ADS completes ESOP-to-401(k) transition; preferred stock converted, pro forma EPS rises to $4.06

ADVANCED DRAINAGE SYSTEMS, INC.

All 15.6M preferred shares converted into 12.0M common shares as of April 11, 2022, at 0.7692 ratio.
Pro forma FY2022 net income attributable to ADS $344.6M vs. historical $271.3M, basic EPS $4.06 vs. $3.22.
ESOP compensation eliminated ($53.4M); new 401(k) expense estimated at $8-10M annually ($9M mid-point reflected).
EPS calculation simplified: no longer uses two-class method for preferred participating securities.

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