https://www.avient.com/sites/default/files/resources/Gabelli%2520Conf%2520-%2520POL%2520IR%2520Presentation%2520wNon%2520GAAP%2520Reconciliation%252003%252026%252015.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 101.0
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (10.5)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
Appendix
2014 Financial Highlights
At a Glance�Global Color, Additives and Inks
At a Glance�Global Specialty Engineered Materials
At a Glance�Designed Structures and Solutions
At a Glance�Performance Products and Solutions
At a Glance�Distribution
Plastics: Key to Future Sustainable Development
Commitment to Operational Excellence
A Rich Pipeline of Opportunity
Application Examples
Slide Number 28
Authentication Technology
Range Rover Evoque Interior
Slide Number 31
Metal Replacement Solutions
Next Generation Solar Charger
High-Barrier Packaging Containers
Aerospace Applications
Non-GAAP Reconciliation
Sidoti & Company non-GAAP Rec
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Press Release-1.pdf
Conference call
participants in the question and answer session should pre-register using the link at
avient.com/investors, or here, to receive the dial-in numbers and a personal PIN, which are required
to access the conference call.
They are based on management’s expectations that involve
a number of business risks and uncertainties, any of which could cause actual results to differ
materially from those expressed in or implied by the forward-looking statements.
Three Months Ended
December 31,
2022 2021
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
(Loss) income from continuing operations before income
taxes $ (77.4) $ 104.3 $ 26.9 $ 27.4 $ 20.5 $ 47.9
Income tax benefit (expense) - GAAP 60.8 — 60.8 (17.1) — (17.1)
Income tax impact of special items (Attachment 3) — (26.8) (26.8) — (4.1) (4.1)
Tax adjustments (Attachment 3) — (39.2) (39.2) — 7.5 7.5
Income tax benefit (expense) $ 60.8 $ (66.0) $ (5.2) $ (17.1) $ 3.4 $ (13.7)
Effective Tax Rate(1) 78.5 % 19.6 % 62.4 % 28.6 %
(1) Rates may not recalculate from figures presented herein due to rounding
15
Year Ended
December 31,
2022 2021
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
Income from continuing operations before income taxes $ 63.8 $ 194.0 $ 257.8 $ 203.5 $ 57.1 $ 260.6
Income tax benefit (expense) - GAAP 19.3 — 19.3 (51.9) — (51.9)
Income tax impact of special items (Attachment 3) — (49.4) (49.4) — (13.0) (13.0)
Tax adjustments (Attachment 3) — (28.4) (28.4) — 5.9 5.9
Income tax expense $ 19.3 $ (77.8) $ (58.5) $ (51.9) $ (7.1) $ (59.0)
Effective Tax Rate(1) (30.2)% 22.7 % 25.5 % 22.7 %
(1) Rates may not recalculate from figures presented herein due to rounding
Three Months Ended Year Ended
Reconciliation of Pro Forma Adjusted Earnings per Share December 31, 2022
Net (loss) income from continuing operations attributable to Avient
shareholders $ (17.0) $ 82.8
Special items, after tax (Attachment 3) 38.3 116.2
Amortization expense, after-tax (Attachment 1) 14.6 49.0
Adjusted net income from continuing operations excluding special items 35.9 248.0
APM pro forma adjustments to net income from continuing operations* 2.5 13.6
APM amortization expense, after tax* — 19.1
Pro forma adjusted net income from continuing operations attributable to Avient
shareholders $ 38.4 $ 280.7
Weighted average diluted shares 91.7 92.2
Pro forma adjusted EPS - excluding special items $ 0.42 $ 3.04
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership) including the impacts of debt financing and
prepayments on net income from continuing operations.
https://www.avient.com/sites/default/files/2024-08/AVNT Second Quarter Earnings Press Release.pdf
Conference call participants in the question and answer session should pre-register using the
link at avient.com/investors, or here, to receive the dial-in numbers and personal PIN.
They are based on
management's expectations that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those expressed in or implied by the
forward-looking statements.
Three Months Ended
June 30,
Six Months Ended
June 30,
Reconciliation to Consolidated Statements of Income 2024 2023 2024 2023
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Gross margin - GAAP 257.6 240.7 535.8 488.3
Special items in gross margin (Attachment 3) 21.6 14.2 22.0 22.2
Adjusted gross margin $ 279.2 $ 254.9 $ 557.8 $ 510.5
Adjusted gross margin as a percent of sales 32.9 % 30.9 % 33.2 % 30.6 %
Operating income - GAAP 72.5 62.3 166.5 119.4
Special items in operating income (Attachment 3) 27.2 21.8 33.4 48.9
Adjusted operating income $ 99.7 $ 84.1 $ 199.9 $ 168.3
Adjusted operating income as a percent of sales 11.7 % 10.2 % 11.9 % 10.1 %
Three Months Ended
June 30,
Six Months Ended
June 30,
Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 2024 2023
Net income from continuing operations – GAAP $ 33.8 $ 22.3 $ 83.5 $ 43.6
Income tax expense 11.2 10.4 28.0 18.1
Interest expense, net 26.6 29.4 53.2 58.2
Depreciation & amortization 44.9 47.6 89.2 98.1
EBITDA from continuing operations $ 116.5 $ 109.7 $ 253.9 $ 218.0
Special items, before tax 28.1 21.7 34.3 49.0
Interest expense included in special items (1.0) — (1.0) —
Depreciation & amortization included in special items (0.3) (0.1) (0.8) (1.9)
Adjusted EBITDA $ 143.3 $ 131.3 $ 286.4 $ 265.1
Adjusted EBITDA as a percent of sales 16.9 % 15.9 % 17.1 % 15.9 %
Year Ended
December 31, 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS
Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83
Special items, after-tax 79.3 0.86
Amortization expense, after-tax 61.5 0.67
Adjusted net income / EPS $ 216.6 $ 2.36
14
Three Months Ended
September 30, 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS
Net income from continuing operations attributable to Avient shareholders $ 5.1 $ 0.06
Special items, after-tax 32.0 0.35
Amortization expense, after-tax 15.2 0.16
Adjusted net income / EPS $ 52.3 $ 0.57
https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
Conference
call participants in the question and answer session should pre-register using the link at
avient.com/investors, or here, to receive the dial-in numbers and a personal PIN, which are
required to access the conference call.
They are based on management’s
expectations that involve a number of business risks and uncertainties, any of which could cause
actual results to differ materially from those expressed in or implied by the forward-looking
statements.
Three Months Ended September 30,
2022 2021
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
(Loss) income from continuing operations before income
taxes $ (29.0) $ 82.0 $ 53.0 $ 35.4 $ 19.9 $ 55.3
Income tax expense - GAAP 1.2 — 1.2 (2.0) — (2.0)
Income tax impact of special items (Attachment 3) — (20.5) (20.5) — (4.6) (4.6)
Tax adjustments (Attachment 3) — 6.8 6.8 — (3.6) (3.6)
Income tax (expense) benefit $ 1.2 $ (13.7) $ (12.5) $ (2.0) $ (8.2) $ (10.2)
Effective Tax Rate(1) 4.1 % 23.7 % 5.7 % 18.4 %
(1) Rates may not recalculate from figures presented herein due to rounding
14
Nine Months Ended September 30,
2022 2021
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
Income from continuing operations before income taxes $141.2 $ 89.6 $ 230.8 $176.1 $ 36.5 $ 212.6
Income tax expense - GAAP (41.5) — (41.5) (32.1) — (32.1)
Income tax impact of special items (Attachment 3) — (22.5) (22.5) — (8.9) (8.9)
Tax adjustments (Attachment 3) — 10.8 10.8 — (1.6) (1.6)
Income tax (expense) benefit $ (41.5) $ (11.7) $ (53.2) $ (32.1) $ (10.5) $ (42.6)
Effective Tax Rate(1) 29.4 % 23.1 % 18.2 % 20.0 %
(1) Rates may not recalculate from figures presented herein due to rounding
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021 2022 2021
Net (loss) income from continuing operations – GAAP $ (27.8) $ 33.4 $ 99.7 $ 144.0
Income tax (benefit) expense (1.2) 2.0 41.5 32.1
Interest expense 37.3 19.0 70.4 57.8
Depreciation and amortization from continuing operations 39.8 36.6 113.7 107.1
EBITDA $ 48.1 $ 91.0 $ 325.3 $ 341.0
Special items, before tax 82.0 19.9 89.6 36.5
Interest expense included in special items (10.0) — (10.0) —
Depreciation and amortization included in special items (0.8) (0.9) (4.0) (0.1)
Adjusted EBITDA $ 119.3 $ 110.0 $ 400.9 $ 377.4
NEWS RELEASE
Attachment 1
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
The company also noted that it finished the year with cash flow from operations of $202 million;
excluding $104 million of taxes paid on the sale of the Distribution business, cash flow from
operations was $306 million.
Conference
call participants in the question and answer session should pre-register using the link at
avient.com/investors, or here, to receive the dial-in numbers and personal PIN.
They are based on
management’s expectations that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those expressed in or implied by the
forward-looking statements.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Conference%2520w%2520nonGAAP.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
The non-GAAP financial measures
include: adjusted EPS, earnings before interest, tax, depreciation and amortization
(EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty
platform gross margin percentage, adjusted operating income, return on invested
capital, net debt/ EBITDA, and the exclusion of corporate charges in certain
calculations.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y
YTD
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 92.6
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 49.9
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.9)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 135.6
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.3
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.44
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Credit%2520Suisse%2520Conference%2520w%2520non-GAAP%252009%252018%25202014.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
The non-GAAP financial measures
include: adjusted EPS, earnings before interest, tax, depreciation and amortization
(EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty
platform gross margin percentage, adjusted operating income, return on invested
capital, net debt/ EBITDA, and the exclusion of corporate charges in certain
calculations.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014 Q2
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 60.3
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 36.7
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.8)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 90.2
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.9
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 0.95
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520KeyBanc%2520Conference%2520w%2520nonGAAP.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
The non-GAAP financial measures
include: adjusted EPS, earnings before interest, tax, depreciation and amortization
(EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty
platform gross margin percentage, adjusted operating income, return on invested
capital, net debt/ EBITDA, and the exclusion of corporate charges in certain
calculations.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014 Q2
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 60.3
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 36.7
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.8)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 90.2
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.9
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 0.95
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520RW%2520Baird%2520Conference%2520w%2520non-GAAP.pdf
They are based on management’s expectations that involve a number of business risks and uncertainties, any of which
could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
The non-GAAP financial measures
include: adjusted EPS, earnings before interest, tax, depreciation and amortization
(EBITDA), adjusted EBITDA, net debt, Specialty platform operating income, Specialty
platform gross margin percentage, adjusted operating income, return on invested
capital, net debt/ EBITDA, and the exclusion of corporate charges in certain
calculations.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y
YTD
Net income attributable to
PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 92.6
Joint venture equity
earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - -
Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 49.9
Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 (6.9)
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 135.6
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 94.3
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.44
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
https://www.avient.com/sites/default/files/2024-05/AVNT Q1 2024 Earnings Press Release_0.pdf
Conference call
participants in the question and answer session should pre-register using the link at
avient.com/investors, or here, to receive the dial-in numbers and personal PIN.
They are based on
management’s expectations that involve a number of business risks and uncertainties, any of
which could cause actual results to differ materially from those expressed in or implied by the
forward-looking statements.
Three Months Ended
March 31,
Reconciliation to Consolidated Statements of Income 2024 2023
Sales $ 829.0 $ 845.7
Gross margin - GAAP 278.2 247.6
Special items in gross margin (Attachment 3) 0.4 8.0
Adjusted gross margin $ 278.6 $ 255.6
Adjusted gross margin as a percent of sales 33.6 % 30.2 %
Operating income - GAAP 94.0 57.1
Special items in operating income (Attachment 3) 6.2 27.1
Adjusted operating income $ 100.2 $ 84.2
Adjusted operating income as a percent of sales 12.1 % 10.0 %
Three Months Ended
March 31,
Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023
Net income from continuing operations - GAAP $ 49.7 $ 21.3
Income tax expense 16.8 7.7
Interest expense, net 26.6 28.8
Depreciation and amortization 44.3 50.5
EBITDA from continuing operations 137.4 108.3
Special items, before tax 6.2 27.3
Depreciation and amortization included in special items (0.5) (1.8)
Adjusted EBITDA $ 143.1 $ 133.8
Adjusted EBITDA as a percent of sales 17.3 % 15.8 %
Year Ended
December 31, 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS
Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83
Special items, after-tax 79.3 0.86
Amortization expense, after-tax 61.5 0.67
Adjusted net income / EPS $ 216.6 $ 2.36
13
Three Months Ended
June 30, 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS
Net income from continuing operations attributable to Avient shareholders $ 22.1 $ 0.24
Special items, after-tax 19.6 0.21
Amortization expense, after-tax 16.2 0.18
Adjusted net income / EPS $ 57.9 $ 0.63
NEWS RELEASE
Attachment 1