{
  "docId": "019dd923-622c-750b-8b99-7df068ad1ae5",
  "docSlug": "55f4c152cfe0",
  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 68,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a table to contrast forecast ranges with actual outcomes, using color-coded indicators for DSOs.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-7df068ad1ae5/35",
  "deckHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5#slide-35",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "While investors have cheered WSP's ability to meet net revenue and Adj. EBITDA targets the past few years, we believe investors should scrutinize persistent missed net capex targets.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b330-3c7fee4e8628",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Capex: -39%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b330-439e0b43b40e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "While investors have cheered WSP's ability to meet net revenue and Adj. EBITDA targets the past few years, we believe investors should scrutinize persistent missed net capex targets.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ea915fa-ab95-42d2-b378-cc57db48b9ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1) Includes PP&E, intangible purchases net of disposals. 2) Initial forecast included Golder acquisition. 2022 and 2023 forecasts assumed no M&A. Source: WSP financial results and guidance.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0021219c-0400-4569-8d22-19f396a88181",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.96,
        "x": 0.02,
        "y": 0.36
      },
      "kind": "table",
      "text": "WSP's Financial Guidance vs. Actual Results table showing Net Capex, Acquisition Costs, and DSOs from 2020-2023.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "983138e2-dcaa-4b66-9bf1-5361ef57cb46",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "WSP's Forecasting Is Persistently Inaccurate, Especially Around Net Capex",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dc4f1c4-3a46-42f9-be9c-ea346b978748",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "76c0352e-9980-4247-a1cb-581b203049ed",
      "evidence": "Highlighting persistent forecast misses to suggest management manipulation or incompetence.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 68,
      "from": 9,
      "beatId": "f8978e98-df21-43e6-a756-a65765818a20",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document repeatedly exposes contradictions in WSP's reporting and operations",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}