Antero Midstream Partners LP (AM)

Payables turnover

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Cost of revenue (ttm)	US$ in thousands	375,066	367,222	361,841	354,970	355,051	349,019	339,707	332,030	316,753	312,989	307,266	306,943	314,805	322,689	329,541	331,350	1,000,029	916,718	1,412,027	1,465,454
Payables	US$ in thousands	—	—	—	—	—	—	—	21,012	22,865	24,125	24,510	33,087	23,592	24,944	24,785	14,898	9,495	19,920	19,822	21,662
Payables turnover		—	—	—	—	—	—	—	15.80	13.85	12.97	12.54	9.28	13.34	12.94	13.30	22.24	105.32	46.02	71.24	67.65

December 31, 2024 calculation

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

The payables turnover ratio is a liquidity metric that measures how efficiently a company is managing its trade payables by comparing the cost of goods sold to its average accounts payable balance.

Analyzing the payables turnover of Antero Midstream Partners LP over the provided periods, we can observe fluctuations in the ratio. The ratios range from a high of 105.32 in December 31, 2020, to a low of 9.28 in March 31, 2022.

A higher payables turnover ratio indicates that the company is paying off its suppliers quickly or is efficient in managing its accounts payable. On the other hand, a lower ratio may suggest that the company is taking longer to pay its suppliers, potentially indicating liquidity issues or a deliberate strategy to hold onto cash.

The downward trend in the payables turnover ratio from 2020 to 2022 may raise concerns about the company's ability to manage its payables efficiently. However, it is worth noting that the ratio hovers around a similar range in the more recent periods, possibly indicating stabilization in the management of payables.

It would be essential to consider industry benchmarks and compare Antero Midstream Partners LP's payables turnover ratio with its peers to gain a better understanding of its performance in managing its trade payables effectively. Additionally, further qualitative analysis and information on the company's payment policies and supplier relationships would provide more insights into the fluctuations observed in the payables turnover ratio.