Antero Midstream Partners LP (AM)

Gross profit margin

		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
Gross profit (ttm)	US$ in thousands	731,127	711,664	711,014	706,377	686,720	674,135	650,642	628,939	603,232	581,933	581,426	585,629	583,397	647,494	649,253	634,393	-14,699	20,508	-464,421	-481,966
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
Gross profit margin		66.09%	65.96%	66.27%	66.55%	65.92%	65.89%	65.70%	65.45%	65.57%	65.03%	65.42%	65.61%	64.95%	73.12%	72.61%	72.00%	-1.63%	2.19%	-49.08%	-49.07%

December 31, 2024 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $731,127K ÷ $1,106,193K
= 66.09%

Antero Midstream Partners LP's gross profit margin has displayed significant fluctuations over the past five years, with periods of negative margins followed by a substantial improvement to positive margins. The company experienced a notable turnaround starting from March 2021, with a sharp increase in gross profit margin from 72.00% to 73.12% by September 2021. This positive trend continued, reaching a peak of 66.55% by March 2024.

Overall, the upward trajectory in the gross profit margin indicates an improvement in Antero's ability to generate revenue after accounting for the cost of goods sold. However, there are still minor fluctuations in the margin, suggesting the need for continued monitoring of the company's cost management strategies to sustain profitability levels. This analysis demonstrates the company's efforts to enhance operational efficiency and profitability over the years.