{
  "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": 80,
  "pageCount": 105,
  "prevPage": 79,
  "nextPage": 81,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 36,
  "notes": "The slide uses a red flag icon to highlight the aggressive nature of the tax refunds.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-374c176318da/80",
  "deckHref": "/decks/019dd923-622c-750b-8b99-374c176318da",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-374c176318da.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-374c176318da#slide-80",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.84,
        "x": 0.08,
        "y": 0.00175
      },
      "kind": "callout",
      "text": "By benchmarking AMR's tax refunds and interest refunds in relation to other post-bankruptcy U.S. coal companies, we find that the Company has been an abnormally large beneficiary.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2aadedf-204f-407f-ba7f-7aadf91d084b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Tax Refunds as % of CFO: 48%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be9e-c505b5bc978b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.84,
        "x": 0.08,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Source: Company Annual Reports, Spruce Point Analysis. 1) As reported including discontinued operations. If we removed discontinued operations and adjust for DTA as an operating expense, the results are 68%, 54%, 43%, and 53%, over the time period and cumulatively",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3043151d-90ab-4b40-8b36-d2e48144f0b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.84,
        "x": 0.08,
        "y": 0.0035
      },
      "kind": "table",
      "text": "Post Bankruptcy Tax Refunds As % of Cash From Operations table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a22101f0-bda5-4ce0-a718-acf979cd303c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "AMR Has Been An Industry Outlier In Receiving Aggressive Tax Refunds",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a74c082f-aae3-4650-857b-917d299484a5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "2b28663b-7c89-4df4-a846-620cc007fdbd",
      "evidence": "Benchmarking AMR against Arch Resources and Peabody Energy",
      "confidence": 0.9
    }
  ],
  "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
}