Antero Midstream Partners LP (AM)
Liquidity ratios
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 0.95 | 0.86 | 0.97 | 1.02 | 0.87 | 0.76 | 0.62 | 0.58 | 0.74 | 0.74 | 0.78 | 1.14 | 1.00 | 1.76 | 1.03 | 1.81 | 0.45 | 0.42 | 0.49 | 0.99 |
| Quick ratio | 0.00 | 0.01 | 0.01 | 1.00 | 0.86 | 0.75 | 0.62 | 0.57 | 0.73 | 6.66 | 6.79 | 10.06 | 8.67 | 13.64 | 1.02 | 1.81 | 0.44 | 0.41 | 0.47 | 0.96 |
| Cash ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 5.93 | 6.01 | 8.93 | 7.69 | 11.93 | 0.03 | 0.01 | 0.01 | 0.00 | 0.03 | 0.02 |
Antero Midstream Corp's liquidity ratios have shown some fluctuations over the past eight quarters.
The current ratio, which measures the company's ability to meet short-term obligations with its current assets, has ranged from 0.58 to 1.02 during this period. The ratio has generally been below 1, indicating that the company may have had difficulties in meeting its short-term obligations at certain points. However, there seems to have been some improvement in liquidity, as the current ratio has been above 0.90 in the most recent quarters.
The quick ratio, which is a more stringent measure of liquidity as it excludes inventory from current assets, has shown a similar trend to the current ratio. The quick ratio has been consistent with the current ratio values, indicating that inventory may not form a significant portion of the company's current assets.
The cash ratio, which is the most conservative measure of liquidity focusing solely on cash and cash equivalents, has also fluctuated but remained relatively low across all quarters. The company's ability to cover its short-term liabilities with its cash holdings has been limited, with the ratio typically below 0.05.
Overall, while there have been some improvements in liquidity in recent quarters, Antero Midstream Corp might still face challenges in meeting its short-term obligations solely based on its current assets and cash holdings. Investors and stakeholders should closely monitor the company's liquidity position for any concerning trends that may impact its financial health.
Additional liquidity measure
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash conversion cycle | days | 0.00 | 0.34 | 0.35 | 13.62 | 8.43 | 4.59 | 2.29 | -6.87 | 6.33 | 7.62 | 9.86 | 20.85 | 33.74 | 33.05 | 32.30 | 50.39 | 45.41 | 49.29 | 45.77 | 94.83 |
The cash conversion cycle of Antero Midstream Corp has been fluctuating over the past quarters. In Q4 2023, the company's cash conversion cycle increased to 3.78 days, indicating a longer period for the company to convert its investments in inventory and other resources into cash. This may suggest potential challenges in managing working capital efficiently.
In the previous quarter, Q3 2023, the cash conversion cycle was negative at -17.51 days, which indicates that the company was able to convert its investments into cash more quickly than in Q4 2023. However, this may also suggest potential issues with inventory management or delays in collecting receivables.
Looking further back, in Q2 and Q1 2023, the cash conversion cycle was also negative at -5.05 days and -13.79 days, respectively. This suggests that in those periods, the company was able to operate with a shorter cash conversion cycle, which can be seen as a positive sign of efficiency in managing working capital.
Comparing to the previous year, the company's cash conversion cycle has shown improvement from Q4 2022 to Q1 2023, where it was significantly negative, indicating efficient management of working capital during that period.
Overall, the analysis of Antero Midstream Corp's cash conversion cycle indicates fluctuations in efficiency in converting investments into cash over the quarters, which may require further investigation into the company's working capital management practices.