Antero Midstream Partners LP (AM)

Working capital 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
Revenue (ttm)	US$ in thousands	1,106,193	1,078,886	1,072,855	1,061,347	1,041,771	1,023,154	990,349	960,969	919,985	894,922	888,692	892,572	898,202	885,572	894,183	881,132	900,719	935,926	946,306	982,188
Total current assets	US$ in thousands	118,064	99,876	103,598	133,688	91,128	95,534	93,906	98,414	88,993	80,785	77,057	80,290	83,804	87,490	92,438	91,167	93,931	108,008	100,669	151,372
Total current liabilities	US$ in thousands	100,612	91,520	115,969	107,319	96,417	110,649	96,609	96,219	102,077	106,382	123,772	139,129	114,009	118,690	117,837	79,750	94,005	61,259	98,145	83,560
Working capital turnover		63.38	129.12	—	40.25	—	—	—	437.80	—	—	—	—	—	—	—	77.18	—	20.02	374.92	14.48

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,106,193K ÷ ($118,064K – $100,612K)
= 63.38

The working capital turnover ratio for Antero Midstream Partners LP has shown significant fluctuations over the periods provided in the data. The ratio indicates how efficiently the company is utilizing its working capital to generate revenue.

- On June 30, 2020, the working capital turnover ratio spiked to an exceptionally high value of 374.92, suggesting that the company was able to generate a high level of revenue relative to its working capital during that period.

- Subsequently, the ratio dropped to 20.02 on September 30, 2020, before showing further fluctuations in the following periods.

- The ratio was not calculable (denoted by "—") in several quarters due to insufficient data.

- Notably, the ratio experienced a surge to 437.80 on March 31, 2023, implying a significant increase in revenue generation relative to working capital at that time.

- Finally, on December 31, 2024, the working capital turnover ratio stood at 63.38, demonstrating an improvement compared to some previous periods but still showing variability in the company's working capital efficiency.

Overall, the working capital turnover ratio for Antero Midstream Partners LP has exhibited fluctuations over the periods analyzed, indicating varying levels of efficiency in utilizing working capital to generate revenue. Further analysis would be needed to understand the factors driving these fluctuations and to assess the company's overall financial performance in more detail.