CGI Inc (GIB) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to CGI's first quarter fiscal 2025 conference call. And I would like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Please go ahead, Mr. Linder.

女士們、先生們，早安，歡迎參加 CGI 2025 財年第一季電話會議。我想將會議交給投資者關係資深副總裁 Kevin Linder 先生。請繼續，林德先生。

Thank you, Sylvia, and good morning. With me to discuss CGI's first quarter fiscal 2025 results are Francois Boulanger, our President and CEO; and Steve Perron, Executive Vice President and CFO.

謝謝你，西爾維亞，早安。與我一起討論 CGI 2025 財年第一季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 09:00 AM Eastern Time, on Wednesday, January 29, 2025. Supplemental slides as well as the press release we issued earlier this morning are available for download along with our Q1 MD&A, financial statements and accompanying notes, all of which have been filed with both SEDAR and EDGAR.

這通電話將在 cgi.com 上播出，並於 2025 年 1 月 29 日星期三美國東部時間上午 9:00 現場錄製。我們今天早上發布的補充幻燈片和新聞稿均可下載，還有我們的第一季 MD&A、財務報表和隨附說明，所有這些都已提交給 SEDAR 和 EDGAR。

Please note that some statements made on the call may be forward-looking. Actual events or results may differ materially from those expressed or implied and CGI disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

請注意，電話會議中的一些陳述可能是前瞻性的。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，且 CGI 不承擔更新或修改任何前瞻性陳述的任何意圖或義務，無論其是否由於新資訊、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. We are reporting our financial results in accordance with International Financial Reporting Standards or IFRS.

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。我們建議投資人完整閱讀該文。我們根據國際財務報告準則或 IFRS 報告我們的財務結果。

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. We are also hosting our Annual General Meeting this morning, so we hope you will join us live via the broadcast at 11:00 AM.

與往常一樣，我們還將討論非 GAAP 績效指標，這些指標應被視為補充。MD&A 包含我們報告中使用的每一個的定義。除非另有說明，本次電話會議中所表示的所有美元數字均為加拿大元。我們今天上午也將舉辦年度股東大會，因此我們希望您能於上午 11:00 透過直播加入我們。

Now I'll turn the call over to Francois for some introductory remarks. Francois?

現在我將把電話交給弗朗索瓦，請他做一些介紹性發言。弗朗索瓦？

Thank you, Kevin, and good morning, everyone. Today, in line with the long-term succession plan of CGI, Julie Godin was appointed Executive Chair of CGI Board of Directors effective following today's Annual General Meeting of Shareholders. CGI'S founder Serge Godin is now the Co-Chair of the board and will continue to focus on transformational acquisitions and on large-scale engagements with clients.

謝謝你，凱文，大家早安。今天，根據 CGI 的長期繼任計劃，Julie Godin 被任命為 CGI 董事會執行主席，該任命將於今天的年度股東大會後生效。CGI 的創辦人 Serge Godin 現擔任董事會聯席主席，並將繼續專注於轉型收購和與客戶的大規模合作。

During our Annual General Meeting this morning, Serge and Julie will provide further remarks on this key milestone. In addition, we announced this morning the signing of a new merger agreement. I will discuss this in my remarks.

在今天上午的年度股東大會上，Serge 和 Julie 將就這一重要里程碑發表進一步評論。此外，我們今天上午宣布簽署新的合併協議。我將在我的發言中討論這個問題。

Now I'll turn the call over to Steve to review the Q1 financial results. Steve?

現在我將把電話轉給史蒂夫來回顧第一季的財務結果。史蒂夫？

Thank you, Francois, and good day, everyone. CGI once again delivered strong results in our first quarter of fiscal 2025. Before I begin, I would like to remind everyone about the adjustment we made to our reporting segments starting this quarter. Germany is now its own segment, and our operation in Scandinavia are now combined with our Northwest and Central East Europe segments.

謝謝你，弗朗索瓦，大家好。CGI 在 2025 財年第一季再次取得了強勁的業績。在開始之前，我想提醒大家我們從本季開始對報告分部所做的調整。德國現在是自己的分部，我們在斯堪的納維亞的業務現在與我們的西北歐和中東歐分部合併。

In Q1, we delivered $3.8 billion of revenue, up 5.1% year-over-year or up 2.7% when excluding the impact of foreign exchange. In constant currency, the CGI segments with strongest growth were US federal at 14%; Canada at 59%; India Pacific at 5.2%; and UK and Australia at 3.2%.

第一季度，我們的營收為 38 億美元，年增 5.1%，若剔除外匯影響則成長 2.7%。以固定匯率計算，成長最強勁的CGI部門是美國聯邦，成長14%；加拿大為59%；印度太平洋航空​​為 5.2%；英國和澳洲為 3.2%。

In constant currency, our North American operations grew at 6.9% this quarter, while our European operations reported a change of minus 0.8% compared to last year, largely due to slower market, Germany and France.

以固定匯率計算，本季我們的北美業務成長了 6.9%，而我們的歐洲業務與去年相比成長了 0.8%，這主要是由於德國和法國市場放緩。

From an industry perspective, constant currency revenue growth was led by at 7.9% and Financial Services at 5.5% driven by strong performance in North America and continued softness in the manufacturing sector, particularly in Europe.

從產業角度來看，受北美市場強勁表現以及製造業（尤其是歐洲）持續疲軟的推動，以固定匯率計算，營收成長以 7.9% 和金融服務業 5.5% 為主導。

IP revenue grew in seven of our eight proximity segments on the strength of continued client interest for our business solutions. IP represented 21.6% of total revenue, down 40 basis points year-over-year due to recent business acquisitions.

由於客戶對我們的業務解決方案持續感興趣，我們八個鄰近細分市場中的七個的 IP 收入均實現了成長。IP 佔總收入的 21.6%，由於最近的業務收購，年減 40 個基點。

In Q1, bookings were $4.2 billion for a book-to-sales ratio of 110%. Our North American and Europe had identical book-to-bill ratio at 110%. When looking at service type, book-to-bill ratios were 107% for managed services and 114% for business and strategic IT consulting and system integration.

第一季度，訂單額為 42 億美元，訂單銷售額比率為 110%。我們的北美和歐洲的訂單出貨比相同，均為 110%。從服務類型來看，託管服務的訂單出貨率為 107%，業務和策略 IT 諮詢和系統整合的訂單出貨率為 114%。

On a trailing 12-month basis, our book-to-bill ratio was 108%. On the same basis, Managed Services had a book-to-bill ratio of 113% and SI&C book-to-bill ratio was 101%. Our global backlog reached $29.8 billion or 2 times revenue, providing good revenue visibility.

過去 12 個月，我們的訂單出貨比為 108%。基於相同基礎，託管服務的訂單出貨率為 113%，SI&C 的訂單出貨率為 101%。我們的全球未完成訂單達到 298 億美元，是收入的 2 倍，提供了良好的收入可見度。

Turning to profitability. Our results again demonstrated our ability to manage our operation with discipline. Earnings before income taxes were $592 million for a margin of 15.6%, up 100 basis points year-over-year. Adjusted EBIT in the quarter was $612 million, representing a margin of 62%. The favorable impact generated from last year's cost optimization program and recent this acquisition and lower billable utilization with some regions of Continental Europe.

轉向盈利能力。我們的業績再次證明了我們有能力規範地管理我們的營運。稅前利潤為 5.92 億美元，利潤率為 15.6%，年增 100 個基點。本季調整後的息稅前利潤為 6.12 億美元，利潤率為 62%。去年的成本優化計劃和最近的收購以及歐洲大陸部分地區的計費利用率降低產生了有利影響。

Margins were strongest in the following segments Asia Pacific at 32.5%; Canada at 24.1%; UK and Australia at 16.5%. Our effective tax rate in the quarter was 29%, down from 26.1% last year, and we expect our tax rate for future quarters to be in the range of 25.5% to 26.5%

亞太地區的利潤率最高，為 32.5%；加拿大為24.1%；英國和澳洲為16.5%。本季我們的有效稅率為 29%，低於去年的 26.1%，我們預計未來幾季的稅率將在 25.5% 至 26.5% 之間

Net earnings were $439 million for a margin of 11.6%, up 80 basis points year-over-year. Diluted EPS was $1.92, representing an increase of 15% year-over-year. Adjusted net earnings were $449 million. This represents a margin of 11.9%, stable year-over-year. On the same basis, diluted EPS was $1.97, an accretion of 7.7% on when compared to Q1 last year.

淨收益為 4.39 億美元，利潤率為 11.6%，年增 80 個基點。稀釋每股收益為 1.92 美元，年增 15%。調整後的淨利為4.49億美元。這意味著利潤率為 11.9%，與去年同期相比保持穩定。在相同基礎上，稀釋每股收益為 1.97 美元，與去年第一季相比成長 7.7%。

This quarter, we initiated targeted actions in Europe, mainly in Germany, to realign our cost structure with current market conditions. As such, we incurred $8 million of costs in Q1, and we expect to incur another $42 million to finalize these actions by Q3. This was 38 days in the quarter, three days better than last year, contributing to the $646 million in our cash from operations, a strong 17.1% of total revenue.

本季度，我們在歐洲（主要是德國）採取了有針對性的行動，以根據當前的市場狀況重新調整我們的成本結構。因此，我們在第一季產生了 800 萬美元的成本，我們預計將再產生 4,200 萬美元以在第三季之前完成這些行動。本季有 38 天，比去年多了 3 天，為我們的經營現金流貢獻了 6.46 億美元，佔總收入的 17.1%。

Over the last 12 months, CGI has generated close to $2.3 billion, up nearly $200 million compared to the same period last year. In Q1, we use our cash to invest $83 million into our business, invest $30 million for business acquisition, representing the initial payment for [Doherty] acquisition, invest $153 million to buy back our stock and returned $34 million to our shareholders under our recently initiated dividend program.

在過去的 12 個月中，CGI 創造了近 23 億美元的收入，與去年同期相比增加了近 2 億美元。在第一季度，我們使用現金向我們的業務投資了 8300 萬美元，投資了 3000 萬美元用於業務收購，這是收購 [Doherty] 的初始付款，投資了 1.53 億美元回購我們的股票，並根據我們最近啟動的股息計劃向我們的股東返還了 3400 萬美元。

We continue to deliver a strong return on invested capital at 16.2%, up 30 basis points, demonstrating our proficiency and discipline on deployment of capital. In line with our capital allocation strategy and priorities. Earlier today, we announced that CGI entered into a new agreement for a merger in the UK. Francois will provide more commentary on the merger in a few minutes.

我們繼續實現強勁的投資資本回報率，達到 16.2%，上升了 30 個基點，證明了我們在資本配置方面的能力和紀律。符合我們的資本配置策略和優先事項。今天早些時候，我們宣布 CGI 在英國達成了新的合併協議。幾分鐘後，弗朗索瓦將對此次合併發表更多評論。

Yesterday, our Board of Directors approved the extension of our NCIB program until February 2026 and authorizing us to repurchase for cancellation up to 20.2 million shares over the next 12 months. And CGI's Board of Directors also approved a quarterly cash of $0.15 per share. This dividend is payable on March 21, 2025, to shareholder of record as of the close of business on February 14, 2025. As communicated in the past and consistent with our profitable growth strategy, CGI's capital allocation. Priorities remain focused on investing back in the business and pursuing accretive acquisitions.

昨天，我們的董事會批准將我們的 NCIB 計劃延長至 2026 年 2 月，並授權我們在未來 12 個月內回購最多 2,020 萬股股票以供註銷。CGI 董事會還批准了每股 0.15 美元的季度現金。該股將於 2025 年 3 月 21 日支付給 2025 年 2 月 14 日營業結束時登記在冊的股東。正如過去所傳達的，並且與我們的獲利成長策略一致，CGI 的資本配置。優先事項仍然是重新投資業務和進行增值收購。

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

現在，我將把電話轉給弗朗索瓦，進一步討論本季的見解以及我們的業務和市場的前景。

Thank you, Steve. I am pleased with our team's performance in the first quarter as we continue to successfully execute on our build and buy profitable growth strategy. We began the fiscal year in a strong position with positive momentum on a year-over-year basis.

謝謝你，史蒂夫。我對我們團隊在第一季的表現感到滿意，因為我們繼續成功執行我們的建設和購買獲利成長策略。我們以強勁的勢頭開啟了本財年，並且與去年同期相比呈現了積極的發展勢頭。

Revenue grew 5.1% or 2.7% on a constant currency basis. EPS accretion was 15% or 7.7% on an adjusted basis, resulting from a higher recurring revenue mix as well as proactive operational excellence actions. And cash from operations reached nearly $650 million or 17.1% of revenue for an improvement of 110 basis points as a result of sustained quality, delivery and business excellence.

營收成長 5.1%（以固定匯率計算成長 2.7%）。每股收益成長 15%，調整後成長 7.7%，這得益於經常性收入組合的增加以及積極主動的卓越營運行動。由於持續的品質、交付和業務卓越性，經營現金流達到近 6.5 億美元，佔收入的 17.1%，提高了 110 個基點。

In the quarter, we also continued to see rising levels of engagement with our stakeholders. More than 87% of our 91,000 consultants and professionals are now CGI shareholders up from 86% this time last year. And client satisfaction levels again rose now at 9.5 out of 10, with one of the highest scores being the intention of clients to engage with CGI again in the future.

本季度，我們也繼續看到與利害關係人的互動水準不斷提高。我們 91,000 名顧問和專業人士中，超過 87% 現在是 CGI 股東，高於去年同期的 86%。客戶滿意度再次上升，達到 9.5 分（滿分 10 分），其中最高分之一是客戶有意在未來再次與 CGI 合作。

The high satisfaction and deep confidence clients have in CGI's people and capabilities drove strong bookings in Q1, representing 110% book-to-bill ratio. First quarter bookings continue to be led by wins within our two largest industry sectors of government and financial services.

客戶對 CGI 的人員和能力的高度滿意和深切信任推動了第一季的強勁訂單量，訂單出貨比達到 110%。第一季的預訂量繼續由我們最大的兩個行業部門——政府和金融服務——的勝利所引領。

In the quarter, we saw an uptick in financial services as clients reinitiated investments that were previously paused. Booking in this sector was -- were 123% of revenue, an increase of more than 40% compared to the same quarter last year.

本季度，隨著客戶重新啟動先前暫停的投資，我們看到金融服務有所回升。該領域的預訂量佔營收的 123%，與去年同期相比成長了 40% 以上。

In the government sector, bookings increased more than 40% on a sequential basis, resulting in a Q1 book-to-bill of 124%. This increase was a result of a stronger client focus on driving monetization and operational efficiency. We expect this trend to continue as governments around the world adapt their IT priorities in line with evolving mission and policy priorities.

在政府部門，訂單量較上季成長超過 40%，第一季訂單出貨比達到 124%。這一成長是由於客戶更加重視推動貨幣化和營運效率。我們預計，隨著世界各國政府根據不斷變化的使命和政策重點調整其 IT 優先事項，這一趨勢將會持續下去。

Representative client awards in the quarter included Skyline, a leading provider of military pilot and aircrew training in Canada, selected CGI as a strategic technology partner to design the next generation of very crew training for the Royal Canadian Air Force. Under the 25-year agreement, CGI will deliver a comprehensive suite of innovative secure services, including cybersecurity, business consulting and cloud computing.

本季的代表性客戶獎包括加拿大領先的軍事飛行員和機組人員培訓提供者 Skyline，該公司選擇 CGI 作為戰略技術合作夥伴，為加拿大皇家空軍設計下一代機組人員培訓。根據這份為期 25 年的協議，CGI 將提供全面的創新安全服務，包括網路安全、商業諮詢和雲端運算。

And Wells, the Highwall University Health Board, initiated a 10-year [GBP75 million] strategic partnership with CGI to drive the digital transformation of health care to improve patient outcomes. CGI's consultants will partner with the Board to streamline operations, modernize systems and processes and deliver innovative solutions such as AI integration.

海沃爾大學健康委員會 Wells 與 CGI 建立了為期 10 年（7500 萬英鎊）的策略合作夥伴關係，以推動醫療保健的數位轉型，改善患者的治療效果。CGI 的顧問將與董事會合作，簡化營運、實現系統和流程現代化並提供人工智慧整合等創新解決方案。

The Swedish Tax Agency extended its partnership with CGI to deliver advanced EID and electronic signature services. The agreement reinforces CGI's role in providing secure innovative digital solutions that enhance citizen access to government services while ensuring efficiency in compliance in Sweden's national digital ecosystem. And multiple North American banks extended their partnerships with for consulting and systems integration services to design, build and deploy projects across multiple lines of business.

瑞典稅務局擴大了與 CGI 的合作夥伴關係，以提供先進的 EID 和電子簽名服務。該協議強化了 CGI 在提供安全創新數位解決方案方面的作用，這些解決方案可增強公民獲得政府服務的機會，同時確保瑞典國家數位生態系統的合規效率。多家北美銀行擴大了與該公司的合作夥伴關係，以獲得諮詢和系統整合服務，以設計、建置和部署跨多個業務線的專案。

We continue to see some clients exercising caution and their discretionary spending primarily in Europe and the MRD sector. However, client interest remains strong across every industry to explore with CGI the opportunities for driving monetization and operational efficiency to managed services and IP.

我們繼續看到一些客戶保持謹慎，其可自由支配的支出主要集中在歐洲和 MRD 領域。然而，各行各業的客戶興趣依然濃厚，希望透過 CGI 探索推動託管服務和 IP 貨幣化和營運效率的機會。

CGI remains well positioned as the partner of choice to help clients achieve their tangible and trusted business outcomes they seek. In fact, over the past six months, CGI has earned a record number of third-party analyst endorsements, which shrank our expertise and capabilities in worldwide leading and major player categories.

CGI 仍然是客戶首選的合作夥伴，能夠幫助客戶實現他們所追求的實際、可信賴的業務成果。事實上，在過去六個月中，CGI 獲得了創紀錄數量的第三方分析師認可，這削弱了我們在全球領先和主要參與者類別中的專業知識和能力。

These reports and rankings cover our services related to AI, data monetization, cloud, cyber security and Business Consulting. CGI also achieved new partnership levels in Q1 with several emerging alliances, including Snowflake and data breaks. Since the start of the fiscal year, we also progressed our strategic priority to pursue accretive acquisitions.

這些報告和排名涵蓋了我們與人工智慧、數據貨幣化、雲端、網路安全和商業諮詢相關的服務。CGI 也在第一季與包括 Snowflake 和 Data Breaks 在內的多個新興聯盟建立了新的合作關係。自本財年起，我們也將策略重點轉向增值收購。

In December, we expanded our positioning with Fortune 500 clients in the US by merging with Darty, a professor services firm specializing in AI, IT consulting and business adversary services. Through the merger, our footprint increase in Metro Atlanta, Minneapolis and Chicago. I would like to warmly welcome the 1,100 new consultants who joined CGI from Dorty.

12 月，我們與專門從事人工智慧、IT 諮詢和商業對手服務的教授服務公司 Darty 合併，擴大了我們在美國財富 500 強客戶中的定位。透過合併，我們的業務範圍擴大至亞特蘭大都會區、明尼阿波利斯和芝加哥。我熱烈歡迎從多蒂加入 CGI 的 1,100 位新顧問。

And this morning, we announced a newly signed acquisition agreement, which will close in the coming weeks pending regulatory approvals. JSS is one of the largest independent IT and software engineering consultancies in the UK. This acquisition will accelerate our UK-wide expansion strategy to deepen our presence in key commercial industries such as retail, financial services and energy and utilities.

今天上午，我們宣布了一項新簽署的收購協議，該協議將在未來幾週內獲得監管部門的批准。JSS 是英國最大的獨立 IT 和軟體工程顧問公司之一。此次收購將加速我們在英國的擴張策略，以深化我們在英國零售、金融服務、能源和公用事業等主要商業產業的影響力。

Up in completion, more than 2,400 highly skilled consultants will join CGI, bringing deep expertise in a range of services, such as technology strategy, customer experience design, software engineering and AI.

完成後，將有超過 2,400 名高技能顧問加入 CGI，為技術策略、客戶體驗設計、軟體工程和人工智慧等一系列服務帶來深厚的專業知識。

Through our buy strategy, we will continue to prioritize investment and aim at building critical mass in strategic metro markets in all CGI geographies. Our goal is to gradually grow this presence to mirror the economic sector distribution in each metro market and to deploy our full range of services and solutions. We remain in dialogue with a number of firms, both metro market and transformational opportunities. As always, we will be disciplined to ensure that mergers will be accretive to each of our stakeholders.

透過我們的購買策略，我們將繼續優先投資並致力於在所有 CGI 地區的戰略大都市市場中建立臨界規模。我們的目標是逐步擴大這種影響力，以反映每個大都市市場的經濟部門分佈，並部署我們的全方位服務和解決方案。我們仍在與多家公司進行對話，包括大都會市場和轉型機會。像往常一樣，我們將嚴格遵守紀律，確保合併能為我們的每個利害關係人帶來利益。

Looking ahead, we continue to be well positioned to partner with clients as they evolve their strategies to address the ongoing macro trend within their geographies and industries. Client interest remains high for the value proposition CGI can deliver to our end-to-end offerings. This positioning is validated by CGI's pipeline of opportunities, which is up 20% compared to this time last year.

展望未來，我們將繼續保持良好的合作關係，幫助客戶改善策略，並應對其所在地區和產業內持續的宏觀趨勢。客戶對於 CGI 能夠為我們的端到端產品提供的價值主張仍然很感興趣。這一定位得到了 CGI 機會管道的驗證，與去年同期相比，該管道增長了 20%。

In terms of client buying patterns, we continue to see some verification by geographic region, which aligns well with CGI's greater strength, particularly our client relationship proximity model, our end-to-end portfolio of services and our global delivery network. In combination, these assets enabled us to quickly adapt to evolving client needs.

在客戶購買模式方面，我們繼續看到按地理區域進行的驗證，這與 CGI 的強大實力相吻合，特別是我們的客戶關係接近模型、我們的端到端服務組合和我們的全球交付網絡。這些資產結合起來使我們能夠快速適應不斷變化的客戶需求。

With this in mind, I will provide commentary on the demand environment in our North American and European operations. Starting in North America. Across commercial industries, clients are sustaining their focus to drive operational resilience and innovation to capitalize on emerging growth opportunities. Given these priorities, our pipeline remains strong overall, with a notable uptick for our managed services offerings.

考慮到這一點，我將對我們北美和歐洲業務的需求環境發表評論。從北美開始。在商業產業中，客戶都持續關注如何提高營運彈性和創新，以利用新興的成長機會。鑑於這些優先事項，我們的產品線總體上依然強勁，託管服務產品顯著上升。

Also, demand remains strong for our CGI credit Studio IP, which is a cloud-native platform that centralized services across the full credit life cycle from originations to collections. Government sector clients in North America are balancing tight budgets with the need of our IT monetization and improving citizen services.

此外，我們的 CGI 信用工作室 IP 的需求仍然強勁，這是一個雲端原生平台，可集中提供從發起到收款的整個信用生命週期的服務。北美的政府部門客戶正在平衡緊張的預算與 IT 貨幣化的需求以及改善公民服務。

Cyber security and cloud migration also are critical areas of investment as agencies work to enhance operational efficiency and mitigate risk in an uncertain environment. In the government sector, our pipeline for managed services opportunities remains high and continues to rise. CGI government's ERP solutions continue to be in high demand with pipelines rising compared to this time last year.

隨著各機構致力於在不確定的環境中提高營運效率並降低風險，網路安全和雲端遷移也是關鍵的投資領域。在政府部門，我們的託管服務機會仍然很高，並且持續增加。CGI 政府的 ERP 解決方案持續受到熱捧，與去年同期相比，通路數量不斷增加。

Turning now to Europe. The macroeconomic landscape continues to be defined by slower economic growth and geopolitical uncertainty. Clients continue to turn to CGI to help navigate these pressures, particularly across commercial industries, where they are focused on driving operational efficiency and addressing regulatory requirements.

現在轉向歐洲。宏觀經濟格局持續受到經濟成長放緩和地緣政治不確定性的影響。客戶繼續向 CGI 尋求協助以應對這些壓力，特別是在商業行業，他們專注於提高營運效率和滿足監管要求。

As a result, our managed services and IP pipelines across commercial industries remains strong. For example, the pipeline for CGI's financial prime detection solution is up by more than 50% compared to this time last year.

因此，我們在商業產業的託管服務和 IP 管道仍然保持強勁。例如，CGI 的金融主要檢測解決方案的管道與去年同期相比增加了 50% 以上。

In the government sector, our pipeline is high and rising as clients are focused on monetization as well as e-governance platforms and green IT solutions. Macro level uncertainty is prompting government to adopt more efficiency-driven IT investments with cybersecurity remaining a critical priority given the increasing risk to critical infrastructure and citizen data.

在政府部門，由於客戶注重貨幣化以及電子化政府平台和綠色 IT 解決方案，我們的產品線不斷豐富且不斷增加。宏觀層面的不確定性促使政府採取更多以效率為導向的 IT 投資，而鑑於關鍵基礎設施和公民資料面臨的風險日益增加，網路安全仍然是重中之重。

These residential buying trends continue to favor CGI as a partner of choice given our focus on value propositions that deliver trusted tangible business outcomes that are designed to help clients generate operational efficiencies and accelerate transformation notably through our IP and management services.

由於我們專注於提供值得信賴的有形業務成果的價值主張，這些住宅購買趨勢繼續青睞 CGI 作為首選合作夥伴，旨在幫助客戶提高營運效率並加速轉型，尤其是透過我們的 IP 和管理服務。

Among managed services offerings, gaining momentum right now is that of global capability centers or GCCs. CGI has 20 years of experience with GCC models, particularly for clients in banking, retail and communications. Our global delivery centers of excellence enable full-scale application development and operations with a proven track record of success.

在託管服務產品中，目前動能最盛的是全球能力中心或GCC。CGI 在 GCC 模型方面擁有 20 年的經驗，尤其適用於銀行、零售和通訊領域的客戶。我們的全球卓越交付中心能夠實現全面的應用程式開發和運營，並擁有成功的記錄。

Our value proposition focuses on GCC's strategic extensions of the clients' organization to drive efficiency, resilience, scability and growth in a fast-changing business landscape. Naturally industries, we remain deeply engaged with clients on their [AI] and Gen AI strategies and implementation.

我們的價值主張著重於 GCC 對客戶組織的策略擴展，以在快速變化的商業環境中提高效率、彈性、可擴展性和成長。自然產業，我們仍然與客戶密切合作，共同研究他們的[AI]和Gen AI策略和實施。

Over the past quarter, we have continued to see clients moving from investigation to implementation to drive efficiency, process of automation and legacy monetization. As previously shared, we are integrating AI and Gen AI technology strategies into our engagement and our pipeline of AI opportunities continues to grow, particularly for responsible AI adversary services data integration and platform monetization.

在過去的一個季度中，我們不斷看到客戶從調查轉向實施，以提高效率、自動化流程和遺留貨幣化。正如之前所分享的，我們正在將人工智慧和 Gen AI 技術策略融入我們的參與中，我們的人工智慧機會管道也在不斷增長，特別是負責任的人工智慧對手服務資料整合和平台貨幣化。

Booking in Q1, the integrated AI technologies included a global health care and insurance company selected CGI to support their enterprise intelligent automation platform and help build the foundation for their Agentic AI strategy.

從第一季開始，整合的 AI 技術包括一家全球醫療保健和保險公司選擇 CGI 來支援其企業智慧自動化平台並協助為其 Agentic AI 策略奠定基礎。

The City of Interboro Counsel is collaborating with CGI to conduct comprehensive AI discovery sessions to identify a wide range of missions from social services care to emergency and crisis management, and one of the world's leading financial services providers selected CGI to further their digital transformation by extending process automation with AI features as well as through our alliances with Google and Blue Prism.

Interboro 市法律顧問正在與 CGI 合作開展全面的 AI 探索會議，以確定從社會服務護理到緊急情況和危機管理的廣泛任務，並且世界領先的金融服務提供商之一選擇 CGI 通過使用 AI 功能擴展流程自動化以及通過與 Google 和 Blue Prism 的聯盟來進一步實現數位轉型。

We continue to progress on our AI investments in line with our three year plan. We are on track with this plan to strengthen our expertise, offerings, delivery and positioning. Our investment plan includes continued initiatives such as advancing our training and tooling for developers and consultants. Integrating AI and Gen AI into our portfolio of IP solutions, enhancing our managed services and consulting offerings and methodologies. And with our clients, we are innovating to drive new business value through industry-specific use cases, the establishment of AI factories improvement of user experience efficiencies.

我們將繼續按照三年計劃推動人工智慧投資。我們正在按照這項計劃加強我們的專業知識、產品、交付和定位。我們的投資計畫包括持續的舉措，例如加強對開發人員和顧問的培訓和工具。將 AI 和 Gen AI 整合到我們的 IP 解決方案組合中，增強我們的託管服務和諮詢產品和方法。我們與客戶一起，透過產業特定用例、建立人工智慧工廠、提高使用者體驗效率等方式進行創新，推動新的商業價值。

In closing, we are off on a strong start for the year and reiterate our confidence in our fiscal 2025 plan. CGI remains well positioned as one of the few leading global firms scale reach inside and capabilities to help clients deliver further new business outcomes they require for their digital strategies. And we remain committed to achieving our strategic aspiration of doubling CGI over the next five to seven years through the disciplined execution of our build and buy profitable growth strategy.

最後，我們今年開局良好，並重申我們對 2025 財年計畫的信心。CGI 仍然是少數幾家領先的全球公司之一，其規模和能力能夠幫助客戶實現其數位策略所需的更多新業務成果。我們將繼續致力於透過嚴格執行「建設和購買」獲利成長策略，實現未來五到七年內 CGI 翻倍的戰略願望。

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

感謝您一直以來的關注與支持。讓我們開始提問吧，凱文。

Thank you, Francois. Sylvie, we can now poll for questions.

謝謝你，弗朗索瓦。西爾維，我們現在可以投票提問。

(Operator Instructions) Your first question will be from Paul Treiber of RBC Capital Market.

（操作員指示）您的第一個問題來自 RBC Capital Market 的 Paul Treiber。

Thanks very much, and good morning. It's nice to see the acquisition announcement this morning. I was hoping that you could speak to your M&A pipeline and capacity. You deployed a fair amount of capital in the last couple of months. Do you need to take a pause to integrate those acquisitions capacity to continue to make acquisitions here in the short term?

非常感謝，早安。很高興今天早上看到收購公告。我希望您能談談您的併購管道和能力。在過去的幾個月裡，您投入了相當多的資金。您是否需要暫停整合這些收購能力，以便在短期內持續進行收購？

No, we don't need to do a pause. These acquisitions like one that we announced this morning is in the UK, a long time, we didn't do one in the UK. So -- the UK is ready for this integration. The one that we did before was in the US. So the fact and we have a solid operation in all these countries. These each of these countries have any problem on that side. And as you know, on the financial side, naturally, we have the solid balance sheet and the capabilities to deploy more capital. So that's not stopping for the future.

不，我們不需要暫停。我們今天早上宣布的收購是在英國進行的，很長一段時間以來，我們都沒有在英國進行過收購。所以——英國已經為這一融合做好了準備。我們之前做的是在美國。事實上，我們在所有這些國家都有穩固的業務。這些國家那邊都有什麼問題嗎。如您所知，在財務方面，我們自然擁有穩健的資產負債表和部署更多資本的能力。所以這在未來不會停止。

And then looking at your business by the various regions, Germany, you called out softness there. Was it softer than usual this quarter as Germany being a drag on growth over the last several quarters. And is it the mix of revenue different in Germany? Is it more short-term as I have seen in other regions?

然後從德國各個地區的業務來看，您指出那裡的業務比較疲軟。由於德國在過去幾季拖累了經濟成長，本季的經濟表現是否比平常更疲軟？德國的收入結構是否有所不同？正如我在其他地區看到的那樣，它是否更具短期性？

Not necessarily the mix. But for sure, there is a strong MRD side. And so as you know, MRD, especially in Europe has more difficulty. So that's why we see some short-term pressure on some of the discretionary spending there. But I would say -- and you heard last quarter, we did sign a big managed services the initial contract with a large manufacturer in Germany.

不一定是混合的。但可以肯定的是，MRD 的一面很強大。所以如你所知，MRD，尤其是在歐洲，面臨的困難更大。這就是為什麼我們看到一些可自由支配的支出在短期內面臨壓力。但我想說——正如您在上個季度所聽到的，我們確實與德國一家大型製造商簽署了一份大型託管服務初始合約。

So they are still very -- they are listening a lot for to see how we can bring some cost savings. They are listening on that side. But for sure, on the short term, I would say [SI&C], we see that they are reducing the spending or be cautious to see what will happen in the next quarters.

所以他們仍然非常——他們正在傾聽，看看我們如何節省一些成本。他們正在那邊聽。但可以肯定的是，就短期而言，我想說 [SI&C]，我們看到他們正在削減支出，或謹慎地觀察下一季會發生什麼。

Okay. Thanks for taking the questions.

好的。感謝您回答這些問題。

Next question will be from Jerome Dubreuil at [Desjardins].

下一個問題來自 Jerome Dubreuil[德斯雅爾丹]。

Another one on M&A. I just want everyone wants to know today is it's a new era of M&A. Is there maybe better appreciation of the benefits that M&A is bringing? Or I know you like to signal stability, but is it just the multiple that has changed or there's a bit of a tweak in terms of the strategy there? .

另一個是關於併購的。我只是想讓大家知道，今天是併購的新時代。人們是否能更認識併購帶來的好處？或者我知道你喜歡表示穩定，但僅僅是倍數發生了變化還是在策略方面有一些調整？。

Yeah. No, it's not a new era. It's not -- our strategy is to grow by, to build and buy. So that didn't change. I think the environment did change. I think we have a certain alignment of stars where, the pressure on the market on the SI&C, for example, I think -- is putting pressure on some of these targets to think more about perhaps selling the business.

是的。不，這不是一個新時代。事實並非如此——我們的策略是透過建設和購買來實現成長。所以這並沒有改變。我認為環境確實發生了變化。我認為我們有一定的明星陣容，例如，市場對 SI&C 的壓力，我認為 - 正在給其中一些目標施加壓力，讓他們更多地考慮出售業務。

And we see less private equity competition that we were seeing in the past. So even some of them are thinking about even selling their piece of the business. So that's why I think it's really the environment that is more open for these acquisitions. And that's why we want to be sure that we will capture these opportunities.

我們發現私募股權競爭比過去減少。因此，他們中的一些人甚至正在考慮出售自己的業務。所以我認為這確實為這些收購提供了一個更開放的環境。這就是為什麼我們要確保能夠抓住這些機會。

Thank you. That's clear. Another one, Francois, you've been in the role since October. Are there maybe other tweaks in terms of strategy that you're adopting? You're talking about new partnerships with some of the software providers. Am I sensing that the company is maybe a bit of a faster follower for new tech or business as usual?

謝謝。這很清楚。另外，弗朗索瓦，您從十月就開始擔任這個職位了。您所採取的策略方面是否還有其他調整？您正在談論與一些軟體供應商建立新的合作夥伴關係。我是否感覺到該公司可能只是新技術或常規業務的更快追隨者？

No, I think we were always fast on applying new technology. I think what we're pushing a bit more, to be honest, is on the branding. And so, you know, we want to be sure that people understand and companies and clients and future clients understand our capabilities.

不，我認為我們在應用新技術方面總是很快。說實話，我認為我們更注重的是品牌建立。所以，你知道，我們希望確保人們理解，公司、客戶和未來的客戶了解我們的能力。

And so that's why we want to be sure also that we're working closely with our large partners. And so that's why you're seeing more news on that, but it's not a change of applying new technology or not, that we were always there to apply new technology.

這就是為什麼我們要確保與我們的大型合作夥伴密切合作。這就是為什麼你會看到更多關於這方面的新聞，但這不是是否應用新技術的變化，而是我們一直在應用新技術。

Next question will be from Surinder Thind with Jefferies.

下一個問題來自 Jefferies 的 Surinder Thind。

Can you perhaps talk a little bit about the lumpiness in the bookings that we're seeing, especially within SI&C. It just seems to be a bit more lumpy than it has been historically and just what trends you're seeing underneath that?

您能否談談我們所看到的預訂量的不均勻性，特別是在 SI&C 中。它似乎比歷史上任何時候都更加不穩定，您從中看到了什麼趨勢？

Yes. actually, SI&C booking did increase versus last quarter. So last quarter, we were below 100%, and we are higher than 100% this quarter on the SI&C side. So to be honest, we are seeing an uptick. But at the same time, like I was saying a bit, the pressure that we see in an example on the MRD side in Europe, we're seeing some pressure still in the -- especially in the consulting line.

是的。實際上，SI&C 預訂量確實比上一季增加。上個季度，我們在 SI&C 方面的比率低於 100%，而本季則高於 100%。所以說實話，我們看到了上升趨勢。但同時，就像我剛才說的那樣，我們在歐洲 MRD 方面看到的壓力，我們仍然看到一些壓力 - 特別是在諮詢方面。

So that's on lumpiness on that side. But at least this quarter, we saw an uptick on the both bookings on the SI&C side. So -- and the other thing also on the ferro side or the US federal Q1 and Q2 -- or Q1 and Q2 is always be are our lowest booking quarter with Q3 and Q4 on the higher side. So that's a trend that you can see also on an annual basis.

這就是那一側的腫塊。但至少在本季度，我們看到 SI&C 方面的預訂量有所上升。所以 — — 另一件事也是在鐵礦石方面或美國聯邦 Q1 和 Q2 — — 或者 Q1 和 Q2 始終是我們預訂量最低的季度，而 Q3 和 Q4 則處於較高水平。所以這也是每年都可以看到的趨勢。

Just to clarify the comment there, is the messaging that if we were to exclude Germany, there's an overall improvement in the demand environment for discretionary spend or not?

只是為了澄清一下這裡的評論，如果我們排除德國，那麼可自由支配支出的需求環境是否會整體改善？

I would say, yeah. Like I was saying, MRD is a bit of pressure, but I'll give you the other side on the financial sector. On the banking, we are seeing an uptick on the SI&C side. With the interest rate coming down the banks, for example, are coming back and doing some investment on the SI&C.

我會說，是的。就像我說的，MRD 有點壓力，但我會告訴你金融領域的另一面。在銀行業，我們看到 SI&C 方面出現上升趨勢。例如，隨著利率下降，銀行開始回歸並對 SI&C 進行一些投資。

They don't have any choice -- they delay some of these investments in the past quarters when interest rates were going up, but now that they're going down, they have regulatory pressures and changes to do, and so they don't have any choice to implement new solutions. So we are seeing an uptick on that side. That's helpful.

他們別無選擇——在過去幾個季度利率上升時，他們推遲了部分投資，但現在利率下降，他們面臨監管壓力和需要做出的改變，因此他們別無選擇，只能實施新的解決方案。所以我們看到了這方面的上升趨勢。這很有幫助。

And then on the commentary on the GCCs, the Global Capability Centers, it sounds like there's growing interest there. Does that impact the global delivery model in the sense that, there's increased demand for offshore and we should begin to see more of a mix shift there? Any color there would be helpful as well.

然後，關於 GCC（全球能力中心）的評論，聽起來人們對此的興趣越來越濃厚。這是否會影響全球交付模式，也就是對離岸的需求增加，我們應該開始看到更多的混合轉變？任何顏色都會有幫助。

Yeah, but you see that we're still growing in India and that will continue. And the model -- when I was saying managed services are still in demand, it's true, and it's continuing to be big in demand and people -- to see how we can help them reducing their costs. And GCCs is one of the areas on how to resolve, to reduce the cost.

是的，但你看我們在印度仍在發展，而且這種趨勢還會繼續。當我說託管服務仍然有需求時，這是真的，而且它的需求仍然很大，人們也在看我們如何幫助他們降低成本。而GCC就是解決如何降低成本的領域之一。

So we have a lot of clients asking us to help them in creating their own GCCs or creating, ourselves a GCC that can be transferred back to the clients or even a lot, of these captives already created by clients where they're asking help.

因此，有許多客戶要求我們幫助他們創建自己的 GCC，或者我們自己創建一個可以轉移回客戶的 GCC，甚至許多客戶已經創建了他們正在尋求幫助的俘虜。

And so our Indian colleagues and operations will help clients directly in India to help them achieving their own objective on their India captives.

因此，我們的印度同事和業務部門將直接在印度幫助客戶，幫助他們實現在印度的目標。

Thank you.

謝謝。

Thank you. Next question will be from the Divya Goyal at Scotiabank. Please go ahead.

謝謝。下一個問題來自豐業銀行的 Divya Goyal。請繼續。

Good morning, everyone. So I wanted to get a little more color on the acquisition that's announced. So as per the press release, there is -- CGI already has a significant footprint in UK. Now with this acquisition, the footprint expands. So I'm just trying to understand what is the company's broader growth plan across UK and European region given the German restructuring, the UK acquisition. So if you could provide some color on the growth broadly across that region. Thank you.

大家早安。因此，我想對此次宣布的收購有更多的了解。因此，根據新聞稿，CGI 在英國已經佔有重要地位。如今透過此次收購，業務範圍進一步擴大。因此，我只是想了解，鑑於德國的重組和英國的收購，該公司在英國和歐洲地區的更廣泛的成長計劃是什麼。因此，如果您可以提供一些有關該地區整體增長情況的資訊。謝謝。

Yeah, thanks. You know, BJSS is mostly a company in UK. So they have very, very limited business outside the UK. And they're strong on the commercial side. And if you remember in the past, we always said -- we are -- we want to acquire in UK and we were targeting to target companies that would be more heavier on the commercial side. And that was the idea with this one.

是的，謝謝。你知道，BJSS 主要是一家英國公司。因此他們在英國以外的業務非常非常有限。他們在商業方面實力雄厚。如果你還記得，過去我們總是說──我們想要──我們想在英國進行收購，我們的目標是那些在商業方面更有實力的公司。這就是這個想法。

And for UK to a certain point, it is a game changer because first of all, it's increasing UK by, I would say, on the headcount, perhaps 30% to 35% more people in the UK. And like I'm saying, in the commercial area. And UK is -- We have some difficulties in Germany.

對於英國來說，從某種程度上來說，這是一個改變遊戲規則的事件，因為首先，我認為它增加了英國的人口數量，大概增加了 30% 到 35%。就像我說的，在商業領域。而英國——我們在德國遇到了一些困難。

In UK, it's actually going well. We see some growth. We continue to see future growth in the UK. And so it was a perfect timing. But also like I'm always saying, it needs (inaudible). So we were able to convince BJSS to merge with us. And I think that will be great for the UK organization.

在英國，情況其實進展順利。我們看到了一些增長。我們繼續看到英國未來的成長。所以這是一個完美的時機。但正如我一直說的，它需要（聽不清楚）。因此我們能夠說服 BJSS 與我們合併。我認為這對英國組織來說是一件好事。

That's great. And are you also planning to grow across Europe? Or right now you are okay, like the way the segments are structured across Europe?

那太棒了。您是否也計劃在整個歐洲發展？或者現在您覺得還好，就像整個歐洲的細分結構一樣？

Like I'm saying, the buy strategy is 50% of our strategy or growth strategy. So for sure, we're still looking in countries like Germany. Germany is the country that we want to continue to grow. And these pressure or market pressure actually is putting some opportunities on potential acquisitions. So we are there for the long term. And so if we're seeing some good targets in Germany or in France or in Scandinavian countries, we will look at them and see if it's making sense to trigger them.

就像我說的，購買策略占我們策略或成長策略的 50%。所以可以肯定的是，我們仍在關注德國等國家。德國是我們希望繼續發展的國家。而這些壓力或者說市場壓力實際上為潛在的收購帶來了一些機會。所以我們會長期在那裡。因此，如果我們在德國、法國或斯堪的納維亞國家看到一些好的目標，我們會研究它們，看看是否有必要觸發它們。

That's great. I'll just ask one more question here. So the US Federal as a segment grew pretty well this quarter. And you did mention that it was partly driven by the growth in the transformational projects. However, with obviously [DOGE] and the new administration, I know a lot is in the flux, but what is your take on some of these new bookings and some of these new opportunities that you are seeing evolving across that specific business segment? And that's all for me. Thank you.

那太棒了。我在這裡再問一個問題。因此，美國聯邦部門本季成長相當不錯。您確實提到過，這在一定程度上是由轉型專案的成長所推動的。然而，顯然由於 [DOGE] 和新政府的上任，我知道很多事情都在發生變化，但您對這些新訂單以及您在特定業務領域看到的一些新機會有何看法？對我來說這就是全部了。謝謝。

Again, on the Federal side, with DOGE, for sure, if they want to achieve their targets and priorities, they will need IT to be capable of reducing costs. And costs, most of the US Federal is people. They will need to bring automation, AI, and new systems to be capable of reducing some of these costs. So we're seeing still this as an opportunity to grow and helping them to achieve their objectives.

再次，從聯邦方面來看，對於 DOGE 來說，如果他們想要實現他們的目標和優先事項，他們肯定需要 IT 來降低成本。而成本，美國聯邦大部分都是人民承擔的。他們需要引入自動化、人工智慧和新系統來降低部分成本。因此，我們仍然將此視為一個成長的機會，並幫助他們實現目標。

Thank you.

謝謝。

Thank you. Next question will be from Robert Young at Canaccord Genuity. Please go ahead.

謝謝。下一個問題來自 Canaccord Genuity 的羅伯特楊 (Robert Young)。請繼續。

Hi. Good morning. Maybe a double-pronged AI question. First part would be around, you mentioned in your prepared remarks, agentic AI, which is a growing buzzword. And you announced an award with UiPath. So first part would be trying to get a better sense of what your efforts are around agentic AI and what the opportunities are.

你好。早安.這或許是個雙管齊下的人工智慧問題。第一部分是關於您在準備好的演講中提到的代理人工智慧，這是一個日益流行的流行詞。您還宣布與 UiPath 合作獲得了獎項。因此，第一部分是嘗試更好地了解您在代理 AI 方面的努力以及有哪些機會。

And then the second part would be just, over the last couple of days, all this new information that suggests that it's going to get cheaper to run AI models. Maybe just give us some initial thoughts on the impact on the IT services business in general and CGI more specifically.

第二部分就是，在過去的幾天裡，所有這些新資訊都表明運行人工智慧模型將變得更便宜。也許只是給我們一些關於對 IT 服務業務總體和 CGI​​ 更具體地的影響的初步想法。

Okay. Thanks, Robert, for the question. I'll start with the second part with the announcement. For sure, I think some validation still needs to continue on that side. We'll see what's happening. But we are seeing that as a good news.

好的。謝謝羅伯特提出這個問題。我將從第二部分的公告開始。當然，我認為這方面仍需要繼續進行一些驗證。我們將拭目以待。但我們認為這是一個好消息。

I think any new initiatives to reduce the cost of AI will always be a good news for the end clients. And we are one of the end clients plus who also we're helping clients to implement AI. So if the technology is cheaper and becoming cheaper, I think that's a good news for everybody, including on our side.

我認為任何降低人工智慧成本的新措施對於最終客戶來說都是一個好消息。我們是最終客戶之一，我們也在幫助客戶實施人工智慧。因此，如果這項技術變得更便宜，我認為這對每個人來說都是一個好消息，包括我們這邊。

On agentic AI, for sure we continue our discussion with our alliance's partner like Salesforce and Google and UiPath. But we already started to implement some of it even internally in some of our managed services solutions. We are managing a large mandate for clients and we are realizing that some of agentic AI can help us on specific processes.

關於代理人工智慧，我們肯定會繼續與我們的聯盟夥伴（如 Salesforce、Google 和 UiPath）進行討論。但我們已經開始在一些託管服務解決方案內部實施其中的一些技術。我們正在為客戶管理一項大型任務，我們意識到一些代理人工智慧可以幫助我們完成特定的流程。

So that's something that we continue to investigate and starting even to do some implementation and we are seeing some benefits on that side.

因此，我們會繼續研究這個問題，甚至開始實施，我們也看到了一些好處。

Do you get the sense that the bottleneck for deployment is cost or is it finding the right solutions? Does cost move like the revenue related to AI for CGI hire or is it more about finding the right applications and use cases?

您是否認為部署的瓶頸是成本還是找到正確的解決方案？成本是否像 CGI 僱用的 AI 相關收入那樣變動，還是更多地與尋找正確的應用程式和用例有關？

Like I'm saying, we are always trying to have industry specific use cases and not just implementing AI for AI. You saw some of the experience or contract that we signed in the past when we were saying example the federal Canadian when we implement AI to help them to reduce their bottleneck that they had with their payroll system. So that's the kind of implementation we're talking about and when they're seeing benefits and cost saving, it's not necessarily a showstopper for clients.

就像我說的，我們一直在嘗試擁有特定於行業的用例，而不僅僅是為了人工智慧而實施人工智慧。您看到了我們過去簽署的一些經驗或合同，例如，當我們實施人工智慧以幫助他們減少工資系統中的瓶頸時，加拿大聯邦政府就採取了這種做法。這就是我們所談論的實施方案，當他們看到好處和成本節省時，它不一定會對客戶造成阻礙。

So for sure it needs to be applied and it needs to be relevant applications for them and actually bringing some cost reduction and now that if the tool or if the tooling will reduce in cost in the future, that's just under other benefits for the end clients.

因此，肯定需要應用它，並且它需要是與他們相關的應用程序，並且實際上帶來一些成本降低，現在如果該工具或工具的成本在未來會降低，那麼這對最終客戶來說只是其他好處。

Okay and then a second question, I mean last quarter I asked you a little bit about your strategic putting as it relates to infrastructure and whether that would be an impact on M&A targets so I just want to maybe broaden that up a little bit. Maybe you could talk about infrastructure, I think you said it was 10% of the business thereabouts, is that something that CGI is still working down, is that a headwind to growth or have you changed your thought process there or is that something that given the higher value placed on infrastructure, is that something you'd be willing even in some cases to see grow? And then I'll pass the line.

好的，然後是第二個問題，我的意思是上個季度我問了你一些關於與基礎設施相關的戰略定位的問題，以及這是否會對併購目標產生影響，所以我想稍微擴大一下這個問題。也許您可以談談基礎設施，我想您說過它佔業務的 10% 左右，這是 CGI 仍在努力解決的問題嗎？這是成長的阻力嗎？還是您改變了思考方式？或者考慮到基礎設施的價值更高，您是否在某些情況下願意看到它成長？然後我就通過了。

Okay, thanks for the question. So infrastructure, what we said in the past is that we wanted to go with asset light and we didn't want necessarily to sign infrastructure deals just for the infrastructure deals. But we continue to have data centers and we will continue to have data centers because first of all we have our IP and we are running our IPs also in our own data centers, so that's the first thing.

好的，謝謝你的提問。因此，對於基礎設施，我們過去說過，我們希望採用輕資產方式，我們不一定希望僅僅為了基礎設施交易而簽署基礎設施交易。但我們繼續擁有資料中心，我們將繼續擁有資料中心，因為首先我們擁有我們的 IP，並且我們也在我們自己的資料中心運行我們的 IP，所以這是第一件事。

And second, in these managed services contracts that we're signing we are signing sometimes full managed services, so not just the applications but also the infrastructure and that we will continue to do in the future and so that's not something we want to stop. We're really an end-to-end services company and so our strategy is to continue to sell end-to-end including infrastructure business.

其次，在我們簽署的這些託管服務合約中，我們有時會簽署完整的託管服務，因此不僅僅是應用程序，還有基礎設施，我們將來會繼續這樣做，所以這不是我們想要停止的事情。我們實際上是一家端到端服務公司，因此我們的策略是繼續銷售端到端產品，包括基礎設施業務。

Okay, thanks, I'll pass the line.

好的，謝謝，我會通過的。

Thank you. Next questions will be from Thanos Moschopoulos at BMO Capital Markets. Please go ahead.

謝謝。下一個問題來自 BMO 資本市場的 Thanos Moschopoulos。請繼續。

Hi, regarding the UK acquisition are there some financial metrics you can share or should we best wait for next quarter's MD&A?

您好，關於英國的收購，可以分享一些財務指標嗎？或者我們最好等到下個季度的 MD&A？

I think we'll be waiting for next quarter MD&A because again it's still not closed yet. We will close it in the next couple of weeks hopefully if we have all the authorization. I'm just surprised what I can say is that on the revenue side we are talking like I would say mostly GBP275 million and that's an annual business.

我認為我們將等待下個季度的 MD&A，因為它仍未結束。如果我們獲得所有授權，我們將預計在接下來的幾週內關閉它。我只是感到驚訝，我可以說，在收入方面，我們談論的大概是 2.75 億英鎊，這是一項年度業務。

Great, and just to clarify is it very heavily weighted to SI&C or is there a good sized managed services component in there as well?

太好了，只是想澄清一下，它是否對 SI＆C 的權重很大，或者其中是否也有一個相當大的託管服務組件？

I would say it's perhaps a bit more SI&C than managed services and again the idea of one thing they have great client relationship and one of the fits that we're seeing with us is the fact that they don't have off-shoring and now that we have these client relationships we will be able to sell a lot more off-shoring to these clients and that's really the idea.

我想說，它可能比託管服務更像 SI&C，而且他們擁有良好的客戶關係，而我們看到的契合點之一是他們沒有離岸外包，現在我們有了這些客戶關係，我們將能夠向這些客戶銷售更多的離岸外包產品，這就是我們的想法。

Yes there are more SI&C today but we think that we will be able to sell a lot more managed services now to these clients.

是的，今天有更多的 SI&C，但我們認為我們現在能夠向這些客戶銷售更多的託管服務。

Great, and finally just how should we think about the margin trajectory just given some puts and takes obviously with the recent tuck-in acquisitions should we assume margins being flat year-over-year or maybe down a little because you're going to be integrating or what trajectory would you assume?

太好了，最後，我們該如何看待利潤率的走勢呢？顯然，考慮到最近的收購，我們是否應該假設利潤率與去年同期持平，或者可能略有下降，因為你們將要進行整合，或者你們認為利潤率的走勢是什麼樣的？

I think with the acquisition for sure as you know we need to integrate these companies so that will put some bit of pressure on the margin. On the other side we are doing some actions to improve the margin in some places like Germany where we have some utilization pressure there. So I would say that one cannot offset the other I don't think we'll see big changes in the EBIT margin.

我認為，如你所知，透過收購，我們肯定需要整合這些公司，這將對利潤率造成一定的壓力。另一方面，我們正在採取一些措施來提高德國等一些地區的利潤率，因為這些地區的利用率存在一些壓力。所以我想說，一個不能抵消另一個，我認為我們不會看到息稅前利潤率發生很大的變化。

Great, I'll pass the line. Thank you.

太好了，我會通過這條線。謝謝。

Thank you. Next question will be from Stephanie Price at CIBC. Please go ahead.

謝謝。下一個問題來自加拿大帝國商業銀行的 Stephanie Price。請繼續。

Hi, good morning. Just following on Santa's question there margins in the US federal business seemed a bit weaker than normal. Was this the result of the margin profile at AON and how should we think about those US federal margins going forward?

嗨，早安。剛才聖誕老人提出的問題表明，美國聯邦業務的利潤率似乎比正常情況要低一些。這是 AON 利潤率狀況的結果嗎？我們該如何看待未來美國聯邦的利潤率？

Yeah, so you have it. It's really because of AON acquisition. You see a lot of growth but some pressure on the margin and it's because of that this acquisition that we need to integrate we signed at the end of September and integration in the federal government is taking a bit more time than other areas because of some authorization that we need to have from the client side but the expectation is that you'll see some improvement quarter-over-quarter on their EBIT margin.

是的，所以你擁有它。這確實是因為 AON 的收購。您會看到很大的成長，但利潤率也面臨一些壓力，這是因為我們需要整合這項收購，我們在 9 月底簽署了這項收購，而由於我們需要獲得客戶方面的一些授權，聯邦政府的整合比其他領域需要更多的時間，但預計您的息稅前利潤率會比上一季有所改善。

Okay, perfect. And then maybe more broadly can you talk a bit more about what you're seeing in Europe? It sounds like the slowdown right now is just in a few regions. What are clients saying in the rest of Europe and how do you think about the region going forward?

好的，完美。然後也許更廣泛地說，您能否再多談談您在歐洲看到的情況？聽起來目前經濟放緩僅發生在少數地區。歐洲其他地區的客戶有何評價？您如何看待該地區未來的發展？

I think in Europe as you know I would say two things on the manufacturing we see some concern or at least they're questioning what's the future especially example with tariffs that the US are talking about. Will that have a major impact or not on some of these clients so that's really what I'm hearing from clients.

我認為在歐洲，正如你所知，我想說兩件事，關於製造業，我們看到了一些擔憂，或者至少他們在質疑未來會怎樣，特別是美國正在談論的關稅的例子。這是否會對一些客戶產生重大影響？這正是我從客戶那裡聽到的。

And I would say also on the government side some example will have election in Germany in France some discussion on the government side so that can have an impact. We didn't see it yet but that can have a certain impact so that's really what we're hearing in Europe. But on the other side like I'm saying always a lot of discussion talking about how we can help them on the cost saving and so a lot of discussion on managed services still in Europe.

我想說的是，在政府方面，例如德國將舉行選舉，法國將舉行選舉，政府方面將進行一些討論，這些都會產生影響。我們還沒有看到它，但這可能會產生一定的影響，所以這確實是我們在歐洲聽到的。但另一方面，就像我說的，我們總是在討論如何幫助他們節省成本，因此在歐洲仍然有很多關於託管服務的討論。

Great. Thank you very much. Thank you.

偉大的。非常感謝。謝謝。

Next question will be from Richard Tse at National Bank Financial. Please go ahead.

下一個問題來自國家銀行金融公司的 Richard Tse。請繼續。

Yes. Thank you. So you've obviously I think picked up the pace of acquisitions. Just wondering if you can maybe share with us whether you have it or not. Do you have a target with respect to the amount of capital you want to deploy this year on acquisitions?

是的。謝謝。所以我認為你們顯然加快了收購的步伐。我只是想知道您是否可以與我們分享您是否擁有它。今年在收購上投入的資金數量有目標嗎？

We don't have necessarily a target. We are generating more than $2.3 billion of cash from operations investing back $400 million in the business. So we have what $1.7 billion, $1.8 billion, $1.9 billion of cash from free cash flow and the dividend is very low at $34 million per month per quarter.

我們不一定有一個目標。我們從營運中獲得了超過 23 億美元的現金，並將 4 億美元投資於業務。因此，我們從自由現金流中獲得 17 億美元、18 億美元、19 億美元的現金，而股息非常低，每季每月 3,400 萬美元。

So we still have a lot of dry powder to do acquisition and again also we have the balance sheet and the leverage ratio is very low. So we still have a lot of capacity for larger acquisitions. So no we don't have necessarily a number and the only cap I would say to you is that when we're saying that we're at 3 times leverage that's really at the top and we're very far from that. Steve want to?

因此，我們仍有大量的資金來進行收購，而且我們也有資產負債表，槓桿率非常低。因此，我們仍然擁有進行更大規模收購的能力。所以，我們不一定有一個數字，我想告訴你的唯一上限是，當我們說我們的槓桿率為 3 倍時，這實際上已經處於最高水平，而我們離這個水平還很遠。史蒂夫想要嗎？

From a net basis we're at 0.47 and from a gross debt to EBITDA basis we're about at 1.2.

從淨基礎來看，我們的比率為 0.47，從總負債與 EBITDA 比率來看，我們的比率約為 1.2。

So we have a lot of space for other ones including transformational acquisitions.

因此，我們有很大空間進行其他收購，包括轉型收購。

I appreciate your comments on elevating the brand. Obviously you've probably sort of done a lot of work in terms of identifying opportunities so when it comes to elevating the brand or some of these other initiatives that you've put in place since taking over the CEO role, can you help us understand the kind of amount of incremental growth you're targeting to achieve from these new incremental initiatives that you've put in place since taking over that role?

我很感謝您對提升品牌的評論。顯然，您可能在尋找機會方面做了很多工作，因此，當談到提升品牌或自擔任首席執行官以來您實施的一些其他舉措時，您能否幫助我們了解您希望通過這些自擔任首席執行官以來實施的新增量舉措實現多少增量增長？

Well I don't have necessarily a target. When we're talking branding and all that, it has a long-term objective. We didn't necessarily put a number related to these actions. It's really to improve the branding especially in places where we're still perhaps best kept secret.

嗯，我不一定有目標。當我們談論品牌和所有這些時，它有一個長期目標。我們不一定會給出與這些行動相關的數字。這確實是為了提高品牌知名度，特別是在我們可能仍需保密的地方。

And still in the US I think we still need to do more on that. And that's with the marketing group and with our leader there Susan Balding. We will continue to do some good work.

我認為，在美國，我們仍然需要在這方面做更多工作。那是行銷團隊和我們的領導蘇珊鮑爾丁 (Susan Balding) 的。我們將繼續做一些好的工作。

And then just the last one for me, some of your competitors talking to price competition and the market, is that something that you may be seeing and if so is it sort of a temporary thing given the backdrop with respect to MRD or SI&C or is it something a bit more structural? That's it for me, thanks.

然後對我來說最後一個問題，你們的一些競爭對手談到價格競爭和市場，這是你們可能看到的情況嗎？如果是這樣，考慮到 MRD 或 SI&C 的背景，這是否是一種暫時現象，還是更具結構性？對我來說就這樣了，謝謝。

I would think it's not structural. Most of our -- especially in managed services, we don't see a pressure there. Managed services if we can show to them the business case and the outcomes for them that's making sense and they'll pay for the value.

我認為它不是結構性的。我們的大部分業務——特別是在託管服務領域——都沒有感受到壓力。如果我們可以向託管服務人員展示對他們有意義的商業案例和結果，他們就會為該價值付費。

I think in some places where it's the discretionary spending that went down we'll have some pressure to reduce some of the rates to be capable of taking out some of the utilization pressure. But I would say overall pricing is not necessarily an issue because clients are still ready to pay for value.

我認為，在一些可自由支配支出下降的地方，我們將面臨降低部分費率的壓力，以便能夠減輕部分利用壓力。但我想說整體定價不一定是個問題，因為客戶仍然願意為價值付費。

Sylvie, we have time for one more question please.

西爾維，我們還有時間再回答一個問題。

Certainly. Our last question will be from Jason Kupferberg at Bank of America US. Please go ahead.

當然。我們的最後一個問題來自美國銀行的 Jason Kupferberg。請繼續。

Hi, good morning. This is Tyler Dupont for Jason. Thanks for taking the questions here. I'll try to be fast knowing that's the last one. I wanted to ask about initial demand trends and spending applications for 2025 but particularly from a bookings context on an LTM basis it looks like book-to-bill definitely appears healthy, 1.08 this quarter but this is the second quarter of year-on-year declines.

嗨，早安。我是泰勒杜邦 (Tyler Dupont)，傑森。感謝您在這裡回答問題。我會盡量快點，因為我知道這是最後一個了。我想問一下 2025 年的初始需求趨勢和支出應用，但特別是從 LTM 基礎上的預訂情況來看，訂單出貨比看起來確實很健康，本季度為 1.08，但這是同比下降的第二季度。

Obviously they're very modest but still the second quarter declines in the LTM metric. How do you juxtapose the modestly softening bookings number with the solid top-line growth that you're putting up and how does that translate into 2025 client spend?

顯然他們非常謙虛，但第二季的 LTM 指標仍然下降。您如何將略微下滑的預訂量與您提出的穩健的營收成長進行對比，以及如何將其轉化為 2025 年的客戶支出？

You're right. Last month the booking went down but some of it is timing and again we had large we had some discussion with some clients that were not able to close for the quarter end and we won't close a deal just to close a deal to have bookings at the end of the quarter. We have some still good discussion on some of these large contracts and you'll see some closing of them in the future.

你說得對。上個月的預訂量有所下降，但部分原因是時間安排問題，而且我們與一些無法在季度末完成交易的客戶進行了討論，我們不會僅僅為了在季度末完成交易而完成交易以進行預訂。我們就其中一些大型合約仍進行了一些很好的討論，您將來會看到一些合約的達成。

We still see a lot of momentum on the managed services so I don't see necessarily a problem there and you're right that on the SI&C some lumpiness but this quarter we did see an uptick on the SI&C we finished with I think it's 114% book-to-bill on the SI&C side versus last quarter we were under one on the SI&C side so we are seeing still some momentum on that side and we'll see in the future but we're still comfortable with bookings for the future.

我們仍然看到託管服務方面有很大的發展勢頭，因此我認為這裡不一定存在問題，您說得對，SI&C 方面確實存在一些波動，但本季度我們確實看到 SI&C 有所上升，我認為 SI&C 方面的訂單出貨比為 114%，而上一季度 SI&C 方面的訂單出貨比不到 1%，因此我們將來會看到這一點的訂單，我們將來會看到這一點。

That's helpful. It's great to see the SI&C going above one. Also just as a follow-on I just want to ask about cash flow expectations as we look through the year. During the quarter free cash flow was pretty strong it looked like on a revenue conversion basis around just shy of 15% which in my understanding is sort of the medium-term or long-term target for you guys. Wondering if you could just touch on cash flow in the quarter. How should we look at conversion through 2025? Should we be thinking more than 15% on a full year basis or I know there's timing and everything there but just love to get your thoughts.

這很有幫助。很高興看到 SI&C 超過 1。另外，作為後續問題，我只想問一下我們對全年現金流的預期。本季的自由現金流相當強勁，以收入轉換率計算，大約略低於 15%，據我了解，這是你們的中期或長期目標。想知道您是否可以談談本季的現金流。我們該如何看待 2025 年的轉變？我們是否應該考慮全年成長 15% 以上，或者我知道這涉及時間和所有因素，但我只是想聽聽您的想法。

Thank you for the question. I think if we say that on a long-term basis 15% makes sense obviously in the quarter the cash from Ops was 17% but it was with some improvement of the DSO so on a long-term basis at 15% it makes sense.

謝謝你的提問。我認為，如果我們說從長期來看 15% 是有意義的，那麼顯然本季度來自營運的現金為 17%，但 DSO 有所改善，因此從長期來看 15% 是有意義的。

Great. Thank you.

偉大的。謝謝。

Please proceed sir.

先生，請繼續。

Thank you everyone for participating. As a reminder a replay of the call will be available either via our website or by dialing 1-888-660-6264 and using the passcode 28413. As well a podcast of this call will be available for download within a few hours. Follow-up questions can be directed to me at 1-905-973-8363. Thanks again everyone and look forward to speaking soon. Thank you.

感謝大家的參與。提醒一下，您可以透過我們的網站或撥打 1-888-660-6264 並使用密碼 28413 來重播此通話。此次通話的播客也將在幾個小時內提供下載。如有後續問題，請撥打我的電話 1-905-973-8363。再次感謝大家並期待盡快交談。謝謝。

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

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，此時請您斷開線路。