$AVNT
AVIENT CORP

2023 Q1 Form 10-Q Financial Statement

#000112297623000021 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q1
Revenue $845.7M
YoY Change -34.63%
Cost Of Revenue $598.1M
YoY Change -40.2%
Gross Profit $247.6M
YoY Change -15.7%
Gross Profit Margin 29.28%
Selling, General & Admin $190.5M
YoY Change 15.38%
% of Gross Profit 76.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.70M
YoY Change 36.41%
% of Gross Profit 19.67%
Operating Expenses $190.5M
YoY Change 15.38%
Operating Profit $57.10M
YoY Change -55.6%
Interest Expense -$28.80M
YoY Change 70.41%
% of Operating Profit -50.44%
Other Income/Expense, Net $700.0K
YoY Change -216.67%
Pretax Income $29.00M
YoY Change -73.9%
Income Tax $7.700M
% Of Pretax Income 26.55%
Net Earnings $19.90M
YoY Change -76.37%
Net Earnings / Revenue 2.35%
Basic Earnings Per Share $0.22
Diluted Earnings Per Share $0.22
COMMON SHARES
Basic Shares Outstanding 90.97M shares
Diluted Shares Outstanding 91.80M shares

Balance Sheet

Concept 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $582.7M
YoY Change 3.57%
Cash & Equivalents $582.7M
Short-Term Investments
Other Short-Term Assets $125.3M
YoY Change -6.7%
Inventory $371.9M
Prepaid Expenses
Receivables $484.4M
Other Receivables $0.00
Total Short-Term Assets $1.564B
YoY Change -18.96%
LONG-TERM ASSETS
Property, Plant & Equipment $1.046B
YoY Change 57.98%
Goodwill $1.690B
YoY Change 31.66%
Intangibles $1.602B
YoY Change 77.16%
Long-Term Investments
YoY Change
Other Assets $209.8M
YoY Change 4.74%
Total Long-Term Assets $4.547B
YoY Change 45.88%
TOTAL ASSETS
Total Short-Term Assets $1.564B
Total Long-Term Assets $4.547B
Total Assets $6.111B
YoY Change 21.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $448.1M
YoY Change -30.24%
Accrued Expenses $386.9M
YoY Change 34.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $2.200M
YoY Change -99.64%
Total Short-Term Liabilities $837.2M
YoY Change -46.32%
LONG-TERM LIABILITIES
Long-Term Debt $2.178B
YoY Change 74.19%
Other Long-Term Liabilities $329.0M
YoY Change 100.49%
Total Long-Term Liabilities $2.905B
YoY Change 75.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $837.2M
Total Long-Term Liabilities $2.905B
Total Liabilities $3.743B
YoY Change 16.31%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.350B
YoY Change
Total Liabilities & Shareholders Equity $6.111B
YoY Change 21.09%

Cashflow Statement

Concept 2023 Q1
OPERATING ACTIVITIES
Net Income $19.90M
YoY Change -76.37%
Depreciation, Depletion And Amortization $48.70M
YoY Change 36.41%
Cash From Operating Activities -$22.20M
YoY Change -217.46%
INVESTING ACTIVITIES
Capital Expenditures $20.30M
YoY Change 52.63%
Acquisitions
YoY Change
Other Investing Activities $7.300M
YoY Change
Cash From Investing Activities -$13.00M
YoY Change -2.26%
FINANCING ACTIVITIES
Cash Dividend Paid $22.50M
YoY Change 3.69%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $800.0K
YoY Change
Cash From Financing Activities -$25.60M
YoY Change -41.55%
NET CHANGE
Cash From Operating Activities -$22.20M
Cash From Investing Activities -$13.00M
Cash From Financing Activities -$25.60M
Net Change In Cash -$58.40M
YoY Change 51.3%
FREE CASH FLOW
Cash From Operating Activities -$22.20M
Capital Expenditures $20.30M
Free Cash Flow -$42.50M
YoY Change -858.93%

Facts In Submission

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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
601200000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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582700000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
562600000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2352800000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
20400000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16100000 usd
CY2023Q1 us-gaap Dividends Common Stock
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22500000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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1900000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2368600000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1790500000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
84500000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7900000 usd
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
21700000 usd
CY2022Q1 us-gaap Stock Repurchased During Period Value
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15800000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1829300000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
372700000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1671900000 usd
CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
17800000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
1689700000 usd
CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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1905700000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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352700000 usd
CY2023Q1 avnt Intangible Assets Currency Translation
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CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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1905700000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
333100000 usd
CY2022Q4 avnt Intangible Assets Currency Translation
IntangibleAssetsCurrencyTranslation
-25000000.0 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1597600000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
163000000.0 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
157700000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
26100000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
22700000 usd
CY2023Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
182800000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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192300000 usd
CY2023Q1 us-gaap Inventory Net
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371900000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
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1891600000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1861000000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
845900000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
811800000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
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1045700000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1049200000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.266
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2215500000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
35600000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
2179900000 usd
CY2023Q1 avnt Long Term Debt Current Maturities Principal Amount
LongTermDebtCurrentMaturitiesPrincipalAmount
2200000 usd
CY2023Q1 avnt Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Current
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsCurrent
0 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2200000 usd
CY2023Q1 avnt Long Term Debt Excluding Current Maturities Principal Amount
LongTermDebtExcludingCurrentMaturitiesPrincipalAmount
2213300000 usd
CY2023Q1 avnt Debt Instrument Unamortized Discount Premiumand Debt Issuance Costs Noncurrent
DebtInstrumentUnamortizedDiscountPremiumandDebtIssuanceCostsNoncurrent
35600000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2177700000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2216300000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
37400000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
2178900000 usd
CY2022Q4 avnt Long Term Debt Current Maturities Principal Amount
LongTermDebtCurrentMaturitiesPrincipalAmount
2200000 usd
CY2022Q4 avnt Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Current
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsCurrent
0 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2200000 usd
CY2022Q4 avnt Long Term Debt Excluding Current Maturities Principal Amount
LongTermDebtExcludingCurrentMaturitiesPrincipalAmount
2214100000 usd
CY2022Q4 avnt Debt Instrument Unamortized Discount Premiumand Debt Issuance Costs Noncurrent
DebtInstrumentUnamortizedDiscountPremiumandDebtIssuanceCostsNoncurrent
37400000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2176700000 usd
CY2023Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2192600000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2153100000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Assets
Assets
6111200000 usd
CY2022Q4 us-gaap Assets
Assets
6085000000 usd
CY2023Q1 us-gaap Environmental Remediation Expense
EnvironmentalRemediationExpense
1400000 usd
CY2022Q1 us-gaap Environmental Remediation Expense
EnvironmentalRemediationExpense
2000000 usd
CY2022Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
600000 usd
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
111500000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
118300000 usd

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0001122976-23-000021.txt Edgar Link pending
0001122976-23-000021-xbrl.zip Edgar Link pending
avnt-20230331.htm Edgar Link pending
avnt-20230331.xsd Edgar Link pending
avnt-20230331_cal.xml Edgar Link unprocessable
avnt-20230331_lab.xml Edgar Link unprocessable
avnt-20230331_def.xml Edgar Link unprocessable
avnt-20230331_htm.xml Edgar Link completed
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avnt-ex311_20230331.htm Edgar Link pending
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