Advanced Drainage Systems, Inc. · NYSE:WMS
Advanced Drainage Systems — Investor Day (March 2022)
140 slides from Advanced Drainage Systems's investor day presentation, Mar 10, 2022
Slide 1: Investor Day 2022
/IBDS Investor Day 2022 March 10, 2022
Slide 2: Forward Looking Statements and Non-GAAP Financial Metrics
Forward Looking Statements and Non-GAAP Financial Metrics Certain statements in this press release may be deemed to be forward-looking statements. These statements are not historical facts but rather are based on the Company's current expectations, estimates and projections regarding the Company's b
Slide 3: Agenda
Agenda /IBDS Topic Introduction and Overview Sustainable at our Core Infiltrator Water Technologies Agriculture Case Study Achieving the Full Potential Enabling Growth through Operational Excellence Financial Overview Presenters Scott Barbour Brian King Roy Moore, Carl Thompson and Ron Brochu Scott
Slide 4: Put Simply: Our Promise
PUT SIMPLY /// OUR PROMISE To protect and manage water, the world’s most precious resource, safeguarding our environment and communities. /IBDS
Slide 5: Focused on Delivering Value
Focused on Delivering Value A Unique Investment Opportunity with Multiple Value Creation Levers Effective Capital Deployment Delivering Consistent Performance Driven by Water & Sustainability Material Conversion Strategy /IBDS.
Slide 6: Key Investor Day Themes
Key Investor Day Themes Driven by Water & Sustainability Delivering Consistent Performance Effective Capital Deployment + Pure play water company with leadership position in the stormwater and onsite septic wastewater management industries + Second largest plastic recycler in North America, reclaimi
Slide 7: Material Conversion Strategy
/IBDS. Stormwater Market 130 120 110 100 90 FYI8 FYI9 FY20 FY21 — Stormwater Sales ~—= Market ADS & Infiltrator Prod! Installs 2x-3x Faster + Reduced labor and equipment due to lighter weight and longer length Resilient * Resistant to chemicals and abrasion * Performs in all situations Material Conv
Slide 8: Driven by Water & Sustainability
Driven by Water & Sustainability + Pure play water company with leadership position in the stormwater and onsite septic wastewater management industries Second largest plastic recycler in North America, reclaiming 510 million pounds of plastic in FY21 IDS. Driven by Water & Sustainability S6B Stormw
Slide 9: Why is Stormwater an Issue?
Driven by Water & Sustainability Why is Stormwater an Issue? * Increasing impervious surface coverage due to increased development and growing population * Inadequate stormwater infrastructure in place + Flooding causes environmental damage, reduced quality of life and economic destruction * Stormwa
Slide 10: Capture Conveyance Storage Treatment
Capture Conveyance Storage Treatment Advancing quality of life through sustainable solutions to water management challenges. Precipitation River
Slide 11: Why is Onsite Septic Wastewater an Issue?
Driven by Water & Sustainability Why is Onsite Septic Wastewater an Issue? * Clean water is public health necessity * Onsite septic wastewater systems are key in areas where centralized municipal wastewater system is not feasible * Suburban and rural homebuilding outpacing municipal capabilities for
Slide 12: Advancing quality of life through sustainable solutions
Advancing quality of life through sustainable solutions to water management challenges.
Slide 13: Delivering Consistent Performance
Delivering Consistent Performance Executed on 2018 Investor Day Commitments Delivering Consistent Performance . Sales Growth Adjusted EBITDA Free Cash Flow + Revenue and Adj. EBITDA Margin Conversion CAGR of 14.2% and 39.2%, Target Target Target respectively, from FY18 to +4 to +6% CAGR 18% to 19% >
Slide 14: Effective Capital Deployment
Effective Capital Deployment * Doubled CapEx commitments in FY22 to between $130 million and $150 million, focused on capacity expansion to support organic growth + Since FY18, distributed $482M to shareholders through share repurchases and dividends Executed $1.1B on strategic M&A opportunities (In
Slide 15: Alignment of Targets and Themes
Alignment of Targets and Themes Targets Margin Expansion v Vv v v Themes Effective Capital Deployment Delivering Consistent Performance Driven by Water & Sustainability SSG IDS. Free Cash Flow Generation Vv v v Vv 6
Slide 16: Sustainable at our Core
/IBDS Sustainable at our Core Brian King Executive Vice President, Product Management and Marketing
Slide 17: Sustainable at our Core
Sustainable at our Core /INDS. Our reason is water. Innovative Management Industry Leading Committed to of a Precious Resource Recycling Solutions Progress /IBDS °
Slide 18: FY21 Sustainability Highlights
mn 24 Largest “S© Recycling company in North America aac 510+ million = =I) Pounds of plastic recycled annually 6% decrease [02 In greenhouse gas emissions (sales weighted) mal) 66% Pipe Revenue Derived from remanufactured products 4% decrease In energy intensity /IBDS. © 33% decrease In total recor
Slide 19: Single Wall =A
f Single Wall =A G # Nylopiast aia. DRAIN BASIN Single Wall PIPE a0 HP Storm DUAL WALL PIPE Infiltrator ‘SEPTIC TANK
Slide 20: Creating a Circular Economy for Plastics
Creating a Circular Economy for Plastics ADS products are designed to last for decades, significantly extending the life of single use plastics. Not only does ADS create a solution for plastic waste, using recycled plastic reduces our carbon impact by over 70%. /IBDS. Curbside & Industrial Recycling
Slide 21: Differentiated Recycling Capabilities
Differentiated Recycling Capabilities Leaders in Material Science + Vertically integrated recycling operations that process over 510 million pounds of plastic annually, making ADS the 2" largest plastic recycler in North America * Track record of refining raw material blending capabilities to increa
Slide 22: Committed to Progress
Committed to Progress Ome wh SOLVING FOR CIRCULARITY |olue /IBDS FOUNDATION THE OHIO STATE UNIVERSITY SUSTAINABILITY INSTITUTE ~peration Clean Sweep or Habitat ADS @ CPaR) Established in 2020 for Humanity” grricia1 sustaINABILITY PARTNER /IBDS. 2
Slide 23: Diversity, Equity and Inclusion at ADS
/IBDS Diversity, Equity and Inclusion at ADS We value diverse perspectives because they lead to better ideas. Better ideas lead to Better processes. Better processes lead to Better performance. Better performance leads to More opportunities for all.
Slide 24: Diversity, Equity and Inclusion
Diversity, Equity and Inclusion + Promoting and developing ean sa% Developing our diverse talent fViivia OF FY22 director hires We foster DE&I by developing a Workforce + Investing in DE&I-driven i i T it and promotions were Unictes GontrCe AE AITIGNCIZ OE professional development diverse candidates
Slide 25: Governance Highlights
Governance Highlights Established ESG Board Subcommittee Declassified Board of Directors Eliminated supermajority voting requirements for charter and bylaw changes Introduced majority vote standard for uncontested elections Financial services & distribution skills added with new director elections I
Slide 26: Furthering our Commitment Through 10-Year Goals
Furthering our Commitment Through 10-Year Goals Recycling Environmental Impact Reduction (billion pounds of recycled material used annually by FY32 Science-Based Targets in line with 15°C Accountability Continued transparency in reporting annual progress towards goals Implementation of supplier sust
Slide 27: Our reason is water.
I} ™ Our reason is water.™
Slide 28: Infiltrator Overview
/IBDS Infiltrator Overview Scott Barbour President and Chief Executive Officer
Slide 29: Infiltrator Water Technologies Acquisition
Infiltrator Water Technologies Acquisition RESULTS ~$60M SYNERGIES Material Science, Procurement Vv] and Manufacturing Sales and profitability lV] ail) PERFORMANCE Sota [J ¢ INVESTMENT >$200M /IBDS. 29
Slide 30: Introduction & Strategy
Introduction & Strategy Roy Moore Executive Vice President, Infiltrator /IBDS.
Slide 31: • • • FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
• • • FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
Slide 32: Infiltrator Water Technologies Growth Success
Infiltrator Water Technologies Growth Success Market leadership in wastewater treatment through innovative products, market solutions and customer service Transforming the residential and commercial wastewater space through highly cost-effective and sustainable products Extending our track record of
Slide 33: Onsite Septic Wastewater Solutions Overview
Passive Active /IBDS. Onsite Septic Wastewater Solutions Overview Septic Tank Conveyance Wastewater is fed through piping systems into an underground tank located outside of the home Primary Treatment Septic tank stores and treats solids while releasing clarified effluent into the leachfield Seconda
Slide 34: Driving Market Conversion with Infiltrator's Solutions
Driving Market Conversion with Infiltrator’s Innovative Septic Leachfield and Tank Solutions INFILTRATOR INFILTRATOR LEACHFIELD CHAMBERS SEPTIC TANKS REDUCED INSTALLATION °) cheaper than traditional 3, cheaper than COST 20 Yor stone-and-pipe systems 20 Yor traditional concrete tanks © IMPROVED TIME
Slide 35: Geographical Spread of Onsite Septic Use
Geographical Spread of Onsite Septic Use ~1/3 of new single-family homes built in the U.S. use onsite wastewater treatment systems fe) ~54% of Infiltrator onsite wastewater treatment system sales are in the southern crescent of the U.S. ig and durable market septic market /IBDS. es
Slide 36: Infiltrator Well Positioned For Growth
Infiltrator Well Positioned For Growth Benefits from Migration Shift Demand for single-family homes has increased due to population migration from high density areas to suburban and rural areas. These migration trends are particularly evident in states along the southern crescent of the U.S. Wastewa
Slide 37: Strong Regulatory Presence
Strong Regulatory Presence 50 States Each Year $250 Million Regulatory approval in every state, with nearly The Infiltrator regulatory team pursues over 50 New EPA grant program in Infrastructure all states granting approval with a reduction in key regulatory and legislative changes each year Invest
Slide 38: Growth & Innovation
Growth & Innovation Carl Thompson Vice President, Infiltrator Sales and Delta Advanced /IBDS.
Slide 39: Strategic Growth Overview
Strategic Growth Overview Continue executing septic system conversion strategy with key decision makers — contractors, designers, and local permitting authorities Maintain market leadership through innovation and delivering increasing value to our customers Expand the market for current and future p
Slide 40: Execution of the Market Share Model
Execution of the Market Share Model Approvals + Regulatory and legislative approvals on products allowed to be used and specified. * Working with local and state/provincial authorities to have products approved in a way that fully harnesses the power of our solutions. /IBDS. ES Acceptance + Sales te
Slide 41: Go-to-Market Workforce and Strategy
Go-to-Market Workforce and Strategy Sales By US Region + ~50 highly specialized direct and inside sales professionals build relationships with contractors, designers, and local permitting authorities. Southern * Our reach is extended by our network of Crescent over 1,500 distribution points across t
Slide 42: Product Line Evolution
Product Line Evolution > First Chamber Quick 4 Chamber EZflow Acquisition Delta Acquisition Compression Molded Tank 1986 2003 2004 2008 2009 2011 2018 2019 2022 StormTech Rotomold Tank Injection Molded Tank Presby Acquisition a? &S & B® + We continue to innovate and expand our new products offerings
Slide 43: Innovation Focus - Chambers
Innovation Focus - Chambers Innovation through 9 Generations of Chambers * Infiltrator has consistently innovated new chamber designs. Each generation of chamber: * Provides additional value to the septic contractor including faster installation and improved functionality - making it even easier for
Slide 44: Innovation Focus - Tanks
Innovation Focus - Tanks Innovation through 3 Generations of Tanks + Improved shipping efficiency, ease of storage, and assembly for distributors + Increased strength to improve performance in difficult soil and site conditions, opening additional market opportunities and facilitating conversion of
Slide 45: Innovation Focus - Active Treatment
Innovation Focus — Active Treatment Active treatment systems represent an incremental $1 billion market opportunity + High growth potential for increased decentralized wastewater treatment for residential and commercial markets * Our sophisticated solutions address current market whitespace * Standa
Slide 46: Manufacturing & Operational Excellence
Manufacturing & Operational Excellence Ron Brochu Vice President, Infiltrator Manufacturing /IBDS.
Slide 47: Infiltrator Manufacturing: Key Enablers and Differentiation
Infiltrator Manufacturing: Key Enablers and Differentiation ws Centralized Production $155M investment into Advanced Molding Facility that will significantly increase production capacity by the end of FY23 and help meet growing residential onsite septic demand. /IBDS. onm Advanced Manufacturing Prop
Slide 48: Centralized Production
ws Centralized Production Winchester, KY * The Winchester, KY campus has ample room for continued expansion * Advanced Molding Facility is a $155M capital investment that includes the world’s largest presses and molds to meet strong demand in residential onsite septic market /IBDS.
Slide 49: Advanced Manufacturing
omm Advanced Manufacturing ES Worlds largest injection molding presses Worlds largest compression molding machine =] Robust patent portfolio including =! 190 patents Advanced automation moving towards no-touch operations 49
Slide 50: Case Study - Infiltrator Advanced Molding Manufacturing Efficiency
Case Study - Infiltrator Advanced Molding Manufacturing Efficiency Manufacturing engineering delivering capacity, cost reductions and high-quality product + World’s largest equipment designed by Infiltrator to manufacture compression molded septic tanks + Revolutionizing molding & automation while c
Slide 51: Automation
A, ia Automation
Slide 52: Recycling / Material Science
to Recycling / Material Science Infiltrator blends 155 million pounds of plastic annually Infiltrator sorts, cleans, grinds, extrudes, and blends recycled resins using proprietary recipes and processes mastered over 30+ years Unique ability to trace material throughout the manufacturing process enab
Slide 53: Path Forward: Areas of Focus
/IBDS. Path Forward: Areas of Focus Continued Capital Execution Add capacity to meet growing demand Further Automation Improve operational efficiency at higher levels of capacity Material Science Widen material streams and activities and continue improving sustainability profile 53
Slide 54: Wrap-Up
Wrap-Up Roy Moore Executive Vice President, Infiltrator /IBDS.
Slide 55: Infiltrator is committed to performance
Infiltrator is committed to performance Driven by Water & Sustainability Delivering Consistent Performance Effective Capital Deployment * Pure play water company with leadership position in onsite septic industry * Well positioned to capitalize on $1B active onsite treatment sector * Growing faster
Slide 56: Break
Break /IBDS.
Slide 57: Case Study: ADS Agriculture Business
/IBDS Case Study: ADS Agriculture Business Scott Barbour President and Chief Executive Officer
Slide 58: State of the Business: November 2018
State of the Business: November 2018 Agriculture Market Sales Trend FY15 FYI6 FYI7 FYI8 ADS lacked focus on growing this business /IBDS. Not investing in growing our capabilities Localized quality issues, no new products or resources
Slide 59: Defining the Strategy
/IBDS. Defining the Strategy Agriculture Water Management Experts Accelerate Enter Attractive Develop Growth in Adjacent Solutions Core Markets Markets Package High quality products and processes Product standardization and expansion Business alignme 59
Slide 60: Thinking Differently: No Touch Trailers
/IBDS Thinking Differently: No Touch Trailers Introducing the all-new ADS Agriculture Automated Trailer 60
Slide 61: State of the Business: Today
State of the Business: Today Agriculture Market Sales Trend +93% Increased execution on quality and delivery New product introductions and focused sales strategies driving growth Investing $30M in equipment and logistics Growing in attractive adjacent geographic markets FYI6 FYIG FYI7 FYI8 FYI9 FY20
Slide 62: Sales: Achieving the Full Potential
/IBDS Sales: Achieving the Full Potential Scott Barbour President and Chief Executive Officer
Slide 63: Our Value Proposition Drives Growth of our Conversion and Water Management Solutions
Our Value Proposition Drives Growth of our Conversion and Water Management Solutions The ADS customer value proposition sets us apart from our competition and makes us the partner of choice. Products From water capture to conveyance, storage and treatment our comprehensive suite of products are desi
Slide 64: Comprehensive Portfolio of Products for Water Management Solutions
Comprehensive Portfolio of Products for Water Management Solutions Our leading product position in the storm water and on-site septic wastewater management industries allow us to drive conversion and sell the whole package Nyloplast ‘Single Wall ‘StormTech Water Quality Arc Chambers. Durasiot Insert
Slide 65: Sales, Distribution and Logistics Capabilities to serve the Water Works industry
Sales, Distribution and Logistics Capabilities to serve the Water Works industry
Slide 66: Sales Strategy
Sales Strategy Mike Huebert Senior Vice President, Sales /IBDS.
Slide 67: ADS Sales Strategies
ADS Sales Strategies Non-Residential | Residential | Infrastructure Execute our proven market share model and conversion strategy Drive further Allied Products growth through attachment programs, segment expansion, new products and acquisitions Increase participation in the residential and infrastru
Slide 68: Market Share Model Accelerates Conversion
Market Share Model Accelerates Conversion • • • • • • • • • •
Slide 69: Allied Products
ALLIED PRODUCTS Allied products give ADS the ability to sell the complete water management solutions package + Makes ADS the preferred partner with distribution and contractors + Regulatory tailwinds and awareness of large storm events driving large and growing market opportunity for ADS to capitali
Slide 70: Allied Products Category and Product Strategy
Allied Products Category and Product Strategy Hi 6 , Capture Storage Treatment Reten' & z Structures Water Quality Detenti Structures used to Managed infiltration Products removing collect and direct and recharging of trash, debris and storm water and storm water that pollutants from move it to miti
Slide 71: Capture: Growth Through Awareness and Visibility
Capture: Growth Through Awareness and Visibility Capture Allied Products by Solution /IBDS. Nyloplast product line overview The Nyloplast solution is an engineered PVC catch basin with superior joint performance that is easily installed compared to precast concrete options Core market focus is sizes
Slide 72: Storage: Capitalize on Market Leading Position
/IBDS. Storage: Capitalize on Market Leading Position Storage Allied Products by Soluti and Segment Participation StormTech product line overview Cost-effective plastic chamber for storage, infiltration and recharge of storm water Maximizes land use and value Primarily used in non-residential and mu
Slide 73: Treatment: Growth Through Specifications and Partnerships
Treatment: Growth Through Specifications and Partnerships Treatment Allied Products by Solu’ /IBDS. Water Quality product line overview Products that remove trash, debris and pollutants before storm water is introduced into a watershed Highly variable product selection by location, state and regulat
Slide 74: ADS Non-Residential Market Performance
ADS Non-Residential Market Performance NON-RESIDENTIA Non-Residential End Market Sales GR: 7% — FYI8 FYI9 FY20 =Pipe s Allied Products Market Growth: (3%) FY21 FY18-FY21 CAGR } 10% 5% Institutional Warehouse/ Distribution Center Non-Residential Sales by Project Type Other Sales strongest in “horizon
Slide 75: E-commerce Growth Provides Tailwinds to Warehouse Construction
E-commerce Growth Provides Tailwinds to Warehouse Construction E-commerce Retail Sales* (trillions) evig cy20 cyz cy22 cy23 cy24 cy25 E-commerce sales are Incremental warehouse space” (sq ft/M) According to CBRE, every $1B of incremental e- 20% to 25% of all retail expected to see strong 2 commerce
Slide 76: The Shift to Suburban Non-Residential Construction
The Shift to Suburban Non-Residential Construction Benefits ADS Sales 100% 90% 80% 70% 60% 50% 40% 30% +10% 20% 10% CY18 - CY19 cya ™Suburban Rural = Urban Trend towards more suburban development will benefit horizontal, low-rise construction Source: Dodge, sterts by -e and hotel 76
Slide 77: ADS Residential Market Performance
ADS Residential Market Performance RESIDENTI Residential End Market Sales’ /IBDS. FY18-FY21 CAGR 15% 27% ‘Excludes sales to the retall segment Source: Dodge, Housing type sales mix and market share based on management estimates (FY21) FY18 FY19 FY20 =Pipe Allied Products Market Growth: 5% Residentia
Slide 78: Residential Homebuilder Programs
Residential Homebuilder Programs RESIDENTIAL Focusing on building partnerships with the top homebuilders — estimated 30% of market opportunity is with the top 20 homebuilders In 2019, began allocating key sales and engineering talent to focus on this segment Driving the ADS value proposition + Footp
Slide 79: Infrastructure Market Performance
Infrastructure Market Performance Infrastructure Market Sales Highlights Priori ti __eviery21CAGR2% 2% Fytg-FY21 riority States Other States Se Yi8 - FY SAGR FY18 -— FY21$ CAGE bm : FL, TX, CA saw growth of 10% More mature states like OH, —— NY and PA saw modest sales Saw strong growth in CO, a grow
Slide 80: Defining Strategic Priorities for the Infrastructure Market
Defining Strategic Priorities for the Infrastructure Market Accelerate growth in the Infrastructure market Define customer Identify key Develop segments geographies go-to-market plans Align priorities and opportunity within the Market Share Model Establish leadership and management structure Define
Slide 81: Infrastructure Investment & Jobs Act (IIJA)
Infrastructure Investment & Jobs Act (IIJA) $1.2T over 5 years, including $550B in incremental new funding e Highway & Transit Best ADS Opportunities Roads & Bridges - $ti0 Billion New Spending Airports - $25 Billion oO Water Infrastructure - $55 Billion Resiliency - $50 Billion Enhancing core infra
Slide 82: Key Approval Progress Since FY18
Key Approval Progress Since FY18 Florida - ~$260M pipe market Texas - ~$390M pipe market California - ~$250M pipe market New approvals in key metro markets of New approvals in key metro markets of New approvals for key metro markets in Orlando, Jacksonville, Tampa, Ft. Lauderdale Dallas and Houston
Slide 83: Pipe Product Growth
Pipe Product Growth Domestic Pipe Sales Mix FYi8, FY21 Other, Other Execute the Market Share Model Capture large diameter opportunity with HP pipe Win in our Priority States, with an emphasis on FL, TX and CA Domes: jpe Sales Mi EVIB-EYa Domestic HP Pipe Sales Growth FY18-FY21 CAGR: 8% ‘CAGR 46% L05
Slide 84: Large Diameter Pipe Performance
Large Diameter Pipe Performance Ni2 & HP Sales — 30”-60” N12 & HP 30”-60” by End Market Ni2 HP > Agriculture ;-— Agriculture a Infrastructure Residential FY18 FY19 FY20 FY21 Ni2 @HP our lead pipe product to gain share in the Residential and Infrastructure end markets /IBDS. as
Slide 85: Winning in Priority States
Winning in Priority States PRIORITY STATES “"e //BDS Note: ADS construction end market sales only J. Source: Dodge Priority States Other States FY18 - FY21S FY18 - FY21S CAGR CAGR 12% 7% Market Context Priority states represent ~60% of construction activity in the U.S. Represent ~55% of non-resident
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Advanced Drainage Systems — Investor Day (March 2022) on 6ix