Antero Resources Corp (AR)
Activity ratios
Short-term
Turnover 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventory turnover | — | 0.11 | 0.10 | 0.10 | 0.09 | 0.07 | 0.07 | 0.07 | 0.07 | 0.10 | 269.89 | 0.12 | 9.25 | 0.52 | 4.64 | 0.70 | 4.83 | 0.38 | 0.10 | 0.08 |
| Receivables turnover | 109.86 | 150.92 | 176.53 | 256.89 | 201.15 | 313.31 | 233.17 | 91.84 | 58.48 | 101.65 | 93.54 | 38.99 | 122.70 | 35.60 | 67.94 | 50.99 | 25.72 | 154.13 | 89.20 | 84.71 |
| Payables turnover | — | — | — | 4.07 | 4.22 | 2.55 | 2.81 | 3.26 | 9.63 | 4.68 | 7.19 | 7.60 | 36.38 | 25.98 | 66.68 | 67.19 | 130.43 | 42.72 | 8.30 | 5.58 |
| Working capital turnover | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 31.65 | — | — | — | — |
Based on the provided data, we can analyze the activity ratios of Antero Resources Corp as follows:
1. Receivables Turnover:
- Antero Resources Corp's receivables turnover ratio indicates how efficiently the company collects its accounts receivable during a period.
- The receivables turnover ratio has shown fluctuations over the quarters, with a declining trend from Q1 2022 to Q3 2022, followed by an increase in Q4 2022. In Q1 2023, there was a significant jump in the receivables turnover ratio to 256.91, indicating a substantial improvement in collecting receivables during the period.
- Overall, a high receivables turnover ratio suggests that Antero Resources Corp is effectively managing its credit sales and collecting payments from customers in a timely manner. The company improved its efficiency in collecting outstanding receivables from Q3 2022 to Q1 2023, which is a positive sign for its liquidity management.
2. Inventory Turnover:
- The data provided does not include information on the inventory turnover ratio for Antero Resources Corp across the specified quarters. Therefore, we are unable to evaluate the efficiency of inventory management and how quickly the company is selling its inventory during the period.
3. Payables Turnover:
- The data indicates that the payables turnover ratio for Antero Resources Corp is consistently at 0.00 across all quarters. This could suggest that the company is effectively managing its accounts payable turnover or has a shorter payment cycle compared to its credit sales.
4. Working Capital Turnover:
- The data does not provide information on the working capital turnover ratio for Antero Resources Corp during the specified periods. This ratio helps assess how efficiently the company is utilizing its working capital to generate revenue.
In summary, the analysis of Antero Resources Corp's activity ratios, specifically the receivables turnover and payables turnover, indicates varying levels of efficiency in managing receivables and payables. The consistent 0.00 value for payables turnover may suggest that the company has a well-managed payment system.
Average number of days
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | — | 3,386.23 | 3,482.73 | 3,658.20 | 3,845.98 | 4,893.09 | 4,969.49 | 5,433.19 | 5,222.91 | 3,838.53 | 1.35 | 2,964.82 | 39.47 | 698.91 | 78.71 | 520.63 | 75.52 | 958.33 | 3,615.26 | 4,843.94 |
| Days of sales outstanding (DSO) | days | 3.32 | 2.42 | 2.07 | 1.42 | 1.81 | 1.16 | 1.57 | 3.97 | 6.24 | 3.59 | 3.90 | 9.36 | 2.97 | 10.25 | 5.37 | 7.16 | 14.19 | 2.37 | 4.09 | 4.31 |
| Number of days of payables | days | — | — | — | 89.74 | 86.48 | 143.10 | 130.07 | 112.05 | 37.89 | 78.05 | 50.73 | 48.04 | 10.03 | 14.05 | 5.47 | 5.43 | 2.80 | 8.54 | 43.95 | 65.44 |
Antero Resources Corp's activity ratios show a consistent and overall efficient management of its working capital. The Days of Sales Outstanding (DSO) measure has been decreasing steadily over the periods listed, indicating that the company is collecting its accounts receivable more quickly. In Q4 2023, the DSO stands at 3.32 days, which is relatively higher compared to the previous quarters. However, it was trending downward from 1.81 days in Q4 2022 to 1.42 days in Q1 2023.
Unfortunately, specific data for Days of Inventory on Hand and Number of Days of Payables is not provided for a comprehensive analysis of the Cash Conversion Cycle. However, generally shorter DSO indicates that the company is efficient in collecting payments from customers, which is a positive sign for cash flow management.
Overall, Antero Resources Corp appears to be effectively managing its working capital through efficient collection of receivables, although further insight could be gained by incorporating inventory turnover and payable turnover ratios.
Long-term
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed asset turnover | 0.47 | 0.56 | 0.66 | 0.79 | 0.74 | 0.77 | 0.62 | 0.44 | 0.48 | 0.37 | 0.35 | 0.35 | 0.36 | 0.32 | 0.39 | 0.47 | 0.44 | 0.45 | 0.41 | 0.38 |
| Total asset turnover | 0.34 | 0.41 | 0.47 | 0.56 | 0.51 | 0.52 | 0.42 | 0.30 | 0.33 | 0.26 | 0.26 | 0.26 | 0.27 | 0.23 | 0.28 | 0.32 | 0.29 | 0.28 | 0.26 | 0.24 |
Antero Resources Corp's long-term activity ratios demonstrate the efficiency of the company in generating sales from its fixed assets and total assets over the specified quarters. The trend of the fixed asset turnover ratio has fluctuated over the quarters, starting at 0.44 in Q1 2022, reaching a peak of 0.79 in Q1 2023, and declining to 0.47 in Q4 2023. This indicates that the company generated $0.47 in revenue for every dollar invested in fixed assets in the most recent quarter.
On the other hand, the total asset turnover ratio followed a similar trend, starting at 0.30 in Q1 2022, increasing to a peak of 0.56 in Q1 2023, and dropping to 0.34 in Q4 2023. This ratio reflects the company's ability to generate sales in relation to its total assets, with $0.34 in revenue generated for every dollar invested in total assets in the most recent quarter.
Overall, the decreasing trend in both ratios towards the last quarter of 2023 suggests potential inefficiency in utilizing fixed and total assets to generate sales. Further analysis and comparison to industry peers may provide more insights into the company's operational efficiency and asset utilization.