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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-box callout to highlight the discrepancy between reported and adjusted cash flow figures.",
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      "kind": "callout",
      "text": "We believe Alpha's cash flow statement does not give an accurate view of its core cash flow because it includes divested businesses, and fails to capture the critical cost of operating the Dominion Terminal export facility.",
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      "kind": "disclaimer",
      "text": "1) See 2021 10-K page 103 - \"major components of cash flows related to discontinued operations\"\n2) AMR adds back equity loss in its DTA... \n3) Working capital changes in discontinued assets and liabilities...",
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      "text": "Adjusted Cash From Operations: $106.5",
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      "text": "Estimated Working Capital Changes From Discontinued Operations",
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      "text": "Pro Forma Operating Cash Flow From Continuing Operations",
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      "kind": "title",
      "text": "AMR's Cash Flow Statement Masks Core Challenges In Its Operations",
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