https://www.avient.com/sites/default/files/AVNT Q1 2023 Earnings Press Release.pdf
Conference call
participants in the question and answer session should pre-register using the link at
avient.com/investors, or here, to receive the dial-in numbers and a personal PIN, which are
required to access the conference call.
2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and changes
to valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 582.7 $ 641.1
Accounts receivable, net 484.4 440.6
Inventories, net 371.9 372.7
Other current assets 125.3 115.3
Total current assets 1,564.3 1,569.7
Property, net 1,045.7 1,049.2
Goodwill 1,689.7 1,671.9
Intangible assets, net 1,601.7 1,597.6
Other non-current assets 209.8 196.6
Total assets $ 6,111.2 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 2.2 $ 2.2
Accounts payable 448.1 454.4
Accrued expenses and other current liabilities 386.9 412.8
Total current liabilities 837.2 869.4
Non-current liabilities:
Long-term debt 2,177.7 2,176.7
Pension and other post-retirement benefits 66.2 67.2
Deferred income taxes 332.5 342.5
Other non-current liabilities 329.0 276.4
Total non-current liabilities 2,905.4 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,349.8 2,334.5
Noncontrolling interest 18.8 18.3
Total equity 2,368.6 2,352.8
Total liabilities and equity $ 6,111.2 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2023 2022
Operating Activities
Net income $ 20.4 $ 84.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 48.7 35.7
Accelerated depreciation 1.8 2.1
Share-based compensation expense 3.2 3.2
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (40.2) (118.8)
Decrease (increase) in inventories 3.8 (15.1)
(Decrease) increase in accounts payable (9.9) 90.5
Accrued expenses and other assets and liabilities, net (50.0) (63.2)
Net cash (used) provided by operating activities (22.2) 18.9
Investing activities
Capital expenditures (20.3) (13.3)
Net proceeds from divestiture 7.3 —
Net cash used by investing activities (13.0) (13.3)
Financing activities
Purchase of common shares for treasury — (15.8)
Cash dividends paid (22.5) (21.7)
Repayment of long-term debt (0.8) (2.4)
Other financing (2.3) (3.9)
Net cash used by financing activities (25.6) (43.8)
Effect of exchange rate changes on cash 2.4 (0.4)
Decrease in cash and cash equivalents (58.4) (38.6)
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of period $ 582.7 $ 562.6
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/2024-11/Terms and Conditions of Sale for Canada.pdf
Seller reserves to
itself all applicable duty drawback allowances, and Buyer shall
provide assistance in connection with Seller’s application for the
same.
11.
Except in the case of a force
majeure, if not satisfied with Seller’s determination, Buyer as its sole
remedy shall have a right to terminate this contract without further
obligation upon: (i) ten (10) calendar days’ written notice; and (ii)
payment for all Product received to date.
14.
Buyer shall disseminate such information so as to give
warning of possible hazards to persons whom Buyer can reasonably
foresee may receive exposure to such hazards, including, but not
limited to, Buyer’s employees, agents, contractors and customers.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Belgium.pdf
Seller reserves to
itself all applicable duty drawback allowances, and Buyer shall
provide assistance in connection with Seller’s application for the
same.
11.
Except in the case of a force
majeure, if not satisfied with Seller’s determination, Buyer as its sole
remedy shall have a right to terminate this contract without further
obligation upon: (i) 10 calendar days’ written notice; and (ii)
payment for all Product received to date.
14.
Buyer shall disseminate such information so as to give
warning of possible hazards to persons whom Buyer can reasonably
foresee may receive exposure to such hazards, including, but not
limited to, Buyer’s employees, agents, contractors and customers.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Austria.pdf
Seller reserves to
itself all applicable duty drawback allowances, and Buyer shall
provide assistance in connection with Seller’s application for the
same.
11.
Except in the case of a force
majeure, if not satisfied with Seller’s determination, Buyer as its sole
remedy shall have a right to terminate the Contract without further
obligation upon: (i) 10 calendar days’ written notice; and (ii)
payment for all Product received to date.
14.
Buyer shall disseminate such information so as to give
warning of possible hazards to persons whom Buyer can reasonably
foresee may receive exposure to such hazards, including, but not
limited to, Buyer’s employees, agents, contractors and customers.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Peru.pdf
Seller reserves to
itself all applicable duty drawback allowances, and Buyer shall
provide assistance in connection with Seller’s application for the
same.
11.
Except in the case of a force
majeure, if not satisfied with Seller’s determination, Buyer as its sole
remedy shall have a right to terminate this contract without further
obligation upon: (i) 10 calendar days’ written notice; and (ii)
payment for all Product received to date.
14.
Buyer shall disseminate such information so as to give
warning of possible hazards to persons whom Buyer can reasonably
foresee may receive exposure to such hazards, including, but not
limited to, Buyer’s employees, agents, contractors and customers.
https://www.avient.com/sites/default/files/2025-02/31307-Certificate-17JUL2024.pdf
Certificate Avient Corporation
S
E
s
Certificate Of Conformance
This is to certify that the Quality Management System of:
Avient Corporation
33587 Walker Road, Building 428
Avon Lake OH
44012
United States
has been assessed by ABS Quality Evaluations, Inc. and found to be in
conformance with the requirements set forth by:
ISO 9001:2015
The Quality Management System is applicable to:
Manufacture of plastic compounds, color and performance additives, engineered
thermoplastics, vinyl resins, custom mixed plastic materials, custom and commodity colorants
for plastics, polyurethane systems, and plasticizers with design and sampling support at
Suwanee, GA, and purchasing, customer service, logistics, quality, design and sampling
support at PolyOne Corporate Headquarters at Avon Lake, OH, and distribution of resins
Certificate No: 31307
Certification Date: 12 OCT 1995
Effective Date: 11 JUL 2024
Expiration Date 07 OCT 2025
Revision Date: 17 JUL 2024
Dominic Townsend, President
Page 1 of 4
S
E
s
ISO 9001:2015
Certificate Of Conformance
ANNEX
Certificate No.: 31307
Avient Corporation
At the below facilities
The Manufacture of Pultruded and Filament wound components Pultrusion and CRTM 3943, Valley East Industrial
Drive, Buildings 1,2,3,4
Birmingham - AL 35217 United
The Manufacture of Pultruded and Filament wound components Pultrusion and Filament Wound
Tubing
3968, Valley East Industrial
Drive, Building 5 Birmingham -
AL 35217 United States
The Manufacture of Pultruded and Filament wound components Pultrusion 3950, Valley East Industrial
Drive, Building 6 Birmingham -
AL 3517 United States
Corporation
Management of QMS.
Wischodnia 6 99-300 Kutno
Poland
LaPorte, IN
Develop and manufacture silicone colorants, additives, and compounds , 707 Boyd Blvd LaPorte - IN
46350 United States
Lehigh Valley,
PA
Manufacture of Colorants for Plastics , 2513 Highland Avenue
Bethlehem - PA 18017 United
Massillon, OH
Manufacture of Color and Performance Additives , 1675 Navarre Road Massillon
- OH 44646 United States
Design, Manufacture and Distribution of Thermoplastic Elastomer Compounds , 833 Ridgeview Drive McHenry
Design, Manufacture and Distribution of Thermoplastic Elastomer Compounds , 831 Ridgeview Drive McHenry
Design, Manufacture and Distribution of Thermoplastic Elastomer Compounds , 921 Ridgeview Drive McHenry
Melle, Germany
Development and Manufacture of LSFOH (low smoke and fume, zero halogen) compounds Oldendorfer Straße 9 49342
Germany
Page 3 of 4
S
E
s
Mountain Top,
PA
Manufacturing, Shipping and Receiving , 855 Oak Hill Road Mountain
Top - PA 18707 United States
Oricain
(Pamplona),
Design and Manufacture of Color and Additive Concentrates and Specialty Compounds Pol.
https://www.avient.com/sites/default/files/2025-02/News Release - AVNT-2024.12.31-News Release 2.12.25 2PM_0.pdf
The mid-point
of the adjusted EPS range of $2.82 represents 11% growth, excluding the unfavorable impact
from foreign exchange of $0.12 for the full year.”
Conference call participants in the question and answer session should pre-register using the
link at avient.com/investors, or here, to receive the dial-in number and personal PIN.
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.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended December 31,
2024 2023
ASSETS
Current assets:
Cash and cash equivalents $ 544.5 $ 545.8
Accounts receivable, net 399.5 399.9
Inventories, net 346.8 347.0
Other current assets 131.3 114.9
Total current assets 1,422.1 1,407.6
Property, net 955.3 1,028.9
Goodwill 1,659.7 1,719.3
Intangible assets, net 1,450.4 1,590.8
Operating lease assets, net 89.1 65.3
Deferred income tax assets 81.3 92.3
Other non-current assets 153.2 64.3
Total assets $ 5,811.1 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.7 $ 9.5
Accounts payable 417.4 432.3
Accrued expenses and other current liabilities 331.0 331.8
Total current liabilities 756.1 773.6
Non-current liabilities:
Long-term debt 2,059.3 2,070.5
Deferred income taxes 260.4 281.6
Other non-current liabilities 405.7 504.8
Total non-current liabilities 2,725.4 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,313.8 2,319.2
Noncontrolling interest 15.8 18.8
Total equity 2,329.6 2,338.0
Total liabilities and equity $ 5,811.1 $ 5,968.5
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2024 2023
Operating activities
Net income $ 170.7 $ 76.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179.7 188.8
Increase in environmental insurance receivable (34.0) —
Deferred income tax benefit (23.8) (61.3)
Share-based compensation expense 15.4 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (15.2) 38.6
(Increase) decrease in inventories (13.7) 24.3
Increase (decrease) in accounts payable 0.3 (22.2)
Decrease in pension, retirement benefits and deferred compensation (34.3) (8.7)
Taxes paid on gain on sale of business — (104.1)
(Decrease) increase in environmental obligations (11.2) 38.9
Accrued expenses and other assets and liabilities, net 22.9 17.9
Net cash provided by operating activities 256.8 201.6
Investing activities
Capital expenditures (121.9) (119.4)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 7.6
Other investing activities (2.1) 10.3
Net cash used by investing activities (120.6) (94.2)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (660.9) (105.8)
Cash dividends paid (94.0) (90.2)
Payments on withholding tax on share awards (6.4) (3.4)
Debt financing costs (9.6) (2.3)
Net cash used by financing activities (120.9) (201.7)
Effect of exchange rate changes on cash (16.6) (1.0)
Decrease in cash and cash equivalents (1.3) (95.3)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of year $ 544.5 $ 545.8
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/2025-04/Corporate Governance Guidelines. March 2025 - Final and Approved version.pdf
Has personally received, or has an immediate family member who has received,
during any twelve-month period within the last three years, more than $120,000 in
direct compensation from the Company, other than compensation for Board or
Committee service (provided such compensation is not contingent in any way upon
continued service) or compensation paid to an immediate family member for service
as a non-executive employee of the Company;
C.
If,
however, each member of the Governance and Corporate Responsibility Committee
received a Majority Withheld Vote in the same election, then the Board will appoint a
committee comprised solely of independent directors who did not receive a Majority
Withheld Vote in that election to consider each tendered resignation and recommend to
the Board whether to accept or reject it.
Further, if all of the directors received a
Majority Withheld Vote in the same election, then the Board will appoint a committee of
independent directors to consider each tendered resignation (other than his or her own)
and recommend to the Board whether to accept or reject it.
https://www.avient.com/sites/default/files/2021-04/avient-sustain-2019-210419-interactive.pdf
Changzhou, China
11.
Toluca, Mexico 11.
Lahore, Pakistan 11.
https://www.avient.com/sites/default/files/2020-10/2019-avient-sustainability-report.pdf
Changzhou, China
11.
Toluca, Mexico 11.
Lahore, Pakistan 11.