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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": "Uses a red box to highlight the discrepancy between estimated and reported revenues.",
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      "kind": "callout",
      "text": "Official AMR Brazil import records suggest $95 - $99 million of Brazilian revenue. The Company is claiming significantly more revenue, even inclusive of freight revenue which it does not break out by country.",
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      "text": "1) AMR says, \"Our international sales contracts are typically priced FOB at the shipping port from which such coal is delivered and on a metric ton basis.\"\n2) Price ranges derived from Brazil bituminous coal import records (FOB) and from U.S. EIA export records (FAS)\n3) Converted to metric tons multiplying by 1.1023",
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      "text": "Revenue: $99 million",
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      "kind": "quote",
      "text": "AMR says, \"Our international sales contracts are typically priced FOB at the shipping port from which such coal is delivered and on a metric ton basis.\" — AMR 10-K",
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      "text": "Source: AMR filings and Spruce Point analysis",
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      "text": "Source: Disclosed in AMR 10-K, page 135",
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      "text": "AMR's Brazil Revenues (Ex: Freight) Estimated From Port Records",
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      "text": "Minimum Brazil Export Revenues (Inc: Freight)",
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      "kind": "table",
      "text": "Total and Export Met Coal Volumes and Prices (Inclusive of Freight and Handling)",
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      "kind": "title",
      "text": "Brazil Export Coal Discrepancy Suggests $95 - $99 Million of Revenue Overstatement",
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      "evidence": "Comparing company claims against independent third-party data to identify revenue discrepancies.",
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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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