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CGI Inc. (TSX: GIB.A, NYSE: GIB) is a leading global IT and business consulting services firm headquartered in Montreal, Canada. Established in 1976, CGI has grown to become one of the largest independent firms of its kind, with a dedicated workforce of over 90,000 professionals across 40 countries. The company provides a comprehensive range of services including consulting, systems integration, application maintenance, and business process services.
CGI’s extensive portfolio is designed to help organizations digitally transform their operations to achieve better efficiencies and results. Its major sectors of operation include government, healthcare, financial services, telecommunications, and utilities, among others. Notably, the government sector contributes more than one-third of CGI’s annual revenue.
CGI recently secured several significant contracts, including a five-year $162 million partnership with the UK Government's Cabinet Office to enhance their digital, data, and technology services. Additionally, CGI is involved in the modernization of Los Angeles County's ERP systems and continues its collaboration with Market Operator Services Ltd (MOSL) in managing core water retail market platforms in England.
Financially, CGI reported a fiscal 2023 revenue of CA$14.30 billion, demonstrating stable growth with strong net earnings and cash generation. The company leverages a local relationship model supported by a global delivery network, positioning it to deliver tailored solutions and drive innovation across various industries.
Recent leadership changes include the appointment of François Boulanger as President and CEO, effective October 1, 2024, indicating a strategic focus on sustained growth and operational excellence. CGI continues to enhance shareholder value through strong profitability, cash generation, and strategic share repurchases.
CGI's future outlook includes executing its
CGI reported strong Q1 F2023 results with revenue of $3.45 billion, up 11.6% year-over-year and 12.3% in constant currency. Adjusted EBIT reached $554.1 million with a margin of 16.1%, an increase of 6.3%. Net earnings were $382.4 million, a 4.1% rise, resulting in diluted EPS of $1.60, up 7.4%. The company recorded $4.04 billion in bookings, achieving a book-to-bill ratio of 117.0%. Its backlog stands at $25.01 billion, equating to 1.9 times annual revenue. With cash flows from operations of $605.3 million, CGI maintains a strong balance sheet.
On February 1, 2023, CGI announced the renewal of its Normal Course Issuer Bid ("NCIB"), pending approval from the Toronto Stock Exchange (TSX). The Board believes this initiative will enhance shareholder value by allowing the company to purchase its Class A subordinate voting shares. The NCIB permits the purchase of up to 18,769,394 shares, about 10% of the public float, at market prices. Repurchases may start on February 6, 2023, and run until February 5, 2024, or until the maximum number of shares is acquired. CGI's previous NCIB, which ends February 5, 2023, saw the purchase of 6,449,173 shares for $656,763,789 at an average price of $101.84 per share.
CGI is set to host its Annual General Meeting on February 1, 2023, coinciding with the release of its fiscal 2023 first quarter results. The meeting will take place at 11:00 a.m. (EST) via live webcast, allowing shareholders to vote online. Only shareholders of record by December 5, 2022, can participate. The fiscal results will be announced before market opening on the same day, followed by a conference call at 9:00 a.m. (EST), featuring insights from CEO George D. Schindler and CFO Steve Perron. In fiscal 2022, CGI reported revenues of $12.87 billion.
On January 24, 2023, CGI Federal announced the award of the Electronic Records Management (ERM) solutions Special Item Number (SIN) under its Multiple Award Schedule contract with the U.S. General Services Administration. This SIN enables federal agencies to procure CGI's services for transitioning to a digital records management solution that enhances compliance and accessibility. Kenyon Wells, Senior Vice-President at CGI Federal, emphasized the importance of digital transformation in managing electronic data efficiently. CGI's capabilities support agencies in meeting federal records management mandates, aligning strategies, and optimizing operations, with reported revenue of $12.87 billion for fiscal 2022.
CGI (NYSE: GIB) announced the enhancement of its long-term partnership with SAP by adding RISE with SAP to its Canadian services portfolio, which includes S/4HANA. This certification allows CGI to expedite clients' transitions to the cloud and improve ERP solutions, thus supporting their digital transformation strategies. CGI's collaboration with SAP positions it to deliver innovative, high-quality projects while ensuring timely and cost-effective delivery. In Fiscal 2022, CGI reported revenue of $12.87 billion and aims to leverage in-house tools to drive further innovation.
CGI has filed its Management Proxy Circular for the Annual General Meeting of Shareholders, scheduled for February 1, 2023. The company also submitted its 2022 Annual Information Form and its Annual Report on Form 40-F, which includes Fiscal 2022 results. CGI utilizes Notice and Access rules to minimize paper use for shareholder material distribution. Shareholders can request paper copies before the January 18, 2023 deadline. CGI reported revenue of $12.87 billion for Fiscal 2022 and is listed on both the TSX (GIB.A) and NYSE (GIB).
CGI (NYSE: GIB) has launched a new Space and Geospatial Center of Excellence in Finland. This initiative aims to harness space and geospatial data technologies to enhance operational efficiency across various industries, address societal challenges, and create new business opportunities. CGI has been a long-term partner with organizations like the European Space Agency and provides mission-critical software systems. Approximately 70 experts will be recruited initially for the center, with plans for 30 more later. CGI's fiscal 2022 revenue was C$12.87 billion.
Nassau Re/Imagine has launched TalentBridge23, a six-month incubator program to support innovative insurtech startups beginning January 2023 in Hartford, Connecticut. Sponsored by CGI and LTIMindtree, in collaboration with the University of Connecticut and the University of Hartford, the program aims to connect startups with mentors and resources. Ten selected startups focusing on seniors' retirement and health issues will pitch for funding at the program's conclusion, promoting local innovation and talent growth.
UiPath, Inc. (NYSE: PATH) reported third-quarter fiscal 2023 results with a 36% year-over-year growth in Annual Recurring Revenue (ARR), reaching $1.110 billion, and net new ARR of $67 million. Revenue increased 19% year-over-year to $262.7 million. The company achieved a 126% dollar-based net retention rate, but reported a GAAP operating loss of $(67 million). For Q4 2023, UiPath anticipates revenue between $277 million and $279 million and ARR of $1,174 million to $1,176 million.
CGI has signed a long-term agreement with VIA Rail Canada to manage services for a new online reservation system, crucial for enhancing customer experience. This partnership builds on CGI's ongoing support since 2020 in VIA Rail's modernization efforts. With fiscal 2022 revenue of $12.87 billion, CGI aims to leverage its extensive capabilities to assist VIA Rail in achieving its modernization goals and improving passenger services across Canada.
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