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Core Viewpoint - Dassault Aviation has received authorization for a share buyback program aimed at enhancing shareholder value and supporting employee incentives, with a maximum buyback limit of 10% of its share capital [5][9][10]. Group 1: Company Overview - Dassault Aviation is a significant player in the aeronautics industry, capable of designing, producing, and supporting fighter aircraft, business jets, and other aviation instruments [3]. - In 2024, the company reported adjusted net sales of EUR 6.2 billion and an adjusted net income of EUR 1.056 billion [3]. Group 2: Share Buyback Authorization - The share buyback authorization was decided during the Combined General Meeting on May 16, 2025, and replaces the unused portion of the previous year's authorization [5]. - The company currently holds 175,162 of its own shares, representing 0.22% of its total share capital of 78,397,034 shares [7]. - The maximum number of shares that can be repurchased is 7,839,703, which is 10% of the total share capital [10][11]. Group 3: Purposes and Conditions of Buyback - The buyback aims to cancel shares to increase return on equity and earnings per share, allocate shares to employees, and stimulate market activity [9][16]. - The maximum purchase price for the shares is set at EUR 270 per share, with a total potential investment of EUR 2.116 billion based on the maximum number of shares [12][13]. - The buyback authorization is valid for 18 months, expiring on November 16, 2026 [15].

Core Insights - Antero Midstream Corporation reported revenue of $291.13 million for Q1 2025, a 4.3% increase year-over-year, with an EPS of $0.25 compared to $0.21 a year ago, exceeding both revenue and EPS consensus estimates [1][3] Financial Performance - Revenue surprise was +3.45% over the Zacks Consensus Estimate of $281.42 million, while the EPS surprise was +8.70% over the consensus estimate of $0.23 [1] - Antero Midstream's stock has returned +9.8% over the past month, compared to the S&P 500 composite's +10.6% change, with a Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3] Key Metrics - Average Daily Volumes for Low Pressure Gathering: 3348 million cubic feet, slightly below the estimate of 3349.52 million cubic feet [4] - Average Daily Volumes for High Pressure Gathering: 3106 million cubic feet, above the estimate of 3055.67 million cubic feet [4] - Average Daily Volumes for Compression: 3330 million cubic feet, exceeding the estimate of 3248.62 million cubic feet [4] - Average Daily Volumes for Fresh Water Delivery: 105 million barrels, close to the estimate of 105.44 million barrels [4] - Revenues from Water Handling (Antero Resources): $70.28 million, above the estimate of $66.84 million, representing a +2.7% year-over-year change [4] - Revenues from Gathering and Processing (Antero Resources): $238.02 million, exceeding the estimate of $232.65 million, with a +4.6% year-over-year change [4] - Revenues from Gathering and Processing: $228.75 million, above the estimate of $224.88 million, reflecting a +4.8% year-over-year change [4] - Revenues from Water Handling: $62.38 million, surpassing the estimate of $56.27 million, with a +2.7% year-over-year change [4] - Amortization of customer relationships reported at -$17.67 million, matching the estimate with a year-over-year change of 0% [4]

Group 1 - Dassault Aviation is a French corporation with a share capital of €62,717,627.20 [2] - The company is headquartered at 9, Rond-Point des Champs-Élysées - Marcel Dassault, 75008 Paris [2] - As of April 30, 2025, the total number of shares is 78,397,034 [3] Group 2 - The theoretical voting rights amount to 130,564,630 [2] - The exercisable voting rights are recorded at 130,389,468 [2]

Financial Data and Key Metrics Changes - Antero Midstream generated $274 million of EBITDA in Q1 2025, representing a 3% year-over-year increase, driven by higher gathering and processing volumes, with processing volumes setting a company record at 1.65 Bcf per day [12] - Free cash flow after dividends was $79 million, a 7% increase year-over-year, marking the eleventh consecutive quarter of positive free cash flow after dividends [13] - Leverage declined to approximately 2.9 times as of March 31, 2025, indicating improved financial stability [13] Business Line Data and Key Metrics Changes - The company reported an increase in gathering and processing volumes, with expectations for low to mid single-digit year-over-year growth in gathering volumes for 2025 compared to 2024 [12] - Capital expenditures as a percentage of EBITDA stood at 17%, highlighting Antero Midstream's capital efficiency compared to peers in the midstream industry [14] Market Data and Key Metrics Changes - The Appalachian region is experiencing significant growth in natural gas demand, particularly for power generation and data centers, with expectations for natural gas demand to double for powering data centers by 2030 [10] - The percentage of data centers expected to be powered by natural gas has increased from 50% to 70%, indicating a strong market trend [10] Company Strategy and Development Direction - Antero Midstream is focused on capital efficiency and returning capital to shareholders, with plans to allocate approximately 65% of its EBITDA for dividends, debt reduction, and share repurchases [15] - The company is well-positioned for future growth due to its investment-grade upstream counterparty and extensive natural gas and water systems in the region [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas demand, particularly in the Appalachian region, and highlighted ongoing discussions regarding local power demand [21] - The medium to long-term outlook for the company is viewed as increasingly positive, with a flexible capital allocation strategy to capitalize on high-return opportunities [16] Other Important Information - Antero Midstream has achieved significant reuse savings of approximately $30 million at the Torrey's Peak compressor station and over $50 million across all three stations constructed with relocated underutilized units [6] - The company has secured materials and pricing for its capital projects through 2026, minimizing impacts from tariffs and macroeconomic factors [7] Q&A Session Summary Question: Potential for in-basin demand growth - Management noted ongoing discussions about local power demand, particularly for data centers, and expressed confidence in Antero Midstream's infrastructure to support future growth [21][22] Question: Outlook for propane and risk mitigation strategy - Management reiterated confidence in the long-term outlook for propane, emphasizing its unique position in the residential and commercial markets [23][26] Question: Joint venture production outlook - Management indicated that current production is running about 4% over nameplate capacity, with potential for reevaluation based on future prices and market conditions [28][29] Question: Capital allocation strategy - Management confirmed a continued focus on debt reduction and share buybacks, while remaining open to M&A opportunities as they arise [35][36] Question: Water service expectations - Management expects to service a similar number of wells in Q2 as in Q1, maintaining guidance of 70 to 75 wells serviced [46][47]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $274 million of EBITDA, representing a 3% year-over-year increase, driven by higher gathering and processing volumes, with processing volumes setting a record at 1.65 Bcf per day [10] - Free cash flow after dividends was $79 million, a 7% increase year-over-year, marking the eleventh consecutive quarter of positive free cash flow after dividends [11] - The company's leverage declined to approximately 2.9 times as of March 31, indicating a strong balance sheet [11][12] Business Line Data and Key Metrics Changes - The company reported an increase in gathering and processing volumes, with expectations for low to mid single-digit year-over-year growth in gathering volumes for 2025 compared to 2024 [10] - The capital expenditures as a percentage of EBITDA stood at 17%, highlighting the company's capital efficiency compared to peers in the midstream industry [12] Market Data and Key Metrics Changes - The Appalachian region is experiencing significant growth in natural gas demand, particularly for power generation and data centers, with expectations for natural gas demand estimates to double by 2030 [8][9] - The percentage of data centers expected to be powered by natural gas has increased from 50% to 70%, indicating a strong market trend [8] Company Strategy and Development Direction - The company is focused on capital efficiency and returning capital to shareholders, with plans to allocate approximately 65% of its EBITDA for dividends, debt reduction, and share repurchases [12][13] - The company is well-positioned for future growth due to its investment-grade upstream counterparties and significant infrastructure in the region [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas demand, particularly in the Appalachian region, and highlighted ongoing discussions regarding local power demand [19][20] - The medium to long-term outlook for the company is viewed as increasingly positive, with a flexible capital allocation strategy to capitalize on high-return opportunities [14] Other Important Information - The company has achieved significant reuse savings of approximately $30 million at the Torrey's Peak compressor station and over $50 million across all three stations constructed with relocated underutilized units [5] - The company has secured materials and pricing for its capital projects through 2026, minimizing impacts from tariffs and macroeconomic factors [6] Q&A Session Summary Question: Potential for in-basin demand growth - Management noted ongoing discussions about local power demand, particularly for data centers, and expressed confidence in the company's infrastructure to support this growth [18][20] Question: Outlook for propane market - Management reiterated confidence in the long-term outlook for propane, emphasizing its unique position in the market and the steady growth expected in the residential and commercial sectors [21][24] Question: Joint venture outlook and liquid-rich production - Management indicated comfort with current production levels and stated that future evaluations will depend on market prices and long-term outlooks for gas and liquids [25][26] Question: Commercialization of data centers - Management stated that conversations are ongoing regarding infrastructure build-out to meet demand but did not provide specific details at this time [31] Question: Capital allocation strategy - Management confirmed a continued focus on debt reduction and share buybacks while remaining open to M&A opportunities as they arise [32][33] Question: Water service expectations - Management confirmed expectations to service 70 to 75 wells as previously guided, with similar volume levels anticipated for Q2 [43]

First Quarter 2025 Earnings Presentation May 1, 2025 Antero Midstream (NYSE: AM) Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AM's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AM expects, believes or anticipates will or may occur in the future, such ...

Core Viewpoint - Antero Midstream Corporation (AM) reported strong first-quarter 2025 results, with adjusted earnings per share of 28 cents, surpassing estimates and showing an increase from the previous year [1]. Financial Performance - Total quarterly revenues reached $291 million, exceeding the Zacks Consensus Estimate of $281 million and up from $279 million in the prior-year quarter [1]. - Adjusted earnings per share increased from 24 cents in the prior-year quarter to 28 cents [1]. Operational Performance - Average daily compression volumes were 3,330 million cubic feet (MMcf/d), up from 3,260 MMcf/d in the year-ago quarter and above the estimate of 3,298 MMcf/d [3]. - High-pressure gathering volumes totaled 3,106 MMcf/d, an increase from 2,966 MMcf/d year-over-year and above the estimate of 3,049 MMcf/d [4]. - Low-pressure gathering volumes averaged 3,348 MMcf/d, slightly up from 3,301 MMcf/d a year ago but below the estimate of 3,466 MMcf/d [5]. - Freshwater delivery volumes were 105 MBbls/d, down approximately 7% from 113 MBbls/d in the prior year, but the average distribution fee increased to $4.38 from $4.30 [6]. Operating Expenses - Direct operating expenses rose to $56.8 million from $53.9 million a year ago [7]. - Total operating expenses increased to $113.9 million from $112.8 million in the corresponding period of 2024 [7]. Balance Sheet - As of March 31, 2024, the company reported no cash and cash equivalents and had long-term debt of $3,116.9 million [8]. Market Position - Antero Midstream currently holds a Zacks Rank 3 (Hold) [9]. - Other notable companies in the energy sector include Archrock Inc. (AROC), Kinder Morgan, Inc. (KMI), and Enterprise Products Partners L.P. (EPD), with varying ranks and performance metrics [9][10][11][13].

Group 1 - Antero Midstream (NYSE: AM) is reporting better results than previously anticipated, particularly in terms of free cash flow, which has allowed the company to repurchase common stock [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis provided in the article focuses on the balance sheet, competitive position, and development prospects of oil and gas companies, highlighting the search for undervalued names in the sector [1]

Financial Performance - Antero Midstream reported a net income of $121 million, or $0.25 per diluted share, representing a 19% increase per share compared to the prior year quarter[4]. - Adjusted EBITDA for the first quarter of 2025 was $274 million, a 3% increase year-over-year[15]. - Free Cash Flow after dividends was $79 million, reflecting a 7% increase compared to the prior year quarter[15]. - Revenues for the first quarter were $291 million, with $229 million from the Gathering and Processing segment and $62 million from the Water Handling segment[9]. - Antero Midstream's net income for the three months ended March 31, 2025, was $120,737,000, an increase of 16.1% compared to $103,926,000 for the same period in 2024[36]. - Total revenue for the three months ended March 31, 2025, was $291,129,000, up from $279,051,000 in the same period of 2024, representing a growth of 4.0%[36]. - Operating income for the three months ended March 31, 2025, was $177.223 million, up from $170.401 million in the same period of 2024[41]. - Cash flows provided by operating activities for the three months ended March 31, 2025, were $198.942 million, compared to $210.561 million in the same period of 2024[43]. - Total operating expenses for the three months ended March 31, 2025, were $113.906 million, compared to $58.345 million in the same period of 2024[41]. - The company incurred interest expense of $48.410 million for the three months ended March 31, 2025[41]. - Cash paid for interest during the period was $65.272 million for the three months ended March 31, 2025[43]. - Dividends to common stockholders increased to $112.615 million for the three months ended March 31, 2025, from $107.918 million in the same period of 2024[43]. Capital Expenditures and Investments - Capital expenditures increased by 25% year-over-year to $37 million, with $23 million allocated to gathering and compression and $12 million to water infrastructure[19]. - The company repurchased 1.7 million shares for $29 million, with approximately $443 million remaining under its $500 million share repurchase program[5]. - The company repurchased $28.569 million in common stock during the three months ended March 31, 2025[43]. - Net cash used in investing activities for the three months ended March 31, 2025, was $32.271 million, compared to $37.123 million in the same period of 2024[43]. Operational Metrics - Low pressure gathering volumes averaged 3,348 MMcf/d, a 1% increase from the prior year quarter, while high pressure gathering volumes increased by 5% to 3,106 MMcf/d[6]. - Fresh water delivery volumes averaged 105 MBbl/d, a 7% decrease compared to the prior year quarter[6]. - The company serviced 28 wells with fresh water delivery in the first quarter of 2025, an increase of 65% from 17 wells in the same period of 2024[38]. - The average compression fee increased by 5% to $0.22 per Mcf for the three months ended March 31, 2025[38]. - Gathering—high pressure volumes increased by 4% to 279,579 MMcf for the three months ended March 31, 2025[38]. Balance Sheet and Financial Position - Leverage ratio as of March 31, 2025, was 2.95x, indicating a strong balance sheet[4]. - Total current assets rose to $127,652,000 as of March 31, 2025, compared to $118,064,000 as of December 31, 2024[34]. - Long-term debt decreased slightly to $3,110,975,000 as of March 31, 2025, from $3,116,958,000 as of December 31, 2024[34]. - Antero Midstream's total assets were $5,752,118,000 as of March 31, 2025, compared to $5,761,748,000 as of December 31, 2024[34]. Future Outlook - The company anticipates continued growth in demand for its services due to Antero Resources' expected production increases[30].