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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 'Spruce Point Adjusted Reality' column to contrast with company-reported figures.",
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      "text": "AMR would have you believe it's almost debt free but it ignores legacy liabilities.",
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      "text": "Source: AMR SEC filings and Spruce Point Adjustments",
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      "text": "1) Based on our estimate of $95 million in missing Brazil revenues from import records, at a 32.8% EBITDA margin\n2) Based on our opinion that AMR is circumventing recognition of the DTA expense through non-operating income.",
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      "text": "Leverage Higher Than It Appears",
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