Freehold Royalties Ltd
TSX:FRU
Income Statement
Earnings Waterfall
Freehold Royalties Ltd
Revenue
|
314.6m
CAD
|
Cost of Revenue
|
-9.5m
CAD
|
Gross Profit
|
305.1m
CAD
|
Operating Expenses
|
-115.9m
CAD
|
Operating Income
|
189.2m
CAD
|
Other Expenses
|
-57.3m
CAD
|
Net Income
|
131.9m
CAD
|
Income Statement
Freehold Royalties Ltd
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
175
N/A
|
184
+5%
|
194
+5%
|
195
+0%
|
194
0%
|
173
-11%
|
157
-9%
|
142
-10%
|
133
-6%
|
131
-2%
|
126
-4%
|
123
-2%
|
129
+5%
|
145
+12%
|
151
+4%
|
152
+1%
|
151
-1%
|
149
-1%
|
151
+1%
|
158
+5%
|
145
-9%
|
141
-2%
|
136
-3%
|
129
-6%
|
141
+9%
|
132
-7%
|
111
-16%
|
101
-9%
|
90
-11%
|
100
+12%
|
131
+30%
|
158
+21%
|
206
+30%
|
257
+25%
|
321
+25%
|
368
+15%
|
393
+7%
|
382
-3%
|
347
-9%
|
333
-4%
|
315
-6%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(19)
|
(20)
|
(20)
|
(19)
|
(19)
|
(19)
|
(19)
|
(19)
|
(18)
|
(18)
|
(18)
|
(17)
|
(18)
|
(17)
|
(16)
|
(14)
|
(11)
|
(9)
|
(8)
|
(7)
|
(6)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(10)
|
(5)
|
(8)
|
(11)
|
(9)
|
|
Gross Profit |
156
N/A
|
164
+5%
|
174
+6%
|
176
+1%
|
175
0%
|
154
-12%
|
139
-10%
|
124
-11%
|
115
-7%
|
113
-2%
|
108
-4%
|
106
-2%
|
111
+5%
|
128
+15%
|
135
+6%
|
138
+2%
|
140
+1%
|
140
+0%
|
143
+2%
|
151
+6%
|
139
-8%
|
136
-2%
|
132
-3%
|
125
-5%
|
137
+10%
|
128
-7%
|
107
-16%
|
98
-9%
|
88
-10%
|
99
+13%
|
130
+31%
|
158
+22%
|
206
+30%
|
256
+25%
|
320
+25%
|
367
+15%
|
383
+4%
|
377
-2%
|
339
-10%
|
322
-5%
|
305
-5%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(75)
|
(74)
|
(76)
|
(78)
|
(82)
|
(87)
|
(94)
|
(103)
|
(111)
|
(117)
|
(158)
|
(119)
|
(120)
|
(121)
|
(123)
|
(124)
|
(124)
|
(123)
|
(121)
|
(118)
|
(116)
|
(114)
|
(112)
|
(113)
|
(110)
|
(108)
|
(101)
|
(96)
|
(92)
|
(91)
|
(96)
|
(100)
|
(107)
|
(113)
|
(118)
|
(127)
|
(126)
|
(132)
|
(130)
|
(126)
|
(116)
|
|
Selling, General & Administrative |
(14)
|
(14)
|
(15)
|
(15)
|
(14)
|
(14)
|
(14)
|
(14)
|
(15)
|
(15)
|
(14)
|
(14)
|
(15)
|
(15)
|
(15)
|
(16)
|
(16)
|
(16)
|
(16)
|
(14)
|
(13)
|
(14)
|
(14)
|
(15)
|
(15)
|
(14)
|
(13)
|
(13)
|
(13)
|
(14)
|
(15)
|
(16)
|
(19)
|
(20)
|
(21)
|
(22)
|
(23)
|
(23)
|
(21)
|
(20)
|
(19)
|
|
Depreciation & Amortization |
(61)
|
(60)
|
(61)
|
(63)
|
(67)
|
(72)
|
(80)
|
(89)
|
(96)
|
(102)
|
(105)
|
(104)
|
(104)
|
(105)
|
(107)
|
(108)
|
(108)
|
(107)
|
(105)
|
(103)
|
(102)
|
(100)
|
(98)
|
(98)
|
(95)
|
(94)
|
(87)
|
(83)
|
(79)
|
(77)
|
(80)
|
(83)
|
(88)
|
(91)
|
(94)
|
(98)
|
(103)
|
(104)
|
(107)
|
(106)
|
(97)
|
|
Other Operating Expenses |
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(39)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(2)
|
(3)
|
(6)
|
(0)
|
(4)
|
(3)
|
(0)
|
(0)
|
|
Operating Income |
80
N/A
|
90
+12%
|
98
+8%
|
97
-1%
|
94
-4%
|
67
-28%
|
45
-33%
|
21
-54%
|
4
-82%
|
(5)
N/A
|
(50)
-968%
|
(13)
+73%
|
(9)
+36%
|
7
N/A
|
12
+78%
|
14
+11%
|
15
+12%
|
17
+13%
|
22
+27%
|
34
+53%
|
23
-32%
|
21
-7%
|
19
-10%
|
12
-39%
|
27
+127%
|
20
-25%
|
7
-66%
|
3
-60%
|
(4)
N/A
|
8
N/A
|
34
+315%
|
58
+71%
|
99
+70%
|
144
+46%
|
202
+40%
|
241
+19%
|
258
+7%
|
245
-5%
|
209
-15%
|
196
-6%
|
189
-4%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(5)
|
(6)
|
(6)
|
(6)
|
(5)
|
(5)
|
(5)
|
(5)
|
(4)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(5)
|
(6)
|
(2)
|
(4)
|
(6)
|
4
|
17
|
11
|
14
|
(3)
|
(16)
|
(17)
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
24
|
24
|
(6)
|
(14)
|
(38)
|
0
|
(9)
|
(1)
|
5
|
19
|
20
|
4
|
(1)
|
(16)
|
(16)
|
0
|
(14)
|
(14)
|
(14)
|
(14)
|
(10)
|
(10)
|
(10)
|
(10)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
78
N/A
|
88
+13%
|
95
+8%
|
93
-1%
|
89
-4%
|
86
-4%
|
64
-26%
|
9
-85%
|
(16)
N/A
|
(48)
-208%
|
(55)
-15%
|
(27)
+50%
|
(14)
+48%
|
7
N/A
|
28
+291%
|
31
+10%
|
17
-45%
|
13
-21%
|
3
-79%
|
14
+400%
|
19
+35%
|
3
-82%
|
2
-54%
|
(6)
N/A
|
9
N/A
|
6
-29%
|
(7)
N/A
|
(10)
-52%
|
(17)
-66%
|
3
N/A
|
27
+785%
|
56
+104%
|
95
+70%
|
138
+46%
|
206
+49%
|
257
+25%
|
269
+4%
|
258
-4%
|
206
-20%
|
180
-13%
|
172
-4%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(20)
|
(23)
|
(24)
|
(24)
|
(23)
|
(16)
|
(9)
|
5
|
12
|
14
|
15
|
7
|
3
|
(3)
|
(8)
|
(9)
|
(5)
|
(4)
|
(1)
|
(4)
|
(5)
|
(1)
|
(1)
|
1
|
(3)
|
(3)
|
1
|
2
|
3
|
(2)
|
(9)
|
(14)
|
(23)
|
(33)
|
(47)
|
(58)
|
(60)
|
(56)
|
(47)
|
(42)
|
(41)
|
|
Income from Continuing Operations |
58
|
65
|
71
|
69
|
66
|
70
|
55
|
14
|
(4)
|
(34)
|
(40)
|
(20)
|
(11)
|
5
|
20
|
22
|
12
|
10
|
2
|
10
|
14
|
3
|
1
|
(5)
|
5
|
3
|
(6)
|
(8)
|
(14)
|
1
|
19
|
41
|
72
|
105
|
159
|
200
|
209
|
202
|
159
|
138
|
132
|
|
Net Income (Common) |
58
N/A
|
65
+13%
|
71
+8%
|
69
-1%
|
66
-4%
|
70
+6%
|
55
-22%
|
14
-74%
|
(4)
N/A
|
(34)
-736%
|
(40)
-18%
|
(20)
+50%
|
(11)
+45%
|
5
N/A
|
20
+339%
|
22
+10%
|
12
-44%
|
10
-22%
|
2
-81%
|
10
+448%
|
14
+38%
|
3
-82%
|
1
-77%
|
(5)
N/A
|
5
N/A
|
3
-38%
|
(6)
N/A
|
(8)
-46%
|
(14)
-70%
|
1
N/A
|
19
+2 461%
|
41
+121%
|
72
+75%
|
105
+45%
|
159
+52%
|
200
+25%
|
209
+5%
|
202
-4%
|
159
-21%
|
138
-13%
|
132
-5%
|
|
EPS (Diluted) |
0.86
N/A
|
0.96
+12%
|
1.04
+8%
|
0.94
-10%
|
0.93
-1%
|
0.93
N/A
|
0.6
-35%
|
0.14
-77%
|
-0.05
N/A
|
-0.36
-620%
|
-0.37
-3%
|
-0.17
+54%
|
-0.1
+41%
|
0.03
N/A
|
0.16
+433%
|
0.18
+13%
|
0.1
-44%
|
0.08
-20%
|
0.02
-75%
|
0.09
+350%
|
0.12
+33%
|
0.02
-83%
|
0
N/A
|
-0.05
N/A
|
0.04
N/A
|
0.02
-50%
|
-0.06
N/A
|
-0.08
-33%
|
-0.12
-50%
|
-0.01
+92%
|
0.14
N/A
|
0.31
+121%
|
0.53
+71%
|
0.69
+30%
|
1.07
+55%
|
1.32
+23%
|
1.39
+5%
|
1.34
-4%
|
1.05
-22%
|
0.92
-12%
|
0.87
-5%
|