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

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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 SECOND QUARTER
FISCAL 2023 RESULTS
HILLIARD, Ohio – (November 3, 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 second quarter ended September 30, 2022.
Second Quarter Fiscal 2023 Results
•Net sales increased 25.2% to $884.2 million
•Net income increased 101.0% to $153.4 million
•Adjusted EBITDA (Non-GAAP) increased 59.7% to $263.2 million

Year-to-Date Fiscal 2023 Results
•Net sales increased 30.7% to $1,798.4 million
•Net income increased 122.8% to $341.9 million
•Adjusted EBITDA (Non-GAAP) increased 69.7% to $562.2 million
•Cash provided by operating activities increased 360.6% to $437.0 million
•Free cash flow (Non-GAAP) increased $330.4 million to $361.5 million

Scott Barbour, President and Chief Executive Officer of ADS commented, "We achieved record second quarter revenue and Adjusted EBITDA this quarter. Sales growth of 25% was driven by favorable pricing at both ADS and Infiltrator, strong volume growth in Allied Products, and growth in the residential and agriculture end markets. In addition, we continued to make progress bringing down elevated levels of backlog, and lead times have improved in most geographies and product lines. The favorable top line growth we achieved in the second quarter was broad based across our construction and agriculture end markets, with notable strength in our priority states."

Barbour continued, "As we entered September and into October, we began to see the impact of the uncertain macroeconomic environment in isolated pockets across certain geographies and product lines. In particular, our Infiltrator and retail businesses began to feel the impact of channel destocking as well as some project slowdowns within our non-residential business in certain geographies. However, demand remains strong for residential land development and horizontal construction, particularly for warehouses and distribution centers. And while inflationary pressures have been persistent throughout the year, we are beginning to see some abatement, which when combined with our productivity initiatives position us well moving into the second half of Fiscal 2023.”

Barbour concluded, "Taking this into account, we are lowering our fiscal year guidance for revenue to our original Fiscal 2023 guidance of $3.100 billion to $3.200 billion. While uncertainty remains around general economic conditions, our leading indicators including project identification, quoting, book-to-bill and order trends give us confidence we can achieve the updated revenue guidance issued today. Importantly, our Adjusted EBITDA guidance remains unchanged as we execute on actions to improve cost and efficiency within the business."
Second Quarter Fiscal 2023 Results
Net sales increased $177.7 million, or 25.2%, to $884.2 million, as compared to $706.5 million in the prior year quarter. Domestic pipe sales increased $116.5 million, or 30.3%, to $501.0 million. Domestic allied products & other sales increased $56.5 million, or 38.8%, to $202.2 million. Infiltrator sales increased $4.8 million, or 3.3%, to $150.7 million. These increases were driven by double-digit sales growth in the U.S. construction and agriculture end markets. International sales increased $9.9 million, or 15.6%, to $73.5 million, driven by growth in the Canadian, Mexican and Exports businesses.
Gross profit increased $119.9 million, or 59.9%, to $320.0 million as compared to $200.1 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. This increase was partially offset by inflationary pressures on manufacturing and transportation costs.
Adjusted EBITDA (Non-GAAP) increased $98.4 million, or 59.7%, to $263.2 million, as compared to $164.8 million in the prior year. The increase is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 29.8% as compared to 23.3% in the prior year.
1
The following information was filed by Advanced Drainage Systems, Inc. (WMS) on Thursday, November 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 (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)

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: 0001604028-22-000062
Submitted to the SEC: Thu Nov 03 2022 4:05:42 PM EST
Accepted by the SEC: Thu Nov 03 2022
Period: Friday, September 30, 2022
Industry: Plastics Foam Products

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