https://www.avient.com/products/polymer-additives/barrier-and-scavenger-additives/colormatrix-triple-acetaldehyde-scavenger-pet
ColorMatrix™ Triple A™ Acetaldehyde Scavenger for PET reduziu o impacto da geração de acetaldeído (AA) devido ao aumento de calor no processamento de alto rendimento.
https://www.avient.com/sites/default/files/2021-07/avnt-q2-2021-earnings-release.pdf
Unless otherwise noted herein, all comparisons to prior year results are pro forma* for the Clariant Masterbatch acquisition.
Eastern Time on July 30, 2021. 3 *Pro Forma The company acquired the Clariant Masterbatch business (“CMB”) on July 1, 2020 (the “Acquisition Date”).
Reconciliation of Pro Forma Adjusted Earnings per Share: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Year Ended December 31, 2020 Net income from continuing operations attributable to Avient shareholders $ 23.0 $ 56.1 $ 132.0 Special items, after tax 2.6 11.2 24.8 Adjusted net income from continuing operations excluding special items 25.6 67.3 156.8 Clariant MB pro forma adjustments to net income from continuing operations(2) 12.9 20.7 20.7 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 38.5 $ 88.0 $ 177.5 Weighted average diluted shares 91.8 89.4 90.6 Pro forma impact to diluted shares from January 2020 equity offering(2) — 2.9 1.5 Pro forma weighted average diluted shares 91.8 92.3 92.1 Adjusted EPS - excluding special items pro forma for Clariant MB acquisition $ 0.42 $ 0.95 $ 1.93 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 14 Three Months Ended June 30, 2020 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Items Adjusted Avient Clariant MB Pro Forma Adjustments(2) Pro Forma Adjusted Avient Sales $ 609.1 $ — $ 609.1 $ 261.1 $ 870.2 Operating income $ 38.0 $ 9.0 $ 47.0 $ 22.0 $ 69.0 Interest expense, net (16.2) — (16.2) (5.3) (21.5) Other income, net 9.5 (6.6) 2.9 — 2.9 Income taxes (7.9) 0.2 (7.7) (3.8) (11.5) Net income attributable to noncontrolling interests (0.4) — (0.4) — (0.4) Net income from continuing operations attributable to Avient shareholders $ 23.0 $ 2.6 $ 25.6 $ 12.9 $ 38.5 Weighted average diluted shares 91.8 Pro forma adjusted EPS $ 0.42 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition Six Months Ended June 30, 2020 Reconciliation of Pro Forma Adjusted Earnings per Share: Avient Special Items Adjusted Avient Clariant MB Pro Forma Adjustments(2) Pro Forma Adjusted Avient Sales $ 1,320.6 $ — $ 1,320.6 $ 540.5 $ 1,861.1 Operating income $ 90.8 $ 18.7 $ 109.5 $ 45.0 $ 154.5 Interest expense, net (25.6) — (25.6) (18.1) (43.7) Other income, net 11.1 (6.7) 4.4 — 4.4 Income taxes (19.8) (0.8) (20.6) (6.2) (26.8) Net income attributable to noncontrolling interests (0.4) — (0.4) — (0.4) Net income from continuing operations attributable to Avient shareholders $ 56.1 $ 11.2 $ 67.3 $ 20.7 $ 88.0 Weighted average diluted shares 89.4 Impact to diluted shares from January 2020 equity offering 2.9 Pro forma weighted average diluted shares 92.3 Pro forma adjusted EPS $ 0.95 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 15 Reconciliation of EBITDA by Segment Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 Operating income: Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 72.8 Specialty Engineered Materials 37.3 17.0 71.5 39.3 Distribution 23.7 14.6 47.7 34.0 Corporate and eliminations (39.2) (25.9) (65.8) (55.3) Operating income $ 108.1 $ 38.0 $ 228.5 $ 90.8 Items below OI in Corporate: Other income, net $ 1.2 $ 9.5 $ 2.7 $ 11.1 Depreciation & amortization: Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 21.6 Specialty Engineered Materials 8.1 7.6 15.9 15.1 Distribution 0.2 0.1 0.4 0.2 Corporate and eliminations 0.2 2.6 2.0 3.9 Depreciation & Amortization $ 33.8 $ 20.9 $ 70.9 $ 40.8 EBITDA: Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 94.4 Specialty Engineered Materials 45.4 24.6 87.4 54.4 Distribution 23.9 14.7 48.1 34.2 Corporate and eliminations (39.0) (23.3) (63.8) (51.4) EBITDA $ 143.1 $ 68.4 $ 302.1 $ 142.7 EBITDA as a % of Sales: Color, Additives and Inks 17.9 % 18.9 % 18.5 % 19.5 % Specialty Engineered Materials 18.9 % 15.5 % 19.1 % 15.8 % Distribution 5.9 % 6.2 % 6.3 % 6.5 % 16 Reconciliation of Pro Forma EBITDA - Color, Additives and Inks Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Sales: Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 483.3 Clariant MB pro forma adjustments(2) — 261.1 — 540.5 Pro forma sales $ 624.4 $ 487.9 $ 1,233.7 $ 1,023.8 Operating income: Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 72.8 Clariant MB pro forma adjustments(2) — 22.0 — 45.0 Pro forma operating income $ 86.3 $ 54.3 $ 175.1 $ 117.8 Depreciation & amortization: Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 21.6 Clariant MB pro forma adjustments(2) — 15.0 — 30.1 Pro forma depreciation & amortization $ 25.3 $ 25.6 $ 52.6 $ 51.7 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 94.4 Clariant MB pro forma adjustments(2) — 37.0 — 75.1 Pro forma EBITDA $ 111.6 $ 79.9 $ 227.7 $ 169.5 Pro forma EBITDA as a % of Sales 17.9 % 16.4 % 18.5 % 16.6 % (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition Three Months Ended June 30, Six Months Ended June 30, Reconciliation to Pro Forma Adjusted EBITDA: 2021 2020 2021 2020 Net income from continuing operations – GAAP $ 69.4 $ 23.4 $ 149.1 $ 56.5 Income tax expense 20.4 7.9 43.3 19.8 Interest expense 19.5 16.2 38.8 25.6 Depreciation and amortization from continuing operations 33.8 20.9 70.9 40.8 EBITDA $ 143.1 $ 68.4 $ 302.1 $ 142.7 Special items, before tax 14.2 2.4 16.6 12.0 Interest expense included in special items — (0.5) — (0.5) Depreciation and amortization included in special items 1.4 (1.2) 0.8 (1.2) Adjusted EBITDA $ 158.7 $ 69.1 $ 319.5 $ 153.0 Clariant MB pro forma adjustments(2) — 37.0 — 75.1 Pro forma adjusted EBITDA $ 158.7 $ 106.1 $ 319.5 $ 228.1 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
https://www.avient.com/sites/default/files/2020-03/polyone-2019-annual-report.pdf
In fact, we provide every PolyOne associate 16 hours of paid time off each y to volunteer for a cause they are most passionate abo 2019 saw our employees giving of their time and ta around the world to help build libraries, mentor organize blood drives, and teach financial lite to name a few.
D O L L A R S *Pro Forma for sale of DSS 2009 2010 2011 2012 2013 2014 2015 2016* 2017* 2018 2018 2019 $2.21 $0.13 $0.68 $0.82 $1.00 $1.31 $1.80 $2.43 $2.06 $1.96 Pro Forma for sale of PP&S $1.69 $1.51 12 31 2018 3 31 2019 6 30 2019 9 30 2019 12 31 2019 +32% 2019 POL Stock Price Performance $ U .S .
LEADERSHIP 2020 2 0 % B Y 2 0 2 0 W O M E N O N B O A R D S Corporate Off icers as of December 31, 2019 74424.indd 18 3/16/20 12:26 PM POLYONE.COM Challenge Accepted. 74424.indd 19 3/16/20 12:26 PM
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
See Attachment 3 for a definition and summary of special items and Attachment 7 for a summary of pro forma adjustments associated with the APM Acquisition.
Three Months Ended December 31, Year Ended December 31, Reconciliation to Consolidated Statements of Income 2023 2022 2023 2022 Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9 Gross margin - GAAP 208.9 172.0 892.5 882.7 Special items in gross margin (Attachment 3) 17.6 45.5 80.0 81.1 Adjusted gross margin $ 226.5 $ 217.5 $ 972.5 $ 963.8 Adjusted gross margin as a percent of sales 31.5 % 27.5 % 30.9 % 28.4 % Operating income - GAAP 43.1 0.4 196.8 243.3 Special items in operating income (Attachment 3) 26.1 59.9 116.0 108.7 Adjusted operating income $ 69.2 $ 60.3 $ 312.8 $ 352.0 Adjusted operating income as a percent of sales 9.6 % 7.6 % 10.0 % 10.4 % The following pro forma adjustments are referenced by management to provide comparable business performance by incorporating the APM business in periods prior to the acquisition date (September 1, 2022).
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 (Attachment 3) 38.3 116.2 Amortization expense, after-tax (Attachment 1) 14.6 49.0 Adjusted net income from continuing operations excluding special items 35.9 248.0 APM pro forma adjustments to net income from continuing operations* 2.5 13.6 APM 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 $ 0.42 $ 3.04 * Pro forma adjustment for January - August 2022 APM results (period before Avient ownership) including the impacts of debt financing and prepayments on net income from continuing operations. 14 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 Three Months Ended March 31, 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS Net income from continuing operations attributable to Avient shareholders $ 20.8 $ 0.23 Special items, after tax 22.3 0.24 Amortization expense, after-tax 15.1 0.16 Adjusted net income / EPS $ 58.2 $ 0.63 Three Months Ended December 31, Year Ended December 31, Reconciliation to EBITDA and Pro Forma Adjusted EBITDA 2023 2022 2023 2022 Net income (loss) from continuing operations – GAAP $ 27.6 $ (16.6) $ 76.3 $ 83.1 Income tax (benefit) expense (7.0) (60.8) 11.0 (19.3) Interest expense 26.8 49.4 115.3 119.8 Depreciation and amortization from continuing operations 44.2 48.6 188.8 162.5 EBITDA from continuing operations $ 91.6 $ 20.6 $ 391.4 $ 346.1 Special items, before tax 22.4 104.3 114.6 194.0 Interest expense included in special items (0.1) (16.0) (2.3) (26.0) Depreciation and amortization included in special items — (1.5) (1.9) (5.5) Adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 508.6 APM pro forma adjustments - 8 months 2022* — — — 83.1 Pro forma adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7 * Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-news-release.pdf
Comparisons to prior year full year financial results herein are presented on a pro forma basis such that the prior periods include the business results of Clariant Color for that prior period.
Refer to Attachment 7 Reconciliation of Non-GAAP Financial Measures for details regarding adjustments to previously reported results to arrive to the pro forma financial metrics.
Reconciliation of Pro Forma Adjusted Earnings per Share: Nine Months Ended September 30, 2020 Year Ended December 31, 2020 Net income from continuing operations attributable to Avient shareholders $ 57.8 $ 132.0 Special items, after tax 42.0 24.8 Adjusted net income from continuing operations excluding special items 99.8 156.8 Clariant MB pro forma adjustments to net income from continuing operations(2) 20.7 20.7 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 120.5 $ 177.5 Weighted average diluted shares 90.7 90.6 Pro forma impact to diluted shares from January 2020 equity offering(2) 2.9 1.5 Pro forma weighted average diluted shares 93.6 92.1 Adjusted EPS - excluding special items pro forma for Clariant MB acquisition $ 1.29 $ 1.93 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 15 Nine Months Ended September 30, 2020 Reconciliation of Pro Forma Adjusted Earnings per Share: Avient Special Items Adjusted Avient Clariant MB Pro Forma Adjustments(2) Pro Forma Adjusted Avient Sales $ 2,245.1 $ — $ 2,245.1 $ 540.5 $ 2,785.6 Operating income $ 124.3 $ 59.1 $ 183.4 $ 45.0 $ 228.4 Interest expense, net (55.3) — (55.3) (18.1) (73.4) Pension settlement gain and mark-to-market adjustment — (6.9) (6.9) — (6.9) Other income, net 12.6 0.3 12.9 — 12.9 Income taxes (22.5) (10.5) (33.0) (6.2) (39.2) Net income attributable to noncontrolling interests (1.3) — (1.3) — (1.3) Net income from continuing operations attributable to Avient shareholders $ 57.8 $ 42.0 $ 99.8 $ 20.7 $ 120.5 Weighted average diluted shares 90.7 Impact to diluted shares from January 2020 equity offering 2.9 Pro forma weighted average diluted shares 93.6 Pro forma adjusted EPS $ 1.29 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 16 Reconciliation of EBITDA by Segment Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating income: Color, Additives and Inks $ 66.8 $ 50.5 $ 241.9 $ 123.3 Specialty Engineered Materials 31.7 24.7 103.2 64.0 Distribution 23.8 17.5 71.5 51.5 Corporate and eliminations (43.6) (59.2) (109.4) (114.5) Operating income $ 78.7 $ 33.5 $ 307.2 $ 124.3 Items below OI in Corporate: Other income, net $ 1.4 $ 1.5 $ 4.1 $ 12.6 Depreciation & amortization: Color, Additives and Inks $ 26.6 $ 26.3 $ 79.2 $ 48.0 Specialty Engineered Materials 7.9 7.5 23.8 22.7 Distribution 0.2 0.2 0.6 0.4 Corporate and eliminations 2.1 2.5 4.1 6.2 Depreciation & Amortization $ 36.8 $ 36.5 $ 107.7 $ 77.3 EBITDA: Color, Additives and Inks $ 93.4 $ 76.8 $ 321.1 $ 171.3 Specialty Engineered Materials 39.6 32.2 127.0 86.7 Distribution 24.0 17.7 72.1 51.9 Corporate and eliminations (41.5) (56.7) (105.3) (108.3) EBITDA $ 116.9 $ 71.5 $ 419.0 $ 214.2 EBITDA as a % of Sales: Color, Additives and Inks 15.9 % 15.6 % 17.6 % 17.5 % Specialty Engineered Materials 17.0 % 18.5 % 18.4 % 16.7 % Distribution 5.5 % 6.4 % 6.0 % 6.4 % 17 Reconciliation of Pro Forma EBITDA - Color, Additives and Inks Nine Months Ended September 30, 2020 Sales: Color, Additives and Inks $ 977.1 Clariant MB pro forma adjustments(2) 540.5 Pro forma sales $ 1,517.6 Operating income: Color, Additives and Inks $ 123.3 Clariant MB pro forma adjustments(2) 45.0 Pro forma operating income $ 168.3 Depreciation & amortization: Color, Additives and Inks $ 48.0 Clariant MB pro forma adjustments(2) 30.1 Pro forma depreciation & amortization $ 78.1 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): Color, Additives and Inks $ 171.3 Clariant MB pro forma adjustments(2) 75.1 Pro forma EBITDA $ 246.4 Pro forma EBITDA as a % of Sales 16.2 % (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition Three Months Ended September 30, Nine Months Ended September 30, Reconciliation to EBITDA and Pro Forma Adjusted EBITDA: 2021 2020 2021 2020 Net income from continuing operations – GAAP $ 52.6 $ 2.6 $ 201.7 $ 59.1 Income tax expense 8.5 2.7 51.8 22.5 Interest expense 19.0 29.7 57.8 55.3 Depreciation and amortization from continuing operations 36.8 36.5 107.7 77.3 EBITDA $ 116.9 $ 71.5 $ 419.0 $ 214.2 Special items, before tax 19.9 50.0 36.5 62.0 Interest expense included in special items — (9.6) — (10.1) Depreciation and amortization included in special items (0.9) (1.3) (0.1) (2.5) Adjusted EBITDA $ 135.9 $ 110.6 $ 455.4 $ 263.6 Clariant MB pro forma adjustments(2) — — — 75.1 Pro forma adjusted EBITDA $ 135.9 $ 110.6 $ 455.4 $ 338.7 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition NEWS RELEASE Attachment 1
https://www.avient.com/sites/default/files/resources/POL%2520KeyBanc%2520IR%2520Presentation%2520w%2520non-GAAP%252009%252010%25202013.pdf
In certain cases throughout this presentation, we have presented GAAP and non-GAAP financial measures adjusted to reflect full- year 2012 Pro forma results, including Spartech and Glasforms and excluding discontinued operations. • PolyOne’s chief operating decision makers use these financial measures to monitor and evaluate the ongoing performance of the Company and each business segment and to allocate resources.
Platform operating income mix percentage 2005Y* 2008Y* 2010Y* 2012Y* 2012PF** H1 2013*** Global Specialty Engineered Materials $ 0.4 $ 17.6 $ 49.7 $ 47.0 $ 47.7 $ 32.5 Global Color, Additives and Inks 4.3 28.1 37.7 66.8 81.6 54.7 Designed Structures & Solutions - - - - 20.9 10.5 Specialty Platform $ 4.7 $ 45.7 $ 87.4 $ 113.8 $ 150.2 $ 97.7 Performance Products and Solutions 75.7 31.3 54.0 74.9 37.4 27.5 Distribution 19.5 28.1 42.0 66.0 66.0 33.1 SunBelt Joint Venture 91.9 28.6 18.9 - - - Corporate (51.5) (425.1) (27.7) (87.6) (87.9) (37.1) Operating income (loss) GAAP $ 140.3 $ (291.4) $ 174.6 $ 167.1 $ 165.7 $ 121.2 Less: Corporate operating expense (income) 51.5 425.1 27.7 87.6 87.9 37.1 Operating income excluding Corporate $ 191.8 $ 133.7 $ 202.3 $ 254.7 $ 253.6 $ 158.3 Specialty platform operating mix percentage 2% 34% 43% 45% 60% 62% * Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment. ** Pro Forma results include Spartech and Glasforms acquisitions, Specialty Coatings reclass and exclude the Resin business assets. *** Restated results to exclude the Resin business and to remove Specialty Coatings from the Performance Products and Solutions segment into Global Color, Additives and Inks segment.
Net debt $ 638.8 Adjusted EBITDA Q3 2012 Q4 2012 Q1 2013 Q2 2013 Total PolyOne Income before income taxes $ 30.6 $ (1.1) $ 15.7 $ 62.9 $ 108.1 PolyOne Interest expense, net 12.4 13.7 15.6 16.6 58.3 PolyOne Depreciation and amortization 17.0 15.5 19.0 25.8 77.3 PolyOne Special items in EBITDA 8.3 26.5 27.7 (5.2) 57.3 PolyOne Adjusted EBITDA 68.3 54.6 78.0 100.1 301.0 Pro forma Spartech EBITDA 16.8 14.7 11.2 - 42.7 Pro forma EBITDA $ 85.1 $ 69.3 $ 89.2 $ 100.1 $ 343.7 PolyOne Investor Presentation�KeyBanc 2013 Capital Markets’ �Basic Materials & Packaging Conference��September 10th, 2013� Forward – Looking Statements Use of Non GAAP Measures Strategy and Execution Drive Results Four Pillar Strategy PolyOne�At A Glance Mix Shift Highlights Specialty Transformation Proof of Performance & 2015 Goals Innovation Drives Earnings Growth We are Experts in Polymer Science and Formulation Positioned for Strong Growth First Half 2013 Financial Highlights Debt Maturities & Liquidity Summary – 6/30/13 Use of Cash Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2022-02/Q4 2021 Avient Earnings Release_0.pdf
Full Year Comparisons Pro Forma for Acquisition of Clariant’s Color Business The company acquired Clariant’s color (“Clariant Color”) business on July 1, 2020 (the “Acquisition Date”).
Refer to Attachment 7 Reconciliation of Non-GAAP Financial Measures for details regarding adjustments to previously reported results to arrive to the pro forma financial metrics.
Reconciliation of Pro Forma Adjusted Earnings per Share: Year Ended December 31, 2020 Net income from continuing operations attributable to Avient shareholders $ 132.0 Special items, after tax 24.8 Adjusted net income from continuing operations excluding special items 156.8 Clariant Color pro forma adjustments to net income from continuing operations(2) 20.7 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 177.5 Weighted average diluted shares 90.6 Pro forma impact to diluted shares from January 2020 equity offering(2) 1.5 Pro forma weighted average diluted shares 92.1 Adjusted EPS - excluding special items pro forma for Clariant Color acquisition $ 1.93 Year Ended December 31, 2020 Sales $ 3,242.1 Clariant Color pro forma adjustment to sales(2) 540.4 Pro forma sales $ 3,782.5 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 15 Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) by Segment Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Operating income: Color, Additives and Inks $ 61.2 $ 57.5 $ 303.1 $ 180.8 Specialty Engineered Materials 28.8 30.4 132.0 94.4 Distribution 21.7 18.0 93.2 69.5 Corporate and eliminations (37.7) (40.9) (147.1) (155.4) Operating income $ 74.0 $ 65.0 $ 381.2 $ 189.3 Items below OI in Corporate: Other income, net $ (5.4) $ 11.7 $ (1.3) $ 24.3 Depreciation & amortization: Color, Additives and Inks $ 26.4 $ 27.3 $ 105.7 $ 75.1 Specialty Engineered Materials 8.0 7.4 31.7 30.0 Distribution 0.2 0.3 0.8 0.7 Corporate and eliminations 3.6 2.8 7.7 9.3 Depreciation & Amortization $ 38.2 $ 37.8 $ 145.9 $ 115.1 EBITDA: Color, Additives and Inks $ 87.6 $ 84.8 $ 408.8 $ 255.9 Specialty Engineered Materials 36.8 37.8 163.7 124.4 Distribution 21.9 18.3 94.0 70.2 Corporate and eliminations (39.5) (26.4) (140.7) (121.8) EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.7 16 Reconciliation of Pro Forma Sales, Operating Income and EBITDA - Color, Additives and Inks Year Ended December 31, 2020 Sales: Color, Additives and Inks $ 1,502.9 Clariant Color pro forma adjustments(2) 540.4 Pro forma sales $ 2,043.3 Operating income: Color, Additives and Inks $ 180.8 Clariant Color pro forma adjustments(2) 45.0 Pro forma operating income $ 225.8 Depreciation & amortization: Color, Additives and Inks $ 75.1 Clariant Color pro forma adjustments(2) 30.1 Pro forma depreciation & amortization $ 105.2 EBITDA: Color, Additives and Inks $ 255.9 Clariant Color pro forma adjustments(2) 75.1 Pro forma EBITDA $ 331.0 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition Three Months Ended December 31, Year Ended December 31, Reconciliation to EBITDA and Pro Forma Adjusted EBITDA: 2021 2020 2021 2020 Net income from continuing operations – GAAP $ 28.9 $ 74.7 $ 230.6 $ 133.8 Income tax expense (benefit) 22.2 (17.3) 74.0 5.2 Interest expense 17.5 19.3 75.3 74.6 Depreciation and amortization from continuing operations 38.2 37.8 145.9 115.1 EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.7 Special items, before tax 20.6 4.2 57.1 66.2 Interest expense included in special items — — (10.1) Depreciation and amortization included in special items (1.6) (0.7) (1.7) (3.2) Adjusted EBITDA $ 125.8 $ 118.0 $ 581.2 $ 381.6 Clariant Color pro forma adjustments(2) — — — 75.1 Pro forma adjusted EBITDA $ 125.8 $ 118.0 $ 581.2 $ 456.7 (2) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition 17 Net Debt Calculation December 31, 2021 Total long-term debt, net $ 1,850.3 Unamortized discount and debt issuance cost 14.4 Short-term and current portion of long term debt 8.6 Total debt $ 1,873.3 Cash (601.2) Net debt $ 1,272.1 NEWS RELEASE Attachment 1
https://www.avient.com/sites/default/files/2020-07/avient-abac-italy-200720.pdf
Anche 1 Consultate la sezione Regali e Ospitalità del Codice di condotta di Avient e la nostra Politica sui doni e intrattenimento per stabilire se la spesa proposta sia consentita. se le leggi specifiche di ogni singolo Paese variano, queste leggi dichiarano illegale intraprendere qualsiasi forma di corruzione o concussione e impongono alle società di tenere libri, registri e conti in modo adeguatamente dettagliato.
In conformità con le Leggi ABAC, si vieta a qualsiasi collaboratore o terza parte che agisce per conto di Avient di offrire a chiunque, o ricevere da chiunque, direttamente o indirettamente, qualsiasi forma di dono, intrattenimento o qualsiasi bene di valore allo scopo, presunto o effettivo, di: • Ottenere o mantenere affari • Influire sulle decisioni aziendali 2 Ciò include qualsiasi funzionario pubblico e/o dipendente del settore privato Indice 2 • Assicurarsi un vantaggio sleale Le leggi ABAC hanno ampia applicazione e, di conseguenza, interpretazione.
Francisco Nakasato, 1700 13295-000 Itupeva San Paolo, Brasile Telefono: +55 11 4593 9200 Europa Sede regionale Pommerloch, Lussemburgo 19 Route de Bastogne Pommerloch, Lussemburgo, L-9638 Telefono: +352 269 050 35 Fax: +352 269 050 45 www.avient.com http://www.avient.com
https://www.avient.com/sites/default/files/2024-03/AVNT February IR Presentation_w_Non-GAAP Recs_v2.pdf
Pro Forma Financial Information The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
Three Months Ended December 31, 2023 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income (loss) from continuing operations attributable to Avient shareholders $ 27.8 $ 0.30 $ (17.0) $ (0.19) Special items, after tax (Attachment 3) 5.4 0.06 38.3 0.42 Amortization expense, after-tax 15.0 0.16 14.6 0.16 Adjusted net income / EPS $ 48.2 $ 0.52 $ 35.9 $ 0.39 (1) Per share amounts may not recalculate from figures presented herein due to rounding Year Ended December 31, 2023 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 $ 82.8 $ 0.90 Special items, after tax (Attachment 3) 79.3 0.86 116.2 1.26 Amortization expense, after-tax 61.5 0.67 49.0 0.53 Adjusted net income / EPS $ 216.6 $ 2.36 $ 248.0 $ 2.69 (1) Per share amounts may not recalculate from figures presented herein due to rounding 1 Three Months Ended December 31, Year Ended December 31, Reconciliation to EBITDA and Pro Forma Adjusted EBITDA 2023 2022 2023 2022 Sales - GAAP $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9 Pro forma APM adjustments — — — 256.1 Pro forma adjusted sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,653.0 Net income (loss) from continuing operations – GAAP $ 27.6 $ (16.6) $ 76.3 $ 83.1 Income tax (benefit) expense (7.0) (60.8) 11.0 (19.3) Interest expense 26.8 49.4 115.3 119.8 Depreciation and amortization from continuing operations 44.2 48.6 188.8 162.5 EBITDA from continuing operations $ 91.6 $ 20.6 $ 391.4 $ 346.1 Special items, before tax 22.4 104.3 114.6 194.0 Interest expense included in special items (0.1) (16.0) (2.3) (26.0) Depreciation and amortization included in special items — (1.5) (1.9) (5.5) Adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 508.6 APM pro forma adjustments - 8 months 2022* — — — 83.1 Pro forma adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7 Pro forma adjusted EBITDA as a percent of sales 15.8 % 13.6 % 16.0 % 16.2 % * Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
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.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
Pro Forma Financial Information The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
Three Months Ended December 31, 2023 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income (loss) from continuing operations attributable to Avient shareholders $ 27.8 $ 0.30 $ (17.0) $ (0.19) Special items, after tax (Attachment 3) 5.4 0.06 38.3 0.42 Amortization expense, after-tax 15.0 0.16 14.6 0.16 Adjusted net income / EPS $ 48.2 $ 0.52 $ 35.9 $ 0.39 (1) Per share amounts may not recalculate from figures presented herein due to rounding Year Ended December 31, 2023 2022 Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1) Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 $ 82.8 $ 0.90 Special items, after tax (Attachment 3) 79.3 0.86 116.2 1.26 Amortization expense, after-tax 61.5 0.67 49.0 0.53 Adjusted net income / EPS $ 216.6 $ 2.36 $ 248.0 $ 2.69 (1) Per share amounts may not recalculate from figures presented herein due to rounding 1 Three Months Ended December 31, Year Ended December 31, Reconciliation to EBITDA and Pro Forma Adjusted EBITDA 2023 2022 2023 2022 Sales - GAAP $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9 Pro forma APM adjustments — — — 256.1 Pro forma adjusted sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,653.0 Net income (loss) from continuing operations – GAAP $ 27.6 $ (16.6) $ 76.3 $ 83.1 Income tax (benefit) expense (7.0) (60.8) 11.0 (19.3) Interest expense 26.8 49.4 115.3 119.8 Depreciation and amortization from continuing operations 44.2 48.6 188.8 162.5 EBITDA from continuing operations $ 91.6 $ 20.6 $ 391.4 $ 346.1 Special items, before tax 22.4 104.3 114.6 194.0 Interest expense included in special items (0.1) (16.0) (2.3) (26.0) Depreciation and amortization included in special items — (1.5) (1.9) (5.5) Adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 508.6 APM pro forma adjustments - 8 months 2022* — — — 83.1 Pro forma adjusted EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7 Pro forma adjusted EBITDA as a percent of sales 15.8 % 13.6 % 16.0 % 16.2 % * Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
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. 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 Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf AVNT Q4 2023 Earnings Presentation_For Website.pdf IR Deck - AVNT-2023.12.31 (2.12.24 9PM Milestone February 12 0905 pm).pdf Attachment Non-GAAP Update.pdf