Antero Midstream (AM) Q2 FY2024 earnings: revenue $270 million, up 4.5% on the year

Antero Midstream Corp. (AM) reported revenue of $270 million for Q2 FY2024, the quarter ended 30 June 2024, up 4.5% on the same quarter a year earlier. Net income was $86 million, down 1.1% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2024.

Revenue$270 millionup 4.5%

Net income$86 milliondown 1.1%

Diluted EPS$0.18

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	270	279	n/a	n/a
Operating income	153	166	n/a	n/a
Operating margin	56.6%	59.6%	n/a
Pre-tax income	114	140	n/a	n/a
Income tax	28.4	36.5	n/a	n/a
Effective tax rate	24.8%	26.0%	n/a
Net income	85.9	104	n/a	n/a
Net margin	31.8%	37.2%	n/a
Diluted EPS	$0.18	$0.21	n/a	n/a

$ million except per share.

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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	216	211	n/a	n/a
Capital expenditure	68.6	2.0	n/a	n/a
Free cash flow	147	209	n/a	n/a
Free cash flow margin	54.6%	74.7%	n/a
Cash from investing	-111	-37.1	n/a	n/a
Cash from financing	-131	-147	n/a	n/a
Depreciation and amortisation	55.2	54.8	n/a	n/a
Share-based compensation	11.6	9.3	n/a	n/a
Dividends paid	113	108	n/a	n/a
Diluted shares, weighted	485m	484m	n/a	n/a
Shares outstanding at period end	481m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,127	2,150	n/a	n/a
Debt	3,187	3,175	n/a	n/a
Other liabilities	461	424	n/a	n/a
Total liabilities and equity	5,775	5,749	n/a	n/a
Fixed assets	3,869	3,789	n/a	n/a
Intangible assets	1,180	1,198	n/a	n/a
Cash and equivalents	0.0	26.1	n/a	n/a
Other assets	726	737	n/a	n/a
Total assets	5,775	5,749	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-Q for the period ended 30 June 2024, filed 31 July 2024, accession 0001558370-24-010481: the filing on EDGAR. All of Antero Midstream Corp.'s filings: EDGAR company page.

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