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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 31, 2019

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

 

ADVANCED DRAINAGE SYSTEMS ANNOUNCES FOURTH QUARTER AND FISCAL 2019 RESULTS

HILLIARD, Ohio – (May 23, 2019) – 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 fourth quarter and fiscal year ended March 31, 2019.

 

Fourth Quarter Fiscal 2019 Results

Net sales increased 8.8% to $272.2 million

Net income increased 139.0% to $1.9 million

Adjusted EBITDA (Non-GAAP) increased 36.5% to $36.9 million

 

Fiscal 2019 Results

Net sales increased 4.1% to $1,384.7 million

Net income increased 25.8% to $81.5 million

Adjusted EBITDA (Non-GAAP) increased 10.3% to $232.0 million

Cash provided by operating activities increased 10.6% to $151.7 million

Free cash flow (Non-GAAP) increased 13.5% to $108.3 million

Scott Barbour, President and Chief Executive Officer of ADS commented, “We closed out another strong year by achieving fourth quarter top and bottom-line results, driven by disciplined execution of our market share model and conversion strategy. The strength in our fourth quarter results reflect increased volume across our key geographies for both pipe and Allied products, favorable pricing and operational efficiency in manufacturing and transportation.”

Barbour continued, “Our commitment to continuous improvement and best-in-class water management solutions propelled us to outperform our core domestic construction markets by approximately 400 basis points in fiscal 2019 and grow our share in the storm water market. In addition, we delivered margin expansion of 100 basis points for the year driven by price attainment, Allied product growth as well as disciplined execution and cost containment. Looking ahead to fiscal 2020, we will continue to deliver on our three-year plan to increase shareholder value by capitalizing on our leadership position and strength in our end markets to drive growth, while achieving sustained profitability and maintaining a strong balance sheet.”

 

Fourth Quarter Fiscal 2019 Results


Net sales increased 8.8% to $272.2 million, as compared to $250.1 million in the prior year. Domestic net sales increased 11.1% to $251.2 million as compared to $226.2 million in the prior year, driven by a 12.8% increase in construction market sales. International net sales decreased 12.1% to $21.0 million as compared to $23.9 million in the prior year, driven primarily by a decrease in Mexico sales.

 

Gross profit increased 23.7% to $59.5 million, as compared to $48.1 million the prior year quarter. As a percentage of net sales, gross profit increased 270 basis points to 21.9%, compared to 19.2% in the prior year. The margin expansion is primarily due to an increase in volume, favorable pricing and successful cost containment efforts.

 

Adjusted EBITDA (Non-GAAP) increased 36.5% to $36.9 million, as compared to $27.0 million in the prior year quarter. As a percentage of net sales, Adjusted EBITDA increased 270 basis points to 13.5% as compared to 10.8% in the prior year. The increase in Adjusted EBITDA margin was largely attributed to the factors mentioned above.

 

Reconciliations of GAAP to Non-GAAP financial measures for Adjusted EBITDA and Free Cash Flow have 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 2019 Results


Net sales increased 4.1% to $1,384.7 million, as compared to $1,330.4 million in the prior year. Domestic net sales increased 4.2% to

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The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, May 23, 2019 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

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)
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 (Litigation And Other Proceedings) - Additional Information (Detail)
Commitments And Contingencies (Purchase Commitments) - Additional Information (Detail)
Debt
Debt (Ads Mexicana Scotia Bank Revolving Credit Facility ) - Additional Information (Detail)
Debt (Industrial Revenue Bonds) - Additional Information (Detail)
Debt (Master Loan And Security Agreement) - Additional Information (Detail)
Debt (Secured Bank Loans) - Additional Information (Detail)
Debt (Secured Bank Term Loans) - Additional Information (Detail)
Debt (Senior Notes Payable) - 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 - 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 - Summary Of Fair Values For Various Derivatives (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Employee Benefit Plans - Summarized Cash And Stock Dividends On Allocated Redeemable Convertible Preferred Stock (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 - 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 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
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Future Minimum Lease Payments Under Capital Leases And Present Value (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 (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 - Schedule Of Reconciliation Of Restructuring Liability (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)
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)
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)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Detail)
Schedule Ii - Consolidated Valuation And Qualifying Accounts
Schedule Ii - Consolidated Valuation And Qualifying Accounts (Detail)
Schedule Ii - Consolidated Valuation And Qualifying Accounts (Parenthetical) (Detail)
Schedule Of Contract Asset And Liability (Detail)
Stock-Based Compensation
Stock-Based Compensation (2008 Restricted Stock Plan) - Additional Information (Detail)
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 Stock Option Activity (Detail)
Stock-Based Compensation - Summary Of Assumption Used In Estimate Fair Value Of Stock Options (Detail)
Stock-Based Compensation - Summary Of Performance Units Granted (Detail)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Detail)
Stock-Based Compensation - Summary Of Unvested Restricted Stock Grants (Detail)
Stock-Based Compensation - Summary Of Unvested Stock Option Grants (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 - Supplemental Disclosures Cash Flow Information (Detail)
Ticker: WMS
CIK: 1604028
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-020937
Submitted to the SEC: Thu May 30 2019 12:29:35 PM EST
Accepted by the SEC: Thu May 30 2019
Period: Sunday, March 31, 2019
Industry: Plastics Foam Products

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