Antero Midstream Partners LP (AM)
Activity ratios
Short-term
Turnover ratios
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventory turnover | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Receivables turnover | — | — | — | — | — | 1,088.46 | 1,053.56 | 9.94 | 10.49 | 11.15 | 11.62 | 11.24 | 10.84 | 10.18 | 9.78 | 9.80 | 9.81 | 8.91 | 9.75 | 6.54 |
| 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 |
| Working capital turnover | 63.38 | 129.12 | — | 40.25 | — | — | — | 437.80 | — | — | — | — | — | — | — | 77.18 | — | 20.02 | 374.92 | 14.48 |
The analysis of Antero Midstream Partners LP activity ratios reveals the following trends:
1. Receivables Turnover: The receivables turnover ratio has shown a generally increasing trend from March 31, 2020, to December 31, 2022, indicating that the company has been able to collect its receivables more efficiently over time. However, there was a significant spike in the ratio on June 30, 2023, and September 30, 2023, which may be due to variations in sales or collection practices.
2. Payables Turnover: The payables turnover ratio fluctuated during the period, but generally, it trended downwards. This may suggest that the company is taking longer to pay its suppliers, which could impact its relationships with vendors and potentially lead to unfavorable terms in the future.
3. Working Capital Turnover: The working capital turnover ratio also fluctuated over the period, with some quarters showing high turnover and others showing no turnover. This variability may indicate inefficiencies in managing working capital or changes in the company's operating cycle.
Overall, while the receivables turnover ratio suggests good efficiency in collecting outstanding payments, the decreasing trend in payables turnover and the fluctuating nature of working capital turnover raise some concerns about Antero Midstream Partners LP's liquidity management and vendor payment practices.
Average number of days
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Days of sales outstanding (DSO) | days | — | — | — | — | — | 0.34 | 0.35 | 36.72 | 34.78 | 32.72 | 31.41 | 32.47 | 33.68 | 35.84 | 37.31 | 37.26 | 37.21 | 40.99 | 37.42 | 55.79 |
| Number of days of payables | days | — | — | — | — | — | — | — | 23.10 | 26.35 | 28.13 | 29.12 | 39.35 | 27.35 | 28.21 | 27.45 | 16.41 | 3.47 | 7.93 | 5.12 | 5.40 |
Antero Midstream Partners LP's activity ratios provide insights into how efficiently the company manages its inventory, collects receivables, and pays its payables.
- Days of Inventory on Hand (DOH) measures the average number of days the company holds inventory before selling it. Unfortunately, specific data for DOH is unavailable for analysis from the provided dataset.
- Days of Sales Outstanding (DSO) indicates the average number of days it takes for the company to collect payment from its customers. The trend shows improvement in collection efficiency as DSO decreased from 55.79 days in March 2020 to 31.41 days in June 2022, indicating better management of accounts receivable.
- Number of Days of Payables represents the average number of days it takes for the company to pay its suppliers. The data points to a shift in the company's payment strategy, with the number of days fluctuating over time. Notably, the days peaked at 39.35 days in March 2022, showing a delayed payment trend before decreasing to 23.10 days in March 2023.
Overall, while the data on inventory management is lacking, Antero Midstream Partners LP has shown improvements in collecting receivables efficiently, albeit with fluctuations in its payment cycle to suppliers. Monitoring these activity ratios can provide a comprehensive view of the company's operational efficiency and working capital management.
Long-term
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed asset turnover | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | 0.27 | 0.26 | 0.26 | 0.25 | 0.26 | 0.25 | 0.26 | 0.26 | 0.26 | 0.27 | 0.27 | 0.28 | 0.29 | 0.29 | 0.30 |
| Total asset turnover | 0.19 | 0.19 | 0.19 | 0.18 | 0.18 | 0.18 | 0.17 | 0.17 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.17 |
The fixed asset turnover ratio for Antero Midstream Partners LP has been gradually decreasing over the years, from 0.30 in March 2020 to 0.28 in December 2024. This indicates that the company's ability to generate revenue from its fixed assets has been diminishing over time.
On the other hand, the total asset turnover ratio has remained relatively stable, ranging between 0.16 and 0.19 during the same period. This suggests that the company's overall efficiency in utilizing all its assets to generate sales has not changed significantly.
Overall, the analysis of long-term activity ratios for Antero Midstream Partners LP highlights a decline in the efficiency of the company's fixed assets in generating revenue, while the efficiency of utilizing its total assets to generate sales has remained relatively steady over the years.