Advanced Drainage Systems (WMS) Q3 FY2024 earnings: revenue $662 million, up 1.1% on the year

Advanced Drainage Systems, Inc. (WMS) reported revenue of $662 million for Q3 FY2024, the quarter ended 31 December 2023, up 1.1% on the same quarter a year earlier. Net income was $106 million, up 28.8% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-Q it filed with the SEC on 8 February 2024.

Revenue$662 millionup 1.1%

Net income$106 millionup 28.8%

Diluted EPS$1.34

QuarterQ3 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	662	780	n/a	n/a
Gross profit	260	303	n/a	n/a
Gross margin	39.2%	38.8%	n/a
Operating income	153	198	n/a	n/a
Operating margin	23.1%	25.4%	n/a
Pre-tax income	136	184	n/a	n/a
Income tax	30.1	47.5	n/a	n/a
Effective tax rate	22.2%	25.9%	n/a
Net income	106	136	n/a	n/a
Net margin	15.9%	17.4%	n/a
Diluted EPS	$1.34	$1.71	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	241	215	n/a	n/a
Capital expenditure	53.8	40.5	n/a	n/a
Free cash flow	188	174	n/a	n/a
Free cash flow margin	28.3%	22.3%	n/a
Cash from investing	-53.7	-40.3	n/a	n/a
Cash from financing	-93.0	-69.9	n/a	n/a
Depreciation and amortisation	38.1	36.7	n/a	n/a
Share-based compensation	7.4	9.3	n/a	n/a
Buybacks	76.6	53.8	n/a	n/a
Dividends paid	10.9	11.1	n/a	n/a
Dividend per share	$0.14	$0.14	n/a	n/a
Diluted shares, weighted	79m	79m	n/a	n/a
Shares outstanding at period end	70m	70m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,079	1,029	n/a	n/a
Non-controlling interest	21.6	19.4	n/a	n/a
Redeemable equity	122	133	n/a	n/a
Debt	1,262	1,264	n/a	n/a
Finance lease liabilities	37.9	31.7	n/a	n/a
Other liabilities	640	660	n/a	n/a
Total liabilities and equity	3,162	3,138	n/a	n/a
Fixed assets	811	774	n/a	n/a
Goodwill	617	620	n/a	n/a
Intangible assets	366	382	n/a	n/a
Cash and equivalents	561	470	n/a	n/a
Receivables	241	353	n/a	n/a
Inventory	405	385	n/a	n/a
Other assets	161	154	n/a	n/a
Total assets	3,162	3,138	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	780	662	654	815	783	691	616	830	850	693	677	1,001
Gross profit	303	260	252	332	294	242	226	330	340	259	238	408
Gross margin	39%	39%	39%	41%	38%	35%	37%	40%	40%	37%	35%	41%
Operating income	198	153	135	226	187	127	117	206	223	137	53.3	255
Operating margin	25%	23%	21%	28%	24%	18%	19%	25%	26%	20%	8%	25%
Pre-tax income	184	136	120	211	171	109	99.2	189	208	123	39.4	229
Tax rate	26%	22%	22%	24%	24%	25%	23%	25%	25%	25%	14%	23%
Net income	136	106	94.8	161	130	81.2	77.2	144	156	93.6	32.9	169
Net margin	17%	16%	15%	20%	17%	12%	13%	17%	18%	14%	5%	17%
Diluted EPS	$1.71	$1.34	$1.21	$2.06	$1.67	$1.04	$0.99	$1.84	$1.99	$1.19	$0.42	$2.19
Operating cash flow	215	241	17.7	183	167	190	41.2	275	235	269	39.9	260
Capital expenditure	40.5	53.8	47.4	57.7	54.5	54.2	46.5	52.6	58.4	85.7	53.0	57.2
Free cash flow	174	188	-29.8	126	112	136	-5.3	222	176	184	-13.1	203
Buybacks	53.8	76.6	29.1	49.2	20.7	0.0	0.0	0.0	0.0	0.0	92.0	233
Dividends paid	11.1	10.9	10.9	12.4	12.5	12.4	12.4	14.0	14.1	14.0	14.0	15.3
Shares outstanding	70m	70m	71m	71m	71m	72m	72m	72m	73m	73m	73m	71m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 8 February 2024, accession 0001604028-24-000005: the filing on EDGAR. All of Advanced Drainage Systems, Inc.'s filings: EDGAR company page.

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