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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "A peer analysis below shows AMR is an outlier at almost 3x the industry.",
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      "text": "AR / LTM Sales: 21.6%",
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      "text": "AMR's receivables to sales ratio has steadily increased, and took a big jump to 21.7% once it disclosed China was a major customer. A peer analysis below shows AMR is an outlier at almost 3x the industry. Days sales outstanding (DSO) is also rising while earnings quality declines as Net Income exceeds Cash From Operations. It appears China made large purchases in Q3 and Q4 of 2021. AMR's top foreign customer now contributed 29% of sales in Q1 2022 vs. 13% in Q1 2021. Increasing freight and handling cost per ton tends to make AMR export coal sales less attractive, all else equal.",
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      "text": "Source: AMR SEC filings and Spruce Point Analysis. 1) Days Sales Outstanding defined as 365 divided by LTM Average Revenue / LTM Average Receivables",
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      "text": "Peer Analysis (AR / LTM Sales) comparing AMR to Arch, Peabody, Warrior, Ramaco, Alliance, CONSOL, and Coronado.",
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      "text": "Signs of Increasing Financial Stress",
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