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Advanced Drainage Systems(WMS) - 2024 Q4 - Annual Results
WMSAdvanced Drainage Systems(WMS)2024-05-16 10:50

Financial Performance - Adjusted EBITDA increased 2% to 923million,withAdjustedEBITDAmarginreachingarecord32.1923 million, with Adjusted EBITDA margin reaching a record 32.1% for fiscal year 2024[2] - Net sales decreased 6% to 2.9 billion for fiscal year 2024, driven by weaker demand in the first half of the year[2] - Fourth quarter net sales increased 5.9% to 653.8million,withAdjustedEBITDAup11.2653.8 million, with Adjusted EBITDA up 11.2% to 191.2 million[3] - Gross profit increased 13.3% to 252.0millioninQ4,drivenbyfavorablevolumegrowthandproductivityimprovements[4]−NetincomeforthefiscalyearendedMarch31,2024,was252.0 million in Q4, driven by favorable volume growth and productivity improvements[4] - Net income for the fiscal year ended March 31, 2024, was 513,291 thousand, slightly up from 511,353thousandinthepreviousyear[24]−NetIncomeforQ12024was511,353 thousand in the previous year[24] - Net Income for Q1 2024 was 95.48 million, a 10.6% increase from 86.31millioninQ12023[34]−DilutedEarningsPerShareforQ12024was86.31 million in Q1 2023[34] - Diluted Earnings Per Share for Q1 2024 was 1.21, compared to 1.06inQ12023[38]−AdjustedEarningsPerShareforQ12024was1.06 in Q1 2023[38] - Adjusted Earnings Per Share for Q1 2024 was 1.23, up from 1.12inQ12023[38]SegmentPerformance−Domesticpipesalesincreased3.31.12 in Q1 2023[38] Segment Performance - Domestic pipe sales increased 3.3% to 358.7 million, while Infiltrator sales surged 21.0% to 106.1millioninQ4[3]−Pipesegmentnetsalesfromexternalcustomerswere106.1 million in Q4[3] - Pipe segment net sales from external customers were 1,544,290 thousand in 2024, down from 1,717,189thousandin2023[26]−InfiltratorWaterTechnologiessegmentnetsalesfromexternalcustomersincreasedto1,717,189 thousand in 2023[26] - Infiltrator Water Technologies segment net sales from external customers increased to 449,027 thousand in 2024 from 442,280thousandin2023[26]−Internationalsegmentnetsalesfromexternalcustomersdecreasedto442,280 thousand in 2023[26] - International segment net sales from external customers decreased to 207,769 thousand in 2024 from 219,853thousandin2023[26]−InfiltratorWaterTechnologiessegmentgrossprofitforQ12024was219,853 thousand in 2023[26] - Infiltrator Water Technologies segment gross profit for Q1 2024 was 65.36 million, a 63.3% increase from 40.01millioninQ12023[33]−TotalSegmentAdjustedGrossProfitforQ12024was40.01 million in Q1 2023[33] - Total Segment Adjusted Gross Profit for Q1 2024 was 280.94 million, up 14.6% from 245.20millioninQ12023[33]CashFlowandCapitalExpenditures−Freecashflow(Non−GAAP)decreased245.20 million in Q1 2023[33] Cash Flow and Capital Expenditures - Free cash flow (Non-GAAP) decreased 6.8 million to 534.1millionforfiscalyear2024[3]−Netcashprovidedbyoperatingactivitiesreached534.1 million for fiscal year 2024[3] - Net cash provided by operating activities reached 717,928 thousand in 2024, compared to 707,810thousandin2023[24]−Capitalexpendituresfor2024were707,810 thousand in 2023[24] - Capital expenditures for 2024 were 183,812 thousand, up from 166,913thousandin2023[24]−CapitalExpendituresforFY2024were166,913 thousand in 2023[24] - Capital Expenditures for FY 2024 were 183.81 million, up 10.1% from 166.91millioninFY2023[36]−Capitalexpendituresforfiscal2025areanticipatedtobebetween166.91 million in FY 2023[36] - Capital expenditures for fiscal 2025 are anticipated to be between 250 million and 300million[12]DebtandShareholderReturns−Netdebtdecreasedby300 million[12] Debt and Shareholder Returns - Net debt decreased by 246.9 million to 860.9millionasofMarch31,2024[9]−Thecompanyrepurchased1.8millionsharesfor860.9 million as of March 31, 2024[9] - The company repurchased 1.8 million shares for 207.3 million and returned 251.3milliontoshareholdersinfiscalyear2024[11]−Repurchaseofcommonstockin2024amountedto251.3 million to shareholders in fiscal year 2024[11] - Repurchase of common stock in 2024 amounted to 207,308 thousand, significantly lower than 575,027thousandin2023[24]FutureOutlook−Fiscal2025netsalesareexpectedtorangebetween575,027 thousand in 2023[24] Future Outlook - Fiscal 2025 net sales are expected to range between 2.925 billion and 3.025billion,withAdjustedEBITDAprojectedbetween3.025 billion, with Adjusted EBITDA projected between 940 million and 980million[12]BalanceSheetandAssets−Totalassetsincreasedto980 million[12] Balance Sheet and Assets - Total assets increased to 3,268,913 thousand in March 2024 from 2,901,125thousandinMarch2023,reflectingagrowthof12.72,901,125 thousand in March 2023, reflecting a growth of 12.7%[22] - Cash and restricted cash at the end of 2024 were 495,848 thousand, up from 217,128thousandin2023[24]OtherFinancialMetrics−FreeCashFlowforFY2024was217,128 thousand in 2023[24] Other Financial Metrics - Free Cash Flow for FY 2024 was 534.12 million, slightly down from 540.90millioninFY2023[36]−DepreciationandAmortizationforQ12024was540.90 million in FY 2023[36] - Depreciation and Amortization for Q1 2024 was 42.89 million, up 13.4% from 37.80millioninQ12023[34]−Stock−basedCompensationExpenseforQ12024was37.80 million in Q1 2023[34] - Stock-based Compensation Expense for Q1 2024 was 8.35 million, a 378% increase from 1.75millioninQ12023[34]−TotalconsolidatednetsalesforthefiscalyearendedMarch31,2024,were1.75 million in Q1 2023[34] - Total consolidated net sales for the fiscal year ended March 31, 2024, were 2,874,473 thousand, a decrease from $3,071,121 thousand in 2023[26]