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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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      "kind": "callout",
      "text": "Capital requirements are intensifying. WTRG is currently in a heavy capital investment period, and recently increased its guidance",
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      "text": "Operating cash flow is peaking as the slope of the curve flattens",
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      "text": "WTRG's Cumulative Performance: 1990 - Present",
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      "text": "cumulative cash flow",
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      "kind": "paragraph",
      "text": "We evaluate WTRG's long-term financial performance since 1990 – over 32 years ago. Cumulative capex exceeds cumulative operating cash flow, and it appears that operating cash flow is peaking while capex spending accelerates. WTRG recently increased its long-term capex guidance by ~$100 million annually.(1)",
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      "kind": "source-note",
      "text": "Source: Company financials and Bloomberg. Note: Cumulative acquisition spending starts at 1992... (1) Essential Long-Term Guidance, press release, Jan 11, 2023",
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      "kind": "title",
      "text": "A Cumulative Look At Capital Use",
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