https://www.avient.com/news/avient-showcase-world-s-strongest-fiber-and-high-performance-engineered-fibers-techtextil-2024
These highlighted solutions include composite fabrics and textiles that offer high strength-to-weight ratios, stiffness, resistance to corrosion and impact, dimensional stability, and more.
These can be used across a broad range of industries and applications, from protective clothing and workwear to synthetic ropes to wires and cables, helping reduce weight and material consumption while enhancing performance.
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
https://www.avient.com/sites/default/files/2021-02/avient-ir-presentation-goldman-sachs-and-morgan-stanley.pdf
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, improve the recyclability of materials
and advance a circular economy
• Composite solutions to support accelerated
growth of 5G / fiber-optic infrastructure
investment as the world demands greater and
faster connectivity
Avient employs approximately 8,400 associates and is
certified ACC Responsible Care® and a founding
member of the Alliance to End Plastic Waste.
A reconciliation of these measures to their most directly comparable GAAP measures is provided in the tables below.
1
Reconciliation of EBITDA by Segment
Three Months Ended
December 31,
Year Ended
December 31,
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
2
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
December 31, 2020
Reconciliation of Adjusted Earnings per Share: Avient
Special
Items
Adjusted
Avient
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
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
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
EBITDA from continuing operations:
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 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Year Ended
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
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
EBITDA from continuing operations:
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 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
4
Year Ended
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
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
EBITDA from continuing operations:
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 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Three Months Ended
March 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
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
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
5
Three Months Ended
December 31, 2019
Year Ended
December 31, 2019
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
CAI CAI
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
CAI
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 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Year Ended
December 31, 2020
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
CAI
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 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
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.
Free Cash Flow Calculation
Year Ended
December 31, 2020
Cash provided (used) by operating activities $ 221.6
Capital expenditures (63.7)
Free Cash Flow 157.9
Payment of post-acquisition date earnout liability 38.1
Taxes paid on gain on divestiture 142.0
Adjusted Free Cash Flow $ 338.0
Year Ended
December 31, 2019
Free Cash Flow Calculation Total
Discontinued
Operations
Continuing
Operations
Cash provided by operating activities $ 300.8 $ 74.4 $ 226.4
Capital expenditures 81.7 14.1 67.6
Free Cash Flow $ 219.1 $ 60.3 $ 158.8
6
Avient IR Presentation - Goldman Sachs and Morgan Stanley.pdf
Avient IR Presentation - Goldman Sachs and Morgan Stanley - Website.pdf
Avient Q4 Earnings and 2021 Outlook.pdf
Avient Q4 Earnings and 2021 Outlook.pdf
Avient Q4 Earnings and 2021 Outlook.pdf
Avient Q4 Earnings and 2021 Outlook.pdf
Avient Q4 Earnings and 2021 Outlook.pdf
2.5.21 IR Deck Attachments clean