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Segment Information | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information 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 |  |  |  |  |
No asset information has been disclosed as the CODM does not regularly review asset information by segment. 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 |  |  |  |  |
The Company markets produced, processed and purchased coal to customers in the United States and in international markets. Revenue is tracked within the Company’s accounting records based on the product destination. 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

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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