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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-Q Quarterly report for the period ending Sunday, December 31, 2017

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

ADVANCED DRAINAGE SYSTEMS ANNOUNCES THIRD QUARTER FISCAL 2018 RESULTS

HILLIARD, Ohio – (February 8, 2018) – Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a leading global manufacturer of water management products and solutions for non-residential, residential, infrastructure and agricultural applications, today announced financial results for the fiscal third quarter ended December 31, 2017.

 

Third Quarter Fiscal 2018 Highlights

Net sales increased 8.9% to $320.8 million

Net income increased 223.8% to $33.2 million

Adjusted EBITDA (Non-GAAP) increased 29.0% to $56.0 million

 

Fiscal 2018 Year-to-Date Highlights

Net sales increased 6.6% to $1,080.2 million

Net income increased 29.1% to $69.6 million

Adjusted EBITDA (Non-GAAP) increased 1.3% to $183.2 million

Cash flow from operating activities increased 19.1% to $138.9 million

Free cash flow (Non-GAAP) increased 29.5% to $103.8 million

Scott Barbour, President and Chief Executive Officer of ADS commented, “We executed the fundamentals of our business well this quarter, which resulted in strong revenue growth and margin performance during the period. We once again generated above-market growth in our domestic construction markets, driven by our conversion strategy and double-digit growth of our Allied Products. Favorable pricing, product mix and solid execution drove 280 basis points of margin expansion in the quarter. Looking forward, we will continue to focus on the fundamentals and better execution across all aspects of our operations to drive sustainable improvements in our profitability over time.”

 

Third Quarter Fiscal 2018 Results


Net sales increased 8.9% to $320.8 million, as compared to $294.7 million in the prior year quarter. Domestic net sales increased 8.9% to $276.9 million as compared to $254.3 million in the prior year quarter, driven by price increases and growth in the construction markets. International net sales increased 8.8% to $44.0 million as compared to $40.4 million in the prior year quarter.

 

Gross profit increased 12.1% to $77.8 million, as compared to $69.4 million the prior year quarter. As a percentage of net sales, gross profit increased 70 basis points to 24.3% compared to 23.6% in the prior year, primarily due to price increases and product mix.

 

Adjusted EBITDA (Non-GAAP) increased 29.0% to $56.0 million, as compared to $43.4 million in the prior year quarter. As a percentage of net sales, Adjusted EBITDA increased 280 basis points to 17.5% as compared to 14.7% in the prior year. The increase in Adjusted EBITDA margin was largely attributed to the factors mentioned above.

 

The Company’s third quarter income tax expense was a $7.4 million benefit and reflected the estimated impact of the Tax Cuts & Jobs Act (“Tax Act”), including a $14.7 million benefit to income tax expense related to the revaluation of deferred tax attributes and $0.9 million income tax expense on the Company’s deemed repatriation of foreign earnings. The income tax benefit also included a $3.0 million benefit from the year-to-date impact of the change in federal statutory rate.

 

Adjusted Earnings Per Fully Converted Share (Non-GAAP) was $0.47 based on weighted average fully converted shares of 74.4 million, as compared to $0.16 for the prior year on weighted average fully converted shares of 73.4 million. The $13.8 million net benefit from the revaluation of deferred tax attributes and deemed repatriation of foreign earnings increased Adjusted Earnings Per Fully Converted Share by $0.19 on weighted average fully converted shares of 74.4 million. Excluding the impact of the one-time benefit from the Tax Act, Adjusted Earnings Per Fully Converted Share increased to $0.28.

 

A reconciliation of GAAP to Non-GAAP financial measures for Adjusted EBITDA, Free Cash Flow and Adjusted Earnings Per Fully Converted Share has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

 

Fiscal Year-to-Date 2018 Results


Net sales increased 6.6% to $1,080.2 million, as compared to $1,013.1 million in the prior year. Domestic net sales increased 7.9% to

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The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, February 8, 2018 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Mezzanine Equity
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity (deficit)
Condensed Consolidated Statements Of Stockholders' Equity (deficit) (parenthetical)
Background And Summary Of Significant Accounting Policies
Background And Summary Of Significant Accounting Policies (policies)
Background And Summary Of Significant Accounting Policies - Additional Information (detail)
Business Segments Information
Business Segments Information (tables)
Business Segments Information - Additional Information (detail)
Business Segments Information - Schedule Of Additional Financial Information Attributable To Reportable Segments (detail)
Business Segments Information - Schedule Of Reconciliation Of Segment Adjusted Ebitda To Net Income (detail)
Business Segments Information - Schedule Of Revenue From Reportable Segments By Product Type (detail)
Commitments And Contingencies
Commitments And Contingencies (litigation And Other Proceedings) - Additional Information (detail)
Commitments And Contingencies (purchase Commitments) - Additional Information (detail)
Debt
Debt (events Related To The Ads Mexicana Scotia Bank Revolving Credit Facility) - Additional Information (detail)
Debt (events Related To The Secured Bank Term Loans) - Additional Information (detail)
Debt (events Related To The Senior Notes) - Additional Information (detail)
Debt (master Loan And Security Agreement) - Additional Information (detail)
Debt (secured Bank Term Loans) - Additional Information (detail)
Debt (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 - Additional Information (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 (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)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (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)
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities (tables)
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities - Additional Information (detail)
Loss On Disposal Of Assets And Costs From Exit And Disposal Activities - Summary Of Loss On Disposal Of Assets And Costs From Exit And Disposal Activities (detail)
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)
Receivables And Allowance For Doubtful Accounts
Receivables And Allowance For Doubtful Accounts (tables)
Receivables And Allowance For Doubtful Accounts - Additional Information (detail)
Receivables And Allowance For Doubtful Accounts - Summary Of Receivables (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Stock-based Compensation
Stock-based Compensation (2017 Omnibus Plan) - 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 - Summary Of Stock-based Compensation Expense (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)

Material Contracts, Statements, Certifications & more

Advanced Drainage Systems, Inc. provided additional information to their SEC Filing as exhibits

Ticker: WMS
CIK: 1604028
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-001769
Submitted to the SEC: Fri Feb 09 2018 4:12:11 PM EST
Accepted by the SEC: Fri Feb 09 2018
Period: Sunday, December 31, 2017
Industry: Plastics Foam Products

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