https://www.avient.com/sites/default/files/2022-08/AVNT Aug 2022 Presentation - Jefferies.pdf
We will uphold these values with the utmost integrity in all that we do.
We also monitor earnings (defined as net income from continuing operations) before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA (EBITDA before the impact of special items) as a supplement to our GAAP measures.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance.
https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
The above list of factors is not exhaustive.
The non-GAAP financial measures include adjusted EPS, adjusted operating income, adjusted gross margin and adjusted EBITDA.
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/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Basic%2520Materials%2520Conference%2520-%2520May%25202016.pdf
The above list of factors is not exhaustive. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
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. PolyOne’s chief operating decision maker uses these financial measures to monitor and evaluate the ongoing performance of the Company and each business segment and to allocate resources.
Adjusted EPS is calculated as follows: Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y Net income (loss) attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6 Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - - Special items, after tax(1) (51.2) 10.7 457.2 (75.9) (72.5) (72.8) 36.2 32.6 90.5 28.9 Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 88.7 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96 Adjusted EPS Q1 2009* Q2 2009* Q3 2009* Q4 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 Net income attributable to PolyOne common shareholders $ 3.3 $ 1.3 $ 51.3 $ 50.8 $ 20.1 $ 44.7 $ 0.1 $ 87.6 Joint venture equity earnings, after tax (8.2) (5.8) (3.0) (2.0) (0.5) (4.5) (6.2) (3.5) Special items, after tax(1) (10.2) 9.2 (36.9) (38.0) (3.8) (22.1) 25.4 (72.0) Adjusted net (loss) income $ (15.1) $ 4.7 $ 11.4 $ 10.8 $ 15.8 $ 18.1 $ 19.3 $ 12.1 Diluted shares 92.2 93.5 93.9 94.4 95.3 96.3 96.3 97.4 Adjusted EPS $ (0.16) $ 0.05 $ 0.12 $ 0.11 $ 0.17 $ 0.19 $ 0.20 $ 0.12 Adjusted EPS Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Net income attributable to PolyOne common shareholders $ 106.0 $ 23.1 $ 16.0 $ 8.3 $ 15.3 $ 18.4 $ 19.4 $ 0.2 Joint venture equity earnings, after tax (3.7) - - - - - - - Special items, after tax(1) (81.3) 1.3 2.8 4.4 6.2 8.9 5.4 15.7 Adjusted net income $ 21.0 $ 24.4 $ 18.8 $ 12.7 $ 21.5 $ 27.3 $ 24.8 $ 15.9 Diluted shares 96.4 95.5 94.0 91.9 90.7 90.7 90.2 90.5 Adjusted EPS $ 0.22 $ 0.26 $ 0.20 $ 0.14 $ 0.24 $ 0.30 $ 0.28 $ 0.18 2 Adjusted EPS Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Net income (loss) attributable to PolyOne common shareholders $ 11.2 $ 38.6 $ 23.2 $ 21.0 $ 29.4 $ 30.9 $ 32.3 $ (14.6) Special items, after tax(1) 17.7 (2.0) 12.3 4.6 12.5 17.4 13.1 47.5 Adjusted net income $ 28.9 $ 36.6 $ 35.5 $ 25.6 $ 41.9 $ 48.3 $ 45.4 $ 32.9 Diluted shares 92.8 99.1 98.1 97.2 95.7 94.3 93.1 91.3 Adjusted EPS $ 0.31 $ 0.37 $ 0.36 $ 0.26 $ 0.44 $ 0.51 $ 0.49 $ 0.36 Adjusted EPS Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Net income attributable to PolyOne common shareholders $ 30.2 $ 66.8 $ 44.5 $ 3.1 $ 39.1 Special items, after tax(1) 11.4 (15.9) 3.0 30.4 9.1 Adjusted net income $ 41.6 $ 50.9 $ 47.5 $ 33.5 $ 48.2 Diluted shares 90.1 89.8 88.4 86.6 85.5 Adjusted EPS $ 0.46 $ 0.57 $ 0.54 $ 0.39 $ 0.56 Adjusted operating margin is calculated as follows: Adjusted operating margin Q1 2009* Q2 2009* Q3 2009* Q4 2009* YTD 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010 Operating Income $ 9.9 $ 17.1 $ 57.9 $ 52.2 $ 137.1 $ 32.3 $ 58.6 $ 42.0 $ 26.3 $ 159.2 Special items (1) (1.3) 4.6 (27.5) (24.5) (48.7) - (14.5) 5.5 4.2 (4.8) Joint venture equity earnings (12.8) (9.0) (4.8) (3.1) (29.7) (0.8) (7.1) (9.7) (5.5) (23.1) Adjusted operating (loss) income $ (4.2) $ 12.7 $ 25.6 $ 24.6 $ 58.7 $ 31.5 $ 37.0 $ 37.8 $ 25.0 $ 131.3 Sales $ 463.4 $ 496.5 $ 548.3 $ 552.5 $ 2,060.7 $ 604.0 $ 666.2 $ 650.7 $ 585.3 $ 2,506.2 Operating Margin (0.9)% 2.6% 4.7% 4.5% 2.8% 5.2% 5.6% 5.8% 4.3% 5.2% Adjusted operating margin Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012 Operating income (loss) $ 173.4 $ 42.4 $ 33.4 $ (46.2) $ 203.0 $ 37.4 $ 43.3 $ 43.5 $ 13.3 $ 137.5 Special items (1) (127.2) 2.7 4.9 72.9 (46.7) 8.5 11.8 8.3 25.3 53.9 Joint venture equity earnings (5.7) - - - (5.7) - - - - - Adjusted operating income $ 40.5 $ 45.1 $ 38.3 $ 26.7 $ 150.6 $ 45.9 $ 55.1 $ 51.8 $ 38.6 $ 191.4 Sales $ 682.8 $ 723.4 $ 694.0 $ 609.2 $ 2,709.4 $ 745.5 $ 756.6 $ 707.7 $ 651.0 $ 2,860.8 Operating Margin 5.9% 6.2% 5.5% 4.4% 5.6% 6.2% 7.3% 7.3% 5.9% 6.7% 3 Adjusted operating margin Q1 2013 Q2 2013 Q3 2013 Q4 2013 YTD 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014 Operating income (loss) $ 40.5 $ 80.7 $ 61.6 $ 48.7 $ 231.5 $ 56.4 $ 49.4 $ 63.6 $ (14.3) $ 155.1 Special items (1) 16.6 (5.2) 10.8 7.8 30.0 22.9 39.8 22.0 80.2 164.9 Adjusted operating income $ 57.1 $ 75.5 $ 72.4 $ 56.5 $ 261.5 $ 79.3 $ 89.2 $ 85.6 $ 65.9 $ 320.0 Sales $ 801.1 $ 1,037.6 $ 1,008.9 $ 923.6 $ 3,771.2 $ 1,002.3 $ 1,005.5 $ 958.4 $ 869.3 $ 3,835.5 Operating Margin 7.1% 7.3% 7.2% 6.1% 6.9% 7.9% 8.9% 8.9% 7.6% 8.3% Adjusted operating margin Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Q1 2016 Operating income $ 70.1 $ 80.3 $ 69.2 $ 31.3 $ 250.9 $ 71.3 Special items (1) 9.3 11.9 18.7 31.4 71.3 13.8 Adjusted operating income $ 79.4 $ 92.2 $ 87.9 $ 62.7 $ 322.2 $ 85.1 Sales $ 873.1 $ 887.1 $ 841.6 $ 775.8 $ 3,377.6 $ 847.0 Operating Margin 9.1% 10.4% 10.4% 8.1% 9.5% 10.0% Adjusted gross margin is calculated as follows: (In millions) Twelve Months Ended December 31, 2015 Gross margin - GAAP $ 681.5 Special items in gross margin(1) 39.7 Gross margin before special items $ 721.2 Specialty operating income mix percentage is calculated as follows: Platform operating income mix percentage 2005* 2010* 2015 Color, Additives and Inks $ 4.3 $ 37.7 $ 135.4 Specialty Engineered Materials 0.4 49.7 79.6 Designed Structures and Solutions - - 13.8 Specialty Platform $ 4.7 $ 87.4 $ 228.8 Performance Products and Solutions 75.7 54.0 57.4 Distribution 19.5 42.0 68.0 Joint ventures 91.9 18.9 — Corporate and eliminations (51.5) (27.7) (103.3) Operating income GAAP $ 140.3 $ 174.6 $ 250.9 Less: Corporate operating expense 51.5 27.7 103.3 Operating income excluding Corporate $ 191.8 $ 202.3 $ 354.2 Specialty platform operating mix percentage 2% 43% 65% 4 Adjusted EBITDA and net debt to adjusted EBITDA is calculated as follows: (In millions) Q2 2015 Q3 2015 Q4 2015 Q1 2016 Trailing Twelve Months Ended March 31, 2016 Income (loss) from continuing operations, before income taxes $ 63.4 $ 51.4 $ (0.4) $ 57.0 $ 171.4 Interest expense, net 16.2 16.2 15.6 14.6 62.6 Depreciation and amortization 25.0 28.3 25.9 27.2 106.4 Special items, impact on income (loss) from continuing operations before income taxes(1) 11.9 18.6 47.8 13.6 91.9 Accelerated depreciation included in special items (0.2) (4.3) (1.6) (2.8) (8.9) Adjusted EBITDA $ 116.3 $ 110.2 $ 87.3 $ 109.6 $ 423.4 Short-term and current portion of long-term debt $ 18.6 Long-term debt 1,174.3 Less: Cash and cash equivalents (155.4) Net Debt 1,037.5 Net Debt/TTM Adjusted EBITDA 2.5 * Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal, discontinued operations or the related resegmentation. (1) Special items are a non-GAAP financial measure and are used to determine adjusted earnings.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Conference%2520-%2520November%25202015.pdf
The above list of factors is not exhaustive. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
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.
Trailing twelve months adjusted gross margin is calculated as follows: Three Months Ended Nine Months Ended Trailing Twelve Months (TTM) Ended (In millions) December 31, 2014 September 30, 2015 September 30, 2015 Gross margin - GAAP $ 152.6 $ 524.6 $ 677.2 Special items in gross margin 15.8 30.0 45.8 Gross margin excluding special items $ 168.4 $ 554.6 $ 723.0 Adjusted EBITDA and net debt to adjusted EBITDA is calculated as follows: Three Months Ended Nine Months Ended Trailing Twelve Months (TTM) Ended (In millions) December 31, 2014 September 30, 2015 September 30, 2015 Income from continuing operations, before income taxes $ (31.2) $ 168.1 $ 136.9 Interest expense, net 15.6 48.5 64.1 Depreciation and amortization 25.0 78.4 103.4 Special items, impact on income from continuing operations before income taxes 80.8 39.8 120.6 Accelerated depreciation included in special items (0.2) (4.6) (4.8) Adjusted EBITDA $ 90.0 $ 330.2 $ 420.2 Short-term portion and current portion of long-term debt $ 61.8 Long-term debt 1,038.0 Less: Cash and cash equivalents (235.7) Net Debt 864.1 Net Debt/TTM Adjusted EBITDA 2.1 ��PolyOne Investor Presentation�Goldman Sachs 2015 US Emerging/�SMID Cap Growth Conference�November 2015�� Forward-Looking Statements Use of Non-GAAP Measures PolyOne Commodity to Specialty Transformation PolyOne�At A Glance Mix Shift Highlights Specialty Transformation Proof of Performance & 2020 Goals Innovation Drives Earnings Growth Innovation Pipeline Potential Innovation Initiatives Design and Service as a Differentiator Customer First Through World-Class Service Debt Maturities & Pension Funding Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2024-08/Avient AUG 2024 Investor Presentation- w Non-GAAP.pdf
EBITDA $143 million +9% Adj.
EBITDA Margin 16.9% +100 bps Adj.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance.
https://www.avient.com/sites/default/files/2023-07/Avient-2022-Sustainability-Report.pdf
Kalol, India 68.
Pune, India 69.
Rania, India 70.
https://www.avient.com/sites/default/files/2024-11/AVNT M11 Investor Presentation_w_Non-GAAP.pdf
The non-GAAP financial measures include: Adjusted Earnings Per Share, Adjusterd Free Cash Flow, Adjusted EBITDA and Adjusted EBITDA margins.
EBITDA $130 million +6% (+7% ex FX) Adj.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
Beggs continued, “For the full year, we are providing a range for adjusted EBITDA and adjusted EPS between $505 million and $535 million and $2.40 to $2.65, respectively.
The non-GAAP financial measures include adjusted EPS, adjusted operating income, adjusted gross margin, adjusted EBITDA, adjusted cash flow from operations and free cash flow.
The above list of factors is not exhaustive.
https://www.avient.com/sites/default/files/2025-07/Caps _ Closures Industry Bulletin.pdf
You have the responsibility to conduct full-scale end-product performance testing to determine suitability in your application, and you assume all risk and liability arising from your use of the information and/or use or handling of any product.
Our range of world-class services includes: Color Technology: Custom color design, saturated colors, and special effects to fill market niches and eliminate secondary operations Color & Design Services: Trend and color insights, and product development assistance to optimize design and gain speed to market, include collaborative workshops at our ColorWorks™ Design & Technology centers Regulatory Coordination: Aid with new product approvals to reduce regulatory overhead and minimize risk Field Technical Service: Support for tool design, startup and production optimization to gain manufacturing efficiencies Sustainability: Innovative materials and solutions to help you meet your sustainability goals
https://www.avient.com/sites/default/files/2022-11/AVNT Q3 2022 Earnings Presentation - Website Final.pdf
EBITDA ($ in millions) Adj.
All figures are full year estimates.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance.