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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-K Annual report for the fiscal year ending Friday, March 31, 2017

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

ADVANCED DRAINAGE SYSTEMS ANNOUNCES THIRD FISCAL

QUARTER 2017 RESULTS

HILLIARD, Ohio – (February 9, 2017) – 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 for the fiscal third quarter ended December 31, 2016.

Third Fiscal Quarter 2017 Highlights

 

    Net sales decreased 6% to $295 million

 

    Net income decreased 21% to $10 million

 

    Adjusted EBITDA (Non-GAAP) decreased 12% to $43 million

Year-to-Date 2017 Highlights

 

    Net sales decreased 3% to $1,013 million

 

    Net income increased 30% to $54 million

 

    Adjusted EBITDA (Non-GAAP) increased 9% to $181 million

 

    Cash flow from operating activities decreased 10% to $117 million

 

    Free cash flow (Non-GAAP) decreased 18% to $80 million

Joe Chlapaty, Chairman and Chief Executive Officer of ADS commented, “Our results for the third quarter came in as expected, with continued softness in the domestic Ag market, lower sales in the Canadian Ag market and a relatively flat domestic construction market. In spite of these market headwinds, we are pleased with our overall performance during the quarter as we continued to outpace the overall construction market while generating strong profits and cash flow. On a year-to-date basis, we have generated solid growth of 5% in our non-residential end market, and continue to see double digit growth of our HP Pipe as well as strong growth in our Allied products.”

Chlapaty continued, “Overall, we continue to feel confident in our ability to drive above-market growth and healthy profitability for fiscal year 2017 and beyond. Importantly, we are taking steps to drive additional shareholder value, including our newly authorized share repurchase program, the PTI acquisition as well as our continued investments in product innovation as shown through our new HPXR product. We are also continuing to review our manufacturing footprint to identify investments and other actions we can take to lower our overhead costs and improve our efficiency while maintaining our commitment to excellent customer service.”

Third Fiscal Quarter 2017 Results

Net sales decreased $18.1 million, or 5.8%, to $294.7 million for the fiscal third quarter 2017, compared to $312.8 million in the prior fiscal third quarter. The decrease in net sales was primarily due to continued softness in domestic and the Canadian agriculture markets.

Gross profit decreased $5.4 million, or 7.2%, to $69.4 million for the fiscal third quarter 2017, compared to $74.8 million in the prior fiscal third quarter. As a percentage of net sales, gross profit decreased slightly to 23.6%, compared to 23.9%, in the prior fiscal third quarter. The decrease in gross profit was due primarily to the decrease in net sales volume.


The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, February 9, 2017 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 this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement 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 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 (debt Covenants And Dividend Restrictions) - Additional Information (detail)
Debt (fiscal Year 2016 Amendments And Consents Related To The Secured Bank Loans And Senior Notes) - Additional Information (detail)
Debt (fiscal Year 2017 Amendments And Consents Related To The Secured Bank Term Loans And Senior Notes) - Additional Information (detail)
Debt (industrial Revenue Bonds) - Additional Information (detail)
Debt (secured Bank Term Loans) - Additional Information (detail)
Debt (senior Notes Payable) - Additional Information (detail)
Debt (tables)
Debt - Additional Information (detail)
Debt - Long-term Debt (detail)
Debt - Maturities Of Long-term Debt (detail)
Derivative Transactions
Derivative Transactions (tables)
Derivative Transactions - Schedule Of Cash Settlements And Net Losses And Net (gains) On Mark-to-market Adjustments For Changes In Fair Value Of Derivative Contracts (detail)
Derivative Transactions - Schedule Of Cash Settlements And Net Losses And Net (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)
Employee Benefit Plans
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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
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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)
Leases
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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)
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities - Additional Information (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 And Equipment (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)
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (detail)
Stock-based Compensation
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 - Schedule Of Estimate Fair Value Of Stock Options Granted (detail)
Stock-based Compensation - Schedule Of Stock Option Activity (detail)
Stock-based Compensation - Stock-based Compensation Expense (benefit) Recognized In Consolidated Statements Of Operations (detail)
Stock-based Compensation - Summary Of Stock-based Compensation Expense (benefit) By Award Type (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)
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 - 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: 0001564590-17-011836
Submitted to the SEC: Tue May 30 2017 4:35:21 PM EST
Accepted by the SEC: Tue May 30 2017
Period: Friday, March 31, 2017
Industry: Plastics Foam Products

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