WSP Reports Strong Results and Successfully Concludes Strategic Cycle
- Strong year end results surpassing Management’s expectations on growth and profitability
- Mid- to high-single-digit net revenue organic growth(4) in the 2022-2024 strategic cycle
- Q4 2024 results exceeding expectations driven by high level of net revenue organic growth
- Strong free cash flow(2) generation
- Robust balance sheet supporting continued growth aspirations
- Well positioned to implement 2025-2027 Global Strategic Action Plan
MONTREAL, Feb. 26, 2025 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading professional services firms, today announced financial results for the fourth quarter and year ended December 31, 2024.
| Fourth quarters ended | Years ended | |||
| (in millions of dollars, except percentages, per share data, DSO and ratios) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 |
| Revenues | $4,664.9 | $3,724.3 | $16,166.8 | $14,437.2 |
| Net revenues(1) | $3,394.0 | $2,756.0 | $12,172.2 | $10,897.0 |
| Earnings before net financing expense and income taxes (EBIT) | $345.4 | $211.0 | $1,268.6 | $947.5 |
| Adjusted EBITDA(2) | $634.3 | $524.9 | $2,185.7 | $1,921.3 |
| Adjusted EBITDA margin(2) | 18.7% | 19.0% | 18.0% | 17.6% |
| Net earnings attributable to shareholders of WSP Global Inc. | $166.9 | $130.6 | $681.4 | $550.0 |
| Basic net earnings per share attributable to shareholders | $1.28 | $1.05 | $5.40 | $4.41 |
| Adjusted net earnings(2) | $305.3 | $247.8 | $1,014.9 | $860.0 |
| Adjusted net earnings per share(2) | $2.34 | $1.99 | $8.05 | $6.90 |
| Cash inflows from operating activities | $773.3 | $776.6 | $1,381.9 | $986.3 |
| Free cash flow(2) | $642.5 | $609.9 | $884.5 | $432.7 |
| As at | December 31, 2024 | December 31, 2023 | ||
| Backlog | $15,604.0 | $14,076.5 | ||
| Approximate number of employees | 72,800 | 66,500 | ||
| DSO(3) | 72 days | 76 days | ||
| Net debt to adjusted EBITDA ratio(3) | 1.8 | 1.5 | ||
| (1) | Total of segments measure. 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 22, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the year ended December 31, 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 22, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the year ended December 31, 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. Days sales outstanding (“DSO”) represents the average number of days to convert the Corporation’s trade receivables (net of sales taxes) and costs and anticipated profits in excess of billings, net of billings in excess of costs and anticipated profits, into cash. |
| (4) | Supplemental financial measure. Net revenue organic growth represents the period-over-period change in net revenues, excluding net revenues of businesses acquired or divested in the twelve months following the acquisition or prior to the divestiture, expressed as a percentage of the comparable period net revenues, adjusted to exclude net revenues of divested businesses, all calculated to exclude the impact of foreign exchange. |
Financial highlights for the fourth quarter of 2024
- Revenues and net revenues for the quarter reached $4.66 billion and $3.39 billion, up 25.3% and 23.1%, respectively, compared to the fourth quarter of 2023. Net revenue organic growth of 10.0% in the quarter was led by the US and Canada. Net revenue organic growth would have been approximately 7.6% if normalized for the fact that the fourth quarter of 2024 benefitted from approximately two additional billable days.
- Adjusted EBITDA in the quarter grew to $634.3 million, compared to $524.9 million in the fourth quarter of 2023, an increase of 20.8%.
- Adjusted EBITDA margin for the quarter stood at 18.7%, compared to 19.0% in the fourth quarter of 2023, due to the performance in Asia and a higher mix of lower-margin emergency response services in the US.
- Earnings before net financing expense and income Taxes (EBIT) in the quarter stood at $345.4 million, up $134.4 million or 63.7%, compared to the fourth quarter of 2023. The increase was mainly attributable to an increase in adjusted EBITDA, as well as impairment of long-lived assets recognized in the fourth quarter of 2023, partially offset by higher acquisition and integration costs in the fourth quarter of 2024 due to the recent acquisition of POWER Engineers, Incorporated.
- Adjusted net earnings for the quarter reached $305.3 million, or $2.34 per share, up 23.2% and 17.6%, respectively, compared to the fourth quarter of 2023. The increase is mainly attributable to higher adjusted EBITDA, partially offset by higher interest on long-term debt.
- Net earnings attributable to shareholders for the quarter reached $166.9 million, or $1.28 per share, up 27.8% and 21.9%, respectively, compared to $130.6 million, or $1.05 per share, in the fourth quarter of 2023. The increase is mainly due to higher adjusted EBITDA and impairment of long-lived assets recognized in the fourth quarter of 2023, partially offset by higher net financing expenses.
- Cash flows from operating activities were $773.3 million in the quarter, and free cash flow reached $642.5 million in the quarter.
- Quarterly dividend declared of $0.375 per share, or $48.9 million, which was paid subsequent to the end of the year on January 15, 2025.
Financial highlights for fiscal year 2024
- Revenues and net revenues increased by 12.0% and 11.7%, respectively, compared to 2023, growing to $16.17 billion and $12.17 billion, respectively, with net revenue exceeding the high end of Management’s updated outlook range for the year of $11.80 billion to $12.10 billion, largely due to higher demand for emergency response services following hurricanes in the US. The increase year-over-year was mainly due to organic growth of 7.5% and acquisition growth of 3.7%(1). Organic growth was led by the US and Canada.
- Backlog as at December 31, 2024 reached a new record level of $15.6 billion, representing 10.9 months of revenues,(2) up 10.9% in the year.
- Adjusted EBITDA grew to $2.186 billion, up 13.8%, compared to $1.921 billion in 2023, exceeding the high end of Management’s updated outlook range for the year, which stood at $2.155 billion to $2.175 billion.
- Adjusted EBITDA margin increased to 18.0%, compared to 17.6% in 2023, mainly attributable to increased productivity, partially offset by the performance in Asia.
- EBIT stood at $1.27 billion, up 33.9% compared to 2023, mainly due to an increase in adjusted EBITDA, as well as impairment of long-lived assets recognized in 2023.
- Adjusted net earnings of $1.01 billion, or $8.05 per share, increased by $154.9 million or $1.15 per share, compared to 2023. The respective increases of 18.0% and 16.7% in these metrics was mainly attributable to higher adjusted EBITDA, partially offset by higher interest on long-term debt.
- Net earnings attributable to shareholders reached $681.4 million, or $5.40 per share, up $131.4 million, or $0.99 per share, compared to 2023. The increase was mainly due to higher adjusted EBITDA and impairment of long-lived assets recognized in the fourth quarter of 2023, partially offset by higher net financing expenses.
- DSO as at December 31, 2024 stood at 72 days, ending at the lower end of Management’s outlook range, compared to 76 days as at December 31, 2023.
- Cash inflows from operating activities increased to $1,381.9 million in 2024 compared to $986.3 million in 2023. Free cash flow was $884.5 million for the year, more than double compared to $432.7 million in 2023. Free cash flow represented 1.3 times the net earnings attributable to shareholders.(2) The improvement in free cash flow was mainly due to higher adjusted EBITDA, lower working capital usage, lower income taxes paid and the disposal of a building.
- Net debt to adjusted EBITDA ratio stood at 1.8x, within Management’s target range of 1.0x to 2.0x. Incorporating a full twelve months of adjusted EBITDA of all acquired businesses, the net debt to adjusted EBITDA ratio would be 1.7x.
- Full year dividend declared of $1.50 per share, or $189.2 million.
“I am incredibly proud of our performance in the final year of our 2022-2024 strategic cycle,” said Alexandre L’Heureux, President and CEO of WSP. “Robust demand for our services and sustained growth in key regions enabled us to deliver above expectations for 2024 and the three-year period. As we begin executing on our 2025-2027 Global Strategic Action Plan, we intend to push boundaries even further, drive greater innovation, growth, profitability, and unleash the limitless potential of WSP on the road to becoming a leading brand in the professional services universe.”
FINANCIAL OUTLOOK 2025
The financial outlook for 2025 was included in the press release issued on February 12, 2025 as part of the launch of the 2025-2027 Global Strategic Action Plan.
DIVIDEND
The Board of Directors of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about April 15, 2025, to shareholders of record at the close of business on March 31, 2025.
FINANCIAL REPORT
This release incorporates the financial reports for the fourth quarter of 2024, including the audited consolidated financial statements for the year ended on December 31, 2024 and the Management’s Discussion and Analysis (“MD&A”) of the Corporation for the fourth quarter and year ended on December 31, 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 February 27, 2025, 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 fourth quarter and year end 2024 highlights and results will be accessible on February 26, 2025, after market close under the “Investors” section of the WSP website at www.wsp.com.
| (1) | Based on revenues for the trailing twelve-month period, incorporating a full twelve months of revenues for all acquisitions. |
| (2) | Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar ratios used by other issuers. The ratio is defined as the trailing twelve months of free cash flow to trailing twelve months of net earnings attributable to shareholders. The ratio of free cash flow to net earnings attributable to shareholders for the year ended December 31, 2023 was 0.8. This press release incorporates by reference section 22, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the year ended December 31, 2024, filed on SEDAR+ at www.sedarplus.ca, for references to the non-IFRS financial measure which is a component of this non-IFRS ratio, and the usefulness of this non-IFRS ratio. |
RESULTS OF OPERATIONS
| Fourth quarters ended | Years ended | |||
| (in millions of dollars, except number of shares and per share data) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 |
| Revenues | $4,664.9 | $3,724.3 | $16,166.8 | $14,437.2 |
| Less: Subconsultants and direct costs | $1,270.9 | $968.3 | $3,994.6 | $3,540.2 |
| Net revenues | $3,394.0 | $2,756.0 | $12,172.2 | $10,897.0 |
| EBIT | $345.4 | $211.0 | $1,268.6 | $947.5 |
| Net financing expense | $118.3 | $47.4 | $340.6 | $202.6 |
| Earnings before income taxes | $227.1 | $163.6 | $928.0 | $744.9 |
| Income tax expense | $60.2 | $32.3 | $246.6 | $191.9 |
| Net earnings | $166.9 | $131.3 | $681.4 | $553.0 |
| Net earnings attributable to: | ||||
| Shareholders of WSP Global Inc. | $166.9 | $130.6 | $681.4 | $550.0 |
| Non-controlling interests | — | $0.7 | — | $3.0 |
| Basic net earnings per share attributable to shareholders | $1.28 | $1.05 | $5.40 | $4.41 |
| Diluted net earnings per share attributable to shareholders | $1.28 | $1.05 | $5.38 | $4.40 |
| Basic weighted average number of shares | 130,208,732 | 124,647,422 | 126,104,722 | 124,603,768 |
| Diluted weighted average number of shares | 130,630,308 | 124,989,583 | 126,539,101 | 124,951,544 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of Canadian dollars)
References to notes refer to notes in the audited consolidated financial statements of the relevant period.
| As at December 31 | 2024 | 2023 |
| $ | $ | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents (note 28) | 623.5 | 378.0 |
| Trade receivables and other receivables (note 14) | 3,390.7 | 2,726.4 |
| Cost and anticipated profits in excess of billings (note 15) | 2,390.8 | 1,911.6 |
| Prepaid expenses | 396.7 | 239.4 |
| Other financial assets (note 16) | 168.0 | 123.3 |
| Income taxes receivable | 39.2 | 38.4 |
| 7,008.9 | 5,417.1 | |
| Non-current assets | ||
| Right-of-use assets (note 17) | 1,066.6 | 824.2 |
| Intangible assets (note 18) | 1,539.3 | 1,104.1 |
| Property and equipment (note 19) | 493.4 | 435.3 |
| Goodwill (note 20) | 9,451.5 | 7,155.8 |
| Deferred income tax assets (note 12) | 404.1 | 429.3 |
| Other assets (note 21) | 235.4 | 217.3 |
| 13,190.3 | 10,166.0 | |
| Total assets | 20,199.2 | 15,583.1 |
| Liabilities | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities (note 22) | 3,261.2 | 2,738.2 |
| Billings in excess of costs and anticipated profits (note 15) | 1,652.7 | 1,158.0 |
| Income taxes payable (note 12) | 206.3 | 171.0 |
| Provisions (note 23) | 121.4 | 134.9 |
| Dividends payable to shareholders (note 27) | 48.9 | 46.8 |
| Current portion of lease liabilities (note 17) | 285.0 | 257.5 |
| Current portion of long-term debt (note 24) | 704.9 | 204.2 |
| 6,280.4 | 4,710.6 | |
| Non-current liabilities | ||
| Long-term debt (note 24) | 3,894.5 | 3,058.3 |
| Lease liabilities (note 17) | 907.2 | 744.6 |
| Provisions (note 23) | 466.3 | 399.3 |
| Retirement benefit obligations (note 9) | 202.1 | 187.5 |
| Deferred income tax liabilities (note 12) | 176.2 | 149.4 |
| 5,646.3 | 4,539.1 | |
| Total liabilities | 11,926.7 | 9,249.7 |
| Equity | ||
| Equity attributable to shareholders of WSP Global Inc. | 8,272.5 | 6,328.9 |
| Non-controlling interests | — | 4.5 |
| Total equity | 8,272.5 | 6,333.4 |
| Total liabilities and equity | 20,199.2 | 15,583.1 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
References to notes refer to notes in the audited consolidated financial statements of the relevant period.
| Years ended December 31 | 2024 | 2023 |
| $ | $ | |
| Operating activities | ||
| Net earnings | 681.4 | 553.0 |
| Adjustments (note 28) | 594.6 | 658.9 |
| Net financing expense (note 11) | 340.6 | 202.6 |
| Income tax expense (note 12) | 246.6 | 191.9 |
| Income taxes paid | (285.4) | (334.4) |
| Change in non-cash working capital items (note 28) | (195.9) | (285.7) |
| Cash inflows from operating activities | 1,381.9 | 986.3 |
| Financing activities | ||
| Issuance of common shares, net of issuance costs (note 25) | 1,115.8 | 5.2 |
| Issuance of senior unsecured notes (note 24) | 995.5 | 496.2 |
| Net repayment of borrowings under credit facilities and other financial liabilities | (9.3) | (364.5) |
| Lease payments (note 17) | (375.7) | (375.1) |
| Net financing expenses paid, excluding interest on lease liabilities | (231.4) | (196.6) |
| Dividends paid to shareholders of WSP Global Inc. | (187.1) | (162.2) |
| Dividends paid to non-controlling interests | — | (0.4) |
| Cash inflows from (outflows used in) financing activities | 1,307.8 | (597.4) |
| Investing activities | ||
| Net disbursements related to business acquisitions and disposals of businesses | (2,340.0) | (354.3) |
| Additions to property and equipment, excluding business acquisitions | (148.3) | (160.3) |
| Additions to identifiable intangible assets, excluding business acquisitions | (15.5) | (20.1) |
| Proceeds from disposal of property and equipment | 42.1 | 1.9 |
| Dividends received from associates | 28.7 | 22.6 |
| Other | (3.6) | (0.2) |
| Cash outflows used in investing activities | (2,436.6) | (510.4) |
| Effect of exchange rate change on cash and cash equivalents | 4.3 | (7.6) |
| Change in net cash and cash equivalents | 257.4 | (129.1) |
| Cash and cash equivalents, net of bank overdraft – beginning of the year | 361.9 | 491.0 |
| Cash and cash equivalents, net of bank overdraft – end of the year (note 28) | 619.3 | 361.9 |
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’s financial statements are prepared in accordance with IFRS 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 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) supplementary 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; free cash flow; trailing twelve months of free cash flow to trailing twelve months of net earnings attributable to shareholders; organic net revenue growth (contraction), acquisition net revenue growth; divestiture net revenue impact; organic backlog growth (contraction); 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 22, “Glossary of segment reporting, non-IFRS and other financial measures” of WSP’s MD&A for the fourth quarter and year ended December 31, 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: | ||||||||||
| Fourth quarters ended | Years ended | |||||||||
| (in millions of dollars) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||
| Revenues | $4,664.9 | $3,724.3 | $16,166.8 | $14,437.2 | ||||||
| Less: Subconsultants and direct costs | $1,270.9 | $968.3 | $3,994.6 | $3,540.2 | ||||||
| Net revenues* | $3,394.0 | $2,756.0 | $12,172.2 | $10,897.0 | ||||||
| * Total of segments measure. | ||||||||||
| Reconciliation of adjusted EBITDA | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
| Fourth quarters ended | Years ended | |||||||
| (in millions of dollars) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||
| EBIT | $345.4 | $211.0 | $1,268.6 | $947.5 | ||||
| Acquisition, integration and reorganization costs | $67.5 | $26.3 | $133.8 | $105.0 | ||||
| ERP implementation costs | $21.7 | $21.1 | $66.8 | $81.0 | ||||
| Depreciation of right-of-use assets | $81.9 | $77.2 | $310.3 | $316.4 | ||||
| Amortization of intangible assets | $71.6 | $58.7 | $239.2 | $221.7 | ||||
| Depreciation of property and equipment | $36.0 | $39.7 | $135.8 | $135.1 | ||||
| Impairment of long-lived assets | — | $81.7 | — | $87.1 | ||||
| Share of depreciation and taxes of associates and joint ventures | $4.3 | $4.5 | $16.4 | $14.9 | ||||
| Interest income | $5.9 | $4.7 | $14.8 | $12.6 | ||||
| Adjusted EBITDA* | $634.3 | $524.9 | $2,185.7 | $1,921.3 | ||||
| * Non-IFRS financial measure. | ||||||||
| Reconciliation of adjusted net earnings | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
| Fourth quarters ended | Years ended | |||||||
| (in millions of dollars, except per share data) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||
| Net earnings attributable to shareholders | $166.9 | $130.6 | $681.4 | $550.0 | ||||
| Amortization of intangible assets related to acquisitions | $59.2 | $47.2 | $194.6 | $181.7 | ||||
| Impairment of long-lived assets | — | $81.7 | — | $87.1 | ||||
| Acquisition, integration and reorganization costs | $67.5 | $26.3 | $133.8 | $105.0 | ||||
| ERP implementation costs | $21.7 | $21.1 | $66.8 | $81.0 | ||||
| Gains on investments in securities related to deferred compensation obligations | $(0.4) | $(10.4) | $(17.8) | $(18.1) | ||||
| Unrealized losses (gains) on derivative financial instruments | $35.9 | $(8.9) | $65.5 | $(27.4) | ||||
| Income taxes related to above items | $(45.5) | $(39.8) | $(109.4) | $(99.3) | ||||
| Adjusted net earnings* | $305.3 | $247.8 | $1,014.9 | $860.0 | ||||
| Adjusted net earnings per share* | $2.34 | $1.99 | $8.05 | $6.90 | ||||
| * 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: | ||||||||||
| Fourth quarters ended | Years ended | |||||||||
| (in millions of dollars) | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||
| Cash inflows from operating activities | $773.3 | $776.6 | $1,381.9 | $986.3 | ||||||
| Lease payments in financing activities | $(101.9) | $(96.3) | $(375.7) | $(375.1) | ||||||
| Net capital expenditures* | $(28.9) | $(70.4) | $(121.7) | $(178.5) | ||||||
| Free cash flow** | $642.5 | $609.9 | $884.5 | $432.7 | ||||||
| * 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 contained in this press release are not based on historical or current facts and may constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) under Canadian securities laws. 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, without limitation, statements about our ambitions; our development of innovation; our future growth and potential; our profitability; the payment of dividends; our proposed strategy, and our operating performance; and statements about the 2025-2027 Global Strategic Action Plan.
Forward-looking statements made by the Corporation are based on a number of operational and other assumptions believed by the Corporation to be reasonable as at the date such statements were made, including assumptions set out through this press release and including, without limitation, the following principal assumptions about: general economic and political conditions; organic growth expectations; economic and market assumptions regarding the competition; the state of the global economy and the economies of the regions in which the Corporation operates; 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 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 state of the Corporation’s backlog and pipeline of opportunities in various reportable segments; the joint arrangements into which the Corporation has entered or will enter; the 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 expected benefits of acquisitions and the expected synergies to be realized as a result thereof; 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. In evaluating these forward-looking statements, investors should specifically consider various risk factors, which, if realized, could cause the Corporation’s actual results or events to differ materially from those expressed or implied in forward-looking statements. Such risk factors include, but are not limited to, failure to implement sufficient corporate and business initiatives; increases in real estate costs; 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; as well as other risks detailed from time to time in reports filed by the Corporation with securities regulators or securities commissions or other documents that the Corporation makes public, which may cause actual results or events to differ materially from the results expressed or implied in any forward-looking statement.
These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in, or implied by, our forward-looking statements are discussed in greater detail in section 20, “Risk Factors” of the Corporation’s MD&A for the fourth quarter and year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca. Actual results and events may be significantly different from what we currently expect because of the risks associated with our business, industry and global economy and of the assumptions made in relation to these risks. As such, there can be no assurance that actual results will be consistent with forward-looking statements.
The forward-looking statements contained in this press release describe the Corporation’s expectations as of the date hereof and, accordingly, are subject to change after such date. Except as required under Canadian securities legislation, the Corporation does not assume any obligation to publicly update or to revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The Corporation may also make oral forward-looking statements from time to time. The Corporation advises that the above paragraphs and the risk factors set forth in section 20, “Risk factors” should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from the results expressed or implied in any oral forward-looking statements. Readers should not place undue reliance on forward-looking statements.
ABOUT WSP
WSP is one of the world’s leading professional services firms, uniting its engineering, advisory and science-based expertise to shape communities to advance humanity. From local beginnings to a globe-spanning presence today, WSP operates in over 50 countries and employs approximately 73,000 professionals, known as Visioneers. Together they pioneer solutions and deliver innovative projects in the transportation, infrastructure, environment, building, energy, water, and mining and metals sectors. WSP is publicly listed on the Toronto Stock Exchange (TSX:WSP).
| For more information, please contact: |
| Alain Michaud Chief Financial Officer WSP Global Inc. alain.michaud@wsp.com Phone: 438-843-7317 |
