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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS

Exhibit 99.1

 

ADVANCED DRAINAGE SYSTEMS ANNOUNCES FIRST QUARTER FISCAL 2022 RESULTS

HILLIARD, Ohio – (August 5, 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 fiscal first quarter ended June 30, 2021.

 

First Quarter Fiscal 2022 Results

 

Net sales increased 31.6% to $669.3 million

 

Net income increased 9.1% to $77.1 million

 

Adjusted EBITDA (Non-GAAP) increased 4.5% to $166.6 million

 

Cash provided by operating activities of $104.3 million

 

Free cash flow (Non-GAAP) of $78.8 million

 

Scott Barbour, President and Chief Executive Officer of ADS commented, “We achieved a record $669 million in sales in the first quarter driven by strong demand across our product portfolio and geographic footprint, particularly in priority states such as Florida, Texas, North Carolina and South Carolina. Overall, the 32% growth was driven by both ADS and Infiltrator, with favorable pricing slightly outpacing volume growth.”

 

Barbour continued, “Our favorable demand trends and strong top-line growth were matched with inflationary cost pressure on materials, transportation and labor that proved to be more significant than initially anticipated. Over the near term, we will continue to raise pricing in the marketplace and leverage our productivity improvement initiatives and synergy programs to offset these pressures on a dollar basis. Over the longer term, we remain confident in our ability to continue expanding margins through our traditional profitability levers.”

 

“Importantly, the momentum underpinning the core drivers of our business remain strong. We will continue executing on our material conversion and water management solutions strategies to generate above-market growth. We are also well positioned to capitalize on growing residential development and horizontal construction, and our planned capital investments will increase capacity, support growth, and improve productivity through the end of the fiscal year and beyond.”

 

Barbour concluded, “Finally, we remain confident in our outlook for the fiscal year as our demand, backlog and pricing remain favorable, giving us confidence in our increased sales targets as well as our Adjusted EBITDA guidance for the year.”

 

First Quarter Fiscal 2022 Results

 

Net sales increased $160.7 million, or 31.6%, to $669.3 million, as compared to $508.6 million in the prior year. Domestic pipe sales increased $100.4 million, or 36.7%, to $374.0 million. Domestic allied products & other sales increased $10.1 million, or 8.7%, to $127.0 million. Infiltrator sales increased $24.6 million, or 24.1%, to $126.7 million. These increases were driven by double-digit sales growth in both the U.S. construction and agriculture end markets. International sales increased $29.5 million, or 82.4%, to $65.4 million, driven by double-digit sales growth in the Canadian, Mexican and Exports businesses.

 

Gross profit increased $12.6 million, or 6.7%, to $201.1 million as compared to $188.5 million in the prior year. The increase is primarily due an increase in sales volume and pricing on pipe, on-site septic and allied products. These increases were partially offset by inflationary cost pressure on materials, transportation and labor.

 

Adjusted EBITDA (Non-GAAP) increased $7.1 million, or 4.5%, to $166.6 million, as compared to $159.5 million in the prior year. The increase is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 24.9% as compared to 31.4% in the prior year.

 

 

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The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, August 5, 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-Q Quarterly 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-Q Quarterly Report:

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 Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Mezzanine Equity
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Condensed Consolidated Statements Of Stockholders' Equity (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 - Reconciliation Of Gross Profit To Segment Adjusted Gross Profit (Detail)
Business Segments Information - Schedule Of Financial Information Attributable To Reportable Segments (Detail)
Business Segments Information - Schedule Of Revenue From Reportable Segments By Product Type (Detail)
Commitments And Contingencies
Commitments And Contingencies (Purchase Commitments) - Additional Information (Detail)
Debt
Debt (Senior Notes) - Additional Information (Detail)
Debt (Senior Secured Credit Facility) - Additional Information (Detail)
Debt (Tables)
Debt - Long-Term Debt (Detail)
Fair Value Measurement And Derivative Transactions
Fair Value Measurement And Derivative Transactions (Tables)
Fair Value Measurement And Derivative Transactions - Additional Information (Detail)
Fair Value Measurement And Derivative Transactions - Schedule Of Cash Settlements And Net (Gains) And Net Losses On Mark-To-Market Adjustments For Changes In Fair Value Of Derivative Contracts (Detail)
Fair Value Measurement And Derivative Transactions - Summary Of Assets And Liabilities Carried At Fair Value (Detail)
Fair Value Measurement And Derivative Transactions - Summary Of Carrying And Fair Value Of Senior Notes (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Detail)
Leases
Leases - Additional Information (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)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Schedule Of Contract Asset And Liability (Detail)
Stock-Based Compensation
Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Summary Of Assumption Used To Estimate Fair Value Of Stock Options (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: 0001564590-21-041569
Submitted to the SEC: Thu Aug 05 2021 4:04:17 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Plastics Foam Products

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