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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

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Advanced Drainage Systems, Inc.

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CIK: 1604028 Ticker: WMS
Exhibit 99.1
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ADVANCED DRAINAGE SYSTEMS ANNOUNCES THIRD QUARTER
FISCAL 2022 RESULTS
HILLIARD, Ohio – (February 3, 2022) – 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 third quarter ended December 31, 2021.
Third Quarter Fiscal 2022 Results
•Net sales increased 47.1% to $715.4 million
•Net income increased 37.8% to $74.5 million
•Adjusted EBITDA (Non-GAAP) increased 26.9% to $176.2 million
Year-to-Date Fiscal 2022 Results
•Net sales increased 35.9% to $2,091.1 million
•Net income increased 11.0% to $227.9 million
•Adjusted EBITDA (Non-GAAP) increased 7.4% to $507.5 million
•Cash provided by operating activities of $193.8 million
•Free cash flow (Non-GAAP) of $93.5 million
Scott Barbour, President and Chief Executive Officer of ADS commented, "We achieved another quarter of record revenue and Adjusted EBITDA results in the third quarter of fiscal 2022, with results coming in slightly ahead of plan. Sales growth of 47% was driven by favorable pricing at both ADS and Infiltrator, as well as double-digit volume growth in the domestic construction markets. We capitalized on strong demand across our product portfolio and geographic footprint, particularly in priority states such as Florida, Texas and Virginia. Leading indicators support continued strength in demand for the foreseeable future as we work through record-high levels of backlog."

Barbour continued, "The favorable top line growth we achieved in the third quarter offset inflationary cost pressure on materials, transportation and labor. However, the pressure from labor shortages and absenteeism related to the COVID variant continued to impact our manufacturing and transportation operations. The actions we previously took to simplify production processes and increase production rates are going well, improving service levels to customers overall."

"In the fourth quarter, we will ramp up new production equipment at both ADS and Infiltrator. The new equipment coming online will modestly benefit fourth quarter production, with a larger impact in the next fiscal year. These investments will allow us to bring down high backlog levels and service the strong demand we see in our end markets, particularly in key growth regions like the southeast United States."

Barbour concluded, "Finally, our demand environment, strong backlog, favorable pricing and progress on the continuous improvement initiatives give us confidence in today's increased sales targets and reaffirmed Adjusted EBITDA guidance. We will stay focused on executing the fiscal year 2022 plan and continue to work through the labor availability and supply chain issues we face in the market today."
Third Quarter Fiscal 2022 Results
Net sales increased $229.2 million, or 47.1%, to $715.4 million, as compared to $486.1 million in the prior year quarter. Domestic pipe sales increased $145.8 million, or 57.4%, to $400.0 million. Domestic allied products & other sales increased $37.9 million, or 34.5%, to $147.5 million. Infiltrator sales increased $50.3 million, or 51.1%, to $148.7 million. These increases were driven by double-digit sales growth in the U.S. construction end markets. International sales increased $10.5 million, or 23.1%, to $55.8 million, driven by strong sales growth in the Canadian, Mexican and Exports businesses.
Gross profit increased $40.5 million, or 24.0%, to $209.0 million as compared to $168.5 million in the prior year. The increase in gross profit is primarily due to the 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. Labor shortages and absenteeism related to COVID-19 remain a challenge in both manufacturing and transportation operations.
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The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, February 3, 2022 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

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements 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 And Mezzanine Equity
Condensed Consolidated Statements Of Stockholders' Equity And Mezzanine Equity (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Consideration Transferred And Preliminary Purchase Price Allocation Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions - Summary Of Identifiable Intangible Assets (Detail)
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 (Tables)
Debt - Equipment Financing (Details)
Debt - Long-Term Debt (Detail)
Debt - Senior Notes (Detail)
Debt - Senior Secured Credit Facility (Detail)
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)
Fair Value Measurements And Derivative Transactions
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 - Narrative (Details)
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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: WMS
CIK: 1604028
Form Type: 10-Q Quarterly Report
Accession Number: 0001604028-22-000007
Submitted to the SEC: Thu Feb 03 2022 4:06:59 PM EST
Accepted by the SEC: Thu Feb 03 2022
Period: Friday, December 31, 2021
Industry: Plastics Foam Products

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