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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Operating Results and Capital Expenditures | As a result of the closure of Slabcamp, the Company’s last remaining thermal mine, in August 2023, the Company changed its method of allocating certain corporate level income and expense items among its operating segments starting in 2024. Certain expenses not previously allocated to operating segments (e.g. selling, general and administrative expenses) began to be allocated. Certain other income or expense items previously allocated to operating segments began to be fully allocated to the Company’s primary Met reportable segment. For comparability purposes, prior period segment information has been recast to conform to the current year presentation. The Company’s mining operations are located within the Central Appalachian coal basin in Virginia and West Virginia. The Company’s strategic focus is on the production of metallurgical quality coal for sale to the steel industry. The Company’s reportable segment, Met, is comprised of the Company’s mining complexes which produce, as a primary product, metallurgical quality coal and thermal coal as a byproduct. The All Other category includes the Company’s former CAPP – Thermal operating segment which was comprised of the Company’s mining complexes which produced, as a primary product, thermal quality coal. Segment operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer of the Company. Segment information and reconciliations to consolidated amounts for the three months ended March 31, 2024 and 2023 are as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Coal revenues - Met | $ | 861,283 |  |  | $ | 887,007 |  |  |  |  |
Other revenues - Met | 2,789 |  |  | 4,537 |  |  |  |  |
Total revenues - Met | $ | 864,072 |  |  | $ | 891,544 |  |  |  |  |
Coal revenues - All Other | — |  |  | 19,691 |  |  |  |  |
Total revenues | $ | 864,072 |  |  | $ | 911,235 |  |  |  |  |
The following tables present additional information on our revenues and top customers:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Total coal revenues | $ | 861,283 |  |  | $ | 906,698 |  |  |  |  |
Total revenues | $ | 864,072 |  |  | $ | 911,235 |  |  |  |  |
Export coal revenues | $ | 701,301 |  |  | $ | 678,131 |  |  |  |  |
Export coal revenues as % of total coal revenues | 81 | % |  | 75 | % |  |  |  |
Countries with export coal revenue exceeding 10% of total revenues | India, Brazil |  | India |  |  |  |
Top customer as % of total revenues | 16 | % |  | 17 | % |  |  |  |
Top 10 customers as % of total revenues | 81 | % |  | 78 | % |  |  |  |
Number of customers exceeding 10% of total revenues | 4 |  | 4 |  |  |  |
| As of March 31,
| 2024 |  | 2023
Number of customers exceeding 10% of total trade accounts receivable, net | 3 |  | 3
Schedule of Reconciliation of Net Income to Adjusted EBITDA | A reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2024 and 2023 is as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Net income | $ | 126,995 |  |  | $ | 270,771 |  |  |  |  |
Interest expense | 1,086 |  |  | 1,720 |  |  |  |  |
Interest income | (3,971) |  |  | (1,518) |  |  |  |  |
Income tax expense | 14,165 |  |  | 42,411 |  |  |  |  |
Depreciation, depletion, and amortization | 40,701 |  |  | 29,423 |  |  |  |  |
Non-cash stock compensation expense | 2,769 |  |  | 3,034 |  |  |  |  |
Accretion on asset retirement obligations | 6,143 |  |  | 6,377 |  |  |  |  |
Amortization of acquired intangibles, net | 1,675 |  |  | 2,197 |  |  |  |  |
Adjusted EBITDA | $ | 189,563 |  |  | $ | 354,415 |  |  |  |  |
Adjusted EBITDA - Met | $ | 189,563 |  |  | $ | 350,046 |  |  |  |  |
Adjusted EBITDA - All Other | — |  |  | 4,369 |  |  |  |  |
Total Adjusted EBITDA | $ | 189,563 |  |  | $ | 354,415 |  |  |  |  |

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- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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