wms-20260521

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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
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	651,527	$	178,353	$	—	$	829,880
Intersegment net sales	9,076		16,609		(25,685)		—
Net sales	660,603		194,962		(25,685)		829,880

Significant segment expenses:
Costs of goods sold	427,119		97,251		(24,928)		499,442
Selling, general and administrative expenses	73,782		18,344		—		92,126
Other segment items(a)	(43,793)		(7,897)		—		(51,690)
Segment Adjusted EBITDA(b)	$	203,495	$	87,264	$	(757)

Corporate and other costs(c)							11,835
Total consolidated Adjusted EBITDA							$	278,167

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							23,029
Interest income							(5,405)
Depreciation and amortization							50,228
Stock-based compensation expense							8,404
Loss (gain) on disposal of assets and costs from exit and disposal activities							7,024
Transaction costs(d)							807
Other adjustments(e)							4,658
Income before income taxes							189,422

Income tax expense							46,674
Equity in net income of unconsolidated affiliates							(1,343)
Net income from continuing operations							$	144,091

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.

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.

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

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

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
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	670,665	$	179,716	$	—	$	850,381
Intersegment net sales	9,346		16,652		(25,998)		—
Net sales	680,011		196,368		(25,998)		850,381

Significant segment expenses:
Costs of goods sold	435,834		100,525		(26,110)		510,249
Selling, general and administrative expenses	88,979		18,861		—		107,840
Other segment items(a)	(55,420)		(11,204)		—		(66,624)
Segment Adjusted EBITDA(b)	$	210,618	$	88,186	$	112

Corporate and other costs(c)							11,384
Total consolidated Adjusted EBITDA							$	287,532

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							23,116
Interest income							(7,340)
Depreciation and amortization							54,693
Stock-based compensation expense							8,577
Loss (gain) on disposal of assets and costs from exit and disposal activities							(15,926)
Transaction costs(d)							9,317
Other adjustments(e)							6,904
Income before income taxes							208,191

Income tax expense							52,399
Equity in net income of unconsolidated affiliates							(708)
Net income from continuing operations							$	156,500

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

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


	Three Months Ended December 31, 2025
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	540,473	$	152,881	$	—	$	693,354
Intersegment net sales	9,174		14,785		(23,959)		—
Net sales	549,647		167,666		(23,959)		693,354

Significant segment expenses:
Costs of goods sold	372,861		84,381		(23,040)		434,202
Selling, general and administrative expenses	79,359		16,107		—		95,466
Other segment items(a)	(51,356)		(7,451)		—		(58,807)
Segment Adjusted EBITDA(b)	$	148,783	$	74,629	$	(919)

Corporate and other costs(c)							13,276
Total consolidated Adjusted EBITDA							$	209,217

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							22,579
Interest income							(8,450)
Depreciation and amortization							51,522
Stock-based compensation expense							8,835
Loss (gain) on disposal of assets and costs from exit and disposal activities							87
Transaction costs(d)							7,172
Other adjustments(e)							4,729
Income before income taxes							122,743

Income tax expense							30,557
Equity in net income of unconsolidated affiliates							(1,851)
Net income from continuing operations							$	94,037

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

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


	Three Months Ended March 31, 2026
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	534,749	$	142,012	$	—	$	676,761
Intersegment net sales	8,870		13,534		(22,404)		—
Net sales	543,619		155,546		(22,404)		676,761

Significant segment expenses:
Costs of goods sold	377,356		85,806		(24,065)		439,097
Selling, general and administrative expenses	106,709		15,690		—		122,399
Other segment items(a)	(80,625)		(7,323)		—		(87,948)
Segment Adjusted EBITDA(b)	$	140,179	$	61,373	$	1,661

Corporate and other costs(c)							15,223
Total consolidated Adjusted EBITDA							$	187,990

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							25,145
Interest income							(3,805)
Depreciation and amortization							59,818
Stock-based compensation expense							6,538
Loss (gain) on disposal of assets and costs from exit and disposal activities							28,026
Transaction costs(d)							23,509
Other adjustments(e)							9,327
Income before income taxes							39,432

Income tax expense							5,358
Equity in net income of unconsolidated affiliates							(1,161)
Net income from continuing operations							$	35,235

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

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


	Three Months Ended June 30, 2024
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	668,034	$	147,302	$	—	$	815,336
Intersegment net sales	9,319		16,840		(26,159)		—
Net sales	677,353		164,142		(26,159)		815,336

Significant segment expenses:
Costs of goods sold	430,226		77,535		(24,879)		482,882
Selling, general and administrative expenses	72,420		10,504		—		82,924
Other segment items(a)	(30,189)		(6,907)		—		(37,096)
Segment Adjusted EBITDA(b)	$	204,896	$	83,010	$	(1,280)

Corporate and other costs(c)							11,128
Total consolidated Adjusted EBITDA							$	275,498

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							22,824
Interest income							(6,565)
Depreciation and amortization							41,098
Stock-based compensation expense							6,977
Loss (gain) on disposal of assets and costs from exit and disposal activities							292
Transaction costs(d)							10
Other adjustments(e)							355
Income before income taxes							210,507

Income tax expense							49,886
Equity in net income of unconsolidated affiliates							(1,701)
Net income from continuing operations							$	162,322

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

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


	Three Months Ended September 30, 2024
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	639,012	$	143,598	$	—	$	782,610
Intersegment net sales	8,885		13,923		(22,808)		—
Net sales	647,897		157,521		(22,808)		782,610

Significant segment expenses:
Costs of goods sold	439,031		71,812		(22,174)		488,669
Selling, general and administrative expenses	74,133		10,956		—		85,089
Other segment items(a)	(38,938)		(6,803)		—		(45,741)
Segment Adjusted EBITDA(b)	$	173,671	$	81,556	$	(634)

Corporate and other costs(c)							9,043
Total consolidated Adjusted EBITDA							$	245,550

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							23,156
Interest income							(7,368)
Depreciation and amortization							44,807
Stock-based compensation expense							6,983
Loss (gain) on disposal of assets and costs from exit and disposal activities							617
Transaction costs(d)							2,685
Other adjustments(e)							3,494
Income before income taxes							171,176

Income tax expense							40,920
Equity in net income of unconsolidated affiliates							(918)
Net income from continuing operations							$	131,174

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

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


	Three Months Ended December 31, 2024
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	540,525	$	150,013	$	—	$	690,538
Intersegment net sales	8,913		10,063		(18,976)		—
Net sales	549,438		160,076		(18,976)		690,538

Significant segment expenses:
Costs of goods sold	384,562		85,105		(20,723)		448,944
Selling, general and administrative expenses	73,739		17,196		—		90,935
Other segment items(a)	(40,110)		(10,559)		—		(50,669)
Segment Adjusted EBITDA(b)	$	131,247	$	68,334	$	1,747

Corporate and other costs(c)							9,843
Total consolidated Adjusted EBITDA							$	191,485

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							23,094
Interest income							(4,545)
Depreciation and amortization							47,766
Stock-based compensation expense							7,798
Loss (gain) on disposal of assets and costs from exit and disposal activities							(477)
Transaction costs(d)							5,924
Other adjustments(e)							3,363
Income before income taxes							108,562

Income tax expense							27,091
Equity in net income of unconsolidated affiliates							(818)
Net income from continuing operations							$	82,289

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

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


	Three Months Ended March 31, 2025
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	478,799	$	136,962	$	—	$	615,761
Intersegment net sales	8,530		11,205		(19,735)		—
Net sales	487,329		148,167		(19,735)		615,761

Significant segment expenses:
Costs of goods sold	329,009		80,013		(19,513)		389,509
Selling, general and administrative expenses	62,585		16,530		—		79,115
Other segment items(a)	(34,371)		(7,488)		—		(41,859)
Segment Adjusted EBITDA(b)	$	130,106	$	59,112	$	(222)

Corporate and other costs(c)							12,301
Total consolidated Adjusted EBITDA							$	176,695

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							22,729
Interest income							(5,007)
Depreciation and amortization							49,610
Stock-based compensation expense							4,823
Loss (gain) on disposal of assets and costs from exit and disposal activities							3,426
Transaction costs(d)							672
Other adjustments(e)							1,222
Income before income taxes							99,220

Income tax expense							23,166
Equity in net income of unconsolidated affiliates							(734)
Net income from continuing operations							$	76,788

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

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


	Three Months Ended June 30, 2023
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	637,429	$	140,617	$	—	$	778,046
Intersegment net sales	7,737		11,081		(18,818)		—
Net sales	645,166		151,698		(18,818)		778,046

Significant segment expenses:
Costs of goods sold	387,377		77,232		(18,023)		446,586
Selling, general and administrative expenses	65,138		9,916		—		75,054
Other segment items(a)	(30,193)		(6,171)		—		(36,364)
Segment Adjusted EBITDA(b)	$	222,844	$	70,721	$	(795)

Corporate and other costs(c)							11,457
Total consolidated Adjusted EBITDA							$	281,313

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							21,712
Interest income							(3,489)
Depreciation and amortization							37,240
Stock-based compensation expense							6,903
Loss (gain) on disposal of assets and costs from exit and disposal activities							(13,304)
Transaction costs(d)							1,972
Other adjustments(e)							2,991
Income before income taxes							227,288

Income tax expense							55,058
Equity in net income of unconsolidated affiliates							(1,675)
Net income from continuing operations							$	173,905

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

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


	Three Months Ended September 30, 2023
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	648,757	$	131,463	$	—	$	780,220
Intersegment net sales	7,479		11,473		(18,952)		—
Net sales	656,236		142,936		(18,952)		780,220

Significant segment expenses:
Costs of goods sold	427,291		68,450		(18,198)		477,543
Selling, general and administrative expenses	69,785		9,622		—		79,407
Other segment items(a)	(29,375)		(5,923)		—		(35,298)
Segment Adjusted EBITDA(b)	$	188,535	$	70,787	$	(754)

Corporate and other costs(c)							12,318
Total consolidated Adjusted EBITDA							$	246,250

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							21,941
Interest income							(5,137)
Depreciation and amortization							36,721
Stock-based compensation expense							9,331
Loss (gain) on disposal of assets and costs from exit and disposal activities							123
Transaction costs(d)							52
Other adjustments(e)							(383)
Income before income taxes							183,602

Income tax expense							47,476
Equity in net income of unconsolidated affiliates							(901)
Net income from continuing operations							$	137,027

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

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


	Three Months Ended December 31, 2023
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	543,895	$	118,472	$	—	$	662,367
Intersegment net sales	7,883		20,029		(27,912)		—
Net sales	551,778		138,501		(27,912)		662,367

Significant segment expenses:
Costs of goods sold	358,306		69,978		(25,766)		402,518
Selling, general and administrative expenses	66,324		9,776		—		76,100
Other segment items(a)	(29,566)		(6,080)		—		(35,646)
Segment Adjusted EBITDA(b)	$	156,714	$	64,827	$	(2,146)

Corporate and other costs(c)							15,189
Total consolidated Adjusted EBITDA							$	204,206

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							22,331
Interest income							(6,515)
Depreciation and amortization							38,053
Stock-based compensation expense							7,402
Loss (gain) on disposal of assets and costs from exit and disposal activities							2,512
Transaction costs(d)							1,030
Other adjustments(e)							3,686
Income before income taxes							135,707

Income tax expense							30,131
Equity in net income of unconsolidated affiliates							(1,304)
Net income from continuing operations							$	106,880

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

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


	Three Months Ended March 31, 2024
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	531,439	$	122,401	$	—	$	653,840
Intersegment net sales	7,550		11,014		(18,564)		—
Net sales	538,989		133,415		(18,564)		653,840

Significant segment expenses:
Costs of goods sold	352,852		68,080		(19,055)		401,877
Selling, general and administrative expenses	74,095		11,325		—		85,420
Other segment items(a)	(33,832)		(6,572)		—		(40,404)
Segment Adjusted EBITDA(b)	$	145,874	$	60,582	$	491

Corporate and other costs(c)							15,769
Total consolidated Adjusted EBITDA							$	191,178

Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							22,878
Interest income							(6,906)
Depreciation and amortization							42,889
Stock-based compensation expense							8,350
Loss (gain) on disposal of assets and costs from exit and disposal activities							2,304
Transaction costs(d)							390
Other adjustments(e)							1,117
Income before income taxes							120,156

Income tax expense							26,333
Equity in net income of unconsolidated affiliates							(1,656)
Net income from continuing operations							$	95,479

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

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