先进排水系统公司2024年度报告

Washington, D.C. 20549 FORM11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d)OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the Fiscal Year EndedMarch 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(d)OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-365578 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: ADVANCED DRAINAGE SYSTEMS, INC. RETIREMENT AND STOCK OWNERSHIP PLAN B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: ADVANCED DRAINAGE SYSTEMS, INC.4640 Trueman BoulevardHilliard, Ohio 43026 TABLE OF CONTENTS Report of Independent Registered Public Accounting Firm Financial Statements:Statements of Net Assets Available for Benefits as of March 31, 2025 and 2024Statements of Changes in Net Assets Available for Benefits for the Years Ended March 31, 2025 and March 31, 2024Notes to Financial Statements Supplemental Schedule:Form 5500 Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of March 31, 2025 11 Signatures Note: All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting andDisclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. The following exhibits are being filed herewith: DescriptionConsent of Independent Registered Public Accounting Firm REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Audit Committee, Plan Administrator and Participants of Advanced Drainage Systems, Inc. Retirement and Stock Ownership PlanHilliard, Ohio Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the Advanced Drainage Systems, Inc. Retirement andStock Ownership Plan (the “Plan”) as of March 31, 2025 and 2024, the related statements of changes in net assets available for benefits forthe years then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly,in all material respects, the net assets available for benefits of the Plan as of March 31, 2025 and 2024, and the changes in net assetsavailable for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States ofAmerica. Basis for Opinion These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’sfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board(United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities lawsand the applicable rules and regulations of the Securities Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. ThePlan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion onthe effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error orfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that ouraudits provide a reasonable basis for our opinion. Supplemental Information The supplemental information in the accompanying schedule of assets (held at end of year) as of March 31, 2025 has been subjected toaudit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented forthe purpose of additional analysis and is not a required part of the financial statements but included supplemental information required bythe Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whetherthe supplemental information reconciles to the fina