TRANSITION PERIOD COMPARATIVE DATA

12 Months Ended

Dec. 31, 2022

TRANSITION PERIOD COMPARATIVE DATA

TRANSITION PERIOD COMPARATIVE DATA

17. TRANSITION PERIOD COMPARATIVE DATA

The following table presents certain comparative financial information for the year ended December 31, 2022 and 2021, respectfully (amounts in thousands, except share data).

	Years Ended
			December 31,
	December 31,		2021
	2022		(unaudited)
Revenue	$	603,206	$	653,568
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)		94,642		98,467
General and administrative		34,612		29,306
Production taxes		7,021		8,399
Depreciation, depletion and amortization		178,935		189,009
Impairment of royalty interests		4,287		—
Total costs and expenses		319,497		325,181
Operating income		283,709		328,387
Fair value changes in equity securities		(1,503)		2,510
Interest and other income		7,832		3,019
Interest and other expense		(17,170)		(5,753)
Income before income taxes		272,868		328,163
Income tax expense		(32,926)		(53,223)
Net income and comprehensive income		239,942		274,940
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests		(960)		(898)
Net income and comprehensive income attributable to Royal Gold common stockholders	$	238,982	$	274,042
Basic earnings per share	$	3.64	$	4.17
Basic weighted average shares outstanding		65,576,995		65,552,586
Diluted earnings per share	$	3.63	$	4.17
Diluted weighted average shares outstanding		65,661,748		65,624,007
Cash dividends declared per common share	$	1.425	$	1.25

	Years Ended
			December 31,
	December 31,		2021
	2022		(unaudited)
Cash flows from operating activities:
Net income and comprehensive income	$	239,942	$	274,940
Adjustments to reconcile net income and comprehensive income to net cash provided by operating activities:
Depreciation, depletion and amortization		178,935		189,009
Non-cash employee stock compensation expense		8,411		6,056
Fair value changes in equity securities		1,503		(2,510)
Deferred tax (benefit) expense		(19,836)		11,371
Impairment of royalty interests		4,287		—
Other		979		1,663
Changes in assets and liabilities:
Royalty receivables		4,683		(9,771)
Stream inventory		(1,049)		2,292
Income tax receivable		1,849		4,023
Prepaid expenses and other assets		(3,908)		(1,956)
Accounts payable		211		3,862
Income tax payable		(3,005)		(4,248)
Uncertain tax positions		—		(13,268)
Other liabilities		4,343		406
Net cash provided by operating activities	$	417,345	$	461,869
Cash flows from investing activities:
Acquisition of stream and royalty interests		(922,155)		(400,381)
Khoemacau subordinated debt facility		—		(25,000)
Proceeds from sale of equity securities		—		8,651
Other		(721)		(241)
Net cash used in by investing activities	$	(922,876)	$	(416,971)
Cash flows from financing activities:
Repayment of debt		(125,000)		(300,000)
Borrowings from revolving credit facility		700,000		100,000
Net payments from issuance of common stock		(1,447)		(971)
Common stock dividends		(91,925)		(78,738)
Other		(1,062)		(3,497)
Net cash provided by (used in) financing activities	$	480,566	$	(283,206)
Net decrease in cash and equivalents		(24,965)		(238,308)
Cash and equivalents at beginning of period		143,551		381,859
Cash and equivalents at end of period	$	118,586	$	143,551