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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "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 red box to highlight specific line items in the cash flow statement and red arrows to connect them to a critical question and explanatory text.",
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      "kind": "callout",
      "text": "Cash appears to be misstated as a result of misreporting inflows and outflows associated with stock repurchases and warrant exercises.",
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      "kind": "callout",
      "text": "Why is AMR showing $21.8m of cash outflows associated with its share repurchase program when it spent $23.8m?",
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      "text": "cash outflows: $21.8m",
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      "kind": "paragraph",
      "text": "As of March 31, 2022 and March 31, 2021, the exercise price was $46.911 per share and the warrant share number was equal to 1.15. For the three months ended March 31, 2022, the Company issued 64,861 shares of common stock resulting from exercises of its warrants and, pursuant to the terms of the underlying warrants agreement, withheld 91 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock",
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      "text": "Source: Q1 2022 10-Q",
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      "text": "Condensed Consolidated Statements of Cash Flows",
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      "text": "Evidence Cash Is Overstated (Cont'd)",
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