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Advanced Drainage Systems, Inc. (WMS) SEC Filing 8-K Material Event for the period ending Thursday, November 4, 2021

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS
Exhibit 99.1
adslogob.jpg 
ADVANCED DRAINAGE SYSTEMS ANNOUNCES SECOND QUARTER
FISCAL 2022 RESULTS
HILLIARD, Ohio – (November 4, 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 second quarter ended September 30, 2021.
Second Quarter Fiscal 2022 Results
Net sales increased 29.8% to $706.5 million
Net income decreased 5.3% to $76.3 million
Adjusted EBITDA (Non-GAAP) decreased 5.3% to $164.8 million

Year-to-Date Fiscal 2022 Results
Net sales increased 30.7% to $1,375.8 million
Net income increased 1.4% to $153.4 million
Adjusted EBITDA (Non-GAAP) decreased 0.6% to $331.4 million
Cash provided by operating activities of $94.9 million
Free cash flow (Non-GAAP) of $31.1 million
Scott Barbour, President and Chief Executive Officer of ADS commented, "We achieved another quarter of record revenue results in the second quarter of fiscal 2022. Sales growth of 30% was driven by favorable pricing at both ADS and Infiltrator, as we capitalized on strong demand across our product portfolio and geographic footprint, particularly in priority states such as Florida, Texas and Georgia. Our leading indicators support continued strength in demand for the foreseeable future as we work through our record-high levels of backlog."

Barbour continued, "The favorable pricing we achieved in the second quarter offset inflationary cost pressure on materials and diesel. However, labor shortages impacted our manufacturing and transportation operations, limiting production and causing an increased use of third-party logistics services, at costs well above our internal fleet costs, to service our customers. We took actions to simplify our production processes and increase production rates, which are gaining traction and rebuilding service levels to customers."

"Year-to-date, capital spending more than doubled compared to last year as we continue to invest organically in growth of the ADS and Infiltrator businesses. We have approved capital investments that will result in double-digit increases in capacity at both businesses, enabling us to better serve customers as we progress through the second half of this fiscal year and beyond."

Barbour concluded, "Finally, our demand environment, strong backlog, favorable pricing and continued progress on our self-help initiatives give us confidence in our increased sales targets and reaffirmed Adjusted EBITDA guidance."
Second Quarter Fiscal 2022 Results
Net sales increased $162.3 million, or 29.8%, to $706.5 million, as compared to $544.2 million in the prior year quarter. Domestic pipe sales increased $92.4 million, or 31.6%, to $384.5 million. Domestic allied products & other sales increased $27.7 million, or 23.5%, to $145.7 million. Infiltrator sales increased $39.9 million, or 37.7%, to $145.9 million. These increases were driven by double-digit sales growth in both the U.S. construction and agriculture end markets. International sales increased $14.3 million, or 29.0%, to $63.6 million, driven by double-digit sales growth in the Canadian and Mexican businesses.
Gross profit decreased $5.8 million, or 2.8%, to $200.1 million as compared to $205.9 million in the prior year. In the second quarter, favorable pricing primarily offset the inflationary cost pressure on materials, diesel and labor. The decrease in gross profit is primarily due to an increase in the use of third-party logistics services due to labor shortages impacting the manufacturing and transportation operations.
Adjusted EBITDA (Non-GAAP) decreased $9.3 million, or 5.3%, to $164.8 million, as compared to $174.1 million in the prior year. The decrease is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 23.3% as compared to 32.0% in the prior year.
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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.”
Year-to-Date Fiscal 2022 Results
Net sales increased $322.9 million, or 30.7%, to $1,375.8 million, as compared to $1,052.8 million in the prior year. Domestic pipe sales increased $192.7 million, or 34.1%, to $758.5 million. Domestic allied products & other sales increased $37.8 million, or 16.1%, to $272.8 million. Infiltrator sales increased $64.5 million, or 31.0%, to $272.7 million. These increases were driven by double-digit sales growth in both the U.S. construction and agriculture end markets. International sales increased $43.8 million, or 51.5%, to $128.9 million, driven by double-digit sales growth in the Canadian, Mexican and Exports businesses.
Gross profit increased $6.8 million, or 1.7%, to $401.2 million as compared to $394.4 million in the prior year. The increase is primarily due an increase in sales volume and favorable pricing on pipe, on-site septic and allied products. These increases were partially offset by inflationary cost pressure on materials, transportation and labor, as well as an increase in the use of third-party logistics services due to labor shortages impacting the manufacturing and transportation operations.
Adjusted EBITDA (Non-GAAP) decreased $2.2 million, or 0.6%, to $331.4 million, as compared to $333.5 million in the prior year. The decrease is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 24.1% as compared to 31.7% in the prior year.
Balance Sheet and Liquidity
Net cash provided by operating activities was $94.9 million, as compared to $286.2 million in the prior year. Free cash flow (Non-GAAP) was $31.1 million, as compared to $257.2 million in the prior year. Net debt (total debt and finance lease obligations net of cash) was $947.1 million as of September 30, 2021, an increase of $300.6 million from March 31, 2021.
ADS had total liquidity of $229 million, comprised of cash of $14 million as of September 30, 2021 and $215 million of availability under committed credit facilities. As of September 30, 2021, the Company’s leverage ratio was 1.7 times.
In the six months ended September 30, 2021, the Company repurchased 2.6 million shares of its common stock for a total cost of $292.0 million. As of September 30, 2021, the Company has utilized all of the common stock repurchase authorization.
Fiscal 2022 Outlook
Based on current visibility, backlog of existing orders and business trends, the Company raised its net sales targets for fiscal 2022. Net sales are now expected to be in the range of $2.550 billion to $2.650 billion. Adjusted EBITDA is unchanged and expected to be in the range of $635 to $665 million. Capital expenditures are expected to be in the range of $130 million to $150 million.
Webcast Information
The live webcast will be accessible via the "Events Calendar” section of the Company’s Investor Relations website, www.investors.ads-pipe.com. Participants may also register for this conference call by copy and pasting the following text into your browser: http://www.directeventreg.com/registration/event/9136768. After registering, participants will receive a confirmation through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. To ensure participants are connected for the full call, please register at least 10 minutes before the start of the call. An archived version of the webcast will be available following the call.
About the Company
Advanced Drainage Systems is a leading provider of innovative water management solutions in the stormwater and on-site septic wastewater industries, providing superior drainage solutions for use in the construction and agriculture marketplace. For over 50 years, the Company has been manufacturing a variety of innovative and environmentally friendly alternatives to traditional materials. Its innovative products are used across a broad range of end markets and applications, including non-residential, residential, infrastructure and agriculture applications. The Company has established a leading position in many of these end markets by leveraging its national sales and distribution platform, overall product breadth and scale and manufacturing excellence. Founded in 1966, the Company operates a global network of approximately 60 manufacturing plants and 30 distribution centers. To learn more about ADS, please visit the Company’s website at www.adspipe.com.
Forward Looking Statements
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Certain statements in this press release may be deemed to be forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections regarding the Company’s business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “confident” and similar expressions are used to identify these forward-looking statements. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: fluctuations in the price and availability of resins and other raw materials and our ability to pass any increased costs of raw materials on to our customers in a timely manner; volatility in general business and economic conditions in the markets in which we operate, including the adverse impact on the U.S. and global economy of the COVID-19 global pandemic, and the impact of COVID-19 in the near, medium and long-term on our business, results of operations, financial position, liquidity or cash flows, and other limitation factors relating to availability of credit, interest rates, fluctuations in capital and business and consumer confidence; cyclicality and seasonality of the non-residential and residential construction markets and infrastructure spending; the risks of increasing competition in our existing and future markets, including competition from both manufacturers of high performance thermoplastic corrugated pipe and manufacturers of products using alternative materials, and our ability to continue to convert current demand for concrete, steel and PVC pipe products into demand for our high performance thermoplastic corrugated pipe and Allied Products; uncertainties surrounding the integration and realization of anticipated benefits of acquisitions and similar transactions, including Infiltrator Water Technologies; the effect of weather or seasonality; the loss of any of our significant customers; the risks of doing business internationally; the risks of conducting a portion of our operations through joint ventures; our ability to expand into new geographic or product markets, including risks associated with new markets and products associated with our recent acquisition of Infiltrator Water Technologies; our ability to achieve the acquisition component of our growth strategy; the risk associated with manufacturing processes; our ability to manage our assets; the risks associated with our product warranties; our ability to manage our supply purchasing and customer credit policies; our ability to control labor costs and to attract, train and retain highly-qualified employees and key personnel; our ability to protect our intellectual property rights; changes in laws and regulations, including environmental laws and regulations; the risks associated with our current levels of indebtedness, including borrowings under our existing credit agreement and outstanding indebtedness under our existing senior notes; fluctuations in our effective tax rate, including from the Tax Cuts and Jobs Act of 2017; our ability to meet future capital requirements and fund our liquidity needs; and other risks and uncertainties described in the Company’s filings with the SEC. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company’s forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For more information, please contact:
Michael Higgins
VP, Corporate Strategy & Investor Relations
(614) 658-0050
Mike.Higgins@ads-pipe.com
3


Financial Statements
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
 
Three Months Ended September 30,Six Months Ended September 30,
(In thousands, except per share data)2021202020212020
Net sales$706,471 $544,187 $1,375,771 $1,052,826 
Cost of goods sold506,414 338,330 974,593 658,466 
Gross profit200,057 205,857 401,178 394,360 
Operating expenses:
Selling, general and administrative73,951 65,701 150,172 127,477 
(Gain) loss on disposal of assets and costs from exit and disposal activities
(901)627 (912)2,274 
Intangible amortization15,446 17,955 31,091 35,937 
Income from operations111,561 121,574 220,827 228,672 
Other expense:
Interest expense8,437 9,360 16,344 19,330 
Derivative (gains) loss and other (income) expense, net202 (151)(1,812)(718)
Income before income taxes102,922 112,365 206,295 210,060 
Income tax expense26,816 31,827 53,271 59,027 
Equity in net income of unconsolidated affiliates(206)(67)(411)(240)
Net income76,312 80,605 153,435 151,273 
Less: net income attributable to noncontrolling interest953 369 2,089 571 
Net income attributable to ADS75,359 80,236 151,346 150,702 
Dividends to participating securities
(1,636)(1,329)(3,276)(2,697)
Net income available to common stockholders and participating securities
73,723 78,907 148,070 148,005 
Undistributed income allocated to participating securities
(10,494)(12,760)(21,430)(24,025)
Net income available to common stockholders$63,229 $66,147 $126,640 $123,980 
   
Weighted average common shares outstanding:  
Basic70,464 69,843 70,993 69,612 
Diluted71,924 70,755 72,614 70,459 
Net income per share:  
Basic$0.90 $0.95 $1.78 $1.78 
Diluted$0.88 $0.93 $1.74 $1.76 
Cash dividends declared per share$0.11 $0.09 $0.22 $0.18 
 
 

4


ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)

 As of
(Amounts in thousands)September 30, 2021March 31,
2021
ASSETS  
Current assets:  
Cash$14,005 $195,009 
Receivables, net361,466 236,191 
Inventories425,244 300,961 
Other current assets16,858 10,817 
Total current assets817,573 742,978 
Property, plant and equipment, net544,187 504,275 
Other assets:
Goodwill598,976 599,072 
Intangible assets, net450,925 482,016 
Other assets94,963 85,491 
Total assets$2,506,624 $2,413,832 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current maturities of debt obligations$7,000 $7,000 
Current maturities of finance lease obligations17,467 19,318 
Accounts payable257,576 171,098 
Other accrued liabilities129,818 116,151 
Accrued income taxes1,978 4,703 
Total current liabilities413,839 318,270 
Long-term debt obligations, net901,511 782,220 
Long-term finance lease obligations35,149 32,964 
Deferred tax liabilities163,238 162,185 
Other liabilities61,366 54,767 
Total liabilities1,575,103 1,350,406 
Mezzanine equity:  
Redeemable convertible preferred stock228,532 240,944 
Deferred compensation — unearned ESOP shares(7,014)(11,033)
Total mezzanine equity221,518 229,911 
Stockholders’ equity:
Common stock11,590 11,578 
Paid-in capital968,198 918,587 
Common stock in treasury, at cost(315,935)(10,959)
Accumulated other comprehensive loss(26,020)(24,220)
Retained deficit57,386 (75,202)
Total ADS stockholders’ equity695,219 819,784 
Noncontrolling interest in subsidiaries14,784 13,731 
Total stockholders’ equity710,003 833,515 
Total liabilities, mezzanine equity and stockholders’ equity$2,506,624 $2,413,832 
5


ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
 Six Months Ended September 30,
(Amounts in thousands)20212020
Cash Flow from Operating Activities  
Net income$153,435 $151,273 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization68,850 71,559 
Deferred income taxes15 (3,446)
(Gain) loss on disposal of assets and costs from exit and disposal activities(912)2,274 
ESOP and stock-based compensation38,437 27,088 
Amortization of deferred financing charges191 197 
Fair market value adjustments to derivatives(446)(1,455)
Equity in net income of unconsolidated affiliates(411)(240)
Other operating activities441 (236)
Changes in working capital:
Receivables(138,063)(60,106)
Inventories(124,429)60,663 
Prepaid expenses and other current assets(6,738)(3,666)
Accounts payable, accrued expenses, and other liabilities104,508 42,263 
Net cash provided by operating activities94,878 286,168 
Cash Flows from Investing Activities  
Capital expenditures(63,764)(28,959)
Other investing activities1,556 455 
Net cash used in investing activities(62,208)(28,504)
Cash Flows from Financing Activities  
Payments on syndicated Term Loan Facility(3,500)(103,500)
Proceeds from Revolving Credit Agreement146,800 — 
Payments on Revolving Credit Agreement(24,200)(100,000)
Payments on finance lease obligations(10,437)(10,677)
Repurchase of common stock(292,000)— 
Cash dividends paid(18,758)(15,402)
Dividends paid to noncontrolling interest holder(1,471)— 
Proceeds from exercise of stock options3,179 3,275 
Payment of withholding taxes on vesting of restricted stock units(12,976)— 
Other financing activities(230)(1,489)
Net cash used in financing activities(213,593)(227,793)
Effect of exchange rate changes on cash(81)(221)
Net change in cash(181,004)29,650 
Cash at beginning of period195,009 174,233 
Cash at end of period$14,005 $203,883 
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Selected Financial Data
The following tables set forth net sales by reportable segment for each of the periods indicated.
 Three Months Ended 
September 30, 2021September 30, 2020 
(In thousands)Net Sales Intersegment Net Sales Net Sales from External CustomersNet Sales Intersegment Net Sales Net Sales from External Customers 
Pipe$384,521 $(2,668)$381,853 $292,133 $(1,637)$290,496  
Infiltrator Water Technologies145,911 (22,412)123,499 105,986 (18,692)87,294  
International 
International - Pipe50,141 (5,170)44,971 35,592 (896)34,696  
International - Allied Products & Other13,433 — 13,433 13,706 — 13,706  
Total International63,574 (5,170)58,404 49,298 (896)48,402  
Allied Products & Other145,719 (3,004)142,715 117,995 — 117,995  
Intersegment Eliminations(33,254)33,254 — (21,225)21,225 —  
Total Consolidated$706,471 $ $706,471 $544,187 $ $544,187  
Six Months Ended
September 30, 2021September 30, 2020
(In thousands)Net Sales Intersegment Net Sales Net Sales from External CustomersNet Sales Intersegment Net Sales Net Sales from External Customers
Pipe$758,531 $(4,571)$753,960 $565,785 $(3,482)$562,303 
Infiltrator Water Technologies272,653 (41,449)231,204 208,139 (36,760)171,379 
International
International - Pipe100,979 (8,084)92,895 62,542 (896)61,646 
International - Allied Products & Other27,961 — 27,961 22,585 — 22,585 
Total International128,940 (8,084)120,856 85,127 (896)84,231 
Allied Products & Other272,755 (3,004)269,751 234,913 — 234,913 
Intersegment Eliminations(57,108)57,108 — (41,138)41,138 — 
Total Consolidated$1,375,771 $ $1,375,771 $1,052,826 $ $1,052,826 
Employee Stock Ownership Plan (“ESOP”)
The Company established an ESOP to enable employees to acquire stock ownership in ADS in the form of redeemable convertible preferred shares (“preferred shares”). All preferred shares will be converted to common shares by plan maturity, which will be no later than March 2023. The ESOP’s conversion of preferred shares into common shares will have a meaningful impact on net income, net income per share and common shares outstanding. The common shares outstanding will be greater after conversion.
Net Income (Loss)
The impact of the ESOP on net (loss) income includes the ESOP deferred compensation attributable to the preferred shares allocated to employee accounts during the period, which is a non-cash charge to our earnings and not deductible for income tax purposes.
Three Months Ended September 30,Six Months Ended September 30,
2021202020212020
(In thousands)
Net income attributable to ADS$75,359 $80,236 $151,346 $150,702 
ESOP deferred stock-based compensation12,0139,13026,16815,993
7


Common shares outstanding
The conversion of the preferred shares will increase the number of common shares outstanding. Preferred shares will convert to common shares at plan maturity, or upon retirement, disability, death or vested terminations over the life of the plan.
Three Months Ended September 30,Six Months Ended September 30,
2021202020212020
(Shares in millions)
Weighted average common shares outstanding70,464 69,843 70,993 69,612 
Conversion of redeemable convertible shares14,06216,29814,43916,440
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). ADS management uses non-GAAP measures in its analysis of the Company’s performance. Investors are encouraged to review the reconciliation of non-GAAP financial measures to the comparable GAAP results available in the accompanying tables.
Reconciliation of Non-GAAP Financial Measures
This press release includes references to organic results, Adjusted EBITDA and Free Cash Flow, non-GAAP financial measures. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. These measures are not intended to be substitutes for those reported in accordance with GAAP. Adjusted EBITDA and Free Cash Flow may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that comprise net income before interest, income taxes, depreciation and amortization, stock-based compensation, non-cash charges and certain other expenses. The Company’s definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key metric used by management and the Company’s board of directors to assess financial performance and evaluate the effectiveness of the Company’s business strategies. Accordingly, management believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as the Company’s management and board of directors. In order to provide investors with a meaningful reconciliation, the Company has provided below reconciliations of Adjusted EBITDA to net income.
Free Cash Flow is a non-GAAP financial measure that comprises cash flow from operating activities less capital expenditures. Free Cash Flow is a measure used by management and the Company’s board of directors to assess the Company’s ability to generate cash.  Accordingly, management believes that Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flow from operations after capital expenditures. In order to provide investors with a meaningful reconciliation, the Company has provided below a reconciliation of cash flow from operating activities to Free Cash Flow.
The following tables present a reconciliation of EBITDA and Adjusted EBITDA to Net Income and Free Cash Flow to Cash Flow from Operating Activities, the most comparable GAAP measures, for each of the periods indicated.
8


Reconciliation of Segment Adjusted Gross Profit to Gross profit
 Three Months Ended
September 30,
Six Months Ended
September 30,
(Amounts in thousands)2021202020212020
Segment adjusted gross profit  
Pipe$82,472 $100,496 $166,615 $191,095 
Infiltrator Water Technologies58,847 53,105 118,249 101,033 
International15,077 14,582 36,455 25,990 
Allied Products & Other67,979 60,380 131,278 120,848 
Intersegment Eliminations1,479 372 1,465 14 
Total Segment Adjusted Gross Profit225,854 228,935 454,062 438,980 
Depreciation and amortization17,25016,46334,78232,886
ESOP and stock-based compensation expense8,5476,59818,10211,537
COVID-19 related expenses17— 197
Total Gross Profit$200,057 $205,857 $401,178 $394,360 
Reconciliation of Adjusted EBITDA to Net Income
 Three Months Ended
September 30,
Six Months Ended
September 30,
(Amounts in thousands)2021202020212020
Net income$76,312 $80,605 $153,435 $151,273 
Depreciation and amortization34,194 35,778 68,850 71,559 
Interest expense8,437 9,360 16,344 19,330 
Income tax expense26,816 31,827 53,271 59,027 
EBITDA145,759 157,570 291,900 301,189 
(Gain) loss on disposal of assets and costs from exit and disposal activities
(901)627 (912)2,274 
ESOP and stock-based compensation expense17,631 14,626 38,437 27,088 
Transaction costs834 718 877 1,374 
Strategic growth and operational improvement initiatives— 361 — 2,116 
COVID-19 related expenses (a)
— 242 — 806 
Other adjustments(b)
1,481 (70)1,084 (1,303)
Adjusted EBITDA$164,804 $174,074 $331,386 $333,544 
(a)Includes expenses directly related to our response to the COVID-19 pandemic, including adjustments to our pandemic pay program and expenses associated with our 3rd party crisis management vendor.
(b)Includes derivative fair value adjustments, foreign currency transaction (gains) losses, the proportionate share of interest, income taxes, depreciation and amortization related to the South American Joint Venture, which is accounted for under the equity method of accounting and executive retirement expense.
Reconciliation of Free Cash Flow to Cash flow from Operating Activities
 Six Months Ended September 30,
(Amounts in thousands)20212020
Net cash flow from operating activities$94,878 $286,168 
Capital expenditures(63,764)(28,959)
Free cash flow$31,114 $257,209 
9

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Ticker: WMS
CIK: 1604028
Form Type: 8-K Corporate News
Accession Number: 0001604028-21-000010
Submitted to the SEC: Thu Nov 04 2021 6:51:56 AM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, November 4, 2021
Industry: Plastics Foam Products
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Other Events
  4. Regulated Disclosure

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