株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2026
 
ADVANCED DRAINAGE SYSTEMS, INC.
(Exact name of Registrant as Specified in Its Charter)
 
Delaware 001-36557 51-0105665
(State or Other Jurisdiction
of Incorporation)
 (Commission File Number)
(IRS Employer
Identification No.)
     
4024 Green Stripe Lane
   43026
Hilliard,
 Ohio
(Address of Principal Executive Offices)   (Zip Code)
Registrant’s Telephone Number, Including Area Code: (800) 733-7473
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class  
Trading
Symbol(s)
   Name of each exchange on which registered
Common Stock, $0.01 par value per share   WMS   New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01    Regulation FD Disclosure 
As previously reported in the Form 10-K and the Form 8-K filed on May 21, 2026 for the fiscal year ended March 31, 2026 by Advanced Drainage Systems, Inc. (the “Company”) or (“ADS”), following the acquisition of National Diversified Sales (“NDS”) we realigned our reportable segments to align with the manner in which the Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions (the “Segment Realignment”). Our revised reportable segments consist of Stormwater and Wastewater (formerly referred to as the “Infiltrator” reportable segment). Further, we changed the measure used to evaluate segment profitability from adjusted gross profit to Adjusted EBITDA.
Segment results for the historical periods presented in these consolidated financial statements have been recast to reflect these changes. The Segment Realignment had no impact on our previously reported consolidated net sales, income from operations, net income attributable to ADS or earnings per share.
ADS provided certain recast historical financial information for quarterly periods within fiscal 2026, 2025 and 2024 attached hereto as Exhibit 99.1 to this Current Report on Form 8-K. The information included in this Current Report on Form 8-K is unaudited and presented for informational purposes only in connection with the matters described above and does not amend or restate any of the Company’s previously issued financial statements. This Current Report on Form 8-K should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026. The recast financial information furnished in Exhibit 99.1 hereto is included for supplemental purposes only. The information furnished in this Item 7.01, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.














Item 9.01    Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are being furnished as part of this report:
99.1
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ADVANCED DRAINAGE SYSTEMS, INC.
Date: May 21, 2026 By: /s/ Scott A. Cottrill
Name: Scott A. Cottrill
Title: EVP, CFO & Secretary

Exhibit 99.1
The following tables set forth Net sales, significant segment expenses, and Adjusted EBITDA for each of the Company’s reportable segments for the periods presented:
Three Months Ended June 30, 2025
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 651,527  $ 178,353  $ —  $ 829,880 
Intersegment net sales 9,076  16,609  (25,685) — 
Net sales 660,603  194,962  (25,685) 829,880 
Significant segment expenses:
Costs of goods sold 427,119  97,251  (24,928) 499,442 
Selling, general and administrative expenses 73,782  18,344  —  92,126 
Other segment items(a)
 (43,793) (7,897) —  (51,690)
Segment Adjusted EBITDA(b)
 $ 203,495  $ 87,264  $ (757)
Corporate and other costs(c)
 11,835 
Total consolidated Adjusted EBITDA $ 278,167 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 23,029 
Interest income (5,405)
Depreciation and amortization 50,228 
Stock-based compensation expense 8,404 
Loss (gain) on disposal of assets and costs from exit and disposal activities 7,024 
Transaction costs(d)
 807 
Other adjustments(e)
 4,658 
Income before income taxes 189,422 
Income tax expense 46,674 
Equity in net income of unconsolidated affiliates (1,343)
Net income from continuing operations $ 144,091 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended September 30, 2025
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 670,665  $ 179,716  $ —  $ 850,381 
Intersegment net sales 9,346  16,652  (25,998) — 
Net sales 680,011  196,368  (25,998) 850,381 
Significant segment expenses:
Costs of goods sold 435,834  100,525  (26,110) 510,249 
Selling, general and administrative expenses 88,979  18,861  —  107,840 
Other segment items(a)
 (55,420) (11,204) —  (66,624)
Segment Adjusted EBITDA(b)
 $ 210,618  $ 88,186  $ 112 
Corporate and other costs(c)
 11,384 
Total consolidated Adjusted EBITDA $ 287,532 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 23,116 
Interest income (7,340)
Depreciation and amortization 54,693 
Stock-based compensation expense 8,577 
Loss (gain) on disposal of assets and costs from exit and disposal activities (15,926)
Transaction costs(d)
 9,317 
Other adjustments(e)
 6,904 
Income before income taxes 208,191 
Income tax expense 52,399 
Equity in net income of unconsolidated affiliates (708)
Net income from continuing operations $ 156,500 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended December 31, 2025
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 540,473  $ 152,881  $ —  $ 693,354 
Intersegment net sales 9,174  14,785  (23,959) — 
Net sales 549,647  167,666  (23,959) 693,354 
Significant segment expenses:
Costs of goods sold 372,861  84,381  (23,040) 434,202 
Selling, general and administrative expenses 79,359  16,107  —  95,466 
Other segment items(a)
 (51,356) (7,451) —  (58,807)
Segment Adjusted EBITDA(b)
 $ 148,783  $ 74,629  $ (919)
Corporate and other costs(c)
 13,276 
Total consolidated Adjusted EBITDA $ 209,217 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 22,579 
Interest income (8,450)
Depreciation and amortization 51,522 
Stock-based compensation expense 8,835 
Loss (gain) on disposal of assets and costs from exit and disposal activities 87 
Transaction costs(d)
 7,172 
Other adjustments(e)
 4,729 
Income before income taxes 122,743 
Income tax expense 30,557 
Equity in net income of unconsolidated affiliates (1,851)
Net income from continuing operations $ 94,037 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended March 31, 2026
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 534,749  $ 142,012  $ —  $ 676,761 
Intersegment net sales 8,870  13,534  (22,404) — 
Net sales 543,619  155,546  (22,404) 676,761 
Significant segment expenses:
Costs of goods sold 377,356  85,806  (24,065) 439,097 
Selling, general and administrative expenses 106,709  15,690  —  122,399 
Other segment items(a)
 (80,625) (7,323) —  (87,948)
Segment Adjusted EBITDA(b)
 $ 140,179  $ 61,373  $ 1,661 
Corporate and other costs(c)
 15,223 
Total consolidated Adjusted EBITDA $ 187,990 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 25,145 
Interest income (3,805)
Depreciation and amortization 59,818 
Stock-based compensation expense 6,538 
Loss (gain) on disposal of assets and costs from exit and disposal activities 28,026 
Transaction costs(d)
 23,509 
Other adjustments(e)
 9,327 
Income before income taxes 39,432 
Income tax expense 5,358 
Equity in net income of unconsolidated affiliates (1,161)
Net income from continuing operations $ 35,235 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended June 30, 2024
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 668,034  $ 147,302  $ —  $ 815,336 
Intersegment net sales 9,319  16,840  (26,159) — 
Net sales 677,353  164,142  (26,159) 815,336 
Significant segment expenses:
Costs of goods sold 430,226  77,535  (24,879) 482,882 
Selling, general and administrative expenses 72,420  10,504  —  82,924 
Other segment items(a)
 (30,189) (6,907) —  (37,096)
Segment Adjusted EBITDA(b)
 $ 204,896  $ 83,010  $ (1,280)
Corporate and other costs(c)
 11,128 
Total consolidated Adjusted EBITDA $ 275,498 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 22,824 
Interest income (6,565)
Depreciation and amortization 41,098 
Stock-based compensation expense 6,977 
Loss (gain) on disposal of assets and costs from exit and disposal activities 292 
Transaction costs(d)
 10 
Other adjustments(e)
 355 
Income before income taxes 210,507 
Income tax expense 49,886 
Equity in net income of unconsolidated affiliates (1,701)
Net income from continuing operations $ 162,322 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended September 30, 2024
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 639,012  $ 143,598  $ —  $ 782,610 
Intersegment net sales 8,885  13,923  (22,808) — 
Net sales 647,897  157,521  (22,808) 782,610 
Significant segment expenses:
Costs of goods sold 439,031  71,812  (22,174) 488,669 
Selling, general and administrative expenses 74,133  10,956  —  85,089 
Other segment items(a)
 (38,938) (6,803) —  (45,741)
Segment Adjusted EBITDA(b)
 $ 173,671  $ 81,556  $ (634)
Corporate and other costs(c)
 9,043 
Total consolidated Adjusted EBITDA $ 245,550 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 23,156 
Interest income (7,368)
Depreciation and amortization 44,807 
Stock-based compensation expense 6,983 
Loss (gain) on disposal of assets and costs from exit and disposal activities 617 
Transaction costs(d)
 2,685 
Other adjustments(e)
 3,494 
Income before income taxes 171,176 
Income tax expense 40,920 
Equity in net income of unconsolidated affiliates (918)
Net income from continuing operations $ 131,174 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended December 31, 2024
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 540,525  $ 150,013  $ —  $ 690,538 
Intersegment net sales 8,913  10,063  (18,976) — 
Net sales 549,438  160,076  (18,976) 690,538 
Significant segment expenses:
Costs of goods sold 384,562  85,105  (20,723) 448,944 
Selling, general and administrative expenses 73,739  17,196  —  90,935 
Other segment items(a)
 (40,110) (10,559) —  (50,669)
Segment Adjusted EBITDA(b)
 $ 131,247  $ 68,334  $ 1,747 
Corporate and other costs(c)
 9,843 
Total consolidated Adjusted EBITDA $ 191,485 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 23,094 
Interest income (4,545)
Depreciation and amortization 47,766 
Stock-based compensation expense 7,798 
Loss (gain) on disposal of assets and costs from exit and disposal activities (477)
Transaction costs(d)
 5,924 
Other adjustments(e)
 3,363 
Income before income taxes 108,562 
Income tax expense 27,091 
Equity in net income of unconsolidated affiliates (818)
Net income from continuing operations $ 82,289 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended March 31, 2025
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 478,799  $ 136,962  $ —  $ 615,761 
Intersegment net sales 8,530  11,205  (19,735) — 
Net sales 487,329  148,167  (19,735) 615,761 
Significant segment expenses:
Costs of goods sold 329,009  80,013  (19,513) 389,509 
Selling, general and administrative expenses 62,585  16,530  —  79,115 
Other segment items(a)
 (34,371) (7,488) —  (41,859)
Segment Adjusted EBITDA(b)
 $ 130,106  $ 59,112  $ (222)
Corporate and other costs(c)
 12,301 
Total consolidated Adjusted EBITDA $ 176,695 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 22,729 
Interest income (5,007)
Depreciation and amortization 49,610 
Stock-based compensation expense 4,823 
Loss (gain) on disposal of assets and costs from exit and disposal activities 3,426 
Transaction costs(d)
 672 
Other adjustments(e)
 1,222 
Income before income taxes 99,220 
Income tax expense 23,166 
Equity in net income of unconsolidated affiliates (734)
Net income from continuing operations $ 76,788 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended June 30, 2023
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 637,429  $ 140,617  $ —  $ 778,046 
Intersegment net sales 7,737  11,081  (18,818) — 
Net sales 645,166  151,698  (18,818) 778,046 
Significant segment expenses:
Costs of goods sold 387,377  77,232  (18,023) 446,586 
Selling, general and administrative expenses 65,138  9,916  —  75,054 
Other segment items(a)
 (30,193) (6,171) —  (36,364)
Segment Adjusted EBITDA(b)
 $ 222,844  $ 70,721  $ (795)
Corporate and other costs(c)
 11,457 
Total consolidated Adjusted EBITDA $ 281,313 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 21,712 
Interest income (3,489)
Depreciation and amortization 37,240 
Stock-based compensation expense 6,903 
Loss (gain) on disposal of assets and costs from exit and disposal activities (13,304)
Transaction costs(d)
 1,972 
Other adjustments(e)
 2,991 
Income before income taxes 227,288 
Income tax expense 55,058 
Equity in net income of unconsolidated affiliates (1,675)
Net income from continuing operations $ 173,905 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended September 30, 2023
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 648,757  $ 131,463  $ —  $ 780,220 
Intersegment net sales 7,479  11,473  (18,952) — 
Net sales 656,236  142,936  (18,952) 780,220 
Significant segment expenses:
Costs of goods sold 427,291  68,450  (18,198) 477,543 
Selling, general and administrative expenses 69,785  9,622  —  79,407 
Other segment items(a)
 (29,375) (5,923) —  (35,298)
Segment Adjusted EBITDA(b)
 $ 188,535  $ 70,787  $ (754)
Corporate and other costs(c)
 12,318 
Total consolidated Adjusted EBITDA $ 246,250 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 21,941 
Interest income (5,137)
Depreciation and amortization 36,721 
Stock-based compensation expense 9,331 
Loss (gain) on disposal of assets and costs from exit and disposal activities 123 
Transaction costs(d)
 52 
Other adjustments(e)
 (383)
Income before income taxes 183,602 
Income tax expense 47,476 
Equity in net income of unconsolidated affiliates (901)
Net income from continuing operations $ 137,027 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended December 31, 2023
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 543,895  $ 118,472  $ —  $ 662,367 
Intersegment net sales 7,883  20,029  (27,912) — 
Net sales 551,778  138,501  (27,912) 662,367 
Significant segment expenses:
Costs of goods sold 358,306  69,978  (25,766) 402,518 
Selling, general and administrative expenses 66,324  9,776  —  76,100 
Other segment items(a)
 (29,566) (6,080) —  (35,646)
Segment Adjusted EBITDA(b)
 $ 156,714  $ 64,827  $ (2,146)
Corporate and other costs(c)
 15,189 
Total consolidated Adjusted EBITDA $ 204,206 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 22,331 
Interest income (6,515)
Depreciation and amortization 38,053 
Stock-based compensation expense 7,402 
Loss (gain) on disposal of assets and costs from exit and disposal activities 2,512 
Transaction costs(d)
 1,030 
Other adjustments(e)
 3,686 
Income before income taxes 135,707 
Income tax expense 30,131 
Equity in net income of unconsolidated affiliates (1,304)
Net income from continuing operations $ 106,880 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).


Three Months Ended March 31, 2024
(Amounts in thousands) Stormwater Wastewater Intersegment Eliminations Total
Net sales:
Net sales from external customers $ 531,439  $ 122,401  $ —  $ 653,840 
Intersegment net sales 7,550  11,014  (18,564) — 
Net sales 538,989  133,415  (18,564) 653,840 
Significant segment expenses:
Costs of goods sold 352,852  68,080  (19,055) 401,877 
Selling, general and administrative expenses 74,095  11,325  —  85,420 
Other segment items(a)
 (33,832) (6,572) —  (40,404)
Segment Adjusted EBITDA(b)
 $ 145,874  $ 60,582  $ 491 
Corporate and other costs(c)
 15,769 
Total consolidated Adjusted EBITDA $ 191,178 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense 22,878 
Interest income (6,906)
Depreciation and amortization 42,889 
Stock-based compensation expense 8,350 
Loss (gain) on disposal of assets and costs from exit and disposal activities 2,304 
Transaction costs(d)
 390 
Other adjustments(e)
 1,117 
Income before income taxes 120,156 
Income tax expense 26,333 
Equity in net income of unconsolidated affiliates (1,656)
Net income from continuing operations $ 95,479 
a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).