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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": 24,
  "pageCount": 105,
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  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Uses red boxes and arrows to visually point out the contradiction between the sales commitment pricing and the final realized pricing.",
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      "kind": "callout",
      "text": "Why QoQ increase with no change in tons or % pricing?",
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      "text": "Spruce Point finds it highly suspicious that AMR claimed all year in 2021 that it had 100% of its “All other” segment coal from NAPP priced. By late October that changed to 90%. By year end, it reported selling just 1.27m of the 1.50m tons. Yet, for the year, AMR reported realized pricing of $61.76 per ton vs. its last reported sales commitment of $58.33 per ton – a 6% premium for a business that appears under stress.",
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      "text": "realized pricing: $61.76",
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      "text": "Spruce Point finds it highly suspicious that AMR claimed all year in 2021 that it had 100% of its “All other” segment coal from NAPP priced. By late October that changed to 90%. By year end, it reported selling just 1.27m of the 1.50m tons. Yet, for the year, AMR reported realized pricing of $61.76 per ton vs. its last reported sales commitment of $58.33 per ton – a 6% premium for a business that appears under stress.",
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      "kind": "source-note",
      "text": "Source: 2020 10-K, Q1, Q2, Q3, 2021 10-K",
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      "text": "2021 “All Other” Segment Reporting",
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      "kind": "table",
      "text": "AMR Reported “Sales Commitments” under Coal Supply Agreements",
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      "kind": "title",
      "text": "Evidence of Inflated Revenues",
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      "arcName": "Overcoming the Monster",
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