Yahoo Finanza WSP Reports Solid Q2 2023 Results Ahead of Expectations and Increases Financial Outlook
MONTREAL, Aug. 08, 2023 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today announced financial and operating results for the second quarter ended on July 1, 2023.
WSP reports solid results for the first half of 2023. The second quarter of 2023 showed continued strong momentum, with higher-than-expected organic growth in net revenues across all reportable segments and improved adjusted EBITDA margins. WSP records robust backlog and record-high order intake for a quarter, which bolster confidence as WSP enters the second half of the year. As a result, the financial outlook for 2023 is increased.
SECOND QUARTER OF 2023 FINANCIAL HIGHLIGHTS
Revenues and net revenues for the quarter reached $3.63 billion and $2.74 billion, up 31.2% and 29.8%, respectively, compared to the second quarter of 2022. Net revenue organic growth of 9.3% in the quarter, attributable to all reportable segments, was highest in the USA, Australia, the UK and New Zealand. The acquisition of the Environment & Infrastructure business of John Wood Group plc, completed in September 2022, was the main driver of acquisition growth of 16.9%.
Backlog as at July 1, 2023 stood at a record-high level of $14.3 billion, representing 12.0 months of revenues. Organic order intake in the second quarter of 2023 of $4.0 billion, represents the highest level of organic intake recorded in a quarter, which demonstrates the continued strength of the markets across key regions.
Adjusted EBITDA in the quarter of $461.6 million, compared to $352.2 million in the second quarter of 2022, an increase of 31.1%.
Adjusted EBITDA margin for the quarter increased to 16.9%, compared to 16.7% in the second quarter of 2022.
Earnings before net financing expense and income taxes in the quarter of $243.9 million, up $73.7 million compared to the second quarter of 2022, mainly due to higher adjusted EBITDA.
Adjusted net earnings for the quarter of $194.7 million, or $1.56 per share, up $41.2 million and $0.26, respectively, compared to the second 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 of $150.7 million, or $1.21 per share, compared to $89.3 million and $0.76 per share in Q2 2022. The increases are mainly attributable to higher adjusted EBITDA, partially offset by higher interest on long-term debt and income tax expense, as well as increased amortization of intangible assets due to recent acquisitions.
DSO as at July 1, 2023 stood at 75 days, compared to 73 days as at July 2, 2022.
Cash inflows from operating activities of $60.2 million in the six-month period ended July 1, 2023, compared to $42.4 million in the first half of 2022. The improvement is mainly attributable to the increase in adjusted EBITDA. Free cash outflow of $198.3 million for the six-month period ended July 1, 2023. 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 2.0x, compared to 1.6x as at December 31, 2022. The increase is mainly due to higher net debt balance 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 1.9x.
Quarterly dividend declared of $0.375 per share, or $46.7 million. DRIP termination was approved by the Board of Directors, effective May 10, 2023.
Financial outlook* for 2023 increased as follows:
| Revised outlook range | Previous outlook range |
Net revenues | $10.7 billion to $11.0 billion | $10.0 billion to $10.6 billion |
Adjusted EBITDA | $1.90 billion to $1.93 billion | $1.76 billion to $1.84 billion |
Underlying assumptions: | Revised assumptions | Previous assumptions |
Organic growth, calculated on a constant currency basis | 6% to 9% | 3% to 6% |
“I am very pleased with our second-quarter performance, and the successful first half of the year,” said Alexandre L’Heureux, WSP’s President and CEO. “Our growth has surpassed expectations and was driven by continued momentum across our business and the high demand for our services. Considering these positive trends, our record-high backlog and recent wins, we are raising our financial outlook and are moving into the second half of the year with confidence and a continued focus on rigorously executing our plan.”
DIVIDEND
The Board of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about October 15, 2023, to shareholders of record at the close of business on September 30, 2023.
FINANCIAL REPORT
This release includes, by reference, the financial reports for the second 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 second quarter ended on July 1, 2023, which are available on our website at www.wsp.com. These documents are also available on SEDAR+ at www.sedarplus.ca.
CONFERENCE CALL & WEBCAST
WSP will hold a conference call and webcast from 8:00 a.m. to 9:00 a.m. (Eastern Time) on August 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.
A presentation of the second quarter 2023 highlights and results will be accessible on August 8, 2023, after the market close under the “Investors” section of the WSP website at www.wsp.com. For those unable to attend, a replay will be available within 24 hours following the call under the Investors section of the website.
*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 March 2023 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) | July 1, 2023 |
| July 2, 2022 |
| July 1, 2023 |
| July 2, 2022 |
|
Revenues | $3,626.0 |
| $2,764.2 |
| $7,115.5 |
| $5,476.0 |
|
Net revenues(1) | $2,739.1 |
| $2,109.6 |
| $5,406.2 |
| $4,209.6 |
|
Earnings before net financing expense and income taxes | $243.9 |
| $170.2 |
| $443.8 |
| $327.4 |
|
Adjusted EBITDA(2) | $461.6 |
| $352.2 |
| $874.9 |
| $676.8 |
|
Adjusted EBITDA margin(2) | 16.9 | % | 16.7 | % | 16.2 | % | 16.1 | % |
Net earnings attributable to shareholders of WSP Global Inc. | $150.7 |
| $89.3 |
| $263.2 |
| $184.3 |
|
Basic net earnings per share attributable to shareholders | $1.21 |
| $0.76 |
| $2.11 |
| $1.56 |
|
Adjusted net earnings(2) | $194.7 |
| $153.5 |
| $365.8 |
| $289.9 |
|
Adjusted net earnings per share(2) | $1.56 |
| $1.30 |
| $2.94 |
| $2.46 |
|
Cash inflows from operating activities | $84.8 |
| $125.4 |
| $60.2 |
| $42.4 |
|
Free cash flow(2) | ($57.2 | ) | $14.9 |
| $(198.3 | ) | $(170.4 | ) |
As at |
|
| July 1, 2023 |
| July 2, 2022 |
| ||
Backlog(3) |
|
| $14,311.6 |
| $11,448.8 |
| ||
DSO(3) |
|
| 75 days |
| 73 days |
| ||
As at |
|
| July 1, 2023 |
| December 31, 2022 |
| ||
Net debt to adjusted EBITDA ratio(3) |
|
| 2.0 |
| 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 second quarter and six-month period ended July 1, 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 second quarter and six-month period ended July 1, 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
| Second quarters ended |
| Six-month periods ended |
| ||||
(in millions of dollars, except number of shares and per share data) | July 1, 2023 |
| July 2, 2022 |
| July 1, 2023 |
| July 2, 2022 |
|
Revenues | $3,626.0 |
| $2,764.2 |
| $7,115.5 |
| $5,476.0 |
|
Less: Subconsultants and direct costs | $886.9 |
| $654.6 |
| $1,709.3 |
| $1,266.4 |
|
Net revenues | $2,739.1 |
| $2,109.6 |
| $5,406.2 |
| $4,209.6 |
|
Earnings before net financing expense and income taxes | $243.9 |
| $170.2 |
| $443.8 |
| $327.4 |
|
Net financing expense | $35.0 |
| $45.2 |
| $80.6 |
| $72.3 |
|
Earnings before income taxes | $208.9 |
| $125.0 |
| $363.2 |
| $255.1 |
|
Income tax expense | $57.7 |
| $35.4 |
| $98.6 |
| $69.9 |
|
Net earnings | $151.2 |
| $89.6 |
| $264.6 |
| $185.2 |
|
Net earnings attributable to: |
|
|
|
|
|
|
|
|
Shareholders of WSP Global Inc. | $150.7 |
| $89.3 |
| $263.2 |
| $184.3 |
|
Non-controlling interests | $0.5 |
| $0.3 |
| $1.4 |
| $0.9 |
|
Basic net earnings per share attributable to shareholders | $1.21 |
| $0.76 |
| $2.11 |
| $1.56 |
|
Diluted net earnings per share attributable to shareholders | $1.21 |
| $0.75 |
| $2.11 |
| $1.56 |
|
Basic weighted average number of shares | 124,608,538 |
| 118,041,872 |
| 124,570,180 |
| 117,967,063 |
|
Diluted weighted average number of shares | 124,930,834 |
| 118,320,713 |
| 124,896,082 |
| 118,270,851 |
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of dollars)
References to notes refer to notes in the unaudited interim condensed financial statements
As at | July 1, 2023 |
| December 31, 2022 |
|
| $ |
| $ |
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents (note 16) | 304.3 |
| 495.6 |
|
Trade receivables and other receivables | 2,519.1 |
| 2,625.8 |
|
Cost and anticipated profits in excess of billings | 1,945.6 |
| 1,626.2 |
|
Prepaid expenses | 188.5 |
| 138.9 |
|
Other financial assets | 117.4 |
| 108.2 |
|
Income taxes receivable | 46.6 |
| 39.5 |
|
| 5,121.5 |
| 5,034.2 |
|
Non-current assets |
|
|
|
|
Right-of-use assets (note 10) | 923.3 |
| 978.9 |
|
Intangible assets | 1,115.1 |
| 1,102.6 |
|
Property and equipment | 428.0 |
| 398.9 |
|
Goodwill (note 11) | 7,122.8 |
| 6,792.2 |
|
Deferred income tax assets | 393.3 |
| 351.3 |
|
Other assets | 229.4 |
| 183.6 |
|
| 10,211.9 |
| 9,807.5 |
|
Total assets | 15,333.4 |
| 14,841.7 |
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities | 2,412.1 |
| 2,736.4 |
|
Billings in excess of costs and anticipated profits | 1,054.3 |
| 973.1 |
|
Income taxes payable | 194.7 |
| 260.4 |
|
Provisions | 134.5 |
| 152.2 |
|
Dividends payable to shareholders | 46.7 |
| 46.7 |
|
Current portion of lease liabilities (note 10) | 260.9 |
| 273.0 |
|
Current portion of long-term debt (note 12) | 567.1 |
| 173.4 |
|
| 4,670.3 |
| 4,615.2 |
|
Non-current liabilities |
|
|
|
|
Long-term debt (note 12) | 3,114.4 |
| 2,781.1 |
|
Lease liabilities (note 10) | 791.5 |
| 856.8 |
|
Provisions | 344.2 |
| 288.9 |
|
Retirement benefit obligations | 159.8 |
| 162.3 |
|
Deferred income tax liabilities | 127.8 |
| 128.3 |
|
| 4,537.7 |
| 4,217.4 |
|
Total liabilities | 9,208.0 |
| 8,832.6 |
|
|
|
|
|
|
Equity |
|
|
|
|
Equity attributable to shareholders of WSP Global Inc. | 6,120.9 |
| 6,006.0 |
|
Non-controlling interests | 4.5 |
| 3.1 |
|
Total equity | 6,125.4 |
| 6,009.1 |
|
Total liabilities and equity | 15,333.4 |
| 14,841.7 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of dollars)
References to notes refer to notes in the unaudited interim condensed financial statements)
| Second quarters ended |
| Six-month periods ended |
| ||||
| July 1, 2023 |
| July 2, 2022 |
| July 1, 2023 |
| July 2, 2022 |
|
| $ |
| $ |
| $ |
| $ |
|
Operating activities |
|
|
|
| ||||
Net earnings | 151.2 |
| 89.6 |
| 264.6 |
| 185.2 |
|
Adjustments (note 16) | 157.8 |
| 135.3 |
| 299.2 |
| 249.1 |
|
Net financing expense (note 8) | 35.0 |
| 45.2 |
| 80.6 |
| 72.3 |
|
Income tax expense | 57.7 |
| 35.4 |
| 98.6 |
| 69.9 |
|
Income taxes paid | (133.7 | ) | (65.4 | ) | (208.6 | ) | (119.9 | ) |
Change in non-cash working capital items (note 16) | (183.2 | ) | (114.7 | ) | (474.2 | ) | (414.2 | ) |
Cash inflows from operating activities | 84.8 |
| 125.4 |
| 60.2 |
| 42.4 |
|
Financing activities |
|
|
|
| ||||
Net proceeds (repayment) of long-term debt | 383.4 |
| (24.6 | ) | 529.9 |
| (31.3 | ) |
Lease payments (note 10) | (93.7 | ) | (80.8 | ) | (188.4 | ) | (162.2 | ) |
Net financing expenses paid, excluding interest on lease liabilities | (48.1 | ) | (19.8 | ) | (94.3 | ) | (33.3 | ) |
Dividends paid to shareholders of WSP Global Inc. | (36.6 | ) | (22.3 | ) | (68.8 | ) | (43.7 | ) |
Issuance of common shares, net of issuance costs (note 13) | 1.2 |
| — |
| 2.0 |
| 0.7 |
|
Dividends paid to non-controlling interests | — |
| (0.5 | ) | — |
| (0.5 | ) |
Cash inflows (outflows) from financing activities | 206.2 |
| (148.0 | ) | 180.4 |
| (270.3 | ) |
Investing activities |
|
|
|
| ||||
Net disbursements related to business acquisitions (note 4) | (306.5 | ) | (10.9 | ) | (410.7 | ) | (21.9 | ) |
Additions to property and equipment, excluding business acquisitions | (45.1 | ) | (25.7 | ) | (62.5 | ) | (44.2 | ) |
Additions to identifiable intangible assets, excluding business acquisitions | (3.7 | ) | (4.3 | ) | (8.6 | ) | (7.2 | ) |
Proceeds from disposal of property and equipment | 0.5 |
| 0.3 |
| 1.0 |
| 0.8 |
|
Other | 0.8 |
| (1.1 | ) | 1.9 |
| 2.9 |
|
Cash outflows from investing activities | (354.0 | ) | (41.7 | ) | (478.9 | ) | (69.6 | ) |
Effect of exchange rate change on cash and cash equivalents | (8.5 | ) | (3.5 | ) | (9.5 | ) | (7.2 | ) |
Change in net cash and cash equivalents | (71.5 | ) | (67.8 | ) | (247.8 | ) | (304.7 | ) |
Cash and cash equivalents, net of bank overdraft - beginning of the period | 314.7 |
| 689.4 |
| 491.0 |
| 926.3 |
|
Cash and cash equivalents, net of bank overdraft - end of period (note 16) | 243.2 |
| 621.6 |
| 243.2 |
| 621.6 |
|
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 ("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 six-month period ended July 1, 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: |
| ||||||||
|
| Second quarters ended | Six-month periods ended |
| ||||||
| (in millions of dollars) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 |
| ||||
| Revenues | $3,626.0 | $2,764.2 | $7,115.5 | $5,476.0 |
| ||||
| Less: Subconsultants and direct costs | $886.9 | $654.6 | $1,709.3 | $1,266.4 |
| ||||
| Net revenues* | $2,739.1 | $2,109.6 | $5,406.2 | $4,209.6 |
| ||||
| * 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) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 |
| ||||
| Earnings before net financing expense and income taxes | $243.9 | $170.2 | $443.8 | $327.4 |
| ||||
| Acquisition, integration and reorganization costs | $17.2 | $22.9 | $40.8 | $43.7 |
| ||||
| ERP implementation costs | $21.5 | $11.9 | $39.8 | $22.0 |
| ||||
| Depreciation of right-of-use assets | $82.7 | $69.0 | $158.8 | $140.0 |
| ||||
| Amortization of intangible assets | $53.7 | $33.2 | $113.7 | $66.9 |
| ||||
| Depreciation of property and equipment | $31.9 | $27.0 | $61.7 | $55.7 |
| ||||
| Share of depreciation and taxes of associates | $3.8 | $2.6 | $7.1 | $5.4 |
| ||||
| Interest income | $2.9 | $1.1 | $5.2 | $1.4 |
| ||||
| Adjusted EBITDA* | $461.6 | $352.2 | $874.9 | $676.8 |
| ||||
| * 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) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 |
| ||||
| Net earnings attributable to shareholders | $150.7 | $89.3 | $263.2 | $184.3 |
| ||||
| Amortization of intangible assets related to acquisitions | $44.0 | $21.0 | $93.9 | $42.1 |
| ||||
| Acquisition, integration and reorganization costs | $17.2 | $22.9 | $40.8 | $43.7 |
| ||||
| ERP implementation costs | $21.5 | $11.9 | $39.8 | $22.0 |
| ||||
| (Gains) losses on investments in securities related to deferred compensation obligations | $(5.5) | $14.5 | $(10.9) | $22.4 |
| ||||
| Unrealized (gains) losses on derivative financial instruments | $(20.1) | $2.1 | $(27.5) | $(3.5) |
| ||||
| Income taxes related to above items | $(17.1) | $(22.5) | $(37.5) | $(35.4) |
| ||||
| Adjusted net earnings* | $194.7 | $153.5 | $365.8 | $289.9 |
| ||||
| Adjusted net earnings per share* | $1.56 | $1.30 | $2.94 | $2.46 |
| ||||
| * 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) | July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 |
| ||||
| Cash inflows from operating activities | $84.8 | $125.4 | $60.2 | $42.4 |
| ||||
| Lease payments in financing activities | $(93.7) | $(80.8) | $(188.4) | $(162.2) |
| ||||
| Net capital expenditures* | $(48.3) | $(29.7) | $(70.1) | $(50.6) |
| ||||
| Free cash inflows (outflows)** | $(57.2) | $14.9 | $(198.3) | $(170.4) |
| ||||
| * 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 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 August 8, 2023, including assumptions set out through this press release and under section 19 “Forward-Looking Statements” of WSP's MD&A for the second quarter and six-month ended ended July 1, 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 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 68,000 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 Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317
