https://www.avient.com/sites/default/files/2021-05/avnt-first-quarter-2021-earnings-presentation.pdf
& Canada 50% 26% 16% Latin America 2020 SEGMENT, END MARKET AND GEOGRAPHY 25 GEOGRAPHY REVENUESEGMENT FINANCIALS 21%Industrial Building & Electrical & END MARKET REVENUE All data reflects 2020 Pro forma for acquisition of the Clariant Masterbatch business. (1) The total company sales and EBITDA of $3,783M and $457M, respectively, include intercompany sales eliminations and corporate costs $2,043M $331M $709M $124M $1,110M $70M Sales EBITDA Distribution Specialty Engineered Materials Color Additives and Inks $457M$3,783M 35% 14% Building & Electrical & C O L O R , A D D I T I V E S & I N K S 2020 PF REVENUE | $2 .0 BILLION 31% 40% 22% Latin America END MARKET REGION 26 2020 figures Pro forma for acquisition of the Clariant Masterbatch business S P E C I A LT Y E N G I N E E R E D M AT E R I A L S 24% Wire & Cable(1) 24% Electrical & 13% 11% Building & 2020 REVENUE | $709 MILLION END MARKET 58% 19% REGION 27 (1) Approximately 50% of Wire and Cable sales are associated with Fiber Optic Cabling DI S TR IBU T I ON 2020 REVENUE | $1 .1 B ILL ION 25% 20% 14% Electrical & Building & 1% 82% Latin America END MARKET REGION K E Y S U P P L I ER S 28 TOTA L C O M PA N Y R E G I O N A L S A L E S BY END MARKET 32% 27% 12% Building & Electrical & 9% (16% of sales) 34% 16%Healthcare 17% Building & Electrical & (26% of sales) 2020 figures Pro forma for acquisition of the Clariant Masterbatch business 29 26% 19% 13% 16% Building & Electrical & US & Canada (50% of sales) 45% Building & Electrical & 2% Wire & Cable 1% LATAM (8% of sales) Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in millions, except for per share data) 2021年3月31日 Reconciliation to Condensed Consolidated Statements of Income GAAP Results Special Adjusted Results 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 Reconciliation to Consolidated Statements of Income 2021年3月31日 Operating income - GAAP $ 120.4 Special items in operating income 2.4 Adjusted Operating income $ 122.8 1 Business Segment Operations March 31, Year Ended 2021年12月31日 2020 2020 2019 2018 Sales: Color, Additives and Inks $ 609.3 $ 256.5 $ 1,502.9 $ 1,003.8 $ 1,046.5 Specialty Engineered Materials 216.5 185.3 708.8 745.7 645.8 Distribution 362.7 289.5 1,110.3 1,192.2 1,265.4 Corporate and eliminations (26.2) (19.8) (79.9) (79.0) (76.7) Sales $ 1,162.3 $ 711.5 $ 3,242.1 $ 2,862.7 $ 2,881.0 Gross margin: Color, Additives and Inks $ 197.5 $ 89.4 $ 484.4 $ 338.4 $ 353.4 Specialty Engineered Materials 64.7 52.6 207.6 200.2 171.7 Distribution 39.3 33.6 124.0 132.1 125.8 Corporate and eliminations 0.9 (4.1) (31.7) (13.5) (26.1) Gross margin $ 302.4 $ 171.5 $ 784.3 $ 657.2 $ 624.8 Selling and administrative expense: Color, Additives and Inks $ 108.7 $ 48.9 $ 303.6 $ 191.0 $ 194.9 Specialty Engineered Materials 30.5 30.3 113.2 116.5 99.4 Distribution 15.3 14.2 54.5 56.7 54.3 Corporate and eliminations 27.5 25.3 123.7 136.2 97.6 Selling and administrative expense $ 182.0 $ 118.7 $ 595.0 $ 500.4 $ 446.2 Operating income: Color, Additives and Inks $ 88.8 $ 40.5 $ 180.8 $ 147.4 $ 158.5 Specialty Engineered Materials 34.2 22.3 94.4 83.7 72.3 Distribution 24.0 19.4 69.5 75.4 71.5 Corporate and eliminations (26.6) (29.4) (155.4) (149.7) (123.7) Operating income $ 120.4 $ 52.8 $ 189.3 $ 156.8 $ 178.6 Earnings before interest, taxes, depreciation and amortization (EBITDA): Color, Additives and Inks $ 116.2 $ 51.4 $ 255.9 $ 190.1 $ 202.8 Specialty Engineered Materials 42.0 29.8 124.4 113.2 95.5 Distribution 24.2 19.5 70.2 75.9 72.2 Corporate and eliminations (24.9) (28.0) (146.2) (144.3) (119.3) Other income, net 1.5 1.6 24.3 12.1 (12.9) EBITDA $ 159.0 $ 74.3 $ 328.6 $ 247.0 $ 238.3 EBITDA as a % of Sales: Color, Additives and Inks 19.1 % 20.0 % 17.0 % 18.9 % 19.4 % Specialty Engineered Materials 19.4 % 16.1 % 17.6 % 15.2 % 14.8 % Distribution 6.7 % 6.7 % 6.3 % 6.4 % 5.7 % 2 Reconciliation of Pro Forma EBITDA - Color, Additives and Inks Three Months Ended March 31, Year Ended 2021年12月31日 2020 2020 2019 2018 Sales: Color, Additives and Inks $ 609.3 $ 256.5 $ 1,502.9 $ 1,003.8 $ 1,046.5 Clariant MB pro forma adjustments(1) — 279.4 540.4 1,118.6 1,209.8 Pro forma sales $ 609.3 $ 535.9 $ 2,043.3 $ 2,122.4 $ 2,256.3 Operating income: Color, Additives and Inks $ 88.8 $ 40.5 $ 180.8 $ 147.4 $ 158.5 Clariant MB pro forma adjustments(1) — 23.0 45.0 72.9 80.3 Pro forma operating income $ 88.8 $ 63.5 $ 225.8 $ 220.3 $ 238.8 Depreciation & amortization: Color, Additives and Inks $ 27.4 $ 10.9 $ 75.1 $ 42.7 $ 44.3 Clariant MB pro forma adjustments(1) — 15.1 30.1 60.3 61.2 Pro forma depreciation & amortization $ 27.4 $ 26.0 $ 105.2 $ 103.0 $ 105.5 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): Color, Additives and Inks $ 116.2 $ 51.4 $ 255.9 $ 190.1 $ 202.8 Clariant MB pro forma adjustments(1) — 38.1 75.1 133.2 141.5 Pro forma EBITDA $ 116.2 $ 89.5 $ 331.0 $ 323.3 $ 344.3 Pro forma EBITDA as a % of Sales 19.1 % 16.7 % 16.2 % 15.2 % 15.3 % 2020年3月31日 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Adjusted Clariant MB Pro Forma Adjustments(1) Pro Forma Adjusted Sales $ 711.5 $ — $ 711.5 $ 279.4 $ 990.9 Operating income 52.8 9.7 62.5 23.0 85.5 Interest expense, net (9.4) — (9.4) (12.8) (22.2) Other income, net 1.6 (0.1) 1.5 — 1.5 Income taxes (11.9) (1.0) (12.9) (2.4) (15.3) Net income from continuing operations attributable to Avient shareholders $ 33.1 $ 8.6 $ 41.7 $ 7.8 $ 49.5 Weighted average diluted shares 86.7 Impact to diluted shares from January 2020 equity offering 6.1 Weighted average diluted shares 92.8 EPS $ 0.53 (1) - Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) and to give effects of the financing for the acquisition 3 Three Months Ended 2020年6月30日 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Adjusted Clariant MB Pro Forma Adjustments(2) Pro Forma Adjusted Sales $ 609.1 $ — $ 609.1 $ 261.1 $ 870.2 Operating income $ 38.0 $ 9.0 $ 47.0 $ 22.0 $ 69.0 Interest expense, net (16.2) — (16.2) (5.3) (21.5) Other income, net 9.5 (0.3) 9.2 — 9.2 Income taxes (7.9) 0.7 (7.2) (3.8) (11.0) Net income attributable to non controlling interests (0.4) — (0.4) — (0.4) Net income from continuing operations attributable to Avient shareholders $ 23.0 $ 9.4 $ 32.4 $ 12.9 $ 45.3 Weighted average diluted shares 91.8 Impact to diluted shares from January 2020 equity offering 15.3 Pro forma weighted average diluted shares 107.1 Pro forma adjusted EPS $ 0.42 (2) - Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) and to give effects of the financing for the acquisition Year Ended December 31, Reconciliation to Adjusted EBITDA 2020 2019 2018 Net income from continuing operations – GAAP $ 133.8 $ 75.7 $ 87.4 Income tax expense 5.2 33.7 14.4 Interest expense 74.6 59.5 62.8 Debt extinguishment cost — — 1.1 Depreciation and amortization from continuing operations 115.0 78.1 72.6 EBITDA $ 328.6 $ 247.0 $ 238.3 Special items, before tax 66.2 61.7 59.5 Interest expense included in special items (10.1) — — Accelerated depreciation included in special items (3.2) — (3.0) Adjusted EBITDA $ 381.6 $ 308.7 $ 294.8 4 2020年12月31日 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Adjusted Clariant MB Pro Forma Adjustments(3) Pro Forma Adjusted 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 115.0 (3.2) 111.8 30.1 141.9 EBITDA from continuing operations $ 328.6 $ 52.9 $ 381.5 $ 75.1 $ 456.6 2019年12月31日 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Adjusted Clariant MB Pro Forma Adjustments(1) Pro Forma Adjusted 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 (3) - Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) and to give effects of the financing for the acquisition 5 AVNT First Quarter 2021 Earnings Presentation no recs.pdf AVNT First Quarter 2021 Earnings Presentation.pdf AVNT First Quarter 2021 Earnings Presentation.pdf AVNT First Quarter 2021 Earnings Presentation.pdf 4.29 127pm Q1 21 IR Deck Version non-GAAP Recs (002).pdf
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Presentation.pdf
Free Cash Flow Calculation 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cash provided by operating activities 208.4 227.2 221.3 202.4 253.7 300.8 221.6 233.8 398.4 Capital expenditures (92.8) (91.2) (84.2) (79.6) (76.0) (81.7) (63.7) (100.6) (105.5) Payment of post-acquisition date earnout liability — — — — — — 38.1 — — Taxes paid on gain on divestiture — — — — — — — 142.0 — — Adjusted Free Cash Flow $ 115.6 $ 136.0 $ — $ 137.1 $ 122.8 $ 177.7 $ 219.1 $ 338.0 $ 133.2 $ 292.9 Three Months Ended Year Ended 2022 2021 2022 2021 Sales: Color, Additives and Inks $ 490.8 $ 581.3 $ 2,355.0 $ 2,401.6 Specialty Engineered Materials 300.8 226.3 1,044.4 911.6 Corporate (1.2) (0.5) (2.5) 2.3 Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5 Operating income: Color, Additives and Inks $ 44.3 $ 61.2 $ 301.0 $ 303.1 Specialty Engineered Materials 35.2 27.1 140.1 125.5 Corporate (79.1) (38.1) (197.8) (148.9) Operating income $ 0.4 $ 50.2 $ 243.3 $ 279.7 Other expense, net: $ (28.4) $ (5.3) $ (59.7) $ (1.0) Depreciation & amortization: Color, Additives and Inks $ 25.2 $ 26.5 $ 101.3 $ 105.7 Specialty Engineered Materials 20.3 7.9 48.7 31.7 Corporate 3.2 3.6 12.5 7.7 Depreciation & Amortization $ 48.7 $ 38.0 $ 162.5 $ 145.1 Earnings before interest, taxes, depreciation and amortization (EBITDA): Color, Additives and Inks $ 69.5 $ 87.7 $ 402.3 $ 408.8 Specialty Engineered Materials 55.5 35.0 188.8 157.2 Corporate (76.0) (34.5) (185.3) (141.2) Other expense, net $ (28.4) $ (5.3) $ (59.7) $ (1.0) EBITDA $ 20.6 $ 82.9 $ 346.1 $ 423.8 Special items in EBITDA 86.8 18.9 162.5 55.4 EBITDA - excluding special items $ 107.4 $ 101.8 $ 508.6 $ 479.2 APM pro forma adjustments - 2021 — 30.4 — 120.5 APM pro forma adjustments - 8 months 2022* — — 83.1 — Pro forma EBITDA $ 107.4 $ 132.2 $ 591.7 $ 599.7 Year Ended December 31, Reconciliation of Pro Forma Sales and EBITDA - SEM 2022 2021 Specialty Engineered Materials $ 1,044.4 $ 911.6 APM pro forma adjustments - 2021 — 396.5 APM pro forma adjustments - 8 months 2022* 256.1 — Pro forma sales $ 1,300.5 $ 1,308.1 Specialty Engineered Materials $ 188.8 $ 157.2 APM pro forma adjustments - 2021 — 120.5 APM pro forma adjustments - 8 months 2022* 83.1 — Pro forma EBITDA $ 272.0 $ 277.8 Year Ended December 31, Reconciliation of Pro Forma Sales - Avient 2022 2021 Sales $ 3,396.9 $ 3,315.5 APM pro forma adjustments - 2021 — 396.5 APM pro forma adjustments - 8 months 2022* 256.1 — Pro forma sales $ 3,653.0 $ 3,712.0 5 AVNT Q4 2022 Earnings Presentation 2.17.pdf AVNT Q4 2022 Earnings Presentation.pdf IR Recs - 2.14 454pm
https://www.avient.com/sites/default/files/2022-08/AVNT Aug 2022 Presentation - Jefferies.pdf
Three Months Ended 2022年6月30日 Three Months Ended 2021年6月30日 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income attributable to Avient shareholders $ 84.7 $ 0.92 $ 68.8 $ 0.74 Special items, after tax 5.1 0.06 11.7 0.13 Adjusted net income / EPS - excluding special items 89.8 0.98 80.5 0.87 FX adjustment n/a n/a $ (4.9) $ (0.05) Adjusted net income / EPS - excluding special items, adjusted for FX $ 89.8 $ 0.98 $ 75.6 $ 0.82 Reconciliation to Consolidated Statements of Income Three Months Ended 2022年6月30日 2021 Results Results FX Adjustment FX Adjusted Sales: Color, Additives and Inks $ 649.1 $ 624.4 $ (35.8) $ 588.6 Specialty Engineered Materials 243.9 240.6 (10.5) 230.1 Distribution 443.2 404.4 (0.2) 404.2 Corporate and eliminations (33.8) (34.2) (1.2) (35.4) Sales $ 1,302.4 $ 1,235.2 $ (47.7) $ 1,187.5 Operating income: Color, Additives and Inks $ 93.6 $ 86.3 $ (5.2) 81.1 Specialty Engineered Materials 36.6 37.3 (1.3) 36.0 Distribution 27.1 23.7 — 23.7 Corporate and eliminations (27.8) (39.2) 0.2 (39.0) Operating income 129.5 108.1 (6.3) 101.8 Special items in operating income 4.3 14.2 — 14.2 Adjusted operating income $ 133.8 $ 122.3 $ (6.3) $ 116.0 1 2022年6月30日 GAAP Special Adjusted Operating Income $ 129.5 $ 4.3 $ 133.8 Income before income taxes $ 114.7 $ 3.4 $ 118.1 Income tax expense - GAAP (30.0) — (30.0) Income tax impact of special items — (0.8) (0.8) Tax adjustments — 2.5 2.5 Net income attributable to noncontrolling interests — — — Net income attributable to Avient shareholders $ 84.7 $ 5.1 $ 89.8 EPS $ 0.92 0.06 $ 0.98 Weighted-average diluted shares 92.1 92.1 92.1 2021年6月30日 GAAP Special Adjusted Operating Income $ 108.1 $ 14.2 $ 122.3 Income before income taxes $ 89.8 $ 14.2 $ 104.0 Income tax expense - GAAP (20.4) — (20.4) Income tax impact of special items — (3.4) (3.4) Tax adjustments — 0.9 0.9 Net income attributable to noncontrolling interests (0.6) — (0.6) Net income attributable to Avient shareholders $ 68.8 $ 11.7 $ 80.5 EPS $ 0.74 0.13 $ 0.87 Weighted-average diluted shares 92.4 92.4 92.4 2021年9月30日 GAAP Special Adjusted Operating income $ 78.7 $ 20.0 $ 98.7 Income from continuing operations before income taxes $ 61.1 $ 19.9 $ 81.0 Income tax expense - GAAP (8.5) — (8.5) Income tax impact of special items — (4.6) (4.6) Tax adjustments — (3.6) (3.6) Net income attributable to noncontrolling interests 0.3 — 0.3 Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 11.7 $ 64.6 Net income / EPS $ 0.57 $ 0.13 $ 0.70 Weighted-average diluted shares 92.2 92.2 92.2 Reconciliation of EBITDA by Segment Year Ended 2021年12月31日 Operating income: Color, Additives and Inks $ 303.1 Specialty Engineered Materials 132.0 Distribution 93.2 Corporate and eliminations (147.1) Operating income $ 381.2 Items below OI in Corporate: Other income, net $ (1.3) Depreciation & amortization: Color, Additives and Inks $ 105.7 Specialty Engineered Materials 31.7 Distribution 0.8 Corporate and eliminations 7.7 Depreciation & Amortization $ 145.9 EBITDA: Color, Additives and Inks $ 408.8 Specialty Engineered Materials 163.7 Distribution 94.0 Corporate and eliminations (140.7) EBITDA $ 525.8 June 30, Year Ended December 31, Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021 2021 Net income from continuing operations – GAAP $ 84.7 $ 69.4 $ 230.6 Income tax expense 30.0 20.4 74.0 Interest expense 16.2 19.5 75.3 Depreciation and amortization from continuing operations 36.5 33.8 145.9 EBITDA $ 167.4 $ 143.1 $ 525.8 Special items, before tax 3.4 14.2 57.1 Depreciation and amortization included in special items (1.1) 1.4 (1.7) Adjusted EBITDA $ 169.7 $ 158.7 $ 581.2 AVNT Aug 2022 Presentation w Non GAAP Recs.pdf AVNT Aug 2022 Presentation Update.pdf Avient corporation�investor presentation DISCLAIMER Avient: Who We Are Who we are – Vision, Strategy, Culture What we do: material science Sustainability for a Better Tomorrow Slide Number 7 Slide Number 8 Slide Number 9 Q2 2022 SALES AND OPERATING INCOME�(Total Company) Slide Number 11 Slide Number 12 2021 Sustainability Report Slide Number 14 Slide Number 15 Slide Number 16 Slide Number 17 Slide Number 18 Slide Number 19 Two-Year Leverage model our Specialty Journey continues End Market transformation to less cyclical industries�(with Dyneema, ex. distribution) End-market Focus for �New innovation Slide Number 24 PEER COMPARISONS Avient is asset light High free cash flow conversion Our valuation versus peers Slide Number 29 Slide Number 30 Slide Number 31 Slide Number 32 FIT with Four Pillar Strategy AVNT Aug 2022 Presentation w Non GAAP Recs v1 Dyneema® overview AVNT Aug 2022 Presentation w Non GAAP Recs AVNT Aug 2022 Presentation Update.pdf Slide Number 35 Slide Number 36 Dyneema® in the Value Chain Demand trends Products Avient’s Existing Composites Portfolio Avient’s Composites Portfolio�Sales and Ebitda Slide Number 42 �2021 segment, end market and Geography Slide Number 44 Slide Number 45 Slide Number 46 Slide Number 47 AVNT Aug 2022 Presentation w Non GAAP Recs.pdf AVNT Q2 2022 Earnings Presentation - Website.pdf AVNT Q2 2022 Earnings Presentation - Website AVNT Q2 2022 Earnings Presentation - Website AVNT Q2 2022 Earnings Presentation - Website 7.25 323pm IR Deck - AVNT-2022.06.30.pdf AVNT Aug 2022 Presentation w Non GAAP Recs
https://www.avient.com/sites/default/files/2022-02/AVNT Q4 2021 Earnings Presentation_0.pdf
A reconciliation of these measures to their most directly comparable GAAP measures is provided in the tables below. 1 Reconciliation of EBITDA by Segment Year Ended 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 % Reconciliation of Pro Forma Sales, Operating Income and EBITDA - Color, Additives and Inks Year Ended 2020年12月31日 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 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 2021年12月31日 Cash provided by operating activities 233.8 Capital expenditures (100.6) Free cash flow $ 133.2 Net Debt Calculation 2021年12月31日 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 2021年12月31日 Reconciliation of Adjusted Earnings per Share: Avient Special Adjusted 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 Reconciliation of Adjusted Earnings per Share: Avient Special Adjusted 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 % Reconciliation of Pro Forma Adjusted Earnings per Share: Avient Special Adjusted Clariant Color Pro Forma Pro Forma Adjusted 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 % Reconciliation of Pro Forma Adjusted Earnings per Share: Avient Special Adjusted Clariant Color Pro Forma Pro Forma Adjusted 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 % 2021年3月31日 Reconciliation to Condensed Consolidated Statements of Income GAAP Special Adjusted 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 2021年12月31日 Reconciliation to Condensed Consolidated Statements of Income GAAP Special Adjusted 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 2019年12月31日 Year Ended Reconciliation of pro forma sales, operating income, and EBITDA: CAI Clariant Color Pro Forma Pro Forma CAI CAI Clariant Color Pro Forma Pro Forma 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 % 6 Year Ended 2020年12月31日 Reconciliation of pro forma sales, operating income, and EBITDA: CAI Clariant Color Pro Forma Pro Forma 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 % 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/2023-06/AVNT June IR Conferences w_Non GAAP Recs.pdf
Three Months Ended 2023年3月31日 Three Months Ended 2022年3月31日 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 20.8 $ 0.23 $ 64.4 $ 0.70 Special items, after tax 22.3 0.24 6.4 0.07 Amortization expense, after-tax 15.1 0.16 $ 10.8 $ 0.12 Adjusted net income / EPS $ 58.2 $ 0.63 $ 81.6 $ 0.89 March 31, Reconciliation of Pro Forma Sales 2023 2022 Sales $ 845.7 $ 892.2 APM pro forma adjustments — 94.9 Pro forma sales $ 845.7 $ 987.1 1 Three Months Ended Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022 Net income from continuing operations – GAAP $ 21.3 $ 64.7 Income tax expense 7.7 20.0 Interest expense, net 28.8 16.9 Depreciation and amortization 50.5 37.6 EBITDA from continuing operations $ 108.3 $ 139.2 Special items, before tax 27.3 6.7 Depreciation and amortization included in special items (1.8) (2.1) Adjusted EBITDA $ 133.8 $ 143.8 Pro forma APM adjustments — 32.0 Pro forma adjusted EBITDA $ 133.8 $ 175.8 Pro forma adjusted EBITDA as a % of sales 15.8 % 17.8 % 2023 2022 Sales: Color, Additives and Inks $ 537.0 $ 649.5 Specialty Engineered Materials 309.7 243.1 Corporate (1.0) (0.4) Sales $ 845.7 $ 892.2 Operating income: Color, Additives and Inks $ 65.6 $ 94.5 Specialty Engineered Materials 43.1 38.3 Corporate (51.6) (30.6) Operating income $ 57.1 $ 102.2 Depreciation & amortization: Color, Additives and Inks $ 25.8 $ 26.0 Specialty Engineered Materials 21.2 7.8 Corporate 3.5 3.8 Depreciation & Amortization $ 50.5 $ 37.6 Earnings before interest, taxes, depreciation and amortization (EBITDA): Color, Additives and Inks $ 91.4 $ 120.5 Specialty Engineered Materials 64.3 46.1 Corporate (48.1) (26.8) Other income (expense), net 0.7 (0.6) EBITDA $ 108.3 $ 139.2 AVNT June IR Conferences w Non GAAP Recs.pdf AVNT Q1 2023 Earnings Presentation.pdf AVNT Q1 2023 Earnings Presentation 5.2 221pm IR Deck - AVNT-2023.03.31 (002).pdf
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-earnings-presentation_0.pdf
& Canada 51% Latin America 2021 YTD SEGMENT, END MARKET AND GEOGRAPHY 29 GEOGRAPHY REVENUESEGMENT FINANCIALS 23% 19% Building and END MARKET REVENUE (1) Total company sales and EBITDA of $3,617M and $455M, respectively, include intercompany sales eliminations and corporate costs All charts reflect YTD financials through September 30 $1,820M $321M $691M $127M $1,206M $72M Sales Adjusted EBITDA Distribution Specialty Engineered Materials Color Additives and Inks $455M$3,617M 34% 21% 7% Building & 9% 2% Telecommunications C O L O R , A D D I T I V E S & I N K S 2021 YTD REVENUE | $1 .8 BILL ION 31% 42% 21% Latin America END MARKET REGION 30 S P E C I A LT Y E N G I N E E R E D M AT E R I A L S 28% 11% Building & 7% 2021 YTD REVENUE | $691 MILLION END MARKET 55% 20% REGION 31 DI S TR IBU T I ON 26% 22% 20% Building and 81% Latin America END MARKET REGION K E Y S U P P L I ER S 2021 YTD REVENUE | $1 .2 BILL ION 32 TOTA L C O M PA N Y R E G I O N A L S A L E S BY END MARKET 30% 27% Building & 2% Energy (16% of sales) 31% 17% Building & (25% of sales) 33 19% 17% Building & US & Canada (51% of sales) 13% 42% 33% 3% Building & LATAM (8% of sales) Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in millions, except for per share data) 2021年9月30日 Reconciliation to Condensed Consolidated Statements of Income GAAP Special Adjusted Operating income $ 78.7 $ 20.0 $ 98.7 Income from continuing operations before income taxes $ 61.1 $ 19.9 $ 81.0 Income tax expense - GAAP (8.5) — (8.5) Income tax impact of special items — (4.6) (4.6) Tax adjustments — (3.6) (3.6) Net income attributable to noncontrolling interests 0.3 — 0.3 Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 11.7 $ 64.6 Net income / EPS $ 0.57 $ 0.13 $ 0.70 Weighted-average diluted shares 92.2 92.2 92.2 2020年9月30日 Reconciliation to Condensed Consolidated Statements of Income GAAP Special Adjusted Operating income $ 33.5 $ 40.4 $ 73.9 Income from continuing operations before income taxes $ 5.3 $ 50.0 $ 55.3 Income tax expense - GAAP (2.7) — (2.7) Income tax impact of special items — (12.7) (12.7) Tax adjustments — 3.0 3.0 Net income attributable to noncontrolling interests (0.9) — (0.9) Net income from continuing operations attributable to Avient shareholders $ 1.7 $ 40.3 $ 42.0 Net income / EPS $ 0.02 $ 0.44 $ 0.46 Weighted-average diluted shares 91.9 91.9 91.9 Three Months Ended Three Months Nine Months Year Ended December 31, Reconciliation to Pro Forma Adjusted EBITDA 2021 2020 2021年6月30日 2021年9月30日 2020 2019 2018 Net income from continuing operations – GAAP $ 52.6 $ 2.6 $ 69.4 $ 201.7 $ 133.8 $ 75.7 $ 87.4 Income tax expense 8.5 2.7 20.4 51.8 5.2 33.7 14.4 Interest expense 19.0 29.7 19.5 57.8 74.6 59.5 62.8 Debt extinguishment cost — — — — — — 1.1 Depreciation and amortization from continuing operations 36.8 36.5 33.8 107.7 115.0 78.1 72.6 EBITDA $ 116.9 71.5 $ 143.1 $ 419.0 $ 328.6 $ 247.0 $ 238.3 Special items, before tax 19.9 50.0 14.2 36.5 66.2 61.7 59.5 Interest expense included in special items — (9.6) — — (10.1) — — Depreciation and amortization included in special items (0.9) (1.3) 1.4 (0.1) (3.2) — (3.0) Adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 381.6 $ 308.7 $ 294.8 Clariant MB pro forma adjustments(1) — — — — 75.1 133.2 141.5 Pro forma adjusted EBITDA $ 135.9 $ 110.6 $ 158.7 $ 455.4 $ 456.7 $ 441.9 $ 436.3 (1) Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) and to give effects to the financing for the acquisition Reconciliation of EBITDA by Segment Nine Months 2021年12月31日 2020 2021 2020 2019 2018 Sales: Color, Additives and Inks $ 586.6 $ 493.8 $ 1,820.3 $ 1,502.9 $ 1,003.8 $ 1,046.5 Specialty Engineered Materials 233.6 174.1 690.7 708.8 745.7 645.8 Distribution 438.8 276.9 1,205.9 1,110.3 1,192.2 1,265.4 Corporate and eliminations (39.2) (20.3) (99.6) (79.9) (79.0) (76.7) Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 3,242.1 $ 2,862.7 $ 2,881.0 Operating income: Color, Additives and Inks $ 66.8 $ 50.5 $ 241.9 $ 180.8 $ 147.4 $ 158.5 Specialty Engineered Materials 31.7 24.7 103.2 94.4 83.7 72.3 Distribution 23.8 17.5 71.5 69.5 75.4 71.5 Corporate and eliminations (43.6) (59.2) (109.4) (155.4) (149.7) (123.7) Operating income $ 78.7 $ 33.5 $ 307.2 $ 189.3 $ 156.8 $ 178.6 Items below OI in Corporate: Other income, net $ 1.4 $ 1.5 $ 4.1 $ 24.3 $ 12.1 $ (12.9) Depreciation & amortization: Color, Additives and Inks $ 26.6 $ 26.3 $ 79.2 $ 75.1 $ 42.7 $ 44.3 Specialty Engineered Materials 7.9 7.5 23.8 30.0 29.5 23.2 Distribution 0.2 0.2 0.6 0.7 0.5 0.7 Corporate and eliminations 2.1 2.5 4.1 9.2 5.4 4.4 Depreciation & Amortization $ 36.8 $ 36.5 $ 107.7 $ 115.0 $ 78.1 $ 72.6 EBITDA: Color, Additives and Inks $ 93.4 $ 76.8 $ 321.1 $ 255.9 $ 190.1 $ 202.8 Specialty Engineered Materials 39.6 32.2 127.0 124.4 113.2 95.5 Distribution 24.0 17.7 72.1 70.2 75.9 72.2 Corporate and eliminations (41.5) (56.7) (105.3) (146.2) (144.3) (119.3) EBITDA $ 116.9 $ 71.5 $ 419.0 $ 328.6 $ 247.0 $ 238.3 EBITDA as a % of Sales: Color, Additives and Inks 15.9 % 15.6 % 17.6 % 17.0 % 18.9 % 19.4 % Specialty Engineered Materials 17.0 % 18.5 % 18.4 % 17.6 % 15.2 % 14.8 % Distribution 5.5 % 6.4 % 6.0 % 6.3 % 6.4 % 5.7 % Reconciliation of Pro Forma EBITDA - Color, Additives and Inks Year Ended 2020年12月31日 2019 2018 Sales: Color, Additives and Inks $ 1,502.9 $ 1,003.8 $ 1,046.5 Clariant MB pro forma adjustments(1) 540.4 1,118.6 1,209.8 Pro forma sales $ 2,043.3 $ 2,122.4 $ 2,256.3 Operating income: Color, Additives and Inks $ 180.8 $ 147.4 $ 158.5 Clariant MB pro forma adjustments(1) 45.0 72.9 80.3 Pro forma operating income $ 225.8 $ 220.3 $ 238.8 Depreciation & amortization: Color, Additives and Inks $ 75.1 $ 42.7 $ 44.3 Clariant MB pro forma adjustments(1) 30.1 60.3 61.2 Pro forma depreciation & amortization $ 105.2 $ 103.0 $ 105.5 EBITDA Color, Additives and Inks $ 255.9 $ 190.1 $ 202.8 Clariant MB pro forma adjustments(1) 75.1 133.2 141.5 Pro forma EBITDA $ 331.0 $ 323.3 $ 344.3 Pro forma EBITDA as a % of Sales 16.2 % 15.2 % 15.3 % 2020年12月31日 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Adjusted Clariant MB Pro Forma Adjustments(1) Pro Forma Adjusted 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 2019年12月31日 Reconciliation of Pro Forma Adjusted Earnings per Share Avient Special Adjusted Clariant MB Pro Forma Adjustments(1) Pro Forma Adjusted 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 AVNT Q3 2021 Earnings Presentation.pdf AVNT Q3 2021 Earnings Presentation.pdf Final 10.27 606pm Q3 21 IR Deck Version v1.pdf
https://www.avient.com/sites/default/files/2021-04/avnt-first-quarter-2021-news-release.pdf
Reconciliation of Pro Forma Adjusted Earnings per Share: Three Months Ended Net income from continuing operations attributable to Avient shareholders $ 33.1 Special items, after tax (Attachment 3) 8.6 Adjusted net income from continuing operations excluding special items 41.7 Clariant MB pro forma adjustments to net income from continuing operations(2) 7.8 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 49.5 Weighted average diluted shares 86.7 Pro forma impact to diluted shares from January 2020 equity offering 6.1 Pro forma weighted average diluted shares 92.8 Adjusted EPS - excluding special items pro forma for Clariant MB acquisition $ 0.53 2020年12月31日 Reconciliation of Pro Forma Adjusted Earnings per Share: Avient Special Adjusted Clariant MB Pro Forma Adjustments(2) Pro Forma Adjusted 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 (2) Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) and to give effects to the financing for the acquisition 14 2019年12月31日 Reconciliation of Pro Forma Adjusted Earnings per Share: Avient Special Adjusted Clariant MB Pro Forma Adjustments(3) Pro Forma Adjusted 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 (3) Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) and to give effects to the financing for the acquisition 15 Reconciliation of EBITDA by Segment Year Ended 2021年12月31日 2020 2020 2019 2018 Color, Additives and Inks $ 88.8 $ 40.5 $ 180.8 $ 147.4 $ 158.5 Specialty Engineered Materials 34.2 22.3 94.4 83.7 72.3 Distribution 24.0 19.4 69.5 75.4 71.5 Corporate and eliminations (26.6) (29.4) (155.4) (149.7) (123.7) Operating income $ 120.4 $ 52.8 $ 189.3 $ 156.8 $ 178.6 Items Below OI in Corporate Other income, net $ 1.5 $ 1.6 $ 24.3 $ 12.1 $ (12.9) Depreciation & Amortization: Color, Additives and Inks $ 27.4 $ 10.9 $ 75.1 $ 42.7 $ 44.3 Specialty Engineered Materials 7.8 7.5 30.0 29.5 23.2 Distribution 0.2 0.1 0.7 0.5 0.7 Corporate and eliminations 1.7 1.4 9.2 5.4 4.4 Depreciation & Amortization $ 37.1 $ 19.9 $ 115.0 $ 78.1 $ 72.6 EBITDA Color, Additives and Inks $ 116.2 $ 51.4 $ 255.9 $ 190.1 $ 202.8 Specialty Engineered Materials 42.0 29.8 124.4 113.2 95.5 Distribution 24.2 19.5 70.2 75.9 72.2 Corporate and eliminations (24.9) (28.0) (146.2) (144.3) (119.3) EBITDA $ 159.0 $ 74.3 $ 328.6 $ 247.0 $ 238.3 EBITDA as a % of Sales: Color, Additives and Inks 19.1 % 20.0 % 17.0 % 18.9 % 19.4 % Specialty Engineered Materials 19.4 % 16.1 % 17.6 % 15.2 % 14.8 % Distribution 6.7 % 6.7 % 6.3 % 6.4 % 5.7 % 16 Reconciliation of Pro Forma EBITDA - Color, Additives and Inks Three Months Ended March 31, Year Ended 2020年12月31日 2020 2019 2018 Sales: Color, Additives and Inks $ 256.5 $ 1,502.9 $ 1,003.8 $ 1,046.5 Clariant MB pro forma adjustments(4) 279.4 540.4 1,118.6 1,209.8 Pro forma sales $ 535.9 $ 2,043.3 $ 2,122.4 $ 2,256.3 Color, Additives and Inks $ 40.5 $ 180.8 $ 147.4 $ 158.5 Clariant MB pro forma adjustments(4) 23.0 45.0 72.9 80.3 Pro forma operating income $ 63.5 $ 225.8 $ 220.3 $ 238.8 Depreciation & amortization: Color, Additives and Inks $ 10.9 $ 75.1 $ 42.7 $ 44.3 Clariant MB pro forma adjustments(4) 15.1 30.1 60.3 61.2 Pro forma depreciation & amortization $ 26.0 $ 105.2 $ 103.0 $ 105.5 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): Color, Additives and Inks $ 51.4 $ 255.9 $ 190.1 $ 202.8 Clariant MB pro forma adjustments(4) 38.1 75.1 133.2 141.5 Pro forma EBITDA $ 89.5 $ 331.0 $ 323.3 $ 344.3 Pro forma EBITDA as a % of Sales 16.7 % 16.2 % 15.2 % 15.3 % Three Months Ended March 31, Year Ended December 31, Reconciliation to Adjusted EBITDA: 2021 2020 2020 2019 2018 Net income from continuing operations – GAAP $ 79.7 $ 33.1 $ 133.8 $ 75.7 $ 87.4 Income tax expense 22.9 11.9 5.2 33.7 14.4 Interest expense 19.3 9.4 74.6 59.5 62.8 Debt extinguishment cost — — 1.1 Depreciation and amortization from continuing operations 37.1 19.9 115.0 78.1 72.6 EBITDA $ 159.0 $ 74.3 $ 328.6 $ 247.0 $ 238.3 Special items, before tax 2.4 9.6 66.2 61.7 59.5 Interest expense included in special items — — (10.1) — — Accelerated depreciation included in special items (0.5) — (3.2) — (3.0) Adjusted EBITDA $ 160.9 $ 83.9 $ 381.6 $ 308.7 $ 294.8 Reconciliation of Pro Forma Sales: Three Months Ended Sales $ 711.5 Clariant MB pro forma adjustment to sales(4) 279.4 Pro forma sales $ 990.9 (4) Pro forma adjustments for the periods prior to the acquisition date (2020年7月1日) 17 Avient Announces Record First Quarter 2021 Results; Increases Full Year Guidance.pdf NEWS RELEASE 4.29 232pm News Release (002).pdf
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements
Imerys, “Specialty Carbons for Polymer Compounds” http://www.imerys-graphite-and-carbon.com/wordpress/wp-app/uploads/2014/04/Polymer_compounds1.pdf 2http://cameo.mfa.org/wiki/Metallic_fiber
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=21506
Imerys, “Specialty Carbons for Polymer Compounds” http://www.imerys-graphite-and-carbon.com/wordpress/wp-app/uploads/2014/04/Polymer_compounds1.pdf 2http://cameo.mfa.org/wiki/Metallic_fiber
https://www.avient.com/knowledge-base/article/what-s-difference-fillers-reinforcements?ind[]=6599
Imerys, “Specialty Carbons for Polymer Compounds” http://www.imerys-graphite-and-carbon.com/wordpress/wp-app/uploads/2014/04/Polymer_compounds1.pdf 2http://cameo.mfa.org/wiki/Metallic_fiber