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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-04-03 00:00:00",
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      "text": "Spruce Point observes that WSP’s backlog definition became even more vague in its recent Annual Report. Notice that it now omits language that contracts are to be completed and qualifies that backlog for public-sector funded clients has secured funding. Our interpretation is that WSP’s backlog now includes projects that may not be completed and private contracts that have no confirmed funding.",
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      "text": "Spruce Point observes that WSP’s backlog definition became even more vague in its recent Annual Report. Notice that it now omits language that contracts are to be completed and qualifies that backlog for public-sector funded clients has secured funding.",
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      "text": "Source: WSP Annual Reports",
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      "text": "2022 vs 2023 Backlog definitions",
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      "text": "Warning: WSP Just Made Changes To The Backlog Definition",
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