{
  "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": 31,
  "pageCount": 91,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses two charts to show the growth of debt and cumulative capital raised over time.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "bar_chart_stacked",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-5499dc38e401/31",
  "deckHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-5499dc38e401#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.98,
        "x": 0.01,
        "y": 0.17
      },
      "kind": "callout",
      "text": "WTRG's debt has exploded to over $6.8 billion, and it has raised more than $10 billion of total capital. Investment banks make plenty of fees from companies such as WTRG that are highly dependent on raising money. Coincidentally, banks currently providing research coverage on WTRG have a unanimous \"Buy\" recommendation on its stock. Despite WTRG's dependence on external capital raising in a rising cost of capital environment, no analysts have changed their recommendation.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d45779d-dffb-46d4-8d3b-f8ea7c25cc20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "WTRG's debt has exploded to over $6.8 billion, and it has raised more than $10 billion of total capital. Investment banks make plenty of fees from companies such as WTRG that are highly dependent on raising money.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb7-5cb900c8b7d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.48,
        "x": 0.51,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Cumulative Capital Raised",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "060e7b29-a8ef-4a11-889d-65ffb3eea3b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.49,
        "x": 0.02,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Total Debt Outstanding",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d5a3764-f456-4708-851d-737c34aa10e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Debt Outstanding: $6.8 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcb7-61256d380f1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.26,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company financials and Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9772b8d-c98f-4234-80fc-9276060bcf25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.41,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "subtitle",
      "text": "Note: Total Capital Includes Debt, Equity and Employee Stock Issuance",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59a9e77e-6ef9-4505-b068-ab3a64f9ae12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.38,
        "x": 0.31,
        "y": 0.06
      },
      "kind": "title",
      "text": "WTRG Is A Capital Raising Machine",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "368743d7-9005-40ab-9b5c-b784f0aab4a9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5854cdf8-c00e-4404-bcae-ea69a8b073d3",
      "evidence": "The slide links financial dependence on capital markets to biased analyst coverage, a common theme in activist short reports.",
      "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": [
    {
      "to": 33,
      "from": 31,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "80217b4f-0493-4024-949f-99def02a1094",
      "evidence": "The document critiques WTRG's capital raising strategy and financial performance.",
      "position": 1,
      "objective": "To highlight WTRG's capital raising issues and financial stress",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}