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SEGMENT INFORMATION | 12 Months Ended
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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
​

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