SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2020

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 (amounts in thousands):


	As of March 31, 2020						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	$	724,808	$	191,809	$	916,617	$	767,749	$	200,251	$	968,000
Dominican Republic		417,295		—		417,295		451,585		—		451,585
Chile		280,681		225,100		505,781		301,507		214,226		515,733
Africa		169,370		321		169,691		89,555		321		89,876
Mexico		—		77,694		77,694		—		83,748		83,748
United States		—		161,223		161,223		—		163,398		163,398
Australia		—		30,376		30,376		—		31,944		31,944
Rest of world		12,038		26,698		38,736		12,039		22,993		35,032
Total	$	1,604,192	$	713,221	$	2,317,413	$	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 March 31, 2020
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	97,460	$	21,961	$	—	$	43,240	$	32,259
Royalty interests		38,977		—		851		7,875		30,251
Total	$	136,437	$	21,961	$	851	$	51,115	$	62,510

	Three Months Ended March 31, 2019
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	77,765	$	19,075	$	—	$	31,061	$	27,629
Royalty interests		32,013		—		1,006		8,255		22,752
Total	$	109,778	$	19,075	$	1,006	$	39,316	$	50,381


	Nine Months Ended March 31, 2020
	Revenue		Cost of sales⁽¹⁾		Production taxes		Depletion ⁽²⁾		Segment gross profit
Stream interests	$	274,065	$	63,149	$	—	$	106,883	$	104,033
Royalty interests		104,788		—		2,934		22,875		78,979
Total	$	378,853	$	63,149	$	2,934	$	129,758	$	183,012

	Nine Months Ended March 31, 2019
	Revenue		Cost of sales		Production taxes		Depletion		Segment gross profit
Stream interests	$	215,480	$	53,764	$	—	$	91,794	$	69,922
Royalty interests		91,882		—		3,206		28,786		59,890
Total	$	307,362	$	53,764	$	3,206	$	120,580	$	129,812

(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				Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
		2020		2019		2020		2019
Total segment gross profit	$	62,510	$	50,381	$	183,012	$	129,812

Costs and expenses
General and administrative expenses		9,551		6,798		23,658		24,147
Exploration costs		565		330		4,705		5,534
Depreciation and amortization		113		52		280		146
Operating income		52,281		43,201		154,369		99,985
Fair value changes in equity securities		(3,819)		1,781		(4,972)		(3,318)
Interest and other income		620		499		1,621		1,089
Interest and other expense		(2,088)		(7,499)		(7,139)		(22,786)
Income before income taxes	$	46,994	$	37,982	$	143,879	$	74,970

The Company’s revenue by reportable segment for the three and nine months ended March 31, 2020 and 2019 is geographically distributed as shown in the following table (amounts in thousands):


	Three Months Ended				Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
	2020		2019		2020		2019
Stream interests:
Canada	$	37,136	$	34,012	$	112,990	$	81,021
Dominican Republic		28,302		20,787		73,534		58,504
Chile		22,055		15,638		63,323		51,016
Africa		9,967		7,328		24,218		24,939
Total stream interests	$	97,460	$	77,765	$	274,065	$	215,480

Royalty interests:
United States	$	13,199	$	9,813	$	33,813	$	24,153
Canada		9,126		8,201		26,084		25,918
Mexico		9,160		8,719		24,923		24,551
Australia		3,714		3,234		11,062		9,451
Africa		925		161		2,531		1,185
Rest of world		2,853		1,885		6,375		6,624
Total royalty interests	$	38,977	$	32,013	$	104,788	$	91,882
Total revenue	$	136,437	$	109,778	$	378,853	$	307,362