Spruce Point Capital Management · activist-deck
Alpha Metallurgical Resources, Inc. (AMR)
105 pages · 4 arc beats · 2 loops
Alpha Metallurgical Resources, Inc. (AMR)
Spruce Point Capital Management · 2022-05 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 105 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call 5 slides 100% 5/5 slides 100% 5/5 slides · 19 hits — 0/5 slides
20% 1/5 slides 40% 2/5 slides 100% 5/5 slides — 0/5 slides
The Monster 15 slides 100% 15/15 slides 100% 15/15 slides · 101 hits — 0/15 slides
60% 9/15 slides · 11 hits 73.3% 11/15 slides 100% 15/15 slides 100% 15/15 slides The Struggle 30 slides 100% 30/30 slides 100% 30/30 slides · 189 hits — 0/30 slides
— 0/30 slides
76.7% 23/30 slides 100% 30/30 slides — 0/30 slides
The Victory 55 slides 100% 55/55 slides 100% 55/55 slides · 347 hits — 0/55 slides
10.9% 6/55 slides 81.8% 45/55 slides 100% 55/55 slides 20% 11/55 slides Slide inventory
105 every slide · same image gating as the playbook
01
The imagery uses the 'canary in the coal mine' metaphor, implying danger or impending collapse.front_matter
Open slide detailBeat · The Call
03
The slide uses a table to establish credibility by showcasing past successful short-selling campaigns.cite_precedent
Open slide detailBeat · The Call
04
The slide uses a standard TOC format for an activist short report, highlighting specific areas of alleged financial misconduct.front_matter
Open slide detailBeat · The Call
06
The slide uses a timeline-annotated stock chart to build a narrative of corporate malfeasance.expose_contradiction
07
The slide uses a red flag icon to draw attention to the primary claim.expose_contradiction
08
Includes screenshots of legal complaint documents with red underlines highlighting key allegations of fraud and misrepresentation.expose_contradiction
09
The slide uses a vertical red arrow to indicate a downward trajectory or negative outlook, reinforcing the 'downside' thesis.diagnose_problem
10
The slide uses a vertical red arrow on the left to imply a downward trajectory or 'downside' thesis.summarize
11
Uses a vertical red arrow as a visual anchor for the five key points.summarize
12
Uses a red flag icon to signal accounting concerns.decompose_segments
13
Spruce Point Capital Management branding.transition
14
Uses a red flag icon to signal a warning/contradiction.expose_contradiction
15
Uses red boxes to highlight the specific data points in the tables that contradict each other.expose_contradiction
16
Uses a red box callout to highlight the specific line item in the table that contradicts the investor presentation claim.expose_contradiction
17
The slide uses a red box to highlight the specific row for Alpha Metallurgical Resources Inc (AMR) in the table.expose_contradiction
18
The slide highlights a potential overstatement of production, revenue, and inventory by AMR.expose_contradiction
19
The slide highlights that mines 5 and 6 had negligible production in 2021.analyze_data
20
The slide highlights a discrepancy where mines listed as inactive produced coal in 2021.analyze_data
21
The table highlights that production for these mines dropped to zero in 2021 following divestment.analyze_data
Open slide detailBeat · The Struggle
22
Uses a red callout box to highlight the core accusation of revenue inflation.expose_contradiction
Open slide detailBeat · The Struggle
24
Uses red boxes and arrows to visually point out the contradiction between the sales commitment pricing and the final realized pricing.expose_contradiction
Open slide detailBeat · The Struggle
25
Includes a red arrow annotation connecting the '96%' figure in the top table to the '15.57' tons figure in the bottom table.expose_contradiction
Open slide detailBeat · The Struggle
26
Uses a red arrow to visually connect the table data to the chart, emphasizing the contradiction.expose_contradiction
Open slide detailBeat · The Struggle
27
Uses red boxes to highlight the specific line items in financial tables that demonstrate the shift in revenue allocation.expose_contradiction
Open slide detailBeat · The Struggle
28
Uses red callout boxes and arrows to visually connect contradictory data points between two tables.expose_contradiction
Open slide detailBeat · The Struggle
29
The slide uses a table to compare reported segment revenue against calculated revenue, pointing out discrepancies and missing disclosures.expose_contradiction
Open slide detailBeat · The Struggle
30
Uses red boxes and arrows to visually connect contradictory financial data points.expose_contradiction
Open slide detailBeat · The Struggle
31
Uses a red box to highlight the discrepancy between estimated and reported revenues.expose_contradiction
Open slide detailBeat · The Struggle
32
The table provides granular evidence of specific shipments, likely used to support a broader thesis about supply chain or trade relationships.analyze_data
Open slide detailBeat · The Struggle
33
The table lists specific bills of lading for coal shipments from the US to Brazil.analyze_data
Open slide detailBeat · The Struggle
34
The slide provides raw data evidence for supply chain or trade activity analysis.analyze_data
Open slide detailBeat · The Struggle
36
The slide uses a red flag icon and a red box to draw attention to the discrepancy in reserve reporting.expose_contradiction
Open slide detailBeat · The Struggle
37
The slide uses a red flag icon to highlight the discrepancy between AMR's narrative and the data.expose_contradiction
Open slide detailBeat · The Struggle
38
Uses a comparison table to show the evolution of language in legal filings over time.expose_contradiction
Open slide detailBeat · The Struggle
39
Uses red boxes to highlight specific line items in financial tables to draw attention to the lack of valuation adjustments.expose_contradiction
Open slide detailBeat · The Struggle
40
The slide uses a red box to highlight the lack of adjustment in the 'Inventories' line item.expose_contradiction
Open slide detailBeat · The Struggle
41
Uses red boxes and callouts to highlight specific accounting adjustments in financial tables.expose_contradiction
Open slide detailBeat · The Struggle
42
The chart highlights the 'Merger Announced' and 'Merger Closed' points to show price stability.expose_contradiction
Open slide detailBeat · The Struggle
43
The slide highlights a specific accounting practice used by AMR to manipulate cost metrics, linking it to executive turnover.expose_contradiction
Open slide detailBeat · The Struggle
44
Uses a red flag icon to signal the contradiction.expose_contradiction
Open slide detailBeat · The Struggle
45
Uses red boxes and arrows to draw attention to specific, conflicting data points in financial tables.expose_contradiction
Open slide detailBeat · The Struggle
47
The slide uses a red flag icon to highlight the aggressive accounting practice.compare_peers
Open slide detailBeat · The Struggle
48
The slide uses a red flag icon to signal a warning about the company's reported metrics.expose_contradiction
Open slide detailBeat · The Struggle
49
Uses two financial tables from SEC filings to demonstrate that intercompany eliminations are not properly reflected in segment reporting.expose_contradiction
Open slide detailBeat · The Struggle
50
The slide uses a 'before-after' logic to highlight accounting discrepancies in segment reporting.expose_contradiction
Open slide detailBeat · The Struggle
51
Uses a 'before/after' or 'claim vs reality' structure common in activist short reports.expose_contradiction
Open slide detailBeat · The Victory
52
The slide uses a red flag icon to signal a warning/contradiction.expose_contradiction
Open slide detailBeat · The Victory
53
The slide uses a quote from a 10-Q to highlight the contradiction between ownership percentage and accounting treatment.expose_contradiction
Open slide detailBeat · The Victory
54
Uses red flag icon and callout boxes to emphasize the discrepancy.expose_contradiction
Open slide detailBeat · The Victory
55
The slide sets up a comparison to be analyzed on the following slide, specifically pointing out the lack of clarity in Arch's reporting.expose_contradiction
Open slide detailBeat · The Victory
56
The slide uses a red box to highlight the discrepancy between the 65% ownership and the 60% total equity loss recognized.expose_contradiction
Open slide detailBeat · The Victory
57
The slide uses a direct quote from a legal complaint to undermine the target company's narrative.expose_contradiction
Open slide detailBeat · The Victory
58
The slide uses a Spruce Point Capital Management logo (the tree) as a visual anchor.frame_problem
Open slide detailBeat · The Victory
59
Uses a map to visualize cost differentials between coal regions and export ports.expose_contradiction
Open slide detailBeat · The Victory
60
The slide highlights the discrepancy between AMR's high freight costs and its peers, despite similar export profiles.compare_peers
Open slide detailBeat · The Victory
61
The slide uses color-coded cells (red) in the final table to emphasize the dramatic increase in freight costs per ton for Contura Energy/AMR starting in 2017.expose_contradiction
Open slide detailBeat · The Victory
62
The slide uses a table to contrast 2016 and 2017 metrics, highlighting the cost per ton jump from $2.63 to $15.80.expose_contradiction
Open slide detailBeat · The Victory
63
The slide uses a red border around the AMR column to visually emphasize the outlier status.compare_peers
Open slide detailBeat · The Victory
64
Uses a red flag icon and red box to highlight the contradiction between company claims and actual safety data.expose_contradiction
Open slide detailBeat · The Victory
65
The slide uses a red flag icon and a red arrow to draw attention to the negative performance of the target company.name_villain
Open slide detailBeat · The Victory
66
The slide uses color-coding (yellow/red) to highlight deteriorating metrics in the table.expose_contradiction
Open slide detailBeat · The Victory
67
The slide uses red highlighting to draw attention to the 2021 anomalies in cash interest and effective interest rate.expose_contradiction
Open slide detailBeat · The Victory
68
Uses a red flag icon and red boxes to highlight the discrepancy in financial reporting.expose_contradiction
Open slide detailBeat · The Victory
69
The slide uses a sensitivity analysis approach to estimate debt levels.quantify_opportunity
Open slide detailBeat · The Victory
70
The slide uses a red flag icon and red boxes to highlight low effective savings rates and increasing restricted assets.expose_contradiction
Open slide detailBeat · The Victory
71
The slide highlights AMR's significantly higher restricted cash levels compared to its peers.compare_peers
Open slide detailBeat · The Victory
72
The slide highlights a red flag in financial disclosures, suggesting either riskier equipment or a deteriorating credit profile.expose_contradiction
Open slide detailBeat · The Victory
73
The slide highlights specific rows in the financial tables using red boxes to draw attention to the $23.84m repurchase and $3.03m warrant inflow.expose_contradiction
Open slide detailBeat · The Victory
74
The slide uses a red box to highlight specific line items in the cash flow statement and red arrows to connect them to a critical question and explanatory text.expose_contradiction
Open slide detailBeat · The Victory
75
This slide serves as a section divider or thesis statement for an activist presentation.frame_problem
Open slide detailBeat · The Victory
76
The slide uses a red-box callout to highlight the discrepancy between reported and adjusted cash flow figures.expose_contradiction
Open slide detailBeat · The Victory
77
The slide uses a red callout box to highlight the core thesis and red lines to point to the specific accounting differences in the tables.expose_contradiction
Open slide detailBeat · The Victory
78
The slide uses a red flag icon to draw attention to the core argument.expose_contradiction
Open slide detailBeat · The Victory
79
Uses a red flag icon to highlight the core thesis of the slide.expose_contradiction
Open slide detailBeat · The Victory
80
The slide uses a red flag icon to highlight the aggressive nature of the tax refunds.compare_peers
Open slide detailBeat · The Victory
81
The slide uses a red flag icon to draw attention to the negative finding.compare_peers
Open slide detailBeat · The Victory
83
Includes a table of environmental compliance violations for DTA asset.expose_contradiction
Open slide detailBeat · The Victory
84
The table highlights that AMR is the only company in the peer group using NFDL for safety bonuses.expose_contradiction
Open slide detailBeat · The Victory
85
Uses a red flag icon and red underline to emphasize the conflict of interest.expose_contradiction
Open slide detailBeat · The Victory
86
The slide uses a red box to highlight the transition period and subsequent events, framing them as suspicious.expose_contradiction
Open slide detailBeat · The Victory
87
Uses a red flag icon to signal warning/risk.expose_contradiction
Open slide detailBeat · The Victory
89
Uses a red flag icon to signal a warning about management's claims.expose_contradiction
90
Uses a combination of a table for insider activity and a line chart with annotations to highlight historical parallels.expose_contradiction
91
The slide uses a red box to highlight the 'Total Undisclosed Sales Proceeds' column, emphasizing the lack of transparency.expose_contradiction
92
The slide uses a 'red flag' icon to signal an activist critique of the company's financial reporting.quantify_opportunity
93
The slide uses a 'Spruce Point Adjusted Reality' column to contrast with company-reported figures.expose_contradiction
94
Uses a red flag icon to signal a warning or point of interest.expose_contradiction
95
The slide uses a combination of tables and callout boxes to present market intelligence on coal import trends.analyze_data
96
Uses a combination of management quotes and internal data tables to derive a revenue estimate that challenges the sustainability of the revenue stream.expose_contradiction
97
The slide highlights AMR's valuation multiples (EV/Sales and EV/EBITDA) in red boxes to emphasize they are higher than the peer group average.compare_peers
98
The slide uses a red flag icon to emphasize the activist stance on financial reporting quality.show_valuation_bridge
100
The slide uses a red arrow to connect the calculated 'Implied Sales' in the left table to the 'C. Andrew Eidson' row in the right table, visually demonstrating expose_contradiction
Open slide detailBeat · The Victory
101
Uses a red line to visually connect the 'Implied Sales' calculation to the specific row in the Proxy Statement table.expose_contradiction
Open slide detailBeat · The Victory
102
Uses red boxes to highlight specific data points in SEC filings to prove the contradiction.expose_contradiction
Open slide detailBeat · The Victory
103
The slide uses a red line to connect the 'Implied Sales' total in the left table to the 'Jason E. Whitehead' row in the right table to emphasize the discrepancyexpose_contradiction
Open slide detailBeat · The Victory
104
The slide uses a red arrow to visually connect the 'Implied Sales' row in the left table to the 'Daniel E. Horn' row in the right table.expose_contradiction
Open slide detailBeat · The Victory
105
The slide uses a red box to highlight the discrepancy in the proxy statement data for Roger L. Nicholson.expose_contradiction
Open slide detailBeat · The Victory