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  "documentTitle": "WSP Global Inc. (WSP)",
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  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a line chart to show regional backlog trends and highlights a specific footnote from a press release to suggest management is obfuscating performance.",
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      "kind": "callout",
      "text": "Sustained And Notable Weakness In APAC",
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      "text": "Total Backlog To Revenue Declined Led By A Large Drop in the Americas",
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      "text": "Spruce Point observes that WSP's backlog to annual revenues fell across all regions except EMEAI in 2023. We see notable weakness in APAC. In its latest earnings announcement, WSP added a footnote to qualify that backlog to revenues includes a full 12 months of revenue from all acquisitions.",
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      "text": "Organic order intake reached a record high level of $15.12 billion for the year, resulting in backlog as at December 31, 2023, of $14.1 billion, representing 11.8 months of revenues,(1) up 8.2% in the year.",
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      "text": "Source: WSP results, 2022 vs. 2023 Year End Press Release and Spruce Point analysis.",
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      "text": "Backlog Is Weakening",
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