{"schema_version":"secwatch.filing_event.v1","accession":"0001604028-22-000026","form_type":"8-K","ticker":"WMS","cik":"0001604028","company_name":"ADVANCED DRAINAGE SYSTEMS, INC.","filed_at":"2022-05-19T23:59:59+00:00","discovered_at":"2026-05-14T18:04:01.445097+00:00","generated_at":"2026-06-25T09:14:13.309418+00:00","sec_items":["8.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"ADS completes ESOP-to-401(k) transition; preferred stock converted, pro forma EPS rises to $4.06","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001604028-22-000026","json":"https://secwatch.observer/filing/0001604028-22-000026.json","markdown":"https://secwatch.observer/filing/0001604028-22-000026.md","text":"https://secwatch.observer/filing/0001604028-22-000026.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1604028/000160402822000026/0001604028-22-000026-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1604028/000160402822000026/wms-20220519.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-25T09:14:13.309418+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}