Royal Gold, Inc. (NASDAQ:RGLD) Q1 2023 Earnings Conference Call May 4, 2023 12:00 PM ET

Company Participants

Alistair Baker - VP, IR and Business Development

Bill Heissenbuttel - President and CEO

Mark Isto - EVP and COO

Paul Libner - CFO and Treasurer

Conference Call Participants

Josh Wolfson - RBC Capital Markets

Cosmos Chiu - CIBC

Operator

Ladies and gentlemen, welcome to the Royal Gold 2023 First Quarter Conference Call. My name is Felicia, and I'll be your operator today. Please note, there will be a Q&A session on this call. [Operator Instructions].

I will now hand you over to your host, Alistair Baker, Vice President, Investor Relations and Business Development. Alastair, please go ahead.

Alistair Baker

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's first 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; Mark Isto, Executive Vice President and COO of Royal Gold Corporation; and Paul Libner, CFO and Treasurer; Randy Shefman, General Counsel; Dan Breeze, Vice President, Corporate Development of RG AG; and Martin Raffield, Vice President of Operations, 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 will also refer to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA margin and cash G&A expense. Reconciliations of adjusted net income, adjusted net income per share, adjusted EBITDA, adjusted EBITDA margin and cash G&A expense 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, Mark will provide some commentary on the portfolio, and Paul will wrap up with the 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 first quarter of 2023 provided a strong start to the year. It was a fairly quiet quarter for us, and our portfolio performance was strong and steady.