https://www.avient.com/sites/default/files/2022-02/Q4 2021 Avient Earnings Release_0.pdf
Examples include:
• Unique technologies that improve the recyclability of products and enable recycled content
to be incorporated, thus advancing a more circular economy
• Light-weighting solutions that replace heavier traditional materials like metal, glass and
wood, which can improve fuel efficiency in all modes of transportation and reduce carbon
footprint
• Sustainable infrastructure solutions that increase energy efficiency, renewable energy,
natural resource conservation and fiber optic / 5G network accessibility
Avient employs approximately 8,700 associates and is certified ACC Responsible Care®, a
founding member of the Alliance to End Plastic Waste and certified Great Place to Work®.
Three Months Ended
December 31,
2021 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 29.8 $ 0.32 $ 74.2 $ 0.81
Special items, after tax (Attachment 3) 24.0 0.26 (26.7) (0.29)
Adjusted net income / EPS - excluding special items $ 53.8 $ 0.58 $ 47.5 $ 0.52
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended
December 31,
2021 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 230.8 $ 2.51 $ 132.0 $ 1.46
Special items, after tax (Attachment 3) 50.0 0.54 24.8 0.27
Adjusted net income / EPS - excluding special items $ 280.8 3.05 $ 156.8 1.73
(1) Per share amounts may not recalculate from figures presented herein due to rounding
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1
Cost of sales 948.4 744.1 3,719.2 2,457.8
Gross margin 253.1 252.9 1,099.6 784.3
Selling and administrative expense 179.1 187.9 718.4 595.0
Operating income 74.0 65.0 381.2 189.3
Interest expense, net (17.5) (19.3) (75.3) (74.6)
Other (expense) income, net (5.4) 11.7 (1.3) 24.3
Income from continuing operations before income taxes 51.1 57.4 304.6 139.0
Income tax (expense) benefit (22.2) 17.3 (74.0) (5.2)
Net income from continuing operations 28.9 74.7 230.6 133.8
Income (loss) from discontinued operations, net of income taxes — 0.1 — (0.4)
Net income 28.9 74.8 230.6 133.4
Net loss (income) attributable to noncontrolling interests 0.9 (0.5) 0.2 (1.8)
Net income attributable to Avient common shareholders $ 29.8 $ 74.3 $ 230.8 $ 131.6
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.33 $ 0.81 $ 2.53 $ 1.47
Discontinued operations — — — (0.01)
Total $ 0.33 $ 0.81 $ 2.53 $ 1.46
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.32 $ 0.81 $ 2.51 $ 1.46
Discontinued operations — — — (0.01)
Total $ 0.32 $ 0.81 $ 2.51 $ 1.45
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.8750 $ 0.8200
Weighted-average shares used to compute earnings per common share:
Basic 91.5 91.4 91.4 90.1
Diluted 92.4 92.1 92.1 90.6
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Cost of sales:
Restructuring costs, including accelerated depreciation $ (6.0) $ (1.8) $ (14.6) $ (4.3)
Environmental remediation costs (0.5) (1.1) (22.9) (20.4)
Reimbursement of previously incurred environmental costs — — 4.5 8.7
Acquisition related costs 0.6 1.2 (0.6) (9.3)
Impact on cost of sales (5.9) (1.7) (33.6) (25.3)
Selling and administrative expense:
Restructuring, legal and other (4.2) (13.0) (5.9) (22.5)
Acquisition earn-out adjustments — 1.5 — (1.0)
Acquisition related costs (1.1) (1.4) (8.3) (24.9)
Impact on selling and administrative expense (5.3) (12.9) (14.2) (48.4)
Impact on operating income (11.2) (14.6) (47.8) (73.7)
Costs related to committed financing in interest expense, net — — — (10.1)
Other income, net — 0.1 0.1 0.4
Pension settlement/curtailment and mark-to-market adjustment (loss) gain (9.4) 10.3 (9.4) 17.2
Impact on income from continuing operations before income taxes (20.6) (4.2) (57.1) (66.2)
Income tax benefit (expense) on above special items 4.1 (1.3) 13.0 14.1
Tax adjustments(2) (7.5) 32.2 (5.9) 27.3
Impact of special items on net income from continuing operations
attributable to Avient Shareholders $ (24.0) $ 26.7 $ (50.0) $ (24.8)
Diluted earnings per common share impact of special items on net income
from continuing operations attributable to Avient shareholders $ (0.26) $ 0.29 $ (0.54) $ (0.27)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.4 92.1 92.1 90.6
(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
Reconciliation of Pro Forma Adjusted Earnings per Share:
Year Ended
December 31, 2020
Net income from continuing operations attributable to Avient shareholders $ 132.0
Special items, after tax 24.8
Adjusted net income from continuing operations excluding special items 156.8
Clariant Color pro forma adjustments to net income from continuing operations(2) 20.7
Pro forma adjusted net income from continuing operations attributable to Avient
shareholders $ 177.5
Weighted average diluted shares 90.6
Pro forma impact to diluted shares from January 2020 equity offering(2) 1.5
Pro forma weighted average diluted shares 92.1
Adjusted EPS - excluding special items pro forma for Clariant Color acquisition $ 1.93
Year Ended
December 31, 2020
Sales $ 3,242.1
Clariant Color 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
15
Reconciliation of Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA) by Segment
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Operating income:
Color, Additives and Inks $ 61.2 $ 57.5 $ 303.1 $ 180.8
Specialty Engineered Materials 28.8 30.4 132.0 94.4
Distribution 21.7 18.0 93.2 69.5
Corporate and eliminations (37.7) (40.9) (147.1) (155.4)
Operating income $ 74.0 $ 65.0 $ 381.2 $ 189.3
Items below OI in Corporate:
Other income, net $ (5.4) $ 11.7 $ (1.3) $ 24.3
Depreciation & amortization:
Color, Additives and Inks $ 26.4 $ 27.3 $ 105.7 $ 75.1
Specialty Engineered Materials 8.0 7.4 31.7 30.0
Distribution 0.2 0.3 0.8 0.7
Corporate and eliminations 3.6 2.8 7.7 9.3
Depreciation & Amortization $ 38.2 $ 37.8 $ 145.9 $ 115.1
EBITDA:
Color, Additives and Inks $ 87.6 $ 84.8 $ 408.8 $ 255.9
Specialty Engineered Materials 36.8 37.8 163.7 124.4
Distribution 21.9 18.3 94.0 70.2
Corporate and eliminations (39.5) (26.4) (140.7) (121.8)
EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.7
16
Reconciliation of Pro Forma Sales, Operating Income and EBITDA - Color, Additives and Inks
Year Ended
December 31, 2020
Sales:
Color, Additives and Inks $ 1,502.9
Clariant Color pro forma adjustments(2) 540.4
Pro forma sales $ 2,043.3
Operating income:
Color, Additives and Inks $ 180.8
Clariant Color pro forma adjustments(2) 45.0
Pro forma operating income $ 225.8
Depreciation & amortization:
Color, Additives and Inks $ 75.1
Clariant Color pro forma adjustments(2) 30.1
Pro forma depreciation & amortization $ 105.2
EBITDA:
Color, Additives and Inks $ 255.9
Clariant Color pro forma adjustments(2) 75.1
Pro forma EBITDA $ 331.0
(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
Three Months Ended
December 31,
Year Ended
December 31,
Reconciliation to EBITDA and Pro Forma Adjusted EBITDA: 2021 2020 2021 2020
Net income from continuing operations – GAAP $ 28.9 $ 74.7 $ 230.6 $ 133.8
Income tax expense (benefit) 22.2 (17.3) 74.0 5.2
Interest expense 17.5 19.3 75.3 74.6
Depreciation and amortization from continuing operations 38.2 37.8 145.9 115.1
EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.7
Special items, before tax 20.6 4.2 57.1 66.2
Interest expense included in special items — — (10.1)
Depreciation and amortization included in special items (1.6) (0.7) (1.7) (3.2)
Adjusted EBITDA $ 125.8 $ 118.0 $ 581.2 $ 381.6
Clariant Color pro forma adjustments(2) — — — 75.1
Pro forma adjusted EBITDA $ 125.8 $ 118.0 $ 581.2 $ 456.7
(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
17
Net Debt Calculation December 31, 2021
Total long-term debt, net $ 1,850.3
Unamortized discount and debt issuance cost 14.4
Short-term and current portion of long term debt 8.6
Total debt $ 1,873.3
Cash (601.2)
Net debt $ 1,272.1
NEWS RELEASE
Attachment 1
https://www.avient.com/knowledge-base/article/transform-product-development-fea
Gain advanced insight into design performance
Once that trust is established, you can also gain confidence that the design, process, and material for your product will perform as intended.
https://www.avient.com/industries/healthcare/medical-packaging/nutraceutical-packaging
Consumers are leading healthier lifestyles today, adding more nutraceuticals to their daily diet.
https://www.avient.com/sites/default/files/2021-04/avnt-first-quarter-2021-news-release.pdf
Demand conditions were robust in the
quarter, in particular for composite technologies and new business gains in healthcare
applications.
Examples include:
• Barrier technologies that preserve the shelf-life and quality of food, beverages, medicine
and other perishable goods through high-performance materials that require less plastic
• Light-weighting solutions that replace heavier traditional materials like metal, glass and
wood, which can improve fuel efficiency in all modes of transportation
• Breakthrough technologies that minimize wastewater and improve the recyclability of
materials and packaging across a spectrum of end uses
Avient employs approximately 8,400 associates and is certified ACC Responsible Care®, a
founding member of the Alliance to End Plastic Waste and certified Great Place to Work®.
Three Months Ended
March 31, 2021
Three Months Ended
March 31, 2020
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 79.3 $ 0.86 $ 33.1 $ 0.38
Special items, after tax (Attachment 3) 2.6 0.03 8.6 0.10
Adjusted net income / EPS - excluding special items $ 81.9 $ 0.89 $ 41.7 $ 0.48
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2021 2020
Sales $ 1,162.3 $ 711.5
Cost of sales 859.9 540.0
Gross margin 302.4 171.5
Selling and administrative expense 182.0 118.7
Operating income 120.4 52.8
Interest expense, net (19.3) (9.4)
Other income, net 1.5 1.6
Income from continuing operations before income taxes 102.6 45.0
Income taxes (22.9) (11.9)
Net income from continuing operations 79.7 33.1
Loss from discontinued operations, net of income taxes — (0.3)
Net income 79.7 32.8
Net income attributable to noncontrolling interests (0.4) —
Net income attributable to Avient common shareholders $ 79.3 $ 32.8
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.87 $ 0.38
Discontinued operations — —
Total $ 0.87 $ 0.38
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.86 $ 0.38
Discontinued operations — —
Total $ 0.86 $ 0.38
Cash dividends declared per share of common stock $ 0.2125 $ 0.2025
Weighted-average shares used to compute earnings per common share:
Basic 91.3 86.3
Diluted 92.2 86.7
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
March 31,
2021 2020
Cost of sales:
Restructuring costs, including accelerated depreciation and amortization $ (1.8) $ —
Environmental remediation costs (0.5) (0.4)
Reimbursement of previously incurred environmental costs 4.5 0.2
Impact on cost of sales 2.2 (0.2)
Selling and administrative expense:
Restructuring, legal and other (1.3) (1.8)
Acquisition earn-out adjustments — (1.0)
Acquisition related costs (3.3) (6.7)
Impact on selling and administrative expense (4.6) (9.5)
Impact on operating income (2.4) (9.7)
Other income, net — 0.1
Impact on income from continuing operations before income taxes (2.4) (9.6)
Income tax benefit on above special items 0.9 2.0
Tax adjustments(2) (1.1) (1.0)
Impact of special items on net income from continuing operations
attributable to Avient Shareholders $ (2.6) $ (8.6)
Diluted earnings per common share impact $ (0.03) $ (0.10)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.2 86.7
(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/resources/POL%2520IR%2520Presentation%2520-%2520Jefferies%2520Industrials%2520Conference%25202015.pdf
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
The final amount of charges resulting from the planned North American asset realignment and the Company’s ability to realize anticipated
savings and operational benefits from the asset realignment;
Our ability to achieve the strategic and other objectives relating to the acquisition of Spartech Corporation, including any expected synergies;
Our ability to successfully integrate Spartech and achieve the expected results of the acquisition, including, without limitation, the acquisition
being accretive;
Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability
and cost of credit in the future;
The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with
inadequate liquidity) to maintain their credit availability;
The speed and extent of an economic recovery, including the recovery of the housing market;
Our ability to achieve new business gains;
The effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks;
Changes in polymer consumption growth rates in the markets where we conduct business;
Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;
Fluctuations in raw material prices, quality and supply and in energy prices and supply;
Production outages or material costs associated with scheduled or unscheduled maintenance programs;
Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;
An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working
capital reductions, cost reductions, employee productivity goals, and an inability to raise or sustain prices for products or services;
An inability to raise or sustain prices for products or services;
An inability to maintain appropriate relations with unions and employees;
The inability to achieve expected results from our acquisition activities;
Our ability to continue to pay cash dividends;
The amount and timing of repurchases of our common shares, if any; and
Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates
and changes in the rate of inflation
Addressable market exceeds $40 billion
Strong performance demonstrates that our strategy and execution
are working
Megatrends and emerging opportunities align with our strengths
Innovation and services provide differentiation, incremental pricing
power, and competitive advantage
Strong and proven management team driving growth and
performance
PolyOne Corporation Page 18
Appendix
PolyOne Corporation Page 19
$0.19
$0.26 $0.30
$0.37
$0.51
$0.57
$0.00
$0.25
$0.50
Q2'10 Q2'11 Q2'12 Q2'13 Q2'14 Q2'15
Adjusted EPS
Q2 2015 Financial Highlights
Global Color Additives & Inks
operating margin reaches record
level of 18.2%
Global Specialty Engineered
Materials operating margin grew 240
basis points year-over-year to 14.4%
Second quarter adjusted EPS has
grown on average 25% per year
since 2010
$13 $14
$24
$31
$38 $40
$10
$30
$50
Q2'10 Q2'11 Q2'12 Q2'13 Q2'14 Q2'15
GCAI Operating Profit
$12 $13 $13
$15
$19
$20
$10
$14
$18
$22
Q2'10 Q2'11 Q2'12 Q2'13 Q2'14 Q2'15
GSEM Operating Profit
Note: $ in millions, except per share data
PolyOne Corporation Page 20
Appliances
2%
Building &
Construction
12%
Consumer
7%
Electrical &
Electronics
1%
Healthcare
6%
Industrial
14%
Packaging
31% Textiles
7%
Transportation
8%
Wire & Cable
12% 1.7%
4.6% 5.1%
5.5%
7.2% 8.1%
9.7%
12.2%
17.2%
20%+
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
At a Glance
Global Color, Additives and Inks
2014 Revenues: $0.9 Billion Solutions
Expanding Profits 2014 Revenue by Industry Segment
14.7%
Platinum
Vision
United States
44%
Europe
36%
Canada
2%
Asia
12%
Latin America
6%
PolyOne Corporation Page 21
Appliances
4% Building &
Construction
3%
Consumer
18%
Electrical &
Electronics
16%
Healthcare
12%
Industrial
8%
Packaging
5%
Transportation
20%
Wire & Cable
12%
At a Glance
Global Specialty Engineered Materials
2014 Revenues: $0.6 Billion Solutions
2014 Revenue by Industry Segment Expanding Profits
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6%
9.3%
15.3%
20%+
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
Platinum
Vision
12.1%
United States
44%
Europe
33%
Canada
2%
Asia
19%
Latin America
2%
PolyOne Corporation Page 22
Appliances
2% Building &
Construction
8%
Consumer
5%
Healthcare
6%
Industrial
23%
Packaging
27%
Transportation
30%
United States
96%
Canada
4%
At a Glance
Designed Structures and Solutions
Solutions 2014 Revenues: $0.6 Billion
Expanding Profits 2014 Revenue by Industry Segment
1.4%
5.6%
7.3%
3.3%
12-14%
2012 2013 2014 YTD 2015 2020
Operating Income % of Sales
Platinum
Vision
PolyOne Corporation Page 23
Appliances
8%
Building &
Construction
33%
Consumer
5% Electrical &
Electronics
3%
Healthcare
1%
Industrial
11%
Packaging
5%
Transportation
18%
Wire & Cable
16%
5.5%
6.9%
3.8% 3.6%
5.5%
4.3%
6.3%
7.2%
7.6%
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
At a Glance
Performance Products and Solutions
Solutions
Expanding Profits
2014 Revenues: $0.8 Billion
10-12%
Platinum
Vision
2014 Revenue by Industry Segment
7.7%
United States
80%
Canada
14%
Asia
2%
Latin America
4%
PolyOne Corporation Page 24
Appliances
6%
Building &
Construction
5%
Consumer
13%
Electrical &
Electronics
6%
Healthcare
23%
Industrial
15%
Packaging
4%
Transportation
25%
Wire & Cable
3%
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4% 5.9%
6.5% 6.5-7.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
2015
2020
Operating Income % of Sales
15%
52%
2006 Q2 2015
At a Glance
Distribution
Key Suppliers 2014 Revenues: $1.1 Billion
ROIC Expanding Profits
6.1%
Platinum
Vision
http://www.polyone.com/Pages/VariationRoot.aspx
PolyOne Corporation Page 25
2 lbs Plastic
=
3 lbs aluminum
or
8 lbs steel
or
27 lbs glass
33% less material by weight
than aluminum
75% less material by weight
than steel
93% less material by weight
than glass
Requires 91% less energy to
recycle a pound of plastic versus
a pound of paper
Source: SPI: Sustainability and the Plastics Industry
Plastics: Key to Future Sustainable Development
PolyOne Corporation Page 26
Commitment to Operational Excellence
81%
93%
2006 2014
16.2%
9.9%
2006 2014
On-Time Delivery
Working Capital % of Sales
5%
43%
2006 2014
Percent of Associates Trained in LSS
Five consecutive years – CFO Magazine
Best Working Capital Management in the
chemical industry
World’s Best Business
Process Excellence
Program in 2012*
114 trained Black Belts
222 trained Green Belts
140 trained Kaizen Leaders
World’s Best Start-up
Program for Lean Six Sigma
Deployment in 2009*
*Both awards received from International Quality and Productivity Center
PolyOne Corporation Page 27
Application Examples
PolyOne Corporation Page 28
$1.5 billion attractive, growing market
Additives improve performance and reduce cost
through light-weighting, reduced waste, faster
cycle times, and extended shelf life of finished
product
Aligned with megatrend of protecting the
environment:
Sustainability benefits include lower
package weight and improved recyclability
of package at end of use
Market Opportunity
Leading Global Supplier of Additives In Growing PET Market
Shelf-life extension
Greater product
consistency
Recyclability and
reduced carbon
footprint
Color and Special
Effects
Weight reduction
Enhanced product
aesthetics
High heat resistance
PET Bottling Technology
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2009 2014 2019
Asia Pacific North America
Latin America Western Europe
Eastern Europe Middle East and Africa
Global PET Packaging Growth 2009-2019
Source: Euromonitor retail off-trade consumption (PET bottles & jars, home care, personal care,
food & non-alcoholic beverages)
B
ill
io
n
un
its
5% CAGR
PolyOne Corporation Page 29
• Includes formulation and
consultative services to assist
manufacturers and brand owners in
positively identifying their finished
goods
• Protects brand equity & consumer
welfare
• Reduces exposure to unwarranted
recall expenses
• Secures supply chain integrity –
support for safe expansion into new
geographies
Authentication Technology
PolyOne Corporation Page 30
• Color harmonization across
15 unique color-and-polymer
combinations
• Eliminated need for multiple pre-
colored materials
• Reduced Land Rover’s working
capital
2015 Range Rover Evoque Interior
PolyOne Corporation Page 31
• Reduced health and
environmental impact
• System cost reduction
• Radiation-shielding
performance
• Parts consolidation
• Design freedom
CT Scanner
PolyOne Corporation Page 32
Metal Replacement Solutions
• Replaces metal in LED lighting
• Extends LED durability and life
span eliminating hot spots
• Greater design flexibility with
fewer parts
• Weight reduction
• Simplifies manufacturing and
lowers total production cost
PolyOne Corporation Page 33
Next Generation Solar Charger
• Ginkgo Solar Tree charger utilizing our
unique reSound™ material
• reSound™ is a durable material
consisting of 50% bio-derived plastic
and 50% traditional petroleum-based
plastic
• Use of reSound™ reduced the carbon
footprint for this product by 35%
• reSound™ Is classified as a PolyOne
Sustainable SolutionSM PolyOne Sustainable
SolutionSM
PolyOne Corporation Page 34
High-Barrier Packaging Containers
• Capability to extrude up to 13
layers
• Strong oxygen and moisture
vapor transmission protection
• Can be made symmetrical or
asymmetrical to meet
customized needs of broad
variety of applications
• Barrier protection and superior
sensory properties
PolyOne Corporation Page 35
Aerospace Applications
• Leading provider of specialty materials
for the aerospace industry
• Typical applications
Mil-spec aircraft windows, canopies,
windscreens, instrument panels,
wingtip lenses
Interior – gallery furnishings, tray
tables, arm rests, trim strips, joint/edge
coverings
• Benefits:
High impact strength
Resistant to UV rays
Flame and smoke compliance
Easy to clean with aggressive cleaners;
anti-microbial grades available
Range of sizes, thicknesses, colors, etc.
1
Schedule I
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and presented
in accordance with U.S.
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market
adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs 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; unrealized gains and losses from foreign currency option contracts; 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 expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments.
3
Net debt to adjusted EBITDA is calculated as follows:
Six Months
Ended
Twelve Months
Ended Six Months Ended
Trailing Twelve
Months (TTM)
Ended
(In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015
Short-term portion and current portion of
long-term debt $ 12.7 $ 61.8 $ 61.8
Long-term debt 967.9 962.0 996.4
Less: Cash and cash equivalents (261.5) (238.6) (236.8)
Net Debt $ 719.1 785.2 821.4
Income before income taxes $ 73.2 $ 88.4 $ 116.7 $ 131.9
Interest expense, net 31.2 62.2 32.3 63.3
Depreciation and amortization 72.2 123.9 50.1 101.8
Special items, impact on operating income 62.2 164.9 21.2 123.9
Accelerated depreciation included in special
items (20.5) (23.1) (0.3) (2.9)
Adjusted EBITDA $ 218.3 $ 416.3 $ 220.0 $ 418.0
Net Debt/TTM Adjusted EBITDA 2.0
POL IR Presentation - Jefferies Industrials Conference 2015 website
��PolyOne Investor Presentation�Jefferies 2015 Industrials Conference�August 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Strategy and Execution Drive Results
Proof of Performance & 2020 Goals
Platinum Vision: Pathway to Accelerated Growth
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
A Rich Pipeline of Opportunity
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
PolyOne Core Values
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2021-04/b-c-industry-bulletin.pdf
Our vast
portfolio delivers product performance
and processing efficiencies that will help
you gain market advantages and grow your
bottom line.
DESIGN & PROCESSING
Material flexibility and customization, extrusion
and molding optimization techniques
SOLUTION: Advanced polymer science,
application development, technical service
VISUAL AESTHETICS
Custom colors, deep shades,
special effects
SOLUTION: Metallic colorants,
granite & woodgrain effects
DURABILITY
Wind & impact resistance,
chemical resistance, weatherability
SOLUTION: Scratch & mar resistant
or IR/UV resistant additives,
dimensional stabilizers
TECHNOLOGY DESCRIPTION TYPICAL APPLICATIONS
Antimicrobial
Additives
Antimicrobial technology to limit microbe growth —
reduces bacterial, mold and fungal growth on surface
and through thickness, protecting finished part
• Potable water equipment • Roofs & eaves
• Decking, fencing & railings • High-touch surfaces
• Bath surrounds, liners & inserts
Scratch & Mar Resistance
Additives
For applications requiring resistance to daily surface
abrasion, and management of surface energy
• Exterior fencing, decking, railings & shutters
• Outdoor furniture
• Playground equipment
Flame Retardant
Additives
Reduces spread of fire and heat release by creating
a char to limit oxygen at the flame source
• Wire & cable • Telecommunications
• Decking, fencing & railings • Conduit
• Exterior siding & cladding • Housings
UV and Light Blocking
Additives
UV stabilizers help mitigate the harmful effects of
UV radiation while light blocking additives protect
products sensitive to light
• Exterior siding & cladding • Trim & moldings
• Roofing, shingles, tiles • Outdoor furniture
• Fencing, decking, railings & shutters
Anti-static and Conductive
Additives
Controls build-up of static charges to create
static-dissipated parts while reducing related
dust accumulation
• Electrical connectors • Conduit or tubing
• Junction boxes • Flooring
• 5G enabling
Chemical Foaming
Agents
Reduces weight and density without compromising
mechanical properties
• Exterior siding & cladding • Modular panels
• Decking, fencing & railings
Optimization Additives
Cycle-time reducers that help optimize production
while allowing improved dimensional stability and
energy efficiency, among other processing benefits
• Used in extrusion and injection molding processes
to improve thermal conductivity, and lower
processing temperatures and energy consumption
Laser Marking
Supports design and production flexibility and offers
a new level of control in marking polymers with speed
and clarity
• Wire & cable • Outdoor furniture
• Equipment & housings • Pipes & fittings
Anti-counterfeiting
Additives
Customizable in-plastic authentication technologies
that enable positive identification versus counterfeit
products
• Wire & cable jacketing • Pipes & fittings
• Telecommunications • Potable water
equipment
Wood Plastic Composite (WPC)
Capstock Technology
Pair with traditional WPC materials as a substrate
for a durable outer layer
• Exterior siding & cladding • Outdoor furniture
• Fencing, decking & railings
Sustainable Colorants &
Additives
Color concentrates and additives carefully chosen
to meet industry requirements and legislation, and
designed to lower environmental impact while
improving sustainability
• Green building roofing • OSHA compliance
• Sheet & profile extrusions • LEED building &
material credits
FX Special Effects
Colorants
Granite, marbling, woodgrain and other distinctive
colorant technologies to provide special surface
effects
• Decorative molding • Chair or hand rails
• Wallcovering • Blinds & shutters
• Any surface or part demanding a distinctive look
Pool Colorants
Durable, long-lasting pigment formulations for
finishes that hold up to pool water chemistries
• Pool decks • Coping
• In-ground swimming pools
Metallic Flooring &
Stain Colorants
Colorants designed to give concrete floors and
surfaces a distinctive appearance
• Concrete flooring • Countertops
• Decorative concrete • Walls
While this listing represents many Avient solutions and addresses common applications, we can tackle many other
building & construction needs.
Our range of world-class services includes:
Color Technology: Custom color design, saturated
colors, and special effects to fill market niches and
eliminate secondary operations
Color & Design Services: Trend and color insights,
and product development assistance to optimize
design and gain speed to market
Regulatory Coordination: Aid with new product
approvals to reduce regulatory overhead and
minimize risk
Field Technical Service: Support for tool design,
startup and production optimization to gain
manufacturing efficiencies
Sustainability: Innovative materials and solutions
to help you meet your sustainability goals
To learn more visit www.avient.com or
call 1.844.4AVIENT (1.844.428.4368)
B&C Industry Bulletin
B&C Industry Bulletin_Single Pages
https://www.avient.com/sites/default/files/AVNT Q1 2023 Earnings Press Release.pdf
Examples include:
• Dyneema®, the world’s strongest fiber™, enables unmatched levels of performance and
protection for end-use applications, including ballistic personal protection, marine and
sustainable infrastructure and outdoor sports
• Unique technologies that improve the recyclability of products and enable recycled content
to be incorporated, thus advancing a more circular economy
• Light-weighting solutions that replace heavier traditional materials like metal, glass and
wood, which can improve fuel efficiency in all modes of transportation and reduce carbon
footprint
• Sustainable infrastructure solutions that increase energy efficiency, renewable energy,
natural resource conservation and fiber optic / 5G network accessibility
Avient is certified ACC Responsible Care®, a founding member of the Alliance to End Plastic
Waste and certified Great Place to Work®.
Three Months Ended
March 31, 2023
Three Months Ended
March 31, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 20.8 $ 0.23 $ 64.4 $ 0.70
Special items, after tax (Attachment 3) 22.3 0.24 6.4 0.07
Amortization expense, after-tax 15.1 0.16 10.8 0.12
Adjusted net income / EPS $ 58.2 $ 0.63 $ 81.6 $ 0.89
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2023 2022
Sales $ 845.7 $ 892.2
Cost of sales 598.1 637.8
Gross margin 247.6 254.4
Selling and administrative expense 190.5 152.2
Operating income 57.1 102.2
Interest expense, net (28.8) (16.9)
Other income (expense), net 0.7 (0.6)
Income from continuing operations before income taxes 29.0 84.7
Income tax expense (7.7) (20.0)
Net income from continuing operations 21.3 64.7
(Loss) income from discontinued operations, net of income taxes (0.9) 19.8
Net income 20.4 84.5
Net income attributable to noncontrolling interests (0.5) (0.3)
Net income attributable to Avient common shareholders $ 19.9 $ 84.2
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.23 $ 0.70
Discontinued operations (0.01) 0.22
Total $ 0.22 $ 0.92
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.23 $ 0.70
Discontinued operations (0.01) 0.21
Total $ 0.22 $ 0.91
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375
Weighted-average shares used to compute earnings per common share:
Basic 91.0 91.5
Diluted 91.8 92.3
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
March 31,
2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (6.6) $ (4.4)
Environmental remediation costs (1.4) (2.0)
Reimbursement of previously incurred environmental costs — 0.6
Impact on cost of sales (8.0) (5.8)
Selling and administrative expense:
Restructuring, legal and other (15.7) 1.9
Acquisition related costs (3.4) (2.9)
Impact on selling and administrative expense (19.1) (1.0)
Impact on operating income (27.1) (6.8)
Other income (loss), net (0.2) 0.1
Impact on income from continuing operations before income taxes (27.3) (6.7)
Income tax expense (benefit) on above special items 6.9 1.8
Tax adjustments(2) (1.9) (1.5)
Impact of special items on net income from continuing operations $ (22.3) $ (6.4)
Diluted earnings per common share impact $ (0.24) $ (0.07)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.8 92.3
(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, 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/industries
We can also help you navigate the regulatory environment for your industry, and you can take advantage of our expertise in polymer science, colorants and design to address emerging trends for market share gains.
https://www.avient.com/knowledge-base/article/chemically-resistant-polymers-next-generation-devices
Watch our free on-demand webinar to gain a better understanding of the chemical resistance challenges and the polymer materials that can help your next-generation designs overcome them.
https://www.avient.com/sites/default/files/2020-09/sustainabilityreport2018.pdf
Non-
heavy metal and non-halogen formulations are available.
It also reduced weight to
improve fuel economy.
Disposal includes energy recovery processes to
gain benefits where possible.