QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated Filer | ☐ | ||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||
Emerging Growth Company |
Page | ||||||||||||||
September 30, 2021 | March 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | $ | |||||||||
Receivables (less allowance for doubtful accounts of $ | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets: | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of debt obligations | $ | $ | |||||||||
Current maturities of finance lease obligations | |||||||||||
Accounts payable | |||||||||||
Other accrued liabilities | |||||||||||
Accrued income taxes | |||||||||||
Total current liabilities | |||||||||||
Long-term debt obligations (less unamortized debt issuance costs of $ respectively) | |||||||||||
Long-term finance lease obligations | |||||||||||
Deferred tax liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see Note 9) | |||||||||||
Mezzanine equity: | |||||||||||
Redeemable convertible preferred stock: $ | |||||||||||
Deferred compensation – unearned ESOP shares | ( | ( | |||||||||
Total mezzanine equity | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock; $ shares issued, respectively; | |||||||||||
Paid-in capital | |||||||||||
Common stock in treasury, at cost | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings (deficit) | ( | ||||||||||
Total ADS stockholders’ equity | |||||||||||
Noncontrolling interest in subsidiaries | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, mezzanine equity and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | ( | ( | |||||||||||||||||||||
Intangible amortization | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Derivative (gains) loss and other (income) expense, net | ( | ( | ( | ||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: net income attributable to noncontrolling interest | |||||||||||||||||||||||
Net income attributable to ADS | |||||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Currency translation (loss) gain | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: other comprehensive (loss) income attributable to noncontrolling interest | ( | ||||||||||||||||||||||
Less: net income attributable to noncontrolling interest | |||||||||||||||||||||||
Total comprehensive income attributable to ADS | $ | $ | $ | $ |
Six Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | ( | ||||||||||
ESOP and stock-based compensation | |||||||||||
Amortization of deferred financing charges | |||||||||||
Fair market value adjustments to derivatives | ( | ( | |||||||||
Equity in net income of unconsolidated affiliates | ( | ( | |||||||||
Other operating activities | ( | ||||||||||
Changes in working capital: | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Accounts payable, accrued expenses, and other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Payments on syndicated Term Loan Facility | ( | ( | |||||||||
Proceeds from Revolving Credit Agreement | |||||||||||
Payments on Revolving Credit Agreement | ( | ( | |||||||||
Payments on finance lease obligations | ( | ( | |||||||||
Repurchase of common stock | ( | ||||||||||
Cash dividends paid | ( | ( | |||||||||
Dividends paid to noncontrolling interest holder | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Payment of withholding taxes on vesting of restricted stock units | ( | ||||||||||
Other financing activities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net change in cash | ( | ||||||||||
Cash at beginning of period | |||||||||||
Cash at end of period | $ | $ | |||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Cash paid for interest | |||||||||||
Non-cash operating, investing and financing activities: | |||||||||||
Acquisition of property, plant and equipment under finance lease and incurred lease obligations | |||||||||||
Balance in accounts payable for the acquisition of property, plant and equipment |
Common Stock | Paid -In Capital | Common Stock in Treasury | Accumulated Other Comprehensive Loss | Retained (Deficit) Earnings | Total ADS Stockholders’ Equity | Non- controlling Interest in Subsidiaries | Total Stock- holders’ Equity | Redeemable Convertible Preferred Stock | Deferred Compensation Unearned ESOP Shares | Total Mezzanine Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock dividends | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP shares to participants for compensation | — | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | — | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP distribution in common stock | — | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock dividends | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP shares to participants for compensation | — | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP distribution in common stock | — | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ |
Common Stock | Paid -In Capital | Common Stock in Treasury | Accumulated Other Compre-hensive Loss | Retained (Deficit) Earnings | Total ADS Stockholders’ Equity | Non- controlling Interest in Subsidiaries | Total Stock- holders’ Equity | Redeemable Convertible Preferred Stock | Deferred Compensation Unearned ESOP Shares | Total Mezzanine Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | — | ( | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock dividends | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest holder | — | — | — | — | — | — | — | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP shares to participants for compensation | — | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | — | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | — | ( | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock dividends | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest holder | — | — | — | — | — | — | — | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP shares to participants for compensation | — | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-based restricted stock units | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP distribution in common stock | — | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | — | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ |
Standard | Adoption | ||||
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | In December 2019, the FASB issued an ASU to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes and improve the comparability of financial statements. The Company adopted this standard effective April 1, 2021. The Company’s adoption of the standard had no impact on the Company’s Condensed Consolidated Financial Statements. |
September 30, 2021 | March 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Contract asset - product returns | $ | $ | |||||||||
Refund liability |
September 30, 2021 | March 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Raw materials | $ | $ | |||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
September 30, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Derivative assets – diesel fuel contracts | $ | — | $ | — | |||||||||||||||||||
Total assets at fair value on a recurring basis | $ | — | $ | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities – diesel fuel contracts | $ | — | $ | — | |||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | — | $ | — |
March 31, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Derivative assets – diesel fuel contracts | $ | — | $ | — | |||||||||||||||||||
Total assets at fair value on a recurring basis | $ | — | $ | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities - diesel fuel contracts | $ | — | $ | — | |||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | — | $ | — |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Diesel fuel option collars | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Total net unrealized mark-to-market loss (gains) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Diesel fuel option collars | ( | ( | |||||||||||||||||||||
Total net realized (gain) loss | $ | ( | $ | $ | ( | $ |
September 30, 2021 | March 31, 2021 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Senior Notes | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
NET INCOME PER SHARE—BASIC: | |||||||||||||||||||||||
Net income attributable to ADS | $ | $ | $ | $ | |||||||||||||||||||
Adjustments for: | |||||||||||||||||||||||
Dividends to participating securities | ( | ( | ( | ( | |||||||||||||||||||
Net income available to common stockholders and participating securities | |||||||||||||||||||||||
Undistributed income allocated to participating securities | ( | ( | ( | ( | |||||||||||||||||||
Net income available to common stockholders – Basic | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding – Basic | |||||||||||||||||||||||
Net income per common share – Basic | $ | $ | $ | $ | |||||||||||||||||||
NET INCOME PER SHARE—DILUTED: | |||||||||||||||||||||||
Net income available to common stockholders – Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding – Basic | |||||||||||||||||||||||
Assumed restricted stock - nonparticipating | |||||||||||||||||||||||
Assumed exercise of stock options | |||||||||||||||||||||||
Assumed performance units | |||||||||||||||||||||||
Weighted average number of common shares outstanding – Diluted | |||||||||||||||||||||||
Net income per common share – Diluted | $ | $ | $ | $ | |||||||||||||||||||
Potentially dilutive securities excluded as anti-dilutive |
September 30, 2021 | March 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Term Loan Facility | $ | $ | |||||||||
Senior Notes | |||||||||||
Revolving Credit Facility | |||||||||||
Total | |||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||
Current maturities | ( | ( | |||||||||
Long-term debt obligations | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Component of income before income taxes: | |||||||||||||||||||||||
Cost of goods sold | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||||
Stock Options | $ | $ | $ | $ | |||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
Performance-based Restricted Stock Units | |||||||||||||||||||||||
Non-Employee Directors | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Six Months Ended September 30, 2021 | |||||
Common stock price | $ | ||||
Expected stock price volatility | |||||
Risk-free interest rate | |||||
Weighted-average expected option life (years) | |||||
Dividend yield |
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
(In thousands) | Net Sales | Intersegment Net Sales | Net Sales from External Customers | Net Sales | Intersegment Net Sales | Net Sales from External Customers | |||||||||||||||||||||||||||||
Pipe | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Infiltrator | ( | ( | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
International - Pipe | ( | ( | |||||||||||||||||||||||||||||||||
International - Allied Products & Other | — | — | |||||||||||||||||||||||||||||||||
Total International | ( | ( | |||||||||||||||||||||||||||||||||
Allied Products & Other | ( | ||||||||||||||||||||||||||||||||||
Intersegment Eliminations | ( | — | ( | — | |||||||||||||||||||||||||||||||
Total Consolidated | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
(In thousands) | Net Sales | Intersegment Net Sales | Net Sales from External Customers | Net Sales | Intersegment Net Sales | Net Sales from External Customers | |||||||||||||||||||||||||||||
Pipe | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Infiltrator | ( | ( | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
International - Pipe | ( | ( | |||||||||||||||||||||||||||||||||
International - Allied Products & Other | — | — | |||||||||||||||||||||||||||||||||
Total International | ( | ( | |||||||||||||||||||||||||||||||||
Allied Products & Other | ( | ||||||||||||||||||||||||||||||||||
Intersegment Eliminations | ( | — | ( | — | |||||||||||||||||||||||||||||||
Total Consolidated | $ | $ | — | $ | $ | $ | — | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Segment Adjusted Gross Profit | |||||||||||||||||||||||
Pipe | $ | $ | $ | $ | |||||||||||||||||||
Infiltrator | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Allied Products & Other | |||||||||||||||||||||||
Intersegment Eliminations | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||
Pipe | $ | $ | $ | $ | |||||||||||||||||||
Infiltrator | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Allied Products & Other(a) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||||||
Pipe | $ | $ | $ | $ | |||||||||||||||||||
Infiltrator | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Allied Products & Other(a) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Reconciliation of Segment Adjusted Gross Profit: | |||||||||||||||||||||||
Total Gross Profit | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||
ESOP and stock-based compensation expense | |||||||||||||||||||||||
COVID-19 related costs(a) | |||||||||||||||||||||||
Total Segment Adjusted Gross Profit | $ | $ | $ | $ |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Consolidated Statements of Operations data: | (In thousands) | ||||||||||||||||||||||
Net sales | $ | 706,471 | 100.0 | % | $ | 544,187 | 100.0 | % | |||||||||||||||
Cost of goods sold | 506,414 | 71.7 | 338,330 | 62.2 | |||||||||||||||||||
Gross profit | 200,057 | 28.3 | 205,857 | 37.8 | |||||||||||||||||||
Selling, general and administrative | 73,951 | 10.5 | 65,701 | 12.1 | |||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | (901) | (0.1) | 627 | 0.1 | |||||||||||||||||||
Intangible amortization | 15,446 | 2.2 | 17,955 | 3.3 | |||||||||||||||||||
Income from operations | 111,561 | 15.8 | 121,574 | 22.3 | |||||||||||||||||||
Interest expense | 8,437 | 1.2 | 9,360 | 1.7 | |||||||||||||||||||
Derivative gains (loss) and other income (expense), net | 202 | — | (151) | — | |||||||||||||||||||
Income before income taxes | 102,922 | 14.6 | 112,365 | 20.6 | |||||||||||||||||||
Income tax expense | 26,816 | 3.8 | 31,827 | 5.8 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | (206) | — | (67) | — | |||||||||||||||||||
Net income | 76,312 | 10.8 | 80,605 | 14.8 | |||||||||||||||||||
Less: net income attributable to noncontrolling interest | 953 | 0.1 | 369 | 0.1 | |||||||||||||||||||
Net income attributable to ADS | $ | 75,359 | 10.7 | % | $ | 80,236 | 14.7 | % |
(Amounts in thousands) | 2021 | 2020 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 381,853 | $ | 290,496 | $ | 91,357 | 31.4 | % | |||||||||||||||
Infiltrator | 123,499 | 87,294 | 36,205 | 41.5 | |||||||||||||||||||
International | 58,404 | 48,402 | 10,002 | 20.7 | |||||||||||||||||||
Allied Products & Other | 142,715 | 117,995 | 24,720 | 21.0 | |||||||||||||||||||
Total Consolidated | $ | 706,471 | $ | 544,187 | $ | 162,284 | 29.8 | % |
(Amounts in thousands) | 2021 | 2020 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 62,627 | $ | 82,944 | $ | (20,317) | (24.5) | % | |||||||||||||||
Infiltrator | 55,350 | 49,946 | 5,404 | 10.8 | |||||||||||||||||||
International | 13,792 | 13,260 | 532 | 4.0 | |||||||||||||||||||
Allied Products & Other | 66,809 | 59,335 | 7,474 | 12.6 | |||||||||||||||||||
Intersegment eliminations | 1,479 | 372 | 1,107 | 297.6 | |||||||||||||||||||
Total gross profit | $ | 200,057 | $ | 205,857 | $ | (5,800) | (2.8) | % |
Three Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||
Selling, general and administrative expenses | $ | 73,951 | $ | 65,701 | |||||||
% of Net sales | 10.5 | % | 12.1 | % |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Effective tax rate | 26.1 | % | 28.3 | % |
For the Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Consolidated Statements of Operations data: | (In thousands) | ||||||||||||||||||||||
Net sales | $ | 1,375,771 | 100.0 | % | $ | 1,052,826 | 100.0 | % | |||||||||||||||
Cost of goods sold | 974,593 | 70.8 | 658,466 | 62.5 | |||||||||||||||||||
Gross profit | 401,178 | 29.2 | 394,360 | 37.5 | |||||||||||||||||||
Selling, general and administrative | 150,172 | 10.9 | 127,477 | 12.1 | |||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | (912) | (0.1) | 2,274 | 0.2 | |||||||||||||||||||
Intangible amortization | 31,091 | 2.3 | 35,937 | 3.4 | |||||||||||||||||||
Income from operations | 220,827 | 16.1 | 228,672 | 21.7 | |||||||||||||||||||
Interest expense | 16,344 | 1.2 | 19,330 | 1.8 | |||||||||||||||||||
Derivative loss and other expense, net | (1,812) | (0.1) | (718) | (0.1) | |||||||||||||||||||
Income before income taxes | 206,295 | 15.0 | 210,060 | 20.0 | |||||||||||||||||||
Income tax expense | 53,271 | 3.9 | 59,027 | 5.6 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | (411) | — | (240) | — | |||||||||||||||||||
Net income | 153,435 | 11.2 | 151,273 | 14.4 | |||||||||||||||||||
Less: net income attributable to noncontrolling interest | 2,089 | 0.2 | 571 | 0.1 | |||||||||||||||||||
Net income attributable to ADS | $ | 151,346 | 11.0 | % | $ | 150,702 | 14.3 | % |
(Amounts in thousands) | 2021 | 2020 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 753,960 | $ | 562,303 | $ | 191,657 | 34.1 | % | |||||||||||||||
Infiltrator | 231,204 | 171,379 | 59,825 | 34.9 | |||||||||||||||||||
International | 120,856 | 84,231 | 36,625 | 43.5 | |||||||||||||||||||
Allied Products & Other | 269,751 | 234,913 | 34,838 | 14.8 | |||||||||||||||||||
Total Consolidated | $ | 1,375,771 | $ | 1,052,826 | $ | 322,945 | 30.7 | % |
(Amounts in thousands) | 2021 | 2020 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 125,927 | $ | 157,639 | $ | (31,712) | (20.1) | % | |||||||||||||||
Infiltrator | 111,219 | 94,677 | 16,542 | 17.5 | |||||||||||||||||||
International | 33,696 | 23,367 | 10,329 | 44.2 | |||||||||||||||||||
Allied Products & Other | 128,871 | 118,663 | 10,208 | 8.6 | |||||||||||||||||||
Intersegment eliminations | 1,465 | 14 | 1,451 | 10,364.3 | |||||||||||||||||||
Total gross profit | $ | 401,178 | $ | 394,360 | $ | 6,818 | 1.7 | % |
Three Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||
Selling, general and administrative expenses | $ | 150,172 | $ | 127,477 | |||||||
% of Net sales | 10.9 | % | 12.1 | % |
For the Six Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Effective tax rate | 25.8 | % | 28.1 | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | 76,312 | $ | 80,605 | $ | 153,435 | $ | 151,273 | |||||||||||||||
Depreciation and amortization | 34,194 | 35,778 | 68,850 | 71,559 | |||||||||||||||||||
Interest expense | 8,437 | 9,360 | 16,344 | 19,330 | |||||||||||||||||||
Income tax expense | 26,816 | 31,827 | 53,271 | 59,027 | |||||||||||||||||||
EBITDA | 145,759 | 157,570 | 291,900 | 301,189 | |||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | (901) | 627 | (912) | 2,274 | |||||||||||||||||||
ESOP and stock-based compensation expense | 17,631 | 14,626 | 38,437 | 27,088 | |||||||||||||||||||
Transaction costs(a) | 834 | 718 | 877 | 1,374 | |||||||||||||||||||
Strategic growth and operational improvement initiatives(b) | — | 361 | — | 2,116 | |||||||||||||||||||
COVID-19 related costs(c) | — | 242 | — | 806 | |||||||||||||||||||
Other adjustments(d) | 1,481 | (70) | 1,084 | (1,303) | |||||||||||||||||||
Adjusted EBITDA | $ | 164,804 | $ | 174,074 | $ | 331,386 | $ | 333,544 | |||||||||||||||
Adjusted EBITDA Margin | 23.3 | % | 32.0 | % | 24.1 | % | 31.7 | % |
Six Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 94,878 | $ | 286,168 | |||||||
Capital expenditures | (63,764) | (28,959) | |||||||||
Free Cash Flow | 31,114 | 257,209 | |||||||||
Total debt (debt and finance lease obligations) | 961,127 | ||||||||||
Cash | 14,005 | ||||||||||
Net debt (total debt less cash) | 947,122 | ||||||||||
Leverage Ratio | 1.7 |
(Amounts in thousands) | September 30, 2021 | ||||
Revolver capacity | $ | 350,000 | |||
Less: outstanding borrowings | (122,600) | ||||
Less: letters of credit | (12,505) | ||||
Revolver available liquidity | $ | 214,895 |
Six Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 94,878 | $ | 286,168 | |||||||
Net cash used in investing activities | (62,208) | (28,504) | |||||||||
Net cash used in financing activities | (213,593) | (227,793) |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income attributable to ADS | $ | 75,359 | $ | 80,236 | $ | 151,346 | $ | 150,702 | |||||||||||||||
ESOP deferred stock-based compensation | 12,013 | 9,130 | 26,168 | 15,993 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Shares in millions) | |||||||||||||||||||||||
Weighted average common shares outstanding | 70.5 | 69.8 | 71.0 | 69.6 | |||||||||||||||||||
Conversion of redeemable convertible shares | 14.1 | 16.3 | 14.4 | 16.4 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan | ||||||||||||||||||||||
(amounts in thousands, except per share data) | ||||||||||||||||||||||||||
July 1, 2021 to July 31, 2021 | 1,080 | $ | 116.46 | 1,080 | 50,895 | |||||||||||||||||||||
August 1, 2021 to August 30, 2021 | 438 | 116.08 | 438 | — | ||||||||||||||||||||||
September 1, 2021 to September 30, 2021 | — | — | — | — | ||||||||||||||||||||||
Total | 1,518 | $ | 116.35 | 1,518 | $ | — |
Item 6. | Exhibits |
Exhibit Number | Exhibit Description | |||||||
4.1 | ||||||||
4.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase. | |||||||
104 | The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, has been formatted in Inline XBRL and contained in Exhibit 101.. |
ADVANCED DRAINAGE SYSTEMS, INC. | ||||||||
By: | /s/ D. Scott Barbour | |||||||
D. Scott Barbour | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Scott A. Cottrill | |||||||
Scott A. Cottrill | ||||||||
Executive Vice President, Chief Financial Officer and Secretary | ||||||||
(Principal Financial Officer) | ||||||||
By: | /s/ Tim A. Makowski | |||||||
Tim A. Makowski | ||||||||
Vice President, Controller, and Chief Accounting Officer |
By: | /s/ D. Scott Barbour | |||||||
D. Scott Barbour | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
By: | /s/ Scott A. Cottrill | |||||||
Scott A. Cottrill | ||||||||
Executive Vice President, | ||||||||
Chief Financial Officer and | ||||||||
Secretary | ||||||||
(Principal Financial Officer) |
/s/ D. Scott Barbour | |||||
D. Scott Barbour | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Scott A. Cottrill | |||||
Scott A. Cottrill | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Allowance for doubtful accounts | $ 8,068 | $ 5,323 |
Unamortized debt issuance costs | $ 1,839 | $ 2,030 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 73,333,000 | 72,071,000 |
Common stock, shares outstanding | 70,137,000 | 71,570,000 |
Redeemable Convertible Preferred Stock | ||
Mezzanine equity, par value | $ 0.01 | $ 0.01 |
Mezzanine equity, shares authorized | 47,070,000 | 47,070,000 |
Mezzanine equity, shares issued | 44,170,000 | 44,170,000 |
Mezzanine equity, shares outstanding | 18,282,000 | 19,275,000 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Statement [Abstract] | ||||
Net sales | $ 706,471 | $ 544,187 | $ 1,375,771 | $ 1,052,826 |
Cost of goods sold | 506,414 | 338,330 | 974,593 | 658,466 |
Gross profit | 200,057 | 205,857 | 401,178 | 394,360 |
Operating expenses: | ||||
Selling, general and administrative | 73,951 | 65,701 | 150,172 | 127,477 |
(Gain) loss on disposal of assets and costs from exit and disposal activities | (901) | 627 | (912) | 2,274 |
Intangible amortization | 15,446 | 17,955 | 31,091 | 35,937 |
Income from operations | 111,561 | 121,574 | 220,827 | 228,672 |
Other expense: | ||||
Interest expense | 8,437 | 9,360 | 16,344 | 19,330 |
Derivative (gains) loss and other (income) expense, net | 202 | (151) | (1,812) | (718) |
Income before income taxes | 102,922 | 112,365 | 206,295 | 210,060 |
Income tax expense | 26,816 | 31,827 | 53,271 | 59,027 |
Equity in net income of unconsolidated affiliates | (206) | (67) | (411) | (240) |
Net income | 76,312 | 80,605 | 153,435 | 151,273 |
Less: net income attributable to noncontrolling interest | 953 | 369 | 2,089 | 571 |
Net income attributable to ADS | $ 75,359 | $ 80,236 | $ 151,346 | $ 150,702 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 70,464 | 69,843 | 70,993 | 69,612 |
Diluted (in shares) | 71,924 | 70,755 | 72,614 | 70,459 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.90 | $ 0.95 | $ 1.78 | $ 1.78 |
Diluted (in dollars per share) | $ 0.88 | $ 0.93 | $ 1.74 | $ 1.76 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 76,312 | $ 80,605 | $ 153,435 | $ 151,273 |
Currency translation (loss) gain | (3,406) | 2,406 | (1,365) | 5,556 |
Comprehensive income | 72,906 | 83,011 | 152,070 | 156,829 |
Less: other comprehensive (loss) income attributable to noncontrolling interest | (180) | 338 | 435 | 657 |
Less: net income attributable to noncontrolling interest | 953 | 369 | 2,089 | 571 |
Total comprehensive income attributable to ADS | $ 72,133 | $ 82,304 | $ 149,546 | $ 155,601 |
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per share | $ 0.11 | $ 0.09 | $ 0.22 | $ 0.18 |
Background and Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Background and Summary of Significant Accounting Policies | BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business - Advanced Drainage Systems, Inc. and subsidiaries (collectively referred to as “ADS” or the “Company”), incorporated in Delaware, designs, manufactures and markets innovative water management solutions in the stormwater and on-site septic waste water industries, providing superior drainage solutions for use in the construction and agriculture marketplace. ADS’s products are used across a broad range of end markets and applications, including non-residential, infrastructure and agriculture applications. The Company is managed and reports results of operations in three reportable segments: Pipe, Infiltrator Water Technologies Ultimate Holdings, Inc ("Infiltrator") and International. The Company also reports the results of its Allied Products and all other business segments as Allied Products and Other. Historically, sales of the Company’s products have been higher in the first and second quarters of each fiscal year due to favorable weather and longer daylight conditions accelerating construction activity during these periods. Seasonal variations in operating results may also be impacted by inclement weather conditions, such as cold or wet weather, which can delay projects. Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2021 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2021 (“Fiscal 2021 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2021 and the results of operations for the three and six months ended September 30, 2021 and cash flows for the six months ended September 30, 2021. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2021 Form 10-K. Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the fiscal 2022 presentation. Recent Accounting Guidance Recently Adopted Accounting Guidance
|
Revenue Recognition |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITIONRevenue Disaggregation - The Company disaggregates net sales by Domestic, International and Infiltrator and further disaggregates Domestic and International by product type, consistent with its reportable segment disclosure. This disaggregation level best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Refer to “Note 12. Business Segments Information” for the Company’s disaggregation of Net sales by reportable segment. Contract Balances - The Company recognizes a contract asset representing the Company’s right to recover products upon the receipt of returned products and a contract liability for the customer refund. The following table presents the balance of the Company’s contract asset and liability as of the periods presented:
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Leases |
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Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 30 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. Master Lease Agreement – In May 2021, the Company entered into a Master Lease Agreement and an Interim Funding Agreement with Fifth Third Bank, National Association, (“Fifth Third”) to finance its procurement of material handling equipment, trucks and trailers (the “Master Lease Agreement”). The Master Lease Agreement and Interim Funding Agreement have a combined initial capacity of $65.0 million. Financings will either bear interest at a fixed rental amount or at a rate based on the London Interbank Offered Rate plus the applicable margin. As of September 30, 2021, the Company had lease financings of $5.5 million outstanding under the agreements.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories as of the periods presented consisted of the following:
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Fair Value Measurements and Derivative Transactions |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Derivative Transactions | FAIR VALUE MEASUREMENTS AND DERIVATIVE TRANSACTIONS The Company uses commodity options in the form of collars and swaps and has previously used interest rate swaps and foreign currency forward contracts to manage its various exposures to interest rate, commodity price fluctuations and foreign currency exchange rate fluctuations. Mark-to-market adjustments for changes in fair value and contract settlement gains and losses for collars, commodity swaps and foreign currency forward contracts are recorded in the Condensed Consolidated Statements of Operations in Derivative (gains) loss and other (income) expense, net. When applying fair value principles in the valuation of assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company has not changed its valuation techniques used in measuring the fair value of any financial assets or liabilities during the fiscal periods presented. The fair value estimates take into consideration the credit risk of both the Company and its counterparties. When active market quotes are not available for financial assets and liabilities, the Company uses industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including credit risk, interest rate curves, foreign currency rates and forward and spot prices for currencies. In circumstances where market-based observable inputs are not available, management judgment is used to develop assumptions to estimate fair value. Recurring Fair Value Measurements - The assets and liabilities carried at fair value as of the periods presented were as follows:
For the six months ended September 30, 2021 and 2020, respectively, there were no transfers in or out of Levels 1, 2 or 3. The Company recorded net (gains) and net losses on mark-to-market adjustments for changes in the fair value of derivatives contracts as well as net (gains) and net losses on the settlement of derivative contracts as follows:
Valuation of Debt - The carrying amounts of current financial assets and liabilities approximate fair value because of the immediate or short-term maturity of these items, or in the case of derivative instruments, because they are recorded at fair value. The following table presents the carrying and fair value of the Company’s Senior Notes (as defined below and further discussed in “Note 8. Debt”) for the periods presented:
The fair value of the Senior Notes was determined based on a quoted market data for the Company’s Senior Notes. The categorization of the framework used to evaluate the Senior Notes is considered Level 2. The Company believes the carrying amount on the remaining long-term debt, including the Term Loan Facility and Revolving Credit Facility, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings.
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Net Income Per Share and Stockholders' Equity |
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Net Income Per Share And Stockholders Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share and Stockholders' Equity | NET INCOME PER SHARE AND STOCKHOLDERS' EQUITY The Company is required to apply the two-class method to compute both basic and diluted net income per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. The following table presents information necessary to calculate net income per share for the periods presented, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:
Stockholders’ Equity – During the three and six months ended September 30, 2021, the Company repurchased 1.5 million and 2.6 million shares of common stock, respectively, at a cost of $176.6 million and $292.0 million, respectively. The repurchases were made under the Board of Directors’ authorization in May 2021 to repurchase up to an additional $250 million, in addition to the $42 million previously authorized, of ADS common stock in accordance with applicable securities laws. As of September 30, 2021, the Company has utilized all of the common stock repurchase authorization. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be suspended or terminated at any time at the Company’s discretion. On October 1, 2021, ADS completed an ESOP distribution of 1.1 million common shares to participants, which will be recorded in the third quarter of fiscal 2022. The distribution will reduce the balance of Redeemable preferred common stock by $17.6 million and increase Paid-in capital.
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Related Party Transactions |
6 Months Ended |
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Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS ADS Mexicana - ADS conducts business in Mexico and Central America through its joint venture ADS Mexicana, S.A. de C.V. (together with its affiliate ADS Corporativo, S.A. de C.V., “ADS Mexicana”). ADS owns 51% of the outstanding stock of ADS Mexicana and consolidates ADS Mexicana for financial reporting purposes. On June 22, 2018, the Company and ADS Mexicana entered into an Intercompany Revolving Credit Promissory Note (the “Intercompany Note”) with a borrowing capacity of $12.0 million. The Intercompany Note matures on June 22, 2022. The Intercompany Note indemnifies the ADS Mexicana joint venture partner for 49% of any unpaid borrowing. The interest rates under the Intercompany Note are determined by certain base rates or London Interbank Offered Rate (“LIBOR”) plus an applicable margin based on the Leverage Ratio. As of September 30, 2021 and March 31, 2021, there were no borrowings outstanding under the Intercompany Note. South American Joint Venture - The Tuberias Tigre - ADS Limitada joint venture (the “South American Joint Venture”) manufactures and sells HDPE corrugated pipe in certain South American markets. ADS owns 50% of the South American Joint Venture. ADS is the guarantor of 50% of the South American Joint Venture’s credit arrangement, and the debt guarantee is shared equally with the joint venture partner. The Company’s maximum potential obligation under this guarantee is $11.0 million as of September 30, 2021. The maximum borrowings permitted under the South American Joint Venture’s credit facility are $22.0 million. The Company does not anticipate any required contributions related to the balance of this credit arrangement. As of September 30, 2021 and March 31, 2021, the outstanding principal balances of the credit facility including letters of credit were $8.9 million and $10.0 million, respectively. As of September 30, 2021, there were no U.S. dollar denominated loans. The weighted average interest rate as of September 30, 2021 was 4.4% on Chilean peso denominated loans.
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Debt |
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Debt | DEBT Long-term debt as of the periods presented consisted of the following:
Senior Secured Credit Facilities – In July 2019, the Company entered into the credit agreement (the “Base Credit Agreement”) by and among the Company, as borrower, Barclays Bank PLC, as administrative agent, the several lenders from time to time party thereto. In September 2019, the Company amended the Base Credit Agreement (as amended the “Senior Secured Credit Facility”). The Senior Secured Credit Facility provides for a term loan facility in an initial aggregate principal amount of $700 million (the “Term Loan Facility”), a revolving credit facility in an initial aggregate principal amount of up to $350 million (the “Revolving Credit Facility”), a letter of credit sub-facility in the initial aggregate available amount of up to $50 million, as a sublimit of such Revolving Credit Facility (the “L/C Facility”) and a swing line sub-facility in the aggregate available amount of up to $50 million, as a sublimit of the Revolving Credit Facility (together with the Term Loan Facility, the Revolving Credit Facility and the L/C Facility, the “Senior Secured Credit Facility”). During the six months ended September 30, 2021, the Company received proceeds of $146.8 million from the Revolving Credit Facility and repaid $3.5 million of the Term Loan Facility and $24.2 million of the Revolving Credit Facility. Letters of credit outstanding at September 30, 2021 and March 31, 2021 amount to $12.5 million and $11.0 million, respectively, and reduced the availability of the Revolving Credit Facility. Senior Notes – On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% senior notes due 2027 (the “Senior Notes”) pursuant to an Indenture, dated September 23, 2019 (the “Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”). The Senior Notes are guaranteed by each of the Company’s present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Company's Senior Secured Credit Facility. The Senior Notes were offered and sold either to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) or to persons outside the United States under Regulation S of the Securities Act.
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Commitments and Contingencies |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Purchase Commitments The Company has historically secured supplies of resin raw material by agreeing to purchase quantities during a future given period at a fixed price. These purchase contracts typically ranged from 1 to 12 months and occur in the ordinary course of business. The Company also enters into equipment purchase contracts with manufacturers. The Company does not have any outstanding purchase commitments as of September 30, 2021. Litigation and Other Proceedings – The Company is involved from time to time in various legal proceedings that arise in the ordinary course of business, including but not limited to commercial disputes, environmental matters, employee related claims, intellectual property disputes and litigation in connection with transactions including acquisitions and divestitures. The Company does not believe that such litigation, claims, and administrative proceedings will have a material adverse impact on the Company’s financial position or results of operations. The Company records a liability when a loss is considered probable, and the amount can be reasonably estimated.
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Income Taxes |
6 Months Ended |
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Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESThe Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and related tax rates in jurisdictions where it operates and other one-time charges, as well as the occurrence of discrete events. For the three months ended September 30, 2021 and 2020, the Company utilized an effective tax rate of 26.1% and 28.3%, respectively, to calculate its provision for income taxes. State and local income taxes and the Company’s Employee Stock Ownership Plan (“ESOP”) increased the effective rate for the three months ended September 30, 2021 and 2020. Additionally, discrete income tax benefits related to the stock-based compensation windfall and other items decreased the rate for the three months ended September 30, 2021.For the six months ended September 30, 2021 and 2020, the Company utilized an effective tax rate of 25.8% and 28.1%, respectively,to calculate its provision for income taxes. State and local income taxes and the Company’s ESOP increased the effective rate for the the six months ended September 30, 2021 and 2020. Additionally, discrete income tax benefits related to the stock-based compensation windfall and other items decreased the rate for the six months ended September 30, 2021 |
Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION ADS has several programs for stock-based payments to employees and non-employee members of its Board of Directors, including stock options, performance-based restricted stock units and restricted stock. Equity-classified restricted stock awards are measured based on the grant-date estimated fair value of each award. The Company accounts for all restricted stock granted to Directors as equity-classified awards. The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented:
The following table summarizes stock-based compensation expense by award type for the periods presented:
2017 Omnibus Plan On May 24, 2017, the Board of Directors approved the 2017 Omnibus Incentive Plan (the “2017 Incentive Plan”) which was approved by the Company’s stockholders on July 17, 2017. The 2017 Incentive Plan provides for the issuance of a maximum of 5.0 million shares of the Company’s common stock for awards made thereunder, which awards may consist of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, cash-based awards, performance awards (which may take the form of performance cash, performance units or performance shares) or other stock-based awards. Restricted Stock - During the three and six months ended September 30, 2021, the Company granted less than 0.1 million shares and 0.1 million shares of restricted stock with a grant date fair value of $2.0 million and $7.3 million, respectively. Performance-based Restricted Stock Units ("Performance Units") –During the six months ended September 30, 2021, the Company granted 0.1 million performance share units were granted at a grant date fair value of $5.3 million. Options - During the six months ended September 30, 2021, The Company granted 0.1 million nonqualified stock options under the 2017 Incentive Plan with a grant date fair value of $4.2 million. The Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The following table summarizes the assumptions used to estimate the fair value of stock-options during the periods presented:
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Business Segments Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments Information | BUSINESS SEGMENTS INFORMATION The Company operates its business in three distinct reportable segments: “Pipe”, “International” and “Infiltrator.” “Allied Products & Other” represents the Company’s Allied Products and all other business segments. “Pipe” and “Allied Products & Other” were previously included as Domestic. The Chief Operating Decision Maker (the “CODM”) evaluates segment reporting based on Net Sales and Segment Adjusted Gross Profit. The Company calculated Segment Adjusted Gross Profit as net sales less costs of goods sold, depreciation and amortization, stock-based compensation and non-cash charges. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. Pipe – The Pipe segment manufactures and markets high performance thermoplastic corrugated pipe throughout the United States. The Company maintains and serves these markets through product distribution relationships with many of the largest national and independent waterworks distributors, buying groups and co-ops, major national retailers as well as an extensive network of hundreds of small to medium-sized distributors across the United States. Products include single wall pipe, N-12 HDPE pipe sold into the Storm sewer, Infrastructure and Agriculture markets, High Performance polypropylene pipe sold into the Storm sewer, Infrastructure and sanitary sewer markets. Products are designed primarily for storm water management in the construction and infrastructure marketplace across a broad range of end markets and applications, including non-residential, residential, agriculture and infrastructure. Products are manufactured using HDPE and polypropylene plastic material. Infiltrator – Infiltrator is a leading national provider of plastic leach field chambers and systems, septic tanks and accessories, primarily for use in residential applications. Infiltrator products are used in on-site septic wastewater treatment systems in the United States and Canada. International – The International segment manufactures and markets pipe and allied products in certain regions outside of the United States, including Company owned facilities in Canada, subsidiaries that distribute to Europe and the Middle East, exports and through the Company’s joint ventures with local partners in Mexico and South America. The Company’s Mexican joint venture, ADS Mexicana, primarily serves the Mexican and Central American markets, while its South American Joint Venture, Tigre-ADS, is the primary channel to serve the South American markets. The Company’s International product lines include single wall pipe, N-12 HDPE pipe, high performance PP pipe and certain geographies also sell our broad line of Allied Products. Allied Products & Other – Allied Products and Other manufactures and markets products throughout the United States. Products include StormTech, Nyloplast, ARC Septic Chambers, Inserta Tee, BaySaver filters and water quality structures, Fittings, and FleXstorm. The Company maintains and serves these markets through product distribution relationships with many of the largest national and independent waterworks distributors, major national retailers as well as an extensive network of hundreds of small to medium-sized distributors across the United States. The Company also sells through a broad variety of buying groups and co-ops in the United States. The Company aggregates operating segments within the Allied Products & Other segment disclosure. None of the operating segments within the Allied Products & Other businesses segment disclosure exceeds the quantitative thresholds for separate segment reporting. The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
The following sets forth certain financial information attributable to the reportable segments for the periods presented:
(a)Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets acquired is included in Allied Products & Other. Reconciliation of Gross Profit to Segment Adjusted Gross profit
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Subsequent Events |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSCommon Stock Dividend - During the third quarter of fiscal 2022, the Company declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on December 15, 2021 to stockholders of record at the close of business on December 1, 2021. |
Background and Summary of Significant Accounting Policies (Policies) |
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Sep. 30, 2021 | |||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Basis of Presentation | Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2021 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2021 (“Fiscal 2021 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2021 and the results of operations for the three and six months ended September 30, 2021 and cash flows for the six months ended September 30, 2021. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2021 Form 10-K. | ||||||||||||||||||
Principles of Consolidation | Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the fiscal 2022 presentation.
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Recent Accounting Guidance | Recent Accounting Guidance Recently Adopted Accounting Guidance
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Leases | Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 30 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. Master Lease Agreement – In May 2021, the Company entered into a Master Lease Agreement and an Interim Funding Agreement with Fifth Third Bank, National Association, (“Fifth Third”) to finance its procurement of material handling equipment, trucks and trailers (the “Master Lease Agreement”). The Master Lease Agreement and Interim Funding Agreement have a combined initial capacity of $65.0 million. Financings will either bear interest at a fixed rental amount or at a rate based on the London Interbank Offered Rate plus the applicable margin. As of September 30, 2021, the Company had lease financings of $5.5 million outstanding under the agreements.
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Revenue Recognition (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Asset and Liability | The following table presents the balance of the Company’s contract asset and liability as of the periods presented:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories as of the periods presented consisted of the following:
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Fair Value Measurement (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Carried at Fair Value | The assets and liabilities carried at fair value as of the periods presented were as follows:
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Schedule of Derivative Instruments Included in Trading Activities | The Company recorded net (gains) and net losses on mark-to-market adjustments for changes in the fair value of derivatives contracts as well as net (gains) and net losses on the settlement of derivative contracts as follows:
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Summary of Carrying And Fair Value of Senior Notes | The following table presents the carrying and fair value of the Company’s Senior Notes (as defined below and further discussed in “Note 8. Debt”) for the periods presented:
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Net Income Per Share and Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share And Stockholders Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Income Per Share | The following table presents information necessary to calculate net income per share for the periods presented, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-term debt as of the periods presented consisted of the following:
|
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock-based Compensation Expense | The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented:
The following table summarizes stock-based compensation expense by award type for the periods presented:
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Summary of Assumption Used to Estimate Fair Value of Stock Options | The following table summarizes the assumptions used to estimate the fair value of stock-options during the periods presented:
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Business Segments Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Reportable Segments by Product Type | The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
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Schedule of Financial Information Attributable to Reportable Segments | The following sets forth certain financial information attributable to the reportable segments for the periods presented:
(a)Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets acquired is included in Allied Products & Other.
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Reconciliation of Gross Profit to Segment Adjusted Gross Profit | Reconciliation of Gross Profit to Segment Adjusted Gross profit
|
Background and Summary of Significant Accounting Policies - Additional Information (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | false |
Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract asset - product returns | $ 1,078 | $ 694 |
Refund liability | $ 2,392 | $ 1,801 |
Leases - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Sep. 30, 2021 |
May 31, 2021 |
|
Lessee Lease Description [Line Items] | ||
Unused borrowing capacity of lease | $ 65.0 | |
Line of credit | $ 5.5 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Leases remaining term | 1 year | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Leases remaining term | 30 years | |
Maximum | Yard | ||
Lessee Lease Description [Line Items] | ||
Leases options to extend | 5 years |
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 147,584 | $ 75,294 |
Finished goods | 277,660 | 225,667 |
Total inventories | $ 425,244 | $ 300,961 |
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
ASSETS | ||
Total assets at fair value on a recurring basis | $ 1,715 | $ 1,194 |
Liabilities [Abstract] | ||
Total liabilities at fair value on a recurring basis | 107 | 32 |
Level 2 | ||
ASSETS | ||
Total assets at fair value on a recurring basis | 1,715 | 1,194 |
Liabilities [Abstract] | ||
Total liabilities at fair value on a recurring basis | 107 | 32 |
Diesel Fuel Contracts | ||
ASSETS | ||
Derivative assets – diesel fuel contracts | 1,715 | 1,194 |
Liabilities [Abstract] | ||
Derivative liabilities – diesel fuel contracts | 107 | 32 |
Diesel Fuel Contracts | Level 2 | ||
ASSETS | ||
Derivative assets – diesel fuel contracts | 1,715 | 1,194 |
Liabilities [Abstract] | ||
Derivative liabilities – diesel fuel contracts | $ 107 | $ 32 |
Fair Value Measurement - Additional Information (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Fair Value Disclosures [Abstract] | ||
Fair value of assets and liabilities, additional transfers | $ 0 | $ 0 |
Derivative Transactions - Schedule of Cash Settlements and Net (Gains) and Net Losses on Mark-to-Market Adjustments for Changes in Fair Value of Derivative Contracts (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Derivatives, Fair Value [Line Items] | ||||
Total net unrealized mark-to-market loss (gains) | $ 229 | $ (373) | $ (446) | $ (1,455) |
Total net realized (gain) loss | (752) | 477 | (1,266) | 1,317 |
Diesel fuel option collars | ||||
Derivatives, Fair Value [Line Items] | ||||
Total net unrealized mark-to-market loss (gains) | 229 | (373) | (446) | (1,455) |
Total net realized (gain) loss | $ (752) | $ 477 | $ (1,266) | $ 1,317 |
Fair Value Measurement - Summary of Carrying And Fair Value of Senior Notes (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 350,000 | $ 350,000 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 365,428 | $ 367,633 |
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt , Gross | $ 910,350 | $ 791,250 |
Unamortized debt issuance costs | (1,839) | (2,030) |
Current maturities | (7,000) | (7,000) |
Long-term debt obligation | 901,511 | 782,220 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | 437,750 | 441,250 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | 350,000 | 350,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | $ 122,600 | $ 0 |
Debt (Senior Secured Credit Facility) - Additional Information (Detail) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Mar. 31, 2021 |
Sep. 30, 2019 |
|
Debt Instrument [Line Items] | ||||
Repayment of borrowings | $ 24,200,000 | $ 100,000,000 | ||
Proceeds from Revolving Credit Agreement | 146,800,000 | $ 0 | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings permitted under credit facility | $ 350,000,000 | |||
Repayment of borrowings | 24,200,000 | |||
Outstanding letters of credit | 12,500,000 | $ 11,000,000 | ||
Proceeds from Revolving Credit Agreement | 146,800,000 | |||
Letter of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings permitted under credit facility | 50,000,000 | |||
Sublimit of Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings permitted under credit facility | 50,000,000 | |||
Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 700,000,000 | |||
Repayment of borrowings | $ 3,500,000 |
Debt (Senior Notes) - Additional Information (Detail) - 5.0% Senior Notes due 2027 $ in Millions |
Sep. 23, 2019
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 350.0 |
Debt instrument, interest rate | 5.00% |
Commitments and Contingencies (Purchase Commitments) - Additional Information (Detail) - Inventory |
6 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Purchase contracts period range, start | 1 month |
Purchase contracts period range, end | 12 months |
Total purchase commitment | $ 0 |
Income Taxes - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 26.10% | 28.30% | 25.80% | 28.10% |
Stock-Based Compensation - Summary of Assumption Used to Estimate Fair Value of Stock Options (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Expected stock price volatility, minimum | 41.00% |
Risk-free interest rate | 1.10% |
Weighted-average expected option life (years) | 6 years |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Common stock price | $ 105.82 |
Dividend yield | 0.30% |
Business Segments Information - Additional Information (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments Information - Reconciliation of Gross Profit to Segment Adjusted Gross Profit (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Gross profit | $ 200,057 | $ 205,857 | $ 401,178 | $ 394,360 |
Depreciation and amortization | 17,250 | 16,463 | 34,782 | 32,886 |
ESOP and stock-based compensation expense | 8,547 | 6,598 | 18,102 | 11,537 |
COVID-19 related costs | 0 | 17 | 0 | 197 |
Total Segment Adjusted Gross Profit | $ 225,854 | $ 228,935 | $ 454,062 | $ 438,980 |
Subsequent Events - Additional Information (Detail) - $ / shares |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Nov. 04, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.11 | $ 0.09 | $ 0.22 | $ 0.18 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.11 | ||||
Dividend payable date | Dec. 15, 2021 | ||||
Dividend payable, date of record | Dec. 01, 2021 |
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