CGG Announces its Q4 2022 Results
Paris, France | Mar 2, 2023
Q4 2022 strong financial performance with segment EBITDAs of $193m
Profitability improvement in 2022
2022 positive Net Income of $43m vs $(180)m Net Loss in 2021
Higher backlog and technology leadership position expected to sustain business growth in 2023 and beyond
CGG (ISIN: FR0013181864), a global technology and high-performance computing (HPC) leader announced today its fourth quarter and full year 2022 audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“I am pleased to see our strong Q4 financial performance delivering higher than anticipated multi-client data and equipment sales. For CGG, 2022 was a year of continued high market volatility and transition with Beyond the Core revenue contributing 8% of total revenue. We are entering 2023 with improved visibility thanks to our higher backlog and cash generation. Looking forward, our Core businesses are expected to grow supported by our leadership positions, enabling us to further develop our Beyond the Core businesses and transform CGG into a global technology & HPC leader.”
Q4 2022: A strong quarter driven by EDA & SMO
- IFRS figures: revenue at $268m, EBITDAs at $142m, OPINC at $84m
- Segment revenue at $319m, up 6% and up 7% proforma* year-on-year
- Geoscience at $69m, down (22)% proforma* year-on-year from a very high Q4 2021, which was driven by software sales
- Earth Data at $145m, up 28% year-on-year. Prefunding revenue at $67m, up 14% year-on-year. After sales at $78m, up 43% year-on-year
- Sensing and Monitoring at $104m, up 10% year-on-year
- Segment EBITDAs at $193m, a 60% margin, and adjusted** segment EBITDAs at $159m, excluding $34m gain on the sale of the US land Earth Data library, a high 50% margin
- Segment operating income at $94m, a 29% margin, and adjusted** segment operating income at $66m, a high 21% margin
- Group net income at $47m compared to a net loss of $(28)m last year
- Net cash-flow IFRS at $62m, including $63m proceeds from sale of the US land seismic data library.
* Proforma indicators represent supplementary information adjusted for GeoSoftware and Physical Asset Storage and Services businesses sold in 2021.
** Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.
Q4 2022 Conference call
CGG will host a question & answer session today, March 2nd, 2023 after the close of the markets.
Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.
A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.cgg.com.
CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).