https://www.avient.com/resources/safety-data-sheets?page=937
VBX3575B 2B5 BLACK INK PVC/TPU ALLOY
VBX3575A 2B5 BLACK INK PVC/TPU ALLOY
https://www.avient.com/sites/default/files/2022-09/Avient Pro Forma Financial Information.pdf
To provide comparable results, the company references “pro forma” financial metrics,
which include the business results of Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
Additionally, Adjusted EPS excludes the impact of special
items and amortization expense associated with intangible assets.
2
PRO FORMA 2021 TO 2022 BRIDGE
3
2021 EPS from Continuing Operations 1.69$
Pro Forma & Special Items 1.33
Proforma 2021 Adjusted EPS 3.02$
FX Impact (0.22)
China Lockdowns / Russia Import Sales (0.24)
Outdoor High Performance (0.13)
Dyneema 0.06
Color, Additives and Inks 0.38
Legacy Specialty Engineered Materials 0.22
Other 0.01
Proforma 2022 Adjusted EPS 3.10$
Constant Currency Sales
Sales
COLOR, ADDITIVES AND INKS
Q1 Q2 Q3 Q4 FY
4%
Q1 Q2 Q3 Q4 FY
4%
7% (4%) (9%)
6% (10%)
0% 1%
2%
Constant currency reflects prior year results restated at current year foreign exchange rates
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
7%
10% 4% (3%)
12% (6%)
5% 6%
9%
610 650 624 649 587 565 581 526
2,402 2,390
589 650 589 649 543 565 545 526
2,266 2,390
116 121 112 119 93 95 88 79
409 414
113 121 106 119 87 95 84 79
390 414
Constant Currency EBITDA
EBITDA
10%
4
Constant Currency EBITDA
Sales
Q1 Q2 Q3 Q4 FY
(1%)
PRO FORMA SPECIALTY ENGINEERED MATERIALS
Q1 Q2 Q3 Q4 FY
16%8% (8%) (8%)
3% (6%) (6%)
(2%) 2%
EBITDA
Constant Currency Sales
Constant currency reflects prior year results restated at current year foreign exchange rates
Q1 Q2 Q3 Q4 FY
4%
Q1 Q2 Q3 Q4 FY
20%12% (1%) (2%)
5% (1%) (2%)
3% 6%
314 338 348 343 325 300 321 295
1,308 1,276
303 338 329 343 303 300 301 295
1,236 1,276
67 78 75 77 70 66 66 62
278 283
65 78 73 77 67 66 63 62
268 283
5
Constant Currency Adjusted EPS
Adjusted EPS
PRO FORMA AVIENT
Q1 Q2 Q3 Q4 FY
10% (3%) (21%)
3%
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
9% 5%
7% (5%) (9%)
(1%)
(1%) (12%)
1%
Sales
Constant Currency Sales
Constant currency reflects prior year results restated at current year foreign exchange rates
Q1 Q2 Q3 Q4 FY
17% 8% (14%)
11%
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
14% 10%
11% 2% (3%)
5%
8% (5%)
7%
EBITDA
Constant Currency EBITDA
925 987 973 992 912 867 902 823
3,712 3,669
893 987 919 992 847 867 845 823
3,504 3,669
161 176 164 172 142 141 133 117
600 606
155 176 157 172 131 141 123 117
566 6068%
2%
0.84 0.98 0.87 0.96 0.70 0.68 0.61 0.48
3.02 3.10
0.79 0.98 0.82 0.96 0.63 0.68 0.56 0.48
2.80 3.10
17%
24%
6
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Reconciliation to Condensed Consolidated Statements of Income Avient EPS Avient EPS
Net income from continuing operations $ 64.7 $ 60.4
Net income attributable to noncontrolling interests (0.3) (0.4)
Net income from continuing operations attributable to Avient shareholders $ 64.4 $ 0.70 $ 60.0 $ 0.65
Special items, after tax $ 6.4 $ 0.07 $ 2.6 $ 0.03
APM pro forma adjustments 2.6 0.03 (3.1) (0.03)
Amortization expense, after tax 17.4 0.19 17.9 0.19
Adjusted pro forma net income / EPS $ 90.8 $ 0.98 $ 77.4 $ 0.84
Weighted average diluted shares 92.3 92.2
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income Avient EPS Avient EPS
Net income from continuing operations $ 62.8 $ 50.2
Net income attributable to noncontrolling interests — (0.6)
Net income from continuing operations attributable to Avient shareholders $ 62.8 $ 0.68 $ 49.6 $ 0.54
Special items, after tax $ 3.2 $ 0.03 $ 11.7 $ 0.13
APM pro forma adjustments 5.2 0.06 1.4 0.02
Amortization expense, after tax 17.2 0.19 17.8 0.19
Adjusted pro forma net income / EPS $ 88.4 $ 0.96 $ 80.5 $ 0.87
Weighted average diluted shares 92.1 92.4
Three Months Ended
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income Avient EPS
Net income from continuing operations $ 33.4
Net income attributable to noncontrolling interests 0.3
Net income from continuing operations attributable to Avient shareholders $ 33.7 $ 0.37
Special items, after tax $ 11.7 $ 0.13
APM pro forma adjustments 1.5 0.02
Amortization expense, after tax 17.6 0.19
Adjusted pro forma net income / EPS $ 64.5 $ 0.70
Weighted average diluted shares 92.2
Adjusted EPS may not recalculate due to rounding.
1
Three Months Ended
December 31, 2021
Year Ended
December 31, 2021
Reconciliation to Condensed Consolidated Statements of Income Avient EPS Avient EPS
Net income from continuing operations $ 11.2 $ 155.2
Net income attributable to noncontrolling interests 0.9 0.2
Net income from continuing operations attributable to Avient shareholders $ 12.1 $ 0.13 $ 155.4 $ 1.69
Special items, after tax $ 24.0 $ 0.26 $ 50.0 $ 0.54
APM pro forma adjustments 2.5 0.03 1.6 0.02
Amortization expense, after tax 17.8 0.19 71.1 0.77
Adjusted pro forma net income / EPS $ 56.4 $ 0.61 $ 278.1 $ 3.02
Weighted average diluted shares 92.4 92.1
Reconciliation of Color, Additives and Inks EBITDA
Q1 2021 Q2 2021 Q3 2021 Q4 2021 YTD 2021 Q1 2022 Q2 2022
Operating
Income 88.8 86.3 66.8 61.2 303.1 94.5 93.6
Depreciation and
amortization 27.4 25.3 26.6 26.4 105.7 26.0 25.9
EBITDA $ 116.2 $ 111.6 $ 93.4 $ 87.6 $ 408.8 $ 120.5 $ 119.5
Reconciliation of Specialty Engineered Materials EBITDA
Q1 2021 Q2 2021 Q3 2021
SEM
Pro
forma
APM
Pro
forma
SEM SEM
Pro
forma
APM
Pro
forma
SEM SEM
Pro
forma
APM
Pro
forma
SEM
Operating Income 32.6 9.1 41.7 35.8 13.9 49.7 30.0 15.2 45.2
Depreciation and
amortization 7.8 17.5 25.3 8.1 17.3 25.4 7.9 17.1 25.0
EBITDA $ 40.4 $ 26.6 $ 67.0 $ 43.9 $ 31.2 $ 75.1 $ 37.9 $ 32.3 $ 70.2
Reconciliation of Specialty Engineered Materials EBITDA
Q4 2021 YTD 2021
SEM
Pro
forma
APM
Pro
forma
SEM SEM
Pro
forma
APM
Pro
forma
SEM
Operating Income 27.1 11.7 38.8 125.5 49.9 175.4
Depreciation and amortization 8.0 18.9 26.9 31.8 70.8 102.6
EBITDA $ 35.1 $ 30.6 $ 65.7 $ 157.3 $ 120.7 $ 278.0
2
Reconciliation of Specialty Engineered Materials EBITDA
Q1 2022 Q2 2022
SEM
Pro
forma
APM
Pro
forma
SEM SEM
Pro
forma
APM
Pro
forma
SEM
Operating Income 38.3 15.4 53.7 35.2 17.7 52.9
Depreciation and amortization 7.8 16.6 24.4 7.7 16.6 24.3
EBITDA $ 46.1 $ 32.0 $ 78.1 $ 42.9 $ 34.3 $ 77.2
Reconciliation of Avient consolidated pro forma EBITDA
Q1 2021 Q2 2021 Q3 2021
Avient
Pro
forma
APM
Pro
forma
Avient Avient
Pro
forma
APM
Pro
forma
Avient Avient
Pro
forma
APM
Pro
forma
Avient
Net income from
continuing operations 60.4 (3.1) 57.3 50.2 1.4 51.6 33.4 1.5 34.9
Income tax expense 16.3 1.1 17.4 13.8 1.3 15.1 2.0 2.5 4.5
Interest expense 19.3 11.1 30.4 19.5 11.2 30.7 19.0 11.2 30.2
Depreciation and
amortization 36.9 17.5 54.4 33.6 17.3 50.9 36.6 17.1 53.7
EBITDA 132.9 26.6 159.5 117.1 31.2 148.3 91.0 32.3 123.3
Special items, before
tax 2.4 — 2.4 14.2 — 14.2 19.9 — 19.9
Depreciation included
in special items (0.6) — (0.6) 1.4 — 1.4 (0.9) — (0.9)
Adjusted EBITDA $ 134.7 $ 26.6 $ 161.3 $ 132.7 $ 31.2 $ 163.9 $ 110.0 $ 32.3 $ 142.3
Reconciliation of Avient consolidated pro forma EBITDA
Q4 2021 YTD 2021
Avient
Pro
forma
APM
Pro
forma
Avient Avient
Pro
forma
APM
Pro
forma
Avient
Net income from continuing operations 11.2 2.5 13.7 155.2 1.6 156.8
Income tax expense 16.2 (1.9) 14.3 48.3 3.7 52.0
Interest expense 17.5 11.1 28.6 75.3 44.6 119.9
Depreciation and amortization 37.9 18.9 56.8 145.0 70.8 215.8
EBITDA 82.8 30.6 113.4 423.8 120.7 544.5
Special items, before tax 20.6 — 20.6 57.1 — 57.1
Depreciation included in special items (1.6) — (1.6) (1.7) — (1.7)
Adjusted EBITDA $ 101.8 $ 30.6 $ 132.4 $ 479.2 $ 120.7 $ 599.9
3
Reconciliation of Avient consolidated pro forma EBITDA
Q1 2022 Q2 2022
Avient
Pro
forma
APM
Pro
forma
Avient Avient
Pro
forma
APM
Pro
forma
Avient
Net income from continuing operations 64.7 2.6 67.3 62.8 5.2 68.0
Income tax expense 20.0 1.7 21.7 22.7 1.4 24.1
Interest expense 16.9 11.1 28.0 16.2 11.1 27.3
Depreciation and amortization 37.6 16.6 54.2 36.3 16.6 52.9
EBITDA 139.2 32.0 171.2 138.0 34.3 172.3
Special items, before tax 6.6 — 6.6 0.9 — 0.9
Depreciation included in special items (2.1) — (2.1) (1.1) — (1.1)
Adjusted EBITDA $ 143.7 $ 32.0 $ 175.7 $ 137.8 $ 34.3 $ 172.1
Reconciliation of Specialty Engineered Pro Forma Sales
Q1 2021 Q2 2021 Q3 2021 Q4 2021 YTD 2021 Q1 2022 Q2 2022
Sales 214.7 238.9 231.7 226.3 911.6 243.1 242.3
Pro forma APM 98.9 108.8 93.8 94.9 396.4 94.8 100.5
Pro forma sales $ 313.6 $ 347.7 $ 325.5 $ 321.2 $ 1,308.0 $ 337.9 $ 342.8
Reconciliation of Avient Pro Forma Sales
Q1 2021 Q2 2021 Q3 2021 Q4 2021 YTD 2021 Q1 2022 Q2 2022
Sales 826.0 864.5 818.0 807.1 3,315.6 892.2 891.0
Pro forma APM 98.9 108.8 93.8 94.9 396.4 94.8 100.5
Pro forma sales $ 924.9 $ 973.3 $ 911.8 $ 902.0 $ 3,712.0 $ 987.0 $ 991.5
4
IR Slides
V17 - 9.26 324pm IR Deck - AVNT-2022.09.27 Pre Release v2
https://www.avient.com/sites/default/files/resources/PolyOne%25202013%2520Annual%2520Report.pdf
Global Color, Additives and Inks
Global Color, Additives and Inks is a leading provider of specialized custom color and additive
concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, as well as specialty
inks, plastisols, and vinyl slush molding solutions.
Amounts shown here reflect such adjustments.
POLYONE CORPORATION 73
Global Color, Additives and Inks
Global Color, Additives and Inks is a leading provider of specialized custom color and additive
concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, as well as specialty
inks, plastisols, and vinyl slush molding solutions.
https://www.avient.com/sites/default/files/2021-04/avnt-fourth-quarter-2020-news-release.pdf
Patterson added, “Our Color, Additives and Inks segment also delivered record operating
income of $58 million during the fourth quarter.
Customer collaboration and feedback has
been extremely positive, and cultural integration has been excellent, as evidenced by the
employee engagement scores that clearly reflect Avient is a great place to work.
Patterson reflected on 2020 saying, “It was a historic year where we brought two global
leaders together to create an even stronger company – now known as Avient.
https://www.avient.com/sites/default/files/2024-03/AVNT February IR Presentation_w_Non-GAAP Recs_v2.pdf
To provide comparable results, the company references “pro forma” financial
metrics, which include the business results of Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
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 38.3 116.2
Amortization expense, after-tax 14.6 49.0
Adjusted net income from continuing operations excluding special
items 35.9 248.0
Pro forma adjustments* 2.5 13.6
APM pro forma 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 pro forma for APM
acquisition $ 0.42 $ 3.04
* Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of
debt with net proceeds from the Distribution sale.
Free Cash Flow Calculation December 31, 2023
Cash provided by operating activities $ 201.6
Taxes paid on gain on sale of business 104.1
Adjusted cash provided by operating activities $ 305.7
Capital expenditures $ (119.4)
Free cash flow $ 186.3
2
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0
Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4
Corporate (0.2) (1.2) (2.8) (2.5)
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income:
Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0
Specialty Engineered Materials 29.4 35.2 142.5 140.1
Corporate (48.1) (79.1) (205.6) (197.8)
Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3
Other expense, net: $ 4.3 $ (28.4) $ 5.8 $ (59.7)
Depreciation & amortization:
Color, Additives and Inks $ 22.2 $ 25.2 $ 98.3 $ 101.3
Specialty Engineered Materials 19.8 20.3 81.5 48.7
Corporate 2.2 3.1 9.0 12.5
Depreciation & amortization $ 44.2 $ 48.6 $ 188.8 $ 162.5
Earnings before interest, taxes, depreciation and amortization (EBITDA):
Color, Additives and Inks $ 84.0 $ 69.5 $ 358.2 $ 402.3
Specialty Engineered Materials 49.2 55.5 224.0 188.8
Corporate (45.9) (76.0) (196.6) (185.3)
Other expense, net $ 4.3 $ (28.4) $ 5.8 $ (59.7)
EBITDA $ 91.6 $ 20.6 $ 391.4 $ 346.1
Special items in EBITDA 22.3 86.8 110.4 162.5
EBITDA - excluding special items $ 113.9 $ 107.4 $ 501.8 $ 508.6
APM pro forma adjustments - 8 months 2022* — — — 83.1
Pro forma EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
3
AVNT February IR Presentation_w_Non-GAAP Recs.pdf
AVNT February IR Presentation.pdf
Avient corporation�investor presentation
DISCLAIMER
Slide Number 3
Creating a world-class�sustainable organization
Top-tier sustainability performance�and recognition
Slide Number 6
Slide Number 7
Portfolio transformation
Slide Number 9
END MARKET observations�(% of company sales)
Regional observations�(% of company sales)
Slide Number 12
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
Slide Number 20
Slide Number 21
Slide Number 22
2023 segment, end market and Geography
Color, Additives & Inks
Specialty Engineered Materials
Slide Number 26
AVNT Q4 2023 Earnings Presentation.pdf
AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
IR Deck - AVNT-2023.12.31 (2.12.24 9PM Milestone February 12 0905 pm).pdf
Attachment
3.26.24 - Public Lender Presentation Non-GAAP Attachments (005).pdf
https://www.avient.com/resources/safety-data-sheets?page=3691
Geon(TM) MM510D SELF-ADHERING PLASTISOL
Geon(TM) MM510E SELF-ADHERING PLASTISOL
Geon(TM) FM204 SELF-ADHERING PLASTISOL
https://www.avient.com/resources/safety-data-sheets?page=457
PX-19486-A/BLACK RACK PLASTISOL
PX-20474-B ORANGE RACK PLASTISOL
PX-19486-A/ORANGE RACK PLASTISOL
https://www.avient.com/resources/safety-data-sheets?page=2785
CMX2000-47 WEBFLEX TEAL PLASTISOL
CMX2000-81 TEAL PLASTISOL
CMX2000-003 DISCOVERY GREY PLASTISOL
https://www.avient.com/resources/safety-data-sheets?page=319
PX-13459-D BLUE HOT DIP PLASTISOL
9194-64 BEIGE PLASTISOL
9211-19 SCARLET THERMOSET PLASTISOL
https://www.avient.com/resources/safety-data-sheets?page=351
9265-3 DARK GREY PLASTISOL
ASH PLASTISOL
BIRCH PLASTISOL