# EDGAR Filing Document

**Accession Number:** 0001604028
**File Stem:** 0001604028-26-000020
**Filing Date:** 2026-5
**Character Count:** 50973
**Document Hash:** e62cea21138e649e928b83dd42e5e53c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001604028-26-000020.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001604028-26-000020

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260521

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCED DRAINAGE SYSTEMS, INC.
- **CENTRAL INDEX KEY:** 0001604028
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS FOAM PRODUCTS [3086]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 510105665
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36557
- **FILM NUMBER:** 261008454

**BUSINESS ADDRESS:**
- **STREET 1:** 4024 GREEN STRIPE LANE
- **CITY:** HILLIARD
- **STATE:** OH
- **BUSINESS PHONE:** 800-733-7473

**MAIL ADDRESS:**
- **STREET 1:** 4024 GREEN STRIPE LANE
- **CITY:** HILLIARD
- **STATE:** OH

?xml version='1.0' encoding='ASCII'? wms-20260521

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): May 21, 2026**

**ADVANCED DRAINAGE SYSTEMS, INC.**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **001-36557** | **51-0105665** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| **4024 Green Stripe Lane** | **4024 Green Stripe Lane** |  | **43026** |
| **Hilliard,** | **Ohio** |  | **43026** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (800) 733-7473**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value per share | WMS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure** 

As previously reported in the Form 10-K and the Form 8-K filed on May 21, 2026 for the fiscal year ended March 31, 2026 by Advanced Drainage Systems, Inc. (the "Company") or ("ADS"), following the acquisition of National Diversified Sales ("NDS") we realigned our reportable segments to align with the manner in which the Chief Operating Decision Maker ("CODM") assesses performance and makes resource allocation decisions (the "Segment Realignment"). Our revised reportable segments consist of Stormwater and Wastewater (formerly referred to as the "Infiltrator" reportable segment). Further, we changed the measure used to evaluate segment profitability from adjusted gross profit to Adjusted EBITDA.

Segment results for the historical periods presented in these consolidated financial statements have been recast to reflect these changes. The Segment Realignment had no impact on our previously reported consolidated net sales, income from operations, net income attributable to ADS or earnings per share.

ADS provided certain recast historical financial information for quarterly periods within fiscal 2026, 2025 and 2024 attached hereto as Exhibit 99.1 to this Current Report on Form 8-K. The information included in this Current Report on Form 8-K is unaudited and presented for informational purposes only in connection with the matters described above and does not amend or restate any of the Company's previously issued financial statements. This Current Report on Form 8-K should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2026. The recast financial information furnished in Exhibit 99.1 hereto is included for supplemental purposes only. The information furnished in this Item 7.01, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

------

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)Exhibits**

The following exhibits are being furnished as part of this report:

---

| | |
|:---|:---|
| 99.1 | <u>[Recast of Historical Segment Information](wms-20260521_d2.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | ADVANCED DRAINAGE SYSTEMS, INC. | ADVANCED DRAINAGE SYSTEMS, INC. |
| Date: May 21, 2026 | By: | /s/ Scott A. Cottrill |
|  | Name: | Scott A. Cottrill |
|  | Title: | EVP, CFO & Secretary |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? wms-20260521_d2

Exhibit 99.1

The following tables set forth Net sales, significant segment expenses, and Adjusted EBITDA for each of the Company's reportable segments for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $651527 | $178353 | $— | $829880 |
| Intersegment net sales | 9076 | 16609 | (25685) |  |
| **Net sales** | 660603 | 194962 | (25685) | 829880 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 427119 | 97251 | (24928) | 499442 |
| Selling, general and administrative expenses | 73782 | 18344 |  | 92126 |
| Other segment items<sup>(a)</sup> | (43793) | (7897) |  | (51690) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $203495 | $87264 | $(757) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 11835 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $278167 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 23029 |
| Interest income |  |  |  | (5405) |
| Depreciation and amortization |  |  |  | 50228 |
| Stock-based compensation expense |  |  |  | 8404 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 7024 |
| Transaction costs<sup>(d)</sup> |  |  |  | 807 |
| Other adjustments<sup>(e)</sup> |  |  |  | 4658 |
| **Income before income taxes** |  |  |  | 189422 |
| Income tax expense |  |  |  | 46674 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1343) |
| **Net income from continuing operations** |  |  |  | $144091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $670665 | $179716 | $— | $850381 |
| Intersegment net sales | 9346 | 16652 | (25998) |  |
| **Net sales** | 680011 | 196368 | (25998) | 850381 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 435834 | 100525 | (26110) | 510249 |
| Selling, general and administrative expenses | 88979 | 18861 |  | 107840 |
| Other segment items<sup>(a)</sup> | (55420) | (11204) |  | (66624) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $210618 | $88186 | $112 |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 11384 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $287532 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 23116 |
| Interest income |  |  |  | (7340) |
| Depreciation and amortization |  |  |  | 54693 |
| Stock-based compensation expense |  |  |  | 8577 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | (15926) |
| Transaction costs<sup>(d)</sup> |  |  |  | 9317 |
| Other adjustments<sup>(e)</sup> |  |  |  | 6904 |
| **Income before income taxes** |  |  |  | 208191 |
| Income tax expense |  |  |  | 52399 |
| Equity in net income of unconsolidated affiliates |  |  |  | (708) |
| **Net income from continuing operations** |  |  |  | $156500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $540473 | $152881 | $— | $693354 |
| Intersegment net sales | 9174 | 14785 | (23959) |  |
| **Net sales** | 549647 | 167666 | (23959) | 693354 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 372861 | 84381 | (23040) | 434202 |
| Selling, general and administrative expenses | 79359 | 16107 |  | 95466 |
| Other segment items<sup>(a)</sup> | (51356) | (7451) |  | (58807) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $148783 | $74629 | $(919) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 13276 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $209217 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 22579 |
| Interest income |  |  |  | (8450) |
| Depreciation and amortization |  |  |  | 51522 |
| Stock-based compensation expense |  |  |  | 8835 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 87 |
| Transaction costs<sup>(d)</sup> |  |  |  | 7172 |
| Other adjustments<sup>(e)</sup> |  |  |  | 4729 |
| **Income before income taxes** |  |  |  | 122743 |
| Income tax expense |  |  |  | 30557 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1851) |
| **Net income from continuing operations** |  |  |  | $94037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $534749 | $142012 | $— | $676761 |
| Intersegment net sales | 8870 | 13534 | (22404) |  |
| **Net sales** | 543619 | 155546 | (22404) | 676761 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 377356 | 85806 | (24065) | 439097 |
| Selling, general and administrative expenses | 106709 | 15690 |  | 122399 |
| Other segment items<sup>(a)</sup> | (80625) | (7323) |  | (87948) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $140179 | $61373 | $1661 |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 15223 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $187990 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 25145 |
| Interest income |  |  |  | (3805) |
| Depreciation and amortization |  |  |  | 59818 |
| Stock-based compensation expense |  |  |  | 6538 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 28026 |
| Transaction costs<sup>(d)</sup> |  |  |  | 23509 |
| Other adjustments<sup>(e)</sup> |  |  |  | 9327 |
| **Income before income taxes** |  |  |  | 39432 |
| Income tax expense |  |  |  | 5358 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1161) |
| **Net income from continuing operations** |  |  |  | $35235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $668034 | $147302 | $— | $815336 |
| Intersegment net sales | 9319 | 16840 | (26159) |  |
| **Net sales** | 677353 | 164142 | (26159) | 815336 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 430226 | 77535 | (24879) | 482882 |
| Selling, general and administrative expenses | 72420 | 10504 |  | 82924 |
| Other segment items<sup>(a)</sup> | (30189) | (6907) |  | (37096) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $204896 | $83010 | $(1280) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 11128 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $275498 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 22824 |
| Interest income |  |  |  | (6565) |
| Depreciation and amortization |  |  |  | 41098 |
| Stock-based compensation expense |  |  |  | 6977 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 292 |
| Transaction costs<sup>(d)</sup> |  |  |  | 10 |
| Other adjustments<sup>(e)</sup> |  |  |  | 355 |
| **Income before income taxes** |  |  |  | 210507 |
| Income tax expense |  |  |  | 49886 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1701) |
| **Net income from continuing operations** |  |  |  | $162322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $639012 | $143598 | $— | $782610 |
| Intersegment net sales | 8885 | 13923 | (22808) |  |
| **Net sales** | 647897 | 157521 | (22808) | 782610 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 439031 | 71812 | (22174) | 488669 |
| Selling, general and administrative expenses | 74133 | 10956 |  | 85089 |
| Other segment items<sup>(a)</sup> | (38938) | (6803) |  | (45741) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $173671 | $81556 | $(634) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 9043 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $245550 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 23156 |
| Interest income |  |  |  | (7368) |
| Depreciation and amortization |  |  |  | 44807 |
| Stock-based compensation expense |  |  |  | 6983 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 617 |
| Transaction costs<sup>(d)</sup> |  |  |  | 2685 |
| Other adjustments<sup>(e)</sup> |  |  |  | 3494 |
| **Income before income taxes** |  |  |  | 171176 |
| Income tax expense |  |  |  | 40920 |
| Equity in net income of unconsolidated affiliates |  |  |  | (918) |
| **Net income from continuing operations** |  |  |  | $131174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $540525 | $150013 | $— | $690538 |
| Intersegment net sales | 8913 | 10063 | (18976) |  |
| **Net sales** | 549438 | 160076 | (18976) | 690538 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 384562 | 85105 | (20723) | 448944 |
| Selling, general and administrative expenses | 73739 | 17196 |  | 90935 |
| Other segment items<sup>(a)</sup> | (40110) | (10559) |  | (50669) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $131247 | $68334 | $1747 |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 9843 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $191485 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 23094 |
| Interest income |  |  |  | (4545) |
| Depreciation and amortization |  |  |  | 47766 |
| Stock-based compensation expense |  |  |  | 7798 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | (477) |
| Transaction costs<sup>(d)</sup> |  |  |  | 5924 |
| Other adjustments<sup>(e)</sup> |  |  |  | 3363 |
| **Income before income taxes** |  |  |  | 108562 |
| Income tax expense |  |  |  | 27091 |
| Equity in net income of unconsolidated affiliates |  |  |  | (818) |
| **Net income from continuing operations** |  |  |  | $82289 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $478799 | $136962 | $— | $615761 |
| Intersegment net sales | 8530 | 11205 | (19735) |  |
| **Net sales** | 487329 | 148167 | (19735) | 615761 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 329009 | 80013 | (19513) | 389509 |
| Selling, general and administrative expenses | 62585 | 16530 |  | 79115 |
| Other segment items<sup>(a)</sup> | (34371) | (7488) |  | (41859) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $130106 | $59112 | $(222) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 12301 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $176695 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 22729 |
| Interest income |  |  |  | (5007) |
| Depreciation and amortization |  |  |  | 49610 |
| Stock-based compensation expense |  |  |  | 4823 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 3426 |
| Transaction costs<sup>(d)</sup> |  |  |  | 672 |
| Other adjustments<sup>(e)</sup> |  |  |  | 1222 |
| **Income before income taxes** |  |  |  | 99220 |
| Income tax expense |  |  |  | 23166 |
| Equity in net income of unconsolidated affiliates |  |  |  | (734) |
| **Net income from continuing operations** |  |  |  | $76788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2023** | **Three Months Ended June 30, 2023** | **Three Months Ended June 30, 2023** | **Three Months Ended June 30, 2023** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $637429 | $140617 | $— | $778046 |
| Intersegment net sales | 7737 | 11081 | (18818) |  |
| **Net sales** | 645166 | 151698 | (18818) | 778046 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 387377 | 77232 | (18023) | 446586 |
| Selling, general and administrative expenses | 65138 | 9916 |  | 75054 |
| Other segment items<sup>(a)</sup> | (30193) | (6171) |  | (36364) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $222844 | $70721 | $(795) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 11457 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $281313 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 21712 |
| Interest income |  |  |  | (3489) |
| Depreciation and amortization |  |  |  | 37240 |
| Stock-based compensation expense |  |  |  | 6903 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | (13304) |
| Transaction costs<sup>(d)</sup> |  |  |  | 1972 |
| Other adjustments<sup>(e)</sup> |  |  |  | 2991 |
| **Income before income taxes** |  |  |  | 227288 |
| Income tax expense |  |  |  | 55058 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1675) |
| **Net income from continuing operations** |  |  |  | $173905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2023** | **Three Months Ended September 30, 2023** | **Three Months Ended September 30, 2023** | **Three Months Ended September 30, 2023** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $648757 | $131463 | $— | $780220 |
| Intersegment net sales | 7479 | 11473 | (18952) |  |
| **Net sales** | 656236 | 142936 | (18952) | 780220 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 427291 | 68450 | (18198) | 477543 |
| Selling, general and administrative expenses | 69785 | 9622 |  | 79407 |
| Other segment items<sup>(a)</sup> | (29375) | (5923) |  | (35298) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $188535 | $70787 | $(754) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 12318 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $246250 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 21941 |
| Interest income |  |  |  | (5137) |
| Depreciation and amortization |  |  |  | 36721 |
| Stock-based compensation expense |  |  |  | 9331 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 123 |
| Transaction costs<sup>(d)</sup> |  |  |  | 52 |
| Other adjustments<sup>(e)</sup> |  |  |  | (383) |
| **Income before income taxes** |  |  |  | 183602 |
| Income tax expense |  |  |  | 47476 |
| Equity in net income of unconsolidated affiliates |  |  |  | (901) |
| **Net income from continuing operations** |  |  |  | $137027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2023** | **Three Months Ended December 31, 2023** | **Three Months Ended December 31, 2023** | **Three Months Ended December 31, 2023** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $543895 | $118472 | $— | $662367 |
| Intersegment net sales | 7883 | 20029 | (27912) |  |
| **Net sales** | 551778 | 138501 | (27912) | 662367 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 358306 | 69978 | (25766) | 402518 |
| Selling, general and administrative expenses | 66324 | 9776 |  | 76100 |
| Other segment items<sup>(a)</sup> | (29566) | (6080) |  | (35646) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $156714 | $64827 | $(2146) |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 15189 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $204206 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 22331 |
| Interest income |  |  |  | (6515) |
| Depreciation and amortization |  |  |  | 38053 |
| Stock-based compensation expense |  |  |  | 7402 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 2512 |
| Transaction costs<sup>(d)</sup> |  |  |  | 1030 |
| Other adjustments<sup>(e)</sup> |  |  |  | 3686 |
| **Income before income taxes** |  |  |  | 135707 |
| Income tax expense |  |  |  | 30131 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1304) |
| **Net income from continuing operations** |  |  |  | $106880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** |
| **(Amounts in thousands)** | **Stormwater** | **Wastewater** | **Intersegment Eliminations** | **Total** |
| **Net sales:** | | | | |
| Net sales from external customers | $531439 | $122401 | $— | $653840 |
| Intersegment net sales | 7550 | 11014 | (18564) |  |
| **Net sales** | 538989 | 133415 | (18564) | 653840 |
| Significant segment expenses: |  |  |  |  |
| Costs of goods sold | 352852 | 68080 | (19055) | 401877 |
| Selling, general and administrative expenses | 74095 | 11325 |  | 85420 |
| Other segment items<sup>(a)</sup> | (33832) | (6572) |  | (40404) |
| **Segment Adjusted EBITDA**<sup>(b)</sup> | $145874 | $60582 | $491 |  |
| Corporate and other costs<sup>(c)</sup> |  |  |  | 15769 |
| **Total consolidated Adjusted EBITDA** |  |  |  | $191178 |
| **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** | **Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:** |
| Interest expense |  |  |  | 22878 |
| Interest income |  |  |  | (6906) |
| Depreciation and amortization |  |  |  | 42889 |
| Stock-based compensation expense |  |  |  | 8350 |
| Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | Loss (gain) on disposal of assets and costs from exit and disposal activities | 2304 |
| Transaction costs<sup>(d)</sup> |  |  |  | 390 |
| Other adjustments<sup>(e)</sup> |  |  |  | 1117 |
| **Income before income taxes** |  |  |  | 120156 |
| Income tax expense |  |  |  | 26333 |
| Equity in net income of unconsolidated affiliates |  |  |  | (1656) |
| **Net income from continuing operations** |  |  |  | $95479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).