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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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  "notes": "The slide uses a red flag icon to signal a warning about the company's reported metrics.",
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      "text": "When we remove AMR’s three least common cost of coal adjustments, and include the cost of operating Dominion Terminal Associates (“DTA”) - its coal export facility necessary and critical for delivering the coal to its export customers which we evaluate in the coming slides - we find that its cost of coal margin per ton is materially lower than portrayed.",
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      "text": "When we remove AMR's three least common cost of coal adjustments, and include the cost of operating Dominion Terminal Associates (\"DTA\") - its coal export facility necessary and critical for delivering the coal to its export customers which we evaluate in the coming slides - we find that its cost of coal margin per ton is materially lower than portrayed.",
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      "text": "Coal Margin Per Ton: -42.2%",
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      "text": "Source: AMR and Spruce Point analysis",
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      "text": "AMR Non-GAAP Coal Margin vs. Spruce Point Adjusted Margin",
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      "text": "Adjusted Cost of Coal",
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