GIB - CGI Inc. (GIB) Q2 2024 Earnings Call Transcript
2024-05-01 13:23:11 ET
CGI Inc. (GIB)
Q2 2024 Earnings Conference Call
May 01, 2024 09:00 AM ET
Company Participants
Kevin Linder - Senior Vice President, Investor Relations
Steve Perron - Executive Vice President & Chief Financial Officer
George Schindler - President and Chief Executive Officer
Conference Call Participants
Richard Tse - National Bank Financial
Daniel Chan - TD Cowen
Paul Treiber - RBC Capital Markets
Robert Young - Canaccord Genuity
Jerome Dubreuil - Desjardin
Thanos Moschopoulos - BMO Capital Markets
Divya Goyal - Scotiabank
Stephanie Price - CIBC
Suthan Sukumar - Stifel
Tyler DuPont - Bank of America
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to CGI's Second Quarter Fiscal 2024 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, Joelle and good morning. With me to discuss CGI's second quarter fiscal 2024 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 May 1 2024. Supplemental slides, as well as the press release we issued earlier this morning are available for download along with our Q2 MD&A, financial statements and accompanying notes, all of which have been filed with both SEDAR plus 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 Q2 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 second quarter of fiscal 2024. In Q2, we delivered CAD3.7 billion of revenue, up 0.7% year-over-year or stable when excluding the impact of foreign exchange. The strongest CGI segments were UK and Australia at 5.1% constant currency growth. Asia Pacific at 5%, Northwest and Central East Europe with 4.2% and US commercial and state government at 4.1%.
From an industry perspective, we had the highest growth in government with 5.7% constant currency growth while we continue to experience softness in industries more sensitive to interest rates, particularly in the banking subsectors. In addition, the majority of our geographies were negatively impacted by one less billable day in the quarter....
CGI Inc. (GIB) Q2 2024 Earnings Call Transcript