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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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  "notes": "Highlights the discrepancy in DSO calculation methodologies between WSP and its peer Stantec.",
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      "text": "Spruce Point does not believe that WSP's DSOs accurately reflect its financial condition. Our concern is heightened by the fact that WSP's management is paid on a seemingly different DSO calculation than reported to investors.",
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      "text": "Spruce Point does not believe that WSP's DSOs accurately reflect its financial condition.",
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      "text": "Days Sales Outstanding (DSO): 87",
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      "text": "Days Sales Outstanding (DSO). DSO is a metric we use to evaluate the efficiency of our working capital. It represents the average number of days to convert our trade and other receivables, unbilled receivables, contract assets, and deferred revenue to cash. We calculate DSO by annualizing gross revenue for the quarter as reported under IFRS. — Stantec",
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      "text": "Source, WSP and Stantec financials. 1) Spruce Point calculated DSO includes “other receivables” and is calculated based on LTM gross revenues, and four quarter average AR and other receivables, and net contract asset",
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      "text": "DSO Definitions of Stantec and WSP",
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      "text": "WSP Reported DSO vs. Spruce Point Adjusted DSO",
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      "text": "We Believe DSOs Aren't Fairly Depicted",
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