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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "Spruce Point believes investors should be on red alert given that management's short term incentive metrics are calculated on fundamentally different results reported to investors.",
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      "text": "Spruce Point believes investors should be on red alert given that management’s short term incentive metrics are calculated on fundamentally different results reported to investors.",
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      "text": "(1) From the 2022 Annual Report: “The acquired E&I business contributed revenues of $443.9 million and net earnings of $34.1 million from September 21, 2022 to December 31, 2022. The acquired businesses contributed revenues of $72.8 million and net earnings of $4.8 million from their respective acquisition dates to December 31, 2022.”",
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      "text": "Acquisition Growth: Reported that Wood and five other acquisitions contributed $516.7m in the Annual Report. WSP projected Wood's 2022E net revenue was US$830m (~C$1,079m) and Capita/GL Hearn ~C$135m or ~C$1,214 combined. What about the revenue contribution from the four other deals in 2022?",
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      "text": "Adj. EBITDA: As we previously highlighted, the footnote reveals that acquisitions added $58.2m of Adj. EBITDA (implying 11.2% margin vs. 17.1% consolidated).",
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      "text": "Net Revenues (Ex: Acquisitions): 2022 Net Revenues were $8,957m, which implies acquisitions added ($8,957 – $8,608) = $349.2m vs. $516.7m reported in the Annual Report. Why does the math not reconcile?",
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      "kind": "list",
      "text": "DSOs: Why 71.3 days when WSP reported 73 days to investors?",
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      "text": "STIP performance: 71.3",
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      "text": "The acquired E&I business contributed revenues of $443.9 million and net earnings of $34.1 million from September 21, 2022 to December 31, 2022. The acquired businesses contributed revenues of $72.8 million and net earnings of $4.8 million from their respective acquisition dates to December 31, 2022. — 2022 Annual Report",
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      "text": "Source: Management Info Circular",
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      "kind": "table",
      "text": "2022 STIP PERFORMANCE - FINANCIAL MEASURES, RESULTS AND RELATED PAYOUT",
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      "text": "DESCRIPTION OF THE 2022 STIP FINANCIAL MEASURES",
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      "kind": "title",
      "text": "Be Wary When Management Is Paid On Different Results Than Reported To Investors",
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