{
  "docId": "019dd923-622c-750b-8b99-5499dc38e401",
  "docSlug": "0ce9434f48c5",
  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 26,
  "pageCount": 91,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a table to show historical data points and quotes to highlight the shifting definitions.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5499dc38e401/26",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.19
      },
      "kind": "callout",
      "text": "WTRG recently cut its acquisition pipeline from 430,000 to 400,000 (-7%) between January and February 2023. Notice carefully too that it has changed its classification twice since November 2022.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1a844a5-d093-4c43-9782-f1c42102b932",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Customer Acquisition Pipeline: 400,000",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb5-d925218f9d0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.46,
        "x": 0.27,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "Acquisition Pipeline – Jan 2023: \"The earnings per share, infrastructure investment and rate base guidance announced today includes these signed municipal water and wastewater acquisitions... approximately 430,000 customer equivalents.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0264e896-93b4-4f14-ad21-8deec2fef00d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.46,
        "x": 0.51,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Revised Acquisition Pipeline – Feb 2023: \"The pipeline of potential water and wastewater municipal acquisitions the company is actively pursuing represents over 400,000 total customers.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8df1a81d-b8de-41d3-8d24-a36a590e2c60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.46,
        "x": 0.03,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Acquisition Pipeline – Nov 2022: \"The pipeline of potential water and wastewater municipal acquisitions the company is actively pursuing represents approximately 430,000 total customers or equivalent dwelling units.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff48464a-d4a4-4368-ad28-93d1736a760f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The pipeline of potential water and wastewater municipal acquisitions the company is actively pursuing represents over 400,000 total customers. — Essential Utilities Press Release (Feb 2023)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb5-d5c272cec521",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.19,
        "w": 0.94,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "table",
      "text": "Table showing Customer Acquisition Pipeline, Customer Description, and Source across 6 dates from Feb 2022 to Feb 2023.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddf6c399-a509-4d7d-b489-6283f3920ddd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "And The Pipeline Is Vanishing While WTRG Keeps Changing Its Pipeline Customer Description",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54395e52-276f-46c9-91b8-d897e2d80a29",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "19170d53-50a3-4546-a8db-d49e32ea4aa3",
      "evidence": "The slide explicitly highlights inconsistent reporting and changing definitions to suggest misleading disclosures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "ac45fd8f-0875-4abe-826e-f0cb488aef12",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": null,
      "evidence": "The document presents a detailed analysis of WTRG's challenges, including its acquisition strategy and financial performance.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}