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Advanced Drainage Systems, Inc. (WMS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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WMS Quarterly Reports

Advanced Drainage Systems, Inc.

CIK: 1604028 Ticker: WMS
Exhibit 99.1
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ADVANCED DRAINAGE SYSTEMS ANNOUNCES FIRST QUARTER
FISCAL 2023 RESULTS
HILLIARD, Ohio – (August 4, 2022) – Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a leading provider of innovative water management solutions in the stormwater and onsite septic wastewater industries today announced financial results for the fiscal first quarter ended June 30, 2022.
First Quarter Fiscal 2023 Results
Net sales increased 36.6% to $914.2 million
Net income increased 144.4% to $188.5 million
Adjusted EBITDA (Non-GAAP) increased 79.5% to $299.0 million
Scott Barbour, President and Chief Executive Officer of ADS commented, "We achieved record revenue and Adjusted EBITDA results in the first quarter of fiscal 2023, with results coming in well above plan. Sales growth of 37% was driven by favorable pricing at both ADS and Infiltrator, as well as strong volume growth in Allied Products, Infiltrator and the residential end market driven by share gains. In addition, the new production equipment installed during the fourth quarter of fiscal year 2022, at both ADS and Infiltrator is producing to expected rates and helping to bring down elevated backlogs. While pipe volume in our non-residential, infrastructure and agriculture end markets started slower than anticipated, year-over-year volume performance improved as the quarter progressed and we remain confident in the outlook for all of our end markets for the remainder of the fiscal year."

Barbour continued, "The favorable top line growth we achieved in the first quarter was broad based across our construction end markets and geographies, with notable strength in our priority states. This growth offset inflationary cost pressures that we continue to see in transportation and our manufacturing operations. In addition, the pricing actions we have taken have more than offset our raw material costs, which moderated, but remain at elevated levels. As a result of these actions, we generated strong growth in Adjusted EBITDA, which in combination with improvements in working capital, helped drive significant free cash flow generation."

Barbour concluded, "Based on better than expected performance this quarter that we anticipate will continue into the second quarter, we are raising our fiscal year guidance for both revenue and Adjusted EBITDA. While there is uncertainty around general economic conditions, specifically in residential construction, the strength we see in our leading indicators including project identification, quoting, book-to-bill and order trends, give us confidence we can achieve the updated guidance issued today."
First Quarter Fiscal 2023 Results
Net sales increased $244.9 million, or 36.6%, to $914.2 million, as compared to $669.3 million in the prior year quarter. Domestic pipe sales increased $150.8 million, or 40.3%, to $524.9 million. Domestic allied products & other sales increased $71.9 million, or 56.6%, to $198.9 million. Infiltrator sales increased $39.5 million, or 31.2%, to $166.3 million. These increases were driven by double-digit sales growth in the U.S. construction end markets. International sales increased $6.1 million, or 9.4%, to $71.5 million, driven by strong sales growth in the Canadian, Mexican and Exports businesses.
Gross profit increased $151.0 million, or 75.1%, to $352.1 million as compared to $201.1 million in the prior year. The increase in gross profit is primarily due to the increase in sales volume and favorable pricing on pipe, onsite septic and allied products. The increase in our gross profit was due to an increase in net sales from improved pricing partially offset by inflationary pressures of higher material and transportation costs along with higher manufacturing costs.
Adjusted EBITDA (Non-GAAP) increased $132.5 million, or 79.5%, to $299.0 million, as compared to $166.6 million in the prior year. The increase is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 32.7% as compared to 24.9% in the prior year.
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.”

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The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, August 4, 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 (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity And Mezzanine Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity And Mezzanine Equity (Unaudited) (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 (Detail)
Background And Summary Of Significant Accounting Policies (Policies)
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 (Detail)
Debt
Debt (Tables)
Debt - Equipment Financing (Details)
Debt - Long-Term Debt (Detail)
Debt - Senior Notes (Detail)
Debt - Senior Secured Credit Facility (Detail)
Debt - Valuation Of Debt (Details)
Income Taxes
Income Taxes (Detail)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Detail)
Leases
Leases (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 (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 (Detail)

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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: 0001604028-22-000051
Submitted to the SEC: Thu Aug 04 2022 4:10:50 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Plastics Foam Products

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