WSP reports a strong start to 2023, with higher-than-expected organic growth in net revenues and adjusted EBITDA in the first quarter. Overall net revenues, adjusted EBITDA and adjusted net earnings each increased by more than 25% relative to the first quarter of 2022.
FIRST QUARTER OF 2023 FINANCIAL HIGHLIGHTS
Revenues and net revenues reached
Backlog as at
Adjusted EBITDA of
Adjusted EBITDA margin of 15.5%, the same level as the comparable period in 2022.
Earnings before net financing expense and income taxes of
Adjusted net earnings of
Net earnings attributable to shareholders of
DSO as at
Free cash outflow of
Cash outflows from operating activities of
Net debt to adjusted EBITDA ratio stood at 1.8x, compared to 1.6x as at
Quarterly dividend declared of
The 2023 financial outlook issued on
'WSP continued to leverage its momentum and achieved higher than expected organic growth across all our geographies in the first quarter of 2023,' said
DIVIDEND
DRIP TERMINATION
The Corporation also announces that its Board of Directors has approved the termination of its Dividend Reinvestment Plan ('DRIP') in accordance with its terms, effective
FINANCIAL REPORT
This release includes, by reference, the financial reports for the first quarter of 2023, including the unaudited interim condensed consolidated financial statements and the Management's Discussion and Analysis ('MD&A') of the Corporation for the first quarter ended on
CONFERENCE CALL & WEBCAST
WSP will hold a conference call and webcast from
A presentation of the first quarter of 2023 highlights and results will be accessible on
NON-IFRS AND OTHER FINANCIAL MEASURES
The 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 ended
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.
FORWARD-LOOKING STATEMENTS
Certain information regarding WSP contained herein are not based on historical facts and may constitute forward-looking statements or forward-looking information under Canadian securities laws (collectively, '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, prospects and expectations of this press release, and 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
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 discussed in greater detail in section 20, 'Risk factors' of WSP's MD&A for the year ended
ABOUT WSP
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water, and mining sectors. Its 67,000 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity, and inclusion. In 2022, WSP reported
Contact:
Chief Financial Officer
E: alain.michaud@wsp.com
T: 438-843-7317
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