Antero Midstream Partners LP (AM)

Payables turnover

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cost of revenue	US$ in thousands	375,066	355,051	316,753	296,672	1,000,030
Payables	US$ in thousands	—	—	22,865	23,592	9,495
Payables turnover		—	—	13.85	12.58	105.32

December 31, 2024 calculation

Payables turnover = Cost of revenue ÷ Payables
= $375,066K ÷ $—K
= —

The payables turnover ratio measures how efficiently a company is managing its payments to suppliers. In the case of Antero Midstream Partners LP, the payables turnover ratio saw a significant decline from 105.32 in December 31, 2020 to 12.58 in December 31, 2021. This sharp decrease may indicate that the company's ability to settle its suppliers' invoices decreased substantially over this period.

However, in the subsequent years, the payables turnover ratio improved slightly to 13.85 in December 31, 2022. The lack of data for December 31, 2023, and December 31, 2024, may suggest a lack of transparency or incomplete financial reporting for those periods.

Overall, the decreasing trend in the payables turnover ratio from 2020 to 2021 could be a red flag, signaling potential liquidity issues or challenges in managing vendor payments efficiently. It will be important to monitor future financial statements to see if the company can improve its payables turnover ratio and enhance its working capital management.