CGI (GIB) Q4 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 9, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen. Welcome to CGI's Fourth Quarter Fiscal 2022 Conference Call.

I would now like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Please go ahead, Mr. Linder.

Kevin Linder

Thank you, Joel and good morning. With me to discuss CGI's fourth quarter fiscal 2022 results are George Schindler, our President and CEO; and Steve Perron, Executive Vice President and CFO.

This call is being broadcast on cgi.com and recorded live at 9:00 a.m. Eastern Time on Wednesday, November 9, 2022. Supplemental slides as well as the press release we issued earlier this morning are available for download, along with our fiscal 2022 MD&A, audited financial statements and accompanying notes all of which have been filed with both SEDAR and EDGAR.

Please note that some statements made on the call may be forward-looking. Actual events or results may differ materially from those expressed or implied and CGI disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The complete safe harbor statement is available in both our MD&A and press release as well as on cgi.com. We recommend our investors read it in its entirety.

We are reporting our financial results in accordance with International Financial Reporting Standards or IFRS. As always, we will also discuss non-GAAP performance measures, which should be viewed as supplemental. The MD&A contains definitions of each one used in our reporting. All of the dollar figures expressed on this call are Canadian, unless otherwise noted.

I'll now turn it over to Steve to review our Q4 financial results and then George will comment on our full year performance and business outlook. Steve?

Steve Perron

Thank you, Kevin and good morning everyone. Our results in the quarter were strong against all key financial metrics, demonstrating the resiliency of CGI's business model and the value that we provide to our clients.

In Q4, we delivered $3.25 billion of revenue, up 8% year-over-year or up 13.9% when excluding $178 million of unfavorable foreign exchange and tax. All segments delivered positive constant currency growth, including the following, with double-digit growth: Western and Southern Europe up 35%, Asia-Pacific up 22.7%, Canada up 13.2% and U.S. commercial and state government up 10.9%. From an industry perspective, we also add constant currency growth across all sectors.