https://www.avient.com/sites/default/files/2021-04/avnt-first-quarter-2021-news-release.pdf
For the same
reasons, the Company is unable to address the probable significance of the unavailable
information.
6
Investor Relations Contact:
Giuseppe (Joe) Di Salvo
Vice President, Treasurer and Investor Relations
Avient Corporation
+1 440-930-1921
giuseppe.disalvo@avient.com
Media Contact:
Kyle G.
2) Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position
reserves and deferred income tax valuation allowance adjustments.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents $ 594.5 $ 649.5
Accounts receivable, net 642.2 516.6
Inventories, net 357.0 327.5
Other current assets 122.7 108.5
Total current assets 1,716.4 1,602.1
Property, net 675.5 694.9
Goodwill 1,281.9 1,308.1
Intangible assets, net 973.3 1,008.5
Operating lease assets, net 80.9 80.9
Other non-current assets 181.4 176.0
Total assets $ 4,909.4 $ 4,870.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 18.8 $ 18.6
Accounts payable 529.6 471.7
Current operating lease obligations 24.3 25.1
Accrued expenses and other current liabilities 290.9 285.6
Total current liabilities 863.6 801.0
Non-current liabilities:
Long-term debt 1,852.7 1,854.0
Pension and other post-retirement benefits 111.3 115.0
Non-current operating lease obligations 56.8 56.0
Other non-current liabilities 303.0 332.8
Total non-current liabilities 2,323.8 2,357.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 1,707.0 1,697.1
Noncontrolling interest 15.0 14.6
Total equity 1,722.0 1,711.7
Total liabilities and equity $ 4,909.4 $ 4,870.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2021 2020
Operating Activities
Net income $ 79.7 $ 32.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 36.6 19.9
Accelerated depreciation and amortization 0.5 —
Share-based compensation expense 2.7 2.1
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (137.6) (56.9)
Increase in inventories (35.1) (13.0)
Increase in accounts payable 67.3 44.6
Decrease in pension and other post-retirement benefits (7.1) (3.2)
Increase in post-acquisition earnout liabilities — 1.0
Decrease in accrued expenses and other assets and liabilities, net (3.4) (19.1)
Payment of post-acquisition date earnout liability — (21.0)
Net cash provided (used) by operating activities 3.6 (12.8)
Investing activities
Capital expenditures (16.5) (11.1)
Net proceeds from divestiture — 7.1
Net proceeds (used) provided by other assets (2.0) 5.2
Net cash (used) provided by investing activities (18.5) 1.2
Financing activities
Purchase of common shares for treasury (4.2) (13.6)
Cash dividends paid (19.5) (15.6)
Repayment of long-term debt (2.3) (2.0)
Payments of withholding tax on share awards (3.1) (1.3)
Equity offering proceeds, net of underwriting discount and issuance costs — 496.3
Payment of acquisition date earnout liability — (32.9)
Net cash (used) provided by financing activities (29.1) 430.9
Effect of exchange rate changes on cash (11.0) (3.8)
(Decrease) increase in cash and cash equivalents (55.0) 415.5
Cash and cash equivalents at beginning of year 649.5 864.7
Cash and cash equivalents at end of period $ 594.5 $ 1,280.2
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income 43.1 0.4 196.8 243.3
Net income (loss) from continuing operations attributable to Avient
shareholders 27.8 (17.0) 75.8 82.8
Diluted earnings (loss) per share from continuing operations attributable
$ 0.30 $ (0.19) $ 0.83 $ 0.90
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
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 (Unaudited)
(In millions)
Year Ended
December 31,
2023 2022
ASSETS
Current assets:
Cash and cash equivalents $ 545.8 $ 641.1
Accounts receivable, net 399.9 440.6
Inventories, net 347.0 372.7
Other current assets 114.9 115.3
Total current assets 1,407.6 1,569.7
Property, net 1,028.9 1,049.2
Goodwill 1,719.3 1,671.9
Intangible assets, net 1,590.8 1,597.6
Operating lease assets, net 65.3 60.4
Other non-current assets 156.6 136.2
Total assets $ 5,968.5 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 9.5 $ 2.2
Accounts payable 432.3 454.4
Current operating lease obligations 16.6 17.0
Accrued expenses and other current liabilities 315.2 395.8
Total current liabilities 773.6 869.4
Non-current liabilities:
Long-term debt 2,070.5 2,176.7
Pension and other post-retirement benefits 67.2 67.2
Deferred income taxes 281.6 342.5
Non-current operating lease obligations 43.2 40.9
Other non-current liabilities 394.4 235.5
Total non-current liabilities 2,856.9 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,319.2 2,334.5
Noncontrolling interest 18.8 18.3
Total equity 2,338.0 2,352.8
Total liabilities and equity $ 5,968.5 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2023 2022
Operating activities
Net income $ 76.2 $ 703.4
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of business, net of tax expense — (550.1)
Depreciation and amortization 186.9 157.6
Accelerated depreciation 1.9 5.5
Amortization of inventory step-up — 34.4
Deferred income tax (benefit) expense (61.3) 0.5
Share-based compensation expense 13.2 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
Decrease in accounts receivable 38.6 32.6
Decrease in inventories 24.3 14.0
(Decrease) increase in accounts payable (22.2) 10.7
(Decrease) increase in pension and other post-retirement benefits (15.1) 7.1
Taxes paid on gain on sale of business (104.1) (2.8)
Accrued expenses and other assets and liabilities, net 63.2 (27.7)
Net cash provided by operating activities 201.6 398.4
Investing activities
Capital expenditures (119.4) (105.5)
Business acquisitions, net of cash acquired — (1,426.1)
Settlement of foreign exchange derivatives — 93.3
Net proceeds from divestiture 7.3 928.2
Proceeds from plant closures 7.6 6.1
Other investing activities 10.3 —
Net cash used by investing activities (94.2) (504.0)
Financing activities
Debt offering proceeds — 1,300.0
Purchase of common shares for treasury — (36.4)
Cash dividends paid (90.2) (86.8)
Repayment of long-term debt (105.8) (956.8)
Payments on withholding tax on share awards (3.4) (4.3)
Debt financing costs (2.3) (49.3)
Net cash (used) provided by financing activities (201.7) 166.4
Effect of exchange rate changes on cash (1.0) (20.9)
(Decrease) increase in cash and cash equivalents (95.3) 39.9
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of year $ 545.8 $ 641.1
12
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income 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/resources/PolyOne%2520IR%2520Presentation%2520%25E2%2580%2593%2520Recast%2520Financial%2520Information%2520for%2520Discontinued%2520Operations.pdf
Slide 6 - Non-GAAP Reconciliations
Reflects a reconciliation of each non-GAAP financial measure with the most directly comparable GAAP financial measure for these recast historical financial results.
Table of Contents
POLYONE CORPORATION 3
GAAP Financial Information Recast for DSS Divestiture
Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD
Sales 759.6$ 838.7$ 821.1$ 754.4$ 3,173.8$ 828.7$ 841.5$ 806.1$ 741.7$ 3,218.0$ 754.0$ 775.5$ 729.2$ 665.4$ 2,924.1$
Cost of sales 598.6 657.1 661.4 657.0 2,574.1 660.2 674.2 644.1 602.7 2,581.2 589.9 599.6 564.2 518.9 2,272.6
Gross margin 161.0 181.6 159.7 97.4 599.7 168.5 167.3 162.0 139.0 636.8 164.1 175.9 165.0 146.5 651.5
Selling and administrative 104.8 108.5 104.2 66.1 383.6 112.5 118.0 104.1 151.6 486.2 93.8 97.2 90.7 112.2 393.9
Income from equity affiliates and minority interest 0.1 - - 26.8 26.9 - - - - - - - - - -
Operating income (loss) 56.3 73.1 55.5 58.1 243.0 56.0 49.3 57.9 (12.6) 150.6 70.3 78.7 74.3 34.3 257.6
Interest expense, net (15.6) (16.6) (15.9) (15.2) (63.3) (15.5) (15.7) (15.4) (15.5) (62.1) (16.1) (16.2) (16.2) (15.5) (64.0)
Premium on early extinguishment of debt (10.6) - (5.2) - (15.8) - - - - - - - - (16.4) (16.4)
Other income (expense), net 1.5 (1.3) (1.5) - (1.3) (0.7) (0.4) (1.6) (1.4) (4.1) (0.6) (1.2) (1.7) 0.3 (3.2)
Income (loss) before income taxes 31.6 55.2 32.9 42.9 162.6 39.8 33.2 40.9 (29.5) 84.4 53.6 61.3 56.4 2.7 174.0
Income tax (expense) benefit (10.8) (21.6) (13.4) (16.6) (62.4) (10.7) (2.6) (12.0) 15.6 (9.7) (23.3) 4.3 (8.8) 2.3 (25.5)
Net income (loss) from continuing operations 20.8 33.6 19.5 26.3 100.2 29.1 30.6 28.9 (13.9) 74.7 30.3 65.6 47.6 5.0 148.5
Net (loss) income from discontinued operations, net of income taxes (5.7) 147.0 3.3 (2.1) 142.5 0.1 0.9 3.8 (1.1) 3.7 (0.1) 1.4 (3.1) (2.0) (3.8)
Net income (loss) 15.1 180.6 22.8 24.2 242.7 29.2 31.5 32.7 (15.0) 78.4 30.2 67.0 44.5 3.0 144.7
Less: Non-controlling interest 0.2 0.3 0.2 0.4 1.1 0.2 0.2 - 0.4 0.8 - (0.2) - 0.1 (0.1)
Net income (loss) attributable to PolyOne common shareholders 15.3$ 180.9$ 23.0$ 24.6$ 243.8$ 29.4$ 31.7$ 32.7$ (14.6)$ 79.2$ 30.2$ 66.8$ 44.5$ 3.1$ 144.6$
Earnings per share attributable to PolyOne common shareholders - Basic
Continuing operations 0.23$ 0.35$ 0.21$ 0.28$ 1.06$ 0.31$ 0.33$ 0.32$ (0.15)$ 0.82$ 0.34$ 0.73$ 0.55$ 0.06$ 1.69$
Discontinued operations (0.06)$ 1.50$ 0.03$ (0.02)$ 1.49$ -$ 0.01$ 0.04$ (0.01)$ 0.04$ -$ 0.02$ (0.04)$ (0.02)$ (0.04)$
Total 0.17$ 1.85$ 0.24$ 0.26$ 2.55$ 0.31$ 0.34$ 0.36$ (0.16)$ 0.86$ 0.34$ 0.75$ 0.51$ 0.04$ 1.65$
Earnings per share attributable to PolyOne common shareholders - Diluted
Continuing operations 0.22$ 0.34$ 0.20$ 0.27$ 1.05$ 0.31$ 0.33$ 0.31$ (0.15)$ 0.81$ 0.34$ 0.73$ 0.54$ 0.06$ 1.67$
Discontinued operations (0.06)$ 1.49$ 0.04$ (0.02)$ 1.48$ -$ 0.01$ 0.04$ (0.01)$ 0.04$ -$ 0.01$ (0.04)$ (0.02)$ (0.04)$
Total 0.16$ 1.83$ 0.24$ 0.25$ 2.53$ 0.31$ 0.34$ 0.35$ (0.16)$ 0.85$ 0.34$ 0.74$ 0.50$ 0.04$ 1.63$
Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017
Sales 738.5$ 758.2$ 746.6$ 694.8$ 2,938.1$ 796.7$
Cost of sales 561.9 576.3 580.5 542.3 2,261.0 614.4
Gross margin 176.6 181.9 166.1 152.5 677.1 182.3
Selling and administrative 106.2 100.1 94.1 90.4 390.8 98.3
Operating income 70.4 81.8 72.0 62.1 286.3 84.0
Interest expense, net (14.6) (14.6) (15.1) (15.4) (59.7) (14.6)
Premium on early extinguishment of debt - (0.4) - - (0.4) (0.3)
Other income (expense), net - 0.1 (0.1) 0.4 0.4 (1.1)
Income before income taxes 55.8 66.9 56.8 47.1 226.6 68.0
Income tax expense (17.6) (16.8) (14.0) (12.0) (60.4) (19.7)
Net income from continuing operations 38.2 50.1 42.8 35.1 166.2 48.3
Net income (loss) from discontinued operations, net of income taxes 0.8 (0.1) (0.5) (1.4) (1.2) (1.4)
Net income 39.0 50.0 42.3 33.7 165.0 46.9
Less: Non-controlling interest 0.1 - - 0.1 0.2 -
Net income attributable to PolyOne common shareholders 39.1$ 50.0$ 42.3$ 33.8$ 165.2$ 46.9$
Earnings per share attributable to PolyOne common shareholders - Basic
Continuing operations 0.45$ 0.59$ 0.51$ 0.43$ 1.98$ 0.58$
Discontinued operations 0.01$ -$ (0.01)$ (0.02)$ (0.01)$ (0.01)$
Total 0.46$ 0.59$ 0.50$ 0.41$ 1.97$ 0.57$
Earnings per share attributable to PolyOne common shareholders - Diluted
Continuing operations 0.45$ 0.59$ 0.51$ 0.42$ 1.96$ 0.58$
Discontinued operations 0.01$ -$ (0.01)$ (0.02)$ (0.01)$ (0.01)$
Total 0.46$ 0.59$ 0.50$ 0.40$ 1.95$ 0.57$
POLYONE CORPORATION 4
Adjusted Financial Information Recast for DSS Divestiture
Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD
Sales 759.6$ 838.7$ 821.1$ 754.4$ 3,173.8$ 828.7$ 841.5$ 806.1$ 741.7$ 3,218.0$ 754.0$ 775.5$ 729.2$ 665.4$ 2,924.1$
Cost of sales 601.6 670.6 656.6 606.9 2,535.7 656.0 660.1 637.0 592.6 2,545.7 588.7 597.4 561.0 511.0 2,258.1
Gross margin 158.0 168.1 164.5 147.5 638.1 172.7 181.4 169.1 149.1 672.3 165.3 178.1 168.2 154.4 666.0
Selling and administrative 102.4 106.2 107.6 107.5 423.7 109.6 108.4 100.0 94.5 412.5 91.6 93.1 88.1 96.5 369.3
Operating income 55.6 61.9 56.9 40.0 214.4 63.1 73.0 69.1 54.6 259.8 73.7 85.0 80.1 57.9 296.7
Interest expense, net (13.7) (16.6) (15.9) (15.2) (61.4) (15.5) (15.7) (15.4) (15.5) (62.1) (16.1) (16.2) (16.2) (15.5) (64.0)
Other income (expense), net 0.1 (1.3) (1.5) - (2.7) (0.7) (0.9) (1.7) (1.5) (4.8) (0.6) (1.2) (1.8) 0.3 (3.3)
Income before income taxes 42.0 44.0 39.5 24.8 150.3 46.9 56.4 52.0 37.6 192.9 57.0 67.6 62.1 42.7 229.4
Income tax expense (14.2) (16.1) (13.5) (9.8) (53.6) (14.9) (18.3) (16.6) (12.0) (61.8) (18.8) (21.3) (19.4) (12.1) (71.6)
Adjusted net income from continuing operations 27.8 27.9 26.0 15.0 96.7 32.0 38.1 35.4 25.6 131.1 38.2 46.3 42.7 30.6 157.8
Less: Non-controlling interest 0.2 0.3 0.2 0.4 1.1 0.2 0.2 - 0.4 0.8 - (0.2) - 0.1 (0.1)
Adjusted net income attributable to PolyOne common shareholders - continuing operations 28.0$ 28.2$ 26.2$ 15.4$ 97.8$ 32.2$ 38.3$ 35.4$ 26.0$ 131.9$ 38.2$ 46.1$ 42.7$ 30.7$ 157.7$
Adjusted earnings per share attributable to PolyOne common shareholders - Diluted 0.30$ 0.28$ 0.27$ 0.15$ 1.01$ 0.34$ 0.41$ 0.38$ 0.28$ 1.41$ 0.43$ 0.51$ 0.48$ 0.36$ 1.78$
Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017
Sales 738.5$ 758.2$ 746.6$ 694.8$ 2,938.1$ 796.7$
Cost of sales 557.8 576.5 576.1 540.7 2,251.1 612.0
Gross margin 180.7 181.7 170.5 154.1 687.0 184.7
Selling and administrative 100.0 93.9 88.3 94.9 377.1 99.0
Operating income 80.7 87.8 82.2 59.2 309.9 85.7
Interest expense, net (14.6) (14.6) (15.1) (15.4) (59.7) (14.6)
Other (expense) income, net (0.2) 0.2 (0.1) 0.3 0.2 (1.2)
Income before income taxes 65.9 73.4 67.0 44.1 250.4 69.9
Income tax expense (21.0) (23.1) (20.7) (11.5) (76.3) (20.7)
Adjusted net income from continuing operations 44.9 50.3 46.3 32.6 174.1 49.2
Less: Non-controlling interest 0.1 - - 0.1 0.2 -
Adjusted net income attributable to PolyOne common shareholders - continuing operations 45.0$ 50.3$ 46.3$ 32.7$ 174.3$ 49.2$
Adjusted earnings per share attributable to PolyOne common shareholders - Diluted 0.53$ 0.59$ 0.55$ 0.39$ 2.06$ 0.59$
POLYONE CORPORATION 5
Business Segment and Data Recast for DSS Divestiture
Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD
Sales:
Color, Additives and Inks 205.3 229.4 219.0 198.6 852.3 219.6 228.7 212.0 190.5 850.8 208.5 217.4 199.9 184.9 810.7
Specialty Engineered Materials 152.9 158.8 157.6 146.2 615.5 157.4 157.8 145.8 137.3 598.3 141.9 139.7 136.0 125.2 542.8
Performance Products and Solutions 166.6 210.3 207.4 188.9 773.2 207.6 211.2 213.0 184.8 816.6 175.9 190.3 175.2 152.7 694.1
PolyOne Distribution 268.0 275.1 275.0 257.1 1,075.2 284.1 287.0 280.5 262.8 1,114.4 265.7 266.8 259.5 242.1 1,034.1
Corporate and Eliminations (33.2) (34.9) (37.9) (36.4) (142.4) (40.0) (43.2) (45.2) (33.7) (162.1) (38.0) (38.7) (41.4) (39.5) (157.6)
Sales 759.6 838.7 821.1 754.4 3,173.8 828.7 841.5 806.1 741.7 3,218.0 754.0 775.5 729.2 665.4 2,924.1
Gross Margin:
Color, Additives and Inks 67.7 75.2 71.8 63.1 277.8 74.9 81.7 71.8 65.1 293.5 73.4 80.0 73.4 67.0 293.8
Specialty Engineered Materials 39.2 39.0 39.2 35.8 153.2 42.6 43.5 39.7 37.4 163.2 43.0 41.1 39.6 37.3 161.0
Performance Products and Solutions 24.0 26.9 27.6 23.5 102.0 28.0 29.0 29.2 22.8 109.0 22.5 27.4 27.2 24.8 101.9
PolyOne Distribution 28.2 28.1 27.6 24.7 108.6 29.8 28.8 29.3 26.1 114.0 27.8 30.2 29.4 27.2 114.6
Corporate and Eliminations 1.9 12.4 (6.5) (49.7) (41.9) (6.8) (15.7) (8.0) (12.4) (42.9) (2.6) (2.8) (4.6) (9.8) (19.8)
Gross Margin 161.0 181.6 159.7 97.4 599.7 168.5 167.3 162.0 139.0 636.8 164.1 175.9 165.0 146.5 651.5
Selling and Administrative Expense:
Color, Additives and Inks 43.5 44.3 42.9 43.1 173.8 44.5 44.0 41.7 38.4 168.6 39.6 40.4 38.9 39.5 158.4
Specialty Engineered Materials 23.4 24.0 24.6 24.0 96.0 24.3 24.6 21.3 20.6 90.8 19.9 21.0 19.6 20.9 81.4
Performance Products and Solutions 10.4 11.6 12.5 11.5 46.0 12.0 11.4 11.4 11.1 45.9 11.0 11.1 11.1 11.3 44.5
PolyOne Distribution 12.0 11.2 11.0 11.1 45.3 12.6 11.5 10.6 11.1 45.8 12.1 11.1 11.8 11.6 46.6
Corporate and Eliminations 15.5 17.4 13.2 (23.6) 22.5 19.1 26.5 19.1 70.4 135.1 11.2 13.6 9.3 28.9 63.0
Selling and Administrative Expense 104.8 108.5 104.2 66.1 383.6 112.5 118.0 104.1 151.6 486.2 93.8 97.2 90.7 112.2 393.9
Operating Income:
Color, Additives and Inks 24.2 30.9 28.9 20.0 104.0 30.4 37.7 30.1 26.7 124.9 33.8 39.6 34.5 27.5 135.4
Specialty Engineered Materials 15.8 15.0 14.6 11.8 57.2 18.3 18.9 18.4 16.8 72.4 23.1 20.1 20.0 16.4 79.6
Performance Products and Solutions 13.6 15.3 15.1 12.0 56.0 16.0 17.6 17.8 11.7 63.1 11.5 16.3 16.1 13.5 57.4
PolyOne Distribution 16.2 16.9 16.6 13.6 63.3 17.2 17.3 18.7 15.0 68.2 15.7 19.1 17.6 15.6 68.0
Corporate and Eliminations (13.5) (5.0) (19.7) 0.7 (37.5) (25.9) (42.2) (27.1) (82.8) (178.0) (13.8) (16.4) (13.9) (38.7) (82.8)
Operating Income (loss) 56.3 73.1 55.5 58.1 243.0 56.0 49.3 57.9 (12.6) 150.6 70.3 78.7 74.3 34.3 257.6
Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017
Sales:
Color, Additives and Inks 204.9 212.2 195.9 184.7 797.7 211.8
Specialty Engineered Materials 141.0 143.3 146.2 135.3 565.8 159.1
Performance Products and Solutions 166.2 172.8 171.3 158.2 668.5 183.7
PolyOne Distribution 268.8 272.6 274.8 254.8 1,071.0 286.1
Corporate and Eliminations (42.4) (42.7) (41.6) (38.2) (164.9) (44.0)
Sales 738.5 758.2 746.6 694.8 2,938.1 796.7
Gross Margin:
Color, Additives and Inks 75.3 78.0 70.0 62.8 286.1 75.2
Specialty Engineered Materials 44.2 43.0 41.7 38.6 167.5 46.1
Performance Products and Solutions 32.4 33.0 29.2 26.6 121.2 33.9
PolyOne Distribution 30.7 29.5 29.6 27.3 117.1 31.4
Corporate and Eliminations (6.0) (1.6) (4.4) (2.8) (14.8) (4.3)
Gross Margin 176.6 181.9 166.1 152.5 677.1 182.3
Selling and Administrative Expense:
Color, Additives and Inks 40.4 39.8 38.6 39.8 158.6 40.1
Specialty Engineered Materials 20.8 21.6 21.2 22.8 86.4 22.5
Performance Products and Solutions 12.7 11.7 11.2 11.2 46.8 11.8
PolyOne Distribution 13.2 11.7 11.4 12.6 48.9 12.8
Corporate and Eliminations 19.1 15.3 11.7 4.0 50.1 11.1
Selling and Administrative Expense 106.2 100.1 94.1 90.4 390.8 98.3
Operating Income:
Color, Additives and Inks 34.9 38.2 31.4 23.0 127.5 35.1
Specialty Engineered Materials 23.4 21.4 20.5 15.8 81.1 23.6
Performance Products and Solutions 19.7 21.3 18.0 15.4 74.4 22.1
PolyOne Distribution 17.5 17.8 18.2 14.7 68.2 18.6
Corporate and Eliminations (25.1) (16.9) (16.1) (6.8) (64.9) (15.4)
Operating Income 70.4 81.8 72.0 62.1 286.3 84.0
POLYONE CORPORATION 6
Non-GAAP Reconciliations
Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD
Sales 759.6 838.7 821.1 754.4 3,173.8 828.7 841.5 806.1 741.7 3,218.0 754.0 775.5 729.2 665.4 2,924.1
Gross margin - GAAP 161.0 181.6 159.7 97.4 599.7 168.5 167.3 162.0 139.0 636.8 164.1 175.9 165.0 146.5 651.5
Special items in gross margin (see slide 7) (3.0) (13.5) 4.8 50.1 38.4 4.2 14.1 7.1 10.1 35.5 1.2 2.2 3.2 7.9 14.5
Adjusted gross margin 158.0 168.1 164.5 147.5 638.1 172.7 181.4 169.1 149.1 672.3 165.3 178.1 168.2 154.4 666.0
Adjusted gross margin as a percent of sales 20.8% 20.0% 20.0% 19.6% 20.1% 20.8% 21.6% 21.0% 20.1% 20.9% 21.9% 23.0% 23.1% 23.2% 22.8%
Operating income - GAAP 56.3 73.1 55.5 58.1 243.0 56.0 49.3 57.9 (12.6) 150.6 70.3 78.7 74.3 34.3 257.6
Special items in operating income (see slide 7) (0.7) (11.2) 1.4 (18.1) (28.6) 7.1 23.7 11.2 67.2 109.2 3.4 6.3 5.8 23.6 39.1
Adjusted operating income 55.6 61.9 56.9 40.0 214.4 63.1 73.0 69.1 54.6 259.8 73.7 85.0 80.1 57.9 296.7
Adjusted operating income as a percent of sales 7.3% 7.4% 6.9% 5.3% 6.8% 7.6% 8.7% 8.6% 7.4% 8.1% 9.8% 11.0% 11.0% 8.7% 10.1%
Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017
Sales 738.5 758.2 746.6 694.8 2,938.1 796.7
Gross margin - GAAP 176.6 181.9 166.1 152.5 677.1 182.3
Special items in gross margin (see slide 7) 4.1 (0.2) 4.4 1.6 9.9 2.4
Adjusted gross margin 180.7 181.7 170.5 154.1 687.0 184.7
Adjusted gross margin as a percent of sales 24.5% 24.0% 22.8% 22.2% 23.4% 23.2%
Operating income - GAAP 70.4 81.8 72.0 62.1 286.3 84.0
Special items in operating income (see slide 7) 10.3 6.0 10.2 (2.9) 23.6 1.7
Adjusted operating income 80.7 87.8 82.2 59.2 309.9 85.7
Adjusted operating income as a percent of sales 10.9% 11.6% 11.0% 8.5% 10.5% 10.8%
POLYONE CORPORATION 7
Summary of Special Items
Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 YTD Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 YTD Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 YTD
Cost of sales:
Restructuring Costs - - - (2.5) (2.5) (3.3) (13.2) (2.8) (7.4) (26.7) (0.2) (0.2) (1.0) (6.3) (7.7)
Environmental remediation costs (2.0) (1.3) (4.8) (52.6) (60.7) (0.9) (0.9) (5.9) (2.6) (10.3) (1.5) (2.0) (4.3) (1.5) (9.3)
Pension & other post-retirement benefits - mark-to-market adjustment - - - 1.6 1.6 - - - (2.0) (2.0) - - - (1.0) (1.0)
Reimbursement of previously incurred environmental costs 5.2 14.9 - 3.4 23.5 - - 1.6 2.1 3.7 0.5 - 2.1 0.9 3.5
Acquisition related adjustments (0.2) (0.1) - - (0.3) - - - (0.2) (0.2) - - - - -
Impact on cost of sales 3.0 13.5 (4.8) (50.1) (38.4) (4.2) (14.1) (7.1) (10.1) (35.5) (1.2) (2.2) (3.2) (7.9) (14.5)
Selling and administrative expense:
Restructuring, legal and other (2.3) (1.9) 4.1 (1.0) (1.1) (2.7) (9.3) (3.9) 1.0 (14.9) (1.9) (3.4) (1.8) (3.9) (11.0)
Unrealized gain on foreign currency option contracts 0.4 0.2 0.3 0.2 1.1 - - - - - - - - - -
Pension & other post-retirement benefits - mark-to-market adjustment - - 42.4 42.4 - - - (54.5) (54.5) - - - (10.6) (10.6)
Acquisition/divestiture related costs (0.5) (0.6) (1.0) (0.2) (2.3) (0.2) (0.3) (0.2) (3.6) (4.3) (0.3) (0.7) (0.8) (1.2) (3.0)
Impact on selling and administrative expense (2.4) (2.3) 3.4 41.4 40.1 (2.9) (9.6) (4.1) (57.1) (73.7) (2.2) (4.1) (2.6) (15.7) (24.6)
Gain on sale of investment in equity affiliates 0.1 - - 26.8 26.9 - - - - - - - - - -
Impact on operating income 0.7 11.2 (1.4) 18.1 28.6 (7.1) (23.7) (11.2) (67.2) (109.2) (3.4) (6.3) (5.8) (23.6) (39.1)
- - -
Debt extinguishment costs (10.6) - (5.2) - (15.8) - - - - - - - - (16.4) (16.4)
Bridge loan commitment fees - interest expense (1.9) - - - (1.9) - - - - - - - - - -
Other income (expense), net 1.4 - - - 1.4 - 0.5 0.1 0.1 0.7 - - 0.1 - 0.1
Impact on income before income taxes (10.4) 11.2 (6.6) 18.1 12.3 (7.1) (23.2) (11.1) (67.1) (108.5) (3.4) (6.3) (5.7) (40.0) (55.4)
Income tax benefit on above special items 3.9 (5.3) 1.9 (7.1) (6.6) 2.6 10.5 4.5 24.0 41.6 1.4 1.7 1.0 14.6 18.7
Tax adjustments (0.5) (0.2) (1.8) 0.3 (2.2) 1.6 5.2 0.1 3.6 10.5 (5.9) 23.9 9.6 (0.2) 27.4
Impact of special items on net income (7.0) 5.7 (6.5) 11.3 3.5 (2.9) (7.5) (6.5) (39.5) (56.4) (7.9) 19.3 4.9 (25.6) (9.3)
Diluted earnings per common share impact (0.08)$ 0.06$ (0.07)$ 0.12$ 0.04$ (0.03)$ (0.08)$ (0.07)$ (0.43)$ (0.60)$ (0.09)$ 0.22$ 0.06$ (0.30)$ (0.11)$
Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 YTD Q1 2017
Cost of sales:
Restructuring Costs 0.1 (1.0) - (0.2) (1.1) -
Environmental remediation costs (1.7) (2.1) (2.4) (2.2) (8.4) (2.2)
Pension & other post-retirement benefits - mark-to-market adjustment - - - 0.3 0.3 -
Reimbursement of previously incurred environmental costs - 5.3 - 0.8 6.1 -
Acquisition related adjustments (2.5) (2.0) (2.0) (0.3) (6.8) (0.2)
Impact on cost of sales (4.1) 0.2 (4.4) (1.6) (9.9) (2.4)
Selling and administrative expense:
Restructuring, legal and other (5.9) (5.6) (5.3) (3.0) (19.8) 1.4
Unrealized gain on foreign currency option contracts - - - - - -
Pension & other post-retirement benefits - mark-to-market adjustment - - - 8.1 8.1 -
Acquisition/divestiture related costs (0.3) (0.6) (0.5) (0.6) (2.0) (0.7)
Impact on selling and administrative expense (6.2) (6.2) (5.8) 4.5 (13.7) 0.7
Gain on sale of investment in equity affiliates - - - - - -
Impact on operating income (10.3) (6.0) (10.2) 2.9 (23.6) (1.7)
Debt extinguishment costs - (0.4) - - (0.4) (0.3)
Bridge loan commitment fees - interest expense - - - - - -
Other income (expense), net 0.2 (0.1) - 0.1 0.2 0.1
Impact on income before income taxes (10.1) (6.5) (10.2) 3.0 (23.8) (1.9)
Income tax benefit on above special items 3.8 2.6 3.7 (1.8) 8.3 0.9
Tax adjustments (0.4) 3.7 3.0 1.3 7.6 0.1
Impact of special items on net income (6.7) (0.2) (3.5) 2.5 (7.9) (0.9)
Diluted earnings per common share impact (0.08)$ -$ (0.04)$ 0.03$ (0.10)$ (0.01)$
Recast Financial Information for Discontinued Operations
Table of Contents
GAAP Financial Information Recast for DSS Divestiture
Adjusted Financial Information Recast for DSS Divestiture
Business Segment and Data Recast for DSS Divestiture
Non-GAAP Reconciliations
Summary of Special Items
https://www.avient.com/sites/default/files/2024-10/Avient Announces Third Quarter 2024 Results.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8
Operating income 77.2 34.3 243.7 153.7
Net income from continuing operations attributable to Avient
shareholders 38.2 5.1 121.2 48.0
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.41 $ 0.06 $ 1.32 $ 0.52
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30,
2024 December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $ 505.7 $ 545.8
Accounts receivable, net 465.1 399.9
Inventories, net 377.8 347.0
Other current assets 108.8 114.9
Total current assets 1,457.4 1,407.6
Property, net 973.5 1,028.9
Goodwill 1,716.8 1,719.3
Intangible assets, net 1,542.5 1,590.8
Deferred income taxes 133.1 92.3
Other non-current assets 224.0 129.6
Total assets $ 6,047.3 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 9.5
Accounts payable 425.9 432.3
Accrued expenses and other current liabilities 460.8 331.8
Total current liabilities 894.5 773.6
Non-current liabilities:
Long-term debt 2,059.9 2,070.5
Pension and other post-retirement benefits 63.7 67.2
Deferred income taxes 289.1 281.6
Other non-current liabilities 359.9 437.6
Total non-current liabilities 2,772.6 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,363.0 2,319.2
Noncontrolling interest 17.2 18.8
Total equity 2,380.2 2,338.0
Total liabilities and equity $ 6,047.3 $ 5,968.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2024 2023
Operating activities
Net income $ 122.2 $ 47.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 133.1 142.6
Accelerated depreciation 1.2 1.9
Share-based compensation expense 12.5 9.7
Changes in assets and liabilities:
Increase in accounts receivable (65.7) (5.7)
(Increase) decrease in inventories (30.2) 16.5
Decrease in accounts payable (5.7) (59.1)
Taxes paid on gain on sale of business — (104.1)
Accrued expenses and other assets and liabilities, net (33.2) (2.5)
Net cash provided by operating activities 134.2 47.1
Investing activities
Capital expenditures (80.8) (75.0)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 —
Other investing activities (2.1) 2.3
Net cash used by investing activities (79.5) (65.4)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (659.1) (103.8)
Cash dividends paid (70.5) (67.6)
Debt financing costs (9.6) (2.3)
Other financing activities (4.6) (2.3)
Net cash used by financing activities (93.8) (176.0)
Effect of exchange rate changes on cash (1.0) (7.2)
Decrease in cash and cash equivalents (40.1) (201.5)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of period $ 505.7 $ 439.6
11
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/2022-04/Sustainable Material Answers_ Recycled PET 2022.pdf
utm_source=eBook&utm_id=rPET
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https://www.avient.com/sites/default/files/2021-09/neu-sales-terms-and-conditions.9-16-212.pdf
Seller may discontinue any Product sold
hereunder at any time, unless Buyer and Seller have otherwise
agreed in writing.
6.
https://www.avient.com/sites/default/files/2024-12/67599-Certificate-06DEC2024.pdf
Administration, Site management, Manufacture, Laboratory, Procurement,
Maintenance, Infrastructure, Warehouse and Transport
27 Avenida 34–11, Zona 12 1012
Parque Global Guatemala
PolyOne Polymers
India Private Limited
Administration, Site management, Manufacture, Laboratory, Procurement,
Maintenance, Infrastructure, Warehouse, Transport and Waste Water Treatment
WA-6 Renaissance Industrial &
Warehousing Complex, Vashere
Maharashtra 400607 India
PolyOne Polymers
India Private Limited
Administration, Site management, Manufacture, Laboratory, Procurement,
Maintenance, Infrastructure, Warehouse, Transport and Waste Water Treatment
Survey No. 344 / 1–3 Sakarda
Bhadarwa Road Taluka Savli
Vadodara District 39178 India
PolyOne Polymers
India Private Limited
Administration, Site management, Manufacture, Laboratory, Procurement,
Maintenance, Infrastructure, Warehouse, Transport and Waste Water Treatment
Shed No 18–22, GIDC Estate Kalol
Gujarat 389330 India
Copyright as of the Effective Date, ABS Quality Evaluations, Inc.
https://www.avient.com/sites/default/files/2021-03/avient-antitrust-2021-update-hindi-a4.pdf
अदय्तन: फरवर ी, 2021
एकाधिकार व्यापार
विरोध पर Avient की
वैश्विक नीति
विषय
अनुपालन के लिए गाइड 1
नीति अवलोकन 1
अमेरिकी एकाधिकारी व्यापार विरोधी कानूनों का अवलोकन 2
एंटीट्रस्ट कानून का उल्लंघन 3
चिंता के एंटीट्रस्ट संभावित क्षेत्र 3
निष्कर्ष 6
संभावित उल्लंघनों की सूचना देना 7
Avient एथिक्स हॉटलाइन 7
प्रतिशोध से सुरक्षा 7
एंटीट्रस्ट चेकलिस्ट 8
त्वरित संदर्भ: एंटीट्रस्ट करने-योग्य और न-करने-योग्य बातें 10
अनुपालन के लिए गाइड
Avient बाजार में उचित प्रतिस्पर्धा और मुक्त उद्यम
को बढ़ावा देने के लिए प्रतिबद्ध है।
6
विषय 2021 संशोधित एकाधिकार व्यापार विरोधी नीति
संभावित उल्लंघनों की सूचना देना
हर उस कर्मचारी, जिसके पास यह मानने का कारण है कि
इस नीति का उल्लंघन हुआ है या हो सकता है, नीचे के सभी
संसाधनों में से किसी एक या सभी को अपनी चिंता के बारे में
तुरंत सूचित करना चाहिए ताकि पूरी तरह से जांच की जा सके।
6.
https://www.avient.com/sites/default/files/2021-03/avient-antitrust-2021-update-fre-a4.pdf
Politique antitrust
mondiale d’Avient
Dernière révision : Février 2021
Contenu
Présentation de la politique 1
Aperçu des lois antitrust américaines 2
Violation des lois antitrust 3
Domaines potentiellement délicats en matière de lois antitrust 4
Conclusion 6
Signalement des violations potentielles 7
Ligne d’assistance Éthique d’Avient 7
Protection contre les représailles 7
Liste de contrôle des lois antitrust 8
Référence rapide : Choses À FAIRE et À NE PAS FAIRE en matière de lois antitrust 10
Guide de conformité
Avient s’engage à promouvoir la concurrence loyale
et la libre entreprise sur le marché.
Le pouvoir de
marché est généralement le pouvoir de contrôler les
prix ou d’exclure d’autres personnes du marché.
6
Contenu Politique antitrust révisée 2021
Signalement des violations
potentielles
Tout employé qui a des raisons de croire qu’une
violation de la présente Politique a eu lieu, ou pourrait
avoir lieu, doit signaler rapidement le problème à l’une
ou toutes les ressources ci-dessous, afin qu’une enquête
détaillée puisse être menée
Agissez en
tout temps d’une manière qui démontrera à tout le
monde que vous êtes en compétition vigoureuse.
6.
https://www.avient.com/sites/default/files/2023-03/Avient Annual Report 2022.pdf
Lima, Peru
6.
McHenry, Illinois 6.
ITEM 6.