https://www.avient.com/sites/default/files/2023-03/AVNT Mar 2023 Earnings Presentation.pdf
Pro Forma Financial Information The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
GUIDANCE (TOTAL COMPANY PRO FORMA) 7 $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.
EBITDA Margins (1) 5.4% 11.5% 16.2% 2006 2018 2022PF $142 $408 $592 2006 2018 2022PF 2006 figures exclude joint venture results 2022 pro forma for the acquisition of Avient Protective Materials Adj.
https://www.avient.com/investor-center/news/avient-provides-fourth-quarter-2020-updates
Pro forma for the acquisition of Clariant Masterbatch, the company noted sales for October and November increased 5.4% over the same months in the prior year.
in cash, which it intends to use for future bolt-on acquisitions and/or share repurchases, as pro forma net debt to EBITDA leverage is now expected to be approximately 2.8x by year-end.
NYSE: AVNT), with projected 2020 pro forma revenues of approximately
https://www.avient.com/sites/default/files/2021-04/avnt-fourth-quarter-2020-news-release.pdf
This represents a 45% increase over the prior year quarter, pro forma for the Clariant Masterbatch business.”
Pro Forma The Company acquired the Clariant Masterbatch business (“CMB”) on July 1, 2020 (the “Acquisition Date”).
Reconciliation of Pro Forma Adjusted Earnings per Share: Three Months Ended December 31, Year Ended December 31, 2019 2020 2019 Net income from continuing operations attributable to Avient shareholders $ 6.4 $ 132.0 $ 75.5 Special items, after tax (Attachment 3) 19.9 24.8 55.8 Adjusted net income from continuing operations excluding special items 26.3 156.8 131.3 Clariant MB pro forma adjustments to net income from continuing operations(2) 1.6 20.7 30.4 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 27.9 $ 177.5 $ 161.7 Weighted average diluted shares 77.5 90.6 77.7 Pro forma impact to diluted shares from January 2020 equity offering 15.3 1.5 15.3 Pro forma weighted average diluted shares 92.8 92.1 93.0 Pro forma adjusted EPS - excluding special items pro forma for Clariant MB acquisition $ 0.30 $ 1.93 $ 1.74 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition Year Ended December 31, 2020 Sales $ 3,242.1 Clariant MB pro forma adjustment to sales(2) 540.4 Pro forma sales $ 3,782.5 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 13
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 2023 Earnings Presentation - Website.pdf
Pro Forma Financial Information The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
To provide comparable results, the company references “pro forma” financial metrics, which include the business results of Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
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 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 Three Months Ended September 30, Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022 Sales - GAAP $ 753.7 $ 823.3 Pro Forma APM adjustments — 60.7 Pro forma adjusted sales $ 753.7 $ 884.0 Net income from continuing operations – GAAP $ 5.1 $ (27.8) Income tax (benefit) expense (0.1) (1.2) Interest expense, net 30.3 37.3 Depreciation and amortization 46.4 39.8 EBITDA from continuing operations $ 81.7 $ 48.1 Special items, before tax 43.2 82.0 Interest expense included in special items (2.2) (10.0) Depreciation and amortization included in special items — (0.8) Adjusted EBITDA $ 122.7 $ 119.3 Pro forma APM adjustments — 17.2 Pro forma adjusted EBITDA $ 122.7 $ 136.5 Pro forma adjusted EBITDA as a % of sales 16.3 % 15.4 % 1 Year Ended December 31, Reconciliation to EBITDA and Adjusted EBITDA: 2006 2018 Sales $ 2,622.4 $ 3,533.4 Net income from continuing operations – GAAP $ 133.5 $ 160.8 Income tax expense 29.7 36.4 Interest expense, net 63.1 62.8 Depreciation and amortization 57.1 91.5 EBITDA from continuing operations $ 283.4 $ 351.5 Special items, before tax (34.0) 59.5 Depreciation and amortization included in special items — (3.0) JV - equity income (107.0) — Adjusted EBITDA $ 142.4 $ 408.0 Adjusted EBITDA as a % of sales 5.4 % 11.5 % Reconciliation to EBITDA and Adjusted EBITDA: Three Months Ended December 31, 2022 Net loss from continuing operations – GAAP $ (16.6) Income tax benefit (60.8) Interest expense, net 49.4 Depreciation and amortization 48.6 EBITDA from continuing operations $ 20.6 Special items, before tax 104.3 Interest expense included in special items (16.0) Depreciation and amortization included in special items (1.5) Adjusted EBITDA $ 107.4 Reconciliation of Pro Forma Adjusted Earnings per Share: Three Months Ended December 31, 2022 Net loss from continuing operations attributable to Avient shareholders $ (17.0) Special items, after tax 38.3 Amortization expense, after-tax 14.6 Adjusted net income from continuing operations excluding special items 35.9 Pro forma adjustments* 2.5 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 38.4 Weighted average diluted shares 91.7 Pro forma adjusted EPS - excluding special items pro forma for APM acquisition $ 0.42 * Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of debt with net proceeds from the Distribution sale. 2 AVNT Q3 2023 Earnings Presentation Avient corporation�Third quarter 2023 results DISCLAIMER Slide Number 3 Avient protective materials �First Year Slide Number 5 Slide Number 6 Slide Number 7 Slide Number 8 Slide Number 9 Slide Number 10 Slide Number 11 Slide Number 12 Slide Number 13 Slide Number 14 Slide Number 15 Slide Number 16 Slide Number 17 Slide Number 18 Slide Number 19 Slide Number 20 Slide Number 21 IR Deck - AVNT-2023.09.30 Non GAAP Recs Attachment
https://www.avient.com/products/vinyl-formulations
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https://www.avient.com/investor-center/news/avient-hold-first-quarter-2021-conference-call
NYSE: AVNT), with 2020 pro forma revenues of
https://www.avient.com/investor-center/news/avient-hold-webcast-february-9-2021-review-fourth-quarter-2020-results-and-2021-outlook
NYSE: AVNT), with 2020 pro forma revenues of approximately
https://www.avient.com/investor-center/news/avient-hold-fourth-quarter-2020-conference-call
NYSE: AVNT), with 2020 pro forma revenues of approximately
https://www.avient.com/news/avient-launches-new-global-range-plastisol-special-effect-screen-printing-inks
About Avient
Avient Corporation (NYSE: AVNT), with 2020 pro forma revenues of $3.8 billion, provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world.
https://www.avient.com/sites/default/files/2023-11/AVNT November IR Presentation.pdf
Pro Forma Financial Information The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
To provide comparable results, the company references “pro forma” financial metrics, which include the business results of Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
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 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 Three Months Ended September 30, Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022 Sales - GAAP $ 753.7 $ 823.3 Pro Forma APM adjustments — 60.7 Pro forma adjusted sales $ 753.7 $ 884.0 Net income from continuing operations – GAAP $ 5.1 $ (27.8) Income tax (benefit) expense (0.1) (1.2) Interest expense, net 30.3 37.3 Depreciation and amortization 46.4 39.8 EBITDA from continuing operations $ 81.7 $ 48.1 Special items, before tax 43.2 82.0 Interest expense included in special items (2.2) (10.0) Depreciation and amortization included in special items — (0.8) Adjusted EBITDA $ 122.7 $ 119.3 Pro forma APM adjustments — 17.2 Pro forma adjusted EBITDA $ 122.7 $ 136.5 Pro forma adjusted EBITDA as a % of sales 16.3 % 15.4 % 1 Year Ended December 31, Reconciliation to EBITDA and Adjusted EBITDA: 2006 2018 Sales $ 2,622.4 $ 3,533.4 Net income from continuing operations – GAAP $ 133.5 $ 160.8 Income tax expense 29.7 36.4 Interest expense, net 63.1 62.8 Depreciation and amortization 57.1 91.5 EBITDA from continuing operations $ 283.4 $ 351.5 Special items, before tax (34.0) 59.5 Depreciation and amortization included in special items — (3.0) JV - equity income (107.0) — Adjusted EBITDA $ 142.4 $ 408.0 Adjusted EBITDA as a % of sales 5.4 % 11.5 % Reconciliation to EBITDA and Adjusted EBITDA: Three Months Ended December 31, 2022 Net loss from continuing operations – GAAP $ (16.6) Income tax benefit (60.8) Interest expense, net 49.4 Depreciation and amortization 48.6 EBITDA from continuing operations $ 20.6 Special items, before tax 104.3 Interest expense included in special items (16.0) Depreciation and amortization included in special items (1.5) Adjusted EBITDA $ 107.4 Reconciliation of Pro Forma Adjusted Earnings per Share: Three Months Ended December 31, 2022 Net loss from continuing operations attributable to Avient shareholders $ (17.0) Special items, after tax 38.3 Amortization expense, after-tax 14.6 Adjusted net income from continuing operations excluding special items 35.9 Pro forma adjustments* 2.5 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 38.4 Weighted average diluted shares 91.7 Pro forma adjusted EPS - excluding special items pro forma for APM acquisition $ 0.42 * Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of debt with net proceeds from the Distribution sale. 2 AVNT November IR Presentation (11.3) 3PM Avient corporation�investor presentation DISCLAIMER Slide Number 3 Creating a world-class�sustainable organization Top-tier sustainability performance�and recognition What we do: We are a formulator Slide Number 7 Avient protective materials �First Year Slide Number 9 Slide Number 10 Slide Number 11 Slide Number 12 Slide Number 13 Slide Number 14 Slide Number 15 Slide Number 16 Slide Number 17 Slide Number 18 Slide Number 19 Slide Number 20 Slide Number 21 Slide Number 22 Slide Number 23 Slide Number 24 Slide Number 25 Avient is asset light Free cash flow conversion Multiple expansion Slide Number 29 Slide Number 30 Slide Number 31 2022 pro forma segment, end market and Geography Color, Additives & Inks Specialty Engineered Materials Slide Number 35 IR Deck - AVNT-2023.09.30 Non GAAP Recs Attachment