Royal Gold (RGLD) Q4 FY2023 earnings: revenue $153 million, down 6.3% on the year

Royal Gold Inc. (RGLD) reported revenue of $153 million for Q4 FY2023, the quarter ended 31 December 2023, down 6.3% on the same quarter a year earlier. Net income was $63 million, up 11.4% on the year, and diluted earnings per share $0.95. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$153 milliondown 6.3%

Net income$63 millionup 11.4%

Diluted EPS$0.95

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	153	139	n/a	n/a
Cost of revenue	20.8	21.4	n/a	n/a
Gross profit	89.5	75.6	n/a	n/a
Gross margin	58.6%	54.5%	n/a
Operating income	79.7	65.6	n/a	n/a
Operating margin	52.2%	47.3%	n/a
Pre-tax income	76.3	60.3	n/a	n/a
Income tax	13.4	10.8	n/a	n/a
Effective tax rate	17.5%	17.8%	n/a
Net income	62.8	49.3	n/a	n/a
Net margin	41.1%	35.6%	n/a
Diluted EPS	$0.95	$0.75	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	101	98.1	n/a	n/a
Cash from investing	-0.0	-0.0	n/a	n/a
Cash from financing	-99.8	-101	n/a	n/a
Depreciation and amortisation	40.1	40.1	n/a	n/a
Share-based compensation	2.4	2.8	n/a	n/a
Dividends paid	24.6	24.6	n/a	n/a
Dividend per share	n/a	$0.38	n/a	n/a
Diluted shares, weighted	n/a	66m	n/a	n/a
Shares outstanding at period end	66m	66m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,888	2,849	n/a	n/a
Non-controlling interest	12.4	12.4	n/a	n/a
Debt	246	321	n/a	n/a
Operating lease liabilities	4.7	n/a	n/a	n/a
Other liabilities	210	215	n/a	n/a
Total liabilities and equity	3,361	3,397	n/a	n/a
Cash and equivalents	104	103	n/a	n/a
Other assets	3,257	3,294	n/a	n/a
Total assets	3,361	3,397	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	139	153	149	174	194	203	193	210	252	375	469	451
Cost of revenue	21.4	20.8	21.8	24.2	27.2	24.4	24.5	24.2	31.4	50.8	60.3	60.1
Gross profit	75.6	89.5	87.0	113	129	142	134	152	185	242	315	291
Gross margin	55%	59%	58%	65%	67%	70%	69%	73%	74%	65%	67%	65%
Operating income	65.6	79.7	75.5	102	119	133	123	142	162	211	297	280
Operating margin	47%	52%	51%	59%	61%	66%	64%	68%	64%	56%	63%	62%
Pre-tax income	60.3	76.3	74.3	100	118	134	124	143	161	146	307	296
Tax rate	18%	18%	36%	19%	18%	20%	8%	7%	18%	36%	8%	20%
Net income	49.3	62.8	47.2	81.2	96.2	107	113	132	127	93.6	281	236
Net margin	36%	41%	32%	47%	50%	53%	59%	63%	50%	25%	60%	52%
Diluted EPS	$0.75	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.16	$3.30	$2.78
Operating cash flow	98.1	101	138	114	137	141	136	153	174	242	294	335
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	30.0
Dividends paid	24.6	24.6	26.3	26.3	26.3	26.3	29.6	29.6	29.6	29.6	40.2	40.3
Shares outstanding	66m	66m	66m	66m	66m	66m	66m	66m	66m	84m	85m	85m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001558370-24-001192: the filing on EDGAR. All of Royal Gold Inc.'s filings: EDGAR company page.

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