$WMS
ADVANCED DRAINAGE SYSTEMS, INC.

2018 Q2 Form 10-Q Financial Statement

#000156459018021069 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $387.8M $358.4M
YoY Change 8.23% 0.22%
Cost Of Revenue $288.2M $271.6M
YoY Change 6.09% 4.08%
Gross Profit $99.69M $86.74M
YoY Change 14.93% -10.21%
Gross Profit Margin 25.7% 24.2%
Selling, General & Admin $45.55M $49.78M
YoY Change -8.49% -15.29%
% of Gross Profit 45.69% 57.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.80M $18.20M
YoY Change -2.2% 1.11%
% of Gross Profit 17.86% 20.98%
Operating Expenses $45.55M $49.78M
YoY Change -8.49% -15.29%
Operating Profit $51.06M $31.50M
YoY Change 62.1% -11.17%
Interest Expense -$3.802M -$4.479M
YoY Change -15.11% -6.38%
% of Operating Profit -7.45% -14.22%
Other Income/Expense, Net $814.0K $954.0K
YoY Change -14.68% -68.59%
Pretax Income $48.07M $27.97M
YoY Change 71.84% -17.02%
Income Tax $14.28M $9.746M
% Of Pretax Income 29.72% 34.84%
Net Earnings $32.28M $17.74M
YoY Change 81.94% -2.91%
Net Earnings / Revenue 8.32% 4.95%
Basic Earnings Per Share $0.51 $0.29
Diluted Earnings Per Share $0.51 $0.28
COMMON SHARES
Basic Shares Outstanding 56.59M 55.30M
Diluted Shares Outstanding 57.16M 56.01M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.40M $8.700M
YoY Change 111.49% -5.43%
Cash & Equivalents $18.39M $8.717M
Short-Term Investments
Other Short-Term Assets $8.700M $9.500M
YoY Change -8.42% 11.76%
Inventory $261.7M $262.2M
Prepaid Expenses
Receivables $228.9M $215.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $517.8M $495.8M
YoY Change 4.44% 5.82%
LONG-TERM ASSETS
Property, Plant & Equipment $391.7M $417.6M
YoY Change -6.2% 3.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.03M $9.234M
YoY Change 19.43% -31.28%
Other Assets $36.20M $48.90M
YoY Change -25.97% 7.2%
Total Long-Term Assets $573.1M $617.5M
YoY Change -7.19% 1.88%
TOTAL ASSETS
Total Short-Term Assets $517.8M $495.8M
Total Long-Term Assets $573.1M $617.5M
Total Assets $1.091B $1.113B
YoY Change -2.01% 3.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.9M $107.1M
YoY Change -3.92% -4.92%
Accrued Expenses $66.00M $59.50M
YoY Change 10.92% -8.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $48.40M $49.20M
YoY Change -1.63% 37.12%
Total Short-Term Liabilities $233.4M $228.8M
YoY Change 2.02% -7.84%
LONG-TERM LIABILITIES
Long-Term Debt $278.6M $439.2M
YoY Change -36.58% 31.05%
Other Long-Term Liabilities $22.95M $23.50M
YoY Change -2.34% -41.52%
Total Long-Term Liabilities $301.5M $462.7M
YoY Change -34.84% 23.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $233.4M $228.8M
Total Long-Term Liabilities $301.5M $462.7M
Total Liabilities $626.3M $760.0M
YoY Change -17.59% 2.79%
SHAREHOLDERS EQUITY
Retained Earnings -$11.98M
YoY Change
Common Stock $386.6M $13.70M
YoY Change 2722.23% -98.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.033M
YoY Change
Treasury Stock Shares
Shareholders Equity $341.0M $353.3M
YoY Change
Total Liabilities & Shareholders Equity $1.091B $1.113B
YoY Change -2.01% 3.6%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $32.28M $17.74M
YoY Change 81.94% -2.91%
Depreciation, Depletion And Amortization $17.80M $18.20M
YoY Change -2.2% 1.11%
Cash From Operating Activities $9.831M -$16.54M
YoY Change -159.45% 16437.0%
INVESTING ACTIVITIES
Capital Expenditures $6.874M $17.95M
YoY Change -61.7% 42.51%
Acquisitions
YoY Change
Other Investing Activities $109.0K $254.0K
YoY Change -57.09% 27.0%
Cash From Investing Activities -$6.983M -$18.20M
YoY Change -61.64% 42.21%
FINANCING ACTIVITIES
Cash Dividend Paid $6.141M $4.353M
YoY Change 41.08% 18.77%
Common Stock Issuance & Retirement, Net $7.947M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.598M 37.20M
YoY Change -104.3% 129.6%
NET CHANGE
Cash From Operating Activities 9.831M -16.54M
Cash From Investing Activities -6.983M -18.20M
Cash From Financing Activities -1.598M 37.20M
Net Change In Cash 1.250M 2.455M
YoY Change -49.08% -25.61%
FREE CASH FLOW
Cash From Operating Activities $9.831M -$16.54M
Capital Expenditures $6.874M $17.95M
Free Cash Flow $2.957M -$34.49M
YoY Change -108.57% 171.65%

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4457000
CY2017Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7947000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
324259000
CY2018Q2 wms Profit Loss Excluding Portion Attributable To Redeemable Noncontrolling Interest
ProfitLossExcludingPortionAttributableToRedeemableNoncontrollingInterest
33313000
CY2018Q2 wms Dividends Redeemable Convertible Preferred Stock
DividendsRedeemableConvertiblePreferredStock
497000
CY2018Q2 us-gaap Dividends Common Stock
DividendsCommonStock
4545000
CY2018Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
735000
CY2018Q2 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
1625000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2513000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
773000
CY2018Q2 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
3910000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
356539000
CY2018Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0
CY2017Q2 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
2041000
CY2018Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q2 wms Number Of Manufacturing Facilities Closed
NumberOfManufacturingFacilitiesClosed
2
CY2018Q2 us-gaap Severance Costs1
SeveranceCosts1
-35000
CY2017Q2 us-gaap Severance Costs1
SeveranceCosts1
641000
CY2018Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
31000
CY2018Q2 us-gaap Restructuring Charges
RestructuringCharges
-4000
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
2682000
CY2018Q2 wms Gain Loss On Other Disposals And Partial Disposals Of Property Plant And Equipment
GainLossOnOtherDisposalsAndPartialDisposalsOfPropertyPlantAndEquipment
-1108000
CY2017Q2 wms Gain Loss On Other Disposals And Partial Disposals Of Property Plant And Equipment
GainLossOnOtherDisposalsAndPartialDisposalsOfPropertyPlantAndEquipment
-741000
CY2018Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
674000
CY2018Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
577000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1610000
CY2018Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1468000
CY2018Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
54591000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
54909000
CY2018Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
207130000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
208883000
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0
CY2018Q2 wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
CY2017Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
489000
CY2018Q2 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
15000
CY2017Q2 wms Earnings Before Interest Taxes Depreciation Amortization After Adjustments
EarningsBeforeInterestTaxesDepreciationAmortizationAfterAdjustments
60345000
CY2017Q2 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
19000
CY2018Q2 us-gaap Undistributed Earnings
UndistributedEarnings
31768000
CY2017Q2 us-gaap Undistributed Earnings
UndistributedEarnings
17234000
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2712000
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1429000
CY2018Q2 us-gaap Equity Method Investments
EquityMethodInvestments
11028000
CY2018Q1 us-gaap Equity Method Investments
EquityMethodInvestments
12343000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29056000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15805000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29056000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15805000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
564000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
707000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6166000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6459000
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
308021000
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
300776000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.297
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.348
CY2017Q2 wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
CY2018Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
384000
CY2017Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-52000
CY2018Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
497000
CY2017Q2 wms Discrete Income Tax Expense Benefit
DiscreteIncomeTaxExpenseBenefit
1000000
CY2018Q2 wms Allocated Share Based Compensation Expense Benefits
AllocatedShareBasedCompensationExpenseBenefits
1559000
CY2017Q2 wms Allocated Share Based Compensation Expense Benefits
AllocatedShareBasedCompensationExpenseBenefits
1690000
CY2018Q2 us-gaap Share Price
SharePrice
25.75
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.305
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.029
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.012
CY2018Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2018Q2 wms Earnings Before Interest Taxes Depreciation Amortization After Adjustments
EarningsBeforeInterestTaxesDepreciationAmortizationAfterAdjustments
75143000

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