 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Second Quarter Fiscal 2017 Financial Results Exhibit 99.2 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Management Presenters Joe Chlapaty Chairman and Chief Executive Officer Scott Cottrill Executive Vice President, Chief Financial Officer, Secretary and Treasurer Mike Higgins Director, Investor Relations & Business Strategy 2 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Safe Harbor and Non-GAAP Financial Metrics Certain statements in this presentation may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding the anticipated timing for the issuance of additional historic and future financial information and related filings. These statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections regarding the Company’s business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “confident” and similar expressions are used to identify these forward-looking statements. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: fluctuations in the price and availability of resins and other raw materials and our ability to pass any increased costs of raw materials on to our customers in a timely manner; volatility in general business and economic conditions in the markets in which we operate, including, without limitation, factors relating to availability of credit, interest rates, fluctuations in capital and business and consumer confidence; cyclicality and seasonality of the non-residential and residential construction markets and infrastructure spending; the risks of increasing competition in our existing and future markets, including competition from both manufacturers of high performance thermoplastic corrugated pipe and manufacturers of products using alternative materials; our ability to continue to convert current demand for concrete, steel and PVC pipe products into demand for our high performance thermoplastic corrugated pipe and Allied Products; the effect of weather or seasonality; the loss of any of our significant customers; the risks of doing business internationally; the risks of conducting a portion of our operations through joint ventures; our ability to expand into new geographic or product markets; our ability to achieve the acquisition component of our growth strategy; the risk associated with manufacturing processes; our ability to manage our assets; the risks associated with our product warranties; our ability to manage our supply purchasing and customer credit policies; the risks associated with our self-insured programs; our ability to control labor costs and to attract, train and retain highly-qualified employees and key personnel; our ability to protect our intellectual property rights; changes in laws and regulations, including environmental laws and regulations; our ability to project product mix; the risks associated with our current levels of indebtedness; our ability to meet future capital requirements and fund our liquidity needs; the risk that additional information may arise during the course of the Company’s ongoing accounting review that would require the Company to make additional adjustments or revisions or to restate further the financial statements and other financial data for certain prior periods and any future periods; a conclusion that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) were ineffective; the review of potential weaknesses or deficiencies in the Company’s disclosure controls and procedures, and discovering further weaknesses of which we are not currently aware or which have not been detected; additional uncertainties related to accounting issues generally and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company’s forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This presentation includes certain non-GAAP financial measures to describe the Company’s performance. The reconciliation of those measures to GAAP measures are provided within the appendix of the presentation. Those disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. 3 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Second quarter net sales decline as expected due to softer core domestic construction markets and continued weakness in Ag and Mexico. 4 Q2 2017 Highlights 1H17 continued track record of delivering above market growth in non- residential construction. Strong profits and margins driven by lower raw material costs and effective price management. Favorable cash flow generation supporting debt reduction, growth investments and cash returns to shareholders. |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Summary of Financial Restatement Impact 5 Summary of Restatement Impact – FY2012 to FY2016 Fiscal Year Ended March 31, (in thousands) FY2012 FY2013 FY2014 FY2015 FY2016 As Reported FY2016 10-K Net sales $1,015,667 $1,017,102 $1,067,780 $1,180,073 $1,290,678 Income before income taxes $61,119 $38,141 $33,833 $24,629 $49,558 Adjusted EBITDA $119,601 $131,591 $151,333 $143,877 $187,340 Restatement Impact Net sales $0 $0 $0 $0 $0 Income before income taxes $(5,249) $(2,539) $(3,136) $(19,706) $9,741 Adjusted EBITDA $0 $0 $0 $0 $0 10-K/A Filed on 1/10/2017 Net sales $1,015,667 $1,017,102 $1,067,780 $1,180,073 $1,290,678 Income before income taxes $55,870 $35,602 $30,697 $4,923 $59,299 Adjusted EBITDA $119,601 $131,591 $151,333 $143,877 $187,340 The completed restatement has no impact on net sales or Adjusted EBITDA The completed restatement has no impact on net sales or Adjusted EBITDA |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Restatement Filings Update Q2 FY17 Form 10-Q expected January 2017. Q3 FY17 Form 10-Q anticipated to be filed timely. 6 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH - Domestic - 5% - International - 13% - Pipe - 8% - Allied Products - 1% By Geography By Application 18.2% 16.6% Q2 2017 Financial Performance 7 Revenue Revenue Gross Margin Gross Margin Adjusted EBITDA Margin Adjusted EBITDA Margin $361 Despite lower revenues, earnings exceeded the prior year driven by disciplined pricing and a favorable cost environment. Despite lower revenues, earnings exceeded the prior year driven by disciplined pricing and a favorable cost environment. Q2 2017 Q2 2016 22.6% 25.1% Q2 2017 Q2 2016 Q2 2017 Q2 2016 - 5.9% +250 bps +160 bps (USD, in millions) $383 Revenue Revenue Adjusted EBITDA Margin Adjusted EBITDA Margin Q2 FY16 16.6% Price/Material Costs 1.6% Transportation, Other Operations 1.0% SG&A (1.0)% Other — Q2 FY17 18.2% + Non-Residential +1% - Residential - 2% - Infrastructure - 5% - Agriculture - 27% - Pipe - 7% + Allied Products +1% Domestic Markets |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Q2 2017 Domestic Performance 8 Revenue Revenue Gross Margin Gross Margin Adjusted EBITDA Margin Adjusted EBITDA Margin Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 - 4.7% +230 bps +140 bps (USD, in millions) $327 Revenue Revenue Adjusted EBITDA Margin Adjusted EBITDA Margin Q2 FY16 16.9% Price/Material Costs 1.4% Transportation, Other Operations 0.5% SG&A (1.2)% Other 0.7% Q2 FY17 18.3% - Pipe - 7% + Allied Products +1% - Construction - 1% + Non-Residential +1% - Residential - 2% - Infrastructure - 5% - Agriculture - 27% By Application By End Market Performance Highlights Performance Highlights Domestic sales down 4.7% YoY driven primarily by Agriculture and lower growth in our domestic construction markets Non-Residential end markets up slightly Early start to planting season caused weaker-than-expected performance in agriculture $312 23.3% 25.6% 18.3% 16.9% |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Q2 2016 Q2 2017 $178 $179 $0 $50 $100 $150 $200 $62 $61 $0 $50 $100 $150 $200 $37 $35 $0 $50 $100 $150 $200 $50 $37 $0 $50 $100 $150 $200 Q2 2017 Domestic End Market Performance 9 Non-Residential Non-Residential Infrastructure Infrastructure Residential Residential Agriculture Agriculture 2Q performance impacted by slower demand in domestic construction markets. 2Q performance impacted by slower demand in domestic construction markets. + 1% - 2% - 5% Pipe (2%) Allied Products +8% Retail (5%) Subdivision construction +2% Pipe (7%) Allied Products +1% - 27% Figures may not add due to rounding |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH $0 $100 $200 $300 $400 $500 Six months ended September 30, 2015 Six months ended September 30, 2016 Free Cash Flow¹ Free Cash Flow¹ Free Cash Flow Performance $0 $5 $10 $15 $20 $25 $30 All figures in USD, mm 10 $0 $100 $200 $300 $400 $500 $600 Working Capital² Working Capital² CapEx CapEx Net Debt³ Net Debt³ $22 $24 $495 $420 $382 $343 FY 2017 FY 2016 Change Adjusted EBITDA $137 $116 $21 Working Capital $(61) $(79) $18 Cash Tax $(3) $(17) $14 Cash Interest $(9) $(9) $0 Restatement related costs $(19) $(7) $(12) Other $1 $13 $(12) Cash flow from operating activities $46 $17 $29 Cap Ex $(24) $(22) $(2) FCF $22 $(5) $27 1 Operating Cash Flow less CapEx (see appendix for GAAP/non-GAAP reconciliation) 2 Inventory, Accounts Receivable, Accounts Payable 3 Total debt less cash (includes capital leases) |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Capital Structure and Deployment Priorities Cash and Cash Flow from Operations Sources Uses Top priorities for FY2017 include: completion of new manufacturing facility in Harrisonville, MO to serve a growing market, expanding HP production capacity as well as non-virgin material initiatives Continue quarterly dividend Consider opportunistic share repurchases in the future “Bolt on” and strategic acquisitions Focus M&A activity on complementary products and geographic footprint Maintain leverage ratio of 2x to 3x Current leverage ratio of 2.11 (includes ~$80 million of capital lease obligations) 11 Capital Expenditures Shareholder Returns M&A Debt Repayment |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH FY2017 Financial Outlook 12 Key Metric Previous Guidance* Current Guidance Comments Net Sales (in Billions) $1,270 - $1,310 $1,225 - $1,250 Driven by softer domestic construction market and further weakness in Ag and Mexico Adj. EBITDA (in Millions) $200 - $225 $190 - $210 Impacted by volume decline and modest price erosion Adj. EBITDA Margin 15.7% - 17.2% 15.5% - 16.8% Maintain healthy margins despite net sales weakness Fiscal Year 2017 Expectations *As provided on October 6, 2016 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Market Previous Outlook* Current Outlook Comments Domestic Construction End Markets ADS anticipates mid-single digit growth in domestic construction markets Agriculture End Market Softness expected to continue throughout FY2017 International End Market Continued weakness in Mexico; Canada expected to be down due to weaker Ag market conditions Key Net Sales Drivers – FY17 Market Outlook 13 Fiscal Year 2017 Market Outlook (Prior vs. Current) *As provided on October 6, 2016 10-15% 20-25% 0-2% 5-15% 15-25% 0-4% |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Q&A Session 14 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Closing Remarks Year to date net sales growth in domestic construction markets offset by softness in agriculture and international. Year to date construction end market sales have increased 3.5%. 15 Continued outperformance in the construction market this year led by double digit growth of HP Pipe and increased Allied product sales. Gross margin and adjusted EBITDA margin improved 250 basis points and 160 basis points respectively, versus the second quarter of fiscal 2016, driven by lower raw material costs and effective price management. |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH Appendix 16 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH 17 EBITDA Reconciliation ___________________________ 1) EBITDA as net income before interest, taxes, depreciation and amortization 2) Adjusted EBITDA as EBITDA before stock based compensation expense, non-cash charges and certain other expenses Three Months Ended Six Months Ended September 30, September 30, (Amounts in thousands) 2016 2015 2016 2015 Net income $ 24,281 $ 15,928 $ 43,702 $ 28,710 Depreciation and amortization 18,010 17,367 36,036 34,751 Interest expense 4,546 4,947 9,330 9,233 Income tax expense 15,348 5,187 29,542 13,066 EBITDA (1) 62,185 43,429 118,610 85,760 Derivative fair value adjustments (4,153) 5,773 (9,060) 9,534 Foreign currency translation losses (gains) 685 (151) (1,077) 166 Loss on disposal of assets or business 737 295 939 1,161 Unconsolidated affiliates interest, tax, depreciation and amortization 802 769 1,580 1,638 Contingent consideration remeasurement 33 45 57 100 Stock-based compensation (benefit) expense (2,908) 1,170 6,112 2,212 ESOP deferred stock-based compensation 2,368 3,125 5,105 6,250 Expense related to executive termination payments 79 82 158 164 Restatement-related costs 5,773 8,710 14,985 8,710 Loss related to BaySaver acquisition - 490 - 490 Adjusted EBITDA (2) $ 65,601 $ 63,737 $ 137,409 $116,185 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH 18 Segment EBITDA Reconciliation ___________________________ 1) EBITDA as net income before interest, taxes, depreciation and amortization 2) Adjusted EBITDA as EBITDA before stock based compensation expense, non-cash charges and certain other expenses Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 (Amounts in thousands) Domestic International Domestic International Net income $ 21,049 $ 3,232 $ 8,641 $ 7,287 Depreciation and amortization 15,829 2,181 15,243 2,124 Interest expense 4,436 110 4,901 46 Income tax expense 13,824 1,524 6,703 (1,516) EBITDA (1) 55,138 7,047 35,488 7,941 Derivative fair value adjustments (4,153) - 5,784 (11) Foreign currency translation losses (gains) - 685 - (151) Loss on disposal of assets or business 512 225 289 6 Unconsolidated affiliates interest, tax, depreciation and amortization 272 530 260 509 Contingent consideration remeasurement 33 - 45 - Stock-based compensation (benefit) expense (2,908) - 1,170 - ESOP deferred stock-based compensation 2,368 - 3,125 - Expense related to executive termination payments 79 - 82 - Restatement-related costs 5,773 - 8,710 - Loss related to BaySaver acquisition - - 490 - Adjusted EBITDA (2) $ 57,114 $ 8,487 $ 55,443 $ 8,294 |
 LEADERSHIP • GROWTH • MOMENTUM THROUGH STRENGTH 19 Free Cash Flow Reconciliation Six Months Ended September 30, (Amounts in thousands) 2016 2015 Cash flow from operating activities $ 45,576 $ 16,924 Capital expenditures (23,796) (21,534) Free Cash Flow $ 21,780 $ (4,610) |