Scully Royalty Ltd. (SRL) Cash Flow Statement
Where SRL’s cash came from and went, 2024
December 31, 2024 · Canadian dollars- Cash from operations
- −C$31.5M −220.5% vs 2023
- Capital expenditures
- C$89,000 0.2% of revenue
- Free cash flow
- −C$31.6M −85.4% margin
- Returned to shareholders
- —
- Change in cash
- −C$26.5M cash at year-end C$51.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SRL operating cash flow, capex and free cash flow
SRL cash flow trends, 2015–2024
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$104.4M2015 | −C$31.5M2024 | — | |
| Capital expenditures | C$8.0M2015 | C$89,0002024 | −39.4%/yr | |
| Free cash flow | −C$112.4M2015 | −C$31.6M2024 | — | |
| Free cash flow margin | −6.4%2015 | −85.4%2024 | −79.0 pts | |
| Operating cash flow / net income | −0.062018 | 18.712023 | +18.78 | |
| Stock-based compensation | C$2.9M2017 | C$02023 | −100.0% | |
| Dividends paid | C$4.4M2015 | C$02024 | −100.0% | |
| Share buybacks (net) | C$02016 | C$02024 | — | |
| Capex / revenue | 0.5%2015 | 0.2%2024 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SRL cash flow by activity
SRL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SRL cash flow statement in Canadian dollars
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$21.6M | C$1.4M | −C$23.4M | C$7.4M | C$212,000 | −C$18.4M | C$112.2M | −C$47.1M | −C$23.6M | −C$57.9M |
| Depreciation & amortization | C$7.2M | C$7.9M | C$10.7M | C$11.0M | C$11.6M | C$8.4M | C$6.1M | C$7.0M | C$12.5M | C$7.0M |
| Stock-based compensation | — | C$0 | −C$10.7M | C$2.5M | −C$11.5M | −C$8.3M | C$69,000 | C$2.9M | — | — |
| Change in working capital | −C$30.3M | C$16.5M | C$21.2M | −C$28.8M | −C$35.4M | −C$5.4M | C$5.5M | C$9.7M | C$68.0M | −C$90.8M |
| Other non-cash items | C$13.2M | C$402,000 | C$32.8M | C$1.3M | C$13.7M | C$13.9M | −C$131.1M | C$24.3M | C$4.8M | C$37.3M |
| Cash from operating activities | −C$31.5M | C$26.2M | C$30.6M | −C$6.6M | −C$21.3M | −C$9.8M | −C$7.2M | −C$3.2M | C$61.7M | −C$104.4M |
| Investing activities | ||||||||||
| Capital expenditures | −C$89,000 | −C$180,000 | −C$472,000 | −C$982,000 | −C$227,000 | −C$720,000 | −C$198,000 | −C$765,000 | −C$198,000 | −C$8.0M |
| Investments (net) | C$2.8M | −C$6.3M | −C$4.7M | −C$971,000 | C$3.4M | −C$10.2M | −C$1.3M | −C$3.5M | C$35.5M | C$10.1M |
| Acquisitions & other investing | C$89,000 | C$180,000 | C$472,000 | C$982,000 | C$227,000 | C$720,000 | C$198,000 | C$765,000 | C$894,775 | −C$12.0M |
| Cash from investing activities | C$2.8M | −C$6.3M | −C$4.7M | −C$971,000 | C$3.4M | −C$10.2M | −C$1.3M | −C$3.5M | C$36.2M | −C$10.0M |
| Financing activities | ||||||||||
| Dividends paid | C$0 | −C$3.4M | −C$16.9M | −C$16.9M | −C$16.9M | −C$16.9M | — | — | C$0 | −C$4.4M |
| Share repurchases & issuance (net) | C$0 | C$0 | C$406,000 | C$0 | C$0 | C$231,000 | — | — | C$0 | — |
| Net borrowing (repayment) | −C$380,000 | −C$394,000 | −C$350,000 | −C$424,000 | −C$451,000 | C$35.6M | C$35.6M | −C$42.3M | −C$165.6M | −C$63.0M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$777,000 | C$0 | −C$320,000 | C$16.9M | C$16.9M | C$15.8M | −C$36.5M | −C$467,000 | C$30.4M | −C$1.2M |
| Cash from financing activities | −C$1.2M | −C$3.8M | −C$17.2M | −C$424,000 | −C$498,000 | C$34.8M | −C$857,000 | −C$42.7M | −C$135.2M | −C$68.7M |
| Summary | ||||||||||
| Net change in cash | −C$26.5M | C$14.5M | C$8.8M | −C$8.7M | −C$14.7M | C$10.5M | −C$7.1M | −C$45.8M | −C$71.1M | −C$147.4M |
| Cash at end of period | C$51.8M | C$78.3M | C$63.7M | C$54.9M | C$63.6M | C$78.3M | C$67.8M | C$74.9M | C$121.6M | C$197.5M |
| Free cash flow | −C$31.6M | C$26.0M | C$30.2M | −C$7.6M | −C$21.5M | −C$10.5M | −C$7.4M | −C$4.0M | C$99.7M | −C$112.4M |
| Free cash flow margin | −85.4% | 48.2% | 45.9% | −10.5% | −38.0% | −9.3% | −5.0% | −1.5% | 8.6% | −6.4% |
| Capex / revenue | 0.2% | 0.3% | 0.7% | 1.4% | 0.4% | 0.6% | 0.1% | 0.3% | 0.0% | 0.5% |
| Operating cash flow / net income | — | 18.71 | — | −0.90 | −100.33 | — | −0.06 | — | — | — |
| Sep '25 | Mar '25 | Sep '24 | Mar '24 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −C$2.0M | −C$332,500 | −C$332,500 | C$250,500 | C$445,000 | −C$13.7M |
| Depreciation & amortization | C$3.2M | C$1.7M | C$1.7M | C$4.2M | C$3.8M | C$5.6M |
| Stock-based compensation | — | — | — | — | −C$11.2M | C$14.5M |
| Change in working capital | C$5.8M | −C$8.1M | −C$8.1M | −C$4.8M | C$13.5M | C$4.2M |
| Other non-cash items | −C$3.4M | −C$1.1M | −C$1.1M | −C$1.7M | C$8.6M | −C$2.6M |
| Cash from operating activities | C$3.7M | −C$7.8M | −C$7.8M | −C$2.1M | C$15.1M | C$8.0M |
| Investing activities | ||||||
| Capital expenditures | −C$264,075 | −C$10,000 | −C$10,000 | −C$55,000 | −C$35,000 | −C$81,000 |
| Acquisitions & other investing | C$8.5M | −C$842,000 | −C$842,000 | −C$3.1M | C$51,000 | −C$3.2M |
| Cash from investing activities | C$8.2M | −C$852,000 | −C$852,000 | −C$3.2M | C$16,000 | −C$3.3M |
| Financing activities | ||||||
| Dividends paid | −C$5.4M | — | — | −C$7,046 | −C$1.7M | −C$4.2M |
| Net borrowing (repayment) | — | — | — | — | −C$96,000 | −C$96,000 |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$189,323 | −C$474,000 | −C$474,000 | −C$93,954 | C$0 | −C$163,000 |
| Cash from financing activities | −C$5.6M | −C$474,000 | −C$474,000 | −C$101,000 | −C$1.8M | −C$4.4M |
| Summary | ||||||
| Net change in cash | C$7.1M | — | — | −C$5.2M | C$12.5M | C$1.3M |
| Cash at end of period | C$25.4M | C$13.4M | C$38.0M | C$79.1M | C$89.1M | C$62.4M |
| Free cash flow | C$3.4M | −C$7.8M | −C$7.8M | −C$2.1M | C$15.1M | C$7.9M |
| Free cash flow margin | 17.8% | −90.4% | −90.4% | −7.6% | 114.0% | — |
| Capex / revenue | 1.4% | 0.1% | 0.1% | 0.2% | 0.3% | — |
| Operating cash flow / net income | — | — | — | −8.19 | 34.03 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
SRL cash generation
In fiscal 2024 (ended December 31, 2024), Scully Royalty generated -C$31.5 million of cash from operations (down 220.5%) and spent C$0.1 million on capital expenditures, leaving free cash flow of -C$31.6 million, −85.4% of revenue. Cash and equivalents fell by C$26.5 million over the year.
Related: SRL income statement, SRL balance sheet, SRL dividend history. See the SRL stock overview for the latest quote and news.
SRL cash flow FAQ
What is Scully Royalty's free cash flow?
Scully Royalty's free cash flow was -C$31.6 million in fiscal 2024: -C$31.5 million of operating cash flow minus C$0.1 million of capital expenditures It was C$26.0 million a year earlier..
How much cash does Scully Royalty generate from operations?
Scully Royalty generated -C$31.5 million of cash from operating activities in fiscal 2024.
How much does Scully Royalty spend on capital expenditures?
Scully Royalty spent C$0.1 million on capital expenditures in fiscal 2024, 0.2% of revenue, compared with C$0.2 million the year before.