ 1,103.7
Adjusted operating income 87.5
Current tax rate 0.33
Return on invested capital 5.3 %
December 31,
Reconciliation to Enterprise Value / Adjusted EBITDA 2011 2016
Net income from continuing operations – GAAP $ 172.6 $ 165.0
Income tax expense 26.1 57.3
Interest expense 33.7 59.8
Depreciation and amortization from continuing operations 57.5 105.9
EBITDA $ 289.9 $ 388.0
Special items, before tax (46.7) 35.3
SunBelt equity income (5.7) —
Depreciation and amortization included in special items — (5.4)
Adjusted EBITDA $ 237.5 $ 417.9
Enterprise value(2) $ 1,542.0 $ 3,763.0
Enterprise value / adjusted EBITDA 6.5 9.0
(2) - Enterprise value is defined as market capitalization plus net debt
AVNT 2021 Investor Day adfa.pdf
AVNT 2021 Investor Day.pdf
AVNT 2021 Investor Day.pdf
AVNT 2021 Investor Day - Final.pdf
2021 Investor Day Recs v3 12.2 (002).pdf