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  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "Uses side-by-side comparison of Yahoo Finance and Bloomberg data to highlight reporting discrepancies.",
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      "text": "Whereas on the surface, WSP's 2023 operating cash flow growth was 21%, but adjusted for the interest expense misclassification, it was less spectacular at 7.4%.",
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      "text": "operating cash flow: 7.4%",
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      "text": "Garbage in, garbage out means that financial data aggregators take WSP's financial reporting at face value and completely ignore any interest expense costs as part of operating cash flow. As a result, we believe valuation models tied to operating cash flow growth are misguided. Whereas on the surface, WSP's 2023 operating cash flow growth was 21%, but adjusted for the interest expense misclassification, it was less spectacular at 7.4%.",
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      "text": "Source: Yahoo!Finance and Bloomberg, Spruce Point red emphasis",
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      "kind": "title",
      "text": "Cash Flow Is Garbage In, Garbage Out",
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