Advanced Drainage Systems Announces Fourth Quarter and Fiscal Year 2024 Results
Fourth Quarter Fiscal 2024 Results
-
Net sales increased 5.9% to
$653.8 million -
Net income increased 10.6% to
$95.5 million -
Diluted net income per share increased 14.5% to
$1.21 -
Adjusted EBITDA (Non-GAAP) increased 11.2% to
$191.2 million
Fiscal 2024 Results
-
Net sales decreased 6.4% to
$2,874.5 million -
Net income increased 0.4% to
$513.3 million -
Diluted net income per share increased 6.1% to
$6.45 -
Adjusted EBITDA (Non-GAAP) increased 2.1% to
$922.9 million -
Cash provided by operating activities increased
$10.1 million to$717.9 million -
Free cash flow (Non-GAAP) decreased
$6.8 million to$534.1 million
"The fourth quarter net sales and Adjusted EBITDA results came in above our guidance due to favorable volume growth in our core construction and agriculture markets, as well as productivity improvements from previous capital investments and continuous improvement programs. Adjusted EBITDA margin increased to a new fourth quarter record of 29.2%, 140 basis points above the prior year."
"In Fiscal 2025, we expect to see favorable demand drive volume growth in the residential and infrastructure markets, and stability in the non-residential construction market. Improved fixed cost absorption, increasing contributions from previous capital investments as well as effective management of price/cost should lead to healthy Adjusted EBITDA margins that at least equal Fiscal 2024 levels with potential for margin expansion."
Barbour concluded, "More broadly, our success will continue to be driven by ADS’ position as a pure-play water company that provides advanced sustainable water management solutions to protect and manage water. In the face of changing climate patterns, ADS and Infiltrator solutions play a critical role in protecting communities. In 2023, there were 27 large-scale storm events that inflicted an estimated
Fourth Quarter Fiscal 2024 Results
Net sales increased
Gross profit increased
Adjusted EBITDA (Non-GAAP) increased
Reconciliations of GAAP to Non-GAAP financial measures for Adjusted EBITDA and Free Cash Flow have been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Fiscal Year 2024 Results
Net sales decreased
Gross profit increased
Adjusted EBITDA (Non-GAAP) increased
Balance Sheet and Liquidity
Net cash provided by operating activities was
ADS had total liquidity of
In the twelve months ended
Fiscal Year 2025 Outlook
Based on current visibility, backlog of existing orders and business trends, the Company issued the following targets for fiscal 2025. Net sales are expected to be in the range of
Conference Call Information
Webcast: Interested investors and other parties can listen to a webcast of the live conference call by logging in through the Investor Relations section of the Company's website at https://investors.ads-pipe.com/events-and-presentations. An online replay will be available on the same website following the call.
Teleconference: To participate in the live teleconference, participants may register at https://registrations.events/direct/Q4I457863. After registering, participants will receive a confirmation through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. To ensure participants are connected for the full call, please register at least 10 minutes before the start of the call.
About the Company
Forward Looking Statements
Certain statements in this press release may be deemed to be forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections regarding the Company’s business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “confident” and similar expressions are used to identify these forward-looking statements. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: fluctuations in the price and availability of resins and other raw materials and our ability to pass any increased costs of raw materials on to our customers in a timely manner; disruption or volatility in general business and economic conditions in the markets in which we operate; cyclicality and seasonality of the non-residential and residential construction markets and infrastructure spending; the risks of increasing competition in our existing and future markets; uncertainties surrounding the integration and realization of anticipated benefits of acquisitions; the effect of weather or seasonality; the loss of any of our significant customers; the risks of doing business internationally; the risks of conducting a portion of our operations through joint ventures; our ability to expand into new geographic or product markets; the risk associated with manufacturing processes; the effect of global climate change; cybersecurity risks; our ability to manage our supply purchasing and customer credit policies; our ability to control labor costs and to attract, train and retain highly-qualified employees and key personnel; our ability to protect our intellectual property rights; changes in laws and regulations, including environmental laws and regulations; the risks associated with our current levels of indebtedness, including borrowings under our existing credit agreement and outstanding indebtedness under our existing senior notes; and other risks and uncertainties described in the Company’s filings with the
Financial Statements
|
|||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
(In thousands, except per share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
$ |
653,840 |
|
|
$ |
617,559 |
|
|
$ |
2,874,473 |
|
|
$ |
3,071,121 |
|
Cost of goods sold |
|
401,877 |
|
|
|
395,138 |
|
|
|
1,728,524 |
|
|
|
1,952,713 |
|
Gross profit |
|
251,963 |
|
|
|
222,421 |
|
|
|
1,145,949 |
|
|
|
1,118,408 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
101,189 |
|
|
|
78,409 |
|
|
|
370,714 |
|
|
|
339,504 |
|
(Gain) loss on disposal of assets and costs from exit and disposal activities |
|
2,304 |
|
|
|
4,544 |
|
|
|
(8,365 |
) |
|
|
4,397 |
|
Intangible amortization |
|
13,093 |
|
|
|
13,837 |
|
|
|
51,469 |
|
|
|
55,197 |
|
Income from operations |
|
135,377 |
|
|
|
125,631 |
|
|
|
732,131 |
|
|
|
719,310 |
|
Other expense: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
22,878 |
|
|
|
20,848 |
|
|
|
88,862 |
|
|
|
70,182 |
|
Interest income and other, net |
|
(7,657 |
) |
|
|
(2,340 |
) |
|
|
(23,484 |
) |
|
|
(7,972 |
) |
Income before income taxes |
|
120,156 |
|
|
|
107,123 |
|
|
|
666,753 |
|
|
|
657,100 |
|
Income tax expense |
|
26,333 |
|
|
|
21,948 |
|
|
|
158,998 |
|
|
|
150,589 |
|
Equity in net income of unconsolidated affiliates |
|
(1,656 |
) |
|
|
(1,137 |
) |
|
|
(5,536 |
) |
|
|
(4,842 |
) |
Net income |
|
95,479 |
|
|
|
86,312 |
|
|
|
513,291 |
|
|
|
511,353 |
|
Less: net income attributable to noncontrolling interest |
|
657 |
|
|
|
419 |
|
|
|
3,376 |
|
|
|
4,267 |
|
Net income attributable to ADS |
$ |
94,822 |
|
|
$ |
85,893 |
|
|
$ |
509,915 |
|
|
$ |
507,086 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
77,637 |
|
|
|
80,554 |
|
|
|
78,252 |
|
|
|
82,315 |
|
Diluted |
|
78,491 |
|
|
|
81,379 |
|
|
|
79,017 |
|
|
|
83,336 |
|
Net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.22 |
|
|
$ |
1.07 |
|
|
$ |
6.52 |
|
|
$ |
6.16 |
|
Diluted |
$ |
1.21 |
|
|
$ |
1.06 |
|
|
$ |
6.45 |
|
|
$ |
6.08 |
|
Cash dividends declared per share |
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.56 |
|
|
$ |
0.48 |
|
|
|||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||
|
|||||||
|
As of |
||||||
(Amounts in thousands) |
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
490,163 |
|
|
$ |
217,128 |
|
Receivables, net |
|
323,576 |
|
|
|
306,945 |
|
Inventories |
|
464,200 |
|
|
|
463,994 |
|
Other current assets |
|
22,028 |
|
|
|
29,422 |
|
Total current assets |
|
1,299,967 |
|
|
|
1,017,489 |
|
Property, plant and equipment, net |
|
876,351 |
|
|
|
733,059 |
|
Other assets: |
|
|
|
||||
|
|
617,183 |
|
|
|
620,193 |
|
Intangible assets, net |
|
352,652 |
|
|
|
407,627 |
|
Other assets |
|
122,760 |
|
|
|
122,757 |
|
Total assets |
$ |
3,268,913 |
|
|
$ |
2,901,125 |
|
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current maturities of debt obligations |
$ |
11,870 |
|
|
$ |
14,693 |
|
Current maturities of finance lease obligations |
|
18,015 |
|
|
|
8,541 |
|
Accounts payable |
|
254,401 |
|
|
|
210,111 |
|
Other accrued liabilities |
|
154,260 |
|
|
|
142,400 |
|
Accrued income taxes |
|
1,076 |
|
|
|
3,057 |
|
Total current liabilities |
|
439,622 |
|
|
|
378,802 |
|
Long-term debt obligations, net |
|
1,259,522 |
|
|
|
1,269,391 |
|
Long-term finance lease obligations |
|
61,661 |
|
|
|
32,272 |
|
Deferred tax liabilities |
|
156,705 |
|
|
|
159,056 |
|
Other liabilities |
|
70,704 |
|
|
|
66,744 |
|
Total liabilities |
|
1,988,214 |
|
|
|
1,906,265 |
|
Mezzanine equity: |
|
|
|
||||
Redeemable convertible preferred stock |
|
108,584 |
|
|
|
153,220 |
|
Total mezzanine equity |
|
108,584 |
|
|
|
153,220 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
11,679 |
|
|
|
11,647 |
|
Paid-in capital |
|
1,219,834 |
|
|
|
1,134,864 |
|
Common stock in treasury, at cost |
|
(1,140,578 |
) |
|
|
(920,999 |
) |
Accumulated other comprehensive loss |
|
(29,830 |
) |
|
|
(27,580 |
) |
Retained earnings |
|
1,092,208 |
|
|
|
626,215 |
|
Total ADS stockholders’ equity |
|
1,153,313 |
|
|
|
824,147 |
|
Noncontrolling interest in subsidiaries |
|
18,802 |
|
|
|
17,493 |
|
Total stockholders’ equity |
|
1,172,115 |
|
|
|
841,640 |
|
Total liabilities, mezzanine equity and stockholders’ equity |
$ |
3,268,913 |
|
|
$ |
2,901,125 |
|
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
|||||||
|
|||||||
|
Fiscal Year Ended |
||||||
(Amounts in thousands) |
2024 |
|
2023 |
||||
Cash Flow from Operating Activities |
|
|
|
||||
Net income |
$ |
513,291 |
|
|
$ |
511,353 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
154,903 |
|
|
|
145,149 |
|
Deferred income taxes |
|
(2,280 |
) |
|
|
(9,855 |
) |
(Gain) loss on disposal of assets and costs from exit and disposal activities |
|
(8,365 |
) |
|
|
4,397 |
|
Stock-based compensation |
|
31,986 |
|
|
|
21,659 |
|
Amortization of deferred financing charges |
|
2,044 |
|
|
|
1,419 |
|
Fair market value adjustments to derivatives |
|
(972 |
) |
|
|
3,639 |
|
Equity in net income of unconsolidated affiliates |
|
(5,536 |
) |
|
|
(4,842 |
) |
Other operating activities |
|
6,697 |
|
|
|
1,513 |
|
Changes in working capital: |
|
|
|
||||
Receivables |
|
(14,590 |
) |
|
|
37,487 |
|
Inventories |
|
594 |
|
|
|
30,224 |
|
Prepaid expenses and other current assets |
|
(275 |
) |
|
|
(5,296 |
) |
Accounts payable, accrued expenses and other liabilities |
|
40,431 |
|
|
|
(29,037 |
) |
Net cash provided by operating activities |
|
717,928 |
|
|
|
707,810 |
|
Cash Flows from Investing Activities |
|
|
|
||||
Capital expenditures |
|
(183,812 |
) |
|
|
(166,913 |
) |
Proceeds from disposition of assets or businesses |
|
27,498 |
|
|
|
— |
|
Acquisition, net of cash acquired |
|
— |
|
|
|
(48,010 |
) |
Other investing activities |
|
650 |
|
|
|
446 |
|
Net cash used in investing activities |
|
(155,664 |
) |
|
|
(214,477 |
) |
Cash Flows from Financing Activities |
|
|
|
||||
Payments on syndicated Term Loan Facility |
|
(7,000 |
) |
|
|
(7,000 |
) |
Proceeds from Revolving Credit Agreement |
|
— |
|
|
|
26,200 |
|
Payments on Revolving Credit Agreement |
|
— |
|
|
|
(140,500 |
) |
Proceeds from Amended Revolving Credit Agreement |
|
— |
|
|
|
97,000 |
|
Payments on Amended Revolving Credit Agreement |
|
— |
|
|
|
(97,000 |
) |
Proceeds from Senior Notes due 2030 |
|
— |
|
|
|
500,000 |
|
Debt issuance costs |
|
— |
|
|
|
(11,575 |
) |
Payments on Equipment Financing |
|
(7,738 |
) |
|
|
(12,532 |
) |
Payments on finance lease obligations |
|
(12,145 |
) |
|
|
(7,686 |
) |
Repurchase of common stock |
|
(207,308 |
) |
|
|
(575,027 |
) |
Cash dividends paid |
|
(43,995 |
) |
|
|
(39,612 |
) |
Dividends paid to noncontrolling interest holder |
|
(3,747 |
) |
|
|
(5,323 |
) |
Proceeds from option exercises |
|
6,454 |
|
|
|
5,700 |
|
Payment of withholding taxes on vesting of restricted stock units |
|
(8,864 |
) |
|
|
(28,663 |
) |
Other financing activities |
|
— |
|
|
|
(260 |
) |
Net cash used in financing activities |
|
(284,343 |
) |
|
|
(296,278 |
) |
Effect of exchange rate changes on cash |
|
799 |
|
|
|
(52 |
) |
Net change in cash |
|
278,720 |
|
|
|
197,003 |
|
Cash at beginning of year |
|
217,128 |
|
|
|
20,125 |
|
Cash and restricted cash at end of year |
$ |
495,848 |
|
|
$ |
217,128 |
|
|
|
|
|
||||
RECONCILIATION TO BALANCE SHEET |
|
|
|
||||
Cash |
$ |
490,163 |
|
|
|
||
Restricted cash (included in Other assets in the Consolidated Balance Sheets) |
|
5,685 |
|
|
|
||
Total cash and restricted cash |
$ |
495,848 |
|
|
|
Selected Financial Data
The following tables set forth net sales by reportable segment for each of the periods indicated.
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
||||||||||||||||||
(In thousands) |
|
|
Intersegment
|
|
|
|
|
|
Intersegment
|
|
|
||||||||||
Pipe |
$ |
369,316 |
|
|
$ |
(10,656 |
) |
|
$ |
358,660 |
|
$ |
357,407 |
|
|
$ |
(10,289 |
) |
|
$ |
347,118 |
|
|
124,875 |
|
|
|
(18,804 |
) |
|
|
106,071 |
|
|
102,723 |
|
|
|
(15,046 |
) |
|
|
87,677 |
International |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
International - Pipe |
|
30,143 |
|
|
|
(4,862 |
) |
|
|
25,281 |
|
|
25,136 |
|
|
|
(706 |
) |
|
|
24,430 |
International - Allied Products & Other |
|
11,283 |
|
|
|
(125 |
) |
|
|
11,158 |
|
|
9,998 |
|
|
|
— |
|
|
|
9,998 |
|
|
41,426 |
|
|
|
(4,987 |
) |
|
|
36,439 |
|
|
35,134 |
|
|
|
(706 |
) |
|
|
34,428 |
Allied Products & Other |
|
156,026 |
|
|
|
(3,356 |
) |
|
|
152,670 |
|
|
150,166 |
|
|
|
(1,830 |
) |
|
|
148,336 |
Intersegment Eliminations |
|
(37,803 |
) |
|
|
37,803 |
|
|
|
— |
|
|
(27,871 |
) |
|
|
27,871 |
|
|
|
— |
Total Consolidated |
$ |
653,840 |
|
|
$ |
— |
|
|
$ |
653,840 |
|
$ |
617,559 |
|
|
$ |
— |
|
|
$ |
617,559 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Fiscal Year Ended |
||||||||||||||||||||
|
|
|
|
||||||||||||||||||
(In thousands) |
|
|
Intersegment
|
|
|
|
|
|
Intersegment
|
|
|
||||||||||
Pipe |
$ |
1,586,618 |
|
|
$ |
(42,328 |
) |
|
$ |
1,544,290 |
|
$ |
1,758,961 |
|
|
$ |
(41,772 |
) |
|
$ |
1,717,189 |
|
|
531,236 |
|
|
|
(82,209 |
) |
|
|
449,027 |
|
|
523,643 |
|
|
|
(81,363 |
) |
|
|
442,280 |
International |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
International - Pipe |
|
163,930 |
|
|
|
(14,081 |
) |
|
|
149,849 |
|
|
179,898 |
|
|
|
(19,215 |
) |
|
|
160,683 |
International - Allied Products & Other |
|
58,072 |
|
|
|
(152 |
) |
|
|
57,920 |
|
|
59,170 |
|
|
|
— |
|
|
|
59,170 |
|
|
222,002 |
|
|
|
(14,233 |
) |
|
|
207,769 |
|
|
239,068 |
|
|
|
(19,215 |
) |
|
|
219,853 |
Allied Products & Other |
|
684,329 |
|
|
|
(10,942 |
) |
|
|
673,387 |
|
|
700,319 |
|
|
|
(8,520 |
) |
|
|
691,799 |
Intersegment Eliminations |
|
(149,712 |
) |
|
|
149,712 |
|
|
|
— |
|
|
(150,870 |
) |
|
|
150,870 |
|
|
|
— |
Total Consolidated |
$ |
2,874,473 |
|
|
$ |
— |
|
|
$ |
2,874,473 |
|
$ |
3,071,121 |
|
|
$ |
— |
|
|
$ |
3,071,121 |
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in
Reconciliation of Non-GAAP Financial Measures
This press release includes references to Adjusted EBITDA, Free Cash Flow and Adjusted Earnings per Share, non-GAAP financial measures. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. These measures are not intended to be substitutes for those reported in accordance with GAAP. Adjusted EBITDA and Free Cash Flow may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that comprise net income before interest, income taxes, depreciation and amortization, stock-based compensation, non-cash charges and certain other expenses. The Company’s definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key metric used by management and the Company’s board of directors to assess financial performance and evaluate the effectiveness of the Company’s business strategies. Accordingly, management believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as the Company’s management and board of directors. In order to provide investors with a meaningful reconciliation, the Company has provided below reconciliations of Adjusted EBITDA to net income.
Free Cash Flow is a non-GAAP financial measure that comprises cash flow from operating activities less capital expenditures. Free Cash Flow is a measure used by management and the Company’s board of directors to assess the Company’s ability to generate cash. Accordingly, management believes that Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flow from operations after capital expenditures. In order to provide investors with a meaningful reconciliation, the Company has provided below a reconciliation of cash flow from operating activities to Free Cash Flow.
Adjusted Earnings per Share excludes (gains) losses on disposals of assets or business, restructuring expenses, impairment charges and transaction costs. Adjusted Earnings per Share is a measure used by management and may be useful for investors to evaluate the Company's operational performance.
The following tables present a reconciliation of EBITDA and Adjusted EBITDA to Net Income, Free Cash Flow to Cash Flow from Operating Activities, and Adjusted Earnings per Share to Diluted Earnings per Share, the most comparable GAAP measures, for each of the periods indicated.
Reconciliation of Segment Adjusted Gross Profit to Gross Profit
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||
(Amounts in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Segment adjusted gross profit |
|
|
|
|
|
|
|
||||||
Pipe |
$ |
113,318 |
|
|
$ |
111,540 |
|
$ |
515,444 |
|
|
$ |
532,551 |
|
|
65,358 |
|
|
|
40,011 |
|
|
281,677 |
|
|
|
233,580 |
International |
|
11,198 |
|
|
|
10,225 |
|
|
62,578 |
|
|
|
61,681 |
Allied Products & Other |
|
91,192 |
|
|
|
82,827 |
|
|
391,766 |
|
|
|
376,299 |
Intersegment Eliminations |
|
(126 |
) |
|
|
595 |
|
|
(4,557 |
) |
|
|
924 |
Total Segment Adjusted Gross Profit |
|
280,940 |
|
|
|
245,198 |
|
|
1,246,908 |
|
|
|
1,205,035 |
Depreciation and amortization |
|
27,742 |
|
|
|
22,373 |
|
|
96,251 |
|
|
|
84,048 |
Stock-based compensation expense |
|
1,235 |
|
|
|
404 |
|
|
4,708 |
|
|
|
2,579 |
Total Gross Profit |
$ |
251,963 |
|
|
$ |
222,421 |
|
$ |
1,145,949 |
|
|
$ |
1,118,408 |
Reconciliation of Adjusted EBITDA to Net Income
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
(Amounts in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
$ |
95,479 |
|
|
$ |
86,312 |
|
|
$ |
513,291 |
|
|
$ |
511,353 |
|
Depreciation and amortization |
|
42,889 |
|
|
|
37,803 |
|
|
|
154,903 |
|
|
|
145,149 |
|
Interest expense |
|
22,878 |
|
|
|
20,848 |
|
|
|
88,862 |
|
|
|
70,182 |
|
Income tax expense |
|
26,333 |
|
|
|
21,948 |
|
|
|
158,998 |
|
|
|
150,589 |
|
EBITDA |
|
187,579 |
|
|
|
166,911 |
|
|
|
916,054 |
|
|
|
877,273 |
|
(Gain) loss on disposal of assets and costs from exit and disposal activities |
|
2,304 |
|
|
|
4,544 |
|
|
|
(8,365 |
) |
|
|
4,397 |
|
Stock-based compensation expense |
|
8,350 |
|
|
|
1,747 |
|
|
|
31,986 |
|
|
|
21,659 |
|
Transaction costs (a) |
|
390 |
|
|
|
486 |
|
|
|
3,444 |
|
|
|
3,903 |
|
Interest income |
|
(6,906 |
) |
|
|
(3,840 |
) |
|
|
(22,047 |
) |
|
|
(9,782 |
) |
Other adjustments (b) |
|
(539 |
) |
|
|
2,132 |
|
|
|
1,875 |
|
|
|
6,512 |
|
Adjusted EBITDA |
$ |
191,178 |
|
|
$ |
171,980 |
|
|
$ |
922,947 |
|
|
$ |
903,962 |
|
a. |
|
Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions. |
b. |
|
Includes derivative fair value adjustments, foreign currency transaction (gains) losses, the proportionate share of interest, income taxes, depreciation and amortization related to the South American Joint Venture, which is accounted for under the equity method of accounting and executive retirement expense (benefit). |
Reconciliation of Free Cash Flow to Cash flow from Operating Activities
|
Fiscal Year Ended |
|
||||||
(Amounts in thousands) |
2024 |
|
2023 |
|
||||
Net cash flow from operating activities |
$ |
717,928 |
|
|
$ |
707,810 |
|
|
Capital expenditures |
|
(183,812 |
) |
|
|
(166,913 |
) |
|
Free cash flow |
$ |
534,116 |
|
|
$ |
540,897 |
|
|
Reconciliation of Diluted Earnings per Share to Adjusted Earnings per Share
The following table diluted presents earnings per share on an adjusted basis to supplement the Company's discussion of its results of operations herein.
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Diluted Earnings Per Share |
$ |
1.21 |
|
|
$ |
1.06 |
|
|
$ |
6.45 |
|
|
$ |
6.08 |
|
Loss (gain) on disposal of assets and costs from exit and disposal activities |
|
0.03 |
|
|
|
0.06 |
|
|
|
(0.11 |
) |
|
|
0.05 |
|
Transaction costs |
|
0.00 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.05 |
|
Income tax impact of adjustments (a) |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
(0.02 |
) |
Adjusted Earnings per Share |
$ |
1.23 |
|
|
$ |
1.12 |
|
|
$ |
6.39 |
|
|
$ |
6.16 |
|
a. |
|
The income tax impact of adjustments to each period is based on the statutory tax rate. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516801707/en/
VP, Corporate Strategy & Investor Relations
(614) 658-0050
Mike.Higgins@ads-pipe.com
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