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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, March 31, 2016

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

ADVANCED DRAINAGE SYSTEMS ANNOUNCES FISCAL YEAR 2016 UNAUDITED RESULTS

HILLIARD, Ohio – (June 7, 2016) – Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, today announced financial results on an unaudited basis for the fiscal year ended March 31, 2016.

Fiscal Year Ended March 31, 2016 Highlights

 

    Net sales increased 9.3% to $1.289 billion

 

    Net income of $26.1 million compared to $12.8 million in fiscal year 2015

 

    Adjusted EBITDA (Non-GAAP) of $185.9 million compared to $143.8 million in fiscal year 2015

 

    Cash flow from operating activities of $134.8 million compared to $74.4 million in fiscal year 2015

 

    Free cash flow (Non-GAAP) of $89.9 million compared to $42.3 million in fiscal year 2015

Joe Chlapaty, Chairman and Chief Executive Officer of ADS commented, “In fiscal year 2016, we experienced net sales growth of 9.3% compared to fiscal year 2015, driven primarily by healthy conversion and favorable weather conditions in the majority of our end markets, as well as contributions from the Ideal Pipe acquisition. Our sales were particularly strong in the second half of the fiscal year, as we generated net sales growth of 11.8% in the third quarter and 17.9% in the fourth quarter, more than offsetting a slower-than-expected start to the year. Our strong second half performance reflected significant growth in our Allied Products and healthy Pipe sales, as we continued to gain market share by capitalizing on conversion opportunities. Our performance in the domestic construction markets was also strong, as we grew 10.6% for the year compared to the estimated market growth of only 5%.”

Chlapaty continued, “We are pleased with our full year 2016 results and continue to see significant opportunity for further growth and operating leverage as we look ahead to 2017 and beyond. We currently expect the momentum that we experienced in the second half of the year to continue into fiscal year 2017, complemented by favorable raw material and energy costs. We remain confident in our ability to generate above-market growth across all of our end markets as we execute our growth strategy of conversion from alternative materials with our broad portfolio of Pipe and Allied Products.”

Fiscal Year 2016 Results

Gross profit increased $74.5 million, or 36.2 %, to $280.7 million for fiscal year 2016, compared to $206.1 million for the prior fiscal year. As a percentage of net sales, gross profit was 21.8%, compared to 17.5%, for the prior fiscal year. The increase in gross profit was largely attributed to increased revenues combined with lower raw material and transportation costs.

The Company reported Adjusted EBITDA (Non-GAAP) of $185.9 million in the full fiscal year 2016 compared to Adjusted EBITDA of $143.8 million in the prior fiscal year, an increase of 29.3%. As a percentage of net sales, Adjusted EBITDA was 14.4% for the fiscal year 2016 compared to 12.2% in the prior fiscal year. The increase in Adjusted EBITDA was largely attributed to the factors mentioned above offset by settlement losses on hedge positions primarily related to polypropylene resins.


The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Tuesday, June 7, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Mezzanine Equity
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity (deficit)
Consolidated Statements Of Stockholders' Equity (deficit) (parenthetical)
Acquisition - Schedule Of Business Acquisitions By Acquisition, Contingent Consideration (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Effect Of Acquisitions For Unaudited Pro Forma Consolidated Statements Of Operations (detail)
Acquisitions - Summary Of Purchase Price Allocation (detail)
Background And Summary Of Significant Accounting Policies
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 - Amortization Expense Related To Other Assets (detail)
Background And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Related Assets (detail)
Background And Summary Of Significant Accounting Policies - Other 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 - Schedule Of Additional Financial Information Attributable To Reportable Segments (detail)
Business Segment Information - Schedule Of Reconciliation Of Segment Adjusted Ebitda To Net Income (detail)
Business Segment Information - Schedule Of Reconciliation Of Segment Adjusted Ebitda To Net Income (parenthetical) (detail)
Business Segment Information - Schedule Of Revenue From Reportable Segments By Product Type (detail)
Commitments And Contingencies
Commitments And Contingencies (purchase Commitments) - Additional Information (detail)
Debt
Debt (ads Mexicana Scotia Bank Revolving Credit Facility ) - Additional Information (detail)
Debt (bank Term Loans) - Additional Information (detail)
Debt (debt Covenants And Dividend Restrictions) - Additional Information (detail)
Debt (fiscal Year 2016 Amendments And Consents Related To The Bank Loans And Senior Notes) - Additional Information (detail)
Debt (industrial Revenue Bonds) - Additional Information (detail)
Debt (senior Notes Payable) - Additional Information (detail)
Debt (subsequent Event Related To The Bank Term Loans And Senior Notes) - Additional Information (detail)
Debt (tables)
Debt - Long-term Debt (detail)
Debt - Maturities Of Long-term Debt (detail)
Derivative Transactions
Derivative Transactions (tables)
Derivative Transactions - Schedule Of Cash Settlements And Losses And (gains) On Mark-to-market Adjustments For Changes In Fair Value Of Derivative Contracts (detail)
Derivative Transactions - Schedule Of Cash Settlements And Losses And (gains) On Mark-to-market Adjustments For Changes In Fair Value Of Derivative Contracts (parenthetical) (detail)
Derivative Transactions - Summary Of Fair Values For Various Derivatives (detail)
Disposal Of Assets Or Businesses
Disposal Of Assets Or Businesses - Additional Information (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Fair Value Measurement
Fair Value Measurement (tables)
Fair Value Measurement - Additional Information (detail)
Fair Value Measurement - Summary Of Assets And Liabilities Carried At Fair Value (detail)
Fair Value Measurement - Summary Of Changes In Fair Value Of Recurring Fair Value Measurements Using Unobservable Inputs (detail)
Fair Value Measurement - Summary Of Quantitative Information About Level 3 Fair Value Measurements (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 - Summary Of Intangible Assets (detail)
Goodwill And Intangible Assets - Weighted Average Amortization Period For Definite-lived Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Deferred Tax Assets And Deferred Tax Liabilities (detail)
Income Taxes - Income Before Income Tax (detail)
Income Taxes - Net Deferred Tax Assets (detail)
Income Taxes - Reconciliation Of Effective Tax Rate And Statutory Federal Income Tax Rate (detail)
Income Taxes - Schedule Of Income Tax Expense (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 Consolidated Affiliates - Additional Information (detail)
Investment In Consolidated Affiliates - Assets And Liabilities Of Joint Ventures (detail)
Investment In Unconsolidated Affiliates - Additional Information (detail)
Investment In Unconsolidated Affiliates - Summarized Financial Data Of Joint Ventures (detail)
Investment In Unconsolidated Affiliates - Summarized Financial Data Of Joint Ventures (parenthetical) (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Leases - Schedule Of Future Minimum Lease Payments Under Capital Leases And Present Value (detail)
Leases - Schedule Of Future Minimum Lease Payments Under Capital Leases And Present Value (parenthetical) (detail)
Leases - Schedule Of Interest And Depreciation Expense Related To Capital Leases (detail)
Leases - Summary Of Future Minimum Rental Commitments Under Operating Leases (detail)
Leases - Summary Of Leased Assets Included In Property, Plant And Equipment (detail)
Mezzanine Equity
Mezzanine Equity (redeemable Common Stock) - Additional Information (detail)
Mezzanine Equity (redeemable Convertible Preferred Stock) - Additional Information (detail)
Mezzanine Equity (redeemable Noncontrolling Interest In Subsidiaries ) - Additional Information (detail)
Mezzanine Equity (tables)
Mezzanine Equity - Schedule Of Dividends Allocation (detail)
Net Income (loss) Per Share
Net Income (loss) Per Share (tables)
Net Income (loss) Per Share - Summary Of Net Income (loss) Per Share (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, Equipment And Depreciation Expense On Assets (detail)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (tables)
Quarterly Financial Information - Summary Of Quarterly Financial Information (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Revision Of Prior Period Financial Statements
Revision Of Prior Period Financial Statements (tables)
Revision Of Prior Period Financial Statements - Additional Information (detail)
Revision Of Prior Period Financial Statements - Schedule Of Consolidated Balance Sheet (detail)
Revision Of Prior Period Financial Statements - Schedule Of Consolidated Statements Of Operations (detail)
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (detail)
Stock-based Compensation
Stock-based Compensation (awards To Be Issued) - Additional Information (detail)
Stock-based Compensation (non-employee Director Compensation) - Additional Information (detail)
Stock-based Compensation (restricted Stock) - Additional Information (detail)
Stock-based Compensation (stock Options) - Additional Information (detail)
Stock-based Compensation (tables)
Stock-based Compensation - (deferred Compensation - Unearned Esop Shares) - Additional Information (detail)
Stock-based Compensation - Schedule Of Estimate Fair Value Of Stock Options Granted (detail)
Stock-based Compensation - Schedule Of Stock Option Activity (detail)
Stock-based Compensation - Schedule Of Stock Option Activity (parenthetical) (detail)
Stock-based Compensation - Summary Of Unvested Restricted Stock Grants (detail)
Stock-based Compensation - Summary Of Unvested Stock Option Grants (detail)
Stockholders' Equity
Stockholders' Equity - Additional Information (detail)
Supplemental Disclosures Of Cash Flow Information
Supplemental Disclosures Of Cash Flow Information (tables)
Supplemental Disclosures Of Cash Flow Information - Increase (decrease) In Cash Due To Changes Working Capital (detail)
Supplemental Disclosures Of Cash Flow Information - Supplemental Disclosures Cash Flow Information (detail)
Ticker: WMS
CIK: 1604028
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-711072
Submitted to the SEC: Thu Sep 15 2016 5:02:55 PM EST
Accepted by the SEC: Thu Sep 15 2016
Period: Thursday, March 31, 2016
Industry: Plastics Foam Products

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