https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Presentation.pdf
GUIDANCE
( T O TA L C O M PA N Y P R O F O R M A )
3
$100
$107
Guidance Pro Forma
$0.33
$0.42
Guidance Pro Forma
Adjusted EBITDA Adjusted EPS
(in millions)
$200
$293
Guidance Actual
Free Cash Flow
(in millions)
FY 2022 VS.
GUIDANCE
DEBT / LEVERAGE R EDUCTION
• Completed sale of Distribution
and paid down $750M of debt
in November
• Strong free cash flow in fourth
quarter reduced leverage and
enabled paydown of additional
$200M of debt
• Fixed/Floating Debt Ratio 63/37
• Proven track record of
deleveraging following
acquisitions through consistent
free cash flow generation
$725 $725 $725
$575 $500 $400
$600
$525
$425
$650
$650
$650
$600
$2.40B
$2.20B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
After Distribution
Divestiture
Year-End
4
Year-End
Leverage
3.8x 3.1x 2.9x
2023 Notes
After Avient
Protective Materials
Acquisition
$3.15B
20 22 TRA NSF OR MATI ONAL PORTFOLI O
ENHA NC EMENTS
5
EBITDA margins expanded
from 12% to 16%
Diversified end markets
with reduced exposure to
more cyclical industries
Dyneema®
Acquisition
$1.48B acquisition
strengthens composites
platform
Significantly improved
EBITDA margins $950M divestiture results
in 100% specialty sales
Strong exit multiple of 10x
TTM EBITDA despite
market volatility
Distribution
Divestiture
Improved
Portfolio
G ROW I NG C OM PO SI T ES P LAT F OR M
C O NT R I BU TI O NS TO S EM S EG ME NT
6
Note: 2022 is pro forma for Avient Protective Materials
2016 Sales 2022 Sales
Advanced
Composites
51%
$560M $1,300M
Advanced
Composites
9%
C O M P O S I T E S P O R T F O L I O
D Y N E E M A ® E X P A N D S O U R E N G I N E E R E D F I B E R S A N D T A P E S T E C H N O L O G Y
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
7
ADVA NC ED C OM POSI TES PERFORMA NCE
8 (1) Pro forma for the acquisition of Avient Protective Materials
Sales
$51
$84
$212
$668
2016 2018 2020 2022
$4
$10
$41
$169
2016 2018 2020 2022
EBITDA
(1) (1)
($ in millions)
PORTFOLIO EVOLUTION AND EPS EXPANSION
9
Adj.
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
2023E(%)
28
79
87
81 79
76
73
90
77 76 75 73
64
59
33
A
vi
e
n
t
K
W
R
P
P
G
F
U
L
A
V
Y
R
P
M
F
M
C
C
E
A
S
H
H
X
L
E
C
L
H
U
N
E
M
N
S
C
L
M U LT I P L E E X PA N S I O N
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
Source: Peer data per Bloomberg as of February 13, 2023
Note: Avient reflects 2023 adjusted EBITDA guidance of $530M and closing share price of $38.89.
https://www.avient.com/sites/default/files/2020-07/versaflex-cpap-tubing-film.pdf
Versaflex - CPAP tubing film
CPAP TUBING
C O R R U G A T E D T U B I N G F I L M
• Replacement for polyolefins
• Good spring-back
• Bondable cuffs
• Clear & clean look
• Minimize humidity and condensation within the tube
• No noticeable odor
• FDA, ISO 10993 & USP VI compatible
• Provided TPE solution to meet market
expectations for improved user comfort &
aesthetics
• Reduced tube noise and improved drape
compliance with new material solution
versus polyolefins
• Offered solution with improved thermal
properties to combat humidity
Versaflex™ CL2250
KEY REQUIREMENTS
WHY AVIENT?
https://www.polyone.com/products/thermoplastic-elastomers/versaflex-thermoplastic-elastomers
https://www.avient.com/resources/safety-data-sheets?page=6920
COOL GRAY 2U VERSAFLEX
COOL GRAY 2U - PA
https://www.avient.com/resources/safety-data-sheets?page=6956
Versaflex VDT 4132N EU
050RD2073 RED PA
https://www.avient.com/resources/safety-data-sheets?page=3888
VERSAFLEX(TM) HC 2110-43N
158914 GN PA MASTERBATCH
https://www.avient.com/resource-center?document_type=253&document_subtype=216&page=0
Study of the effects of formulation and thickness on the dielectric, signal transparency properties of Versaflex TPEs
The focus for this study was to develop thermoplastic elastomer compounds that would overmold onto substrates made from Nylon (PA), Polycarbonate (PC), Acrylonitrile-butadiene-styrene (ABS), and PC/ABS alloys
https://www.avient.com/news/avient-boosts-aesthetics-and-productivity-consumer-electronics-new-non-blooming-versaflex-ce-3130-tpes
Homepage
//
News Center
//
Avient Boosts Aesthetics and Productivity for Consumer Electronics with New Non-Blooming Versaflex™ CE 3130 TPEs
Using Versaflex non-blooming materials, brands and OEMs can achieve a premium, silky-soft overmolded surface without surface blooms.
Versaflex CE 3130 formulations are currently manufactured in Asia and available globally.
https://www.avient.com/resources/safety-data-sheets?page=6955
050BK2026 BLACK PA
Versaflex VDT 4202-40N EU
https://www.avient.com/resources/safety-data-sheets?page=5714
BL PA COLOR CC NA
VERSAFLEX(TM) GP 2810-60N US
https://www.avient.com/resource-center?document_type=59&document_subtype=216&page=0
Study of the effects of formulation and thickness on the dielectric, signal transparency properties of Versaflex TPEs
The focus for this study was to develop thermoplastic elastomer compounds that would overmold onto substrates made from Nylon (PA), Polycarbonate (PC), Acrylonitrile-butadiene-styrene (ABS), and PC/ABS alloys