SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

14. 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. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2023 and 2022 are geographically distributed as shown in the following table (amounts in thousands):

	As of December 31, 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	$	461,398	$	614,900	$	1,076,298	$	511,957	$	620,549	$	1,132,506
Dominican Republic		311,050		—		311,050		320,867		—		320,867
Africa		264,529		321		264,850		299,722		321		300,043
Chile		222,629		224,116		446,745		236,312		224,116		460,428
United States		—		794,891		794,891		—		823,203		823,203
Mexico		—		41,803		41,803		—		50,156		50,156
Australia		—		21,288		21,288		—		22,120		22,120
Rest of world		92,010		26,639		118,649		101,440		26,639		128,079
Total	$	1,351,616	$	1,723,958	$	3,075,574	$	1,470,298	$	1,767,104	$	3,237,402

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

	Year Ended December 31, 2023
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	418,280	$	90,523	$	—	$	121,121	$	206,636
Royalty interests		187,437		—		7,294		43,385		136,758
Total	$	605,717	$	90,523	$	7,294	$	164,506	$	343,394
	Year Ended December 31, 2022
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	417,793	$	94,642	$	—	$	143,526	$	179,625
Royalty interests		185,413		—		7,021		34,916		143,476
Total	$	603,206	$	94,642	$	7,021	$	178,442	$	323,101
	Six Months Ended December 31, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	226,551	$	52,329	$	—	$	82,603	$	91,619
Royalty interests		116,401		—		4,412		16,867		95,122
Total	$	342,952	$	52,329	$	4,412	$	99,470	$	186,741
	Fiscal Year Ended June 30, 2021
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	423,989	$	92,898	$	—	$	150,594	$	180,497
Royalty interests		191,867		—		6,743		32,619		152,505
Total	$	615,856	$	92,898	$	6,743	$	183,213	$	333,002

(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):

	Years Ended				Six Months Ended		Fiscal Year Ended
	December 31,		December 31,		December 31,		June 30,
		2023		2022		2021		2021
Total segment gross profit	$	343,394	$	323,101	$	186,741	$	333,002
Costs and expenses
General and administrative expenses		39,761		34,612		15,163		28,387
Exploration costs		—		—		—		563
Depreciation		431		493		215		356
Impairment of royalty interests		—		4,287		—		—
Total costs and expenses		40,192		39,392		15,378		29,306
Gain on sale of Peak Gold JV interest		—		—		—		33,906
Operating income		303,202		283,709		171,363		337,602
Fair value changes in equity securities		(147)		(1,503)		(1,350)		6,017
Interest and other income		9,952		7,832		1,610		2,443
Interest and other expense		(30,867)		(17,170)		(2,787)		(6,419)
Income before income taxes	$	282,140	$	272,868	$	168,836	$	339,643

Our revenue by reportable segment for the years ended December 31, 2023 and 2022, six months ended December 31, 2021 and fiscal year ended June 30, 2021 is geographically distributed as shown in the following table (amounts in thousands):

	Years Ended				Six Months Ended		Fiscal Year Ended
	December 31,		December 31,		December 31,		June 30,
	2023		2022		2021		2021
Stream interests:
Canada	$	196,961	$	212,369	$	115,544	$	190,537
Dominican Republic		76,247		85,863		52,958		115,583
Africa		70,757		53,787		22,228		35,705
Chile		48,920		47,347		28,075		82,164
Rest of world		25,395		18,427		7,746		—
Total stream interests	$	418,280	$	417,793	$	226,551	$	423,989
Royalty interests:
United States	$	123,690	$	81,642	$	54,046	$	68,611
Mexico		25,754		52,388		31,858		58,212
Canada		12,712		27,210		13,756		31,671
Australia		19,011		15,672		11,174		21,466
Africa		—		316		1,107		2,801
Rest of world		6,270		8,185		4,460		9,106
Total royalty interests	$	187,437	$	185,413	$	116,401	$	191,867
Total revenue	$	605,717	$	603,206	$	342,952	$	615,856