CGI Inc (GIB) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to CGI's Third Quarter Fiscal 2022 (sic) [2023] Conference Call. And I would like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Please go ahead, sir.

早上好，女士們、先生們，歡迎參加 CGI 2022 年第三季度財年（原文如此）[2023] 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，先生。

Thank you, Sylvie, and good morning. With me to discuss CGI's third 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, July 26, 2023.

謝謝你，西爾維，早上好。與我一起討論 CGI 2023 財年第三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。本次電話會議將在 cgi.com 上播出，並於東部時間 2023 年 7 月 26 日星期三上午 9:00 進行現場錄製。

Supplemental slides as well as the press release we issued earlier this morning are available for download, along with our Q3 MD&A, financial statements and accompanying notes, all of which have been filed with both SEDAR plus -- and EDGAR.

我們今天上午早些時候發布的補充幻燈片和新聞稿以及我們的第三季度 MD&A、財務報表和隨附說明均可下載，所有這些都已通過 SEDAR plus 和 EDGAR 歸檔。

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.

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。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。

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.

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。

I'll now turn it over to Steve to review our Q3 financials and then George will comment on our business and market outlook. Steve?

我現在將把它交給史蒂夫來審查我們第三季度的財務狀況，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 third quarter of fiscal 2023. In Q3, we delivered $3.62 billion of revenue, up 11.2% year-over-year or up 6.3% when excluding the impact of foreign exchange. The following segments generated double-digit constant currency growth: U.K. and Australia, up 15%; Asia Pacific, up 13% and Western and Southern Europe, up 10%. From an industry perspective, we had growth across all sectors with particular strength in government, our largest vertical market generating constant currency growth of 11%.

謝謝你，凱文，大家早上好。我很高興與您分享 2023 財年第三季度的業績。第三季度，我們實現了 36.2 億美元的收入，同比增長 11.2%，排除外匯影響後增長 6.3%。以下細分市場實現了兩位數的恆定貨幣增長：英國和澳大利亞增長 15%；亞太地區增長 13%，西歐和南歐增長 10%。從行業角度來看，我們在所有行業都實現了增長，尤其是政府部門，我們最大的垂直市場帶來了 11% 的持續貨幣增長。

IP as a percentage of total revenue was 21% in the quarter, up $85 million year-over-year. We continue to see strong demand for our business solutions with overall IP portfolio growth of 12.4% year-over-year or 7.7% in constant currency. Year-over-year IP revenue growth in constant currency was strong within the following industries: government, up 19%, communications and utilities up 14% and health up 9%. The number of consultants and professionals increased year-over-year by 3,000, totaling now 91,500 worldwide. We booked $4.4 billion of contract wins in the quarter, up nearly 30% year-over-year. As a result, our Q3 book-to-bill ratio was a robust 121%, led by U.S. Federal with a book-to-bill ratio of 206%, Canada at 121%, Scandinavia and Central Europe at 117% and Western and Southern Europe at 116%.

本季度知識產權佔總收入的比例為 21%，同比增長 8500 萬美元。我們繼續看到對我們的業務解決方案的強勁需求，整體 IP 組合同比增長 12.4%，按固定匯率計算增長 7.7%。按固定匯率計算，以下行業的 IP 收入同比增長強勁：政府增長 19%，通信和公用事業增長 14%，醫療保健增長 9%。顧問和專業人員的數量同比增加 3,000 人，目前全球總數為 91,500 人。本季度我們贏得了 44 億美元的合同，同比增長近 30%。因此，我們第三季度的訂單出貨比高達 121%，其中美國聯邦訂單出貨比為 206%，加拿大為 121%，斯堪的納維亞和中歐為 117%，西歐和南部歐洲為 116%。

Importantly, managed services made up 57% of total bookings, up significantly from 48% in the prior year. On a trailing 12-month basis, our book-to-bill ratio reached 113%, with all of our proximity geographic segments, having a book-to-bill above 100% on the same basis. Overall, our global backlog reached a record of $25.6 billion, representing 1.8x revenue.

重要的是，託管服務佔總預訂量的 57%，遠高於上一年的 48%。在過去 12 個月的基礎上，我們的訂單出貨比達到 113%，我們所有鄰近的地理區域的訂單出貨比均超過 100%。總體而言，我們的全球積壓訂單達到創紀錄的 256 億美元，相當於收入的 1.8 倍。

Turning to profitability. Earnings before income taxes were $559 million, up 14.3% year-over-year for a margin of 15.4%. Adjusted EBIT in Q3 was $585 million, up 12.5% year-over-year. This represents a margin of 16.1%, up 10 basis points year-over-year. This increase was driven by the combination of profitable revenue growth and operational discipline despite less available base to bill due to the timing of statutory holidays in Europe.

轉向盈利能力。所得稅前利潤為 5.59 億美元，同比增長 14.3%，利潤率為 15.4%。第三季度調整後息稅前利潤為 5.85 億美元，同比增長 12.5%。這意味著利潤率為 16.1%，同比上升 10 個基點。這一增長是由盈利收入增長和運營紀律共同推動的，儘管由於歐洲法定節假日的時間安排，可用的賬單基礎較少。

We delivered strong margins in the following segments: Asia Pacific at 31.1%, Canada at 22.3% and U.S. Federal at 17.7%, U.S. commercial and state government at 17.3%. Our effective tax rate in Q3 was 25.8% compared to 25.5% in the prior year. When excluding acquisition-related and integration costs, our effective tax rate was 25.6% compared to 25.3% 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%.

我們在以下細分市場實現了強勁的利潤率：亞太地區為 31.1%，加拿大為 22.3%，美國聯邦為 17.7%，美國商業和州政府為 17.3%。我們第三季度的有效稅率為 25.8%，而上一年為 25.5%。排除收購相關成本和整合成本後，我們的有效稅率為 25.6%，而上一年為 25.3%。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。

Net earnings improved to $415 million up 13.9% when compared to Q3 last year for a margin of 11.5%. Diluted EPS was $1.75 representing an increase of 15.9% year-over-year. When excluding acquisition-related and integration costs associated with prior year acquisitions, net earnings improved to $426 million, up 14.7% when compared to Q3 last year for a margin of 11.7%. On the same basis, diluted EPS was $1.80, an accretion of 16.9% when compared to $1.54 in Q3 last year. This improvement was mainly driven by the execution of our Build and Buy profitable growth strategy and to a lesser extent, the impact of favorable foreign exchange rates.

淨利潤增至 4.15 億美元，較去年第三季度增長 13.9%，利潤率為 11.5%。稀釋後每股收益為 1.75 美元，同比增長 15.9%。排除與去年收購相關的收購相關成本和整合成本後，淨利潤增至 4.26 億美元，較去年第三季度增長 14.7%，利潤率為 11.7%。在同一基礎上，稀釋後每股收益為 1.80 美元，與去年第三季度的 1.54 美元相比增長了 16.9%。這一改善主要得益於我們的“構建和購買”盈利增長戰略的執行，以及較小程度上的有利外匯匯率的影響。

In the quarter, cash provided by operating activities was $409 million compared to $419 million in the prior year. DSO was 44 days in the quarter, in line with our target of 45 days. For the last 12 months, cash provided by operating activities improved to $2 billion representing 14.1% of revenue. In Q3, we invested $102 million into our business and $53 million to buy back our stock. As of the end of June, as per our approved NCIB program, we have the opportunity to buy back up to an additional 15 million shares.

本季度，經營活動提供的現金為 4.09 億美元，而上年同期為 4.19 億美元。本季度的 DSO 為 44 天，符合我們 45 天的目標。過去 12 個月，經營活動提供的現金增至 20 億美元，佔收入的 14.1%。第三季度，我們向業務投資了 1.02 億美元，並投資了 5300 萬美元回購股票。截至 6 月底，根據我們批准的 NCIB 計劃，我們有機會額外回購最多 1500 萬股股票。

In the quarter, we continue to deliver a strong return on invested capital at 15.7%, demonstrating our efficient deployment of capital. Looking ahead, our focus continues to be on delivering value to our shareholders by investing in our business, pursuing accretive acquisitions and repurchasing our stock and/or paying down our debt. CGI has a strong balance sheet with a net debt to capitalization ratio of 21.7% at the end of June as well as $3 billion of cash readily available and access to more if needed.

本季度，我們繼續實現 15.7% 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我們的業務、進行增值收購、回購我們的股票和/或償還我們的債務，為股東創造價值。 CGI 擁有強大的資產負債表，截至 6 月底的淨債務與資本比率為 21.7%，並且擁有 30 億美元的可用現金，並在需要時可以獲得更多現金。

While M&A activity in the IT services industry has slowed significantly due to a gap in valuation expectations versus current market realities CGI believes that our disciplined approach will result in higher-quality mergers for the benefit of our stakeholders. Moving forward, CGI has the strength and capital resources to continue to execute on both our Build and Buy profitable growth strategy.

雖然由於估值預期與當前市場現實存在差距，IT 服務行業的併購活動已顯著放緩，但 CGI 相信，我們嚴格的方法將帶來更高質量的合併，從而造福於我們的利益相關者。展望未來，CGI 擁有實力和資本資源來繼續執行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 insights and outlook for our business and markets. George?

現在我將致電喬治，進一步討論我們對業務和市場的見解和前景。喬治？

Thank you, Steve, and good morning, everyone. Our team again delivered quarterly results in line with our full year plan. We achieved constant currency revenue growth of 6.3%, which is at or ahead of the markets in which we operate. Double-digit EPS accretion of 16.9% on an adjusted basis, sustained EBIT margin expansion, up 10 basis points year-over-year on an adjusted basis. Bookings of $4.4 billion, up nearly $1 billion compared to the same quarter last year. Continued high engagement of CGI consultants and professionals resulting in lower employee attrition levels on both a quarter-over-quarter and year-over-year basis and continued high client satisfaction levels as rated and signed by client executives demonstrating the deep confidence they have in our people and capabilities.

謝謝你，史蒂夫，大家早上好。我們的團隊再次交付了符合全年計劃的季度業績。我們實現了 6.3% 的持續貨幣收入增長，達到或領先於我們經營所在的市場。調整後每股收益增長兩位數，達 16.9%，息稅前利潤率持續擴張，調整後同比增長 10 個基點。預訂量為 44 億美元，比去年同期增加近 10 億美元。 CGI 顧問和專業人士的持續高參與度導致員工流失率環比和同比下降，客戶高管評價和簽署的客戶滿意度持續保持高水平，這表明他們對我們的信心十足人員和能力。

The strong quarterly bookings were driven by client awards for managed services with a book-to-bill ratio of 120% and IP engagements with a book-to-bill of 120%. These larger engagements increasingly also incorporate consulting and systems integration services as part of their scope. This combination of CGI's end-to-end services reflects the ongoing rise in client demand for broader, more holistic partnerships to help clients realize cost savings and advance their digitization objectives. In both managed services and IP, the highest proportion of bookings were awarded within our 2 largest industry segments, government and financial services.

強勁的季度預訂量是由客戶對託管服務的獎勵推動的，預訂與賬單比率為 120%，IP 業務的預訂與賬單比率為 120%。這些更大的業務也越來越多地將諮詢和系統集成服務納入其範圍。 CGI 端到端服務的這種組合反映了客戶對更廣泛、更全面的合作夥伴關係的需求不斷增長，以幫助客戶實現成本節約並推進其數字化目標。在託管服務和 IP 方面，最高比例的預訂是在我們最大的兩個行業領域（政府和金融服務）中獲得的。

For example, in managed services, the U.S. Environmental Protection Agency awarded CGI Federal, a multiyear managed services contract valued at USD 522 million. We will partner to reimagine the agency's IT portfolio at the application platform and enterprise levels in support of their mission to protect human health and the environment. This award renewed CGI's incumbent work and included an increase of enterprise development scope of over 45%.

例如，在託管服務方面，美國環境保護局授予 CGI Federal 一份價值 5.22 億美元的多年期託管服務合同。我們將合作重新構想該機構在應用平台和企業層面的 IT 產品組合，以支持他們保護人類健康和環境的使命。該獎項更新了CGI的現有工作，並將企業發展範圍擴大了45%以上。

And Bankgirot, Sweden's payments clearinghouse extended their long-term partnership with CGI through a $62 million agreement to enhance system efficiency, uphold stringent security and unlock opportunities to drive future innovation across the payment sector. And examples of IP bookings include: a government ministry in Germany extended its partnership with CGI on the implementation of CGI's eGov360 solution for electronic file and data management. This will enable the ministry to increase agility and drive seamless integration and interoperability. U.S. Department of Veteran Affairs increased funding to support the implementation of CGI's Momentum IP in support of the agency's financial management business transformation program.

瑞典支付清算所 Bankgirot 通過一項價值 6200 萬美元的協議擴展了與 CGI 的長期合作夥伴關係，以提高系統效率、維護嚴格的安全性並釋放推動整個支付行業未來創新的機會。 IP 預訂的例子包括：德國政府部門擴大了與 CGI 的合作夥伴關係，實施 CGI 的 eGov360 電子文件和數據管理解決方案。這將使該部能夠提高敏捷性並推動無縫集成和互操作性。美國退伍軍人事務部增加了資金支持 CGI Momentum IP 的實施，以支持該機構的財務管理業務轉型計劃。

And in the financial services sector, we signed 28 agreements for our recently transformed cloud-native credit studio solution with clients in the U.S., Canada, U.K. and Australia. Our solution incorporates AI and helps clients address the continued tightening of credit markets. 2/3 of these awards were for net new business. A high proportion of managed services and IP in our overall bookings led to a greater size and duration of project awards this quarter. In fact, 40% of total bookings in Q3 were comprised of deals over $50 million. This is compared to 13% in the same quarter last year. Over the past several quarters, we anticipated these client buying shifts given our day-to-day engagement with clients and through our annual Voice of Our Clients proprietary research. This research serves as an important global antenna to help identify the top priorities for clients now and over the coming years.

在金融服務領域，我們與美國、加拿大、英國和澳大利亞的客戶就最近轉型的雲原生信用工作室解決方案簽署了 28 份協議。我們的解決方案融合了人工智能，幫助客戶應對信貸市場持續收緊的問題。其中 2/3 的獎項頒發給淨新業務。託管服務和知識產權在我們的總體預訂中所佔的比例很高，導致本季度項目獎勵的規模和持續時間都更大。事實上，第三季度總預訂量的 40% 是超過 5000 萬美元的交易。相比之下，去年同期為 13%。在過去的幾個季度中，根據我們與客戶的日常接觸以及我們的年度客戶之聲專有研究，我們預計了這些客戶購買的變化。這項研究作為重要的全球天線，幫助確定客戶現在和未來幾年的首要任務。

Last quarter, I shared some preliminary findings from our discussions with over 1,750 executives in 21 industry sectors around the world. Our research indicates that clients are now heavily relying on managed services and IP to implement, optimize and manage their transformation programs in order to achieve the expected return on investment. In our research, 2 in 5 executives cited legacy systems among the key barriers to successful digitization. This demonstrates the need to ensure that solutions strategies address the complexity of modernizing current systems and integrating with new systems and processes. Our managed services offering is focused on providing client savings, which are then coupled with reinvestment to drive modernization, industrialization and organizational agility.

上個季度，我與全球 21 個行業領域的 1,750 多名高管分享了我們討論的一些初步結果。我們的研究表明，客戶現在嚴重依賴託管服務和知識產權來實施、優化和管理其轉型計劃，以實現預期的投資回報。在我們的研究中，五分之二的高管將遺留系統視為成功數字化的主要障礙。這表明需要確保解決方案策略能夠解決當前系統現代化以及與新系統和流程集成的複雜性。我們的託管服務產品專注於為客戶節省成本，然後結合再投資來推動現代化、工業化和組織敏捷性。

And our IP, including IP-enabled business processes, provides clients a digital accelerator with lower capital costs. IP provides clients with the added benefit of having security, data protection, innovation, and interoperability of third-party platforms as part of the solution.

我們的 IP（包括支持 IP 的業務流程）為客戶提供了資本成本更低的數字加速器。 IP 為客戶提供了額外的好處，即安全性、數據保護、創新和第三方平台的互操作性作為解決方案的一部分。

Our analysis also underscores that C-suite executives are applying a sharper focus in their decision-making to determine the highest return on investments. This is shaping most of their key program priorities. CGI, we call this ROI-led digital transformation and is at the core of our partnership approach with clients. Many of the executives we spoke with cited the challenging economic environment as the key driver for sharpening their focus, is requiring them to prioritize cost savings while simultaneously advancing digitization to improve competitiveness, resilience and customer experience. This dual digital agenda continues to generate demand for all of CGI's end-to-end services as clients now require consulting partners that can design connected strategies that bridge vision and real-world implementation to deliver expected results.

我們的分析還強調，最高管理層在決策過程中更加關注確定最高投資回報率。這正在塑造他們的大部分關鍵計劃優先事項。 CGI，我們稱之為以投資回報率為主導的數字化轉型，是我們與客戶合作方式的核心。我們採訪的許多高管都表示，充滿挑戰的經濟環境是他們更加關注的關鍵驅動因素，要求他們優先考慮節省成本，同時推進數字化，以提高競爭力、彈性和客戶體驗。這種雙重數字議程繼續產生對 CGI 所有端到端服務的需求，因為客戶現在需要諮詢合作夥伴能夠設計連接戰略，將願景與現實世界的實施聯繫起來，以實現預期結果。

We are proactively working with our clients to translate their business objectives into tangible engagements with clear and measurable business cases, such as for a leading natural gas services company, we are deploying AI solutions that will unlock $150 million in value through predictive analytics and optimization. We are implementing intelligent evidence-based solutions to help the health care provider better predict and lower the cost of care while reducing processing time by 90%. We're developing a business vision and subsequent road map for achieving the future state, digital environment, including data monetization for a clinical services company. And we are helping transform the small business loan processes for a multinational bank, reducing cycle time from 17 days to 2 days.

我們積極與客戶合作，通過清晰且可衡量的業務案例將他們的業務目標轉化為切實的合作，例如，對於一家領先的天然氣服務公司，我們正在部署人工智能解決方案，通過預測分析和優化將釋放 1.5 億美元的價值。我們正在實施基於證據的智能解決方案，以幫助醫療保健提供者更好地預測和降低護理成本，同時將處理時間縮短 90%。我們正在製定業務願景和後續路線圖，以實現未來狀態、數字環境，包括臨床服務公司的數據貨幣化。我們正在幫助一家跨國銀行轉變小企業貸款流程，將周期時間從 17 天縮短到 2 天。

Returning to our buy strategy. In Q3, CGI successfully completed the integration of all prior year acquisitions according to plan. As Steve just mentioned, current M&A activity has slowed across the entire IT services industry. This, however, does not change the CGI strategy. Our appetite and capacity for M&A remains high, and we continue to have a very active program in terms of sourcing, interactive dialogues and due diligence assessment. Closing accretive M&A transaction takes rigor and discipline, and we remain committed to making sure that we acquire the right companies, at the right price, at the right time, all 3 without exception.

回到我們的購買策略。第三季度，CGI按計劃成功完成了去年所有收購的整合。正如 Steve 剛才提到的，當前整個 IT 服務行業的併購活動已經放緩。然而，這並沒有改變 CGI 策略。我們對併購的興趣和能力仍然很高，並且我們在採購、互動對話和盡職調查評估方面繼續開展非常活躍的計劃。完成增值併購交易需要嚴格和紀律，我們仍然致力於確保我們在正確的時間、以正確的價格收購正確的公司，這三者無一例外。

Looking ahead to the coming quarters, we believe the ongoing macro uncertainty in the political and economic environment will intensify client efforts to prioritize ROI-led digitization. This, coupled with the demand for broader, more holistic transformation programs will serve to put some pressure on client decision cycles as some executives trade-off speed of action for ROI-based business cases. For CGI, these buying patterns continue to favor our managed services and IP offerings. We continue to be actively engaged in later stage opportunity pursuits with multiple prospective clients in every geography. In each case, we work collaboratively with client executives to build solutions that combine and tailor the right mix of CGI services to address the organization's business objectives.

展望未來幾個季度，我們相信政治和經濟環境中持續的宏觀不確定性將促使客戶加大力度優先考慮以投資回報率為主導的數字化。再加上對更廣泛、更全面的轉型計劃的需求，將給客戶決策週期帶來一些壓力，因為一些高管會在行動速度和基於投資回報率的業務案例之間進行權衡。對於 CGI 來說，這些購買模式繼續有利於我們的託管服務和 IP 產品。我們繼續積極參與後期與各個地區的多個潛在客戶的機會追求。在每種情況下，我們都會與客戶高管合作構建解決方案，結合併定制正確的 CGI 服務組合，以實現組織的業務目標。

The evolution of our business mix to include more managed services and IP will serve as an enabler to continue to drive CGI margin expansion and improve EPS. And even as sales cycles and bookings to revenue conversion will naturally expand. And as we incorporate higher proportions of global delivery into these services, our client value proposition increases as does CGI's profitability.

我們業務組合的發展包括更多的託管服務和知識產權，這將成為繼續推動 CGI 利潤率擴張和提高每股收益的推動因素。即使銷售週期和預訂收入轉化也會自然擴大。隨著我們將更高比例的全球交付納入這些服務中，我們的客戶價值主張以及 CGI 的盈利能力都會增加。

From an industry perspective, we see client demand in the near term as follows: in asset-intensive industries such as manufacturing, retail and energy and utilities, client demand for efficiency and agility are paramount. We see organizations seeking to reduce the cost to operate in order to fund new investments. As such, our managed services pipeline for these industry sectors over the next year is up by more than 33%. The IP pipeline is up 30%.

從行業角度來看，我們認為近期客戶需求如下：在製造業、零售業、能源和公用事業等資產密集型行業，客戶對效率和敏捷性的需求至關重要。我們看到一些組織尋求降低運營成本，以便為新投資提供資金。因此，明年我們為這些行業領域提供的託管服務渠道將增長 33% 以上。 IP管道增長了30%。

In banking, many clients are reassessing their priorities and the supporting IT investments given economic conditions and continuing Central Bank interest rate hikes. This is resulting in stable but slower demand for SI&C and increasing demand for managed services. On a sequential quarter basis, pipeline in managed services is up nearly 20%. And in government, health care and insurance, clients are accelerating their digital transformation agendas. For these industries, CGI's pipeline remains well balanced across consulting, system integration and managed services and is up 20% year-over-year.

在銀行業，考慮到經濟狀況和央行持續加息，許多客戶正在重新評估他們的優先事項和支持性 IT 投資。這導致對 SI&C 的需求穩定但放緩，以及對託管服務的需求不斷增加。按季度計算，託管服務渠道增長了近 20%。在政府、醫療保健和保險領域，客戶正在加速其數字化轉型議程。對於這些行業，CGI 的渠道在諮詢、系統集成和託管服務方面保持良好平衡，同比增長 20%。

Naturally, across all industries, we are increasingly engaged in discussions about the future use of generative AI, how to prepare data strategies to be ready for AI implementation and how it integrates into clients' digital transformation agendas. We have extensive experience in delivering intelligent automation and AI technologies as part of our services and solutions over the past several years, notably in our IP and responsible use of AI is part of CGI's management foundation, ensuring the ethical and disciplined use of AI by all CGI professionals and in line with evolving AI regulations. This serves as our foundation to engage in broad-based AI discussions with our clients. In fact, CGI teams are actively working with clients to use AI in a wide range of projects. A few of which include improving effectiveness and efficiency of city services, detecting and preventing water pollution, predicting cracks in steel manufacturing, reviewing CT scans to detect brain hemorrhages, and using earth observation data to locate, quantify and track (inaudible).

當然，在所有行業中，我們越來越多地參與關於生成式人工智能的未來使用、如何準備數據策略為人工智能實施做好準備以及如何將其融入客戶的數字化轉型議程的討論。過去幾年，我們在提供智能自動化和人工智能技術作為我們服務和解決方案的一部分方面擁有豐富的經驗，特別是在我們的知識產權方面，負責任地使用人工智能是 CGI 管理基礎的一部分，確保所有人以合乎道德和規範的方式使用人工智能CGI 專業人士並符合不斷發展的人工智能法規。這是我們與客戶進行廣泛的人工智能討論的基礎。事實上，CGI 團隊正在積極與客戶合作，在廣泛的項目中使用人工智能。其中一些包括提高城市服務的有效性和效率，檢測和預防水污染，預測鋼鐵製造中的裂縫，檢查 CT 掃描以檢測腦出血，以及使用地球觀測數據進行定位、量化和跟踪（聽不清）。

As AI progresses in new ways, including generative AI, we will innovate with our clients while balancing the responsible use of this evolving technology. Earlier this week, we announced our plan to allocate $1 billion of spend over the next 3 years to expand our AI services and solutions. We work in partnership with clients who are seeking to responsibly move from experimentation to full-scale implementation and accelerate time to value of their investments by leveraging new AI technologies. CGI's AI investments through both Build and Buy will be prioritized across 4 dimensions: end-to-end offerings expansion, including an AI business consulting methodology, IT platforms and prebuilt solutions, talent capacity and capability which will include the training of our existing consultants, hiring of new expertise and formation of communities of interest across all CGI to accelerate AI usage.

隨著人工智能以新的方式（包括生成式人工智能）取得進展，我們將與客戶一起創新，同時平衡負責任地使用這一不斷發展的技術。本週早些時候，我們宣布計劃在未來 3 年內撥款 10 億美元，以擴展我們的人工智能服務和解決方案。我們與那些尋求負責任地從實驗轉向全面實施的客戶合作，並通過利用新的人工智能技術來加快實現投資價值。 CGI 通過構建和購買的人工智能投資將優先考慮四個維度：端到端產品擴展，包括人工智能業務諮詢方法、IT 平台和預構建解決方案、人才能力和能力，其中包括對我們現有顧問的培訓，僱用新的專業知識並在所有 CGI 中形成興趣社區，以加速人工智能的使用。

Go-to-market strategies to increase awareness of CGI's AI offerings through the publication of thought leadership and establishing new partnership channels through global alliances and operational and delivery excellence to drive efficiencies and benefits for clients and CGI through expanded AI use.

進入市場戰略，通過發布思想領導力來提高對 CGI 人工智能產品的認識，並通過全球聯盟和卓越運營和交付建立新的合作夥伴渠道，通過擴大人工智能的使用來提高客戶和 CGI​​ 的效率和收益。

In closing, CGI's broad mix of end-to-end services, balanced geographic footprint and portfolio of clients across industries creates a resilient foundation for us to sustain our positioning as a partner of choice for our clients, an employer of choice for our consultants and professionals and an investment of choice for our shareholders. Our investments in Build and Buy are made with this resilience in mind, and to continuously strengthen our competitive differentiation.

最後，CGI 廣泛的端到端服務組合、均衡的地理覆蓋範圍和跨行業的客戶組合為我們奠定了堅韌的基礎，以維持我們作為客戶首選合作夥伴、顧問和顧問首選雇主的定位。專業人士和我們股東的投資選擇。我們在構建和購買方面的投資就是考慮到這種彈性，並不斷加強我們的競爭優勢。

Thank you for your interest and support. Let's go to the questions now, Kevin?

感謝您的關注和支持。我們現在開始提問吧，凱文？

Thanks, George. Sylvie please share with the participants how to queue for questions.

謝謝，喬治。請Sylvie 與參會者分享如何排隊提問。

(Operator Instructions) And your first question will be from Richard Tse at National Bank Financial.

（操作員說明）您的第一個問題將由國民銀行金融公司的 Richard Tse 提出。

Yes. This -- so the AI team, obviously, is quite notable. Just in terms of the partnerships that you have with some of the leading players in the market today. Can you maybe expand in terms of the level of engagement you're having with them. So for example, I guess [one of all leaders] is Microsoft and maybe give us a sense of like your level of engagement on sort of what their plans are going forward?

是的。顯然，人工智能團隊非常引人注目。僅就您與當今市場上一些領先企業的合作夥伴關係而言。您能否擴大與他們的互動程度？舉例來說，我猜[所有領導者之一]是微軟，也許會讓我們感覺到您對他們未來計劃的參與程度？

Yes. Yes. No, thanks for the question, Richard. Yes, we are engaged with all of our global alliance partners actively looking to both leverage what they're doing with our intellectual property, which is a big element of our global alliance partnerships, but also then to further that together. And so I can't talk about anything specific yet, but we're actively engaged in forging some formal partnerships go-to-market with that. And that's part of what this investment announcement was about.

是的。是的。不，謝謝你的提問，理查德。是的，我們正在與所有全球聯盟合作夥伴積極合作，尋求利用他們對我們的知識產權所做的事情，這是我們全球聯盟夥伴關係的一個重要組成部分，然後共同推進這一目標。所以我還不能談論任何具體的事情，但我們正在積極參與建立一些正式的合作夥伴關係，以進入市場。這就是本次投資公告的一部分內容。

Okay. And then in terms of where you sit within that sort of ecosystem, what do you see in terms of the most common use cases that your clients are looking to address with AI here going forward in their enterprises?

好的。然後，就您在這種生態系統中所處的位置而言，您認為您的客戶希望在其企業中通過人工智能解決的最常見用例是什麼？

Yes. Well, current point in time, the use cases are what you've heard about on some of the call center activities are very specific opportunities like some of the examples I gave as far as looking at the brain scans that we're doing with the hospital in the Nordics or looking at the environment like we're doing with the -- partnering with some space-based agencies in governments and U.K. So they're very more point solutions. But I can tell you the conversations we're having are much broader. And it's really about what is the art of the possible. And part of that first step is getting the data in the shape that needs to be in order to train these models on trusted data that then can be leveraged.

是的。嗯，目前的時間點，用例是您在呼叫中心的一些活動中聽說過的，是非常具體的機會，就像我給出的一些例子，看看我們正在做的大腦掃描北歐的醫院，或者像我們正在做的那樣觀察環境——與政府和英國的一些太空機構合作，所以它們是更多的點解決方案。但我可以告訴你，我們正在進行的對話要廣泛得多。這實際上是關於什麼是可能的藝術。第一步的一部分是獲取所需形狀的數據，以便在可信數據上訓練這些模型，然後可以利用這些模型。

So we're still, I would say, in the very early days. I mentioned we're still in the early innings of digitization at large or even earlier days of AI. But what I see is clients are really looking at the broadest applications of where AI could make a difference.

所以我想說，我們仍處於早期階段。我提到過我們仍處於數字化的早期階段，甚至還處於人工智能的早期階段。但我看到的是，客戶確實在關注人工智能可以發揮作用的最廣泛應用。

Okay. Great. And one just last quick one here for me. Like there's certainly a lot of puts and takes in terms of the outlook going forward here. And then some of your competitors have talked about perhaps paring off sort of staffing, given some price competition in the market. But how do you sort of see the next few quarters playing out just from kind of like an operating cost perspective, are you kind of in a position you want to be? Is there a potential to sort of take out some costs? Just maybe give us a sense of how that should play out here over the remaining of the calendar year?

好的。偉大的。對我來說，這是最後一個快速的。就像就未來的前景而言，肯定有很多看法。然後，考慮到市場上的一些價格競爭，您的一些競爭對手可能會討論削減人員配置。但是，從運營成本的角度來看，您如何看待未來幾個季度的情況，您是否處於您想要的位置？是否有可能削減一些成本？也許只是讓我們了解在今年剩下的時間裡這應該如何發揮？

Yes. We're pretty pleased with the position we're in, those strong bookings driven by IP and larger managed services deals, we anticipated and we've talked about even on this call, last quarter that, that takes a little bit longer. We anticipated some of the shift from SI&C to the IP and managed services. We do along the way -- any time you're doing a shift in buying behaviors, we've been very active in training, re-training, rotating our people to the areas of strength.

是的。我們對我們所處的位置非常滿意，那些由 IP 和更大的託管服務交易推動的強勁預訂，我們預計，我們甚至在上個季度的這次電話會議上也談到過，這需要更長的時間。我們預計會有一些從 SI&C 向 IP 和託管服務的轉變。一路走來，每當您的購買行為發生轉變時，我們都會非常積極地進行培訓、再培訓，將我們的員工輪換到優勢領域。

And then, of course, taking actions where need be, where those aren't completely aligned. But that's all in the numbers already. And so we don't see anything big having to be done. Like I said, we see the continued strength in margin driven by the profitable growth, but also the global delivery, the business mix towards IP and managed services, which we talked about before, that's a tailwind for us. Our turnover is down, as I mentioned, and utilization is actually up. So we feel like we're in a pretty good position to move forward in the shift. And of course, the planned investment in data and AI is just to drive that future way of growth further down the line.

當然，然後，在需要的地方採取行動，在那些不完全一致的地方採取行動。但這已經全部體現在數字中了。因此，我們認為不需要做任何大事。正如我所說，我們看到利潤增長的推動下，利潤率持續走強，而且全球交付、IP 和託管服務的業務組合也推動了這一點，我們之前談到過，這對我們來說是一個順風車。正如我提到的，我們的營業額下降了，而利用率實際上上升了。所以我們覺得我們處於一個非常好的位置，可以在轉變中向前邁進。當然，計劃對數據和人工智能的投資只是為了進一步推動未來的增長方式。

Next question will be from Thanos Moschopoulos of BMO Capital Markets.

下一個問題將由 BMO 資本市場的 Thanos Moschopoulos 提出。

George, related to the AI investments, would it be reasonable to expect that your investment in IP might take a step up as a percentage of revenue in the coming quarters and years? Or is that going to be more a function of case-by-case basis, evaluating projects and clients taking them to your IP investment committee?

喬治，關於人工智能投資，預計您對知識產權的投資在未來幾個季度和幾年中佔收入的比例可能會有所上升，這是否合理？或者這更多地取決於具體情況，評估項目和客戶並將其帶到您的知識產權投資委員會？

Yes, it's going to be more -- it's going to be more balanced. What we do with the IP as you're aware, we don't build it and they will come. We always do that in concert with our clients. We've already been making some of the investments in our IP with AI, and we have the PulseAI framework that I talked about last quarter. So that's been part of that. It's going to be more measured. That's why I announced it over a 3-year period. It will be lockstep with our clients.

是的，它會變得更加平衡。如您所知，我們對知識產權所做的事情是，我們不構建它，他們就會來。我們始終與客戶合作。我們已經對人工智能 IP 進行了一些投資，我們擁有我上季度談到的 PulseAI 框架。這就是其中的一部分。它將更加有分寸。這就是我在三年內宣布這一計劃的原因。這將與我們的客戶步調一致。

Over time, it could -- the investment could go up if the demand curve follows that. And I will tell you that in general, as we continue to have stronger bookings and higher revenue growth in IP than the rest of our business, we have been, over the last several years, ramping up the investment we made in IP. But again, always focused on making sure we have that solid return on investment and doing that in concert with our clients. In many cases, when we make an investment in IP, we already have letters of intent or, in some cases, signed contracts with clients to support that investment. Of course, we're making the investment, but we already know the business is there and we're working in concert with the clients. We're going to do the same thing with AI.

隨著時間的推移，如果需求曲線遵循這一規律，投資可能會上升。我會告訴你，總的來說，由於我們在知識產權方面的預訂量和收入增長繼續高於我們其他業務，因此我們在過去幾年中一直在加大對知識產權的投資。但同樣，始終專注於確保我們獲得可靠的投資回報，並與客戶合作。在許多情況下，當我們進行知識產權投資時，我們已經簽訂了意向書，或者在某些情況下與客戶簽署了合同來支持該投資。當然，我們正在進行投資，但我們已經知道業務已經存在，並且我們正在與客戶合作。我們將對人工智能做同樣的事情。

Great. And then just rolling into the Canadian business, there was some deceleration during the quarter, organic, slightly negative. I think partly linked to financial services. Can you speak to that? Do you see that as being transient to what you're hearing from customers. And I saw that the Canadian government recently awarded a very large contract [Skyline], who I think is a client of yours. Is that something that's meaningful for the Canadian business, if you could provide some color?

偉大的。然後，剛剛進入加拿大業務，本季度出現了一些減速，有機的，略有負面。我認為部分與金融服務有關。你能談談嗎？您認為這對於您從客戶那裡聽到的消息來說是短暫的嗎？我看到加拿大政府最近授予了一份非常大的合同[Skyline]，我認為他是你們的客戶。如果您能提供一些色彩，這對加拿大企業有意義嗎？

Yes. Yes. So well, maybe I'll start with the [Skyline]. We did see that the big announcement, it's really a down select to one. We are part of that consortium. In fact, we are the IT provider as part of that large 20-plus year deal. It is still -- even though it's down selected to one, it is still an active solicitation. So that's all I can say there. It's not in the bookings. Of course, that's a tailwind for the future for the Canadian business and underscores, again, the strength of government spending around the world.

是的。是的。好吧，也許我會從[天際線]開始。我們確實看到了這一重大公告，這確實是一個令人沮喪的選擇。我們是該聯盟的一部分。事實上，我們是這項長達 20 多年的大型協議的一部分的 IT 提供商。它仍然是——儘管它被選擇為一個，但它仍然是一個積極的招標。這就是我能說的。預訂裡沒有這個。當然，這對加拿大企業的未來來說是一股順風，並再次凸顯了世界各地政府支出的實力。

As far as the quarter goes, we did have a bit of a tough comparable. We had a onetime last year, and you can see the spike in growth last year at this time. And so it was a tougher comparable but in general, yes, we think that it's pretty temporary as the financial services goes through some of this adjustment and shift in priorities. We had a strong 121% book-to-bill in the quarter. Look at the trailing 12 months is, I think, 108% on a trailing 12-month basis. The bookings in the quarter were underscored by large managed services deals, including in financial services, so kind of showing some of that shift. So we believe we're going to return to growth next quarter, and it was really more of a blip there in Canada this quarter.

就本季度而言，我們確實面臨著一些艱難的比較。去年我們曾經有過一次，你可以看到去年這個時候的增長高峰。因此，這是一個更艱難的比較，但總的來說，是的，我們認為這是相當暫時的，因為金融服務正在經歷一些調整和優先事項的轉變。本季度我們的訂單出貨率高達 121%。看看過去 12 個月，我認為過去 12 個月的增長率為 108%。本季度的預訂量受到大型託管服務交易（包括金融服務領域）的影響，這在一定程度上顯示了這種轉變。因此，我們相信下個季度我們將恢復增長，而本季度加拿大的情況實際上更像是一個曇花一現。

Next question will be from Stephanie Price at CIBC.

下一個問題將由 CIBC 的 Stephanie Price 提出。

Maybe sticking with the government sector, the U.S. Federal bookings were quite strong in the quarter. Just curious if you could talk a little bit about what's driving that growth? And how do you think about demand in the vertical maybe more broadly for the remainder of the year?

也許與政府部門有關，本季度美國聯邦訂單相當強勁。只是好奇您能否談談推動這種增長的因素是什麼？您如何看待今年剩餘時間裡更廣泛的垂直需求？

Yes. Well, I think government, as we discussed for some time, is strong around the world because it is more of a countercyclical avenue of growth for us. And of course, it's our largest single sector. And yes, very strong in the U.S. Federal, which we anticipated because a lot of the spend has been backloaded for the last couple of years. In Federal, you might remember, we had a very strong book-to-bill in the fourth quarter of last year. It's tended to be backloaded. And just to remind you, on the U.S. Federal government, the fiscal year ends at the end of September, same as the CGI fiscal year.

是的。嗯，我認為，正如我們一段時間討論的那樣，政府在世界各地都很強大，因為它對我們來說更像是一種反週期增長途徑。當然，這是我們最大的單一部門。是的，美國聯邦的表現非常強勁，這是我們所預料到的，因為過去幾年大量支出已被積壓。您可能還記得，在聯邦，我們去年第四季度的訂單出貨量非常強勁。它往往會被後載。提醒您一下，美國聯邦政府的財政年度於 9 月底結束，與 CGI 財政年度相同。

And we see that same thing going -- that same phenomenon going on. The U.S. Federal government is kind of behind in their spending. And part of that has been because the procurement just can't keep up with the demand. Underscoring that is government needs to digitize, government needs to put new policies in place that have been very active in the environment. You heard the EPA win that we had this quarter. So I think it's a combination of those factors. And then just the slowing economy, government tends to get more active, and we've seen that in Germany, we've seen that in the U.K., saw the strong bookings and performance in the U.K. And you know that U.K. has even higher percentage of government work. We're a strategic partner to the U.K. government.

我們看到同樣的事情正在發生——同樣的現象正在發生。美國聯邦政府的支出有點落後。部分原因是採購跟不上需求。強調政府需要數字化，政府需要製定在環境中非常活躍的新政策。您聽說過我們本季度取得的 EPA 勝利。所以我認為這是這些因素的結合。然後，隨著經濟放緩，政府往往會變得更加積極，我們在德國看到了這一點，在英國看到了這一點，在英國看到了強勁的預訂量和表現，而且你知道英國的比例甚至更高的政府工作。我們是英國政府的戰略合作夥伴。

So a lot of goodness there. We also see space becoming more of an area, and I'm talking about outer space now becoming more of an area of opportunity to leverage really the space-based data and connect it with digitization and technologies like AI to really unlock some value and solve some real-world problems, including in kind of government's form of ROI-led digitization, which is really furthering and bettering communities for citizens.

所以那裡有很多好處。我們還看到太空變得越來越成為一個領域，我所說的外太空現在越來越成為一個機會領域，可以真正利用基於太空的數據並將其與數字化和人工智能等技術連接起來，以真正釋放一些價值並解決問題一些現實世界的問題，包括政府以投資回報率為主導的數字化形式，這確實促進和改善了公民的社區。

Great color. And then just one more for me. Just on the M&A market. You mentioned a few times in your prepared remarks that there is a valuation gap that you're seeing. Can you elaborate a little bit more on that? And just on capital allocation, if M&A is lower, should we expect more of a focus on share buybacks here?

顏色很棒。然後再給我一個。就在併購市場上。您在準備好的發言中多次提到您看到了估值差距。您能詳細說明一下嗎？僅就資本配置而言，如果併購減少，我們是否應該期望更多地關注股票回購？

Yes. The M&A market has been a bit uncertain along with the economy itself. But the difference in the valuations is you get sellers that are hanging on to 2021 valuations and buyers are looking at 2023 and beyond valuations. And not unlike the housing market, there's a dearth of opportunities out there. But we're going to be patient on that. We'll continue to -- we do have an active pipeline. There's no big late-stage opportunities, but I always say it's wait and hurry up, hurry up and wait in the M&A market. So we have a very active pipeline. I'm personally engaged in some of the discussions. So we're just going to keep at it and make sure that we do the right accretive acquisitions.

是的。併購市場和經濟本身一樣有些不確定。但估值的不同之處在於，賣家堅持 2021 年的估值，而買家則著眼於 2023 年及以後的估值。與房地產市場不同，那裡缺乏機會。但我們會對此保持耐心。我們將繼續——我們確實有一個活躍的管道。後期沒有什麼大的機會，但是我總是說在併購市場上要等快點，快點等。所以我們有一個非常活躍的管道。我個人參與了一些討論。因此，我們將堅持下去，確保進行正確的增值收購。

As far as capital allocation goes, yes. First is investing back in our business. And you heard the investments we're making in AI and IP and those types of activities that will be accretive because that's what we'll -- that's how we're going to measure them. But behind the -- if we don't have the accretive acquisitions to -- included in that, yes, it does provide us the opportunity to do stock buybacks, and we see that as still a very accretive way to return cash to shareholders, and so we'll be active on that.

就資本配置而言，是的。首先是對我們的業務進行投資。你聽說過我們在人工智能和知識產權方面的投資，以及那些類型的活動，這些投資將會帶來增值，因為這就是我們將要做的——這就是我們衡量它們的方式。但在這背後——如果我們沒有增值收購——包括在內，是的，它確實為我們提供了股票回購的機會，而且我們認為這仍然是向股東返還現金的一種非常增值的方式，因此我們將積極致力於此。

Next question will be from Divya Goyal at Scotiabank.

下一個問題將由豐業銀行的 Divya Goyal 提出。

George, I might have missed that, but I wanted to confirm this AI investment that you've announced, so is it fair to assume that some of the discussions and early-stage projects that you're seeing here, are they going to add to the consulting side of revenue before they get into the execution side of things. And would any of such revenue be currently factored into the book-to-bill that you've mentioned here?

喬治，我可能錯過了這一點，但我想確認你已經宣布的人工智能投資，所以可以公平地假設你在這裡看到的一些討論和早期項目，他們會添加在進入執行方面之前，他們首先會先考慮收入的諮詢方面。目前這些收入是否會計入您在此提到的訂單出貨量中？

Yes. No, it's a very good insight that you derived there. Yes, the early days are a little bit more on the consulting, helping clients think this through, put their own framework for responsible use into place, do some of the experimentation. So it will be not just the consulting, but consulting and system integration as opposed to whole scale managed services type opportunities or broader engagements. And so yes, some of that's actually in the bookings. Some of it's actually in, as I mentioned, we're actively doing some of this now. So some of that's actually in the revenue.

是的。不，這是您從中得出的非常好的見解。是的，早期更多的是諮詢，幫助客戶思考這一點，將他們自己的負責任使用框架落實到位，並進行一些實驗。因此，這不僅僅是諮詢，而是諮詢和系統集成，而不是整體規模的託管服務類型機會或更廣泛的參與。是的，其中一些實際上已經在預訂中了。正如我提到的，其中一些實際上是我們現在正在積極做的一些事情。所以其中一些實際上是在收入中。

And I'll remind you, even though I highlighted the managed services and the IP, we still did have solid bookings in SI&C, decelerating but still strong. And as we shift to more of that managed services and those other opportunities. And the other is, I mentioned this as well, some of the managed services we do, when we're doing modernization, there is a small consulting and systems integration component that could have AI that's buried in that managed service. So it's hard to kind of separate that out. And of course, as I mentioned, as part of our IP as well. So it really spans all of those end-to-end services. But you're right, back to your first question, a little more on the front end than the back end for now.

我要提醒您的是，儘管我強調了託管服務和 IP，但我們在 SI&C 中的預訂量仍然穩定，儘管增速有所放緩，但仍然強勁。隨著我們轉向更多的託管服務和其他機會。另一個是，我也提到過，我們所做的一些託管服務，當我們進行現代化時，有一個小型諮詢和系統集成組件，可以將人工智能埋藏在該託管服務中。所以很難將其分開。當然，正如我提到的，這也是我們知識產權的一部分。所以它確實涵蓋了所有這些端到端服務。但你是對的，回到你的第一個問題，目前前端比後端多一點。

That's helpful. And just going to the regular business here. Have you been seeing or noticing a lot of pricing pressure in the market? And is it more pronounced in certain geographies or certain sectors, if at all?

這很有幫助。只是去處理這裡的常規事務。您是否已經看到或註意到市場上存在很大的定價壓力？如果有的話，它在某些地區或某些行業是否更為明顯？

Yes. No, it's a good question. As clients look for cost savings, there's 2 ways for them to get that, right? There's the ROI-led digitization opportunities where we're providing maybe some opportunities for them to grow their business and become more efficient with a point solution. There's another way to get that. It's through that longer engagement of managed services through scale, and we can provide them some of those cost savings upfront and then drive those efficiencies through a longer engagement and modernization. And then there's pricing. And when it's just straight pricing, we tend not to engage as much.

是的。不，這是一個好問題。當客戶尋求節省成本時，他們有兩種方法可以實現這一目標，對嗎？有投資回報率主導的數字化機會，我們可能為他們提供一些機會來發展業務並通過單點解決方案提高效率。還有另一種方法可以實現這一點。通過規模化管理服務的長期參與，我們可以預先為他們提供一些成本節約，然後通過長期參與和現代化來提高效率。然後是定價。當只是直接定價時，我們往往不會參與太多。

And yes, we are seeing some, and you always see it's on a slowdown like this. You see some, what I would call, bad behaviors by some competitors that might -- and these are usually more local providers that drive just rate decreases and these are some of the same players that actually maybe went overboard on the salary wage increases. And so I think they're going to get caught and that's an opportunity for us to take market share. They stumble, we've already seen some of that in some of our European clients where they stumble from delivery. And just because you have a lower rate doesn't mean you're going to get the value. And so we come in with our more mature way of providing the savings, and I think that's an opportunity for us to take market share in the intermediate term. But in the short term, yes, you always see that during the slowdown.

是的，我們看到了一些，而且你總是會看到它處於這樣的放緩狀態。你會看到一些我所說的一些競爭對手的不良行為，這些競爭對手通常是更多的本地供應商，他們只是降低了利率，而這些參與者實際上可能在工資上漲方面做得太過分了。所以我認為他們會被抓住，這對我們來說是一個獲得市場份額的機會。他們絆倒了，我們已經在一些歐洲客戶身上看到了這樣的情況，他們在交貨時絆倒了。僅僅因為您的利率較低並不意味著您會獲得價值。因此，我們以更成熟的方式來提供節省，我認為這對我們來說是一個在中期佔據市場份額的機會。但從短期來看，是的，在經濟放緩期間你總會看到這一點。

Yes. No, that's very helpful. Just one last question on the cash flow from operations. So looking at how the CFO has historically trended, it looks like this quarter, working capital was a use of cash and Steve mentioned the DSO was in line with expectation but it looks like your payables were a little bit more tightened up. So was there a rationale for that?

是的。不，這非常有幫助。最後一個問題是關於運營現金流的。因此，看看首席財務官的歷史趨勢，看起來這個季度，營運資金是現金的使用，史蒂夫提到 DSO 符合預期，但看起來你的應付賬款有點收緊。那麼這樣做有什麼理由嗎？

Ultimately, we use less subcontractors in the quarter. So obviously, it's a timing element that we have in the accrual and also the accrued for performance-based compensation had an impact on the cash flow from operations. But it's really -- it's really a timing. So when we look at it on let's say, on a year-to-date basis, you see the growth. We grew by more than CAD 100 million in the cash flow from operation. So -- and what we're really watching, as you mentioned, is DSO in this economic time. We want to make sure that our clients are paying and they are. So we are really, really focused on the collection. In terms of the accrual, it's really timing.

最終，我們在本季度使用了更少的分包商。顯然，這是我們應計費用中的一個時間因素，而且基於績效的薪酬的應計費用也對運營現金流產生了影響。但這確實是一個時機。因此，當我們從年初至今的角度來看時，您會看到增長。經營現金流增長超過1億加元。所以，正如您提到的，我們真正關注的是這個經濟時期的 DSO。我們希望確保我們的客戶確實付款了。所以我們真的非常專注於這個系列。就應計而言，這確實是時機。

Next question will be from Paul Treiber at RBC.

下一個問題將由加拿大皇家銀行 (RBC) 的保羅·特雷伯 (Paul Treiber) 提出。

George, just regarding AI, I mean, you've been through a number of industry shifts in the past, a big ones being like mobile and the cloud. How do you compare the enthusiasm from your customers and the interest from your customers regarding AI versus previous tech cycles? And then secondly, and just looking forward, how do you think -- how quickly do you think that enthusiasm will convert to bookings compared to past investment cycles?

喬治，就人工智能而言，我的意思是，過去經歷了許多行業轉變，其中一個重大轉變是移動和雲。您如何比較客戶對人工智能的熱情和興趣與之前的技術週期？其次，展望未來，您認為與過去的投資週期相比，熱情會多快轉化為預訂？

Yes. No, thanks for the question. Yes, here's how I see this wave in disruptive technology being a bit of an evolution of mobile and cloud, both of which enabled us to well, really drove a proliferation of data that's out there. And really, AI is the ability to unlock some of that -- the value attached to all of that data. So now having said that, so I think that's what's driving some of the enthusiasm and because it's really building on some of the earlier technologies and ways that we've gone through.

是的。不，謝謝你的提問。是的，這就是我對顛覆性技術浪潮的看法，它有點像移動和雲的演變，這兩者使我們能夠真正推動數據的激增。事實上，人工智能有能力解鎖其中的一些——所有這些數據所附加的價值。話雖如此，我認為這就是推動一些熱情的原因，因為它確實建立在我們經歷過的一些早期技術和方法的基礎上。

Having said that, I think it's the -- it's not so much the willingness to have the adoption, but it's really having the data and the models ready to actually benefit from this is going to be really important. We kind of see the AI in our discussions with clients. It's really evolving around 3 key principles. One is the trust, having the closed data sets where ownership and the data provenance is really verifiable and that's going to be important for any of the regulation that goes out there. Transparency and for us, part of that is having a human within the AI loop. So you actually can verify, again, the bias that's there or not there and align the AI activities with the company's direction and values. And so that's going to be an element of this.

話雖如此，我認為這並不是採用的意願，而是真正準備好從中受益的數據和模型，這將非常重要。我們在與客戶的討論中看到了人工智能。它實際上是圍繞 3 個關鍵原則發展的。一是信任，擁有封閉的數據集，其中所有權和數據來源確實可以驗證，這對於任何現有的監管都很重要。透明度，對我們來說，其中一部分就是讓人類參與人工智能循環。因此，您實際上可以再次驗證是否存在偏見，並使人工智能活動與公司的方向和價值觀保持一致。所以這將成為其中的一個要素。

And the reason I'm mentioning these Paul, is these take some time. And I don't think it's a dampening on the enthusiasm just these things take some time. And then last, where you want to get to is you're going to make the individuals and experts more productive. It's not going to work the other way. You're not going to make laypeople experts. And those that kind of skip the first two and try to go to that level, I think, are going to run into some issues. And that's why we're doing some of the -- starting off with some of the consulting because really, at the end of the day, we think it's going to be the business value that you add to the AI, not the value that you extract from the AI and that isn't dissimilar to mobile and cloud, quite frankly.

我之所以提到這些保羅，是因為這些需要一些時間。我不認為這會削弱人們的熱情，只是這些事情需要一些時間。最後，您想要實現的目標是提高個人和專家的工作效率。反之則不行。你不會讓外行成為專家。我認為那些跳過前兩個並嘗試達到那個水平的人將會遇到一些問題。這就是為什麼我們要做一些——從一些諮詢開始，因為實際上，歸根結底，我們認為這將是你為人工智能添加的商業價值，而不是你為人工智能添加的價值。坦率地說，從人工智能中提取的內容與移動和雲沒有什麼不同。

And on your last point about making experts more productive, one of the things that AI is being -- or generative AI has been [encountered] as is streamlining programming. How do you see generative AI impacting the IT services, the core function of IT services in terms of product development and maintenance. Do you see IT services ultimately benefiting from that efficiency? Or potentially, is that a longer-term headwind that customers maybe can be more productive themselves?

關於提高專家生產力的最後一點，人工智能正在發生的事情之一——或者說生成式人工智能已經[遇到了]，就像簡化編程一樣。您如何看待生成式人工智能對 IT 服務的影響，即 IT 服務在產品開發和維護方面的核心功能。您認為 IT 服務最終會從這種效率中受益嗎？或者，這是否是一個長期的不利因素，客戶可能可以提高自己的生產力？

No. I think it's going to be a tailwind, but the reality is it's going to shift the way that developers work which is why we're investing to make sure we equip our experts to leverage and work side-by-side with the AI to be more productive. I think it's also probably going to shift the way pricing and buying occurs, shifted even more so towards output-driven activities, maybe even disassociate the pricing, which right now is still at least in SI&C tightly associated with labor. I think it's going to disassociate that to more output-based pricing, like you see with an intellectual property product.

不。我認為這將是一股順風，但現實是它將改變開發人員的工作方式，這就是為什麼我們進行投資以確保我們的專家能夠利用人工智能並與人工智能並肩工作提高生產力。我認為它也可能會改變定價和購買發生的方式，甚至更傾向於產出驅動的活動，甚至可能使定價分離，至少目前在 SI&C 中定價仍然與勞動力緊密相關。我認為這將與更多基於產出的定價脫鉤，就像你在知識產權產品中看到的那樣。

So I think there are going to be some shifts that we're going to go through. There's going to be some puts and takes. But at the end of the day, I think it's going to be a tailwind for the industry, much like previous disruptive technologies have been.

所以我認為我們將會經歷一些轉變。將會有一些投入和採取。但最終，我認為這將成為該行業的順風車，就像以前的顛覆性技術一樣。

That's an interesting -- glad you provided your perspective. The -- just one last question for me. Just you called out a number of metrics regarding the pipeline, can you -- I might have missed it, but can you summarize that into the total pipeline? I think last quarter, you called out, I think, your total pipeline up 15% quarter-over-quarter. Now how does your total pipeline look here?

這很有趣——很高興你提供了你的觀點。這只是我的最後一個問題。你剛剛提出了一些有關管道的指標，我可能錯過了，但你能將其總結到總管道中嗎？我認為上個季度，您指出，您的總管道數量環比增長了 15%。現在你的總管道看起來怎麼樣？

I don't have that in front of me because I've been really focused on the shift to the managed services. Typically, that drives the overall pipeline even higher because, as I mentioned, those are larger deals. But let me get that number to you, okay.

我面前沒有這些，因為我一直專注於向託管服務的轉變。通常，這會推動整體管道更高，因為正如我所提到的，這些都是更大的交易。但讓我把這個號碼給你，好嗎？

Next question will be from Daniel Chan at TD Cowen.

下一個問題將由 TD Cowen 的 Daniel Chan 提出。

You guys continue to demonstrate some pretty resilient growth here, whereas some of your peers are exercising caution or even revising their guidance lower. What are you attributing your relative outperformance to? What are you guys doing differently or better than your peers that's allowing you to win market share here?

你們繼續表現出相當有彈性的增長，而你們的一些同行則持謹慎態度，甚至下調了他們的指導。您將自己的相對優異表現歸因於什麼？你們在哪些方面與同行有什麼不同或更好的做法，從而讓你們能夠在這裡贏得市場份額？

Yes. Well, I think one is really that shift to both managed services, which we know takes a little bit longer, but also that IP. And I mentioned that, for example, in banking, you see some of the slowing of the straight SI&C activities, but we have a lot of banking IP. And so that's enabling us to counteract that in a lot of ways.

是的。嗯，我認為其中之一就是向託管服務（我們知道這需要更長的時間）的轉變，以及 IP 的轉變。我提到，例如，在銀行業，您會看到直接 SI&C 活動的一些放緩，但我們擁有大量銀行業知識產權。因此，這使我們能夠通過很多方式來抵消這種影響。

The second is that, as I mentioned, we've been doing this shift to managed services, anticipating this for a while, getting a little bit ahead of it. And so we have had some bookings from 6, 9 months ago that are now coming online. And that's the one caution, right, is that you win an SI&C deal and it started on a Friday, and it starts on Monday and your billing. You win a large managed services deal on a Friday, and it can take 3, 6, 9 months before you're seeing the revenue on that.

第二個是，正如我提到的，我們一直在向託管服務轉變，對此已有一段時間的預期，並提前了一點。我們有一些 6、9 個月前的預訂，現在已經上線。這就是一個警告，對吧，你贏得了一筆 SI&C 交易，它從周五開始，從周一開始，你的賬單就開始了。您在周五贏得了一筆大型託管服務交易，可能需要 3、6、9 個月才能看到收入。

But we did that early, and so we're weathering some of that with some of what we have done in prior quarters. And the other is government. It's -- unlike some of our competitors, it's a large element. We always suggest that we like that base because of the countercyclical nature, and that allows us to work in different markets and still be able to grow. And that's -- and you saw the 11% growth in government this quarter.

但我們很早就做到了這一點，因此我們正在通過前幾個季度所做的一些工作來應對其中的一些問題。另一個是政府。與我們的一些競爭對手不同，它是一個很大的元素。我們總是建議我們喜歡這個基礎，因為它具有反週期的性質，這使我們能夠在不同的市場中工作，並且仍然能夠增長。那就是——你看到本季度政府增長了 11%。

That's helpful. And then you mentioned the bookings conversion timeline taking 3 to 9 months. The bookings or the book-to-bill for your last few quarters has been really strong. Should we extrapolate that to suggest that we could see some accelerating growth in the second half of the calendar year, especially as those bookings start converting to revenue?

這很有幫助。然後您提到預訂轉換時間需要 3 到 9 個月。過去幾個季度的預訂量或訂單出貨量非常強勁。我們是否應該推斷，我們可能會在今年下半年看到一些加速增長，特別是當這些預訂開始轉化為收入時？

Yes. I think what I would say is we definitely see that all the indicators of those bookings and even the pipeline and what we see in the near term, point to stronger growth in the intermediate term. Like I said, it does take a little longer, and we're counteracting and you saw that this quarter counteracting some of the shorter-term slowdown but I think in the intermediate term, that's when all the indicators point to a good growth path there.

是的。我想我想說的是，我們肯定看到這些預訂的所有指標，甚至管道以及我們在短期內看到的情況，都表明中期增長更為強勁。就像我說的，這確實需要更長的時間，我們正在抵消，你看到本季度抵消了一些短期放緩，但我認為從中期來看，那時所有指標都表明那裡有良好的增長路徑。

Next question will be from Suthan Sukumar at Stifel.

下一個問題將由 Stifel 的 Suthan Sukumar 提出。

Just want to chime quickly on managed services. It's good to see you guys are well positioned to capture the strength that you're seeing in demand backdrop. Can you talk a little bit about how your discussions with clients and -- for how sales cycles have been trending here more recently? And are you seeing opportunity for pricing power given the strength in demand.

只是想快速了解託管服務。很高興看到你們處於有利位置，能夠捕捉到需求背景下的力量。您能否談談您與客戶的討論以及最近銷售週期的趨勢如何？鑑於需求強勁，您是否看到了定價權的機會？

Yes. No, it's a good question. When you -- the discussions that we're having right now, in many cases, are one-on-one discussions. So they're more -- we're more engaged with the client as a sole partner. It's really around getting the value proposition for them right. And you're right in one way, I wouldn't call it pricing power, but what I'd say is when you can get that value proposition right, they're less concerned about what your pricing is or isn't. And so really, it's a matter of getting close to the client going through, we have something we call proof-of-value process that really engages directly with the business and the IT individuals to kind of drive the right value proposition. And in many cases, there's a big win-win in that situation. It does take longer. So it's pipeline, the booking and booking to revenue takes a little longer, but the payoff is very, very good for both top and bottom line.

是的。不，這是一個好問題。當你——我們現在正在進行的討論，在很多情況下，都是一對一的討論。因此，他們更多地——我們作為唯一合作夥伴更多地與客戶互動。這實際上是為了為他們提供正確的價值主張。從某種意義上說，你是對的，我不會稱之為定價能力，但我想說的是，當你能夠正確地提出價值主張時，他們就不太關心你的定價是或不是。事實上，這是一個接近客戶的問題，我們有一個所謂的價值證明流程，它真正直接與業務和 IT 人員互動，以推動正確的價值主張。在許多情況下，這種情況會帶來巨大的雙贏。確實需要更長的時間。因此，它的管道、預訂和預訂到收入需要更長的時間，但對於營收和利潤來說，回報是非常非常好的。

Got you. The second question I had was more on just the context of your outlook for greater investments AI, how are you thinking about headcount growth going forward as you start to invest in these AI capabilities that certainly become more efficient internally.

明白你了。我的第二個問題更多的是關於您對人工智能進行更大投資的前景，當您開始投資這些肯定會在內部變得更加高效的人工智能功能時，您如何考慮未來的員工數量增長。

Yes. Well, I touched on this earlier. I think we will see some distance and disassociation of just in order to get $1 of revenue, you need to add $1 of labor. And I think you're going to see some more disassociation just like we have with our IP and you can see our labor grew this quarter less than our overall growth. And part of that is because IP is growing faster. And of course, we have assets that are driving some of that revenue. In this case, it's going to be the higher productivity. Again, if we can do that in a value-based pricing is going to change the play.

是的。嗯，我之前談到過這一點。我認為我們會看到一些距離和分離，僅僅為了獲得 1 美元的收入，你就需要增加 1 美元的勞動力。我認為你會看到更多的分離，就像我們與知識產權的分離一樣，你可以看到本季度我們的勞動力增長低於我們的整體增長。部分原因是知識產權增長更快。當然，我們擁有推動部分收入的資產。在這種情況下，生產力將會更高。再說一次，如果我們能夠以基於價值的定價方式做到這一點，將會改變遊戲規則。

Next question will be from Jerome Dubreuil at Desjardins.

下一個問題將由 Desjardins 的 Jerome Dubreuil 提出。

So first question is on the headcount. We've seen it's up a bit. But I mean, it's understandable given the bookings and the growth trends but I want to dive in, really, what's the current mindset? Have you been more careful than usual given the comments that your clients have been telling you about the macro. Are you preparing for markets to turn around. Just wanted to know about the mindset regarding the headcount?

所以第一個問題是關於人數。我們已經看到它有所上升。但我的意思是，考慮到預訂量和增長趨勢，這是可以理解的，但我想深入探討，實際上，當前的心態是什麼？鑑於您的客戶一直告訴您有關宏的評論，您是否比平時更加小心？您準備好迎接市場好轉了嗎？只是想知道有關員工人數的心態？

Yes. Well, we've been very prudent, as always, in and hiring more for the known projects and known demand with turnover, again, trending down both sequentially and year-over-year. It gives us more of that opportunity. Some of that hiring ahead had to be done because of the -- some of the turnover. So we're seeing a shift in that. We have a strong attraction and retention value proposition, starts with our ownership, but then, of course, our training and support and our proximity model, which kind of gives less wear and tear on our consultants having to travel, all that plays in. And so we're able to be a little more prudent in the hiring and still be positioned for that intermediate growth, but also make sure that we're not in a place where we're underutilized at any point in time from a cost perspective.

是的。嗯，我們一如既往地非常謹慎，為已知的項目和已知的需求招聘更多人員，營業額再次呈現連續下降和同比下降的趨勢。它給了我們更多這樣的機會。由於人員流動，部分招聘工作必須提前完成。所以我們看到了這種情況的轉變。我們擁有強大的吸引力和保留價值主張，從我們的所有權開始，當然還有我們的培訓和支持以及我們的近距離模式，這減少了我們顧問出差的磨損，所有這些都發揮了作用。因此，我們能夠在招聘方面更加謹慎，並仍然為中期增長做好準備，但也確保從成本角度來看，我們不會在任何時候都處於未充分利用的狀態。

And I mentioned when you're doing that shift, we've been taking any actions that need to be done in order to drive that. But we'll continue to hire and grow and AI will be part of that, but it's not the only driver in that.

我提到過，當你進行這種轉變時，我們一直在採取任何需要採取的行動來推動這一轉變。但我們將繼續招聘和發展，人工智能將成為其中的一部分，但它並不是唯一的驅動力。

Okay. Great. And then second question is on the AI too. What are the type of clients that are willing to pay first for AI? I mean you're have a high exposure to government, I guess we can imagine that the government might not be one of the first clients that are going to jump on that wagon so what type of clients are you seeing or willing to think about?

好的。偉大的。第二個問題也與人工智能有關。哪些類型的客戶願意首先為人工智能付費？我的意思是，您與政府的接觸程度很高，我想我們可以想像，政府可能不會是第一批跳上這輛馬車的客戶之一，那麼您正在看到或願意考慮什麼類型的客戶？

Well, the top innovators tend to be banking and health care right now, and that's pretty consistent with other ways of technology. You also have a lot of data that you can unlock the power of that with those 2 industries. But I'll tell you what's interesting is we see government as a potential early adopter. We're having very good discussions with government, lots of interest here because they kind of fell behind, right? And so they may need this more than other industries. And probably are more capable of managing the regulatory environment and the trusted environment just given their size and scale and scope. So I think they have some drivers that could make them an actual early adopter, we'll see, but that's kind of what we see right now.

嗯，目前頂尖的創新者往往是銀行業和醫療保健業，這與其他技術方式非常一致。您還擁有大量數據，可以釋放這兩個行業的力量。但我會告訴你有趣的是我們將政府視為潛在的早期採用者。我們正在與政府進行非常好的討論，人們對此很感興趣，因為他們有點落後了，對嗎？因此，他們可能比其他行業更需要這一點。考慮到監管環境和可信環境的規模和範圍，它們可能更有能力管理它們。所以我認為他們有一些驅動因素可以使他們成為真正的早期採用者，我們會看到，但這就是我們現在看到的。

Yes. And their own involvement in regulatory too. So thanks for the color, yes.

是的。他們自己也參與監管。所以謝謝你的顏色，是的。

Last question will be from Rob Young at Canaccord Genuity.

最後一個問題將由 Canaccord Genuity 的 Rob Young 提出。

The comments through the call that you've had some discussion around sales cycle lengthening, longer conversion. It's a bit of a trend, I think, in enterprise just in general. And so I think you've been emphasizing that it's driven in CGI's case around managed services and the longer sales cycle associated with that, maybe some pivot towards ROI-based programs. But I was just curious if you could give us maybe a summary why you think that this shouldn't be viewed as a demand-driven, if I'm correct that sales cycle is lengthening.

通過電話的評論表明，您已經就銷售週期延長、更長的轉化進行了一些討論。我認為，這在企業界總體上是一種趨勢。因此，我認為您一直在強調，在 CGI 的案例中，它是圍繞託管服務以及與之相關的較長銷售週期驅動的，也許有些轉向基於投資回報率的計劃。但我只是好奇你能否給我們一個總結，為什麼你認為這不應該被視為需求驅動，如果我正確的銷售週期正在延長的話。

Yes. I think you're correct in the overall summary. But I think when I look at that, demand is still strong. It's just the timing of that demand. And so as you make any kind of shift and we anticipated this, we -- I talked about this the last few quarters, as you have that shift there's just some disruption there. But the overall demand environment, we see is very strong. And in fact, the overall demand we see maybe moving more in the favor of a global provider like CGI with the end-to-end services, with the intellectual property, with some of the investments that we continue to make to be on the front end of that to maybe be even a consolidator of some of that demand absorbing that maybe even faster than some of the others in the marketplace.

是的。我認為您的總體總結是正確的。但我認為，當我看到這一點時，需求仍然強勁。這只是該需求的時機。因此，當你做出任何形式的轉變時，我們都預料到了這一點，我在過去幾個季度談到了這一點，因為你進行了這種轉變，那裡只是出現了一些中斷。但我們看到的整體需求環境非常強勁。事實上，我們看到的整體需求可能會更加有利於像 CGI 這樣的全球供應商提供端到端服務、知識產權以及我們繼續進行的一些投資。最終可能會成為其中一些需求的整合者，甚至可能比市場上的其他一些需求更快地吸收這些需求。

So that's why you hear the optimism despite the fact that you've got some short-term bumps that are inevitable when you do a shift like this. So that's -- and you see it in the bookings, right? That's where the confidence comes from.

這就是為什麼你會聽到樂觀的聲音，儘管事實上，當你進行這樣的轉變時，你會不可避免地遇到一些短期的坎坷。所以這就是——你在預訂中看到了這一點，對嗎？這就是信心的來源。

Okay. That's great. If I can squeeze one last one. I think one of the themes here that you're trying to get across is that you see a net positive impact or maybe net expansion of margins as you look forward, you highlighted a whole lot of positive drivers like the mix of managed services, IP, global delivery and then utilization improving with maybe slightly slower hiring. But on the other side of it, like where do you see some of the negatives, price pressure came up, maybe longer sales cycle, maybe the investment like despite you view it as a net positive, like what might be some of the headwinds you have to deal with?

好的。那太棒了。如果我能擠掉最後一粒就好了。我認為您想要傳達的主題之一是，您看到了淨積極影響，或者可能是您展望未來的利潤淨擴張，您強調了很多積極的驅動因素，例如託管服務、IP 的組合，全球交付和利用率有所提高，但招聘速度可能會略有放緩。但另一方面，比如你在哪裡看到一些負面因素，價格壓力出現，也許銷售週期更長，也許投資就像儘管你認為它是淨積極的，比如你可能遇到的一些逆風必須要處理什麼？

Yes. Well, you mentioned some of them well. There's the short-term -- helping your clients through some of this short-term period, is maybe a short-term headwind, but a long-term stronger partnership. And I've talked a lot about the importance of partnership, particularly when clients are going through -- what they're going through right now. So that's why I'm net positive, but I think you highlighted the right areas.

是的。嗯，你很好地提到了其中一些。這是短期的——幫助您的客戶度過這段短期時期，可能是短期的逆風，但長期而言是更牢固的合作夥伴關係。我已經談了很多關於合作夥伴關係的重要性，特別是當客戶正在經歷他們現在正在經歷的事情時。這就是為什麼我持積極態度，但我認為你強調了正確的領域。

Thank you. Please proceed with your closing remarks.

謝謝。請繼續您的結束語。

Thank you, Sylvie, and thanks, everyone, for participating. As a reminder, a replay of the call will be available either via our website or by dialing 1877-674-7070 and using the passcode 098618. 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 1905-973-8363. Thanks again, everyone, and look forward to speaking soon.

謝謝你，西爾維，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 1877-674-7070 並使用密碼 098618 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。後續問題可以直接聯繫我：1905-973-8363。再次感謝大家，並期待盡快發言。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席。此時，我們確實要求您斷開線路。