Latest news with #ScottBarbour
Toronto Sun
11-06-2025
- Automotive
- Toronto Sun
Montreal's Lance Stroll set to race at Canadian Grand Prix after injury setback
Published Jun 11, 2025 • 1 minute read Aston Martin driver Lance Stroll of Canada steers his back to his team garage during the third practice session at the Australian Formula One Grand Prix at Albert Park, in Melbourne, Australia, Saturday, March 15, 2025. Photo by Scott Barbour / AP Montreal's Lance Stroll has been cleared to race in this weekend's Canadian Grand Prix after missing the Spanish GP due to pain in his hand and wrist. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The Aston Martin driver had qualified in Spain but was withdrawn on medical advice the night before the June 1 race. He later underwent surgery and completed test laps in an older F1 car at France's Circuit Paul Ricard. The pain was believed to be linked to injuries from a 2023 cycling crash. 'I am excited to get back behind the wheel with the team for my home Grand Prix this weekend,' Stroll said Wednesday in a statement posted to the Aston Martin team's official account on the social media platform X. 'I was always going to fight hard to be ready to race in front of the Montreal crowd. I'm feeling good after my procedure and put some laps in at Paul Ricard this week to prepare. Thanks for all the support, see you guys this weekend.' This advertisement has not loaded yet, but your article continues below. Aston Martin chief trackside officer Mike Krack said after the Spanish GP that having Stroll ready to race in Montreal was the team's 'Plan A.' Reserve drivers Felipe Drugovich and Valtteri Bottas were considered as possible fill-ins if Stroll wasn't fit. 'Lance is feeling fit and healthy, and is excited to compete in front of his home crowd,' the team said in a statement. The Canadian sits 12th in the standings heading into his home race at Circuit Gilles Villeneuve. Stroll, who has three third-place finishes in his F1 career, set a career high at the Canadian GP last year with a seventh-place result. Check out our sports section for the latest news and analysis. Care for a wager? Head to our sports betting section for news and odds. NHL Celebrity Editorial Cartoons Toronto & GTA News
Scotsman
07-06-2025
- Scotsman
A Refugee's Tale as told to Nobel Prize winner Abdulrazak Gurnah: Eight years on the edge of hell
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... I came by air. It may sound odd to say that – what other way then? Some people walked. Many drowned. They were desperate. I wasn't desperate but I was very frightened because I had made some people very angry with me. My crime was to tell the girls who attended my Sunday school that they should not agree to be circumcised. My Sunday school was supposed to be a reading and writing class but I slipped in the good word any how I could. I told them circumcision was genital mutilation and a barbaric and backward practice. Advertisement Hide Ad Advertisement Hide Ad Men forced women to do it so they would know they were rubbish. The real intention was to hurt them and paralyse them and control them. When the day came for the girls to agree to the cut, six of them refused. I wasn't there, but I discovered what had happened that same night when I heard angry voices outside my house, bidding me to come out and take a beating for interfering with their daughters. It was a Muslim village in a Muslim country, and though I am a countryman, I'm a Christian who was now accused of interfering with their daughters. You can imagine my terror. 'At Lunar House a woman interviewed me, and wrote down all my details' (Picture: Scott Barbour) | Getty Images When it quietened down outside and the angry people went away, perhaps to get more people to come and help them, I wheeled out my bicycle in the dark and rode away to safety in a nearby village. The next day I heard that the thatch of my house was set on fire that night and that the people who did it were still looking for me and talking bad, so I ran away to the city, to the office of the charity NGO I worked for. The officer there was an Englishman, Bernard, he was my friend. He told me he would find out about the fire. A few days later he told me that the people who burnt down my house came to look for me at the office, and they said they had some unfinished business with me... These bad people went back to the office several times looking for me, and in the end Bernard suggested that I run away to Britain to seek asylum. Advertisement Hide Ad Advertisement Hide Ad It is a Christian country, and you are a Christian worker persecuted for doing Christian labour, Bernard said. He knew I would be given sanctuary, he said. *** At Lunar House a woman interviewed me, and wrote down all my details. I told her that I was a campaigner against female genital mutilation and my life was in danger in my home country. Yes, she said, I am going to assign you emergency initial accommodation, just sit there and wait now. By the end of the day there were six of us waiting there and we were all put in a van and taken to Barry House. There were 12 of us there, and we could go out if we wanted... We told each other stories of our escape from danger and death. Then three of us were sent to live in a house in Newcastle where we stayed for a month. Then after that I was given a flat in Glasgow and three weeks' money, and all this time I was still waiting to be interviewed so that I could explain my need for sanctuary. I was eager for my interview because I knew that the officer would understand and sympathise with my reasons for coming here. Advertisement Hide Ad Advertisement Hide Ad After one month in Glasgow I was called for interview. I was interviewed for five hours by three different people. All of them were calm and persistent, but I could tell from the way they asked me questions that there was something behind it. They did not believe me and as the hours passed I began to think what I had not thought possible over the three months I had been waiting. They did not want me here. They did not like me. The result of the interview was that I was refused permission to stay. I felt as if I was something broken and discarded, thrown away with other broken things. I could not get over the stubborn and unruffled hostility of the officers. Perhaps you knew all along it was going to turn out like this, but I did not expect it. I really thought I would be heard differently. After two years my application at last was successful, but permission to stay did not mean the end of my arriver's tale. I was not allowed to work. My allowance, which was loaded onto an electronic card, only allowed me to shop in certain shops and for certain things. Advertisement Hide Ad Advertisement Hide Ad In the end I took a job working illegally a few hours a week in a motor parts shop, just for pocket money. I don't know how the police found out, but they raided my flat at four in the morning, overturned everything they could overturn and took me away hurriedly as if I was a dangerous criminal. All my papers and all my property were lost during the arrest because I was not allowed to go back and was held away out of sight as if I was a poisonous snake or an infectious animal for several months. I was released only to return to the limbo I was in before. I am not allowed to work. I have now been here for eight years. I have no choice but to live where I am told to live and wait for the next hearing to allow my application to be considered. Do you know what limbo means? It means the edge of hell.
Yahoo
15-05-2025
- Business
- Yahoo
Advanced Drainage (NYSE:WMS) Misses Q1 Sales Targets
Water management company Advanced Drainage Systems (NYSE:WMS) missed Wall Street's revenue expectations in Q1 CY2025, with sales falling 5.8% year on year to $615.8 million. The company's full-year revenue guidance of $2.9 billion at the midpoint came in 7.6% below analysts' estimates. Its non-GAAP profit of $1.03 per share was 6.2% below analysts' consensus estimates. Is now the time to buy Advanced Drainage? Find out in our full research report. Revenue: $615.8 million vs analyst estimates of $660.4 million (5.8% year-on-year decline, 6.8% miss) Adjusted EPS: $1.03 vs analyst expectations of $1.10 (6.2% miss) Adjusted EBITDA: $176.7 million vs analyst estimates of $184.1 million (28.7% margin, 4% miss) Management's revenue guidance for the upcoming financial year 2026 is $2.9 billion at the midpoint, missing analyst estimates by 7.6% and implying -0.1% growth (vs 0.9% in FY2025) EBITDA guidance for the upcoming financial year 2026 is $880 million at the midpoint, below analyst estimates of $937.6 million "demand continues to be impacted by higher interest rates and economic uncertainty. In addition, the fourth quarter had unfavorable winter weather conditions this year against an already difficult comparison of very favorable weather in the prior year" Operating Margin: 19%, down from 20.7% in the same quarter last year Free Cash Flow was -$5.31 million compared to -$29.76 million in the same quarter last year Market Capitalization: $9.44 billion Scott Barbour, President and Chief Executive Officer of ADS, commented, "In Fiscal 2025, domestic construction market sales increased 3% as we continued to drive above market performance through our material conversion strategy in the stormwater and onsite wastewater markets. Importantly, organic sales in our most profitable segments, Infiltrator and Allied Products, increased 4.6% and 2.5%, respectively, and the onsite wastewater and Allied products now represent a collective 44% of revenue. The resiliency demonstrated by this year's 30.6% Adjusted EBITDA margin is due in part to our strategy to grow these more profitable products to be a higher mix of the overall sales." Originally started as a farm water drainage company, Advanced Drainage Systems (NYSE:WMS) provides clean water management solutions to communities across America. A company's long-term sales performance is one signal of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, Advanced Drainage grew its sales at an impressive 11.7% compounded annual growth rate. Its growth beat the average industrials company and shows its offerings resonate with customers. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. Advanced Drainage's recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 2.8% over the last two years. Advanced Drainage also breaks out the revenue for its most important segments, Pipe and Infiltrators, which are 51.7% and 19.9% of revenue. Over the last two years, Advanced Drainage's Pipe revenue (thermoplastic corrugated pipes) averaged 6.6% year-on-year declines. On the other hand, its Infiltrators revenue (wastewater treatment systems) averaged 10% growth. This quarter, Advanced Drainage missed Wall Street's estimates and reported a rather uninspiring 5.8% year-on-year revenue decline, generating $615.8 million of revenue. Looking ahead, sell-side analysts expect revenue to grow 6.2% over the next 12 months. While this projection implies its newer products and services will catalyze better top-line performance, it is still below average for the sector. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses – everything from the cost of goods sold to advertising and wages. It's also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes. Advanced Drainage has been a well-oiled machine over the last five years. It demonstrated elite profitability for an industrials business, boasting an average operating margin of 21.1%. This result isn't too surprising as its gross margin gives it a favorable starting point. Analyzing the trend in its profitability, Advanced Drainage's operating margin rose by 5.3 percentage points over the last five years, as its sales growth gave it immense operating leverage. In Q1, Advanced Drainage generated an operating profit margin of 19%, down 1.7 percentage points year on year. Since Advanced Drainage's gross margin decreased more than its operating margin, we can assume its recent inefficiencies were driven more by weaker leverage on its cost of sales rather than increased marketing, R&D, and administrative overhead expenses. Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Advanced Drainage's EPS grew at an astounding 83.9% compounded annual growth rate over the last five years, higher than its 11.7% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. We can take a deeper look into Advanced Drainage's earnings to better understand the drivers of its performance. As we mentioned earlier, Advanced Drainage's operating margin declined this quarter but expanded by 5.3 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business. For Advanced Drainage, its two-year annual EPS declines of 2.5% mark a reversal from its (seemingly) healthy five-year trend. We hope Advanced Drainage can return to earnings growth in the future. In Q1, Advanced Drainage reported EPS at $1.03, down from $1.23 in the same quarter last year. This print missed analysts' estimates, but we care more about long-term EPS growth than short-term movements. Over the next 12 months, Wall Street expects Advanced Drainage's full-year EPS of $5.87 to grow 7.7%. We struggled to find many positives in these results. Its Infiltrators revenue missed and its full-year revenue guidance fell short of Wall Street's estimates. Management stated that "demand continues to be impacted by higher interest rates and economic uncertainty. In addition, the fourth quarter had unfavorable winter weather conditions this year against an already difficult comparison of very favorable weather in the prior year". Overall, this was a weaker quarter. The stock remained flat at $120.69 immediately following the results. The latest quarter from Advanced Drainage's wasn't that good. One earnings report doesn't define a company's quality, though, so let's explore whether the stock is a buy at the current price. If you're making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it's free.
Business Wire
15-05-2025
- Business
- Business Wire
Advanced Drainage Systems Announces Increase in Quarterly Cash Dividend
HILLIARD, Ohio--(BUSINESS WIRE)--Advanced Drainage Systems, Inc. (NYSE: WMS) ('ADS' or the 'Company'), a leading provider of innovative water management solutions in the stormwater and onsite wastewater industries, today announced that its Board of Directors (the 'Board') has approved a total annual cash dividend to its shareholders in the amount of $0.72 per share, a 13% increase over the prior year dividend amount. Scott Barbour, President and Chief Executive Officer of Advanced Drainage Systems commented, "The 13% increase in the cash dividend is predicated on the strength of our balance sheet, formidable cash generation, and ongoing commitment to returning capital to shareholders. In Fiscal 2025, we returned $119.7 million to shareholders through dividends and share repurchases. Our strong financial performance and operational excellence initiatives provide us with the confidence and financial flexibility to return excess cash to our shareholders while simultaneously continuing to invest in safety, capacity and productivity at both ADS and Infiltrator." The quarterly cash dividend amount of $0.18 per share will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. About the Company Advanced Drainage Systems is a leading manufacturer of innovative stormwater and onsite wastewater solutions that manage the world's most precious resource: water. ADS and its subsidiary, Infiltrator Water Technologies, provide superior stormwater drainage and onsite wastewater products used in a wide variety of markets and applications including commercial, residential, infrastructure and agriculture, while delivering unparalleled customer service. ADS manages the industry's largest company-owned fleet, an expansive sales team, and a vast manufacturing network of approximately 64 manufacturing plants and 35 distribution centers. The company is one of the largest plastic recycling companies in North America, ensuring over half a billion pounds of plastic is kept out of landfills every year. Founded in 1966, ADS' water management solutions are designed to last for decades. To learn more, visit the Company's website at 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; 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 described in the Company's filings with the SEC. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company's expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company's forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Business Wire
15-05-2025
- Business
- Business Wire
Advanced Drainage Systems Announces Fourth Quarter and
HILLIARD, Ohio--(BUSINESS WIRE)--Advanced Drainage Systems, Inc. (NYSE: WMS) ('ADS' or the 'Company'), a leading provider of innovative water management solutions in the stormwater and onsite wastewater industries today announced financial results for the fourth quarter and fiscal year ended March 31, 2025. Fourth Quarter Fiscal 2025 Results Fiscal 2025 Results Net sales increased 1.0% to $2,904.2 million Net income decreased 11.8% to $452.6 million Diluted net income per share decreased 10.7% to $5.76 Adjusted EBITDA (Non-GAAP) decreased 3.7% to $889.2 million Cash provided by operating activities decreased $136.4 million to $581.5 million Free cash flow (Non-GAAP) decreased $165.6 million to $368.5 million Scott Barbour, President and Chief Executive Officer of ADS, commented, "In Fiscal 2025, domestic construction market sales increased 3% as we continued to drive above market performance through our material conversion strategy in the stormwater and onsite wastewater markets. Importantly, organic sales in our most profitable segments, Infiltrator and Allied Products, increased 4.6% and 2.5%, respectively, and the onsite wastewater and Allied products now represent a collective 44% of revenue. The resiliency demonstrated by this year's 30.6% Adjusted EBITDA margin is due in part to our strategy to grow these more profitable products to be a higher mix of the overall sales." "In the fourth quarter, net sales decreased 6% overall as demand continues to be impacted by higher interest rates and economic uncertainty. In addition, the fourth quarter had unfavorable winter weather conditions this year against an already difficult comparison of very favorable weather in the prior year. Despite the demand environment, pricing/cost remained in line with expectations and sequentially consistent in the second through fourth quarters. Fourth quarter manufacturing, transportation and SG&A costs were all favorable to the prior year." "Turning to Fiscal 2026, orders are positive year-over-year, though the end market outlook remains sluggish. The Company's diversified regional exposure across the United States, end market and product mix are unique in the industry. The material conversion strategy remains strong with significant market opportunity. Opportunities for growth with new products into the fast-growing segments of the construction market, such as data centers and infrastructure, give us confidence in our ability to grow and increase market share during this period of market uncertainty." Barbour concluded, "Long-term, we will continue to drive profitable, above market growth in the highly attractive stormwater and onsite wastewater markets. By executing our very strong go-to-market model, while stacking on top of it investments in customer service, design tools, new products and capacity, we will be market leaders and drive growth well into the future." Fourth Quarter Fiscal 2025 Results Net sales decreased $38.1 million, or 5.8%, to $615.8 million, as compared to $653.8 million in the prior year quarter. Domestic pipe sales decreased $40.6 million, or 11.3%, to $318.1 million. Domestic allied products & other sales decreased $7.3 million, or 4.8%, to $145.4 million. Infiltrator sales increased $16.2 million, or 15.3%, to $122.3 million. Excluding the acquisition of Orenco Systems, Inc. ("Orenco"), Infiltrator organic revenue decreased 4.5%. The overall decrease in domestic net sales was primarily driven by weather-related demand weakness in the U.S. construction and agriculture end markets. International sales decreased $6.4 million, or 17.6%, to $30.0 million. Gross profit decreased $25.7 million, or 10.2%, to $226.3 million as compared to $252.0 million in the prior year. The decrease in gross profit is primarily driven by unfavorable volume as well as price/mix and material costs. This was partially offset by an improvement in manufacturing and transportation costs due to better fixed cost absorption and increased productivity. Selling, general and administrative expenses decreased $9.8 million, or 9.7% to $91.4 million, as compared to $101.2 million. As a percentage of sales, selling, general and administrative expense was 14.8% as compared to 15.5% in the prior year. Net income per diluted share decreased $0.22, or 18.2%, to $0.99, as compared to $1.21 per share in the prior year quarter, primarily due to the factors mentioned above. Adjusted EBITDA (Non-GAAP) decreased $14.5 million, or 7.6%, to $176.7 million, as compared to $191.2 million in the prior year, primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 28.7% as compared to 29.2% in the prior year. Segment sales results are based on Net sales to external customers. Reconciliations of GAAP to Non-GAAP financial measures for Adjusted EBITDA, Free Cash Flow and Adjusted Earnings per Share 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 2025 Results Net sales increased $29.8 million, or 1.0%, to $2,904.2 million, as compared to $2,874.5 million in the prior year. Domestic pipe sales decreased $40.9 million, or 2.6%, to $1,503.4 million. Domestic allied products & other sales increased $16.6 million, or 2.5%, to $689.9 million. Infiltrator sales increased $67.3 million, or 15.0%, to $516.3 million. Excluding the acquisition of Orenco, Infiltrator organic revenue increased 4.6%. The increase in overall domestic net sales was driven the growth of the Infiltrator business and Allied products portfolio as well as material conversion in the U.S. construction end markets. International sales decreased $13.1 million, or 6.3%, to $194.6 million. Gross profit decreased $51.7 million, or 4.5%, to $1,094.2 million as compared to $1,145.9 million in the prior year. The decrease in gross profit is primarily driven by unfavorable pricing and material cost, partially offset by favorable volume, sales mix and manufacturing costs. Selling, general and administrative expenses increased $9.7 million, or 2.6% to $380.4 million, as compared to $370.7 million. As a percentage of sales, selling, general and administrative expense was 13.1% as compared to 12.9% in the prior year. Net income per diluted share decreased $0.69, or 10.7%, to $5.76, as compared to $6.45 per share in the prior year. Results for fiscal 2025 include $9.3 million or $0.09 per share of transaction costs. Results for fiscal 2024 included a $14.9 million gain and $2.0 million loss on the sales of assets, which after considering the income tax impact of this net gain impacted net income per diluted share by $0.12. Excluding the impact of these items, Adjusted earnings per share decreased $0.50, or 7.8%, to $5.89, as compared to $6.39 in the prior year. Adjusted EBITDA (Non-GAAP) decreased $33.7 million, or 3.7%, to $889.2 million, as compared to $922.9 million in the prior year, primarily due to the factors mentioned above. As a percentage of net sales, Adjusted EBITDA was 30.6% as compared to 32.1% in the prior year. Balance Sheet and Liquidity Net cash provided by operating activities was $581.5 million, as compared to $717.9 million in the prior year. Free cash flow (Non-GAAP) was $368.5 million, as compared to $534.1 million in the prior year. Capital expenditures increased $29.1 million over the prior year as we continue to invest in safety, capacity and productivity. Net debt (total debt and finance lease obligations net of cash) was $962.3 million as of March 31, 2025, an increase of $101.4 million from March 31, 2024. On October 1, 2024, the Company completed the acquisition of Orenco, a leading manufacturer of decentralized wastewater management products serving residential and non-residential end markets. Orenco results are included in the Infiltrator segment. ADS had total liquidity of $1.1 billion, comprised of cash of $463.3 million as of March 31, 2025 and $590.6 million of availability under committed credit facilities. As of March 31, 2025, the Company's leverage ratio was 1.1 times. In the twelve months ended March 31, 2025, the Company repurchased 0.4 million shares of its common stock for a total cost of $69.9 million. Between common stock repurchased and dividends paid, the Company returned $119.7 million to shareholders in the year ended March 31, 2025. As of March 31, 2025, the Company has $147.7 million remaining under its share repurchase authorization. Fiscal Year 2026 Outlook Based on current visibility, backlog of existing orders and business trends, the Company issued the following targets for fiscal 2026. Net sales are expected to be in the range of $2.825 billion to $2.975 billion. Adjusted EBITDA is expected to be in the range of $850 million to $910 million. Capital expenditures are expected to be approximately $275 million. 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 An online replay will be available on the same website following the call. Teleconference: To participate in the live teleconference, participants may register at 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 Advanced Drainage Systems is a leading manufacturer of innovative stormwater and onsite wastewater solutions that manage the world's most precious resource: water. ADS and its subsidiary, Infiltrator Water Technologies, provide superior stormwater drainage and onsite wastewater products used in a wide variety of markets and applications including commercial, residential, infrastructure and agriculture, while delivering unparalleled customer service. ADS manages the industry's largest company-owned fleet, an expansive sales team, and a vast manufacturing network of approximately 64 manufacturing plants and 35 distribution centers. The company is one of the largest plastic recycling companies in North America, ensuring over half a billion pounds of plastic is kept out of landfills every year. Founded in 1966, ADS' water management solutions are designed to last for decades. To learn more, visit the Company's website at 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; 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 described in the Company's filings with the SEC. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company's expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company's forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) As of (Amounts in thousands) March 31, 2024 March 31, 2023 ASSETS Current assets: Cash $ 463,319 $ 490,163 Receivables, net 333,221 323,576 Inventories 488,269 464,200 Other current assets 39,974 22,028 Total current assets 1,324,783 1,299,967 Property, plant and equipment, net 1,051,040 876,351 Other assets: Goodwill 720,223 617,183 Intangible assets, net 448,060 352,652 Other assets 146,254 122,760 Total assets $ 3,690,360 $ 3,268,913 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of debt obligations $ 9,934 $ 11,870 Current maturities of finance lease obligations 33,143 18,015 Accounts payable 218,024 254,401 Other accrued liabilities 137,295 155,336 Total current liabilities 398,396 439,622 Long-term debt obligations, net 1,251,589 1,259,522 Long-term finance lease obligations 131,000 61,661 Deferred tax liabilities 190,416 156,705 Other liabilities 83,171 70,704 Total liabilities 2,054,572 1,988,214 Mezzanine equity: Redeemable convertible preferred stock 92,652 108,584 Total mezzanine equity 92,652 108,584 Stockholders' equity: Common stock 11,694 11,679 Paid-in capital 1,277,694 1,219,834 Common stock in treasury, at cost (1,219,408 ) (1,140,578 ) Accumulated other comprehensive loss (37,178 ) (29,830 ) Retained earnings 1,492,634 1,092,208 Total ADS stockholders' equity 1,525,436 1,153,313 Noncontrolling interest in subsidiaries 17,700 18,802 Total stockholders' equity 1,543,136 1,172,115 Total liabilities, mezzanine equity and stockholders' equity $ 3,690,360 $ 3,268,913 Expand ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Fiscal Year Ended March 31, (Amounts in thousands) 2025 2024 Cash Flow from Operating Activities Net income $ 452,573 $ 513,291 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 183,281 154,903 Deferred income taxes (423 ) (2,280 ) Loss (gain) on disposal of assets and costs from exit and disposal activities 3,858 (8,365 ) Stock-based compensation 26,581 31,986 Amortization of deferred financing charges 2,044 2,044 Fair market value adjustments to derivatives 220 (972 ) Equity in net income of unconsolidated affiliates (4,171 ) (5,536 ) Other operating activities (298 ) 6,697 Changes in working capital: Receivables 1,414 (14,590 ) Inventories (15,749 ) 594 Prepaid expenses and other current assets (3,983 ) (275 ) Accounts payable, accrued expenses and other liabilities (63,856 ) 40,431 Net cash provided by operating activities 581,491 717,928 Cash Flows from Investing Activities Capital expenditures (212,944 ) (183,812 ) Proceeds from disposition of assets or businesses — 27,498 Acquisition, net of cash acquired (237,310 ) — Other investing activities 2,388 650 Net cash used in investing activities (447,866 ) (155,664 ) Cash Flows from Financing Activities Payments on syndicated Term Loan Facility (7,000 ) (7,000 ) Payments on Equipment Financing (4,897 ) (7,738 ) Payments on finance lease obligations (25,487 ) (12,145 ) Repurchase of common stock (69,922 ) (207,308 ) Cash dividends paid (49,737 ) (43,995 ) Dividends paid to noncontrolling interest holder — (3,747 ) Proceeds from option exercises 9,971 6,454 Payment of withholding taxes on vesting of restricted stock units (10,657 ) (8,864 ) Other financing activities 2 — Net cash used in financing activities (157,727 ) (284,343 ) Effect of exchange rate changes on cash (2,475 ) 799 Net change in cash (26,577 ) 278,720 Cash at beginning of year 495,848 217,128 Cash and restricted cash at end of year $ 469,271 $ 495,848 Cash $ 463,319 $ 490,163 Restricted cash 5,952 5,685 Total cash and restricted cash $ 469,271 $ 495,848 Expand Selected Financial Data The following tables set forth net sales by reportable segment for each of the periods indicated. Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ('GAAP'). ADS management uses non-GAAP measures in its analysis of the Company's performance. Investors are encouraged to review the reconciliation of non-GAAP financial measures to the comparable GAAP results available in the accompanying tables. 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 Adjusted EBITDA to Net Income Three Months Ended March 31, Fiscal Year Ended March 31, (Amounts in thousands) 2025 2024 2025 2024 Net income $ 76,788 $ 95,479 $ 452,573 $ 513,291 Depreciation and amortization 49,610 42,889 183,281 154,903 Interest expense 22,729 22,878 91,803 88,862 Income tax expense 23,166 26,333 141,063 158,998 EBITDA 172,293 187,579 868,720 916,054 Loss (gain) on disposal of assets and costs from exit and disposal activities 3,426 2,304 3,858 (8,365 ) Stock-based compensation expense 4,823 8,350 26,581 31,986 Transaction costs (a) 672 390 9,291 3,444 Interest income (5,007 ) (6,906 ) (23,485 ) (22,047 ) Other adjustments (b) 488 (539 ) 4,263 1,875 Adjusted EBITDA $ 176,695 $ 191,178 $ 889,228 $ 922,947 Expand 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, legal settlements, inventory step-up costs, 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). Expand The following table diluted presents earnings per share on an adjusted basis to supplement the Company's discussion of its results of operations herein. a. The income tax impact of adjustments to each period is based on the statutory tax rate. Expand
