WSP Delivers Strong Q2 2024 Results and Increases Its Financial Outlook
MONTREAL, July 30, 2024 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading and largest professional services firms, today announced financial and operating results for the second quarter ended on June 29, 2024.
WSP reports solid results for the second quarter, supported by healthy market conditions and a continued focus on productivity. The Corporation completes the first half of 2024 with quality organic growth of approximately 7.0%1, an increase in adjusted EBITDA of 10.4% (margin up 50 bps), and an increase in adjusted earnings per share of 17.5%.
WSP increases its financial outlook, reflecting solid performance in the first half of 2024 and expected continued momentum in market conditions for the remainder of the year.
SECOND QUARTER OF 2024 FINANCIAL HIGHLIGHTS
- Revenues and net revenues for the quarter reached $3.93 billion and $2.99 billion, up 8.5% and 9.1%, respectively, compared to the second quarter of 2023. Net revenue organic growth of 8.0% in the quarter is attributable to all reportable segments, led by the US, Canada, the UK and New Zealand.
- Backlog as at June 29, 2024 reached a record-level of $14.7 billion, representing 11.9 months of revenues2, following robust organic order intake of $4.26 billion in the quarter.
- Adjusted EBITDA margin for the quarter increased by 50 bps to 17.4%, compared to 16.9% in the second quarter of 2023. The increase is mainly attributable to increased productivity.
- Adjusted EBITDA in the quarter grew to $519.9 million, compared to $461.6 million in the second quarter of 2023, an increase of 12.6%.
- Earnings before net financing expense and income taxes in the quarter stood at $327.2 million, up $83.3 million or 34.2%, compared to the second quarter of 2023, mainly due to an increase in adjusted EBITDA.
- Adjusted net earnings for the quarter reached $236.0 million, or $1.89 per share, both up 21.2% compared to the second quarter of 2023. The increase is mainly attributable to higher adjusted EBITDA.
- Net earnings attributable to shareholders for the quarter reached $184.1 million, or $1.48 per share, compared to $150.7 million, or $1.21 per share, in the second quarter of 2023. The increase is mainly due to higher adjusted EBITDA, partially offset by higher net financing expenses.
- DSO as at June 29, 2024 stood at 79 days, within Management’s target range.
- Cash inflows from operating activities of $203.5 million in the quarter ended June 29, 2024 improved compared to $84.8 million in the corresponding quarter in 2023. Free cash inflow for the quarter ended June 29, 2024 was $75.4 million, an improvement compared to free cash outflow of $57.2 million in the corresponding quarter in 2023. The improvement in free cash flow is mainly due to higher adjusted EBITDA and lower income taxes paid.
- Net debt to adjusted EBITDA ratio stood at 1.7x, within Management’s target range of 1.0x to 2.0x.
- Quarterly dividend declared of $0.375 per share, or $46.8 million, which was paid subsequent to the end of the second quarter on July 15, 2024.
- The 2024 financial outlook* issued on February 28, 2024, in the Q4 2023 press release is reiterated, as well as key related assumptions, with the exception of the following changes:
| Revised outlook range | Previous outlook range | |
| Net revenues | Between $11.4 billion and $11.8 billion | Between $11.2 billion and $11.7 billion |
| Adjusted EBITDA | Between $2.1 billion and $2.14 billion | Between $2.05 billion and $2.13 billion |
| Underlying assumptions: | Revised assumptions | Previous assumptions |
| Organic growth, calculated on a constant currency basis | Between 6% and 8% | Between 5% and 8% |
| (1) | Net revenue organic growth of 6.3% for the six-month period ended June 29, 2024, would be approximately 7.0% if normalized for the same number of billable days in the first quarter of 2024 when compared to the corresponding period in 2023. |
| (2) | Based on revenues for the trailing twelve-month period, incorporating a full twelve months of revenues for all acquisitions. |
“Our teams delivered a strong second quarter, once again led by robust organic growth and increased profitability to close out a successful first half. We expanded our margins as our internal initiatives continue to bear fruit, and demand for our expert services remains robust, driven by sustained momentum in key regions,“ said Alexandre L’Heureux, WSP’s President and CEO. “Benefitting from a strong financial position and vigorous underlying fundamentals. we have great confidence in what lies ahead and consequently are increasing our financial outlook for the remainder of 2024.“
DIVIDEND
The Board of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about October 15, 2024, to shareholders of record at the close of business on September 30, 2024.
FINANCIAL REPORT
This release includes, by reference, the financial reports for the second quarter of 2024, including the unaudited interim condensed consolidated financial statements and the Management’s Discussion and Analysis (“MD&A”) of the Corporation for the second quarter and six-month period ended on June 29, 2024, which are available on our website at www.wsp.com. These documents are also available on SEDAR+ at www.sedarplus.ca.
WEBCAST
WSP will hold a conference call and webcast from 8:00 a.m. to 9:00 a.m. (Eastern Time) on July 31, 2024, to discuss these results. To participate in the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details. A live webcast of the conference call can be accessed using this link.
For those unable to attend, a replay will be available within 24 hours following the call under the “Investors” section of the website.
A presentation of the second quarter of 2024 highlights and results will be accessible on July 30, 2024, after market close under the “Investors” section of the WSP website at www.wsp.com.
*This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. The reader is cautioned that using this information for other purposes may be inappropriate. Actual results may differ and such differences may be material. Please refer to the “Forward-Looking Statements” disclaimer below. The assumptions underlying our previous outlook as outlined in February 2024 remain unchanged, except as described above.
FINANCIAL HIGHLIGHTS
| Second quarters ended | Six-month periods ended | |||
| (in millions of dollars, except percentages, per share data, DSO and ratios) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 |
| Revenues | $3,932.9 | $3,626.0 | $7,518.0 | $7,115.5 |
| Net revenues(1) | $2,988.0 | $2,739.1 | $5,781.3 | $5,406.2 |
| Earnings before net financing expense and income taxes | $327.2 | $243.9 | $571.5 | $443.8 |
| Adjusted EBITDA(2) | $519.9 | $461.6 | $966.0 | $874.9 |
| Adjusted EBITDA margin(2) | 17.4% | 16.9% | 16.7% | 16.2% |
| Net earnings attributable to shareholders of WSP Global Inc. | $184.1 | $150.7 | $310.9 | $263.2 |
| Basic net earnings per share attributable to shareholders | $1.48 | $1.21 | $2.49 | $2.11 |
| Adjusted net earnings(2) | $236.0 | $194.7 | $429.8 | $365.8 |
| Adjusted net earnings per share(2) | $1.89 | $1.56 | $3.45 | $2.94 |
| Cash inflows from operating activities | $203.5 | $84.8 | $193.1 | $60.2 |
| Free cash outflow(2) | $75.4 | ($57.2) | $(49.8) | $(198.3) |
| As at | June 29, 2024 | July 1, 2023 | ||
| Backlog(3) | $14,715.1 | $14,311.6 | ||
| Approximate number of employees | 69,300 | 68,800 | ||
| DSO(3) | 79 days | 75 days | ||
| As at | June 29, 2024 | December 31, 2023 | ||
| Net debt to adjusted EBITDA ratio(3) | 1.7 | 1.5 | ||
| (1) | Quantitative reconciliations of net revenues to revenues are presented below under the caption “Non-IFRS and other financial measures”. |
| (2) | Non-IFRS financial measure or non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar measures or ratios used by other issuers. Quantitative reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures are presented below under the caption “Non-IFRS and other financial measures”. Adjusted EBITDA margin is defined as adjusted EBITDA expressed as a percentage of net revenues. Adjusted net earnings per share is the ratio of adjusted net earnings divided by the basic weighted average number of shares outstanding for the period. This press release incorporates by reference section 19, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the second quarter and six-month period ended June 29, 2024, filed on SEDAR+ at www.sedarplus.ca, which includes explanations of the composition and usefulness of these non-IFRS financial measures and non-IFRS ratios. |
| (3) | This press release incorporates by reference section 19, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the second quarter and six-month period ended June 29, 2024, filed on SEDAR+ at www.sedarplus.ca, which explains the composition of the supplemental financial measures, as well as the usefulness of the net debt to adjusted EBITDA ratio, which is a capital management measure composed of the ratio of net debt to adjusted EBITDA for the trailing twelve-month period. Net debt is defined as long-term debt, including current portions but excluding lease liabilities and net of cash. |
RESULTS OF OPERATIONS
| Second quarters ended | Six-month periods ended | |||
| (in millions of dollars, except number of shares and per share data) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 |
| Revenues | $3,932.9 | $3,626.0 | $7,518.0 | $7,115.5 |
| Less: Subconsultants and direct costs | $944.9 | $886.9 | $1,736.7 | $1,709.3 |
| Net revenues | $2,988.0 | $2,739.1 | $5,781.3 | $5,406.2 |
| Earnings before net financing expense and income taxes | $327.2 | $243.9 | $571.5 | $443.8 |
| Net financing expense | $71.8 | $35.0 | $142.9 | $80.6 |
| Earnings before income taxes | $255.4 | $208.9 | $428.6 | $363.2 |
| Income tax expense | $71.3 | $57.7 | $117.7 | $98.6 |
| Net earnings | $184.1 | $151.2 | $310.9 | $264.6 |
| Net earnings attributable to: | ||||
| Shareholders of WSP Global Inc. | $184.1 | $150.7 | $310.9 | $263.2 |
| Non-controlling interests | — | $0.5 | — | $1.4 |
| Basic net earnings per share attributable to shareholders | $1.48 | $1.21 | $2.49 | $2.11 |
| Diluted net earnings per share attributable to shareholders | $1.47 | $1.21 | $2.49 | $2.11 |
| Basic weighted average number of shares | 124,687,754 | 124,608,538 | 124,679,383 | 124,570,180 |
| Diluted weighted average number of shares | 125,057,002 | 124,930,834 | 125,052,854 | 124,896,082 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of Canadian dollars)
References to notes refer to notes in the unaudited interim condensed consolidated financial statements of the relevant period.
| As at | June 29, 2024 | December 31, 2023 |
| $ | $ | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents (note 15) | 374.4 | 378.0 |
| Trade receivables and other receivables | 2,948.7 | 2,726.4 |
| Cost and anticipated profits in excess of billings | 2,353.1 | 1,911.6 |
| Prepaid expenses | 247.2 | 239.4 |
| Other financial assets | 137.7 | 123.3 |
| Income taxes receivable | 32.2 | 38.4 |
| 6,093.3 | 5,417.1 | |
| Non-current assets | ||
| Right-of-use assets (note 9) | 855.7 | 824.2 |
| Intangible assets | 1,021.5 | 1,104.1 |
| Property and equipment | 432.9 | 435.3 |
| Goodwill (note 10) | 7,385.7 | 7,155.8 |
| Deferred income tax assets | 507.3 | 429.3 |
| Other assets | 221.4 | 217.3 |
| 10,424.5 | 10,166.0 | |
| Total assets | 16,517.8 | 15,583.1 |
| Liabilities | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | 2,563.4 | 2,738.2 |
| Billings in excess of costs and anticipated profits | 1,502.1 | 1,158.0 |
| Income taxes payable | 214.0 | 171.0 |
| Provisions | 113.3 | 134.9 |
| Dividends payable to shareholders (note 14) | 46.8 | 46.8 |
| Current portion of lease liabilities (note 9) | 258.5 | 257.5 |
| Current portion of long-term debt (note 11) | 692.2 | 204.2 |
| 5,390.3 | 4,710.6 | |
| Non-current liabilities | ||
| Long-term debt (note 11) | 3,041.1 | 3,058.3 |
| Lease liabilities (note 9) | 765.9 | 744.6 |
| Provisions | 340.4 | 399.3 |
| Retirement benefit obligations | 195.0 | 187.5 |
| Deferred income tax liabilities | 159.9 | 149.4 |
| 4,502.3 | 4,539.1 | |
| Total liabilities | 9,892.6 | 9,249.7 |
| Equity | ||
| Equity attributable to shareholders of WSP Global Inc. | 6,625.2 | 6,328.9 |
| Non-controlling interests | — | 4.5 |
| Total equity | 6,625.2 | 6,333.4 |
| Total liabilities and equity | 16,517.8 | 15,583.1 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
References to notes refer to notes in the unaudited interim condensed consolidated financial statements of the relevant period.
| Second quarters ended | Six-month periods ended | |||
| June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |
| $ | $ | $ | $ | |
| Operating activities | ||||
| Net earnings | 184.1 | 151.2 | 310.9 | 264.6 |
| Adjustments (note 15) | 138.4 | 157.8 | 287.8 | 299.2 |
| Net financing expense (note 7) | 71.8 | 35.0 | 142.9 | 80.6 |
| Income tax expense | 71.3 | 57.7 | 117.7 | 98.6 |
| Income taxes paid | (73.6) | (133.7) | (124.3) | (208.6) |
| Change in non-cash working capital items (note 15) | (188.5) | (183.2) | (541.9) | (474.2) |
| Cash inflows from operating activities | 203.5 | 84.8 | 193.1 | 60.2 |
| Financing activities | ||||
| Net proceeds of long-term debt | 163.5 | 383.4 | 357.7 | 529.9 |
| Lease payments (note 9) | (91.5) | (93.7) | (182.3) | (188.4) |
| Net financing expenses paid, excluding interest on lease liabilities | (58.0) | (48.1) | (107.7) | (94.3) |
| Dividends paid to shareholders of WSP Global Inc. | (46.7) | (36.6) | (93.5) | (68.8) |
| Issuance of common shares, net of issuance costs (note 12) | — | 1.2 | 2.3 | 2.0 |
| Cash inflows from (outflows used in) financing activities | (32.7) | 206.2 | (23.5) | 180.4 |
| Investing activities | ||||
| Net disbursements related to business acquisitions | (90.2) | (306.5) | (126.0) | (410.7) |
| Additions to property and equipment, excluding business acquisitions | (32.9) | (45.1) | (57.1) | (62.5) |
| Additions to identifiable intangible assets, excluding business acquisitions | (4.3) | (3.7) | (8.3) | (8.6) |
| Proceeds from disposal of property and equipment | 0.6 | 0.5 | 4.8 | 1.0 |
| Other | 2.8 | 0.8 | — | 1.9 |
| Cash outflows used in investing activities | (124.0) | (354.0) | (186.6) | (478.9) |
| Effect of exchange rate change on cash and cash equivalents | 0.1 | (8.5) | (1.8) | (9.5) |
| Change in net cash and cash equivalents | 46.9 | (71.5) | (18.8) | (247.8) |
| Cash and cash equivalents, net of bank overdraft – beginning of the period | 296.2 | 314.7 | 361.9 | 491.0 |
| Cash and cash equivalents, net of bank overdraft – end of period (note 15) | 343.1 | 243.2 | 343.1 | 243.2 |
All amounts shown in this press release are expressed in Canadian dollars, unless otherwise indicated. All quarterly information disclosed in this press release is based on unaudited figures.
NON-IFRS AND OTHER FINANCIAL MEASURES
The Corporation reports its financial results in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. WSP uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with IFRS. Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure (“Regulation 52-112”) prescribes disclosure requirements that apply to the following types of measures used by the Corporation: (i) non-IFRS financial measures; (ii) non-IFRS ratios; (iii) total of segments measures; (iv) capital management measures; and (v) supplemental financial measures.
In this press release, the following non-IFRS and other financial measures are used by the Corporation: net revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted net earnings; adjusted net earnings per share; backlog; free cash flow; days sales outstanding (“DSO”); and net debt to adjusted EBITDA ratio. Additional details for these non-IFRS and other financial measures can be found in section 19, “Glossary of segment reporting, non-IFRS and other financial measures” of WSP’s MD&A for the second quarter and six-month period ended June 29, 2024, which is posted on WSP’s website at www.wsp.com, and filed on SEDAR+ at www.sedarplus.ca. Reconciliations of non-IFRS financial measures and total of segments measures to the most directly comparable IFRS measures are provided below.
Management believes that these non-IFRS and other financial measures provide useful information to investors regarding the Corporation’s financial condition and results of operations as they provide key metrics of its performance. These non-IFRS and other financial measures are not recognized under IFRS, do not have any standardized meanings prescribed under IFRS and may differ from similar computations as reported by other issuers, and accordingly may not be comparable. These measures should not be viewed as a substitute for the related financial information prepared in accordance with IFRS.
| Reconciliation of net revenues | ||||||||||
| The following table reconciles net revenues to the most comparable IFRS measure: | ||||||||||
| Second quarters ended | Six-month periods ended | |||||||||
| (in millions of dollars) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||
| Revenues | $3,932.9 | $3,626.0 | $7,518.0 | $7,115.5 | ||||||
| Less: Subconsultants and direct costs | $944.9 | $886.9 | $1,736.7 | $1,709.3 | ||||||
| Net revenues* | $2,988.0 | $2,739.1 | $5,781.3 | $5,406.2 | ||||||
| * Total of segments measure. | ||||||||||
| Reconciliation of adjusted EBITDA | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
| Second quarters ended | Six-month periods ended | |||||||
| (in millions of dollars) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||
| Earnings before net financing expense and income taxes | $327.2 | $243.9 | $571.5 | $443.8 | ||||
| Acquisition, integration and reorganization costs | $11.7 | $17.2 | $32.9 | $40.8 | ||||
| ERP implementation costs | $12.3 | $21.5 | $27.9 | $39.8 | ||||
| Depreciation of right-of-use assets | $73.8 | $82.7 | $147.4 | $158.8 | ||||
| Amortization of intangible assets | $54.9 | $53.7 | $110.9 | $113.7 | ||||
| Depreciation of property and equipment | $33.1 | $31.9 | $64.1 | $61.7 | ||||
| Impairment of long-lived assets | — | $4.0 | — | $4.0 | ||||
| Share of depreciation and taxes of associates and joint ventures | $4.9 | $3.8 | $8.4 | $7.1 | ||||
| Interest income | $2.0 | $2.9 | $2.9 | $5.2 | ||||
| Adjusted EBITDA* | $519.9 | $461.6 | $966.0 | $874.9 | ||||
| * Non-IFRS financial measure. | ||||||||
| Reconciliation of adjusted net earnings | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
| Second quarters ended | Six-month periods ended | |||||||
| (in millions of dollars, except per share data) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||
| Net earnings attributable to shareholders | $184.1 | $150.7 | $310.9 | $263.2 | ||||
| Amortization of intangible assets related to acquisitions | $44.0 | $44.0 | $89.7 | $93.9 | ||||
| Impairment of long-lived assets | — | $4.0 | — | $4.0 | ||||
| Acquisition, integration and reorganization costs | $11.7 | $17.2 | $32.9 | $40.8 | ||||
| ERP implementation costs | $12.3 | $21.5 | $27.9 | $39.8 | ||||
| Gains on investments in securities related to deferred compensation obligations | $(10.2) | $(5.5) | $(10.9) | $(10.9) | ||||
| Unrealized losses (gains) on derivative financial instruments | $12.5 | $(20.1) | $21.6 | $(27.5) | ||||
| Income taxes related to above items | $(18.4) | $(17.1) | $(42.3) | $(37.5) | ||||
| Adjusted net earnings* | $236.0 | $194.7 | $429.8 | $365.8 | ||||
| Adjusted net earnings per share* | $1.89 | $1.56 | $3.45 | $2.94 | ||||
| * Non-IFRS financial measure or non-IFRS ratio. | ||||||||
| Reconciliation of free cash flow | ||||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||||
| Second quarters ended | Six-month periods ended | |||||||||
| (in millions of dollars) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||
| Cash inflows from operating activities | $203.5 | $84.8 | $193.1 | $60.2 | ||||||
| Lease payments in financing activities | $(91.5) | $(93.7) | $(182.3) | $(188.4) | ||||||
| Net capital expenditures* | $(36.6) | $(48.3) | $(60.6) | $(70.1) | ||||||
| Free cash inflows (outflows)** | $75.4 | $(57.2) | $(49.8) | $(198.3) | ||||||
| * Capital expenditures pertaining to property and equipment and intangible assets, net of proceeds from disposal and lease incentives received. | ||||||||||
| ** Non-IFRS financial measure. | ||||||||||
FORWARD-LOOKING STATEMENTS
Certain information regarding WSP contained herein are not based on historical facts and may constitute forward-looking statements or forward-looking information under Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements may include estimates, plans, strategic ambitions, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not statements of fact. Forward-looking statements made by the Corporation in this press release include statements about our 2024 strategic financial ambitions, backlog and the strength of the markets across our regions, the payment of dividends, our proposed strategy, and our operating performance, financial outlook for 2024 (including net revenues, adjusted EBITDA, seasonality and adjusted EBITDA fluctuations, DSO, net capital expenditures, acquisition, integration and reorganization costs, ERP implementation costs), organic growth, effective tax rates, depreciation of right-of-use assets, property & equipment and amortization of software, head office corporate costs, a net debt to adjusted EBITDA ratios, and statements about the 2022-2024 Global Strategic Action Plan. These forward-looking statements are based on a number of assumptions believed by the Corporation to be reasonable as at July 30, 2024, including organic growth expectations, economic and market assumptions regarding the competition, political environment and economic performance of each region where it operates, assumptions set out through this press release, assumptions about the state of and access to global and local capital and credit markets; interest rates; working capital requirements; the collection of accounts receivable; the Corporation obtaining new contract awards; the type of contracts entered into by the Corporation; the anticipated margins under new contract awards; the utilization of the Corporation’s workforce; the ability of the Corporation to attract new clients; the ability of the Corporation to retain current clients; changes in contract performance; project delivery; the Corporation’s competitors; the ability of the Corporation to successfully integrate acquired businesses; the acquisition and integration of businesses in the future; the Corporation’s ability to manage growth; external factors affecting the global operations of the Corporation; the current or expected state of the Corporation’s backlog; the joint arrangements into which the Corporation has or will enter; capital investments made by the public and private sectors; relationships with suppliers and subconsultants; relationships with management, key professionals and other employees of the Corporation; the maintenance of sufficient insurance; the management of environmental, social and health and safety risks; the sufficiency of the Corporation’s current and planned information systems, communications technology and other technology; compliance with laws and regulations; future legal proceedings; the sufficiency of internal and disclosure controls; the regulatory environment; impairment of goodwill; foreign currency fluctuation; the tax legislation and regulations to which the Corporation is subject and the state of the Corporation’s benefit plans.
Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements, and such risks include, but are not limited to, the deterioration of our financial position or net cash position; our working capital requirements; our accounts receivable; our increased indebtedness and raising capital; the impairment of long-lived assets; our foreign currency exposure; our income taxes; underfunded defined benefits obligations, and any other risk factors described under section 20 “Risk Factors” of WSP’s MD&A for the fourth quarter and year ended December 31, 2023 which is available on SEDAR+ at www.sedarplus.ca. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding risk factors, which, if realized, could cause the Corporation’s actual results to differ materially from those expressed or implied in forward-looking statements, are discussed in greater detail in section 20, “Risk factors” of WSP’s MD&A for the fourth quarter and year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and, accordingly, are subject to change after such date. Except to the extent required by applicable law, WSP does not assume any obligation to publicly update or revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, future events or otherwise.
ABOUT WSP
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering, and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water, and mining sectors. Its 69,300 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity, and inclusion. In 2023, WSP reported $14.4 B (CAD) in revenue. The Corporation’s shares are listed on the Toronto Stock Exchange (TSX: WSP).
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Alain Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317
