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Segment Information
 3 Months Ended
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,
20242023
Coal revenues - Met$861,283 $887,007 
Other revenues - Met2,789 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,
20242023
Net income$126,995 $270,771 
Interest expense1,086 1,720 
Interest income(3,971)(1,518)
Income tax expense14,165 42,411 
Depreciation, depletion, and amortization40,701 29,423 
Non-cash stock compensation expense2,769 3,034 
Accretion on asset retirement obligations6,143 6,377 
Amortization of acquired intangibles, net1,675 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,
20242023
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 revenues81 %75 %
Countries with export coal revenue exceeding 10% of total revenuesIndia, BrazilIndia
Top customer as % of total revenues16 %17 %
Top 10 customers as % of total revenues81 %78 %
Number of customers exceeding 10% of total revenues44
As of March 31,
 20242023
Number of customers exceeding 10% of total trade accounts receivable, net33