https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
AVNT-2022.09.30-News Release
1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Avient Announces Third Quarter 2022 Results
• Completed the acquisition of DSM Protective Materials (including Dyneema®) on
September 1st and the sale of the Distribution business on November 1st
• $750 million of after-tax proceeds from the sale of Distribution used to redeem all Senior
Unsecured Notes due in 2023 and pay down a portion of term loan debt
• GAAP EPS from continuing operations of ($0.30) includes special items of ($0.75)
primarily associated with acquisition-related costs and an adjustment to environmental
reserves
• Adjusted EPS excluding intangible amortization of $0.59 is in line with the company’s
guidance of $0.58 provided on September 27th
• Revised full year adjusted EPS guidance to $2.60 primarily as a result of recently
announced COVID lockdowns
CLEVELAND – November 2, 2022 – Avient Corporation (NYSE: AVNT), a leading provider of
specialized and sustainable solutions, today announced its third quarter 2022 results.
We completed the acquisition of
APM and the sale of our Distribution business, and are using the net proceeds to pay down near-
term maturing debt as previously announced.”
https://www.avient.com/sites/default/files/2024-01/AVNT January IR Presentation_w Non-Gaap Recs.pdf
W H AT W E D O : W E A R E A F O R M U L ATO R
CUSTOM
FORMULATION
6
N O V E M B E R 2 , 2 0 2 3
W E B C A S T
P R E S E N T AT I O N
Complementary technologies and
customer relationships offer opportunity to
advance commercial strategy
Dyneema®, the world’s strongest fiber™, to
accelerate growth of sustainable, ultralight
and high performance applications
AVIENT PROTECTIVE MATERIALS
FIRST YEAR
8
Composites comprises over half of
Specialty Engineered Materials,
compared to 9% in 2016
Proven history of success in areas
such as outdoor high performance,
defense and sustainable solutions
Composites
44%
56%
2023E
Sales
Collaboration & InnovationComposites as a % of SEM People & Culture
Talented, passionate, and
creative associates drive
continued integration success
and allow two cultures to come
together as one Avient
Lightweight Protective Laminates:
PROJECTILE PROTECTION
Dyneema® Fiber Solutions
Cushioning + Fit + Comfort:
LONG-TERM WEAR
reSound™ Versaflex™ Thermoplastic Elastomers
Strength + Durability + Light-Weighting:
SOLID MOUNTING BRACKETS
Nymax™ Bergamid™ Complēt™ Engineered Materials
Durability + Lubricity:
HELMET LATCHES
Lubri-One™ Internally Lubricated Polymers
Color Consistency and Weatherability
CUSTOMIZED SPECIFICATIONS
Avient Color and Additive Solutions
Antennae Performance
FAST, RELIABLE CONNECTIONS
PREPERM™ Low-Loss Dielectric Thermoplastics
AVIENT PROTECTIVE MATERIALS
C R O S S S E L L I N G O P P O R T U N I T I E S
Wired Connections
CONSTANT COMMUNICATION
Syncure™ Cross-linkable Wire & Cable Formulations9
10
AVIENT PROTECTIVE MATERIALS
C R O S S S E L L I N G O P P O R T U N I T I E S
10
Q 3 P E R F O R M A N C E
15.4%
16.3%
2022 PF 2023
Results vs.
Further, as a result of Avient's portfolio shift to a pure play specialty formulator, it has completed several
acquisitions and divestitures which have resulted in a significant amount of intangible asset amortization.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Indonesia %28English translation%29.pdf
Buyer shall accept, as full and complete
performance by Seller, deliveries in accordance with such
determinations as Seller may make.
These Terms, together with (i) the product description,
quantity, price, and payment terms stated on Seller’s order
confirmation, (ii) any credit agreement, and (iii) the Specifications,
if any, constitute the complete and final agreement and
understanding between Seller and Buyer relating to the Product and
supersede all prior oral or written communications, agreements,
understandings, representations, statements, and assurances between
the parties.
https://www.avient.com/sites/default/files/2020-10/investing-in-avient.pdf
Just a few months ago, we completed the acquisition of the Clariant Masterbatch
business, the largest acquisition in the 20-year history of our company.
Our free cash flow supports
shareholder value creation through
investing in R&D for organic growth,
completing bolt-on acquisitions, and
returning cash to shareholders via our
dividend program and opportunistic
share repurchases.
18 1.
https://www.avient.com/sites/default/files/2023-11/AVNT November IR Presentation.pdf
W H AT W E D O : W E A R E A F O R M U L ATO R
6
CUSTOM
FORMULATION
N O V E M B E R 2 , 2 0 2 3
W E B C A S T
P R E S E N T AT I O N
Complementary technologies and
customer relationships offer opportunity to
advance commercial strategy
Dyneema®, the world’s strongest fiber™, to
accelerate growth of sustainable, ultralight
and high performance applications
AVIENT PROTECTIVE MATERIALS
FIRST YEAR
8
Composites comprises over half of
Specialty Engineered Materials,
compared to 9% in 2016
Proven history of success in areas
such as outdoor high performance,
defense and sustainable solutions
Composites
44%
56%
2023E
Sales
Collaboration & InnovationComposites as a % of SEM People & Culture
Talented, passionate, and
creative associates drive
continued integration success
and allow two cultures to come
together as one Avient
Lightweight Protective Laminates:
PROJECTILE PROTECTION
Dyneema® Fiber Solutions
Cushioning + Fit + Comfort:
LONG-TERM WEAR
reSound™ Versaflex™ Thermoplastic Elastomers
Strength + Durability + Light-Weighting:
SOLID MOUNTING BRACKETS
Nymax™ Bergamid™ Complēt™ Engineered Materials
Durability + Lubricity:
HELMET LATCHES
Lubri-One™ Internally Lubricated Polymers
Color Consistency and Weatherability
CUSTOMIZED SPECIFICATIONS
Avient Color and Additive Solutions
Antennae Performance
FAST, RELIABLE CONNECTIONS
PREPERM™ Low-Loss Dielectric Thermoplastics
AVIENT PROTECTIVE MATERIALS
C R O S S S E L L I N G O P P O R T U N I T I E S
Wired Connections
CONSTANT COMMUNICATION
Syncure™ Cross-linkable Wire & Cable Formulations9
10
AVIENT PROTECTIVE MATERIALS
C R O S S S E L L I N G O P P O R T U N I T I E S
10
Q 3 P E R F O R M A N C E
15.4%
16.3%
2022 PF 2023
Results vs.
Further, as a result of Avient's portfolio shift to a pure play specialty formulator, it has completed several
acquisitions and divestitures which have resulted in a significant amount of intangible asset amortization.
https://www.avient.com/sites/default/files/2020-11/investing-in-avient_0.pdf
Just a few months ago, we completed the acquisition of the Clariant Masterbatch
business, the largest acquisition in the 20-year history of our company.
Our free cash flow supports
shareholder value creation through
investing in R&D for organic growth,
completing bolt-on acquisitions, and
returning cash to shareholders via our
dividend program and opportunistic
share repurchases.
18 1.
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Presentation.pdf
GUIDANCE
DEBT / LEVERAGE R EDUCTION
• Completed sale of Distribution
and paid down $750M of debt
in November
• Strong free cash flow in fourth
quarter reduced leverage and
enabled paydown of additional
$200M of debt
• Fixed/Floating Debt Ratio 63/37
• Proven track record of
deleveraging following
acquisitions through consistent
free cash flow generation
$725 $725 $725
$575 $500 $400
$600
$525
$425
$650
$650
$650
$600
$2.40B
$2.20B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
After Distribution
Divestiture
Year-End
4
Year-End
Leverage
3.8x 3.1x 2.9x
2023 Notes
After Avient
Protective Materials
Acquisition
$3.15B
20 22 TRA NSF OR MATI ONAL PORTFOLI O
ENHA NC EMENTS
5
EBITDA margins expanded
from 12% to 16%
Diversified end markets
with reduced exposure to
more cyclical industries
Dyneema®
Acquisition
$1.48B acquisition
strengthens composites
platform
Significantly improved
EBITDA margins $950M divestiture results
in 100% specialty sales
Strong exit multiple of 10x
TTM EBITDA despite
market volatility
Distribution
Divestiture
Improved
Portfolio
G ROW I NG C OM PO SI T ES P LAT F OR M
C O NT R I BU TI O NS TO S EM S EG ME NT
6
Note: 2022 is pro forma for Avient Protective Materials
2016 Sales 2022 Sales
Advanced
Composites
51%
$560M $1,300M
Advanced
Composites
9%
C O M P O S I T E S P O R T F O L I O
D Y N E E M A ® E X P A N D S O U R E N G I N E E R E D F I B E R S A N D T A P E S T E C H N O L O G Y
LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers
7
ADVA NC ED C OM POSI TES PERFORMA NCE
8 (1) Pro forma for the acquisition of Avient Protective Materials
Sales
$51
$84
$212
$668
2016 2018 2020 2022
$4
$10
$41
$169
2016 2018 2020 2022
EBITDA
(1) (1)
($ in millions)
PORTFOLIO EVOLUTION AND EPS EXPANSION
9
Adj.
Further, as a result of Avient's portfolio shift to a pure play specialty formulator, it has
completed several acquisitions and divestitures which have resulted in a significant amount of intangible asset amortization.
https://www.avient.com/sites/default/files/resources/Polyolefins%2520Product%2520Selection%2520Guide.pdf
11.866.POLYONE www.polyone.com
MAXXAM™
FILLED & REINFORCED
POLYOLEFINS
PRODUCT SELECTION GUIDE
2
31.866.POLYONE www.polyone.com
MAXXAM™
FILLED &
REINFORCED
POLYOLEFINS
PolyOne manufactures a complete
line of filled and reinforced polymer
polyolefins for injection molding
and blow molding.
Focused on sustainable growth platforms, we support you with:
• Twin-screw compounding, drum tumbler mixing, injection molding and compression
molding
• Full physical, analytical, weathering and burn testing capabilities designed to shorten the
time to market for new products and applications
• State-of-the-art innovation centers complete with customer meeting space for real time
analysis and collaboration
Our global experience in developing filled or fiber reinforced formulations provides unmatched
value for you!
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for France.pdf
Buyer shall accept, as full and complete performance by Seller, deliveries
in accordance with such determinations as Seller may make.
These Terms, together with (i) the product description, quantity, price, and payment terms stated on Seller’s
order confirmation, (ii) any credit agreement, and (iii) the Specifications, if any, constitute the complete and final agreement
and understanding between Seller and Buyer relating to the Product and supersede all prior oral or written communications,
agreements, understandings, representations, statements, and assurances between the parties.
https://www.avient.com/sites/default/files/2022-04/Sustainable Material Answers_ Circular Economy 2022_1.pdf
The
Dutch government has set an ambitious goal for a complete circular economy
by 2050.