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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 highlights the discrepancy between AMR's high freight costs and its peers, despite similar export profiles.",
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      "text": "AMR has an unusually high freight and handling cost. The reported costs match the reported revenues, which make it appear as if there is no net impact on its financial statements. However, AMR does absorb transportation costs, specifically to move the coal to the ports for the export market. Yet, plenty of its peers also export significant volumes abroad and don't report nearly as high freight costs per ton.",
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      "text": "Freight Cost Per Ton Sold: $22.62",
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      "text": "Source: Company filings. Note: All data as of Year End 2021, except ANR which is 6 months ended 2018",
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      "text": "Freight and Handling Cost Among Reporting U.S. Coal Producers",
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      "text": "AMR Has Exceptionally High Freight Costs",
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