ROYAL GOLD INC

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net earnings $26.6m ($72.6m) $96.1m $144.2m ($66.7m) $37.1m $210.0m $284.3m $885.8m
Net Income From Continuing Operations $239.9m $240.1m $332.5m $471.6m
Net Income (Loss) Attributable to Parent ($82.4m) $101.5m ($113.1m) $93.8m $199.3m $302.5m $239.0m $239.4m $332.0m $466.3m
Net Income (Loss) Available to Common Stockholders, Basic ($77.1m) $92.4m ($119.4m) $89.1m $196.2m $302.8m $239.9m $240.1m $332.5m $471.6m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ($82.4m) $92.4m ($119.4m) $89.1m $196.2m $302.8m $239.9m $240.1m $332.5m $471.6m
Net Income (Loss) Attributable to Noncontrolling Interest ($5.3m) ($9.1m) ($6.2m) ($4.7m) ($3.1m) $244k $960k $692k $456k $5.3m
Depreciation, Depletion and Amortization $141.1m $159.6m $163.7m $163.1m $175.4m $183.6m $178.9m $164.9m $144.4m $177.1m
Amortization of Debt Issuance Costs $1.1m
Amortization of Debt Issuance Costs and Discounts $13.0m $13.8m $15.0m $15.3m $1.1m
Depreciation $141.1m $159.6m $163.7m $200k $387k $356k $493k $431k $144.4m $177.1m
Amortization $125.6m $166.6m $165.0m $153.8m $170.9m $171.5m $190.2m $218.4m $209.7m
Depreciation Amortization Depletion $178.9m $164.9m $144.4m $177.1m
Deferred Income Tax Expense (Benefit) ($5.0m) $1.6m ($32.8m) ($1.7m) ($32.4m) $456k ($19.8m) ($6.5m) $8.4m ($3.9m)
Deferred tax (benefit) expense ($5.0m) $1.6m ($32.8m) ($1.7m) ($32.4m) $456k ($19.8m) ($6.5m) $8.4m ($3.9m)
Deferred income tax expense ($16.3m) $16.9m $20.1m $43.9m $63.7m $54.6m $31.0m $119.2m $83.4m
Deferred Income Tax ($19.8m) ($6.5m) $8.4m ($3.9m)
Deferred Tax ($19.8m) ($6.5m) $8.4m ($3.9m)
Share-based Payment Arrangement, Noncash Expense $10.0m $10.0m $8.3m $6.6m $9.1m $5.7m $8.4m $9.7m $11.9m $11.8m
Share-based Payment Arrangement, Expense $10.0m $10.0m $8.3m $6.6m $9.1m $5.7m $8.4m $9.7m $11.9m $11.8m
Marketable Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment Loss ($50.0m)
Non-cash employee stock compensation expense $10.0m $10.0m $8.3m $6.6m $9.1m $5.7m $8.4m $9.7m $11.9m $11.8m
Reversal of impairment (Note 10) $0 $224.3m $38.2m $0 ($57.1m) ($218.8m)
Share-based compensation (Note 19(d)) $6.2m $6.6m $9.2m $10.3m $11.1m $18.3m $21.7m $31.7m $67.6m
Impairment of El Chanate inventory $0 $64.0m $0
Asset Impairment Charge $4.3m $0 $0
Equity Method Investment, Realized Gain (Loss) on Disposal $33.9m
Income Tax Expense (Benefit) $60.7m $26.4m $14.8m $17.5m ($3.7m) $36.9m $32.9m $42.0m $93.6m $102.3m
Cash calls for Hod Maden equity method investment $0 $0 ($9.3m)
Current income tax expense $11.9m $17.3m $12.7m $30.1m $5.3m $10.7m $52.7m $98.7m $120.5m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable ($5.6m) $7.0m $19.6m ($4.7m) ($521k) $14.6m $18.1m
Increase (Decrease) in Inventories ($7.2m) ($1.6m) $1.4m $2.1m $291k $6.0m $1.0m ($2.9m) $3.2m $11.7m
Increase (Decrease) in Accounts Payable ($849k) ($206k) $5.2m ($6.4m) ($275k) $3.2m $211k $4.8m ($9.1m) ($36.8m)
Equity Securities, FV-NI, Unrealized Gain (Loss) ($6.8m) $1.4m $6.0m ($1.5m) ($147k) ($66k) $327k
General and Administrative Expense $31.7m $33.4m $35.5m $30.5m $30.2m $28.4m $34.6m $39.8m $40.9m $49.2m
Operating Costs and Expenses $29.3m $39.4m $40.2m
Payments for Repurchase of Warrants $28.9m
Proceeds from Contributions from Affiliates $4.1m $3.7m
Proceeds from Stock Options Exercised $100k $500k $2.9m $15.3m
Fair value changes in equity securities $6.8m ($1.4m) ($6.0m) $1.5m $147k $66k ($327k)
Loss on marketable securities $0 $0 $50.0m
Other ($309k) ($2.8m) $3.0m ($153k) ($1.3m) ($1.1m) ($1.1m) ($2.4m) ($635k) ($2.8m)
Royalty receivables $17.2m ($5.5m) $530k $5.6m ($7.0m) ($19.6m) $4.7m $521k ($14.6m) ($18.1m)
Stream inventory ($7.2m) $1.6m ($1.4m) ($2.1m) ($291k) ($6.0m) ($1.0m) $2.9m ($3.2m) ($11.7m)
Income tax receivable ($14.2m) ($13.1m) $22.1m ($2.7m) $268k ($2.1m) $1.8m $390k $1.5m ($969k)
Prepaid expenses and other assets ($153k) ($1.7m) $2.8m $2.8m ($7.8m) $318k ($3.9m) ($4.4m) $11.2m $1.3m
Accounts payable ($849k) ($206k) $5.2m ($6.4m) ($275k) $3.2m $211k $4.8m ($9.1m) ($36.8m)
Income tax payable $1.9m $2.5m $12.6m ($11.3m) $6.3m $1.2m ($3.0m) ($508k) $7.6m $10.8m
Mount Milligan deferred liability $0 $0 $25.0m $44.2m
Other liabilities $235k $2.0m $5.4m ($12.9m) $11.3m $1.0m $4.3m $2.9m $12.9m $15.3m
Sandstorm & Horizon acquisition, net of cash acquired $0 $0 ($411.3m)
Acquisition of stream and royalty interests ($1.3b) ($203.7m) ($11.8m) ($1.1m) ($156.0m) ($168.1m) ($922.2m) ($2.7m) ($102.6m) ($1.2b)
Proceeds from the sale of the Versamet Shares and other securities $12.1m $0 $0 $158.9m
Proceeds from the sale of inventory - restricted $0 $0 $7.7m
Borrowings from revolving credit facility $350.0m $70.0m $220.0m $200.0m $100.0m $700.0m $0 $0 $1.3b
Net proceeds from Sandstorm option exercises $0 $0 $15.3m
Horizon warrant payments $0 $0 ($28.9m)
Distributions to non-controlling interests ($830k) $0 $0 ($8.1m)
Foreign exchange loss (gain) ($5.0m) $4.4m ($300k) $1.4m $900k ($1.7m) ($1.9m) ($8.0m) $5.1m
Finance (income) expense $6.6m $3.0m $2.5m $4.3m $4.5m $5.7m $2.5m $3.8m ($6.4m)
Loss on commodity derivatives $900k $24.2m $230.5m
Gain on sale of assets (Note 7) $0 ($231.0m)
Deferred revenue recognized (Note 14) $0 ($124.6m)
Settlement of Argonaut legacy gold hedges (Note 13) $0 ($113.5m)
Proceeds from gold sale prepayment (Note 14) $0 $50.0m
Other items (Note 23) ($1.4m) $6.5m ($12.2m) ($5.1m) ($3.1m) ($6.7m) $11.8m $11.0m ($34.0m)
Proceeds from disposition of equity securities $0 $9.7m $25.8m $0 $100k $1.0m $9.8m
Investment in equity securities ($4.0m) ($3.4m) ($8.8m) ($4.0m) ($2.8m) ($11.6m) ($500k)
Proceeds from sale of assets, net of transaction costs (Note 7) $0 $160.0m
Transaction costs arising on asset dispositions and acquisitions (Note 5, Note 8) $0 ($200k) ($1.0m) $0
Cash flows from (used in) investing activities ($119.4m) ($196.6m) ($267.6m) ($314.1m) ($357.1m) ($312.7m) ($351.8m) ($467.1m) ($356.9m)
Proceeds from draw down of credit facility $0 $100.0m $0 $0 $250.0m $0
Repayment of debt and accrued interest assumed on Argonaut acquisition (Note 6) ($4.4m) ($4.1m) ($3.3m) ($500k) ($200k) $0 $0 ($308.3m) ($50.0m)
Repurchase and cancellation of common shares (Note 19) ($11.7m) ($8.2m) $0 $0 ($38.8m)
Credit facility transaction, standby fees and interest (Note 15) ($12.2m) $0 ($1.2m) ($1.5m) ($1.1m) ($800k) $0 ($2.7m) ($2.6m)
Lease payments (Note 16) $0 ($10.6m) ($16.5m)
Proceeds from issuance of flow-through shares $11.7m $0 $7.5m $0 $0 $10.4m $0 $10.5m $0
Proceeds from the exercise of options and warrants $3.5m $3.9m $7.0m $7.5m $200k $5.3m $9.3m $6.8m $4.1m
Cash flows from (used in) financing activities ($97.6m) ($8.8m) ($17.0m) ($15.6m) ($47.3m) ($28.4m) ($26.0m) ($89.4m) ($143.3m)
Inventory net realizable value adjustment $0 $33.9m $0
Proceeds from sale of Esperanza Project (note 8) $0 $5.0m $0
Capital Advances $0 ($9.8m) $0
Repurchase of Island Gold royalties (note 8(i)) ($6.7m) $24.9m $0 ($54.8m) ($15.7m) $0
Proceeds from share purchase plan $0 $8.3m $0
Repayments of current borrowings $0 $100.0m $0
Outflows of cash from investing activities ($11.4m) ($5.5m) ($11.7m)
Loss on redemption of senior secured notes $29.1m $0
Cash received from the acquisition of Richmont (note 5) $46.2m $0
Net proceeds from bought deal financing $239.1m $0
Repayment of senior secured notes ($327.2m) $0
Credit facility transaction fees ($2.1m) ($800k) ($1.2m)
Purchase and cancellation of common shares (note 11) $0 ($11.4m)
Beginning Cash Position $143.6m $118.6m $104.2m $195.5m
Cash Flow From Continuing Financing Activities $480.6m ($427.4m) ($360.5m) $751.9m
Cash Flow From Continuing Investing Activities ($922.9m) ($2.8m) ($77.7m) ($1.4b)
Change In Account Payable $211k $4.8m ($9.1m) ($36.8m)
Change In Income Tax Payable ($3.0m) ($508k) $7.6m $10.8m
Change In Inventory ($1.0m) $2.9m ($3.2m) ($11.7m)
Change In Other Current Liabilities $4.3m $2.9m $12.9m $15.3m
Change In Other Working Capital $25.0m $44.2m
Change In Payable ($2.8m) $4.2m ($1.5m) ($26.1m)
Change In Payables And Accrued Expense ($2.8m) $4.2m ($1.5m) ($26.1m)
Change In Prepaid Assets ($3.9m) ($4.4m) $11.2m $1.3m
Change In Receivables $6.5m $911k ($13.0m) ($19.1m)
Change In Tax Payable ($3.0m) ($508k) $7.6m $10.8m
Change In Working Capital $3.1m $6.6m $31.3m $3.9m
Changes In Cash ($25.0m) ($14.4m) $91.3m $38.2m
End Cash Position $118.6m $104.2m $195.5m $233.7m
Financing Cash Flow $480.6m ($427.4m) ($360.5m) $751.9m
Free Cash Flow ($504.8m) $413.1m $426.9m ($459.9m)
Gain Loss On Sale Of Business $0 $0
Investing Cash Flow ($922.9m) ($2.8m) ($77.7m) ($1.4b)
Net Business Purchase And Sale $0 $0 $0 ($420.7m)
Net PPE Purchase And Sale ($922.2m) ($2.7m) ($102.6m) ($1.2b)
Other Non Cash Items $979k $779k $945k ($5.3m)
Proceeds From Stock Option Exercised $0 $0 ($13.6m)
Purchase Of Business $0 $0 ($420.7m)
Purchase Of PPE ($922.2m) ($2.7m) ($102.6m) ($1.2b)
Repurchase Of Capital Stock ($1.4m) ($1.4m) ($4.6m) ($5.0m)
Sale Of Business $0 $0
Stock Based Compensation $8.4m $9.7m $11.9m $11.8m
Unrealized Gain Loss On Investment Securities $1.5m $147k $66k ($327k)
Net Cash Provided by (Used in) Operating Activities $169.9m $265.9m $328.8m $253.2m $340.8m $407.2m $417.3m $415.8m $529.5m $704.8m
Cash flows from investing activities:
Mineral property, plant and equipment ($162.5m) ($221.5m) ($263.6m) ($246.1m) ($348.6m) ($313.7m) ($348.9m) ($417.6m) ($507.1m)
Capital Expenditure ($922.2m) ($2.7m) ($102.6m) ($1.2b)
Payments to Acquire Businesses, Net of Cash Acquired $411.3m
Investment in Argonaut, net of cash acquired (Note 6) $0 $19.5m $0 ($30.2m) $0
Net Investment Purchase And Sale $0 $0 $0 $158.9m
Sale Of Investment $0 $0 $0 $158.9m
Payments for (Proceeds from) Other Investing Activities $309k ($3.6m) $909k $967k ($3.6m) $541k $721k $151k $116k ($299k)
Net Other Investing Changes ($721k) ($151k) $24.9m $8.0m
Net Cash Provided by (Used in) Investing Activities ($1.0b) ($200.1m) ($10.6m) ($5.6m) ($152.9m) ($116.7m) ($922.9m) ($2.8m) ($77.7m) ($1.4b)
Cash flows from financing activities:
Proceeds from Khoemacau debt facility $0 $0 $25.0m $0
Issuance Of Debt $700.0m $0 $0 $1.3b
Long Term Debt Issuance $700.0m $0 $0 $1.3b
Net Issuance Payments Of Debt $575.0m ($325.0m) ($250.0m) $900.0m
Net Long Term Debt Issuance $575.0m ($325.0m) ($250.0m) $900.0m
Net Short Term Debt Issuance $700.0m ($325.0m)
Short Term Debt Issuance $700.0m $0
Repayments of Long-term Debt $370.0m $115.0m $305.0m $125.0m $325.0m $250.0m $375.0m
Repayment of debt ($95.0m) ($250.0m) ($370.0m) ($115.0m) ($305.0m) ($125.0m) ($325.0m) ($250.0m) ($375.0m)
Long Term Debt Payments ($125.0m) ($325.0m) ($250.0m) ($375.0m)
Short Term Debt Payments ($125.0m) ($325.0m)
Net payments from issuance of common stock ($353k) ($2.4m) ($4.0m) ($1.6m) ($4.2m) ($1.5m) ($1.4m) ($1.4m) ($4.6m) ($5.0m)
Net Common Stock Issuance ($1.4m) ($1.4m) ($4.6m) ($5.0m)
Payments of Ordinary Dividends, Common Stock $59 $61 $64 $67 $71 $76 $92 $99 $105 $119
Common Stock Payments ($1.4m) ($1.4m) ($4.6m) ($5.0m)
Dividends Payable, Current $15 $16 $16 $17 $18 $20 $25 $26 $30 $40
Dividends Payable $62 $65 $68 $72 $77 $94 $100 $109 $129
Common stock dividends ($59) ($61) ($64) ($67) ($71) ($76) ($92) ($99) ($105) ($119)
Dividends paid (Note 19) ($6) ($8) ($16) ($24) ($34) ($35) ($35) ($35) ($40)
Cash Dividends Paid ($91.9m) ($98.6m) ($105.2m) ($118.5m)
Common Stock Dividend Paid ($91.9m) ($98.6m) ($105.2m) ($118.5m)
Proceeds from (Payments for) Other Financing Activities ($2.8m) $3.0m ($153k) ($1.3m) ($1.1m) ($1.1m) ($2.4m) ($635k) ($2.8m)
Net Other Financing Charges ($1.1m) ($2.4m) ($635k) ($10.9m)
Net Cash Provided by (Used in) Financing Activities $213.4m ($96.5m) ($315.3m) ($216.8m) $11.8m ($383.6m) $480.6m ($427.4m) ($360.5m) $751.9m
Effect of exchange rates on cash and cash equivalents $2.1m ($3.3m) $1.0m ($1.0m) ($100k) ($100k) $100k ($2.2m) $800k
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $30.7m $199.7m ($93.2m) ($25.0m) ($14.4m) $91.3m $38.2m
Net increase (decrease) in cash and equivalents ($626.2m) ($30.8m) $2.9m $30.7m $199.7m ($93.2m) ($25.0m) ($14.4m) $91.3m $38.2m
Increase in cash and cash equivalents ($51.4m) $5.2m ($23.2m) $37.7m ($48.0m) ($42.7m) $95.0m $102.4m $295.9m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $119.5m $319.1m $225.9m $118.6m $104.2m $195.5m $233.7m
Cash and equivalents at beginning of period $742.8m $116.6m $85.8m $119.5m $319.1m $225.9m $118.6m $104.2m $195.5m $233.7m
Cash and cash equivalents - beginning of year $252.2m $200.8m $206.0m $182.8m $220.5m $172.5m $224.8m $224.8m $327.2m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported ($25.0m) ($14.4m) $91.3m $38.2m
Interest Paid, Excluding Capitalized Interest, Operating Activities $19.0m $16.0m $10.6m $4.9m $3.5m $7.2m $28.1m $6.6m $19.5m
Income Taxes Paid, Net $76.1m $26.8m ($3.1m) $44.4m $31.6m $59.0m $54.8m $50.3m $72.1m $95.3m

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.