Advanced Drainage Systems, Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Advanced Drainage Systems, Inc. has filed its 2024 10-K report detailing its fiscal year performance and financial standing.</b>

AI Summary

ADVANCED DRAINAGE SYSTEMS, INC. (WMS) filed a Annual Report (10-K) with the SEC on May 16, 2024. The company filed its annual report for the fiscal year ended March 31, 2024. The filing covers the period from April 1, 2023, to March 31, 2024. The company's principal executive offices are located at 4640 Trueman Boulevard, Hilliard, OH 43026. The filing includes financial data for fiscal years 2021, 2022, and 2023. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking ADVANCED DRAINAGE SYSTEMS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational performance, and strategic direction for the fiscal year 2024, crucial for investors to assess its current valuation and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's ability to manage its debt, generate revenue, and navigate market challenges, informing investment decisions.

Risk Assessment

Risk Level: medium — ADVANCED DRAINAGE SYSTEMS, INC. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational risks detailed in the 10-K, which could impact its ability to achieve its strategic goals.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2024-03-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-05-16 — Filing Date (FILED AS OF DATE)
• 2023-04-01 — Fiscal Year Start (Fiscal Year 2024)
• 2023-03-31 — Previous Fiscal Year End (Fiscal Year 2023)

Key Players & Entities

• ADVANCED DRAINAGE SYSTEMS, INC. (company) — FILER
• 0001604028 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• 4640 TRUEMAN BOULEVARD (company) — BUSINESS ADDRESS STREET 1
• HILLIARD (company) — BUSINESS ADDRESS CITY
• OH (company) — BUSINESS ADDRESS STATE
• 43026 (company) — BUSINESS ADDRESS ZIP
• 614-658-0050 (company) — BUSINESS PHONE

FAQ

Industry Context

Advanced Drainage Systems, Inc. operates in the plastics foam products industry, focusing on drainage solutions.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's revenue segments and growth drivers.
3. Assess the identified risk factors and their potential impact on future performance.

Key Dates

• 2024-03-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-05-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended March 31, 2024, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — Section 12(b) of the Act: Common Stock, $0.01 par value per share Title of Each Cla
• $13 billion — industry, annually, is an approximately $13 billion industry. We estimate that the onsite s
• $2 billion — t the onsite septic market is a roughly $2 billion industry and that approximately 30% of
• $15 billion — ble market opportunity of approximately $15 billion. SEGMENT INFORMATION For a discussion

Filing Documents

• wms-20240331.htm (10-K) — 2382KB
• wms-20240331xex1026.htm (EX-10.26) — 88KB
• wms-20240331xex191.htm (EX-19.1) — 59KB
• wms-20240331xex211.htm (EX-21.1) — 21KB
• wms-20240331xex231.htm (EX-23.1) — 2KB
• wms-20240331xex241.htm (EX-24.1) — 28KB
• wms-20240331xex311.htm (EX-31.1) — 10KB
• wms-20240331xex312.htm (EX-31.2) — 10KB
• wms-20240331xex321.htm (EX-32.1) — 6KB
• wms-20240331xex322.htm (EX-32.2) — 6KB
• wms-20240331xex971.htm (EX-97.1) — 10KB
• logo.jpg (GRAPHIC) — 21KB
• logo1.jpg (GRAPHIC) — 21KB
• wms-20240331_g1.jpg (GRAPHIC) — 692KB
• wms-20240331_g2.jpg (GRAPHIC) — 37KB
• wms-20240331_g3.jpg (GRAPHIC) — 96KB
• wms-20240331_g4.jpg (GRAPHIC) — 21KB
• wms-20240331_g5.jpg (GRAPHIC) — 93KB
• wms-20240331_g6.jpg (GRAPHIC) — 81KB
• 0001604028-24-000011.txt (&nbsp;) — 15813KB
• wms-20240331.xsd (EX-101.SCH) — 88KB
• wms-20240331_cal.xml (EX-101.CAL) — 133KB
• wms-20240331_def.xml (EX-101.DEF) — 486KB
• wms-20240331_lab.xml (EX-101.LAB) — 974KB
• wms-20240331_pre.xml (EX-101.PRE) — 761KB
• wms-20240331_htm.xml (XML) — 2109KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. Reserved 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountant on Accounting and Financial Disclosure 36 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 36 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 36 PART III Item 10. Directors, Executive Officers and Corporate Governance 37 Item 11.

Executive Compensation

Executive Compensation 37 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13. Certain Relationships and Related Transactions, and Director Independence 37 Item 14. Principal Accountant Fees and Services 37 PART IV Item 15. Exhibits and Financial Statement Schedules 38 Item 16. Form 10-K Summary 41 ii CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates," "anticipates" or other comparable terms. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this Annual Report on Form 10-K and include statements regarding our goals, intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects, growth strategies, and the industries in which we operate and include, without limitation, statements relating to our future performance. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. We caution that forward-looking statements are not guarantees of future performance and that our actual consolidated results of operations, financial condition, liquidity, and industry development may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. In addition, even if our actual consolidated results of operations, financial condition, liquidity, and industry development are consistent with the forward-looking statements contained in this Annual Report on Form 10-K, those results or developments may not be indicative of

Business

Item 1. Business COMPANY OVERVIEW Unless the context otherwise indicates or requires, as used in this Annual Report on Form 10-K, the terms "we," "our," "us," "ADS" and the "Company" refer to Advanced Drainage Systems, Inc. and its directly- and indirectly-owned subsidiaries as a combined entity, except where it is clear that the terms mean only Advanced Drainage Systems, Inc. exclusive of its subsidiaries. The term "Infiltrator" refers to Infiltrator Water Technologies, LLC, our wholly-owned subsidiary. ADS is the leading manufacturer of innovative water management solutions in the stormwater and onsite septic wastewater industries, providing superior drainage solutions for use in the construction and agriculture marketplaces. Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications. We have established a leading position in many of these end markets by leveraging our national sales and distribution platform, market share model, industry-acclaimed engineering support, overall product breadth and scale plus manufacturing excellence. We believe the ADS brand has long been associated with quality products and market-leading performance. Our trademarked green stripe, which is prominently displayed on many of our products, serves as clear identification of our commitment to the customers and markets we serve, and fortifies our brand recognition and presence. Our approach to water management is to manage the lifecycle of a raindrop from the moment water hits the ground until it is released back into the ecosystem. Our product portfolio is built around four steps of this lifecycle: Capture, Conveyance, Storage, and Treatment. Our solutions safely and efficiently manage stormwater with environmentally friendly products. We believe we are the only water management solutions company that manages stormwater from when the rain first hits the ground until the mo

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View this 10-K filing on SEC EDGAR