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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 delivered another quarter of record financial performance in the fourth quarter of fiscal 2021.
Sales grew 20% year-over-year, driven by 21% residential sales growth and 11% non-residential sales growth as we continued to execute at both ADS and Infiltrator in a favorable demand environment.
The residential market remains strong.
Both ADS and Infiltrator residential market sales grew over 20% in the fourth quarter, driven by favorable dynamics in new home construction, repair/remodel and on-site septic, accelerated by our material conversion strategies at both businesses.
Residential market sales have increased to 39% of our domestic sales as compared to 23% prior to the Infiltrator acquisition.
The market indicators show that homebuilders continue to acquire land for future development and that there is an overall shortage in available homes, which drives the front-end new community development sales of ADS, and the on-site septic system sales of Infiltrator are driven during the home completion stage.
In addition, the repair/remodel business remains robust.
ADS participates in the repair/remodel segment of the residential market through retail, which is about 40% of the legacy business' residential sales.
Infiltrator's repair/remodel business in the residential on-site septic market accounts for roughly one-third of their business.
Growth in our non-residential end market was broad based throughout the United States.
We continue to benefit from growth in horizontal construction, such as warehouses, distribution centers, data centers, as well as the developments that follow the residential buildout.
About two-thirds of our domestic allied product sales are in the non-residential markets, where sales increased 13% further, giving us confidence in the underlying market strength.
Sales in the agriculture market increased 50% this quarter, driven by strong demand as the spring selling season got off to a good start.
The agriculture economy remains favorable and we continue to benefit from the programs we put in place around organizational changes, new product introductions and improving execution.
We experienced strong demand in the Midwest region, particularly in Minnesota, Ohio, Iowa and Michigan.
Further, we are expanding our presence in key strategic areas like Missouri and parts of the Southeast to drive increased market share.
International sales also increased 49%, primarily driven by sales growth in our Canadian business which nearly doubled compared to last year.
Canada is doing well across both the construction and agriculture end markets, with similar trends to the United States.
Additionally, this quarter, we continued to leverage our pipe manufacturing facilities in Mexico to help service the strong demand we experienced in the United States.
Finally, Infiltrator continues to exceed expectations with 23% sales growth in the fourth quarter against a very tough comparison to the prior year and broad-based growth across the Infiltrator product portfolio.
This includes double-digit growth in tanks and leachfield products, with strong growth in Florida, Tennessee, Alabama and Indiana, among other states.
This was led by our material conversion strategy of displacing concrete septic tanks with plastic tanks, and the economic advantages of septic chambers in leachfield systems.
The Infiltrator business is benefiting from strong distribution presence in the Southeast and Midwest, as well as rapidly growing micropolitan areas which typically lack the sewer infrastructure needed to support rapid housing development.
We achieved record fourth quarter adjusted EBITDA during the period.
Adjusted EBITDA margin increased 190 basis points.
The increase in profitability in both businesses was driven by leverage from the strong sales growth, favorable pricing as well as contributions from our operational productivity initiatives which helped to offset inflationary cost.
I'm very proud of our employees and management team at both ADS and Infiltrator for bringing fiscal 2021 to a close with strong financial performance this quarter.
I would like to highlight our fiscal 2021 financial performance compared to the 2018 Investor Day plan, now that we have finished out the year.
We communicated a three-year plan in November 2018 about a year after I got to[Phonetic] ADS and I'm very pleased to have exceeded the targets we laid out.
The ADS legacy business grew sales at 7.7% CAGR, driven by the sales programs we laid out in November 2018.
We continued to execute our proven market share model, converting traditional materials to our plastic pipe products and a strong -- in the stormwater market to drive this outperformance.
Our sales team is going after the significant growth opportunity for large diameter HDPE pipe, which has grown at a double-digit CAGR over the three-year period.
We are focused on key -- on growth in key states, mainly Florida, Texas and California, as well as additional priority states where we have -- where we find attractive market opportunities.
We continue to penetrate the allied product market through our existing portfolio as well as through innovation and acquisitions.
Allied product sales have also grown at a double-digit CAGR over the time period.
Finally, our agriculture and Canada businesses performed above our expectations, both returning to strong growth.
And the plan laid out in November 2018 restated our intention to grow adjusted EBITDA margin to between 18% and 19%.
The legacy ADS business finished fiscal 2021 with a margin of 24.3%, significantly outperforming our plan.
The outperformance was driven by execution, topline growth, favorable material cost, fixed cost leverage, as well as improved efficiency in our supply chain, operations and distribution.
The improvement in profitability as well as execution of our working capital initiatives and the acquisition of Infiltrator drove the improvement in free cash flow conversion to 66% of adjusted EBITDA, significantly better than the 45% in fiscal 2018 and above our target of at least 50%.
Our performance over the last three years, coupled with the acquisition of Infiltrator, changed the growth and financial profile of the Company.
The acquisition of Infiltrator was a great addition to our business.
Through Infiltrator, we increased our exposure to the residential market, diversifying our end-market exposure and gained a very high quality management team, set of engineers and operators who continue to execute the Infiltrator proven business model.
We believe executing on the strategies and plans laid out in 2018 increases the value of our business, as evidenced by the significant increase in our stock price since issuing this plan in 2018.
We will continue to focus on driving topline growth, improving our profitability, and converting profitability to cash at a high rate, in turn creating additional value for our shareholders.
We will continue to pursue these proven strategies and we'll issue our next three-year plan this fall at our next Investor Day.
In summary, we did a great job executing this quarter and fiscal year, and are pleased to continue our track record of generating above-market growth across our key end markets.
In the past, we've shown our growth relative to the market.
However, market statistics are a bit distorted right now due to the pandemic, making it more difficult to measure.
That said, regardless of how you measure the market growth or decline, we handily outperformed the market giving us confidence that our material conversion story is intact or even accelerating.
Our success in growing above market is a function of our unique advantages.
We continue to have success in gaining market and wallet share through our material conversion and water management strategies, we are more vectored to key states where construction activity remains high, and we're making focused bets in others where we see opportunities for growth.
We are benefiting from broader market trends, including rapid growth in micropolitan areas and high -- higher exposure to suburban development.
And since the acquisition of Infiltrator, we are more exposed to the residential construction market, which now represents nearly 40% of sales.
And within the non-residential market, we are also benefiting from our outsized exposure to horizontal construction, which was far more healthy than vertical construction in this past year.
In other words, we're an evolving and a stronger ADS today than any point in our history and we look forward to the future.
As we look to fiscal 2022, we will build on our strong market position, execution and new levels of profitability.
We will stay focused on employee health and safety, and then on -- and on delivering the needs of our customers.
We are well positioned to capitalize on market demand while continuing to generate above-market growth through the execution of our material conversion and water management solution strategies.
We remain focused as always on disciplined execution.
On Slide 7, we present our fourth quarter fiscal 2021 financial performance.
I'll be brief on this slide as Scott covered a lot of the details already, but I do want to highlight a few key points.
Our strong topline revenue growth of 20% was driven by both volume and pricing, with strong growth across our ADS and Infiltrator businesses as well as in each of our segments, markets and product applications.
The demand environment for our products remain attractive and we expect these dynamics to continue as we move forward into calendar 2021.
The 31% growth in consolidated adjusted EBITDA was driven by strong topline growth in addition to favorable pricing, operational efficiency initiatives, as well as our synergy programs.
In addition, due to the strong results for fiscal 2021 and to reward the incredible service and dedication of our employees this past year, we decided to pay a one-time bonus to employees who were not part of our annual incentive compensation plans, resulting in approximately $4 million of additional compensation expense in the quarter.
Our ability to deliver in the face of a uniquely challenging year and a strong demand environment would not have been possible without their hard work and dedication.
Moving to Slide 8, we present our full-year results.
Revenue this year increased 19% to $1.983 billion, coming in above the high end of our guidance range.
This was the result of strong demand we experienced this year, growing double-digits in both the domestic and international businesses.
Our adjusted EBITDA increased $205 million to $567 million, driven by strong volume growth in both pipe and allied products, favorable pricing and material costs, and operational efficiency initiatives that offset inflationary cost pressures.
Infiltrator contributed an additional $88 million, driven by strong volume growth, favorable price/cost performance as well as continued benefits from our synergy programs.
We also had the benefit of owning Infiltrator for the full year as compared to eight months in fiscal 2020.
Finally, our adjusted EBITDA margin increased 700 basis points to 28.6%, a Company record.
Moving to Slide 9.
Our year-to-date free cash flow increased $134 million to $373 million as compared to $239 million in the prior year.
These impressive free cash flow results were driven by our strong sales growth and profitability, as well as execution on our working capital initiatives.
Our working capital decreased to approximately 18% of sales, down from 21% of sales last year.
Further, our trailing 12-month leverage ratio is now 1.1 times.
We ended the quarter in a favorable -- very favorable liquidity position with $195 million of cash and $339 million available under our revolving credit facility, bringing our total liquidity to $534 million.
And finally, on Slide 10, we have our fiscal 2022 guidance.
Based on our performance to date, order activity, backlog and current market trends, we currently expect net sales to be in the range of $2.220 billion to $2.300 billion, representing growth of 12% to 16% over this past year, and adjusted EBITDA to be in the range of $635 million to $665 million, representing growth of 12% to 17% over this past year.
As we look to[Phonetic] fiscal 2022, we are confident in the demand environment across our end markets.
Our residential end-market growth is also expected to remain strong, particularly in those key southern crescent states we are focused on, including Florida and Texas.
In addition, our agricultural market remains robust with strength in crop pricing, driving investments in land productivity through better field drainage.
And finally, the international outlook is turning more favorable driven by our business in Canada, which is our largest international market.
Lastly, the exports business is expected to rebound as COVID-19 restrictions continue to ease.
This strong demand outlook gives us confidence in our revenue guidance.
We have also executed several price increases since our third quarter call across all of our end markets at both ADS and Infiltrator.
To date, our pricing actions are flowing through and we will continue to closely monitor the situation to ensure we stay ahead of inflationary cost pressures.
On the cost side, we are seeing inflationary pressure in materials, labor and transportation, as well as some issues with labor availability.
Within transportation, the third-party market availability is tight and there is inflationary cost pressure on diesel, wages and common carrier rates.
In this type of inflationary cost environment, we are also able to control our transportation cost better than most due to our large internal fleet, and we are working to leverage such to offset the rising cost we are seeing through payload efficiency, route planning and other programs to more efficiently serve our customers.
While we expect EBITDA margins to be flat to slightly up this year, it is important to highlight that we expect the most pressure on our price/cost spread to occur during the first half of our fiscal year.
Bottom line, we believe our long-term growth and margin expansion ability remains intact, despite the near-term inflationary cost environment we will be dealing with this year.
Given our strong balance sheet and leverage position, strategic capital deployment remains one of our top priorities.
We will continue to execute a balanced and disciplined capital deployment strategy, focusing on organic investments as our highest-return, lowest-risk option.
In fiscal 2022, we plan to spend between $130 million and $150 million on capital expenditures to support growth, recycling, innovation, productivity, and safety initiatives at both ADS and Infiltrator, basically doubling our commitment to capex year-over-year.
In addition to organic investments, we continue to actively explore M&A opportunities that are aligned with our strategic vision.
We are extremely excited about the M&A opportunities we are pursuing and see this as a key component of our capital deployment strategy in both the near term and longer term.
In addition to investing in the business through deploying capital organically and through M&A, we, today, announced a 22% increase in our quarterly dividend as well as a $250 million increase in our share repurchase program.
We previously had $42 million available under this program, and the increase announced today brings the total authorization to $292 million.
Operator, please open the line.

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for fiscal 2022, net sales are expected to be in range of $2.220 billion to $2.300 billion.

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