CGI Inc (GIB) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們先生們。

Welcome to the CGI fourth-quarter fiscal 2024 conference call.

歡迎參加 CGI 2024 財年第四季電話會議。

I would now like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations.

現在我想將會議交給投資者關係資深副總裁 Kevin Linder 先生。

Please go ahead, Mr. Linder.

請繼續，林德先生。

Thank you, Joelle, and good morning.

謝謝你，喬爾，早安。

With me to discuss CGI's fourth quarter and fiscal 2024 results are Francois Boulanger, our President and CEO; and Steve Perron, Executive Vice President and CFO.

與我一起討論 CGI 第四季和 2024 財年業績的是我們的總裁兼執行長 Francois Boulanger；以及執行副總裁兼財務長 Steve Perron。

This call is being broadcast on cgi.com and recorded live at 9:00 AM Eastern Time on Wednesday, November 6, 2024.

本次電話會議將在 cgi.com 上播出，並於東部時間 2024 年 11 月 6 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 fiscal 2024 MD&A, audited financial statements and accompanying notes, all of which have been filed with both SEDAR-plus and EDGAR.

我們今天早上早些時候發布的補充幻燈片和新聞稿以及我們的 2024 財年 MD&A、經審計的財務報表和隨附說明均可下載，所有這些都已向 SEDAR-plus 和 EDGAR 提交。

Please note that some statements made on the call may be forward-looking.

請注意，電話會議中所做的一些陳述可能具有前瞻性。

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.

實際事件或結果可能與明示或暗示的事件或結果有重大差異，CGI 不承擔任何更新或修改任何前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。

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.

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。我們建議投資人閱讀全文。

We are reporting our financial results in accordance with International Financial Reporting Standards or IFRS.

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表現。

As always, we will also discuss non-GAAP performance measures, which should be viewed as supplemental.

像往常一樣，我們還將討論非 GAAP 績效指標，這應被視為補充。

The MD&A contains definitions of each one used in our reporting.

MD&A 包含我們報告中使用的每一項的定義。

All of the dollar figures expressed on this call are Canadian, unless otherwise noted.

除非另有說明，本次電話會議中所使用的所有美元數字均為加幣數字。

I'll now turn it over to Steve to review our Q4 financials, and then Francois will comment on our full year performance and business and market outlook.

我現在將把它交給史蒂夫來審查我們第四季度的財務狀況，然後弗朗索瓦將評論我們的全年業績以及業務和市場前景。

Steve?

史蒂夫？

Thank you, Kevin, and good morning, everyone.

謝謝你，凱文，大家早安。

CGI once again delivered strong results in our fourth quarter of fiscal 2024 in what continues to be a dynamic and challenging macro environment.

在持續充滿活力且充滿挑戰的宏觀環境中，CGI 在 2024 財年第四季再次取得了強勁業績。

In Q4, we delivered $3.7 billion of revenue, up 4.4% year-over-year or up 2% when excluding the impact of foreign exchange.

第四季度，我們實現了 37 億美元的收入，年增 4.4%，排除外匯影響則成長 2%。

The strongest CGI segments were Northwest and Central East Europe at 7.5% constant currency growth.

最強勁的 CGI 細分市場是西北歐和中東歐，貨幣恆定成長率為 7.5%。

UK and Australia at 7.2%.

英國和澳洲為 7.2%。

The Asia Pacific at 6.2% and US Federal at 5%.

亞太地區為 6.2%，美國聯邦為 5%。

From an industry perspective, we continue to have the highest growth in government, representing 4.7% constant currency growth this quarter.

從產業角度來看，政府部門的成長率持續最高，本季貨幣恆定成長率為 4.7%。

This was followed by manufacturing retail and distribution at 3.3%, driven from North America.

其次是來自北美的製造業零售和分銷，佔 3.3%。

Financial services in Europe and communications in North America remained challenged in line with the current market conditions.

根據當前的市場狀況，歐洲的金融服務和北美的通訊仍然面臨挑戰。

Our IP continued to grow at a faster pace with 3.7% constant currency growth in the quarter.

我們的 IP 繼續以更快的速度成長，本季貨幣恆定成長率為 3.7%。

As a percentage of total revenue, IP represented 22.9%, up 30 basis points year-over-year.

IP佔總營收的比例為22.9%，較去年成長30個基點。

In Q4, bookings were $3.8 billion for a book-to-bill ratio of 104%.

第四季的預訂量為 38 億美元，預訂出貨比為 104%。

Book-to-bill ratios were 85% for business and strategic IT consulting and system integration, given the continued softness in discretionary spending and 120% for managed services that will drive net new recurring revenue.

鑑於可自由支配支出持續疲軟，業務和策略 IT 諮詢和系統整合的訂單出貨比為 85%，而託管服務的訂單出貨比為 120%，這將推動新的淨經常性收入。

On a trailing 12 month basis, our book-to-bill ratio was 109%.

以過去 12 個月計算，我們的訂單出貨率為 109%。

On the same basis, Managed Services had a book-to-bill ratio of 117% and SI&C book-to-bill ratio was 100%.

在同一基礎上，管理服務的訂單出貨比為 117%，SI&C 的訂單出貨比為 100%。

Our global backlog reached $28.7 billion or 1.9 times revenue, reflecting our overall business resilience.

我們的全球積壓訂單達到 287 億美元，即營收的 1.9 倍，反映了我們的整體業務彈性。

Turning to profitability.

轉向盈利能力。

Our performance this quarter once again demonstrated our operating discipline.

我們本季的表現再次證明了我們的經營紀律。

Earnings before income taxes were $592 million for a margin of 16.2%, up 30 basis points year-over-year.

所得稅前利潤為 5.92 億美元，利潤率為 16.2%，年增 30 個基點。

Adjusted EBIT in the quarter was $600 million, representing a margin of 16.4%, up 10 basis points year-over-year.

該季度調整後息稅前利潤為 6 億美元，利潤率為 16.4%，年增 10 個基點。

The increase is mainly due to one more available day to bill and savings generated from our cost optimization program.

這一增長主要是由於多了一個可用的計費日以及我們的成本優化計劃帶來的節省。

These were, in part, offset by prior year's adjustments for R&D tax credits in France and the impact of lower utilization within the financial services, largely in Europe and Communication and Utilities in North America.

這些在一定程度上被去年法國研發稅收抵免的調整以及金融服務（主要是歐洲以及北美的通訊和公用事業）利用率較低的影響所抵消。

Margins were strongest in the following segments: Asia Pacific up 28%, Canada at 22%, Finland, Poland and Baltics at 19%, US Federal at 18% and US Commercial and State Government at 16%.

以下領域的利潤率最高：亞太地區成長 28%，加拿大成長 22%，芬蘭、波蘭和波羅的海國家成長 19%，美國聯邦成長 18%，美國商業和州政府成長 16%。

Our effective tax rate in the quarter was 26.4%, up from 25.7% last year, impacted by the tax credit adjustments and the increase in the UK statutory rate.

受稅收抵免調整和英國法定稅率上調的影響，我們本季的有效稅率為 26.4%，高於去年的 25.7%。

We expect our tax rate for future quarters to be in the range of 25.5% to 26.5%.

我們預計未來幾季的稅率將在 25.5% 至 26.5% 之間。

Net earnings were $436 million for a margin of 11.9%, up 10 basis points year-over-year.

淨利潤為 4.36 億美元，利潤率為 11.9%，年增 10 個基點。

Diluted EPS was $1.91, representing an increase of 8.5% year-over-year.

稀釋後每股收益為 1.91 美元，較去年同期成長 8.5%。

When excluding specific items, net earnings were $439 million.

排除特定項目後，淨利潤為 4.39 億美元。

This represents a margin of 12%, stable year-over-year.

這意味著利潤率為 12%，年比穩定。

On the same basis, Diluted EPS was $1.92, an accretion of 7.3% when compared to Q4 last year.

在同一基礎上，稀釋每股收益為 1.92 美元，與去年第四季相比成長 7.3%。

In the quarter, cash provided by operating activities was $629 million, representing a strong 17.2% of total revenue.

本季度，經營活動提供的現金為 6.29 億美元，佔總收入的 17.2%。

DSO was 41 days in the quarter, three days better than last year.

本季 DSO 為 41 天，比去年增加了 3 天。

In Q4, we used our cash to invest $82 million into our business, invest $492 million for business acquisition upon the completion of the acquisition of Aeyon and repayment of this debt and invest $49 million to buy back our stock.

第四季度，我們用現金向業務投資 8,200 萬美元，在完成收購 Aeyon 並償還債務後投資 4.92 億美元用於業務收購，並投資 4,900 萬美元回購我們的股票。

Before the end of the quarter, we issued $750 million of public Canadian senior notes.

在本季末之前，我們發行了 7.5 億加元的加拿大公開優先票據。

The proceeds were used to repay existing debt as planned and for general corporate purposes.

所得款項用於按計劃償還現有債務以及一般公司用途。

We continue to deliver a strong return on MF capital at 16%, consistent with the prior year, demonstrating our proficiency and discipline on deployment of capital.

我們繼續實現 16% 的強勁 MF 資本回報率，與前一年一致，這證明了我們在資本部署方面的熟練程度和紀律。

At the end of the quarter, CGI had $3 billion of cash readily available and access to more if needed.

截至本季末，CGI 擁有 30 億美元的可用現金，並在需要時可以獲得更多現金。

As part of our profitable growth strategy, CGI capital allocation priorities remain focused on investing back in the business and pursuing accretive acquisitions.

作為我們獲利成長策略的一部分，CGI 資本配置的優先事項仍集中在業務投資和追求增值收購上。

The company also has the flexibility to use a portion of its free cash flow for the repurchase of its stock and for the distribution of dividends to further enhance value for shareholders.

公司還可以靈活地使用部分自由現金流來回購股票和分配股息，以進一步提高股東的價值。

Yesterday, CGI's Board of Directors approved a cash dividend of $0.15 per share.

昨天，CGI 董事會批准了每股 0.15 美元的現金股息。

This dividend is payable on December 20, 2024, to shareholder of record as of the close of business on November 2, 2024.

該股將於 2024 年 12 月 20 日支付給截至 2024 年 11 月 2 日營業結束時在冊的股東。

Before turning the call over to Francois, I would like to highlight a few adjustments that were made effective October 1.

在將電話轉給弗朗索瓦之前，我想強調一下 10 月 1 日生效的一些調整。

Germany is now its own segment, and our operations in Scandinavia are now combined with our Northwest and Central East Europe segment.

德國現在是自己的部門，我們在斯堪的納維亞半島的業務現已與西北和中東歐部門合併。

Starting next quarter, we will begin reporting on this new structure, and we will provide restated historical data at that time.

從下個季度開始，我們將開始報告這個新結構，屆時我們將提供重述的歷史數據。

Now I will turn the call over to Francois to discuss the insight on the quarter and the year as well as the outlook for our business and markets.

現在我將把電話轉給弗朗索瓦，討論對本季和全年的見解以及我們業務和市場的前景。

Francois?

弗朗索瓦？

Thank you, Steve, and good morning, everyone.

謝謝你，史蒂夫，大家早安。

I am pleased to be here today to review the fiscal 2024 results achieved by our outstanding team around the world.

我很高興今天能夠在這裡回顧我們全球優秀團隊所取得的 2024 財年表現。

I also want to recognize George Shindler, who retired as of October 1, following a nearly 40 year career at CGI.

我還要感謝喬治辛德勒 (George Shindler)，他在 CGI 工作了近 40 年，並於 10 月 1 日退休。

Thank you, George, for your leadership and guiding our company over the past eight years as CEO and including the delivery of the strong results for fiscal 2024.

喬治，感謝您在過去八年擔任執行長期間對我們公司的領導和指導，包括在 2024 財年取得了強勁的業績。

CGI's performance for the year demonstrated our ability to execute on our plan in a dynamic market environment.

CGI 今年的表現證明了我們在動態的市場環境中執行計劃的能力。

Earnings expanded through higher recurring revenue mix as well as proactive operational excellence actions.

透過更高的經常性收入組合以及積極主動的卓越營運行動，獲利得以擴大。

Cash from operations remained robust as a result of sustained quality delivery for clients and bookings represented 109% book-to-bill ratio for the last 12 months with every reporting segment at or above 100% ratio.

由於為客戶提供持續優質的交付，來自營運的現金保持強勁，過去 12 個月的訂單出貨比達到 109%，每個報告部門的比率都達到或超過 100%。

With regards to revenue, growth progress has the increase in the back half of the year, ending Q4 with 4.4% year-over-year growth or 2% on a constant currency basis.

營收方面，下半年成長進度有所加快，第四季末年成長 4.4%，以固定匯率計算成長 2%。

We also furthered our buying strategy by closing chill mergers, a meaningful acceleration over fiscal 2023.

我們也透過完成冷合併進一步推進了我們的採購策略，這比 2023 財年實現了有意義的加速。

We began the year by merging with Miami-based Momentum Consulting to expand our digital and data offerings in our manufacturing, retail and distribution sectors.

今年年初，我們與總部位於邁阿密的 Momentum Consulting 合併，以擴大我們在製造、零售和分銷領域的數位和數據產品。

In Canada, we acquired the credit union business of Celero expanding our services to more than 2/3 of credit unions nationwide.

在加拿大，我們收購了 Celero 的信用社業務，將服務擴展到全國超過 2/3 的信用社。

And we acquired Aeyon and CGI Federal, deepening our digital and AI-based offerings, for national security and civilian agency clients.

我們還收購了 Aeyon 和 CGI​​ Federal，深化我們為國家安全和民事機構客戶提供的數位和基於人工智慧的產品。

I would like to warmly welcome all new consultants who joined CGI from these mergers.

我熱烈歡迎所有因這些合併而加入 CGI 的新顧問。

Each year, our plans are designed to create value for all three of CGI stakeholders.

每年，我們的計劃都旨在為所有三個 CGI 利害關係人創造價值。

This focus on seeking the best equilibrium among our clients, our consultants and our shareholders is fundamental to our strategy and planning.

注重在客戶、顧問和股東之間尋求最佳平衡是我們策略和規劃的基礎。

With this principle in mind, I will review the annual performance highlights by stakeholder, starting with clients.

牢記這項原則，我將從客戶開始，按利害關係人回顧年度績效亮點。

CGI's deep and trusted client relationships remain critical to our growth agenda.

CGI 深厚且值得信賴的客戶關係對我們的發展議程仍然至關重要。

Again, this year, client satisfaction was up on every dimension we measure.

今年，我們衡量的每個維度的客戶滿意度均有所上升。

In fact, two of the highest rated score were related to the quality of our relationships.

事實上，評分最高的兩項與我們的人際關係品質有關。

This includes CGI's commitment to clients as well as their intent to engage us again in the future.

這包括 CGI 對客戶的承諾以及他們未來再次與我們合作的意圖。

Both of these scores, which come from signed client assessments were at record high levels of over 9.6 out of 10.

這兩個分數都來自簽署的客戶評估，均達到創紀錄的高水平，超過 9.6 分（滿分 10 分）。

The expertise, insights and commitment of our consultants and professionals make this high degree of client satisfaction possible.

我們的顧問和專業人員的專業知識、見解和承諾使客戶的高度滿意度成為可能。

Thank you to all team members worldwide for partnering with clients to help them achieve tangible business and mission outcomes.

感謝全球所有團隊成員與客戶合作，幫助他們實現實際的業務和使命成果。

Now turning to our consultants and professionals.

現在轉向我們的顧問和專業人士。

CGI's culture of ownership is unique in the market and enabled us to retain and attract the best talent.

CGI 的所有權文化在市場上是獨一無二的，使我們能夠留住和吸引最優秀的人才。

This was demonstrated this year as we saw more of our consultants and professionals become CGI shareholders increasing from 85% to 87% year-over-year.

今年，我們看到更多的顧問和專業人士成為 CGI 股東，比例從 85% 年比增加到 87%，這一點得到了證明。

This engagement as owners is why we call our employees, CGI partners.

這種作為所有者的參與就是我們將我們的員工稱為 CGI 合作夥伴的原因。

Next, the overall satisfaction of our people increased again this year now at 8.9 out of 10.

其次，我們員工的整體滿意度今年再次上升，目前達到 8.9 分（滿分為 10 分）。

This result demonstrates the deep engagement of our CGI partners.

這一結果顯示了我們的 CGI 合作夥伴的深度參與。

Clients continue to cite this engagement as a key factor for why our people show up differently as an extension of their own teams.

客戶繼續將這種參與視為我們的員工作為自己團隊的延伸而表現出不同的關鍵因素。

This makes a significant difference, especially as client navigate change and prioritize their business and mission goals.

這會產生重大影響，尤其是當客戶應對變化並優先考慮其業務和使命目標時。

Lastly, the input of our people factored into multiple third-party recognitions for CGI such as rankings for best places to work in numerous countries and our inclusion on the Time Magazine World's Best Company list.

最後，我們員工的意見被納入多項第三方對 CGI 的認可中，例如多個國家的最佳工作場所排名以及我們被列入《時代》雜誌全球最佳公司名單。

And for our shareholders in fiscal 2024, we continue to proactively manage the fundamentals of our business to deepen our resilience and our capacity to create added value for shareholders.

對於我們的股東來說，在 2024 財年，我們將繼續積極主動管理我們業務的基本面，以增強我們的韌性和為股東創造附加價值的能力。

On a full year basis, constant currency growth included 7.5% growth in our Northwest and Central East Europe segment, 6.1% in Asia Pacific, 4.4% in UK and Australia.

全年來看，貨幣持續成長包括西北歐和中東歐地區成長 7.5%，亞太地區成長 6.1%，英國和澳洲成長 4.4%。

And from a services perspective, 5.2% in our IP based revenue portfolio and 3.4% in managed services.

從服務的角度來看，我們基於 IP 的收入組合佔 5.2%，託管服務佔 3.4%。

On the profitability side, we also continued to improve on a year-over-year basis with our results continuing to place us in the top quarter of our IT services peer group.

在獲利能力方面，我們的業績持續保持年成長，在 IT 服務同業中名列前茅。

Adjusted EBIT was up 4.5% for a margin of 16.5%, up 30 basis points.

調整後息稅前利潤成長 4.5%，利潤率為 16.5%，成長 30 個基點。

Adjusted net earnings were up 5.1% for a 12% margin.

調整後淨利成長 5.1%，利潤率為 12%。

Adjusted EPS was up 7.8% at $7.62. And cash generated from operations was over $2.2 billion, representing 15% of revenue.

調整後每股收益成長 7.8%，至 7.62 美元。營運產生的現金超過 22 億美元，佔收入的 15%。

Sustained client demand for managed services and IP contributed to these strong results and also drove our total bookings.

客戶對託管服務和 IP 的持續需求促成了這些強勁的業績，也推動了我們的總預訂量。

Again, this year, bookings surpassed $16 billion as clients continue to turn to CGI for Health and progressing their digital and innovation agendas while reducing their cost base.

今年，隨著客戶繼續轉向 CGI for Health 並推進其數位和創新議程，同時降低成本基礎，預訂量再次超過 160 億美元。

Second half managed services bookings were particularly strong at nearly $5.3 billion, up by more than $1 billion compared to the first half of the year.

下半年託管服務預訂量尤其強勁，達到近 53 億美元，比上半年成長超過 10 億美元。

This uptick was led by wins in manufacturing and government, both with second half bookings up 16% compared to H1.

這一增長是由製造業和政府部門的勝利帶動的，下半年的預訂量比上半年增長了 16%。

These larger longer-term engagements continue to require a tailored combination of our end-to-end offerings, notably for CGI's IP solutions as well as global delivery.

這些更大規模的長期合作仍然需要我們客製化的端到端產品組合，特別是 CGI 的 IP 解決方案以及全球交付。

For example, in Q4, the US, Pattern and Trademark Office awarded CGI two monetization contracts, covering a range of security, efficiency and mission-oriented services.

例如，第四季度，美國圖案和商標局授予 CGI 兩份貨幣化合同，涵蓋一系列安全、效率和任務導向的服務。

The projects have a total potential value of USD 119 million and expand CGI's momentum IP services to help the agency foster innovation and enable economic growth.

這些項目的總潛在價值為 1.19 億美元，擴大了 CGI 的動量智慧財產權服務，以幫助該機構促進創新並促進經濟成長。

One of the world's largest manufacturers entering into an agreement with CGI to jointly launch an international development unit based in Germany, to support group-wide digital projects and support their developers in line with the company's increasing demand for software performance.

全球最大的製造商之一與 CGI 達成協議，在德國聯合成立一個國際開發部門，以支援集團範圍內的數位專案並支援其開發人員，以滿足公司對軟體效能日益增長的需求。

Through this initiative, the client aims to develop new IT systems faster and more efficiently.

透過這項舉措，客戶旨在更快、更有效率地開發新的 IT 系統。

CGI's architects, developers and consultants will deliver services and solutions grounded in technology expertise and manufacturing knowledge to help the client accelerate business outcomes in line with their digitalization vision and strategy.

CGI 的架構師、開發人員和顧問將提供基於技術專業知識和製造知識的服務和解決方案，幫助客戶根據其數位化願景和策略加速實現業務成果。

The Department of Justice Northern Ireland courts and tribunal service awarded CGI a 20 year agreement to serve as business transformation delivery partner.

北愛爾蘭司法部法院和法庭服務部授予 CGI 為期 20 年的協議，作為業務轉型交付合作夥伴。

Our consultants will help modernize the justice system and hence efficiency and improve service access.

我們的顧問將協助實現司法系統的現代化，從而提高效率並改善服務的可近性。

And we entered into a new long-term agreement to transform the transaction processing function of Mackenzie Investments.

我們還簽署了一項新的長期協議，以改造 Mackenzie Investments 的交易處理功能。

This is the latest in a series of operational enhancements Mackenzie is making to further modernize and digitize its platforms and processes.

這是 Mackenzie 為進一步實現平台和流程現代化和數位化而採取的一系列營運增強措施中的最新一項。

As part of the new expanded relationship, Mackenzie will transition the majority of its transaction processing services for account and plan administration to CGI.

作為新擴展關係的一部分，Mackenzie 將把其帳戶和計劃管理的大部分交易處理服務轉移到 CGI。

This will allow Mackenzie to leverage CGI's innovative capabilities and redefining processes and integrating advanced level of intelligent automation into workflows.

這將使 Mackenzie 能夠利用 CGI 的創新能力，重新定義流程，並將先進等級的智慧自動化整合到工作流程中。

As a result, Mackenzie will be able to accelerate the speed, quality and efficiency of its client servicing capabilities, including faster transaction times.

因此，Mackenzie 將能夠提高其客戶服務能力的速度、品質和效率，包括更快的交易時間。

Looking ahead, our business plan for fiscal year 2025 includes ongoing and new investments in our end-to-end services to enable our consultants to tailor the most relevant solutions for clients.

展望未來，我們 2025 財年的業務計劃包括對端到端服務的持續投資和新投資，以使我們的顧問能夠為客戶量身定制最相關的解決方案。

These investments are aligned to the client demand we see in our pipeline, which is up 20% on a year-over-year basis across all of our services.

這些投資與我們在通路中看到的客戶需求一致，我們所有服務的客戶需求年增了 20%。

In Managed Services, we will continue to evolve our partnership models backed by CGI's financial strength to create compelling offerings.

在託管服務方面，我們將在 CGI 的財務實力的支持下繼續發展我們的合作夥伴模式，以創造引人注目的產品。

This includes embedding more AI to unlock new ways to help drive efficiency and innovation for clients.

這包括嵌入更多人工智慧來解鎖新方法，幫助客戶提高效率和創新。

CGI's managed services remain in high demand because it enables our clients to generate cost savings, deep in agility to navigate the dynamic environment and advance the digital initiatives.

CGI 的託管服務需求仍然很高，因為它使我們的客戶能夠節省成本，高度敏捷地駕馭動態環境並推動數位規劃。

For CGI, managed services deliver long-term recurring revenue, which improves our resilience through all economic cycles.

對 CGI 來說，託管服務可帶來長期經常性收入，進而提高我們在所有經濟週期中的彈性。

For IP, we will continue to invest in our solutions portfolio to meet increasing client expectations for innovation and embedded AI functionality.

對於 IP，我們將繼續投資於我們的解決方案組合，以滿足客戶對創新和嵌入式人工智慧功能日益增長的期望。

In collaboration with teams around the world, we are progressing multiple generative AI proof of concept to address common use cases across multiple IPs, including for in-demand functionality, such as recommendations on next best actions.

我們與世界各地的團隊合作，正在推進多個生成式 AI 概念驗證，以解決多個 IP 上的常見用例，包括按需功能，例如關於下一步最佳行動的建議。

Our IP value proposition provides clients with digital accelerators with lower capital costs.

我們的智慧財產權價值主張為客戶提供資本成本較低的數位加速器。

For CGI, IP provides recurring revenue with a higher margin profile.

對於 CGI 而言，IP 提供經常性收入和更高的利潤率。

And in business and strategic IT consulting and systems integration, we will focus where discretionary spending will continue, such as advisory services and cloud, cybersecurity and responsible use of AI.

在業務和策略 IT 諮詢和系統整合方面，我們將繼續關注可自由支配支出的領域，例如諮詢服務和雲端、網路安全以及負責任地使用人工智慧。

Our SI&C value proposition provides clients with the actionable advice and implementation capabilities they need to realize business value.

我們的 SI&C 價值主張為客戶提供實現業務價值所需的可行建議和實施能力。

For CGI, SI&C provides a client entry point, which creates future opportunities to deliver CGI's full range of services.

對於 CGI，SI&C 提供了一個客戶切入點，這為未來提供 CGI 的全方位服務創造了機會。

Across our portfolio of services, our business plan also incorporates investments to further our innovation agenda, particularly in AI and GenAI, in line with our previously announced $1 billion AI investment.

在我們的服務組合中，我們的業務計劃還納入了進一步投資以推進我們的創新議程，特別是在人工智慧和 GenAI 領域，這與我們先前宣布的 10 億美元人工智慧投資一致。

CGI remains well positioned globally as a leading trusted partner to help clients on an end-to-end basis from defining their strategies to implementing AI-powered platforms and solutions.

CGI 在全球範圍內仍處於領先地位，是值得信賴的領先合作夥伴，從​​制定策略到實施人工智慧驅動的平台和解決方案，為客戶提供端到端的協助。

Our pipeline of AI opportunities continues to grow, particularly for data consulting, call migration, proof-of-concepts and targeted use case implementation that drive business outcomes.

我們的人工智慧機會管道不斷成長，特別是在資料諮詢、呼叫遷移、概念驗證和推動業務成果的目標用例實施方面。

Examples of recent awards leveraging AI includes the government of Canada selected CGI to develop and deploy a virtual assistant tool to help clear backlog of over 200,000 payroll cases thereby reducing processing time and improving user experience.

最近利用人工智慧獲得獎項的例子包括加拿大政府選擇 CGI 來開發和部署虛擬助理工具，以幫助清理超過 20 萬個薪資案例的積壓，從而減少處理時間並改善用戶體驗。

UK's network rail expanded their proof of concept for CGI's machine vision IP to enhance their operational efficiency and continuous asset monitoring and a clean energy technology company in the US selected CGI to build a data-driven analytics platform using AI and machine learning for proactive plant monitoring and optimization.

英國的網路鐵路擴大了 CGI 機器視覺 IP 的概念驗證，以提高營運效率和持續資產監控，美國的一家清潔能源技術公司選擇 CGI 來建立數據驅動的分析平台，利用人工智慧和機器學習進行主動工廠監控和優化。

Our experts remain engaged in government initiatives around the world to reinforce CGI's commitment to responsible and [ten equal] AI practices.

我們的專家繼續參與世界各地的政府舉措，以加強 CGI 對負責​​任和[十對等]人工智慧實踐的承諾。

In fact, during Q4, CGI signed the European Commission's AI Attelage to help shape the digital future of Europe.

事實上，在第四季度，CGI 簽署了歐盟委員會的 AI Attelage，以幫助塑造歐洲的數位未來。

Finally, our fiscal 2024 business plan includes continued investment in M&A to accelerate our depth and breadth and geographic segments.

最後，我們的 2024 財年業務計畫包括繼續投資併購，以加速我們的深度和廣度以及地理細分市場。

The M&A environment remains more favorable as macroeconomic and geopolitical dynamics continue to reshape the consolidation activities within the IT services industry.

隨著宏觀經濟和地緣政治動態繼續重塑 IT 服務產業內的整合活動，併購環境仍然更加有利。

We are in active dialogue with a larger number of merger targets at all stages of our pipeline.

我們正在管道的各個階段與大量合併目標進行積極對話。

And as always, we will be disciplined to make sure that all CGI mergers will be accretive to each of our stakeholders.

像往常一樣，我們將嚴格遵守紀律，確保所有 CGI 合併都能為我們的每個利害關係人帶來利益。

In closing, clients across industries continue to invest in the monetization and optimization of the technology in order to transform their business value chains as well as their operating volumes.

最後，各行業的客戶繼續投資於技術的貨幣化和優化，以改變其業務價值鍊和營運量。

CGI remains well positioned as one of the few leading global firms with the scale, reach, insights and capabilities to help clients deliver tangible business outcomes they require from their digital strategy investments.

CGI 仍然是少數幾家擁有規模、影響力、洞察力和能力的全球領先公司之一，能夠幫助客戶從數位策略投資中交付他們所需的實際業務成果。

Our strong performance in fiscal 2024, combined with our resilience as a company and our proven build and buy growth strategy underpin our plan for delivering profitable growth in the year ahead.

我們在 2024 財年的強勁業績，加上我們作為一家公司的韌性以及我們經過驗證的構建和購買增長戰略，支撐著我們在未來一年實現盈利增長的計劃。

Thank you for your continued interest and support.

感謝您一直以來的關注與支持。

Let's go to the question, Kevin.

讓我們來回答這個問題吧，凱文。

Thank you, Francois.

謝謝你，弗朗索瓦。

Joelle, we can now poll for questions.

Joelle，我們現在可以投票提問。

(Operator Instructions)

（操作員說明）

Richard Tse, National Bank Financial.

理查德·謝（Richard Tse），國家銀行金融部。

With respect to your press release, you had a statement in there that seems to kind of emphasize acquisitions a bit more that's sort of my read.

關於您的新聞稿，您在那裡發表了一份聲明，似乎更多地強調了收購，這是我讀到的。

Is it fair to say that you'll be more active in the next 12 months than the last 12 months when it comes to deploying capital on acquisitions here.

可以公平地說，在未來 12 個月內，您在部署資本進行收購方面會比過去 12 個月更加積極嗎？

Like I said, we have -- we -- the pipeline is pretty full on the M&A side.

就像我說的，我們在併購方面的管道已經相當滿了。

We are talking with a larger number of prospects.

我們正在與更多的潛在客戶進行交談。

So it's going well on that side.

所以這方面進展順利。

But again, closing them, it's a different story.

但再次關閉它們，情況就不同了。

We need to agree on the price.

我們需要就價格達成協議。

And it needs to make some sense for us.

它需要對我們有意義。

So like I'm saying, we have a great pipeline.

就像我說的，我們有一個很棒的管道。

We are working with several different targets.

我們正在與幾個不同的目標合作。

But will we come to an agreement with that, that's still in the making.

但我們是否會就此達成協議，這仍在醞釀中。

But we're pretty positive on that side.

但我們在這方面非常樂觀。

Okay.

好的。

And then with respect to AI, when it comes to your pipeline, what's the mix of business that has aiding or GenAI tied to it?

然後就人工智慧而言，當涉及到您的管道時，與它相關的輔助或 GenAI 的業務組合是什麼？

And how would that compare to like the prior year here?

與去年相比如何？

We -- you heard about the proof of concept that we did and some of the mandates that we received, like example, with the government of -- the federal government with the payroll cases.

我們——你們聽說過我們所做的概念驗證以及我們收到的一些任務，例如聯邦政府的工資案件。

We have more and more of these proof of concept.

我們有越來越多的概念驗證。

And also, we are using more and more AI internally also for our managed services.

此外，我們也在內部將越來越多的人工智慧用於我們的託管服務。

So that's also something we're working on.

這也是我們正在努力的事情。

And on the IP side, we are using more and more GenAI on our IP services.

在 IP 方面，我們在 IP 服務上使用越來越多的 GenAI。

So it's increasing naturally year versus last year and the expectation and that will continue in the future.

因此，與去年相比，它每年都會自然增長，並且預期這種情況將在未來持續下去。

Okay.

好的。

And then last one for me.

然後是我的最後一張。

As GenAI does scale, what do you do in terms of kind of retraining the workforce or in your hiring practices?

隨著 GenAI 規模的擴大，您在勞動力再培訓或招募實踐方面做了什麼？

Just trying to understand how that sort of labor market will shift, and how you'll sort of get ready ahead of that wave here.

只是想了解這種勞動力市場將如何轉變，以及您將如何在這一浪潮之前做好準備。

Yes.

是的。

If you remember last year, I know George announced, and it's already now a year in the making in our $1 billion of investment in AI.

如果你還記得去年，我知道喬治宣布，我們對人工智慧的 10 億美元投資已經進入一年了。

And that $1 billion of investment was also to train our people on these tools.

這 10 億美元的投資也用於培訓我們的員工使用這些工具。

So that's going pretty well. we had some basic training for all the members, all the CGI partners in CGI, but we had also more in-depth training for more technical training for our developers and programmers in the company.

所以一切進展順利。我們對所有成員、CGI 中的所有 CGI 合作夥伴進行了一些基礎培訓，但我們也對公司的開發人員和程式設計師進行了更深入的技術培訓。

So that's going well, and that will continue in the future.

所以一切進展順利，將來還會繼續下去。

And naturally -- on the hiring side, naturally, we are hiring people with the right skills on the AI side.

當然，在招募方面，我們自然會招募具有人工智慧方面合適技能的人員。

So no problem on this side.

所以這一面沒有問題。

Divya Goyal, Scotiabank.

迪維亞‧戈亞爾，豐業銀行。

Francois or maybe Steve either or if you could provide a little bit more color on the bookings for this specific quarter.

弗朗索瓦或史蒂夫，或者您是否可以提供有關該特定季度的預訂的更多資訊。

I noted there was a slight weakness in the bookings reported this quarter.

我注意到本季報告的預訂量略有疲軟。

So just trying to understand what is the broader sentiment that you're seeing across the global enterprises and if there's something to call out for there?

那麼，只是想了解一下您在全球企業中看到的更廣泛的情緒是什麼，以及是否有什麼值得呼籲的？

I can start, and Steve, you can give some color also on your side.

我可以開始了，史蒂夫，你也可以給你一些支持。

But as you know, bookings is always lumpy.

但如您所知，預訂總是不穩定。

And we had some contracts that didn't hit the end of the quarter, but we feel that we'll have some good news again in the next couple of weeks.

我們有一些合約沒有在本季末到期，但我們認為在接下來的幾週內我們將再次收到一些好消息。

But I'll take the example, example of CGI Federal, now they finished before -- they finished below 100%.

但我會舉個例子，CGI Federal 的例子，現在他們之前完成了——他們的完成率低於 100%。

And again, this year was a year of election in the US Federal.

同樣，今年是美國聯邦大選的一年。

So naturally, we see a tendency these years of election that the administration will slow down some of the procurement to wait to see if their priorities will change.

因此，很自然地，我們看到這些年來的選舉趨勢是，政府將放慢一些採購，以觀望其優先事項是否會改變。

So that's one of the impact that we saw in the quarter.

這就是我們在本季看到的影響之一。

I don't know, Steve, if you have other examples, but always -- you always see some lumpiness in the year.

我不知道，史蒂夫，你是否還有其他例子，但總是——一年中你總是會看到一些起伏不定的情況。

Yes.

是的。

And in the quarter, managed services, the bookings were strong at 120%, the projects, so the SI&C side was 85%.

本季度，託管服務、專案預訂量強勁，達到 120%，因此 SI&C 方面為 85%。

But when you look at it from a last 12 month point of view, it was $100 million.

但如果從過去 12 個月的角度來看，它是 1 億美元。

So I think it's better to look at it from -- really from a last 12 month point of view.

所以我認為最好從過去 12 個月的角度來看待它。

That's helpful.

這很有幫助。

On this specific discussion on the CGI Federal, that is actually an interesting topic that I'm sure you'll probably get a lot more questions on.

關於 CGI Federal 的具體討論，這實際上是一個有趣的話題，我相信您可能會收到更多問題。

But how do you see that part of the business generally evolve.

但您如何看待這部分業務的整體發展？

I know in the past when George has commented on this discussion, I understand that the spending picks up early on, slows down closer to election and then slowly hits up again.

我知道過去當喬治對這次討論發表評論時，我知道支出會在早期增加，在臨近選舉時放緩，然後再次緩慢回升。

However, with this new potential government coming in, how do you see things shifting and changing and could the tariffs potentially impact CGI negatively if at all?

然而，隨著這個新的潛在政府的上任，您如何看待事情的轉變和變化？

No, I don't see that.

不，我不這麼認為。

First of all, as you know, we are dealing with the Federal Government for 40 years.

首先，如您所知，我們與聯邦政府打交道已經有 40 年了。

So we know the client.

所以我們了解客戶。

And I would say that every time that a change of government is happening, priorities are changing.

我想說，每次政府更迭時，優先事項都會改變。

And when priorities are changing, I guess what they need IT to achieve their business goals.

當優先順序發生變化時，我猜測他們需要 IT 來實現其業務目標。

So the expectation we have is that, no, we don't see any negative even contrary when the new administration will come in, priority will change, and we'll have a lot of discussion on how IT can help them because, as you know, IT is a driver for all of this, and they'll need some IT services to help them to achieve their priorities.

因此，我們的期望是，不，當新政府上任時，我們不會看到任何負面甚至相反的情況，優先事項將會改變，我們將就IT 如何幫助他們進行大量討論，因為，正如您所看到的那樣，要知道，IT 是這一切的驅動力，他們需要一些 IT 服務來幫助他們實現優先事項。

That's very helpful.

這非常有幫助。

Just one last question.

只是最後一個問題。

The company obviously continues to generate pretty significant revenues from the government sector.

顯然，該公司繼續從政府部門獲得相當可觀的收入。

Do you see that shifting at all in the near term?

您認為這種情況在短期內會改變嗎？

And if you could provide just color on the banking and financial services sector, how are you seeing that?

如果您可以僅提供銀行和金融服務部門的顏色，您對此有何看法？

And I'll pass the line with that.

我會通過這一點。

Yes.

是的。

No, government, I think, was strong in 2024, and we're seeing it continue to be strong in 2025.

不，我認為政府在 2024 年很強大，而且我們看到它在 2025 年將繼續強大。

A lot of governments across the world are continuing to do some investments, and they need to continue.

世界上許多政府正在繼續進行一些投資，而且他們需要繼續下去。

So we see that as positive.

所以我們認為這是積極的。

On financial sector, it was -- Q4 was mostly flat, and we had some reduction in at the start of the year, mostly flat now in Q4.

在金融領域，第四季基本上持平，年初我們有所減少，現在第四季基本上持平。

With the rates coming down and the interest rates coming down and with the banks that slowed down some of the discretionary expenses in the past, we feel that perhaps we can see a bounce back on that side.

隨著利率的下降以及銀行過去放慢了一些可自由支配支出的速度，我們認為也許我們可以看到這方面的反彈。

Because, again, you cannot retain these investments for a long time.

因為，你無法長期保留這些投資。

So they need to invest back in their business.

因此，他們需要對自己的業務進行投資。

And so we are seeing some lights at the end of the tunnel on the financial sector side.

因此，我們看到金融部門的隧道盡頭出現了一些曙光。

Jerome Dubreuil, Desjardins Bank.

傑羅姆‧杜布勒伊 (Jerome Dubreuil)，加鼎銀行 (Desjardins Bank)。

First one is on your Microsoft practice.

第一個是關於您的 Microsoft 實務。

I might be wrong, but I don't hesitate to push back on this, but we don't see you as much in Microsoft partner rankings, relative to peers maybe, and this practice looks like it might be quite important in an AI world, especially AI enterprise.

我可能是錯的，但我會毫不猶豫地反駁這一點，但我們在微軟合作夥伴排名中並沒有看到你那麼多，也許相對於同行而言，這種做法看起來在人工智慧世界中可能非常重要尤其是AI企業。

If you can maybe start by qualifying the relative strength of your Microsoft practice and if you think this should be a bigger focus going forward?

您是否可以先確定您的 Microsoft 實踐的相對優勢，並且您是否認為這應該成為未來更大的焦點？

First of all, on Microsoft.

首先，關於微軟。

Microsoft is a real big partner of ours.

微軟是我們真正的大合作夥伴。

And actually, I would say that it's the number one partner for CGI.

事實上，我想說它是 CGI 的第一大合作夥伴。

So we have a lot of consultants having [justification] on Microsoft.

所以我們有很多顧問對微軟有[理由]。

And we are using their tools like CoPilot that we deploy and using it on a daily basis.

我們正在使用他們的工具，例如我們每天部署和使用的 CoPilot。

So that's not a problem.

所以這不是問題。

For sure, we need to be -- as you know, our value, we have an impendent value.

當然，正如你所知，我們需要——我們的價值，我們有一個迫在眉睫的價值。

So we are working with all of them, and we're not just a Microsoft shop, but we are also using other technology like AWS and Google.

因此，我們正在與所有這些公司合作，我們不僅僅是一家微軟商店，而且我們還使用其他技術，例如 AWS 和 Google。

So it's -- we are capable of offering all these technologies to our clients.

所以我們有能力向我們的客戶提供所有這些技術。

That's great.

那太棒了。

Second question on M&A, different angle, but I remember last quarter, you commented on your target multiple for acquisitions of around one turn revenue.

關於併購的第二個問題，不同的角度，但我記得上個季度，您評論了收購大約一回合收入的目標倍數。

Maybe if you can clarify this comment.

也許你能澄清這個評論。

It seems like it contrast maybe a little bit with the comments you've been making on M&A today.

看起來這與您今天對併購發表的評論可能有點不同。

In terms of -- the comment on the pricing, you mean, the onetime revenue?

就定價而言，您的意思是一次性收入？

Yes, correct.

是的，正確。

On the target multiples for M&A.

關於併購的目標倍數。

So look, if you look just at the recent one we did with CGI Federal Aeyon.

所以，看看我們最近與 CGI Federal Aeyon 合作的專案。

You will see, and you can see it in the financial statement, you will see that we paid more than 1 times revenue.

你會看到，你可以在財務報表中看到，你會看到我們支付的費用超過了收入的一倍。

So it's all relative to what you're purchasing, obviously.

所以顯然，這一切都與您購買的東西有關。

We have paid more than 1 times revenue because we believe we can generate a good return on it.

我們支付了超過收入一倍的費用，因為我們相信我們能夠產生良好的回報。

So it's all part of the return we can generate on the transaction.

因此，這都是我們可以在交易中產生的回報的一部分。

But no, there's not a fixed limit of 1 times revenue at all.

但不，根本沒有 1 倍收入的固定限制。

In fact, Aeyon proves it differently because we paid more than that.

事實上，Aeyon 證明了這一點，因為我們付出的比這更多。

Yes.

是的。

And again, an example Aeyon is in the federal US Federal sector, especially in the defense side.

再舉一個例子，Aeyon 是在美國聯邦部門，特別是在國防方面。

And we thought that it was a great acquisition, and we see a lot of growth on that side and a lot of capabilities.

我們認為這是一次偉大的收購，我們看到這方面有很大的成長和很多能力。

So we were ready to pay more.

所以我們準備好支付更多。

And we're still thinking it will be accretive to all stakeholders of the company.

我們仍然認為這將為公司的所有利益相關者帶來好處。

Stephanie Price, CIBC.

史蒂芬妮·普萊斯，CIBC。

Looking ahead to fiscal '25, peers have been guiding to kind of a continuation of the current demand environment.

展望 25 財年，同業一直在指導當前需求環境的延續。

Is this reasonable based on what you're hearing from clients?

根據您從客戶那裡聽到的情況，這合理嗎？

It sounds like maybe you're seeing a few green shoots here.

聽起來你可能在這裡看到了一些萌芽。

How should we think about the demand environment evolving over 2025?

我們該如何看待 2025 年需求環境的演變？

We don't see necessarily material changes yet on the environment versus what we saw in the last quarter.

與上個季度相比，我們尚未看到環境發生必然的重大變化。

I think managed services is still very strong.

我認為託管服務仍然非常強大。

We have -- and I had a lot of discussion with CEOs across the world that they are interested about finding ways to have some cost savings.

我和世界各地的執行長進行了很多討論，他們有興趣尋找節省成本的方法。

So that still continue to be pretty strong on that side.

因此，這方面仍然非常強勁。

But on the -- as you know, on the business consulting, a bit like Steve alluded, a little bit still soft on the SI&C especially in the business consulting.

但如你所知，在商業諮詢方面，有點像史蒂夫提到的那樣，對 SI&C 仍然有點軟弱，尤其是在商業諮詢方面。

So that's where we still see that for now, the environment or the demand environment, it can still be a bit soft on the business consulting.

因此，我們仍然看到，目前的環境或需求環境，對商業諮詢來說仍然可能有點軟。

So we'll be naturally close to it, but on the managed services, that continued to be pretty strong.

因此，我們自然會接近它，但在託管服務方面，這仍然相當強勁。

That makes sense.

這是有道理的。

And then maybe you could talk a little bit about the US Commercial and State Government.

然後也許你可以談談美國商業和州政府。

It looks like the book-to-bill was 100% of both the quarter and the year.

看起來季度和年度的訂單出貨率為 100%。

How should we think about what's going on in that vertical?

我們該如何思考這個垂直領域正在發生的事情？

A lot of discussion, and we have large potential deals with -- especially on the state and local side that, again, it's a question of timing.

進行了很多討論，我們有很大的潛在交易——尤其是在州和地方方面，這又是一個時間問題。

So we have a lot of discussion.

所以我們有很多討論。

We have a lot of bids happening, but the timing of when closing them can be lumpy.

我們有很多投標，但結束投標的時間可能很不穩定。

And so I'm not nervous necessarily about that.

所以我對此並不感到緊張。

And I think we'll -- you'll see in the future some bounce back on that side.

我認為我們將來會看到這方面的一些反彈。

Same thing a bit on the financial sector.

金融領域也有同樣的情況。

We have big financial sector in the US commercial.

我們在美國商業領域擁有龐大的金融部門。

And again, like I was saying, it was off a bit on the discretionary expenses side.

再說一遍，就像我說的，可自由支配開支方面有點偏離。

So now like I was saying with the rates -- interest rates going down, we think that the financial sector will start again to buy IT services in the future.

所以現在就像我所說的隨著利率的下降，我們認為金融部門未來將再次開始購買 IT 服務。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

I'd like to touch base on just the continued softness in the discretionary spend.

我想談談可自由支配支出持續疲軟的情況。

Just any incremental color that you can provide there?

您可以在那裡提供任何增量顏色嗎？

I know that you mentioned that within the SI&C that bookings can be quite lumpy.

我知道您提到過 SI&C 中的預訂可能相當不穩定。

But when I actually look at the absolute dollar value, it's below anything that you guys booked even during the pandemic.

但當我實際查看絕對美元價值時，即使在大流行期間，它也低於你們預訂的任何價格。

So just trying to understand what's exactly going on in that line item.

所以只是想了解該訂單項目到底發生了什麼事。

Well, I think it's two things.

嗯，我認為這是兩件事。

Like I was saying in the financial sector, where we're pretty strong in business consulting side.

就像我在金融領域所說的那樣，我們在商業諮詢方面非常強大。

They slowed down in the last two years, right, with the interest rate going up.

隨著利率的上升，他們在過去兩年放緩了，對吧。

So that had an impact to us, especially example in Europe.

這對我們產生了影響，尤其是在歐洲。

We're pretty strong or stronger in business consulting.

我們在商業諮詢方面相當強大或更強。

We saw that some slowdown on the financial sector on the business consulting.

我們看到金融部門的業務諮詢有所放緩。

So that's really where it's coming from.

這就是它的真正來源。

And we think that we are at the end of it with especially in the financial sector, but we need to see in the next couple of quarters.

我們認為我們已經結束了，特別是在金融領域，但我們需要在接下來的幾個季度中看到。

But it's really I would say it's the environment.

但我想說的是，這確實是環境。

And we're not the only one that you see that elsewhere that the business -- the business consulting side can be soft.

我們並不是唯一一個在其他地方看到業務——業務諮詢方面可能很軟弱的人。

So I don't think we are different than the rest of the industry, and we'll see if it's coming back pretty soon.

因此，我認為我們與行業其他公司沒有什麼不同，我們將看看它是否很快就會回歸。

And then as a follow-up here, when we think about the business model and kind of what's happened in this cycle, there has been a lot more, I would say, client focus on managing costs.

然後作為這裡的後續行動，當我們考慮商業模式以及這個週期中發生的事情時，我想說，客戶更加關注管理成本。

Obviously, that's helped the managed services side.

顯然，這對託管服務方面有幫助。

It's been a bit more challenging for the SI&C side of the equation.

對於等式的 SI&C 方面來說，這更具挑戰性。

Given your more onshore type delivery model, if we remain in this current soft environment, is there a risk that we see below industry growth in that line item given that your competitors arguably have a broader global delivery or a lower cost footprint.

考慮到您更多的在岸類型交付模式，如果我們保持在當前的軟環境中，考慮到您的競爭對手可能擁有更廣泛的全球交付或更低的成本足跡，我們是否會看到該訂單項目的行業增長低於行業增長的風險。

No, I don't -- not at all.

不，我不——一點也不。

First of all, we have a pretty large footprint in APAC and Asia Pacific.

首先，我們在亞太地區和亞太地區擁有相當大的足跡。

So we have no problem at all to take new managed services and delivering from Asia Pac, and we have some several ones signed in the last year.

因此，我們完全可以從亞太地區獲得新的託管服務和交付，並且我們去年簽署了一些服務。

So that continue to be -- our offshore and global delivery model is pretty resilient.

因此，我們的離岸和全球交付模式仍然具有相當的彈性。

And so we don't have any problem with that.

所以我們對此沒有任何問題。

But we still think that having our proximity model is helping to be close to our clients and having the right relationship with our clients.

但我們仍然認為，擁有鄰近模型有助於拉近與客戶的距離，並與客戶建立正確的關係。

So I don't think and I don't see any issue with our model.

所以我認為我們的模型沒有任何問題。

No.

不。

Okay.

好的。

That's helpful.

這很有幫助。

And then -- and the final question here, perhaps, following up on some of the earlier commentary around the acquisitions.

然後——也許是這裡的最後一個問題，是對早期有關收購的一些評論的跟進。

At what point do you perhaps evaluate the target return on investment that you need in the sense that, is it a fixed number here that from an absolute perspective or when you kind of think about others in the space that have been a lot more active, is that something you need to be cognizant of as you try to perhaps build more capabilities or even if it's acquire more capabilities, whether it be in the AI space or anything like that.

您可能會在什麼時候評估您需要的目標投資回報，從絕對角度來看，它是一個固定數字，還是當您考慮該領域中更活躍的其他人時，當您試圖建立更多功能，或者即使當它獲得更多功能時，無論是在人工智慧領域還是類似的領域，你都需要認識到這一點。

I'll start, and Steve, perhaps you can put some more color.

我開始了，史蒂夫，也許你可以添加一些更多的色彩。

But for sure, we always have been disciplined in our acquisition, and it needs to be accretive, like I said, for all of our stakeholders.

但可以肯定的是，我們在收購中始終遵守紀律，正如我所說，它需要為我們所有的利害關係人帶來增值。

So that's why we won't buy to buy something, but we need to believe that it will bring a return to the stakeholders, like I said, and so financially, but also for the clients -- existing clients and new clients.

這就是為什麼我們不會為了買東西而買東西，但我們需要相信它會為利害關係人帶來回報，就像我說的那樣，在財務上，也為客戶——現有客戶和新客戶— —帶來回報。

So I don't know, Steve, on the financial side.

所以我不知道，史蒂夫，在財務方面。

Just when we look at acquisition, yes, there is a return, but there is also the culture.

當我們審視收購時，是的，有回報，但也有文化。

We want to make sure that when we do a deal, one -- and we like to say that one plus one equals three.

我們希望確保在達成交易時，一——我們喜歡說一加一等於三。

We want the merger to make sense and to generate more than the stand-alone entities.

我們希望合併有意義，並產生比獨立實體更多的東西。

So that's a go.

所以就這樣吧。

And it's not only a financial element, obviously, we're looking a lot at the culture of the company to make sure that it would match with CGI, and it would be well integrated because when you're paying for something, you want to make sure that you're going to get ultimately, the 1 plus 1 equal 3.

顯然，這不僅僅是一個財務因素，我們正在密切關注公司的文化，以確保它與 CGI 相匹配，並且能夠很好地集成，因為當你為某樣東西付費時，你想要確保你最終會得到1 加1 等於3。

So it's not only financial, it's a mix of elements.

因此，這不僅是財務方面的，而且是多種因素的結合。

And we're, as Francois mentioned, really diligent.

正如弗朗索瓦所說，我們非常勤奮。

We want to make sure that the acquisition will benefit all stakeholders.

我們希望確保此次收購將使所有利害關係人受益。

Steven Li, Raymond James.

史蒂文李，雷蒙詹姆斯。

First question is on Canadian margins.

第一個問題是關於加拿大的邊緣。

It was down quite a bit year-over-year.

年比下降了不少。

Anything changing there?

那裡有什麼變化嗎？

And can we rebound this year?

今年我們能反彈嗎？

Yes.

是的。

I think we needed to do some adjustment in Q4.

我認為我們需要在第四季度進行一些調整。

So we had some a bit of utilization challenges that we tackle.

因此，我們遇到了一些需要解決的利用挑戰。

And so I would say that you can expect some bounce back in the future.

所以我想說，你可以期待未來會出現一些反彈。

Okay.

好的。

Perfect.

完美的。

And also, under the Trump administration, what is the puts and takes on some of your larger contract vehicles like the EPA?

此外，在川普政府的領導下，美國環保署等一些較大的合約工具的看跌期權和承擔額是多少？

Is it too early to tell, or are there -- can you see some offsets?

現在判斷是否還為時過早，或者您能看到一些抵消嗎？

Too early to tell.

還為時過早。

And again, I'll go back Steven to the first comment I had.

再次，我會讓史蒂文回到我的第一條評論。

When you have change in the politics side, it will change naturally some of the priorities that they have.

當政治方面發生變化時，他們的一些優先事項自然會改變。

But we are mostly in all the agencies at the federal government, civilian side and on the defense side.

但我們主要在聯邦政府、民事方面和國防部的所有機構中工作。

So depending on the priorities, we will adjust properly.

所以根據優先順序，我們會適當調整。

But we see that, like I was saying, a change of -- priorities and more work for us.

但正如我所說，我們看到優先事項發生了變化，我們需要做更多的工作。

So I see that as an opportunity.

所以我認為這是一個機會。

Got it.

知道了。

And then on the dividend, is there any formal dividend policy set at this point like growing it with free cash flow every year.

然後在股息方面，目前是否制定了任何正式的股息政策，例如每年透過自由現金流來成長股息。

No.

不。

Look, as you well know, the dividend, it's the responsibility ultimately of the Board.

眾所周知，股利最終是董事會的責任。

Obviously, we started issuing a dividend because the Board understand the value for some shareholders.

顯然，我們開始發放股利是因為董事會了解某些股東的價值。

And what we can say is that we will review diligently each quarter, the dividend, first of all, the declaration and also the amount and that would be done diligently.

我們可以說的是，我們每季都會認真審查股息，首先是聲明和金額，我們會認真審查。

But let's remember that our priorities are in terms of cash allocation is really on growth and growth investment in the business and also in accretive M&A, and we also want to continue to be active on our share repurchase program.

但請記住，我們在現金分配方面的首要任務實際上是業務的成長和成長投資以及增值併購，我們也希望繼續積極實施我們的股票回購計劃。

So -- but I can -- we can confirm that the Board, obviously, value and understand well the value of the dividend for the shareholders.

因此，但我可以確認，董事會顯然非常重視並充分理解股利對股東的價值。

Got it.

知道了。

And then a quick one.

然後是快速的。

Did you say how much AI bookings was during the quarter?

您是否說過本季 AI 預訂量是多少？

I think I missed that.

我想我錯過了。

No.

不。

We didn't put AI bookings.

我們沒有進行人工智慧預訂。

Again, it's difficult to understand how much booking we have.

同樣，很難了解我們有多少預訂。

We're using AI for most -- more and more of our projects.

我們在越來越多的專案中使用人工智慧。

I think that the number of projects that we're using AI went up by another 10% this quarter.

我認為本季我們使用人工智慧的項目數量又增加了 10%。

So -- and we're using it in managed services and in the SI&C.

因此，我們在託管服務和 SI&C 中使用它。

So we don't have necessarily a number of bookings that we can give.

因此，我們不一定能提供大量預訂。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

First of all, maybe expanding on the last point.

首先，也許可以擴展最後一點。

Can you comment just in terms of maybe some of the specific ways that you're using AI internally and the runway in terms of what that could mean for efficiency and margins.

您能否就您在內部使用人工智慧的一些具體方式以及這對效率和利潤意味著什麼發表評論。

I mean this -- it has been mostly around cogeneration, around automating client support?

我的意思是——它主要圍繞著熱電聯產、自動化客戶支援？

Or what are some of the early ways you've been using it?

或者您早期使用它的一些方式是什麼？

Yes.

是的。

Well, we're using it naturally in the -- our managed services with machine learning and to optimize some of our processes and IT processes.

嗯，我們自然地在我們的託管服務中使用它，透過機器學習來優化我們的一些流程和 IT 流程。

So that's bringing naturally some cost savings that we're sharing with the clients.

因此，這自然會帶來一些我們與客戶分享的成本節省。

So that's one aspect.

這是一方面。

In our IP, we are also using more and more of our -- of AI to do some development, like you were saying, to do some testing also.

在我們的 IP 中，我們也越來越多地使用人工智慧來進行一些開發，就像您所說的那樣，也進行一些測試。

So that's another way we're using AI.

這是我們使用人工智慧的另一種方式。

And I am saying we have more and more proof of concept or like I was giving the example in the speech with clients, specifically where we're putting in place some AI to help them in their own automation or monitoring of asset, for example.

我想說的是，我們有越來越多的概念證明，或者就像我在與客戶的演講中舉的例子一樣，特別是我們正在部署一些人工智慧來幫助他們實現自動化或資產監控等。

So it's all area, but -- and we are also using, Steve is looking at an example on the financial, on this finance department and the HR and the internal processes.

所以這都是領域，但是——我們也在使用，史蒂夫正在看一個關於財務、這個財務部門、人力資源和內部流程的例子。

So see how we can reduce the cost.

那麼看看我們如何降低成本。

Great.

偉大的。

And as we think about margins heading into 2025.

當我們考慮 2025 年的利潤率。

What are some of the puts and takes you might call out.

您可能會提出哪些看跌期權和看跌期權。

So on the one hand, your managed services mix is increasing, which should be helpful, I would think, for margins.

因此，一方面，您的託管服務組合正在增加，我認為這對利潤率應該有所幫助。

On the other hand, SI&C is being impacted by leader utilization.

另一方面，SI&C 受到領導者利用率的影響。

So let's say if the spending environment remains status quo, barring an uptick.

因此，假設支出環境維持現狀，除非出現上升。

I mean how would you think about your opportunities on the margin front?

我的意思是，您如何看待利潤方面的機會？

I think when you're looking at it, you saw that in Q4, we're in some region in Europe, the margin is a bit weaker than the average of the company.

我認為當你看它時，你會發現在第四季度，我們在歐洲的某些地區，利潤率略低於公司的平均水平。

So we still think there we can have some improvement year-over-year.

因此，我們仍然認為我們可以逐年取得一些進展。

So we're working with the teams to see how we can improve the margin there.

因此，我們正在與團隊合作，看看如何提高那裡的利潤。

So I'm positive on the margin for next year.

所以我對明年的利潤持樂觀態度。

But naturally, it depends also where the SI&C will go.

但自然地，這也取決於 SI&C 將去向何處。

But I think we are capable of improving the margin if everything is going well.

但我認為，如果一切進展順利，我們有能力提高利潤率。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場部。

Just wanted to touch on M&A and the M&A environment.

只是想談談併購和併購環境。

You mentioned it's more favorable I was hoping if you can elaborate on that.

你提到它更有利，我希望你能詳細說明一下。

Does that reflect the soft discretionary environment opening up potential opportunities, or is there something else that's helping the environment here?

這是否反映了軟性自由裁量環境帶來了潛在的機會，或者有其他因素有助於改善這裡的環境？

For sure, like we know with the SI&C that is a bit softer.

當然，就像我們所知道的 SI&C 一樣，它要軟一些。

It's putting pressure to some of these companies.

這給其中一些公司帶來了壓力。

And so some of them needs to do something, and that's why we have perhaps more discretion than we had in the past.

因此，他們中的一些人需要做點什麼，這就是為什麼我們可能比過去有更多的自由裁量權。

So with this environment that we still think it can be -- continue from the next couple of quarters.

因此，在我們仍然認為可以的這種環境下，從接下來的幾季繼續下去。

We see that as an opportunity to have this discussion.

我們認為這是進行討論的機會。

And some of this discussion was a discussion we had in the past.

其中一些討論是我們過去討論過的。

And actually, we were not agreeing on example on the price.

事實上，我們在價格範例上並沒有達成一致。

And now we have new discussion with the same targets, and the prices are more reasonable, if I can say.

現在我們有了新的討論，目標相同，而且價格更合理，如果我可以說的話。

So that's the kind of market environment that we're seeing in the M&A side.

這就是我們在併購方面看到的市場環境。

And we think that this will continue for some future quarters.

我們認為這種情況將持續數季。

Secondly, just regarding GenAI, just hoping if you can provide update on what you're hearing from customers in terms of the impact of GenAI on purchasing decisions.

其次，關於 GenAI，希望您能提供從客戶那裡聽到的有關 GenAI 對購買決策影響的最新資訊。

It seems like companies are doing a lot of testing and evaluation of GenAI.

看起來各公司正在對 GenAI 進行大量測試和評估。

Has it changed the -- their willingness to purchase from vendors from IT services?

它是否改變了他們向供應商購買 IT 服務的意願？

Are you seeing a shift to more willingness to try to build homegrown or internal solutions, and also just where are they from a testing point of view?

您是否看到人們更願意嘗試建立本土或內部解決方案，以及從測試的角度來看它們處於什麼位置？

Are they moving pass testing and starting to make deployments?

他們是否正在通過測試並開始進行部署？

No, it's not at all.

不，根本不是。

They need us to do these proof of concept, this testing.

他們需要我們進行這些概念驗證和測試。

They need us to prepare their data be capable of using the right way of AI.

他們需要我們準備他們的數據，以便能夠使用正確的人工智慧方式。

And they need our capabilities and our knowledge about these two.

他們需要我們的能力和關於這兩者的知識。

So it's really more a driver of future growth for us because, again, it's -- they need people with the right technology and the right expertise and we have that.

因此，這對我們來說確實是未來成長的驅動力，因為他們需要擁有正確技術和專業知識的人才，而我們擁有這些。

So that's for me more an opportunity to grow in the future than anything else. -- And that's what we're seeing at least now in the pipeline and all that.

所以這對我來說是未來成長的機會，比其他任何事情都重要。 ——這就是我們至少現在在管道中看到的。

Robert Young, Canaccord Genuity.

羅伯特楊，Canaccord Genuity。

Another M&A question.

另一個併購問題。

I also noted maybe a slightly higher priority on M&A in the materials and the monolog and so maybe just Francois under your tenure as CEO, do you expect to put more emphasis on M&A?

我還指出，在材料和獨白中，併購的優先順序可能會稍高一些，所以也許只有弗朗索瓦在您擔任執行長期間，您是否希望更加重視併購？

Is there going to -- do you expect to have more intensity under your tenure or -- I understand the pipeline is still very strong and active.

你是否期望在你的任期內有更大的力度，或者——我知道管道仍然非常強大和活躍。

I understand that you're going to have similar discipline, and I understand that the valuations are likely a little more positive, but do you expect to be more -- put more emphasis there?

我知道你們也會有類似的紀律，我也知道估值可能會更積極一些，但你們是否期望更加重視這一點？

Our strategy was always the build-and-buy strategy and grow 50% by organic and 50% by acquisition.

我們的策略始終是建立和購買策略，透過有機成長 50%，透過收購成長 50%。

So it's always have been in the forefront in our strategy.

因此，它始終處於我們策略的最前線。

So yes, I'll put a lot of focus on this.

所以是的，我會非常關注這一點。

And yes, we think that the environment is pretty good for M&A.

是的，我們認為併購環境非常好。

So we will be as active as possible on that side.

因此，我們將在這方面盡可能積極。

But at the same time, we will stay disciplined, and we won't buy just for buying.

但同時，我們也會保持自律，不會為了買而買。

We need to hire the right one.

我們需要聘請合適的人。

But again, like Steve was saying, Aeyon, we were ready to buy at attrition price because we thought it was the right acquisition, and we'll never design to pay a higher price if it's making sense for us.

但同樣，就像史蒂夫所說的，Aeyon，我們準備以消耗價格購買，因為我們認為這是正確的收購，如果對我們有意義的話，我們永遠不會設計支付更高的價格。

Okay.

好的。

And then in the past, I think my sense has been that you've avoided large acquisitions where there is a large infrastructure component.

然後在過去，我認為我的感覺是，你避免了有大型基礎設施組件的大型收購。

I think that was because of sensitivity around the impact to your valuation.

我認為這是因為對估值影響的敏感度。

It feels like that corner of the market has a much better valuation given AI.

考慮到人工智慧，感覺這個市場角落的估值要高得多。

And so is that something that you would continue to avoid?

那麼這是您會繼續避免的事情嗎？

Or is that something you'd be more willing to look at?

還是這是你比較願意看的東西？

Sorry, I missed the start, saying on the AI side, you're saying?

抱歉，我錯過了開頭，說的是人工智慧方面，你是說？

-- In the past, my understanding is that you've avoided some larger acquisitions because of a large infrastructure component like data centers, et cetera.

——過去，我的理解是，由於資料中心等大型基礎設施元件，您避免了一些較大的收購。

And now that that's a more highly valuable part of the market.

現在，這是市場上更有價值的部分。

I'm just curious if that's something that you would consider, or is that still something that you would avoid?

我只是好奇這是否是您會考慮的事情，還是您仍然會避免的事情？

Or am I just wrong in that assumption?

還是我的假設是錯的？

Pure infra, we would not necessarily be interested about it.

純粹的基礎設施，我們不一定會對它感興趣。

We have some infrastructure business.

我們有一些基礎設施業務。

We still have some, I would say, 10% of our business is infrastructure.

我想說，我們仍然有 10% 的業務是基礎設施。

But buying infrastructure business only, that's not our interest.

但只購買基礎設施業務，那不是我們的興趣。

If we have a company where they have some infra, we won't be shy to look at it, but we would not buy infrastructure pure business, no interest on that time.

如果我們有一家公司有一些基礎設施，我們不會害羞地看看它，但我們不會購買基礎設施純業務，那時沒有興趣。

Okay.

好的。

And then last one, just a quick one.

然後是最後一個，只是一個快速的。

Looking back to the last time the Trump administration came in.

回顧川普政府上次上台時的情況。

I remember there was a lot of pressure on H1B, and your onshore and modeling benefited from that?

我記得H1B壓力很大，你的在岸工作和模特兒工作從中受益嗎？

Like do you think of that as something might repeat itself?

你是否認為某些事情可能會重演？

Or are you thinking about your relative on-share offshore mix how that might change, and then I'll pass the line.

或者你是否正在考慮你的相對股票離岸組合可能會如何變化，然後我會透過電話。

On federal side, if I'm talking the federal business

在聯邦方面，如果我說的是聯邦事務

--.

--.

It's onshore.

它在岸上。

It's onshore.

它在岸上。

It's 100% delivered onshore.

100% 陸上交貨。

And we are also using some near-shore activities or a region like [Lafayette], like Southwest Virginia.

我們也使用一些近岸活動或像[拉法葉]這樣的地區，例如維吉尼亞州西南部。

So that's our model since decades to deliver, especially on the Federal Government side, onshore or nearshore, but in the US So we didn't use offshore for that aspect of the business.

這就是我們幾十年來所提供的模式，特別是在聯邦政府方面、陸上或近岸，但在美國，我們沒有使用離岸來開展這方面的業務。

So then that would be a positive for you, right?

那麼這對你來說是正面的，對嗎？

Yes.

是的。

-- Yes, our metro market model, as you mentioned, and the delivery model we have at CGI, obviously, for -- as you said, if it becomes more difficult to use offshore from the US, obviously, for us, our members are citizens of the US.

-- 是的，我們的地鐵市場模式，正如您所提到的，以及我們在CGI 的交付模式，顯然，正如您所說，如果從美國離岸使用變得更加困難，顯然，對我們，我們的會員來說是美國公民。

And our partners are citizen in the US.

我們的合作夥伴是美國公民。

And obviously, it's going to be -- for us, it won't create any issues.

顯然，對我們來說，這不會造成任何問題。

No.

不。

Suthan Sukumar, Stifel.

蘇坦·蘇庫瑪，斯蒂菲爾。

One question for me is on your client pipeline.

我的一個問題是關於您的客戶管道。

I think you noted earlier in the remarks that it is up over 20% for next year across all sectors.

我想您之前在演講中指出，明年所有行業的成長率都將超過 20%。

And it seems like you're mix of new -- net new business seems to be picking up as well year-over-year.

看起來你們是新業務的混合體——淨新業務似乎也逐年成長。

Can you speak a little bit about what's underscoring that?

能談談強調這一點的原因嗎？

What verticals and capabilities are you seeing success on the new business side?

您在新業務方面看到了哪些垂直領域和功能的成功？

And who are you displacing?

你要取代誰？

Who is we're displacing, I think we're competing against all the major players.

我們正在取代誰，我認為我們正在與所有主要參與者競爭。

So as you know sometimes it can be one or the other.

正如你所知，有時可能是其中之一。

So we don't have necessarily one in particular that we're displacing.

因此，我們不一定要取代特定的一個。

As for new business, you're right.

至於新業務，你是對的。

Now pretty good in the new business.

現在新業務發展得還不錯。

And I think we'll -- it's a focus that we're trying to do more and more to win in new clients.

我認為我們會——這是我們正在努力做更多事情以贏得新客戶的重點。

And we think that example, as you know, we won a big contract last year with Circle K on the retail side.

我們認為這個例子，正如你所知，去年我們在零售方面與 Circle K 贏得了一份大合約。

And we continue to see retail as one area where we can win more new business because, again, they need some cost savings and ways of reducing their cost structure.

我們仍然將零售視為我們可以贏得更多新業務的領域，因為他們再次需要一些成本節約和降低成本結構的方法。

And that's what we did there, and we can showcase that to other clients.

這就是我們在那裡所做的，我們可以向其他客戶展示這一點。

So that's our area.

這就是我們的領域。

I think financial sector will still be pretty active on the managed services side.

我認為金融部門在管理服務方面仍將非常活躍。

And so we are talking with existing but also new clients on the financial sector side to see how we can showcase our managed services and our offshore capabilities.

因此，我們正在與金融領域的現有客戶和新客戶進行討論，看看我們如何展示我們的託管服務和離岸能力。

Okay.

好的。

Great.

偉大的。

And one quick one for me.

給我一個快速的。

On SI&C, it's obviously still soft, but on a full year basis, I think it looks relatively more resilient than some of your peers.

在 SI&C 上，它顯然仍然疲軟，但從全年來看，我認為它看起來比一些同行相對更有彈性。

Can you speak a little bit about what changes are you seeing in the discretionary demand picture now versus maybe a year ago?

您能否談談您現在看到的可自由支配需求情況與一年前相比有何變化？

Any new pockets of strength or weeks, is that the about that you're saying?

任何新的力量或幾週，這就是你所說的嗎？

Well, I would say on the strength side, the -- for sure, AI is a place where we have a lot of consulting and ask from clients help them on the AI side.

嗯，我想說，在優勢方面，當然，人工智慧是一個我們提供大量諮詢並要求客戶在人工智慧方面幫助他們的地方。

So that's a place where we are seeing some growth, and we think that we will continue to see some growth on that side.

所以這是我們看到一些成長的地方，我們認為我們將繼續看到這方面的一些成長。

Other places, like I was alluding in my speech, when we talk about cybersecurity, for example, is another place where still a lot of demand on the business consulting side how to help them with all the threats that we're seeing in the world.

其他地方，就像我在演講中提到的那樣，例如，當我們談論網路安全時，另一個地方對業務諮詢方面仍然有很多需求，如何幫助他們應對我們在世界上看到的所有威脅。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call over to Kevin for closing remarks.

我現在將把電話轉給凱文，讓他發表結束語。

Thank you, Joelle.

謝謝你，喬爾。

Thanks, everyone, for participating.

謝謝大家的參與。

As a reminder, a replay of this call will be available either via our webcast or by dialing 1-888-660-6264 and using the passcode 2591.

謹此提醒，您可以透過我們的網路廣播或撥打 1-888-660-6264 並使用密碼 2591 重播本次通話。

As well, a podcast of this call will be available for download within a few hours.

此外，本次電話會議的播客將在幾個小時內可供下載。

Follow-up questions can be directed to me at 1-905-973-8363.

後續問題可以致電 1-905-973-8363 與我聯絡。

Thanks again, everyone, and look forward to speaking soon.

再次感謝大家，並期待盡快發言。

Ladies and gentlemen, this concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

We thank you for participating and ask that you please disconnect your lines.

我們感謝您的參與，並請您斷開線路。