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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "The slide highlights a potential overstatement of production, revenue, and inventory by AMR.",
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      "kind": "callout",
      "text": "Spruce Point has concerns about AMR's coal production figures reported to investors being higher than being reported to the U.S. Government Mine Safety and Health Administration. We conducted a mine-by-mine analysis. If AMR is over-reporting production, there is a strong possibility its revenues and coal inventories are overstated. Overstated inventories can also to overstated margins and profitability. Recall that in 2019, AMR admitted a material weakness in the process level controls over the valuation of coal inventory and elements of the procurement process were ineffective.(1)",
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      "text": "If AMR is over-reporting production, there is a strong possibility its revenues and coal inventories are overstated. Overstated inventories can also to overstated margins and profitability.",
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      "text": "Coal Production: 16,200,000",
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      "text": "Recall that in 2019, AMR admitted a material weakness in the process level controls over the valuation of coal inventory and elements of the procurement process were ineffective.",
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      "text": "1) 2019 10-K\n2) Adjusted to include total production through Dec 10, 2020 closing\n3) Low end 2021 production reported in the March 2022 Investor Presentation and high end production in the 2021 10-K, p. 12\n2020 production reported in March 2021 Investor Presentation",
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      "text": "Source: U.S. Department of Labor, Mine Safety and Health Administration (MSHA)\nNote: Prior to 2020 AMR did not report a clean production figure, but also included third party purchases\nNote: See Appendix For Full Mine By Mine Production",
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      "text": "Year, Active Mines (A), Past-Producing Mines (B), Cumberland Divestiture Dec 10, 2020 (C), Kielty (Ruby Energy) and Edwight Divested Mines: Q4 2021 (D), Total Production (A to D), Less: Divested Production (C), Reported Production to U.S. MSHA, Reported To Investors (3)",
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      "text": "Official 2021 Production Numbers Reported To The U.S. Gov't Differ From Numbers To Investors",
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