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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2023
SEGMENT INFORMATION |
Schedule of reportable segment results | Reportable segment results are presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Coal Operations | ​ | Royalties | ​ | Other, | ​ | ​ | ​ |
​ | ​ | Illinois |  | ​ |  | ​ | ​ | ​ | ​ | Corporate and |  | ​ | ​ | ​
​ |  | Basin |  | Appalachia |  | Oil & Gas |  | Coal | ​ | Elimination |  | Consolidated |
​ | ​ | (in thousands) |
Three Months Ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues - Outside | ​ | $ | 371,633 | ​ | $ | 215,800 | ​ | $ | 36,311 | ​ | $ | — | ​ | $ | 12,777 | ​ | $ | 636,521 | ​
Revenues - Intercompany | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,763 | ​ | ​ | (16,763) | ​ | ​ | — | ​
Total revenues (2) | ​ | ​ | 371,633 | ​ | ​ | 215,800 | ​ | ​ | 36,311 | ​ | ​ | 16,763 | ​ | ​ | (3,986) | ​ | ​ | 636,521 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA Expense (3) | ​ |  | 213,209 | ​ |  | 131,997 | ​ |  | 3,873 | ​ |  | 6,851 | ​ |  | (5,524) | ​ |  | 350,406 | ​
Segment Adjusted EBITDA (4) | ​ |  | 132,428 | ​ |  | 74,832 | ​ |  | 31,366 | ​ |  | 9,912 | ​ |  | (881) | ​ |  | 247,657 | ​
Capital expenditures (5) | ​ |  | 59,833 | ​ |  | 30,304 | ​ |  | — | ​ |  | — | ​ |  | 20,202 | ​ |  | 110,339 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues - Outside (1) | ​ | $ | 335,234 | ​ | $ | 245,724 | ​ | $ | 41,613 | ​ | $ | — | ​ | $ | 9,890 | ​ | $ | 632,461 | ​
Revenues - Intercompany | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,708 | ​ | ​ | (16,708) | ​ | ​ | — | ​
Total revenues (2) | ​ | ​ | 335,234 | ​ | ​ | 245,724 | ​ | ​ | 41,613 | ​ | ​ | 16,708 | ​ | ​ | (6,818) | ​ | ​ | 632,461 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA Expense (1) (3) | ​ |  | 194,967 | ​ |  | 134,672 | ​ |  | 3,926 | ​ |  | 5,545 | ​ |  | (8,609) | ​ |  | 330,501 | ​
Segment Adjusted EBITDA (1) (4) | ​ |  | 120,760 | ​ | ​ | 102,012 | ​ | ​ | 39,429 | ​ | ​ | 11,163 | ​ | ​ | 1,792 | ​ |  | 275,156 | ​
Capital expenditures | ​ |  | 39,529 | ​ |  | 17,780 | ​ |  | — | ​ |  | 40,033 | ​ |  | 1,962 | ​ |  | 99,304 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues - Outside | ​ | $ | 1,087,431 | ​ | $ | 705,301 | ​ | $ | 105,260 | ​ | $ | — | ​ | $ | 43,287 | ​ | $ | 1,941,279 | ​
Revenues - Intercompany | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 48,843 | ​ | ​ | (48,843) | ​ | ​ | — | ​
Total revenues (2) | ​ | ​ | 1,087,431 | ​ | ​ | 705,301 | ​ | ​ | 105,260 | ​ | ​ | 48,843 | ​ | ​ | (5,556) | ​ | ​ | 1,941,279 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA Expense (3) | ​ |  | 634,944 | ​ | ​ | 377,115 | ​ | ​ | 11,859 | ​ | ​ | 17,836 | ​ | ​ | (13,618) | ​ |  | 1,028,136 | ​
Segment Adjusted EBITDA (4) | ​ |  | 383,987 | ​ | ​ | 300,955 | ​ | ​ | 90,461 | ​ | ​ | 31,007 | ​ | ​ | 2,560 | ​ |  | 808,970 | ​
Total assets | ​ |  | 882,943 | ​ | ​ | 459,742 | ​ | ​ | 767,415 | ​ | ​ | 319,930 | ​ | ​ | 384,011 | ​ |  | 2,814,041 | ​
Capital expenditures (5) | ​ |  | 179,284 | ​ | ​ | 94,119 | ​ | ​ | — | ​ | ​ | 400 | ​ | ​ | 21,553 | ​ |  | 295,356 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues - Outside (1) | ​ | $ | 923,427 | ​ | $ | 646,705 | ​ | $ | 115,089 | ​ | $ | — | ​ | $ | 30,540 | ​ | $ | 1,715,761 | ​
Revenues - Intercompany | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 46,400 | ​ | ​ | (46,400) | ​ | ​ | — | ​
Total revenues (2) | ​ | ​ | 923,427 | ​ | ​ | 646,705 | ​ | ​ | 115,089 | ​ | ​ | 46,400 | ​ | ​ | (15,860) | ​ | ​ | 1,715,761 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA Expense (1) (3) | ​ |  | 567,253 | ​ | ​ | 335,756 | ​ | ​ | 10,785 | ​ | ​ | 15,762 | ​ | ​ | (21,177) | ​ |  | 908,379 | ​
Segment Adjusted EBITDA (1) (4) | ​ |  | 296,327 | ​ | ​ | 277,492 | ​ | ​ | 107,902 | ​ | ​ | 30,638 | ​ | ​ | 5,317 | ​ |  | 717,676 | ​
Total assets (1) | ​ |  | 731,441 | ​ | ​ | 428,000 | ​ | ​ | 756,879 | ​ | ​ | 325,498 | ​ | ​ | 329,568 | ​ |  | 2,571,386 | ​
Capital expenditures | ​ |  | 111,419 | ​ | ​ | 58,616 | ​ | ​ | — | ​ | ​ | 40,033 | ​ | ​ | 11,218 | ​ |  | 221,286 | ​
(1) | Recast for the JC Resources Acquisition as discussed in Note 1 – Organization and Presentation.
​
(2) | Revenues included in the Other, Corporate and Elimination column are attributable to intercompany eliminations, which are primarily intercompany coal royalty eliminations, outside revenues at the Matrix Group and other outside miscellaneous sales and revenue activities.
​
(3) | Segment Adjusted EBITDA Expense includes operating expenses, coal purchases, if applicable, and other income. Transportation expenses are excluded as transportation revenues are recognized in an amount equal to transportation expenses when title passes to the customer.
​ ​ The following is a reconciliation of consolidated Segment Adjusted EBITDA Expense to Operating expenses (excluding depreciation, depletion and amortization): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Operating expenses (excluding depreciation, depletion and amortization) | ​ | $ | 339,099 | ​ | $ | 330,694 | ​ | $ | 1,012,224 | ​ | $ | 909,567 | ​
Outside coal purchases | ​ |  | 11,530 | ​ |  | — | ​ |  | 15,739 | ​ |  | 151 | ​
Other expense (income) | ​ |  | (223) | ​ |  | (193) | ​ |  | 173 | ​ |  | (1,339) | ​
Segment Adjusted EBITDA Expense | ​ | $ | 350,406 | ​ | $ | 330,501 | ​ | $ | 1,028,136 | ​ | $ | 908,379 | ​
​
(4) | Segment Adjusted EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes, depreciation, depletion and amortization, and general and administrative expenses. Management therefore is able to focus solely on the evaluation of segment operating profitability as it relates to our revenues and operating expenses, which are primarily controlled by our segments. Consolidated Segment Adjusted EBITDA is reconciled to net income as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Net income | ​ | $ | 155,351 | ​ | $ | 168,072 | ​ | $ | 519,334 | ​ | $ | 370,296 | ​
Noncontrolling interest | ​ | ​ | (1,652) | ​ | ​ | (364) | ​ | ​ | (4,660) | ​ | ​ | (977) | ​
Net income attributable to ARLP | ​ | $ | 153,699 | ​ | $ | 167,708 | ​ | $ | 514,674 | ​ | $ | 369,319 | ​
General and administrative | ​ |  | 20,097 | ​ |  | 21,360 | ​ |  | 61,312 | ​ |  | 62,462 | ​
Depreciation, depletion and amortization | ​ |  | 65,393 | ​ |  | 70,669 | ​ |  | 199,582 | ​ |  | 202,499 | ​
Interest expense, net | ​ |  | 5,067 | ​ |  | 8,819 | ​ |  | 21,761 | ​ |  | 27,750 | ​
Income tax expense | ​ |  | 3,401 | ​ |  | 6,600 | ​ |  | 11,641 | ​ |  | 55,646 | ​
Consolidated Segment Adjusted EBITDA | ​ | $ | 247,657 | ​ | $ | 275,156 | ​ | $ | 808,970 | ​ | $ | 717,676 | ​
​
(5) | Capital expenditures for the three and nine months ended September 30, 2023 exclude $10.0 million and $13.9 million, respectively, paid towards the oil & gas reserve acquisitions. Capital expenditures for the nine months ended September 30, 2023 also exclude the $72.3 million paid for the JC Resources Acquisition (See Note 2 – Acquisitions).
Reconciliation of consolidated Segment Adjusted EBITDA Expense to operating expenses (excluding depreciation, depletion and amortization) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Operating expenses (excluding depreciation, depletion and amortization) | ​ | $ | 339,099 | ​ | $ | 330,694 | ​ | $ | 1,012,224 | ​ | $ | 909,567 | ​
Outside coal purchases | ​ |  | 11,530 | ​ |  | — | ​ |  | 15,739 | ​ |  | 151 | ​
Other expense (income) | ​ |  | (223) | ​ |  | (193) | ​ |  | 173 | ​ |  | (1,339) | ​
Segment Adjusted EBITDA Expense | ​ | $ | 350,406 | ​ | $ | 330,501 | ​ | $ | 1,028,136 | ​ | $ | 908,379 | ​
Reconciliation of consolidated Segment Adjusted EBITDA to net income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Net income | ​ | $ | 155,351 | ​ | $ | 168,072 | ​ | $ | 519,334 | ​ | $ | 370,296 | ​
Noncontrolling interest | ​ | ​ | (1,652) | ​ | ​ | (364) | ​ | ​ | (4,660) | ​ | ​ | (977) | ​
Net income attributable to ARLP | ​ | $ | 153,699 | ​ | $ | 167,708 | ​ | $ | 514,674 | ​ | $ | 369,319 | ​
General and administrative | ​ |  | 20,097 | ​ |  | 21,360 | ​ |  | 61,312 | ​ |  | 62,462 | ​
Depreciation, depletion and amortization | ​ |  | 65,393 | ​ |  | 70,669 | ​ |  | 199,582 | ​ |  | 202,499 | ​
Interest expense, net | ​ |  | 5,067 | ​ |  | 8,819 | ​ |  | 21,761 | ​ |  | 27,750 | ​
Income tax expense | ​ |  | 3,401 | ​ |  | 6,600 | ​ |  | 11,641 | ​ |  | 55,646 | ​
Consolidated Segment Adjusted EBITDA | ​ | $ | 247,657 | ​ | $ | 275,156 | ​ | $ | 808,970 | ​ | $ | 717,676 | ​

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