https://www.avient.com/resources/safety-data-sheets?page=7159
XWB BIO SOFT YELLOW INK
https://www.avient.com/news/avient-showcase-high-performing-polymer-colorants-and-additives-expo-plast-peru
At Avient, our colorants and additives are developed to address material challenges at every stage of the development process, said Esperanza Laserna, General Sales Manager, LATAM Color, Additives, and Inks, at Avient.
https://www.avient.com/idea/material-solutions-expanding-ev-charging-infrastructure
Laser marking additives are another way of achieving a more sustainable solution, eliminating the need for labels and consumables such as inks or solvents.
https://www.avient.com/sites/default/files/2022-02/AVNT Q4 2021 Earnings Presentation_0.pdf
& Canada
50%
EMEA
25%
Asia
16%
Latin America
9%
2021 SEGMENT, END MARKET AND GEOGRAPHY
33
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 adjusted EBITDA of $4,819M and $581M, respectively, include intercompany sales eliminations and corporate costs
$2,402M
$409M
$919M
$164M
$1,631M
$94M
Sales EBITDA
Distribution
Specialty Engineered Materials
Color Additives and Inks
$581M$4,819M
(1)
Transportation
11%
Healthcare
15%
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
16%
Building &
Construction
10%
Transportation
9%
Energy
1% Telecommunications
1%
C O L O R , A D D I T I V E S & I N K S
2 0 2 1 R E V E N U E | $ 2 . 4 B I L L I O N
US & Canada
32%
EMEA
40%
Asia
21%
Latin America
7%
END MARKET REGION
34
All charts reflect 2021 financials
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
27%
Healthcare
10%
Packaging
7%
Telecommunications
16%
Transportation
11%
Industrial
11%
Building &
Construction
11%
Energy
7%
2 0 2 1 R E V E N U E | $ 9 1 9 M I L L I O N
END MARKET
US & Canada
55%
EMEA
25%
Asia
20%
REGION
35
All charts reflect 2021 financials
D I S T R I B U T I O N
Healthcare
26%
Consumer
23%
Packaging
5%
Industrial
20%
Transportation
16%
Building and
Construction
8%
Energy
1%
Telecommunications
1%
US & Canada
80%
Asia
3%
Latin
America
17%
END MARKET REGION
K E Y S U P P L I E R S
2 0 2 1 R E V E N U E | $ 1 . 6 B I L L I O N
36
All charts reflect 2021 financials
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
26%Healthcare
13%
Industrial
14%
Building &
Construction
5%
Telecommunications
2% Energy
2%
Asia
(16% of sales)
Transportation
8%
Packaging
32%
Consumer
13%
Healthcare
5%
Industrial
17%
Building &
Construction
12%
Telecommunications
5%
Energy
4%
EMEA
(25% of sales)
Transportation
12%
37
Consumer
25%
Healthcare
19%
Packaging
10%
Industrial
17%
Building &
Construction
10%
Telecommunications
4%
Energy
2%
US &
Canada
(50% of sales)
Transportation
13%
Packaging
38%
Consumer
33%
Healthcare
8%
Industrial
10%
Building &
Construction
5%
Telecommunications
1%
LATAM
(9% of sales)
Transportation
5%
All charts reflect 2021 financials
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
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.
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/resources/POL%2520Sidoti%2520IR%2520Presentation%2520w%2520Non%2520GAAP%25203%252018%25202014.pdf
Platform operating income mix percentage 2005Y* 2006* 2008Y* 2010Y* 2013Y
Global Specialty Engineered Materials $ 0.4 $ 3.9 $ 17.6 $ 49.7 $ 57.2
Global Color, Additives and Inks 4.3 8.9 28.1 37.7 104.0
Designed Structures and Solutions - - - - 33.4
Specialty Platform $ 4.7 $ 12.8 $ 45.7 $ 87.4 $ 194.6
Performance Products and Solutions 75.7 64.2 31.3 54.0 56.0
Distribution 19.5 19.2 28.1 42.0 63.3
SunBelt Joint venture 91.9 102.9 28.6 18.9 -
Corporate (51.5) 34.5 (425.1) (27.7) (82.4)
Operating income (loss) GAAP $ 140.3 $ 233.6 $ (291.4) $ 174.6 $ 231.5
Less: Corporate operating expense 51.5 (34.5) 425.1 27.7 82.4
Operating income excluding Corporate $ 191.8 $ 199.1 $ 133.7 $ 202.3 $ 313.9
Specialty platform operating mix percentage 2% 6% 34% 43% 62%
* Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
Reconciliation to Condensed Consolidated Balance Sheets 2013
Short-term debt and current portion of long-term debt $ 12.7
Long-term debt 976.2
Less cash and cash equivalents (365.2)
Net debt $ 623.7
Adjusted EBITDA 2013
Income before income taxes $ 151.0
Interest expense, net 63.5
Depreciation and amortization 108.8
Special items in EBITDA 31.7
Adjusted EBITDA $ 355.0
2
Platform sales and operating income (OI) 2006Y* 2013Y
Global Specialty Engineered Materials sales $ 345.3 $ 615.5
Global Color, Additives and Inks sales 531.8 852.3
Designed Structures and Solutions sales - 597.4
Specialty Platform sales 877.1 2,065.2
Performance Products and Solutions sales 1,166.2 773.2
PolyOne Distribution sales 732.8 1,075.2
Corporate and eliminations (153.7) (142.4)
Total sales $ 2,622.4 $ 3,771.2
Global Specialty Engineered Materials OI $ 3.9 $ 57.2
Global Color, Additives and Inks OI 8.9 104.0
Designed Structures & Solutions OI - 33.4
Specialty Platform OI 12.8 194.6
Performance Products and Solutions OI 64.2 56.0
PolyOne Distribution OI 19.2 63.3
Sunbelt Joint Venture OI 102.9 -
Corporate and eliminations (4.6) (52.4)
Special items in OI 39.1 (30.0)
Operating income GAAP 233.6 231.5
Sunbelt equity income (107.0) -
Special items in OI (39.1) 30.0
Adjusted operating income $ 87.5 $ 261.5
Global Specialty Engineered Materials - OI % of sales 1.1% 9.3%
Global Color, Additives and Inks - OI % of sales 1.7% 12.2%
Designed Structures & Solutions - OI % of sales - 5.6%
Specialty platform OI - % of sales 1.5% 9.4%
PP&S operating OI - % of sales 5.5% 7.2%
Distribution OI - % of sales 2.6% 5.9%
PolyOne OI adjusted - % of sales 3.3% 6.9%
* Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
Appendix
At a Glance�Global Specialty Engineered Materials
At a Glance�Global Color, Additives, and Inks
At a Glance�Designed Structures and Solutions
At a Glance�Performance Products and Solutions
At a Glance�Distribution
Plastics: Key to Future Sustainable Development
Establish Lean Six Sigma As Way of Life
Application Examples
Slide Number 24
2012 Range Rover Evoque Interior
Slide Number 26
Slide Number 27
Metal Replacement Solutions
High-Barrier Packaging Containers
Aerospace Applications
Sidoti Reconciliation of Non-GAAP.pdf
Section 1
https://www.avient.com/sites/default/files/resources/POL%2520CFA%2520IR%2520Presentation%2520w%2520non%2520GAAP%252011%252019%25202013.pdf
Platform operating income mix percentage 2005Y* 2008Y* 2010Y* YTD 2013
Global Specialty Engineered Materials $ 0.4 $ 17.6 $ 49.7 $ 48.2
Global Color, Additives and Inks 4.3 28.1 37.7 83.4
Designed Structures and Solutions - - - 21.4
Specialty Platform $ 4.7 $ 45.7 $ 87.4 $ 153.0
Performance Products and Solutions 75.7 31.3 54.0 41.8
Distribution 19.5 28.1 42.0 49.7
SunBelt Joint venture 91.9 28.6 18.9 -
Corporate (51.5) (425.1) (27.7) (61.7)
Operating income (loss) GAAP $ 140.3 $ (291.4) $ 174.6 $ 182.8
Less: Corporate operating expense 51.5 425.1 27.7 61.7
Operating income excluding Corporate $ 191.8 $ 133.7 $ 202.3 $ 244.5
Specialty platform operating mix percentage 2% 34% 43% 63%
* Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
Platform sales and operating income (OI) 2006Y*
YTD 2013
Organic’ Acquisitions**
YTD 2013’
Consolidated
Global Specialty Engineered Materials Sales $ 345.3 $ 427.2 $ 113.6 $ 540.8
Global Color, Additives and Inks Sales 531.8 608.0 45.7 653.7
Designed Structures and Solutions Sales - - 428.2 428.2
Specialty Platform Sales $ 877.1 $ 1,035.2 $ 587.5 1,622.7
Performance Products and Solutions Sales 1,166.2 473.6 39.2 512.8
PolyOne Distribution Sales 732.8 818.1 - 818.1
Corporate and eliminations (153.7) (106.0) - (106.0)
Total Sales $ 2,622.4 $ 2,220.9 $ 626.7 $ 2,847.6
Global Specialty Engineered Materials OI $ 3.9 $ 46.1 $ 2.1 $ 48.2
Global Color, Additives and Inks OI 8.9 78.0 5.4 83.4
Designed Structures & Solutions OI - - 21.4 21.4
Specialty Platform OI $ 12.8 $ 124.1 $ 28.9 $ 153.0
Performance Products and Solutions OI 64.2 38.1 3.7 41.8
PolyOne Distribution OI 19.2 49.7 - 49.7
Sunbelt Joint Venture OI 102.9 - - -
Corporate and eliminations (4.6) (39.5) - (39.5)
Special items in OI 39.1 (22.2) - (22.2)
Operating income GAAP $ 233.6 $ 150.2 $ 32.6 $ 182.8
Sunbelt equity income (107.0) - - -
Special items in OI (39.1) 22.2 - 22.2
Operating income adjusted $ 87.5 $ 172.4 $ 32.6 $ 205.0
Global Specialty Engineered Materials - OI % of sales 1.1% 10.8% 1.8% 8.9%
Global Color, Additives and Inks - OI % of sales 1.7% 12.8% 11.8% 12.8%
Designed Structures & Solutions - OI % of sales - - 5.0% 5.0%
Specialty platform OI - % of sales 1.5% 12.0% 5.0% 9.4%
PP&S operating OI - % of sales 5.5% 8.0% 9.4% 8.2%
Distribution OI - % of sales 2.6% 6.1% - 6.1%
PolyOne OI adjusted - % of sales 3.3% 7.8% 5.2% 7.2%
* Historical results include the Resin and Specialty Coatings businesses within the Performance Products and Solutions segment.
** Spartech and Glasforms results for the nine months ended September 30, 2013.
Three Months Ended
‘’’’’September 30,
Platform operating income “””””””2013 2012 (a)
Global Specialty Engineered Materials $ 15.7 $ 13.1
Global Color, Additives and Inks 28.7 18.6
Designed Structures and Solutions 10.9 –
Specialty Platform 55.3 31.7
Performance Products and Solutions 14.3 12.3
PolyOne Distribution 16.6 16.4
Corporate and eliminations (24.6) (16.9)
Operating income $ 61.6 $ 43.5
(a) Adjusted to reflect the resins business as a discontinued operation.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
& Canada
41%
EMEA
36%
Asia
18%
Latin America
5%
2023 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
19%
Packaging
23%Industrial
16%
Building and
Construction
9%
Telecommunications
4%
Energy
5%
Defense
7%
END MARKET REVENUE
$2,007M $358M
$1,138M $224M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$502M$3,143M
(1)
Transportation
10%
Healthcare
7%
22
(1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs
2 0 2 3 R E V E N U E | $ 2 . 0 B I L L I O N
US & Canada
34%
EMEA
37%
Asia
21%
Latin America
8%
END MARKET REGION
23
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
15%
Transportation
9%
Building &
Construction
10%
Telecommunications
1% Energy
2%
COLOR, ADDITIVES & INKS
2 0 2 3 R E V E N U E | $ 1 . 1 B I L L I O N
US & Canada
52%
EMEA
35%
Asia
13%
24
Packaging
5%
Consumer
16%
Healthcare
6%Industrial
16%
Transportation
12%
Telecommunications
9%
Energy
10% Defense
18%
Building &
Construction
8%
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
Packaging
32%
Consumer
26%
Healthcare
9%
Industrial
13%
Building &
Construction
6%
Telecommunications
2%
Energy
2% Defense
1%
Asia
(18% of sales)
Transportation
9%
2 0 2 3 AV I E N T R E G I O N A L S A L E S
Packaging
25%
Consumer
13%
Healthcare
5%
Industrial
18%
Building &
Construction
9%
Energy
5%
Defense
8%
EMEA
(36% of sales)Transportation
13%
Packaging
13%
Consumer
22%
Healthcare
10%
Industrial
16%
Building &
Construction
12%
Energy
6%
Defense
8%
US &
Canada
(41% of sales)
Transportation
9%
Packaging
59%
Consumer
22%
Healthcare
2%
Industrial
8%
Building &
Construction
4%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
4%
Telecommunications
4%
25
B Y E N D M A R K E T
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
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.
Three Months
Ended Year Ended
Reconciliation of Pro Forma Adjusted Earnings per Share December 31, 2022
Net (loss) income from continuing operations attributable to Avient
shareholders $ (17.0) $ 82.8
Special items, after tax 38.3 116.2
Amortization expense, after-tax 14.6 49.0
Adjusted net income from continuing operations excluding special
items 35.9 248.0
Pro forma adjustments* 2.5 13.6
APM pro forma amortization expense, after-tax* — 19.1
Pro forma adjusted net income from continuing operations attributable
to Avient shareholders $ 38.4 $ 280.7
Weighted average diluted shares 91.7 92.2
Pro forma adjusted EPS - excluding special items pro forma for APM
acquisition $ 0.42 $ 3.04
* Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of
debt with net proceeds from the Distribution sale.
2
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0
Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4
Corporate (0.2) (1.2) (2.8) (2.5)
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income:
Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0
Specialty Engineered Materials 29.4 35.2 142.5 140.1
Corporate (48.1) (79.1) (205.6) (197.8)
Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3
Other expense, net: $ 4.3 $ (28.4) $ 5.8 $ (59.7)
Depreciation & amortization:
Color, Additives and Inks $ 22.2 $ 25.2 $ 98.3 $ 101.3
Specialty Engineered Materials 19.8 20.3 81.5 48.7
Corporate 2.2 3.1 9.0 12.5
Depreciation & amortization $ 44.2 $ 48.6 $ 188.8 $ 162.5
Earnings before interest, taxes, depreciation and amortization (EBITDA):
Color, Additives and Inks $ 84.0 $ 69.5 $ 358.2 $ 402.3
Specialty Engineered Materials 49.2 55.5 224.0 188.8
Corporate (45.9) (76.0) (196.6) (185.3)
Other expense, net $ 4.3 $ (28.4) $ 5.8 $ (59.7)
EBITDA $ 91.6 $ 20.6 $ 391.4 $ 346.1
Special items in EBITDA 22.3 86.8 110.4 162.5
EBITDA - excluding special items $ 113.9 $ 107.4 $ 501.8 $ 508.6
APM pro forma adjustments - 8 months 2022* — — — 83.1
Pro forma EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
3
AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
AVNT Q4 2023 Earnings Presentation_For Website.pdf
IR Deck - AVNT-2023.12.31 (2.12.24 9PM Milestone February 12 0905 pm).pdf
Attachment
Non-GAAP Update.pdf
https://www.avient.com/sites/default/files/AVNT February IR Presentation_w_Non-GAAP Recs.pdf
&
Canada
EMEA
Asia
Latin America
64%
36%
Specialty
Engineered
Materials
Color
Additives
and Inks
41%
36%
18%
5%
7%
7%
23%
19%
9%
16%
10% 5% 4%
Defense
Healthcare
Packaging
Consumer
Building &
Construction
Industrial
Transportation
Energy Telecom
Geography
Segment
Industry
4
CRE AT ING A WORL D-CL AS S
S US TAINABL E ORGANIZ AT ION
1. 6% annualized long term sales
growth leveraging sustainable
solutions, composites, healthcare
and emerging regions
2.
PY
( T O TA L C O M PA N Y )
$790
$719
2022 2023
$107
$114
2022 2023
Sales Adjusted EBITDA
(in millions)
$0.42
$0.52
2022 2023
Adjusted EPS
(in millions)
- 9% + 7% + 24%
Sales Adjusted EBITDA Adjusted EPS
15
Q4 2023 SEGMENT PERFORMANCE
16
CAI
$491
$459
Sales
(in millions)
$70
$84
EBITDA
SEM
$301
$260
Sales
$55
$49
EBITDA
- 7% - 14%+20% - 11%
2022 2023
(in millions)
Q4 EBITDA BRIDGE
( T O TA L C O M PA N Y )
17
$ millions
CAI:
Price / Mix 11
Deflation 14
SEM:
Price / Mix 4
Deflation 9
Net Price Benefit 38
Cost Reductions 13
Wage Inflation (8)
Other (2)
Q4 2023 $114
Adjusted
EBITDA
Q4 2022 $ 107
Demand (34) • Demand was down, but less than in previous
quarters, due to slowing pace of destocking
• Positive net price benefit:
o CAI – Pricing flat with favorable mix from
uptick in packaging and consumer end
markets and raw material deflation
o SEM - Pricing flat with favorable mix from
Composites and raw material deflation
• Cost reductions primarily driven by reduced
administrative costs and cost synergies
2 0 2 4 G U I D A N C E
2024 GUIDANCE
Full Year 2024 Guidance
Adjusted EBITDA $505 to $535 million
Adjusted EPS $2.40 to $2.65
Interest Expense $105 to $110 million
Adjusted Effective Tax Rate 23% to 25%
Capital Expenditures ~$140 million
19
Q1 Adjusted EPS of $0.68
A P P E N D I X
21
Performance
Additives
15%
Pigments
13%
TiO2
9%
Dyestuffs
2%
Polyethylene
10%Nylon
5%
Polypropylene
4%
Styrenic Block
Copolymer
4%
Other Raw
Materials
38%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
RA W MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
41%
EMEA
36%
Asia
18%
Latin America
5%
2023 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
19%
Packaging
23%Industrial
16%
Building and
Construction
9%
Telecommunications
4%
Energy
5%
Defense
7%
END MARKET REVENUE
$2,007M $358M
$1,138M $224M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$502M$3,143M
(1)
Transportation
10%
Healthcare
7%
23
(1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs
2 0 2 3 R E V E N U E | $ 2 . 0 B I L L I O N
US & Canada
34%
EMEA
37%
Asia
21%
Latin America
8%
END MARKET REGION
24
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
15%
Transportation
9%
Building &
Construction
10%
Telecommunications
1% Energy
2%
COLOR, ADDITIVES & INKS
2 0 2 3 R E V E N U E | $ 1 . 1 B I L L I O N
US & Canada
52%
EMEA
35%
Asia
13%
25
Packaging
5%
Consumer
16%
Healthcare
6%Industrial
16%
Transportation
12%
Telecommunications
9%
Energy
10% Defense
18%
Building &
Construction
8%
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
Packaging
32%
Consumer
26%
Healthcare
9%
Industrial
13%
Building &
Construction
6%
Telecommunications
2%
Energy
2% Defense
1%
Asia
(18% of sales)
Transportation
9%
2 0 2 3 AV I E N T R E G I O N A L S A L E S
Packaging
25%
Consumer
13%
Healthcare
5%
Industrial
18%
Building &
Construction
9%
Energy
5%
Defense
8%
EMEA
(36% of sales)Transportation
13%
Packaging
13%
Consumer
22%
Healthcare
10%
Industrial
16%
Building &
Construction
12%
Energy
6%
Defense
8%
US &
Canada
(41% of sales)
Transportation
9%
Packaging
59%
Consumer
22%
Healthcare
2%
Industrial
8%
Building &
Construction
4%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
4%
Telecommunications
4%
26
B Y E N D M A R K E T
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
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.
Three Months
Ended Year Ended
Reconciliation of Pro Forma Adjusted Earnings per Share December 31, 2022
Net (loss) income from continuing operations attributable to Avient
shareholders $ (17.0) $ 82.8
Special items, after tax 38.3 116.2
Amortization expense, after-tax 14.6 49.0
Adjusted net income from continuing operations excluding special
items 35.9 248.0
Pro forma adjustments* 2.5 13.6
APM pro forma amortization expense, after-tax* — 19.1
Pro forma adjusted net income from continuing operations attributable
to Avient shareholders $ 38.4 $ 280.7
Weighted average diluted shares 91.7 92.2
Pro forma adjusted EPS - excluding special items pro forma for APM
acquisition $ 0.42 $ 3.04
* Pro forma adjustment to reflect APM results for the period before Avient ownership including the impacts of debt financing and paydown of
debt with net proceeds from the Distribution sale.
2
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0
Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4
Corporate (0.2) (1.2) (2.8) (2.5)
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income:
Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0
Specialty Engineered Materials 29.4 35.2 142.5 140.1
Corporate (48.1) (79.1) (205.6) (197.8)
Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3
Other expense, net: $ 4.3 $ (28.4) $ 5.8 $ (59.7)
Depreciation & amortization:
Color, Additives and Inks $ 22.2 $ 25.2 $ 98.3 $ 101.3
Specialty Engineered Materials 19.8 20.3 81.5 48.7
Corporate 2.2 3.1 9.0 12.5
Depreciation & amortization $ 44.2 $ 48.6 $ 188.8 $ 162.5
Earnings before interest, taxes, depreciation and amortization (EBITDA):
Color, Additives and Inks $ 84.0 $ 69.5 $ 358.2 $ 402.3
Specialty Engineered Materials 49.2 55.5 224.0 188.8
Corporate (45.9) (76.0) (196.6) (185.3)
Other expense, net $ 4.3 $ (28.4) $ 5.8 $ (59.7)
EBITDA $ 91.6 $ 20.6 $ 391.4 $ 346.1
Special items in EBITDA 22.3 86.8 110.4 162.5
EBITDA - excluding special items $ 113.9 $ 107.4 $ 501.8 $ 508.6
APM pro forma adjustments - 8 months 2022* — — — 83.1
Pro forma EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
3
AVNT February IR Presentation.pdf
Avient corporation�investor presentation
DISCLAIMER
Slide Number 3
Creating a world-class�sustainable organization
Top-tier sustainability performance�and recognition
Slide Number 6
Slide Number 7
Portfolio transformation
Slide Number 9
END MARKET observations�(% of company sales)
Regional observations�(% of company sales)
Slide Number 12
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
Slide Number 20
Slide Number 21
Slide Number 22
2023 segment, end market and Geography
Color, Additives & Inks
Specialty Engineered Materials
Slide Number 26
AVNT Q4 2023 Earnings Presentation.pdf
AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
IR Deck - AVNT-2023.12.31 (2.12.24 9PM Milestone February 12 0905 pm).pdf
Attachment
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520%25E2%2580%2593%2520Recast%2520Financial%2520Information%2520for%2520Discontinued%2520Operations.pdf
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/2024-03/AVNT February IR Presentation_w_Non-GAAP Recs_v2.pdf
&
Canada
EMEA
Asia
Latin America
64%
36%
Specialty
Engineered
Materials
Color
Additives
and Inks
41%
36%
18%
5%
7%
7%
23%
19%
9%
16%
10% 5% 4%
Defense
Healthcare
Packaging
Consumer
Building &
Construction
Industrial
Transportation
Energy Telecom
Geography
Segment
Industry
4
CRE AT ING A WORL D-CL AS S
S US TAINABL E ORGANIZ AT ION
1. 6% annualized long term sales
growth leveraging sustainable
solutions, composites, healthcare
and emerging regions
2.
PY
( T O TA L C O M PA N Y )
$790
$719
2022 2023
$107
$114
2022 2023
Sales Adjusted EBITDA
(in millions)
$0.42
$0.52
2022 2023
Adjusted EPS
(in millions)
- 9% + 7% + 24%
Sales Adjusted EBITDA Adjusted EPS
15
Q4 2023 SEGMENT PERFORMANCE
16
CAI
$491
$459
Sales
(in millions)
$70
$84
EBITDA
SEM
$301
$260
Sales
$55
$49
EBITDA
- 7% - 14%+20% - 11%
2022 2023
(in millions)
Q4 EBITDA BRIDGE
( T O TA L C O M PA N Y )
17
$ millions
CAI:
Price / Mix 11
Deflation 14
SEM:
Price / Mix 4
Deflation 9
Net Price Benefit 38
Cost Reductions 13
Wage Inflation (8)
Other (2)
Q4 2023 $114
Adjusted
EBITDA
Q4 2022 $ 107
Demand (34) • Demand was down, but less than in previous
quarters, due to slowing pace of destocking
• Positive net price benefit:
o CAI – Pricing flat with favorable mix from
uptick in packaging and consumer end
markets and raw material deflation
o SEM - Pricing flat with favorable mix from
Composites and raw material deflation
• Cost reductions primarily driven by reduced
administrative costs and cost synergies
2 0 2 4 G U I D A N C E
2024 GUIDANCE
Full Year 2024 Guidance
Adjusted EBITDA $505 to $535 million
Adjusted EPS $2.40 to $2.65
Interest Expense $105 to $110 million
Adjusted Effective Tax Rate 23% to 25%
Capital Expenditures ~$140 million
19
Q1 Adjusted EPS of $0.68
A P P E N D I X
21
Performance
Additives
15%
Pigments
13%
TiO2
9%
Dyestuffs
2%
Polyethylene
10%Nylon
5%
Polypropylene
4%
Styrenic Block
Copolymer
4%
Other Raw
Materials
38%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
RA W MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
41%
EMEA
36%
Asia
18%
Latin America
5%
2023 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
Consumer
19%
Packaging
23%Industrial
16%
Building and
Construction
9%
Telecommunications
4%
Energy
5%
Defense
7%
END MARKET REVENUE
$2,007M $358M
$1,138M $224M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$502M$3,143M
(1)
Transportation
10%
Healthcare
7%
23
(1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs
2 0 2 3 R E V E N U E | $ 2 . 0 B I L L I O N
US & Canada
34%
EMEA
37%
Asia
21%
Latin America
8%
END MARKET REGION
24
Packaging
34%
Consumer
21%
Healthcare
8%
Industrial
15%
Transportation
9%
Building &
Construction
10%
Telecommunications
1% Energy
2%
COLOR, ADDITIVES & INKS
2 0 2 3 R E V E N U E | $ 1 . 1 B I L L I O N
US & Canada
52%
EMEA
35%
Asia
13%
25
Packaging
5%
Consumer
16%
Healthcare
6%Industrial
16%
Transportation
12%
Telecommunications
9%
Energy
10% Defense
18%
Building &
Construction
8%
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
Packaging
32%
Consumer
26%
Healthcare
9%
Industrial
13%
Building &
Construction
6%
Telecommunications
2%
Energy
2% Defense
1%
Asia
(18% of sales)
Transportation
9%
2 0 2 3 AV I E N T R E G I O N A L S A L E S
Packaging
25%
Consumer
13%
Healthcare
5%
Industrial
18%
Building &
Construction
9%
Energy
5%
Defense
8%
EMEA
(36% of sales)Transportation
13%
Packaging
13%
Consumer
22%
Healthcare
10%
Industrial
16%
Building &
Construction
12%
Energy
6%
Defense
8%
US &
Canada
(41% of sales)
Transportation
9%
Packaging
59%
Consumer
22%
Healthcare
2%
Industrial
8%
Building &
Construction
4%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
4%
Telecommunications
4%
26
B Y E N D M A R K E T
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
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.
Free Cash Flow Calculation December 31, 2023
Cash provided by operating activities $ 201.6
Taxes paid on gain on sale of business 104.1
Adjusted cash provided by operating activities $ 305.7
Capital expenditures $ (119.4)
Free cash flow $ 186.3
2
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0
Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4
Corporate (0.2) (1.2) (2.8) (2.5)
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income:
Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0
Specialty Engineered Materials 29.4 35.2 142.5 140.1
Corporate (48.1) (79.1) (205.6) (197.8)
Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3
Other expense, net: $ 4.3 $ (28.4) $ 5.8 $ (59.7)
Depreciation & amortization:
Color, Additives and Inks $ 22.2 $ 25.2 $ 98.3 $ 101.3
Specialty Engineered Materials 19.8 20.3 81.5 48.7
Corporate 2.2 3.1 9.0 12.5
Depreciation & amortization $ 44.2 $ 48.6 $ 188.8 $ 162.5
Earnings before interest, taxes, depreciation and amortization (EBITDA):
Color, Additives and Inks $ 84.0 $ 69.5 $ 358.2 $ 402.3
Specialty Engineered Materials 49.2 55.5 224.0 188.8
Corporate (45.9) (76.0) (196.6) (185.3)
Other expense, net $ 4.3 $ (28.4) $ 5.8 $ (59.7)
EBITDA $ 91.6 $ 20.6 $ 391.4 $ 346.1
Special items in EBITDA 22.3 86.8 110.4 162.5
EBITDA - excluding special items $ 113.9 $ 107.4 $ 501.8 $ 508.6
APM pro forma adjustments - 8 months 2022* — — — 83.1
Pro forma EBITDA $ 113.9 $ 107.4 $ 501.8 $ 591.7
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
3
AVNT February IR Presentation_w_Non-GAAP Recs.pdf
AVNT February IR Presentation.pdf
Avient corporation�investor presentation
DISCLAIMER
Slide Number 3
Creating a world-class�sustainable organization
Top-tier sustainability performance�and recognition
Slide Number 6
Slide Number 7
Portfolio transformation
Slide Number 9
END MARKET observations�(% of company sales)
Regional observations�(% of company sales)
Slide Number 12
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
Slide Number 20
Slide Number 21
Slide Number 22
2023 segment, end market and Geography
Color, Additives & Inks
Specialty Engineered Materials
Slide Number 26
AVNT Q4 2023 Earnings Presentation.pdf
AVNT Q4 2023 Earnings Presentation_For Website_with Non-GAAP.pdf
IR Deck - AVNT-2023.12.31 (2.12.24 9PM Milestone February 12 0905 pm).pdf
Attachment
3.26.24 - Public Lender Presentation Non-GAAP Attachments (005).pdf