https://www.avient.com/sites/default/files/2024-10/Avient Announces Third Quarter 2024 Results.pdf
Avient's investor day will be held at the New York Stock Exchange beginning at 10:00 a.m.
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)
September 30,
2024 December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $ 505.7 $ 545.8
Accounts receivable, net 465.1 399.9
Inventories, net 377.8 347.0
Other current assets 108.8 114.9
Total current assets 1,457.4 1,407.6
Property, net 973.5 1,028.9
Goodwill 1,716.8 1,719.3
Intangible assets, net 1,542.5 1,590.8
Deferred income taxes 133.1 92.3
Other non-current assets 224.0 129.6
Total assets $ 6,047.3 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 9.5
Accounts payable 425.9 432.3
Accrued expenses and other current liabilities 460.8 331.8
Total current liabilities 894.5 773.6
Non-current liabilities:
Long-term debt 2,059.9 2,070.5
Pension and other post-retirement benefits 63.7 67.2
Deferred income taxes 289.1 281.6
Other non-current liabilities 359.9 437.6
Total non-current liabilities 2,772.6 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,363.0 2,319.2
Noncontrolling interest 17.2 18.8
Total equity 2,380.2 2,338.0
Total liabilities and equity $ 6,047.3 $ 5,968.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2024 2023
Operating activities
Net income $ 122.2 $ 47.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 133.1 142.6
Accelerated depreciation 1.2 1.9
Share-based compensation expense 12.5 9.7
Changes in assets and liabilities:
Increase in accounts receivable (65.7) (5.7)
(Increase) decrease in inventories (30.2) 16.5
Decrease in accounts payable (5.7) (59.1)
Taxes paid on gain on sale of business — (104.1)
Accrued expenses and other assets and liabilities, net (33.2) (2.5)
Net cash provided by operating activities 134.2 47.1
Investing activities
Capital expenditures (80.8) (75.0)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 —
Other investing activities (2.1) 2.3
Net cash used by investing activities (79.5) (65.4)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (659.1) (103.8)
Cash dividends paid (70.5) (67.6)
Debt financing costs (9.6) (2.3)
Other financing activities (4.6) (2.3)
Net cash used by financing activities (93.8) (176.0)
Effect of exchange rate changes on cash (1.0) (7.2)
Decrease in cash and cash equivalents (40.1) (201.5)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of period $ 505.7 $ 439.6
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/2025-02/News Release - AVNT-2024.12.31-News Release 2.12.25 2PM_0.pdf
As we begin 2025, we are
poised to execute our strategy to deliver value for our shareholders by prioritizing our portfolio,
amplifying innovation, leveraging digital technologies and harnessing the collective strengths of
our more than 9,000 global employees.”
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.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended December 31,
2024 2023
ASSETS
Current assets:
Cash and cash equivalents $ 544.5 $ 545.8
Accounts receivable, net 399.5 399.9
Inventories, net 346.8 347.0
Other current assets 131.3 114.9
Total current assets 1,422.1 1,407.6
Property, net 955.3 1,028.9
Goodwill 1,659.7 1,719.3
Intangible assets, net 1,450.4 1,590.8
Operating lease assets, net 89.1 65.3
Deferred income tax assets 81.3 92.3
Other non-current assets 153.2 64.3
Total assets $ 5,811.1 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.7 $ 9.5
Accounts payable 417.4 432.3
Accrued expenses and other current liabilities 331.0 331.8
Total current liabilities 756.1 773.6
Non-current liabilities:
Long-term debt 2,059.3 2,070.5
Deferred income taxes 260.4 281.6
Other non-current liabilities 405.7 504.8
Total non-current liabilities 2,725.4 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,313.8 2,319.2
Noncontrolling interest 15.8 18.8
Total equity 2,329.6 2,338.0
Total liabilities and equity $ 5,811.1 $ 5,968.5
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2024 2023
Operating activities
Net income $ 170.7 $ 76.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179.7 188.8
Increase in environmental insurance receivable (34.0) —
Deferred income tax benefit (23.8) (61.3)
Share-based compensation expense 15.4 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (15.2) 38.6
(Increase) decrease in inventories (13.7) 24.3
Increase (decrease) in accounts payable 0.3 (22.2)
Decrease in pension, retirement benefits and deferred compensation (34.3) (8.7)
Taxes paid on gain on sale of business — (104.1)
(Decrease) increase in environmental obligations (11.2) 38.9
Accrued expenses and other assets and liabilities, net 22.9 17.9
Net cash provided by operating activities 256.8 201.6
Investing activities
Capital expenditures (121.9) (119.4)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 7.6
Other investing activities (2.1) 10.3
Net cash used by investing activities (120.6) (94.2)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (660.9) (105.8)
Cash dividends paid (94.0) (90.2)
Payments on withholding tax on share awards (6.4) (3.4)
Debt financing costs (9.6) (2.3)
Net cash used by financing activities (120.9) (201.7)
Effect of exchange rate changes on cash (16.6) (1.0)
Decrease in cash and cash equivalents (1.3) (95.3)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of year $ 544.5 $ 545.8
12
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/investor-center/news/polyone-raises-outlook-fourth-quarter-2019-adjusted-earnings
In addition, a recording of the audio will be available for one week, beginning at
https://www.avient.com/investor-center/news/polyone-signs-definitive-agreement-acquire-clariant-color-and-additive-masterbatch-business
In addition, a recording of the audio will be available for one week, beginning at
https://www.avient.com/sites/default/files/2022-04/Sustainable Material Answers_ Circular Economy 2022_1.pdf
But it’s more than just transitioning to
renewable energies: it’s designing out waste and pollution before production and
manufacturing even begin.
https://www.avient.com/sites/default/files/Avient Climate Change Scenario Analysis Summary 2022.pdf
For example, in 2021, we
entered into a VPPA in Europe that will produce 37.5 MW of solar energy with benefits beginning in 2023
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-news-release.pdf
In addition, a recording of the audio will be available for one week, beginning at 11:00 a.m.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves
and deferred income tax valuation allowance adjustments.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30, 2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents $ 545.2 $ 649.5
Accounts receivable, net 703.0 516.6
Inventories, net 477.2 327.5
Other current assets 123.5 108.5
Total current assets 1,848.9 1,602.1
Property, net 669.6 694.9
Goodwill 1,293.9 1,308.1
Intangible assets, net 948.4 1,008.5
Operating lease assets, net 81.6 80.9
Other non-current assets 168.6 176.0
Total assets $ 5,011.0 $ 4,870.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 8.7 $ 18.6
Accounts payable 557.7 471.7
Current operating lease obligations 24.1 25.1
Accrued expenses and other current liabilities 371.3 285.6
Total current liabilities 961.8 801.0
Non-current liabilities:
Long-term debt 1,851.0 1,854.0
Pension and other post-retirement benefits 111.0 115.0
Non-current operating lease obligations 57.7 56.0
Other non-current liabilities 244.1 332.8
Total non-current liabilities 2,263.8 2,357.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,768.8 1,697.1
Noncontrolling interest 16.6 14.6
Total equity 1,785.4 1,711.7
Total liabilities and equity $ 5,011.0 $ 4,870.5
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2021 2020
Operating Activities
Net income $ 201.7 $ 58.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 105.8 74.8
Accelerated depreciation and amortization 1.9 2.5
Share-based compensation expense 8.4 7.1
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (199.7) (12.7)
(Increase) decrease in inventories (156.2) 53.0
Increase in accounts payable 95.3 21.3
Decrease in pension and other post-retirement benefits (14.2) (14.4)
Increase in post-acquisition earnout liabilities — 2.5
Increase in accrued expenses and other assets and liabilities, net 67.0 56.1
Taxes paid on gain on divestiture — (142.0)
Payment of post-acquisition date earnout liability — (38.1)
Net cash provided by operating activities 110.0 68.7
Investing activities
Capital expenditures (62.7) (38.6)
Business acquisitions, net of cash acquired (47.6) (1,342.7)
Net proceeds from divestiture — 7.1
Other investing activities (2.0) 5.2
Net cash used by investing activities (112.3) (1,369.0)
Financing activities
Debt offering proceeds — 650.0
Purchase of common shares for treasury (4.2) (13.6)
Cash dividends paid (58.2) (52.8)
Repayment of long-term debt (16.5) (6.0)
Payments of withholding tax on share awards (9.1) (1.9)
Debt financing costs — (9.5)
Equity offering proceeds, net of underwriting discount and issuance costs — 496.1
Payment of acquisition date earnout liability — (50.8)
Other financing activities (3.5) —
Net cash (used) provided by financing activities (91.5) 1,011.5
Effect of exchange rate changes on cash (10.5) 1.4
Decrease in cash and cash equivalents (104.3) (287.4)
Cash and cash equivalents at beginning of year 649.5 864.7
Cash and cash equivalents at end of period $ 545.2 $ 577.3
12
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/2021-04/avnt-fourth-quarter-2020-news-release.pdf
In addition, a recording of the audio will be available for one week, beginning at 12:00
p.m.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, adjustments to uncertain tax position reserves and
deferred income tax valuation allowances.
8
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended
December 31,
2020 2019
ASSETS
Current assets:
Cash and cash equivalents $ 649.5 $ 864.7
Accounts receivable, net 516.6 330.0
Inventories, net 327.5 260.9
Other current assets 89.9 57.7
Total current assets 1,583.5 1,513.3
Property, net 694.9 407.4
Goodwill 1,308.1 685.7
Intangible assets, net 1,008.5 469.3
Operating lease assets, net 80.9 63.8
Other non-current assets 195.4 133.8
Total assets $ 4,871.3 $ 3,273.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 18.6 $ 18.4
Accounts payable 471.7 287.7
Current operating lease obligations 25.1 21.0
Accrued expenses and other current liabilities 289.2 375.4
Total current liabilities 804.6 702.5
Non-current liabilities:
Long-term debt 1,854.0 1,210.9
Pension and other post-retirement benefits 115.0 56.6
Deferred income taxes 150.7 63.5
Non-current operating lease obligations 56.0 42.8
Other non-current liabilities 192.8 144.3
Total non-current liabilities 2,368.5 1,518.1
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,683.6 1,051.9
Noncontrolling interest 14.6 0.8
Total equity 1,698.2 1,052.7
Total liabilities and equity $ 4,871.3 $ 3,273.3
9
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2020 2019
Operating activities
Net income $ 133.4 $ 588.8
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of business, net of tax — (457.7)
Depreciation and amortization 111.8 87.5
Accelerated depreciation and fixed asset charges associated with restructuring activities 3.2 —
Deferred income tax benefit (1.1) (3.2)
Share-based compensation expense 11.3 11.6
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (4.6) 29.7
Decrease in inventories 40.2 40.2
Increase (decrease) in accounts payable 79.5 (22.7)
Increase (decrease) in pension and other post-retirement benefits 30.7 (19.7)
Increase in post-acquisition earnout liabilities 1.0 36.4
(Decrease) increase in accrued expenses and other assets and liabilities - net (3.7) 9.9
Taxes paid on gain on sale of business (142.0) —
Payment of post-acquisition date earnout liability (38.1) —
Net cash provided by operating activities 221.6 300.8
Investing activities
Capital expenditures (63.7) (81.7)
Business acquisitions, net of cash acquired (1,380.2) (119.6)
Net proceeds from divestiture 7.1 761.8
Net proceeds from other assets 5.2 51.4
Net cash (used) provided by investing activities (1,431.6) 611.9
Financing activities
Debt offering proceeds 650.0 —
Borrowings under credit facilities — 963.4
Repayments under credit facilities — (1,083.9)
Purchase of common shares for treasury (22.4) (26.9)
Cash dividends paid (71.3) (60.3)
Repayment of other debt — (1.8)
Repayment of long-term debt (7.8) (6.5)
Payments on withholding tax on share awards (2.3) (2.1)
Debt financing costs (9.5) (0.2)
Equity offering proceeds, net of underwriting discount and issuance costs 496.1 —
Payment of acquisition date earnout liability (50.8) —
Net cash provided (used) by financing activities 982.0 (218.3)
Effect of exchange rate changes on cash 12.8 (0.6)
(Decrease) increase in cash and cash equivalents (215.2) 693.8
Cash and cash equivalents at beginning of year 864.7 170.9
Cash and cash equivalents at end of year $ 649.5 $ 864.7
10
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income 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/2020-10/investing-in-avient.pdf
These core values, which begin with our individual decisions and actions, focus our
attention on putting the customer first by creating genuine value through collaboration,
innovation and an unwavering commitment to excellence.
These personal values begin with each of us—the judgments and decisions we make as
individuals affect the way Avient is viewed in the marketplace and in the communities
where we work.
https://www.avient.com/sites/default/files/2021-07/avnt-q2-2021-earnings-release.pdf
In addition, a recording of the audio will be available for one week, beginning at 11:00 a.m.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position
reserves and deferred income tax valuation allowance adjustments.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
June 30, 2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents $ 616.2 $ 649.5
Accounts receivable, net 705.2 516.6
Inventories, net 412.5 327.5
Other current assets 124.2 108.5
Total current assets 1,858.1 1,602.1
Property, net 680.1 694.9
Goodwill 1,281.7 1,308.1
Intangible assets, net 944.9 1,008.5
Operating lease assets, net 87.3 80.9
Other non-current assets 195.3 176.0
Total assets $ 5,047.4 $ 4,870.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 18.8 $ 18.6
Accounts payable 574.6 471.7
Current operating lease obligations 24.9 25.1
Accrued expenses and other current liabilities 316.0 285.6
Total current liabilities 934.3 801.0
Non-current liabilities:
Long-term debt 1,852.2 1,854.0
Pension and other post-retirement benefits 112.6 115.0
Non-current operating lease obligations 62.8 56.0
Other non-current liabilities 299.1 332.8
Total non-current liabilities 2,326.7 2,357.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,768.2 1,697.1
Noncontrolling interest 18.2 14.6
Total equity 1,786.4 1,711.7
Total liabilities and equity $ 5,047.4 $ 4,870.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six Months Ended
June 30,
2021 2020
Operating Activities
Net income $ 149.1 $ 56.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 69.5 40.8
Accelerated depreciation and amortization 1.4 —
Share-based compensation expense 5.6 5.7
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (196.1) 16.8
(Increase) decrease in inventories (88.1) 17.4
Increase (decrease) in accounts payable 108.4 (23.5)
Decrease in pension and other post-retirement benefits (9.2) (12.7)
Increase (decrease) in accrued expenses and other assets and liabilities, net 27.5 (3.5)
Payment of post-acquisition date earnout liability — (21.0)
Net cash provided by operating activities 68.1 76.0
Investing activities
Capital expenditures (42.1) (21.3)
Net proceeds from divestiture — 7.1
Net cash proceeds provided by other assets (2.0) 5.2
Net cash used by investing activities (44.1) (9.0)
Financing activities
Debt offering proceeds — 650.0
Purchase of common shares for treasury (4.2) (13.6)
Cash dividends paid (38.8) (34.3)
Repayment of long-term debt (4.4) (4.2)
Payments of withholding tax on share awards (4.2) (1.6)
Debt financing costs — (9.7)
Equity offering proceeds, net of underwriting discount and issuance costs — 496.1
Payment of acquisition date earnout liability — (32.9)
Net cash (used) provided by financing activities (51.6) 1,049.8
Effect of exchange rate changes on cash (5.7) (4.5)
(Decrease) increase in cash and cash equivalents (33.3) 1,112.3
Cash and cash equivalents at beginning of year 649.5 864.7
Cash and cash equivalents at end of period $ 616.2 $ 1,977.0
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.