Advanced Drainage Systems (WMS) FY2021 results: revenue $2.0 billion, up 18.5% on the year
Advanced Drainage Systems, Inc. (WMS) reported revenue of $2.0 billion for fiscal 2021, the year ended 31 March 2021, up 18.5% on the year before. Net income was $224 million, and diluted earnings per share $2.59. The figures are the company's own, from the 10-K it filed with the SEC on 27 May 2021.
Revenue
$2.0 billion
+18.5% on the year
FY2014FY2021
Operating margin
17.4%
-5.7% a year earlier
FY2014FY2021
Net income
$224 million
FY2014FY2021
Diluted EPS
$2.59
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,983
1,674
1,385
+18.5%
Cost of revenue
n/a
n/a
1,058
Gross profit
690
316
327
+118.0%
Gross margin
34.8%
18.9%
23.6%
Selling, general and administrative
268
271
186
-1.4%
Operating income
345
-95.3
129
Operating margin
17.4%
-5.7%
9.3%
Pre-tax income
312
-180
112
Income tax
86.4
14.1
30.0
+513.0%
Effective tax rate
27.7%
n/a
26.9%
Net income
224
-193
77.8
Net margin
11.3%
-11.5%
5.6%
Diluted EPS
$2.59
-$3.21
$1.22
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
452
306
152
+47.7%
Capital expenditure
78.8
67.7
43.4
+16.4%
Free cash flow
373
239
108
+56.6%
Free cash flow margin
18.8%
14.2%
7.8%
Cash from investing
-77.9
-1,150
-42.5
Cash from financing
-355
1,012
-118
Depreciation and amortisation
66.4
62.2
59.2
+6.7%
Share-based compensation
65.4
32.4
21.8
+102.0%
Buybacks
0.0
0.0
n/a
Dividends paid
30.7
92.1
26.1
-66.7%
Dividend per share
$0.36
$1.36
$0.32
-73.5%
Diluted shares, weighted
72m
64m
58m
+12.1%
Shares outstanding at period end
72m
69m
57m
+3.2%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
820
526
384
+55.9%
Non-controlling interest
13.7
11.8
14.0
+16.7%
Redeemable equity
230
247
102
-7.0%
Debt
791
1,100
237
-28.1%
Operating lease liabilities
22.4
17.2
n/a
+30.4%
Finance lease liabilities
33.0
44.5
61.6
-25.9%
Other liabilities
504
424
243
+18.9%
Total liabilities and equity
2,414
2,370
1,042
+1.9%
Fixed assets
504
481
399
+4.8%
Goodwill
599
598
103
+0.2%
Intangible assets
482
555
37.2
-13.2%
Cash and equivalents
195
174
8.9
+11.9%
Receivables
236
200
187
+18.1%
Inventory
301
282
265
+6.6%
Other assets
96.3
78.7
43.0
+22.4%
Total assets
2,414
2,370
1,042
+1.9%
10-K for the year ended 31 March 2021, filed 27 May 2021: the filing.