https://www.avient.com/sites/default/files/2025-05/Avient Announces First Quarter 2025 Results_0.pdf
You are advised to consult any further
disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we
provide to the Securities and Exchange Commission.
5
Investor Relations Contact:
Giuseppe (Joe) Di Salvo
Vice President, Treasurer and Investor Relations
Avient Corporation
+1 440-930-1921
giuseppe.disalvo@avient.com
Media Contact:
Kyle G.
Three Months Ended March 31,
2025 2024
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net (loss) income attributable to Avient common shareholders $ (20.2) $ (0.22) $ 49.4 $ 0.54
Special items, after-tax (Attachment 3) 75.7 0.82 5.5 0.06
Amortization expense, after-tax 14.5 0.16 14.9 0.16
Adjusted net income / EPS $ 70.0 $ 0.76 $ 69.8 $ 0.76
(1) Per share amounts may not recalculate from figures presented herein due to rounding
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2025 2024
Sales $ 826.6 $ 829.0
Cost of sales 563.4 550.8
Gross margin 263.2 278.2
Selling and administrative expense 262.5 184.2
Operating income 0.7 94.0
Interest expense, net (26.9) (26.6)
Other expense, net (0.4) (0.9)
(Loss) income before income taxes (26.6) 66.5
Income tax benefit (expense) 6.7 (16.8)
Net (loss) income $ (19.9) $ 49.7
Net income attributable to noncontrolling interests (0.3) (0.3)
Net (loss) income attributable to Avient common shareholders $ (20.2) $ 49.4
(Loss) earnings per share attributable to Avient common shareholders - Basic: $ (0.22) $ 0.54
(Loss) earnings per share attributable to Avient common shareholders - Diluted: $ (0.22) $ 0.54
Cash dividends declared per share of common stock $ 0.2700 $ 0.2575
Weighted-average shares used to compute (loss) earnings per common share:
Basic 91.5 91.2
Diluted 91.5 92.0
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
March 31,
2025 2024
Cost of sales:
Restructuring costs, including accelerated depreciation $ (4.1) $ 3.6
Environmental remediation costs (4.9) (4.0)
Reimbursement of previously incurred environmental costs 1.3 —
Impact on cost of sales (7.7) (0.4)
Selling and administrative expense:
Restructuring and employee separation costs (5.1) (0.7)
Legal and other (0.4) (3.5)
Cloud-based enterprise resource planning system impairment (86.3) —
Acquisition related costs — (1.6)
Impact on selling and administrative expense (91.8) (5.8)
Impact on operating income (99.5) (6.2)
Interest expense, net - financing costs (1.7) —
Impact on (loss) income before income taxes (101.2) (6.2)
Income tax benefit on special items 25.5 1.4
Tax adjustments(2) — (0.7)
Impact of special items on net (loss) income $ (75.7) $ (5.5)
Diluted (loss) earnings per common share impact $ (0.82) $ (0.06)
Weighted average shares used to compute adjusted earnings per share:
Diluted 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 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
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2025 December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents $ 456.0 $ 544.5
Accounts receivable, net 489.6 399.5
Inventories, net 372.8 346.8
Other current assets 111.9 131.3
Total current assets 1,430.3 1,422.1
Property, net 951.8 955.3
Goodwill 1,684.0 1,659.7
Intangible assets, net 1,464.5 1,450.4
Other non-current assets 280.6 323.6
Total assets $ 5,811.2 $ 5,811.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 7.7
Accounts payable 422.2 417.4
Accrued expenses and other current liabilities 268.2 331.0
Total current liabilities 698.2 756.1
Non-current liabilities:
Long-term debt 2,061.3 2,059.3
Deferred income taxes 268.0 260.4
Other non-current liabilities 469.3 405.7
Total non-current liabilities 2,798.6 2,725.4
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,298.3 2,313.8
Noncontrolling interest 16.1 15.8
Total equity 2,314.4 2,329.6
Total liabilities and equity $ 5,811.2 $ 5,811.1
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2025 2024
Operating activities
Net (loss) income $ (19.9) $ 49.7
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation and amortization 45.3 44.3
Cloud-based enterprise resource planning system impairment 71.6 —
Share-based compensation expense 2.4 3.3
Changes in assets and liabilities:
Increase in accounts receivable (83.7) (81.9)
Increase in inventories (20.3) (12.3)
(Decrease) increase in accounts payable (1.0) 1.7
Environmental insurance recovery 34.0 —
Decrease in incentive accruals (53.1) (16.8)
Accrued expenses and other assets and liabilities, net (26.4) (30.8)
Net cash used by operating activities (51.1) (42.8)
Investing activities
Capital expenditures (12.5) (24.4)
Proceeds from plant closures — 2.0
Other investing activities — (2.1)
Net cash used by investing activities (12.5) (24.5)
Financing activities
Payments on long-term borrowings — (2.7)
Cash dividends paid (24.7) (23.5)
Other financing activities (3.6) (1.9)
Net cash used by financing activities (28.3) (28.1)
Effect of exchange rate changes on cash 3.4 (6.1)
Decrease in cash and cash equivalents (88.5) (101.5)
Cash and cash equivalents at beginning of year 544.5 545.8
Cash and cash equivalents at end of period $ 456.0 $ 444.3
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2022-01/Carbon Fiber Composites Infographic.pdf
FIBER + RESIN = COMPOSITE
Carbon fiber
is formed by
bonding carbon
atoms together
to form a long
chain.
Filaments
can be woven into
a fabric, or used
in continuous
unidirectional form
and combined with
resin to create a
composite.
https://www.avient.com/products/polymer-additives/biopolymer-colorants-and-additives
OnColor™ Naturals is a range of colorants made with natural pigments derived from plants, flowers, roots, and minerals.
Learn more about a range of colorants made with natural pigments derived from plants, flowers, roots and minerals.
https://www.avient.com/sites/default/files/2020-03/PolyOne_Website-12.19.pdf
You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the
Securities and Exchange Commission.
S A F E T Y F I R S T
PolyOne Corporation 7
Injuries per 100 Workers
Spartech
Acquisition
1.3
1.1 1.1
0.85
0.65
0.57
0.54
0.97
0.84
0.74 0.74
0.69
0.51
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
G R E A T P L A C E T O W O R K
PolyOne Corporation 8
* Pro Forma for sale of DSS
Operating Income
% of Sales
2006 Q3 YTD
2019
Color, Additives &
Inks
1.7% 15.5%
Specialty Engineered
Materials
1.1% 11.8%
Distribution 2.6% 6.3%
2009 2010 2011 2012 2013 2014 2015 2016*2017* 2018
$2.43
P R O O F O F P E R F O R M A N C E
C O N S E C U T I V E
Y E A R S
PolyOne Corporation 9
10
$0.13
$0.68
$0.82
$1.00
$1.31
$1.80
$1.96
$2.06
$2.21
A D J U S T E D E P S E X P A N S I O N
2018 2019E
$1.65
$1.51
Pro Forma for sale
of PP&S
T R A N S F O R M A T I O N H E A D L I N E S
PolyOne Corporation 10
C O M M O D I T Y T O S P E C I A L T Y T R A N S F O R M A T I O N
PolyOne Corporation 11
• Volume driven,
commodity
production
• Heavily tied to cyclical
end markets
• Performance largely
dependent on non-
controlling joint
ventures
• Shift to value-based
selling & an innovative
culture
• New leadership team
appointed
• Implementation of
four pillar strategy
• Investment in
commercial training
and innovation
• Faster growing, high
margin focus
• Accelerated growth
with world class
vitality index
• Significant
commercial resource
additions
• Expanded margins
with specialty focus
• Acquired strategic,
bolt-on companies to
expand technology
offerings and improve
geographic breadth
Volume Value Transformation The Future
2006 - 2013 2013 – 20192000-2005 2006 - 2013
• Landmark portfolio
transformation
creates specialty
growth company
• Sustainability / mega-
trends drive above
market growth
2020 and
Beyond
F I T W I T H F O U R P I L L A R S T R A T E G Y
PolyOne Corporation 12
Specialization
• Innovation-led organization with
heavy emphasis on R&D
• World-class expertise in color
formulation
• Strong presence in specialty end
markets including Consumer,
Packaging and Healthcare
Globalization
• Diverse geographic portfolio with
an established presence in every
major region
• Expands PolyOne’s ability to serve
customers in key growth areas
including India, China and
Southeast Asia
Operational
• Extensive manufacturing footprint
with 46 facilities
• Organizational focus on optimizing
supply chain to better serve
customers
• Color design expertise
Commercial
• Value-focused salesforce with vast
experience marketing and
commercializing specialty
technologies
• Diverse customer portfolio with
established OEM’s
People
Experienced and
talented
associates with a
winning mentality
L E V E R A G I N G G L O B A L M E G A T R E N D S
13
Facilitate
alternative
energy
solutions
Light-
weighting
Reduce
packaging
materials
Improve
recyclability
Reduce
spread of
infection
T R A N S P O R T A T I O N P A C K A G I N G H E A L T H C A R EC O N S U M E R
PolyOne Corporation
E N D M A R K E T T R A N S F O R M A T I O N
PolyOne Corporation 14
Building & Construction
18%
8%
50%
22%
High Growth End Markets
Percentage of Total Revenue
38%
E N D M A R K E T T R A N S F O R M A T I O N
PolyOne Corporation 15
8%
Building &
Construction
38%
Wire &
Cable
11%
Industrial
Electrical &
Electronic
7%
Transportation
18%
Building &
Construction
Wire &
Cable
Industrial
Electrical &
Electronic
Appliance
3%
Textiles
Transportation
13%
C O M P L E M E N T A R Y G E O G R A P H I C P R E S E N C E
PolyOne Corporation 16
38% Europe
33%
Asia
19%
22%
Europe
Asia & Middle East
31%
1%
Color & Engineered
Materials
Clariant Color & Additive
Masterbatch Business
Net Sales by Geographic Region
31%
Europe
36%
Asia & Middle East
24%
3%
Pro Forma Color &
Engineered Materials
531
710
1,042
130
164
208
504
663
880
2014 2018 2019E PF*
R&D / Technical Marketing Sales
PolyOne Corporation 17
+ 34%
+ 26%
+ 32%
E X P A N S I O N O F COMMERCIAL RESOURCES D R I V I N G G R O W T H
$2.9 $2.9
$3.5
2015 2016 2017 2018 2019E
PF
Total
+ 9%
Organic
+ 5%
Revenue in Billions
Total
+ 10%
Organic
+ 7%+ 47%
+ 27%
+ 33%
$4.0
$3.2
2019E PF*
P R I O R A C Q U I S I T I O N S : P R O O F O F P E R F O R M A N C E
PolyOne Corporation 18
Commercial
Resources
Operating
Income
($ in millions)
Operating
Margins
243
340
$36
$96
11%
Established Acquisitions
(> 7 years)
+ 40% + 165% + 900 bps
U N I F I E D F O C U S O N S U S T A I N A B I L I T Y
PolyOne Corporation 19
2006 - 2013
2013 – 2019
PEOPLE
PRODUCTS PLANET
PERFORMANCE
Clariant Color & Additive
Masterbatch Business
• Building mini-recycling plants to
facilitate customer projects on
design for recycling - CycleWorks
• Uses packaging additives &
colorants to improve recyclability
and enhance automated sorting
• Manufactures oxygen scavengers
to extend shelf-life of perishable
items and reduce material
requirements
• Combines UV-blocking additive
colorants & other barriers to
prevent spoilage and waste
• Offers spin-dyeing solutions that
use significantly less water than
traditional methods, allowing for
sustainable coloration of textiles
• Produces infrared absorbing
additives that reduce energy
requirements for bottle
manufacturing
($ in millions)
(Continuing
Operations)
Clariant Color &
Additive Masterbatch
Business
Synergies
New
2019E Total Sales $2,860 $1,150 $4,010
2019E Adjusted EBITDA $310 $130 $60 $500
% Margin 10.8% 11.3% 12.5%
2019E CapEx $60 $85
% Sales 2.1% 2.1%
2019E Free Cash Flow $170 $250
2019E Adjusted EPS $1.65 $2.22
2019E PF Adjusted EPS $1.65 $2.50
P O L Y O N E + C L A R I A N T C O L O R & A D D I T I V E
M A S T E R B A T C H B U S I N E S S
PolyOne Corporation 20
(1) Excludes step-up of depreciation & amortization related to purchase accounting of transaction
(1)
$0.85/share
O V E R 8 5 % O F A D J U S T E D E B I T D A F R O M S P E C I A L T Y
PolyOne Corporation 21
46%
66%
0%
60%
80%
100%
2005 2010 2015 2019E PF
%
o
f
A
d
ju
s
te
d
E
B
IT
D
A
*
JV's Performance Products & Solutions Distribution Specialty
7%
87%
* Adjusted EBITDA is EBITDA excluding corporate costs and special items
** 2019E Pro Forma for PP&S Divestiture and Clariant Color & Additive Masterbatch business acquisition with synergies
Specialty EBITDA $14M $117M $273M $500M
**
PolyOne Corporation 22
T R A N S A C T I O N O V E R V I E W
• Expected mid-2020, subject to regulatory approvals and customary closing conditions
Closing
Conditions /
Timing
• Committed financing in place
• Permanent financing to be combination of available cash on-hand, new debt and equity component to limit leverage
• Equity issuance of $400 to $500MM
• Target net leverage below 3.5x, 3.1x synergized, with intention to de-lever below 3.0x within 2 years
PolyOne Corporation 23
• $1.45 B net purchase price
• Represents 11.1x adjusted EBITDA (excluding synergies), 7.6x adjusted EBITDA (including synergies)
• Pre-tax synergies of $60MM expected to be fully realized by the end of 2023
• Synergies realized from sourcing, operational, technology / commercial, and general administrative
Transaction
Value
Synergies
Estimated Synergy Breakdown
$60MM
• Expect EBITDA synergies of $60MM
– Proven integration expertise with a decade of acquisition experience
– Administrative synergies reflect reduction of duplicative internal and
third-party costs
• Run rate synergies of $20MM by the end of Year 1 with $60MM
achieved by the end of Year 3
• Significant additional opportunity for geographical expansion
– Clariant Color & Additive Masterbatch business has complementary
regional presence in key growth areas including India & Southeast
Asia
• Opportunity to accelerate growth with a combined portfolio of
innovative solutions aligned with sustainability megatrends
Sourcing
Operational
30%
Administrative
30%
PolyOne Corporation 24
S I G N I F I C A N T S Y N E R G Y O P P O R T U N I T I E S
C A P I T A L S T R U C T U R E / L E V E R A G E
PolyOne Corporation 25
At Close Year 1 Year 2
3.2x
3.5x
3.1x
2.6x
Pro Forma with Synergies
2019E PF
Two year leverage goal
(1) Pro Forma Capitalization is for illustrative purposes only; amounts may vary depending on various market and other factors.
https://www.avient.com/sites/default/files/2022-04/Avient Q1 2022 Earnings Release.pdf
You are advised to consult any further disclosures
we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the
Securities and Exchange Commission.
4
Non-GAAP Financial Measures
The Company uses both GAAP (generally accepted accounting principles) and non-GAAP
financial measures.
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 84.2 $ 0.91 $ 79.3 $ 0.86
Special items, after tax (Attachment 3) 7.2 0.08 2.6 0.03
Adjusted net income / EPS - excluding special items $ 91.4 $ 0.99 $ 81.9 $ 0.89
6
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2022 2021
Sales $ 1,293.8 $ 1,162.3
Cost of sales 1,000.1 859.9
Gross margin 293.7 302.4
Selling and administrative expense 165.1 182.0
Operating income 128.6 120.4
Interest expense, net (16.9) (19.3)
Other (expense) income, net (0.6) 1.5
Income before income taxes 111.1 102.6
Income taxes (26.6) (22.9)
Net income 84.5 79.7
Net income attributable to noncontrolling interests (0.3) (0.4)
Net income attributable to Avient shareholders $ 84.2 $ 79.3
Earnings per share attributable to Avient common shareholders - Basic $ 0.92 $ 0.87
Earnings per share attributable to Avient common shareholders - Diluted $ 0.91 $ 0.86
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125
Weighted-average shares used to compute earnings per common share:
Basic 91.5 91.3
Diluted 92.3 92.2
7
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
March 31,
2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation and amortization $ (4.4) $ (1.8)
Environmental remediation costs (2.0) (0.5)
Reimbursement of previously incurred environmental costs 0.6 4.5
Impact on cost of sales (5.8) 2.2
Selling and administrative expense:
Restructuring, legal and other 0.9 (1.3)
Acquisition related costs (2.9) (3.3)
Impact on selling and administrative expense (2.0) (4.6)
Impact on operating income (7.8) (2.4)
Other income, net 0.1 —
Impact on income before income taxes (7.7) (2.4)
Income tax benefit on above special items 2.0 0.9
Tax adjustments(2) (1.5) (1.1)
Impact of special items on net income attributable to Avient Shareholders $ (7.2) $ (2.6)
Diluted earnings per common share impact $ (0.08) $ (0.03)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.3 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 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
https://www.avient.com/sites/default/files/2025-04/Supplier Code of Conduct FV_Eng.pdf
Engage in the development and use of climate
friendly products and processes to reduce power
consumption and greenhouse gas emissions
https://www.avient.com/sites/default/files/2023-06/Supplier Code of Conduct FV.pdf
Engage in the development and use of climate
friendly products and processes to reduce power
consumption and greenhouse gas emissions
https://www.avient.com/sites/default/files/2020-08/colormatrix-flexcart-nano-liquid-metering-system-flyer_0.pdf
FLEXCART™ NANO METERING SYSTEM
The FlexCart Nano system is the smallest version of
the FlexCart systems, providing a compact metering
unit suited for very short production runs and small
laboratory/pilot plant systems.
https://www.avient.com/sites/default/files/2020-10/demystifing-cmf-brochure.pdf
We follow the solution from our design centers
to your plant, supporting development trials and scale up,
and troubleshooting production issues as they arise.
https://www.avient.com/sites/default/files/2023-03/CycleWorks Solution Bulletin.pdf
LOOKING AT RECYCLING THROUGH THE
LENS OF SCIENCE
The CycleWorks Innovation Center is a fully
functioning recycling mini plant in Milan, Italy.