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https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
https://www.avient.com/investors
https://edge.media-server.com/mmc/p/fqwbh5zv
https://www.avient.com/investors
https://register.vevent.com/register/BI3f68f18c2b10416fa722221e3f01ea50
http://www.avient.com/investors/events-presentations
4
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and sustainable material solutions that
transform customer challenges into opportunities, bringing new products to life for a better world.
2) Tax adjustments include the net tax benefit/ (expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves
and deferred income tax valuation allowance adjustments.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30, 2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents $ 544.4 $ 601.2
Accounts receivable, net 504.6 439.9
Inventories, net 441.5 305.8
Current assets held for sale 367.8 360.2
Other current assets 130.0 119.9
Total current assets 1,988.3 1,827.0
Property, net 965.4 672.3
Goodwill 1,491.0 1,284.8
Intangible assets, net 1,525.7 925.2
Operating lease assets, net 56.0 58.2
Non-current assets held for sale — 22.0
Other non-current assets 280.7 207.7
Total assets $ 6,307.1 $ 4,997.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 613.9 $ 8.6
Accounts payable 448.7 429.5
Current operating lease obligations 18.1 21.1
Current liabilities held for sale 170.3 141.3
Accrued expenses and other current liabilities 304.6 340.2
Total current liabilities 1,555.6 940.7
Non-current liabilities:
Long-term debt 2,502.9 1,850.3
Pension and other post-retirement benefits 91.6 99.9
Deferred income taxes 210.4 100.6
Non-current operating lease obligations 35.7 37.3
Non-current liabilities held for sale — 13.1
Other non-current liabilities 174.8 164.8
Total non-current liabilities 3,015.4 2,266.0
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,720.4 1,774.7
Noncontrolling interest 15.7 15.8
Total equity 1,736.1 1,790.5
Total liabilities and equity $ 6,307.1 $ 4,997.2
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2022 2021
Operating Activities
Net income $ 158.5 $ 201.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 110.3 105.8
Accelerated depreciation 4.0 1.9
Share-based compensation expense 9.5 8.4
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (66.5) (199.7)
Increase in inventories (12.5) (156.2)
Increase in accounts payable 43.5 95.3
Decrease in pension and other post-retirement benefits (15.8) (14.2)
(Decrease) increase in accrued expenses and other assets and liabilities, net (7.1) 67.0
Net cash provided by operating activities 223.9 110.0
Investing activities
Capital expenditures (55.1) (62.7)
Business acquisitions, net of cash acquired (1,426.1) (47.6)
Settlement of foreign exchange derivatives 93.3 —
Net cash proceeds used by other assets — (2.0)
Net cash used by investing activities (1,387.9) (112.3)
Financing activities
Debt proceeds 1,300.0 —
Purchase of common shares for treasury (36.4) (4.2)
Cash dividends paid (65.2) (58.2)
Repayment of long-term debt (6.8) (16.5)
Payments of withholding tax on share awards (4.2) (9.1)
Debt financing costs (49.3) —
Other financing activities — (3.5)
Net cash provided (used) by financing activities 1,138.1 (91.5)
Effect of exchange rate changes on cash (30.9) (10.5)
Decrease in cash and cash equivalents (56.8) (104.3)
Cash and cash equivalents at beginning of year 601.2 649.5
Cash and cash equivalents at end of period $ 544.4 $ 545.2
12
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the
measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Press Release-1.pdf
https://www.avient.com/news
4
Pro Forma for Acquisition of Avient Protective Materials business (APM)
On September 1, 2022, the company acquired DSM’s Protective Materials business, the foundation
of which is the renowned technology and globally admired brand of Dyneema®, the World’s
Strongest Fiber™.
2) Tax adjustments include the net tax benefit/(expense) from non-recurring income tax items, adjustments to uncertain tax position reserves and
deferred income tax valuation allowances.
11
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended
December 31,
2022 2021
ASSETS
Current assets:
Cash and cash equivalents $ 641.1 $ 601.2
Accounts receivable, net 440.6 439.9
Inventories, net 372.7 305.8
Current assets held for sale — 360.2
Other current assets 115.3 119.9
Total current assets 1,569.7 1,827.0
Property, net 1,049.2 672.3
Goodwill 1,671.9 1,284.8
Intangible assets, net 1,597.6 925.2
Operating lease assets, net 60.4 58.2
Non-current assets held for sale — 22.0
Other non-current assets 136.2 207.7
Total assets $ 6,085.0 $ 4,997.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 2.2 $ 8.6
Accounts payable 454.4 429.5
Current operating lease obligations 17.0 21.1
Current liabilities held for sale — 141.3
Accrued expenses and other current liabilities 395.8 340.2
Total current liabilities 869.4 940.7
Non-current liabilities:
Long-term debt 2,176.7 1,850.3
Pension and other post-retirement benefits 67.2 99.9
Deferred income taxes 342.5 100.6
Non-current operating lease obligations 40.9 37.3
Non-current liabilities held for sale — 13.1
Other non-current liabilities 235.5 164.8
Total non-current liabilities 2,862.8 2,266.0
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,334.5 1,774.7
Noncontrolling interest 18.3 15.8
Total equity 2,352.8 1,790.5
Total liabilities and equity $ 6,085.0 $ 4,997.2
12
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2022 2021
Operating activities
Net income $ 703.4 $ 230.6
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of business, net of tax expense (550.1) —
Depreciation and amortization 157.6 144.2
Accelerated depreciation 5.5 1.7
Amortization of inventory step-up 34.4 1.5
Deferred income tax expense (benefit) 0.5 (27.3)
Share-based compensation expense 13.2 11.2
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease (increase) in accounts receivable 32.6 (143.1)
Decrease (increase) in inventories 14.0 (141.0)
Increase in accounts payable 10.7 95.3
Increase (decrease) in pension and other post-retirement benefits 7.1 (10.9)
Taxes paid on gain on divestiture (2.8) —
(Decrease) increase in accrued expenses and other assets and liabilities, net (27.7) 71.6
Net cash provided by operating activities 398.4 233.8
Investing activities
Capital expenditures (105.5) (100.6)
Business acquisitions, net of cash acquired (1,426.1) (47.6)
Settlement of foreign exchange derivatives 93.3 —
Proceeds from divestiture 928.2 —
Other investing activities 6.1 (2.0)
Net cash used by investing activities (504.0) (150.2)
Financing activities
Debt offering proceeds 1,300.0 —
Purchase of common shares for treasury (36.4) (4.2)
Cash dividends paid (86.8) (77.7)
Repayment of long-term debt (956.8) (18.5)
Payments on withholding tax on share awards (4.3) (10.7)
Debt financing costs (49.3) —
Other financing activities — (3.5)
Net cash provided (used) by financing activities 166.4 (114.6)
Effect of exchange rate changes on cash (20.9) (17.3)
Increase (decrease) in cash and cash equivalents 39.9 (48.3)
Cash and cash equivalents at beginning of year 601.2 649.5
Cash and cash equivalents at end of year $ 641.1 $ 601.2
13
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income at the segment level does not include: special items as defined in Attachment 3; corporate general and
administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation
costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by
the chief operating decision maker.
https://www.avient.com/sites/default/files/2022-07/Avient Announces Second Quarter 2022 Results_1.pdf
For
more information, visit www.avient.com/.
4
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical
information are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves
and deferred income tax valuation allowance adjustments.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
June 30, 2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents $ 645.1 $ 601.2
Accounts receivable, net 752.6 642.3
Inventories, net 494.0 461.1
Other current assets 128.4 122.4
Total current assets 2,020.1 1,827.0
Property, net 638.9 676.1
Goodwill 1,256.8 1,286.4
Intangible assets, net 867.2 925.2
Operating lease assets, net 62.7 74.1
Other non-current assets 197.9 208.4
Total assets $ 5,043.6 $ 4,997.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 607.7 $ 8.6
Accounts payable 634.0 553.9
Current operating lease obligations 21.4 24.2
Accrued expenses and other current liabilities 307.5 353.9
Total current liabilities 1,570.6 940.6
Non-current liabilities:
Long-term debt 1,249.1 1,850.3
Pension and other post-retirement benefits 95.0 100.0
Deferred income taxes 106.6 100.6
Non-current operating lease obligations 41.8 50.1
Other non-current liabilities 154.7 165.1
Total non-current liabilities 1,647.2 2,266.1
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,809.7 1,774.7
Noncontrolling interest 16.1 15.8
Total equity 1,825.8 1,790.5
Total liabilities and equity $ 5,043.6 $ 4,997.2
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six Months Ended
June 30,
2022 2021
Operating Activities
Net income $ 169.2 $ 149.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 71.1 69.5
Accelerated depreciation and amortization 3.2 1.4
Share-based compensation expense 6.3 5.6
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (133.2) (196.1)
Increase in inventories (45.9) (88.1)
Increase in accounts payable 98.5 108.4
Decrease in pension and other post-retirement benefits (9.9) (9.2)
(Decrease) increase in accrued expenses and other assets and liabilities, net (52.6) 27.5
Net cash provided by operating activities 106.7 68.1
Investing activities
Capital expenditures (34.0) (42.1)
Settlement of cross-currency swaps 75.1 —
Net cash proceeds used by other assets — (2.0)
Net cash provided (used) by investing activities 41.1 (44.1)
Financing activities
Purchase of common shares for treasury (36.4) (4.2)
Cash dividends paid (43.5) (38.8)
Repayment of long-term debt (4.4) (4.4)
Payments of withholding tax on share awards (4.1) (4.2)
Net cash used by financing activities (88.4) (51.6)
Effect of exchange rate changes on cash (15.5) (5.7)
Increase (decrease) in cash and cash equivalents 43.9 (33.3)
Cash and cash equivalents at beginning of year 601.2 649.5
Cash and cash equivalents at end of period $ 645.1 $ 616.2
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the
measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.