SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2019

SEGMENT INFORMATION

SEGMENT INFORMATION

10.    SEGMENT INFORMATION

The Company manages its business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests.  Royal Gold’s long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table:

	As of September 30, 2019						As of June 30, 2019
					Total stream						Total stream
	Stream		Royalty		and royalty		Stream		Royalty		and royalty
	interest		interest		interests, net		interest		interest		interests, net
Canada	$	756,174	$	197,409	$	953,583	$	767,749	$	200,251	$	968,000
Dominican Republic		441,443		—		441,443		451,585		—		451,585
Chile		294,408		214,225		508,633		301,507		214,226		515,733
Africa		86,910		321		87,231		89,555		321		89,876
Mexico		—		81,920		81,920		—		83,748		83,748
United States		—		162,412		162,412		—		163,398		163,398
Australia		—		31,187		31,187		—		31,944		31,944
Rest of world		12,039		26,570		38,609		12,039		22,993		35,032
Total	$	1,590,974	$	714,044	$	2,305,018	$	1,622,435	$	716,881		2,339,316

The Company’s reportable segments for purposes of assessing performance are shown below (amounts in thousands):

	Three Months Ended September 30, 2019
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	86,981	$	20,111	$	—	$	31,462	$	35,408
Royalty interests		31,793		—		1,099		7,199		23,495
Total	$	118,774	$	20,111	$	1,099	$	38,661	$	58,903

	Three Months Ended September 30, 2018
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	70,037	$	16,527	$	—	$	32,097	$	21,413
Royalty interests		29,955		—		1,292		10,408		18,255
Total	$	99,992	$	16,527	$	1,292	$	42,505	$	39,668

(1) Excludes depreciation, depletion and amortization

(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.

A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):

	Three Months Ended
	September 30,		September 30,
		2019		2018
Total segment gross profit	$	58,903	$	39,668
Costs and expenses
General and administrative expenses		7,443		9,927
Exploration costs		2,626		4,362
Depreciation		53		46
Operating income		48,781		25,333
Fair value changes in equity securities		(1,375)		(1,468)
Interest and other income		775		103
Interest and other expense		(2,834)		(7,877)
Income before income taxes	$	45,347	$	16,091

The Company’s revenue by reportable segment for the three months ended September 30, 2019 and 2018 is geographically distributed as shown in the following table (amounts in thousands):

	Three Months Ended
	September 30,		September 30,
	2019		2018
Stream interests:
Canada	$	37,663	$	14,747
Dominican Republic		21,618		19,486
Chile		20,604		27,742
Africa		7,096		8,062
Total stream interests	$	86,981	$	70,037
Royalty interests:
United States	$	10,602	$	6,056
Canada		8,921		10,181
Mexico		6,387		7,996
Australia		3,802		3,060
Africa		470		492
Rest of world		1,611		2,170
Total royalty interests	$	31,793	$	29,955
Total revenue	$	118,774	$	99,992