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Advanced Drainage Systems ("WMS" or the “Company”) has no control over the
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further acknowledge and agree that in no event shall WMS or Virtua, its
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By entering the External Site, you further acknowledge and agree that the
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without limitation, a claim of fundamental breach or breach of a fundamental
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If in any jurisdiction, any part of this disclaimer is held to be
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disclaimer shall be restricted or eliminated to the minimum extent and the
remaining disclaimer shall otherwise remain in full force and effect.
Please note the information presented is deemed representative at the time of
its original release. Changes in historical information may occur due to
adjustments in accounting and reporting standards & procedures.
Non-GAAP Information
WMS supplements the reporting of financial information determined by
accounting principles generally accepted in the United States of America
(“GAAP”) with certain non-GAAP financial measures, including earnings before
interest, tax, depreciation and amortization (EBITDA), adjusted EBITDA,
adjusted EBITDA margin, adjusted net income, adjusted earnings per fully
converted share, and free cash flow. 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, and may be different from non-GAAP financial
measures used by other companies, even when similar terms are used to identify
such measures.
WMS 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.
Adjusted EBITDA is a non-GAAP financial measure that comprises net income
before interest, income taxes, depreciation and amortization, stock-based
compensation, non-cash charges and certain other expenses. The Company’s
definition of Adjusted EBITDA may differ from similar measures used by other
companies, even when similar terms are used to identify such measures.
Adjusted EBITDA is a key metric used by management and the Company’s board of
directors to assess financial performance and evaluate the effectiveness of
the Company’s business strategies. Accordingly, management believes that
Adjusted EBITDA provides useful information to investors and others in
understanding and evaluating our operating results in the same manner as the
Company’s management and board of directors. In order to provide investors
with a meaningful reconciliation, the Company has provided below
reconciliations of Adjusted EBITDA to net income.
Free Cash Flow is a non-GAAP financial measure that comprises cash flow from
operating activities less capital expenditures. Free Cash Flow is a measure
used by management and the Company’s board of directors to assess the
Company’s ability to generate cash. Accordingly, management believes that Free
Cash Flow provides useful information to investors and others in understanding
and evaluating our ability to generate cash flow from operations after capital
expenditures. In order to provide investors with a meaningful reconciliation,
the Company has provided below a reconciliation of cash flow from operating
activities to Free Cash Flow.
Adjusted Earnings Per Fully Converted Share is a non-GAAP measure that is
calculated by adjusting our Net income per share – Basic, the most comparable
GAAP measure. To effect this adjustment with respect to Net income available
to common stockholders, we have (1) removed the accretion of Redeemable
noncontrolling interest in subsidiaries, (2) added back the dividends to
Redeemable convertible preferred stockholders and dividends paid to unvested
restricted stockholders, (3) made corresponding adjustments to the amount
allocated to participating securities under the two class earnings per share
computation method, and (4) added back ESOP deferred compensation attributable
to the shares of Redeemable convertible preferred stock allocated to employee
ESOP accounts during the applicable period, which is a non-cash charge to our
earnings. We have also made adjustments to the weighted average common shares
outstanding – Basic to assume (1) share conversion of the Redeemable
convertible preferred stock outstanding shares to common stock and (2) add
shares of outstanding unvested restricted stock. Adjusted Earnings Per Fully
Converted Share (non-GAAP) is a key metric used by management and our board of
directors to assess our financial performance. This information is useful to
investors as the preferred shares held by the ESOP are required to be
distributed to our employees over time, which is done in the form of common
stock after the conversion of the preferred shares. As such, this measure is
included because it provides investors with information to understand the
impact on the financial statements once all preferred shares are converted and
distributed.