CGI reports fourth quarter and Fiscal 2024 results
CGI reported strong Q4-F2024 results with revenue of $3.66 billion, up 4.4% year-over-year. The company achieved net earnings of $435.9 million, a 5.2% increase, and diluted EPS of $1.91, up 8.5%. For fiscal 2024, revenue reached $14.68 billion, growing 2.7% year-over-year, with net earnings of $1.69 billion. The company maintained a solid backlog of $28.72 billion and achieved bookings of $16.04 billion. Cash provided by operating activities was $2.20 billion, representing 15.0% of revenue. The company's financial position remains strong with $1.5 billion in cash and readily available liquidity of $3.0 billion.
CGI ha riportato risultati solidi per il quarto trimestre dell'anno fiscale 2024 con entrate di 3,66 miliardi di dollari, in aumento del 4,4% rispetto all'anno precedente. L'azienda ha raggiunto un utile netto di 435,9 milioni di dollari, un incremento del 5,2%, e un EPS diluito di 1,91 dollari, in crescita dell'8,5%. Per l'anno fiscale 2024, le entrate hanno raggiunto 14,68 miliardi di dollari, con una crescita del 2,7% rispetto all'anno precedente, e un utile netto di 1,69 miliardi di dollari. L'azienda ha mantenuto un solido portafoglio ordini di 28,72 miliardi di dollari e ha registrato ordini per 16,04 miliardi di dollari. Il cash generato dalle attività operative è stato di 2,20 miliardi di dollari, pari al 15,0% delle entrate. La posizione finanziaria dell'azienda rimane forte con 1,5 miliardi di dollari in contante e 3,0 miliardi di dollari di liquidità disponibile.
CGI reportó resultados sólidos en el cuarto trimestre del año fiscal 2024, con ingresos de 3,66 mil millones de dólares, lo que representa un aumento del 4,4% en comparación con el año anterior. La compañía logró ganancias netas de 435,9 millones de dólares, un incremento del 5,2%, y un EPS diluido de 1,91 dólares, un aumento del 8,5%. Para el año fiscal 2024, los ingresos alcanzaron 14,68 mil millones de dólares, creciendo un 2,7% año tras año, con ganancias netas de 1,69 mil millones de dólares. La compañía mantuvo un sólido backlog de 28,72 mil millones de dólares y logró pedidos por 16,04 mil millones de dólares. El flujo de efectivo proporcionado por las actividades operativas fue de 2,20 mil millones de dólares, representando el 15,0% de los ingresos. La posición financiera de la compañía sigue siendo fuerte, con 1,5 mil millones de dólares en efectivo y 3,0 mil millones de dólares en liquidez disponible.
CGI는 2024 회계연도 4분기 실적을 보고하며 수익 36억 6천만 달러를 기록하여 전년 대비 4.4% 증가했다고 발표했습니다. 이 회사는 순이익 4억 3천5백90만 달러를 달성하며 5.2% 증가했으며, 희석 EPS 1.91달러로 8.5% 상승했습니다. 2024 회계연도 동안 수익은 146억 8천만 달러에 도달하여 전년 대비 2.7% 성장했으며, 순이익 16억 9천만 달러를 기록했습니다. 이 회사는 287억 2천만 달러의 안정적인 수주잔고를 유지했으며 160억 4천만 달러의 수주를 달성했습니다. 운영 활동에서 생성된 현금은 22억 달러로 수익의 15.0%에 해당합니다. 회사의 재무 상태는 15억 달러의 현금과 30억 달러의 즉시 사용 가능한 유동성을 보유하고 있어 여전히 견고합니다.
CGI a rapporté de solides résultats pour le quatrième trimestre de l'exercice fiscal 2024, avec des revenus de 3,66 milliards de dollars, en hausse de 4,4 % par rapport à l'année précédente. L'entreprise a enregistré un bénéfice net de 435,9 millions de dollars, soit une augmentation de 5,2 %, et un BPA dilué de 1,91 dollar, en hausse de 8,5 %. Pour l'exercice 2024, les revenus ont atteint 14,68 milliards de dollars, avec une croissance de 2,7 % d'une année sur l'autre, et un bénéfice net de 1,69 milliard de dollars. L'entreprise a maintenu un carnet de commandes solide de 28,72 milliards de dollars et a réalisé des commandes de 16,04 milliards de dollars. La trésorerie générée par les activités d'exploitation était de 2,20 milliards de dollars, représentant 15,0 % des revenus. La position financière de l'entreprise reste solide avec 1,5 milliard de dollars en liquidités et 3,0 milliards de dollars de liquidités disponibles.
CGI hat im vierten Quartal des Geschäftsjahres 2024 starke Ergebnisse berichtet, mit Einnahmen von 3,66 Milliarden Dollar, was einem Anstieg von 4,4 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte Nettoeinnahmen von 435,9 Millionen Dollar, ein Anstieg von 5,2 %, sowie ein verwässertes EPS von 1,91 Dollar, was einer Steigerung von 8,5 % entspricht. Für das Geschäftsjahr 2024 erreichten die Einnahmen 14,68 Milliarden Dollar, was einem Wachstum von 2,7 % im Vergleich zum Vorjahr entspricht, mit Nettoeinnahmen von 1,69 Milliarden Dollar. Das Unternehmen hielt ein solides Auftragsvolumen von 28,72 Milliarden Dollar und erzielte Aufträge in Höhe von 16,04 Milliarden Dollar. Die durch betriebliche Tätigkeiten bereitgestellten Cash-Flows betrugen 2,20 Milliarden Dollar und repräsentierten 15,0 % der Einnahmen. Die finanzielle Lage des Unternehmens bleibt stark mit 1,5 Milliarden Dollar in bar und verfügbaren liquiden Mitteln von 3,0 Milliarden Dollar.
- Revenue increased 4.4% to $3.66 billion in Q4
- Diluted EPS grew 8.5% to $1.91
- Net earnings rose 5.2% to $435.9 million
- Strong backlog of $28.72 billion (1.9x annual revenue)
- Book-to-bill ratio of 109.3% for fiscal 2024
- Net debt decreased to $1.82 billion from $2.13 billion year-over-year
- Constant currency revenue growth slowed to 2.0% in Q4
- Fiscal 2024 constant currency revenue growth was only 0.9%
Insights
CGI's Q4 and fiscal 2024 results demonstrate solid financial performance with notable growth metrics. Revenue increased by
Key strengths include strong cash generation with
The company's strategic positioning remains strong with approximately 90,250 consultants worldwide and continued focus on its Build and Buy growth strategy. The
Notable is the company's balanced capital allocation, including
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Fourth quarter revenue up
Q4-F2024 performance highlights
- Revenue of
, up$3.66 billion 4.4% year-over-year or2.0% year-over-year in constant currency1; - Earnings before income taxes of
, up$592.4 million 6.2% year-over-year, for a margin1 of16.2% ; - Adjusted EBIT1 of
, up$600.2 million 4.7% year-over-year, for a margin1 of16.4% ; - Net earnings of
, up$435.9 million 5.2% year-over-year, for a margin1 of11.9% ; - Net earnings excluding specific items1,2 of
, up$439.1 million 4.2% year-over-year, for a margin1 of12.0% ; - Diluted EPS of
, up$1.91 8.5% year-over-year; - Diluted EPS excluding specific items1,2 of
, up$1.92 7.3% year-over-year; - Cash provided by operating activities of
, representing$629.1 million 17.2% of revenue1; and - Bookings1 of
, for a book-to-bill ratio1 of$3.82 billion 104.4% .
F2024 performance highlights
- Revenue of
, up$14.68 billion 2.7% year-over-year or0.9% year-over-year in constant currency1; - Earnings before income taxes of
, up$2.29 billion 4.2% year-over-year, for a margin1 of15.6% ; - Adjusted EBIT1 of
, up$2.42 billion 4.5% year-over-year, for a margin1 of16.5% ; - Net earnings of
, up$1.69 billion 3.8% year-over-year, for a margin1 of11.5% ; - Net earnings excluding specific items1,3 of
, up$1.77 billion 5.1% year-over-year, for a margin1 of12.0% ; - Diluted EPS of
, up$7.31 6.6% year-over-year; - Diluted EPS excluding specific items1,3 of
, up$7.62 7.8% year-over-year; - Cash provided by operating activities of
, representing$2.20 billion 15.0% of revenue1; - Bookings of
, for a book-to-bill ratio of$16.04 billion 109.3% ; and - Backlog1 of
or 1.9x annual revenue.$28.72 billion
Note: All figures in Canadian dollars. F2024 MD&A, audited consolidated financial statements and accompanying notes can be found at cgi.com/investors and have been filed with the Canadian Securities Administrators on SEDAR+ at www.sedarplus.ca and the
___________________________________ |
1 Constant currency revenue growth, adjusted EBIT, adjusted EBIT margin, net earnings excluding specific items, net earnings margin excluding specific items and diluted EPS excluding specific items are non-GAAP financial measures or ratios. Earnings before income taxes margin, net earnings margin, cash provided by operating activities as a percentage of revenue, bookings, book-to-bill ratio, and backlog are key performance measures. See "Non-GAAP and other key performance measures" section of this press release for more information, including quantitative reconciliations to the closest International Financial Reporting Standards (IFRS Accounting Standards) measure, as applicable. These are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other companies. |
2 Specific items in Q4-F2024 include: |
3 Specific items in F2024 include: |
Q4-F2024 results
"I am pleased with CGI's fourth quarter results as our team delivered increasing revenue growth, sustained earnings expansion, and strong cash from operations," said François Boulanger, President and Chief Executive Officer. "Looking ahead to fiscal year 2025, we continue to see opportunities for CGI to deliver on our full offering value proposition, which enables clients to achieve business outcomes. In addition, our financial strength deepens our position as an active consolidator."
For the fourth quarter of Fiscal 2024, the Company reported revenue of
Earnings before income taxes were
Net earnings were
Net earnings excluding specific items1 were
Cash provided by operating activities was
Bookings were
As of September 30, 2024, the number of CGI consultants and professionals worldwide stood at approximately 90,250.
During the fourth quarter of Fiscal 2024, the Company acquired businesses for an investment of
F2024 results
The Company reported revenue of
____________________________________ |
1 Specific items in F2024 include: |
Earnings before income taxes were
Net earnings were
Net earnings excluding specific items2 were
As of September 30, 2024, the Company's backlog reached
Cash provided by operating activities was
During Fiscal 2024, the Company acquired businesses for an investment of
Return on invested capital was
As at September 30, 2024, long-term debt and lease liabilities, including both their current and long-term portions, were
At the end of September 2024, with cash and cash equivalents of
_______________________________ |
2 Specific items in F2024 include: |
Financial highlights | Q4-F2024 | Q4-F2023 | F2024 | F2023 |
In millions of Canadian dollars except earnings per share and where noted | ||||
Revenue | 3,660.4 | 3,507.3 | 14,676.2 | 14,296.4 |
Year-over-year revenue growth | 4.4 % | 8.0 % | 2.7 % | 11.1 % |
Constant currency revenue growth | 2.0 % | 2.2 % | 0.9 % | 8.0 % |
Earnings before income taxes | 592.4 | 557.9 | 2,291.0 | 2,197.9 |
Margin % | 16.2 % | 15.9 % | 15.6 % | 15.4 % |
Adjusted EBIT | 600.2 | 573.0 | 2,415.8 | 2,312.7 |
Margin % | 16.4 % | 16.3 % | 16.5 % | 16.2 % |
Net earnings | 435.9 | 414.5 | 1,692.7 | 1,631.2 |
Margin % | 11.9 % | 11.8 % | 11.5 % | 11.4 % |
Net earnings excluding specific items1 | 439.1 | 421.2 | 1,765.9 | 1,680.0 |
Margin % | 12.0 % | 12.0 % | 12.0 % | 11.8 % |
Diluted EPS | 1.91 | 1.76 | 7.31 | 6.86 |
Diluted EPS excluding specific items1 | 1.92 | 1.79 | 7.62 | 7.07 |
Weighted average number of outstanding shares (diluted) In millions of shares | 228.8 | 235.7 | 231.7 | 237.7 |
Net finance costs | 4.4 | 6.1 | 27.9 | 52.5 |
Long-term debt and lease liabilities2 | 3,308.4 | 3,742.3 | 3,308.4 | 3,742.3 |
Net debt3 | 1,819.8 | 2,134.6 | 1,819.8 | 2,134.6 |
Net debt to capitalization ratio3 | 16.2 % | 20.4 % | 16.2 % | 20.4 % |
Cash provided by operating activities | 629.1 | 628.7 | 2,205.0 | 2,112.2 |
As a percentage of revenue | 17.2 % | 17.9 % | 15.0 % | 14.8 % |
Days sales outstanding (DSO)3 | 41 | 44 | 41 | 44 |
Purchase for cancellation of Class A subordinate voting shares | 49.4 | 324.7 | 934.8 | 788.0 |
Return on invested capital (ROIC)3 | 16.0 % | 16.0 % | 16.0 % | 16.0 % |
Bookings | 3,823 | 3,996 | 16,044 | 16,259 |
Backlog | 28,724 | 26,059 | 28,724 | 26,059 |
To access the financial statements – click here
To access the MD&A – click here
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1 Specific items in Q4-F2024 include: |
2 Long-term debt and lease liabilities include both the current and long-term portions of the long-term debt and lease liabilities. |
3 Net debt, net debt to capitalization ratio and ROIC are non-GAAP financial measures or ratios. DSO is a key performance measure. See "Non-GAAP and other key performance measures" section of this press release for more information, including quantitative reconciliations to the closest International Financial Reporting Standards (IFRS Accounting Standards) measure, as applicable. These are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other companies. |
Declaration of Dividend
On November 5, 2024, the Company's Board of Directors approved a quarterly cash dividend for holders of Class A subordinate voting shares and Class B shares (multiple voting) of
Q4-F2024 results conference call
Management will host a conference call this morning at 9:00 a.m. (EST) to discuss results. Participants may access the call by dialing +1-800-717-1738 Conference ID: 25981 or via cgi.com/investors. For those unable to participate on the live call, a podcast and copy of the slides will be archived for download at cgi.com/investors. Interested parties may also access a replay of the call by dialing +1-888-660-6264 Passcode: 25981, until December 6, 2024.
About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 90,250 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2024 reported revenue is
Forward-looking information and statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable
Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled Risk Environment of CGI's annual MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI's annual MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.
Non-GAAP and other key performance measures
Non-GAAP financial measures and ratios used in this press release: Constant currency revenue growth, adjusted EBIT, adjusted EBIT margin, net earnings excluding specific items, net earnings margin excluding specific items, diluted EPS excluding specific items, net debt, net debt to capitalization ratio, and return on invested capital (ROIC). CGI reports its financial results in accordance with IFRS Accounting Standards. However, management believes that these non-GAAP measures provide useful information to investors regarding the company's financial condition and results of operations as they provide additional measures of its performance. These measures do not have any standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers and should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS Accounting Standards. Key performance measures used in this press release: cash from operating activities as a percentage of revenue, bookings, book-to-bill ratio, backlog, days sales outstanding (DSO), earnings before income taxes margin, and net earnings margin.
Below are reconciliations to the most comparable IFRS Accounting Standards financial measures and ratios, as applicable.
The descriptions of these non-GAAP measures and ratios and other key performance measures can be found on pages 3, 4 and 5 of our F2024 MD&A which is posted on CGI's website, and filed with the Canadian Securities Administrators on SEDAR+ at www.sedarplus.ca and the
Q4-F2024
Reconciliation between constant currency revenue growth and growth
For the three months ended September 30, | |||
2024 | 2023 | % | |
In thousands of CAD except for percentages | |||
Total CGI revenue | 3,660,391 | 3,507,336 | 4.4 % |
Constant currency revenue growth | 2.0 % | ||
Foreign currency impact | 2.4 % | ||
Variation over previous period | 4.4 % |
Reconciliation between earnings before income taxes and adjusted EBIT
For the three months ended September 30, | |||||
2024 | % of revenue | 2023 | % of revenue | ||
In thousands of CAD except for percentage and shares data | |||||
Earnings before income taxes | 592,412 | 16.2 % | 557,927 | 15.9 % | |
Plus the following items: | |||||
Acquisition-related and integration costs | 3,443 | 0.1 % | — | — % | |
Cost Optimization Program | — | — % | 8,964 | 0.3 % | |
Net finance costs | 4,394 | 0.1 % | 6,148 | 0.2 % | |
Adjusted EBIT | 600,249 | 16.4 % | 573,039 | 16.3 % |
Net earnings and Diluted EPS, excluding specific items
For the three months ended September 30, | |||
2024 | 2023 | Change | |
In thousands of CAD except for percentage and shares data | |||
Earnings before income taxes | 592,412 | 557,927 | 6.2 % |
Add back: | |||
Acquisition-related and integration costs | 3,443 | — | — % |
Cost Optimization Program | — | 8,964 | (100.0 %) |
Earnings before income taxes excluding specific items | 595,855 | 566,891 | 5.1 % |
Income tax expense | 156,489 | 143,451 | 9.1 % |
Effective tax rate | 26.4 % | 25.7 % | |
Add back: | |||
Tax deduction on acquisition-related and integration costs | 279 | — | — % |
Impact on effective tax rate | (0.1 %) | — % | |
Tax deduction on Cost Optimization Program | — | 2,240 | (100.0 %) |
Impact on effective tax rate | — % | — % | |
Income tax expense excluding specific items | 156,768 | 145,691 | 7.6 % |
Effective tax rate excluding specific items | 26.3 % | 25.7 % | |
Net earnings excluding specific items | 439,087 | 421,200 | 4.2 % |
Net earnings margin excluding specific items | 12.0 % | 12.0 % | |
Weighted average number of shares outstanding | |||
Class A subordinate voting shares and Class B shares (multiple voting) (basic) | 225,247,324 | 231,931,083 | (2.9 %) |
Class A subordinate voting shares and Class B shares (multiple voting) (diluted) | 228,777,092 | 235,703,369 | (2.9 %) |
Earnings per share excluding specific items (in dollars) | |||
Basic | 1.95 | 1.82 | 7.1 % |
Diluted | 1.92 | 1.79 | 7.3 % |
F2024
Reconciliation between constant currency revenue growth and growth
For the years ended September 30 | ||||
2024 | 2023 | % | ||
In thousands of CAD except for percentages | ||||
Total CGI revenue | 14,676,152 | 14,296,360 | ||
Constant currency revenue growth | 0.9 % | |||
Foreign currency impact | 1.8 % | |||
Variation over previous period | 2.7 % |
Reconciliation between earnings before income taxes and adjusted EBIT
For the years ended September 30, | ||||
2024 | % of revenue 2023 | % of revenue | ||
In thousands of CAD except for percentage | ||||
Earnings before income taxes | 2,290,951 | 15.6 % | 2,197,913 | 15.4 % |
Plus the following items: | ||||
Acquisition-related and integration costs | 5,866 | — % | 53,401 | 0.4 % |
Cost Optimization Program | 91,063 | 0.6 % | 8,964 | 0.1 % |
Net finance costs | 27,889 | 0.2 % | 52,463 | 0.4 % |
Adjusted EBIT | 2,415,769 | 16.5 % | 2,312,741 | 16.2 % |
Net earnings and Diluted EPS, excluding specific items
For the years ended September 30, | |||
2024 | 2023 | Change | |
In thousands of CAD except for percentages and shares data | |||
Earnings before income taxes | 2,290,951 | 2,197,913 | 4.2 % |
Add back: | |||
Acquisition-related and integration costs | 5,866 | 53,401 | (89.0 %) |
Cost Optimization Program | 91,063 | 8,964 | 915.9 % |
Earnings before income taxes excluding specific items | 2,387,880 | 2,260,278 | 5.6 % |
Income tax expense | 598,236 | 566,664 | 5.6 % |
Effective tax rate | 26.1 % | 25.8 % | |
Add back: | |||
Tax deduction on acquisition-related and integration costs | 763 | 11,336 | (93.3 %) |
Impact on effective tax rate | — % | (0.1 %) | |
Tax deduction on Cost Optimization Program | 22,956 | 2,240 | 924.8 % |
Impact on effective tax rate | (0.1 %) | — % | |
Income tax expense excluding specific items | 621,955 | 580,240 | 7.2 % |
Effective tax rate excluding specific items | 26.0 % | 25.7 % | |
Net earnings excluding specific items | 1,765,925 | 1,680,038 | 5.1 % |
Net earnings margin excluding specific items | 12.0 % | 11.8 % | |
Weighted average number of shares outstanding | |||
Class A subordinate voting shares and Class B shares (multiple voting) (basic) | 228,074,108 | 234,041,041 | (2.5 %) |
Class A subordinate voting shares and Class B shares (multiple voting) (diluted) | 231,672,861 | 237,702,081 | (2.5 %) |
Earnings per share excluding specific items (in dollars) | |||
Basic | 7.74 | 7.18 | 7.8 % |
Diluted | 7.62 | 7.07 | 7.8 % |
Reconciliation between long-term debt and lease liabilities and net debt
As at September 30, | 2024 | 2023 |
In thousands of CAD except for percentages | ||
Reconciliation between long-term debt and lease liabilities1 and net debt: | ||
Long-term debt and lease liabilities1 | 3,308,403 | 3,742,284 |
Minus the following items: | ||
Cash and cash equivalents | 1,461,145 | 1,568,291 |
Short-term investments | 3,279 | 7,332 |
Long-term investments | 24,209 | 17,113 |
Fair value of foreign currency derivative financial instruments related to debt | — | 14,904 |
Net debt | 1,819,770 | 2,134,644 |
Net debt to capitalization ratio | 16.2 % | 20.4 % |
Return on invested capital | 16.0 % | 16.0 % |
Days sales outstanding | 41 | 44 |
1 | As at September 30, 2024, long-term debt and lease liabilities were |
View original content:https://www.prnewswire.com/news-releases/cgi-reports-fourth-quarter-and-fiscal-2024-results-302297250.html
SOURCE CGI Inc.
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