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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