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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 uses a red flag icon and red boxes to highlight low effective savings rates and increasing restricted assets.",
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      "kind": "callout",
      "text": "Looking carefully at AMR's reported interest income relative to its unrestricted and restricted cash balance we see a startling observation: AMR reported an effective savings rate of between 2 and 6 basis points in Q4 2021. This could indicate that AMR was nearly out of cash and draining capital resources.",
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      "text": "Looking carefully at AMR's reported interest income relative to its unrestricted and restricted cash balance we see a startling observation: AMR reported an effective savings rate of between 2 and 6 basis points in Q4 2021, depending on whether it earns interest income on restricted assets. This could indicate that AMR was nearly out of cash and draining capital resources.",
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      "text": "Effective Savings Rate: 0.06%",
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      "text": "Source: AMR SEC filings, Spruce Point analysis (1) Defined as Interest Income In Period / (current and prior period cash) x 4",
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      "text": "Cash and Liquidity Analysis table showing Unrestricted Cash, Interest Income, Effective Savings Rate, and Restricted Assets by quarter from 2020 Q3 to 2022 Q1.",
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      "kind": "title",
      "text": "Was AMR Almost Out of Cash In 2021?",
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