$WMS
ADVANCED DRAINAGE SYSTEMS, INC.

2015 Q1 Form 10-Q Financial Statement

#000119312515039030 Filed on February 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2013 Q4
Revenue $207.1M $279.9M $260.6M
YoY Change 13.87% 7.38% 41.27%
Cost Of Revenue $180.6M $230.7M $211.7M
YoY Change 5.86% 8.99% 42.64%
Gross Profit $24.68M $49.39M $59.34M
YoY Change 94.52% -16.78% 64.84%
Gross Profit Margin 11.92% 17.65% 22.77%
Selling, General & Admin $34.30M $34.03M $35.37M
YoY Change -23.78% -3.79% -0.09%
% of Gross Profit 138.96% 68.9% 59.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.200M $9.247M $9.383M
YoY Change -4.35% -1.45% 193.22%
% of Gross Profit 8.91% 18.72% 15.81%
Operating Expenses $36.50M $34.03M $35.37M
YoY Change -22.83% -3.79% -8.37%
Operating Profit -$11.82M $12.63M $11.54M
YoY Change -65.86% 9.42% -543.92%
Interest Expense -$6.200M -$4.631M -$3.893M
YoY Change 29.17% 18.96% 8.14%
% of Operating Profit -36.67% -33.73%
Other Income/Expense, Net -$7.700M -$5.556M $418.0K
YoY Change -1200.0% -1429.19% -518.0%
Pretax Income -$23.80M $2.442M $8.067M
YoY Change -42.51% -69.73% -228.05%
Income Tax -$10.70M $3.407M $17.54M
% Of Pretax Income 139.52% 217.39%
Net Earnings -$14.32M -$3.295M -$4.877M
YoY Change 0.75% -32.44% 43.44%
Net Earnings / Revenue -6.91% -1.18% -1.87%
Basic Earnings Per Share -$0.27 -$0.07 -$0.21
Diluted Earnings Per Share -$0.27 -$0.07 -$0.21
COMMON SHARES
Basic Shares Outstanding 53.26M shares 52.99M shares 47.25M shares
Diluted Shares Outstanding 52.99M shares 47.25M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.600M $10.80M $5.300M
YoY Change -7.69% 103.77%
Cash & Equivalents $3.623M $10.75M $5.335M
Short-Term Investments
Other Short-Term Assets $22.50M $14.40M $11.70M
YoY Change 55.17% 23.08%
Inventory $260.6M $230.9M $202.8M
Prepaid Expenses
Receivables $154.3M $161.1M $150.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $441.0M $418.2M $370.5M
YoY Change 3.38% 12.86%
LONG-TERM ASSETS
Property, Plant & Equipment $375.8M $283.1M $290.5M
YoY Change 7.27% -2.55%
Goodwill $98.68M $86.23M
YoY Change 12.11%
Intangibles $58.06M $57.58M
YoY Change -1.92%
Long-Term Investments $25.04M $29.66M
YoY Change 5.99%
Other Assets $61.17M $66.56M $69.50M
YoY Change -6.54% -4.24%
Total Long-Term Assets $593.7M $493.5M $515.4M
YoY Change 6.8% -4.25%
TOTAL ASSETS
Total Short-Term Assets $441.0M $418.2M $370.5M
Total Long-Term Assets $593.7M $493.5M $515.4M
Total Assets $1.035B $911.6M $885.9M
YoY Change 5.31% 2.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.9M $70.20M $86.40M
YoY Change 0.83% -18.75%
Accrued Expenses $54.30M $54.50M $37.00M
YoY Change 25.99% 47.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.580M $11.70M $8.200M
YoY Change -14.1% 42.68%
Total Short-Term Liabilities $197.6M $140.2M $162.4M
YoY Change 6.49% -13.65%
LONG-TERM LIABILITIES
Long-Term Debt $390.3M $326.7M $298.0M
YoY Change -11.87% 9.64%
Other Long-Term Liabilities $28.56M $20.45M $14.70M
YoY Change -11.23% 39.1%
Total Long-Term Liabilities $418.9M $347.2M $312.7M
YoY Change -11.83% 11.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $197.6M $140.2M $162.4M
Total Long-Term Liabilities $418.9M $347.2M $312.7M
Total Liabilities $726.6M $551.1M $567.8M
YoY Change -4.56% -2.95%
SHAREHOLDERS EQUITY
Retained Earnings -$69.11M $0.00
YoY Change 2765.26%
Common Stock $713.4M $12.39M
YoY Change 5866.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $445.1M $446.5M
YoY Change -0.75%
Treasury Stock Shares
Shareholders Equity $183.7M $234.7M $318.2M
YoY Change
Total Liabilities & Shareholders Equity $1.035B $911.6M $885.9M
YoY Change 4.56% 2.9%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income -$14.32M -$3.295M -$4.877M
YoY Change 0.75% -32.44% 43.44%
Depreciation, Depletion And Amortization $2.200M $9.247M $9.383M
YoY Change -4.35% -1.45% 193.22%
Cash From Operating Activities -$15.90M $75.40M $84.80M
YoY Change 1.27% -11.08% 40.86%
INVESTING ACTIVITIES
Capital Expenditures -$10.80M $5.685M -$4.000M
YoY Change -21.74% -242.13% -88.7%
Acquisitions
YoY Change
Other Investing Activities -$35.90M $300.0K -$3.000M
YoY Change -790.38% -110.0% -55.22%
Cash From Investing Activities -$46.70M -$5.400M -$7.100M
YoY Change 443.02% -23.94% -83.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 55.40M -65.50M -74.40M
YoY Change 141.92% -11.96% 365.0%
NET CHANGE
Cash From Operating Activities -15.90M 75.40M 84.80M
Cash From Investing Activities -46.70M -5.400M -7.100M
Cash From Financing Activities 55.40M -65.50M -74.40M
Net Change In Cash -7.200M 4.500M 3.300M
YoY Change 414.29% 36.36% 57.14%
FREE CASH FLOW
Cash From Operating Activities -$15.90M $75.40M $84.80M
Capital Expenditures -$10.80M $5.685M -$4.000M
Free Cash Flow -$5.100M $69.71M $88.80M
YoY Change 168.42% -21.49% -7.11%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Estimates</i></b><i>&#xA0;</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> 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>
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