{
  "docId": "019dd923-622c-750b-8b99-374c176318da",
  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 78,
  "pageCount": 105,
  "prevPage": 77,
  "nextPage": 79,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 36,
  "notes": "The slide uses a red flag icon to draw attention to the core argument.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-374c176318da/78",
  "deckHref": "/decks/019dd923-622c-750b-8b99-374c176318da",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-374c176318da.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-374c176318da#slide-78",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.00175
      },
      "kind": "callout",
      "text": "Taking our analysis one step further, we see that AMR has been heavily reliant on income tax refunds to fund itself. They disclose these benefits at the bottom of the Cash Flow Statement under “supplemental cash flow information” and the discussion of taxes. Removing these benefits, we see that AMR’s core business operations is not nearly as profitable as it seems.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c956aec4-93df-44c8-a3cc-fdd9c33e5768",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Removing these benefits, we see that AMR’s core business operations is not nearly as profitable as it seems.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be9e-93e9b6206625",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Core Cash Provided From Continuing Mining Operations: $184.3",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be9e-968a6eb193e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.0088
      },
      "kind": "source-note",
      "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 affiliate as if it’s a non-cash cost... \n3) See “Supplemental cash flow information”...\n4) See 2021 10-K page 71",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11fadf95-6e7f-496c-9f77-425fce759ddc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.0065,
        "w": 0.9,
        "x": 0.05,
        "y": 0.0029
      },
      "kind": "table",
      "text": "Pro Forma Operating Cash Flow From Continuing Operations table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ae31aaa-62a7-436e-8a6a-75e5d8ca92a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "AMR’s Cash Flow Statement Masks Core Challenges In Its Operations (Cont’d)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef53aca2-ef65-4008-be69-db3da3d4fb91",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "63e5a514-156e-4433-a172-c8315c55c090",
      "evidence": "The slide explicitly claims the company is 'masking' challenges and uses a red flag icon to signal financial manipulation.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 105,
      "from": 51,
      "beatId": "1c6c8d3e-e53b-45f5-91da-e5c362f50fac",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document concludes with a clear call to action and valuation analysis.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}