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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues - Outside (1) | ​ | $ | 397,841 | ​ | $ | 198,013 | ​ | $ | 37,345 | ​ | $ | 6 | ​ | $ | 18,492 | ​ | $ | 651,697 | ​
Revenues - Intercompany | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,702 | ​ | ​ | (18,702) | ​ | ​ | — | ​
Total revenues (1) | ​ | ​ | 397,841 | ​ | ​ | 198,013 | ​ | ​ | 37,345 | ​ | ​ | 18,708 | ​ | ​ | (210) | ​ | ​ | 651,697 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA Expense (2) | ​ |  | 233,087 | ​ | ​ | 117,502 | ​ | ​ | 4,940 | ​ | ​ | 6,264 | ​ | ​ | (3,466) | ​ |  | 358,327 | ​
Segment Adjusted EBITDA (3) | ​ |  | 140,278 | ​ | ​ | 74,235 | ​ | ​ | 31,402 | ​ | ​ | 12,444 | ​ | ​ | 2,195 | ​ |  | 260,554 | ​
Total assets | ​ |  | 1,019,209 | ​ | ​ | 520,093 | ​ | ​ | 783,309 | ​ | ​ | 320,217 | ​ | ​ | 322,959 | ​ |  | 2,965,787 | ​
Capital expenditures (4) | ​ |  | 96,133 | ​ | ​ | 26,451 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,262 | ​ |  | 123,846 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues - Outside (1) | ​ | $ | 360,406 | ​ | $ | 251,259 | ​ | $ | 35,537 | ​ | $ | — | ​ | $ | 15,720 | ​ | $ | 662,922 | ​
Revenues - Intercompany | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,513 | ​ | ​ | (15,513) | ​ | ​ | — | ​
Total revenues (1) | ​ | ​ | 360,406 | ​ | ​ | 251,259 | ​ | ​ | 35,537 | ​ | ​ | 15,513 | ​ | ​ | 207 | ​ | ​ | 662,922 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA Expense (2) | ​ |  | 207,069 | ​ | ​ | 125,799 | ​ | ​ | 4,424 | ​ | ​ | 5,388 | ​ | ​ | (3,384) | ​ |  | 339,296 | ​
Segment Adjusted EBITDA (3) | ​ |  | 132,008 | ​ | ​ | 116,550 | ​ | ​ | 30,045 | ​ | ​ | 10,125 | ​ | ​ | 3,219 | ​ |  | 291,947 | ​
Total assets | ​ |  | 840,792 | ​ | ​ | 459,834 | ​ | ​ | 768,728 | ​ | ​ | 326,064 | ​ | ​ | 392,331 | ​ |  | 2,787,749 | ​
Capital expenditures (4) | ​ |  | 61,982 | ​ | ​ | 32,505 | ​ | ​ | 2 | ​ | ​ | 400 | ​ | ​ | 585 | ​ |  | 95,474 | ​
(1) | 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 awarded digital assets received for our crypto-mining activities.
​
(2) | Segment Adjusted EBITDA Expense (a non-GAAP financial measure) includes operating expenses, coal purchases, if applicable, and other income or expense as adjusted to remove certain items from operating expenses that we characterize as unrepresentative of our ongoing operations such as litigation accruals. Transportation expenses are excluded as these expenses are passed through to our customers and, consequently, we do not realize any gain or loss
| on transportation revenues. Segment Adjusted EBITDA Expense is used as a supplemental financial measure by our management to assess the operating performance of our segments. Segment Adjusted EBITDA Expense is a key component of Segment Adjusted EBITDA in addition to coal sales, royalty revenues and other revenues. The exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA Expense allows management to focus solely on the evaluation of segment operating performance as it primarily relates to our operating expenses.
​ The following is a reconciliation of Operating expenses (excluding depreciation, depletion and amortization), the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA Expense: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Operating expenses (excluding depreciation, depletion and amortization) | ​ | $ | 363,859 | ​ | $ | 338,723 | ​
Litigation expense accrual | ​ | ​ | (15,250) | ​ |  | — | ​
Outside coal purchases | ​ |  | 9,112 | ​ |  | — | ​
Other expense | ​ | ​ | 606 | ​ | ​ | 573 | ​
Segment Adjusted EBITDA Expense | ​ | $ | 358,327 | ​ | $ | 339,296 | ​
​
(3) | Segment Adjusted EBITDA (a non-GAAP financial measure) is defined as net income attributable to ARLP before net interest expense, income taxes, depreciation, depletion and amortization and general and administrative expenses modified for certain items that we characterize as unrepresentative of our ongoing operations, such as the change in fair value of digital assets and litigation accruals. Segment Adjusted EBITDA is a key component of consolidated EBITDA, which is used as a supplemental financial measure by management and by external users of our financial statements such as investors, commercial banks, research analysts and others. We believe that the presentation of EBITDA provides useful information to investors regarding our performance and results of operations because EBITDA, when used in conjunction with related GAAP financial measures, (i) provides additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provides investors with the financial analytical framework upon which we base financial, operational, compensation and planning decisions and (iii) presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations.
​ Segment Adjusted EBITDA is also used as a supplemental financial measure by our management for reasons similar to those stated in the previous explanation of EBITDA. In addition, the exclusion of corporate general and administrative expenses from consolidated Segment Adjusted EBITDA allows management 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. ​ The following is a reconciliation of Net income, the most comparable GAAP financial measure, to Consolidated Segment Adjusted EBITDA: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Net income | ​ | $ | 159,567 | ​ | $ | 192,678 | ​
Noncontrolling interest | ​ | ​ | (1,510) | ​ | ​ | (1,493) | ​
Net income attributable to ARLP | ​ | $ | 158,057 | ​ | $ | 191,185 | ​
General and administrative | ​ |  | 22,129 | ​ |  | 21,085 | ​
Depreciation, depletion and amortization | ​ |  | 65,549 | ​ |  | 65,550 | ​
Interest expense, net | ​ |  | 6,473 | ​ |  | 9,886 | ​
Change in fair value of digital assets | ​ | ​ | (11,853) | ​ | ​ | — | ​
Litigation expense accrual | ​ | ​ | 15,250 | ​ | ​ | — | ​
Income tax expense | ​ |  | 4,949 | ​ |  | 4,241 | ​
Consolidated Segment Adjusted EBITDA | ​ | $ | 260,554 | ​ | $ | 291,947 | ​
​
(4) | Capital expenditures exclude $72.3 million paid for the JC Resources Acquisition for the three months ended March 31, 2023 and $1.8 million and $2.8 million paid towards oil & gas reserve acquisitions for the three months ended March 31, 2024 and 2023 respectively. (See Note 3 – Acquisitions).
Reconciliation of consolidated Segment Adjusted EBITDA Expense to operating expenses (excluding depreciation, depletion and amortization) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Operating expenses (excluding depreciation, depletion and amortization) | ​ | $ | 363,859 | ​ | $ | 338,723 | ​
Litigation expense accrual | ​ | ​ | (15,250) | ​ |  | — | ​
Outside coal purchases | ​ |  | 9,112 | ​ |  | — | ​
Other expense | ​ | ​ | 606 | ​ | ​ | 573 | ​
Segment Adjusted EBITDA Expense | ​ | $ | 358,327 | ​ | $ | 339,296 | ​
Reconciliation of consolidated Segment Adjusted EBITDA to net income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Net income | ​ | $ | 159,567 | ​ | $ | 192,678 | ​
Noncontrolling interest | ​ | ​ | (1,510) | ​ | ​ | (1,493) | ​
Net income attributable to ARLP | ​ | $ | 158,057 | ​ | $ | 191,185 | ​
General and administrative | ​ |  | 22,129 | ​ |  | 21,085 | ​
Depreciation, depletion and amortization | ​ |  | 65,549 | ​ |  | 65,550 | ​
Interest expense, net | ​ |  | 6,473 | ​ |  | 9,886 | ​
Change in fair value of digital assets | ​ | ​ | (11,853) | ​ | ​ | — | ​
Litigation expense accrual | ​ | ​ | 15,250 | ​ | ​ | — | ​
Income tax expense | ​ |  | 4,949 | ​ |  | 4,241 | ​
Consolidated Segment Adjusted EBITDA | ​ | $ | 260,554 | ​ | $ | 291,947 | ​

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