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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": "The slide uses a table to contrast ERP costs with employee benefit costs, specifically calling out a negative value in Q4 2023.",
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      "text": "Spruce Point is also alarmed by a mysterious negative employee benefit cost that emerged in Q4 2023.",
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      "text": "ERP Cost: $116 - $137 million",
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      "text": "WSP will have estimated to spend between $116 - $137 million on ERP costs from 2021 - 2024. Spruce Point does not believe investors should simply ignore these costs as add-backs to Adj. EBITDA and EPS since they are ordinary and necessary costs to implement its acquisition growth strategy. Spruce Point is also alarmed by a mysterious negative employee benefit cost that emerged in Q4 2023.",
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      "text": "Included in ERP implementation costs in 2023 are employee benefit costs of $22.5 million ($13.8 million in 2022). Other than employee benefit costs, costs relate mainly to professional fees. — Annual Report Dec '23",
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      "text": "Source: WSP financial results",
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      "text": "Annual Report Dec '23: Included in ERP implementation costs in 2023 are employee benefit costs of $22.5 million ($13.8 million in 2022). 9M Ended Sept '23: Included in ERP implementation costs for the quarter and nine-month period ended September 30, 2023 are employee benefit costs of $10.7 million and $23.9 million, respectively.",
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      "text": "ERP Costs Shouldn't Be Ignored, Especially When Negative Costs Emerge...",
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