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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "The slide uses a 'before-after' logic to highlight accounting discrepancies in segment reporting.",
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      "text": "Unexplained retroactive margin increase",
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      "text": "When AMR eliminated its Trading & Logistics segment in Q2 2019, it was merged with the CAPP Met segment. We investigated to see how AMR would restate its historical financials by combining these two segments. In the 2019 Annual Report, we see that AMR restated the segment which resulted in the segment's coal margins magically increasing by 4.7% without explanation.",
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      "text": "coal margin: +4.7%",
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      "text": "When AMR eliminated its Trading & Logistics segment in Q2 2019, it was merged with the CAPP Met segment. We investigated to see how AMR would restate its historical financials by combining these two segments. In the 2019 Annual Report, we see that AMR restated the segment which resulted in the segment's coal margins magically increasing by 4.7% without explanation.",
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      "text": "Source: 2018 and 2019 10-K",
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      "text": "CAPP - Met Cost of Sales Per Ton 2018 (Segment Addition vs. Actual Result)",
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      "kind": "title",
      "text": "Magical Margin Enhancement",
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