SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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 June 30, 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	$	540,766	$	414,496	$	955,262	$	579,326	$	412,419	$	991,745
Chile		241,947		224,116		466,063		249,147		224,116		473,263
Dominican Republic		336,215		—		336,215		350,083		—		350,083
Africa		313,707		321		314,028		297,569		321		297,890
United States		—		101,921		101,921		—		107,761		107,761
Mexico		—		55,877		55,877		—		60,977		60,977
Australia		—		26,861		26,861		—		27,496		27,496
Rest of world		107,020		26,617		133,637		107,920		26,617		134,537
Total	$	1,539,655	$	850,209	$	2,389,864	$	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 June 30, 2022
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	104,879	$	23,810	$	—	$	37,790	$	43,279
Royalty interests		41,562		—		1,425		6,075		34,062
Total	$	146,441	$	23,810	$	1,425	$	43,865	$	77,341
	Three Months Ended June 30, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	114,421	$	24,668	$	—	$	38,746	$	51,007
Royalty interests		53,606		—		2,152		9,190		42,264
Total	$	168,027	$	24,668	$	2,152	$	47,936	$	93,271

	Six Months Ended June 30, 2022
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	210,130	$	46,450	$	—	$	74,169	$	89,511
Royalty interests		98,666		—		3,646		17,561		77,459
Total	$	308,796	$	46,450	$	3,646	$	91,730	$	166,970
	Six Months Ended June 30, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	209,767	$	46,137	$	—	$	71,341	$	92,289
Royalty interests		100,849		—		3,987		17,797		79,065
Total	$	310,616	$	46,137	$	3,987	$	89,138	$	171,354

(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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
		2022		2021		2022		2021
Total segment gross profit	$	77,341	$	93,271	$	166,970	$	171,354
Costs and expenses
General and administrative expenses		9,312		7,212		18,243		14,143
Depreciation and amortization		124		92		246		186
Operating income		67,905		85,967		148,481		157,025
Fair value changes in equity securities		(2,191)		1,957		(1,577)		3,859
Interest and other income		1,118		676		2,093		1,409
Interest and other expense		(1,398)		(1,145)		(2,296)		(2,965)
Income before income taxes	$	65,434	$	87,455	$	146,701	$	159,328

Our revenue by reportable segment for the three and six months ended June 30, 2022 and 2021 is geographically distributed as shown in the following table (amounts in thousands):

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Stream interests:
Canada	$	54,591	$	52,040	$	106,077	$	94,649
Dominican Republic		19,812		26,585		43,076		56,759
Africa		14,540		7,928		25,375		17,470
Chile		11,721		27,868		27,395		40,889
Rest of world		4,215		—		8,207		—
Total stream interests	$	104,879	$	114,421	$	210,130	$	209,767
Royalty interests:
United States	$	16,845	$	21,349	$	41,202	$	37,823
Mexico		11,940		16,191		27,821		31,461
Canada		5,773		9,601		16,551		18,213
Australia		4,040		4,249		8,086		8,610
Africa		114		559		430		1,307
Rest of world		2,850		1,657		4,576		3,435
Total royalty interests	$	41,562	$	53,606	$	98,666	$	100,849
Total revenue	$	146,441	$	168,027	$	308,796	$	310,616