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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "Uses red arrows and boxes to highlight discrepancies between reported connection counts and acquisition press releases.",
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      "text": "We caution that customer equivalents is just WTRG's estimate.",
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      "text": "customer count: 4,000",
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      "text": "In July 2021, the Company entered into a purchase agreement to acquire the water utility assets of Shenandoah Borough... In December 2021, the Company entered into a purchase agreement to acquire the water utility assets of the Southern Oaks Water System...",
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      "text": "On December 2, 2022 WTRG announced it acquired water assets from the Village of Oak Brook, Illinois for $12.5 million servicing “4,000 customer equivalents”. However, WTRG has changed its description multiple times.",
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      "kind": "paragraph",
      "text": "Essential Utilities Inc. (NYSE: WTRG) today announced that its Aqua Illinois subsidiary has completed the purchase of a portion of the Village of Oak Brook's water distribution system... which serves approximately 4,000 customer equivalents",
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      "text": "Source: Freedom of Information Act, City of Oakbrook, Illinois (1) See Investor Presentation, Slide 30",
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      "text": "Oak Brook, Illinois Acquisition Illustrates How WTRG Keeps Changing Its Customer Definition",
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