Yep, this is the correct answer! I was just writing up something similar, but you beat me to it. This is the expected behavior if the `data` variable has newlines between every word:

  $ echo ${data} 
  testfile1 testfile2 testfile3 testfile4 testfile5 testfile6 testfile7 testfile8 testfile9 testfile10
  $ echo "${data}"
  testfile1
  testfile2
  testfile3
  testfile4
  testfile5
  testfile6
  testfile7
  testfile8
  testfile9
  testfile10
  $ echo "echo ${data}"
  echo testfile1
  testfile2
  testfile3
  testfile4
  testfile5
  testfile6
  testfile7
  testfile8
  testfile9
  testfile10