Wed, Apr 30, 8:19 PM (15 days ago)
**Antero Midstream Corporation (AM) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $291.1 million, up 4% YoY, driven by increased gathering and processing revenues (5%) and water handling revenues (3%). - **Operating Income:** $177.2 million, up from $166.3 million YoY. - **Net Income:** $120.7 million, up from $103.9 million YoY. - **EPS:** $0.25, up from $0.22 YoY. - **Cash Flow from Operations:** $198.9 million, down from $210.6 million YoY. - **Capital Expenditures:** $37.3 million, up from $29.8 million YoY. **Profit Margins:** - **Operating Margin:** Approximately 60.9%. - **Net Margin:** Approximately 41.5%. **Cash Flow:** - **Operating Cash Flow:** $198.9 million. - **Investing Cash Flow:** -$32.3 million (capital investments). - **Financing Cash Flow:** -$166.7 million (dividends, share repurchases). **Earnings Changes:** - **Revenue Growth:** Driven by increased throughput volumes and CPI-based rate adjustments. - **Operating Expenses:** Increased by 5% due to higher direct operating and equity-based compensation expenses. - **Interest Expense:** Decreased by 9% due to lower rates and retirements of senior notes. **Quarterly Performance Discussion:** - **Gathering & Processing:** Revenue up 5% due to increased volumes and rate adjustments. - **Water Handling:** Revenue up 3% despite decreased fresh water delivery volumes. - **Share Repurchase:** Repurchased 2 million shares for $29 million, with $443 million remaining under the program. **Trends & Uncertainties:** - **Commodity Prices:** Volatile, but fixed-fee contracts mitigate direct impact. - **Economic Indicators:** Inflation and supply chain disruptions may affect operating costs. - **Legal Proceedings:** Ongoing lawsuit with Veolia, with recent court decisions in favor of Antero Midstream. **Future Operations Impact:** - **Capital Budget:** $170-$200 million for 2025, supporting Antero Resources' maintenance program. - **Debt Agreements:** Compliance with financial covenants under the Credit Facility. - **Market Risks:** Exposure to commodity and interest rate fluctuations, managed through contractual structures and potential hedging. **Ticker:** AM **Note:** Amounts are in thousands, except per share data.