Segment Information The Company extracts, processes and markets met and thermal coal from surface and deep mines for sale to electric utilities, steel and coke producers, and industrial customers. The Company conducts mining operations only in the United States with mines in Northern and Central Appalachia. The Company has four reportable segments: CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics. CAPP - Met consists of eight active mines and two preparation plants in Virginia, seventeen active mines and six preparation plants in West Virginia, as well as expenses associated with certain closed mines. CAPP - Thermal consists of six active mines and three preparation plants in West Virginia. NAPP consists of one active mine in Pennsylvania and one preparation plant, as well as expenses associated with one closed mine. The Trading and Logistics segment primarily engages in coal trading activities and coal terminal services. Prior to the Merger, the Company had three reportable segments: CAPP, NAPP, and Trading and Logistics. In addition to the four reportable segments, the All Other category includes general corporate overhead and corporate assets and liabilities and the elimination of certain intercompany activity. The operating results of these reportable segments are regularly reviewed by the Chief Operating Decision Maker (CODM), who is the Chief Executive Officer of the Company. Segment operating results and capital expenditures for the three months ended March 31, 2019 were as follows: Three Months Ended March 31, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 346,499 $ 57,607 $ 71,701 $ 132,603 $ 704 $ 609,114 Depreciation, depletion, and amortization $ 36,673 $ 14,112 $ 6,627 $  $ 3,859 $ 61,271 Amortization of acquired intangibles, net $ 4,786 $ 1,155 $  $ (12,624 ) $  $ (6,683 ) Adjusted EBITDA $ 91,703 $ (4,283 ) $ 4,754 $ 9,929 $ (18,721 ) $ 83,382 Capital expenditures $ 29,586 $ 2,469 $ 7,999 $  $ 1,030 $ 41,084 Segment operating results and capital expenditures for the three months ended March 31, 2018 were as follows: Three Months Ended March 31, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 134,836 $  $ 63,137 $ 283,019 $ 1,340 $ 482,332 Depreciation, depletion, and amortization $ 6,236 $  $ 5,168 $  $ 184 $ 11,588 Amortization of acquired intangibles, net $  $  $  $ 10,206 $  $ 10,206 Adjusted EBITDA $ 57,920 $  $ 9,290 $ 42,758 $ (10,968 ) $ 99,000 Capital expenditures $ 7,672 $  $ 11,769 $  $  $ 19,441 The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2019 : Three Months Ended March 31, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 53,135 $ (25,129 ) $ (2,879 ) $ 22,267 $ (39,404 ) $ 7,990 Interest expense 28 4 1  15,122 15,155 Interest income (4 )  (12 )  (1,920 ) (1,936 ) Income tax benefit     (4,778 ) (4,778 ) Depreciation, depletion and amortization 36,673 14,112 6,627  3,859 61,271 Merger related costs     831 831 Non-cash stock compensation expense 117 52  286 4,816 5,271 Mark-to-market adjustment - acquisition-related obligations     1,936 1,936 Accretion on asset retirement obligations 2,333 2,065 1,017  817 6,232 Cost impact of coal inventory fair value adjustment (1) 3,718 3,458    7,176 Gain on assets acquired in an exchange transaction (2) (9,083 )     (9,083 ) Amortization of acquired intangibles, net 4,786 1,155  (12,624 )  (6,683 ) Adjusted EBITDA $ 91,703 $ (4,283 ) $ 4,754 $ 9,929 $ (18,721 ) $ 83,382 (1) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger is expected to have short-term impact. (2) During the three months ended March 31, 2019 , the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2018 : Three Months Ended March 31, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 49,860 $  $ 3,115 $ 32,552 $ (27,227 ) $ 58,300 Interest expense 309  68  8,828 9,205 Interest income (4 )  (2 )  (125 ) (131 ) Income tax expense     66 66 Depreciation, depletion and amortization 6,236  5,168  184 11,588 Merger related costs     460 460 Management restructuring costs (1)     2,659 2,659 Non-cash stock compensation expense     4,479 4,479 Gain on settlement of acquisition-related obligations     (292 ) (292 ) Accretion on asset retirement obligations 1,519  941   2,460 Amortization of acquired intangibles, net    10,206  10,206 Adjusted EBITDA $ 57,920 $  $ 9,290 $ 42,758 $ (10,968 ) $ 99,000 (1) Management restructuring costs are related to severance expense associated with senior management changes in the three months ended March 31, 2018 . No asset information has been provided for these reportable segments as the CODM does not regularly review asset information by reportable segment. The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, Netherlands, France, and Sweden. Export coal revenues were the following: Three Months Ended March 31, 2019 2018 Total coal revenues (1) $ 606,960 $ 478,365 Export coal revenues (1) (2) $ 343,306 $ 421,555 Export coal revenues as % of total coal revenues (1) 57 % 88 % (1) Amounts include freight and handling revenues. (2) The amounts for the three months ended March 31, 2019 include $125,598 of export coal revenues, including freight and handling revenues, from external customers in India, recorded within the CAPP - Met, CAPP - Thermal, and Trading and Logistics segments. The amounts for the three months ended March 31, 2018 include $166,284 and $66,606 of export coal revenues, including freight and handling revenues, from external customers in India and Brazil, respectively, recorded within the CAPP - Met, NAPP, and Trading and Logistics segments. Revenue is tracked within the Companys accounting records based on the product destination. The Company sold 720 and 1,522 tons of coal purchased from third parties, excluding tons sold related to the Back-to-Back Coal Supply Agreements, for the three months ended March 31, 2019 and 2018 , respectively, representing approximately 12% and 40% , respectively, of total coal sales volume during such periods. The Company purchased 1,099 tons of this coal from Alpha during the three months ended March 31, 2018 . Additionally, two of the Companys customers had outstanding balances each in excess of 10% of the total accounts receivable balance as of March 31, 2019, and two of the Companys customers had outstanding balances each in excess of 10% of the total accounts receivable balance as of December 31, 2018.