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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "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 red border around the AMR column to visually emphasize the outlier status.",
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      "text": "Spruce Point has conducted a benchmarking analysis of AMR's reported maintenance expense. AMR has relatively high maintenance capex spending to its gross property, plant and equipment base. Excluding sub-scale producer Ramaco Resources, AMR is a significant outlier to peers.",
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      "text": "Maintenance Expense As % of Gross PP&E: 17.9%",
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      "text": "Source: Company filings and statements as of last fiscal year. 1) Includes land to account for reporting differences among companies and financing lease assets. 2) Projects maintenance expense at 33% of total capex. 3) Removes $1,400m of reserves and resources in land and coal interests.",
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      "text": "Benchmarking table showing 2022 Projected Maintenance Capex, Gross PP&E, and Maintenance Expense As % of Gross PP&E for AMR and 6 peers.",
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      "kind": "title",
      "text": "Another Indicator That AMR's Coal Assets Are Lower Quality Than Peers: Maintenance Expense",
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