SEGMENT INFORMATION (Tables)
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9 Months Ended |
Sep. 30, 2024 |
Segment Reporting [Abstract] |
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Schedule of geographical distribution of long-lived assets |
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, 2024 | | As of December 31, 2023 | | Stream interest | | Royalty interest | | Total stream and royalty interests, net | | Stream interest | | Royalty interest | | Total stream and royalty interests, net | Canada | $ | 428,042 | | | $ | 660,950 | | | $ | 1,088,992 | | | $ | 461,398 | | | $ | 614,900 | | | $ | 1,076,298 | | Dominican Republic | 303,954 | | | — | | | 303,954 | | | 311,050 | | | — | | | 311,050 | | Africa | 242,378 | | | 321 | | | 242,699 | | | 264,529 | | | 321 | | | 264,850 | | Chile | 214,509 | | | 224,116 | | | 438,625 | | | 222,629 | | | 224,116 | | | 446,745 | | United States | — | | | 778,496 | | | 778,496 | | | — | | | 794,891 | | | 794,891 | | Mexico | — | | | 35,629 | | | 35,629 | | | — | | | 41,803 | | | 41,803 | | Australia | — | | | 19,908 | | | 19,908 | | | — | | | 21,288 | | | 21,288 | | Rest of world | 86,888 | | | 26,133 | | | 113,021 | | | 92,010 | | | 26,639 | | | 118,649 | | Total | $ | 1,275,771 | | | $ | 1,745,553 | | | $ | 3,021,324 | | | $ | 1,351,616 | | | $ | 1,723,958 | | | $ | 3,075,574 | |
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Schedule of reportable segments for assessing performance |
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Revenue | | Cost of sales (1) | | Production taxes | | Depletion (2) | | Segment gross profit | Stream interests | $ | 133,052 | | | $ | 27,192 | | | $ | — | | | $ | 26,674 | | | $ | 79,186 | | Royalty interests | 60,785 | | | — | | | 1,520 | | | 9,417 | | | 49,848 | | Total | $ | 193,837 | | | $ | 27,192 | | | $ | 1,520 | | | $ | 36,091 | | | $ | 129,034 | | | | | | | | | | | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Revenue | | Cost of sales (1) | | Production taxes | | Depletion (2) | | Segment gross profit | Stream interests | $ | 358,531 | | | $ | 73,116 | | | $ | — | | | $ | 80,199 | | | $ | 205,216 | | Royalty interests | 158,304 | | | — | | | 4,550 | | | 30,234 | | | 123,520 | | Total | $ | 516,835 | | | $ | 73,116 | | | $ | 4,550 | | | $ | 110,433 | | | $ | 328,736 | | | | | | | | | | | | | 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 | |
_______________________________________________ (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.
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Schedule of reconciliation of segment gross profit to consolidated income (loss) |
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, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | Total segment gross profit | $ | 129,034 | | | $ | 75,606 | | | $ | 328,736 | | | $ | 253,878 | | | | | | | | | | Costs and expenses | | | | | | | | General and administrative expenses | 10,102 | | | 9,927 | | | 32,025 | | | 30,020 | | Depreciation and amortization | 86 | | | 117 | | | 256 | | | 346 | | Operating income | 118,846 | | | 65,562 | | | 296,455 | | | 223,512 | | Fair value changes in equity securities | (425) | | | (462) | | | (42) | | | (171) | | Interest and other income | 626 | | | 2,436 | | | 4,410 | | | 7,348 | | Interest and other expense | (1,207) | | | (7,285) | | | (8,330) | | | (24,867) | | Income before income taxes | $ | 117,840 | | | $ | 60,251 | | | $ | 292,493 | | | $ | 205,822 | |
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Schedule of revenue by reportable segment geographically distributed |
Our revenue by reportable segment for the three and nine months ended September 30, 2024 and 2023, is geographically distributed as shown in the following table (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | | | | | | | | | Stream interests: | | | | | | | | | | | | | | | | | Canada | $ | 66,372 | | | $ | 42,577 | | | $ | 173,737 | | | $ | 150,405 | | | | | | | | | | | Dominican Republic | 26,585 | | | 16,688 | | | 64,147 | | | 62,586 | | | | | | | | | | | Africa | 19,973 | | | 18,092 | | | 59,470 | | | 54,394 | | | | | | | | | | | Chile | 9,652 | | | 14,644 | | | 31,949 | | | 35,401 | | | | | | | | | | | Rest of world | 10,470 | | | 6,977 | | | 29,228 | | | 17,196 | | | | | | | | | | | Total stream interests | $ | 133,052 | | | $ | 98,978 | | | $ | 358,531 | | | $ | 319,982 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Royalty interests: | | | | | | | | | | | | | | | | | United States | $ | 34,131 | | | $ | 28,237 | | | $ | 83,484 | | | $ | 85,082 | | | | | | | | | | | Mexico | 10,853 | | | 1,964 | | | 34,509 | | | 19,413 | | | | | | | | | | | Australia | 7,476 | | | 4,696 | | | 19,498 | | | 13,874 | | | | | | | | | | | Canada | 5,269 | | | 3,090 | | | 13,435 | | | 9,585 | | | | | | | | | | | Rest of world | 3,056 | | | 1,652 | | | 7,378 | | | 5,115 | | | | | | | | | | | Total royalty interests | $ | 60,785 | | | $ | 39,639 | | | $ | 158,304 | | | $ | 133,069 | | | | | | | | | | | Total revenue | $ | 193,837 | | | $ | 138,617 | | | $ | 516,835 | | | $ | 453,051 | | | | | | | | | | |
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