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Wheaton Precious Metals
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== General and administrative expenses == At the time of its Q122 results, WPM provided guidance for non-stock general and administrative (G&A) expenses of US$47β49m or US$11.75β12.25m per quarter (cf US$42β44m or US$10.5β11.0m per quarter for FY21 and US$40β43m in FY20), including all employee-related expenses, charitable contributions, etc, but excluding performance share units (PSUs) and equity settled stock-based compensation. In the event, at US$10.2m, non-stock G&A expenses in Q122 were 13.1% below the bottom of the range implied by guidance for the fifth quarter in succession: {| class="wikitable" |+Exhibit 5: WPM FY19β21 general and administrative expenses (US$000s)<ref>Source: WPM, Edison Investment Research. Note: *Performance share units.</ref> !Item !Q120 !Q220 !Q320 !Q420 !FY20 !Q121 !Q221 !Q321 !Q421 !FY21 !Q122 |- |G&A excluding PSU* and equity settled stock-based compensation |4,135 |4,095 |4,037 |4,466 |16,733 |4,709 |4,634 |4,283 |4,618 |18,244 |5,345 |- |Other (inc. depreciation, donations and professional fees) |4,266 |6,302 |5,488 |5,957 |22,013 |5,632 |5,852 |5,173 |6,818 |23,475 |4,871 |- |Non-stock based G&A |8,401 |10,397 |9,525 |10,423 |38,746 |10,341 |10,486 |9,456 |11,436 |41,719 |10,216 |- |Guidance |10,000β10,750 |10,000β10,750 |10,000β10,750 |10,000β10,750 |40,000β43,000 |10,500β11,250 |10,500β11,250 |10,500β11,250 |11,717-13,717 |42,000β44,000 |11,750-12,250 |- |PSU* accrual |3,277 |10,097 |10,482 |(2,336) |21,520 |305 |6,672 |2,824 |4,203 |14,004 |8,560 |- |Equity settled stock-based compensation |1,503 |1,305 |1,319 |1,305 |5,432 |1,325 |1,307 |1,315 |1,315 |5,262 |1,342 |- |Stock-based G&A |4,780 |11,402 |11,801 |(1,031) |26,952 |1,630 |7,979 |4,139 |5,518 |19,266 |9,902 |- |Total general & administrative |13,181 |21,799 |21,326 |9,392 |65,698 |11,971 |18,465 |13,595 |16,954 |60,985 |20,118 |- |Total/Non-stock based G&A (%) |<nowiki>+56.9</nowiki> |<nowiki>+109.7</nowiki> |<nowiki>+123.9</nowiki> |<nowiki>-9.9</nowiki> |<nowiki>+69.6</nowiki> |<nowiki>+15.8</nowiki> |<nowiki>+76.1</nowiki> |<nowiki>+43.6</nowiki> |<nowiki>+48.3</nowiki> |<nowiki>+46.2</nowiki> |<nowiki>+96.9</nowiki> |} Given the US$5.29 (or 12.3%) appreciation in WPMβs share price over the quarter, stock-based G&A expenses in Q122 were slightly above Edison Investment Research's prior estimate of US$7.4m for the quarter (as shown in Exhibit 6, below), but were nevertheless within the Β±US$3.1m error of estimation implied by the associated regression analysis. '''Exhibit 6: Graph of historical share price move (US$/share) versus quarterly stock-based G&A expense, Q419βQ122<ref>Exhibit 6: Graph of historical share price move (US$/share) versus quarterly stock-based G&A expense, Q419βQ122.</ref>''' [[File:Image5-b79de835be7f9c3b8036bce0718d904b.png|600x600px]] The analysis of stock-based G&A expenses over the past nine quarters relative to the change in WPMβs share price (also in US dollars) continues to exhibit a relatively close Pearson product moment (correlation) coefficient between the two of 0.76, which remains statistically significant at the 5% level for a directional hypothesis (ie there is less than a 5% probability that this relationship occurred by random chance) and this therefore continues to form the basis of quarterly and full-year for G&A expenses in Exhibit 12.
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