https://www.avient.com/sites/default/files/2024-10/Avient Announces Third Quarter 2024 Results.pdf
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Three Months Ended September 30, 2024 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income from continuing operations attributable to Avient shareholders $ 38.2 $ 0.41 $ 5.1 $ 0.06 Special items, after-tax (Attachment 3) 6.6 0.07 32.0 0.35 Amortization expense, after-tax 15.0 0.16 15.2 0.16 Adjusted net income / EPS $ 59.8 $ 0.65 $ 52.3 $ 0.57 (1) Per share amounts may not recalculate from figures presented herein due to rounding Nine Months Ended September 30, 2024 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income from continuing operations attributable to Avient shareholders $ 121.2 $ 1.32 $ 48.0 $ 0.52 Special items, after-tax (Attachment 3) 33.9 0.37 73.9 0.81 Amortization expense, after-tax 44.7 0.49 46.5 0.51 Adjusted net income / EPS $ 199.8 $ 2.17 $ 168.4 $ 1.84 (1) Per share amounts may not recalculate from figures presented herein due to rounding 7 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8 Cost of sales 553.8 558.4 1,696.7 1,740.2 Gross margin 261.4 195.3 797.2 683.6 Selling and administrative expense 184.2 161.0 553.5 529.9 Operating income 77.2 34.3 243.7 153.7 Interest expense, net (26.9) (30.3) (80.1) (88.5) Other (expense) income, net (0.3) 1.0 (2.1) 1.5 Income from continuing operations before income taxes 50.0 5.0 161.5 66.7 Income tax (expense) benefit (11.3) 0.1 (39.3) (18.0) Net income from continuing operations 38.7 5.1 122.2 48.7 Loss from discontinued operations, net of income taxes — — — (0.9) Net income $ 38.7 $ 5.1 $ 122.2 $ 47.8 Net income attributable to noncontrolling interests (0.5) — (1.0) (0.7) Net income attributable to Avient common shareholders $ 38.2 $ 5.1 $ 121.2 $ 47.1 Earnings (loss) per share attributable to Avient common shareholders - Basic: Continuing operations $ 0.42 $ 0.06 $ 1.33 $ 0.53 Discontinued operations — — — (0.01) Total $ 0.42 $ 0.06 $ 1.33 $ 0.52 Earnings (loss) per share attributable to Avient common shareholders - Diluted: Continuing operations $ 0.41 $ 0.06 $ 1.32 $ 0.52 Discontinued operations — — — (0.01) Total $ 0.41 $ 0.06 $ 1.32 $ 0.51 Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 0.7725 $ 0.7425 Weighted-average shares used to compute earnings per common share: Basic 91.3 91.1 91.3 91.1 Diluted 92.3 91.9 92.0 91.8 8 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of sales: Restructuring costs, including accelerated depreciation $ 1.8 $ (2.1) $ 5.6 $ (9.9) Environmental remediation costs (2.4) (38.1) (28.2) (52.5) Impact on cost of sales (0.6) (40.2) (22.6) (62.4) Selling and administrative expense: Restructuring and employee separation costs (3.1) (2.0) (6.6) (13.8) Legal and other (4.3) 1.7 (10.1) (9.1) Acquisition related costs (0.4) (0.5) (2.5) (4.6) Impact on selling and administrative expense (7.8) (0.8) (19.2) (27.5) Impact on operating income (8.4) (41.0) (41.8) (89.9) Interest expense, net - financing costs (1.3) (2.2) (2.3) (2.2) Other income (loss) — — 0.1 (0.1) Impact on income from continuing operations before income taxes (9.7) (43.2) (44.0) (92.2) Income tax benefit on special items 3.5 10.8 11.9 23.2 Tax adjustments(2) (0.4) 0.4 (1.8) (4.9) Impact of special items on net income from continuing operations $ (6.6) $ (32.0) $ (33.9) $ (73.9) Diluted earnings per common share impact $ (0.07) $ (0.35) $ (0.37) $ (0.81) Weighted average shares used to compute adjusted earnings per share: Diluted 92.3 91.9 92.0 91.8 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non- recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves and valuation allowances. 9 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 505.7 $ 545.8 Accounts receivable, net 465.1 399.9 Inventories, net 377.8 347.0 Other current assets 108.8 114.9 Total current assets 1,457.4 1,407.6 Property, net 973.5 1,028.9 Goodwill 1,716.8 1,719.3 Intangible assets, net 1,542.5 1,590.8 Deferred income taxes 133.1 92.3 Other non-current assets 224.0 129.6 Total assets $ 6,047.3 $ 5,968.5 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 7.8 $ 9.5 Accounts payable 425.9 432.3 Accrued expenses and other current liabilities 460.8 331.8 Total current liabilities 894.5 773.6 Non-current liabilities: Long-term debt 2,059.9 2,070.5 Pension and other post-retirement benefits 63.7 67.2 Deferred income taxes 289.1 281.6 Other non-current liabilities 359.9 437.6 Total non-current liabilities 2,772.6 2,856.9 SHAREHOLDERS' EQUITY Avient shareholders’ equity 2,363.0 2,319.2 Noncontrolling interest 17.2 18.8 Total equity 2,380.2 2,338.0 Total liabilities and equity $ 6,047.3 $ 5,968.5 10 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Nine Months Ended September 30, 2024 2023 Operating activities Net income $ 122.2 $ 47.8 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 133.1 142.6 Accelerated depreciation 1.2 1.9 Share-based compensation expense 12.5 9.7 Changes in assets and liabilities: Increase in accounts receivable (65.7) (5.7) (Increase) decrease in inventories (30.2) 16.5 Decrease in accounts payable (5.7) (59.1) Taxes paid on gain on sale of business — (104.1) Accrued expenses and other assets and liabilities, net (33.2) (2.5) Net cash provided by operating activities 134.2 47.1 Investing activities Capital expenditures (80.8) (75.0) Net proceeds from divestiture — 7.3 Proceeds from plant closures 3.4 — Other investing activities (2.1) 2.3 Net cash used by investing activities (79.5) (65.4) Financing activities Proceeds from long-term borrowings 650.0 — Payments on long-term borrowings (659.1) (103.8) Cash dividends paid (70.5) (67.6) Debt financing costs (9.6) (2.3) Other financing activities (4.6) (2.3) Net cash used by financing activities (93.8) (176.0) Effect of exchange rate changes on cash (1.0) (7.2) Decrease in cash and cash equivalents (40.1) (201.5) Cash and cash equivalents at beginning of year 545.8 641.1 Cash and cash equivalents at end of period $ 505.7 $ 439.6 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.
Three Months Ended September 30, Nine Months Ended September 30, Reconciliation to Consolidated Statements of Income 2024 2023 2024 2023 Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8 Gross margin - GAAP 261.4 195.3 797.2 683.6 Special items in gross margin (Attachment 3) 0.6 40.2 22.6 62.4 Adjusted gross margin $ 262.0 $ 235.5 $ 819.8 $ 746.0 Adjusted gross margin as a percent of sales 32.1 % 31.2 % 32.9 % 30.8 % Operating income - GAAP 77.2 34.3 243.7 153.7 Special items in operating income (Attachment 3) 8.4 41.0 41.8 89.9 Adjusted operating income $ 85.6 $ 75.3 $ 285.5 $ 243.6 Adjusted operating income as a percent of sales 10.5 % 10.0 % 11.4 % 10.1 % Three Months Ended September 30, Nine Months Ended September 30, Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 2024 2023 Net income from continuing operations – GAAP $ 38.7 $ 5.1 $ 122.2 $ 48.7 Income tax expense (benefit) 11.3 (0.1) 39.3 18.0 Interest expense, net 26.9 30.3 80.1 88.5 Depreciation & amortization 45.1 46.4 134.3 144.5 EBITDA from continuing operations $ 122.0 $ 81.7 $ 375.9 $ 299.7 Special items, before tax 9.7 43.2 44.0 92.2 Interest expense included in special items (1.3) (2.2) (2.3) (2.2) Depreciation & amortization included in special items (0.4) — (1.2) (1.9) Adjusted EBITDA $ 130.0 $ 122.7 $ 416.4 $ 387.8 Adjusted EBITDA as a percent of sales 15.9 % 16.3 % 16.7 % 16.0 % Year Ended December 31, 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 Special items, after-tax 79.3 0.86 Amortization expense, after-tax 61.5 0.67 Adjusted net income / EPS $ 216.6 $ 2.36 (1) Per share amounts may not recalculate from figures presented herein due to rounding
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https://www.avient.com/sites/default/files/2025-05/Avient Announces First Quarter 2025 Results_0.pdf
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Three Months Ended March 31, 2025 2024 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net (loss) income attributable to Avient common shareholders $ (20.2) $ (0.22) $ 49.4 $ 0.54 Special items, after-tax (Attachment 3) 75.7 0.82 5.5 0.06 Amortization expense, after-tax 14.5 0.16 14.9 0.16 Adjusted net income / EPS $ 70.0 $ 0.76 $ 69.8 $ 0.76 (1) Per share amounts may not recalculate from figures presented herein due to rounding 7 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended March 31, 2025 2024 Sales $ 826.6 $ 829.0 Cost of sales 563.4 550.8 Gross margin 263.2 278.2 Selling and administrative expense 262.5 184.2 Operating income 0.7 94.0 Interest expense, net (26.9) (26.6) Other expense, net (0.4) (0.9) (Loss) income before income taxes (26.6) 66.5 Income tax benefit (expense) 6.7 (16.8) Net (loss) income $ (19.9) $ 49.7 Net income attributable to noncontrolling interests (0.3) (0.3) Net (loss) income attributable to Avient common shareholders $ (20.2) $ 49.4 (Loss) earnings per share attributable to Avient common shareholders - Basic: $ (0.22) $ 0.54 (Loss) earnings per share attributable to Avient common shareholders - Diluted: $ (0.22) $ 0.54 Cash dividends declared per share of common stock $ 0.2700 $ 0.2575 Weighted-average shares used to compute (loss) earnings per common share: Basic 91.5 91.2 Diluted 91.5 92.0 8 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended March 31, 2025 2024 Cost of sales: Restructuring costs, including accelerated depreciation $ (4.1) $ 3.6 Environmental remediation costs (4.9) (4.0) Reimbursement of previously incurred environmental costs 1.3 — Impact on cost of sales (7.7) (0.4) Selling and administrative expense: Restructuring and employee separation costs (5.1) (0.7) Legal and other (0.4) (3.5) Cloud-based enterprise resource planning system impairment (86.3) — Acquisition related costs — (1.6) Impact on selling and administrative expense (91.8) (5.8) Impact on operating income (99.5) (6.2) Interest expense, net - financing costs (1.7) — Impact on (loss) income before income taxes (101.2) (6.2) Income tax benefit on special items 25.5 1.4 Tax adjustments(2) — (0.7) Impact of special items on net (loss) income $ (75.7) $ (5.5) Diluted (loss) earnings per common share impact $ (0.82) $ (0.06) Weighted average shares used to compute adjusted earnings per share: Diluted 91.8 92.0 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves and valuation allowances. 9 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) March 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 456.0 $ 544.5 Accounts receivable, net 489.6 399.5 Inventories, net 372.8 346.8 Other current assets 111.9 131.3 Total current assets 1,430.3 1,422.1 Property, net 951.8 955.3 Goodwill 1,684.0 1,659.7 Intangible assets, net 1,464.5 1,450.4 Other non-current assets 280.6 323.6 Total assets $ 5,811.2 $ 5,811.1 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 7.8 $ 7.7 Accounts payable 422.2 417.4 Accrued expenses and other current liabilities 268.2 331.0 Total current liabilities 698.2 756.1 Non-current liabilities: Long-term debt 2,061.3 2,059.3 Deferred income taxes 268.0 260.4 Other non-current liabilities 469.3 405.7 Total non-current liabilities 2,798.6 2,725.4 SHAREHOLDERS' EQUITY Avient shareholders’ equity 2,298.3 2,313.8 Noncontrolling interest 16.1 15.8 Total equity 2,314.4 2,329.6 Total liabilities and equity $ 5,811.2 $ 5,811.1 10 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended March 31, 2025 2024 Operating activities Net (loss) income $ (19.9) $ 49.7 Adjustments to reconcile net (loss) income to net cash used by operating activities: Depreciation and amortization 45.3 44.3 Cloud-based enterprise resource planning system impairment 71.6 — Share-based compensation expense 2.4 3.3 Changes in assets and liabilities: Increase in accounts receivable (83.7) (81.9) Increase in inventories (20.3) (12.3) (Decrease) increase in accounts payable (1.0) 1.7 Environmental insurance recovery 34.0 — Decrease in incentive accruals (53.1) (16.8) Accrued expenses and other assets and liabilities, net (26.4) (30.8) Net cash used by operating activities (51.1) (42.8) Investing activities Capital expenditures (12.5) (24.4) Proceeds from plant closures — 2.0 Other investing activities — (2.1) Net cash used by investing activities (12.5) (24.5) Financing activities Payments on long-term borrowings — (2.7) Cash dividends paid (24.7) (23.5) Other financing activities (3.6) (1.9) Net cash used by financing activities (28.3) (28.1) Effect of exchange rate changes on cash 3.4 (6.1) Decrease in cash and cash equivalents (88.5) (101.5) Cash and cash equivalents at beginning of year 544.5 545.8 Cash and cash equivalents at end of period $ 456.0 $ 444.3 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.
Three Months Ended March 31, Reconciliation to Consolidated Statements of Income 2025 2024 Sales $ 826.6 $ 829.0 Gross margin - GAAP 263.2 278.2 Special items in gross margin (Attachment 3) 7.7 0.4 Adjusted gross margin $ 270.9 $ 278.6 Adjusted gross margin as a percent of sales 32.8 % 33.6 % Operating income - GAAP 0.7 94.0 Special items in operating income (Attachment 3) 99.5 6.2 Adjusted operating income $ 100.2 $ 100.2 Adjusted operating income as a percent of sales 12.1 % 12.1 % Three Months Ended March 31, Reconciliation to EBITDA and Adjusted EBITDA: 2025 2024 Net (loss) income – GAAP $ (19.9) $ 49.7 Income tax (benefit) expense (6.7) 16.8 Interest expense, net 26.9 26.6 Depreciation & amortization 45.3 44.3 EBITDA $ 45.6 $ 137.4 Special items, before tax 101.2 6.2 Interest expense included in special items (1.7) — Depreciation & amortization included in special items (0.4) (0.5) Adjusted EBITDA $ 144.7 $ 143.1 Adjusted EBITDA as a percent of sales 17.5 % 17.3 % 13 Year Ended December 31, 2024 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) Net income attributable to Avient common shareholders $ 169.5 $ 1.84 Special items, after-tax 15.9 0.17 Amortization expense, after-tax 59.5 0.65 Adjusted net income / EPS $ 244.9 $ 2.66 (1) Per share amounts may not recalculate from figures presented herein due to rounding Three Months Ended June 30, 2024 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) Net income attributable to Avient common shareholders $ 33.6 $ 0.36 Special items, after-tax 21.8 0.24 Amortization expense, after-tax 14.8 0.16 Adjusted net income / EPS $ 70.2 $ 0.76 (1) Per share amounts may not recalculate from figures presented herein due to rounding
https://www.avient.com/sites/default/files/2025-07/Avient Announces Second Quarter 2025 Results.pdf
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Three Months Ended June 30, 2025 2024 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income attributable to Avient common shareholders $ 52.6 $ 0.57 $ 33.6 $ 0.36 Special items, after-tax (Attachment 3) 5.7 0.07 21.8 0.24 Amortization expense, after-tax 15.2 0.16 14.8 0.16 Adjusted net income / EPS $ 73.5 $ 0.80 $ 70.2 $ 0.76 (1) Per share amounts may not recalculate from figures presented herein due to rounding Six Months Ended June 30, 2025 2024 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income attributable to Avient common shareholders $ 32.4 $ 0.35 $ 83.0 $ 0.90 Special items, after-tax (Attachment 3) 81.4 0.89 27.3 0.30 Amortization expense, after-tax 29.7 0.32 29.7 0.32 Adjusted net income / EPS $ 143.5 $ 1.56 $ 140.0 $ 1.52 (1) Per share amounts may not recalculate from figures presented herein due to rounding 7 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Sales $ 866.5 $ 849.7 $ 1,693.1 $ 1,678.7 Cost of sales 588.6 592.1 1,152.0 1,142.9 Gross margin 277.9 257.6 541.1 535.8 Selling and administrative expense 181.8 185.1 444.3 369.3 Operating income 96.1 72.5 96.8 166.5 Interest expense, net (24.7) (26.6) (51.6) (53.2) Other expense, net (0.5) (0.9) (0.9) (1.8) Income before income taxes 70.9 45.0 44.3 111.5 Income tax expense (17.4) (11.2) (10.7) (28.0) Net income $ 53.5 $ 33.8 $ 33.6 $ 83.5 Net income attributable to noncontrolling interests (0.9) (0.2) (1.2) (0.5) Net income attributable to Avient common shareholders $ 52.6 $ 33.6 $ 32.4 $ 83.0 Earnings per share attributable to Avient common shareholders - Basic: $ 0.57 $ 0.37 $ 0.35 $ 0.91 Earnings per share attributable to Avient common shareholders - Diluted: $ 0.57 $ 0.36 $ 0.35 $ 0.90 Cash dividends declared per share of common stock $ 0.2700 $ 0.2575 $ 0.5400 $ 0.5150 Weighted-average shares used to compute earnings per common share: Basic 91.5 91.3 91.5 91.3 Diluted 91.8 92.2 91.8 92.0 8 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost of sales: Restructuring costs, including accelerated depreciation $ (2.6) $ 0.2 $ (6.7) $ 3.8 Environmental remediation costs (1.8) (21.8) (6.7) (25.8) Reimbursement of previously incurred environmental costs 0.6 — 1.9 — Impact on cost of sales (3.8) (21.6) (11.5) (22.0) Selling and administrative expense: Restructuring and employee separation costs (2.7) (2.8) (7.8) (3.5) Legal and other (0.5) (2.3) (0.9) (5.8) Cloud-based enterprise resource planning system impairment — — (86.3) — Acquisition related costs — (0.5) — (2.1) Impact on selling and administrative expense (3.2) (5.6) (95.0) (11.4) Impact on operating income (7.0) (27.2) (106.5) (33.4) Interest expense, net - financing costs (0.3) (1.0) (2.0) (1.0) Other income, net — 0.1 — 0.1 Impact on income before income taxes (7.3) (28.1) (108.5) (34.3) Income tax benefit on special items 1.6 7.0 27.1 8.4 Tax adjustments(2) — (0.7) — (1.4) Impact of special items on net income $ (5.7) $ (21.8) $ (81.4) $ (27.3) Diluted earnings per common share impact $ (0.07) $ (0.24) $ (0.89) $ (0.30) Weighted average shares used to compute adjusted earnings per share: Diluted 91.8 92.2 91.8 92.0 (1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to- market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. (2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves and valuation allowances. 9 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 474.5 $ 544.5 Accounts receivable, net 523.4 399.5 Inventories, net 387.5 346.8 Other current assets 109.0 131.3 Total current assets 1,494.4 1,422.1 Property, net 986.1 955.3 Goodwill 1,754.6 1,659.7 Intangible assets, net 1,529.3 1,450.4 Other non-current assets 368.9 323.6 Total assets $ 6,133.3 $ 5,811.1 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 0.5 $ 7.7 Accounts payable 439.4 417.4 Accrued expenses and other current liabilities 297.4 331.0 Total current liabilities 737.3 756.1 Non-current liabilities: Long-term debt 2,020.0 2,059.3 Deferred income taxes 306.9 260.4 Other non-current liabilities 695.1 405.7 Total non-current liabilities 3,022.0 2,725.4 SHAREHOLDERS' EQUITY Avient shareholders’ equity 2,358.3 2,313.8 Noncontrolling interest 15.7 15.8 Total equity 2,374.0 2,329.6 Total liabilities and equity $ 6,133.3 $ 5,811.1 10 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Six Months Ended June 30, 2025 2024 Operating activities Net income $ 33.6 $ 83.5 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 91.9 89.2 Cloud-based enterprise resource planning system impairment 71.6 — Share-based compensation expense 4.6 9.0 Changes in assets and liabilities: Increase in accounts receivable (102.9) (97.0) Increase in inventories (20.8) (27.3) Increase in accounts payable 1.4 11.9 Environmental insurance recovery 34.0 — (Decrease) increase in incentive accruals (40.6) 5.1 Accrued expenses and other assets and liabilities, net (11.1) (11.3) Net cash provided by operating activities 61.7 63.1 Investing activities Capital expenditures (39.5) (55.8) Proceeds from plant closures — 3.4 Other investing activities — (2.1) Net cash used by investing activities (39.5) (54.5) Financing activities Payments on long-term borrowings (50.2) (4.5) Cash dividends paid (49.4) (47.0) Other financing activities (6.8) (3.3) Net cash used by financing activities (106.4) (54.8) Effect of exchange rate changes on cash 14.2 (10.2) Decrease in cash and cash equivalents (70.0) (56.4) Cash and cash equivalents at beginning of year 544.5 545.8 Cash and cash equivalents at end of period $ 474.5 $ 489.4 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.
Three Months Ended June 30, Six Months Ended June 30, Reconciliation to Condensed Consolidated Statements of Income 2025 2024 2025 2024 Sales $ 866.5 $ 849.7 $ 1,693.1 $ 1,678.7 Gross margin - GAAP 277.9 257.6 541.1 535.8 Special items in gross margin (Attachment 3) 3.8 21.6 11.5 22.0 Adjusted gross margin $ 281.7 $ 279.2 $ 552.6 $ 557.8 Adjusted gross margin as a percent of sales 32.5 % 32.9 % 32.6 % 33.2 % Operating income - GAAP 96.1 72.5 96.8 166.5 Special items in operating income (Attachment 3) 7.0 27.2 106.5 33.4 Adjusted operating income $ 103.1 $ 99.7 $ 203.3 $ 199.9 Adjusted operating income as a percent of sales 11.9 % 11.7 % 12.0 % 11.9 % Three Months Ended June 30, Six Months Ended June 30, Reconciliation to EBITDA and Adjusted EBITDA: 2025 2024 2025 2024 Net income - GAAP $ 53.5 $ 33.8 $ 33.6 $ 83.5 Income tax expense 17.4 11.2 10.7 28.0 Interest expense, net 24.7 26.6 51.6 53.2 Depreciation & amortization 46.6 44.9 91.9 89.2 EBITDA $ 142.2 $ 116.5 $ 187.8 $ 253.9 Special items, before tax 7.3 28.1 108.5 34.3 Interest expense included in special items (0.3) (1.0) (2.0) (1.0) Depreciation & amortization included in special items (0.3) (0.3) (0.7) (0.8) Adjusted EBITDA $ 148.9 $ 143.3 $ 293.6 $ 286.4 Adjusted EBITDA as a percent of sales 17.2 % 16.9 % 17.3 % 17.1 % Three Months Ended September 30, 2024 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) Net income attributable to Avient common shareholders $ 38.2 $ 0.41 Special items, after-tax 6.6 0.07 Amortization expense, after-tax 15.0 0.16 Adjusted net income / EPS $ 59.8 $ 0.65 (1) Per share amounts may not recalculate from figures presented herein due to rounding avient.com/investors avient.com/investors/events-presentations
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• Factors that could cause actual results to differ materially from those implied by these forward looking statements include but are not limited to:• Factors that could cause actual results to differ materially from those implied by these forward‐looking statements include, but are not limited to: Our ability to achieve the strategic and other objectives relating to the Spartech acquisition, including any expected synergies; our ability to successfully integrate Spartech and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive; Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability;liquidity) to maintain their credit availability; The speed and extent of an economic recovery, including the recovery of the housing market; Our ability to achieve new business gains; The amount and timing of repurchases, if any, of PolyOne common shares and our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; The effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks; Changes in polymer consumption growth rates in the markets where we conduct business;g p y p g ; Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; Fluctuations in raw material prices, quality and supply and in energy prices and supply; Production outages or material costs associated with scheduled or unscheduled maintenance programs; Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions, employee productivity goals, and an inability to raise or sustain prices for products or services;, , p y p y g , y p p ; An inability to maintain appropriate relations with unions and employees; and Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. • 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 i l d dj t d EPS i b f i t t t d i ti dinclude: 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 p p charges in certain calculations.
Platform operating income mix percentage 2005Y 2006Y 2007Y 2008Y 2009Y 2010Y 2011Y Global Specialty Engineered Materials $ 0.4 $ 3.9 $ 4.9 $ 17.6 $ 20.6 $ 49.7 $ 45.9 Global Color, Additives and Inks 4.3 8.9 25.7 28.1 25.2 37.7 43.4 Specialty Platform $ 4.7 $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 89.3 Performance Products and Solutions 75.7 64.2 65.8 31.3 33.1 54.0 62.4 Distribution 19.5 19.2 22.1 28.1 24.8 42.0 56.0 SunBelt Joint Venture 91.9 102.9 34.8 28.6 25.5 18.9 5.0 Corporate (51.5) 34.5 (73.3) (425.1) 7.9 (27.7) 20.3 Operating income (loss) GAAP $ 140.3 $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 233.0 Less: Corporate operating expense (income) 51.5 (34.5) 73.3 425.1 (7.9) 27.7 (20.3) Operating income excluding Corporate $ 191.8 $ 199.1 $ 153.3 $ 133.7 $ 129.2 $ 202.3 $ 212.7 Specialty platform operating mix percentage 2% 6% 20% 34% 35% 43% 42% Platform operating income mix percentage 2012Y Global Specialty Engineered Materials $ 47.0 Global Color, Additives and Inks 66.8 Specialty Platform $ 113.8 Performance Products and Solutions 74.9 Distribution 66.0 Corporate (87.6) Operating income GAAP $ 167.1 Less: Corporate operating expense 87.6 Operating income excluding Corporate $ 254.7 Specialty platform operating mix percentage 45% Platform sales and operating income (OI) 2006Y 2007Y 2008Y 2009Y 2010Y 2011Y Global Specialty Engineered Materials Sales $ 345.3 $ 384.4 $ 514.0 $ 402.9 $ 517.4 $ 575.1 Global Color, Additives and Inks Sales 531.8 560.5 554.3 459.8 527.4 544.6 Specialty Platform Sales $ 877.1 $ 944.9 $ 1,068.3 $ 862.7 $ 1,044.8 $ 1,119.7 Performance Products and Solutions Sales 1,166.2 1,086.8 1,001.4 667.7 776.3 865.4 PolyOne Distribution Sales 732.8 744.3 796.7 625.1 911.9 996.5 Corporate and Eliminations (153.7) (133.3) (127.7) (94.8) (111.1) (118.1) Total Sales $ 2,622.4 $ 2,642.7 $ 2,738.7 $ 2,060.7 $ 2,621.9 $ 2,863.5 Global Specialty Engineered Materials OI $ 3.9 $ 4.9 $ 17.6 $ 20.6 $ 49.7 $ 45.9 Global Color, Additives and Inks OI 8.9 25.7 28.1 25.2 37.7 43.4 Specialty Platform OI $ 12.8 $ 30.6 $ 45.7 $ 45.8 $ 87.4 $ 89.3 Performance Products and Solutions OI 64.2 65.8 31.3 33.1 54.0 62.4 PolyOne Distribution OI 19.2 22.1 28.1 24.8 42.0 56.0 Sunbelt Joint Venture OI 102.9 34.8 28.6 25.5 18.9 5.0 Corporate and eliminations (4.6) (25.5) (28.9) (40.8) (32.5) (26.4) Special items in OI 39.1 (47.8) (396.2) 48.7 4.8 46.7 Operating income (loss) GAAP $ 233.6 $ 80.0 $ (291.4) $ 137.1 $ 174.6 $ 233.0 Sunbelt equity income (107.0) (40.8) (32.5) (29.7) (23.1) (5.7) Special items in OI (39.1) 47.8 396.2 (48.7) (4.8) (46.7) Operating income adjusted $ 87.5 $ 87.0 $ 72.3 $ 58.7 $ 146.7 $ 180.6 Global Specialty Engineered Materials - OI % of sales 1.1% 1.3% 3.4% 5.1% 9.6% 8.0% Global Color, Additives and Inks - OI % of sales 1.7% 4.6% 5.1% 5.5% 7.1% 8.0% Specialty platform OI - % of sales 1.5% 3.2% 4.3% 5.3% 8.4% 8.0% PP&S operating OI - % of sales 5.5% 6.1% 3.1% 5.0% 7.0% 7.2% Distribution OI - % of sales 2.6% 3.0% 3.5% 4.0% 4.6% 5.6% PolyOne OI adjusted - % of sales 3.3% 3.3% 2.6% 2.8% 5.6% 6.3% Platform sales and operating income (OI) 2012Y 2012PF Global Specialty Engineered Materials Sales $ 543.6 $ 779.5 Global Color, Additives and Inks Sales 703.5 753.8 Designed Structures & Solutions 847.4 Specialty Platform Sales $ 1,247.1 $ 2,380.7 Performance Products and Solutions Sales 837.0 902.8 PolyOne Distribution Sales 1,030.3 1,030.3 Corporate and Eliminations (121.8) (121.8) Total Sales $ 2,992.6 $ 4,192.0 Global Specialty Engineered Materials OI $ 47.0 Global Color, Additives and Inks OI 66.8 Specialty Platform OI $ 113.8 Performance Products and Solutions OI 74.9 PolyOne Distribution OI 66.0 Corporate and eliminations (33.7) Special items in OI (53.9) Operating income - GAAP $ 167.1 Special items in OI 53.9 Operating income adjusted $ 221.0 Global Specialty Engineered Materials - OI % of sales 8.6% Global Color, Additives and Inks - OI % of sales 9.5% Specialty platform OI % of sales 9.1% PP&S operating OI % of sales 9.0% Distribution OI % of sales 6.4% PolyOne OI adjusted, % of sales 7.4% Adjusted EPS 2006Y 2007Y 2008Y 2009Y 2010Y 2011Y 2012Y Net Income attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 162.6 $ 172.6 $ 71.9 SunBelt equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 75.4 $ 96.1 $ 108.1 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.79 $ 1.02 $ 1.20 Average Debt Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Average PolyOne Debt $ 707.0 $ 706.4 $ 705.8 $ 705.2 $ 706.9 $ 706.3 Average Equity Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Average PolyOne shareholders’ equity $ 588.3 $ 611.3 $ 604.3 $ 629.3 $ 629.1 $ 612.5 Adjusted EBITDA 2012 PolyOne Income before income taxes $ 113.0 PolyOne Interest expense, net 50.8 PolyOne Depreciation and amortization 69.8 PolyOne Special items in EBITDA 55.1 PolyOne Adjusted EBITDA $ 288.7 Pro forma Spartech EBITDA * 56.3 Pro forma EBITDA * $ 345.0 * Amount excludes expected synergies.
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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.
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y Net income attributable to PolyOne common shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 SunBelt equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - Special items, after tax (21.2) 41.4 310.0 (31.0) 15.8 (30.5) 35.7 30.4 Tax adjustments (30.0) (30.7) 147.2 (44.9) (88.3) (42.3) 0.5 2.2 Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.1 Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 * Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
Reconciliation to Condensed Consolidated Balance Sheets 2013 Short-term debt and current portion of long-term debt $ 12.7 Long-term debt 976.2 Less cash and cash equivalents (365.2) Net debt $ 623.7 Adjusted EBITDA 2013 Income before income taxes $ 151.0 Interest expense, net 63.5 Depreciation and amortization 108.8 Special items in EBITDA 31.7 Adjusted EBITDA $ 355.0 2 Platform sales and operating income (OI) 2006Y* 2013Y Global Specialty Engineered Materials sales $ 345.3 $ 615.5 Global Color, Additives and Inks sales 531.8 852.3 Designed Structures and Solutions sales - 597.4 Specialty Platform sales 877.1 2,065.2 Performance Products and Solutions sales 1,166.2 773.2 PolyOne Distribution sales 732.8 1,075.2 Corporate and eliminations (153.7) (142.4) Total sales $ 2,622.4 $ 3,771.2 Global Specialty Engineered Materials OI $ 3.9 $ 57.2 Global Color, Additives and Inks OI 8.9 104.0 Designed Structures & Solutions OI - 33.4 Specialty Platform OI 12.8 194.6 Performance Products and Solutions OI 64.2 56.0 PolyOne Distribution OI 19.2 63.3 Sunbelt Joint Venture OI 102.9 - Corporate and eliminations (4.6) (52.4) Special items in OI 39.1 (30.0) Operating income GAAP 233.6 231.5 Sunbelt equity income (107.0) - Special items in OI (39.1) 30.0 Adjusted operating income $ 87.5 $ 261.5 Global Specialty Engineered Materials - OI % of sales 1.1% 9.3% Global Color, Additives and Inks - OI % of sales 1.7% 12.2% Designed Structures & Solutions - OI % of sales - 5.6% Specialty platform OI - % of sales 1.5% 9.4% PP&S operating OI - % of sales 5.5% 7.2% Distribution OI - % of sales 2.6% 5.9% PolyOne OI adjusted - % of sales 3.3% 6.9% * Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
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