Royal Gold, Inc. (NASDAQ:RGLD) Q4 2023 Earnings Conference Call February 15, 2024 12:00 PM ET
Company Participants
Alistair Baker - Vice President, Investor Relations & Business Development
Bill Heissenbuttel - President & Chief Executive Officer
Martin Raffield - Vice President of Operations
Paul Libner - Chief Financial Officer & Treasurer
Dan Breeze - Vice President, Corporate Development of RG AG
Conference Call Participants
Jackie Przybylowski - BMO Capital Markets
Cosmos Chiu - CIBC
Lawson Winder - Bank of America
Tanya Jakusconek - Scotiabank
Brian MacArthur - Raymond James
Operator
Hello, everyone, and welcome to the Royal Gold, Inc. 2023 Full Year and Fourth Quarter Conference Call. My name is Emily, and I'll be facilitating your call today. After the presentation, there will be the opportunity for any questions. [Operator Instructions]
I will now turn the call over to our host, Alistair Baker, Vice President of Investor Relations and Business Development. Please go ahead, Alistair.
Alistair Baker
Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's fourth quarter and full year 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, adjusted net income per share, cash G&A, adjusted EBITDA and net debt. Reconciliations of these measures 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 an overview of 2023 results, Martin will give some commentary on the portfolio, and Paul will wrap up with a financial summary of the quarter. After the formal remarks, we'll open the lines for a Q&A session.
Bill Heissenbuttel
Good morning, and thank you for joining the call. I'll begin on slide 4. During 2023, we delivered revenue of $606 million, operating cash flow of $416 million and earnings of $239 million or $3.63 per share and after adjustments earnings were $3.53 per share. Our gold equivalent ounces or GEOs were slightly below our guidance range, as we indicated might occur during our third quarter conference call. And Martin will give you some more details a bit later.