https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520KeyBanc%2520Conference%2520-%2520September%252014%25202016.pdf
Q2 POL IR Presentation - 2016 KeyBanc Capital Markets Basic Materials & Packaging Conference
Investor Presentation - September 14, 2016 r4
Investor Presentation - September 14, 2016
https://www.avient.com/sites/default/files/2021-04/avient-sustain-2019-210419-interactive.pdf
OnColor™ IR Sortable Black for Recyclable Packaging
Nymax™ PIR Post-Industrial Recycled Nylon Formulations
Bio-derived
Content
Based in whole or in part on bio-derived resources, or enable bio-based materials to
perform at a level comparable to conventional polymers.
OnColor™ IR Sortable Black for Recyclable Packaging
Allows previously non-recyclable black packaging to be detected,
sorted and recycled by NIR equipment in waste management
plants.
OnColor™ IR Sortable Black Colorants eliminate carbon black to allow reclaimed
black plastics, such as those found in food trays, to be detected and properly recycled
by automated sorters.
https://www.avient.com/sites/default/files/2020-10/2019-avient-sustainability-report.pdf
OnColor™ IR Sortable Black for Recyclable Packaging
Nymax™ PIR Post-Industrial Recycled Nylon Formulations
Bio-derived
Content
Based in whole or in part on bio-derived resources, or enable bio-based materials to
perform at a level comparable to conventional polymers.
OnColor™ IR Sortable Black for Recyclable Packaging
Allows previously non-recyclable black packaging to be detected,
sorted and recycled by NIR equipment in waste management
plants.
OnColor™ IR Sortable Black Colorants eliminate carbon black to allow reclaimed
black plastics, such as those found in food trays, to be detected and properly recycled
by automated sorters.
https://www.avient.com/sites/default/files/2022-02/AVNT Q4 2021 Earnings Presentation_0.pdf
A reconciliation of these measures to their most directly comparable GAAP measures is provided in the tables below.
1
Reconciliation of EBITDA by Segment
Three Months Ended
December 31,
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 581.3 $ 525.8 $ 2,401.6 $ 1,502.9 $ 1,003.8 $ 1,046.5
Specialty Engineered Materials 228.2 190.6 918.9 708.8 745.7 645.8
Distribution 425.0 305.1 1,630.9 1,110.3 1,192.2 1,265.4
Corporate and eliminations (33.0) (24.5) (132.6) (79.9) (79.0) (76.7)
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1 $ 2,862.7 $ 2,881.0
Operating income:
Color, Additives and Inks $ 61.2 $ 57.5 $ 303.1 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 28.8 30.4 132.0 94.4 83.7 72.3
Distribution 21.7 18.0 93.2 69.5 75.4 71.5
Corporate and eliminations (37.7) (40.9) (147.1) (155.4) (149.7) (123.7)
Operating Income $ 74.0 $ 65.0 $ 381.2 $ 189.3 $ 156.8 $ 178.6
Items Below Operating Income in
Corporate:
Other income, net $ (5.4) $ 11.7 $ (1.3) $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 26.4 $ 27.3 $ 105.7 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 8.0 7.4 31.7 30.0 29.5 23.2
Distribution 0.2 0.3 0.8 0.7 0.5 0.7
Corporate and eliminations 3.6 2.8 7.7 9.3 5.4 4.4
Depreciation & Amortization $ 38.2 $ 37.8 $ 145.9 $ 115.1 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 87.6 $ 84.8 $ 408.8 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 36.8 37.8 163.7 124.4 113.2 95.5
Distribution 21.9 18.3 94.0 70.2 75.9 72.2
Corporate and eliminations (39.5) (26.4) (140.7) (121.8) (132.2) (132.2)
EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.7 $ 247.0 $ 238.3
EBITDA as a % of sales:
Color, Additives and Inks 15.1 % 16.1 % 17.0 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 16.1 % 19.8 % 17.8 % 17.6 % 15.2 % 14.8 %
Distribution 5.2 % 6.0 % 5.8 % 6.3 % 6.4 % 5.7 %
2
Reconciliation of Pro Forma Sales, Operating Income and EBITDA - Color,
Additives and Inks
Year Ended
December 31,
2020 2019 2018
Sales:
Color, Additives and Inks $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant Color pro forma
adjustments(1) 540.4 1,118.6 1,209.8
Pro forma sales $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 180.8 $ 147.4 $ 158.5
Clariant Color pro forma
adjustments(1) 45.0 72.9 80.3
Pro forma operating income $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 75.1 $ 42.7 $ 44.3
Clariant Color pro forma adjustments(1) 30.1 60.3 61.2
Pro forma depreciation & amortization $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 255.9 $ 190.1 $ 202.8
Clariant Color pro forma
adjustments(1) 75.1 133.2 141.5
Pro forma EBITDA $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 16.2 % 15.2 % 15.3 %
Three Months Ended
December 31,
Year Ended
December 31,
Reconciliation to Adjusted EBITDA: 2021 2020 2021 2020 2019
Net income from continuing operations – GAAP $ 28.9 $ 74.7 $ 230.6 $ 133.8 $ 75.7
Income tax expense (benefit) 22.2 (17.3) 74.0 5.2 33.7
Interest expense 17.5 19.3 75.3 74.6 59.5
Depreciation and amortization from continuing operations 38.2 37.8 145.9 115.0 78.1
EBITDA $ 106.8 $ 114.5 $ 525.8 $ 328.6 $ 247.0
Special items, before tax 20.6 4.2 57.1 66.2 61.7
Interest expense included in special items — — — (10.1) —
Depreciation and amortization included in special items (1.6) (0.70) (1.7) (3.2) —
Adjusted EBITDA $ 125.8 $ 118.0 $ 581.2 $ 381.6 $ 308.7
Clariant Color pro forma adjustments(1) — 33.4 — 75.1 133.2
Pro forma adjusted EBITDA $ 125.8 $ 113.1 $ 581.2 $ 456.7 $ 441.9
Free Cash Flow Calculation December 31, 2021
Cash provided by operating activities 233.8
Capital expenditures (100.6)
Free cash flow $ 133.2
3
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
Three Months Ended
December 31, 2021
Reconciliation of Adjusted Earnings per Share: Avient
Special
Items
Adjusted
Avient
Sales $ 1,201.5 $ — $ 1,201.5
Operating income $ 74.0 $ 11.2 $ 85.2
Interest expense, net (17.5) — (17.5)
Other income, net (5.4) 9.4 4.0
Income taxes (22.2) 3.4 (18.8)
Net income from continuing operations attributable to Avient shareholders $ 29.8 $ 24.0 $ 53.8
Weighted average diluted shares 92.1
Adjusted EPS - excluding special items $ 0.58
Reconciliation of Adjusted EBITDA from continuing operations:
Operating income and other income, net $ 68.6 $ 20.6 $ 89.2
Depreciation and amortization 38.2 (1.6) 36.6
EBITDA from continuing operations $ 106.8 $ 19.0 $ 125.8
EBITDA as a % of sales 10.5 %
Three Months Ended
December 31, 2020
Reconciliation of Adjusted Earnings per Share: Avient
Special
Items
Adjusted
Avient
Sales $ 997.0 $ — $ 997.0
Operating income $ 65.0 $ 14.6 $ 79.6
Interest expense, net (19.3) — (19.3)
Other income, net 11.7 (10.4) 1.3
Income taxes 17.3 (30.9) (13.6)
Net income from continuing operations attributable to Avient shareholders $ 74.2 $ (26.7) $ 47.5
Weighted average diluted shares 92.1
Adjusted EPS - excluding special items $ 0.52
Reconciliation of Adjusted EBITDA from continuing operations:
Operating income and other income, net $ 76.7 $ 4.2 $ 80.9
Depreciation and amortization 37.8 (0.7) 37.1
EBITDA from continuing operations $ 114.5 $ 3.5 $ 118.0
EBITDA as a % of sales 11.8 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
4
Year Ended
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Items
Adjusted
Avient
Clariant Color
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
Reconciliation of Pro Forma Adjusted
EBITDA from continuing operations:
Operating income and other income, net $ 213.6 $ — $ 56.1 $ 269.7 $ 45.0 $ — $ 314.7
Depreciation and amortization 115.1 (3.2) 111.9 30.1 142.0
EBITDA from continuing operations $ 328.7 $ 52.9 $ 381.6 $ 75.1 $ 456.7
EBITDA as a % of sales 12.1 %
Year Ended
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share: Avient
Special
Items
Adjusted
Avient
Clariant Color
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
Reconciliation of Pro Forma Adjusted
EBITDA from continuing operations:
Operating income and other income, net $ 168.9 $ — $ 61.7 $ 230.6 $ 72.9 $ — $ 303.5
Depreciation and amortization 78.1 — 78.1 60.3 138.4
EBITDA from continuing operations $ 247.0 $ 61.7 $ 308.7 $ 133.2 $ 441.9
EBITDA as a % of sales 11.1 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
5
Three Months Ended
March 31, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 120.4 $ 2.4 $ 122.8
Income from continuing operations before income taxes $ 102.6 $ 2.4 $ 105.0
Income tax expense - GAAP (22.9) — (22.9)
Income tax impact of special items — (0.9) (0.9)
Tax adjustments — 1.1 1.1
Net income attributable to noncontrolling interests (0.4) — (0.4)
Net income from continuing operations attributable to Avient shareholders $ 79.3 $ 2.6 $ 81.9
Net income / EPS $ 0.86 0.03 $ 0.89
Weighted-average diluted shares 92.2 92.2 92.2
Year Ended
December 31, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 381.2 $ 47.8 $ 429.0
Income from continuing operations before income taxes $ 304.6 $ 57.1 $ 361.7
Income tax expense - GAAP (74.0) — (74.0)
Income tax impact of special items — (13.0) (13.0)
Tax adjustments — 5.9 5.9
Net income attributable to noncontrolling interests 0.2 — 0.2
Net income from continuing operations attributable to Avient shareholders $ 230.8 $ 50.0 $ 280.8
Net income / EPS $ 2.51 0.54 $ 3.05
Weighted-average diluted shares 92.1 92.1 92.1
Three Months Ended
December 31, 2019
Year Ended
December 31, 2019
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant Color
Pro Forma
Adjustments(1)
Pro Forma
CAI CAI
Clariant Color
Pro Forma
Adjustments(1)
Pro Forma
CAI
Sales $ 226.7 $ 263.5 $ 490.2 $ 1,003.8 $ 1,118.6 $ 2,122.4
Operating income $ 27.2 $ 13.2 $ 40.4 $ 147.4 $ 72.9 $ 220.3
EBITDA $ 37.9 $ 28.3 $ 66.2 $ 190.1 $ 133.2 $ 323.3
EBITDA as a % of sales 13.5 % 15.2 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
6
Year Ended
December 31, 2020
Reconciliation of pro
forma sales, operating
income, and EBITDA: CAI
Clariant Color
Pro Forma
Adjustments(1)
Pro Forma
CAI
Sales $ 1,502.9 $ 540.4 $ 2,043.3
Operating income $ 180.8 $ 45.0 $ 225.8
EBITDA $ 255.9 $ 75.1 $ 331.0
EBITDA as a % of sales 16.2 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
7
AVNT Q4 2021 Earnings Presentation.pdf
AVNT Q4 2021 Earnings Presentation.pdf
2.7.22 632pm IR Deck - AVNT-2021.12.31.pdf
https://www.avient.com/sites/default/files/2021-09/avnt-q2-2021-earnings-presentation.pdf
& Canada
50%
EMEA
26%
Asia
16%
Latin America
8%
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
30
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
23%
Packaging
20%
Industrial
16%
Building and
Construction
9%
Telecommunications
4%
Energy
2%
END MARKET REVENUE
(1) Total company sales and EBITDA of $2,398M and $320M, respectively, include intercompany sales eliminations and corporate costs
All charts reflect YTD financials through June 30
$1,234M
$228M
$457M
$87M
$767M
$48M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$320M$2,398M
(1)
Transportation
12%
Healthcare
14%
Packaging
34%
Consumer
21%
Healthcare
7%
Industrial
16%
Building &
Construction
10%
Transportation
9%
Energy
2% Telecommunications
1%
C O L O R , A D D I T I V E S & I N K S
2 0 2 1 Y T D R E V E N U E | $ 1 . 2 B I L L I O N
US & Canada
31%
EMEA
42%
Asia
21%
Latin America
6%
END MARKET REGION
31
All charts reflect 2021 YTD financials through June 30
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
Consumer
28%
Healthcare
10%
Packaging
6%
Telecommunications
16%
Industrial
12%
Transportation
11%
Building &
Construction
10%
Energy
7%
2 0 2 1 Y T D R E V E N U E | $ 4 5 7 M I L L I O N
END MARKET
US & Canada
54%
EMEA
26%
Asia
20%
REGION
32
All charts reflect 2021 YTD financials through June 30
D I S T R I B U T I O N
Healthcare
27%
Consumer
22%
Packaging
5%
Industrial
20%
Transportation
16%
Building and
Construction
8%
Energy
1%
Telecommunications
1%
US & Canada
81%
Asia
4%
Latin
America
15%
END MARKET REGION
K E Y S U P P L I E R S
2 0 2 1 Y T D R E V E N U E | $ 7 6 7 M I L L I O N
33
All charts reflect 2021 YTD financials through June 30
T O T A L C O M PA N Y R E G I O N A L S A L E S
B Y E N D M A R K E T
Packaging
30%
Consumer
27%Healthcare
11%
Industrial
15%
Building &
Construction
5%
Telecommunications
2% Energy
2%
Asia
(16% of sales)
Transportation
8%
Packaging
32%
Consumer
13%
Healthcare
5%
Industrial
18%
Building &
Construction
11%
Telecommunications
5%
Energy
4%
EMEA
(26% of sales)
Transportation
12%
34
Consumer
25%
Healthcare
19%
Packaging
11%
Industrial
16%
Building &
Construction
10%
Telecommunications
4%
Energy
2%
US &
Canada
(50% of sales)
Transportation
13%
Packaging
40%
Consumer
33%
Healthcare
4%
Industrial
10%
Building &
Construction
5%
Telecommunications
1%
LATAM
(8% of sales)
Transportation
7%
All charts reflect 2021 YTD financials through June 30
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 108.1 $ 14.2 $ 122.3
Income from continuing operations before income taxes $ 89.8 $ 14.2 $ 104.0
Income tax expense - GAAP (20.4) — (20.4)
Income tax impact of special items — (3.4) (3.4)
Tax adjustments — 0.9 0.9
Net income attributable to noncontrolling interests (0.6) — (0.6)
Net income from continuing operations attributable to Avient shareholders $ 68.8 $ 11.7 $ 80.5
Net income / EPS $ 0.74 $ 0.13 $ 0.87
Weighted-average diluted shares 92.4 92.4 92.4
Three Months Ended
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 33.5 $ 40.4 $ 73.9
Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3
Income tax expense - GAAP (2.7) — (2.7)
Income tax impact of special items — (12.7) (12.7)
Tax adjustments — 3.0 3.0
Net income attributable to noncontrolling interests (0.9) — (0.9)
Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0
Net income / EPS $ 0.02 $ 0.44 $ 0.46
Weighted-average diluted shares 91.9 91.9 91.9
Three Months Ended
Year Ended
December 31,
Reconciliation to Pro Forma Adjusted EBITDA
June 30,
2021
March 31,
2021
June 30,
2020 2020 2019
Net income from continuing operations – GAAP $ 69.4 $ 79.7 $ 23.4 $ 133.8 $ 75.7
Income tax expense 20.4 22.9 7.9 5.2 33.7
Interest expense 19.5 19.3 16.2 74.6 59.5
Depreciation and amortization from continuing operations 33.8 37.1 20.9 115.0 78.1
EBITDA $ 143.1 $ 159.0 $ 68.4 $ 328.6 $ 247.0
Special items, before tax 14.2 2.4 2.4 66.2 61.7
Interest expense included in special items — — (0.5) (10.1) —
Depreciation and amortization included in special items 1.4 (0.5) (1.2) (3.2) —
Adjusted EBITDA $ 158.7 $ 160.9 $ 69.1 $ 381.6 $ 308.7
Clariant MB pro forma adjustments(1) — — 37.0 75.1 133.2
Pro forma adjusted EBITDA $ 158.7 $ 160.9 $ 106.1 $ 456.7 $ 441.9
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
1
Reconciliation of EBITDA by Segment
Three Months Ended
June 30,
Six
Months
Ended
June 30,
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 483.3 $ 1,502.9 $ 1,003.8
Specialty Engineered Materials 240.6 158.8 457.1 344.1 708.8 745.7
Distribution 404.4 238.8 767.1 528.3 1,110.3 1,192.2
Corporate and eliminations (34.2) (15.3) (60.4) (35.1) (79.9) (79.0)
Sales $ 1,235.2 $ 609.1 $ 2,397.5 $ 1,320.6 $ 3,242.1 $ 2,862.7
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 37.3 17.0 71.5 94.4 83.7 72.3
Distribution 23.7 14.6 47.7 69.5 75.4 71.5
Corporate and eliminations (39.2) (25.9) (65.8) (155.4) (149.7) (123.7)
Operating income $ 108.1 $ 38.0 $ 228.5 $ 189.3 $ 156.8 $ 178.6
Items below OI in Corporate:
Other income, net $ 1.2 $ 9.5 $ 2.7 $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 8.1 7.6 15.9 30.0 29.5 23.2
Distribution 0.2 0.1 0.4 0.7 0.5 0.7
Corporate and eliminations 0.2 2.6 2.0 9.2 5.4 4.4
Depreciation & Amortization $ 33.8 $ 20.9 $ 70.9 $ 115.0 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 45.4 24.6 87.4 124.4 113.2 95.5
Distribution 23.9 14.7 48.1 70.2 75.9 72.2
Corporate and eliminations (39.0) (23.3) (63.8) (146.2) (144.3) (119.3)
EBITDA $ 143.1 $ 68.4 $ 302.1 $ 328.6 $ 247.0 $ 238.3
EBITDA as a % of Sales:
Color, Additives and Inks 17.9 % 18.9 % 18.5 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 18.9 % 15.5 % 19.1 % 17.6 % 15.2 % 14.8 %
Distribution 5.9 % 6.2 % 6.3 % 6.3 % 6.4 % 5.7 %
2
Reconciliation of Pro Forma EBITDA
- Color, Additives and Inks
Three Months Ended
June 30,
Six
Months
Ended
June 30,
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant MB pro forma
adjustments(1) — 261.1 — 540.4 1,118.6 1,209.8
Pro forma sales $ 624.4 $ 487.9 $ 1,233.7 $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 180.8 $ 147.4 $ 158.5
Clariant MB pro forma
adjustments(1) — 22.0 — 45.0 72.9 80.3
Pro forma operating income $ 86.3 $ 54.3 $ 175.1 $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 75.1 $ 42.7 $ 44.3
Clariant MB pro forma adjustments(1) — 15.0 — 30.1 60.3 61.2
Pro forma depreciation & amortization $ 25.3 $ 25.6 $ 52.6 $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 255.9 $ 190.1 $ 202.8
Clariant MB pro forma
adjustments(1) — 37.0 — 75.1 133.2 141.5
Pro forma EBITDA $ 111.6 $ 79.9 $ 227.7 $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 17.9 % 16.4 % 18.5 % 16.2 % 15.2 % 15.3 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Three Months Ended
June 30, 2020
Reconciliation of Pro Forma Adjusted Earnings per
Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 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
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
3
Year Ended
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Year Ended
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
4
AVNT Q2 2021 Earnings Presentation - Website NEW.pdf
AVNT Q2 2021 Earnings Presentation - Website.pdf
Final - 7.19 1158am Q2 21 IR Deck Version v2
https://www.avient.com/sites/default/files/2022-08/AVNT Aug 2022 Presentation - Jefferies.pdf
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 84.7 $ 0.92 $ 68.8 $ 0.74
Special items, after tax 5.1 0.06 11.7 0.13
Adjusted net income / EPS - excluding special items 89.8 0.98 80.5 0.87
FX adjustment n/a n/a $ (4.9) $ (0.05)
Adjusted net income / EPS - excluding special items, adjusted for FX $ 89.8 $ 0.98 $ 75.6 $ 0.82
Reconciliation to Consolidated Statements of Income Three Months Ended June 30,
2022 2021
Results Results
FX
Adjustment
FX Adjusted
Results
Sales:
Color, Additives and Inks $ 649.1 $ 624.4 $ (35.8) $ 588.6
Specialty Engineered Materials 243.9 240.6 (10.5) 230.1
Distribution 443.2 404.4 (0.2) 404.2
Corporate and eliminations (33.8) (34.2) (1.2) (35.4)
Sales $ 1,302.4 $ 1,235.2 $ (47.7) $ 1,187.5
Operating income:
Color, Additives and Inks $ 93.6 $ 86.3 $ (5.2) 81.1
Specialty Engineered Materials 36.6 37.3 (1.3) 36.0
Distribution 27.1 23.7 — 23.7
Corporate and eliminations (27.8) (39.2) 0.2 (39.0)
Operating income 129.5 108.1 (6.3) 101.8
Special items in operating income 4.3 14.2 — 14.2
Adjusted operating income $ 133.8 $ 122.3 $ (6.3) $ 116.0
1
Three Months Ended
June 30, 2022
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating Income $ 129.5 $ 4.3 $ 133.8
Income before income taxes $ 114.7 $ 3.4 $ 118.1
Income tax expense - GAAP (30.0) — (30.0)
Income tax impact of special items — (0.8) (0.8)
Tax adjustments — 2.5 2.5
Net income attributable to noncontrolling interests — — —
Net income attributable to Avient shareholders $ 84.7 $ 5.1 $ 89.8
EPS $ 0.92 0.06 $ 0.98
Weighted-average diluted shares 92.1 92.1 92.1
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating Income $ 108.1 $ 14.2 $ 122.3
Income before income taxes $ 89.8 $ 14.2 $ 104.0
Income tax expense - GAAP (20.4) — (20.4)
Income tax impact of special items — (3.4) (3.4)
Tax adjustments — 0.9 0.9
Net income attributable to noncontrolling interests (0.6) — (0.6)
Net income attributable to Avient shareholders $ 68.8 $ 11.7 $ 80.5
EPS $ 0.74 0.13 $ 0.87
Weighted-average diluted shares 92.4 92.4 92.4
Three Months Ended
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 78.7 $ 20.0 $ 98.7
Income from continuing operations before income taxes $ 61.1 $ 19.9 $ 81.0
Income tax expense - GAAP (8.5) — (8.5)
Income tax impact of special items — (4.6) (4.6)
Tax adjustments — (3.6) (3.6)
Net income attributable to noncontrolling interests 0.3 — 0.3
Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 11.7 $ 64.6
Net income / EPS $ 0.57 $ 0.13 $ 0.70
Weighted-average diluted shares 92.2 92.2 92.2
2
Reconciliation of EBITDA by Segment
Year Ended
December 31,
2021
Operating income:
Color, Additives and Inks $ 303.1
Specialty Engineered Materials 132.0
Distribution 93.2
Corporate and eliminations (147.1)
Operating income $ 381.2
Items below OI in Corporate:
Other income, net $ (1.3)
Depreciation & amortization:
Color, Additives and Inks $ 105.7
Specialty Engineered Materials 31.7
Distribution 0.8
Corporate and eliminations 7.7
Depreciation & Amortization $ 145.9
EBITDA:
Color, Additives and Inks $ 408.8
Specialty Engineered Materials 163.7
Distribution 94.0
Corporate and eliminations (140.7)
EBITDA $ 525.8
Three Months Ended
June 30,
Year Ended
December 31,
Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021 2021
Net income from continuing operations – GAAP $ 84.7 $ 69.4 $ 230.6
Income tax expense 30.0 20.4 74.0
Interest expense 16.2 19.5 75.3
Depreciation and amortization from continuing operations 36.5 33.8 145.9
EBITDA $ 167.4 $ 143.1 $ 525.8
Special items, before tax 3.4 14.2 57.1
Depreciation and amortization included in special items (1.1) 1.4 (1.7)
Adjusted EBITDA $ 169.7 $ 158.7 $ 581.2
3
AVNT Aug 2022 Presentation w Non GAAP Recs.pdf
AVNT Aug 2022 Presentation Update.pdf
Avient corporation�investor presentation
DISCLAIMER
Avient: Who We Are
Who we are – Vision, Strategy, Culture
What we do: material science
Sustainability for a Better Tomorrow
Slide Number 7
Slide Number 8
Slide Number 9
Q2 2022 SALES AND OPERATING INCOME�(Total Company)
Slide Number 11
Slide Number 12
2021 Sustainability Report
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
Two-Year Leverage model
our Specialty Journey continues
End Market transformation to less cyclical industries�(with Dyneema, ex. distribution)
End-market Focus for �New innovation
Slide Number 24
PEER COMPARISONS
Avient is asset light
High free cash flow conversion
Our valuation versus peers
Slide Number 29
Slide Number 30
Slide Number 31
Slide Number 32
FIT with Four Pillar Strategy
AVNT Aug 2022 Presentation w Non GAAP Recs v1
Dyneema® overview
AVNT Aug 2022 Presentation w Non GAAP Recs
AVNT Aug 2022 Presentation Update.pdf
Slide Number 35
Slide Number 36
Dyneema® in the Value Chain
Demand trends
Products
Avient’s Existing Composites Portfolio
Avient’s Composites Portfolio�Sales and Ebitda
Slide Number 42
�2021 segment, end market and Geography
Slide Number 44
Slide Number 45
Slide Number 46
Slide Number 47
AVNT Aug 2022 Presentation w Non GAAP Recs.pdf
AVNT Q2 2022 Earnings Presentation - Website.pdf
AVNT Q2 2022 Earnings Presentation - Website
AVNT Q2 2022 Earnings Presentation - Website
AVNT Q2 2022 Earnings Presentation - Website
7.25 323pm IR Deck - AVNT-2022.06.30.pdf
AVNT Aug 2022 Presentation w Non GAAP Recs
https://www.avient.com/sites/default/files/2021-11/avnt-november-investor-meetings.pdf
& Canada
51%
EMEA
25%
Asia
16%
Latin America
8%
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
38
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
23%
Packaging
19%
Industrial
16%
Building and
Construction
10%
Telecommunications
4%
Energy
2%
END MARKET REVENUE
(1) Total company sales and EBITDA of $3,617M and $455M, respectively, include intercompany sales eliminations and corporate costs
All charts reflect YTD financials through September 30
$1,820M
$321M
$691M
$127M
$1,206M
$72M
Sales Adjusted EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$455M$3,617M
(1)
Transportation
12%
Healthcare
14%
Packaging
34%
Consumer
21%
Healthcare
7%
Industrial
16%
Building &
Construction
10%
Transportation
9%
Energy
2% Telecommunications
1%
C O L O R , A D D I T I V E S & I N K S
2 0 2 1 Y T D R E V E N U E | $ 1 . 8 B I L L I O N
US & Canada
31%
EMEA
42%
Asia
21%
Latin America
6%
END MARKET REGION
39
All charts reflect 2021 YTD financials through September 30
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
Consumer
28%
Healthcare
10%
Packaging
6%
Telecommunications
16%
Transportation
12%
Industrial
11%
Building &
Construction
10%
Energy
7%
2 0 2 1 Y T D R E V E N U E | $ 6 9 1 M I L L I O N
END MARKET
US & Canada
55%
EMEA
25%
Asia
20%
REGION
40
All charts reflect 2021 YTD financials through September 30
D I S T R I B U T I O N
Healthcare
26%
Consumer
22%
Packaging
6%
Industrial
20%
Transportation
16%
Building and
Construction
8%
Energy
1%
Telecommunications
1%
US & Canada
81%
Asia
4%
Latin
America
15%
END MARKET REGION
K E Y S U P P L I E R S
2 0 2 1 Y T D R E V E N U E | $ 1 . 2 B I L L I O N
41
All charts reflect 2021 YTD financials through September 30
T O T A L C O M PA N Y R E G I O N A L S A L E S
B Y E N D M A R K E T
Packaging
30%
Consumer
27%
Healthcare
12%
Industrial
14%
Building &
Construction
5%
Telecommunications
2% Energy
2%
Asia
(16% of sales)
Transportation
8%
Packaging
31%
Consumer
14%
Healthcare
5%
Industrial
17%
Building &
Construction
12%
Telecommunications
5%
Energy
4%
EMEA
(25% of sales)
Transportation
12%
42
Consumer
25%
Healthcare
19%
Packaging
10%
Industrial
17%
Building &
Construction
10%
Telecommunications
4%
Energy
2%
US &
Canada
(51% of sales)
Transportation
13%
Packaging
42%
Consumer
33%
Healthcare
3%
Industrial
10%
Building &
Construction
5%
Telecommunications
1%
LATAM
(8% of sales)
Transportation
6%
All charts reflect 2021 YTD financials through September 30
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Three Months Ended
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 78.7 $ 20.0 $ 98.7
Income from continuing operations before income taxes $ 61.1 $ 19.9 $ 81.0
Income tax expense - GAAP (8.5) — (8.5)
Income tax impact of special items — (4.6) (4.6)
Tax adjustments — (3.6) (3.6)
Net income attributable to noncontrolling interests 0.3 — 0.3
Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 11.7 $ 64.6
Net income / EPS $ 0.57 $ 0.13 $ 0.70
Weighted-average diluted shares 92.2 92.2 92.2
Three Months Ended
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 33.5 $ 40.4 $ 73.9
Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3
Income tax expense - GAAP (2.7) — (2.7)
Income tax impact of special items — (12.7) (12.7)
Tax adjustments — 3.0 3.0
Net income attributable to noncontrolling interests (0.9) — (0.9)
Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0
Net income / EPS $ 0.02 $ 0.44 $ 0.46
Weighted-average diluted shares 91.9 91.9 91.9
1
Three Months Ended
September 30,
Three
Months
Ended
Nine
Months
Ended
Year Ended
December 31,
Reconciliation to Pro Forma
Adjusted EBITDA 2021 2020
June 30,
2021
September
30, 2021 2020 2019 2018
Net income from continuing
operations – GAAP $ 52.6 $ 2.6 $ 69.4 $ 201.7 $ 133.8 $ 75.7 $ 87.4
Income tax expense 8.5 2.7 20.4 51.8 5.2 33.7 14.4
Interest expense 19.0 29.7 19.5 57.8 74.6 59.5 62.8
Debt extinguishment cost — — — — — — 1.1
Depreciation and amortization from
continuing operations 36.8 36.5 33.8 107.7 115.0 78.1 72.6
EBITDA $ 116.9 71.5 $ 143.1 $ 419.0 $ 328.6 $ 247.0 $ 238.3
Special items, before tax 19.9 50.0 14.2 36.5 66.2 61.7 59.5
Interest expense included in special
items — (9.6) — — (10.1) — —
Depreciation and amortization
included in special items (0.9) (1.3) 1.4 (0.1) (3.2) — (3.0)
Adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 381.6 $ 308.7 $ 294.8
Clariant MB pro forma adjustments(1) — — — — 75.1 133.2 141.5
Pro forma adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 456.7 $ 441.9 $ 436.3
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
2
Reconciliation of EBITDA by Segment
Three Months Ended
September 30,
Nine Months
Ended
September 30,
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 586.6 $ 493.8 $ 1,820.3 $ 1,502.9 $ 1,003.8 $ 1,046.5
Specialty Engineered Materials 233.6 174.1 690.7 708.8 745.7 645.8
Distribution 438.8 276.9 1,205.9 1,110.3 1,192.2 1,265.4
Corporate and eliminations (39.2) (20.3) (99.6) (79.9) (79.0) (76.7)
Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 3,242.1 $ 2,862.7 $ 2,881.0
Operating income:
Color, Additives and Inks $ 66.8 $ 50.5 $ 241.9 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 31.7 24.7 103.2 94.4 83.7 72.3
Distribution 23.8 17.5 71.5 69.5 75.4 71.5
Corporate and eliminations (43.6) (59.2) (109.4) (155.4) (149.7) (123.7)
Operating income $ 78.7 $ 33.5 $ 307.2 $ 189.3 $ 156.8 $ 178.6
Items below OI in Corporate:
Other income, net $ 1.4 $ 1.5 $ 4.1 $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 26.6 $ 26.3 $ 79.2 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 7.9 7.5 23.8 30.0 29.5 23.2
Distribution 0.2 0.2 0.6 0.7 0.5 0.7
Corporate and eliminations 2.1 2.5 4.1 9.2 5.4 4.4
Depreciation & Amortization $ 36.8 $ 36.5 $ 107.7 $ 115.0 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 93.4 $ 76.8 $ 321.1 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 39.6 32.2 127.0 124.4 113.2 95.5
Distribution 24.0 17.7 72.1 70.2 75.9 72.2
Corporate and eliminations (41.5) (56.7) (105.3) (146.2) (144.3) (119.3)
EBITDA $ 116.9 $ 71.5 $ 419.0 $ 328.6 $ 247.0 $ 238.3
EBITDA as a % of Sales:
Color, Additives and Inks 15.9 % 15.6 % 17.6 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 17.0 % 18.5 % 18.4 % 17.6 % 15.2 % 14.8 %
Distribution 5.5 % 6.4 % 6.0 % 6.3 % 6.4 % 5.7 %
3
Reconciliation of Pro Forma EBITDA - Color, Additives and Inks
Year Ended
December 31,
2020 2019 2018
Sales:
Color, Additives and Inks $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant MB pro forma
adjustments(1) 540.4 1,118.6 1,209.8
Pro forma sales $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 180.8 $ 147.4 $ 158.5
Clariant MB pro forma
adjustments(1) 45.0 72.9 80.3
Pro forma operating income $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 75.1 $ 42.7 $ 44.3
Clariant MB pro forma adjustments(1) 30.1 60.3 61.2
Pro forma depreciation & amortization $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 255.9 $ 190.1 $ 202.8
Clariant MB pro forma
adjustments(1) 75.1 133.2 141.5
Pro forma EBITDA $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 16.2 % 15.2 % 15.3 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
4
Year Ended
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Year Ended
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
5
AVNT November Investor Meetings.pdf
AVNT Q3 2021 Earnings Presentation.pdf
Final 10.27 606pm Q3 21 IR Deck Version v1.pdf
https://www.avient.com/sites/default/files/2024-08/Avient-2023-Sustainability-Report_5.pdf
Plastics Pact
Product Innovation
Protects Quality Recycle
Cesa™ A4R Nox A4R Additives for Enhanced Recycling
Innovation Award, Finalist:
Plastics Industr y Association
Product Technology Innovation, Finalist:
Plastics Recycling Awards Europe 2023
2023 Sustainability Innovation Awards
Avient’s sustainable solutions portfolio is not only enabling our customer’s commitments, it is also receiving recognition for
product and technology innovation.
HOME | Contents | Message from the CEO | About Us | People | Products | Planet | Per formance | Metrics | Index Sustainability Report | 2023 41
https://www.avient.com/resource-center/services/avient-color-prediction-service
https://www.avient.com/products/thermoplastic-elastomers/resound-ultra-low-carbon-footprint-tpes
https://www.avient.com/products/polymer-additives/antioxidant-additives/cesa-nox-a4r-additive-enhanced-recycling
https://www.plasticsindustry.org/refocus-sustainability-innovation-awards-program/
https://www.prseventeurope.com/prse2024/en/page/2023-winners
https://www.plasticsindustry.org/refocus-sustainability-innovation-awards-program/
https://usplasticspact.org/
https://www.plasticsindustry.org/refocus-sustainability-innovation-awards-program/
https://www.prseventeurope.com/prse2024/en/page/2023-winners
RENEW
Avient’s portfolio of RENEW solutions are designed to advance the circular economy.
HIGHLIGHTS from 2023:
Key Markets
Key Customer Challenges
• Meet aggressive sustainability goals
• Develop strategies to minimize plastic waste
• Increase post consumer recycle (PCR) utilization
and PCR availability
• Meet legislation requirements
Avient Solutions & Services
• Solutions enabling increased use of PCR content
• Specialty solutions incorporating recycle and
biobased content
• PCR Color Predictive Ser vice, enabling increased
use of recycled content
• Avient Design Ser vices to enable circular
solutions
LEARN MORE
Avient Sustainability
RENEW
Packaging Consumer Transportation
35-60%
BIO-RENEWABLE CONTENT
reSound™ BIO
Thermoplastic Elastomers
LEARN MORE
35%
LOWER CARBON EMISSIONS
ColorMatrix™ SmartHeat™
RHC PCR Performance Additives
LEARN MORE
EXPANDS
PCR USAGE
Design for Recycling
CycleWorks™ Center for
Mechanical Recycling
LEARN MORE
60%
Nymax™ REC Recycled Nylon
Formulations
LEARN MORE
RECYCLE
CONTENT
ENABLES
100%
PCR UTILIZATION
Cesa™ Nox A4R
Additives for Enhanced
Recycling
LEARN MORE
BIOBASED FIBER
ENABLING
10-20%
LIGHTER WEIGHT
SOLUTIONS
Dyneema® SB301
Biobased UD Fiber
LEARN MORE
85%
PCR Color Prediction Service
Winner: Innovation Award, Plastics Industry Association & Product
Technology Innovation, Plastics Recycling Awards Europe 2023
LEARN MORE
OF CONSUMERS CHOOSE
BASED ON COLOR
35-40%
RECYCLED CONTENT
reSound™ REC PCR TPE for
Automotive Interiors
LEARN MORE
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https://www.avient.com/company/sustainability/sustainable-solutions-portfolio
https://www.avient.com/products/thermoplastic-elastomers/resound-bio-thermoplastic-elastomers
https://www.avient.com/products/polymer-additives/reheat-additives-pet/colormatrix-smartheat-rhc
https://www.avient.com/resource-center/services/cycleworks-innovation-center-plastic-recycling
https://www.avient.com/products/engineered-polymer-formulations/sustainable-formulations/nymax-rec-recycled-nylon-formulations
https://www.avient.com/products/polymer-additives/antioxidant-additives
https://www.dyneema.com/latest-news/dyneema-unveils-breakthrough-innovation
https://www.avient.com/resource-center/services/avient-color-prediction-service
https://www.avient.com/products/thermoplastic-elastomers/resound-rec-recycled-content-thermoplastic-elastomers
REDUCE
Avient’s portfolio of REDUCE solutions include design and materials solutions that enable customers to reduce weight, energy
consumption and emissions.
https://www.avient.com/sites/default/files/2024-08/Avient 2023 Sustainability Report_6.pdf
Plastics Pact
Product Innovation
Protects Quality Recycle
Cesa™ A4R Nox A4R Additives for Enhanced Recycling
Innovation Award, Finalist:
Plastics Industr y Association
Product Technology Innovation, Finalist:
Plastics Recycling Awards Europe 2023
2023 Sustainability Innovation Awards
Avient’s sustainable solutions portfolio is not only enabling our customer’s commitments, it is also receiving recognition for
product and technology innovation.
HOME | Contents | Message from the CEO | About Us | People | Products | Planet | Per formance | Metrics | Index Sustainability Report | 2023 41
https://www.avient.com/resource-center/services/avient-color-prediction-service
https://www.avient.com/products/thermoplastic-elastomers/resound-ultra-low-carbon-footprint-tpes
https://www.avient.com/products/polymer-additives/antioxidant-additives/cesa-nox-a4r-additive-enhanced-recycling
https://www.plasticsindustry.org/refocus-sustainability-innovation-awards-program/
https://www.prseventeurope.com/prse2024/en/page/2023-winners
https://www.plasticsindustry.org/refocus-sustainability-innovation-awards-program/
https://usplasticspact.org/
https://www.plasticsindustry.org/refocus-sustainability-innovation-awards-program/
https://www.prseventeurope.com/prse2024/en/page/2023-winners
RENEW
Avient’s portfolio of RENEW solutions are designed to advance the circular economy.
HIGHLIGHTS from 2023:
Key Markets
Key Customer Challenges
• Meet aggressive sustainability goals
• Develop strategies to minimize plastic waste
• Increase post consumer recycle (PCR) utilization
and PCR availability
• Meet legislation requirements
Avient Solutions & Services
• Solutions enabling increased use of PCR content
• Specialty solutions incorporating recycle and
biobased content
• PCR Color Predictive Ser vice, enabling increased
use of recycled content
• Avient Design Ser vices to enable circular
solutions
LEARN MORE
Avient Sustainability
RENEW
Packaging Consumer Transportation
35-60%
BIO-RENEWABLE CONTENT
reSound™ BIO
Thermoplastic Elastomers
LEARN MORE
35%
LOWER CARBON EMISSIONS
ColorMatrix™ SmartHeat™
RHC PCR Performance Additives
LEARN MORE
EXPANDS
PCR USAGE
Design for Recycling
CycleWorks™ Center for
Mechanical Recycling
LEARN MORE
60%
Nymax™ REC Recycled Nylon
Formulations
LEARN MORE
RECYCLE
CONTENT
ENABLES
100%
PCR UTILIZATION
Cesa™ Nox A4R
Additives for Enhanced
Recycling
LEARN MORE
BIOBASED FIBER
ENABLING
10-20%
LIGHTER WEIGHT
SOLUTIONS
Dyneema® SB301
Biobased UD Fiber
LEARN MORE
85%
PCR Color Prediction Service
Winner: Innovation Award, Plastics Industry Association & Product
Technology Innovation, Plastics Recycling Awards Europe 2023
LEARN MORE
OF CONSUMERS CHOOSE
BASED ON COLOR
35-40%
RECYCLED CONTENT
reSound™ REC PCR TPE for
Automotive Interiors
LEARN MORE
HOME | Contents | Message from the CEO | About Us | People | Products | Planet | Per formance | Metrics | Index Sustainability Report | 2023 42Sustainability Report | 2023 42
https://www.avient.com/company/sustainability/sustainable-solutions-portfolio
https://www.avient.com/products/thermoplastic-elastomers/resound-bio-thermoplastic-elastomers
https://www.avient.com/products/polymer-additives/reheat-additives-pet/colormatrix-smartheat-rhc
https://www.avient.com/resource-center/services/cycleworks-innovation-center-plastic-recycling
https://www.avient.com/products/engineered-polymer-formulations/sustainable-formulations/nymax-rec-recycled-nylon-formulations
https://www.avient.com/products/polymer-additives/antioxidant-additives
https://www.dyneema.com/latest-news/dyneema-unveils-breakthrough-innovation
https://www.avient.com/resource-center/services/avient-color-prediction-service
https://www.avient.com/products/thermoplastic-elastomers/resound-rec-recycled-content-thermoplastic-elastomers
REDUCE
Avient’s portfolio of REDUCE solutions include design and materials solutions that enable customers to reduce weight, energy
consumption and emissions.
https://www.avient.com/sites/default/files/2021-09/avnt-seaport-conference-presentation.pdf
& Canada
50%
EMEA
26%
Asia
16%
Latin America
8%
2021 YTD SEGMENT, END MARKET AND GEOGRAPHY
36
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
23%
Packaging
20%
Industrial
16%
Building and
Construction
9%
Telecommunications
4%
Energy
2%
END MARKET REVENUE
(1) Total company sales and EBITDA of $2,398M and $320M, respectively, include intercompany sales eliminations and corporate costs
All charts reflect YTD financials through June 30
$1,234M
$228M
$457M
$87M
$767M
$48M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$320M$2,398M
(1)
Transportation
12%
Healthcare
14%
Packaging
34%
Consumer
21%
Healthcare
7%
Industrial
16%
Building &
Construction
10%
Transportation
9%
Energy
2% Telecommunications
1%
C O L O R , A D D I T I V E S & I N K S
2 0 2 1 Y T D R E V E N U E | $ 1 . 2 B I L L I O N
US & Canada
31%
EMEA
42%
Asia
21%
Latin America
6%
END MARKET REGION
37
All charts reflect 2021 YTD financials through June 30
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
Consumer
28%
Healthcare
10%
Packaging
6%
Telecommunications
16%
Industrial
12%
Transportation
11%
Building &
Construction
10%
Energy
7%
2 0 2 1 Y T D R E V E N U E | $ 4 5 7 M I L L I O N
END MARKET
US & Canada
54%
EMEA
26%
Asia
20%
REGION
38
All charts reflect 2021 YTD financials through June 30
D I S T R I B U T I O N
Healthcare
27%
Consumer
22%
Packaging
5%
Industrial
20%
Transportation
16%
Building and
Construction
8%
Energy
1%
Telecommunications
1%
US & Canada
81%
Asia
4%
Latin
America
15%
END MARKET REGION
K E Y S U P P L I E R S
2 0 2 1 Y T D R E V E N U E | $ 7 6 7 M I L L I O N
39
All charts reflect 2021 YTD financials through June 30
T O T A L C O M PA N Y R E G I O N A L S A L E S
B Y E N D M A R K E T
Packaging
30%
Consumer
27%Healthcare
11%
Industrial
15%
Building &
Construction
5%
Telecommunications
2% Energy
2%
Asia
(16% of sales)
Transportation
8%
Packaging
32%
Consumer
13%
Healthcare
5%
Industrial
18%
Building &
Construction
11%
Telecommunications
5%
Energy
4%
EMEA
(26% of sales)
Transportation
12%
40
Consumer
25%
Healthcare
19%
Packaging
11%
Industrial
16%
Building &
Construction
10%
Telecommunications
4%
Energy
2%
US &
Canada
(50% of sales)
Transportation
13%
Packaging
40%
Consumer
33%
Healthcare
4%
Industrial
10%
Building &
Construction
5%
Telecommunications
1%
LATAM
(8% of sales)
Transportation
7%
All charts reflect 2021 YTD financials through June 30
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 108.1 $ 14.2 $ 122.3
Income from continuing operations before income taxes $ 89.8 $ 14.2 $ 104.0
Income tax expense - GAAP (20.4) — (20.4)
Income tax impact of special items — (3.4) (3.4)
Tax adjustments — 0.9 0.9
Net income attributable to noncontrolling interests (0.6) — (0.6)
Net income from continuing operations attributable to Avient shareholders $ 68.8 $ 11.7 $ 80.5
Net income / EPS $ 0.74 $ 0.13 $ 0.87
Weighted-average diluted shares 92.4 92.4 92.4
Three Months Ended
September 30, 2020
Reconciliation to Condensed Consolidated Statements of Income
GAAP
Results
Special
Items
Adjusted
Results
Operating income $ 33.5 $ 40.4 $ 73.9
Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3
Income tax expense - GAAP (2.7) — (2.7)
Income tax impact of special items — (12.7) (12.7)
Tax adjustments — 3.0 3.0
Net income attributable to noncontrolling interests (0.9) — (0.9)
Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0
Net income / EPS $ 0.02 $ 0.44 $ 0.46
Weighted-average diluted shares 91.9 91.9 91.9
Three Months Ended
Year Ended
December 31,
Reconciliation to Pro Forma Adjusted EBITDA
June 30,
2021
March 31,
2021
June 30,
2020 2020 2019
Net income from continuing operations – GAAP $ 69.4 $ 79.7 $ 23.4 $ 133.8 $ 75.7
Income tax expense 20.4 22.9 7.9 5.2 33.7
Interest expense 19.5 19.3 16.2 74.6 59.5
Depreciation and amortization from continuing operations 33.8 37.1 20.9 115.0 78.1
EBITDA $ 143.1 $ 159.0 $ 68.4 $ 328.6 $ 247.0
Special items, before tax 14.2 2.4 2.4 66.2 61.7
Interest expense included in special items — — (0.5) (10.1) —
Depreciation and amortization included in special items 1.4 (0.5) (1.2) (3.2) —
Adjusted EBITDA $ 158.7 $ 160.9 $ 69.1 $ 381.6 $ 308.7
Clariant MB pro forma adjustments(1) — — 37.0 75.1 133.2
Pro forma adjusted EBITDA $ 158.7 $ 160.9 $ 106.1 $ 456.7 $ 441.9
(1) Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects to the financing for the acquisition
1
Reconciliation of EBITDA by Segment
Three Months Ended
June 30,
Six
Months
Ended
June 30,
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 483.3 $ 1,502.9 $ 1,003.8
Specialty Engineered Materials 240.6 158.8 457.1 344.1 708.8 745.7
Distribution 404.4 238.8 767.1 528.3 1,110.3 1,192.2
Corporate and eliminations (34.2) (15.3) (60.4) (35.1) (79.9) (79.0)
Sales $ 1,235.2 $ 609.1 $ 2,397.5 $ 1,320.6 $ 3,242.1 $ 2,862.7
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 180.8 $ 147.4 $ 158.5
Specialty Engineered Materials 37.3 17.0 71.5 94.4 83.7 72.3
Distribution 23.7 14.6 47.7 69.5 75.4 71.5
Corporate and eliminations (39.2) (25.9) (65.8) (155.4) (149.7) (123.7)
Operating income $ 108.1 $ 38.0 $ 228.5 $ 189.3 $ 156.8 $ 178.6
Items below OI in Corporate:
Other income, net $ 1.2 $ 9.5 $ 2.7 $ 24.3 $ 12.1 $ (12.9)
Depreciation & amortization:
Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 75.1 $ 42.7 $ 44.3
Specialty Engineered Materials 8.1 7.6 15.9 30.0 29.5 23.2
Distribution 0.2 0.1 0.4 0.7 0.5 0.7
Corporate and eliminations 0.2 2.6 2.0 9.2 5.4 4.4
Depreciation & Amortization $ 33.8 $ 20.9 $ 70.9 $ 115.0 $ 78.1 $ 72.6
EBITDA:
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 255.9 $ 190.1 $ 202.8
Specialty Engineered Materials 45.4 24.6 87.4 124.4 113.2 95.5
Distribution 23.9 14.7 48.1 70.2 75.9 72.2
Corporate and eliminations (39.0) (23.3) (63.8) (146.2) (144.3) (119.3)
EBITDA $ 143.1 $ 68.4 $ 302.1 $ 328.6 $ 247.0 $ 238.3
EBITDA as a % of Sales:
Color, Additives and Inks 17.9 % 18.9 % 18.5 % 17.0 % 18.9 % 19.4 %
Specialty Engineered Materials 18.9 % 15.5 % 19.1 % 17.6 % 15.2 % 14.8 %
Distribution 5.9 % 6.2 % 6.3 % 6.3 % 6.4 % 5.7 %
2
Reconciliation of Pro Forma EBITDA
- Color, Additives and Inks
Three Months Ended
June 30,
Six
Months
Ended
June 30,
Year Ended
December 31,
2021 2020 2021 2020 2019 2018
Sales:
Color, Additives and Inks $ 624.4 $ 226.8 $ 1,233.7 $ 1,502.9 $ 1,003.8 $ 1,046.5
Clariant MB pro forma
adjustments(1) — 261.1 — 540.4 1,118.6 1,209.8
Pro forma sales $ 624.4 $ 487.9 $ 1,233.7 $ 2,043.3 $ 2,122.4 $ 2,256.3
Operating income:
Color, Additives and Inks $ 86.3 $ 32.3 $ 175.1 $ 180.8 $ 147.4 $ 158.5
Clariant MB pro forma
adjustments(1) — 22.0 — 45.0 72.9 80.3
Pro forma operating income $ 86.3 $ 54.3 $ 175.1 $ 225.8 $ 220.3 $ 238.8
Depreciation & amortization:
Color, Additives and Inks $ 25.3 $ 10.6 $ 52.6 $ 75.1 $ 42.7 $ 44.3
Clariant MB pro forma adjustments(1) — 15.0 — 30.1 60.3 61.2
Pro forma depreciation & amortization $ 25.3 $ 25.6 $ 52.6 $ 105.2 $ 103.0 $ 105.5
EBITDA
Color, Additives and Inks $ 111.6 $ 42.9 $ 227.7 $ 255.9 $ 190.1 $ 202.8
Clariant MB pro forma
adjustments(1) — 37.0 — 75.1 133.2 141.5
Pro forma EBITDA $ 111.6 $ 79.9 $ 227.7 $ 331.0 $ 323.3 $ 344.3
Pro forma EBITDA as a % of Sales 17.9 % 16.4 % 18.5 % 16.2 % 15.2 % 15.3 %
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Three Months Ended
June 30, 2020
Reconciliation of Pro Forma Adjusted Earnings per
Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 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
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
3
Year Ended
December 31, 2020
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 3,242.1 $ — $ 3,242.1 $ 540.4 $ 3,782.5
Operating income $ 189.3 $ 73.7 $ 263.0 $ 45.0 $ 308.0
Interest expense, net (74.6) 10.1 (64.5) (18.1) (82.6)
Other income, net 24.3 (17.6) 6.7 — 6.7
Income taxes (5.2) (41.4) (46.6) (6.2) (52.8)
Net income attributable to noncontrolling
interests (1.8) — (1.8) — (1.8)
Net income from continuing operations
attributable to Avient shareholders $ 132.0 $ 24.8 $ 156.8 $ 20.7 $ 177.5
Weighted average diluted shares 90.6
Impact to diluted shares from January 2020 equity offering 1.5
Pro forma weighted average diluted shares 92.1
Pro forma adjusted EPS $ 1.93
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
Year Ended
December 31, 2019
Reconciliation of Pro Forma Adjusted
Earnings per Share Avient
Special
Items
Adjusted
Avient
Clariant MB
Pro Forma
Adjustments(1)
Pro Forma
Adjusted
Avient
Sales $ 2,862.7 $ — $ 2,862.7 $ 1,118.6 $ 3,981.3
Operating income $ 156.8 $ 71.7 $ 228.5 $ 72.9 $ 301.4
Interest expense, net (59.5) — (59.5) (33.4) (92.9)
Other income, net 12.1 (10.0) 2.1 — 2.1
Income taxes (33.7) (5.9) (39.6) (9.1) (48.7)
Net income attributable to noncontrolling
interests (0.2) — (0.2) — (0.2)
Net income from continuing operations
attributable to Avient shareholders $ 75.5 $ 55.8 $ 131.3 $ 30.4 $ 161.7
Weighted average diluted shares 77.7
Impact to diluted shares from January 2020 equity offering 15.3
Pro forma weighted average diluted shares 93.0
Pro forma adjusted EPS $ 1.74
(1) - Pro forma adjustments for the periods prior to the acquisition date (July 1, 2020) and to give effects of the financing for the acquisition
4
AVNT Seaport Conference Presentation.pdf
AVNT Q2 2021 Earnings Presentation - Website.pdf
AVNT Q2 2021 Earnings Presentation - Website.pdf
Final - 7.19 1158am Q2 21 IR Deck Version v2