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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "The slide uses a table to show the trend of short-term debt vs total debt over time, culminating in a callout arrow emphasizing the trend.",
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      "kind": "callout",
      "text": "Increasing Short-Term Debt Dependency",
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      "text": "Spruce Point believes that WTRG’s growing dependence on short-term debt is a sign of its rising financial stress.",
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      "text": "Short-Term Debt: 3.3%",
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      "text": "Spruce Point believes that WTRG's growing dependence on short-term debt is a sign of its rising financial stress. Its earnings are typically weighted towards Q1 and Q4, so it is not surprising to see more strain in Q3.(1) However, if we evaluate Q3 2022 to the recent Q3 2020 & 2021 results post-closing of Peoples we find a significant increase in short-term debt. Furthermore, ahead of this increased usage, WTRG amended and expanded Peoples’ 364-day revolving credit facility from $100 to $300 million in June 2022.(2)",
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      "text": "(1) See investor presentation slide 49\n(2) See 10-Q, p. 15\n(3) Includes loans payable and excludes current portion of long-term debt\nSource: WTRG SEC filings and Spruce Point analysis",
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      "text": "Spruce Point’s Short-Term Debt Analysis table showing Short-Term Debt, Total Debt, and % Short-Term from 2017 to Q4 2022.",
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      "text": "Greater Dependence On Short-Term Debt",
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