Royal Gold, Inc. (NASDAQ:RGLD) Q3 2024 Earnings Conference Call November 7, 2024 1:00 PM ET

Company Participants

Alistair Baker - SVP, IR and Business Development
Bill Heissenbuttel - President & CEO
Paul Libner - SVP & CFO
Martin Raffield - SVP, Operations
Daniel Breeze - SVP, Corporate Development, RG AG

Conference Call Participants

Cosmos Chiu - CIBC
Tanya Jakusconek - Scotiabank
Lawson Winder - Bank of America Merrill Lynch

Operator

Hello, everyone, and welcome to Royal Gold's 2024 Third Quarter Conference Call. My name is Emily, and I will be coordinating your call today. [Operator Instructions] I will now turn the call over to our host, Alistair Baker, Senior Vice President of Investor Relations and Business Development. Please go ahead, Alastair.

Alistair Baker

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's Third Quarter 2024 Results. This event is being webcast live, and a replay of this call will be available on our website. Speaking on the call today are Bill Heissenbuttel, President and CEO; Paul Libner, Senior Vice President and CFO; and Martin Raffield, Senior Vice President of Operations; Randy Shefman, Senior Vice President and General Counsel; and Dan Breeze, Senior 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 adjusted EBITDA and cash G&A.

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. So we'll start with an overview of the quarter. Martin will give some commentary on the portfolio, and Paul will provide a financial update. 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. We had very strong financial performance during the quarter and recognized record revenue of $194 million, a 40% increase over the same period last year. Operating cash flow was $137 million, up 39% over last year, and earnings were $96 million or $1.46 per share, a 95% increase when compared to the third quarter of last year. .