Royal Gold, Inc. (NASDAQ:RGLD) Q3 2023 Earnings Conference Call November 2, 2023 1:00 PM ET

Company Participants

Alistair Baker - Vice President-Investor Relations & Business Development

Bill Heissenbuttel - President & Chief Executive Officer

Martin Raffield - Vice President-Operations

Paul Libner - Chief Financial Officer and Treasurer

Dan Breeze - Vice President-Corporate Development of RG AG

Conference Call Participants

Jackie Przybylowski - BMO Capital Markets

Brian MacArthur - Raymond James

Operator

Hello, and welcome to today's Royal Gold 2023 Third Quarter Conference Call. My name is Bailey, and I'll be your moderator for today. [Operator Instructions]

I'd now pass the conference over to Alistair Baker, Vice President, Investor Relations and Business Development. Alistair, please go ahead.

Alistair Baker

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's Third 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 will 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 preview of the quarter. Martin will give some commentary on the portfolio and Paul will provide a financial summary. After the formal remarks, we'll open the lines for a Q&A session.

Now, I'll turn the call over to Bill.

Bill Heissenbuttel

Good morning, and thank you for joining the call. I'll begin on slide four. Our third quarter was quiet and steady. We turned in good financial results with revenue operating cash flow and earnings all up compared to the same quarter of last year and we maintained our strong margins.

Revenue was $139 million for the quarter and operating cash flow was $98 million. Earnings were $49 million or $0.75 per share after a minor adjustment adjusted earnings were $0.76 per share. We made a dividend payment of $0.375 per share for the quarter. We also continued our focus on the balance sheet and repaid a further $75 million of the outstanding balance on the revolver and we increased our available liquidity at the end of the quarter to about $770 million.