{
  "docId": "019dd923-622c-750b-8b99-374c176318da",
  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 105,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 84,
  "notes": "Includes a red arrow annotation connecting the '96%' figure in the top table to the '15.57' tons figure in the bottom table.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-374c176318da/25",
  "deckHref": "/decks/019dd923-622c-750b-8b99-374c176318da",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-374c176318da.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-374c176318da#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Why did AMR book negative “other revenue” in the Met segment in Q1 2021? Also, notice carefully that 96% of Met segment sales had been priced by October 29, 2021 and that accounted for 15.1m tons. By year end, 15.57m tons were sold. We can estimate how much the incremental 470,000 tons sold for in Q4 2021.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2460a732-c31d-43f6-ba53-d3dc6bb35b37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Why did AMR book negative “other revenue” in the Met segment in Q1 2021? Also, notice carefully that 96% of Met segment sales had been priced by October 29, 2021 and that accounted for 15.1m tons. By year end, 15.57m tons were sold.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be9a-d77d29338784",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Other Revenue: ($0.02)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be9a-d9bce5fb4f6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: 2020 10-K, Q1, Q2, Q3, 2021 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fe630c3-dcca-4b1f-8018-b47798505d89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.27
      },
      "kind": "table",
      "text": "AMR Reported “Sales Commitments” under Coal Supply Agreements In The Met Segment",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48b3b077-af9c-4af8-8795-0b446887a1e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "table",
      "text": "2021 “Met” Segment Reporting",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82c440ed-87f9-4fbd-a00e-8673a5a49ac4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Evidence of Improbable And Negative Revenues",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9cd16cc8-7b4a-4041-9528-1ff4bf8bf09b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d8a2e73e-d67c-4976-b825-0c9e8a8f4d38",
      "evidence": "The slide explicitly frames financial data to expose potential accounting irregularities ('Improbable And Negative Revenues').",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 21,
      "beatId": "54dab807-671b-4943-b069-356d1be04852",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents evidence of AMR's poor positioning.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}