CGI (GIB) Q1 2023 Earnings Call Transcript

For the period ending December 31, 2022

February 1, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen. Welcome to CGI's First Quarter Fiscal 2023 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, July. And good morning. With me to discuss CGI's first quarter fiscal 2023 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 AM Eastern Time on Wednesday, February 1, 2023. Supplemental slides as well as the press release we issued earlier this morning are available for download, along with our Q1 MD&A 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.

We're also hosting our annual general meeting this morning. So we hope you'll join us live via the broadcast at 11 AM.

I'll now turn it over to Steve to review our Q1 financials and then George will comment on our business and market outlook. Steve?

Steve Perron

Thank you, Kevin. And good morning, everyone. I'm pleased to share with you the results of our first quarter of fiscal 2023. In Q1, we delivered CAD 3.45 billion of revenue, up 11.6% year-over-year, or up 12.3% when excluding the impact of foreign exchange. Importantly, we delivered positive constant currency growth in all segments, all industry sectors and all service offerings.

The following segments generated double-digit constant currency growth. Western and Southern Europe up 30%, Asia-Pacific up 23%, and UK and Australia up 18%. Total bookings were CAD 4 billion, generating a strong book-to-bill ratio of 117% for the quarter and 109% on a trailing 12-month basis.