WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today
announced financial and operating results for the third quarter
ended on October 1, 2022.
WSP delivered a third quarter with continued
solid organic net revenue growth across all reportable segments,
and increases in adjusted EBITDA, adjusted net earnings and
adjusted net earnings per share.
THIRD QUARTER 2022 FINANCIAL
HIGHLIGHTS
- Revenues
and net revenues for the quarter reached $2.9 billion and $2.2
billion, up 9.3% and 8.3%, respectively, compared to Q3 2021. Net
revenue organic growth of 8.2% in the quarter is attributable to
all reportable segments, led by Canada, the US, the UK and
Australia.
- Backlog as at October 1, 2022
stood at $13.3 billion, representing 12.3 months of revenues. In
the twelve-month period ended October 1, 2022, backlog grew
organically by 15.2% across all reportable segments.
- Since the start of the year, the
number of employees has increased organically by approximately
3,200, with approximately 1,000 in the third quarter alone.
Combined with our recent acquisitions, headcount increased by
10,500 in 2022.
- Adjusted EBITDA in the quarter of
$407.0 million, compared to $377.7 million in Q3 2021. Adjusted
EBITDA margin for the quarter reached 18.6%, stable as compared to
Q3 2021.
- Earnings before net financing
expense and income taxes in the quarter of $236.4 million, up $15.2
million compared to Q3 2021.
- Adjusted net earnings for the
quarter of $193.4 million, or $1.59 per share, up $13.7 million and
$0.06, respectively, compared to Q3 2021. The respective increases
in these metrics are mainly attributable to higher adjusted
EBITDA.
- Net earnings attributable to
shareholders for the quarter of $127.5 million, or $1.05 per share,
compared to $139.0 million and $1.18 per share in Q3 2021. The
decreases are mainly attributable to higher net financing expenses,
higher business acquisition and integration costs and ERP
implementation costs, partially offset by higher adjusted
EBITDA.
- DSO as at October 1, 2022
stood at 75 days, compared to 73 days as at September 25,
2021, in line with our annual target range.
- Free cash outflow of
$133.7 million for the nine-month period. The main
contributors to the outflow are an additional period of payroll,
which will reverse in the fourth quarter of 2022, the normalization
of our DSO and higher income taxes paid mainly due to changes in
tax regulations in the US which delays the deductibility of certain
expenses. Trailing twelve-months of free cash flow amounted to
$236.2 million, representing 0.5 times the net earnings
attributable to shareholders. Excluding the impact of changes in
tax regulations in the US and the additional period of payroll,
trailing twelve-months of free cash flow would represent
approximately 0.9 times the net earnings attributable to
shareholders.
-
Cash inflows from operating activities of $207.4 million in the
nine-month period ended October 1, 2022, compared to
$546.9 million in the corresponding period in 2021. The
decrease is attributable to same elements as free cash flow listed
above.
-
The net debt to adjusted EBITDA ratio stood at 2.0x, compared to
0.6x as at December 31, 2021. The increase is due to issuance
of long-term debt used to finance the E&I Acquisition, while
the trailing twelve-month adjusted EBITDA does not yet include the
full results of recently acquired businesses. Incorporating a full
twelve months of adjusted EBITDA of all acquired businesses, the
net debt to adjusted EBITDA ratio would be 1.8x.
-
Quarterly dividend declared of $0.375 per share, or $46.6 million,
with a 49.1% Dividend Reinvestment Plan (“DRIP”)
participation.
-
Financial outlook for 2022 issued in the Q4 2021 press release is
adjusted with an increased net revenues range now expected to be
between $8.80 billion and $8.90 billion and an increased adjusted
EBITDA range now expected to be between $1.51 billion and $1.53
billion (previously expected to fall in the range of
$8.25 billion to $8.75 billion and between $1.43 to $1.49
billion respectively).*
“I am pleased with our performance in the third
quarter, driven by our people’s tremendous efforts and positive
momentum across the organization. Our solid organic growth in net
revenue and backlog are the result of our client-focused approach
and high demand for our services,” said Alexandre L’Heureux,
President and Chief Executive Officer of WSP. “During the quarter,
we officially welcomed over 7,300 skilled professionals from recent
acquisitions who will contribute to our vision to become the
undisputed leader in our industry. We are moving into the year's
final stretch with confidence and a continued focus on executing
our plan with discipline.”
DIVIDENDThe Board of WSP
declared a dividend of $0.375 per share. This dividend will be
payable on or about January 15 2023, to shareholders of record at
the close of business on December 30, 2022.
FINANCIAL REPORTThis release
includes, by reference, the financial reports for the third quarter
of 2022, including the unaudited interim consolidated financial
statements and the Management's Discussion and Analysis
(“MD&A”) of the Corporation for the third quarter and
nine-month period ended on October 1, 2022, which are
available on our website at www.wsp.com. These documents are also
available on SEDAR at www.sedar.com.
CONFERENCE CALL &
WEBCASTWSP will hold a conference call and webcast from
8:00 a.m. to 9:00 a.m. (Eastern Time) on November 10, 2022, to
discuss these results. To participate in the conference call,
please pre-register using this link. Registrants will receive a
confirmation with dial-in details. A live webcast of the conference
call can be accessed using this link.
A presentation of the 2022 third quarter
highlights and results will be accessible on November 9, 2022,
after market close under the “Investors” section of the WSP
website. For those unable to attend, a replay will be available
within 24 hours following the call.
*The Corporation revised the financial outlook
to take into consideration the contribution of recent acquisitions
and the financial results for the first 9 months of 2022. This
information constitutes forward-looking information, based on
multiple estimates and assumptions about future events. The reader
is cautioned that using this information for other purposes may be
inappropriate. Actual results may differ and such differences may
be material. Please refer to the "Forward-looking statements"
disclaimer below. The assumptions underlying our previous outlook
as outlined in March 2022 remain unchanged except that the
Corporation has now considered all business combination to the date
of this press release and all foreign exchange rate fluctuations to
the date of this press release but not thereafter, and the
acquisition, integration, and reorganization costs are now expected
to range between $80 million to $90 million due to recent mergers
and acquisitions activities.
FINANCIAL
HIGHLIGHTS
| |
Third quarters ended |
|
Nine-month periods ended |
|
| (in
millions of dollars, except percentages, per share data, DSO and
ratios) |
October 1, 2022 |
|
September 25, 2021 |
|
October 1, 2022 |
|
September 25, 2021 |
|
|
Revenues |
$ |
2,896.1 |
|
$ |
2,650.2 |
|
$ |
8,372.1 |
|
$ |
7,388.1 |
|
| Net
revenues(1) |
$ |
2,193.9 |
|
$ |
2,026.6 |
|
$ |
6,403.5 |
|
$ |
5,722.2 |
|
|
Earnings before net financing expense and income taxes |
$ |
236.4 |
|
$ |
221.2 |
|
$ |
563.8 |
|
$ |
539.4 |
|
| Adjusted EBITDA(2) |
$ |
407.0 |
|
$ |
377.7 |
|
$ |
1,083.8 |
|
$ |
961.3 |
|
| Adjusted EBITDA margin(2) |
|
18.6 |
% |
|
18.6 |
% |
|
16.9 |
% |
|
16.8 |
% |
| Net earnings attributable to
shareholders of WSP Global Inc. |
$ |
127.5 |
|
$ |
139.0 |
|
$ |
311.8 |
|
$ |
346.9 |
|
| Basic net earnings per share
attributable to shareholders |
$ |
1.05 |
|
$ |
1.18 |
|
$ |
2.62 |
|
$ |
2.99 |
|
| Adjusted net
earnings(2)(3) |
$ |
193.4 |
|
$ |
179.7 |
|
$ |
483.3 |
|
$ |
421.2 |
|
|
Adjusted net earnings per share(2)(3) |
$ |
1.59 |
|
$ |
1.53 |
|
$ |
4.06 |
|
$ |
3.63 |
|
|
Cash inflows from operating activities |
$ |
165.0 |
|
$ |
236.1 |
|
$ |
207.4 |
|
$ |
546.9 |
|
| Free
cash inflow (outflow)(2) |
$ |
36.7 |
|
$ |
138.3 |
|
$ |
(133.7 |
) |
$ |
276.2 |
|
|
As at |
|
|
October 1, 2022 |
|
September 25, 2021 |
|
|
Backlog(4) |
|
|
$ |
13,253.8 |
|
$ |
10,032.4 |
|
| DSO(4) |
|
|
75 days |
|
73 days |
|
|
As at |
|
|
October 1, 2022 |
|
December 31, 2021 |
|
|
Net debt to adjusted EBITDA ratio(4) |
|
|
|
2.0 |
|
|
0.6 |
|
|
(1) |
Quantitative reconciliations of net revenues to revenues are
presented below under the caption "Non-IFRS and other financial
measures". |
| (2) |
Non-IFRS financial measure or non-IFRS ratio without a standardized
definition under IFRS, which may not be comparable to similar
measures or ratios used by other issuers. Quantitative
reconciliations of non-IFRS financial measures to the most directly
comparable IFRS measures are presented below under the caption
"Non-IFRS and other financial measures". Adjusted EBITDA margin is
defined as adjusted EBITDA expressed as a percentage of net
revenues. Adjusted net earnings per share is the ratio of adjusted
net earnings divided by the basic weighted average number of shares
outstanding for the period. This press release incorporates by
reference section 19, “Glossary of segment reporting, non-IFRS and
other financial measures”, of WSP’s MD&A for the quarter and
nine-month period ended October 1, 2022, filed on SEDAR at
www.sedar.com, which includes explanations of the composition and
usefulness of these non-IFRS financial measures and non-IFRS
ratios. |
| (3) |
Management has amended its definition of adjusted net earnings,
effective January 1, 2022, to exclude impairment charges on
long-lived assets and reversals thereof. The comparative period
results did not require restatement to apply the current definition
as no impairment of long-lived assets was recorded in 2021 nor in
the first quarter of 2022. Refer to section 8.8, “Adjusted net
earnings” in WSP’s MD&A for the quarter and nine-month period
ended October 1, 2022 for further explanation. |
| (4) |
This press release incorporates by reference section 19, “Glossary
of segment reporting, non-IFRS and other financial measures”, of
WSP’s MD&A for the quarter and nine-month period ended
October 1, 2022, filed on SEDAR at www.sedar.com, which
explains the composition of the supplemental financial measures, as
well as the usefulness of the net debt to adjusted EBITDA ratio,
which is a capital management measure composed of the ratio of net
debt to adjusted EBITDA for the trailing twelve-month period. Net
debt is defined as long-term debt, including current portions but
excluding lease liabilities, and net of cash. |
RESULTS OF
OPERATIONS
|
|
Third quarters ended |
Nine-month periods ended |
| (in
millions of dollars, except number of shares and per share
data) |
October 1, 2022 |
September 25, 2021 |
October 1, 2022 |
September 25, 2021 |
|
Revenues |
$ |
2,896.1 |
$ |
2,650.2 |
$ |
8,372.1 |
$ |
7,388.1 |
| Less:
Subconsultants and direct costs |
$ |
702.2 |
$ |
623.6 |
$ |
1,968.6 |
$ |
1,665.9 |
|
Net revenues |
$ |
2,193.9 |
$ |
2,026.6 |
$ |
6,403.5 |
$ |
5,722.2 |
|
Earnings before net financing expense and income
taxes |
$ |
236.4 |
$ |
221.2 |
$ |
563.8 |
$ |
539.4 |
| Net
financing expense |
$ |
62.0 |
$ |
33.3 |
$ |
134.3 |
$ |
65.2 |
|
Earnings before income taxes |
$ |
174.4 |
$ |
187.9 |
$ |
429.5 |
$ |
474.2 |
| Income
tax expense |
$ |
45.3 |
$ |
48.7 |
$ |
115.2 |
$ |
126.9 |
|
Net earnings |
$ |
129.1 |
$ |
139.2 |
$ |
314.3 |
$ |
347.3 |
|
Net earnings attributable to: |
|
|
|
|
|
Shareholders of WSP Global Inc. |
$ |
127.5 |
$ |
139.0 |
$ |
311.8 |
$ |
346.9 |
|
Non-controlling interests |
$ |
1.6 |
$ |
0.2 |
$ |
2.5 |
$ |
0.4 |
|
Basic net earnings per share attributable to shareholders |
$ |
1.05 |
$ |
1.18 |
$ |
2.62 |
$ |
2.99 |
| Diluted
net earnings per share attributable to shareholders |
$ |
1.05 |
$ |
1.18 |
$ |
2.61 |
$ |
2.98 |
|
Basic weighted average number of shares |
|
121,267,806 |
|
117,450,897 |
|
119,063,307 |
|
116,051,818 |
| Diluted
weighted average number of shares |
|
121,567,722 |
|
117,852,564 |
|
119,371,540 |
|
116,423,651 |
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION(in millions of dollars)References to
notes refer to notes in the financial statements
|
As at |
October 1, 2022 |
December 31, 2021 |
|
|
$ |
$ |
| Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents (note 17) |
444.9 |
927.4 |
|
Trade receivables and other receivables |
2,379.5 |
1,916.8 |
|
Cost and anticipated profits in excess of billings |
1,743.8 |
1,156.4 |
|
Prepaid expenses |
117.4 |
141.7 |
|
Other financial assets |
143.6 |
169.6 |
|
Income taxes receivable |
46.6 |
28.9 |
|
|
4,875.8 |
4,340.8 |
|
Non-current assets |
|
|
|
Right-of-use assets (note 11) |
945.1 |
861.5 |
|
Intangible assets |
968.4 |
549.9 |
|
Property and equipment |
378.5 |
363.6 |
|
Goodwill (note 12) |
6,827.6 |
4,762.3 |
|
Deferred income tax assets |
264.2 |
165.1 |
|
Other assets |
206.4 |
207.2 |
|
|
9,590.2 |
6,909.6 |
|
Total assets |
14,466.0 |
11,250.4 |
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
2,429.0 |
2,217.3 |
|
Billings in excess of costs and anticipated profits |
911.9 |
751.1 |
|
Income taxes payable |
197.7 |
149.8 |
|
Provisions |
83.2 |
77.5 |
|
Dividends payable to shareholders (note 16) |
46.6 |
44.2 |
|
Current portion of lease liabilities (note 11) |
280.1 |
254.2 |
|
Current portion of long-term debt (note 13) |
487.5 |
297.4 |
|
|
4,436.0 |
3,791.5 |
|
Non-current liabilities |
|
|
|
Long-term debt (note 13) |
2,833.2 |
1,479.3 |
|
Lease liabilities (note 11) |
827.1 |
766.1 |
|
Provisions |
257.5 |
236.2 |
|
Retirement benefit obligations |
182.0 |
212.9 |
|
Deferred income tax liabilities |
119.5 |
99.2 |
|
|
4,219.3 |
2,793.7 |
|
Total liabilities |
8,655.3 |
6,585.2 |
|
|
|
|
| Equity |
|
|
|
Equity attributable to shareholders of WSP Global Inc. |
5,808.0 |
4,664.5 |
|
Non-controlling interests |
2.7 |
0.7 |
|
Total equity |
5,810.7 |
4,665.2 |
|
Total liabilities and equity |
14,466.0 |
11,250.4 |
CONSOLIDATED STATEMENTS OF CASH
FLOWS(in millions of dollars)References to notes
refer to notes in the financial statements)
| |
Third quarters ended |
|
Nine-month periods ended |
|
|
|
October 1, 2022 |
|
September 25, 2021 |
|
October 1, 2022 |
|
September 25, 2021 |
|
|
|
$ |
|
$ |
|
$ |
|
$ |
|
| Operating
activities |
|
|
|
|
|
Net earnings |
129.1 |
|
139.2 |
|
314.3 |
|
347.3 |
|
| Adjustments (note 17) |
116.8 |
|
144.8 |
|
365.9 |
|
339.9 |
|
| Net financing expense (note
9) |
62.0 |
|
33.3 |
|
134.3 |
|
65.2 |
|
| Income tax expense |
45.3 |
|
48.7 |
|
115.2 |
|
126.9 |
|
| Income taxes paid |
(47.3 |
) |
(27.6 |
) |
(167.2 |
) |
(100.0 |
) |
| Change
in non-cash working capital items (note 17) |
(140.9 |
) |
(102.3 |
) |
(555.1 |
) |
(232.4 |
) |
|
Cash inflows from operating activities |
165.0 |
|
236.1 |
|
207.4 |
|
546.9 |
|
|
Financing activities |
|
|
|
|
| Issuance of long-term debt
related to business acquisition (note 13) |
2,309.3 |
|
— |
|
2,309.3 |
|
1,200.7 |
|
| Repayment of long-term debt
following business acquisition (note 13) |
(1,025.8 |
) |
— |
|
(1,025.8 |
) |
(262.7 |
) |
| Net (repayment) proceeds of
other long-term debt |
109.8 |
|
(14.2 |
) |
78.5 |
|
(494.3 |
) |
| Issuance of common shares, net
of issuance costs (note 14) |
882.1 |
|
2.1 |
|
882.8 |
|
303.3 |
|
| Lease payments (note 11) |
(87.2 |
) |
(79.3 |
) |
(249.4 |
) |
(220.5 |
) |
| Dividends paid to shareholders
of WSP Global Inc. |
(22.7 |
) |
(19.3 |
) |
(66.4 |
) |
(60.5 |
) |
| Net financing expenses paid,
excluding interest on lease liabilities |
(24.5 |
) |
(8.8 |
) |
(57.8 |
) |
(36.7 |
) |
| Issuance of senior unsecured
notes (note 13) |
— |
|
— |
|
— |
|
500.0 |
|
|
Dividends paid to non-controlling interests |
— |
|
(0.8 |
) |
(0.5 |
) |
(0.8 |
) |
|
Cash inflows (outflows) from financing
activities |
2,141.0 |
|
(120.3 |
) |
1,870.7 |
|
928.5 |
|
|
Investing activities |
|
|
|
|
| Net disbursements related to
business acquisitions (note 4) |
(2,489.6 |
) |
(1.8 |
) |
(2,511.5 |
) |
(1,220.3 |
) |
| Additions to property and
equipment, excluding business acquisitions |
(39.9 |
) |
(15.8 |
) |
(84.1 |
) |
(46.7 |
) |
| Additions to identifiable
intangible assets, excluding business acquisitions |
(1.7 |
) |
(3.2 |
) |
(8.9 |
) |
(12.9 |
) |
| Proceeds from disposal of
property and equipment |
0.5 |
|
0.5 |
|
1.3 |
|
9.4 |
|
| Dividends received from
associates |
4.6 |
|
4.8 |
|
7.0 |
|
4.9 |
|
| Net cash received on a loan
from associate |
— |
|
— |
|
0.4 |
|
0.3 |
|
| Proceeds from sale of
investment in an associate |
— |
|
— |
|
— |
|
4.4 |
|
| Net proceeds from disposal of
businesses |
— |
|
— |
|
1.6 |
|
— |
|
| Increase in investments in
securities |
— |
|
— |
|
(1.5 |
) |
(7.3 |
) |
| Repurchase of non-controlling
interest |
— |
|
(0.6 |
) |
— |
|
(0.6 |
) |
|
Cash outflows from investing activities |
(2,526.1 |
) |
(16.1 |
) |
(2,595.7 |
) |
(1,268.8 |
) |
|
Effect of exchange rate change on cash and cash equivalents |
14.4 |
|
5.6 |
|
7.2 |
|
(9.2 |
) |
|
Change in net cash and cash equivalents |
(205.7 |
) |
105.3 |
|
(510.4 |
) |
197.4 |
|
| Cash
and cash equivalents, net of bank overdraft - beginning of the
period |
621.6 |
|
526.8 |
|
926.3 |
|
434.7 |
|
|
Cash and cash equivalents, net of bank overdraft - end of
period (note 17) |
415.9 |
|
632.1 |
|
415.9 |
|
632.1 |
|
All amounts shown in this press release are expressed in
Canadian dollars, unless otherwise indicated. All quarterly
information disclosed in this press release is based on unaudited
figures.
NON-IFRS AND OTHER FINANCIAL MEASURESThe
Corporation reports its financial results in accordance with
International Financial Reporting Standards ("IFRS"). WSP uses a
number of financial measures when assessing its results and
measuring overall performance. Some of these financial measures are
not calculated in accordance with IFRS. Regulation 52-112
respecting Non-GAAP and Other Financial Measures Disclosure
(“Regulation 52-112”) prescribes disclosure requirements that apply
to the following types of measures used by the Corporation: (i)
non-IFRS financial measures; (ii) non-IFRS ratios; (iii) total of
segments measures; (iv) capital management measures; and (v)
supplemental financial measures.
In this press release, the following non-IFRS and other
financial measures are used by the Corporation: net revenues;
adjusted EBITDA; adjusted EBITDA margin; adjusted net earnings;
adjusted net earnings per share; backlog; free cash flow; days
sales outstanding (“DSO”); and net debt to adjusted EBITDA ratio.
Additional details for these non-IFRS and other financial measures
can be found in section 19, “Glossary of segment reporting,
non-IFRS and other financial measures” of WSP’s MD&A for the
quarter and nine-month period ended October 1, 2022, which is
posted on WSP’s website at www.wsp.com, and filed on SEDAR at
www.sedar.com. Reconciliations of non-IFRS financial measures and
total of segments measures to the most directly comparable IFRS
measures are provided below.
Management believes that these non-IFRS and
other financial measures provide useful information to investors
regarding the Corporation’s financial condition and results of
operations as they provide key metrics of its performance. These
non-IFRS and other financial measures are not recognized under
IFRS, do not have any standardized meanings prescribed under IFRS
and may differ from similar computations as reported by other
issuers, and accordingly may not be comparable. These measures
should not be viewed as a substitute for the related financial
information prepared in accordance with IFRS.
|
Reconciliation of net revenues |
| The following
table reconciles net revenues to the most comparable IFRS
measure: |
| |
Third quarters ended |
Nine-month periods ended |
| (in
millions of dollars) |
October 1, 2022 |
September 25, 2021 |
October 1, 2022 |
September 25, 2021 |
|
Revenues |
$ |
2,896.1 |
$ |
2,650.2 |
$ |
8,372.1 |
$ |
7,388.1 |
| Less:
Subconsultants and direct costs |
$ |
702.2 |
$ |
623.6 |
$ |
1,968.6 |
$ |
1,665.9 |
|
Net revenues* |
$ |
2,193.9 |
$ |
2,026.6 |
$ |
6,403.5 |
$ |
5,722.2 |
| * Total
of segments measure. |
|
Reconciliation of adjusted EBITDA |
| The following
table reconciles this metric to the most comparable IFRS
measure: |
| |
Third quarters ended |
Nine-month periods ended |
| (in
millions of dollars) |
October 1, 2022 |
September 25, 2021 |
October 1, 2022 |
September 25, 2021 |
|
Earnings before net financing expense and income
taxes |
$ |
236.4 |
$ |
221.2 |
$ |
563.8 |
$ |
539.4 |
| Acquisition, integration and
reorganization costs |
$ |
22.1 |
$ |
19.0 |
$ |
65.8 |
$ |
37.2 |
| ERP implementation costs |
$ |
8.5 |
$ |
— |
$ |
30.5 |
$ |
— |
| Depreciation of right-of-use
assets |
$ |
70.9 |
$ |
69.6 |
$ |
210.9 |
$ |
200.3 |
| Amortization of intangible
assets |
$ |
33.4 |
$ |
34.6 |
$ |
100.3 |
$ |
92.3 |
| Depreciation of property
and equipment |
$ |
28.3 |
$ |
30.3 |
$ |
84.0 |
$ |
83.8 |
| Impairment of long-lived
assets |
$ |
2.2 |
$ |
— |
$ |
16.5 |
$ |
— |
| Share of depreciation and
taxes of associates |
$ |
3.2 |
$ |
2.7 |
$ |
8.6 |
$ |
7.3 |
|
Interest income |
$ |
2.0 |
$ |
0.3 |
$ |
3.4 |
$ |
1.0 |
|
Adjusted EBITDA* |
$ |
407.0 |
$ |
377.7 |
$ |
1,083.8 |
$ |
961.3 |
| *
Non-IFRS financial measure. |
|
Reconciliation of adjusted net earnings |
| The following
table reconciles this metric to the most comparable IFRS
measure: |
| |
Third quarters ended |
|
Nine-month periods ended |
|
| (in
millions of dollars, except per share data) |
October 1, 2022 |
|
September 25, 2021 |
|
October 1, 2022 |
|
September 25, 2021 |
|
|
Net earnings attributable to shareholders |
$ |
127.5 |
|
$ |
139.0 |
|
$ |
311.8 |
|
$ |
346.9 |
|
|
Amortization of intangible assets related to acquisitions |
$ |
21.2 |
|
$ |
24.7 |
|
$ |
63.3 |
|
$ |
63.0 |
|
| Impairment of long-lived
assets |
$ |
2.2 |
|
$ |
— |
|
$ |
16.5 |
|
$ |
— |
|
| Acquisition, integration and
reorganization costs |
$ |
22.1 |
|
$ |
19.0 |
|
$ |
65.8 |
|
$ |
37.2 |
|
| ERP implementation costs |
$ |
8.5 |
|
$ |
— |
|
$ |
30.5 |
|
$ |
— |
|
| Losses (gains) on investments
in securities related to deferred compensation obligations |
$ |
4.7 |
|
$ |
0.1 |
|
$ |
27.1 |
|
$ |
(10.0 |
) |
| Unrealized losses on
derivative financial instruments |
$ |
27.1 |
|
$ |
11.4 |
|
$ |
23.6 |
|
$ |
9.4 |
|
| Income
taxes related to above items |
$ |
(19.9 |
) |
$ |
(14.5 |
) |
$ |
(55.3 |
) |
$ |
(25.3 |
) |
|
Adjusted net earnings* |
$ |
193.4 |
|
$ |
179.7 |
|
$ |
483.3 |
|
$ |
421.2 |
|
|
Adjusted net earnings per share* |
$ |
1.59 |
|
$ |
1.53 |
|
$ |
4.06 |
|
$ |
3.63 |
|
| *
Non-IFRS financial measure or non-IFRS ratio. |
|
Reconciliation of free cash flow |
|
|
|
|
| The following
table reconciles this metric to the most comparable IFRS
measure: |
| |
Third quarters ended |
|
Nine-month periods ended |
|
| (in millions of dollars) |
October 1, 2022 |
|
September 25, 2021 |
|
October 1, 2022 |
|
September 25, 2021 |
|
|
Cash inflows from operating activities |
$ |
165.0 |
|
$ |
236.1 |
|
$ |
207.4 |
|
$ |
546.9 |
|
| Lease payments in financing
activities |
$ |
(87.2 |
) |
$ |
(79.3 |
) |
$ |
(249.4 |
) |
$ |
(220.5 |
) |
| Net
capital expenditures* |
$ |
(41.1 |
) |
$ |
(18.5 |
) |
$ |
(91.7 |
) |
$ |
(50.2 |
) |
|
Free cash (outflow) inflow** |
$ |
36.7 |
|
$ |
138.3 |
|
$ |
(133.7 |
) |
$ |
276.2 |
|
| * Capital
expenditures pertaining to property and equipment and intangible
assets, net of proceeds from disposal and lease incentives
received. |
| **
Non-IFRS financial measure. |
FORWARD-LOOKING
STATEMENTSCertain information regarding WSP contained
herein may constitute forward-looking statements. Forward-looking
statements may include estimates, plans, strategic ambitions,
objectives, expectations, opinions, forecasts, projections,
guidance, outlook or other statements that are not statements of
fact. Forward-looking statements made by the Corporation in this
press release include statements about the payment of dividends,
our proposed strategy, and our operating performance, financial
outlook and prospects, including statements about the 2022-2024
Global Strategic Action Plan. These forward-looking statements are
based on a number of assumptions believed by the Corporation to be
reasonable as at November 9, 2022, including assumptions about
general economic and political conditions; the state of the global
economy and the economies of the regions in which the Corporation
operates; the state of and access to global and local capital and
credit markets.
Although WSP believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause
actual results to differ materially from those anticipated or
implied in the forward-looking statements. WSP's forward-looking
statements are expressly qualified in their entirety by this
cautionary statement. The complete version of the cautionary note
regarding risk factors, which, if realized, could cause the
Corporation's actual results to differ materially from those
expressed or implied in forward-looking statements, are included in
WSP's MD&A for the year ended December 31, 2021 which is
available on SEDAR at www.sedar.com. The forward-looking statements
contained in this press release are made as of the date hereof and
WSP does not assume any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise unless expressly required by applicable
securities laws.
ABOUT WSPAs one of the world’s
leading professional services firms, WSP exists to future-proof our
cities and environment. We provide strategic advisory, engineering,
and design services to clients in the transportation,
infrastructure, environment, building, power, energy, water,
mining, and resources sectors. Our 65,000 trusted professionals are
united by the common purpose of creating positive, long-lasting
impacts on the communities we serve through a culture of
innovation, integrity, and inclusion. Sustainability and science
permeate our work. WSP derived about half of its $10.3B (CAD) 2021
revenues from clean sources. The Corporation’s shares are listed on
the Toronto Stock Exchange (TSX: WSP). To find out more, please
visit www.wsp.com
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Alain MichaudChief Financial OfficerWSP Global
Inc.alain.michaud@wsp.com Phone: 438-843-7317
WSP Global (TSX:WSP)
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