https://www.avient.com/sites/default/files/2021-04/avnt-fourth-quarter-2020-news-release.pdf
Adjusted EPS of $0.52 exceeded
the $0.48 projection included in the Company’s performance update provided in December and
was driven by better-than-expected sales in the Color, Additives and Inks segment.
Patterson added, “Our Color, Additives and Inks segment also delivered record operating
income of $58 million during the fourth quarter.
Three Months Ended
Year Ended
Sales:
Color, Additives and Inks $ 525.8 $ 226.7 $ 1,502.9 $ 1,003.8
Specialty Engineered Materials 190.6 177.5 708.8 745.7
Distribution 305.1 272.4 1,110.3 1,192.2
Corporate and eliminations (24.5) (18.0) (79.9) (79.0)
Sales $ 997.0 $ 658.6 $ 3,242.1 $ 2,862.7
Gross margin:
Color, Additives and Inks $ 164.3 $ 73.9 $ 484.4 $ 338.4
Specialty Engineered Materials 59.1 47.7 207.6 200.2
Distribution 32.4 31.0 124.0 132.1
Corporate and eliminations (2.9) 0.7 (31.7) (13.5)
Gross margin $ 252.9 $ 153.3 $ 784.3 $ 657.2
Selling and administrative expense:
Color, Additives and Inks $ 106.8 $ 46.7 $ 303.6 $ 191.0
Specialty Engineered Materials 28.7 28.9 113.2 116.5
Distribution 14.4 14.0 54.5 56.7
Corporate and eliminations 38.0 43.2 123.7 136.2
Selling and administrative expense $ 187.9 $ 132.8 $ 595.0 $ 500.4
Operating income:
Color, Additives and Inks $ 57.5 $ 27.2 $ 180.8 $ 147.4
Specialty Engineered Materials 30.4 18.8 94.4 83.7
Distribution 18.0 17.0 69.5 75.4
Corporate and eliminations (40.9) (42.5) (155.4) (149.7)
Operating income $ 65.0 $ 20.5 $ 189.3 $ 156.8
11
Attachment 7
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2023-11/AVNT November IR Presentation.pdf
&
Canada
64%
36%
Specialty
Engineered
Materials
Color
Additives
and Inks
40%
37%
18%
9% 4% 4%
Building &
Energy Telecom
Geography
Segment
Industry
4
CREATING A WORLD-CLASS
SUSTAINABLE ORGANIZATION
1. 6% annualized long term sales
growth leveraging sustainable
solutions, composites, healthcare
and emerging regions
2.
WHAT WE DO: WE ARE A FORMULATOR
6
CUSTOM
FORMULATION
N OVE MBE R 2 , 2023
W E BCAS T
P RE S E N TAT I O N
Complementary technologies and
customer relationships offer opportunity to
advance commercial strategy
Dyneema®, the world’s strongest fiber™, to
accelerate growth of sustainable, ultralight
and high performance applications
AVIENT PROTECTIVE MATERIALS
FIRST YEAR
8
Composites comprises over half of
Specialty Engineered Materials,
compared to 9% in 2016
Proven history of success in areas
such as outdoor high performance,
defense and sustainable solutions
Composites
44%
56%
2023E
Sales
Collaboration & InnovationComposites as a % of SEM People & Culture
Talented, passionate, and
creative associates drive
continued integration success
and allow two cultures to come
together as one Avient
Lightweight Protective Laminates:
PROJECTILE PROTECTION
Dyneema® Fiber Solutions
Cushioning + Fit + Comfort:
LONG-TERM WEAR
reSound™ Versaflex™ Thermoplastic Elastomers
Strength + Durability + Light-Weighting:
SOLID MOUNTING BRACKETS
Nymax™ Bergamid™ Complēt™ Engineered Materials
Durability + Lubricity:
HELMET LATCHES
Lubri-One™ Internally Lubricated Polymers
Color Consistency and Weatherability
CUSTOMIZED SPECIFICATIONS
Avient Color and Additive Solutions
Antennae Performance
FAST, RELIABLE CONNECTIONS
PREPERM™ Low-Loss Dielectric Thermoplastics
AVIENT PROTECTIVE MATERIALS
CROSS SELLING OPPORTUNITIES
Wired Connections
CONSTANT COMMUNICATION
Syncure™ Cross-linkable Wire & Cable Formulations9
10
AVIENT PROTECTIVE MATERIALS
CROSS SELLING OPPORTUNITIES
10
Q 3 P E RFO RMAN CE
15.4%
16.3%
2022 PF 2023
Results vs.
Avient 2011, 2018 and 2021 multiples reflect trailing 12 months EBITDA at December 31.
28
EV / 2023E EBITDA
6.5
8.5
11.0
8.9
12.0 11.9
10.9
9.9
8.2
16.3
13.8
11.9
9.6 9.5 9.5 9.2
7.7
11
21
O
ct
23
PM PP
FM
C C
Avient Historic Multiple
Avient Specialty
Other Specialty /
AP P E N DI X
30
Performance
Additives
16%
Pigments
12%
TiO2
Dyestuffs
2%
Polyethylene
Nylon
Polypropylene
Styrenic Block
Copolymer
Other Raw
Materials
33%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
2022 pro forma results for the acquisition of Avient Protective Materials
RAW MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
40%
37%
18%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Building and
END MARKET REVENUE
$2,355M $402M
$1,300M $272M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$592M$3,653M
(1)
9%
32
(1) Total company sales and adjusted EBITDA of $3,653M and $592M, respectively, include intercompany sales eliminations and corporate costs
2022 REVENUE | $2 .4 BILLION
US & Canada
34%
38%
END MARKET REGION
33
34%
21%
Building &
1% Energy
2%
COLOR, ADDITIVES & INKS
2022 PRO FORMA REVENUE | $1 .3 BILLION
US & Canada
52%
35%
34
19%
8%Industrial
16%
9% Defense
Building &
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
32%
27%
14%
Building &
3%
1% Defense
1%
(18% of sales)
9%
2022 PROFORMA AVIENT REGIONAL SALES
27%
14%
17%
Building &
(37% of sales)Transportation
12%
Building &
US &
Canada
(40% of sales)
7%
56%
23%
7%
Building &
1%
LATAM
(5% of sales)
3%
35
BY END MARKET
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2024-05/AVNT Q1 2024 Earnings Press Release_0.pdf
Three Months Ended
March 31,
2024 2023
Sales:
Color, Additives and Inks $ 515.3 $ 537.0
Specialty Engineered Materials 314.4 309.7
Corporate (0.7) (1.0)
Sales $ 829.0 $ 845.7
Gross margin:
Color, Additives and Inks $ 171.2 $ 162.0
Specialty Engineered Materials 107.0 93.9
Corporate — (8.3)
Gross margin $ 278.2 $ 247.6
Selling and administrative expense:
Color, Additives and Inks $ 96.4 $ 96.4
Specialty Engineered Materials 53.6 50.8
Corporate 34.2 43.3
Selling and administrative expense $ 184.2 $ 190.5
Operating income:
Color, Additives and Inks $ 74.8 $ 65.6
Specialty Engineered Materials 53.4 43.1
Corporate (34.2) (51.6)
Operating income $ 94.0 $ 57.1
Depreciation & amortization:
Color, Additives and Inks $ 21.9 $ 25.8
Specialty Engineered Materials 19.6 21.2
Corporate 2.8 3.5
Depreciation & amortization $ 44.3 $ 50.5
Earnings before interest, taxes, depreciation and amortization (EBITDA):
Color, Additives and Inks $ 96.7 $ 91.4
Specialty Engineered Materials 73.0 64.3
Corporate (31.4) (48.1)
Other (expense) income, net (0.9) 0.7
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
12
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2024-05/Responsible Care_14001 Global Cert_Avient_2024.pdf
Avient Corporation HQ
Design and manufacture of colorants, compounds, and additive concentrates.
65536-95395Certificate No:
Page 3 of 53
ABS Quality Evaluations, Inc. 1701 City Plaza Drive, Spring, TX 77389, U.S.A.
Avient Colorants SA
Parc Scientifique Fleming, Fond Jean Pâques 1
Louvain-La-Nueve, Walloon Brabant 1348
Belgium
65536-116977Certificate No:
Page 26 of 53
ABS Quality Evaluations, Inc. 1701 City Plaza Drive, Spring, TX 77389, U.S.A.
Avient Corporation - Vonore, TN
245 Avecor Drive
Vonore, TN 37885
Manufacture of Colorants and Additives for Plastics
65536-100253Certificate No:
Page 52 of 53
ABS Quality Evaluations, Inc. 1701 City Plaza Drive, Spring, TX 77389, U.S.A.
https://www.avient.com/sites/default/files/2023-08/AVNT August IR Presentation w NonGAAP Recs%5B40%5D.pdf
&
Canada
64%
36%
Specialty
Engineered
Materials
Color
Additives
and Inks
40%
37%
18%
9% 4% 4%
Building &
Energy Telecom
4
CREATING A WORLD-CLASS
SUSTAINABLE ORGANIZATION
1. 6.5% annualized long term sales
growth leveraging sustainable
solutions, composites, healthcare
and emerging regions
2.
Q 1 2 0 2 3
-8%
+6%
-1%
Flat
14
Total Avient -2.6%
2023 G U IDA N CE
$128
$525
$0.56
$2.40
2023 GUIDANCE
16
$800
$3,280
Sales Adjusted EBITDA Adjusted EPS
(in millions) (in millions)
17
• Focused on working capital
management, restructuring
actions to streamline
operations
• IT investment to further
integrate acquired
businesses and capture
operational efficiencies
• Preserve Free Cash Flow to
maintain net leverage
CASH FLOW / LEVERAGE
($ millions) 2023E
Cash Flow from Operating Activities 320$
Less: CapEx (140)
Free Cash Flow 180$
Adjusted EBITDA 525$
Net Debt / Adjusted EBITDA 3.0x
SUSTAINABILITY AS A GROWTH DRIVER
18
LONG-TERM REVENUE GROWTH DRIVERS
Revenue From Sustainable Solutions* 2016-2022
$340M
$405M
$455M
$550M
$790M
$915M
2016 2017 2018 2019 2020PF** 2021 2022PF***
$1,175M
*Avient Sustainable Solutions definitions aligned with FTC 2012 Guide for the Use of Environmental Marketing Claims (“Green Guides”)
**2020 is Pro Forma to include full year of the Clariant Color business
***2022 is Pro Forma for the acquisition of Avient Protective Materials and the divestiture of Distribution
60%+
Key Growth
Drivers
Sustainable
Solutions
Composites, Healthcare,
Asia / LATAM
Overlap
Other
(GDP Growth)
Total Company Revenue
SUSTAINABILITY REPORT
2022
• Provides progress on 2030 goals
• Reaffirms commitment to U.N.
Avient 2011 and 2018 valuations reflect trailing 12 months EBITDA at December 31 of the respective years.
28
EV / 2023E EBITDA
Historic Multiple
6.5
8.3
9.5
13.8
12.7 12.6
11.3
8.7
18.6
16.5
10.1 10.0 9.7 9.5 9.4
8.7
01
1)
01
8)
02
3)
Avient Specialty
Other Specialty /
SEGMENT DATA
U.S. & Canada
40%
37%
18%
2022 PRO FORMA SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Building and
END MARKET REVENUE
$2,355M $402M
$1,300M $272M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$592M$3,653M
(1)
9%
30
(1) Total company sales and adjusted EBITDA of $3,653M and $592M, respectively, include intercompany sales eliminations and corporate costs
2022 REVENUE | $2 .4 B ILL ION
34%
38%
END MARKET REGION
31
34%
21%
Building &
1% Energy
2%
COLOR, ADDITIVES & INKS
2022 PRO FORMA REVENUE | $1 .3 B ILL ION
52%
35%
32
19%
8%Industrial
16%
9% Defense
Building &
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
32%
27%
14%
Building &
3%
1% Defense
1%
(18% of sales)
9%
2022 PROFORMA AVIENT REGIONAL SALES
27%
14%
17%
Building &
(37% of sales)Transportation
12%
Building &
US &
Canada
(40% of sales)
7%
56%
23%
7%
Building &
1%
LATAM
(5% of sales)
3%
33
BY END MARKET
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2020-07/case-study-one-pager-versaflex-dog-toy.pdf
PET SUPPLY
MANUFACTURER
D O G T O Y
• Tear strength
• Durability
• Colorability
• Formulation must not intentionally contain BPA, heavy
metals, latex, natural rubber, phthalates, or SVHC
(REACH)
• Optimized material processing and tooling
through technical services and application
development support
• Delivered a solution to address regulation
and consumer safety concerns
Versaflex™ Thermoplastic Elastomer
KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/sites/default/files/2023-01/Hydrocerol Chemical Foaming Agents for Injection Molding Technical Bulletin.pdf
Hydrocerol Chemical Foaming Agents simply require
an accurate additive or color concentrate feeder/
blender, which is usually on hand at most molders.
Furthermore,
azo compounds are characterized by a yellow color,
which can lead to undesired color changes.
https://www.avient.com/sites/default/files/2025-03/380605_AVIENT_2024AR_full_250325.pdf
Our expanding portfolio
of offerings includes colorants, advanced composites, functional
additives, engineered materials, and Dyneema®, the world’s
strongest fiber™.
In doing so, both of
our segments, Color, Additives & Inks and Specialty
Engineered Materials, contributed to our strong
performance with increases in revenue while
expanding margins.
Senior Vice President, Global Operations and
Process Improvement
Woon Keat Moh
Senior Vice President, and
President of Color, Additives and Inks
Christopher L.
https://www.avient.com/sites/default/files/2021-02/avient-ir-presentation-goldman-sachs-and-morgan-stanley.pdf
Design times can be less than
three days for colorants.
SEGMENT HIGHLIGHTS
U.S. & Canada
50%
26%
16%
Latin America
2020 SEGMENT, END MARKET AND GEOGRAPHY
30
GEOGRAPHY REVENUESEGMENT FINANCIALS
21%Industrial
Building &
Electrical &
END MARKET REVENUE
All data reflects 2020 Pro forma for acquisition of the Clariant Masterbatch business.
(1) The total company sales and EBITDA of $3,783M and $457M, respectively, include intercompany sales eliminations and corporate costs
$2,043M
$331M
$709M
$124M
$1,110M
$70M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$457M$3,783M
35%
14%
Building &
Electrical &
C O L O R , A D D I T I V E S & I N K S
2020 PF REVENUE | $2 .0 BILLION
31%
40%
22%
Latin America
END MARKET REGION
31
2020 figures Pro forma for acquisition of the Clariant Masterbatch business
S P E C I A LT Y E N G I N E E R E D M AT E R I A L S
24%
Wire & Cable(1)
24%
Electrical &
13%
Transporation
11%
Building &
2020 REVENUE | $709 MILLION
END MARKET
58%
19%
REGION
32
(1) Approximately 50% of Wire and Cable sales are associated with Fiber Optic Cabling
DI S TR IBU T I ON
2020 REVENUE | $1 .1 B ILL ION
29%
25%
20%
14%
Electrical &
Building &
1%
82%
Latin
America
END MARKET REGION
K E Y S U P P L I ER S
33
AMERICAS EMEA ASIA
26%
19%
13%
16%
Building &
Electrical &
34%
16%Healthcare
17%
Building &
Electrical &
32%
27%
12%
Building &
Electrical &
9%
2020 figures Pro forma for acquisition of the Clariant Masterbatch business
TOTA L C O M PA N Y R E G I O N A L S A L E S
BY END MARKET
(58% of sales) (26% of sales) (16% of sales)
34
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
A reconciliation of these measures to their most directly comparable GAAP measures is provided in the tables below.
1
Reconciliation of EBITDA by Segment
Year Ended
2020 2019 2020 2019
Sales:
Color, Additives and Inks $ 525.8 $ 226.7 $ 1,502.9 $ 1,003.8
Specialty Engineered Materials 190.6 177.5 708.8 745.7
Distribution 305.1 272.4 1,110.3 1,192.2
Corporate and eliminations (24.5) (18.0) (79.9) (79.0)
Sales $ 997.0 $ 658.6 $ 3,242.1 $ 2,862.7
Operating income:
Color, Additives and Inks $ 57.5 $ 27.2 $ 180.8 $ 147.4
Specialty Engineered Materials 30.4 18.8 94.4 83.7
Distribution 18.0 17.0 69.5 75.4
Corporate and eliminations (40.9) (42.5) (155.4) (149.7)
Operating Income $ 65.0 $ 20.5 $ 189.3 $ 156.8
Items Below Operating Income in Corporate:
Other income, net $ 11.7 $ 10.7 $ 24.3 $ 12.1
Depreciation & amortization:
Color, Additives and Inks $ 27.3 $ 10.7 $ 75.1 $ 42.7
Specialty Engineered Materials 7.4 7.0 30.0 29.5
Distribution 0.3 0.1 0.7 0.5
Corporate and eliminations 2.8 1.0 9.3 5.4
Depreciation & Amortization $ 37.8 $ 18.8 $ 115.1 $ 78.1
EBITDA:
Color, Additives and Inks $ 84.8 $ 37.9 $ 255.9 $ 190.1
Specialty Engineered Materials 37.8 25.8 124.4 113.2
Distribution 18.3 17.1 70.2 75.9
Corporate and eliminations (26.4) (30.8) (121.8) (132.2)
EBITDA $ 114.5 $ 50.0 $ 328.7 $ 247.0
EBITDA as a % of sales:
Color, Additives and Inks 16.1 % 16.7 % 17.0 % 18.9 %
Specialty Engineered Materials 19.8 % 14.5 % 17.6 % 15.2 %
Distribution 6.0 % 6.3 % 6.3 % 6.4 %
Corporate and eliminations nm nm nm nm
Total Company 11.5 % 7.6 % 10.1 % 8.6 %
nm - not meaningful
Three Months Ended
December 31,
Year Ended
December 31,
Reconciliation to Adjusted EBITDA: 2020 2019 2020 2019
Net income from continuing operations – GAAP $ 74.7 $ 6.4 $ 133.8 $ 75.7
Income tax expense (17.3) 12.9 5.2 33.7
Interest expense 19.3 11.9 74.6 59.5
Depreciation and amortization from continuing operations 37.8 18.8 115.1 78.1
EBITDA $ 114.5 $ 50.0 $ 328.7 $ 247.0
Special items, before tax 4.2 15.0 66.2 61.7
Interest expense included in special items — — (10.1) —
Accelerated depreciation included in special items (0.7) — (3.2) —
Adjusted EBITDA $ 118.0 $ 65.0 $ 381.6 $ 308.7
Three Months Ended
Reconciliation of Adjusted Earnings per Share: Avient
Special
Adjusted
Sales $ 997.0 $ — $ 997.0
Operating income $ 65.0 $ 14.6 $ 79.6
Interest expense, net (19.3) — (19.3)
Other income, net 11.7 (10.4) 1.3
Income taxes 17.3 (30.9) (13.6)
Net income from continuing operations attributable to Avient shareholders $ 74.2 $ (26.7) $ 47.5
Weighted average diluted shares 92.1
Adjusted EPS - excluding special items $ 0.52
Reconciliation of Adjusted EBITDA from continuing operations:
Operating income and other income, net $ 76.7 $ 4.2 $ 80.9
Depreciation and amortization 37.8 (0.7) 37.1
EBITDA from continuing operations $ 114.5 $ 3.5 $ 118.0
EBITDA as a % of sales 11.8 %
3
Three Months Ended
Reconciliation of Pro Forma Adjusted
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 658.6 $ — $ 658.6 $ 263.5 $ 922.1
Operating income $ 20.5 $ 24.6 $ 45.1 $ 13.2 $ 58.3
Interest expense, net (11.9) — (11.9) (11.1) (23.0)
Other income, net 10.7 (9.6) 1.1 — 1.1
Income taxes (12.9) 4.9 (8.0) (0.5) (8.5)
Net income from continuing operations
attributable to Avient shareholders $ 6.4 $ 19.9 $ 26.3 $ 1.6 $ 27.9
Weighted average diluted shares 77.5
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 92.8
Pro forma adjusted EPS $ 0.30
Reconciliation of Pro Forma Adjusted
Operating income and other income, net $ 31.2 $ 15.0 $ 46.2 $ 13.2 $ 59.4
Depreciation and amortization 18.8 — 18.8 15.1 33.9
EBITDA from continuing operations $ 50.0 $ 15.0 $ 65.0 $ 28.3 $ 93.3
EBITDA as a % of sales 10.1 %
Reconciliation of Pro Forma Adjusted
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
Reconciliation of Pro Forma Adjusted
Operating income and other income, net $ 213.6 $ — $ 56.1 $ 269.7 $ 45.0 $ — $ 314.7
Depreciation and amortization 115.1 (3.2) 111.9 30.1 142.0
EBITDA from continuing operations $ 328.7 $ 52.9 $ 381.6 $ 75.1 $ 456.7
EBITDA as a % of sales 12.1 %
4
Reconciliation of Pro Forma Adjusted
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
Reconciliation of Pro Forma Adjusted
Operating income and other income, net $ 168.9 $ — $ 61.7 $ 230.6 $ 72.9 $ — $ 303.5
Depreciation and amortization 78.1 — 78.1 60.3 138.4
EBITDA from continuing operations $ 247.0 $ 61.7 $ 308.7 $ 133.2 $ 441.9
EBITDA as a % of sales 11.1 %
March 31, 2020
Reconciliation of Pro Forma Adjusted
Special
Adjusted
Clariant MB
Pro Forma
Pro Forma
Adjusted
Sales $ 711.5 $ — $ 711.5 $ 279.4 $ 990.9
Operating income 52.8 9.7 62.5 23.0 85.5
Interest expense, net (9.4) — (9.4) (12.8) (22.2)
Other income, net 1.6 (0.1) 1.5 — 1.5
Income taxes (11.9) (1.0) (12.9) (2.4) (15.3)
Net income from continuing operations
attributable to Avient shareholders $ 33.1 $ 8.6 $ 41.7 $ 7.8 $ 49.5
Weighted average diluted shares 86.7
Impact to diluted shares from January 2020 equity offering 6.1
Pro forma weighted average diluted shares 92.8
Pro forma adjusted EPS $ 0.53
5
Three Months Ended
December 31, 2019
Year Ended
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant MB
Pro Forma
Pro Forma
CAI CAI
Clariant MB
Pro Forma
Pro Forma
Sales $ 226.7 $ 263.5 $ 490.2 $ 1,003.8 $ 1,118.6 $ 2,122.4
Operating income $ 27.2 $ 13.2 $ 40.4 $ 147.4 $ 72.9 $ 220.3
EBITDA $ 37.9 $ 28.3 $ 66.2 $ 190.1 $ 133.2 $ 323.3
EBITDA as a % of sales 13.5 % 15.2 %
Year Ended
December 31, 2020
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant MB
Pro Forma
Pro Forma
Sales $ 1,502.9 $ 540.4 $ 2,043.3
Operating income $ 180.8 $ 45.0 $ 225.8
EBITDA $ 255.9 $ 75.1 $ 331.0
EBITDA as a % of sales 16.2 %
Free cash flow, defined as cash provided by operating activities excluding items associated with acquisitions and divestitures,
less capital expenditures, is considered a non-GAAP financial measure.
https://www.avient.com/sites/default/files/2025-06/Cesa Anti-phenolic Yellowing Additive - Case Study-Updated.pdf
TPEE AND TPU FILM
MANUFACTURER
H O T M E L T A D H E S I V E F I L M
• Eliminate anti-phenol yellowing after storage
• Maintain natural color of product
• Demonstrate no impact on melt flow ability
• Prevented yellowing after storage to provide
a quality appearance
• Had no negative impact on the product’s
mechanical properties
• Extended the shelf life and durability of the
product
Cesa Anti-phenolic Yellowing Additive
KEY REQUIREMENTS
WHY AVIENT?