WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today
announced financial and operating results for the third quarter
ended on September 30, 2023.
In the third quarter of 2023, WSP generated
solid organic growth in net revenues across all reportable segments
and delivered a 50 bps increase in adjusted EBITDA margin.
Backlog and order intake remained strong with backlog organic
growth of 7.2% in the first nine months of 2023.
THIRD QUARTER OF 2023 FINANCIAL
HIGHLIGHTS
- Revenues and net revenues for the
quarter reached $3.60 billion and $2.73 billion, up 24.2% and
24.7%, respectively, compared to the third quarter of 2022. Net
revenue organic growth of 6.7% in the quarter, attributable to all
reportable segments. The acquisition of the Environment &
Infrastructure business (“E&I”) of John Wood Group plc (the
“E&I Acquisition”) was the main driver of acquisition growth of
15.3%.
- Backlog as at September 30,
2023 stood at $14.3 billion, representing 12.1 months of
revenues(1). Organic order intake in the third quarter was
$4.0 billion, while organic growth in the first nine months of
2023 was 7.2%.
- Adjusted EBITDA in the quarter grew
to $521.5 million, compared to $407.0 million in the third quarter
of 2022, an increase of 28.1%.
- Adjusted EBITDA margin for the
quarter increased by 50 bps to 19.1%, compared to 18.6% in the
third quarter of 2022. In the nine-month period ended
September 30, 2023, adjusted EBITDA margin increased by
30 bps to 17.2%.
- Earnings before net financing
expense and income taxes in the quarter stood at $292.7 million, up
$56.3 million compared to the third quarter of 2022, mainly due to
higher adjusted EBITDA.
- Adjusted net earnings for the
quarter was $246.4 million, or $1.98 per share, up $53.0 million
and $0.39, respectively, compared to the third quarter of 2022. The
respective increases in these metrics are mainly attributable to a
higher adjusted EBITDA, partially offset by higher interest on
long-term debt.
- Net earnings attributable to
shareholders for the quarter stood at $156.2 million, or $1.25 per
share, compared to $127.5 million and $1.05 per share in Q3
2022. The increases are mainly attributable to higher adjusted
EBITDA, partially offset by higher interest on long-term debt and
income taxes, as well as increased amortization of intangible
assets due to recent acquisitions.
- Cash inflows from operating
activities were $209.7 million in the nine-month period ended
September 30, 2023, compared to $207.4 million in the
first nine months of 2022. Free cash outflow was
$177.2 million for the nine-month period ended
September 30, 2023, affected by the continued impact of higher
income taxes due to changes in tax regulation in the US which
delays the deductibility of certain expenses.
- Net debt to adjusted EBITDA ratio
stood at 1.9x, compared to 1.6x as at December 31, 2022. The
increase is mainly due to a higher net debt balance used to finance
recent acquisitions. Incorporating a full twelve months of adjusted
EBITDA of all acquired businesses, the net debt to adjusted EBITDA
ratio would be 1.8x.
- Quarterly dividend declared of
$0.375 per share, or $46.7 million.
- Financial outlook for 2023 updated
in the Q2 2023 press release is reaffirmed.
“Our performance in the third quarter is aligned
with our expectations and demonstrates the continued momentum and
high demand for our services. We continue to achieve significant
organic growth, and our backlog remains at record levels,” said
Alexandre L’Heureux, President and CEO of WSP. “During the quarter,
we celebrated an important milestone as it marked the one-year
anniversary of welcoming our colleagues from the Environment &
Infrastructure business of John Wood Group, a key addition to our
global platform. We are reaffirming our financial outlook with
confidence and will remain agile navigating fluid macroeconomic and
geopolitical environments while executing our strategy with
discipline and rigour. “
LEADERSHIP ANNOUNCEMENTWSP
announces that Lewis (Lou) Cornell, President and Chief Executive
Officer, WSP in the USA, will retire in 2024 after a successful
career spanning nearly three and a half decades. Mr. Cornell has
been a member of the Global Leadership Team and an integral part in
expanding the business and driving significant growth. He will
continue to oversee the US business until his retirement and is
committed to facilitating a smooth transition. The company has
initiated a search process for his replacement.
DIVIDENDThe Board of WSP
declared a dividend of $0.375 per share. This dividend will be
payable on or about January 15, 2024, to shareholders of record at
the close of business on December 29, 2023.
FINANCIAL REPORTThis release
includes, by reference, the financial reports for the third quarter
of 2023, including the unaudited interim condensed consolidated
financial statements and the Management's Discussion and Analysis
(“MD&A”) of the Corporation for the third quarter ended on
September 30, 2023, which are available on our website at
www.wsp.com. These documents are also available on SEDAR+ at
www.sedarplus.ca.
CONFERENCE CALL &
WEBCASTWSP will hold a conference call and webcast from
8:00 a.m. to 9:00 a.m. (Eastern Time) on November 9, 2023, 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 third quarter 2023 highlights and results
will be accessible on November 8, 2023 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.
FINANCIAL HIGHLIGHTS
|
|
Third quarters ended |
|
Nine-month periods ended |
|
(in
millions of dollars, except percentages, per share data, DSO and
ratios) |
|
September 30,2023 |
|
October 1,2022 |
|
September 30,2023 |
|
October 1,2022 |
|
Revenues |
|
$3,597.4 |
|
$2,896.1 |
|
$10,712.9 |
|
$8,372.1 |
|
Net
revenues(1) |
|
$2,734.8 |
|
$2,193.9 |
|
$8,141.0 |
|
$6,403.5 |
|
Earnings before net financing
expense and income taxes |
|
$292.7 |
|
$236.4 |
|
$736.5 |
|
$563.8 |
|
Adjusted EBITDA(2) |
|
$521.5 |
|
$407.0 |
|
$1,396.4 |
|
$1,083.8 |
|
Adjusted EBITDA margin(2) |
|
|
19.1 |
% |
|
18.6 |
% |
|
17.2 |
% |
|
16.9 |
% |
Net earnings attributable to
shareholders of WSP Global Inc. |
|
$156.2 |
|
$127.5 |
|
$419.4 |
|
$311.8 |
|
Basic net earnings per share
attributable to shareholders |
|
$1.25 |
|
$1.05 |
|
$3.37 |
|
$2.62 |
|
Adjusted net earnings(2) |
|
$246.4 |
|
$193.4 |
|
$612.2 |
|
$483.3 |
|
Adjusted net earnings per share(2) |
|
$1.98 |
|
$1.59 |
|
$4.91 |
|
$4.06 |
|
Cash inflows from operating activities |
|
$149.5 |
|
$165.0 |
|
$209.7 |
|
$207.4 |
|
Free
cash flow(2) |
|
$21.1 |
|
$36.7 |
|
$(177.2 |
) |
$(133.7 |
) |
As at |
|
|
|
September 30,2023 |
|
October 1,2022 |
|
Backlog(3) |
|
|
|
$14,276.4 |
|
$13,253.8 |
|
DSO(3) |
|
|
|
77 days |
|
75 days |
|
As at |
|
|
|
September 30,2023 |
|
December 31,2022 |
|
Net debt to adjusted EBITDA ratio(3) |
|
|
|
|
1.9 |
|
|
1.9 |
|
(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 third quarter
and nine-month period ended September 30, 2023, 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 third quarter and nine-month
period ended September 30, 2023, 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
|
|
Third quarters ended |
|
Nine-month periods ended |
|
(in
millions of dollars, except number of shares and per share
data) |
|
September 30,2023 |
|
October 1,2022 |
|
September 30,2023 |
|
October 1,2022 |
|
Revenues |
|
$3,597.4 |
|
$2,896.1 |
|
$10,712.9 |
|
$8,372.1 |
|
Less:
subconsultants and direct costs |
|
$862.6 |
|
$702.2 |
|
$2,571.9 |
|
$1,968.6 |
|
Net revenues |
|
$2,734.8 |
|
$2,193.9 |
|
$8,141.0 |
|
$6,403.5 |
|
Earnings before net
financing expense and income taxes |
|
$292.7 |
|
$236.4 |
|
$736.5 |
|
$563.8 |
|
Net
financing expense |
|
$74.6 |
|
$62.0 |
|
$155.2 |
|
$134.3 |
|
Earnings before income taxes |
|
$218.1 |
|
$174.4 |
|
$581.3 |
|
$429.5 |
|
Income
tax expense |
|
$61.0 |
|
$45.3 |
|
$159.6 |
|
$115.2 |
|
Net earnings |
|
$157.1 |
|
$129.1 |
|
$421.7 |
|
$314.3 |
|
Net earnings attributable to: |
|
|
|
|
|
Shareholders of WSP Global Inc. |
|
$156.2 |
|
$127.5 |
|
$419.4 |
|
$311.8 |
|
Non-controlling interests |
|
$0.9 |
|
$1.6 |
|
$2.3 |
|
$2.5 |
|
Basic net earnings per share attributable to
shareholders |
|
$1.25 |
|
$1.05 |
|
$3.37 |
|
$2.62 |
|
Diluted net earnings per share attributable to
shareholders |
|
$1.25 |
|
$1.05 |
|
$3.36 |
|
$2.61 |
|
Basic weighted average number of shares |
|
|
124,626,810 |
|
|
121,267,806 |
|
|
124,589,056 |
|
|
119,063,307 |
|
Diluted
weighted average number of shares |
|
|
124,963,588 |
|
|
121,567,722 |
|
|
124,919,495 |
|
|
119,371,540 |
|
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION(in millions of Canadian dollars)
References to notes refer to notes in the unaudited interim
condensed financial statements
As at |
September 30, 2023 |
|
December 31, 2022 |
|
|
$ |
|
$ |
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents (note 16) |
290.4 |
|
495.6 |
|
Trade receivables and other receivables |
2,657.1 |
|
2,625.8 |
|
Cost and anticipated profits in excess of billings |
1,958.6 |
|
1,626.2 |
|
Prepaid expenses |
184.9 |
|
138.9 |
|
Other financial assets |
118.3 |
|
108.2 |
|
Income taxes receivable |
23.5 |
|
39.5 |
|
|
5,232.8 |
|
5,034.2 |
|
Non-current assets |
|
|
|
|
Right-of-use assets (note 10) |
922.0 |
|
978.9 |
|
Intangible assets |
1,098.0 |
|
1,102.6 |
|
Property and equipment |
427.3 |
|
398.9 |
|
Goodwill (note 11) |
7,217.1 |
|
6,792.2 |
|
Deferred income tax assets |
428.0 |
|
351.3 |
|
Other assets |
203.7 |
|
183.6 |
|
|
10,296.1 |
|
9,807.5 |
|
Total assets |
15,528.9 |
|
14,841.7 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
2,382.9 |
|
2,736.4 |
|
Billings in excess of costs and anticipated profits |
1,086.1 |
|
973.1 |
|
Income taxes payable |
193.4 |
|
260.4 |
|
Provisions |
165.4 |
|
152.2 |
|
Dividends payable to shareholders |
46.7 |
|
46.7 |
|
Current portion of lease liabilities (note 10) |
267.1 |
|
273.0 |
|
Current portion of long-term debt (note 12) |
679.0 |
|
173.4 |
|
|
4,820.6 |
|
4,615.2 |
|
Non-current liabilities |
|
|
|
|
Long-term debt (note 12) |
3,028.4 |
|
2,781.1 |
|
Lease liabilities (note 10) |
783.7 |
|
856.8 |
|
Provisions |
330.2 |
|
288.9 |
|
Retirement benefit obligations |
162.5 |
|
162.3 |
|
Deferred income tax liabilities |
125.9 |
|
128.3 |
|
|
4,430.7 |
|
4,217.4 |
|
Total liabilities |
9,251.3 |
|
8,832.6 |
|
|
|
|
|
|
Equity |
|
|
|
|
Equity attributable to shareholders of WSP Global Inc. |
6,272.4 |
|
6,006.0 |
|
Non-controlling interests |
5.2 |
|
3.1 |
|
Total equity |
6,277.6 |
|
6,009.1 |
|
Total liabilities and equity |
15,528.9 |
|
14,841.7 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in millions of Canadian dollars)References
to notes refer to notes in the unaudited interim condensed
financial statements)
|
|
Third quarters ended |
|
Nine-month periods ended |
|
|
|
September 30,2023 |
|
October 1,2022 |
|
September 30,2023 |
|
October 1,2022 |
|
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Operating
activities |
|
|
|
|
|
Net earnings |
|
157.1 |
|
129.1 |
|
421.7 |
|
314.3 |
|
Adjustments (note 16) |
|
134.3 |
|
116.8 |
|
433.5 |
|
365.9 |
|
Net financing expense (note
8) |
|
74.6 |
|
62.0 |
|
155.2 |
|
134.3 |
|
Income tax expense |
|
61.0 |
|
45.3 |
|
159.6 |
|
115.2 |
|
Income taxes paid |
|
(41.8 |
) |
(47.3 |
) |
(250.4 |
) |
(167.2 |
) |
Change
in non-cash working capital items (note 16) |
|
(235.7 |
) |
(140.9 |
) |
(709.9 |
) |
(555.1 |
) |
Cash inflows from operating activities |
|
149.5 |
|
165.0 |
|
209.7 |
|
207.4 |
|
Financing activities |
|
|
|
|
|
Net proceeds of long-term
debt |
|
13.0 |
|
109.8 |
|
542.9 |
|
78.5 |
|
Lease payments (note 10) |
|
(90.4 |
) |
(87.2 |
) |
(278.8 |
) |
(249.4 |
) |
Issuance of long-term debt
related to business acquisitions |
|
— |
|
2,309.3 |
|
— |
|
2,309.3 |
|
Repayment of long-term debt
following business acquisitions |
|
— |
|
(1,025.8 |
) |
— |
|
(1,025.8 |
) |
Net financing expenses paid,
excluding interest on lease liabilities |
|
(49.8 |
) |
(24.5 |
) |
(144.1 |
) |
(57.8 |
) |
Dividends paid to shareholders
of WSP Global Inc. |
|
(46.8 |
) |
(22.7 |
) |
(115.6 |
) |
(66.4 |
) |
Issuance of common shares, net
of issuance costs (note 13) |
|
0.5 |
|
882.1 |
|
2.5 |
|
882.8 |
|
Dividends paid to
non-controlling interests |
|
(0.2 |
) |
— |
|
(0.2 |
) |
(0.5 |
) |
Cash inflows (outflows) from financing
activities |
|
(173.7 |
) |
2,141.0 |
|
6.7 |
|
1,870.7 |
|
Investing activities |
|
|
|
|
|
Net (disbursements) proceeds
related to business acquisitions and disposals of businesses (notes
4 and 11) |
|
57.8 |
|
(2,489.6 |
) |
(353.3 |
) |
(2,509.9 |
) |
Additions to property and
equipment, excluding business acquisitions |
|
(36.1 |
) |
(39.9 |
) |
(98.6 |
) |
(84.1 |
) |
Additions to identifiable
intangible assets, excluding business acquisitions |
|
(2.6 |
) |
(1.7 |
) |
(11.2 |
) |
(8.9 |
) |
Proceeds from disposal of
property and equipment |
|
0.7 |
|
0.5 |
|
1.7 |
|
1.3 |
|
Dividends received from
associates |
|
6.5 |
|
4.6 |
|
7.8 |
|
7.0 |
|
Other |
|
— |
|
— |
|
1.0 |
|
(1.1 |
) |
Cash inflows (outflows) from investing
activities |
|
26.3 |
|
(2,526.1 |
) |
(452.6 |
) |
(2,595.7 |
) |
Effect
of exchange rate change on cash and cash equivalents |
|
0.1 |
|
14.4 |
|
(9.4 |
) |
7.2 |
|
Change in net cash and
cash equivalents |
|
2.2 |
|
(205.7 |
) |
(245.6 |
) |
(510.4 |
) |
Cash
and cash equivalents, net of bank overdraft - beginning of the
period |
|
243.2 |
|
621.6 |
|
491.0 |
|
926.3 |
|
Cash and cash
equivalents, net of bank overdraft - end of period
(note 16) |
|
245.4 |
|
415.9 |
|
245.4 |
|
415.9 |
|
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
MEASURESThe Corporation reports its financial results in
accordance with International Financial Reporting Standards
("IFRS"). 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 quarter and nine-month period ended September 30,
2023, 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: |
|
|
|
Third quarters ended |
Nine-month periods ended |
|
|
(in
millions of dollars) |
September 30,2023 |
October 1,2022 |
September 30,2023 |
October 1,2022 |
|
|
Revenues |
$3,597.4 |
$2,896.1 |
$10,712.9 |
$8,372.1 |
|
|
Less:
Subconsultants and direct costs |
$862.6 |
$702.2 |
$2,571.9 |
$1,968.6 |
|
|
Net revenues* |
$2,734.8 |
$2,193.9 |
$8,141.0 |
$6,403.5 |
|
|
* Total of segments measure. |
|
|
Reconciliation of adjusted EBITDA |
|
|
The following
table reconciles this metric to the most comparable IFRS
measure: |
|
|
|
Third quarters ended |
Nine-month periods ended |
|
|
(in millions of dollars) |
September 30,2023 |
October 1,2022 |
September 30,2023 |
October 1,2022 |
|
|
Earnings before net
financing expense and income taxes |
$292.7 |
$236.4 |
$736.5 |
$563.8 |
|
|
Acquisition, integration and
reorganization costs |
$37.9 |
$22.1 |
$78.7 |
$65.8 |
|
|
ERP implementation costs |
$20.1 |
$8.5 |
$59.9 |
$30.5 |
|
|
Depreciation of right-of-use
assets |
$80.4 |
$70.9 |
$239.2 |
$210.9 |
|
|
Amortization of intangible
assets |
$49.3 |
$33.4 |
$163.0 |
$100.3 |
|
|
Depreciation of property
and equipment |
$33.7 |
$28.3 |
$95.4 |
$84.0 |
|
|
Impairment of long-lived
assets |
$1.4 |
$2.2 |
$5.4 |
$16.5 |
|
|
Share of depreciation and
taxes of associates |
$3.3 |
$3.2 |
$10.4 |
$8.6 |
|
|
Interest income |
$2.7 |
$2.0 |
$7.9 |
$3.4 |
|
|
Adjusted EBITDA* |
$521.5 |
$407.0 |
$1,396.4 |
$1,083.8 |
|
|
*
Non-IFRS financial measure. |
|
|
Reconciliation of adjusted net earnings |
|
|
The following
table reconciles this metric to the most comparable IFRS
measure: |
|
|
|
Third quarters ended |
Nine-month periods ended |
|
|
(in millions of dollars, except per share data) |
September 30,2023 |
October 1,2022 |
September 30,2023 |
October 1,2022 |
|
|
Net earnings attributable to shareholders |
$156.2 |
$127.5 |
$419.4 |
$311.8 |
|
|
Amortization of intangible assets related to acquisitions |
$40.6 |
$21.2 |
$134.5 |
$63.3 |
|
|
Impairment of long-lived
assets |
$1.4 |
$2.2 |
$5.4 |
$16.5 |
|
|
Acquisition, integration and
reorganization costs |
$37.9 |
$22.1 |
$78.7 |
$65.8 |
|
|
ERP implementation costs |
$20.1 |
$8.5 |
$59.9 |
$30.5 |
|
|
(Gains) losses on investments
in securities related to deferred compensation obligations |
$3.2 |
$4.7 |
$(7.7) |
$27.1 |
|
|
Unrealized (gains) losses on
derivative financial instruments |
$9.0 |
$27.1 |
$(18.5) |
$23.6 |
|
|
Income
taxes related to above items |
$(22.0) |
$(19.9) |
$(59.5) |
$(55.3) |
|
|
Adjusted net earnings* |
$246.4 |
$193.4 |
$612.2 |
$483.3 |
|
|
Adjusted net earnings per share* |
$1.98 |
$1.59 |
$4.91 |
$4.06 |
|
|
* 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: |
|
|
|
Third quarters ended |
Nine-month periods ended |
|
|
(in
millions of dollars) |
September 30,2023 |
October 1,2022 |
September 30,2023 |
October 1,2022 |
|
|
Cash inflows from operating activities |
$149.5 |
$165.0 |
$209.7 |
$207.4 |
|
|
Lease payments in financing
activities |
$(90.4) |
$(87.2) |
$(278.8) |
$(249.4) |
|
|
Net
capital expenditures* |
$(38.0) |
$(41.1) |
$(108.1) |
$(91.7) |
|
|
Free cash inflows (outflows)** |
$21.1 |
$36.7 |
$(177.2) |
$(133.7) |
|
|
* 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
STATEMENTSCertain 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
backlog and the strength of the markets across our regions, the
payment of dividends, our proposed strategy, and our operating
performance, financial outlook, prospects and expectations of this
press release, 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
November 8, 2023, including assumptions set out through this
press release and under section 16 “Forward-Looking Statements” of
WSP's MD&A for the quarter and nine-month period ended
September 30, 2023 which is available on SEDAR+ at
www.sedarplus.ca.
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. 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 year ended December 31, 2022 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 WSPAs 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
67,000 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 2022, WSP reported $11.9 B (CAD) in revenue. The Corporation’s
shares are listed on the Toronto Stock Exchange (TSX: WSP).
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Alain MichaudChief Financial OfficerWSP Global
Inc.alain.michaud@wsp.com Phone: 438-843-7317
WSP Global (TSX:WSP)
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