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usp WSP Reports Robust Q2 2021 Results and Increases Financial Guidance MONTREAL , Aug. 10 , 2021 ( GLOBE NEWSWIRE ) WSP Global Inc. ( TSX : WSP ) ( " WSP ” or the " Corporation " ) today announced financial and operating results for the second quarter ended on June 26 , 2021 . -- WSP reports robust results for the second quarter of 2021 driven by strong performance from recent acquisitions and better than anticipated organic growth , resulting in improved adjusted EBITDA margins . Considering the results to date and current outlook , financial guidance for fiscal 2021 is revised upwards . SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS • Revenues and net revenues * for the quarter reached $ 2.6 billion and $ 2.0 billion , up 19.3 % and up 16.1 % , respectively , compared to Q2 2020. The increase was driven by acquisition growth of 18.7 % , across all segments , as well as overall organic growth of 3.6 % , higher than Management's expectations of low single - digit organic growth . Notably , our businesses in Canada and the UK posted double - digit organic growth . • Golder delivered better than anticipated results with double - digit organic growth in the second quarter of 2021 compared to its results in 2020. Integration activities are progressing very well . • Backlog * as at June 26 , 2021 stood at $ 9.6 billion , representing 11.2 months of revenues , up 14.4 % in the six - month period , mainly due to acquisition growth . On a constant currency basis , backlog grew organically by 1.1 % compared to backlog as at December 31 , 2020. Overall proposal activity continues to be very robust across the business and the volume of contract awards not yet included in backlog is at a record - high level in our US business . • Adjusted EBITDA * in the quarter of $ 342.6 million , up $ 66.5 million or 24.1 % , compared to $ 276.1 million in Q2 2020 , largely due to the contribution of recent acquisitions . No significant government subsidies were received during the second quarter . • Adjusted EBITDA margin * for the quarter reached 16.9 % , compared to 15.8 % in Q2 2020. The improvement in adjusted EBITDA margin is mainly attributable to the higher margin profile of recent acquisitions and better productivity across the regions . • Earnings before net financing expense and income taxes in the quarter of $ 189.2 million , up $ 67.3 million , or 55.2 % , compared to Q2 2020 , mainly due to increased adjusted EBITDA . Adjusted net earnings * for the quarter of $ 147.3 million , or $ 1.26 per share , up $ 40.7 million and $ 0.26 , respectively , compared to Q2 2020. The increase in these metrics is mainly attributable to higher adjusted EBITDA . • Net earnings attributable to shareholders for the quarter of $ 120.0 million , or $ 1.03 per share , up 35.4 % and 24.1 % , respectively , when compared to Q2 2020. The increase is mainly attributable to higher adjusted EBITDA and lower acquisition , integration and restructuring costs , partially offset by higher net financing expense . • DSO * as at June 26 , 2021 stood at 70 days , compared to 72 days as at June 27 , 2020 . • Free cash flow * of $ 137.9 million for the six - month period . Trailing twelve - months of free cash flow amounted to $ 552.7 million , representing 1.5 times net earnings attributable to shareholders . • Cash inflows from operating activities of $ 310.8 million in the six - month period ended June 26 , 2021 , compared to $ 509.9 million in the comparable period in 2020. The variance is mainly due to a normalization of collections and the fact that Q2 2020 benefitted from a deferral of income tax and other remittances in some jurisdictions . • The net debt to adjusted EBITDA ratio * stood at 1.1x , compared to 0.1x as at December 31 , 2020 , due to the Golder acquisition . Successful issuance of senior unsecured notes in the second quarter for aggregate gross proceeds of $ 500 million , further diversifying our debt structure and extending our average debt maturity profile . • Quarterly dividend declared of $ 0.375 per share , with a 56.2 % Dividend Reinvestment Plan ( “ DRIP ” ) participation . • Financial outlook for 2021 increased with an adjusted EBITDA now expected to fall in the range of $ 1.275 billion to $ 1.325 billion ( previously expected to fall in the range of $ 1.22 billion to $ 1.29 billion ) . ( ¹ ) " On the basis of our strong performance , we feel confident in revising our 2021 outlook upwards . Our recently completed acquisitions , including the transformative addition of Golder , are integrating well and thus far exceeding performance