SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

9.    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, 2023						As of December 31, 2022
					Total stream						Total stream
	Stream		Royalty		and royalty		Stream		Royalty		and royalty
	interest		interest		interests, net		interest		interest		interests, net
Canada	$	484,602	$	616,920	$	1,101,522	$	511,957	$	620,549	$	1,132,506
Dominican Republic		314,998		—		314,998		320,867		—		320,867
Africa		280,517		321		280,838		299,722		321		300,043
Chile		230,421		224,116		454,537		236,312		224,116		460,428
United States		—		810,487		810,487		—		823,203		823,203
Mexico		—		45,703		45,703		—		50,156		50,156
Australia		—		21,743		21,743		—		22,120		22,120
Rest of world		99,095		26,638		125,733		101,440		26,639		128,079
Total	$	1,409,633	$	1,745,928	$	3,155,561	$	1,470,298	$	1,767,104	$	3,237,402

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

	Three Months Ended June 30, 2023
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	106,015	$	23,367	$	—	$	29,352	$	53,296
Royalty interests		38,027		—		1,274		8,945		27,808
Total	$	144,042	$	23,367	$	1,274	$	38,297	$	81,104
	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

	Six Months Ended June 30, 2023
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	221,005	$	48,387	$	—	$	63,104	$	109,514
Royalty interests		93,429		—		3,263		21,408		68,758
Total	$	314,434	$	48,387	$	3,263	$	84,512	$	178,272
	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

(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,
		2023		2022		2023		2022
Total segment gross profit	$	81,104	$	77,341	$	178,272	$	166,970
Costs and expenses
General and administrative expenses		9,093		9,312		20,093		18,243
Depreciation and amortization		115		124		229		246
Operating income		71,896		67,905		157,950		148,481
Fair value changes in equity securities		(509)		(2,191)		291		(1,577)
Interest and other income		2,650		1,118		4,912		2,093
Interest and other expense		(8,408)		(1,398)		(17,582)		(2,296)
Income before income taxes	$	65,629	$	65,434	$	145,571	$	146,701

Our revenue by reportable segment for the three and six months ended June 30, 2023 and 2022 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,
	2023		2022		2023		2022
Stream interests:
Canada	$	50,848	$	54,591	$	107,829	$	106,077
Dominican Republic		23,540		19,812		45,899		43,076
Africa		18,763		14,540		36,301		25,375
Chile		7,823		11,721		20,757		27,395
Rest of world		5,041		4,215		10,219		8,207
Total stream interests	$	106,015	$	104,879	$	221,005	$	210,130
Royalty interests:
United States	$	23,265	$	16,845	$	56,845	$	41,202
Mexico		8,155		11,940		17,449		27,821
Australia		5,081		4,040		9,180		8,086
Canada		(97)		5,773		6,495		16,551
Africa		—		114		—		430
Rest of world		1,623		2,850		3,460		4,576
Total royalty interests	$	38,027	$	41,562	$	93,429	$	98,666
Total revenue	$	144,042	$	146,441	$	314,434	$	308,796