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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 visual callouts and red boxes to highlight the contradiction between 1,422 reported customers and 711 actual customers.",
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      "kind": "callout",
      "text": "A Direct Email From Village Director of Utilities To WTRG Says It has 708 \"Active Accounts\" And Purchase Contract Specifies Approx. 711 \"Customers\"",
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      "text": "Spruce Point has uncovered more evidence that WTRG's customer reporting is prone to error and inflation.",
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      "text": "SEC filing excerpts showing customer count discrepancy",
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      "text": "Email correspondence between Village of Frankfort and Essential Utilities",
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      "text": "Spruce Point has uncovered more evidence that WTRG's customer reporting is prone to error and inflation. We have communications that show WTRG's recent acquisition of assets from the Village of Frankfort that it had 711 customers, but WTRG reported 1,422 customers in SEC filings. In the recent investor presentation, it revised back its disclosure to 711 customers.(1)",
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      "text": "Source: FOIA from Village of Frankfort (1) Investor Presentation",
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      "text": "More Evidence WTRG Is Becoming Shifty With Its \"Customer\" Description",
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