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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2022
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 001-36557
ADVANCED DRAINAGE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 51-0105665 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
4640 Trueman Boulevard, Hilliard, Ohio 43026
(Address of Principal Executive Offices, Including Zip Code)
(614) 658-0050
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | | | | |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ |
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 26, 2023, the registrant had 81,233,409 shares of common stock outstanding, which excludes 183,617 shares of unvested restricted common stock. The shares of common stock trade on the New York Stock Exchange under the ticker symbol “WMS.”
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except par value)
| | | | | | | | | | | |
| December 31, 2022 | | March 31, 2022 |
ASSETS | | | |
Current assets: | | | |
Cash | $ | 426,690 | | | $ | 20,125 | |
Receivables (less allowance for doubtful accounts of $9,311 and $8,198, respectively) | 242,485 | | 341,753 |
Inventories | 459,029 | | 494,324 |
Other current assets | 29,162 | | 15,696 |
Total current assets | 1,157,366 | | 871,898 |
Property, plant and equipment, net | 685,496 | | 619,383 |
Other assets: | | | |
Goodwill | 619,275 | | 610,293 |
Intangible assets, net | 421,450 | | 431,385 |
Other assets | 122,071 | | 116,799 |
Total assets | $ | 3,005,658 | | | $ | 2,649,758 | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Current maturities of debt obligations | $ | 15,601 | | | $ | 19,451 | |
Current maturities of finance lease obligations | 6,556 | | 5,089 |
Accounts payable | 174,106 | | 224,986 |
Other accrued liabilities | 170,549 | | 134,877 |
Accrued income taxes | 3,468 | | 6,838 |
Total current liabilities | 370,280 | | 391,241 |
Long-term debt obligations (less unamortized debt issuance costs of $12,314 and $1,648, respectively) | 1,272,040 | | 908,705 |
Long-term finance lease obligations | 14,571 | | 11,393 |
Deferred tax liabilities | 163,259 | | 168,435 |
Other liabilities | 69,767 | | 64,939 |
Total liabilities | 1,889,917 | | 1,544,713 |
Commitments and contingencies (see Note 9) | | | |
Mezzanine equity: | | | |
Redeemable common stock: $0.01 par value; 9,669 and 0 shares outstanding, respectively | 157,128 | | — |
Redeemable convertible preferred stock: $0.01 par value; 0 and 47,070 shares authorized, respectively; 0 and 44,170 shares issued; 0 and 15,630 shares outstanding, respectively | — | | 195,384 |
Total mezzanine equity | 157,128 | | 195,384 |
Stockholders’ equity: | | | |
Common stock; $0.01 par value: 1,000,000 shares authorized; 78,785 and 75,529 shares issued, respectively; 71,545 and 72,309 shares outstanding, respectively | 11,645 | | 11,612 |
Paid-in capital | 1,128,915 | | 1,065,628 |
Common stock in treasury, at cost | (719,702) | | (318,691) |
Accumulated other comprehensive loss | (29,871) | | (24,386) |
Retained earnings | 550,011 | | 158,876 |
Total ADS stockholders’ equity | 940,998 | | 893,039 |
Noncontrolling interest in subsidiaries | 17,615 | | 16,622 |
Total stockholders’ equity | 958,613 | | 909,661 |
Total liabilities, mezzanine equity and stockholders’ equity | $ | 3,005,658 | | | $ | 2,649,758 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Nine Months Ended December 31, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net sales | $ | 655,167 | | | $ | 715,357 | | | $ | 2,453,562 | | | $ | 2,091,128 | |
Cost of goods sold | 431,250 | | | 506,380 | | | 1,557,575 | | | 1,480,973 | |
Gross profit | 223,917 | | | 208,977 | | | 895,987 | | | 610,155 | |
Operating expenses: | | | | | | | |
Selling, general and administrative | 85,936 | | | 80,059 | | | 261,095 | | | 230,231 | |
(Gain) loss on disposal of assets and costs from exit and disposal activities | (348) | | | 3,466 | | | (147) | | | 2,554 | |
Intangible amortization | 13,842 | | | 15,138 | | | 41,360 | | | 46,229 | |
Income from operations | 124,487 | | | 110,314 | | | 593,679 | | | 331,141 | |
Other expense: | | | | | | | |
Interest expense | 20,001 | | | 8,756 | | | 49,334 | | | 25,100 | |
Derivative gains and other income, net | (4,125) | | | (979) | | | (5,632) | | | (2,791) | |
Income before income taxes | 108,611 | | | 102,537 | | | 549,977 | | | 308,832 | |
Income tax expense | 26,068 | | | 28,792 | | | 128,641 | | | 82,063 | |
Equity in net income of unconsolidated affiliates | (639) | | | (717) | | | (3,705) | | | (1,128) | |
Net income | 83,182 | | | 74,462 | | | 425,041 | | | 227,897 | |
Less: net income attributable to noncontrolling interest | 1,142 | | | 784 | | | 3,848 | | | 2,873 | |
Net income attributable to ADS | 82,040 | | | 73,678 | | | 421,193 | | | 225,024 | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 82,067 | | | 71,267 | | | 82,891 | | | 71,087 | |
Diluted | 82,987 | | | 72,789 | | | 83,980 | | | 72,752 | |
Net income per share: | | | | | | | |
Basic | $ | 1.00 | | | $ | 0.88 | | | $ | 5.08 | | | $ | 2.67 | |
Diluted | $ | 0.99 | | | $ | 0.86 | | | $ | 5.02 | | | $ | 2.61 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Nine Months Ended December 31, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income | $ | 83,182 | | | $ | 74,462 | | | $ | 425,041 | | | $ | 227,897 | |
Currency translation gain (loss) | 4,973 | | | (860) | | | (4,688) | | | (2,225) | |
Comprehensive income | 88,155 | | | 73,602 | | | 420,353 | | | 225,672 | |
Less: other comprehensive income (loss) attributable to noncontrolling interest | 1,069 | | | (199) | | | 797 | | | 236 | |
Less: net income attributable to noncontrolling interest | 1,142 | | | 784 | | | 3,848 | | | 2,873 | |
Total comprehensive income attributable to ADS | $ | 85,944 | | | $ | 73,017 | | | $ | 415,708 | | | $ | 222,563 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
| | | | | | | | | | | |
| Nine Months Ended December 31, |
| 2022 | | 2021 |
Cash Flows from Operating Activities | | | |
Net income | $ | 425,041 | | | $ | 227,897 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 107,346 | | 103,687 |
Deferred income taxes | (4,165) | | 6,243 |
(Gain) loss on disposal of assets and costs from exit and disposal activities | (147) | | 2,554 |
ESOP and stock-based compensation | 19,912 | | 61,900 |
Amortization of deferred financing charges | 909 | | 286 |
Fair market value adjustments to derivatives | 2,309 | | 118 |
Equity in net income of unconsolidated affiliates | (3,705) | | (1,128) |
Other operating activities | 2,732 | | (9,898) |
Changes in working capital: | | | |
Receivables | 99,958 | | (59,821) |
Inventories | 34,871 | | (161,878) |
Prepaid expenses and other current assets | (4,532) | | (5,199) |
Accounts payable, accrued expenses, and other liabilities | (20,091) | | 29,086 |
Net cash provided by operating activities | 660,438 | | 193,847 |
Cash Flows from Investing Activities | | | |
Capital expenditures | (126,858) | | (100,367) |
Acquisition, net of cash acquired | (48,010) | | (49,210) | |
Other investing activities | 46 | | (463) |
Net cash used in investing activities | (174,822) | | (150,040) |
Cash Flows from Financing Activities | | | |
Payments on syndicated Term Loan Facility | (5,250) | | (5,250) |
Proceeds from Revolving Credit Agreement | 26,200 | | 258,100 |
Payments on Revolving Credit Agreement | (140,500) | | (124,600) |
Proceeds from Amended Revolving Credit Agreement | 97,000 | | — |
Payments on Amended Revolving Credit Agreement | (97,000) | | — |
Proceeds from Senior Notes due 2030 | 500,000 | | — |
Debt issuance costs | (11,575) | | — |
Proceeds from Equipment Financing | — | | 35,963 |
Payments on Equipment Financing | (10,213) | | (1,177) |
Payments on finance lease obligations | (4,954) | | (49,365) |
Repurchase of common stock | (375,027) | | (292,000) |
Cash dividends paid | (30,111) | | (27,826) |
Dividends paid to noncontrolling interest holder | (3,652) | | (1,471) |
Proceeds from exercise of stock options | 5,145 | | 4,274 |
Payment of withholding taxes on vesting of restricted stock units | (28,653) | | (13,055) |
Other financing activities | — | | (167) |
Net cash used in financing activities | (78,590) | | (216,574) |
Effect of exchange rate changes on cash | (461) | | (69) |
Net change in cash | 406,565 | | (172,836) |
Cash at beginning of period | 20,125 | | 195,009 |
Cash at end of period | $ | 426,690 | | | $ | 22,173 | |
SUPPLEMENTAL CASH FLOW INFORMATION | | | |
Cash paid for income taxes | $ | 136,320 | | | $ | 81,028 | |
Cash paid for interest | 24,757 | | 20,080 |
Non-cash operating, investing and financing activities: | | | |
Acquisition of property, plant and equipment under finance lease and incurred lease obligations | 10,684 | | 16,258 |
Balance in accounts payable for the acquisition of property, plant and equipment | 14,748 | | 16,313 |
cSee accompanying Notes to Condensed Consolidated Financial Statements.
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND MEZZANINE EQUITY
(Unaudited) (In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Paid -In Capital | | Common Stock in Treasury | | Accumulated Other Compre-hensive Loss | | Retained (Deficit) Earnings | | Total ADS Stockholders’ Equity | | Non- controlling Interest in Subsidiaries | | Total Stock- holders’ Equity | | | Redeemable Convertible Preferred Stock | | Deferred Compensation Unearned ESOP Shares | | Total Mezzanine Equity |
| Shares | | Amount | | | Shares | | Amount | | | | | | | | Shares | | Amount | | Shares | | Amount | |
Balance at October 1, 2021 | 73,333 | | $ | 11,590 | | | $ | 968,198 | | | 3,196 | | $ | (315,935) | | | $ | (26,020) | | | $ | 57,386 | | | $ | 695,219 | | | $ | 14,784 | | | $ | 710,003 | | | | 18,282 | | $ | 228,532 | | | 644 | | $ | (7,014) | | | $ | 221,518 | |
Net income | — | | — | | — | | — | | — | | — | | 73,678 | | 73,678 | | 784 | | 74,462 | | | — | | — | | — | | — | | — |
Other comprehensive loss | — | | — | | — | | — | | — | | (661) | | — | | (661) | | | (199) | | (860) | | | | — | | — | | — | | — | | — |
Redeemable convertible preferred stock dividends | — | | — | | — | | — | | — | | — | | (1,267) | | (1,267) | | | — | | (1,267) | | | | — | | — | | — | | — | | — |
Common stock dividends ($0.11 per share) | — | | — | | — | | — | | — | | — | | (7,879) | | (7,879) | | | — | | (7,879) | | | | — | | — | | — | | — | | — |
Allocation of ESOP shares to participants for compensation | — | | — | | 15,353 | | — | | — | | — | | — | | 15,353 | | | — | | 15,353 | | | | — | | — | | (149) | | 1,868 | | 1,868 |
Exercise of common stock options | 71 | | 1 | | 1,094 | | — | | — | | — | | — | | 1,095 | | | — | | 1,095 | | | | — | | — | | — | | — | | — |
Restricted stock awards | 2 | | — | | — | | 1 | | (114) | | — | | — | | (114) | | | — | | (114) | | | | — | | — | | — | | — | | — |
Stock-based compensation expense | — | | — | | 6,242 | | — | | — | | — | | — | | 6,242 | | | — | | 6,242 | | | | — | | — | | — | | — | | — |
ESOP distribution in common stock | 1,086 | | 10 | | 17,634 | | — | | — | | — | | — | | 17,644 | | — | | 17,644 | | | (1,411) | | (17,644) | | — | | — | | (17,644) |
Other | — | | — | | 89 | | — | | — | | — | | — | | 89 | | | — | | 89 | | | | — | | — | | — | | — | | — |
Balance at December 31, 2021 | 74,492 | | $ | 11,601 | | | $ | 1,008,610 | | | 3,197 | | $ | (316,049) | | | $ | (26,681) | | | $ | 121,918 | | | $ | 799,399 | | | $ | 15,369 | | | $ | 814,768 | | | | 16,871 | | $ | 210,888 | | | 495 | | $ | (5,146) | | | $ | 205,742 | |
Balance at April 1, 2021 | 72,071 | | | $ | 11,578 | | | $ | 918,587 | | | 501 | | | $ | (10,959) | | | $ | (24,220) | | | $ | (75,202) | | | $ | 819,784 | | | $ | 13,731 | | | $ | 833,515 | | | | 19,275 | | | $ | 240,944 | | | 966 | | | $ | (11,033) | | | $ | 229,911 | |
Net income | — | | | — | | | — | | | — | | | — | | | — | | | 225,024 | | | 225,024 | | | 2,873 | | | 227,897 | | | | — | | | — | | | — | | | — | | | — | |
Other comprehensive (loss) income | — | | | — | | | — | | | — | | | — | | | (2,461) | | | — | | | (2,461) | | | 236 | | | (2,225) | | | | — | | | — | | | — | | | — | | | — | |
Redeemable convertible preferred stock dividends | — | | | — | | | — | | | — | | | — | | | — | | | (4,364) | | | (4,364) | | | — | | | (4,364) | | | | — | | | — | | | — | | | — | | | — | |
Common stock dividends ($0.33 per share) | — | | | — | | | — | | | — | | | — | | | — | | | (23,540) | | | (23,540) | | | — | | | (23,540) | | | | — | | | — | | | — | | | — | | | — | |
Dividends paid to noncontrolling interest holder | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,471) | | | (1,471) | | | | — | | | — | | | — | | | — | | | — | |
Share repurchases | — | | | — | | | — | | | 2,574 | | | (292,000) | | | — | | | — | | | (292,000) | | | — | | | (292,000) | | | | | | | | | | | | |
Allocation of ESOP shares to participants for compensation | — | | | — | | | 37,502 | | | — | | | — | | | — | | | — | | | 37,502 | | | — | | | 37,502 | | | | — | | | — | | | (471) | | | 5,887 | | | 5,887 | |
Exercise of common stock options | 195 | | | 2 | | | 4,273 | | | — | | | — | | | — | | | — | | | 4,275 | | | — | | | 4,275 | | | | — | | | — | | | — | | | — | | | — | |
Restricted stock awards | 131 | | | 1 | | | — | | | 30 | | | (3,345) | | | — | | | — | | | (3,344) | | | — | | | (3,344) | | | | — | | | — | | | — | | | — | | | — | |
Performance-based restricted stock units | 245 | | | 2 | | | — | | | 92 | | | (9,745) | | | — | | | — | | | (9,743) | | | — | | | (9,743) | | | | | | | | | | | | |
Stock-based compensation expense | — | | | — | | | 18,511 | | | — | | | — | | | — | | | — | | | 18,511 | | | — | | | 18,511 | | | | — | | | — | | | — | | | — | | | — | |
ESOP distribution in common stock | 1,850 | | | 18 | | | 30,038 | | | — | | | — | | | — | | | — | | | 30,056 | | | — | | | 30,056 | | | | (2,404) | | | (30,056) | | | — | | | — | | | (30,056) | |
Other | — | | | — | | | (301) | | | — | | | — | | | — | | | — | | | (301) | | | — | | | (301) | | | | — | | | — | | | — | | | — | | | — | |
Balance at December 31, 2021 | 74,492 | | | $ | 11,601 | | | $ | 1,008,610 | | | 3,197 | | | $ | (316,049) | | | $ | (26,681) | | | $ | 121,918 | | | $ | 799,399 | | | $ | 15,369 | | | $ | 814,768 | | | | 16,871 | | | $ | 210,888 | | | 495 | | | $ | (5,146) | | | $ | 205,742 | |
ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND MEZZANINE EQUITY
(Unaudited) (In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Paid -In Capital | | Common Stock in Treasury | | Accumulated Other Compre-hensive Loss | | Retained (Deficit) Earnings | | Total ADS Stockholders’ Equity | | Non- controlling Interest in Subsidiaries | | Total Stock- holders’ Equity | | | Redeemable Common Stock | | Redeemable Convertible Preferred Stock | | Total Mezzanine Equity |
| Shares | | Amount | | | Shares | | Amount | | | | | | | | Shares | | Amount | | Shares | | Amount | |
Balance at October 1, 2022 | 78,519 | | $ | 11,642 | | | $ | 1,119,453 | | | 5,314 | | $ | (536,697) | | | $ | (33,775) | | | $ | 477,790 | | | $ | 1,038,413 | | | $ | 17,329 | | | $ | 1,055,742 | | | | 9,840 | | $ | 159,928 | | | — | | $ | — | | | $ | 159,928 | |
Net income | — | | — | | — | | — | | — | | — | | 82,040 | | 82,040 | | 1,142 | | 83,182 | | | — | | — | | — | | — | | — |
Other comprehensive income | — | | — | | — | | — | | — | | 3,904 | | — | | 3,904 | | 1,069 | | 4,973 | | | — | | — | | — | | — | | — |
Common stock dividends ($0.12 per share) | — | | — | | — | | — | | — | | — | | (9,819) | | (9,819) | | — | | (9,819) | | | — | | — | | — | | — | | — |
Share repurchases | — | | — | | — | | 1,891 | | (179,864) | | — | | — | | (179,864) | | — | | (179,864) | | | — | | — | | — | | — | | — |
Dividends paid to noncontrolling interest holder | — | | — | | — | | — | | — | | — | | — | | — | | (1,925) | | (1,925) | | | | — | | — | | — | | — | | — |
KSOP redeemable common stock conversion | 171 | | 2 | | 2,798 | | — | | — | | — | | — | | 2,800 | | — | | 2,800 | | | (171) | | (2,800) | | — | | — | | (2,800) |
Exercise of common stock options | 17 | | — | | 485 | | — | | — | | — | | — | | 485 | | — | | 485 | | | — | | — | | — | | — | | — |
Restricted stock awards | 78 | | 1 | | — | | 35 | | (3,141) | | — | | — | | (3,140) | | — | | (3,140) | | | — | | — | | — | | — | | — |
Stock-based compensation expense | — | | — | | 6,179 | | — | | — | | — | | — | | 6,179 | | — | | 6,179 | | | — | | — | | — | | — | | — |
Balance at December 31, 2022 | 78,785 | | $ | 11,645 | | | $ | 1,128,915 | | | 7,240 | | $ | (719,702) | | | $ | (29,871) | | | $ | 550,011 | | | $ | 940,998 | | | $ | 17,615 | | | $ | 958,613 | | | | 9,669 | | $ | 157,128 | | | — | | $ | — | | | $ | 157,128 | |
Balance at April 1, 2022 | 75,529 | | $ | 11,612 | | | $ | 1,065,628 | | | 3,220 | | $ | (318,691) | | | $ | (24,386) | | | $ | 158,876 | | | $ | 893,039 | | | $ | 16,622 | | | $ | 909,661 | | | | — | | $ | — | | | 15,630 | | $ | 195,384 | | | $ | 195,384 | |
Net income | — | | — | | — | | — | | — | | — | | 421,193 | | 421,193 | | 3,848 | | 425,041 | | | — | | — | | — | | — | | — |
Other comprehensive (loss) income | — | | — | | — | | — | | — | | (5,485) | | — | | (5,485) | | 797 | | (4,688) | | | — | | — | | — | | — | | — |
Common stock dividends ($0.36 per share) | — | | — | | — | | — | | — | | — | | (30,058) | | (30,058) | | — | | (30,058) | | | — | | — | | — | | — | | — |
Dividends paid to noncontrolling interest holder | — | | — | | — | | — | | — | | — | | — | | — | | (3,652) | | (3,652) | | | — | | | — | | — | | — | | — |
Share repurchases | — | | — | | — | | 3,756 | | (375,027) | | — | | — | | (375,027) | | — | | (375,027) | | | — | | — | | — | | — | | — |
ESOP share conversion | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | 12,022 | | 195,384 | | (15,630) | | (195,384) | | — |
KSOP redeemable common stock conversion | 2,353 | | 24 | | 38,232 | | — | | — | | — | | — | | 38,256 | | — | | 38,256 | | | (2,353) | | (38,256) | | — | | — | | (38,256) |
Exercise of common stock options | 200 | | 2 | | 5,143 | | — | | — | | — | | — | | 5,145 | | — | | 5,145 | | | — | | — | | — | |