https://www.avient.com/sites/default/files/2022-03/Avient 2021 Annual Report.pdf
We have foreign pension plans that accrue benefits. The following tables present the change in benefit obligation, change in plan assets and components of funded status for defined benefit pension and post-retirement health care benefit plans. If all unrecognized tax benefits were recognized, the net impact on the tax provision would be a benefit of $10.9 million.
https://www.avient.com/sites/default/files/2023-11/Cesa Clean Product Bulletin.pdf
Cesa™ Clean Additives WHEN TO USE CESA CLEAN As a best practice, Cesa Clean adds value when used for: • Color changeovers • Material and formulation changes • Shutdown or startup • Machine maintenance WHY USE CESA CLEAN Some of the ways you can benefit from consistently using Cesa Clean: • Improve production uptime with faster color changeovers • Reduce wasted melt puddle material • Reduce resin use during purging • Non-abrasive and safe to use on precision equipment PRODUCT BULLETIN Cesa Clean solutions are available for use in a variety of processing conditions and operating temperatures. They are effective for cleaning both extrusion and injection molding equipment and have the added benefit of being recyclable.
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 2023 Earnings Presentation - Website.pdf
This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, mark-to-market adjustments associated with benefit plans, environmental remediation costs, acquisition-related costs, and other non-routine costs. GUIDANCE $800 $754 Guidance Actual $128 $123 Guidance Actual Sales Adjusted EBITDA (in millions) $0.56 $0.57 Guidance Actual Adjusted EPS (in millions) 9 • Demand impacted by destocking and cautious customer sentiment • Positive net price benefit: o CAI - Pricing flat and raw material deflation o SEM - Pricing flat with unfavorable mix related to healthcare, more than offset with raw material deflation • Cost reductions driven by Clariant synergies and reduced administrative costs Q3 EBITDA BRIDGE ($ millions) CAI: Price / Mix -) Deflation 22) SEM: Price / Mix (6) Deflation 13) Net Price Benefit 29) Cost Reductions 13) Wage Inflation (8) FX 1) Q3 2023 Actual $ 123) Adjusted EBITDA Q3 2022 Pro Forma $ 137) Demand (49) 10 2 0 2 3 G U I D A N C E Q4 2023 GUIDANCE VS. Three Months Ended 2023年9月30日 Three Months Ended 2022年9月30日 Reconciliation to Condensed Consolidated Statements of Income: $ EPS $ EPS Net income (loss) from continuing operations attributable to Avient shareholders $ 5.1 $ 0.06 $ (27.4) $ (0.30) Special items, after tax 32.0 0.35 68.3 0.75 Amortization expense, after-tax 15.2 0.16 $ 13.4 $ 0.14 Adjusted net income / EPS $ 52.3 $ 0.57 $ 54.3 $ 0.59 Three Months Ended September 30, Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022 Sales - GAAP $ 753.7 $ 823.3 Pro Forma APM adjustments — 60.7 Pro forma adjusted sales $ 753.7 $ 884.0 Net income from continuing operations – GAAP $ 5.1 $ (27.8) Income tax (benefit) expense (0.1) (1.2) Interest expense, net 30.3 37.3 Depreciation and amortization 46.4 39.8 EBITDA from continuing operations $ 81.7 $ 48.1 Special items, before tax 43.2 82.0 Interest expense included in special items (2.2) (10.0) Depreciation and amortization included in special items — (0.8) Adjusted EBITDA $ 122.7 $ 119.3 Pro forma APM adjustments — 17.2 Pro forma adjusted EBITDA $ 122.7 $ 136.5 Pro forma adjusted EBITDA as a % of sales 16.3 % 15.4 % 1 Year Ended December 31, Reconciliation to EBITDA and Adjusted EBITDA: 2006 2018 Sales $ 2,622.4 $ 3,533.4 Net income from continuing operations – GAAP $ 133.5 $ 160.8 Income tax expense 29.7 36.4 Interest expense, net 63.1 62.8 Depreciation and amortization 57.1 91.5 EBITDA from continuing operations $ 283.4 $ 351.5 Special items, before tax (34.0) 59.5 Depreciation and amortization included in special items — (3.0) JV - equity income (107.0) — Adjusted EBITDA $ 142.4 $ 408.0 Adjusted EBITDA as a % of sales 5.4 % 11.5 % Reconciliation to EBITDA and Adjusted EBITDA: Three Months Ended 2022年12月31日 Net loss from continuing operations – GAAP $ (16.6) Income tax benefit (60.8) Interest expense, net 49.4 Depreciation and amortization 48.6 EBITDA from continuing operations $ 20.6 Special items, before tax 104.3 Interest expense included in special items (16.0) Depreciation and amortization included in special items (1.5) Adjusted EBITDA $ 107.4 Reconciliation of Pro Forma Adjusted Earnings per Share: Three Months Ended 2022年12月31日 Net loss from continuing operations attributable to Avient shareholders $ (17.0) Special items, after tax 38.3 Amortization expense, after-tax 14.6 Adjusted net income from continuing operations excluding special items 35.9 Pro forma adjustments* 2.5 Pro forma adjusted net income from continuing operations attributable to Avient shareholders $ 38.4 Weighted average diluted shares 91.7 Pro forma adjusted EPS - excluding special items pro forma for APM acquisition $ 0.42 * 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 AVNT Q3 2023 Earnings Presentation Avient corporation�Third quarter 2023 results DISCLAIMER Slide Number 3 Avient protective materials �First Year Slide Number 5 Slide Number 6 Slide Number 7 Slide Number 8 Slide Number 9 Slide Number 10 Slide Number 11 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 IR Deck - AVNT-2023.09.30 Non GAAP Recs Attachment
https://www.avient.com/sites/default/files/2021-06/fl.datasheet-kevlarr-distribution-program.pdf
Through this program, we hope to introduce businesses of all sizes to the benefit of aramid fibers. Through this program, we hope to introduce busi- nesses of all sizes to the benefit of Aramid fibers.
https://www.avient.com/sites/default/files/2020-08/colormatrix-amosorb-low-haze-product-bulletin-8.5x11.pdf
LOW HAZE The new 4020G grade of ColorMatrix Amosorb offers similar oxygen scavenging performance as previous solutions with the added benefit of up to 50% lower haze, resulting in improved clarity and clearer looking bottles. PRODUCT BULLETIN KEY BENEFITS • Non-nylon based • Up to 50% lower haze • Lower impact on PET recycle stream • 40% increased shelf-life at maximum allowable use limit • No induction period, provides immediate protection • Can be used with any PET & most rPET grades • Simple to use with existing mono- layer equipment • Suitable for use on multi-layer machines MARKET & APPLICATIONS • PET and rPET rigid packaging for food and beverage REGULATORY ColorMatrix Amosorb 4020G meets direct food contact regulatory requirements in major markets.
https://www.avient.com/sites/default/files/2024-10/Hydrocerol Chemical Foaming Agents Brochure.pdf
In addition to weight reduction and raw material savings, Hydrocerol CFAs can provide several other benefits that include: • thermal and acoustic insulation • increased stiffness-to-weight ratio • elimination of warpage and sink marks • more efficient processing Automotive Hydrocerol Chemical Foaming Agents are particularly recommended for lightweighting projects. Durable Goods Injection-molded durable goods can also benefit from the lightweighting effect of chemical foaming agents, especially products used in shipment and freight such as crates, boxes, and pallets, but also products such as brushes and toys.
https://www.avient.com/sites/default/files/2025-03/ColorMatrix Smartheat RHC Technical Bulletin.pdf
Suitable for PET and rPET preforms and bottles, it can be added to preforms providing the following benefits: • Improved blowing performance • Potential for increased rPET content • Increased mechanical strength • Potential for lightweighting • Improved performance through the recycle process • Reduced energy consumption • No pre-drying requirements SmartHeat RHC can contribute towards improved productivity, reduced manufacturing costs, improved sustainability, and can broaden the scope for bottle design. Its benefits are realized only with transparent preforms in a 2-stage injection stretch blow-molding process.
https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
These moves serve us well in the near term as we navigate current macroeconomic and geopolitical uncertainty and in the future as we are very well positioned to benefit from longer term demand trends for sustainable solutions.”2) Tax adjustments include the net tax benefit/ (expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments. 10 Attachment 4 Avient Corporation Condensed Consolidated Balance Sheets (In millions) (Unaudited) 2022年9月30日 2021年12月31日 ASSETS Current assets: Cash and cash equivalents $ 544.4 $ 601.2 Accounts receivable, net 504.6 439.9 Inventories, net 441.5 305.8 Current assets held for sale 367.8 360.2 Other current assets 130.0 119.9 Total current assets 1,988.3 1,827.0 Property, net 965.4 672.3 Goodwill 1,491.0 1,284.8 Intangible assets, net 1,525.7 925.2 Operating lease assets, net 56.0 58.2 Non-current assets held for sale — 22.0 Other non-current assets 280.7 207.7 Total assets $ 6,307.1 $ 4,997.2 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 613.9 $ 8.6 Accounts payable 448.7 429.5 Current operating lease obligations 18.1 21.1 Current liabilities held for sale 170.3 141.3 Accrued expenses and other current liabilities 304.6 340.2 Total current liabilities 1,555.6 940.7 Non-current liabilities: Long-term debt 2,502.9 1,850.3 Pension and other post-retirement benefits 91.6 99.9 Deferred income taxes 210.4 100.6 Non-current operating lease obligations 35.7 37.3 Non-current liabilities held for sale — 13.1 Other non-current liabilities 174.8 164.8 Total non-current liabilities 3,015.4 2,266.0 SHAREHOLDERS' EQUITY Avient shareholders’ equity 1,720.4 1,774.7 Noncontrolling interest 15.7 15.8 Total equity 1,736.1 1,790.5 Total liabilities and equity $ 6,307.1 $ 4,997.2 11 Attachment 5 Avient Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Nine Months Ended 2022年9月30日 2021 Operating Activities Net income $ 158.5 $ 201.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 110.3 105.8 Accelerated depreciation 4.0 1.9 Share-based compensation expense 9.5 8.4 Changes in assets and liabilities, net of the effect of acquisitions: Increase in accounts receivable (66.5) (199.7) Increase in inventories (12.5) (156.2) Increase in accounts payable 43.5 95.3 Decrease in pension and other post-retirement benefits (15.8) (14.2) (Decrease) increase in accrued expenses and other assets and liabilities, net (7.1) 67.0 Net cash provided by operating activities 223.9 110.0 Investing activities Capital expenditures (55.1) (62.7) Business acquisitions, net of cash acquired (1,426.1) (47.6) Settlement of foreign exchange derivatives 93.3 — Net cash proceeds used by other assets — (2.0) Net cash used by investing activities (1,387.9) (112.3) Financing activities Debt proceeds 1,300.0 — Purchase of common shares for treasury (36.4) (4.2) Cash dividends paid (65.2) (58.2) Repayment of long-term debt (6.8) (16.5) Payments of withholding tax on share awards (4.2) (9.1) Debt financing costs (49.3) — Other financing activities — (3.5) Net cash provided (used) by financing activities 1,138.1 (91.5) Effect of exchange rate changes on cash (30.9) (10.5) Decrease in cash and cash equivalents (56.8) (104.3) Cash and cash equivalents at beginning of year 601.2 649.5 Cash and cash equivalents at end of period $ 544.4 $ 545.2 12 Attachment 6 Avient Corporation Business Segment Operations (Unaudited) (In millions) Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. Three Months Ended 2022年9月30日 2021 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results (Loss) income from continuing operations before income taxes $ (29.0) $ 82.0 $ 53.0 $ 35.4 $ 19.9 $ 55.3 Income tax expense - GAAP 1.2 — 1.2 (2.0) — (2.0) Income tax impact of special items (Attachment 3) — (20.5) (20.5) — (4.6) (4.6) Tax adjustments (Attachment 3) — 6.8 6.8 — (3.6) (3.6) Income tax (expense) benefit $ 1.2 $ (13.7) $ (12.5) $ (2.0) $ (8.2) $ (10.2) Effective Tax Rate(1) 4.1 % 23.7 % 5.7 % 18.4 % (1) Rates may not recalculate from figures presented herein due to rounding 14 Nine Months Ended 2022年9月30日 2021 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results Income from continuing operations before income taxes $141.2 $ 89.6 $ 230.8 $176.1 $ 36.5 $ 212.6 Income tax expense - GAAP (41.5) — (41.5) (32.1) — (32.1) Income tax impact of special items (Attachment 3) — (22.5) (22.5) — (8.9) (8.9) Tax adjustments (Attachment 3) — 10.8 10.8 — (1.6) (1.6) Income tax (expense) benefit $ (41.5) $ (11.7) $ (53.2) $ (32.1) $ (10.5) $ (42.6) Effective Tax Rate(1) 29.4 % 23.1 % 18.2 % 20.0 % (1) Rates may not recalculate from figures presented herein due to rounding Three Months Ended September 30, Nine Months Ended September 30, Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021 2022 2021 Net (loss) income from continuing operations – GAAP $ (27.8) $ 33.4 $ 99.7 $ 144.0 Income tax (benefit) expense (1.2) 2.0 41.5 32.1 Interest expense 37.3 19.0 70.4 57.8 Depreciation and amortization from continuing operations 39.8 36.6 113.7 107.1 EBITDA $ 48.1 $ 91.0 $ 325.3 $ 341.0 Special items, before tax 82.0 19.9 89.6 36.5 Interest expense included in special items (10.0) — (10.0) — Depreciation and amortization included in special items (0.8) (0.9) (4.0) (0.1) Adjusted EBITDA $ 119.3 $ 110.0 $ 400.9 $ 377.4 NEWS RELEASE Attachment 1
https://www.avient.com/sites/default/files/2024-07/TPE Whitepaper_0.pdf
Parts Cost Surplus Stock Carbon Footprint Power Consumption Production Time TPE Benefits TPEs can reduce: TPE Applications TPEs can used to produce: Better grips on instruments Easy branding Easy-to-open pill bottles Needs to Meet Future Growth 2010 TPE Substrate 2030 Futu re De man d 2050 Supply Chain Cap acity TPE Substrate Parts Cost Surplus Stock Carbon Footprint Power Consumption Production Time TPE Benefits TPEs can reduce: TPE Applications TPEs can used to produce: Better grips on instruments Easy branding Easy-to-open pill bottles Needs to Meet Future Growth 2010 TPE Substrate 2030 Futu re De man d 2050 Supply Chain Cap acity TPE Substrate 3© 2020 Avient Corporation, 33587 Walker Road, Avon Lake, Ohio USA 44012 3. A COMPARISON: THE ECONOMIC CASE FOR TPEs Although vulcanized rubbers are initially an economical choice, processing presents many drawbacks that can wipe out these cost benefits. Parts Cost Surplus Stock Carbon Footprint Power Consumption Production Time TPE Benefits TPEs can reduce: TPE Applications TPEs can used to produce: Better grips on instruments Easy branding Easy-to-open pill bottles Needs to Meet Future Growth 2010 TPE Substrate 2030 Futu re De man d 2050 Supply Chain Cap acity TPE Substrate 4© 2020 Avient Corporation, 33587 Walker Road, Avon Lake, Ohio USA 44012 CASE IN POINT: STOPPERS AND SEPTUMS Versaflex™ HC TPE from Avient offers customers an exceptional alternative to rubber for septums and stoppers.
https://www.avient.com/sites/default/files/2022-04/Sustainable Material Answers_ Circular Economy 2022_1.pdf
Three Barriers Although the circular economy produces benefits for the environment, businesses and individuals, creating the circular economy involves macro changes and is not without challenges. Demonstrating to industries the long-term benefits of choosing materials that have high post-use residual value is a challenge that must be overcome in order to create a circular economy. Last but not least, individuals must rethink how they use products and commit to lifestyle changes that will have economic and environmental benefits for everyone.