Antero Midstream (AM) Q4 FY2023 earnings: revenue $260 million, up 7.7% on the year

Antero Midstream Corp. (AM) reported revenue of $260 million for Q4 FY2023, the quarter ended 31 December 2023, up 7.7% on the same quarter a year earlier. Net income was $100 million, up 21.4% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$260 millionup 7.7%

Net income$100 millionup 21.4%

Diluted EPS$0.21

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	260	264	n/a	n/a
Operating income	156	162	n/a	n/a
Operating margin	59.8%	61.5%	n/a
Pre-tax income	131	134	n/a	n/a
Income tax	30.9	36.7	n/a	n/a
Effective tax rate	23.5%	27.3%	n/a
Net income	100	97.7	n/a	n/a
Net margin	38.6%	37.0%	n/a
Diluted EPS	$0.21	$0.20	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	208	202	n/a	n/a
Capital expenditure	0.0	0.0	n/a	n/a
Free cash flow	208	202	n/a	n/a
Free cash flow margin	80.1%	76.7%	n/a
Cash from investing	-53.7	-45.3	n/a	n/a
Cash from financing	-155	-157	n/a	n/a
Depreciation and amortisation	52.6	48.4	n/a	n/a
Share-based compensation	8.4	8.3	n/a	n/a
Dividends paid	108	108	n/a	n/a
Diluted shares, weighted	482m	483m	n/a	n/a
Shares outstanding at period end	480m	480m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,152	2,151	n/a	n/a
Debt	3,213	3,259	n/a	n/a
Other liabilities	373	349	n/a	n/a
Total liabilities and equity	5,738	5,759	n/a	n/a
Fixed assets	3,794	3,783	n/a	n/a
Intangible assets	1,215	1,233	n/a	n/a
Cash and equivalents	0.1	0.0	n/a	n/a
Other assets	729	743	n/a	n/a
Total assets	5,738	5,759	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	264	260	279	270	270	287	291	305	295	297	314	327
Operating income	162	156	166	153	162	178	177	186	180	101	189	182
Operating margin	62%	60%	60%	57%	60%	62%	61%	61%	61%	34%	60%	56%
Pre-tax income	134	131	140	114	138	156	157	168	162	77.2	156	154
Tax rate	27%	24%	26%	25%	28%	29%	23%	26%	28%	33%	24%	27%
Net income	97.7	100	104	85.9	99.6	111	121	124	116	51.8	118	113
Net margin	37%	39%	37%	32%	37%	39%	41%	41%	39%	17%	38%	35%
Diluted EPS	$0.20	$0.21	$0.21	$0.18	$0.21	$0.23	$0.25	$0.26	$0.24	$0.11	$0.25	$0.24
Operating cash flow	202	208	211	216	185	233	199	265	213	256	239	254
Capital expenditure	0.0	0.0	2.0	68.6	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	202	208	209	147	n/a	233	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	28.6	16.8	41.3	48.3	18.0	8.3
Dividends paid	108	108	108	113	109	108	113	112	108	107	111	110
Shares outstanding	480m	480m	480m	481m	481m	479m	479m	479m	477m	474m	475m	475m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001558370-24-001161: the filing on EDGAR. All of Antero Midstream Corp.'s filings: EDGAR company page.

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