Royal Gold, Inc. (NASDAQ:RGLD) Q2 2023 Earnings Conference Call August 3, 2023 12:00 PM ET
Company Participants
Alistair Baker - VP, IR and Business Development
Bill Heissenbuttel - President and CEO
Martin Raffield - Vice President of Operations
Paul Libner - CFO and Treasurer
Randy Shefman - General Counsel
Dan Breeze - Vice President, Corporate Development of RG AG
Conference Call Participants
Cosmos Chiu - CIBC Capital Markets
Operator
Hello, and welcome to the Royal Gold 2023 Second Quarter Conference Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions]
I would now like to hand over to Alistair Baker, Vice President, Investor Relations and Business Development. The floor is yours. Please go ahead.
Alistair Baker
Thanks, Elliot. Good morning, and welcome to our discussion of Royal Gold's Second Quarter 2023 Results. This event is being webcast live, and you will be able to access a replay of this call on our website. Speaking on the call today are Bill Heissenbuttel, President and CEO; Martin Raffield, Vice President of Operations; and Paul Libner, CFO and Treasurer; Randy Shefman, General Counsel; and Dan Breeze, Vice President, Corporate Development of RG AG are also available for questions.
During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC. We'll also refer to certain non-GAAP financial measures, including adjusted net income and adjusted net income per share. Reconciliations of adjusted net income and adjusted net income per share to the most directly comparable GAAP measures are available in yesterday's press release, which can be found on our website.
Bill will start with a review of the quarter. Martin will give some commentary on the portfolio, and Paul will wrap up with a financial summary. After the formal remarks, we'll open the lines for a Q&A session. I'll now turn the call over to Bill.
Bill Heissenbuttel
Good morning, and thank you for joining the call. I'll begin on Slide 4. Our second quarter was relatively steady, and we provided solid financial results.
Revenue was $144 million for the quarter, and operating cash flow was strong at $108 million. Earnings were $63 million or $0.97 per share. After adjustments, adjusted earnings were $0.88 per share. We continued our practice of returning capital to shareholders and made a dividend payment of $1.50 per share for the quarter. We also maintained our focus on the balance sheet and repaid $100 million of the outstanding balance on the revolver, leaving us with liquidity at the end of the quarter of just over $700 million.