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  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "pageNumber": 22,
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  "nDataPoints": 24,
  "notes": "Uses a red callout box to highlight the core accusation of revenue inflation.",
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      "kind": "callout",
      "text": "AMR appears to be selling non-produced tons (i.e. brokered coal), but is not entirely transparent about the reporting of this activity. Furthermore, AMR includes these brokered coal sales within “Coal Revenue” and “Met” reporting and not within “All Other”.(1) We believe this is not a best practice and mixes two different businesses (i.e. mining and producing vs. brokering). In fact, we observe that Peabody Energy includes its trading and brokerage business within its “Corporate and Other” reporting segment.(2) AMR’s Coal and met segment revenues could be overstated by at least $107 million by including third party coal sales.(3)",
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      "kind": "callout",
      "text": "AMR's Coal and met segment revenues could be overstated by at least $107 million by including third party coal sales.",
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      "text": "Coal revenue: $107 million",
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      "toolName": "Quantification",
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      "kind": "source-note",
      "text": "1) Per AMR, “All Other” includes general corporate overhead... 2) See BTU 2021 10-K 3) 931,000 tons at the ASP of $115.18 per met ton and 5,000 tons at $61.76",
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      "kind": "table",
      "text": "Potentially Misleading View Comparing Total Coal Sold vs. Produced Tons Sold",
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      "kind": "table",
      "text": "Year Ended December 31, 2021 Coal Revenue breakdown",
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      "kind": "table",
      "text": "Estimated 3rd Party Coal Tons Sold",
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      "kind": "title",
      "text": "AMR Lacks Transparency On Brokered Coal Sales, And Is Likely Inflating Coal Sales",
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      "evidence": "The slide explicitly claims revenue inflation and lack of transparency in financial reporting.",
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      "arcName": "Overcoming the Monster",
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