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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 uses a table to compare reported segment revenue against calculated revenue, pointing out discrepancies and missing disclosures.",
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      "kind": "callout",
      "text": "Why doesn't the segment revenue plus freight revenue match the reported segment revenue? They should be identical.",
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      "text": "Period of low economic activity, China trade war, and the S&P 500 fell almost 10% in Dec 2018. Why did transport costs explode? Why were thermal coal sales negative. Notice the discrepancy also turned negative",
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      "text": "Trading & Logistics Segment Revenue",
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      "text": "It wasn't until Contura Energy merged with the old Alpha Natural (ANR) it was revealed that its major source of third-party coal purchases was ANR. Given the closeness of the people and relationships between companies, there is a high degree of risk the transactions were not arms-length. In fact, after closely looking at the results, we see large anomalies appear right after the merger closed. There is no explanation why thermal coal sales turned negative, and freight costs per ton abnormally spiked",
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      "text": "Disruption in supplies of coal produced by third parties could impair our ability to fill customers' orders, increase our costs or reduce revenues earned through our Trading and Logistics business. Furthermore, we purchase a substantial portion of this coal from one source. Disruption in our supply of purchased coal could impair our ability to fill our customers' orders or require us to pay higher prices to obtain the required coal from other sources. Any increase in the prices we pay for purchased coal could increase our costs and therefore lower our earning — Pre-IPO S-1 Filing, May 2017",
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      "text": "AMR's Trading & Logistics Segment table showing Tons sold, Met Coal Sales, Thermal Coal Sales, Freight & Handling Sales, and discrepancies.",
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      "kind": "title",
      "text": "Negative Revenue?",
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