https://www.avient.com/sites/default/files/resources/HIGH_PERFORMANCE_CLEAR_THERMOPLASTICS_ELASTOMER.pdf
PVC is a
low cost material with wide processing window
exhibiting ocessing friendly together with high
temperature properties.
https://www.avient.com/sites/default/files/2023-08/CSP registration supplier guide.pdf
How to register to the Coupa Supplier
Portal (CSP)
Suppliers Guide
For first time Coupa users
Registration via email invitation
➢ If you are new to the CSP, you will receive an e-mail from our Coupa system with a
unique link to join the Coupa Supplier Portal
Alternatively, click on “Do it later”
Forward invitation
➢ You also have the possibility to forward the invitation received, in case you are the
incorrect recipient of the email.
https://www.avient.com/sites/default/files/2021-03/2020-climate-change-avient-score-card.pdf
CC_Score_Report_2020
ACTIVITY GROUP PERFORMANCE
Trading, wholesale, distribution, rental & leasing
Your company is amongst 35% of companies that reached Management level
in your Activity Group
A sample of A-list companies
from your Activity Group:
Grupo Logista
PolyOne received a B which is in the Management band.
Investors will additionally
receive a copy of the CDP Score Report upon
request.
https://www.avient.com/sites/default/files/2024-02/2023_Climate_Change_Avient Score Card.pdf
A sample of A-list companies
from your Activity Group:
AmorePacific Corporation
Beiersdorf AG
Borregaard ASA
CDP SCORE REPORT - CLIMATE CHANGE 2023
Avient received an A- which is in the Leadership band.
Investors will
additionally receive a copy of the CDP Score
Report upon request.
https://www.avient.com/sites/default/files/2022-06/2021_Climate Change Score Report_Avient.pdf
CC_Score_Report_2021
ACTIVITY GROUP PERFORMANCE
Trading, wholesale, distribution, rental & leasing
Your company is amongst 49% of companies that reached Management level
in your Activity Group
A sample of A-list companies
from your Activity Group:
Grupo Logista
Hyundai Glovis Co Ltd
Avient received a B which is in the Management band.
Investors will additionally
receive a copy of the CDP Score Report upon
request.
https://www.avient.com/sites/default/files/2021-12/2021-climate-change-score-report.pdf
CC_Score_Report_2021
ACTIVITY GROUP PERFORMANCE
Trading, wholesale, distribution, rental & leasing
Your company is amongst 49% of companies that reached Management level
in your Activity Group
A sample of A-list companies
from your Activity Group:
Grupo Logista
Hyundai Glovis Co Ltd
Avient received a B which is in the Management band.
Investors will additionally
receive a copy of the CDP Score Report upon
request.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Basic%2520Materials%2520Conference%2520-%2520May%25202016.pdf
PolyOne Corporation Page 4
PolyOne Commodity to Specialty Transformation
• Volume driven,
commodity producer
• Heavily tied to
cyclical end markets
• Performance largely
dependent on non-
controlling joint
ventures
2000-2005 2006 - 2009 2010 – 2015 2016 and
beyond
• Steve Newlin
appointed, Chairman,
President and CEO
• New leadership team
appointed
• Implementation of four
pillar strategy
• Focus on value based
selling, investment in
commercial resources
and innovation to drive
transformation
• Substantial EPS growth
from $0.13 to all-time
high of $1.96
• Shift to faster growing,
high margin, less
cyclical end markets
• Key acquisitions propel
current and future
growth, as well as
margin expansion
• Specialty mix expands
to 65% of Operating
Income – strongest mix
of earnings in history
• Deliver consistent
double digit annual
EPS growth
• Maintain >35% vitality
index
• Pursue strategic
acquisitions that
expand specialty
offerings and
geographic breadth
• Invest and grow
current and next
generation talent
PolyOne Corporation Page 5
Confirmation of Our Strategy
The World’s Premier Provider of Specialized
Polymer Materials, Services and Solutions
Specialization Globalization
Operational
Excellence
Commercial
Excellence
Associates
PolyOne Corporation Page 6
26 Consecutive Quarters of EPS Growth
PolyOne Corporation Page 7
2015 Revenues: $3.4 Billion
End Markets
2015 Revenues: $3.4 Billion
PolyOne
At A Glance
$0.12
$0.27 $0.21 $0.13
$0.68
$0.82
$1.00
$1.31
$1.80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Adjusted EPS
66%
Building &
10%Electrical &
Textiles
$1.96
Distribution
29%
PP&S
CAI
23%
SEM
15%DSS
PolyOne Corporation Page 8
Old
PolyOne
*Operating Income excludes corporate charges and special items
43%
65%
0%
40%
80%
2005 2010 2015 2020
%
o
f O
pe
ra
tin
g
In
co
m
e*
JV's Performance Products & Solutions Distribution Specialty
80%+
Specialty OI $5M $87M $229M
Mix Shift Highlights Specialty Transformation
Transformation
2020
PolyOne Corporation Page 9
Color and Engineered Materials at the
Heart of Specialty Transformation
OPERATING MARGIN
1.7%
4.6% 5.1% 5.5%
7.2%
8.1%
12.2%
16.7% 17.0%
COLOR, ADDITIVES
AND INKS
1.1% 1.3%
3.4%
5.1%
9.6%
8.0%
8.6%
9.3%
12.1%
16.6%
SPECIALTY
ENGINEERED MATERIALS
PolyOne Corporation Page 10
2006 1Q 2016 2020
“Where we were” “Where we are” Platinum Vision
1) Operating Income %
Specialty:
Color, Additives & Inks 1.7% 17.0% 20%+
Specialty Engineered Materials 1.1% 16.6% 20%+
Designed Structures & Solutions N/A 2.5% (TTM) 8 – 10%
Performance Products &
Solutions 5.5% 11.9% 12 – 14%
Distribution 2.6% 6.5% 6.5 – 7.5%
2) Specialty Platform % of
Operating Income 6.0% 61% 80%+
3) ROIC* 5.0% 12.0% 15%
4) Adjusted EPS Growth N/A 22% Double Digit
Expansion
Proof of Performance & 2020 Goals
*ROIC is defined as TTM adjusted OI divided by the sum of average debt and equity over a 5 quarter period
PolyOne Corporation Page 11
Therma-Tech™ & Sheet
GEON™ Vinyl
Polymer ColorantsTherma-Tech™
TPE’s & Film
TPE + OnForce™
Gravi-Tech™
Page 11
Film
Target End Markets… Healthcare
PolyOne Corporation Page 12
TPE + OnForce
OnForce
TPE Vibration Dampening
(SEM/GLS)
TPE & Film
(SEM + DSS)
Polymer Colorants
(CAI)
Thermatech
Thermoplastic Elastomers
TPE + OnForce
OnForce
Thermoplastic Elastomers
Polymer Colorants
(CAI)
Sheet
(DSS)
Source: Outdoor Industry Association
Target End Markets… Outdoor High Performance
PolyOne Corporation Page 13
Sound & Vibration
Management
Fuel Handling
Systems
Interior & Exterior Trim
Structural Braces
& Brackets
Interior Structural
Components
Lighting
Air management
Electronics & Cameras
Fluid Handling
Target End Markets… Automotive
Underhood
Components
Roof Systems
PolyOne Corporation Page 14
Target End Markets… Packaging
PreservaPak™
OnColor™
Smart Batch™
VersaFlex™
TPE Cap Liner
ColorMatrix™
Amosorb™
Oxygen Scavenger
ColorMatrix™
Ultimate™ UV
Light Barrier
OnCap™
Laser Marking
Additives
PolyOne Corporation Page 15
Innovation Drives Earnings Growth
*Specialty Platform revenue from products introduced in last five years
$53
Research & Development
Spending
($ millions)
Specialty Platform
Vitality Index Progression*
34%
CAI & SEM
Gross Margin
43%
Target ≥ 35%
Innovation Pipeline Potential
PolyOne Corporation Page 16
2,883
2,414
Volume
(lbs in millions)
-16%
$103
$192
Commercial, R&D
and Marketing
Spending ($M)
+86%
$303
$721
Adjusted
Gross Profit ($M)
+138%
Ours is Not a Cost Cutting Story
PolyOne Corporation Page 17
Design and Service as a Differentiator
Right Material &
Color
Desired
Product Design
Appropriate
Manufacturing Process
Delivering Concept to
Commercialization
Connecting
the Dots with
iQ Design Labs and
InVisiO Color Design
PolyOne Corporation Page 18
Customer First Through World-Class Service
Strengthening relationships through:
Providing LSS services to small/medium sized customers
Providing training in Customer Centric Selling Skills with customers
World’s Best Business
Process Excellence
Program in 2012*
World’s Best Start-up
program for Lean Six Sigma
Deployment in 2009*
81%
93%
16.2%
On-Time Delivery
Working Capital % of Sales
52% of associates trained in LSS
Five consecutive years – CFO Magazine Best Working
Capital Management in the chemical industry
Commitment to Operational Excellence
PolyOne Corporation Page 19
30%
40%
50%
70%
80%
90%
2008 1Q 2016
Pension Funding**
As of March 31, 2016
Debt Maturities & Pension Funding
Net Debt / Adjusted EBITDA*= 2.5x
** includes US-qualified pension plans only*TTM 3/31/2016
$550
$600
$200
$300
$400
$500
$600
$700
$800
2022 2023
Debt Maturities
As of March 31, 2016
($ millions)
Coupon Rate: 3.750% 5.250%
PolyOne Corporation Page 20
Free Cash Flow and Strong Balance Sheet
Fund Investment / Shareholder Return
Expanding our sales,
marketing, and
technical capabilities
Investing in operational
and LSS initiatives
~75% of capital
expenditures fund
growth initiatives Organic
Growth
Acquisitions
Share
Repurchases
Dividends
$0.16
$0.20
$0.32
$0.40
$0.48
$0.10
$0.20
$0.30
$0.40
$0.50
2011 2012 2013 2014 2015 2016
Annual Dividend
Targets that expand
our:
• Specialty offerings
• End market
presence
• Geographic breadth
Synergy opportunities
Adjacent material
solutions
Repurchased
1.5 million shares in
Q1 2016
Repurchased 17.3
million shares since
early 2013
10.0 million shares are
available for
repurchase under the
current authorization
$0.24
PolyOne Corporation Page 21
The New PolyOne: A Specialty Growth Company
Why Invest In PolyOne?
Addressable market exceeds $40 billion
Strong performance demonstrates that our strategy and execution
are working
Megatrends and emerging opportunities align with our strengths
Innovation and services provide differentiation, incremental pricing
power, and competitive advantage
Strong and proven management team driving growth and
performance
PolyOne Corporation Page 22
Appendix
PolyOne Corporation Page 23
$0.24
$0.31
$0.44 $0.46
$0.56
$0.00
$0.25
$0.50
$0.75
1Q'12 1Q'13 1Q'14 1Q'15 1Q'16
Adjusted EPS
1Q 2016 Financial Highlights
Performance Products & Solutions
operating margin grew 540 basis
points year-over-year to 11.9%
Distribution operating margin
expanded 60 basis points to a record
first quarter level of 6.5%
First quarter adjusted EPS has
grown on average 24% per year
since 2012
$11
$0
$5
$10
$15
$25
1Q'15 1Q'16
PP&S Operating Profit
$16
$18
$10
$12
$14
$16
$18
1Q'15 1Q'16
POD Operating Profit
Note: $ in millions, except per share data
PolyOne Corporation Page 24
1.7%
4.6% 5.1% 5.5%
7.2% 8.1%
12.2%
16.7% 17.0%
Color, Additives and Inks
2015 Revenues: $0.8 Billion Solutions
Expanding Profits2015 Revenue by Industry Segment
48%
33%
Building &
Electrical &
1%
31%
Textiles
PolyOne Corporation Page 25
1.1% 1.3%
3.4%
5.1%
9.6%
8.0% 8.6% 9.3%
16.6%
Specialty Engineered Materials
2015 Revenues: $0.5 Billion Solutions
2015 Revenue by Industry Segment Expanding Profits
12.1%
49%
29%
Building &
Electrical &
19%
15%
PolyOne Corporation Page 26
1.4%
5.6%
7.3%
3.0%
8-10%
0.4%
2012 2013 2014 2015 1Q'16 2020
Designed Structures and Solutions
Solutions2015 Revenues: $0.5 Billion
Expanding Profits2015 Revenue by Industry Segment
Appliances,
Building &
Construction
Industrial
24%
Packaging
19%
Transportation
33%
97%
PolyOne Corporation Page 27
Building &
31%
Electrical &
1%
5% Transportation
19% Wire & Cable
5.5%
6.9%
3.8% 3.6%
5.5%
4.3%
6.3%
7.2%
8.3%
12-14%
Performance Products and Solutions
Solutions
Expanding Profits
2015 Revenues: $0.7 Billion
11.9%
2015 Revenue by Industry Segment
7.7%
79%
PolyOne Corporation Page 28
2.6%
3.0%
3.5%
4.0%
4.6%
5.6%
6.4% 5.9%
6.6%
6.5-7.5%
6.5%
15%
54%
2006 1Q 2016
Distribution
Key Suppliers2015 Revenues: $1.0 Billion
ROIC Expanding Profits
6.1%
Building &
4%Consumer
Electrical &
23%
24%
http://www.polyone.com/Pages/VariationRoot.aspx
http://www.polyone.com/Pages/VariationRoot.aspx
PolyOne Corporation Page 29
2 lbs Plastic
=
3 lbs aluminum
or
8 lbs steel
or
27 lbs glass
33% less material by weight
than aluminum
75% less material by weight
than steel
93% less material by weight
than glass
Requires 91% less energy to
recycle a pound of plastic versus
a pound of paper
Source: SPI: Sustainability and the Plastics Industry
Plastics: Key to Future Sustainable Development
PolyOne Corporation Page 30
Application Examples
PolyOne Corporation Page 31
Outdoor Applications
• Leading provider of high performance
specialty materials for the recreational
and sports & leisure industry
• Well positioned across all segments to
address market needs
Metal to Polymer Conversion
Lightweighting
Thermal Management
Impact Performance
Source: Outdoor Industry Association
PolyOne Corporation Page 32
$1.5 billion attractive, growing market
Additives improve performance and reduce cost
through light-weighting, reduced waste, faster
cycle times, and extended shelf life of finished
product
Aligned with megatrend of protecting the
environment:
Sustainability benefits include lower
package weight and improved recyclability
of package at end of use
Market Opportunity
Leading Global Supplier of Additives In Growing PET Market
Shelf-life extension
Greater product
consistency
Recyclability and
reduced carbon
footprint
Color and Special
Effects
Weight reduction
Enhanced product
aesthetics
High heat resistance
PET Bottling Technology
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2009 2014 2019
Asia Pacific North America
Latin America Western Europe
Eastern Europe Middle East and Africa
Global PET Packaging Growth 2009-2019
Source: Euromonitor retail off-trade consumption (PET bottles & jars, home care, personal care,
food & non-alcoholic beverages)
B
ill
io
n
un
its
5% CAGR
PolyOne Corporation Page 33
• Includes formulation and
consultative services to assist
manufacturers and brand owners in
positively identifying their finished
goods
• Protects brand equity & consumer
welfare
• Reduces exposure to unwarranted
recall expenses
• Secures supply chain integrity –
support for safe expansion into new
geographies
Authentication Technology
PolyOne Corporation Page 34
Metal Replacement Solutions
• Replaces metal in LED lighting
• Extends LED durability and life
span eliminating hot spots
• Greater design flexibility with
fewer parts
• Weight reduction
• Simplifies manufacturing and
lowers total production cost
PolyOne Corporation Page 35
• Color harmonization across
15 unique color-and-polymer
combinations
• Eliminated need for multiple pre-
colored materials
• Reduced Land Rover’s working
capital
Range Rover Evoque Interior
PolyOne Corporation Page 36
• Reduced health and
environmental impact
• System cost reduction
• Radiation-shielding
performance
• Parts consolidation
• Design freedom
CT Scanner
PolyOne Corporation Page 37
High-Barrier Packaging Containers
• Capability to extrude up to 13
layers
• Strong oxygen and moisture
vapor transmission protection
• Can be made symmetrical or
asymmetrical to meet
customized needs of broad
variety of applications
• Barrier protection and superior
sensory properties
PolyOne Corporation Page 38
Aerospace Applications
• Leading provider of specialty materials
for the aerospace industry
• Typical applications
Mil-spec aircraft windows, canopies,
windscreens, instrument panels,
wingtip lenses
Interior – gallery furnishings, tray
tables, arm rests, trim strips, joint/edge
coverings
• Benefits:
High impact strength
Resistant to UV rays
Flame and smoke compliance
Easy to clean with aggressive cleaners;
anti-microbial grades available
Range of sizes, thicknesses, colors, etc.
1
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share data)
Below is a reconciliation of non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with U.S.
POL IR Presentation (Goldman Sachs Basic Materials Conference - 2016)
��PolyOne Investor Presentation�Goldman Sachs Basic Materials Conference�May 2016��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
Confirmation of Our Strategy
26 Consecutive Quarters of EPS Growth
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Color and Engineered Materials at the�Heart of Specialty Transformation
Proof of Performance & 2020 Goals
Slide Number 11
Slide Number 12
Slide Number 13
Slide Number 14
Innovation Drives Earnings Growth
Ours is Not a Cost Cutting Story
Design and Service as a Differentiator
Customer First Through World-Class Service
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/PolyOne%2520Terms%2520and%2520Conditions%2520of%2520sale%2520France.pdf
Buyer will 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.
Le règlement des grèves ou lock-out
impliquant les parties aux présentes se fera à la
discrétion de la partie confrontée à une telle difficulté
sans que l'obligation visée plus haut de remédier à
toute Force Majeure avec diligence raisonnable ne
puisse imposer à la partie concernée d'accéder aux
demandes des employés impliqués, lorsque celle-ci le
jugera inopportun.
11.
Except in the case of a force majeure, if not
satisfied with Seller's determination, Buyer shall have
a right to terminate the relevant purchase order(s)
upon: (i) 10 days written notice; and (ii) payment for
all Product received to date, without further obligation.
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 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 number and personal PIN.
2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and the
establishment, reversal or changes to valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 439.6 $ 641.1
Accounts receivable, net 436.9 440.6
Inventories, net 349.6 372.7
Other current assets 138.2 115.3
Total current assets 1,364.3 1,569.7
Property, net 978.2 1,049.2
Goodwill 1,681.3 1,671.9
Intangible assets, net 1,563.0 1,597.6
Other non-current assets 202.9 196.6
Total assets $ 5,789.7 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 9.5 $ 2.2
Accounts payable 389.5 454.4
Accrued expenses and other current liabilities 328.1 412.8
Total current liabilities 727.1 869.4
Non-current liabilities:
Long-term debt 2,070.8 2,176.7
Pension and other post-retirement benefits 65.1 67.2
Deferred income taxes 293.2 342.5
Other non-current liabilities 337.6 276.4
Total non-current liabilities 2,766.7 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,276.9 2,334.5
Noncontrolling interest 19.0 18.3
Total equity 2,295.9 2,352.8
Total liabilities and equity $ 5,789.7 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2023 2022
Operating Activities
Net income $ 47.8 $ 158.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 142.6 110.3
Accelerated depreciation 1.9 4.0
Share-based compensation expense 9.7 9.5
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (5.7) (66.5)
Decrease (increase) in inventories 16.5 (12.5)
(Decrease) increase in accounts payable (59.1) 43.5
Taxes paid on gain on sale of business (104.1) —
Accrued expenses and other assets and liabilities, net (2.5) (22.9)
Net cash provided by operating activities 47.1 223.9
Investing activities
Capital expenditures (75.0) (55.1)
Business acquisitions, net of cash acquired — (1,426.1)
Settlement of foreign exchange derivatives — 93.3
Net proceeds from divestiture 7.3 —
Other investing activities 2.3 —
Net cash used by investing activities (65.4) (1,387.9)
Financing activities
Debt proceeds — 1,300.0
Purchase of common shares for treasury — (36.4)
Cash dividends paid (67.6) (65.2)
Repayment of long-term debt (103.8) (6.8)
Debt financing costs (2.3) (49.3)
Other financing (2.3) (4.2)
Net cash (used) provided by financing activities (176.0) 1,138.1
Effect of exchange rate changes on cash (7.2) (30.9)
Decrease in cash and cash equivalents (201.5) (56.8)
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of period $ 439.6 $ 544.4
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/2023-07/AVNT Q2 2023 Earnings Press Release%5B43%5D.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 the
establishment, reversal or changes to valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
June 30, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 528.7 $ 641.1
Accounts receivable, net 506.4 440.6
Inventories, net 359.0 372.7
Other current assets 116.6 115.3
Total current assets 1,510.7 1,569.7
Property, net 1,007.4 1,049.2
Goodwill 1,705.7 1,671.9
Intangible assets, net 1,614.7 1,597.6
Other non-current assets 213.3 196.6
Total assets $ 6,051.8 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 2.2 $ 2.2
Accounts payable 428.7 454.4
Accrued expenses and other current liabilities 345.6 412.8
Total current liabilities 776.5 869.4
Non-current liabilities:
Long-term debt 2,179.2 2,176.7
Pension and other post-retirement benefits 67.3 67.2
Deferred income taxes 304.8 342.5
Other non-current liabilities 370.3 276.4
Total non-current liabilities 2,921.6 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,334.7 2,334.5
Noncontrolling interest 19.0 18.3
Total equity 2,353.7 2,352.8
Total liabilities and equity $ 6,051.8 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six Months Ended
June 30,
2023 2022
Operating Activities
Net income $ 42.7 $ 169.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 96.2 71.1
Accelerated depreciation 1.9 3.2
Share-based compensation expense 6.5 6.3
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (66.6) (133.2)
Decrease (increase) in inventories 14.0 (45.9)
(Decrease) increase in accounts payable (26.2) 98.5
Accrued expenses and other assets and liabilities, net (93.2) (62.5)
Net cash (used) provided by operating activities (24.7) 106.7
Investing activities
Capital expenditures (45.9) (34.0)
Settlement of foreign exchange derivatives — 75.1
Net proceeds from divestiture 7.3 —
Net cash used by investing activities (38.6) 41.1
Financing activities
Purchase of common shares for treasury — (36.4)
Cash dividends paid (45.0) (43.5)
Repayment of long-term debt (1.0) (4.4)
Other financing (2.3) (4.1)
Net cash used by financing activities (48.3) (88.4)
Effect of exchange rate changes on cash (0.8) (15.5)
Decrease in cash and cash equivalents (112.4) 43.9
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of period $ 528.7 $ 645.1
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.