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  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a table to contrast WSP's performance against a peer group, with callouts emphasizing the low organic growth.",
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      "text": "Most of the headcount growth came from smaller industry players",
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      "text": "Growth predominantly by acquisition. Just 2% of net headcount added among peers. In fact, according to WSP's 2022 ESG report, headcount peaked at 67,300 at April 1, 2023",
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      "text": "Growth predominantly by acquisition. Just 2% of net headcount added among peers.",
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      "text": "headcount growth: 2%",
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      "text": "Spruce Point analyzed headcount growth among WSP's peer group and finds that approximately 18,800 employees were added in 2023. Of this figure, WSP's headcount growth was just 2% of the total increase and came predominantly from M&A. In 2022, WSP added language to its Annual Report around increases in wage pressure.",
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      "kind": "source-note",
      "text": "Source: Company financial reports as of Dec 31st and WSP's 2022 ESG Report. Note: Worley and Jacobs figures as of June and Sept 2023, respectively",
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      "text": "Industry Headcount Growth table comparing 2022 and 2023 figures for WSP and 11 peers.",
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      "kind": "title",
      "text": "More Evidence WSP Is Lagging In Headcount Growth",
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