Stock Market SymbolsGIB.A (TSX)GIB (NYSE)cgi.com/newsroom Continuing to deliver shareholder value with strong net earnings and cash generation Q2-F2024 performance highlights Revenue of $3.74 billion, up 0.7% year-over-year and stable year-over-year in constant currency1; Earnings before income taxes of $577.4 million, up 2.3% year-over-year, for a margin1 of 15.4%; Adjusted EBIT1 of $628.5 million, up 4.6% year-over-year, for a margin1 of 16.8%; Net earnings of $426.9 million, up 1.8% year-over-year, for a margin1 of 11.4%; Net earnings excluding specific items1,2 of $459.4 million, up 5.6% year-over-year, for a margin1 of 12.3%; Diluted EPS of $1.83, up 4.0% year-over-year; Diluted EPS excluding specific items1,2 of $1.97, up 8.2% year-over-year; Cash from operating activities of $502.0 million, representing 13.4% of revenue1; Bookings1 of $3.75 billion, for a book-to-bill ratio1 of 100.4% or 112.8% on a trailing twelve month basis; and Backlog1 of $26.82 billion or 1.9x annual revenue. Note: All figures in Canadian dollars. Q2-F2024 MD&A, interim condensed 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 U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. MONTRÉAL, May 1, 2024 /CNW/ - CGI (TSX : GIB.A) (NYSE: GIB) Q2-F2024 results "In the quarter, our team continued to deliver shareholder value with strong net earnings and cash generation, even as some client industries continued to face uncertain economic conditions," said George D. Schindler, President and Chief Executive Officer. "Through CGI's portfolio of end-to-end service offerings, which are designed to deliver tangible and trusted business outcomes, we continue to partner with clients to bring value now and to position CGI for future profitable growth opportunities." For the second quarter of Fiscal 2024, the Company reported revenue of $3.74 billion, representing a year-over-year increase of 0.7%. When excluding foreign currency variations, revenue was stable year-over-year. ____________________________ 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 from 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) measure, as applicable. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. 2  Specific items in Q2-F2024 include: $0.1 million in acquisition-related and integration costs and $32.4 million from the cost optimization program, both net of tax; Specific items in Q2-F2023 include: $15.5 million in acquisition-related and integration costs, net of tax.  Earnings before income taxes were $577.4 million, up 2.3% year-over-year, for a margin of 15.4%, up 20 basis points compared to the same period last year. Adjusted EBIT was $628.5 million, up 4.6% year-over-year, for a margin of 16.8%, up 60 basis points compared to the same period last year. Net earnings were $426.9 million, up 1.8% compared with the same period last year, for a margin of 11.4%. Diluted earnings per share, as a result, were $1.83 compared to $1.76 last year, representing an increase of 4.0%. Net earnings excluding specific items1 were $459.4 million, for a margin of 12.3% representing an increase of 5.6% year-over-year.  On the same basis, diluted earnings per share increased by 8.2% to $1.97, up from $1.82 for the same period last year. Cash provided by operating activities was $502.0 million, representing 13.4% of revenue. On a trailing twelve months basis, cash provided by operating activities was $2.1 billion, representing 14.6% of revenue. Bookings were $3.75 billion, representing a book-to-bill ratio of 100.4% or 112.8% on a trailing twelve month basis. As of March 31, 2024, the Company's backlog reached $26.82 billion or 1.9x annual revenue. As of March 31, 2024, the number of CGI consultants and professionals worldwide stood at approximately 90,000. During the second quarter of Fiscal 2024, the Company invested $102.6 million back into its business, and $260.0 million under its current Normal Course Issuer Bid to purchase for cancellation 1,741,730 of its Class A subordinate voting shares. Return on invested capital was 15.9%, an increase of 30 basis points on a year-over-year basis. As at March 31, 2024, long-term debt and lease liabilities, including both their current and long-term portions, were $3.03 billion, down from $3.85 billion at the same time last year, primarily due to the $670.4 million scheduled repayment of a term loan. As of the same date, net debt stood at $1.73 billion, down from $2.53 billion at the same time last year. The net debt-to-capitalization ratio was 16.4% at the end of March 2024, down 760 basis points when compared to the prior year. At the end of March 2024, with cash and cash equivalents of $1.3 billion, and an undrawn revolving credit facility, the Company had $2.8 billion in readily available liquidity to pursue its Build and Buy profitable growth strategy. ___________________________ 1 Specific items in Q2-F2024 include: $0.1 million in acquisition-related and integration costs and $32.4 million from the cost optimization program, both net of tax.   Financial highlights Q2-F2024 Q2-F2023 Change In millions of Canadian dollars except earnings per share and where noted Revenue 3,740.8 3,715.3 25.5 Year-over-year revenue growth 0.7 % 13.7 % (1,300 bps) Constant currency revenue growth 0.0 % 11.4 % (1,140 bps) Earnings before income taxes 577.4 564.5 12.9 Margin % 15.4 % 15.2 % 20 bps Adjusted EBIT 628.5 600.8 27.7 Margin % 16.8 % 16.2 % 60 bps Net earnings 426.9 419.4 7.5 Margin % 11.4 % 11.3 % 10 bps Net earnings excluding specific items1 459.4 435.0 24.4 Margin % 12.3 % 11.7 % 60 bps Diluted EPS 1.83 1.76 0.07 Diluted EPS excluding specific items1 1.97 1.82 0.15 Weighted average number of outstanding shares (diluted) In millions of shares 233.3 238.5 (5.2) Net finance costs 7.5 15.4 (7.9) Long-term debt and lease liabilities2 3,028.9 3,852.7 (823.8) Net debt3 1,730.5 2,529.0 (798.5) Net debt to capitalization ratio3 16.4 % 24.0 % (760 bps) Cash provided by operating activities 502.0 469.1 32.9 As a percentage of revenue 13.4 % 12.6 % 80 bps Days sales outstanding (DSO)3 40 41 (1) Purchase for cancellation of Class A subordinate voting shares (260.0) (400.0) 140.0 Return on invested capital (ROIC)3 15.9 % 15.6 % 30 bps Bookings 3,754 3,839 (85) Backlog 26,823 25,241 1,582 To access the financial statements – click here  To access the ...