Antero Midstream Corporation · NYSE:AM
Antero Midstream — Q4 2024 Earnings Presentation
13 slides from Antero Midstream's earnings presentation, Feb 13, 2025
Slide 1: Fourth Quarter 2024 Earnings Presentation
Fourth Quarter 2024 Earnings Presentation February 13, 2025 Antero Midstream (NYSE: AM)
Slide 2: Legal Disclaimer
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 p
Slide 3: A Decade of Consistent Growth and Returns
A Decade of Consistent Growth and Returns Adjusted EBITDA and Return on Invested Capital ($MM on Left Axis and % on Right Axis) Adjusted EBITDA ($MM) Return on Invested Capital (%) $1,200 20% 19% $1,100 18% 18% $1,051 18% $1,000 17% 17% $989 16% 16% $876 $884 $830 $847 14% 14% $800 13% $709 12% 12%
Slide 4: 2025 Capital Budget Summary
2025 Capital Budget Summary Capital Budget - $170 to $200 MM Torrey’s Peak Compressor Station ($MM) (Under Construction) Stonewall $15MM Gathering & Compression Capacity: 160 MMcf/d 8% Expected In-service date: 2Q25 $85MM Gathering Compressor reuse savings: $25MM 38% Water $85MM 46% Compression 8% C
Slide 5: Fourth Quarter and Full Year 2024 Highlights
Fourth Quarter and Full Year 2024 Highlights 4Q24 Achievements Full Year 2024 Achievements +8% Increase $250 MM In Adjusted EBITDA Free Cash Flow After Dividends Year-over-year (+61% YoY) 2.98x Leverage Accretive Acquisition Net Debt/Adjusted EBITDA Of Marcellus Gathering and Compression Assets $29
Slide 6: 2025 Guidance
2025 Guidance Adjusted EBITDA Capital Expenditures ($MM) ($MM) $1,200 $1,051 $1,120 $250 $200 $1,000 $200 $161 $800 $1,080 $150 $170 $600 $100 $400 $200 $50 $0 $0 2024 2025 Guidance 2024 2025 Guidance Free Cash Flow After Dividends Year-End Leverage ($MM) (Debt / LTM Adjusted EBITDA) $350 $300 3.5x
Slide 7: Flexible Approach to Shareholder Returns
Flexible Approach to Shareholder Returns Allocate Capital to the Highest Rate of Return Opportunity Available Interest Expense Organic Capital Attractive Debt Share Investments & Dividend Reduction Repurchases Bolt-on M&A 5.0x-6.0x ~6% ~$100MM $29MM “Build + Acquire” In 2024 Dividend Yield at In 202
Slide 8: Appendix
APPENDIX Antero Midstream (NYSE: AM)
Slide 9: 2025 Annual Guidance
2025 Annual Guidance ($ in millions): 2025 Guidance Ranges Net Income $445 - $485 Adjusted Net Income $500 - $540 Adjusted EBITDA $1,080 - $1,120 Capital Expenditures $170 - $200 Interest Expense $195 - $205 Cash Taxes $0 - $10 Free Cash Flow Before Dividends $690 - $730 Dividend Per Share $0.90 per
Slide 10: Antero Midstream Non-GAAP Financial Measures
Antero Midstream Non-GAAP Financial Measures Non-GAAP Financial Measures and Definitions Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as Net Income plus amortization of customer relationships, loss on early extinguishment of debt, loss on se
Slide 11: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures Twelve Months Ended December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net income $ 127,875 159,105 236,703 307,315 312,894 (285,076) (122,527) 331,617 326,242 371,786 400,892 Interest expense, net 6,183 8,158 21,893 37,557 83,794 130,518 147,007 1
Slide 12: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures Twelve Months Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net income $159,105 $236,703 $307,315 $312,894 ($285,076) ($122,527) $331,617 $326,242 $371,786 $400,892 Amortization of customer relationships — — — $71,082 $70,874 $70,672 $70,672
Slide 13: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures The following table reconciles consolidated total debt to consolidated net debt, excluding debt premiums and issuance costs, (“Net Debt”) as used in this presentation (in thousands): As of December 31, 2024 Bank credit facility $ 484,300 5.75% senior notes due 2027