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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, March 31, 2021

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

 

ADVANCED DRAINAGE SYSTEMS ANNOUNCES FOURTH QUARTER AND FISCAL 2021 RESULTS

HILLIARD, Ohio – (May 20, 2021) – 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, 2021.

 

Fourth Quarter Fiscal 2021 Results

 

Net sales increased 19.7% to $443.8 million

 

Net income increased 488.1% to $20.8 million

 

Adjusted EBITDA (Non-GAAP) increased 31.1% to $94.5 million

 

Fiscal 2021 Results

 

Net sales increased 18.5% to $2.0 billion

 

Net income increased to $226.1 million, compared to a net loss of $191.8 million in the prior year

 

Adjusted EBITDA (Non-GAAP) increased 56.7% to $567.0 million

 

Cash provided by operating activities increased 47.7% to $452.2 million

 

Free cash flow (Non-GAAP) increased 56.6% to $373.5 million

 

Scott Barbour, President and Chief Executive Officer of ADS commented, “Advanced Drainage Systems achieved another year of record financial performance in fiscal 2021. When confronted with a challenging operating environment, our employees adapted well to the new health and safety measures we implemented and remained focused on executing our plan and delivering exceptional results. Their hard work and perseverance enabled us to not only exceed our guidance for the year, but also surpass our financial targets set at our 2018 Investor Day. Our accomplishments during the past year, combined with our proven growth strategies, give me confidence in our ability to execute as we move into fiscal 2022.”

 

“Sales grew 19% in fiscal 2021, driven by our material conversion strategy, complete water management solutions and focus on key sales programs. We experienced strong demand in the residential and agriculture end markets, as well as horizontal construction in the non-residential market. Overall, the growing demand for our products and solutions, national presence, as well as our favorable geographic and end market exposure enabled us to outperform in a challenging year.”

 

“We also achieved record profitability in fiscal 2021, with 700-basis points of Adjusted EBITDA margin expansion year-over-year. In addition to capturing the benefits of leverage from our strong sales growth, both ADS and Infiltrator successfully offset inflationary costs through favorable pricing, operational productivity initiatives and our synergy programs.”

 

Barbour concluded, “Looking towards fiscal 2022, we are confident in our business outlook as our order book, project tracking, book-to-bill ratio and backlog continue to be favorable on a year-over-year basis. We are optimistic about improving forward looking market indicators, and well positioned to capitalize on growing residential development and horizontal construction. We will continue to generate above-market growth through the execution of our material conversion and water management solutions strategies. In order to offset building inflationary cost pressure on materials, labor and transportation, we are focused on disciplined execution, achieving favorable pricing and operational improvements, as well as disciplined capital spending to support our growing businesses at both ADS and Infiltrator.”

 

Fourth Quarter Fiscal 2021 Results

 

Net sales increased $73.0 million, or 19.7%, to $443.8 million, as compared to $370.8 million in the prior year. Domestic pipe sales increased $36.1 million, or 17.7%, to $239.2 million. Domestic allied products & other sales increased $10.1 million, or 11.5%, to $97.9 million. Infiltrator sales increased $17.2 million, or 23.3%, to $91.3 million. These increases were driven by double-digit sales growth in both the U.S. construction and agriculture end markets. International sales increased $11.3 million, or 49.3%, to $34.4 million, primarily driven by growth in the Canada business.

 

1

 


The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, May 20, 2021 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:
Ticker: WMS
CIK: 1604028
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-030419
Submitted to the SEC: Thu May 27 2021 4:03:07 PM EST
Accepted by the SEC: Thu May 27 2021
Period: Wednesday, March 31, 2021
Industry: Plastics Foam Products

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