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Text: With me here, I have Scott Barbour, our President and CEO; and Scott Cottrill, our CFO.
A copy of the release has also been included in an 8-K submitted to the SEC.
We had a strong second quarter of fiscal 2021, with 10% net sales growth as demand and business activity remains favorable.
I also appreciate our customers for working with us in new and imaginative ways to serve the construction markets.
We generated strong performance in key growth states, including Florida, the Carolinas, Tennessee, Georgia and Utah as well as more broadly across the south and southeast regions of the United States.
As a whole, we benefited from our national presence and geographic exposure as well as our increased residential exposure from Infiltrator and to focused homebuilder programs at ADS.
Infiltrator once again exceeded revenue expectations with 63% sales growth in the second quarter.
Infiltrator continues to see double-digit growth in tanks and leach field products, with particular strength in Florida, the Carolinas, Georgia, Tennessee and Alabama.
Recall the Infiltrator results are for two months of the prior year quarter, given the timing of the acquisition, which closed July 31, 2019.
In the residential end market, legacy ADS sales increased 15% this quarter.
We see favorable dynamics in new construction, repair, remodel and on-site septic.
Orders, backlog and sales remained strong through the period, with very limited impact from the slowdown in residential starts earlier this year.
As a whole, we are well positioned for growth in the residential market.
On the front end of the cycle, the ADS products and go-to-market strategy are positioned for the land development phase, whereas Infiltrator products come in play toward the end of the cycle when construction is nearing completion.
Additionally, both Infiltrator and ADS have a repair and remodel component that is strong and growing its home improvement activity and existing home sales continue to rise.
About 1/3 of the Infiltrator sales are related to repair and remodel, and at ADS, the repair and remodel exposure is covered through our retail and national accounts.
The company's exposure to the residential market has increased to 38% of domestic sales compared to 28% at this time last year.
Sales in our nonresidential end market were up modestly, led by strong growth in HP Pipe and Storm Tech retention detaching chambers as we continue to benefit from our exposure to horizontal construction.
We are tracking very closely to the segments of the nonresidential market that continue to do well such as data centers and warehouses as well as geographies that are experiencing growth like the southeast and Atlantic Coast.
Importantly, we believe ADS is well positioned to continue to grow above market due to our conversion strategy, national coverage and water management solutions package.
And given what we see in the market today, we believe the second half of the year will be similar to the market conditions we experienced in the first six months.
Agriculture sales were down just slightly this quarter as we called out to a tough comparison period.
Still, the agricultural sales team has had a great first half of fiscal 2021, with sales up 14% year-over-year.
In addition, the fall selling season is off to a great start as we continue to benefit from the programs we put in place around organizational changes, new product introductions and improving execution in the agriculture market.
International sales increased 3%, driven by double-digit growth in our Canadian business.
Canada is doing well across both the construction and agriculture end markets.
Mexico, on the other hand, is not performing as well and having been more significantly impacted by the COVID-19 pandemic.
Overall, strong demand is causing some regional and product level constraints.
Lead time and inventory levels are stretched as we get into this part of the season.
Based on this strong demand and our desire to more fully capitalize on opportunities in our core markets, we are stepping up our capital investments, which we now expect will total between $80 million and $90 million for this fiscal year.
The focus of our investments will be to improve safety, increase capacity for future growth and improve productivity.
We will rebuild finished goods inventory in the second half of the year by level loading production at our facilities and our traditionally slow lots, preparing both ADS and Infiltrator for good customer service and normal lead times.
This build will depend on our second half demand, ramping up new capital and dealing with the COVID-19-related circumstances like employee retention, absenteeism and local conditions.
Frankly, this is consistent with the environment we've been managing since the pandemic hit.
We are also making investments in talent, including the recent addition of a senior leader to accelerate new product introductions, marketing and innovation.
I'm pleased to announce Brian King joined our organization in September to lead this effort as the Executive Vice President of Product Management and Marketing.
Brian has 25 years of successful product management experience, and we're excited to have him join our team.
Moving to our profitability results.
We achieved another quarter of record adjusted EBITDA during the period.
Adjusted EBITDA margin increased 820 basis points overall with a 640 basis point increase in the legacy ADS business.
This was driven by favorable material costs, leverage from the growth in Pipe and Allied Products, execution of our operational initiatives and contributions from the proactive cost mitigation steps we took earlier this year.
Infiltrator also achieved record profitability in the quarter due to strong demand, favorable material costs, contributions from our synergy programs and continued execution of their proven business model.
The synergy programs are right on track to achieve the run rate targets we've previously communicated.
As we look ahead to the second half of the year, we are optimistic as our order book, project tracking, book-to-bill ratio and backlog all remain positive.
We expect the normal seasonal patterns to apply to the second half of our fiscal year as installation activity slows down in geographies with colder temperatures.
We also have some profitability headwinds coming up in the third and the fourth quarters, including inflationary costs from materials and labor.
We are working to offset these headwinds through pricing actions, operational productivity initiatives and our synergy programs.
In summary, we did a very good job executing this quarter.
We're focused on safety, managing through the COVID-19 environment, servicing our customers and driving these new levels of profitable performance.
Though uncertainty still exists regarding the broader market environment, we are well positioned to capitalize on residential development and horizontal construction while continuing to generate above-market growth through the execution of our material conversion and water management solution strategies.
We remain focused on disciplined execution as we look to build off a very strong first half of our fiscal 2021.
On slide six, we present our second quarter fiscal 2021 financial performance.
Net sales increased 10%, with 4% growth in our legacy ADS business plus 63% growth in our Infiltrator business.
Sales growth in the legacy ADS business was led by a 15% sales growth in the residential market, which remains robust.
As Scott discussed, demand in our nonresidential market remains stable, with pockets of strength in horizontal construction, data centers and warehouses.
Overall, sales were solid throughout the quarter and this trend has continued through October.
Sales grew in Infiltrator across their portfolio, driven especially by strength in their leach field and tank product lines.
Infiltrator continued to benefit from the underlying strength in the repair and remodel market as well as growth in single-family housing.
This growth was further accelerated by their material conversion strategy.
From a profitability standpoint, adjusted EBITDA increased $56 million or 47% compared to the prior year.
Adjusted EBITDA for the legacy ADS business increased $33 million or 35%, with strong performance from our sales, operations, procurement and distribution teams.
ADS is very well positioned to capitalize on the current stability in our end markets due to our market-leading position, national relationships, breadth of products and services as well as our geographic and end market diversity.
These attributes make us the premier partner and leader in the industry and led to the margin expansion and strong financial performance in the quarter.
Infiltrator's adjusted EBITDA increased $21 million or 86%, benefiting from strong demand, favorable pricing, lower input costs, productivity improvements as well as our synergy programs.
Moving to slide seven.
Our free cash flow increased $112 million to $257 million as compared to $135 million in the first half of fiscal 2020.
These impressive free cash flow results were driven by the strong sales growth and profitability we achieved in the first half of fiscal 2021 as well as execution on our working capital initiatives.
Our working capital decreased to right around 20% of sales, down from 22% at this time last year.
Further, our trailing 12-month pro forma leverage ratio is now 1.5 times, slightly below our target range of two to 3 times leverage.
We ended the quarter in a very favorable liquidity position as well, with $204 million of cash and $339 million available under our revolving credit facility, bringing our total liquidity to $543 million.
The favorable changes we have made to our capital structure have also resulted in no significant debt maturities until 2026.
While pleased with our conversion of adjusted EBITDA to free cash flow in the first half of this year, we will need to make strategic investments in working capital and capex during the second half of this year to position us to take full advantage of expected growth as well as to make the necessary investments to support our productivity initiatives at both the legacy ADS and Infiltrator businesses.
In addition, we continue to assess bolt-on acquisition opportunities through our disciplined acquisition process.
Finally, on slide eight, we introduced our guidance for fiscal 2021.
Based on our performance to date, order activity, backlog and current market trends, we currently expect net sales to be in the range of $1,790,000,000 to $1,840,000,000, representing growth of 7% to 10% over last year; adjusted EBITDA to be in the range of $495 million to $515 million, representing growth of 37% to 42% over last year, and we expect to convert our adjusted EBITDA to free cash flow at a rate of around 60% for the full year, driven by our strong results as well as the investments we just discussed.
Operator, please open the line.

user
sees fiscal 2021 adjusted ebitda is expected to be in range of $495 to $515 million.

assistant