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LLLLLLY NEWS RELEASE DS Advanced Drainage Systems Announces Third Quarter Fiscal 2021 Results 2/4/2021 HILLIARD , Ohio -- ( BUSINESS WIRE ) -- Advanced Drainage Systems , Inc. ( NYSE : WMS ) ( " ADS " or the " Company " ) , a leading provider of innovative water management solutions in the stormwater and on - site septic waste water industries today announced financial results for the third quarter ended December 31 , 2020 . Third Quarter Fiscal 2021 Results • Net sales increased 23.6 % to $ 486.1 million • Net income increased 128.4 % to $ 54.0 million Adjusted EBITDA ( Non - GAAP ) increased 52.1 % to $ 138.9 million Year - to - Date Fiscal 2021 Results • Net sales increased 18.1 % to $ 1.5 billion • Net income increased to $ 205.3 million , compared to a net loss of $ 195.3 million in the prior year Adjusted EBITDA ( Non - GAAP ) increased 63.0 % to $ 472.4 million • Cash provided by operating activities increased 51.5 % to $ 448.8 million • Free cash flow ( Non - GAAP ) increased 56.4 % to $ 391.1 million Scott Barbour , President and Chief Executive Officer of ADS commented , " We delivered a record third quarter in fiscal 2021. Sales grew 24 % year - over - year , driven by 17 % non - residential sales growth and 36 % residential sales growth as we continued to execute on our material conversion strategy in the favorable demand environment . We experienced strong demand in key growth states in the South and Southeast regions of the United States , as well as the return of demand in the Western and Northeast regions of the United States . In addition , sales in the agriculture market increased 33 % , driven by the programs we put in place around organizational changes , new product introductions and improving execution in the strong fall selling season . Overall , we executed well this quarter to meet the growing demand for our products and solutions and continue to benefit from our national presence as 1