ADS terminates ESOP: repays $0.3M loan, converts preferred stock to common; pro forma EPS ~$3.03

ADVANCED DRAINAGE SYSTEMS, INC.

Board authorized cash contribution to ESOP to repay outstanding ESOP loan of ~$0.3M; repayment effective March 31, 2022.
All ~0.3M preferred shares (convertible at 0.7692 into common) will be converted to common stock after loan repayment.
ESOP merged into existing 401(k) plan effective April 1, 2022, replacing leveraged ESOP with employer matching contributions.
Pro forma basic EPS of $3.03 (FY2021) and $3.08 (nine months Dec 2021) vs historical $2.64 and $2.67.
One-time accelerated ESOP compensation expense of ~$34M in Q4 FY2022; ongoing 401(k) expense ~$8-10M annual.

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