https://www.avient.com/sites/default/files/2022-02/AVNT Q4 2021 Earnings Presentation_0.pdf
FX)
2022 GROWTH PROJECTIONS
19
$3.05
$3.50
2021 2022E
Full Year – Adjusted EPS
+ 15%
(+ 17% excluding FX)
$0.89
$0.95
2021 2022E
Q1 – Adjusted EPS
+ 7%
(+ 10% excluding FX)
($ millions) Q1 Full Year Q1 Full Year
2021 - Actual 1,162$ 4,819$ 123$ 429$
Sustainable Solutions 27 110 12 44
Healthcare 15 66 4 13
Composites (excl.Outdoor High Performance) 11 29 5 13
Outdoor High Performance Applications (7) (20) (4) (10)
Growth in Asia / LATAM 10 51 3 11
Other 57 115 9 12
Sub-total 1,275$ 5,170$ 152$ 512$
Wage Inflation and Overtime (12) (18)
Other Supply Chain Costs (4) (7)
FX Impact (25) (70) (4) (8)
Synergies 4 15
Travel, Other Employee Costs (1) (4)
2022 - Estimated 1,250$ 5,100$ 135$ 490$
Adjusted
2022 SALES AND OI – Q1 AND FULL YEAR
20
($ millions) 2021 2022E
Cash Flow from Operating Activities 234$ 385$
Less:
Run-Rate CapEx (86) (90)
CapEx for Clariant Integration (15) (20)
CapEx for IT System Upgrade - (25)
Total CapEx (101) (135)
Free Cash Flow 133$ 250$
Adjusted EBITDA 581$ 635$
Net Debt / Adjusted EBITDA 2.2x 1.8x
21
CASH FLOW / LEVERAGE
22
• Record results – highest level of sales ($4.8B) and earnings
($3.05 adjusted EPS) in company history
• Successful Clariant Color integration – net debt to adjusted
EBITDA reduced to 2.2x, one-year ahead of schedule
• Recognized as one of America’s Most Responsible Companies
by Newsweek
• Earned 3rd consecutive Great Place to Work certification
2021 HIGHLIGHTS
23
• 15% adjusted EPS growth to $3.50, led by growth in sustainable
solutions and increased synergy realization
• Continued strong synergy capture from the Clariant Color integration:
$75M anticipated run-rate synergies by the end of 2022
• Adjusted EBITDA of $635M represents 9% growth above 2021 –
11% excluding the impact of foreign currencies
• Deleveraged to 1.8x net debt to adjusted EBITDA by the end of 2022
2022 SUMMARY
PEER COMPARISONS
25
As a specialty formulator, we don’t
require significant capital
investment, as compared to the
base resin raw material suppliers
we purchase from.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement_March.pdf
Our key development opportunities include nomination-based leadership programs (such as NextGen,
Emerging Leaders and Elevate), foundational leadership training for all current or aspiring people
managers, called Core Leadership, and LSS training at a variety of levels, where individuals can be
certified for job-specific LSS programs, up through Master Black Belt certification.
We are
proud to share that our associates feel we are a Great Place to Work® and, in 2023, we received our fifth
certification.
The
“People” metric considered both (1) the results of our 2023 Great Places to Work® employee engagement
survey (and whether the results resulted in certification by Great Places to Work and an improvement over
the prior year’s scores), and (2) the percentage of employees who participated in a safety activity during
the year.
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Press Release-1.pdf
Microsoft Word - Q4 release 2.14.23 430PM
1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Avient Announces Fourth Quarter and Full Year 2022 Results
• Fourth quarter and full year GAAP EPS from continuing operations of $(0.19) and $0.90
• Fourth quarter and full year adjusted EPS from continuing operations of $0.39 and $2.69
exceeds prior guidance of $0.29 and $2.60 due to better-than-expected orders for personal
protection products from Avient Protective Materials (“APM”) and cost reductions
• On a pro forma basis, fourth quarter and full year adjusted EPS of $0.42 and $3.04 exceeded
prior guidance of $0.33 and $2.95, respectively
• Strong working capital performance to finish the year resulted in cash flow from operations of
approximately $400 million for 2022; full year free cash flow of approximately $290 million
• Paid down additional $200 million of debt for a year-end net debt-to-adjusted EBITDA of 2.9x
which improved from prior projections
• Earned fourth Great Place to Work® certification, achieving the highest employee
engagement scores in the history of the company
CLEVELAND – February 15, 2023 – Avient Corporation (NYSE: AVNT), a leading provider of
specialized and sustainable solutions, today announced its fourth quarter and full year results for
2022.
https://www.avient.com/sites/default/files/2024-03/2024 Proxy Statement %28Filed%29.pdf
Our key development opportunities include nomination-based leadership programs (such as NextGen,
Emerging Leaders and Elevate), foundational leadership training for all current or aspiring people
managers, called Core Leadership, and LSS training at a variety of levels, where individuals can be
certified for job-specific LSS programs, up through Master Black Belt certification.
We are
proud to share that our associates feel we are a Great Place to Work® and, in 2023, we received our fifth
certification.
The
“People” metric considered both (1) the results of our 2023 Great Places to Work® employee engagement
survey (and whether the results resulted in certification by Great Places to Work and an improvement over
the prior year’s scores), and (2) the percentage of employees who participated in a safety activity during
the year.
https://www.avient.com/sites/default/files/2022-08/Schedule 2 a_b_c - SCCs_0.pdf
In
deciding on a review or audit, the data exporter may take into account relevant
certifications held by the data importer.
In
deciding on a review or audit, the data exporter may take into account relevant
certifications held by the data importer.
https://www.avient.com/sites/default/files/2023-07/Terms and Conditions of Sale for China - August 2023.pdf
Seller warrants good
and clear title in goods subject to the sale (“Product”)
and that the Product conforms at the time of shipment
to a Certificate of Analysis, a Certificate of
Compliance, or a Product Specification Sheet, if any
such document exists, and other specifications signed
by Seller (“Specifications”).
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Colombia %28English and Spanish Translation%29.pdf
Seller warrants good and clear title
in goods subject to the sale (“Product”) and that the Product
conforms at the time of shipment to a Certificate of Analysis, a
Certificate of Compliance, or a Product Specification Sheet, if
any such document exists, and other specifications signed by
Seller (“Specifications”).
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Taiwan %28English and Chinese Translation%29.pdf
Seller warrants good and
clear title in goods subject to the sale (“Product”) and
that the Product conforms at the time of shipment to a
Certificate of Analysis, a Certificate of Compliance or
a Product Specification Sheet, if any such document
exists, and other specifications signed by Seller
(“Specifications”).
https://www.avient.com/sites/default/files/2022-03/Avient 2022 Proxy Statement.pdf
Pursuant to the policy,
any nominee for election as a Director of the Board who receives a greater number of votes “withheld”
from his or her election than votes “for” his or her election in an election of Directors that is not a
contested election is expected to tender his or her resignation as a Director to the Board promptly
following the certification of the election results.
COMPENSATION DISCUSSION AND ANALYSIS
44 PROXY STATEMENT 2022 | Annual Meeting of Shareholders
2021 Company performance highlights include:
• Full-year 2021 EPS from continuing operations was $2.51, compared to $1.46 in 2020, an increase
of 72%;
• Record sales growth of 27% over 2020 to $4.8 billion;
• Increased adjusted EPS 58% from $1.93 (pro forma for the Clariant Color acquisition) to $3.05(1)
driven by demand for sustainable solutions, healthcare applications and composites
technologies;
• Increased our dividend on an annualized basis by 12% to $0.95; the 11th consecutive year of
annual increase;
• Our 0.55 injury incident rate (per 100 full-time workers per year) is world-class in our industry;
• Certified once again as an ACC Responsible Care® organization for outstanding environmental,
health and safety performance;
• Continued our journey of improving our culture: received our 3rd consecutive certification as a
Great Place to Work® by the Great Place to Work Institute; joined the United Nations Global
Compact; and recognized as one of America's Most Responsible Companies by Newsweek;
• The SEM business delivered record operating income of $132 million, up 40% from 2020, driven by
high demand for our composites and other specialty solutions serving the consumer and
healthcare end markets;
• The CAI business grew revenue 18% and operating income 34%.
With respect to the Clariant Color
Integration Objectives described above, the Committee determined all objectives had been met or
exceeded as we prioritized safety training and education and retained ACC Responsible Care certification,
grew revenue and cross-selling leads, successfully engaged employees, achieving our third consecutive
certification as a Great Place to Work® by the Great Place to Work Institute, and achieved $54 million of
cost synergies.
https://www.avient.com/sites/default/files/2020-03/polyone-2019-annual-report.pdf
SHAREHOLDER INQUIRIES
If you have any questions concerning your account as a shareholder, name or address
changes, inquiries regarding stock certificates, or if you need tax information regarding your
account, please contact our transfer agent:
Equiniti Trust Company
1110 Centre Pointe Curve, Suite 101
Mendota Heights, MN 55120-4100
Phone: 1-855-598-2615
or 1-651-450-4064
www.shareowneronline.com
Additional information about PolyOne, including current and historic copies of Annual
Reports on Form 10-K and other reports filed with the Securities and Exchange
Commission, is available online at www.polyone.com or free of charge from:
Investor Affairs Relations
PolyOne Corporation
33587 Walker Road
Avon Lake, Ohio 44012
Phone: 440-930-1000
ANNUAL MEETING
The annual meeting of shareholders of PolyOne will be held May 14, 2020 at 9:00 a.m.
at PolyOne’s Corporate headquarters, 33587 Walker Road, Avon Lake, Ohio.