https://www.avient.com/sites/default/files/2021-07/avnt-q2-2021-earnings-release.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Sales $ 1,235.2 $ 609.1 $ 2,397.5 $ 1,320.6
Operating Income 108.1 38.0 228.5 90.8
Net income from continuing operations attributable to Avient shareholders 68.8 23.0 148.1 56.1
Basic earnings per share from continuing operations attributable to Avient
shareholders $ 0.75 $ 0.25 $ 1.62 $ 0.63
Diluted earnings per share from continuing operations attributable to Avient
shareholders $ 0.74 $ 0.25 $ 1.60 $ 0.63
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
Three Months Ended
June 30, 2021
Three Months Ended
June 30, 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 68.8 $ 0.74 $ 23.0 $ 0.25
Special items, after tax (Attachment 3) 11.7 0.13 2.6 0.03
Adjusted net income / EPS - excluding special items $ 80.5 $ 0.87 $ 25.6 $ 0.28
Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 148.1 $ 1.60 $ 56.1 $ 0.63
Special items, after tax (Attachment 3) 14.3 0.16 11.2 0.12
Adjusted net income / EPS - excluding special items $ 162.4 $ 1.76 $ 67.3 $ 0.75
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Sales $ 1,235.2 $ 609.1 $ 2,397.5 $ 1,320.6
Cost of sales 946.5 459.4 1,806.4 999.4
Gross margin 288.7 149.7 591.1 321.2
Selling and administrative expense 180.6 111.7 362.6 230.4
Operating income 108.1 38.0 228.5 90.8
Interest expense, net (19.5) (16.2) (38.8) (25.6)
Other income, net 1.2 9.5 2.7 11.1
Income from continuing operations before income taxes 89.8 31.3 192.4 76.3
Income taxes (20.4) (7.9) (43.3) (19.8)
Net income from continuing operations 69.4 23.4 149.1 56.5
Loss from discontinued operations, net of income taxes — (0.2) — (0.5)
Net income 69.4 23.2 149.1 56.0
Net income attributable to noncontrolling interests (0.6) (0.4) (1.0) (0.4)
Net income attributable to Avient common shareholders $ 68.8 $ 22.8 $ 148.1 $ 55.6
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.75 $ 0.25 $ 1.62 $ 0.63
Discontinued operations — — — —
Total $ 0.75 $ 0.25 $ 1.62 $ 0.63
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.74 $ 0.25 $ 1.60 $ 0.63
Discontinued operations — — — (0.01)
Total $ 0.74 $ 0.25 $ 1.60 $ 0.62
Cash dividends declared per share of common stock $ 0.2125 $ 0.2025 $ 0.4250 $ 0.4050
Weighted-average shares used to compute earnings per
common share:
Basic 91.3 91.4 91.3 88.8
Diluted 92.4 91.8 92.3 89.4
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Cost of sales:
Restructuring costs, including accelerated depreciation and
amortization $ (1.5) $ (1.2) $ (3.3) $ (1.2)
Environmental remediation costs (12.5) (3.1) (13.0) (3.5)
Reimbursement of previously incurred environmental costs — 8.5 4.5 8.7
Acquisition related costs 1.4 — 1.4 —
Impact on cost of sales (12.6) 4.2 (10.4) 4.0
Selling and administrative expense:
Restructuring, legal and other (1.4) (3.5) (2.7) (5.3)
Acquisition earn-out adjustments — — — (1.0)
Acquisition related costs (0.2) (9.7) (3.5) (16.4)
Impact on selling and administrative expense (1.6) (13.2) (6.2) (22.7)
Impact on operating income (14.2) (9.0) (16.6) (18.7)
Costs related to committed financing in interest expense, net — (0.5) — (0.5)
Other income, net — 0.2 — 0.3
Pension settlement gain and mark-to-market adjustment — 6.9 — 6.9
Impact on income from continuing operations before income taxes (14.2) (2.4) (16.6) (12.0)
Income tax benefit on above special items 3.4 0.7 4.3 2.7
Tax adjustments(2) (0.9) (0.9) (2.0) (1.9)
Impact of special items on net income from continuing operations
attributable to Avient Shareholders $ (11.7) $ (2.6) $ (14.3) $ (11.2)
Diluted earnings per common share impact $ (0.13) $ (0.03) $ (0.16) $ (0.12)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.4 91.8 92.3 89.4
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental
remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and
losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or
disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the
commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such
laws or provisions affecting reported results
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 483.3
Specialty Engineered Materials 240.6 158.8 457.1 344.1
Distribution 404.4 238.8 767.1 528.3
Corporate and eliminations (34.2) (15.3) (60.4) (35.1)
Sales $ 1,235.2 $ 609.1 $ 2,397.5 $ 1,320.6
Gross margin:
Color, Additives and Inks $ 193.4 $ 75.7 $ 390.9 $ 165.1
Specialty Engineered Materials 69.6 42.5 134.3 95.1
Distribution 40.1 27.2 79.4 60.8
Corporate and eliminations (14.4) 4.3 (13.5) 0.2
Gross margin $ 288.7 $ 149.7 $ 591.1 $ 321.2
Selling and administrative expense:
Color, Additives and Inks $ 107.1 $ 43.4 $ 215.8 $ 92.3
Specialty Engineered Materials 32.3 25.5 62.8 55.8
Distribution 16.4 12.6 31.7 26.8
Corporate and eliminations 24.8 30.2 52.3 55.5
Selling and administrative expense $ 180.6 $ 111.7 $ 362.6 $ 230.4
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 72.8
Specialty Engineered Materials 37.3 17.0 71.5 39.3
Distribution 23.7 14.6 47.7 34.0
Corporate and eliminations (39.2) (25.9) (65.8) (55.3)
Operating income $ 108.1 $ 38.0 $ 228.5 $ 90.8
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 94.4
Specialty Engineered Materials 45.4 24.6 87.4 54.4
Distribution 23.9 14.7 48.1 34.2
Corporate and eliminations (39.0) (23.3) (63.8) (51.4)
Other income, net 1.2 9.5 $ 2.7 $ 11.1
EBITDA $ 143.1 $ 68.4 $ 302.1 $ 142.7
12
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 2023 Earnings Press Release.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Sales $ 753.7 $ 823.3 $ 2,423.8 $ 2,606.5
Operating Income 34.3 40.6 153.7 242.9
Net income (loss) from continuing operations attributable to Avient
shareholders 5.1 (27.4) 48.0 99.8
Basic earnings per share from continuing operations attributable to
Avient shareholders $ 0.06 $ (0.30) $ 0.53 $ 1.09
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.06 $ (0.30) $ 0.52 $ 1.08
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and
diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items,
to assess performance and facilitate comparability of results.
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 (Attachment 3) 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
Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 48.0 $ 0.52 $ 99.8 $ 1.08
Special items, after tax (Attachment 3) 73.9 0.81 77.9 0.85
Amortization expense, after-tax 46.5 0.51 34.9 0.38
Adjusted net income / EPS $ 168.4 $ 1.84 $ 212.6 $ 2.31
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Sales $ 753.7 $ 823.3 $ 2,423.8 $ 2,606.5
Cost of sales 558.4 627.9 1,740.2 1,895.8
Gross margin 195.3 195.4 683.6 710.7
Selling and administrative expense 161.0 154.8 529.9 467.8
Operating income 34.3 40.6 153.7 242.9
Interest expense, net (30.3) (37.3) (88.5) (70.4)
Other income (expense), net 1.0 (32.3) 1.5 (31.3)
Income (loss) from continuing operations before income taxes 5.0 (29.0) 66.7 141.2
Income tax benefit (expense) 0.1 1.2 (18.0) (41.5)
Net income (loss) from continuing operations 5.1 (27.8) 48.7 99.7
Income (loss) from discontinued operations, net of income taxes — 17.1 (0.9) 58.8
Net income (loss) 5.1 (10.7) 47.8 158.5
Net loss (income) attributable to noncontrolling interests — 0.4 (0.7) 0.1
Net income (loss) attributable to Avient common shareholders $ 5.1 $ (10.3) $ 47.1 $ 158.6
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.06 $ (0.30) $ 0.53 $ 1.09
Discontinued operations — 0.19 (0.01) 0.65
Total $ 0.06 $ (0.11) $ 0.52 $ 1.74
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.06 $ (0.30) $ 0.52 $ 1.08
Discontinued operations — 0.19 (0.01) 0.64
Total $ 0.06 $ (0.11) $ 0.51 $ 1.72
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 $ 0.7425 $ 0.7125
Weighted-average shares used to compute earnings per common share:
Basic 91.1 90.9 91.1 91.3
Diluted 91.9 90.9 91.8 92.0
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (2.1) $ (2.8) $ (9.9) $ (9.8)
Environmental remediation costs (38.1) (18.8) (52.5) (23.8)
Reimbursement of previously incurred environmental costs — 0.1 — 8.3
Acquisition related costs — (10.3) — (10.3)
Impact on cost of sales (40.2) (31.8) (62.4) (35.6)
Selling and administrative expense:
Restructuring and employee separation costs (2.0) 0.3 (13.8) (1.0)
Legal and other 1.7 (0.5) (9.1) 1.0
Acquisition related costs (0.5) (8.2) (4.6) (13.2)
Impact on selling and administrative expense (0.8) (8.4) (27.5) (13.2)
Impact on operating income (41.0) (40.2) (89.9) (48.8)
Interest expense, net - financing costs (2.2) (10.0) (2.2) (10.0)
Mark-to-market on derivative instruments — (31.8) — (30.9)
Other — — (0.1) 0.1
Impact on other expense, net — (31.8) (0.1) (30.8)
Impact on income from continuing operations before income taxes (43.2) (82.0) (92.2) (89.6)
Income tax benefit on above special items 10.8 20.5 23.2 22.5
Tax adjustments(2) 0.4 (6.8) (4.9) (10.8)
Impact of special items on net income from continuing operations $ (32.0) $ (68.3) $ (73.9) $ (77.9)
Diluted earnings per common share impact $ (0.35) $ (0.75) $ (0.81) $ (0.85)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.9 91.6 91.8 92.0
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring
items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 486.5 $ 565.6 $ 1,548.0 $ 1,864.2
Specialty Engineered Materials 267.9 258.2 878.4 743.6
Corporate (0.7) (0.5) (2.6) (1.3)
Sales $ 753.7 $ 823.3 $ 2,423.8 $ 2,606.5
Gross margin:
Color, Additives and Inks $ 156.8 $ 161.3 $ 482.9 $ 546.8
Specialty Engineered Materials 78.3 66.9 263.7 201.3
Corporate (39.8) (32.8) (63.0) (37.4)
Gross margin $ 195.3 $ 195.4 $ 683.6 $ 710.7
Selling and administrative expense:
Color, Additives and Inks $ 92.3 $ 92.7 $ 284.8 $ 290.1
Specialty Engineered Materials 48.0 35.5 150.6 96.4
Corporate 20.7 26.6 94.5 81.3
Selling and administrative expense $ 161.0 $ 154.8 $ 529.9 $ 467.8
Operating income:
Color, Additives and Inks $ 64.5 $ 68.6 $ 198.1 $ 256.7
Specialty Engineered Materials 30.3 31.4 113.1 104.9
Corporate (60.5) (59.4) (157.5) (118.7)
Operating income $ 34.3 $ 40.6 $ 153.7 $ 242.9
Depreciation & amortization:
Color, Additives and Inks $ 24.6 $ 24.2 $ 76.1 $ 76.1
Specialty Engineered Materials 20.5 12.9 61.6 28.4
Corporate 1.3 2.7 6.8 9.2
Depreciation & Amortization $ 46.4 $ 39.8 $ 144.5 $ 113.7
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 89.1 $ 92.8 $ 274.2 $ 332.8
Specialty Engineered Materials 50.8 44.3 174.7 133.3
Corporate (59.2) (56.7) (150.7) (109.5)
Other income (expense), net 1.0 (32.3) 1.5 (31.3)
EBITDA including special items $ 81.7 $ 48.1 $ 299.7 $ 325.3
Special items in EBITDA 41.0 71.2 88.1 75.6
Total Company, EBITDA adjusted $ 122.7 $ 119.3 $ 387.8 $ 400.9
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2023-07/AVNT Q2 2023 Earnings Press Release%5B43%5D.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Sales $ 824.4 $ 891.0 $ 1,670.1 $ 1,783.2
Operating Income 62.3 100.1 119.4 202.3
Net income from continuing operations attributable to Avient
shareholders 22.1 62.8 42.9 127.2
Basic earnings per share from continuing operations attributable to
Avient shareholders $ 0.24 $ 0.69 $ 0.47 $ 1.39
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.24 $ 0.68 $ 0.47 $ 1.38
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and
diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items,
to assess performance and facilitate comparability of results.
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 22.1 $ 0.24 $ 62.8 $ 0.68
Special items, after tax (Attachment 3) 19.6
0.21 3.2 0.03
Amortization expense, after-tax 16.2 0.18 10.5 0.12
Adjusted net income / EPS $ 57.9 $ 0.63 $ 76.5 $ 0.83
Six Months Ended
June 30, 2023 Six Months Ended
June 30, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient
shareholders $ 42.9 $ 0.47 $ 127.2 $ 1.38
Special items, after tax (Attachment 3) 41.9 0.46 9.6 0.10
Amortization expense, after-tax 31.3 0.34 21.3 0.23
Adjusted net income / EPS $ 116.1 $ 1.27 $ 158.1 $ 1.71
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Sales $ 824.4 $ 891.0 $ 1,670.1 $ 1,783.2
Cost of sales 583.7 630.1 1,181.8 1,267.9
Gross margin 240.7 260.9 488.3 515.3
Selling and administrative expense 178.4 160.8 368.9 313.0
Operating income 62.3 100.1 119.4 202.3
Interest expense, net (29.4) (16.2) (58.2) (33.1)
Other (expense) income, net (0.2) 1.6 0.5 1.0
Income from continuing operations before income taxes 32.7 85.5 61.7 170.2
Income tax expense (10.4) (22.7) (18.1) (42.7)
Net income from continuing operations 22.3 62.8 43.6 127.5
Income (loss) from discontinued operations, net of income taxes — 21.9 (0.9) 41.7
Net income 22.3 84.7 42.7 169.2
Net income attributable to noncontrolling interests (0.2) — (0.7) (0.3)
Net income attributable to Avient common shareholders $ 22.1 $ 84.7 $ 42.0 $ 168.9
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.24 $ 0.69 $ 0.47 $ 1.39
Discontinued operations — 0.24 (0.01) 0.46
Total $ 0.24 $ 0.93 $ 0.46 $ 1.85
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.24 $ 0.68 $ 0.47 $ 1.38
Discontinued operations — 0.24 (0.01) 0.45
Total $ 0.24 $ 0.92 $ 0.46 $ 1.83
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 $ 0.4950 $ 0.4750
Weighted-average shares used to compute earnings per common share:
Basic 91.1 91.4 91.1 91.4
Diluted 91.9 92.1 91.9 92.2
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (1.2) $ (2.6) $ (7.8) $ (7.0)
Environmental remediation costs (13.0) (3.0) (14.4) (5.0)
Reimbursement of previously incurred environmental costs — 7.6 — 8.2
Impact on cost of sales (14.2) 2.0 (22.2) (3.8)
Selling and administrative expense:
Restructuring (0.5) (2.9) (11.9) (1.3)
Legal and other (6.4) 1.2 (10.6) 1.5
Acquisition related costs (0.7) (2.1) (4.2) (5.0)
Impact on selling and administrative expense (7.6) (3.8) (26.7) (4.8)
Impact on operating income (21.8) (1.8) (48.9) (8.6)
Other income (loss), net 0.1 0.9 (0.1) 1.0
Impact on income from continuing operations before income taxes (21.7) (0.9) (49.0) (7.6)
Income tax expense (benefit) on above special items 5.5 0.2 12.4 2.0
Tax adjustments(2) (3.4) (2.5) (5.3) (4.0)
Impact of special items on net income from continuing operations $ (19.6) $ (3.2) $ (41.9) $ (9.6)
Diluted earnings per common share impact $ (0.21) $ (0.03) $ (0.46) $ (0.10)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.9 92.1 91.9 92.2
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring
items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 524.5 $ 649.1 $ 1,061.5 $ 1,298.6
Specialty Engineered Materials 300.8 242.3 610.5 485.4
Corporate (0.9) (0.4) (1.9) (0.8)
Sales $ 824.4 $ 891.0 $ 1,670.1 $ 1,783.2
Gross margin:
Color, Additives and Inks $ 164.1 $ 193.4 $ 326.1 $ 385.5
Specialty Engineered Materials 91.5 66.0 185.4 134.4
Corporate (14.9) 1.5 (23.2) (4.6)
Gross margin $ 240.7 $ 260.9 $ 488.3 $ 515.3
Selling and administrative expense:
Color, Additives and Inks $ 96.1 $ 99.8 $ 192.5 $ 197.4
Specialty Engineered Materials 51.8 30.8 102.6 60.9
Corporate 30.5 30.2 73.8 54.7
Selling and administrative expense $ 178.4 $ 160.8 $ 368.9 $ 313.0
Operating income:
Color, Additives and Inks $ 68.0 $ 93.6 $ 133.6 $ 188.1
Specialty Engineered Materials 39.7 35.2 82.8 73.5
Corporate (45.4) (28.7) (97.0) (59.3)
Operating income $ 62.3 $ 100.1 $ 119.4 $ 202.3
Depreciation & amortization:
Color, Additives and Inks $ 25.7 $ 25.8 $ 51.5 $ 51.9
Specialty Engineered Materials 19.9 7.6 41.1 15.5
Corporate 2.0 3.1 5.5 6.9
Depreciation & Amortization $ 47.6 $ 36.5 $ 98.1 $ 74.3
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 93.7 $ 119.4 $ 185.1 $ 240.0
Specialty Engineered Materials 59.6 42.8 123.9 89.0
Corporate (43.4) (25.6) (91.5) (52.4)
Other income (expense), net (0.2) 1.6 0.5 1.0
EBITDA including special items $ 109.7 $ 138.2 $ 218.0 $ 277.6
Total Company special items in EBITDA 21.6 (0.2) 47.1 4.4
Total Company, EBITDA adjusted $ 131.3 $ 138.0 $ 265.1 $ 282.0
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2022-02/Q4 2021 Avient Earnings Release_0.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1
Operating Income 74.0 65.0 381.2 189.3
Net income from continuing operations attributable to Avient
shareholders 29.8 74.2 230.8 132.0
Basic earnings per share from continuing operations attributable to
Avient shareholders $ 0.33 $ 0.81 $ 2.53 $ 1.47
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.32 $ 0.81 $ 2.51 $ 1.46
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and
diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items,
to assess performance and facilitate comparability of results.
Three Months Ended
December 31,
2021 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 29.8 $ 0.32 $ 74.2 $ 0.81
Special items, after tax (Attachment 3) 24.0 0.26 (26.7) (0.29)
Adjusted net income / EPS - excluding special items $ 53.8 $ 0.58 $ 47.5 $ 0.52
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended
December 31,
2021 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 230.8 $ 2.51 $ 132.0 $ 1.46
Special items, after tax (Attachment 3) 50.0 0.54 24.8 0.27
Adjusted net income / EPS - excluding special items $ 280.8 3.05 $ 156.8 1.73
(1) Per share amounts may not recalculate from figures presented herein due to rounding
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1
Cost of sales 948.4 744.1 3,719.2 2,457.8
Gross margin 253.1 252.9 1,099.6 784.3
Selling and administrative expense 179.1 187.9 718.4 595.0
Operating income 74.0 65.0 381.2 189.3
Interest expense, net (17.5) (19.3) (75.3) (74.6)
Other (expense) income, net (5.4) 11.7 (1.3) 24.3
Income from continuing operations before income taxes 51.1 57.4 304.6 139.0
Income tax (expense) benefit (22.2) 17.3 (74.0) (5.2)
Net income from continuing operations 28.9 74.7 230.6 133.8
Income (loss) from discontinued operations, net of income taxes — 0.1 — (0.4)
Net income 28.9 74.8 230.6 133.4
Net loss (income) attributable to noncontrolling interests 0.9 (0.5) 0.2 (1.8)
Net income attributable to Avient common shareholders $ 29.8 $ 74.3 $ 230.8 $ 131.6
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.33 $ 0.81 $ 2.53 $ 1.47
Discontinued operations — — — (0.01)
Total $ 0.33 $ 0.81 $ 2.53 $ 1.46
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.32 $ 0.81 $ 2.51 $ 1.46
Discontinued operations — — — (0.01)
Total $ 0.32 $ 0.81 $ 2.51 $ 1.45
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.8750 $ 0.8200
Weighted-average shares used to compute earnings per common share:
Basic 91.5 91.4 91.4 90.1
Diluted 92.4 92.1 92.1 90.6
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Cost of sales:
Restructuring costs, including accelerated depreciation $ (6.0) $ (1.8) $ (14.6) $ (4.3)
Environmental remediation costs (0.5) (1.1) (22.9) (20.4)
Reimbursement of previously incurred environmental costs — — 4.5 8.7
Acquisition related costs 0.6 1.2 (0.6) (9.3)
Impact on cost of sales (5.9) (1.7) (33.6) (25.3)
Selling and administrative expense:
Restructuring, legal and other (4.2) (13.0) (5.9) (22.5)
Acquisition earn-out adjustments — 1.5 — (1.0)
Acquisition related costs (1.1) (1.4) (8.3) (24.9)
Impact on selling and administrative expense (5.3) (12.9) (14.2) (48.4)
Impact on operating income (11.2) (14.6) (47.8) (73.7)
Costs related to committed financing in interest expense, net — — — (10.1)
Other income, net — 0.1 0.1 0.4
Pension settlement/curtailment and mark-to-market adjustment (loss) gain (9.4) 10.3 (9.4) 17.2
Impact on income from continuing operations before income taxes (20.6) (4.2) (57.1) (66.2)
Income tax benefit (expense) on above special items 4.1 (1.3) 13.0 14.1
Tax adjustments(2) (7.5) 32.2 (5.9) 27.3
Impact of special items on net income from continuing operations
attributable to Avient Shareholders $ (24.0) $ 26.7 $ (50.0) $ (24.8)
Diluted earnings per common share impact of special items on net income
from continuing operations attributable to Avient shareholders $ (0.26) $ 0.29 $ (0.54) $ (0.27)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.4 92.1 92.1 90.6
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Sales:
Color, Additives and Inks $ 581.3 $ 525.8 $ 2,401.6 $ 1,502.9
Specialty Engineered Materials 228.2 190.6 918.9 708.8
Distribution 425.0 305.1 1,630.9 1,110.3
Corporate and eliminations (33.0) (24.5) (132.6) (79.9)
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1
Gross margin:
Color, Additives and Inks $ 164.5 $ 164.3 $ 727.5 $ 484.4
Specialty Engineered Materials 60.0 59.1 257.4 207.6
Distribution 36.5 32.4 155.8 124.0
Corporate and eliminations (7.9) (2.9) (41.1) (31.7)
Gross margin $ 253.1 $ 252.9 $ 1,099.6 $ 784.3
Selling and administrative expense:
Color, Additives and Inks $ 103.3 $ 106.8 $ 424.4 $ 303.6
Specialty Engineered Materials 31.2 28.7 125.4 113.2
Distribution 14.8 14.4 62.6 54.5
Corporate and eliminations 29.8 38.0 106.0 123.7
Selling and administrative expense $ 179.1 $ 187.9 $ 718.4 $ 595.0
Operating income:
Color, Additives and Inks $ 61.2 $ 57.5 $ 303.1 $ 180.8
Specialty Engineered Materials 28.8 30.4 132.0 94.4
Distribution 21.7 18.0 93.2 69.5
Corporate and eliminations (37.7) (40.9) (147.1) (155.4)
Operating income $ 74.0 $ 65.0 $ 381.2 $ 189.3
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2022-08/AVNT Aug 2022 Presentation - Jefferies.pdf
AVIENT: WHO WE ARE
38
21
9
34
• U.S. and Canada
• Latin America
• Europe, Middle East & Africa
• Asia
25,000+
CUSTOMERS
Headquartered in Avon Lake, OH
(Cleveland)
8,800+ employees
100+ manufacturing plants
Key Financial Data
2022E Sales $5.1 billion
2022E EBITDA $635 million
2022E EPS $3.50
>70%
ARE CUSTOMIZED SOLUTIONS
TO UNIQUE SPECIFICATIONS
of
sales
WHO WE ARE – VISION, STRATEGY, CULTURE
4
Avient Corporation (NYSE: AVNT) provides
specialized and sustainable material solutions that
transform customer challenges into opportunities,
bringing new products to life for a better world.
Global Compact &
fulfilled Communication of Progress (COP)
requirements
• New Sustainability Strategy overview page including
our 2022 AIP ESG metrics
• New ESG Performance page with ESG ratings,
awards, and certifications
• Increased disclosures on carbon emissions, including
disclosure of Climate Change Scenario Analysis
• Added new Product Stewardship and Chemical
Management policies
• Enhanced data reporting for Workforce
Demographics
• Improved social disclosures on human rights,
dependent care and special leave and strategic
training management
2021 SUSTAINABILITY REPORT
Launching integrated sustainability website in parallel with report
Aligned with leading reporting frameworks
13
ESG PERFORMANCE & AWARDS
14
16th
ENVIRONMENTAL
SOCIAL
GOVERNANCE
1
(as of 6/30/22)
2022 O U T LO O K
$429
$490
$3.05
$3.50
FY 2022 GUIDANCE
(TOTAL COMPANY: CURRENT PORTFOLIO)
16
Sales Adjusted Operating Income
$4,819
$5,100
+ 6%
Adjusted EPS
+ 14% + 15%
(in millions) (in millions)
(+ 9% excluding FX) (+ 18% excluding FX) (+ 20% excluding FX)
17
CASH FLOW / LEVERAGE
($ millions) 2022E
Cash Flow from Operating Activities 400$
Less:
Run-Rate CapEx (90)
CapEx for Clariant Integration (10)
CapEx for IT System Upgrade (15)
Total CapEx (115)
Free Cash Flow 285$
Adjusted EBITDA 635$
Net Debt / Adjusted EBITDA 1.6x
18
DYNEEMA / DISTRIBUTION UPDATES
• Strong performance so far in 2022 in-line
with our modeling
• Acquisition to be finalized as early as
September 1, pending standard
regulatory process and closing conditions
• Encouraging interest thus far from
potential buyers for world-class business
with a strong track record
• Second round bids due in August
DISTRIBUTION
19
PRO FORMA MODELING UPDATE
2022E
($M)
Revenue 5,100$ 415$ 5,515$ (1,635)$ 3,880$
Adjusted EBITDA 635 130 765 (109) 656
EBITDA % 12% 31% 14% 7% 17%
Adj.
Annual Purchases
RAW MATERIAL AND SUPPLY CHAIN UPDATE
Based on 2021 purchases, excludes Distribution business
DYN E E MA ACQ U I S I T I O N
32
15x stronger than steel
Reduces weight by 30% vs. other solutions
Well-maintained global asset base poised to serve growing demand
• Purchase price of $1.48B represents 11.4x multiple of
2022 EBITDA
• Acquisition will expand Avient’s composites and fiber
portfolio with Dyneema®, the World’s Strongest Fiber™
• $415M sales and 30%+ EBITDA margins; Immediately
accretive to pro forma 2022 EPS, adding $0.35
• 1,300 patents globally, ~50% of sales patent protected
• 1,000+ employees across global production network and
dedicated technology centers
• Composites platform will increase from $261M to $680M in
revenue and from $49M to $180M in EBITDA Indicates Dyneema® location
$175M
(42%)
$65M
(16%)
$175M
(42%)
2022E Sales By Region ($M)
(1) $0.35 EPS excludes intangible amortization
(2) Based on 2022 expected results
(1) (2)
(2)
FIT WITH FOUR PILLAR STRATEGY
33
Specialization
• Innovation-led organization with
tremendous intellectual property value in
trademarks, patents and “know-how”
• Deep history of application development
and premium, leading brand with the
World’s Strongest FiberTM
Globalization
• Global customer base with an
established presence across all major
geographic regions
• Global technology centers complement
existing Composites applications and
expertise
Operational
Excellence
• Best-in-class safety performance
• Well-run and maintained asset base fit to
serve future growth
• Highly effective and reliable supply chain
with emphasis on optimizing service to
customers
Commercial
Excellence
• Deep customer relationships extend
across the value chain and drive ability
to grow
• Offer a full suite of services with an active
role in design, development and
commercialization
People
Experienced and
talented associates
with a passion for
safety, specialization
and winning
DYNEEMA® OVERVIEW
K E Y I N D U S T R I E S
PERSONAL PROTECTION
Military • Law Enforcement • First
Responders Body Armor • Helmets •
Vehicle Protection
$215M
MARINE & SUSTAINABLE
INFRASTRUCTURE
Towing / Mooring • Aquaculture •
Floating Wind • Offshore Cranes
$130M
CONSUMER
Consumer • Outdoor High Performance •
Safety Equipment
$70M
34 Figures reflect 2022 expected sales
MIFOverview Competition Valuechain &
Go-to-market Strategy Innovation Financials
TECHNOLOGY
35
1,200 1,300
2,500
Avient Dyneema Combined
Patents
• True specialty business – the World’s Strongest Fiber™
• Deep history of application development with customers,
strongest in the industry
• The only UHMwPE (ultra-high molecular weight polyethylene)
fiber producer that is backward integrated
o Provides innovation advantage through control of all steps of the process
• Complementary with our existing reinforced film expertise
(PolyStrand) and engineered fiber presences (Fiber-Line)
WINNING PROPERTIES
Ultra high strength vs. weight Highly flexible
Floats on water Chemically inert; no smell/taste and non-toxic
High resistance to UV radiation Self-lubricating, with low friction
One-of-a-kind technology
®
FORMULATION PROCESS
36
• Like Avient, Dyneema® offers similar
core competencies around formulation
and material science
• Technology that combines polymers and
fibers to provide specialized, high
performing solutions for customers
• Design capabilities ensure that
applications are highly customized for
the specified end use
DYNEEMA® IN THE VALUE CHAIN
37
UHMwPE
Fiber / Tapes
Military Personnel,
Law Enforcement
Heavy Marine,
Offshore Wind Energy
and Mooring,
Aquaculture
Outdoor,
Footwear, Apparel,
Inflatables
• Material Science
• Formulation
• Service
INTERMEDIATE MANUFACTURING
(CUSTOMERS) OEM / APPLICATION
DEMAND TRENDS
38
• Military spending and near-term demand for higher performing personal protection
products (like Dyneema®) expected to increase
o European NATO members annual defense spend expected to increase by up to 20%(1)
o Japan aiming to almost double defense spending over the next 5 years(2)
o Accelerated launch of next generation technology in North America
• Policy-driven demand for sustainable energy; growth in floating offshore wind
farms which require advanced, durable technology
o Offshore wind expected to grow at a CAGR of 32% with the level of annual installations
quadrupling over the next five years(3)
• Continued investment in aquaculture as a sustainable food source(4)
• Strong demand in outdoor high performance space across niche consumer
applications aligns with 10% growth assumption for Avient’s Composites portfolio
Sources:
(1) “Funding NATO”, NATO.int (April 1, 2022)
(2) “Japan Ruling Party Calls for Defense Spending Boost to 2% of GDP”, WSJ (April 21, 2022)
(3) “Global Wind Report 2021”, Global Wind Energy Council
(4) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries
39
A L I G N M E N T W I T H
S U S T A I N A B I L I T Y G O A L S
PRODUCTS
AVIENT’S EXISTING COMPOSITES PORTFOLIO
D I V E R S E C A P A B I L I T I E S A N D S O L U T I O N S S E R V I N G
M A N U F A C T U R E R S A N D O E M S
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
40
AVIENT’S COMPOSITES PORTFOLIO
SALES AND EBITDA
41
$74 $84
$216 $212
$261
$5 $10
$32
$41
$49
$180
0
50
100
150
200
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
$750
2017 2018 2019 2020 2021 2022E
$680
• Dyneema® acquisition will further
improve Composites EBITDA margins
to 26%
• Dyneema® will complement our
existing portfolio with deep formulation
expertise, innovative culture and
global commercial presence
• Composites will continue to be a key
growth driver to deliver future revenue
growth in excess of GDP
(1) Pro forma for the acquisition of Dyneema®
SEGMENT DATA
U.S. & Canada
50%
Latin America
2021 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
19%
Building and
END MARKET REVENUE
(1) Total company sales and adjusted EBITDA of $4,819M and $581M, respectively, include intercompany sales eliminations and corporate costs
$2,402M
$409M
$919M
$164M
$1,631M
$94M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$581M$4,819M
43
34%
Building &
1% Telecommunications
C O L O R , A D D I T I V E S & I N K S
2021 REVENUE | $2 .4 BILLION
32%
40%
Latin America
END MARKET REGION
44
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
27%
Building &
2021 REVENUE | $919 MILLION
END MARKET
55%
REGION
45
D I S T R I BU T I O N
26%
Building and
80%
3%
Latin
America
END MARKET REGION
K EY SU PPL IER S
2021 REVENUE | $1 .6 BILLION
46
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%
26%Healthcare
14%
Building &
2% Energy
(16% of sales)
32%
Building &
(25% of sales)
47
19%
Building &
US &
Canada
(50% of sales)
38%
33%
Building &
LATAM
(9% of sales)
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-news-release.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 2,245.1
Operating Income 78.7 33.5 307.2 124.3
Net income from continuing operations attributable to Avient shareholders 52.9 1.7 201.0 57.8
Basic earnings per share from continuing operations attributable to Avient
shareholders $ 0.58 $ 0.02 $ 2.20 $ 0.64
Diluted earnings per share from continuing operations attributable to Avient
shareholders $ 0.57 $ 0.02 $ 2.18 $ 0.64
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and
diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items,
to assess performance and facilitate comparability of results.
Three Months Ended
September 30, 2021
Three Months Ended
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 0.57 $ 1.7 $ 0.02
Special items, after tax (Attachment 3) 11.7 0.13 40.3 0.44
Adjusted net income / EPS - excluding special items $ 64.6 $ 0.70 $ 42.0 $ 0.46
Nine Months Ended
September 30, 2021
Nine Months Ended
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 201.0 $ 2.18 $ 57.8 $ 0.64
Special items, after tax (Attachment 3) 26.0 0.28 51.5 0.57
Adjusted net income / EPS - excluding special items $ 227.0 $ 2.46 $ 109.3 $ 1.21
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 2,245.1
Cost of sales 964.4 714.3 2,770.8 1,713.7
Gross margin 255.4 210.2 846.5 531.4
Selling and administrative expense 176.7 176.7 539.3 407.1
Operating income 78.7 33.5 307.2 124.3
Interest expense, net (19.0) (29.7) (57.8) (55.3)
Other income, net 1.4 1.5 4.1 12.6
Income from continuing operations before income taxes 61.1 5.3 253.5 81.6
Income taxes (8.5) (2.7) (51.8) (22.5)
Net income from continuing operations 52.6 2.6 201.7 59.1
Loss from discontinued operations, net of income taxes — — — (0.5)
Net income 52.6 2.6 201.7 58.6
Net loss (income) attributable to noncontrolling interests 0.3 (0.9) (0.7) (1.3)
Net income attributable to Avient common shareholders $ 52.9 $ 1.7 $ 201.0 $ 57.3
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.58 $ 0.02 $ 2.20 $ 0.64
Discontinued operations — — — —
Total $ 0.58 $ 0.02 $ 2.20 $ 0.64
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.57 $ 0.02 $ 2.18 $ 0.64
Discontinued operations — — — (0.01)
Total $ 0.57 $ 0.02 $ 2.18 $ 0.63
Cash dividends declared per share of common stock $ 0.2125 $ 0.2025 $ 0.6375 $ 0.6075
Weighted-average shares used to compute earnings per
common share:
Basic 91.4 91.5 91.3 89.7
Diluted 92.2 91.9 92.1 90.7
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Cost of sales:
Restructuring costs, including accelerated depreciation and
amortization $ (5.3) $ (1.3) $ (8.6) $ (2.5)
Environmental remediation costs (9.4) (15.8) (22.4) (19.3)
Reimbursement of previously incurred environmental costs — — 4.5 8.7
Acquisition related costs (2.6) (10.5) (1.2) (10.5)
Impact on cost of sales (17.3) (27.6) (27.7) (23.6)
Selling and administrative expense:
Restructuring, legal and other — (4.2) (1.7) (9.5)
Acquisition earn-out adjustments — (1.5) — (2.5)
Acquisition related costs (2.7) (7.1) (7.2) (23.5)
Impact on selling and administrative expense (2.7) (12.8) (8.9) (35.5)
Impact on operating income (20.0) (40.4) (36.6) (59.1)
Costs related to committed financing in interest expense, net — (9.6) — (10.1)
Other income, net 0.1 — 0.1 0.3
Pension settlement gain and mark-to-market adjustment — — — 6.9
Impact on income from continuing operations before income taxes (19.9) (50.0) (36.5) (62.0)
Income tax benefit on above special items 4.6 12.7 8.9 15.4
Tax adjustments(2) 3.6 (3.0) 1.6 (4.9)
Impact of special items on net income from continuing operations
attributable to Avient Shareholders $ (11.7) $ (40.3) $ (26.0) $ (51.5)
Diluted earnings per common share impact $ (0.13) $ (0.44) $ (0.28) $ (0.57)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.2 91.9 92.1 90.7
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Sales:
Color, Additives and Inks $ 586.6 $ 493.8 $ 1,820.3 $ 977.1
Specialty Engineered Materials 233.6 174.1 690.7 518.2
Distribution 438.8 276.9 1,205.9 805.2
Corporate and eliminations (39.2) (20.3) (99.6) (55.4)
Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 2,245.1
Gross margin:
Color, Additives and Inks $ 172.1 $ 155.0 $ 563.0 $ 320.1
Specialty Engineered Materials 63.1 53.4 197.4 148.5
Distribution 39.9 30.8 119.3 91.6
Corporate and eliminations (19.7) (29.0) (33.2) (28.8)
Gross margin $ 255.4 $ 210.2 $ 846.5 $ 531.4
Selling and administrative expense:
Color, Additives and Inks $ 105.3 $ 104.5 $ 321.1 $ 196.8
Specialty Engineered Materials 31.4 28.7 94.2 84.5
Distribution 16.1 13.3 47.8 40.1
Corporate and eliminations 23.9 30.2 76.2 85.7
Selling and administrative expense $ 176.7 $ 176.7 $ 539.3 $ 407.1
Operating income:
Color, Additives and Inks $ 66.8 $ 50.5 $ 241.9 $ 123.3
Specialty Engineered Materials 31.7 24.7 103.2 64.0
Distribution 23.8 17.5 71.5 51.5
Corporate and eliminations (43.6) (59.2) (109.4) (114.5)
Operating income $ 78.7 $ 33.5 $ 307.2 $ 124.3
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 93.4 $ 76.8 $ 321.1 $ 171.3
Specialty Engineered Materials 39.6 32.2 127.0 86.7
Distribution 24.0 17.7 72.1 51.9
Corporate and eliminations (41.5) (56.7) (105.3) (108.3)
Other income, net 1.4 1.5 4.1 12.6
EBITDA $ 116.9 $ 71.5 $ 419.0 $ 214.2
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2024-05/AVNT Q1 2024 Earnings Press Release_0.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2024 2023
Sales $ 829.0 $ 845.7
Operating income 94.0 57.1
Net income from continuing operations attributable to Avient shareholders 49.4 20.8
Diluted earnings per share from continuing operations attributable to Avient shareholders $ 0.54 $ 0.23
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
Three Months Ended
March 31,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 49.4 $ 0.54 $ 20.8 $ 0.23
Special items, after-tax (Attachment 3) 5.5 0.06 22.3 0.24
Amortization expense, after-tax 14.9 0.16 15.1 0.16
Adjusted net income / EPS $ 69.8 $ 0.76 $ 58.2 $ 0.63
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2024 2023
Sales $ 829.0 $ 845.7
Cost of sales 550.8 598.1
Gross margin 278.2 247.6
Selling and administrative expense 184.2 190.5
Operating income 94.0 57.1
Interest expense, net (26.6) (28.8)
Other (expense) income, net (0.9) 0.7
Income from continuing operations before income taxes 66.5 29.0
Income tax expense (16.8) (7.7)
Net income from continuing operations 49.7 21.3
Loss from discontinued operations, net of income taxes — (0.9)
Net income 49.7 20.4
Net income attributable to noncontrolling interests (0.3) (0.5)
Net income attributable to Avient common shareholders $ 49.4 $ 19.9
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.54 $ 0.23
Discontinued operations — (0.01)
Total $ 0.54 $ 0.22
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.54 $ 0.23
Discontinued operations — (0.01)
Total $ 0.54 $ 0.22
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475
Weighted-average shares used to compute earnings per common share:
Basic 91.2 91.0
Diluted 92.0 91.8
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
March 31,
2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ 3.6 $ (6.6)
Environmental remediation costs (4.0) (1.4)
Impact on cost of sales (0.4) (8.0)
Selling and administrative expense:
Restructuring and employee separation costs (0.7) (11.3)
Legal and other (3.5) (4.4)
Acquisition related costs (1.6) (3.4)
Impact on selling and administrative expense (5.8) (19.1)
Impact on operating income (6.2) (27.1)
Other income (loss), net — (0.2)
Impact on income from continuing operations before income taxes (6.2) (27.3)
Income tax benefit on above special items 1.4 6.9
Tax adjustments(2) (0.7) (1.9)
Impact of special items on net income from continuing operations $ (5.5) $ (22.3)
Diluted earnings per common share impact $ (0.06) $ (0.24)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.0 91.8
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-
recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
Three Months Ended
March 31,
2024 2023
Sales:
Color, Additives and Inks $ 515.3 $ 537.0
Specialty Engineered Materials 314.4 309.7
Corporate (0.7) (1.0)
Sales $ 829.0 $ 845.7
Gross margin:
Color, Additives and Inks $ 171.2 $ 162.0
Specialty Engineered Materials 107.0 93.9
Corporate — (8.3)
Gross margin $ 278.2 $ 247.6
Selling and administrative expense:
Color, Additives and Inks $ 96.4 $ 96.4
Specialty Engineered Materials 53.6 50.8
Corporate 34.2 43.3
Selling and administrative expense $ 184.2 $ 190.5
Operating income:
Color, Additives and Inks $ 74.8 $ 65.6
Specialty Engineered Materials 53.4 43.1
Corporate (34.2) (51.6)
Operating income $ 94.0 $ 57.1
Depreciation & amortization:
Color, Additives and Inks $ 21.9 $ 25.8
Specialty Engineered Materials 19.6 21.2
Corporate 2.8 3.5
Depreciation & amortization $ 44.3 $ 50.5
Earnings before interest, taxes, depreciation and amortization (EBITDA):
Color, Additives and Inks $ 96.7 $ 91.4
Specialty Engineered Materials 73.0 64.3
Corporate (31.4) (48.1)
Other (expense) income, net (0.9) 0.7
EBITDA from continuing operations 137.4 108.3
Special items, before tax 6.2 27.3
Depreciation and amortization included in special items (0.5) (1.8)
Adjusted EBITDA $ 143.1 $ 133.8
12
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2024-08/AVNT Second Quarter Earnings Press Release.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Operating Income 72.5 62.3 166.5 119.4
Net income from continuing operations attributable to Avient
shareholders 33.6 22.1 83.0 42.9
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.36 $ 0.24 $ 0.90 $ 0.47
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
Three Months Ended
June 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 33.6 $ 0.36 $ 22.1 $ 0.24
Special items, after-tax (Attachment 3) 21.8 0.24 19.6 0.21
Amortization expense, after-tax 14.8 0.16 16.2 0.18
Adjusted net income / EPS $ 70.2 $ 0.76 $ 57.9 $ 0.63
Six Months Ended
June 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 83.0 $ 0.90 $ 42.9 $ 0.47
Special items, after-tax (Attachment 3) 27.3 0.30 41.9 0.46
Amortization expense, after-tax 29.7 0.32 31.3 0.34
Adjusted net income / EPS $ 140.0 $ 1.52 $ 116.1 $ 1.27
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Cost of sales 592.1 583.7 1,142.9 1,181.8
Gross margin 257.6 240.7 535.8 488.3
Selling and administrative expense 185.1 178.4 369.3 368.9
Operating income 72.5 62.3 166.5 119.4
Interest expense, net (26.6) (29.4) (53.2) (58.2)
Other (expense) income, net (0.9) (0.2) (1.8) 0.5
Income from continuing operations before income taxes 45.0 32.7 111.5 61.7
Income tax expense (11.2) (10.4) (28.0) (18.1)
Net income from continuing operations 33.8 22.3 83.5 43.6
Loss from discontinued operations, net of income taxes — — — (0.9)
Net income $ 33.8 $ 22.3 $ 83.5 $ 42.7
Net income attributable to noncontrolling interests (0.2) (0.2) (0.5) (0.7)
Net income attributable to Avient common shareholders $ 33.6 $ 22.1 $ 83.0 $ 42.0
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.37 $ 0.24 $ 0.91 $ 0.47
Discontinued operations — — — (0.01)
Total $ 0.37 $ 0.24 $ 0.91 $ 0.46
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.36 $ 0.24 $ 0.90 $ 0.47
Discontinued operations — — — (0.01)
Total $ 0.36 $ 0.24 $ 0.90 $ 0.46
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 0.5150 $ 0.4950
Weighted-average shares used to compute earnings per common share:
Basic 91.3 91.1 91.3 91.1
Diluted 92.2 91.9 92.0 91.9
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ 0.2 $ (1.2) $ 3.8 $ (7.8)
Environmental remediation costs (21.8) (13.0) (25.8) (14.4)
Impact on cost of sales (21.6) (14.2) (22.0) (22.2)
Selling and administrative expense:
Restructuring and employee separation costs (2.8) (0.5) (3.5) (11.9)
Legal and other (2.3) (6.4) (5.8) (10.6)
Acquisition related costs (0.5) (0.7) (2.1) (4.2)
Impact on selling and administrative expense (5.6) (7.6) (11.4) (26.7)
Impact on operating income (27.2) (21.8) (33.4) (48.9)
Interest expense, net - financing costs (1.0) — (1.0) —
Other income (loss) 0.1 0.1 0.1 (0.1)
Impact on income from continuing operations before income taxes (28.1) (21.7) (34.3) (49.0)
Income tax benefit on above special items 7.0 5.5 8.4 12.4
Tax adjustments(2) (0.7) (3.4) (1.4) (5.3)
Impact of special items on net income from continuing operations $ (21.8) $ (19.6) $ (27.3) $ (41.9)
Diluted earnings per common share impact $ (0.24) $ (0.21) $ (0.30) $ (0.46)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.2 91.9 92.0 91.9
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-
recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Sales:
Color, Additives and Inks $ 542.0 $ 524.5 $ 1,057.3 $ 1,061.5
Specialty Engineered Materials 308.1 300.8 622.5 610.5
Corporate (0.4) (0.9) (1.1) (1.9)
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Gross margin:
Color, Additives and Inks $ 184.5 $ 164.1 $ 355.7 $ 326.1
Specialty Engineered Materials 94.7 91.5 201.7 185.4
Corporate (21.6) (14.9) (21.6) (23.2)
Gross margin $ 257.6 $ 240.7 $ 535.8 $ 488.3
Selling and administrative expense:
Color, Additives and Inks $ 98.4 $ 96.1 $ 194.8 $ 192.5
Specialty Engineered Materials 51.9 51.8 105.5 102.6
Corporate 34.8 30.5 69.0 73.8
Selling and administrative expense $ 185.1 $ 178.4 $ 369.3 $ 368.9
Operating income:
Color, Additives and Inks $ 86.1 $ 68.0 $ 160.9 $ 133.6
Specialty Engineered Materials 42.8 39.7 96.2 82.8
Corporate (56.4) (45.4) (90.6) (97.0)
Operating income $ 72.5 $ 62.3 $ 166.5 $ 119.4
Depreciation & amortization:
Color, Additives and Inks $ 21.8 $ 25.7 $ 43.7 $ 51.5
Specialty Engineered Materials 20.8 19.9 40.4 41.1
Corporate 2.3 2.0 5.1 5.5
Depreciation & amortization $ 44.9 $ 47.6 $ 89.2 $ 98.1
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 107.9 $ 93.7 $ 204.6 $ 185.1
Specialty Engineered Materials 63.6 59.6 136.6 123.9
Corporate (54.1) (43.4) (85.5) (91.5)
Other (expense) income, net (0.9) (0.2) (1.8) 0.5
EBITDA from continuing operations $ 116.5 $ 109.7 $ 253.9 $ 218.0
Special items, before tax 28.1 21.7 34.3 49.0
Interest expense included in special items (1.0) — (1.0) —
Depreciation & amortization included in special items (0.3) (0.1) (0.8) (1.9)
Adjusted EBITDA $ 143.3 $ 131.3 $ 286.4 $ 265.1
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2021-12/AVNT 2021 Investor Day_0.pdf
Infrastructure Bill earmarks $65
billion for broadband buildout
• US RDOF (Rural Digital Opportunity
Fund) to support continued
investment in fiber-to-the-home
(FTTx)
• Rapid data center growth to support
exponential data consumption growth
Avient Corporation 82
2018 - 2022 2021 - 2024 2022 - 2027
Co-locate radios with 4G
towers
5G towers in new locations
(
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.
Peer data per Bloomberg market data as of December 2, 2021.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_USA.pdf
We hold ourselves accountable—to each other and our stakeholders--and take
personal responsibility for our actions and results.
12
Accurate Information, Data
and Records
Complete, accurate and reliable records are essential
to good decisions and efficient operations.
Where appropriate,
direct your ideas to Avient’s Legal department for patent,
copyright or trade secret protection.
15
Privacy, Personal Information and
Data Protection
Personal privacy is important to all of us.
This
includes how you collect, use, store, share, and preserve or
delete or dispose of personal data.