Antero Resources (AR) Q4 FY2023 earnings: revenue $1.2 billion, down 42.7% on the year

Antero Resources Corp. (AR) reported revenue of $1.2 billion for Q4 FY2023, the quarter ended 31 December 2023, down 42.7% on the same quarter a year earlier. Net income was $95 million, down 87.0% on the year, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$1.2 billiondown 42.7%

Net income$95 milliondown 87.0%

Diluted EPS$0.31

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	1,194	1,126	n/a	n/a
Operating income	155	55.7	n/a	n/a
Operating margin	13.0%	4.9%	n/a
Pre-tax income	146	46.3	n/a	n/a
Income tax	30.0	13.7	n/a	n/a
Effective tax rate	20.5%	29.5%	n/a
Net income	94.8	17.8	n/a	n/a
Net margin	7.9%	1.6%	n/a
Diluted EPS	$0.31	$0.06	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	312	183	n/a	n/a
Capital expenditure	3.3	4.0	n/a	n/a
Free cash flow	309	179	n/a	n/a
Free cash flow margin	25.9%	15.9%	n/a
Cash from investing	-227	-276	n/a	n/a
Cash from financing	-85.5	92.7	n/a	n/a
Depreciation and amortisation	175	176	n/a	n/a
Share-based compensation	14.5	18.5	n/a	n/a
Buybacks	-0.0	0.0	n/a	n/a
Diluted shares, weighted	312m	312m	n/a	n/a
Shares outstanding at period end	304m	300m	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	6,981	6,862	n/a	n/a
Non-controlling interest	233	236	n/a	n/a
Debt	1,538	1,607	n/a	n/a
Operating lease liabilities	2,426	2,579	n/a	n/a
Finance lease liabilities	2.7	2.8	n/a	n/a
Other liabilities	2,439	2,450	n/a	n/a
Total liabilities and equity	13,619	13,737	n/a	n/a
Cash and equivalents	0.0	0.0	n/a	n/a
Receivables	42.6	36.9	n/a	n/a
Other assets	13,577	13,700	n/a	n/a
Total assets	13,619	13,737	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	1,126	1,194	1,122	979	1,056	1,169	1,353	1,297	1,214	1,412	1,945	1,560
Operating income	55.7	155	47.7	-80.1	-25.0	57.8	271	205	118	289	729	375
Operating margin	5%	13%	4%	-8%	-2%	5%	20%	16%	10%	20%	38%	24%
Pre-tax income	46.3	146	40.9	-91.9	-28.1	54.6	274	215	129	273	694	365
Tax rate	30%	21%	15%	n/a	n/a	-191%	20%	22%	34%	26%	21%	22%
Net income	17.8	94.8	22.7	-79.8	-35.3	150	208	157	76.2	194	535	279
Net margin	2%	8%	2%	-8%	-3%	13%	15%	12%	6%	14%	28%	18%
Diluted EPS	$0.06	$0.31	$0.12	-$0.21	-$0.07	$0.48	$0.66	$0.50	$0.24	$0.62	$1.72	$0.90
Operating cash flow	183	312	262	143	166	278	458	492	310	371	859	439
Capital expenditure	4.0	3.3	6.5	2.5	1.1	0.8	0.6	1.0	2.4	1.4	4.6	4.3
Free cash flow	179	309	255	141	165	277	457	491	308	369	854	435
Buybacks	0.0	-0.0	n/a	n/a	n/a	n/a	10.1	74.9	51.4	0.1	n/a	n/a
Shares outstanding	300m	304m	310m	311m	311m	311m	312m	310m	308m	309m	310m	309m
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. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 0001558370-24-001162: the filing on EDGAR. All of Antero Resources Corp.'s filings: EDGAR company page.

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