Stock Market Symbols
GIB.A
(TSX)
GIB (NYSE)
www.cgi.com/newsroom
EPS up 44.8% in Q4 and 28.8% in F2021
F2021 performance highlights
- Revenue of $12.13 billion, up
1.1% year-over-year in constant currency;
- Adjusted EBIT of $1.95 billion,
up 4.8% year-over-year;
- Adjusted EBIT margin improved by 78 basis points to 16.1%;
- Net earnings of $1.37 billion,
for a margin of 11.3%;
- Diluted EPS of $5.41, up 28.8%
year-over-year;
- Net earnings excluding specific items* of $1.37 billion, up 5.8% year-over-year;
- Diluted EPS excluding specific items* of $5.43 up from $4.89
last year;
- Cash from operating activities of $2.12
billion, up 9.1% year-over-year;
- Bookings of $13.84 billion, for a
book-to-bill of 114.2%.
Q4-F2021 performance highlights
- Revenue of $3.01 billion, up 2.8%
year-over-year or 6.4% year-over-year in constant currency;
- Adjusted EBIT of $493.3 million,
up 7.8% year-over-year;
- Adjusted EBIT margin improved by 76 basis points to 16.4%;
- Net earnings of $345.9 million,
for a margin of 11.5%;
- Diluted EPS of $1.39, up 44.8%
year-over-year;
- Net earnings excluding specific items* of $346.9 million and diluted EPS of $1.40;
- Cash from operating activities of $526.9
million, up 7.1% year-over-year;
- Bookings of $2.92 billion, for a
book-to-bill of 97.1%;
- Backlog of $23.06 billion or 1.9x
of annual revenue.
*Specific items in
Q4-F2021 include: $0.9 million in acquisition-related and
integration costs net of tax; Specific items in Q4-F2020 include:
$4.1 million in acquisition-related and integration costs as well
as $62.4 million of restructuring costs, both net of tax. Specific
items in F2021 include: $5.8 million in acquisition-related and
integration costs, net of tax; Specific items in F2020 include:
$62.1 million in acquisition-related and integration costs as well
as $120.1 million of restructuring costs, both net of
tax.
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Note: All figures in
Canadian dollars. F2021 MD&A, interim condensed consolidated
financial statements and accompanying notes can be found at
cgi.com/investors and have been filed with both SEDAR in Canada and
EDGAR in the U.S.
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To access the financial statements – click here (PDF)
To access the F2021 MD&A – click here (PDF)
MONTRÉAL, Nov. 10, 2021 /CNW
Telbec/ - CGI (TSX: GIB.A) (NYSE: GIB) reported Fiscal 2021
fourth quarter results this morning.
"CGI ended fiscal 2021 in a strong position, with accelerating
revenue growth and a robust book of business and balance sheet,"
said President and Chief Executive Officer, George Schindler. "Looking to the year ahead, we
will accelerate our investments in the talent and capabilities
necessary to expand our services and global footprint in support of
clients' evolving digital transformations."
Q4-F21 results
For the fourth quarter of F2021, the Company reported revenue of
$3.01 billion representing a
year-over-year increase of 2.8%, when including foreign currency
fluctuations, up from $2.93 billion.
On a constant currency basis, revenues grew by 6.4%
year-over-year.
Adjusted EBIT was $493.3 million,
up 7.8% year-over-year with an EBIT margin of 16.4% representing an
improvement of 76 basis points from 15.6% in the same period last
year.
On a GAAP basis, net earnings were $345.9
million, up 37.3% compared with the same period last year.
Diluted earnings per share, as a result, were $1.39 compared to $0.96 last year.
Excluding acquisition-related, integration and restructuring
costs, both net of tax, net earnings were $346.9 million, representing an increase of 8.9%
or $28.5 million year-over-year and a
margin of 11.5%. On the same basis, diluted earnings per share
expanded by 14.8% to $1.40, up from
$1.22 from the same period last
year.
Bookings were $2.92 billion,
representing a book-to-bill of 97.1%. As of September 30, 2021, the Company's backlog stood
at $23.06 billion or 1.9x annual
revenue.
Cash provided by operating activities was $526.9 million, or 17.5% of revenue, representing
an increase of 7.1% or $34.9 million
compared with Q4-F2020.
In millions of
Canadian dollars except earnings per share and where
noted
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Q4-F2021
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Q4-F2020
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F2021
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F2020
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Revenue
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3,007.5
|
2,925.6
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12,126.8
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12,164.1
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Growth
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2.8%
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(1.1)%
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(0.3)%
|
0.4%
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Constant currency
growth
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6.4%
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(4.5)%
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1.1%
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(0.1)%
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Adjusted
EBIT
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493.3
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457.6
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1,952.2
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1,862.9
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Margin
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16.4%
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15.6%
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16.1%
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15.3%
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Net
earnings
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345.9
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251.9
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1,369.1
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1,117.9
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Margin
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11.5%
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8.6%
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11.3%
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9.2%
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Net earnings
excluding specific items*
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346.9
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318.4
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1,374.9
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1,300.1
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Margin
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11.5%
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10.9%
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11.3%
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10.7%
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Diluted earnings per
share (diluted EPS)
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1.39
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0.96
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5.41
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4.20
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Diluted earnings per
share excluding specific items*
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1.40
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1.22
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5.43
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4.89
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Weighted average
number of outstanding shares (diluted)
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248.2
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261.8
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253.1
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266.1
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Net finance
costs
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27.7
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30.4
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106.8
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114.5
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Net debt
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2,535.9
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2,777.9
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2,535.9
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2,777.9
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Net debt to
capitalization ratio
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26.6%
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27.7%
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26.6%
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27.7%
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Cash provided by
operating activities
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526.9
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492.0
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2,115.9
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1,938.6
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Days sales
outstanding (DSO)
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45
|
47
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45
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47
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Return on invested
capital (ROIC)
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14.9%
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12.1%
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14.9%
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12.1%
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Return on equity
(ROE)
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19.8%
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16.0%
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19.8%
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16.0%
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Bookings
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2,920.8
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3,474.1
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13,842.9
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11,847.7
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Backlog
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23,058.9
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22,672.9
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23,058.9
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22,672.9
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*Specific items in
Q4-F2021 include: $0.9 million in acquisition-related and
integration costs, net of tax; Specific items in Q4-F2020 include:
$4.1 million in acquisition-related and integration costs as well
as $62.4 million of restructuring costs, both net of tax. In F2021
include: $5.8 million in acquisition-related and integration costs
net of tax; Specific items in F2020 include: $62.1 million in
acquisition-related and integration costs as well as $120.1 million
of restructuring costs, both net of tax.
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Fiscal 2021 full-year results
Revenue of $12.13 billion,
representing a decrease of 0.3% year-over-year. On a constant
currency basis, revenue was up 1.1% year-over-year.
Adjusted EBIT was $1.95 billion,
an increase of $89.3 million compared
to F2020. EBIT margin was 16.1%, an improvement of 78 basis points
from 15.3% in the same period last year.
Net earnings were $1.37 billion,
up 22.5% or $251.2 million compared
with the same period last year. Diluted earnings per share, as a
result, were $5.41, up from
$4.20 in the same period last
year.
Excluding acquisition-related, integration and restructuring
costs, net earnings were $1.37
billion, representing a margin of 11.3%. On the same basis,
diluted earnings per share increased by 11.0% to $5.43, up from $4.89 from the same period last year.
Bookings were $13.84 billion,
representing a book-to-bill of 114.2%.
Cash provided by operating activities was $2.12 billion, or 17.4% of revenue, representing
an increase of $177.3 million
compared to F2020.
As of September 30, 2021, net debt
stood at $2.54 billion, down from
$2.78 billion last year. The net
debt-to-capitalization ratio stood at 26.6% at the end of
F2021.
With cash of $1.7 billion on hand
at the end of September 2021, and a
fully available revolving credit facility, the Company has
$3.2 billion in readily available
liquidity to pursue its Build and Buy profitable growth
strategy.
Q4-F2021 results conference call
Management will host
a conference call this morning at 9:00 a.m.
Eastern time to discuss results. Participants may access the
call by dialling 1-888-440-2167 or 1-438-803-0559 Conference ID:
8986313 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.
About CGI
Founded in 1976, CGI is among the largest
independent IT and business consulting services firms in the world.
With 80,000 consultants and other 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 2021 reported revenue is $12.13
billion and CGI shares are listed on the TSX (GIB.A) and the
NYSE (GIB). Learn more at cgi.com.
Non-GAAP financial metrics used in this press release:
Constant currency growth, adjusted EBIT, adjusted EBIT margin, net
debt, net debt to capitalization ratio, bookings, book-to-bill
ratio, backlog, DSO, ROIC, ROE, net earnings margin, net earnings
excluding specific items, net earnings margin excluding specific
items, and diluted EPS excluding specific items.
CGI reports
its financial results in accordance with IFRS. 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. Additional details for these non-GAAP measures can be
found on pages 3, 4 and 5 of our F2021 MD&A which is posted on
CGI's website, and filed with SEDAR and EDGAR.
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 United States safe harbours. All such
forward-looking information and statements are made and disclosed
in reliance upon the safe harbour provisions of applicable Canadian
and United States securities laws.
Forward-looking information and statements include all information
and statements regarding CGI's intentions, plans, expectations,
beliefs, objectives, future performance, and strategy, as well as
any other information or statements that relate to future events or
circumstances and which do not directly and exclusively relate to
historical facts. Forward-looking information and statements often
but not always use words such as "believe", "estimate", "expect",
"intend", "anticipate", "foresee", "plan", "predict", "project",
"aim", "seek", "strive", "potential", "continue", "target", "may",
"might", "could", "should", and similar expressions and variations
thereof. These information and statements are based on our
perception of historic trends, current conditions and expected
future developments, as well as other assumptions, both general and
specific, that we believe are appropriate in the circumstances.
Such information and statements are, however, by their very nature,
subject to inherent risks and uncertainties, of which many are
beyond the control of CGI, and which give rise to the possibility
that actual results could differ materially from our expectations
expressed in, or implied by, such forward-looking information or
forward-looking statements. These risks and uncertainties include
but are not restricted to: risks related to the market such as the
level of business activity of our clients, which is affected by
economic and political conditions, other external risks (such as
pandemics) and our ability to negotiate new contracts; risks
related to our industry such as competition and our ability to
attract and retain qualified employees, to develop and expand our
services, to penetrate new markets, and to protect our intellectual
property rights; risks related to our business such as risks
associated with our growth strategy, including the integration of
new operations, financial and operational risks inherent in
worldwide operations, foreign exchange risks, income tax laws and
other tax programs, our ability to negotiate favorable contractual
terms, to deliver our services and to collect receivables, the
reputational and financial risks attendant to cybersecurity
breaches and other incidents, and financial risks such as liquidity
needs and requirements, maintenance of financial ratios, and
changes in creditworthiness and credit ratings; as well as other
risks identified or incorporated by reference in this press
release, in CGI's annual and quarterly MD&A and in other
documents that we make public, including our filings with the
Canadian Securities Administrators (on SEDAR at www.sedar.com) and
the U.S. Securities and Exchange Commission (on EDGAR at
www.sec.gov). For a discussion of risks in response to the
coronavirus (COVID-19) pandemic, see Pandemic risks in
section 10.1.1. of our annual and quarterly MD&A. Unless
otherwise stated, the forward-looking information and statements
contained in this press release are made as of the date hereof and
CGI disclaims any intention or obligation to publicly update or
revise any forward-looking information or forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law. While we
believe that our assumptions on which these forward-looking
information and forward-looking statements are based were
reasonable as at the date of this press release, readers are
cautioned not to place undue reliance on these forward-looking
information or statements. Furthermore, readers are reminded that
forward-looking information and statements are presented for the
sole purpose of assisting investors and others in understanding our
objectives, strategic priorities and business outlook as well as
our anticipated operating environment. Readers are cautioned that
such information may not be appropriate for other purposes. 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 and
quarterly 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 and
quarterly 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.
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content:https://www.prnewswire.com/news-releases/cgi-reports-strong-fourth-quarter-and-fiscal-2021-results-301420887.html
SOURCE CGI Inc.