SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

8.    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, 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	$	473,399	$	616,199	$	1,089,598	$	511,957	$	620,549	$	1,132,506
Dominican Republic		312,805		—		312,805		320,867		—		320,867
Africa		270,812		321		271,133		299,722		321		300,043
Chile		226,366		224,116		450,482		236,312		224,116		460,428
United States		—		803,523		803,523		—		823,203		823,203
Mexico		—		44,035		44,035		—		50,156		50,156
Australia		—		21,547		21,547		—		22,120		22,120
Rest of world		95,819		26,638		122,457		101,440		26,639		128,079
Total	$	1,379,201	$	1,736,379	$	3,115,580	$	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 September 30, 2023
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	98,978	$	21,351	$	—	$	30,433	$	47,194
Royalty interests		39,639		—		1,671		9,556		28,412
Total	$	138,617	$	21,351	$	1,671	$	39,989	$	75,606
	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

	Nine Months Ended September 30, 2023
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	319,982	$	69,738	$	—	$	93,537	$	156,707
Royalty interests		133,069		—		4,934		30,964		97,171
Total	$	453,051	$	69,738	$	4,934	$	124,501	$	253,878
	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

(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,
		2023		2022		2023		2022
Total segment gross profit	$	75,606	$	69,450	$	253,878	$	236,423
Costs and expenses
General and administrative expenses		9,927		7,554		30,020		25,797
Depreciation and amortization		117		122		346		371
Operating income		65,562		61,774		223,512		210,255
Fair value changes in equity securities		(462)		356		(171)		(1,221)
Interest and other income		2,436		3,571		7,348		5,665
Interest and other expense		(7,285)		(8,814)		(24,867)		(11,110)
Income before income taxes	$	60,251	$	56,887	$	205,822	$	203,589

Our revenue by reportable segment for the three and nine months ended September 30, 2023 and 2022 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,
	2023		2022		2023		2022
Stream interests:
Canada	$	42,577	$	46,861	$	150,405	$	152,938
Africa		18,092		13,257		54,394		38,633
Dominican Republic		16,688		21,156		62,586		64,232
Chile		14,644		12,170		35,401		39,566
Rest of world		6,977		5,288		17,196		13,494
Total stream interests	$	98,978	$	98,732	$	319,982	$	308,863
Royalty interests:
United States	$	28,237	$	11,413	$	85,082	$	52,616
Australia		4,696		3,446		13,874		11,533
Canada		3,090		4,826		9,585		21,377
Mexico		1,964		11,095		19,413		38,915
Africa		—		—		—		430
Rest of world		1,652		1,917		5,115		6,492
Total royalty interests	$	39,639	$	32,697	$	133,069	$	131,363
Total revenue	$	138,617	$	131,429	$	453,051	$	440,226