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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a red line to visually connect the reported 1.5x ratio to the adjusted 2.3x ratio.",
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      "text": "As a result, we believe its true leverage is closer to 2.3x and not 1.5x.",
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      "text": "Net Debt / EBITDA: 2.3x",
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      "text": "Spruce Point believes that WSP gives an inadequate depiction of its true financial leverage. Notably, it fails to account for lease obligations and unfunded pension obligations. As we previously, illustrated we also believe that its Adj. EBITDA ignores ordinary and necessary costs to execute its strategy. As a result, we believe its true leverage is closer to 2.3x and not 1.5x.",
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      "kind": "source-note",
      "text": "Source: Annual Report",
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      "kind": "source-note",
      "text": "1) See prior slide on our Adj. EBITDA. In addition, we add back $40.9 and $6.3m, respectively of lease and pension expense. See Note 11 of Annual Report",
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      "text": "WSP's Reported Leverage table",
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      "text": "Spruce Point's Adjusted Leverage table",
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      "kind": "title",
      "text": "We Believe WSP Understates Its Leverage",
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