$WMS
ADVANCED DRAINAGE SYSTEMS, INC.

2019 Q1 Form 10-Q Financial Statement

#000156459019002287 Filed on February 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2017 Q4
Revenue $272.2M $318.1M $320.8M
YoY Change 8.84% -0.85% 8.86%
Cost Of Revenue $212.7M $245.7M $243.0M
YoY Change 5.3% 1.11% 7.87%
Gross Profit $59.50M $72.40M $77.83M
YoY Change 23.67% -6.97% 12.07%
Gross Profit Margin 21.86% 22.76% 24.26%
Selling, General & Admin $48.80M $45.40M $46.70M
YoY Change 9.66% -2.78% 6.11%
% of Gross Profit 82.01% 62.71% 60.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.00M $14.27M $17.90M
YoY Change -1.04% -20.3% -1.1%
% of Gross Profit 31.93% 19.7% 23.0%
Operating Expenses $50.70M $47.40M $48.70M
YoY Change 9.03% -2.67% 10.65%
Operating Profit $8.804M $25.00M $29.13M
YoY Change 445.14% -14.17% 37.54%
Interest Expense -$4.000M -$6.600M -$3.100M
YoY Change 53.85% 112.9% -26.56%
% of Operating Profit -45.43% -26.4% -10.64%
Other Income/Expense, Net $100.0K $300.0K $1.000M
YoY Change -120.0% -70.0% 29.53%
Pretax Income $2.800M $18.60M $25.10M
YoY Change -135.0% -25.9% 41.59%
Income Tax $1.100M $2.500M $4.400M
% Of Pretax Income 39.29% 13.44% 17.53%
Net Earnings $1.010M $15.81M $32.11M
YoY Change -117.71% -50.75% 254.63%
Net Earnings / Revenue 0.37% 4.97% 10.01%
Basic Earnings Per Share $0.01 $0.25 $0.52
Diluted Earnings Per Share $0.01 $0.25 $0.51
COMMON SHARES
Basic Shares Outstanding 57.28M 57.18M 55.92M
Diluted Shares Outstanding 57.69M 56.46M

Balance Sheet

Concept 2019 Q1 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.900M $19.80M $18.40M
YoY Change -49.43% 7.61% 52.07%
Cash & Equivalents $8.891M $19.76M $18.41M
Short-Term Investments
Other Short-Term Assets $6.091M $7.641M $5.000M
YoY Change 19.13% 52.82% -9.09%
Inventory $264.5M $246.5M $215.0M
Prepaid Expenses
Receivables $187.0M $152.5M $176.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $466.5M $426.4M $415.4M
YoY Change 1.76% 2.65% 5.22%
LONG-TERM ASSETS
Property, Plant & Equipment $398.9M $402.8M $410.5M
YoY Change -0.12% -1.87% 4.33%
Goodwill $102.6M $102.4M
YoY Change -0.37%
Intangibles $37.18M $38.55M
YoY Change -16.34%
Long-Term Investments $10.47M $10.01M $13.27M
YoY Change -15.2% -24.58% 22.77%
Other Assets $36.94M $36.86M $37.60M
YoY Change -2.67% -1.98% -16.45%
Total Long-Term Assets $575.6M $580.7M $597.8M
YoY Change -1.56% -2.87% 0.91%
TOTAL ASSETS
Total Short-Term Assets $466.5M $426.4M $415.4M
Total Long-Term Assets $575.6M $580.7M $597.8M
Total Assets $1.042B $1.007B $1.013B
YoY Change -0.1% -0.61% 2.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.58M $66.36M $71.60M
YoY Change -11.32% -7.32% 0.33%
Accrued Expenses $61.90M $67.60M $66.70M
YoY Change 2.15% 1.35% 17.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.93M $26.17M $49.50M
YoY Change -3.41% -47.14% 34.81%
Total Short-Term Liabilities $206.3M $190.1M $197.6M
YoY Change -6.76% -3.8% -8.8%
LONG-TERM LIABILITIES
Long-Term Debt $208.6M $264.3M $325.9M
YoY Change -23.0% -18.9% 20.98%
Other Long-Term Liabilities $19.12M $22.20M $22.70M
YoY Change -23.59% -2.2% -26.94%
Total Long-Term Liabilities $227.7M $286.5M $348.6M
YoY Change -23.05% -17.81% 16.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $206.3M $190.1M $197.6M
Total Long-Term Liabilities $227.7M $286.5M $348.6M
Total Liabilities $541.5M $524.9M $600.9M
YoY Change -11.14% -12.65% -3.84%
SHAREHOLDERS EQUITY
Retained Earnings $17.58M
YoY Change -144.84%
Common Stock $402.5M
YoY Change 6.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.863M
YoY Change 19.16%
Treasury Stock Shares
Shareholders Equity $384.3M $482.1M $412.3M
YoY Change
Total Liabilities & Shareholders Equity $1.042B $1.007B $1.013B
YoY Change -0.1% -0.61% 2.64%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $1.010M $15.81M $32.11M
YoY Change -117.71% -50.75% 254.63%
Depreciation, Depletion And Amortization $19.00M $14.27M $17.90M
YoY Change -1.04% -20.3% -1.1%
Cash From Operating Activities $3.700M $89.80M $110.5M
YoY Change -305.56% -18.73% 55.63%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M $11.83M $8.089M
YoY Change 86.36% 46.26% -36.35%
Acquisitions
YoY Change
Other Investing Activities -$200.0K $700.0K $5.800M
YoY Change -102.53% -87.93% -3000.0%
Cash From Investing Activities -$12.50M -$11.10M -$2.300M
YoY Change -1061.54% 382.61% -86.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.300M -76.30M -100.7M
YoY Change 360.0% -24.23% 100.2%
NET CHANGE
Cash From Operating Activities 3.700M 89.80M 110.5M
Cash From Investing Activities -12.50M -11.10M -2.300M
Cash From Financing Activities -2.300M -76.30M -100.7M
Net Change In Cash -11.10M 2.400M 7.500M
YoY Change 1010.0% -68.0% 102.7%
FREE CASH FLOW
Cash From Operating Activities $3.700M $89.80M $110.5M
Capital Expenditures -$12.30M $11.83M $8.089M
Free Cash Flow $16.00M $77.97M $102.4M
YoY Change 233.33% -23.87% 75.69%

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SeveranceCosts1
1848000
wms Product Optimization Cost
ProductOptimizationCost
351000
CY2018Q4 us-gaap Other Restructuring Costs
OtherRestructuringCosts
114000
CY2017Q4 us-gaap Other Restructuring Costs
OtherRestructuringCosts
56000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
316000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
56000
CY2018Q4 us-gaap Restructuring Charges
RestructuringCharges
438000
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
1077000
us-gaap Restructuring Charges
RestructuringCharges
1456000
us-gaap Restructuring Charges
RestructuringCharges
8042000
CY2018Q4 wms Gain Loss On Other Disposals And Partial Disposals Of Property Plant And Equipment
GainLossOnOtherDisposalsAndPartialDisposalsOfPropertyPlantAndEquipment
294000
CY2017Q4 wms Gain Loss On Other Disposals And Partial Disposals Of Property Plant And Equipment
GainLossOnOtherDisposalsAndPartialDisposalsOfPropertyPlantAndEquipment
-847000
wms Gain Loss On Other Disposals And Partial Disposals Of Property Plant And Equipment
GainLossOnOtherDisposalsAndPartialDisposalsOfPropertyPlantAndEquipment
-116000
wms Gain Loss On Other Disposals And Partial Disposals Of Property Plant And Equipment
GainLossOnOtherDisposalsAndPartialDisposalsOfPropertyPlantAndEquipment
-2426000
CY2018Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
851000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1468000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
48488000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
54909000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
197963000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
208883000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0
CY2018Q4 wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
CY2017Q4 wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
CY2017Q4 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
456000
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
1054000
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
1988000
CY2018Q4 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
25000
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-82000
CY2018Q4 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
467000
CY2018Q4 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
298000
CY2017Q4 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
65000
wms Fair Value Assets And Liabilities Transfers Between Level One Level Two And Level Three
FairValueAssetsAndLiabilitiesTransfersBetweenLevelOneLevelTwoAndLevelThree
0
CY2018Q4 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-2912000
CY2017Q4 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
1398000
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-2011000
CY2018Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
17549000
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1415000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.294
CY2017Q4 wms Earnings Before Interest Taxes Depreciation Amortization After Adjustments
EarningsBeforeInterestTaxesDepreciationAmortizationAfterAdjustments
55999000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.266
CY2017Q4 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
12000
us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
55000
us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
47000
CY2018Q4 us-gaap Undistributed Earnings
UndistributedEarnings
15320000
CY2017Q4 us-gaap Undistributed Earnings
UndistributedEarnings
31637000
us-gaap Undistributed Earnings
UndistributedEarnings
75265000
us-gaap Undistributed Earnings
UndistributedEarnings
66248000
CY2018Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1027000
CY2017Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2766000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
6048000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
5588000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14293000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
28871000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
69217000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
60660000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
14293000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
28871000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
69217000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
60660000
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
505000
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
542000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
557000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
627000
CY2018Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6079000
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6060000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6068000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6252000
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
229396000
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
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-16000000
CY2018Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
400000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
400000
wms Deferred Income Tax Benefit Tax Act
DeferredIncomeTaxBenefitTaxAct
-15600000
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
26500000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5200000
CY2018 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
1000000
CY2018Q4 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-600000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-600000
wms Effective Income Tax Rate Transition Tax Expense
EffectiveIncomeTaxRateTransitionTaxExpense
4600000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
700000
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.134
CY2018Q4 wms Discrete Income Tax Expense Benefit
DiscreteIncomeTaxExpenseBenefit
1800000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1658000
CY2017Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1640000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5029000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5140000
CY2018Q4 us-gaap Share Price
SharePrice
25.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.305
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.029
CY2017Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
17852000
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8089000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.012
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2018Q4 wms Earnings Before Interest Taxes Depreciation Amortization After Adjustments
EarningsBeforeInterestTaxesDepreciationAmortizationAfterAdjustments
48434000
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11831000
wms Earnings Before Interest Taxes Depreciation Amortization After Adjustments
EarningsBeforeInterestTaxesDepreciationAmortizationAfterAdjustments
195098000
wms Earnings Before Interest Taxes Depreciation Amortization After Adjustments
EarningsBeforeInterestTaxesDepreciationAmortizationAfterAdjustments
183228000
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
10007000
CY2018Q1 us-gaap Equity Method Investments
EquityMethodInvestments
12343000
us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2019-03-15
us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2019-03-01

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