Group 1 - Dassault Aviation is a French corporation with a share capital of €62,876,448.80 and is headquartered in Paris [2] - As of February 28, 2025, the total number of shares is 78,595,561, with theoretical voting rights amounting to 130,723,515 [2] - The exercisable voting rights are reported to be 130,326,453 [2]

Group 1 - The article discusses the anticipated market rotation from "growth" stocks to "value" stocks, indicating a significant shift in investment strategies [1][2][3] Group 2 - The author has a beneficial long position in shares of AM, CNQ, and REXR, suggesting a focus on these companies within the context of the market rotation [2] - The article emphasizes the importance of in-depth research on various income alternatives, including REITs, mREITs, and ETFs, which may be relevant during the market transition [1]

Group 1 - The article promotes a research service focused on various income-generating investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its extensive research capabilities and positive user testimonials [1] - It mentions that there are 438 testimonials, with most being rated 5 stars, indicating a high level of customer satisfaction with the service [1] Group 2 - The article includes a disclosure from the analyst stating a beneficial long position in the shares of AM and CNQ, indicating a personal investment interest in these companies [2] - It clarifies that the opinions expressed are those of the analyst and not influenced by any compensation from the companies mentioned [2]

Group 1 - The article emphasizes the importance of continuous research and analysis in the investment sector, particularly focusing on various income alternatives such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most of which are rated 5 stars, indicating a strong reputation for the research service offered [1] Group 2 - The article does not provide specific financial data or performance metrics related to any particular company or industry [2]

Group 1 - The article emphasizes the importance of in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most rated 5 stars, indicating a strong user satisfaction [1] - The article includes a humorous quote about inflation, illustrating the rising costs consumers face [1] Group 2 - The article does not provide specific investment recommendations or advice, emphasizing that past performance does not guarantee future results [2] - It clarifies that the views expressed may not reflect those of the entire platform, indicating a diversity of opinions among analysts [2] - The article notes that the analysts are third-party authors, which may include both professional and individual investors without formal licensing [2]

Group 1 - Antero Midstream (NYSE: AM) reported free cash flow that exceeded previous management guidance, indicating strong financial performance [2] - Management anticipates further free cash flow growth in the upcoming year, despite an increasing capital budget, suggesting a positive outlook for the company [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 is part of a service that focuses on identifying undervalued companies in the oil and gas sector, emphasizing the importance of balance sheets, competitive positioning, and development prospects [1]

Financial Data and Key Metrics Changes - In 2024, Antero Midstream Corporation generated EBITDA of $1.05 billion, marking the tenth consecutive year of EBITDA growth [7] - The company achieved a record return on invested capital (ROIC) of 19% in 2024 [7] - For Q4 2024, EBITDA was $274 million, an 8% increase year over year, while free cash flow after dividends was $93 million, a 91% increase year over year [12][13] - Full-year 2024 free cash flow after dividends reached a record $250 million [13] Business Line Data and Key Metrics Changes - The capital budget for 2025 is set between $170 million and $200 million, with approximately $100 million allocated for organic capital and $15 million for the Stonewall joint venture [8][10] - The water business segment will see an investment of approximately $85 million in 2025, aimed at expanding the water system across the Marcellus footprint [9][10] Market Data and Key Metrics Changes - Antero Midstream expects low single-digit throughput growth in 2025, driven by activity from its primary customer, Antero Resources [14][25] - The company anticipates mid-single-digit EBITDA growth in 2025, supported by annual CPI adjustments to fees [15][25] Company Strategy and Development Direction - The company is focused on maintaining capital efficiency and driving free cash flow growth, with plans to allocate remaining free cash flow after dividends to share repurchases and debt reduction [17][18] - Antero Midstream is exploring M&A opportunities while balancing these against share buybacks and debt repayment [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, highlighting a capital budget focused on the lowest-cost natural gas basin in North America [17] - The company is well-positioned to capitalize on potential data center opportunities in the Appalachia region, although discussions are still in early stages [22][23] Other Important Information - Antero Midstream reduced absolute debt by over $50 million in Q4 2024 and commenced a share repurchase program, buying back nearly $30 million of shares [13] - The company expects interest expenses to decrease in 2025 due to lower absolute debt levels [16] Q&A Session Summary Question: Can you talk about Antero Resources' plans regarding future data center deals? - Management indicated that Antero Resources is in discussions about data center opportunities, and Antero Midstream will be involved as the primary midstream service provider [22][23] Question: Can Antero Resources return to higher activity levels in 2025? - Management confirmed that Antero Resources has a drilling joint venture, which will lead to low single-digit volume increases at Antero Midstream [25] Question: Can you provide details on the Veolia lawsuit and the use of the $19 million received? - Management stated there are no additional disclosures beyond the 10-Ks and that cash flow from the lawsuit will likely be allocated to debt repayment and share buybacks [29][30] Question: What specifics can you provide about the $85 million investment in water infrastructure? - The investment will support an integrated water system across the Marcellus, allowing for more efficient development and reduced capital spending [33][34] Question: How should we think about capital allocation with solid free cash flow? - Management indicated a balanced approach of 50/50 between share repurchases and debt pay down moving forward [44]

Financial Performance - Antero Midstream Corporation reported fourth-quarter 2024 adjusted earnings per share of 26 cents, exceeding the Zacks Consensus Estimate of 23 cents, and an increase from 24 cents in the prior-year quarter [1] - Total quarterly revenues reached $287 million, surpassing the Zacks Consensus Estimate of $270 million, and up from $260 million recorded in the year-ago quarter [1] Operational Performance - Average daily compression volumes were 3,266 million cubic feet (MMcf/d), down from 3,343 MMcf/d in the year-ago quarter and below the estimate of 3,358 MMcf/d, with a compression fee of 21 cents per Mcf, remaining flat year over year [3] - High-pressure gathering volumes totaled 3,045 MMcf/d, slightly down from 3,047 MMcf/d a year ago and below the estimate of 3,057 MMcf/d, with an average fee of 23 cents per Mcf, higher than the prior year's 21 cents [4] - Low-pressure gathering volumes averaged 3,276 MMcf/d, down from 3,377 MMcf/d a year ago and below the estimate of 3,346 MMcf/d, with an average fee of 36 cents per Mcf, up from 35 cents in the prior year [5] - Freshwater delivery volumes were 114 MBbls/d, up approximately 21% from 94 MBbls/d a year ago, with an average distribution fee of $4.31 per barrel, compared to $4.22 a year ago [6] Operating Expenses - Direct operating expenses amounted to $55.9 million, an increase from $50.8 million recorded a year ago, with total operating expenses reaching $109.7 million, up from $104.5 million in the corresponding period of 2023 [7] Balance Sheet - As of December 31, 2024, the company had no cash and cash equivalents and reported long-term debt of $3,116.9 million [8] Outlook - Antero Midstream projects net income in the range of $445-$485 million and adjusted net income between $500-$540 million, with a capital budget for 2025 expected to be in the $170-$200 million range [9]

For the quarter ended December 2024, Antero Midstream Corporation (AM) reported revenue of $287.48 million, up 10.5% over the same period last year. EPS came in at $0.23, compared to $0.24 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $269.66 million, representing a surprise of +6.61%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Financial Performance - Net Income for Q4 2024 was $111 million, or $0.23 per diluted share, a 10% increase per share compared to the prior year quarter[4] - Adjusted EBITDA for Q4 2024 was $274 million, an 8% increase compared to the prior year quarter[4] - Free Cash Flow after dividends for Q4 2024 was $93 million, a 91% increase compared to the prior year quarter[4] - Full year 2024 Free Cash Flow after dividends was $250 million, a 61% increase compared to the prior year[4] - 2025 guidance forecasts Net Income of $445 to $485 million, representing GAAP earnings of $0.92 to $1.00 per share[6] - Adjusted EBITDA for 2025 is projected to be $1.08 to $1.12 billion, a 5% increase compared to 2024 at the midpoint[6] - Adjusted EBITDA for the year ended December 31, 2023, was $989,192, increasing to $1,051,074 for 2024, representing a growth of approximately 6.3%[28] - Net Income for 2023 was $371,786, projected to increase to $400,892 in 2024, reflecting a growth of approximately 7.8%[28] - Cash flows from operating activities for 2024 were $843,994,000, an increase from $779,063,000 in 2023[42] Capital Expenditures and Debt - Capital expenditures for 2025 are estimated to be between $170 to $200 million[7] - Capital expenditures on an accrual basis decreased from $184,994 in 2023 to $161,324 in 2024, a decline of approximately 12.8%[29] - Consolidated total debt decreased from $3,230,100 in 2023 to $3,134,300 in 2024, a reduction of about 3%[28] - The company’s leverage, defined as Net Debt divided by Adjusted EBITDA, is a key indicator of financial leverage[27] Free Cash Flow - The company expects Free Cash Flow after dividends of $250 to $300 million for 2025, a 10% increase compared to 2024 at the midpoint[8] - Free Cash Flow before dividends rose from $586,953 in 2023 to $682,723 in 2024, indicating an increase of about 16.3%[29] - The company reported a Free Cash Flow after dividends of $155,226 in 2023, expected to rise to $250,127 in 2024, an increase of about 61.1%[29] Revenue and Operating Metrics - Total revenue for Q4 2024 increased to $287,477,000, up 10.5% from $260,170,000 in Q4 2023[35] - Operating income for Q4 2024 was $177,735,000, a 14.2% increase from $155,681,000 in Q4 2023[35] - Total operating expenses for Q4 2024 were $109,742,000, up from $104,489,000 in Q4 2023, reflecting a 5.4% increase[35] - Interest expense decreased to $49,721,000 in Q4 2024, down from $52,000,000 in Q4 2023[35] Fresh Water Delivery - Fresh water delivery volumes averaged 114 MBbl/d in Q4 2024, a 21% increase compared to the prior year quarter[10] - Fresh water delivery volumes rose by 21% to 10,476 MBbl in Q4 2024, compared to 8,627 MBbl in Q4 2023[37] - The number of wells serviced by fresh water delivery increased by 7% to 16 in Q4 2024, compared to 15 in Q4 2023[37] - Average gathering-low pressure fee increased by 3% to $0.36 per Mcf in Q4 2024, from $0.35 per Mcf in Q4 2023[37] Share Repurchase and Investments - Antero Midstream repurchased 1.9 million shares for $29 million during Q4 2024[5] - Antero Midstream's investments in unconsolidated affiliates were valued at $626,650 in 2023, decreasing to $603,956 in 2024[34] Assets and Cash Position - Total assets increased slightly from $5,737,618 in 2023 to $5,761,748 in 2024[34] - Cash and cash equivalents were reported at $66 in 2023, with no cash reported for 2024[34] Future Plans - The company plans to continue expanding its water handling services and enhancing operational efficiencies in the upcoming quarters[35]