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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-K Annual Report for the fiscal year ending Friday, March 31, 2023

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Advanced Drainage Systems, Inc.

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CIK: 1604028 Ticker: WMS
Exhibit 99.1
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ADVANCED DRAINAGE SYSTEMS ANNOUNCES FOURTH QUARTER AND
FISCAL YEAR 2023 RESULTS
HILLIARD, Ohio – (May 18, 2023) – Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a leading provider of innovative water management solutions in the stormwater and on-site septic waste water industries today announced financial results for the fourth quarter and fiscal year ended March 31, 2023.
Fourth Quarter Fiscal 2023 Results
•Net sales decreased 8.9% to $617.6 million
•Net income increased 83.1% to $86.3 million
•Adjusted EBITDA (Non-GAAP) increased 2.1% to $172.0 million
Fiscal 2023 Results
•Net sales increased 10.9% to $3,071.1 million
•Net income increased 85.9% to $511.4 million
•Diluted net income per share of $6.08
•Adjusted EBITDA (Non-GAAP) increased 33.7% to $904.0 million
•Cash provided by operating activities increased $432.9 million to $707.8 million
•Free cash flow (Non-GAAP) increased $415.1 million to $540.9 million

Scott Barbour, President and Chief Executive Officer of ADS commented, "Fiscal 2023 was ADS’ sixth consecutive year of record revenue and profitability. Net sales grew 11% to $3.1 billion and Adjusted EBITDA increased 34% to $904 million, resulting in an Adjusted EBITDA margin of 29.4%. Over the last six years, net sales and Adjusted EBITDA have increased at a compound annual growth rate of 16% and 29%, respectively. These results are the product of ADS’ strong business model and long-term strategies to drive above-market results and expand profitability, as both ADS and Infiltrator executed these strategies well in a dynamic macroeconomic environment. We are very proud of this year’s achievements, and we remain focused on our key growth strategies as well as the Fiscal 2025 Adjusted EBITDA margin target presented at our investor day in March 2022."

"The fourth quarter net sales and Adjusted EBITDA results came in above our guidance for the full year, despite overlapping demand weakness in our core non-residential and residential end markets. We had an excellent quarter from a profitability standpoint, and Adjusted EBITDA margin increased to a new fourth quarter record of 27.8%, 300 basis points above the prior year. Favorable pricing as well as favorable material and transportation costs offset inflationary cost pressure, lower Infiltrator volume and lower fixed cost absorption from lower production over the last two quarters."

"The need for water management solutions remains highly relevant despite the short-term weakness in market demand. We are actively engaging with communities that are improving standards for stormwater and onsite septic wastewater management, staying true to our brand promise to protect and manage water, the world’s most precious resource, safeguarding our environment and communities. Last October, we broke ground on our world-class Engineering & Technology Center to expand our efforts to bring new products, materials and technology to our markets. As one of the largest plastic recyclers in North America, we remain committed to finding innovative ways to increase the use of recycled plastics, thereby improving the circularity of the plastics economy. Importantly, we are being recognized for our impact, effort and value proposition as companies continue to choose our products for water management in large-scale development projects."

Barbour concluded, "In the coming year, the ADS and Infiltrator businesses will be subject to the challenging economic fundamentals currently underlying the residential and non-residential markets. The actions we took in the fiscal fourth quarter to reduce manufacturing and transportation costs were implemented successfully and are reflected in our Fiscal 2024 guidance. We will continue to work cost levers in order to maintain our profitability commitments while also managing our overall network and capital investments so that we are in a favorable position as the market rebounds. We will focus on growth opportunities in the Infrastructure and Agriculture markets, onshoring projects, and market penetration opportunities for products such as our HP pipe, Allied products, onsite septic tanks and active onsite treatment products to drive above market growth through our proven go to market capabilities."
1
The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, May 18, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Advanced Drainage Systems, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity And Mezzanine Equity
Consolidated Statements Of Stockholders' Equity And Mezzanine Equity (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Consideration Transferred And Preliminary Purchase Price Allocation Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions - Summary Of Identifiable Intangible Assets (Detail)
Background And Summary Of Significant Accounting Policies
Background And Summary Of Significant Accounting Policies (Details)
Background And Summary Of Significant Accounting Policies (Policies)
Background And Summary Of Significant Accounting Policies (Tables)
Background And Summary Of Significant Accounting Policies - Additional Information (Detail)
Background And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Related Assets (Detail)
Background And Summary Of Significant Accounting Policies - Summary Of Receivables (Detail)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Additional Information (Detail)
Business Segment Information - Net Sales And Long-Lived Asset By Geographic Location (Detail)
Business Segment Information - Reconciliation Of Gross Profit To Segment Adjusted Gross Profit (Detail)
Business Segment Information - Schedule Of Financial Information Attributable To Reportable Segments (Detail)
Business Segment Information - Schedule Of Revenue From Reportable Segments By Product Type (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Long-Term Debt (Detail)
Debt - Maturities Of Long-Term Debt (Excluding Interest And Deferred Financing Costs) (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Employee Benefit Plans - Esop Compensation Expense (Detail)
Employee Benefit Plans - Summarized Cash And Stock Dividends On Allocated Redeemable Convertible Preferred Stock (Detail)
Fair Value Measurement And Derivative Transactions
Fair Value Measurement And Derivative Transactions (Tables)
Fair Value Measurement And Derivative Transactions - Derivative Fair Values (Detail)
Fair Value Measurement And Derivative Transactions - Summary Of Carrying And Fair Value Of Senior Notes (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Carrying Amount Of Goodwill By Reportable Segment (Detail)
Goodwill And Intangible Assets - Future Intangible Asset Amortization Expense (Detail)
Goodwill And Intangible Assets - Schedule Of Amortization Expense And Weighted Average Amortization Period For Definite-Lived Intangible Assets (Detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Income Before Income Taxes (Detail)
Income Taxes - Components Of Income Tax Expense (Detail)
Income Taxes - Deferred Tax Assets And Deferred Tax Liabilities (Detail)
Income Taxes - Net Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Reconciliation Of Effective Tax Rate And Statutory Federal Income Tax Rate (Detail)
Income Taxes - Unrecognized Tax Benefits (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Schedule Of Inventories (Detail)
Investment In Affiliates
Investment In Affiliates (Tables)
Investment In Affiliates - Additional Information (Detail)
Investment In Affiliates - Assets And Liabilities Of Joint Ventures (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Components Of Lease Cost (Detail)
Leases - Schedule Of Future Minimum Lease Payments On Rolling Twelve-Month Basis Under Operating And Finance Leases (Detail)
Leases - Schedule Of Supplemental Balance Sheet Information Related To Leases (Detail)
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Detail)
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities (Details)
Net Income Per Share And Stockholders' Equity
Net Income Per Share And Stockholders' Equity (Tables)
Net Income Per Share And Stockholders' Equity - Additional Information (Detail)
Net Income Per Share And Stockholders' Equity - Summary Of Net Income Per Share (Detail)
Other Accrued Liabilities
Other Accrued Liabilities (Tables)
Other Accrued Liabilities - Schedule Of Other Accrued Liabilities (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Depreciation Expense Related To Property, Plant And Equipment (Detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Schedule Of Contract Asset And Liability (Detail)
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2017 Omnibus Plan (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation - Stock Options (Details)
Stock-Based Compensation - Summary Of Assumption Used In Estimate Fair Value Of Stock Options (Details)
Stock-Based Compensation - Summary Of Performance Units Granted (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Unvested Restricted Stock Grants (Details)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Supplemental Disclosures Of Cash Flow Information
Supplemental Disclosures Of Cash Flow Information (Tables)
Supplemental Disclosures Of Cash Flow Information - Supplemental Disclosures Cash Flow Information (Detail)
Ticker: WMS
CIK: 1604028
Form Type: 10-K Annual Report
Accession Number: 0001604028-23-000015
Submitted to the SEC: Thu May 18 2023 4:14:19 PM EST
Accepted by the SEC: Thu May 18 2023
Period: Friday, March 31, 2023
Industry: Plastics Foam Products

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