Advanced Drainage Systems Announces Second Quarter Fiscal 2021 Results
HILLIARD, Ohio–(BUSINESS WIRE)–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 second quarter ended September 30, 2020.
Second Quarter Fiscal 2021 Results
- Net sales increased 9.7% to $544.2 million
- Net income increased to $80.6 million, compared to $8.5 million in the prior year
- Adjusted EBITDA (Non-GAAP) increased 47.3% to $174.1 million
Year-to-Date Fiscal 2021 Results
- Net sales increased 15.7% to $1.1 billion
- Net income increased to $151.3 million, compared to a net loss of $219.0 million in the prior year
- Adjusted EBITDA (Non-GAAP) increased 68.1% to $333.5 million
- Cash provided by operating activities increased 66.7% to $286.2 million
- Free cash flow (Non-GAAP) increased 76.1% to $257.2 million
Scott Barbour, President and Chief Executive Officer of ADS commented, “We had a strong second quarter of fiscal 2021, with 10% net sales growth as demand and business activity remained favorable. We generated strong performance in key growth states including the Carolinas and Florida, as well as more broadly across the South and Southeast regions of the United States. As a whole, ADS benefitted from our national presence as well as our geographic and end market exposure, including the increased exposure to the Residential end market that Infiltrator provides.”
Barbour continued, “We also achieved record second quarter profitability, with an increase of 820 basis points in our Adjusted EBITDA margin. The profitability improvement was driven by favorable material cost, leverage from sales growth, execution of our operational initiatives, contributions from the proactive cost mitigation steps and our synergy programs.”
Barbour concluded. “We are optimistic as we look to the second half of our fiscal year, with our order book, project tracking, book-to-bill ratio and backlog all remaining positive on a year-over-year basis. We expect the normal seasonal patterns to apply to the second half of our fiscal year as installation activity slows down in geographies with colder temperatures. Though uncertainties still exist regarding the broader market environment, we are well positioned to capitalize on residential development and horizontal construction, while continuing to generate above-market growth through the execution of our material conversion and water management solutions strategies. We remain focused on disciplined execution as we look to build off a very strong first half of fiscal 2021.”
Second Quarter Fiscal 2021 Results
Net sales increased $48.3 million, or 9.7%, to $544.2 million, as compared to $495.9 million in the prior year. Domestic pipe sales increased $10.7 million, or 3.8%, to $292.1 million. Domestic allied products & other sales increased $3.6 million, or 3.2%, to $118.0 million. These increases were driven by sales growth in the U.S. construction end markets. Infiltrator sales increased $41.1 million, or 63.3%, to $106.0 million, as compared to $64.9 million in the prior year.
Gross profit increased $59.3 million, or 40.5%, to $205.9 million as compared to $146.5 million in the prior year. The increase is primarily due to the incremental benefit from the acquisition of Infiltrator Water Technologies, favorable material cost, leverage from sales growth in both pipe and allied product sales and operational improvements offsetting inflationary costs.
Adjusted EBITDA (Non-GAAP) increased $55.9 million, or 47.3%, to $174.1 million, as compared to $118.2 million in the prior year. The increase is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 32.0% as compared to 23.8% 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.”
Year-to-Date Fiscal 2021 Results
Net sales increased $143.2 million, or 15.7%, to $1.053 billion, as compared to $909.6 million in the prior year. Domestic pipe sales increased $22.2 million, or 4.1%, to $565.8 million. Domestic allied products & other sales increased $8.4 million, or 3.7%, to $234.9 million. These increases were driven by growth in both the U.S. construction and agriculture end markets. Infiltrator sales increased $143.3 million, or 220.8%, to $208.1 million, as compared to $64.9 million in the prior year.
Gross profit increased $310.0 million to $394.4 million as compared to $84.4 million in the prior year. The prior year gross profit includes $168.6 million of ESOP special dividend compensation expense. The remaining increase is primarily due to the acquisition of Infiltrator Water Technologies, favorable material cost, an increase in operational efficiency and increases in both pipe and allied product sales.
Adjusted EBITDA (Non-GAAP) increased $135.1 million, or 68.1%, to $333.5 million, as compared to $198.5 million in the prior year. The increase is primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 31.7% as compared to 21.8% in the prior year.
Balance Sheet and Liquidity
Net cash provided by operating activities increased $114.5 million, or 66.7%, to $286.2 million, as compared to $171.7 million in the prior year, primarily due to the increase in profitability. Free cash flow (Non-GAAP) increased $111.1 million, or 76.1%, to $257.2 million, as compared to $146.1 million in the prior year. Net debt (total debt and finance lease obligations net of cash) was $745.0 million as of September 30, 2020, a decrease of $243.0 million from March 31, 2020.
ADS had total liquidity of $543 million, comprised of cash of $204 million as of September 30, 2020 and $339 million of availability under committed credit facilities. As of September 30, 2020, the Company’s leverage ratio was 1.5 times.
Fiscal 2021 Outlook
ADS continues to carefully monitor the pandemic and the impact on its business. Based on current visibility, backlog of existing orders and business trends, the Company issued net sales and Adjusted EBITDA targets for fiscal 2021. Net sales are expected to be in the range of $1.790 billion to $1.840 billion and Adjusted EBITDA is expected to be in the range of $495 to $515 million. Capital expenditures are expected to be in the range of $80 million to $90 million.
Scott Cottrill, Chief Financial Officer of ADS commented, “Today’s guidance is based on the current orderbook, market trends and visibility into the second half of fiscal 2021 as well as our strong financial performance in the first half of fiscal 2021. It does not contemplate any further change in economic conditions due to the COVID-19 pandemic. We expect volume in the second half of the year to be consistent with the prior year, driven by seasonality, with modest improvement in year-over-year profitability despite inflationary pressure as well as investments in both capital and our organization to drive future value.”
Webcast Information
Participants may Register Here for this conference call or copy and paste the following text into your browser: http://www.directeventreg.com/registration/event/3888036. 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. The live webcast will also be accessible via the “Events Calendar” section of the Company’s Investor Relations website, www.investors.ads-pipe.com. An archived version of the webcast will be available for one year 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.ads-pipe.com.
Forward Looking Statements
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 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; uncertainties surrounding the integration of acquisitions and similar transactions, including the acquisition of Infiltrator Water Technologies and the integration of Infiltrator Water Technologies; our ability to realize the anticipated benefits from the acquisition of Infiltrator Water Technologies; risks that the acquisition of Infiltrator Water Technologies and related transactions may involve unexpected costs, liabilities or delays; our ability to continue to convert current demand for concrete, steel and polyvinyl chloride (“PVC”) pipe products into demand for our high performance thermoplastic corrugated pipe and Allied Products; the effect of any claims, litigation, investigations or proceedings; the effect of weather or seasonality; the loss of any of our significant customers; the risks of doing business internationally; our ability to remediate the material weakness in our internal control over financial reporting, including remediation of the control environment for our joint venture affiliate ADS Mexicana, S.A. de C.V.; 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; the risks associated with our self-insured programs; 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; our ability to project product mix; 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; our ability to meet future capital requirements and fund our liquidity needs; the risk that additional information may arise that would require the Company to make additional adjustments or revisions or to restate the financial statements and other financial data for certain prior periods and any future periods; any delay in the filing of any filings with the Securities and Exchange Commission (“SEC”); the review of potential weaknesses or deficiencies in the Company’s disclosure controls and procedures, and discovering weaknesses of which we are not currently aware or which have not been detected; additional uncertainties related to accounting issues generally; and the 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.
Financial Statements
|
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES |
|||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
(Amounts in thousands, except per share data) |
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Net sales |
$ |
544,187 |
|
|
$ |
495,905 |
|
|
$ |
1,052,826 |
|
|
$ |
909,613 |
|
|
Cost of goods sold |
|
338,330 |
|
|
|
349,381 |
|
|
|
658,466 |
|
|
|
656,637 |
|
|
Cost of goods sold – ESOP special dividend compensation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
168,610 |
|
|
Gross profit |
|
205,857 |
|
|
|
146,524 |
|
|
|
394,360 |
|
|
|
84,366 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
30,586 |
|
|
|
29,971 |
|
|
|
58,746 |
|
|
|
56,336 |
|
|
General and administrative |
|
35,115 |
|
|
|
48,030 |
|
|
|
68,731 |
|
|
|
79,463 |
|
|
Selling, general and administrative – ESOP special dividend compensation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
78,142 |
|
|
Loss on disposal of assets and costs from exit and disposal activities |
|
627 |
|
|
|
2,004 |
|
|
|
2,274 |
|
|
|
2,711 |
|
|
Intangible amortization |
|
17,955 |
|
|
|
9,300 |
|
|
|
35,937 |
|
|
|
10,842 |
|
|
Income (loss) from operations |
|
121,574 |
|
|
|
57,219 |
|
|
|
228,672 |
|
|
|
(143,128 |
) |
|
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
9,360 |
|
|
|
52,332 |
|
|
|
19,330 |
|
|
|
57,596 |
|
|
Derivative loss (gains) and other expense (income), net |
|
(151 |
) |
|
|
175 |
|
|
|
(718 |
) |
|
|
79 |
|
|
(Loss) income before income taxes |
|
112,365 |
|
|
|
4,712 |
|
|
|
210,060 |
|
|
|
(200,803 |
) |
|
Income tax (benefit) expense |
|
31,827 |
|
|
|
(3,547 |
) |
|
|
59,027 |
|
|
|
18,823 |
|
|
Equity in net (income) loss of unconsolidated affiliates |
|
(67 |
) |
|
|
(203 |
) |
|
|
(240 |
) |
|
|
(637 |
) |
|
Net income (loss) |
|
80,605 |
|
|
|
8,462 |
|
|
|
151,273 |
|
|
|
(218,989 |
) |
|
Less: net income attributable to noncontrolling interest |
|
369 |
|
|
|
873 |
|
|
|
571 |
|
|
|
(222 |
) |
|
Net income (loss) attributable to ADS |
|
80,236 |
|
|
|
7,589 |
|
|
|
150,702 |
|
|
|
(218,767 |
) |
|
Dividends to redeemable convertible preferred stockholders |
|
(1,329 |
) |
|
|
(1,355 |
) |
|
|
(2,695 |
) |
|
|
(8,196 |
) |
|
Dividends paid to unvested restricted stockholders |
|
– |
|
|
|
(4 |
) |
|
|
(2 |
) |
|
|
(330 |
) |
|
Net income (loss) available to common stockholders and participating securities |
|
78,907 |
|
|
|
6,230 |
|
|
|
148,005 |
|
|
|
(227,293 |
) |
|
Undistributed income allocated to participating securities |
|
(12,760 |
) |
|
|
(204 |
) |
|
|
(24,025 |
) |
|
|
– |
|
|
Net income (loss) available to common stockholders |
$ |
66,147 |
|
|
$ |
6,026 |
|
|
$ |
123,980 |
|
|
$ |
(227,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
69,843 |
|
|
|
60,222 |
|
|
|
69,612 |
|
|
|
58,906 |
|
|
Diluted |
|
70,755 |
|
|
|
60,876 |
|
|
|
70,459 |
|
|
|
58,906 |
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.95 |
|
|
$ |
0.10 |
|
|
$ |
1.78 |
|
|
$ |
(3.86 |
) |
|
Diluted |
$ |
0.93 |
|
|
$ |
0.10 |
|
|
$ |
1.76 |
|
|
$ |
(3.86 |
) |
|
Cash dividends declared per share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.18 |
|
|
$ |
1.18 |
|
|
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES |
|||||||
|
|
As of |
|
|||||
|
(Amounts in thousands) |
September 30, 2020 |
|
|
March 31, 2020 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
$ |
203,883 |
|
|
$ |
174,233 |
|
|
Receivables, net |
|
260,180 |
|
|
|
200,028 |
|
|
Inventories |
|
223,268 |
|
|
|
282,398 |
|
|
Other current assets |
|
13,248 |
|
|
|
9,552 |
|
|
Total current assets |
|
700,579 |
|
|
|
666,211 |
|
|
Property, plant and equipment, net |
|
481,947 |
|
|
|
481,380 |
|
|
Other assets: |
|
|
|
|
|
|
|
|
Goodwill |
|
598,416 |
|
|
|
597,819 |
|
|
Intangible assets, net |
|
519,660 |
|
|
|
555,338 |
|
|
Other assets |
|
72,770 |
|
|
|
69,140 |
|
|
Total assets |
$ |
2,373,372 |
|
|
$ |
2,369,888 |
|
|
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current maturities of debt obligations |
$ |
7,000 |
|
|
$ |
7,955 |
|
|
Current maturities of finance lease obligations |
|
19,319 |
|
|
|
20,382 |
|
|
Accounts payable |
|
114,030 |
|
|
|
106,710 |
|
|
Other accrued liabilities |
|
119,084 |
|
|
|
101,116 |
|
|
Accrued income taxes |
|
23,058 |
|
|
|
2,050 |
|
|
Total current liabilities |
|
282,491 |
|
|
|
238,213 |
|
|
Long-term debt obligations, net |
|
885,528 |
|
|
|
1,089,368 |
|
|
Long-term finance lease obligations |
|
37,016 |
|
|
|
44,501 |
|
|
Deferred tax liabilities |
|
172,183 |
|
|
|
175,616 |
|
|
Other liabilities |
|
40,551 |
|
|
|
37,608 |
|
|
Total liabilities |
|
1,417,769 |
|
|
|
1,585,306 |
|
|
Mezzanine equity: |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock |
|
262,872 |
|
|
|
269,529 |
|
|
Deferred compensation — unearned ESOP shares |
|
(16,779 |
) |
|
|
(22,432 |
) |
|
Total mezzanine equity |
|
246,093 |
|
|
|
247,097 |
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
11,562 |
|
|
|
11,555 |
|
|
Paid-in capital |
|
859,254 |
|
|
|
827,573 |
|
|
Common stock in treasury, at cost |
|
(10,859 |
) |
|
|
(10,461 |
) |
|
Accumulated other comprehensive loss |
|
(30,426 |
) |
|
|
(35,325 |
) |
|
Retained (deficit) earnings |
|
(133,011 |
) |
|
|
(267,619 |
) |
|
Total ADS stockholders’ equity |
|
696,520 |
|
|
|
525,723 |
|
|
Noncontrolling interest in subsidiaries |
|
12,990 |
|
|
|
11,762 |
|
|
Total stockholders’ equity |
|
709,510 |
|
|
|
537,485 |
|
|
Total liabilities, mezzanine equity and stockholders’ equity |
$ |
2,373,372 |
|
|
$ |
2,369,888 |
|
|
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES |
|||||||
|
|
Six Months Ended September 30, |
|
|||||
|
(Amounts in thousands) |
2020 |
|
|
2019 |
|
||
|
Cash Flow from Operating Activities |
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
151,273 |
|
|
$ |
(218,989 |
) |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
71,559 |
|
|
|
43,260 |
|
|
Deferred income taxes |
|
(3,446 |
) |
|
|
1,127 |
|
|
Loss on disposal of assets and costs from exit and disposal activities |
|
2,274 |
|
|
|
2,711 |
|
|
ESOP and stock-based compensation |
|
27,088 |
|
|
|
16,082 |
|
|
ESOP special dividend compensation |
|
– |
|
|
|
246,752 |
|
|
Amortization of deferred financing charges |
|
197 |
|
|
|
34,285 |
|
|
Inventory step up related to Infiltrator Water Technologies acquisition |
|
– |
|
|
|
5,773 |
|
|
Fair market value adjustments to derivatives |
|
(1,455 |
) |
|
|
996 |
|
|
Equity in net (income) loss of unconsolidated affiliates |
|
(240 |
) |
|
|
(637 |
) |
|
Other operating activities |
|
(236 |
) |
|
|
(3,635 |
) |
|
Changes in working capital: |
|
|
|
|
|
|
|
|
Receivables |
|
(60,106 |
) |
|
|
(44,883 |
) |
|
Inventories |
|
60,663 |
|
|
|
57,316 |
|
|
Prepaid expenses and other current assets |
|
(3,666 |
) |
|
|
(2,917 |
) |
|
Accounts payable, accrued expenses, and other liabilities |
|
42,263 |
|
|
|
34,470 |
|
|
Net cash provided by operating activities |
|
286,168 |
|
|
|
171,711 |
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Capital expenditures |
|
(28,959 |
) |
|
|
(25,622 |
) |
|
Cash paid for acquisitions, net of cash acquired |
|
– |
|
|
|
(1,088,617 |
) |
|
Other investing activities |
|
455 |
|
|
|
(116 |
) |
|
Net cash used in investing activities |
|
(28,504 |
) |
|
|
(1,114,355 |
) |
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from Term Loan Facility |
|
– |
|
|
|
1,300,000 |
|
|
Payments on Term Loan Facility |
|
– |
|
|
|
(1,300,000 |
) |
|
Proceeds from syndication of Term Loan Facility |
|
– |
|
|
|
700,000 |
|
|
Payments on syndicated Term Loan Facility |
|
(103,500 |
) |
|
|
– |
|
|
Proceeds from Senior Notes |
|
– |
|
|
|
350,000 |
|
|
Proceeds from Revolving Credit Agreement |
|
– |
|
|
|
177,900 |
|
|
Payments on Revolving Credit Agreement |
|
(100,000 |
) |
|
|
(177,900 |
) |
|
Debt issuance costs |
|
– |
|
|
|
(34,606 |
) |
|
Proceeds from PNC Credit Agreement |
|
– |
|
|
|
253,900 |
|
|
Payments on PNC Credit Agreement |
|
– |
|
|
|
(388,300 |
) |
|
Payments on Prudential Senior Notes |
|
– |
|
|
|
(100,000 |
) |
|
Payments on finance lease obligations |
|
(10,677 |
) |
|
|
(12,375 |
) |
|
Proceeds from common stock offering, net of offering costs |
|
– |
|
|
|
293,648 |
|
|
Cash dividends paid |
|
(15,402 |
) |
|
|
(76,324 |
) |
|
Proceeds from exercise of stock options |
|
3,275 |
|
|
|
2,430 |
|
|
Other financing activities |
|
(1,489 |
) |
|
|
(236 |
) |
|
Net cash used in financing activities |
|
(227,793 |
) |
|
|
988,137 |
|
|
Effect of exchange rate changes on cash |
|
(221 |
) |
|
|
(177 |
) |
|
Net change in cash |
|
29,650 |
|
|
|
45,316 |
|
|
Cash at beginning of period |
|
174,233 |
|
|
|
8,891 |
|
|
Cash at end of period |
$ |
203,883 |
|
|
$ |
54,207 |
|
Selected Financial Data
The following tables set forth net sales by reportable segment for each of the periods indicated.
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
||||||||||||||||||
|
|
Net Sales |
|
|
Intersegment |
|
|
Net Sales |
|
|
Net Sales |
|
|
Intersegment |
|
|
Net Sales |
|
||||||
|
Pipe |
$ |
292,133 |
|
|
$ |
(1,637 |
) |
|
$ |
290,496 |
|
|
$ |
281,405 |
|
|
$ |
(342 |
) |
|
$ |
281,063 |
|
|
Infiltrator Water Technologies |
|
105,986 |
|
|
|
(18,692 |
) |
|
|
87,294 |
|
|
|
64,889 |
|
|
|
(12,189 |
) |
|
|
52,700 |
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International – Pipe |
|
35,592 |
|
|
|
(896 |
) |
|
|
34,696 |
|
|
|
34,617 |
|
|
|
— |
|
|
|
34,617 |
|
|
International – Allied Products |
|
13,706 |
|
|
|
— |
|
|
|
13,706 |
|
|
|
13,167 |
|
|
|
— |
|
|
|
13,167 |
|
|
Total International |
|
49,298 |
|
|
|
(896 |
) |
|
|
48,402 |
|
|
|
47,784 |
|
|
|
— |
|
|
|
47,784 |
|
|
Allied Products & Other |
|
117,995 |
|
|
|
— |
|
|
|
117,995 |
|
|
|
114,358 |
|
|
|
— |
|
|
|
114,358 |
|
|
Intersegment Eliminations |
|
(21,225 |
) |
|
|
21,225 |
|
|
|
— |
|
|
|
(12,531 |
) |
|
|
12,531 |
|
|
|
— |
|
|
Total Consolidated |
$ |
544,187 |
|
|
$ |
— |
|
|
$ |
544,187 |
|
|
$ |
495,905 |
|
|
$ |
— |
|
|
$ |
495,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|||||||||||||||||||||
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
||||||||||||||||||
|
|
Net Sales |
|
|
Intersegment |
|
|
Net Sales |
|
|
Net Sales |
|
|
Intersegment |
|
|
Net Sales |
|
||||||
|
Pipe |
$ |
565,785 |
|
|
$ |
(3,482 |
) |
|
$ |
562,303 |
|
|
$ |
543,586 |
|
|
$ |
(342 |
) |
|
$ |
543,244 |
|
|
Infiltrator Water Technologies |
|
208,139 |
|
|
|
(36,760 |
) |
|
|
171,379 |
|
|
|
64,889 |
|
|
|
(12,189 |
) |
|
|
52,700 |
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International – Pipe |
|
62,542 |
|
|
|
(896 |
) |
|
|
61,646 |
|
|
|
63,902 |
|
|
|
— |
|
|
|
63,902 |
|
|
International – Allied Products |
|
22,585 |
|
|
|
— |
|
|
|
22,585 |
|
|
|
23,216 |
|
|
|
— |
|
|
|
23,216 |
|
|
Total International |
|
85,127 |
|
|
|
(896 |
) |
|
|
84,231 |
|
|
|
87,118 |
|
|
|
— |
|
|
|
87,118 |
|
|
Allied Products & Other |
|
234,913 |
|
|
|
— |
|
|
|
234,913 |
|
|
|
226,551 |
|
|
|
— |
|
|
|
226,551 |
|
|
Intersegment Eliminations |
|
(41,138 |
) |
|
|
41,138 |
|
|
|
— |
|
|
|
(12,531 |
) |
|
|
12,531 |
|
|
|
— |
|
|
Total Consolidated |
$ |
1,052,826 |
|
|
$ |
— |
|
|
$ |
1,052,826 |
|
|
$ |
909,613 |
|
|
$ |
— |
|
|
$ |
909,613 |
|
Contacts
Michael Higgins
VP, Corporate Strategy & Investor Relations
(614) 658-0050
Mike.Higgins@ads-pipe.com