Advanced Drainage Systems, Inc. (NYSE:WMS) Q4 2023 Earnings Conference Call May 18, 2023 10:00 AM ET
Company Participants
Michael Higgins - Vice President of Corporate Strategy and Investor Relations
Scott Barbour - President and CEO
Scott Cottrill - CFO
Conference Call Participants
Michael Halloran - Baird
Matthew Bouley - Barclays
Spencer Kaufman - UBS
Joseph Ahlersmeyer - Deutsche Bank
Jeffrey Stevenson - Loop Capital
Bryan Blair - Oppenheimer
Operator
Hello, everyone and welcome to ADS's Fourth Quarter and Fiscal Year 2023 Financial Results Call. And thank you for standing by. My name is Daisy, and I'll be coordinating your call today. [Operator Instructions]
I would now like to turn the call over to your host, Mr. Mike Higgins, Vice President of Corporate Strategy and Investor Relations. Sir, you may begin.
Michael Higgins
Thank you. Good morning, everyone. Thank you for being with us here today. I have Scott Barbour, our President and CEO; and Scott Cottrill, our CFO, with me.
I would also like to remind you that we will discuss forward-looking statements. Actual results may differ materially from those forward-looking statements, because of various factors including those discussed in our press release and the risk factors identified in our Form 10-K filed with the SEC. While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today.
Lastly, the press release we issued earlier this morning is posted on the Investor Relations section of our website. A copy of the release has also been included in an 8-K submitted to the SEC. We will make a replay of this conference call available via webcast on the company website.
With that, I'll turn the call over to Scott Barbour.
Scott Barbour
Thank you, Mike. And I appreciate everyone joining us on today's call. Fiscal 2023 was ADS's sixth consecutive year of record revenue and profitability. Net sales grew 11%, to $3.1 billion and adjusted EBITDA increased 34%, to $904 million, resulting in an adjusted EBITDA margin of 29.4%. In addition, net income per diluted share was $6.08. I'd like to point out that over the last six record-producing years, net sales and adjusted EBITDA have increased at a CAGR of 16% and 29%, respectively, as a result of ADS's strong business model and long-term strategies to drive profitable sales growth above the market. Both ADS and Infiltrator executed these strategies well in a dynamic macro-economic environment over the past 12 months.