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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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  "presentationDate": "2022-05-17 00:00:00",
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      "kind": "callout",
      "text": "How were 2018 total coal revenues not restated when total freight revenue fell $21.8m",
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      "kind": "callout",
      "text": "Addition of segment revenues = $1,341m. Why are they restated at $1,669m, +$328m?",
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      "text": "In 2019, after merging the Trading & Logistics segment within CAAP - Met, AMR reverted back to allocating freight revenues among segments. Shouldn't the total freight revenue of $363m have been allocated to the new CAAP – Met? Why did 2018 freight revenue decline from $363m to $341m without explanation, but total coal revenues were unchanged? Lastly, how did the new CAPP- Met segment increase revenues by $328m?",
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      "text": "coal revenues: $328m",
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      "text": "In 2019, after merging the Trading & Logistics segment within CAAP - Met, AMR reverted back to allocating freight revenues among segments. Shouldn't the total freight revenue of $363m have been allocated to the new CAAP – Met? Why did 2018 freight revenue decline from $363m to $341m without explanation, but total coal revenues were unchanged? Lastly, how did the new CAPP- Met segment increase revenues by $328m?",
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      "kind": "source-note",
      "text": "Source: 2018 10-K, p. 120; 2019 10-K, p. 68; Q3 2019 conf call",
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      "kind": "table",
      "text": "Restated: 2018 Segment Results In 2019 table showing Coal revenues, Freight and handling fulfillment revenues, Non-GAAP coal revenues, Tons sold, and Non-GAAP coal sales realization per ton.",
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      "text": "2018 Segment Results table showing Met, Thermal, Freight and handling fulfillment revenues, and Total coal revenues across segments.",
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      "kind": "title",
      "text": "Evidence of Revenues Being Misstated",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents evidence of AMR's poor positioning.",
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