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  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "Cash flow significantly benefited in recent years from tax refunds that exceeded early projections. Now that these “one-time” benefits are behind AMR, cash flow will be more reliant on core coal mining operations. In Q1 2022, AMR is now showing a material tax expense, after prior years showing tax benefits on its income statement.(1)",
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      "text": "Cash flow significantly benefited in recent years from tax refunds that exceeded early projections. Now that these “one-time” benefits are behind AMR, cash flow will be more reliant on core coal mining operations.",
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      "text": "Expected Tax Refunds and Restricted Cash Releases: 2018 Tax Year AMT Credit Monetization, 2019-2021 Tax Year AMT Credit Monetization, 172(f) 10 Year NOL Carryback, Net Operating Losses.",
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      "text": "Upside of Actual vs. Expected: Received $68m vs. ~$50m; Received $69.6m vs. ~$25-$50m",
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      "text": "tax refunds: $69.6m",
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      "text": "In August 2021, we received an expected $64.2 million federal income tax refund and a $5.4 million associated interest payment related to a net operating loss (“NOL”) carryback claim — 2021 10-K",
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      "text": "Source: Investor Presentation, Jan 2019; Source: 2021 10-K; 1) Current Q1 10-Q, prior 10-Q",
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      "text": "Carryback Claim: In August 2021, we received an expected $64.2 million federal income tax refund and a $5.4 million associated interest payment related to a net operating loss (“NOL”) carryback claim. AMT Credits: The Company received the $66,130 AMT Credit refund in the fourth quarter of 2020.",
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      "text": "\"Upside\" Surprises From Tax Refunds Is Now A Headwind To AMR....",
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