$WMS
ADVANCED DRAINAGE SYSTEMS, INC.

2014 Q2 Form 10-Q Financial Statement

#000119312514333058 Filed on September 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $326.4M $292.6M
YoY Change 11.57%
Cost Of Revenue $265.6M $227.1M
YoY Change 16.94%
Gross Profit $61.71M $56.35M
YoY Change 9.5%
Gross Profit Margin 18.9% 19.26%
Selling, General & Admin $35.35M $35.34M
YoY Change 0.04%
% of Gross Profit 57.29% 62.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.160M $9.410M
YoY Change -2.66%
% of Gross Profit 14.84% 16.7%
Operating Expenses $35.35M $35.34M
YoY Change 0.04%
Operating Profit $22.83M $32.65M
YoY Change -30.08%
Interest Expense -$5.051M -$4.101M
YoY Change 23.17%
% of Operating Profit -22.12% -12.56%
Other Income/Expense, Net -$14.00K -$529.0K
YoY Change -97.35%
Pretax Income $18.00M $28.02M
YoY Change -35.78%
Income Tax $7.893M $11.07M
% Of Pretax Income 43.86% 39.49%
Net Earnings $9.042M $12.97M
YoY Change -30.31%
Net Earnings / Revenue 2.77% 4.43%
Basic Earnings Per Share -$0.20 $0.21
Diluted Earnings Per Share -$0.20 $0.21
COMMON SHARES
Basic Shares Outstanding 47.54M shares 47.19M shares
Diluted Shares Outstanding 47.54M shares 47.69M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.700M
YoY Change
Cash & Equivalents $4.720M $3.036M
Short-Term Investments
Other Short-Term Assets $17.90M
YoY Change
Inventory $261.0M
Prepaid Expenses
Receivables $213.9M
Other Receivables $0.00
Total Short-Term Assets $500.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $290.8M
YoY Change
Goodwill $86.30M
YoY Change
Intangibles $63.26M
YoY Change
Long-Term Investments $31.85M
YoY Change
Other Assets $71.28M
YoY Change
Total Long-Term Assets $511.6M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $500.7M
Total Long-Term Assets $511.6M
Total Assets $1.012B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $123.2M
YoY Change
Accrued Expenses $42.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $11.67M
YoY Change
Total Short-Term Liabilities $182.2M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $481.2M
YoY Change
Other Long-Term Liabilities $16.11M
YoY Change
Total Long-Term Liabilities $497.3M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $182.2M
Total Long-Term Liabilities $497.3M
Total Liabilities $747.5M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$91.22M
YoY Change
Common Stock $11.96M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $448.0M
YoY Change
Treasury Stock Shares
Shareholders Equity -$532.9M
YoY Change
Total Liabilities & Shareholders Equity $1.012B
YoY Change

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $9.042M $12.97M
YoY Change -30.31%
Depreciation, Depletion And Amortization $9.160M $9.410M
YoY Change -2.66%
Cash From Operating Activities -$18.54M -$30.00M
YoY Change -38.19%
INVESTING ACTIVITIES
Capital Expenditures $7.432M -$14.10M
YoY Change -152.71%
Acquisitions
YoY Change
Other Investing Activities $310.0K $286.0K
YoY Change 8.39%
Cash From Investing Activities -$15.70M -$9.000M
YoY Change 74.44%
FINANCING ACTIVITIES
Cash Dividend Paid $509.0K $1.538M
YoY Change -66.91%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.10M 40.70M
YoY Change -13.76%
NET CHANGE
Cash From Operating Activities -18.54M -30.00M
Cash From Investing Activities -15.70M -9.000M
Cash From Financing Activities 35.10M 40.70M
Net Change In Cash -18.54M 1.700M
YoY Change -1190.71%
FREE CASH FLOW
Cash From Operating Activities -$18.54M -$30.00M
Capital Expenditures $7.432M -$14.10M
Free Cash Flow -$25.97M -$15.90M
YoY Change 63.36%

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CY2013Q2 us-gaap Dividends Common Stock
DividendsCommonStock
1360000
CY2013Q2 wms Other Comprehensive Income Loss Other Before Tax
OtherComprehensiveIncomeLossOtherBeforeTax
5000
CY2013Q2 wms Other Comprehensive Income Loss Other Tax
OtherComprehensiveIncomeLossOtherTax
2000
CY2013Q2 wms Reclassification Of Common Stock To Redeemable Common Stock Value
ReclassificationOfCommonStockToRedeemableCommonStockValue
-385000
CY2013Q2 wms Adjustments To Redeemable Common Stock Fair Value Measurement
AdjustmentsToRedeemableCommonStockFairValueMeasurement
-10175000
CY2013Q2 wms Earnings Before Interest Income Taxes Depreciation Amortization From Reportable Segment After Adjustments
EarningsBeforeInterestIncomeTaxesDepreciationAmortizationFromReportableSegmentAfterAdjustments
49542000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2014Q2 invest Derivative Type Of Interest Rate Paid On Swap
DerivativeTypeOfInterestRatePaidOnSwap
90-Day LIBOR interest rate
CY2014Q2 dei Document Type
DocumentType
10-Q
CY2014Q2 dei Entity Registrant Name
EntityRegistrantName
ADVANCED DRAINAGE SYSTEMS, INC.
CY2014Q2 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.388 pure
CY2014Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-21258000
CY2014Q2 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
12.26
CY2014Q2 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i>Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, our allowance for doubtful accounts, useful lives of our property, plant and equipment and amortizing intangible assets, valuation allowance on deferred tax assets, reserves for uncertain tax positions, evaluation of goodwill, intangible assets and other long-lived assets for impairment, accounting for stock based compensation and our ESOP, reserves for general liability, workers&#x2019; compensation, and medical insurance, cash discounts and customer rebates and valuation of our Redeemable Common Stock and Redeemable Convertible Preferred Stock. Management&#x2019;s estimates and assumptions are evaluated on an ongoing basis and are based on historical experience, current conditions and available information. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual results could differ from those estimates.</p> </div>
CY2014Q2 dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
CY2014Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2014Q2 dei Amendment Flag
AmendmentFlag
false
CY2014Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47536000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2014Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001604028
CY2014Q2 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2013-09-01
CY2014Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
94000 shares
CY2014Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
328297000
CY2014Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
50600000
CY2014Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7450000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
152000
CY2014Q2 us-gaap Gross Profit
GrossProfit
72033000
CY2014Q2 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
-900000
CY2014Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4615000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14546000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
24985000
CY2014Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
310000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-14000
CY2014Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
493000
CY2014Q2 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1250000
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47536000 shares
CY2014Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
907000
CY2014Q2 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1320000
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
96000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
14669000
CY2014Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
340000
CY2014Q2 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
-110312000
CY2014Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
378000
CY2014Q2 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
7566000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
29614000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4169000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
14241000
CY2014Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
740000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
340000
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-621000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
14821000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19246000
CY2014Q2 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
2687000
CY2014Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4169000
CY2014Q2 us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-317000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2641000
CY2014Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
789000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9695000
CY2014Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
37000
CY2014Q2 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
18373000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
256264000
CY2014Q2 us-gaap Depreciation
Depreciation
9160000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
13703000
CY2014Q2 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
2000
CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
38793000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
188000
CY2014Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-40000
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16646000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-153000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
5788000
CY2014Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
188000
CY2014Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
0
CY2014Q2 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-100000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
20532000
CY2014Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
293000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
428000
CY2014Q2 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
1788000
CY2014Q2 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
18373000
CY2014Q2 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
91000000
CY2014Q2 wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
CY2014Q2 wms Amortization Period
AmortizationPeriod
P10Y
CY2014Q2 wms Adjustments To Redeemable Convertible Preferred Stock Fair Value Measurement
AdjustmentsToRedeemableConvertiblePreferredStockFairValueMeasurement
-18373000
CY2014Q2 wms Earnings Before Interest Income Taxes Depreciation Amortization From Reportable Segment After Adjustments
EarningsBeforeInterestIncomeTaxesDepreciationAmortizationFromReportableSegmentAfterAdjustments
49205000

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