SEC Form 10-Q filed by Advanced Drainage Systems Inc.

8/8/24 4:05:11 PM ET

Containers/Packaging

Consumer Discretionary

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wms-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-36557

ADVANCED DRAINAGE SYSTEMS, INC.

(Exact name of registrant as specified in its charter)


Delaware			51-0105665
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

4640 Trueman Boulevard, Hilliard, Ohio 43026

(Address of Principal Executive Offices, Including Zip Code)

(614) 658-0050

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	WMS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2024, the registrant had 77,523,433 shares of common stock outstanding, which excludes 184,236 shares of unvested restricted common stock. The shares of common stock trade on the New York Stock Exchange under the ticker symbol “WMS.”

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

Page

Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024

Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023

Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 20 2 4 and 2023

Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the three months ended June 30, 2024 and 2023

Notes to the Condensed Consolidated Financial Statements

Item 2.

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

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

- ii -

Forward-Looking Statements

This Form 10-Q includes forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “would,” “should,” “could,” “seeks,” “predict,” “potential,” “target,” “outlook,” “continue,” “intends,” “plans,” “projects,” “estimates,” “anticipates” or other comparable terms or the negative of those terms or similar expressions. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this Form 10-Q and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects, growth strategies, and the industries in which we operate and include, without limitation, statements relating to our future performance.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. We caution you that forward-looking statements are not guarantees of future performance and that our actual consolidated results of operations, financial condition, liquidity and industry development may differ materially from those made in or suggested by the forward-looking statements contained in this Form 10-Q. In addition, even if our actual consolidated results of operations, financial condition, liquidity and industry development are consistent with the forward-looking statements contained in this Form 10-Q, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors could cause actual results to differ materially from those contained in or implied by the forward-looking statements, including those reflected in forward-looking statements relating to our operations and business, the risks and uncertainties discussed in this Form 10-Q (including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), and those described from time to time in our other filings with the SEC. 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 any claims, litigation, investigations or proceedings, including those described under “Item 1. Legal Proceedings” of this Form 10-Q;

•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;

•our ability to protect against cybersecurity incidents and disruptions or failures of our IT systems;

•our ability to assess and monitor the effects of artificial intelligence, machine learning, and robotics on our business and operations;

•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;

•our ability to appropriately address any environmental, social or governance concerns that may arise from our activities;

•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, including those listed under “Item 1A. Risk Factors” in the Fiscal 2024 Form 10-K.

All forward-looking statements are made only as of the date of this report and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.

- ii -


	June 30, 2024		March 31, 2024
ASSETS
Current assets:
Cash	$	541,637	$	490,163
Receivables (less allowance for doubtful accounts of $5,071 and $4,849, respectively)	369,256		323,576
Inventories	487,833		464,200
Other current assets	25,574		22,028
Total current assets	1,424,300		1,299,967
Property, plant and equipment, net	927,668		876,351
Other assets:
Goodwill	617,048		617,183
Intangible assets, net	340,747		352,652
Other assets	137,775		122,760
Total assets	$	3,447,538	$	3,268,913
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of debt obligations	$	11,486	$	11,870
Current maturities of finance lease obligations	22,642		18,015
Accounts payable	264,828		254,401
Other accrued liabilities	148,263		154,260
Accrued income taxes	45,708		1,076
Total current liabilities	492,927		439,622
Long-term debt obligations (less unamortized debt issuance costs of $9,248 and $9,759, respectively)	1,257,320		1,259,522
Long-term finance lease obligations	79,521		61,661
Deferred tax liabilities	155,763		156,705
Other liabilities	77,194		70,704
Total liabilities	2,062,725		1,988,214
Commitments and contingencies (see Note 8)
Mezzanine equity:
Redeemable common stock: $0.01 par value; 6,386 and 6,682 shares outstanding, respectively	103,766		108,584
Total mezzanine equity	103,766		108,584
Stockholders’ equity:
Common stock; $0.01 par value: 1,000,000 shares authorized; 82,973 and 82,283 shares issued, respectively; 71,198 and 70,868 shares outstanding, respectively	11,687		11,679
Paid-in capital	1,241,525		1,219,834
Common stock in treasury, at cost	(1,199,469)		(1,140,578)
Accumulated other comprehensive loss	(31,791)		(29,830)
Retained earnings	1,241,161		1,092,208
Total ADS stockholders’ equity	1,263,113		1,153,313
Noncontrolling interest in subsidiaries	17,934		18,802
Total stockholders’ equity	1,281,047		1,172,115
Total liabilities, mezzanine equity and stockholders’ equity	$	3,447,538	$	3,268,913


	Three Months Ended June 30,
	2024		2023
Net sales	$	815,336	$	778,046
Cost of goods sold	482,882		446,586
Gross profit	332,454		331,460
Operating expenses:
Selling, general and administrative	94,052		86,511
Loss (gain) on disposal of assets and costs from exit and disposal activities	292		(13,304)
Intangible amortization	11,895		12,802
Income from operations	226,215		245,451
Other expense:
Interest expense	22,824		21,712
Interest income and other, net	(7,116)		(3,549)
Income before income taxes	210,507		227,288
Income tax expense	49,886		55,058
Equity in net income of unconsolidated affiliates	(1,701)		(1,675)
Net income	162,322		173,905
Less: net income attributable to noncontrolling interest	920		253
Net income attributable to ADS	$	161,402	$	173,652
Weighted average common shares outstanding:
Basic	77,540		78,908
Diluted	78,282		79,634
Net income per share:
Basic	$	2.08	$	2.20
Diluted	$	2.06	$	2.18


	Three Months Ended June 30,
	2024		2023
Cash Flows from Operating Activities
Net income	$	162,322	$	173,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,098		37,240
Deferred income taxes	(942)		573
Gain on disposal of assets and costs from exit and disposal activities	292		(13,304)
Stock-based compensation	6,977		6,903
Amortization of deferred financing charges	511		511
Fair market value adjustments to derivatives	45		(36)
Equity in net income of unconsolidated affiliates	(1,701)		(1,675)
Other operating activities	(3,754)		501
Changes in working capital:
Receivables	(46,991)		(33,406)
Inventories	(25,025)		30,860
Prepaid expenses and other current assets	(3,726)		(3,699)
Accounts payable, accrued expenses, and other liabilities	54,320		45,594
Net cash provided by operating activities	183,426		243,967
Cash Flows from Investing Activities
Capital expenditures	(57,715)		(42,078)
Proceeds from disposition of assets	—		19,979
Other investing activities	498		155
Net cash used in investing activities	(57,217)		(21,944)
Cash Flows from Financing Activities
Payments on syndicated Term Loan Facility	(1,750)		(1,750)
Payments on Equipment Financing	(1,342)		(2,256)
Payments on finance lease obligations	(5,513)		(2,769)
Repurchase of common stock	(49,245)		(47,778)
Cash dividends paid	(12,428)		(11,084)
Proceeds from exercise of stock options	6,978		867
Payment of withholding taxes on vesting of restricted stock units	(10,558)		(8,742)
Other financing activities	(37)		—
Net cash used in financing activities	(73,895)		(73,512)
Effect of exchange rate changes on cash	(792)		465
Net change in cash	51,522		148,976
Cash and restricted cash at beginning of period	495,848		217,128
Cash and restricted cash at end of period	$	547,370	$	366,104

RECONCILIATION TO BALANCE SHEET
Cash	$	541,637
Restricted cash (included in Other assets in the Condensed Consolidated Balance Sheets)	5,733
Total cash and restricted cash	$	547,370


	Common Stock			Paid -In Capital		Common Stock in Treasury			Accumulated Other Compre-hensive Loss		Retained Earnings		Total ADS Stockholders’ Equity		Non- controlling Interest in Subsidiaries		Total Stock- holders’ Equity		Redeemable Common Stock			Total Mezzanine Equity
	Shares	Amount				Shares	Amount												Shares	Amount
Balance at April 1, 2023	79,057	$	11,647	$	1,134,864	9,539	$	(920,999)	$	(27,580)	$	626,215	$	824,147	$	17,493	$	841,640	9,429	$	153,220	$	153,220
Net income	—	—		—		—	—		—		173,652		173,652		253		173,905		—	—		—
Other comprehensive income	—	—		—		—	—		2,181		—		2,181		1,051		3,232		—	—		—
Common stock dividends ($0.14 per share)	—	—		—		—	—		—		(11,087)		(11,087)		—		(11,087)		—	—		—
Share repurchases	—	—		—		474	(48,071)		—		—		(48,071)		—		(48,071)		—	—		—
KSOP redeemable common stock conversion	297	3		4,820		—	—		—		—		4,823		—		4,823		(297)	(4,823)		(4,823)
Exercise of common stock options	21	1		866		—	—		—		—		867		—		867		—	—		—
Restricted stock awards	76	1		—		25	(2,346)		—		—		(2,345)		—		(2,345)		—	—		—
Performance-based restricted stock units	200	2		—		72	(6,396)		—		—		(6,394)		—		(6,394)		—	—		—
Stock-based compensation expense	—	—		6,903		—	—		—		—		6,903		—		6,903		—	—		—
Other	—	—		(4)		—	—		—		—		(4)		—		(4)		—	—		—
Balance at June 30, 2023	79,651	$	11,654	$	1,147,449	10,110	$	(977,812)	$	(25,399)	$	788,780	$	944,672	$	18,797	$	963,469	9,132	$	148,397	$	148,397
Balance at April 1, 2024	82,283	$	11,679	$	1,219,834	11,415	$	(1,140,578)	$	(29,830)	$	1,092,208	$	1,153,313	$	18,802	$	1,172,115	6,682	$	108,584	$	108,584
Net income	—	—		—		—	—		—		161,402		161,402		920		162,322		—	—		—
Other comprehensive loss	—	—		—		—	—		(1,961)		—		(1,961)		(1,788)		(3,749)		—	—		—
Common stock dividends ($0.16 per share)	—	—		—		—	—		—		(12,449)		(12,449)		—		(12,449)		—	—		—
Share repurchases	—	—		—		300	(48,333)		—		—		(48,333)		—		(48,333)		—	—		—
KSOP redeemable common stock conversion	296	3		4,815		—	—		—		—		4,818		—		4,818		(296)	(4,818)		(4,818)
Exercise of common stock options	197	2		6,976		—	—		—		—		6,978		—		6,978		—	—		—
Restricted stock awards	79	1		—		26	(4,621)		—		—		(4,620)		—		(4,620)		—	—		—
Performance-based restricted stock units	93	1		—		34	(5,937)		—		—		(5,936)		—		(5,936)		—	—		—
Stock-based compensation expense	—	—		6,977		—	—		—		—		6,977		—		6,977		—	—		—
ESPP Share Issuance	25	1		2,963		—	—		—		—		2,964		—		2,964		—	—		—
Other	—	—		(40)		—	—		—		—		(40)		—		(40)		—	—		—
Balance at June 30, 2024	82,973	$	11,687	$	1,241,525	11,775	$	(1,199,469)	$	(31,791)	$	1,241,161	$	1,263,113	$	17,934	$	1,281,047	6,386	$	103,766	$	103,766


(In thousands)	June 30, 2024		March 31, 2024
Contract asset - product returns	$	1,713	$	1,353
Refund liability	5,236		3,920


	Three Months Ended June 30,
(In thousands, except per share data)	2024		2023
NET INCOME PER SHARE—BASIC:
Net income available to common stockholders – Basic	$	161,402	$	173,652
Weighted average number of common shares outstanding – Basic	77,540		78,908
Net income per common share – Basic	$	2.08	$	2.20
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted	$	161,402	$	173,652
Weighted average number of common shares outstanding – Basic	77,540		78,908
Assumed restricted stock	102		52
Assumed exercise of stock options	625		577
Assumed performance-based restricted stock units	15		97
Weighted average number of common shares outstanding – Diluted	78,282		79,634
Net income per common share – Diluted	$	2.06	$	2.18
Potentially dilutive securities excluded as anti-dilutive	3		1


			Three Months Ended June 30, 2024
Common stock price			$177.38
Expected stock price volatility			45.5%
Risk-free interest rate			4.5%
Weighted-average expected option life (years)			6
Dividend yield			0.36%


	Three Months Ended
	June 30, 2024						June 30, 2023
(In thousands)	Net Sales		Intersegment Net Sales		Net Sales from External Customers		Net Sales		Intersegment Net Sales		Net Sales from External Customers
Pipe	$	446,179	$	(14,754)	$	431,425	$	428,572	$	(7,759)	$	420,813
Infiltrator	155,030		(24,812)		130,218		141,486		(18,578)		122,908
International
International - Pipe	43,927		(3,853)		40,074		37,178		(515)		36,663
International - Allied Products & Other	17,679		(48)		17,631		15,598		(12)		15,586
Total International	61,606		(3,901)		57,705		52,776		(527)		52,249
Allied Products & Other	200,573		(4,585)		195,988		183,445		(1,369)		182,076
Intersegment Eliminations	(48,052)		48,052		—		(28,233)		28,233		—
Total Consolidated	$	815,336	$	—	$	815,336	$	778,046	$	—	$	778,046


Consolidated Statements of Operations data:	For the Three Months Ended June 30,
(In thousands)	2024				2023
Net sales	$	815,336	100.0	%	$	778,046	100.0	%
Cost of goods sold	482,882		59.2		446,586		57.4
Gross profit	332,454		40.8		331,460		42.6
Selling, general and administrative	94,052		11.5		86,511		11.1
Loss (gain) on disposal of assets and costs from exit and disposal activities	292		—		(13,304)		(1.7)
Intangible amortization	11,895		1.5		12,802		1.6
Income from operations	226,215		27.7		245,451		31.5
Interest expense	22,824		2.8		21,712		2.8
Interest income and other, net	(7,116)		(0.9)		(3,549)		(0.5)
Income before income taxes	210,507		25.8		227,288		29.2
Income tax expense	49,886		6.1		55,058		7.1
Equity in net income of unconsolidated affiliates	(1,701)		(0.2)		(1,675)		(0.2)
Net income	162,322		19.9		173,905		22.4
Less: net income attributable to noncontrolling interest	920		0.1		253		—
Net income attributable to ADS	$	161,402	19.8	%	$	173,652	22.3	%


(Amounts in thousands)	2024		2023		$ Variance		% Variance
Pipe	$	431,425	$	420,813	$	10,612	2.5	%
Infiltrator	130,218		122,908		7,310		5.9
International	57,705		52,249		5,456		10.4
Allied Products & Other	195,988		182,076		13,912		7.6
Total Consolidated	$	815,336	$	778,046	$	37,290	4.8	%


	June 30, 2024				March 31, 2024
(In thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Notes due 2027	$	342,332	$	350,000	$	339,780	$	350,000
Senior Notes due 2030	500,930		500,000		502,890		500,000
Equipment Financing	9,180		9,554		10,475		10,901
Total fair value	$	852,442	$	859,554	$	853,145	$	860,901


(Amounts in thousands)	2024		2023		$ Variance		% Variance
Pipe	$	123,052	$	145,256	$	(22,204)	(15.3)	%
Infiltrator	80,118		68,867		11,251		16.3
International	18,297		14,791		3,506		23.7
Allied Products & Other	112,162		104,601		7,561		7.2
Intersegment eliminations	(1,175)		(2,055)		880		(42.8)
Total gross profit	$	332,454	$	331,460	$	994	0.3	%


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)
April 1, 2024 to April 30, 2024	110	$	163.73	110	$	197,933
May 1, 2024 to May 31, 2024	85	170.87		85	183,409
June 1, 2024 to June 30, 2024	95	166.31		95	167,610
Total	290	$	166.67	290	$	167,610


(Amounts in thousands)	June 30, 2024
Total debt (debt and finance lease obligations)	$	1,370,969
Cash	541,637
Net debt (total debt less cash)	829,332
Leverage Ratio	0.9


(Amounts in thousands)	June 30, 2024
Revolver capacity	$	600,000
Less: outstanding borrowings	—
Less: letters of credit	(10,450)
Revolver available liquidity	$	589,550


Exhibit Number						Exhibit Description

31.1*						Certification of President and Chief Executive Officer of Advanced Drainage Systems, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Executive Vice President and Chief Financial Officer of Advanced Drainage Systems, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*						Certification of Principal Executive Officer of Advanced Drainage Systems, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*						Certification of Principal Financial Officer of Advanced Drainage Systems, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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 June 30, 2024, 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

Date	Price Target	Rating	Analyst
4/1/2025	$134.00	Buy	Deutsche Bank
1/8/2025	$155.00	Neutral → Buy	UBS
11/13/2024	$170.00 → $135.00	Overweight → Equal-Weight	Stephens
5/8/2024	$190.00	Buy	Northcoast
8/25/2023	$148.00	Overweight	Stephens
7/24/2023	$150.00	Overweight	KeyBanc Capital Markets
6/28/2023	$107.00 → $114.00	Overweight → Equal-Weight	Morgan Stanley
4/19/2023	$108.00	Outperform	Oppenheimer

SEC Form 10-Q filed by Advanced Drainage Systems Inc.

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$WMS Press Releases

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Advanced Drainage Systems Announces Increase in Quarterly Cash Dividend

Advanced Drainage Systems Announces Fourth Quarter and Fiscal Year 2025 Results

Advanced Drainage Systems Announces Acquisition of River Valley Pipe

$WMS Financials

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Advanced Drainage Systems Announces Increase in Quarterly Cash Dividend

Advanced Drainage Systems Announces Fourth Quarter and Fiscal Year 2025 Results

Advanced Drainage Systems to Announce Fourth Quarter and Fiscal Year 2025 Results on May 15, 2025

$WMS SEC Filings

SEC Form 10-K filed by Advanced Drainage Systems Inc.

Advanced Drainage Systems Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

SEC Form 10-Q filed by Advanced Drainage Systems Inc.

$WMS Leadership Updates

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CoreCivic Appoints Catherine Hernandez-Blades and Alexander R. Fischer to its Board of Directors; CoreCivic Also Announces Planned Retirement of Long-Term Board Member Donna Alvarado

Advanced Drainage Systems Announces Retirement of Roy Moore, Executive Vice President, Infiltrator

$WMS Analyst Ratings

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Deutsche Bank initiated coverage on Advanced Drainage Systems with a new price target

Advanced Drainage Systems upgraded by UBS with a new price target

Advanced Drainage Systems downgraded by Stephens with a new price target

$WMS Large Ownership Changes

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Amendment: SEC Form SC 13G/A filed by Advanced Drainage Systems Inc.

Amendment: SEC Form SC 13G/A filed by Advanced Drainage Systems Inc.

SEC Form SC 13G/A filed by Advanced Drainage Systems Inc. (Amendment)

$WMS Insider Trading

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EVP, CFO AND SECRETARY Cottrill Scott A was granted 9,035 shares and covered exercise/tax liability with 2,881 shares, increasing direct ownership by 7% to 97,770 units (SEC Form 4)

Officer Barbour D. Scott was granted 31,529 shares and covered exercise/tax liability with 13,068 shares, increasing direct ownership by 94% to 38,088 units (SEC Form 4)

EVP and CAO Talley Kevin C was granted 4,768 shares and covered exercise/tax liability with 1,448 shares, increasing direct ownership by 6% to 56,018 units (SEC Form 4)

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