Advanced Drainage Systems (WMS) FY2019 results: revenue $1.4 billion, up 4.1% on the year
Advanced Drainage Systems, Inc. (WMS) reported revenue of $1.4 billion for fiscal 2019, the year ended 31 March 2019, up 4.1% on the year before. Net income was $78 million, up 25.4%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 30 May 2019.
Revenue
$1.4 billion
+4.1% on the year
FY2013FY2019
Operating margin
9.3%
6.6% a year earlier
FY2013FY2019
Net income
$78 million
+25.4% on the year
FY2013FY2019
Diluted EPS
$1.22
+23.2% on the year
FY2013FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,385
1,330
1,257
+4.1%
Cost of revenue
1,058
1,028
961
+2.9%
Gross profit
327
302
296
+8.1%
Gross margin
23.6%
22.7%
23.5%
Selling, general and administrative
186
n/a
n/a
Operating income
129
88.3
76.3
+46.6%
Operating margin
9.3%
6.6%
6.1%
Pre-tax income
112
76.9
64.8
+45.1%
Income tax
30.0
11.4
24.6
+163.3%
Effective tax rate
26.9%
14.8%
38.0%
Net income
77.8
62.0
33.0
+25.4%
Net margin
5.6%
4.7%
2.6%
Diluted EPS
$1.22
$0.99
$0.50
+23.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
152
137
104
+10.6%
Capital expenditure
43.4
41.7
46.7
+4.1%
Free cash flow
108
95.4
57.6
+13.5%
Free cash flow margin
7.8%
7.2%
4.6%
Cash from investing
-42.5
-30.4
-61.3
Cash from financing
-118
-95.0
-42.8
Depreciation and amortisation
59.2
62.1
72.4
-4.7%
Share-based compensation
21.8
18.8
17.9
+15.8%
Buybacks
n/a
7.9
n/a
Dividends paid
26.1
18.5
16.8
+41.5%
Dividend per share
$0.32
$0.28
$0.24
+14.3%
Diluted shares, weighted
58m
56m
56m
+2.3%
Shares outstanding at period end
57m
56m
55m
+1.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
384
308
223
+24.9%
Non-controlling interest
14.0
16.7
14.9
-16.1%
Redeemable equity
102
110
113
-6.6%
Debt
237
301
350
-21.3%
Finance lease liabilities
61.6
n/a
n/a
Other liabilities
243
309
345
-21.2%
Total liabilities and equity
1,042
1,043
1,046
-0.1%
Fixed assets
399
399
407
-0.1%
Goodwill
103
103
101
-0.4%
Intangible assets
37.2
44.4
51.8
-16.3%
Cash and equivalents
8.9
17.6
6.5
-49.4%
Receivables
187
172
169
+8.7%
Inventory
265
264
258
+0.3%
Other assets
43.0
43.1
53.3
-0.1%
Total assets
1,042
1,043
1,046
-0.1%
10-K for the year ended 31 March 2019, filed 30 May 2019: the filing.