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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