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wsp WSP Reports Q3 2021 Results in Line With Improved Guidance MONTREAL , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- WSP Global Inc. ( TSX : WSP ) ( " WSP " or the " Corporation ” ) today announced financial and operating results for the third quarter ended on September 25 , 2021 . Performance in line with management's expectations with organic revenue growth in all segments and favorable results from recent acquisitions . THIRD QUARTER 2021 FINANCIAL HIGHLIGHTS • Revenues and net revenues * for the quarter reached $ 2.7 billion and $ 2.0 billion , up 24.0 % and up 20.1 % , respectively , compared to Q3 2020. The increase was driven by acquisition growth of 20.1 % , as well as overall organic growth of 4.3 % , with all segments showing positive organic growth . • Continued positive momentum at Golder in the third quarter of 2021 with integration activities progressing according to plan . • • Backlog * as at September 25 , 2021 stood at $ 10.0 billion , representing 11.6 months of revenues , up 19.1 % in the nine- month period , due to acquisition growth and steady organic growth . On a constant currency basis , backlog grew organically by 5.5 % compared to backlog as at December 31 , 2020. Overall proposal activity continues to be robust across the business . Adjusted EBITDA * in the quarter of $ 377.7 million , up $ 80.6 million or 27.1 % , compared to $ 297.1 million in Q3 2020 , largely due to the contribution of recent acquisitions . No significant government subsidies were recognized during the third quarter of 2021 . Adjusted EBITDA margin * for the quarter reached 18.6 % , compared to 17.6 % in Q3 2020. The improvement in adjusted EBITDA margin is mainly attributable to the higher margin profile of recent acquisitions and improved market conditions in multiple regions . Earnings before net financing expense and income taxes in the quarter of $ 221.2 million , up $ 77.0 million , or 53.4 % , compared to Q3 2020 , mainly due to increased adjusted EBITDA and lower acquisition , integration and restructuring costs . • Adjusted net earnings * for the quarter of $ 179.7 million , or $ 1.53 per share , up $ 48.0 million and $ 0.37 , respectively , compared to Q3 2020. The increase in these metrics is mainly attributable to higher adjusted EBITDA . • Net earnings attributable to shareholders for the quarter of $ 139.0 million , or $ 1.18 per share , up 33.3 % and 28.3 % , respectively , when compared to Q3 2020. The increase is mainly attributable to higher adjusted EBITDA and lower acquisition , integration and restructuring costs , partially offset by higher net financing expense and amortization and depreciation expense . • DSO * as at September 25 , 2021 stood at 73 days , compared to 72 days as at September 26 , 2020 . • Free cash flow * of $ 276.2 million for the nine - month period . Trailing twelve - months of free cash flow amounted to $ 540.7 million , representing 1.3 times net earnings attributable to shareholders . • Cash inflows from operating activities of $ 546.9 million in the nine - month period ended September 25 , 2021 , compared to $ 743.3 million in the comparable period in 2020. The variance is mainly due to the fact that the comparable period in 2020 benefitted from a deferral of income tax and other remittances in some jurisdictions . In addition , organic growth in revenues in 2021 resulted in an increased investment in working capital . • The net debt to adjusted EBITDA ratio * stood at 0.9x , compared to 0.1x as at December 31 , 2020 , mainly due to the acquisition of Golder Associates . Quarterly dividend declared of $ 0.375 per share , with a 54.2 % Dividend Reinvestment Plan ( " DRIP " ) participation . • Financial outlook for 2021 issued and updated in the Q2 2021 press release is reaffirmed with an adjusted EBITDA range narrowed and now expected to be between $ 1.30 billion to $ 1.32 billion ( previously expected to fall in the range of $ 1.275 billion to $ 1.325 billion ) . ( 1 ) " I am pleased with the continued momentum we have experienced in the third quarter . Our results are in line with our improved