Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the
“Company”), a leading provider of innovative water management
solutions in the stormwater and onsite septic wastewater industries
today announced financial results for the fiscal second quarter
ended September 30, 2023.
Second Quarter Fiscal 2024
Results
- Net sales decreased 11.8% to $780.2 million
- Net income decreased 10.7% to $137.0 million
- Net income per diluted share decreased 4.8% to
$1.71
- Adjusted EBITDA (Non-GAAP) decreased 6.4% to $246.3
million
- Adjusted Earnings per share (Non-GAAP) decreased 4.8% to
$1.71
Year-to-Date Fiscal 2024
Results
- Net sales decreased 13.4% to $1,558.3 million
- Net income decreased 9.0% to $310.9 million
- Net income per diluted share decreased 3.0% to
$3.89
- Adjusted EBITDA (Non-GAAP) decreased 6.2% to $527.6
million
- Adjusted Earnings per share (Non-GAAP) decreased 6.0% to
$3.78
- Cash provided by operating activities increased 5.0% to
$458.9 million
- Free cash flow (Non-GAAP) increased 4.1% to $376.2
million
Scott Barbour, President and Chief Executive Officer of ADS
commented, "In the second quarter, we saw better than expected
performance in the Infiltrator business and Allied products
portfolio continue, despite demand headwinds from higher interest
rates, credit tightening and economic uncertainty. Results from the
ADS pipe portfolio remain in line with expectations. Importantly,
we demonstrated the resilience of the business model through the
180 basis point expansion in Adjusted EBITDA margin, even with the
lower demand environment. The margin performance this quarter
benefited from sales mix, as well as previous investments in the
business including automation and tooling, effective management of
price/cost as well as continuous improvement within our
operations."
"Demand for our innovative solutions continues to be driven by
the secular trend of larger-scale and more frequent water-related
climate events. ADS plays an important role in providing
sustainable water management solutions, while additionally being a
valued resource as regulations develop. The secular trend to manage
storm water, combined with our material conversion strategy, gives
us confidence in our strategic investments to support the long-term
growth of the business. For instance, we announced this morning we
are building a manufacturing facility in Lake Wales, Florida that
will position us to continue to grow in Florida and the Southeast,
a very important geographic region of the United States."
Barbour concluded, "With the first half of Fiscal 2024 behind
us, we have narrowed our revenue target towards the upper end of
the previous range and increased the Adjusted EBITDA mid-point
guidance for the year. This reflects a continuation of demand
trends experienced during the first half of the year, as well as
confidence in our ability to manage margin performance, as
demonstrated this quarter. Consistent with the previous guidance,
our uncertainty remains as to the impact of tightening credit
standards and higher interest rates on the non-residential and
residential markets in the second half of the fiscal year. We will
continue to focus on execution, delivering service to our customers
and pursuing growth through attractive products, markets and
partnerships, investing in capital and resources at both ADS and
Infiltrator for when the market rebounds."
Second Quarter Fiscal 2024
Results
Net sales decreased $104.0 million, or 11.8%, to $780.2 million,
as compared to $884.2 million in the prior year quarter. Domestic
pipe sales decreased $70.6 million, or 14.1%, to $430.4 million.
Domestic allied products & other sales decreased $18.9 million,
or 9.3%, to $183.3 million. Infiltrator sales decreased $17.0
million, or 11.3%, to $133.7 million. The decrease in domestic net
sales was primarily driven by lower demand in the U.S. construction
and agriculture end markets. International sales decreased $4.0
million, or 5.5%, to $69.4 million.
Gross profit decreased $17.3 million, or 5.4%, to $302.7 million
as compared to $320.0 million in the prior year. The decrease in
gross profit is primarily due to the decrease in volume and
unfavorable fixed cost absorption, partially offset by favorable
material costs.
Net income per diluted share decreased $0.09, or 4.8%, to $1.71,
as compared to $1.80 per share in the prior year quarter, primarily
due to the factors mentioned above.
Adjusted EBITDA (Non-GAAP) decreased $17.0 million, or 6.4%, to
$246.3 million, as compared to $263.2 million in the prior year,
primarily due to the factors mentioned above. As a percentage of
net sales, Adjusted EBITDA was 31.6% as compared to 29.8% in the
prior year.
Reconciliations of GAAP to Non-GAAP financial measures for
Adjusted EBITDA and Free Cash Flow have been provided in the
financial statement tables included in this press release. An
explanation of these measures is also included below under the
heading “Non-GAAP Financial Measures.”
Year-to-Date Fiscal 2023
Results
Net sales decreased $240.1 million, or 13.4%, to $1,558.3
million, as compared to $1,798.4 million in the prior year quarter.
Domestic pipe sales decreased $166.9 million, or 16.3%, to $859.0
million. Domestic allied products & other sales decreased $34.4
million, or 8.6%, to $366.7 million. Infiltrator sales decreased
$41.8 million, or 13.2%, to $275.2 million. The decrease in
domestic net sales was driven by lower demand in the U.S.
construction and agriculture end markets. International sales
decreased $22.8 million, or 15.7%, to $122.2 million.
Gross profit decreased $37.9 million, or 5.6%, to $634.1 million
as compared to $672.1 million in the prior year. The decrease in
gross profit is primarily due to the decrease in volume and
unfavorable fixed cost absorption, partially offset by favorable
material costs.
Net income per diluted share decreased $0.12, or 3.0%, to $3.89,
as compared to $4.01 per share in the prior year quarter. Results
for the fiscal 2024 include a $14.9 million gain on the sale of
assets, which after considering the income tax impact of this gain
impacted net income per diluted share by $0.14.
Adjusted EBITDA (Non-GAAP) decreased $34.7 million, or 6.2%, to
$527.6 million, as compared to $562.2 million in the prior year,
primarily due to the factors mentioned above. As a percentage of
net sales, Adjusted EBITDA was 33.9% as compared to 31.3% in the
prior year.
Balance Sheet and
Liquidity
Net cash provided by operating activities was $458.9 million, as
compared to $437.0 million in the prior year. Free cash flow
(Non-GAAP) was $376.2 million, as compared to $361.5 million in the
prior year. Net debt (total debt and finance lease obligations net
of cash) was $850.2 million as of September 30, 2023, a decrease of
$257.6 million from March 31, 2023.
ADS had total liquidity of $1,059.3 million, comprised of cash
of $470.4 million as of September 30, 2023 and $588.9 million of
availability under committed credit facilities. As of September 30,
2023, the Company’s trailing-twelve-month leverage ratio was 1.0
times Adjusted EBITDA.
In the six months ended September 30, 2023, the Company
repurchased 1.0 million shares of its common stock for a total cost
of $101.6 million. As of September 30, 2023, approximately $315.9
million of common stock may be repurchased under the Company's
existing share repurchase authorization.
Fiscal 2024 Outlook
Based on current visibility, backlog of existing orders and
business trends, the Company updated its financial targets for
fiscal 2024. Net sales are now expected to be in the range of
$2.700 billion to $2.800 billion. Adjusted EBITDA is expected to be
in the range of $800 to $850 million. The outlook for capital
expenditures is unchanged, expected to be in the range of $200
million to $225 million.
Conference Call
Information
Webcast: Interested investors and other parties can
listen to a webcast of the live conference call by logging in
through the Investor Relations section of the Company's website at
https://investors.ads-pipe.com/events-and-presentations. An online
replay will be available on the same website following the
call.
Teleconference: To participate in the live
teleconference, participants may register at
https://conferencingportals.com/event/TTnYXFWe using Conference ID:
45786. After registering, participants will receive a confirmation
through email, including dial in details and unique conference call
codes for entry. Registration is open through the live call. To
ensure participants are connected for the full call, please
register at least 10 minutes before the start of the call.
About the Company
Advanced Drainage Systems is a leading manufacturer of
innovative stormwater and onsite septic wastewater solutions that
manages the world’s most precious resource: water. ADS and its
subsidiary, Infiltrator Water Technologies, provide superior
stormwater drainage and onsite septic wastewater products used in a
wide variety of markets and applications including commercial,
residential, infrastructure and agriculture, while delivering
unparalleled customer service. ADS manages the industry’s largest
company-owned fleet, an expansive sales team, and a vast
manufacturing network of approximately 70 manufacturing plants and
40 distribution centers. The company is one of the largest plastic
recycling companies in North America, ensuring over half a billion
pounds of plastic is kept out of landfills every year. Founded in
1966, ADS’ water management solutions are designed to last for
decades. To learn more, visit the Company’s website at
www.adspipe.com.
Forward Looking
Statements
Certain statements in this press release may be deemed to be
forward-looking statements. These statements are not historical
facts but rather are based on the Company’s current expectations,
estimates and projections regarding the Company’s business,
operations and other factors relating thereto. Words such as “may,”
“will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” “confident” and similar expressions are
used to identify these forward-looking statements. Factors that
could cause actual results to differ from those reflected in
forward-looking statements relating to our operations and business
include: fluctuations in the price and availability of resins and
other raw materials and our ability to pass any increased costs of
raw materials on to our customers in a timely manner; disruption or
volatility in general business and economic conditions in the
markets in which we operate; cyclicality and seasonality of the
non-residential and residential construction markets and
infrastructure spending; the risks of increasing competition in our
existing and future markets; uncertainties surrounding the
integration and realization of anticipated benefits of
acquisitions; the effect of weather or seasonality; the loss of any
of our significant customers; the risks of doing business
internationally; the risks of conducting a portion of our
operations through joint ventures; our ability to expand into new
geographic or product markets; the risk associated with
manufacturing processes; the effect of global climate change;
cybersecurity risks; our ability to manage our supply purchasing
and customer credit policies; our ability to control labor costs
and to attract, train and retain highly qualified employees and key
personnel; our ability to protect our intellectual property rights;
changes in laws and regulations, including environmental laws and
regulations; the risks associated with our current levels of
indebtedness, including borrowings under our existing credit
agreement and outstanding indebtedness under our existing senior
notes; and other risks and uncertainties described in the Company’s
filings with the SEC. New risks and uncertainties emerge from time
to time and it is not possible for the Company to predict all risks
and uncertainties that could have an impact on the forward-looking
statements contained in this press release. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by the Company or any
other person that the Company’s expectations, objectives or plans
will be achieved in the timeframe anticipated or at all. Investors
are cautioned not to place undue reliance on the Company’s
forward-looking statements and the Company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Financial Statements
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(unaudited)
Three Months Ended
September 30,
Six Months Ended
September 30,
(In thousands, except per share data)
2023
2022
2023
2022
Net sales
$
780,220
$
884,209
$
1,558,266
$
1,798,395
Cost of goods sold
477,543
564,246
924,129
1,126,325
Gross profit
302,677
319,963
634,137
672,070
Operating expenses:
Selling, general and administrative
91,725
88,639
178,236
175,159
Loss (gain) on disposal of assets and
costs from exit and disposal activities
123
(102
)
(13,181
)
201
Intangible amortization
12,792
13,841
25,594
27,518
Income from operations
198,037
217,585
443,488
469,192
Other expense:
Interest expense
21,941
18,261
43,653
29,333
Derivative (gain) loss and other (income)
expense, net
(7,506
)
395
(11,055
)
(1,507
)
Income before income taxes
183,602
198,929
410,890
441,366
Income tax expense
47,476
47,508
102,534
102,573
Equity in net income of unconsolidated
affiliates
(901
)
(1,956
)
(2,576
)
(3,066
)
Net income
137,027
153,377
310,932
341,859
Less: net income attributable to
noncontrolling interest
1,225
1,370
1,478
2,706
Net income attributable to ADS
$
135,802
$
152,007
$
309,454
$
339,153
Weighted average common shares
outstanding:
Basic
78,606
83,466
78,756
83,306
Diluted
79,307
84,498
79,475
84,485
Net income per share:
Basic
$
1.73
$
1.82
$
3.93
$
4.07
Diluted
$
1.71
$
1.80
$
3.89
$
4.01
Cash dividends declared per
share
$
0.14
$
0.12
$
0.28
$
0.24
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited)
As of
(Amounts in thousands)
September 30, 2023
March 31, 2023
ASSETS
Current assets:
Cash
$
470,409
$
217,128
Receivables, net
352,562
306,945
Inventories
385,090
463,994
Other current assets
23,855
29,422
Total current assets
1,231,916
1,017,489
Property, plant and equipment, net
773,993
733,059
Other assets:
Goodwill
620,165
620,193
Intangible assets, net
382,050
407,627
Other assets
129,850
122,757
Total assets
$
3,137,974
$
2,901,125
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of debt obligations
$
12,950
$
14,693
Current maturities of finance lease
obligations
11,698
8,541
Accounts payable
223,536
210,111
Other accrued liabilities
158,784
142,400
Accrued income taxes
20,899
3,057
Total current liabilities
427,867
378,802
Long-term debt obligations, net
1,264,197
1,269,391
Long-term finance lease obligations
31,729
32,272
Deferred tax liabilities
159,060
159,056
Other liabilities
72,942
66,744
Total liabilities
1,955,795
1,906,265
Mezzanine equity:
Redeemable common stock
133,349
153,220
Total mezzanine equity
133,349
153,220
Stockholders’ equity:
Common stock
11,663
11,647
Paid-in capital
1,173,574
1,134,864
Common stock in treasury, at cost
(1,039,717
)
(920,999
)
Accumulated other comprehensive loss
(29,658
)
(27,580
)
Retained earnings
913,551
626,215
Total ADS stockholders’ equity
1,029,413
824,147
Noncontrolling interest in
subsidiaries
19,417
17,493
Total stockholders’ equity
1,048,830
841,640
Total liabilities, mezzanine equity and
stockholders’ equity
$
3,137,974
$
2,901,125
ADVANCED DRAINAGE SYSTEMS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
Six Months Ended September
30,
(Amounts in thousands)
2023
2022
Cash Flow from Operating
Activities
Net income
$
310,932
$
341,859
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
73,961
71,500
Deferred income taxes
519
(3,117
)
(Gain) loss on disposal of assets and
costs from exit and disposal activities
(13,181
)
201
Stock-based compensation
16,234
13,733
Amortization of deferred financing
charges
1,022
398
Fair market value adjustments to
derivatives
(1,889
)
2,183
Equity in net income of unconsolidated
affiliates
(2,576
)
(3,066
)
Other operating activities
756
(713
)
Changes in working capital:
Receivables
(43,530
)
(43,680
)
Inventories
79,215
15,799
Prepaid expenses and other current
assets
(2,228
)
(7,776
)
Accounts payable, accrued expenses, and
other liabilities
39,629
49,703
Net cash provided by operating
activities
458,864
437,024
Cash Flows from Investing
Activities
Capital expenditures
(82,625
)
(75,545
)
Proceeds from disposition of assets
19,979
—
Acquisition, net of cash acquired
—
(48,010
)
Other investing activities
446
46
Net cash used in investing activities
(62,200
)
(123,509
)
Cash Flows from Financing
Activities
Payments on syndicated Term Loan
Facility
(3,500
)
(3,500
)
Proceeds from Revolving Credit
Agreement
—
26,200
Payments on Revolving Credit Agreement
—
(140,500
)
Proceeds from Amended Revolving Credit
Agreement
—
97,000
Payments on Amended Revolving Credit
Agreement
—
(97,000
)
Proceeds from Senior Notes due 2030
—
500,000
Debt issuance costs
—
(11,575
)
Payments on Equipment Financing
(4,458
)
(7,104
)
Payments on finance lease obligations
(5,452
)
(3,153
)
Repurchase of common stock
(101,564
)
(192,602
)
Cash dividends paid
(22,224
)
(20,367
)
Dividends paid to noncontrolling interest
holder
—
(1,727
)
Proceeds from exercise of stock
options
2,623
4,660
Payment of withholding taxes on vesting of
restricted stock units
(8,811
)
(25,512
)
Net cash (used in) provided by financing
activities
(143,386
)
124,820
Effect of exchange rate changes on
cash
3
(1,103
)
Net change in cash
253,281
437,232
Cash at beginning of period
217,128
20,125
Cash at end of period
$
470,409
$
457,357
Selected Financial Data
The following tables set forth net sales by reportable segment
for each of the periods indicated.
Three Months Ended
September 30, 2023
September 30, 2022
(In thousands)
Net Sales
Intersegment
Net Sales
Net Sales
from
External
Customers
Net Sales
Intersegment
Net Sales
Net Sales
from
External
Customers
Pipe
$
430,389
$
(9,563
)
$
420,826
$
500,978
$
(10,770
)
$
490,208
Infiltrator
133,731
(17,553
)
116,178
150,735
(22,450
)
128,285
International
International - Pipe
52,405
(1,020
)
51,385
56,461
(7,339
)
49,122
International - Allied Products &
Other
17,027
(26
)
17,001
17,002
—
17,002
Total International
69,432
(1,046
)
68,386
73,463
(7,339
)
66,124
Allied Products & Other
183,304
(8,474
)
174,830
202,200
(2,608
)
199,592
Intersegment Eliminations
(36,636
)
36,636
—
(43,167
)
43,167
—
Total Consolidated
$
780,220
$
—
$
780,220
$
884,209
$
—
$
884,209
Six Months Ended
September 30, 2023
September 30, 2022
Net Sales
Intersegment
Net Sales
Net Sales
from
External
Customers
Net Sales
Intersegment
Net Sales
Net Sales
from
External
Customers
Pipe
$
858,961
$
(17,707
)
$
841,254
$
1,025,835
$
(20,644
)
$
1,005,191
Infiltrator
275,217
(36,131
)
239,086
317,025
(51,356
)
265,669
International
International - Pipe
89,583
(1,548
)
88,035
109,880
(13,198
)
96,682
International - Allied Products &
Other
32,625
(26
)
32,599
35,097
—
35,097
Total International
122,208
(1,574
)
120,634
144,977
(13,198
)
131,779
Allied Products & Other
366,749
(9,457
)
357,292
401,109
(5,353
)
395,756
Intersegment Eliminations
(64,869
)
64,869
—
(90,551
)
90,551
—
Total Consolidated
$
1,558,266
$
—
$
1,558,266
$
1,798,395
$
—
$
1,798,395
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). ADS
management uses non-GAAP measures in its analysis of the Company’s
performance. Investors are encouraged to review the reconciliation
of non-GAAP financial measures to the comparable GAAP results
available in the accompanying tables.
Reconciliation of Non-GAAP Financial Measures
This press release includes references to organic results,
Adjusted EBITDA and Free Cash Flow, non-GAAP financial measures.
These non-GAAP financial measures are used in addition to and in
conjunction with results presented in accordance with GAAP. These
measures are not intended to be substitutes for those reported in
accordance with GAAP. Adjusted EBITDA and Free Cash Flow may be
different from non-GAAP financial measures used by other companies,
even when similar terms are used to identify such measures.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that
comprise net income before interest, income taxes, depreciation and
amortization, stock-based compensation, non-cash charges and
certain other expenses. The Company’s definition of Adjusted EBITDA
may differ from similar measures used by other companies, even when
similar terms are used to identify such measures. Adjusted EBITDA
is a key metric used by management and the Company’s board of
directors to assess financial performance and evaluate the
effectiveness of the Company’s business strategies. Accordingly,
management believes that Adjusted EBITDA provides useful
information to investors and others in understanding and evaluating
our operating results in the same manner as the Company’s
management and board of directors. In order to provide investors
with a meaningful reconciliation, the Company has provided below
reconciliations of Adjusted EBITDA to net income.
Free Cash Flow is a non-GAAP financial measure that comprises
cash flow from operating activities less capital expenditures. Free
Cash Flow is a measure used by management and the Company’s board
of directors to assess the Company’s ability to generate cash.
Accordingly, management believes that Free Cash Flow provides
useful information to investors and others in understanding and
evaluating our ability to generate cash flow from operations after
capital expenditures. In order to provide investors with a
meaningful reconciliation, the Company has provided below a
reconciliation of cash flow from operating activities to Free Cash
Flow.
The following tables present a reconciliation of EBITDA and
Adjusted EBITDA to Net Income and Free Cash Flow to Cash Flow from
Operating Activities, the most comparable GAAP measures, for each
of the periods indicated.
Reconciliation of Adjusted Gross Profit to Gross
Profit
Three Months Ended
September 30,
Six Months Ended
September 30,
(Amounts in thousands)
2023
2022
2023
2022
Segment Adjusted Gross Profit
Pipe
$
125,856
$
146,153
$
286,505
$
314,732
Infiltrator
73,663
71,278
147,927
147,072
International
21,339
17,630
37,368
38,114
Allied Products & Other
106,239
106,030
212,424
215,071
Intersegment Elimination
(454
)
430
(2,509
)
(385
)
Total Segment Adjusted Gross Profit
326,643
341,521
681,715
714,604
Depreciation and amortization
22,622
20,800
45,421
41,102
Stock-based compensation expense
1,344
758
2,157
1,432
Total Gross Profit
$
302,677
$
319,963
$
634,137
$
672,070
Reconciliation of Adjusted EBITDA to Net Income
Three Months Ended
September 30,
Six Months Ended
September 30,
(Amounts in thousands)
2023
2022
2023
2022
Net income
$
137,027
$
153,377
$
310,932
$
341,859
Depreciation and amortization
36,721
35,922
73,961
71,500
Interest expense
21,941
18,261
43,653
29,333
Income tax expense
47,476
47,508
102,534
102,573
EBITDA
243,165
255,068
531,080
545,265
Loss (gain) on disposal of assets and
costs from exit and disposal activities
123
(102
)
(13,181
)
201
Stock-based compensation expense
9,331
7,460
16,234
13,733
Transaction costs
52
368
2,024
2,083
Interest income
(5,137
)
(1,991
)
(8,626
)
(2,108
)
Other adjustments(a)
(1,284
)
2,399
32
3,071
Adjusted EBITDA
$
246,250
$
263,202
$
527,563
$
562,245
(a)
Includes derivative fair value adjustments, foreign currency
transaction (gains) losses, the proportionate share of interest,
income taxes, depreciation and amortization related to the South
American Joint Venture, which is accounted for under the equity
method of accounting and executive retirement expense.
Reconciliation of Free Cash Flow to Cash flow from Operating
Activities
Six Months Ended
September 30,
(Amounts in thousands)
2023
2022
Net cash flow from operating
activities
$
458,864
$
437,024
Capital expenditures
(82,625
)
(75,545
)
Free cash flow
$
376,239
$
361,479
Reconciliation of Diluted Earnings per Share to Adjusted
Earnings per Share
The following table diluted presents earnings per share on an
adjusted basis to supplement the Company's discussion of its
results of operations herein. Adjusted earnings per share excludes
(gains) losses on disposals of assets or business, restructuring
expenses, impairment charges and transaction costs. Adjusted
earnings per share are measures used by management and may be
useful for investors to evaluate the Company's operational
performance.
Three Months Ended September
30,
Six Months Ended
September 30,
2023
2022
2023
2022
Diluted Earnings Per Share
$
1.71
$
1.80
$
3.89
$
4.01
Loss (gain) on disposal of assets and
costs from exit and disposal activities
—
—
(0.17
)
—
Transaction costs
—
—
0.03
0.02
Income tax impact of adjustments (a)
—
—
0.03
(0.01
)
Adjusted Earnings per Share
$
1.71
$
1.80
$
3.78
$
4.02
(a)
The income tax impact of adjustments to
each period is based on the statutory tax rate.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102777326/en/
Michael Higgins VP, Corporate Strategy & Investor Relations
(614) 658-0050 Michael.Higgins@adspipe.com
Advanced Drainage Systems (NYSE:WMS)
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