CGI Inc (GIB) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to CGI's Second Quarter Fiscal 2023 Conference Call. I would like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Please go ahead, Mr. Linder.

早上好，女士們，先生們。歡迎參加 CGI 2023 財年第二季度電話會議。我想將會議交給投資者關係高級副總裁 Kevin Linder 先生。請繼續，林德先生。

Thank you, Julie, and good morning. With me to discuss CGI's second 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 a.m. Eastern Time on Wednesday, April 26, 2023. 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 and EDGAR.

謝謝你，朱莉，早上好。與我一起討論 CGI 2023 財年第二季度業績的是我們的總裁兼首席執行官 George Schindler；以及執行副總裁兼首席財務官 Steve Perron。本次電話會議正在 cgi.com 上播出，並於 2023 年 4 月 26 日星期三東部時間上午 9:00 進行現場錄製。補充幻燈片以及我們今天早上早些時候發布的新聞稿以及我們的第二季度 MD&A 可供下載，財務報表和附註，所有這些均已向 SEDAR 和 EDGAR 備案。

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.

請注意，電話會議中所做的一些陳述可能具有前瞻性。實際事件或結果可能與明示或暗示的事件或結果存在重大差異，CGI 不承擔任何更新或修改任何前瞻性陳述的意圖或義務，無論是由於新信息、未來事件還是其他原因。完整的安全港聲明可在我們的 MD&A 和新聞稿以及 cgi.com 上找到。我們建議投資者閱讀全文。

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?

我們根據國際財務報告準則或國際財務報告準則報告我們的財務業績。與往常一樣，我們還將討論非 GAAP 績效指標，這應被視為補充。 MD&A 包含我們報告中使用的每一項的定義。除非另有說明，本次電話會議中所用的所有美元數字均為加元數字。我現在將把它交給史蒂夫來審查我們第二季度的財務狀況，然後喬治將對我們的業務和市場前景發表評論。史蒂夫？

Thank you, Kevin, and good morning, everyone. I'm pleased to share with you the results of our second quarter of fiscal 2023. In Q2, we delivered $3.72 billion of revenue, up 13.7% year-over-year or up 11.4% when excluding the impact of foreign exchange. The following segment generated double-digit constant currency growth. Western and Southern Europe, up 28%; Finland, Poland and Baltics, up 14%; U.K. and Australia, up 11%; and Asia Pacific, up 21%.

謝謝你，凱文，大家早上好。我很高興與您分享 2023 財年第二季度的業績。第二季度，我們實現了 37.2 億美元的收入，同比增長 13.7%，排除外匯影響後增長 11.4%。以下部分實現了兩位數的恆定貨幣增長。西歐和南歐增長 28%；芬蘭、波蘭和波羅的海國家，增長 14%；英國和澳大利亞增長 11%；亞太地區增長 21%。

Notably, we continue to see an increase in overall demand for our global delivery, especially offshore. As a result, our offshore operations are now 23% of our total employee base, up from 22% in Q2 of last year. From an industry perspective, we had constant currency growth across all sectors. Notably, financial services grew 16%, government grew 12% and manufacturing, retail and distribution also grew 12%. From an IP perspective, IP as a percentage of total revenue was 21% in the quarter. We continue to see strong demand for our business solutions, supported by an increase in IP revenue in 7 of our 8 proximity geographic segments in Q2.

值得注意的是，我們繼續看到全球交付的總體需求不斷增加，尤其是海上交付。因此，我們的離岸業務目前佔員工總數的 23%，高於去年第二季度的 22%。從行業角度來看，我們所有行業的貨幣都在持續增長。值得注意的是，金融服務增長了 16%，政府增長了 12%，製造業、零售和分銷也增長了 12%。從IP角度來看，本季度IP佔總收入的比例為21%。我們繼續看到對我們的業務解決方案的強勁需求，這得益於第二季度我們 8 個鄰近地理區域中的 7 個 IP 收入的增長。

Notably, Canada's IP revenue grew by 39%, western and Southern Europe's IP revenue grew by 32% and Scandinavia and Central Europe's IP revenue grew by 28%. The number of our consultants and professionals increased year-over-year by 7,000, representing an 8.3% increase, totaling now 91,000 worldwide. We booked $3.8 billion of contract wins in the quarter, representing a book-to-bill ratio of 103% compared to 101% in the same quarter last year.

值得注意的是，加拿大的IP收入增長了39%，西歐和南歐的IP收入增長了32%，斯堪的納維亞半島和中歐的IP收入增長了28%。我們的顧問和專業人員數量同比增加 7,000 人，增幅 8.3%，目前全球總數為 91,000 人。本季度我們贏得了 38 億美元的合同，訂單出貨比為 103%，而去年同期為 101%。

On a trailing 12-month basis, our book-to-bill ratio reached 109%, with 7 of our 8 proximity geographic segments having a book-to-bill ratio above 100%, led by U.K. and Australia with a book-to-bill ratio of 128%, U.S. Commercial and State government with a book-to-bill ratio of 120% and Finland, Poland and Baltics with a book-to-bill ratio of 117%. Our Q2 IP book-to-bill ratio was strong at 118%, given the strong value proposition for CGI's business solutions. This is reflective of the ongoing investment in our IP, which is now generating larger and longer-term IP engagements. Overall, our global backlog reached a record of $25.2 billion, representing 1.8x revenue.

在過去 12 個月的基礎上，我們的訂單出貨比達到 109%，我們的 8 個鄰近地理區域中有 7 個的訂單出貨比超過 100%，其中英國和澳大利亞領先，其訂單出貨比訂單出貨率為 128%，美國商業和州政府的訂單出貨比率為 120%，芬蘭、波蘭和波羅的海國家的訂單出貨比率為 117%。鑑於 CGI 業務解決方案的強大價值主張，我們第二季度的 IP 訂單出貨比高達 118%。這反映了我們對知識產權的持續投資，目前正在產生更大規模、更長期的知識產權合作。總體而言，我們的全球積壓訂單達到創紀錄的 252 億美元，相當於收入的 1.8 倍。

Turning to profitability. Earnings before income taxes were $564.5 million, up 13.2% year-over-year for a margin of 15.2%. Adjusted EBIT in Q2 was $601 million, up 14.7% year-over-year. This represents an EBIT margin of 16.2%, up 20 basis points year-over-year and up 10 basis points sequentially. The year-over-year increase was driven by the combination of strong revenue growth and operational discipline. We delivered strong EBIT margins in the following segments: Asia Pacific at 30.9%; Canada at 21.7%; and Western and Southern Europe at 16.7%.

轉向盈利能力。所得稅前利潤為 5.645 億美元，同比增長 13.2%，利潤率為 15.2%。第二季度調整後息稅前利潤為 6.01 億美元，同比增長 14.7%。這意味著息稅前利潤率為 16.2%，同比增長 20 個基點，環比增長 10 個基點。同比增長是由強勁的收入增長和運營紀律相結合推動的。我們在以下細分市場實現了強勁的息稅前利潤率：亞太地區為 30.9%；加拿大為21.7%；西歐和南歐為 16.7%。

Our effective tax rate in Q2 was 25.7% compared to 25.4% in the prior year. We continue to expect our tax rate for future quarters to be in the range of 24.5% to 26.5%. Net earnings improved to $419 million for a margin of 11.3%. This compared to $372 million in Q2 last year. Diluted EPS was $1.76, representing an increase of 15% year-over-year. When excluding integration and acquisition costs, net earnings improved to $435 million for a margin of 11.7%. This compared to $374 million in the same quarter last year.

我們第二季度的有效稅率為 25.7%，而上一年為 25.4%。我們仍然預計未來幾個季度的稅率將在 24.5% 至 26.5% 的範圍內。淨利潤增至 4.19 億美元，利潤率為 11.3%。相比之下，去年第二季度的銷售額為 3.72 億美元。稀釋後每股收益為 1.76 美元，同比增長 15%。剔除整合和收購成本後，淨利潤增至 4.35 億美元，利潤率為 11.7%。相比之下，去年同期為 3.74 億美元。

On the same basis, diluted EPS was $1.82, an accretion of 19% when compared to $1.53 in the same quarter last year. This improvement was mainly driven by the successful execution of our Build and Buy profitable growth strategy. In the quarter, cash provided by operating activities was $469 million compared to $473 million in the prior year. DSO was 41 days compared to 42 days last year, well within our target range.

在同一基礎上，稀釋後每股收益為 1.82 美元，與去年同期的 1.53 美元相比增長了 19%。這一改善主要得益於我們的構建和購買盈利增長戰略的成功執行。本季度經營活動提供的現金為 4.69 億美元，而上年同期為 4.73 億美元。 DSO 為 41 天，而去年為 42 天，完全在我們的目標範圍內。

For the last 12 months, cash provided by operating activities was $2 billion or 14.5% of revenue. In Q2, we invested $107 million into our business and $400 million to buy back our stock, repurchasing 3.3 million shares at a weighted average price of $119.58. As of the end of March, we had the authorization to buy back up to an additional 15.4 million shares under our current program.

過去 12 個月，經營活動提供的現金為 20 億美元，佔收入的 14.5%。第二季度，我們向業務投資了 1.07 億美元，並投資了 4 億美元回購股票，以 119.58 美元的加權平均價格回購了 330 萬股股票。截至 3 月底，我們已獲授權根據當前計劃額外回購最多 1540 萬股股票。

In the quarter, we continue to deliver a strong return on invested capital at 15.6%, demonstrating our efficient deployment of capital. Looking ahead, our focus continues to be on delivering value to our shareholders by investing back in our business, pursuing accretive acquisitions and repurchasing our stock and are paying down our debt. With a net debt to capitalization ratio of 24% at the end of March as well as $2.8 billion of cash readily available and access to more if needed, CGI has the strength and capital resources to continue to power our build and buy profitable growth strategy.

本季度，我們繼續實現 15.6% 的強勁投資資本回報率，體現了我們資本的高效部署。展望未來，我們的重點仍然是通過投資回我們的業務、進行增值收購、回購我們的股票以及償還我們的債務，為股東創造價值。截至 3 月底，淨債務與資本比率為 24%，並且擁有 28 億美元的可用現金，並可在需要時獲得更多現金，CGI 擁有實力和資本資源來繼續推動我們的構建和購買盈利增長戰略。

Now I will turn the call to George to further discuss insight and outlook for our business and markets. George?

現在我將打電話給喬治，進一步討論我們業務和市場的見解和前景。喬治？

Thank you, Steve, and good morning, everyone. This quarter, we again delivered financial results in line with our plan to profitably grow at or ahead of the markets where we operate and to continue delivering double-digit EPS accretion. Thank you to our 91,000 consultants and professionals around the world for earning the trust of our clients every day. Your expertise, insights and commitment made these strong results possible.

謝謝你，史蒂夫，大家早上好。本季度，我們再次交付了符合我們計劃的財務業績，即盈利增長等於或領先於我們經營所在市場，並繼續實現兩位數的每股收益增長。感謝我們遍布全球的 91,000 名顧問和專業人士每天贏得客戶的信任。你們的專業知識、洞察力和奉獻精神使這些出色的成果成為可能。

Today, I will focus on our performance for the first half of the fiscal year as well as the demand outlook for the second half. On a year-over-year basis, for the first 6 months of our fiscal year, CGI delivered 11.8% revenue growth on a constant currency basis, 15.2% EPS accretion on an adjusted basis and over $1 billion in cash from operations, or 15% of revenue, up 12.3%.

今天，我將重點介紹我們上半年的業績以及下半年的需求前景。與去年同期相比，在本財年的前 6 個月，CGI 按固定匯率計算的收入增長了 11.8%，調整後的每股收益增長了 15.2%，運營現金超過 10 億美元，即 15佔收入的%，增長12.3%。

For the first half of the fiscal year, revenue growth on a constant currency basis was broad-based across all segments, all services and all industry sectors, with notable industry sector growth of 16.3% in financial services, 12.1% in government and 11.6% in manufacturing, retail and distribution.

本財年上半年，按固定匯率計算的收入增長在所有細分市場、所有服務業和所有工業部門中都有廣泛的基礎，其中金融服務業增長了 16.3%，政府增長了 12.1%，工業增長了 11.6%。在製造、零售和分銷領域。

Looking ahead to the second half demand in these industry sectors, we see the following: in financial services, given the recent macro turbulence in this sector, areas such as managed services, intellectual property-based business solutions and enterprise data strategy and services are generating the most client demand; in government, client spend is rising for modernization and IT services in support of new policy initiatives; and in manufacturing, retail and distribution, client interest is increasing for managed services to realize cost savings and business efficiency.

展望下半年這些行業的需求，我們看到：在金融服務領域，鑑於近期該行業的宏觀動盪，託管服務、基於知識產權的業務解決方案以及企業數據戰略和服務等領域正在產生需求。最多的客戶需求；在政府領域，客戶在現代化和 IT 服務方面的支出不斷增加，以支持新的政策舉措；在製造、零售和分銷領域，客戶對託管服務的興趣日益濃厚，以實現成本節約和業務效率提高。

Bookings were strong during the first half as we awarded over $7.8 billion in new engagements, an increase of over $950 million, up 14% compared to the first half of last year. This strength spanned across each of our end-to-end service lines with managed services bookings up 12% over the first half of fiscal 2022; consulting and systems integration bookings up 15%; and IP-based business solutions bookings up 29%.

上半年預訂量強勁，我們授予了超過 78 億美元的新訂單，比去年上半年增加了 9.5 億美元以上，增長了 14%。這種優勢遍及我們的每條端到端服務線，2022 財年上半年託管服務預訂量增長了 12%；諮詢和系統集成預訂量增長 15%；基於 IP 的商業解決方案預訂量增長了 29%。

Specific to the second quarter, awards for renewals and add-ons with existing clients were particularly strong as we sustained our incumbency. These existing enterprise clients continue to turn to CGI as a trusted partner for expanded modernization and digitization initiatives. In fact, we achieved a renewal rate of over 95% with increased awards that included new scope. As a result, we expanded our client relationships and created new opportunities to bring a fuller complement of our end-to-end services and support of client initiatives.

具體到第二季度，由於我們維持了現有客戶的地位，對現有客戶的續約和附加服務的獎勵尤其強勁。這些現有企業客戶繼續將 CGI 作為擴大現代化和數字化計劃的值得信賴的合作夥伴。事實上，隨著包括新範圍在內的獎項的增加，我們的續約率達到了 95% 以上。因此，我們擴大了客戶關係並創造了新的機會，以更全面地補充我們的端到端服務和對客戶計劃的支持。

For example, in Q2, one of the world's largest property and casualty insurers extended its 20-year partnership with CGI related to their use of CGI's rate-based IP solution. The administrative office of the U.S. Courts awarded CGI 10-year contract building on our ongoing relationship, supporting their financial management portfolio, including the use of our momentum IP. TD Bank Group, a top 10 North American Bank, extended CGI's ongoing services for the delivery of a secure and reliable shareholder management system, which is part of CGI's Wealth360 IP solution suite.

例如，在第二季度，全球最大的財產和意外傷害保險公司之一延長了與 CGI 長達 20 年的合作關係，涉及使用 CGI 基於費率的 IP 解決方案。基於我們持續的合作關係，美國法院行政辦公室授予 CGI 10 年期合同，支持他們的財務管理組合，包括使用我們的動量知識產權。北美十大銀行 TD 銀行集團擴展了 CGI 的持續服務，以提供安全可靠的股東管理系統，該系統是 CGI Wealth360 IP 解決方案套件的一部分。

Under this 4-year agreement, CGI will provide extended support as part of the bank's ongoing modernization strategy. PSE Poland's electricity transmissions operator awarded CGI 4-year engagement to build, implement and support a next-generation central energy market solution, leveraging our deep expertise in the energy and utilities industry and CGI's proven data exchange IP.

根據這項為期 4 年的協議，CGI 將提供長期支持，作為該銀行持續現代化戰略的一部分。 PSE 波蘭輸電運營商授予 CGI 為期 4 年的合同，利用我們在能源和公用事業行業的深厚專業知識以及 CGI 成熟的數據交換 IP，構建、實施和支持下一代中央能源市場解決方案。

The Swedish Social Insurance Agency selected CGI as a strategic business transformation partner to support the modernization of the agency's operations and the digitization of its core citizen-facing processes. And Fraport, one of the world's largest airport operators with business activities at 29 airports across 4 continents, selected CGI as its digital partner under a new 5-year framework agreement, aimed at further enhancing the digitization of Frankfurt Airport.

瑞典社會保險局選擇 CGI 作為戰略業務轉型合作夥伴，以支持該機構運營的現代化及其面向公民的核心流程的數字化。全球最大的機場運營商之一、業務遍及四大洲29個機場的法蘭克福機場服務全球公司根據新的5年框架協議選擇CGI作為其數字合作夥伴，旨在進一步加強法蘭克福機場的數字化。

Turning now to our buy strategy. M&A consolidation activities has recently slowed across the IT services market, keeping fragmentation of the market at a high level. This will continue to favor CGI, given the strength of our balance sheet and our one company integration approach. Our pipeline remains robust with a steady influx of new opportunities identified through our expanded sourcing strategy. We remain disciplined in our approach to ensure our M&A investments are accretive for shareholders and have the necessary cultural fit to deliver ongoing benefits for all CGI stakeholders.

現在轉向我們的購買策略。 IT 服務市場的併購整合活動近期有所放緩，導致市場高度分散。鑑於我們資產負債表的實力和我們一家公司的整合方法，這將繼續有利於 CGI。我們的渠道保持強勁，通過我們擴大的採購戰略發現了穩定的新機會。我們在方法上保持嚴格，以確保我們的併購投資能夠為股東帶來增值，並具有必要的文化契合度，為所有 CGI 利益相關者帶來持續的利益。

Looking ahead to the demand environment. For the second half of fiscal 2023, we have visibility into clients' priorities and expected budget plans, given our proximity model and close relationships with clients at all levels. Our pipeline reflects CGI's strong position to meet shifting client priorities as the value of new opportunities in our pipeline grew by more than 15% on a sequential quarter basis. Client interest remains notably high for larger managed services engagements that incorporate CGI's end-to-end services and help clients realize cost savings and drive business transformation programs.

展望需求環境。鑑於我們的鄰近模式以及與各級客戶的密切關係，2023 財年下半年，我們可以了解客戶的優先事項和預期預算計劃。我們的管道反映了 CGI 在滿足不斷變化的客戶優先事項方面的強大地位，因為我們管道中新機會的價值環比增長了 15% 以上。客戶對大型託管服務項目的興趣仍然很高，這些服務結合了 CGI 的端到端服務，幫助客戶實現成本節約並推動業務轉型計劃。

The pipeline over the next year reflects this intensified interest in managed services as the total value of these opportunities is up by more than 20% on a sequential quarter basis. These larger managed services opportunities do have longer sales cycles, given their broader scope. Importantly, we are actively engaged in later stage opportunity pursuits with multiple prospective clients in every geography.

明年的管道反映了人們對託管服務興趣的增強，因為這些機會的總價值比上一季度增長了 20% 以上。鑑於範圍更廣，這些規模更大的託管服務機會確實具有更長的銷售週期。重要的是，我們正在積極與各個地區的多個潛在客戶一起尋求後期機會。

In each case, we work collaboratively with client executives to build solutions that combine and tailor the right mix of CGI services and solutions to address the organization business objectives. Our outlook on client demand was further validated by the preliminary findings of our annual voice of our clients' proprietary research. Our leaders recently met with over 1,750 executives at companies and government agencies around the world. Topics covered in these discussions range from macro trends influencing clients' business strategies, the digitization priorities and budget plan.

在每種情況下，我們都會與客戶高管合作構建解決方案，將 CGI 服務和解決方案結合併定制正確的組合，以實現組織的業務目標。我們對客戶需求的展望通過我們客戶專有研究的年度聲音的初步結果得到了進一步驗證。我們的領導人最近會見了世界各地公司和政府機構的 1,750 多名高管。這些討論涵蓋的主題包括影響客戶業務戰略的宏觀趨勢、數字化優先事項和預算計劃。

We're in the process of analyzing this valuable input from current and prospective clients. And I'd like to share the 3 preliminary findings that we see shaping client demand. First, clients are placing a sharper focus on prioritizing investments and returns. Second, given the heightened pressure on profitability, more clients indicated their willingness to outsource the portion of their IT landscape as a managed service over the next 3 years. Finally, deeper partnerships with external services providers are deemed increasingly essential to help clients achieve their holistic digital strategies.

我們正在分析當前和潛在客戶的寶貴意見。我想分享我們認為影響客戶需求的 3 項初步調查結果。首先，客戶更加註重投資和回報的優先順序。其次，鑑於盈利壓力加大，更多客戶表示願意在未來 3 年內將部分 IT 領域外包為託管服務。最後，與外部服務提供商建立更深入的合作關係對於幫助客戶實現整體數字戰略越來越重要。

As the prioritization of investments get sharper, clients are placing a spotlight on the most critical digital initiatives that will deliver the highest financial returns and drive organizational benefits. This is also leading clients to place a higher value on external partners like CGI, who are capable of providing ROI-led innovation. While clients are getting more focused on what they invest in, over half of executives we interviewed said they plan to sustain or increase their overall IT services spending over the next year.

隨著投資的優先級變得更加明確，客戶將注意力集中在最關鍵的數字計劃上，這些計劃將帶來最高的財務回報並推動組織效益。這也導致客戶對 CGI 等能夠提供以投資回報率為主導的創新的外部合作夥伴給予更高的重視。雖然客戶越來越關注他們的投資內容，但我們採訪的高管中有一半以上表示，他們計劃在明年維持或增加總體 IT 服務支出。

In addition, 84% of client executives indicated they continue to have difficulty hiring IT talent. In terms of partner ecosystems to help deliver on client IT spend, we observe a new duality taking shape. Specifically, our clients engaged and trusted partnerships with their existing IT services providers, they are more inclined to expand and extend those relationships. Yet, at the same time, clients are increasingly open to engaging with new providers that embody the partnership qualities they value.

此外，84% 的客戶高管表示，他們仍然難以招聘到 IT 人才。在幫助交付客戶 IT 支出的合作夥伴生態系統方面，我們觀察到新的二元性正在形成。具體來說，我們的客戶與其現有的 IT 服務提供商建立了建立並值得信賴的合作夥伴關係，他們更傾向於擴大和延伸這些關係。然而，與此同時，客戶越來越願意與體現他們所看重的合作夥伴品質的新供應商合作。

At CGI, building trusted partnerships with clients is intrinsically linked with CGI's culture of ownership and accountability model. CGI's collaborative working style extends to creating a positive partnership foundation with clients and continues to be a strong differentiator on how we attract and retain the best talent. The CGI employee value proposition is grounded in trust, collaboration and a commitment to operating as one team. This is the essence of our culture and core to our ongoing talent investments, which are making a significant difference.

在 CGI，與客戶建立值得信賴的合作夥伴關係與 CGI 的所有權文化和責任模型有著內在的聯繫。 CGI 的協作工作風格延伸至與客戶建立積極的合作夥伴關係基礎，並繼續成為我們吸引和留住最優秀人才的強大差異化因素。 CGI 員工價值主張建立在信任、協作和團隊合作的承諾之上。這是我們文化的精髓，也是我們持續人才投資的核心，這些投資正在產生重大影響。

The satisfaction of our consultants and professionals continues to rise to new highs. Turnover reduced sharply in the quarter remains below the IT services industry average. Our depth of industry expertise, which we continue to deepen through hiring and development, is recognized by clients with an all-time high satisfaction score. An 84% of our now 91,000 consultants and professionals are CGI owners, collectively aligning us the common success factors.

我們的顧問和專業人員的滿意度繼續上升到新高。本季度營業額大幅減少，仍低於 IT 服務行業平均水平。我們通過招聘和發展不斷加深我們深厚的行業專業知識，並獲得了客戶的認可，並獲得了前所未有的高滿意度評分。我們現在 91,000 名顧問和專業人員中，84% 是 CGI 所有者，這使我們擁有了共同的成功因素。

Most importantly, again, this quarter, the highest rated client satisfaction scores were related to the quality of our relationships. This includes both CGI's commitment to clients and the intent of clients to engage us again in the future. Both of these scores, which come from signed client assessments, were at record high levels of over 9.5 out of 10.

最重要的是，本季度最高的客戶滿意度得分與我們的關係質量有關。這既包括 CGI 對客戶的承諾，也包括客戶未來再次與我們合作的意願。這兩個分數均來自簽署的客戶評估，均達到創紀錄的高水平，超過 9.5 分（滿分 10 分）。

In closing, now more than ever, CGI's culture, proximity model and commitment are an even greater demand. We are well positioned to remain a partner and expert of choice for clients, empowering environment for our consultants and professionals and engaged, ethical and responsible corporate citizens and investment of choice for our shareholders. Given the strength of our first half performance and the alignment of our strategy and model with the priorities and budget plans of our clients, we remain confident to continue profitably growing CGI through our Build and Buy strategy. Thank you for your interest and support. Let's go to questions now. Kevin?

最後，現在比以往任何時候都更需要 CGI 的文化、鄰近模式和承諾。我們有能力繼續成為客戶首選的合作夥伴和專家，為我們的顧問和專業人員以及敬業、有道德和負責任的企業公民提供有利的環境，並為我們的股東提供首選的投資。鑑於我們上半年的業績表現以及我們的戰略和模型與客戶的優先事項和預算計劃的一致性，我們仍然有信心通過我們的構建和購買戰略繼續實現 CGI 的盈利增長。感謝您的關注和支持。我們現在開始提問。凱文？

Thanks, George. Julie, can you please share the logistics with the participants?

謝謝，喬治。朱莉，你能和參與者分享一下後勤工作嗎？

(Operator Instructions) Your first question comes from Thanos Moschopoulos from BMO Capital Markets.

（操作員說明）您的第一個問題來自 BMO 資本市場的 Thanos Moschopoulos。

First, I'm surprised by the strength in the SI&C bookings, just given the macro backdrop. I would have thought we'd see some acceleration there. And your commentary suggest that you're also seeing growth in the SI&C pipeline. Can you provide some color in terms of is it broad-based? Is it more focused on certain geographies? And then what kind of initiatives you're driving those SI&C bookings?

首先，考慮到宏觀背景，我對 SI&C 預訂量的強勁感到驚訝。我本以為我們會看到一些加速。您的評論表明您也看到了 SI&C 管道的增長。您能否提供一些關於它是否具有廣泛基礎的信息？它是否更專注於某些地區？那麼您正在推動哪些 SI&C 預訂？

Yes. Thanks, Thanos. Yes, the growth was strong across. So IP and financial services and government is pretty broad-based. SI&C was stronger both in MRD and in government. In MRD, it's really around some of our larger engagements for larger clients. And it just shows how they're looking to use technology for things like smart data, smart factories, et cetera. And then, of course, government is really going through a modernization phase, and they'll continue to do that. But managed services and IP were also strong in government.

是的。謝謝，滅霸。是的，整個增長強勁。因此，知識產權、金融服務和政府的基礎相當廣泛。 SI&C 在 MRD 和政府方面都更強。在 MRD 中，它實際上是圍繞我們為大客戶開展的一些大型活動而展開的。它只是展示了他們如何尋求將技術用於智能數據、智能工廠等領域。當然，政府確實正在經歷現代化階段，他們將繼續這樣做。但管理服務和知識產權在政府中也很強大。

We're encouraged that SI&C for those larger clients remains so strong in the bookings. There's a lot of add-ons rather than the straight new business. And I think this goes to the partnership qualities that CGI has and not just maintaining our incumbency, but extending and expanding on that incumbency.

令我們感到鼓舞的是，針對這些大客戶的 SI&C 預訂量仍然如此強勁。有很多附加業務，而不是直接的新業務。我認為這取決於 CGI 所擁有的合作夥伴品質，不僅是維持我們的現有地位，而且是延伸和擴展我們的現有地位。

And then on the macro, a number of your peers have suggested that there's been some softening in the last 90 days, especially in North America. Are you seeing some of that dynamic as well? Or from your perspective, you've been more consistent just giving a specific verticals and geos you focused on?

然後在宏觀方面，一些同行表示過去 90 天出現了一些疲軟，尤其是在北美。您是否也看到了其中的一些動態？或者從您的角度來看，您只是給出了您關注的特定垂直領域和地理區域，從而更加一致？

Yes. We saw our bookings were pretty strong in North America, particularly in the U.S. at 120% book-to-bill. I think, in general, there's a little more caution, and I mentioned this last time, I think the SI&C, there's more caution, a little slower to make some of those decisions. The demand is still there, but a little more purposeful, as I mentioned, certainly around the return on investment the focus that they have. So I think it's getting more focused.

是的。我們發現我們在北美的預訂量相當強勁，尤其是在美國，預訂率達到 120%。我認為，總的來說，需要更加謹慎，我上次提到過這一點，我認為 SI&C，做出某些決定需要更加謹慎，速度要慢一些。正如我所提到的，需求仍然存在，但更有目的性，當然是圍繞他們所關注的投資回報。所以我認為它變得更加專注。

And in general, we're seeing more of those ROI-led projects and even in the managed services space, they're getting larger. Of course, those take a little bit longer. And I think that's what you're seeing in some of these booking numbers.

總的來說，我們看到越來越多的以投資回報率為主導的項目，甚至在託管服務領域，它們的規模也在變得越來越大。當然，這些需要更長的時間。我認為這就是您在其中一些預訂號碼中看到的情況。

Your next question comes from Paul Treiber from RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Paul Treiber。

Just wanted to dig deeper into managed services. The book-to-bill was a little bit lighter in terms of bookings this quarter. Is that -- it sounds like there's lumpiness there. Can you just speak to -- I mean, you spoke to the pipeline, but the conversations regarding the pipeline and the potential cost optimization and when you could see that coming through in terms of bookings just relative to the environment here?

只是想更深入地研究託管服務。本季度的訂單出貨量略有減少。是嗎——聽起來那裡有塊狀東西。您能否談談——我的意思是，您與管道進行了交談，但有關管道和潛在成本優化的對話，以及您何時可以看到與這裡的環境相關的預訂方面的情況？

Yes. Well, like I said, we're encouraged by the later stage discussions that we're having on managed services. But given their broader nature, they just, in general, take a little bit more time to close. And again, because there's such strong business case driven, they want to get that right. In general, they're very positive partnership-type discussions, more so partnership related than just procurement driven.

是的。嗯，就像我說的，我們對託管服務的後期討論感到鼓舞。但考慮到其更廣泛的性質，一般來說，它們只是需要多一點時間才能結束。再說一次，因為有如此強大的商業案例驅動，他們希望做到這一點。總的來說，它們是非常積極的伙伴關係型討論，更多的是與夥伴關係相關而不僅僅是採購驅動。

So that's certainly, I think, a positive, not that procurement isn't involved. That's -- but they really are focused on those business cases, not just the input price and the returns. And that's where I think the partnership focus really comes in. So it's just a matter of timing. Bookings are always a little lumpy. You can see that it actually went up on a trailing 12-month basis. So I don't think there's any much to read into that at all. We're staying focused on closing the right deals for both us and for the client.

因此，我認為這當然是積極的，但並不是說不涉及採購。但他們確實關注這些業務案例，而不僅僅是投入價格和回報。我認為這就是合作重點真正發揮作用的地方。所以這只是時間問題。預訂總是有點不穩定。您可以看到它實際上在過去 12 個月的基礎上有所上升。所以我認為根本沒有什麼值得解讀的。我們始終專注於為我們和客戶達成正確的交易。

In shifting and looking at geographies, Europe has been really strong here and shown a steady improvement over the last several years. What fundamentally has changed for your business in Europe where you're seeing steady positive organic growth?

在轉變和審視地理位置方面，歐洲在這方面確實表現強勁，並且在過去幾年中表現出穩步改善。您在歐洲的業務發生了哪些根本性變化？您看到了穩定的積極有機增長？

Yes. I think it's a combination of factors. Part of it is a more resilient business mix. So whereas maybe before it was primarily systems integration and consulting, now you see some nice growth on the IP bookings. We've actually acquired some IP around open media. There are some good bookings there. Retail suite, good bookings there. Some investments that we've made in bringing the full suite of CGI's end-to-end services to these global clients.

是的。我認為這是多種因素綜合作用的結果。其中一部分是更具彈性的業務組合。因此，雖然之前主要是系統集成和諮詢，但現在您會看到 IP 預訂出現了一些不錯的增長。我們實際上已經獲得了一些有關開放媒體的知識產權。那裡有一些不錯的預訂。零售套房，那裡的預訂很好。我們進行了一些投資，為這些全球客戶提供全套 CGI 端到端服務。

And I think operating also as more as one team. You're seeing more deals working across the various countries for larger enterprise clients there in Europe. And so I think they all factor into that opportunity. And also, we've made some changes in the leadership. So that's a part of investments in leadership and talent is absolutely part of that.

我認為也更像一個團隊來運作。您會看到越來越多的交易在各個國家/地區為歐洲的大型企業客戶進行。所以我認為他們都考慮到了這個機會。此外，我們還對領導層進行了一些調整。因此，這是對領導力和人才投資的一部分，這絕對是其中的一部分。

Your next question comes from Richard Tse from National Bank Financial.

您的下一個問題來自國家銀行金融公司的理查德·謝（Richard Tse）。

It looks like you had some pretty solid organic growth. I was wondering if you can maybe give us a sense of how much of that growth is being fueled by acquisitions, meaning the capabilities that you may have sort of brought onboard through some of these smaller acquisitions in the past years?

看來你們的有機增長相當穩健。我想知道您能否讓我們了解有多少增長是由收購推動的，這意味著您在過去幾年中通過一些較小的收購可能獲得了一些能力？

Yes. Well, thanks for the question, Richard. Yes, what we see, and I think I mentioned this in prior discussions, but we definitely see is that the organic growth is typically strongest in areas where we have done more of those metro market acquisitions. Part of it's the skill sets, part of it is the new client relationships that we have opportunity to sell the larger set of CGI's end-to-end services into. And so you do see that, you see that certainly in Western and Southern Europe. You see some of that in Central Europe and Scandinavia.

是的。好吧，謝謝你的提問，理查德。是的，我們看到的是，我想我在之前的討論中提到過這一點，但我們肯定看到的是，在我們進行了更多地鐵市場收購的領域，有機增長通常最為強勁。一部分是技能組合，一部分是新的客戶關係，我們有機會向其銷售更多的 CGI 端到端服務。所以你確實看到了這一點，你肯定在西歐和南歐看到了這一點。你可以在中歐和斯堪的納維亞半島看到一些這樣的情況。

And so definitely, that is -- as I always mentioned, those metro market acquisitions are a catalyst for organic growth in the future. And that is why we are -- remain very disciplined on our M&A strategy because we want it not just to be inorganic growth and one plus one equal 2, but we want it to be a catalyst for growth in one plus one equal 3 or more.

因此，正如我一直提到的那樣，這些地鐵市場的收購無疑是未來有機增長的催化劑。這就是為什麼我們在併購戰略上保持嚴格的紀律，因為我們希望它不僅僅是無機增長和一加一等於 2，而且我們希望它成為一加一等於 3 或更多增長的催化劑。

Okay. In terms of this growing momentum with AI, what do you think the implications are in regards to sort of digital transformation initiatives with your clients? And do you think it has the potential to cause pause and projects as they assess the potential capabilities here going forward?

好的。就人工智能的增長勢頭而言，您認為這對客戶的數字化轉型計劃有何影響？您認為在他們評估未來的潛在能力時，它是否有可能導致暫停和項目？

Yes, it's a great question. I don't have a crystal ball, but I don't see it slowing anything. Our view is that, in general, technologies like generative AI simply make experts more productive. It doesn't make the layperson an expert. So I don't think you're going to see that necessarily slowing. Having said that, we just did the voice of the clients, and I'll just share some data with you.

是的，這是一個很好的問題。我沒有水晶球，但我不認為它會減慢任何事情。我們的觀點是，一般來說，像生成人工智能這樣的技術只會提高專家的工作效率。它並不能使外行成為專家。所以我認為你不會看到這種速度必然放緩。話雖如此，我們只是做了客戶的聲音，我只是給大家分享一些數據。

2/3 of our clients indicated in that research that they're either investigating or doing a proof of concept on AI. And yet you see that hasn't impacted anything. In fact, we're playing part of that investigating with them. The rest are pretty evenly split. About 20% are not doing anything at all and about 15% are actually suggesting they're in some level of implementation of AI.

我們 2/3 的客戶在該研究中表示他們正在調查或進行人工智能概念驗證。但你會發現這並沒有影響任何事情。事實上，我們正​​在與他們一起參與調查。其餘的則相當平均地分配。大約 20% 的人根本沒有做任何事情，而大約 15% 的人實際上表明他們正在某種程度上實施人工智能。

So I think people are moving into this rather cautiously and looking to partners like CGI to help them think that through. In fact, we've been investing in this. It's part of not -- we've created our own IP framework that allows you to quickly create closed domain models, which then are easier to integrate into existing applications. And of course, we're also integrating that into our existing IP. So I actually think it's going to be more of an opportunity than anything.

因此，我認為人們正在相當謹慎地進入這個領域，並尋求像 CGI 這樣的合作夥伴來幫助他們思考這個問題。事實上，我們一直在這方面進行投資。這是不是的一部分——我們創建了自己的 IP 框架，允許您快速創建封閉域模型，然後更容易集成到現有應用程序中。當然，我們還將其集成到我們現有的 IP 中。所以我實際上認為這將是一個機會。

Of course, with the cybersecurity concerns, with the privacy concerns, probably future regulation, you see some of the IP and copyright concerns. I think it's going to take some time for that to go there. So I don't think it's going to slow anything down. If anything, though, it's going to -- we're going to be looked on as advisers in that space.

當然，出於網絡安全問題、隱私問題，可能還有未來的監管，您會看到一些知識產權和版權問題。我認為這需要一些時間才能實現。所以我認為這不會減慢任何事情。不過，如果有的話，那就是——我們將被視為該領域的顧問。

Your next question comes from Daniel Chan from TD Cowen.

您的下一個問題來自 TD Cowen 的 Daniel Chan。

George, congrats on the strong quarter. So you guys mentioned that financial services performance remained strong with its revenue growth in bookings. And it sounds like H2 is expected to also be pretty good. Just can you give any color on how your customer conversations in the space are going, just given all that uncertainty?

喬治，祝賀這個季度的強勁表現。你們提到金融服務業績仍然強勁，預訂收入增長。聽起來 H2 預計也會相當不錯。考慮到所有的不確定性，您能否對您在該領域的客戶對話的進展情況進行一些說明？

Yes. It's -- I guess what I should start with is we're mostly working with the large banks, okay? So over 3/4 of our banking business in the U.S., for example, is with the 10 largest banks. By definition, it would be with the top 7 or 8 banks in Canada. And -- but the remaining is spread in the U.S. is spread across -- spread pretty evenly across the other banks, and it's mostly around are IP. So the discussions we're having -- in Europe, it's very similar. Over 90% of our banking business in Europe is with a top 5 bank in the country and over 50% is with top 20 bank across all of Europe.

是的。我想我應該首先是我們主要與大型銀行合作，好嗎？例如，我們在美國超過 3/4 的銀行業務是與 10 家最大的銀行合作的。根據定義，它是加拿大排名前 7 或 8 名的銀行。而且 - 但其餘的分佈在美國 - 分佈在其他銀行相當均勻，而且主要圍繞知識產權。所以我們在歐洲進行的討論非常相似。我們在歐洲的銀行業務 90% 以上是在該國排名前 5 的銀行，超過 50% 是在全歐洲排名前 20 的銀行。

So we're working with the larger banks. And so naturally, they're looking at this as a bit of an opportunity maybe to do some consolidation. Certainly, they're seeing increases in their own bank deposits. And so our discussions are more around how do we help them play into that. It's very similar discussions around the modernization and the digitization. We haven't really seen much.

所以我們正在與較大的銀行合作。很自然地，他們認為這是一個可能進行整合的機會。當然，他們看到自己的銀行存款有所增加。因此，我們的討論更多地圍繞我們如何幫助他們發揮作用。這是圍繞現代化和數字化的討論非常相似。我們還沒有真正看到太多。

In fact, I was meeting with a large European bank right at the time that a lot of that initial turmoil had spread from the U.S. to Europe, and they're pretty much staying the course. So it's interesting. They are more open and willing and that's just in general, they have been for a little while to go to the IP. And so IP is certainly a strength that's driving some of this more willing to go to the managed services, not so much because of the market turmoil, but more because of the difficulty in hiring IT talent.

事實上，我當時正在與一家大型歐洲銀行會面，當時許多最初的動盪已經從美國蔓延到歐洲，而且他們幾乎堅持到底。所以這很有趣。他們更加開放和願意，這只是一般情況，他們已經有一段時間轉向IP了。因此，IP 無疑是一種優勢，促使其中一些人更願意使用託管服務，這並不是因為市場動盪，而是因為招聘 IT 人才的困難。

So we're seeing those happen. And so my discussions with CEOs, CTOs are rare -- fairly stable, consistent discussions that we've had prior to the turmoil.

所以我們看到這些正在發生。因此，我與首席執行官、首席技術官的討論很少——我們在動蕩之前進行過相當穩定、一致的討論。

And then if we just move to like the U.S. Commercial and State segment, the margins there were lower this quarter. Just any color on what drove that and whether you see that continuing?

然後，如果我們只關注美國商業和國有部門，本季度的利潤率會較低。就什麼推動了這一點，您是否認為這種情況會持續下去？

Yes, yes. No, I wanted to point that out. We do see less -- some less IP licenses in the quarter. That's always lumpy. So that's -- that usually works itself out. But we also saw some projects successfully end and other projects not start in the same timing level. So we do have new starts, given the strong bookings, 120% in the quarter and 120-plus percent in the trailing 12 months. We have some rate increases that have worked their way into the system. So that's a tailwind. But we definitely are taking actions to monitor utilization to ensure that what we see as a bounce back.

是的是的。不，我想指出這一點。我們確實看到本季度知識產權許可數量有所減少。那總是凹凸不平的。所以這通常會自行解決。但我們也看到一些項目成功結束，而另一些項目卻沒有在同一時間水平開始。因此，考慮到預訂量強勁，我們確實有了新的開始，本季度為 120%，過去 12 個月為 120% 以上。我們已經將一些費率上調納入了系統。所以這是順風。但我們肯定會採取行動來監控利用率，以確保我們看到的反彈。

That's certainly the plan is to see a bounce back to those mid-teens in the U.S. business. So -- and you saw a bit of that. By the way, you saw a bit of that in WSE. Had the same thing where they had some projects successfully in, a little bit slower, as I mentioned, in starting up new projects, and you saw a little bit of that in WSE last quarter, and you saw the nice bounce back there. So I think that's what you'll see in the U.S. business.

當然，該計劃是為了讓美國業務反彈至十幾歲左右。所以——你看到了一些。順便說一下，你在華爾街英語中看到了一些這樣的情況。正如我所提到的，他們在啟動新項目方面也有同樣的情況，他們成功地完成了一些項目，但速度有點慢，你在上個季度的華爾街英語中看到了一些這樣的情況，你看到了那裡的良好反彈。所以我認為這就是你會在美國企業中看到的情況。

Your next question comes from Jerome Dubreuil from Desjardins.

您的下一個問題來自 Desjardins 的 Jerome Dubreuil。

A couple, if I may. You commented on the past that the cloud results or just slowing down a cloud firm, Hyperscalers had little correlation with your own results. They're focused on profitability. We've seen Google with profitable cloud business last night. Are they being -- are their focused on profitably having any impact on your business? Or is this all passed through?

如果可以的話，一對。您過去評論說，雲結果或只是放慢了雲公司的速度，超大規模企業與您自己的結果幾乎沒有相關性。他們專注於盈利能力。昨晚我們看到谷歌的雲業務盈利了。他們對盈利的關注是否會對您的業務產生任何影響？還是這一切都過去了？

Well, we're not really working in the pass-through business of the cloud provider. So when you look at our revenues, there's very little, if any, pass-through sales of cloud. We're really in the deployment of the cloud. And in that case, actually is why I mentioned that you don't see a direct correlation because what you see is a number of clients actually are looking to get more purposeful about how they move applications into the cloud, what their decisions are. And so we're seeing actually consulting rising associated with cloud advisory.

嗯，我們並沒有真正從事雲提供商的直通業務。因此，當你查看我們的收入時，就會發現雲的轉手銷售（如果有的話）也非常少。我們確實正在部署雲。在這種情況下，實際上就是為什麼我提到您看不到直接相關性，因為您看到的是許多客戶實際上希望更有針對性地了解他們如何將應用程序遷移到雲中以及他們的決策是什麼。因此，我們實際上看到與雲諮詢相關的諮詢不斷增加。

We're seeing our cloud factory business continue to be strong in helping clients, move things to the cloud, rationalize their applications. So you're seeing more of that. And in fact, if you look at our partnership revenue associated, and again, it's associated. It's not the software, it's not the selling of the cloud, but the services associated with the cloud. We've actually booked as much revenue in the first 6 months of this year as we did in the prior total year. So the partnership with firms like the hyperscalers and the platform providers is actually pretty strong.

我們看到我們的雲工廠業務在幫助客戶、將事物遷移到雲、合理化他們的應用程序方面繼續保持強勁。所以你會看到更多這樣的事情。事實上，如果你看看我們的合作夥伴收入相關，你會發現它是相關的。這不是軟件，也不是雲的銷售，而是與雲相關的服務。事實上，我們今年前 6 個月的收入與去年全年的收入一樣多。因此，與超大規模提供商和平台提供商等公司的合作夥伴關係實際上非常牢固。

Okay. And then regarding M&A, your share price has done extremely well over the last few months. Congrats for that. Is your share price a consideration when you are considering M&A? In other words, is your accretion calculation based on your multiple in the market? Or this is not really in your consideration?

好的。關於併購，你們的股價在過去幾個月表現得非常好。對此表示祝賀。當您考慮併購時，您的股價是一個考慮因素嗎？換句話說，你的增值計算是基於你在市場上的倍數嗎？或者說這根本不在你的考慮範圍之內？

No, Jerome, thank you for the question. Really, it's the same discipline as you're used to at CGI. Look, we want -- as George mentioned, we want acquisitions that will fit with our culture and that we're looking really for acquisition that we're going to be -- will be an accelerator to grow, as George mentioned, and we really want something that will do one plus one that will equal more than 2 under one plus one. So that's really the goal is, same, same strategy. Our evaluation doesn't change really how we see M&A.

不，杰羅姆，謝謝你的提問。確實，這與您在 CGI 中習慣的學科是一樣的。聽著，我們希望——正如喬治所提到的，我們希望進行符合我們文化的收購，並且我們正在真正尋找我們將要成為的收購——將成為增長的加速器，正如喬治所提到的，我們我真的想要一些能夠使一加一等於一加一下大於 2 的東西。所以這確實是目標，相同，相同的策略。我們的評估並沒有真正改變我們對併購的看法。

And then I'll squeeze one last in. Congrats for the really noticeable improvement in terms of Scandinavia margins, really seeing that your shuffling of segments is paying off there. How far along do you think you are in terms of fixing the Scandinavia business? Is there quite a bit left to go there?

然後我會擠最後一個。祝賀斯堪的納維亞半島利潤率的真正顯著改善，真正看到你的細分市場洗牌在那裡得到了回報。您認為在修復斯堪的納維亞業務方面您已經走了多遠？去那裡還有很多時間嗎？

Yes. No. Thanks for the question. There's a little more work to be done, but the positive news is that not only fix some of the structural items, and that is mostly behind us, but we're also returning to growth. And that's really where I think you'll continue to see the progression. So I don't think it's a headwind anymore. I think it's a tailwind moving forward.

是的。不，謝謝你的提問。還有一些工作要做，但積極的消息是，不僅解決了一些結構性問題（大部分已經過去），而且我們也正在恢復增長。我認為這確實是您將繼續看到進展的地方。所以我認為這不再是一個逆風。我認為這是前進的順風。

Your next question comes from Divya Goyal from Scotiabank.

您的下一個問題來自豐業銀行的 Divya Goyal。

Great quarter. So thanks a lot for all the color that you've provided on bookings, but I wanted to get a little bit deeper on this -- the bookings pipeline that you have. Some of the global IT companies recently indicated that they are seeing an increase in less than $100 million bookings. Is that the same sort of -- is that similar to what you were seeing in general? And what's your take on North America versus Europe growth on a global basis for yourself as well?

很棒的季度。非常感謝您在預訂方面提供的所有信息，但我想更深入地了解這一點 - 您擁有的預訂渠道。一些全球 IT 公司最近表示，他們的預訂量增長了不到 1 億美元。這和你通常看到的情況是一樣的嗎？您對全球範圍內北美與歐洲的增長有何看法？

Sure. Well, first on the bookings, I'll answer it two ways. For the quarter's bookings, I think we saw a similar situation where we had fewer $100 million-plus bookings. And I mentioned some of the expansions and the add-ons and the partnership view that was driving some of that across industries. But looking forward, we still see some very large multiyear managed services deals. And I think it's just a timing factor that you see that now.

當然。好吧，首先關於預訂，我會用兩種方式回答。對於本季度的預訂量，我認為我們看到了類似的情況，即 1 億美元以上的預訂量減少了。我提到了一些擴展和附加組件，以及推動跨行業發展的合作夥伴關係觀點。但展望未來，我們仍然會看到一些非常大的多年期託管服務交易。我認為這只是你現在看到的一個時間因素。

And we kind of talked about this on the call earlier, last quarter, Divya, where I said the SI&C deals were getting a little bit slower. The managed services deals are getting a little bit faster, but they're still, because of their broad nature, are still longer to close. So I think you're just seeing some of that air pocket on the bookings. So I don't think yet it's a trend to be seen.

我們在上個季度早些時候的電話會議上討論過這個問題，Divya，我說 SI&C 交易變得有點慢了。託管服務交易的速度變得更快了一些，但由於其廣泛性，它們仍然需要更長的時間才能完成。所以我認為你只是在預訂中看到了一些空氣袋。所以我認為這還不是一個可以看到的趨勢。

As far as Europe versus North America, not much. You heard more caution in Europe that I was there 2 weeks of the last month, and that's not what I heard from clients. Clients are certainly more focused, more determined to get the ROI, more partnership focus, for sure. It's all the items that I highlighted in the opening remarks.

就歐洲與北美而言，差距並不大。你在歐洲聽到了更多的警告，說我上個月在那里呆了兩週，但這不是我從客戶那裡聽到的。客戶肯定更加專注，更加堅定地獲得投資回報率，更加註重合作夥伴關係，這是肯定的。這是我在開場白中強調的所有內容。

In the U.S., you hear less caution in the narrative. But when you're talking to clients, yes, there's still some caution there, both in Canada and in the U.S. So probably to the narrative, you see a little more caution in the U.S. And to the narrative, you see a little less caution in Europe, but it's pretty similar. And again, I'm talking from a point of enterprise clients.

在美國，你聽到的敘述中不那麼謹慎。但是，當你與客戶交談時，是的，在加拿大和美國仍然存在一些謹慎。所以可能從敘述中，你會看到美國更加謹慎。而從敘述中，你會看到不那麼謹慎在歐洲，但情況非常相似。再說一次，我是從企業客戶的角度來談論的。

Yes. Totally get that. That was great color. So let me shift gears here a little bit. So obviously, M&A is something the market is looking at CGI for. The first few months have been a little bit slower. So what can we expect from an M&A standpoint from the company? And post that question, I also want to understand how are the company's integration efforts been with respect to Umanis? And what can we expect going forward in some of the recent acquisitions that you've closed?

是的。完全明白了。那是很棒的顏色。所以讓我稍微改變一下。顯然，併購是市場關注 CGI 的目標。最初的幾個月進展有點慢。那麼，從併購的角度來看，我們對公司有何期望？提出這個問題時，我還想了解公司對 Umanis 的整合工作進展如何？對於您最近完成的一些收購，我們可以期待什麼？

Yes. Well, maybe I'll start with the integration, and then we'll talk about more general M&A. So the integration with Umanis is continuing to show steady progress according to our plans. It does take a little bit longer in certain countries. So you're seeing some of the tail there, and you saw that even in some of the cash, but we're continuing to work through that. It takes a little bit longer to do the restructuring, but the clients are reacting very well and things have stabilized in Umanis.

是的。好吧，也許我會從整合開始，然後我們再討論更一般的併購。因此，與 Umanis 的整合正在按照我們的計劃繼續穩步推進。在某些國家/地區確實需要更長的時間。所以你看到了一些尾巴，甚至在一些現金中也看到了這一點，但我們正在繼續解決這個問題。重組需要更長的時間，但客戶反應良好，Umanis 的情況已經穩定下來。

So our playbook works very well from integration. It is a one-company approach, as I mentioned. I think that makes it maybe a little bit more difficult in the short run, but has greater benefits in the long run. And so that's -- we'll continue with that approach. On general M&A, the pipeline is strong. We're seeing all the deals out there. It's really just a matter of timing. We remain focused on the most accretive deals.

所以我們的劇本在整合方面效果很好。正如我提到的，這是一種單一公司的方法。我認為這在短期內可能會有點困難，但從長遠來看會帶來更大的好處。所以我們將繼續採用這種方法。在一般併購方面，管道很強大。我們看到了所有的交易。這實際上只是一個時間問題。我們仍然專注於最具增值性的交易。

There are larger deals in the pipeline. 25% of them are IP-related deals. We maintain the aspiration. It's doable, but clearly, we could run out of runway this year. But just a handful of these deals could get us there. But you can count on us to be disciplined on this. Sellers can't be rushed, and we're not going to rush to a bad deal. So that's really the maintain the focus. I don't know, Steve, if you want to add anything to that.

還有更大的交易正在醞釀之中。其中 25% 是與知識產權相關的交易。我們保持這個願望。這是可行的，但顯然，我們今年可能會耗盡跑道。但其中只有少數交易可以幫助我們實現這一目標。但您可以信賴我們在這方面會遵守紀律。賣家不能著急，我們也不會急於做出糟糕的交易。所以這才是真正保持焦點。我不知道，史蒂夫，你是否想補充什麼。

No.

不。

Your next question comes from Stephanie Price from CIBC.

您的下一個問題來自 CIBC 的 Stephanie Price。

Discussions around the U.S. debt ceiling. Can you remind us how U.S. Federal business has fared in prior instances? And how we should be thinking about the U.S. Federal business here as we head into potentially a bit more of an uncertain period in the U.S. Federal business?

圍繞美國債務上限的討論。您能否提醒我們美國聯邦企業在之前的情況下表現如何？當我們進入美國聯邦業務可能更加不確定的時期時，我們應該如何考慮美國聯邦業務？

Yes. It's a really -- it's an interesting time. It seems like it's always an interesting time in the U.S. federal government market. But look, right now, point in time, let's -- I'm going to put the debt ceiling aside for a minute, there's really strong spending with the current budget. And there's a couple of reasons for that. One, knowing that the specter of this debt ceiling is out there because you know they're taking special measures just to keep things going until that comes to a head.

是的。這真是一個有趣的時刻。美國聯邦政府市場似乎總是一個有趣的時刻。但是，現在，讓我們先把債務上限放在一邊，當前預算的支出確實很強勁。這有幾個原因。第一，知道債務上限的幽靈是存在的，因為你知道他們正在採取特殊措施，只是為了讓事情繼續下去，直到達到頂峰。

And probably more importantly, the specter of most likely a 2-year continuing resolution because you've got Congress in -- on one side of the aisle probably won't change. You've got an incumbent president who just announced his reelection campaign. And so what you're going to get is basically continuing resolutions, no approved budget. Of course, he's put forward a nice budget for us as far as massive spending, but you're not going to see that come to fruition.

也許更重要的是，最有可能出台一項為期兩年的持續決議的幽靈，因為國會在過道的一側可能不會改變。現任總統剛剛宣布競選連任。因此，您將得到的基本上是持續的決議，沒有批准的預算。當然，他為我們提出了一個不錯的預算，涉及大量支出，但你不會看到它實現。

I would say, in general, these times favor the larger firms with the larger incumbencies. And so that's what we've seen in our business there. We see rushing to maybe -- rushing to expand on existing contracts, use the existing frameworks book as much as they possibly can spend the money that they have now. And then as you get into the continuing resolution, there's a couple of factors that help CGI one is our fee-based business.

我想說，總的來說，這些時代有利於擁有更大在職人員的大公司。這就是我們在當地業務中看到的情況。我們看到急於擴展現有合同，盡可能多地使用現有框架書，他們可以花掉他們現在擁有的錢。然後，當您繼續解決問題時，有幾個因素可以幫助 CGI，其中一個是我們的收費業務。

So for example, that work we do with passports and visas, that's totally fee-based, it's outside of the budget. If you do work for the FCC, it's funded outside of the congressional budget. So when it's fee-based funding, that certainly helps us. It also helps us to be kind of that ROI-led an innovator and be seen that way because if we can drive out some savings in one part of our business, then they can use that on a current existing contract vehicle to deal with unfunded mandates.

例如，我們在護照和簽證方面所做的工作，完全是收費的，超出了預算。如果您確實為聯邦通信委員會工作，那麼它的資金是在國會預算之外的。因此，當它是收費資金時，這肯定對我們有幫助。它還幫助我們成為投資回報率主導的創新者，並以這種方式被視為因為如果我們能夠在業務的某一部分節省一些成本，那麼他們就可以在當前現有的合同工具上使用它來處理沒有資金支持的任務。

And that's what happens in government at times like this. There's still a mandate, but they don't give any budget for that. And so the agencies really have to work around that. And certainly, that's when incumbency really comes to fruition. We're also seeing DNI and sustainability enter into more and more of the contracts and government around the world, but particularly in the U.S. federal government, which is kind of like an unfunded mandate in that it's just an add-on.

這就是政府在這種時候會發生的事情。仍然有一項授權，但他們沒有為此提供任何預算。因此，各機構確實必須解決這個問題。當然，這才是在職者真正取得成果的時候。我們還看到 DNI 和可持續發展進入世界各地越來越多的合同和政府，特別是在美國聯邦政府，這有點像一項沒有資金支持的任務，因為它只是一個附加項。

And again, only the larger firms like a CGI can actually meet that. So it's -- I don't want to say that we hope for continuing resolutions, we do better in a budget, but we do fine in that type of environment, given our incumbents.

再說一次，只有像 CGI 這樣的大公司才能真正滿足這一要求。所以，我不想說我們希望繼續制定決議，我們在預算方面做得更好，但考慮到我們的現任者，我們在這種環境下做得很好。

Great color. And then one other one for me in terms of IP. It sounds like IP has definitely been a differentiator here for CGI in a somewhat uncertain environment. Can you talk a little bit about where you're seeing the strongest demand in IP, both in revenue and bookings here?

顏色很棒。然後是我的另一項知識產權方面的工作。聽起來，在一個有些不確定的環境中，IP 絕對是 CGI 的一個差異化因素。您能否談談您認為 IP 需求最強勁的地方（無論是收入還是預訂量）？

Yes. Well, in the quarter, it was really around our wealth platform; our payroll IPs, both here in Canada and around the world; our retail suite, particularly in Europe; and our Open Media had a good quarter around the IP. And we have good growth in health and utilities. Overall, we do see an increasing shift to Software as a Service. So it was one of our biggest quarter-over-quarter shifts. So we're now at about 60% of our businesses in Software as a Service.

是的。嗯，在本季度，它確實圍繞著我們的財富平台；我們在加拿大和世界各地的薪資 IP；我們的零售套件，特別是在歐洲；我們的開放媒體在知識產權方面有一個不錯的季度。我們在健康和公用事業方面也有良好的增長。總體而言，我們確實看到越來越多的人轉向軟件即服務。所以這是我們最大的季度變化之一。因此，我們現在大約 60% 的業務屬於軟件即服務。

I expect that to continue, just given the uncertainty that's out there. And as people look at their CapEx spending, et cetera, they're probably moving away from some of the licenses. As I mentioned, you saw a little bit of that in the numbers. That's fine with us because over a period of time, it always costs more to rent something than to own something. So it's just that the revenue moves around a little bit for a period of time. But overall, the investments we've made in IP around architecture, around allowing it to plug in to other systems, ease of use as -- continues to pay dividends for us, we see moving forward.

考慮到存在的不確定性，我預計這種情況會持續下去。當人們審視他們的資本支出等時，他們可能會放棄某些許可證。正如我所提到的，您在數字中看到了一些這一點。這對我們來說很好，因為在一段時間內，租用某樣東西總是比擁有某樣東西花費更多。所以只是收入在一段時間內略有波動。但總的來說，我們圍繞架構、圍繞允許其插入其他系統、易用性等方面對 IP 進行的投資繼續為我們帶來紅利，我們看到了未來的發展。

And as I mentioned, even bringing new technologies like generative AI and even more importantly, kind of the deep machine learning into the IP, is just making it more productive for our clients, and that gets back to that making experts more productive. That's what we -- that's kind of the value proposition of some of our IP. But I'll tell you, we do have some used cases there, but it's always a human-assisted AI in the way we've brought that to the market so far.

正如我所提到的，即使將生成式人工智能等新技術，甚至更重要的是，將深度機器學習引入 IP，也只會提高我們客戶的生產力，而這又會提高專家的生產力。這就是我們的——這就是我們某些知識產權的價值主張。但我會告訴你，我們確實有一些用例，但它始終是人類輔助的人工智能，就像我們迄今為止將其推向市場的方式一樣。

Your next question comes from Rob Young from Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Rob Young。

One more question on the bookings, if I could. Just trying to understand the short-term impact. If I understand what you've said this shift in the mix towards the consulting in bookings is more a function of longer sales cycle on managed services rather than a longer-term sort of an impact. Just given that your peers are talking about some short-term macro concern, maybe lengthen, like why -- where does the confidence come from that's a shorter-term impact?

如果可以的話，還有一個關於預訂的問題。只是想了解短期影響。如果我理解你所說的，這種向預訂諮詢的組合轉變更多是託管服務銷售週期更長的結果，而不是長期的影響。鑑於您的同行正在談論一些短期宏觀擔憂，也許會延長，比如為什麼——短期影響的信心從何而來？

Well, I think it's -- looking at the pipeline, looking at the discussions we have, looking at the voice of the clients, I'm not suggesting that macro environment. You can look at it in a number of different ways. What we're looking to do is to make sure that we pivot our work to the opportunities that are out there. Look, I think what you see out there, and certainly, this is true with the clients I talked to that spoke very openly about this, they weren't necessarily looking to reduce their IT spend, but they were reducing the programs that they are working on.

嗯，我認為——看看管道，看看我們的討論，看看客戶的聲音，我並不是在建議宏觀環境。您可以通過多種不同的方式來看待它。我們要做的是確保我們的工作重點圍繞現有的機會。聽著，我想你所看到的，當然，對於與我交談過的客戶來說確實如此，他們非常公開地談到了這一點，他們不一定希望減少 IT 支出，但他們正在減少他們正在執行的計劃正在努力。

So it depends on where you are, right? So if you're working on a program that they decided is not ROI-led, is not an area that they're going to invest in this year, then it looks like they're stopping it and you got to pivot to the areas that they are spending. And so that's what we're seeing. And we see that -- we talked a little bit about the vendor consolidation, it's a little bit different this time around. It's not a concentrated effort to consolidate vendors. It's more about consolidating the work, which then has the same effect as doing some of the consolidation of vendors. But it's different. It's led by the opportunities themselves and the business case for themselves.

所以這取決於你在哪裡，對嗎？因此，如果你正在開發一個他們認為不是以投資回報率為主導的項目，不是他們今年要投資的領域，那麼看起來他們正在停止它，你必須轉向這些領域他們正在花費。這就是我們所看到的。我們看到——我們討論了一些關於供應商整合的問題，這次有點不同。這並不是集中精力來整合供應商。更多的是關於整合工作，這與對供應商進行一些整合具有相同的效果。但情況不同。它由機會本身和商業案例主導。

So that's still work to be done. If you look at the bookings, though, the shorter duration by definition on the SI&C gives you a lower total dollar value. And so that's why when I talk about the bookings to the extent that we get some of those managed services deals over the line, that will certainly be a tailwind for bookings.

所以這仍然是有待完成的工作。不過，如果您查看預訂情況，就會發現 SI&C 上定義的較短持續時間會降低總美元價值。因此，這就是為什麼當我談論預訂時，我們通過線上獲得了一些託管服務交易，這肯定會成為預訂的推動力。

Okay. That's really helpful. And then maybe the second question, just on a comment you made -- I think you'd said that you're seeing some shift in focus from internal IT efforts towards work with external, maybe chasing profitability. I think how you describe that. Could you talk about that trend? Does that mean that there's maybe a step function, maybe a rebadging and maybe outsourcing of maybe larger parts of your customers' business? Maybe just -- I mean you've already been very bullish around managed services, but like is this -- are you suggesting maybe there's a step function there?

好的。這真的很有幫助。然後也許是第二個問題，就您所做的評論而言——我想您說過，您看到焦點從內部 IT 工作轉向與外部合作，也許是追逐盈利能力。我想你是如何描述的。您能談談這個趨勢嗎？這是否意味著可能需要採取階梯功能、重新貼牌以及外包客戶業務的較大部分？也許只是 - 我的意思是您已經非常看好託管服務，但就像這樣 - 您是否建議那裡可能有一個階梯功能？

I don't know if it's a step function in the quarter. I think it's more of a function of where we've been heading as I've been discussing for a while. I think there's any big step function here, it's more just directionally where we've been heading. And yes, when we do a lot of those managed services deals, it does come with some of the people. But the point I was making on the difficulty in hiring IT talent, I think, plays to -- even if a client would want to do more of the work themselves, right now point in time, they can't. And I think that's part of the drive on some of that SI&C even point in time. I don't think that's a trend. I think that's just point in time.

我不知道這是否是季度的階躍函數。我認為這更多的是我們的發展方向，正如我已經討論了一段時間的那樣。我認為這裡有任何重大的一步功能，它更多地是我們一直在前進的方向。是的，當我們進行大量託管服務交易時，確實涉及到了一些人。但我認為，我所提出的關於招聘 IT 人才的困難的觀點是有道理的——即使客戶想要自己做更多的工作，但現在他們卻做不到。我認為這是某些 SI&C 甚至時間點的驅動力的一部分。我不認為這是一種趨勢。我認為這只是一個時間點。

And it is interesting to understand that even in the current environment, the certain skills in IT are still somewhat scarce. That's -- and that's why I mentioned the investments that we're making in talent -- in growing the talent and in engaging our talent, both through the benefit of CGI and the individuals, but also to the benefit of our clients. And I think that's appreciated.

有趣的是，即使在當前環境下，IT 領域的某些技能仍然有些稀缺。這就是——這就是為什麼我提到我們在人才方面進行的投資——培養人才和吸引我們的人才，既使 CGI 和個人受益，又使我們的客戶受益。我認為這是值得讚賞的。

Okay. And last quick one, just the organic growth. If you can give us a number on that as seems high to me. I just want to make sure I have the calculation right?

好的。最後一點是有機增長。如果你能給我們一個我認為很高的數字。我只是想確保我的計算正確嗎？

We don't split out the organic and the inorganic because, again, the inorganic is a catalyst for organic. We make concentrated decisions. In some cases, to stay with enterprise clients and certain geographies and sometimes that means running down of the business. So that's why we don't really break that out.

我們不會將有機物和無機物分開，因為無機物是有機物的催化劑。我們做出集中的決定。在某些情況下，與企業客戶和某些地區保持聯繫，有時這意味著業務的倒閉。所以這就是為什麼我們沒有真正解決這個問題。

(Operator Instructions) Your next question comes from Jason Kupferberg from Bank of America.

（操作員說明）您的下一個問題來自美國銀行的 Jason Kupferberg。

This is Tyler DuPont on for Jason. Just a quick follow-up on the demand environment. You mentioned the project elongations in that enterprise IT decision makers seem to be coming incrementally selective on what projects they are interested in funding. But have you seen any projects getting canceled in their entirety? And if so, are there specific verticals or geographies to call out? Or are these projects more likely just to be delayed and pushed to the right, if you will, for their revenue conversion?

我是泰勒·杜邦 (Tyler DuPont) 替傑森 (Jason) 發言。只是對需求環境的快速跟進。您提到了項目的延長，因為企業 IT 決策者似乎越來越多地選擇他們有興趣資助的項目。但您是否見過任何項目被完全取消？如果是這樣，是否有特定的垂直行業或地區需要指出？或者，如果你願意的話，這些項目是否更有可能被推遲並推向正確的位置，以實現收入轉換？

I see more delays like not now, but in the future. I had some specific discussions about that with some clients, mainly around projects that they decided to start at a later date or push off. Again, it's that struck or focus on the return on investment, not wholesale, but it's really client by client. I can't really quantify it by -- I don't see any big difference by industry or by geography. It's more just client by client. And again, it's why that you got to have that close relationship with the client, that's the essence of that ROI-led innovation.

我看到更多的延誤不是現在，而是未來。我與一些客戶就此進行了一些具體討論，主要圍繞他們決定稍後啟動或推遲的項目。再說一遍，重點是投資回報，而不是批發，但它確實是針對客戶的。我無法真正量化它——我沒有看到按行業或地理劃分有任何大的差異。這更只是一個客戶一個客戶。再說一次，這就是為什麼你必須與客戶保持密切的關係，這就是投資回報率主導的創新的本質。

You got to know the client, you got to know the clients' business and then you need to bring the technology skills to bear on that. And so that's really what we remain focused on.

你必須了解客戶，你必須了解客戶的業務，然後你需要運用技術技能來實現這一點。所以這確實是我們仍然關注的重點。

Okay. That's very helpful. And just my follow-up there. When looking more the vertical specific level, it seems like it was a pretty strong performance kind of across the board, particularly government, financial services and MRD. But that was offset, it seems, at least based on my calculation, it's by a little bit more miles growth on the health side of things. Could you maybe just spend a few minutes just digging into a bit of the dynamics you're seeing in the health space. Is there any callouts there worth mentioning? Or anything there would be helpful?

好的。這非常有幫助。這只是我的後續行動。從更具體的垂直層面來看，似乎整體表現相當強勁，尤其是政府、金融服務和 MRD。但至少根據我的計算，這似乎被健康方面的里程增長所抵消。您能否花幾分鐘來深入研究您在健康領域看到的一些動態。有什麼值得一提的標註嗎？或者有什麼有幫助的嗎？

Yes. It's very perceptive that you're absolutely right. We did see -- although we saw a steady growth in health, it was at a lower level. It's more steady. I think it's more even if you think about it, they had such explosive growth, given what the world went through. I think they're digesting some of that. And so I don't see that necessarily as a trend, but we'll keep watching that.

是的。你是絕對正確的，這是非常有洞察力的。我們確實看到——儘管我們看到健康狀況穩步增長，但仍處於較低水平。就更穩了。我認為更重要的是，考慮到世界所經歷的一切，他們有如此爆炸性的增長。我認為他們正在消化其中的一些內容。因此，我並不認為這一定是一種趨勢，但我們將繼續關注。

Mr. Linder, there are no further questions at this time. Please proceed with your closing remarks.

Linder先生，目前沒有其他問題。請繼續您的結束語。

Thanks, Julie, and thanks, everyone, for participating. As a reminder, a replay of the call will be available either via our website or by dialing 1 (877)-674-7070 and using the passcode 993424. As well, a podcast of this call will be available for download within a few hours. Follow-up questions can be directed to me at 1 (905)-973-8363. Thanks again, everyone, and look forward to speaking soon.

謝謝朱莉，也謝謝大家的參與。謹此提醒，您可以通過我們的網站或撥打 1 (877)-674-7070 並使用密碼 993424 重播本次通話。此外，本次通話的播客將在幾個小時內可供下載。如有後續問題，請致電 1 (905)-973-8363 聯繫我。再次感謝大家，並期待盡快發言。

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的加入，您現在可以斷開線路了。