TRANSITION PERIOD COMPARATIVE DATA

6 Months Ended

Dec. 31, 2021

TRANSITION PERIOD COMPARATIVE DATA

TRANSITION PERIOD COMPARATIVE DATA

17. TRANSITION PERIOD COMPARATIVE DATA

The following table presents certain comparative financial information for the six months ended December 31, 2021 and 2020 (amounts in thousands, except share data).

	Six Months Ended
			December 31,
	December 31, 2021		2020 (unaudited)
Revenue	$	342,952	$	305,240
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)		52,329		46,760
General and administrative		15,163		14,244
Production taxes		4,412		2,756
Exploration costs		—		563
Depreciation, depletion and amortization		99,685		94,245
Total costs and expenses		171,589		158,568
Gain on sale of Peak Gold JV interest		—		33,906
Operating income		171,363		180,578
Fair value changes in equity securities		(1,350)		2,158
Interest and other income		1,610		1,034
Interest and other expense		(2,787)		(3,454)
Income before income taxes		168,836		180,316
Income tax expense		(30,008)		(13,654)
Net income and comprehensive income		138,828		166,662
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests		(489)		166
Net income and comprehensive income attributable to Royal Gold common stockholders	$	138,339	$	166,828
Basic earnings per share	$	2.11	$	2.55
Basic weighted average shares outstanding		65,560,468		65,542,326
Diluted earnings per share	$	2.10	$	2.54
Diluted weighted average shares outstanding		65,624,567		65,625,965
Cash dividends declared per common share	$	0.65	$	0.58

	Six Months Ended		Six Months Ended
			December 31,
	December 31, 2021		2020 (unaudited)
Cash flows from operating activities:
Net income and comprehensive income	$	138,828	$	166,662
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization		99,685		94,245
Amortization of debt issuance costs		1,089		574
Gain on sale of Peak Gold JV interest		—		(33,906)
Non-cash employee stock compensation expense		3,218		2,892
Fair value changes in equity securities		1,350		(2,158)
Deferred tax expense (benefit)		2,510		(8,405)
Other		1		(176)
Changes in assets and liabilities:
Royalty receivables		(6,846)		(16,627)
Stream inventory		6,077		(2,229)
Income tax receivable		(396)		(6,504)
Prepaid expenses and other assets		(1,374)		900
Accounts payable		76		(549)
Income tax payable		4,591		9,995
Uncertain tax positions		(910)		(12,160)
Other liabilities		884		1,510
Net cash provided by operating activities	$	248,783	$	194,064
Cash flows from investing activities:
Acquisition of stream and royalty interests		(281,066)		(48,832)
Khoemacau subordinated debt facility		(7,000)		—
Proceeds from sale of Peak Gold JV interest		—		49,154
Proceeds from sale of Contango shares		—		12,146
Other		(64)		(364)
Net cash (used in) provided by investing activities	$	(288,130)	$	12,104
Cash flows from financing activities:
Repayment of debt		(100,000)		(105,000)
Borrowings from revolving credit facility		100,000		—
Net payments from issuance of common stock		(921)		(1,415)
Common stock dividends		(39,374)		(36,735)
Other		(2,723)		(287)
Net cash used in financing activities	$	(43,018)	$	(143,437)
Net (decrease) increase in cash and equivalents		(82,365)		62,731
Cash and equivalents at beginning of period		225,916		319,128
Cash and equivalents at end of period	$	143,551	$	381,859