SEGMENT INFORMATION

9 Months Ended

Sep. 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 September 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	$	528,325	$	620,035	$	1,148,360	$	579,326	$	412,419	$	991,745
Dominican Republic		328,674		—		328,674		350,083		—		350,083
Africa		307,291		321		307,612		297,569		321		297,890
Chile		238,596		224,116		462,712		249,147		224,116		473,263
United States		—		626,525		626,525		—		107,761		107,761
Mexico		—		53,046		53,046		—		60,977		60,977
Australia		—		26,642		26,642		—		27,496		27,496
Rest of world		104,192		26,617		130,809		107,920		26,617		134,537
Total	$	1,507,078	$	1,577,302	$	3,084,380	$	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 September 30, 2022
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	98,732	$	23,221	$	—	$	32,576	$	42,935
Royalty interests		32,697		—		1,119		5,063		26,515
Total	$	131,429	$	23,221	$	1,119	$	37,639	$	69,450
	Three Months Ended September 30, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	115,921	$	27,230	$	—	$	41,922	$	46,769
Royalty interests		58,510		—		2,054		8,596		47,860
Total	$	174,431	$	27,230	$	2,054	$	50,518	$	94,629

	Nine Months Ended September 30, 2022
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	308,863	$	69,670	$	—	$	106,745	$	132,448
Royalty interests		131,363		—		4,765		22,623		103,975
Total	$	440,226	$	69,670	$	4,765	$	129,368	$	236,423
	Nine Months Ended September 30, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	325,688	$	73,367	$	—	$	113,263	$	139,058
Royalty interests		159,359		—		6,042		26,394		126,923
Total	$	485,047	$	73,367	$	6,042	$	139,657	$	265,981

(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
	September 30,		September 30,		September 30,		September 30,
		2022		2021		2022		2021
Total segment gross profit	$	69,450	$	94,629	$	236,423	$	265,981
Costs and expenses
General and administrative expenses		7,554		7,129		25,797		21,272
Depreciation and amortization		122		93		371		278
Operating income		61,774		87,407		210,255		244,431
Fair value changes in equity securities		356		176		(1,221)		4,035
Interest and other income		3,571		819		5,665		2,227
Interest and other expense		(8,814)		(1,908)		(11,110)		(4,873)
Income before income taxes	$	56,887	$	86,494	$	203,589	$	245,820

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

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Stream interests:
Canada	$	46,861	$	64,031	$	152,938	$	158,679
Dominican Republic		21,156		27,198		64,232		83,957
Chile		12,170		11,601		39,566		52,491
Africa		13,257		8,679		38,633		26,149
Rest of world		5,288		4,412		13,494		4,412
Total stream interests	$	98,732	$	115,921	$	308,863	$	325,688
Royalty interests:
United States	$	11,413	$	27,080	$	52,616	$	64,903
Mexico		11,095		15,427		38,915		46,888
Canada		4,826		6,402		21,377		24,616
Australia		3,446		6,917		11,533		15,526
Africa		—		602		430		1,909
Rest of world		1,917		2,082		6,492		5,517
Total royalty interests	$	32,697	$	58,510	$	131,363	$	159,359
Total revenue	$	131,429	$	174,431	$	440,226	$	485,047