SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

SEGMENT INFORMATION

SEGMENT INFORMATION

10.    SEGMENT INFORMATION

We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):

	As of March 31, 2022						As of December 31, 2021
					Total stream						Total stream
	Stream		Royalty		and royalty		Stream		Royalty		and royalty
	interest		interest		interests, net		interest		interest		interests, net
Canada	$	560,911	$	415,905	$	976,816	$	579,326	$	412,419	$	991,745
Chile		245,038		224,116		469,154		249,147		224,116		473,263
Dominican Republic		342,532		—		342,532		350,083		—		350,083
Africa		319,827		321		320,148		297,569		321		297,890
United States		—		103,855		103,855		—		107,761		107,761
Mexico		—		58,276		58,276		—		60,977		60,977
Australia		—		27,193		27,193		—		27,496		27,496
Rest of world		109,098		26,617		135,715		107,920		26,617		134,537
Total	$	1,577,406	$	856,283	$	2,433,689	$	1,584,045	$	859,707	$	2,443,752

Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):

	Three Months Ended March 31, 2022
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	105,251	$	22,639	$	—	$	36,378	$	46,234
Royalty interests		57,104		—		2,221		11,485		43,398
Total	$	162,355	$	22,639	$	2,221	$	47,863	$	89,632
	Three Months Ended March 31, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	95,346	$	21,469	$	—	$	32,595	$	41,282
Royalty interests		47,243		—		1,835		8,607		36,801
Total	$	142,589	$	21,469	$	1,835	$	41,202	$	78,083

(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
	March 31,		March 31,
		2022		2021
Total segment gross profit	$	89,632	$	78,083
Costs and expenses
General and administrative expenses		8,931		6,932
Depreciation and amortization		125		94
Operating income		80,576		71,057
Fair value changes in equity securities		613		1,902
Interest and other income		975		733
Interest and other expense		(898)		(1,820)
Income before income taxes	$	81,266	$	71,872

Our revenue by reportable segment for the three months ended March 31, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands):

	Three Months Ended
	March 31,		March 31,
	2022		2021
Stream interests:
Canada	$	51,485	$	42,609
Dominican Republic		23,264		30,173
Chile		15,674		13,022
Africa		8,446		9,542
Rest of world		6,382		—
Total stream interests	$	105,251	$	95,346
Royalty interests:
United States	$	24,358	$	16,474
Mexico		15,881		15,270
Canada		10,778		8,612
Australia		4,046		4,360
Africa		316		748
Rest of world		1,725		1,779
Total royalty interests	$	57,104	$	47,243
Total revenue	$	162,355	$	142,589