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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a waterfall chart to visualize the revenue bridge and highlights specific data points in red to emphasize the contradiction.",
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      "text": "Why If Purchased Gas Increased by $159.3M Does It Not Reconcile With The Bridge?",
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      "text": "Operating revenues from the Regulated Natural Gas segment increased by $353,338 or 69.8% due to...",
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      "text": "Our Regulated Natural Gas segment is affected by the cost of natural gas... Purchased gas increased by $159,287 or 103.4% due to an increase in the price of natural gas in 2021 as compared to the prior year",
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      "text": "Our Regulated Natural Gas segment is affected by the cost of natural gas, which is passed through to customers using a purchased gas adjustment clause and includes commodity price, transportation and storage costs. These costs are reflected in the consolidated statement of operations and comprehensive income as purchased gas expenses. Therefore, fluctuations in the cost of purchased gas impact operating revenues on dollar-for-dollar basis but does not impact gross margin. Purchased gas increased by $159,287 or 103.4% due to an increase in the price of natural gas in 2021 as compared to the prior year — 2021 10-K",
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