QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated Filer | ☐ | ||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||
Emerging Growth Company |
Page | ||||||||||||||
September 30, 2022 | March 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | $ | |||||||||
Receivables (less allowance for doubtful accounts of $ | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets: | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of debt obligations | $ | $ | |||||||||
Current maturities of finance lease obligations | |||||||||||
Accounts payable | |||||||||||
Other accrued liabilities | |||||||||||
Accrued income taxes | |||||||||||
Total current liabilities | |||||||||||
Long-term debt obligations (less unamortized debt issuance costs of $ | |||||||||||
Long-term finance lease obligations | |||||||||||
Deferred tax liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see Note 9) | |||||||||||
Mezzanine equity: | |||||||||||
Redeemable common stock: $ | |||||||||||
Redeemable convertible preferred stock: $ | |||||||||||
Total mezzanine equity | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock; $ shares issued, respectively; | |||||||||||
Paid-in capital | |||||||||||
Common stock in treasury, at cost | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total ADS stockholders’ equity | |||||||||||
Noncontrolling interest in subsidiaries | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, mezzanine equity and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | ( | ( | ( | ||||||||||||||||||||
Intangible amortization | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Derivative losses (gains) and other expense (income), net | ( | ( | |||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: net income attributable to noncontrolling interest | |||||||||||||||||||||||
Net income attributable to ADS | |||||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Currency translation (loss) gain | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: other comprehensive (loss) income attributable to noncontrolling interest | ( | ( | ( | ||||||||||||||||||||
Less: net income attributable to noncontrolling interest | |||||||||||||||||||||||
Total comprehensive income attributable to ADS | $ | $ | $ | $ |
Six Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | ( | ||||||||||
ESOP and stock-based compensation | |||||||||||
Amortization of deferred financing charges | |||||||||||
Fair market value adjustments to derivatives | ( | ||||||||||
Equity in net income of unconsolidated affiliates | ( | ( | |||||||||
Other operating activities | ( | ||||||||||
Changes in working capital: | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Accounts payable, accrued expenses, and other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisition, net of cash acquired | ( | ||||||||||
Other investing activities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Payments on syndicated Term Loan Facility | ( | ( | |||||||||
Proceeds from Revolving Credit Agreement | |||||||||||
Payments on Revolving Credit Agreement | ( | ( | |||||||||
Proceeds from Amended Revolving Credit Agreement | |||||||||||
Payments on Amended Revolving Credit Agreement | ( | ||||||||||
Proceeds from Senior Notes due 2030 | |||||||||||
Debt issuance costs | ( | ||||||||||
Payments on Equipment Financing | ( | ||||||||||
Payments on finance lease obligations | ( | ( | |||||||||
Repurchase of common stock | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Dividends paid to noncontrolling interest holder | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Payment of withholding taxes on vesting of restricted stock units | ( | ( | |||||||||
Other financing activities | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net change in cash | ( | ||||||||||
Cash at beginning of period | |||||||||||
Cash at end of period | $ | $ | |||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Cash paid for interest | |||||||||||
Non-cash operating, investing and financing activities: | |||||||||||
Repurchase of common stock pending settlement | |||||||||||
Acquisition of property, plant and equipment under finance lease and incurred lease obligations | |||||||||||
Balance in accounts payable for the acquisition of property, plant and equipment |
Common Stock | Paid -In Capital | Common Stock in Treasury | Accumulated Other Compre-hensive Loss | Retained (Deficit) Earnings | Total ADS Stockholders’ Equity | Non- controlling Interest in Subsidiaries | Total Stock- holders’ Equity | Redeemable Convertible Preferred Stock | Deferred Compensation Unearned ESOP Shares | Total Mezzanine Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | — | ( | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock dividends | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest holder | — | — | — | — | — | — | — | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP shares to participants for compensation | — | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | — | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | — | ( | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock dividends | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest holder | — | — | — | — | — | — | — | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP shares to participants for compensation | — | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-based restricted stock units | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP distribution in common stock | — | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | — | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ |
Common Stock | Paid -In Capital | Common Stock in Treasury | Accumulated Other Compre-hensive Loss | Retained (Deficit) Earnings | Total ADS Stockholders’ Equity | Non- controlling Interest in Subsidiaries | Total Stock- holders’ Equity | Redeemable Common Stock | Redeemable Convertible Preferred Stock | Total Mezzanine Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | — | ( | — | ( | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest holder | — | — | — | — | — | — | — | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KSOP redeemable common stock conversion | — | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | — | ( | — | ( | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest holder | — | — | — | — | — | — | — | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP share conversion | — | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KSOP redeemable common stock conversion | — | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-based restricted stock units | — | ( | — | — | ( | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | $ |
(Amounts in thousands) | Initial Amount | Increase to Purchase Price | Updated Amount | |||||||||||||||||
Accounts receivable | $ | $ | — | $ | ||||||||||||||||
Inventory | — | |||||||||||||||||||
Intangible assets | — | |||||||||||||||||||
Goodwill | ||||||||||||||||||||
Property, plant and equipment | — | |||||||||||||||||||
Accounts payable | ( | — | ( | |||||||||||||||||
Accrued expenses | ( | — | ( | |||||||||||||||||
Other liabilities | ( | — | ( | |||||||||||||||||
Total fair value of consideration transferred | $ | $ | $ |
(Amounts in thousands) | Preliminary fair value | ||||
Customer relationships | $ | ||||
Patents and developed technology | |||||
Tradename and trademarks | |||||
Total identifiable intangible assets | $ |
September 30, 2022 | March 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Contract asset - product returns | $ | $ | |||||||||
Refund liability |
September 30, 2022 | March 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Raw materials | $ | $ | |||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
NET INCOME PER SHARE—BASIC: | |||||||||||||||||||||||
Net income attributable to ADS | $ | $ | $ | $ | |||||||||||||||||||
Adjustments for: | |||||||||||||||||||||||
Dividends to participating securities | ( | ( | |||||||||||||||||||||
Net income available to common stockholders and participating securities | |||||||||||||||||||||||
Undistributed income allocated to participating securities | ( | ( | |||||||||||||||||||||
Net income available to common stockholders – Basic | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding – Basic | |||||||||||||||||||||||
Net income per common share – Basic | $ | $ | $ | $ | |||||||||||||||||||
NET INCOME PER SHARE—DILUTED: | |||||||||||||||||||||||
Net income available to common stockholders – Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding – Basic | |||||||||||||||||||||||
Assumed restricted stock | |||||||||||||||||||||||
Assumed exercise of stock options | |||||||||||||||||||||||
Assumed performance units | |||||||||||||||||||||||
Weighted average number of common shares outstanding – Diluted | |||||||||||||||||||||||
Net income per common share – Diluted | $ | $ | $ | $ | |||||||||||||||||||
Potentially dilutive securities excluded as anti-dilutive |
September 30, 2022 | March 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Term Loan Facility | $ | $ | |||||||||
Senior Notes due 2027 | |||||||||||
Senior Notes due 2030 | |||||||||||
Revolving Credit Facility | |||||||||||
Equipment Financing | |||||||||||
Total | |||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||
Current maturities | ( | ( | |||||||||
Long-term debt obligations | $ | $ |
September 30, 2022 | March 31, 2022 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Senior Notes due 2027 | $ | $ | $ | $ | |||||||||||||||||||
Senior Notes due 2030 | |||||||||||||||||||||||
Equipment Financing | |||||||||||||||||||||||
Total fair value | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Component of income before income taxes: | |||||||||||||||||||||||
Cost of goods sold | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||||
Stock Options | $ | $ | $ | $ | |||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
Performance-based Restricted Stock Units | |||||||||||||||||||||||
Non-Employee Directors | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Six Months Ended September 30, 2022 | |||||
Common stock price | $ | ||||
Expected stock price volatility | |||||
Risk-free interest rate | |||||
Weighted-average expected option life (years) | |||||
Dividend yield |
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Net Sales | Intersegment Net Sales | Net Sales from External Customers | Net Sales | Intersegment Net Sales | Net Sales from External Customers | |||||||||||||||||||||||||||||
Pipe | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Infiltrator | ( | ( | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
International - Pipe | ( | ( | |||||||||||||||||||||||||||||||||
International - Allied Products & Other | — | — | |||||||||||||||||||||||||||||||||
Total International | ( | ( | |||||||||||||||||||||||||||||||||
Allied Products & Other | ( | ( | |||||||||||||||||||||||||||||||||
Intersegment Eliminations | ( | — | ( | — | |||||||||||||||||||||||||||||||
Total Consolidated | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Net Sales | Intersegment Net Sales | Net Sales from External Customers | Net Sales | Intersegment Net Sales | Net Sales from External Customers | ||||||||||||||||||||||||||||||
Pipe | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Infiltrator | ( | ( | |||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
International - Pipe | ( | ( | |||||||||||||||||||||||||||||||||
International - Allied Products & Other | — | — | |||||||||||||||||||||||||||||||||
Total International | ( | ( | |||||||||||||||||||||||||||||||||
Allied Products & Other | ( | ( | |||||||||||||||||||||||||||||||||
Intersegment Eliminations | ( | — | ( | — | |||||||||||||||||||||||||||||||
Total Consolidated | $ | $ | — | $ | $ | $ | — | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Segment Adjusted Gross Profit | |||||||||||||||||||||||
Pipe | $ | $ | $ | $ | |||||||||||||||||||
Infiltrator | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Allied Products & Other | |||||||||||||||||||||||
Intersegment Eliminations | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||
Pipe | $ | $ | $ | $ | |||||||||||||||||||
Infiltrator | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Allied Products & Other(a) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||||||
Pipe | $ | $ | $ | $ | |||||||||||||||||||
Infiltrator | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Allied Products & Other(a) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Reconciliation of Segment Adjusted Gross Profit: | |||||||||||||||||||||||
Total Gross Profit | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||
ESOP and stock-based compensation expense | |||||||||||||||||||||||
Total Segment Adjusted Gross Profit | $ | $ | $ | $ |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Consolidated Statements of Operations data: | (In thousands) | ||||||||||||||||||||||
Net sales | $ | 884,209 | 100.0 | % | $ | 706,471 | 100.0 | % | |||||||||||||||
Cost of goods sold | 564,246 | 63.8 | 506,414 | 71.7 | |||||||||||||||||||
Gross profit | 319,963 | 36.2 | 200,057 | 28.3 | |||||||||||||||||||
Selling, general and administrative | 88,639 | 10.0 | 73,951 | 10.5 | |||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | (102) | — | (901) | (0.1) | |||||||||||||||||||
Intangible amortization | 13,841 | 1.6 | 15,446 | 2.2 | |||||||||||||||||||
Income from operations | 217,585 | 24.6 | 111,561 | 15.8 | |||||||||||||||||||
Interest expense | 18,261 | 2.1 | 8,437 | 1.2 | |||||||||||||||||||
Derivative gains and other income, net | 395 | — | 202 | — | |||||||||||||||||||
Income before income taxes | 198,929 | 22.5 | 102,922 | 14.6 | |||||||||||||||||||
Income tax expense | 47,508 | 5.4 | 26,816 | 3.8 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | (1,956) | (0.2) | (206) | — | |||||||||||||||||||
Net income | 153,377 | 17.3 | 76,312 | 10.8 | |||||||||||||||||||
Less: net income attributable to noncontrolling interest | 1,370 | 0.2 | 953 | 0.1 | |||||||||||||||||||
Net income attributable to ADS | $ | 152,007 | 17.2 | % | $ | 75,359 | 10.7 | % |
(Amounts in thousands) | 2022 | 2021 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 490,208 | $ | 381,853 | $ | 108,355 | 28.4 | % | |||||||||||||||
Infiltrator | 128,285 | 123,499 | 4,786 | 3.9 | |||||||||||||||||||
International | 66,124 | 58,404 | 7,720 | 13.2 | |||||||||||||||||||
Allied Products & Other | 199,592 | 142,715 | 56,877 | 39.9 | |||||||||||||||||||
Total Consolidated | $ | 884,209 | $ | 706,471 | $ | 177,738 | 25.2 | % |
(Amounts in thousands) | 2022 | 2021 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 132,284 | $ | 62,627 | $ | 69,657 | 111.2 | % | |||||||||||||||
Infiltrator | 66,224 | 55,350 | 10,874 | 19.6 | |||||||||||||||||||
International | 16,263 | 13,792 | 2,471 | 17.9 | |||||||||||||||||||
Allied Products & Other | 104,762 | 66,809 | 37,953 | 56.8 | |||||||||||||||||||
Intersegment eliminations | 430 | 1,479 | (1,049) | (70.9) | |||||||||||||||||||
Total gross profit | $ | 319,963 | $ | 200,057 | $ | 119,906 | 59.9 | % |
Three Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2022 | 2021 | |||||||||
Selling, general and administrative expenses | $ | 88,639 | $ | 73,951 | |||||||
% of Net sales | 10.0 | % | 10.5 | % |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Effective tax rate | 23.9 | % | 26.1 | % |
For the Six Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Consolidated Statements of Operations data: | (In thousands) | ||||||||||||||||||||||
Net sales | $ | 1,798,395 | 100.0 | % | $ | 1,375,771 | 100.0 | % | |||||||||||||||
Cost of goods sold | 1,126,325 | 62.6 | 974,593 | 70.8 | |||||||||||||||||||
Gross profit | 672,070 | 37.4 | 401,178 | 29.2 | |||||||||||||||||||
Selling, general and administrative | 175,159 | 9.7 | 150,172 | 10.9 | |||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | 201 | — | (912) | (0.1) | |||||||||||||||||||
Intangible amortization | 27,518 | 1.5 | 31,091 | 2.3 | |||||||||||||||||||
Income from operations | 469,192 | 26.1 | 220,827 | 16.1 | |||||||||||||||||||
Interest expense | 29,333 | 1.6 | 16,344 | 1.2 | |||||||||||||||||||
Derivative gains and other income, net | (1,507) | (0.1) | (1,812) | (0.1) | |||||||||||||||||||
Income before income taxes | 441,366 | 24.5 | 206,295 | 15.0 | |||||||||||||||||||
Income tax expense | 102,573 | 5.7 | 53,271 | 3.9 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | (3,066) | (0.2) | (411) | — | |||||||||||||||||||
Net income | 341,859 | 19.0 | 153,435 | 11.2 | |||||||||||||||||||
Less: net income attributable to noncontrolling interest | 2,706 | 0.2 | 2,089 | 0.2 | |||||||||||||||||||
Net income attributable to ADS | $ | 339,153 | 18.9 | % | $ | 151,346 | 11.0 | % |
(Amounts in thousands) | 2022 | 2021 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 1,005,191 | $ | 753,960 | $ | 251,231 | 33.3 | % | |||||||||||||||
Infiltrator | 265,669 | 231,204 | 34,465 | 14.9 | |||||||||||||||||||
International | 131,779 | 120,856 | 10,923 | 9.0 | |||||||||||||||||||
Allied Products & Other | 395,756 | 269,751 | 126,005 | 46.7 | |||||||||||||||||||
Total Consolidated | $ | 1,798,395 | $ | 1,375,771 | $ | 422,624 | 30.7 | % |
(Amounts in thousands) | 2022 | 2021 | $ Variance | % Variance | |||||||||||||||||||
Pipe | $ | 287,383 | $ | 125,927 | $ | 161,456 | 128.2 | % | |||||||||||||||
Infiltrator | 137,093 | 111,219 | 25,874 | 23.3 | |||||||||||||||||||
International | 35,372 | 33,696 | 1,676 | 5.0 | |||||||||||||||||||
Allied Products & Other | 212,607 | 128,871 | 83,736 | 65.0 | |||||||||||||||||||
Intersegment eliminations | (385) | 1,465 | (1,850) | (126.3) | |||||||||||||||||||
Total gross profit | $ | 672,070 | $ | 401,178 | $ | 270,892 | 67.5 | % |
Six Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2022 | 2021 | |||||||||
Selling, general and administrative expenses | $ | 175,159 | $ | 150,172 | |||||||
% of Net sales | 9.7 | % | 10.9 | % |
Six Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Effective tax rate | 23.2 | % | 25.8 | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and amortization | 35,922 | 34,194 | |||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
EBITDA | 255,068 | 145,759 | 545,265 | 291,900 | |||||||||||||||||||
(Gain) loss on disposal of assets and costs from exit and disposal activities | ( | ( | ( | ||||||||||||||||||||
Stock-based compensation expense | 7,460 | 5,618 | 13,733 | 12,269 | |||||||||||||||||||
ESOP compensation expense | — | 12,013 | — | 26,168 | |||||||||||||||||||
Transaction costs(a) | 368 | 834 | 2,083 | 877 | |||||||||||||||||||
Other adjustments(b) | 408 | 1,481 | 963 | 1,084 | |||||||||||||||||||
Adjusted EBITDA | $ | 263,202 | $ | 164,804 | $ | 562,245 | $ | 331,386 | |||||||||||||||
Adjusted EBITDA Margin | 29.8 | % | 23.3 | % | 31.3 | % | 24.1 | % |
Six Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2022 | 2021 | |||||||||
Net cash provided by operating activities | $ | 437,024 | $ | 94,878 | |||||||
Capital expenditures | (75,545) | (63,764) | |||||||||
Free Cash Flow | 361,479 | 31,114 | |||||||||
Total debt (debt and finance lease obligations) | 1,311,227 | ||||||||||
Cash | 457,357 | ||||||||||
Net debt (total debt less cash) | 853,870 | ||||||||||
Leverage Ratio | 1.0 |
(Amounts in thousands) | September 30, 2022 | ||||
Revolver capacity | $ | 600,000 | |||
Less: outstanding borrowings | — | ||||
Less: letters of credit | (11,650) | ||||
Revolver available liquidity | $ | 588,350 |
Six Months Ended September 30, | |||||||||||
(Amounts in thousands) | 2022 | 2021 | |||||||||
Net cash provided by operating activities | $ | 437,024 | $ | 94,878 | |||||||
Net cash used in investing activities | (123,509) | (62,208) | |||||||||
Net cash provided by (used in) financing activities | 124,820 | (213,593) |
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) | ||||||||||||||||||||||||||
July 1, 2022 to July 31, 2022 | 535 | $ | 98.01 | 535 | $ | 880,201 | ||||||||||||||||||||
August 1, 2022 to August 31, 2022 | 259 | 139.83 | 259 | 843,992 | ||||||||||||||||||||||
September 1, 2022 to September 30, 2022 | 299 | 130.04 | 299 | 804,837 | ||||||||||||||||||||||
Total | 1,093 | $ | 116.93 | 1,093 | $ | 804,837 |
Item 6. | Exhibits |
Exhibit Number | Exhibit Description | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
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 September 30, 2022, 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 |
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) |
/s/ D. Scott Barbour | |||||
D. Scott Barbour | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Scott A. Cottrill | |||||
Scott A. Cottrill | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Allowance for doubtful accounts | $ 8,033 | $ 8,198 |
Unamortized debt issuance costs | $ 12,825 | $ 1,648 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 78,519,000 | 75,529,000 |
Common stock, shares outstanding (in shares) | 73,205,000 | 72,309,000 |
Redeemable Common Stock | ||
Mezzanine equity, par value per share | $ 0.01 | $ 0.01 |
Mezzanine equity, shares outstanding (in shares) | 9,840,000 | 0 |
Redeemable Convertible Preferred Stock | ||
Mezzanine equity, par value per share | $ 0.01 | $ 0.01 |
Mezzanine equity, shares outstanding (in shares) | 0 | 15,630,000 |
Mezzanine equity, shares authorized (in shares) | 0 | 47,070,000 |
Mezzanine equity, shares issued (in shares) | 0 | 44,170,000 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Statement [Abstract] | ||||
Net sales | $ 884,209,000 | $ 706,471,000 | $ 1,798,395,000 | $ 1,375,771,000 |
Cost of goods sold | 564,246,000 | 506,414,000 | 1,126,325,000 | 974,593,000 |
Gross profit | 319,963,000 | 200,057,000 | 672,070,000 | 401,178,000 |
Operating expenses: | ||||
Selling, general and administrative | 88,639,000 | 73,951,000 | 175,159,000 | 150,172,000 |
(Gain) loss on disposal of assets and costs from exit and disposal activities | (102,000) | (901,000) | 201,000 | (912,000) |
Intangible amortization | 13,841,000 | 15,446,000 | 27,518,000 | 31,091,000 |
Income from operations | 217,585,000 | 111,561,000 | 469,192,000 | 220,827,000 |
Other expense: | ||||
Interest expense | 18,261,000 | 8,437,000 | 29,333,000 | 16,344,000 |
Derivative losses (gains) and other expense (income), net | 395,000 | 202,000 | (1,507,000) | (1,812,000) |
Income before income taxes | 198,929,000 | 102,922,000 | 441,366,000 | 206,295,000 |
Income tax expense | 47,508,000 | 26,816,000 | 102,573,000 | 53,271,000 |
Equity in net income of unconsolidated affiliates | (1,956,000) | (206,000) | (3,066,000) | (411,000) |
Net income | 153,377,000 | 76,312,000 | 341,859,000 | 153,435,000 |
Less: net income attributable to noncontrolling interest | 1,370,000 | 953,000 | 2,706,000 | 2,089,000 |
Net income attributable to ADS | $ 152,007,000 | $ 75,359,000 | $ 339,153,000 | $ 151,346,000 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 83,466 | 70,464 | 83,306 | 70,993 |
Diluted (in shares) | 84,498 | 71,924 | 84,485 | 72,614 |
Net income per share: | ||||
Basic (in dollars per share) | $ 1.82 | $ 0.90 | $ 4.07 | $ 1.78 |
Diluted (in dollars per share) | $ 1.80 | $ 0.88 | $ 4.01 | $ 1.74 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 153,377,000 | $ 76,312,000 | $ 341,859,000 | $ 153,435,000 |
Currency translation (loss) gain | (5,763,000) | (3,406,000) | (9,661,000) | (1,365,000) |
Comprehensive income | 147,614,000 | 72,906,000 | 332,198,000 | 152,070,000 |
Less: other comprehensive (loss) income attributable to noncontrolling interest | (277,000) | (180,000) | (272,000) | 435,000 |
Less: net income attributable to noncontrolling interest | 1,370,000 | 953,000 | 2,706,000 | 2,089,000 |
Total comprehensive income attributable to ADS | $ 146,521,000 | $ 72,133,000 | $ 329,764,000 | $ 149,546,000 |
Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per share | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 |
Background and Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Background and Summary of Significant Accounting Policies | BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business - Advanced Drainage Systems, Inc. and subsidiaries (collectively referred to as “ADS” or the “Company”), incorporated in Delaware, designs, manufactures and markets innovative water management solutions in the stormwater and onsite septic waste water industries, providing superior drainage solutions for use in the construction and agriculture marketplace. ADS’s products are used across a broad range of end markets and applications, including non-residential, infrastructure and agriculture applications. The Company is managed and reports results of operations in three reportable segments: Pipe, Infiltrator Water Technologies Ultimate Holdings, Inc ("Infiltrator") and International. The Company also reports the results of its Allied Products and all other business segments as Allied Products and Other. Historically, sales of the Company’s products have been higher in the first and second quarters of each fiscal year due to favorable weather and longer daylight conditions accelerating construction activity during these periods. Seasonal variations in operating results may also be impacted by inclement weather conditions, such as cold or wet weather, which can delay projects. Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2022 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2022 (“Fiscal 2022 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2022 and the results of operations for the three and six months ended September 30, 2022 and cash flows for the six months ended September 30, 2022. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2022 Form 10-K. Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Guidance There have been no new accounting pronouncements issued or adopted since the filing of the Fiscal 2022 Form 10-K that have significance, or potential significance, to the Condensed Consolidated Financial Statements.
|
Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | ACQUISITIONS Acquisition of Cultec - On April 29, 2022, the Company completed its acquisition of Cultec, Inc. (“Cultec”). Cultec was a family-owned technology leader in the stormwater and onsite septic wastewater industries. The acquisition of Cultec expands the Company’s portfolio of innovative water management solutions in the stormwater and onsite septic wastewater industries. The total fair value of consideration transferred was $48.0 million. The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed.
The preliminary goodwill of $10.2 million represents the excess of consideration transferred over the preliminary fair value of assets acquired and liabilities assumed and is attributable to expected operating efficiencies. The goodwill is deductible for income tax purposes and is assigned to Allied Products & Other. The preliminary purchase price excludes transaction costs. During the six months ended September 30, 2022, the Company incurred $1.5 million of transaction costs related to the acquisition such as legal, accounting, valuation and other professional services. These costs are included in selling, general and administrative expenses in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. The identifiable intangible assets recorded in connection with the closing of the acquisition of Cultec are based on preliminary valuations including customer relationships, patents and developed technology and tradename and trademarks totaling $31.4 million.
The Company has excluded certain disclosures required under ASC 805, Business Combinations as they are not material to the financial statements.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITION Revenue Disaggregation - The Company disaggregates net sales by Domestic, International and Infiltrator and further disaggregates Domestic and International by product type, consistent with its reportable segment disclosure. This disaggregation level best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Refer to “Note 12. Business Segments Information” for the Company’s disaggregation of Net sales by reportable segment. Contract Balances - The Company recognizes a contract asset representing the Company’s right to recover products upon the receipt of returned products and a contract liability for the customer refund. The following table presents the balance of the Company’s contract asset and liability as of the periods presented:
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Leases |
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Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASESNature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 28 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories as of the periods presented consisted of the following:
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Net Income Per Share and Stockholders' Equity |
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Net Income Per Share And Stockholders Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share and Stockholders' Equity | NET INCOME PER SHARE AND STOCKHOLDERS' EQUITY Employee Stock Ownership Plan ("ESOP") - As previously disclosed in the Fiscal 2022 Form 10-K, in April 2022 all currently outstanding 15.6 million shares of Preferred Stock held by the ESOP were converted into 12.0 million shares of the Company’s redeemable common stock at the Conversion rate of 0.7692. The Company’s 401(k) retirement plan (“KSOP”) holds these shares of common stock. When participants sell or forfeit these shares, the shares are no longer subject to the put option of the Internal Revenue Code and are no longer required to be classified in mezzanine equity. Net Income per Share - For the three and six months ended September 30, 2021, the Company was required to apply the two-class method to compute both basic and diluted net income per share. Holders of redeemable convertible preferred stock participated in dividends on an as-converted basis when declared on common stock. As a result, redeemable convertible preferred stock met the definition of participating securities. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. The Company was not required to apply the two-class method to compute net income per share for the three and six months ended September 30, 2022 as the redeemable common stock and common stock have the same rights to earnings available to common stockholders. The following table presents information necessary to calculate net income per share for the periods presented, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:
Stockholders’ Equity – During the three and six months ended September 30, 2022, the Company repurchased 1.1 million and 1.9 million shares, respectively, of common stock at a cost of $127.8 million and $195.2 million, respectively. The repurchases were made under the Board of Directors’ authorization in February 2022 to repurchase up to an additional $1.0 billion of ADS Common Stock in accordance with applicable securities laws. As of September 30, 2022, approximately $804.8 million of common stock may be repurchased under the authorization. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be suspended or terminated at any time at the Company’s discretion.
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Related Party Transactions |
6 Months Ended |
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Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS ADS Mexicana - ADS conducts business in Mexico and Central America through its joint venture ADS Mexicana, S.A. de C.V. (“ADS Mexicana”). ADS owns 51% of the outstanding stock of ADS Mexicana and consolidates ADS Mexicana for financial reporting purposes. On June 6, 2022, the Company and ADS Mexicana amended the Intercompany Revolving Credit Promissory Note (the “Intercompany Note”) with a borrowing capacity of $9.5 million. The Intercompany Note matures on June 8, 2027. The Intercompany Note indemnifies the ADS Mexicana joint venture partner for 49% of any unpaid borrowing. The interest rates under the Intercompany Note are determined by certain base rates or Secured Overnight Financing Rate (“SOFR”) plus an applicable margin based on the Leverage Ratio. As of September 30, 2022 and March 31, 2022, there were no borrowings and $1.5 million of borrowings, respectively, outstanding under the Intercompany Note. South American Joint Venture - The Tuberias Tigre - ADS Limitada joint venture (the “South American Joint Venture”) manufactures and sells HDPE corrugated pipe in certain South American markets. ADS owns 50% of the South American Joint Venture. ADS is the guarantor of 50% of the South American Joint Venture’s credit arrangement, and the debt guarantee is shared equally with the joint venture partner. The Company’s maximum potential obligation under this guarantee is $11.0 million as of September 30, 2022. The maximum borrowings permitted under the South American Joint Venture’s credit facility are $22.0 million. The Company does not anticipate any required contributions related to the balance of this credit arrangement. As of September 30, 2022 and March 31, 2022, the outstanding principal balances of the credit facility including letters of credit were $8.3 million and $9.9 million, respectively. As of September 30, 2022, there were no U.S. dollar denominated loans. The weighted average interest rate as of September 30, 2022 was 12.0% on Chilean peso denominated loans.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT Long-term debt as of the periods presented consisted of the following:
Senior Secured Credit Facilities – In July 2019, the Company entered into the credit agreement (the “Base Credit Agreement”) by and among the Company, as borrower, Barclays Bank PLC, as administrative agent, the several lenders from time to time party thereto. In September 2019, the Company amended the Base Credit Agreement (as amended the “Senior Secured Credit Facility”). The Senior Secured Credit Facility provides for a term loan facility in an initial aggregate principal amount of $700 million (the “Term Loan Facility”), a revolving credit facility in an initial aggregate principal amount of up to $350 million (the “Revolving Credit Facility”), a letter of credit sub-facility in the initial aggregate available amount of up to $50 million, as a sublimit of such Revolving Credit Facility (the “L/C Facility”) and a swing line sub-facility in the aggregate available amount of up to $50 million, as a sublimit of the Revolving Credit Facility (together with the Term Loan Facility, the Revolving Credit Facility and the L/C Facility, the “Senior Secured Credit Facility”). In May 2022, the Company entered into a Second Amendment (the "Second Amendment") to the Company's Base Credit Agreement with Barclays Bank PLC, as administrative agent under the Term Loan Facility, PNC Bank, National Association, as new administrative agent under the Revolving Credit Facility. Among other things, the Second Amendment (i) amended the Base Credit Agreement by increasing the Revolving Credit Facility (the "Amended Revolving Credit Facility") from $350 million to $600 million (including an increase of the sub-limit for the swing-line sub-facility from $50 million to $60 million), (ii) extended the maturity date of the Revolving Credit Facility to May 26, 2027, (iii) revised the “applicable margin” to provide an additional step-down to 175 basis points (for Term Benchmark based loans) and 75 basis points (for base rate loans) in the event the consolidated senior secured net leverage ratio is less than 2.00 to 1.00, and (iv) reset the “incremental amount” and the investment basket in non-guarantors and joint ventures. The Second Amendment also revises the reference interest rate from LIBOR to SOFR for both the Amended Revolving Credit Facility and the Term Loan Facility. Letters of credit outstanding at September 30, 2022 and March 31, 2022 amount to $11.7 million and $9.2 million, respectively, and reduced the availability of the Revolving Credit Facility. Senior Notes due 2027 – On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% Senior Notes due 2027 (the “2027 Notes”) pursuant to an Indenture, dated September 23, 2019 (the “2027 Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”). The 2027 Notes are guaranteed by each of the Company’s present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Company's Senior Secured Credit Facility. The 2027 Notes were offered and sold either to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) or to persons outside the United States under Regulation S of the Securities Act. Senior Notes due 2030 – On June 9, 2022, the Company issued $500.0 million aggregate principal amount of 6.375% Senior Notes due 2030 (the “2030 Notes”) pursuant to an Indenture, dated June 9, 2022 (the "2030 Indenture"), among the Company, the Guarantors and the Trustee. The 2030 Notes were offered and sold either to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act or to persons outside the United States under Regulation S of the Securities Act. Interest on the 2030 Notes will be payable semi-annually in cash in arrears on January 15 and July 15 of each year, commencing on January 15, 2023, at a rate of 6.375% per annum. The 2030 Notes will mature on July 15, 2030. The Company used a portion of the net proceeds from the offering of the 2030 Notes to repay in full the outstanding borrowings under its Revolving Credit Facility and will use the remainder for general corporate purposes. The deferred financing costs associated with the 2030 Notes totaled $9.0 million and are recorded as a direct reduction from the carrying amount of the related debt. The Company may redeem the 2030 Notes, in whole or in part, at any time on or after July 15, 2025 at certain specified redemption prices set forth in the 2030 Indenture. In addition, at any time prior to July 15, 2025, the Company may redeem the 2030 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable “make-whole” premium. At any time prior to July 15, 2025, the Company may also redeem up to 40% of the aggregate principal amount of 2030 Notes issued under the Indenture with net cash proceeds of certain equity offerings at a redemption price equal to 106.375% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The 2030 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2030 Indenture or the 2030 Notes and certain provisions related to bankruptcy events. The 2030 Indenture also contains customary negative covenants. Equipment Financing – In November 2021, the Company purchased material handling equipment, trucks and trailers previously leased under a master lease agreement and classified as finance leases. The purchase was funded with debt through the Master Lease Agreement and Interim Funding Schedule with Fifth Third. The assets acquired are titled to the Company and included in Property, plant and equipment, net on the Company's Condensed Consolidated Balance Sheet. The equipment financing has a term of between 12 and 84 months, based on the life of the equipment, and bears a weighted average interest of 1.4%. The current portion of the equipment financing is $9.8 million and the long-term portion is $14.3 million at September 30, 2022. Valuation of Debt - The carrying amounts of current financial assets and liabilities approximate fair value because of the immediate or short-term maturity of these items. The following table presents the carrying and fair value of the Company’s 2027 Notes, 2030 Notes and Equipment Financing for the periods presented:
The fair values of the 2027 Notes and 2030 Notes were determined based on quoted market data for the Company’s 2027 Notes and 2030 Notes, respectively. The fair value of the Equipment Financing was determined based on a comparison of the interest rate and terms of such borrowings to the rates and terms of similar debt available for the period. The categorization of the framework used to evaluate the 2027 Notes, 2030 Notes and Equipment Financing are considered Level 2. The Company believes the carrying amount on the remaining long-term debt, including the Term Loan Facility and Revolving Credit Facility, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings.
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Commitments and Contingencies |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Purchase Commitments - The Company has historically secured supplies of resin raw material by agreeing to purchase quantities during a future given period at a fixed price. These purchase contracts typically ranged from 1 to 12 months and occur in the ordinary course of business. The Company also enters into equipment purchase contracts with manufacturers. The Company does not have any outstanding purchase commitments with fixed priced and quantity as of September 30, 2022. Litigation and Other Proceedings – The Company is involved from time to time in various legal proceedings that arise in the ordinary course of business, including but not limited to commercial disputes, environmental matters, employee related claims, intellectual property disputes and litigation in connection with transactions including acquisitions and divestitures. The Company does not believe that such litigation, claims, and administrative proceedings will have a material adverse impact on the Company’s financial position or results of operations. The Company records a liability when a loss is considered probable, and the amount can be reasonably estimated.
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Income Taxes |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESThe Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and related tax rates in jurisdictions where it operates and other one-time charges, as well as the occurrence of discrete events. For the three months ended September 30, 2022 and 2021, the Company utilized an effective tax rate of 23.9% and 26.1%, respectively, to calculate its provision for income taxes. For the six months ended September 30, 2022 and 2021, the Company utilized an effective tax rate of 23.2% and 25.8%, respectively, to calculate its provision for income taxes. State and local income taxes increased the effective rate for the three and six months ended September 30, 2022 and 2021. The Company’s ESOP also increased the effective rate for three and six months ended September 30, 2021, which no longer impacts the effective tax rate after the repayment of the ESOP loan and the allocation of the remaining unallocated shares of Preferred Stock in the prior year. Additionally, discrete income tax benefits related to the stock-based compensation windfall decreased the rate for the three and six months ended September 30, 2022 and 2021. |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION ADS has several programs for stock-based payments to employees and non-employee members of its Board of Directors, including stock options, performance-based restricted stock units and restricted stock. Equity-classified restricted stock awards are measured based on the grant-date estimated fair value of each award. The Company accounts for all restricted stock granted to Directors as equity-classified awards. The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented:
The following table summarizes stock-based compensation expense by award type for the periods presented:
2017 Omnibus Incentive Plan On May 24, 2017, the Board of Directors approved the 2017 Omnibus Incentive Plan (the “2017 Incentive Plan”) which was approved by the Company’s stockholders on July 17, 2017. The 2017 Incentive Plan provides for the issuance of a maximum of 5.0 million shares of the Company’s common stock for awards made thereunder, which awards may consist of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, cash-based awards, performance awards (which may take the form of performance cash, performance units or performance shares) or other stock-based awards. Restricted Stock – During the three and six months ended September 30, 2022, the Company granted less than 0.1 million and 0.1 million shares, respectively of restricted stock with a grant date fair value of $3.3 million and $11.8 million, respectively. Performance-based Restricted Stock Units ("Performance Units") – During the six months ended September 30, 2022, the Company granted 0.1 million performance share units at a grant date fair value of $6.6 million. Options – During the six months ended September 30, 2022, the Company granted 0.1 million nonqualified stock options under the 2017 Incentive Plan with a grant date fair value of $5.5 million. The Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The following table summarizes the assumptions used to estimate the fair value of stock-options during the period presented:
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Business Segments Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments Information | BUSINESS SEGMENTS INFORMATION The Company operates its business in three distinct reportable segments: “Pipe”, “International” and “Infiltrator.” “Allied Products & Other” represents the Company’s Allied Products and all other business segments. The Chief Operating Decision Maker (the “CODM”) evaluates segment reporting based on Net Sales and Segment Adjusted Gross Profit. The Company calculated Segment Adjusted Gross Profit as net sales less costs of goods sold, depreciation and amortization, stock-based compensation and non-cash charges. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. Pipe – The Pipe segment manufactures and markets high performance thermoplastic corrugated pipe throughout the United States. The Company maintains and serves these markets through product distribution relationships with many of the largest national and independent waterworks distributors, buying groups and co-ops, major national retailers as well as an extensive network of hundreds of small to medium-sized distributors across the United States. Products include single wall pipe, N-12 HDPE pipe sold into the Storm sewer, Infrastructure and Agriculture markets, High Performance polypropylene pipe sold into the Storm sewer, Infrastructure and sanitary sewer markets. Products are designed primarily for storm water management in the construction and infrastructure marketplace across a broad range of end markets and applications, including non-residential, residential, agriculture and infrastructure. Products are manufactured using HDPE and polypropylene plastic material. Infiltrator – Infiltrator is a leading national provider of plastic leach field chambers and systems, septic tanks and accessories, primarily for use in residential applications. Infiltrator products are used in onsite septic wastewater treatment systems in the United States and Canada. International – The International segment manufactures and markets pipe and allied products in certain regions outside of the United States, including Company owned facilities in Canada, subsidiaries that distribute to Europe and the Middle East, exports and through the Company’s joint ventures with local partners in Mexico and South America. The Company’s Mexican joint venture, ADS Mexicana, primarily serves the Mexican and Central American markets, while its South American Joint Venture, Tigre-ADS, is the primary channel to serve the South American markets. The Company’s International product lines include single wall pipe, N-12 HDPE pipe, high performance PP pipe and certain geographies also sell our broad line of Allied Products. Allied Products & Other – Allied Products and Other manufactures and markets products throughout the United States. Products include StormTech, Nyloplast, ARC Septic Chambers, Inserta Tee, BaySaver filters and water quality structures, Fittings, Cultec and FleXstorm. The Company maintains and serves these markets through product distribution relationships with many of the largest national and independent waterworks distributors, major national retailers as well as an extensive network of hundreds of small to medium-sized distributors across the United States. The Company also sells through a broad variety of buying groups and co-ops in the United States. The Company aggregates operating segments within the Allied Products & Other segment disclosure. None of the operating segments within the Allied Products & Other businesses segment disclosure exceeds the quantitative thresholds for separate segment reporting. The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
The following sets forth certain financial information attributable to the reportable segments for the periods presented:
(a)Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets acquired is included in Allied Products & Other. Reconciliation of Gross Profit to Segment Adjusted Gross Profit
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Subsequent Events |
6 Months Ended |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Common Stock Dividend - During the third quarter of fiscal 2023, the Company declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable on December 15, 2022 to stockholders of record at the close of business on December 1, 2022. Share Repurchase Program - During the third quarter of fiscal 2023, 0.3 million shares of common stock at a cost of $31.4 million were repurchased under the Board of Directors' authorization in February 2022.
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Background and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2022 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2022 (“Fiscal 2022 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2022 and the results of operations for the three and six months ended September 30, 2022 and cash flows for the six months ended September 30, 2022. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2022 Form 10-K. |
Principles of Consolidation | Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. |
Recent Accounting Guidance | Recent Accounting Guidance There have been no new accounting pronouncements issued or adopted since the filing of the Fiscal 2022 Form 10-K that have significance, or potential significance, to the Condensed Consolidated Financial Statements.
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Leases | Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 28 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. |
Acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed.
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Summary of Identifiable Intangible Assets | The identifiable intangible assets recorded in connection with the closing of the acquisition of Cultec are based on preliminary valuations including customer relationships, patents and developed technology and tradename and trademarks totaling $31.4 million.
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Revenue Recognition (Tables) |
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Schedule of Contract Asset and Liability | The following table presents the balance of the Company’s contract asset and liability as of the periods presented:
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Inventories (Tables) |
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Schedule of Inventories | Inventories as of the periods presented consisted of the following:
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Net Income Per Share and Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share And Stockholders Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Income Per Share | The following table presents information necessary to calculate net income per share for the periods presented, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive:
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-term debt as of the periods presented consisted of the following:
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Summary of Carrying And Fair Value of Senior Notes | The following table presents the carrying and fair value of the Company’s 2027 Notes, 2030 Notes and Equipment Financing for the periods presented:
|
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock-based Compensation Expense | The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented:
The following table summarizes stock-based compensation expense by award type for the periods presented:
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Summary of Assumption Used to Estimate Fair Value of Stock Options | The following table summarizes the assumptions used to estimate the fair value of stock-options during the period presented:
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Business Segments Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Reportable Segments by Product Type | The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
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Schedule of Financial Information Attributable to Reportable Segments | The following sets forth certain financial information attributable to the reportable segments for the periods presented:
(a)Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets acquired is included in Allied Products & Other.
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Reconciliation of Gross Profit to Segment Adjusted Gross Profit | Reconciliation of Gross Profit to Segment Adjusted Gross Profit
|
Background and Summary of Significant Accounting Policies (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2022
segment
| |
Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Apr. 29, 2022 |
Sep. 30, 2022 |
Mar. 31, 2022 |
|
Business Acquisition [Line Items] | |||
Goodwill | $ 619,487 | $ 610,293 | |
Cultec | |||
Business Acquisition [Line Items] | |||
Total fair value of consideration transferred | $ 48,000 | ||
Goodwill | 9,660 | 10,178 | |
Transaction costs related to Acquisition | 1,500 | ||
Intangible assets | $ 31,400 | $ 31,400 |
Acquisitions - Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands |
5 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Apr. 29, 2022 |
Mar. 31, 2022 |
|
Business Acquisition [Line Items] | |||
Goodwill | $ 619,487 | $ 610,293 | |
Cultec | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 5,957 | $ 5,957 | |
Inventory | 4,469 | 4,469 | |
Intangible assets | 31,400 | 31,400 | |
Goodwill | 10,178 | 9,660 | |
Property, plant and equipment | 1,986 | 1,986 | |
Accounts payable | (5,539) | (5,539) | |
Accrued expenses | (75) | (75) | |
Other liabilities | (366) | (366) | |
Goodwill, increase to purchase price | 518 | ||
Total fair value of consideration transferred | 48,010 | $ 47,492 | |
Total fair value of consideration transferred, increase to purchase price | $ 518 |
Acquisitions - Summary of Identifiable Intangible Assets (Detail) - Cultec $ in Thousands |
Apr. 29, 2022
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Total identifiable intangible assets | $ 31,400 |
Customer relationships | |
Business Acquisition [Line Items] | |
Total identifiable intangible assets | 12,400 |
Patents and developed technology | |
Business Acquisition [Line Items] | |
Total identifiable intangible assets | 16,200 |
Tradename and trademarks | |
Business Acquisition [Line Items] | |
Total identifiable intangible assets | $ 2,800 |
Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract asset - product returns | $ 1,105 | $ 978 |
Refund liability | $ 3,487 | $ 2,356 |
Leases (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2022 | |
Minimum | |
Lessee Lease Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee Lease Description [Line Items] | |
Remaining lease term | 28 years |
Maximum | Yard | |
Lessee Lease Description [Line Items] | |
Lease renewal term | 5 years |
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 146,757 | $ 156,050 |
Finished goods | 332,414 | 338,274 |
Total inventories | $ 479,171 | $ 494,324 |
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Mar. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt , gross | $ 1,304,801 | $ 929,804 |
Unamortized debt issuance costs | (12,825) | (1,648) |
Current maturities | (16,765) | (19,451) |
Long-term debt obligations | 1,275,211 | 908,705 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt , gross | 0 | 114,300 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt , gross | 430,750 | 434,250 |
Senior Notes | Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt , gross | 350,000 | 350,000 |
Senior Notes | Senior Notes due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt , gross | 500,000 | 0 |
Equipment Financing | ||
Debt Instrument [Line Items] | ||
Long-term debt , gross | 24,051 | $ 31,254 |
Current maturities | (9,800) | |
Long-term debt obligations | $ 14,300 |
Debt - Senior Secured Credit Facility (Detail) $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
May 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Sep. 30, 2019
USD ($)
|
|
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings permitted under credit facility | $ 600.0 | $ 350.0 | ||
Leverage ratio, maximum for variable rate step-down | 2.00 | |||
Outstanding letters of credit | $ 11.7 | $ 9.2 | ||
Revolving Credit Facility | Term Benchmark Based Loans Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Revolving Credit Facility | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
Letter of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings permitted under credit facility | 50.0 | |||
Sublimit of Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowings permitted under credit facility | $ 60.0 | 50.0 | ||
Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 700.0 |
Debt - Equipment Financing (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Mar. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Current maturities of debt obligations | $ 16,765 | $ 19,451 |
Long-term debt obligations | $ 1,275,211 | $ 908,705 |
Equipment Financing | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate of equipment financing | 1.40% | |
Current maturities of debt obligations | $ 9,800 | |
Long-term debt obligations | $ 14,300 | |
Minimum | Equipment Financing | ||
Debt Instrument [Line Items] | ||
Equipment financing term | 12 months | |
Maximum | Equipment Financing | ||
Debt Instrument [Line Items] | ||
Equipment financing term | 84 months |
Commitments and Contingencies (Detail) - Inventory |
6 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Total purchase commitment | $ 0 |
Minimum | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Purchase commitment contract period | 1 month |
Maximum | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Purchase commitment contract period | 12 months |
Income Taxes (Detail) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.90% | 26.10% | 23.20% | 25.80% |
Stock-Based Compensation - Summary of Assumption Used to Estimate Fair Value of Stock Options (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
| |
Share-Based Payment Arrangement [Abstract] | |
Common stock price (in dollars per share) | $ 99.29 |
Expected stock price volatility | 41.10% |
Risk-free interest rate | 2.90% |
Weighted-average expected option life (years) | 6 years |
Dividend yield | 0.48% |
Business Segments Information - Additional Information (Detail) |
6 Months Ended |
---|---|
Sep. 30, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments Information - Reconciliation of Gross Profit to Segment Adjusted Gross Profit (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Gross profit | $ 319,963 | $ 200,057 | $ 672,070 | $ 401,178 |
Total Segment Adjusted Gross Profit | 341,521 | 225,854 | 714,604 | 454,062 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Depreciation and Amortization | 20,800 | 17,250 | 41,102 | 34,782 |
ESOP and stock-based compensation expense | $ 758 | $ 8,547 | $ 1,432 | $ 18,102 |
Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Nov. 03, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Subsequent Event [Line Items] | |||||
Common stock dividends per share (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 | |
Share repurchases (in shares) | 1.1 | 1.9 | |||
Stock repurchased during period | $ 127,802 | $ 176,622 | $ 195,163 | $ 292,000 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock dividends per share (in dollars per share) | $ 0.12 | ||||
Share repurchases (in shares) | 0.3 | ||||
Stock repurchased during period | $ 31,400 |
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