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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "Uses red arrows and a yellow callout box to draw attention to specific changes in corporate disclosure.",
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      "kind": "callout",
      "text": "Read the fine print! Notice that for the first time, WTRG added a large footnote on top of its guidance slide loaded with qualifications. In addition it removed a footnote over the rate base. Previously the rate base growth excluded acquisitions, but now it appears to include acquisitions. We believe this indicates that organic rate base growth is falling behind expectations.",
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      "kind": "image",
      "text": "Comparison of 2023 Guidance vs 2021 Guidance",
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      "text": "Red arrows pointing to the specific footnote changes",
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      "text": "WTRG Appears To Be Signaling Earnings Disappointment",
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