CGI Inc (GIB) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to CGI's third quarter fiscal 2025 conference call. I would now like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Go ahead, Mr. Linder.

女士們、先生們，早安。歡迎參加 CGI 2025 財年第三季電話會議。現在，我想將會議交給投資者關係資深副總裁 Kevin Linder 先生。請說，林德先生。

Thank you, Joelle, and good morning. With me to discuss CGI's third quarter fiscal 2025 results are Francois Boulanger, our President and CEO; and Steve Perron, Executive Vice President and CFO. This call is being broadcast on cgi.com and recorded live at 9:00 AM Eastern Time on Wednesday, July 30, 2025. Supplemental slides as well as the press release we issued earlier this morning are available for download along with our Q3 MD&A, financial statements and accompanying notes, all of which have been filed with both SEDAR+ and EDGAR.

謝謝你，喬爾，早安。與我一起討論 CGI 2025 財年第三季業績的有我們的總裁兼執行長 Francois Boulanger 和執行副總裁兼財務長 Steve Perron。通話將於 2025 年 7 月 30 日星期三美國東部時間上午 9:00 在 cgi.com 上播出並現場錄製。我們今天早上發布的補充幻燈片和新聞稿均可下載，還有我們的第三季 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. 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 in its entirety. We are reporting our financial results in accordance with International Financial Reporting Standards or IFRS.

請注意，電話會議中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，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。完整的安全港聲明可在我們的管理層討論與分析報告 (MD&A) 和新聞稿以及 cgi.com 上查閱。我們建議投資人完整閱讀。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.

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。

Now I'll turn the call over to Steve to review our Q3 financial results. Steve?

現在我將把電話轉給史蒂夫來回顧我們的第三季財務表現。史蒂夫？

Thank you, Kevin, and good day, everyone. In our third quarter of fiscal 2025, we continue to demonstrate discipline in managing our operations. We delivered $4.1 billion of revenue up 11.4% year-over-year or up 7% when excluding the impact of foreign exchange. Growth was mainly driven by recent business acquisitions and continued momentum in the financial services sector.

謝謝你，凱文，大家好。在 2025 財年第三季度，我們將繼續嚴格管理營運。我們實現了 41 億美元的收入，年增 11.4%，若排除外匯影響則成長 7%。成長主要受到近期業務收購和金融服務業持續成長動能的推動。

In constant currency, the CGI client proximity segments with the strongest growth were UK and Australia at 37%, which incorporates a full quarter's revenue of BJSS. And across our US segments, combined growth was 9%, primarily driven by our Aeyon and Daugherty merger investments. Geographically, our growth was balanced with North American operation at 7.4% and growth in our European segments at 6.6%. And demand remained strong for our Asia Pacific offshore delivery with revenue up 6.4%.

以固定匯率計算，成長最強勁的 CGI 客戶接近度細分市場是英國和澳大利亞，增幅達 37%，涵蓋了 BJSS 整個季度的收入。我們在美國各部門的綜合成長率為 9%，主要得益於我們對 Aeyon 和 Daugherty 的合併投資。從地理上看，我們的成長是平衡的，北美業務成長 7.4%，歐洲業務成長 6.6%。亞太地區離岸交付需求依然強勁，營收成長 6.4%。

From an industry perspective, constant currency revenue growth was led by financial services at 9.6% and government at 8.7%, partially offset by continued softness in Continental Europe particularly in the MRD sector.

從行業角度來看，以固定匯率計算，金融服務收入增長 9.6%，政府收入增長 8.7%，但歐洲大陸尤其是 MRD 領域的持續疲軟部分抵消了這一增長。

IP revenue grew in six of our eight Proximity segment on the strength of continued client interest for our business solutions especially with our financial services and energy and utilities clients. IP represented 20.6% of our total revenue impacted by the dilutive effect of recent business acquisition and lower volumes in our US federal IP-enabled business process services.

由於客戶對我們的業務解決方案持續感興趣，尤其是金融服務和能源及公用事業客戶，我們八個 Proximity 部門中的六個的 IP 收入均有所增長。IP 占我們總收入的 20.6%，受到近期業務收購的稀釋效應以及美國聯邦 IP 支援的業務流程服務量下降的影響。

Bookings in the quarter were again over $4 billion for a book-to-bill ratio of 101% led by US commercial and state government at 121%. Finland, Poland, and Baltics at 113% and Scandinavia, Northwest, and Central East Europe at 106%.

本季訂單金額再次超過 40 億美元，訂單出貨比達到 101%，其中美國商業和州政府訂單額最高，為 121%。芬蘭、波蘭和波羅的海國家為 113%，斯堪的納維亞、西北歐和中東歐為 106%。

When looking at service type, book-to-bill ratios were 106% for managed services and 96% for business and strategic IT consulting and systems integration. IP also had another strong quarter with a book-to-bill ratio of 127%, driven by significant demand in the financial services at 195% and government at 134%. On a trailing 12-month basis, book-to-bill was 107% with North America at 106%, and Europe at 108%.

從服務類型來看，託管服務的訂單出貨率為 106%，業務和策略 IT 諮詢和系統整合的訂單出貨率為 96%。IP 本季表現同樣強勁，訂單出貨比達 127%，這主要得益於金融服務業（195%）和政府業（134%）的強勁需求。過去 12 個月，訂單出貨率為 107%，其中北美為 106%，歐洲為 108%。

On the same basis, managed services had a book-to-bill ratio of 114% and the SI&C book-to-bill ratio was 98%. On a trailing 12-month basis, IP book-to-bill was 113%. Our global backlog reached $30.6 billion or 2 times revenue.

在相同基礎上，託管服務的訂單出貨率為 114%，SI&C 的訂單出貨率為 98%。過去 12 個月，IP 訂單出貨比為 113%。我們的全球未完成訂單達到了 306 億美元，是營收的 2 倍。

Turning to profitability. Adjusted EBIT in the quarter was $666 million up 10.5% year-over-year for a margin of 16.3%, down 10 basis points due to the impact of recent mergers, which are in the process of being integrated, including restructuring and acquisition-related costs of $84 million, earnings before income taxes were $552 million for a margin of 13.5%.

轉向盈利能力。本季調整後息稅前利潤為 6.66 億美元，年增 10.5%，利潤率為 16.3%，下降 10 個基點，原因是近期合併的影響，這些合併正在整合過程中，包括重組和收購相關成本 8,400 萬美元，所得稅前利潤為 5.52 億美元，利潤率為 13.5%。

Our effective tax rate in the quarter was 25.9%, stable compared to last year, and we expect our tax rate for future quarters to be in the range of 25.5% to 26.5%. Adjusted net earnings were $470 million, up $30 million year-over-year for a margin of 11.5%.

本季我們的有效稅率為 25.9%，與去年相比保持穩定，我們預計未來幾季的稅率將在 25.5% 至 26.5% 之間。調整後的淨利潤為 4.7 億美元，比去年同期成長 3,000 萬美元，利潤率為 11.5%。

On the same basis, diluted EPS was $2.10, an accretion of 10% when compared to Q3 last year. Net earnings were $409 million for a margin of 10% and diluted EPS was $1.82, impacted by restructuring and acquisition-related costs in the quarter. We expect to incur approximately $100 million to complete our restructuring program over the remainder of calendar 2025.

在相同基礎上，稀釋每股收益為 2.10 美元，與去年第三季相比成長 10%。受本季重組和收購相關成本的影響，淨收益為 4.09 億美元，利潤率為 10%，稀釋每股收益為 1.82 美元。我們預計將投入約 1 億美元在 2025 年剩餘時間內完成重組計畫。

Turning to cash. We generated $487 million in our cash from operations, representing 11.9% of total revenue impacted by $97 million in restructuring, acquisition and related integration payments. DSO was 43 days in the quarter, two days better than our target. This compared to 42 days in the prior year.

轉向現金。我們的經營現金流為 4.87 億美元，佔總營收的 11.9%，受到重組、收購和相關整合支付的 9,700 萬美元影響。本季的 DSO 為 43 天，比我們的目標好兩天。相比之下，去年同期為 42 天。

In Q3, we invested $105 million into our business, including Gen AI, $286 million to buy back our stock and returned $34 million to our shareholders under our dividend program. On a year-to-date basis, we invested $288 billion into our business, including in Gen AI, $1.6 billion in business acquisitions, $784 million to buy back our stock and returned $102 million to our shareholders under our dividend program.

在第三季度，我們向我們的業務（包括 Gen AI）投資了 1.05 億美元，投資了 2.86 億美元回購我們的股票，並根據我們的股息計劃向我們的股東返還了 3400 萬美元。今年迄今為止，我們已向我們的業務投資了 2880 億美元，其中包括對 Gen AI 的投資、16 億美元的業務收購、7.84 億美元的股票回購以及根據股息計劃向股東返還 1.02 億美元。

Yesterday, our Board of Directors approved a quarterly cash dividend of $0.15 per share. This dividend is payable on September 19, 2025, to shareholder of record as of the close of business on August 15, 2025.

昨天，我們的董事會批准了每股 0.15 美元的季度現金股利。該股將於 2025 年 9 月 19 日支付給 2025 年 8 月 15 日營業結束時登記在冊的股東。

CGI has $2.7 billion in capital resources readily available with access to more if needed, to deliver on our profitable growth strategy. CGI's capital allocation priorities remain consistent, focused on investing back in the business and pursuing accretive acquisitions.

CGI 擁有 27 億美元的資本資源，如有需要還可以隨時獲得更多資源，以實現我們的獲利成長策略。CGI 的資本配置重點保持不變，專注於投資業務和進行增值收購。

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

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。弗朗索瓦？

Thank you, Steve, and good morning, everyone. CGI's performance in the third quarter again demonstrated the value of our resilient mix of services, industry sectors and global footprint, as well as our ability to proactively manage the fundamentals of our business.

謝謝你，史蒂夫，大家早安。CGI 第三季的業績再次證明了我們富有彈性的服務、產業部門和全球影響力組合的價值，以及我們主動管理業務基本面的能力。

Our strategic deployment of capital in line with CGI's Build and Buy profitable growth strategy drove our performance in the quarter. CGI's results in the quarter placed us in the top quartile of our IT services peer group.

我們根據 CGI 的「建設與購買」獲利成長策略進行的資本策略部署推動了我們本季的業績。CGI 本季的業績使我們位居 IT 服務同業的前四分之一。

Today, I will focus on the first nine months of fiscal 2025, their current market environment and the outlook. For the first three quarters, revenue was up 8% or 4.4% on a constant currency basis to $11.9 billion. Adjusted EBIT was up 7% to $1.9 billion. Adjusted EPS was up 8.4% to $6.18. And on a trailing 12-month basis, cash from operations totaled $2.2 billion, continuing to reinforce our financial position to execute on our profitable growth strategy.

今天，我將重點放在2025財年的前九個月、他們當前的市場環境和前景。前三個季度，營收成長 8%（以固定匯率計算成長 4.4%），達到 119 億美元。調整後的息稅前利潤成長 7%，達到 19 億美元。調整後每股收益成長8.4%，達到6.18美元。過去12個月，經營活動現金流總計22億美元，持續鞏固我們的財務狀況，協助我們實施獲利性成長策略。

Delivering quality remain high, and client satisfaction again increased across every dimension we measure. Clients continue to partner with CGI to address their most complex enterprise and ecosystem wide digitization initiatives. This client trust has driven bookings of nearly $12.8 billion over the first three quarters of the fiscal year, up by more than $560 million compared to the same period a year ago. Backlog also grew, representing two years of annual revenue.

交付品質仍然很高，而且在我們測量的每個維度上，客戶滿意度再次提高。客戶繼續與 CGI 合作，以解決其最複雜的企業和生態系統範圍的數位化計劃。該客戶信託在本財年前三個季度推動了近 128 億美元的訂單，與去年同期相比增長了 5.6 億美元以上。積壓訂單也增加了，相當於兩年的年收入。

On a trailing 12-month basis, CGI's book-to-bill stands at 107% driven by sustained demand to help clients realize operational efficiencies, notably through managed services and our IP. In the quarter, we continue to see signs of renewed client spending in banking and the broader financial services sector with year-over-year bookings up by more than $400 million.

在過去 12 個月中，CGI 的訂單出貨比達到 107%，這得益於持續的需求，以幫助客戶實現營運效率，特別是透過託管服務和我們的 IP。本季度，我們繼續看到銀行業和更廣泛的金融服務業客戶支出復甦的跡象，比預訂金額增加了 4 億多美元。

On a trailing 12-month basis, bookings in this sector increased by more than $1 billion as clients turn to CGI to help modernize core systems and processes. Government sector demand remained strong with a Q3 book-to-bill of 112%, led by strong wins in US local government. Agencies around the world continue to turn to CGI to help them transform mission-critical applications to more efficiently and effectively deliver government services, including through exploration of commercial best practices. Specific to our US federal operations, while overall procurement volumes and contract values are down compared to historical levels, we are seeing early signs of stabilization.

在過去 12 個月中，由於客戶轉向 CGI 來幫助實現核心系統和流程的現代化，該領域的訂單增加了 10 億多美元。政府部門的需求依然強勁，第三季訂單出貨比達到 112%，這主要得益於美國地方政府的強勁勝利。世界各地的機構繼續求助於 CGI 來幫助他們轉變關鍵任務應用程序，以更有效率、更有效地提供政府服務，包括透過探索商業最佳實踐。具體到我們的美國聯邦業務，雖然整體採購量和合約價值與歷史水平相比有所下降，但我們看到了穩定的早期跡象。

On a sequential basis, bookings in this segment increased by nearly $250 million. CGI remains well positioned to support a wide range of government missions through our end-to-end offering, notably our IP, which embeds generative AI, data protection, and cybersecurity.

與上一季相比，該部門的訂單量增加了近2.5億美元。 CGI透過我們的端到端產品，特別是嵌入了生成性人工智慧、資料保護和網路安全的智慧財產權，我們仍然能夠為廣泛的政府任務提供支援。

In the third quarter, representative awards of our strong financial services and government bookings included the State of California awarded CGI a USD200 million contract extension for the delivery of end-to-end managed services for its case management, information and payroll system.

第三季度，我們強勁的金融服務和政府預訂的代表性獎項包括加州授予 CGI 一份價值 2 億美元的合約延期，用於為其案件管理、資訊和工資系統提供端到端託管服務。

The European Space Agency named CGI to support its new climate monitoring initiative leveraging CGI's expertise and scientific data systems and large-scale processing to enable high precision, traceable curve observation data.

歐洲太空總署指定CGI支持其新的氣候監測計劃，利用CGI的專業知識和科學數據系統以及大規模處理來實現高精度、可追溯的曲線觀測數據。

A premier US financial services company selected CGI to lead the monetization of its core IT systems, including integration of AI-driven automation to drive IT efficiency, system resilience and enhanced cybersecurity.

一家美國頂級金融服務公司選擇 CGI 來領導其核心 IT 系統的貨幣化，包括整合人工智慧驅動的自動化以提高 IT 效率、系統彈性和增強網路安全性。

Finnish customs extended its partnership with CGI to modernize customs operations and advance their goals for trades station, through CGI's expertise in cybersecurity, data analytics and regulatory compliance. A prominent Canadian bank extended its commitment to CGI's Wealth360 platform to streamline its advanced portfolio management and trading allowing advisers to spend more time engaging with customers.

芬蘭海關擴大了與 CGI 的合作夥伴關係，利用 CGI 在網路安全、數據分析和法規遵循方面的專業知識，實現海關營運現代化，並推進其貿易站目標。一家著名的加拿大銀行擴大了對 CGI 的 Wealth360 平台的承諾，以簡化其先進的投資組合管理和交易，使顧問能夠花更多時間與客戶互動。

The states of Texas Controller's office selected CGI to modernize and unify its core financial systems through the implementation of our cloud-based Advantage platform. NHS Scotland engaged CGI to deliver a user-centric digital platform that will help patients connect more easily with care services while also driving efficiency through innovation. And the Federal Aviation Administration selected CGI to develop, deliver and operate a modernized notice to air system to help improve aviation safety in the US.

德州審計長辦公室選擇 CGI 透過實施我們基於雲端的 Advantage 平台來實現其核心財務系統的現代化和統一。NHS Scotland 聘請 CGI 提供以使用者為中心的數位平台，幫助患者更輕鬆地聯繫護理服務，同時透過創新提高效率。美國聯邦航空管理局選擇 CGI 來開發、交付和營運現代化的空中通知系統，以協助提高美國的航空安全。

For this mission-critical FAA project, we are collaborating with Google Public Sector, one of CGI's global alliance relationships. During the first nine months of fiscal 2025, our new bookings from these go-to-market partnerships totaled more than $2.6 billion, up over 120% compared to last year.

對於這個關鍵任務的 FAA 項目，我們正在與 CGI 的全球聯盟關係之一 Google Public Sector 合作。在 2025 財年的前九個月，我們從這些市場合作夥伴那裡獲得的新訂單總額超過 26 億美元，比去年增長了 120% 以上。

In the quarter, we continue to see macroeconomic uncertainty impacting the timing of client decisions, notably for larger enterprise engagements. For example, subsequent to the quarter end, one of the largest banks in Europe selected CGI as one of its strategic IT partners through its vendor consolidation exercise, a buying trend we see globally. Under the five-year agreement, up to 700 CGI consultants will deliver a wide range of IT services to manage the bank's in-country IT operations and prepare for future international digital transformation.

在本季度，我們繼續看到宏觀經濟的不確定性影響客戶決策的時間，特別是對於大型企業的業務。例如，在本季末之後，歐洲最大的銀行之一透過供應商整合活動選擇 CGI 作為其策略 IT 合作夥伴之一，這是我們在全球範圍內看到的購買趨勢。根據這項為期五年的協議，多達 700 名 CGI 顧問將提供廣泛的 IT 服務，以管理該銀行的國內 IT 營運並為未來的國際數位轉型做好準備。

Across all buying trends, CGI's end-to-end offerings, continue to position us well as a partner of choice. Specifically, CGI's outcome-based value proposition for managed services and IP help clients generate cost savings and accelerate transformation at scale with lower capital costs and continuous innovation. This focus on realizing business value from digital is front and center and client conversations.

在所有購買趨勢中，CGI 的端到端產品繼續使我們成為首選合作夥伴。具體而言，CGI 的託管服務和 IP 基於結果的價值主張可協助客戶節省成本，並以較低的資本成本和持續創新加速大規模轉型。這種透過數位化實現商業價值的關注是客戶對話的核心。

In short, they expect partners like us to take accountability for outcomes. This expectation aligns well with CGI's delivery track record and our ability to bridge strategy with execution through deep domain understanding. Application of emerging technologies and flexible delivery models, including global capability centers.

簡而言之，他們期望像我們這樣的合作夥伴對結果負責。這一期望與 CGI 的交付記錄以及我們透過深入的領域理解將策略與執行結合的能力非常吻合。應用新興技術和靈活的交付模式，包括全球能力中心。

Looking ahead, client priorities and public sector globally are centered on cybersecurity, sovereign cloud solutions, and the modernization of mission-critical applications and systems. Within our CGI Payroll segment, agencies are looking to the future and want to engage in discussions about how technology can more cost-effectively enable their missions.

展望未來，全球客戶和公共部門的優先事項都集中在網路安全、主權雲端解決方案以及關鍵任務應用程式和系統的現代化。在我們的 CGI 薪資部門中，各機構正在展望未來，並希望參與有關如何利用技術更經濟高效地實現其使命的討論。

Our team is fully engaged in productive discussions to propose bold outcome-driven ideas. This includes our momentum ERP, one of two approved government ERP solutions as it blends commercial application with government mission requirements.

我們的團隊全力參與有成效的討論，提出大膽的、以結果為導向的想法。其中包括我們的動量 ERP，它是兩種獲得批准的政府 ERP 解決方案之一，因為它將商業應用與政府任務要求融為一體。

Across commercial sectors, demand remains high for cloud-enabled migration, platform monetization, traditional and generative AI with clients seeking practical use cases, grounded and business reality. CGI's strong market positioning as validated by our growing pipeline. The managed services pipeline is up by more than 20% year-over-year, with increases across all major industry sectors.

在商業領域，客戶對雲端遷移、平台貨幣化、傳統和生成人工智慧的需求仍然很高，他們尋求實際用例、紮實基礎和商業現實。我們不斷成長的產品線證明了 CGI 強大的市場地位。託管服務管道年增超過 20%，所有主要產業領域均有成長。

The pipeline of SI&C opportunities is up by more than 20% across government, the space sector and several commercial industries compared to this time last year. And the IP pipeline is more -- is up more than 10% year-over-year with significant increases in solutions that accelerate AI-based automation, application monetization and to migration.

與去年同期相比，政府、航太領域和多個商業行業的 SI&C 機會增加了 20% 以上。IP 管道年增超過 10%，加速基於 AI 的自動化、應用程式貨幣化和遷移的解決方案顯著增加。

To capture this demand, CGI continues to make targeted investment in our talent and offerings. This includes integrating AI and generative AI into our offerings and delivery. Across industries and geographies, AI remains a powerful enabler for monetization, optimization, and transformation. For example, in Canada, CGI partnered with a large insurance firm to use AI to accelerate quality engineering, resolve and document help desk quarries using agentic AI and advanced the development of a claim portal.

為了滿足這項需求，CGI 繼續對我們的人才和產品進行有針對性的投資。這包括將人工智慧和生成人工智慧融入我們的產品和交付中。在各個產業和地區，人工智慧仍然是實現貨幣化、優化和轉型的強大推動力。例如，在加拿大，CGI 與一家大型保險公司合作，利用人工智慧加速品質工程，使用代理人工智慧解決和記錄幫助台問題，並推進索賠入口網站的開發。

In Germany, CGI is serving as one of the partners for the European Space Agency, AI for Ops program, delivering AI-based software to optimize satellite mission planning and execution. In the US, we are working with a manufacturer to help accelerate their monetization with AI-powered processes and agentic automation.

在德國，CGI 是歐洲太空總署 AI for Ops 計畫的合作夥伴之一，提供基於 AI 的軟體來優化衛星任務規劃和執行。在美國，我們正在與一家製造商合作，幫助他們利用人工智慧流程和代理自動化加速貨幣化。

In Finland, CGI's OMNI360 platform integrates AI directly into help clinician workflows, but expansion plan with three of the largest social and health regions in the country. In the Netherlands, CGI is providing AI expertise for our gas and electricity network operator to develop new solutions in the area of energy grids, energy technology and digital transformation. And in India, we are leveraging CGI's agentic AI solution for IT services management and automated ticket management for multiple times.

在芬蘭，CGI 的 OMNI360 平台將 AI 直接整合到幫助臨床醫生的工作流程中，但計劃與該國最大的三個社會和健康區域進行擴展。在荷蘭，CGI 正在為我們的天然氣和電力網路營運商提供人工智慧專業知識，以在電網、能源技術和數位轉型領域開發新的解決方案。在印度，我們多次利用 CGI 的代理 AI 解決方案進行 IT 服務管理和自動票務管理。

In the third quarter, CGI continued to see strong momentum in AI-related wins, demonstrating the depth of our expertise globally. Our pipeline of qualified AI opportunities also remains robust, reflecting the continuing strong demand to embed these capabilities within core client systems and operations.

第三季度，CGI 在人工智慧相關的勝利中繼續保持強勁勢頭，展現了我們在全球範圍內的專業知識深度。我們的合格人工智慧機會管道也依然強勁，反映出將這些功能嵌入核心客戶系統和營運的持續強勁需求。

Given ongoing client demand, we continue to integrate AI in our IP, now driving 40% of our overall IP base revenue. We also continue to launch new solutions to help client operations run faster, smarter and more efficiently.

鑑於客戶持續的需求，我們繼續將 AI 融入我們的 IP，目前這占我們整體 IP 基礎收入的 40%。我們也將持續推出新的解決方案，幫助客戶運作更快、更聰明、更有效率。

In fact, we announced this week the global launch of CGI SpeedOps, a new platform to digitize and optimize business processes for commercial clients and governments. Importantly, when combined with CGI's managed services and broader process automation initiatives, such as those enabled by CGI DigiOps, the platform can deliver sustainable double-digit efficiency improvements for clients.

事實上，我們本周宣佈在全球推出 CGI SpeedOps，這是一個為商業客戶和政府數位化和優化業務流程的新平台。重要的是，當與 CGI 的託管服務和更廣泛的流程自動化計劃（例如由 CGI DigiOps 支援的計劃）相結合時，該平台可以為客戶帶來可持續的兩位數效率提升。

CGI also continues to lead in responsible AI governance, including through the European AI Act pledge and the collaboration with government and industry programs in the US, Canada, and the UK.

CGI 也繼續在負責任的人工智慧治理方面發揮領導作用，包括透過歐洲人工智慧法案承諾以及與美國、加拿大和英國的政府和產業計畫的合作。

Turning now to the buy side, which remains an integral element of our profitable growth strategy. Integrating accretive mergers to create long-term value for all stakeholders, requires rigor and discipline. Our teams continue to finalize recent integrations. In addition, we continue to work through the regulatory and compliance processes to close the merger with Apside headquarter in France.

現在轉向買方，這仍然是我們獲利成長策略的一個組成部分。整合增值合併以為所有利害關係人創造長期價值需要嚴謹和紀律。我們的團隊正在繼續完成最近的整合。此外，我們將繼續努力完成監管和合規流程，以完成與法國 Apside 總部的合併。

Our pipeline of additional merger targets remains robust. We have a very active program in terms of sourcing, interactive dialogues and due diligence assessments. We are committed to making sure that we are part of the right companies for the right price at the right time, all three without exception. CGI's operational strength, stability, and financial capacity will continue to enable us to move quickly with discipline on the right opportunities of all sizes.

我們的其他合併目標管道依然強勁。我們在採購、互動對話和盡職調查評估方面有一個非常積極的計劃。我們致力於確保我們在正確的時間以正確的價格成為正確的公司的一部分，三家公司無一例外。CGI 的營運實力、穩定性和財務能力將繼續使我們能夠在各種規模的正確機會中快速且有紀律地採取行動。

In closing, we will continue to proactively manage the fundamentals of our business and invest in our Build and Buy profitable growth strategy to further deepen our proximity model, our industry knowledge, and technology expertise, our end-to-end offerings and our global network and scale. We are confident in the resilience of our model, the depth of our client relationships and the dedication of our talented consultants and professionals around the world.

最後，我們將繼續積極管理我們業務的基本面，並投資於我們的「構建和購買」盈利增長戰略，以進一步深化我們的鄰近模式、我們的行業知識和技術專長、我們的端到端產品以及我們的全球網絡和規模。我們對我們的模式的彈性、我們與客戶關係的深度以及我們遍布全球的優秀顧問和專業人士的奉獻精神充滿信心。

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

感謝您的關注與支持。現在我們來回答問題吧，凱文？

Thanks for Francois and Joel. We can now queue for questions.

感謝 Francois 和 Joel。現在我們可以排隊提問了。

(Operator Instructions) Surinder Thind, Jefferies.

（操作員指示） Surinder Thind，Jefferies。

So I guess where I'd like to start with is can you talk a little bit about organic growth and organic growth in the two different segments? And what you're seeing there just to provide some context given all of the FX noise as well as the acquisitions?

所以我想先請您談談有機成長以及兩個不同領域的有機成長。考慮到所有的外匯噪音以及收購，您在那裡看到的只是提供一些背景資訊嗎？

Okay. I won't talk about the numbers by itself. As you know, we are presenting constant currency growth because, again, it's difficult to split from acquisition than organic. If I'm talking about the environment in general, we're still seeing some challenges, example, still with the tariffs. We have still some clients waiting a bit before investing to understand where tariffs will finish with. So we see that a lot in Europe.

好的。我不會單獨談論數字。如您所知，我們呈現的是持續的貨幣成長，因為與有機成長相比，從收購中分離出來更加困難。如果我談論的是整體環境，我們仍然看到一些挑戰，例如關稅問題。我們仍有一些客戶在投資前等待一段時間，以了解關稅最終將達到何種水準。我們在歐洲經常看到這種情況。

But at the same time, it's bringing a lot of opportunities on the managed services side. But on the SI&C side, it's still a bit slow, including business consulting also. So we see that especially in the manufacturing side, but on the other side, if I'm taking example, the financial sector, we are seeing good growth on the organic side in that industry especially in North America.

但同時，它也為託管服務方面帶來了許多機會。但在SI&C方面，還是有點慢，包括商業諮詢也是。我們尤其在製造業方面看到了這一點，但另一方面，如果我以金融業為例，我們看到該行業的有機成長良好，尤其是在北美。

And also, I was talking about booking just after quarter end with large banks in Europe. So we are seeing good momentum in the banking side of the business. And so as we saw growth -- organic growth in the past, and we will see that also in the future.

而且，我還談到了在季度末之後與歐洲大型銀行進行的預訂。因此，我們看到銀行業務方面呈現良好勢頭。因此，正如我們所看到的，過去是有機成長，未來我們也會看到這種成長。

That's helpful. And then can you talk a little bit about -- just switching gears here a little bit about the partnership strategy. It sounded like maybe a bit more revenues are coming through that channel. Just any color there and any evolution in that part of the strategy?

這很有幫助。然後您能否稍微談一下——只是在這裡稍微轉換一下話題，談談合作策略。聽起來也許透過該管道可以獲得更多的收入。那裡有什麼顏色嗎？該戰略部分有什麼演變嗎？

Yeah. It's something that we invest in the last couple of years to promote more our partnership with a large technology company. So it's paying off. So we're investing in the training of these technology and certification of this technology. And we are talking with them to see how we can better team together in front of clients.

是的。這是我們過去幾年進行的投資，旨在進一步促進我們與一家大型科技公司的合作。所以這是有回報的。因此，我們正在投資這些技術的培訓和認證。我們正在與他們交談，以了解如何在客戶面前更好地合作。

So it's paying off, and it will continue, I think, to pay off in the future. So it's a good initiative that we did in the past and it will give us dividend -- more dividend even in the future.

所以它正在獲得回報，而且我認為，它將在未來繼續獲得回報。所以這是我們過去採取的一項很好的舉措，它將為我們帶來獎金——甚至在未來帶來更多的紅利。

And I apologize, any color you can provide in terms of the percentage of bookings or any metric or quantitative measure of that strategy would be helpful, if at all possible?

我很抱歉，如果可能的話，您能否提供預訂百分比或該策略的任何指標或定量指標方面的信息，這是否會有所幫助？

I think that's the number we gave to you, right? So together and again, we just need to be clear, that's not what we're doing with this technology company, but it's really what we are working together on winning deals. So if I'm going back, what was the number, but we did say that we booked for $2.6 billion the go-to-market with them. So -- and that's an increase of 120% year-over-year. So that's really the payoff of investing in these relationships.

我想這就是我們給你的號碼，對嗎？所以，我們再一次需要明確一點，這不是我們與這家科技公司合作的目的，而是為了共同贏得交易。所以如果我回過頭來看，數字是多少，但我們確實說過，我們預訂了 26 億美元的市場推廣費用。所以 — — 這比去年同期增加了 120%。這確實是投資這些關係的回報。

Divya Goyal, Scotiabank.

豐業銀行的 Divya Goyal。

Francois, if you could provide us a little bit more color. In terms of your margins broadly, like what are some of the margin expansion strategies that other than restructuring that you're deploying, you made a ton of acquisitions recently. How do you expect those as they get integrated to help with upliftment of the margins. And in the same vein, I want to ask US federal margins, I did notice they are back to Q3 '24 levels. Is there seasonality in those as well?

弗朗索瓦，如果你能為我們提供更多細節的話。就您的利潤率而言，除了您正在部署的重組之外，您還採取了哪些利潤率擴張策略，最近您進行了大量收購。當它們整合在一起時，您期望它們如何幫助提高利潤率？同樣，我想問一下美國聯邦利潤率，我確實注意到它們已經回到了 2024 年第三季的水平。這些也有季節性嗎？

Yeah. So thanks, Divya, for the question. And Steve, you can comment also if you want. But on the margin, for sure, the integrations of our latest acquisition and especially BJSS will help to increase the margins. So it's the first full quarter of BJSS.

是的。所以，感謝 Divya 提出這個問題。史蒂夫，如果你願意的話，你也可以發表評論。但從利潤率來看，我們最新收購的資產，尤其是 BJSS 的整合，肯定有助於提高利潤率。這是 BJSS 的第一個完整季度。

We closed it at the end of the last quarter and the integration only started. So the idea is that when it will be fully integrated, it will improve the margin in our UK environment. Same thing for the US, we still see -- yes, we see some improvement in the US margin.

我們在上個季度末關閉了它，整合才剛剛開始。因此，我們的想法是，當它完全整合時，它將提高我們英國環境的利潤率。美國的情況也是一樣，我們仍然看到——是的，我們看到美國利潤率有所改善。

But we still have some work to do on finalizing some of the integration authority, and that will also, again, improve the margins. So the idea is that when these companies will be fully integrated, we are expecting margins to go up.

但我們在最終確定部分整合權力方面仍需做一些工作，這也將再次提高利潤率。因此，我們的想法是，當這些公司完全整合時，我們預期利潤率將會上升。

Yeah, the effect also of the restructuring, we are -- as you know, we're quite disciplined in making sure that availability is there. And so we are taking action currently in order to improve some of the continental Europe SBUs and reporting segments.

是的，重組也有影響，正如你所知，我們非常嚴格地確保可用性。因此，我們目前正在採取行動，以改善一些歐洲大陸的戰略業務單位和報告部門。

That's very helpful. One more question that I have is on the vendor consolidation trend. You noted some wins that you have observed across Europe and broadly on a global basis, and we've been hearing about these trends. So could you help us understand what is it about CGI that is much more differentiated than the global IT players that is helping you with this vendor consolidation trend? And how should we expect you to stay differentiated and continue to win this race?

這非常有幫助。我還有一個問題是關於供應商整合趨勢。您提到了在整個歐洲乃至全球範圍內觀察到的一些勝利，我們也一直在聽到這些趨勢。那麼，您能否幫助我們了解 CGI 與全球 IT 參與者相比有哪些顯著差異，從而幫助您應對這種供應商整合趨勢？我們應該如何期望您保持差異化並繼續贏得這場競賽？

Thanks, Divya. I think it's our client-centric approach. I think we are very close to the client, and that's what we're trying always to be understanding their challenges. And when we're delivering, we're delivering with a client approach. So -- and for us, it's making a big, big difference.

謝謝，Divya。我認為這是我們以客戶為中心的方法。我認為我們與客戶的關係非常密切，因此我們始終努力了解他們面臨的挑戰。當我們交付時，我們採用客戶方式交付。所以——對我們來說，這有很大的不同。

And again, you'll see more of this and -- I was in Europe meeting with our clients with -- we have a good business, and they have 1,200 suppliers and they're feeling it's too much. They are saying that it's difficult to bring synergy when you have that much of suppliers. And so they want to reduce it. And they like our approach.

再說一次，你會看到更多這樣的情況——我在歐洲與我們的客戶會面——我們的業務很好，他們有 1,200 家供應商，他們覺得太多了。他們說，當供應商那麼多時，很難產生綜效。所以他們想減少它。他們喜歡我們的方法。

They like the fact that we are client-centric. They like also the approach that our partnership approach, we are ready to co-invest in some of these processes with them and bring innovation so on the business side. So that's really what it's helping us to win in these vendor consolidation deals.

他們喜歡我們以客戶為中心的理念。他們也喜歡我們的合作方式，我們準備好與他們共同投資其中一些流程，並在業務方面帶來創新。這確實幫助我們贏得了這些供應商整合交易。

Jerome Dubreuil, Desjardins.

傑羅姆‧杜布雷伊 (Jerome Dubreuil)，德雅爾丹 (Desjardins)。

The first one is kind of a two-pronged question on capital allocation. Accenture recently characterized the M&A environment as being a bit more difficult. So I wonder if you agree. And if you do, wondering what we should be expecting on the buyback side with results improving and the share price lagging the index?

第一個問題是關於資本配置的雙管齊下的問題。埃森哲最近表示，併購環境有些困難。所以我想知道您是否同意。如果您這樣做了，您是否想知道在業績改善且股價落後於指數的情況下，我們應該對回購方面抱持怎樣的期望？

I don't know with Accenture, but I would say I'm not in that same path. I think contrary, I think acquisition is still something that we're looking very closely. I think with valuations that are, I would say, lower than before. And you have a lot of targets that are at the point now that they need to do, taking again decision on their future. I think it's still a pretty active -- we have a pretty active pipeline, very good discussion.

我不知道埃森哲的情況，但我想說我並沒有走同樣的路。我認為相反，我認為收購仍然是我們密切關注的事情。我認為估值比以前低了。現在他們有很多目標需要實現，他們需要再次對自己的未來做出決定。我認為它仍然非常活躍 - 我們有一個非常活躍的管道，非常好的討論。

And I think that will continue. And now I'm more, I would say, bullish on that side on the acquisition. I'm not saying that we won't continue to do some share buyback. We have the capacity and capabilities to do both. I don't know, Steve, you want to say a bit.

我認為這種情況將會持續下去。現在，我想說，我對這項收購更加看好。我並不是說我們不會繼續進行股票回購。我們有能力和實力做到這兩點。我不知道，史蒂夫，你想說一點。

Yes, if you look at just the recent quarters, there was no cash out for business acquisition, and we invested close to $300 million in share buybacks. So obviously, it's all -- it's -- our first priority is to invest in the business after that to invest in accretive M&A. And following that is the share buyback.

是的，如果你只看最近幾個季度，你會發現沒有用於業務收購的現金，而我們投資了近 3 億美元用於股票回購。顯然，我們的首要任務是投資業務，然後再投資增值型併購。接下來是股票回購。

Great. And second question, I'd like an update on those, if possible. There's a big peer reported last week saying there's a bit of a shift from cost cutting to modernization initiatives in the US federal government. I'm wondering if you're seeing the same thing or it's still very much 100% focused on cost cutting?

偉大的。第二個問題，如果可能的話，我想了解最新情況。上週有一位重要同行報道稱，美國聯邦政府正在從削減成本轉向現代化措施。我想知道您是否看到了同樣的事情，或者它仍然 100％ 專注於削減成本？

For sure, at least all the demand of information, what are we delivering for the clients, by agency, what type of contract we're doing, that's mostly finished. And no more question on that side. And so we're back to having good discussion with our agencies and our clients on a daily basis.

當然，至少所有的資訊需求，我們透過代理商向客戶提供什麼，我們正在簽訂什麼類型的合同，這些基本上都已經完成了。那邊沒有其他問題了。因此，我們又可以每天與我們的代理商和客戶進行良好的討論。

Like I said in the past, right, to do some cost saving on their side, they will need new systems. They will need more automations. And to do that, they'll need services like us to help them to achieve these targets. So that's where -- you're right. That's where we are now.

就像我過去說的那樣，為了節省成本，他們需要新的系統。他們將需要更多的自動化。為了做到這一點，他們需要像我們這樣的服務來幫助他們實現這些目標。所以這就是——你是對的。這就是我們現在的處境。

We have good discussion with them, how can we help them on the cost savings? What type of automation we can do with them. That's the kind of conversation we have with them. And you see the booking did picked up on a sequential basis. We're still not at the same level that we were a year ago or 1.5 years ago. But these discussions are now happening. And my expectation is that we will see some improvement in the future.

我們與他們進行了很好的討論，我們如何幫助他們節省成本？我們可以用它們實現什麼類型的自動化。這就是我們與他們進行的對話。您會看到預訂量確實在持續增加。我們仍未達到一年前或一年半前的水準。但這些討論正在進行中。我的期望是，我們將來會看到一些改善。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Your APAC BU continues to grow faster organically than the rest of the business. Can you speak to the key client geographies that are driving that? Is that heavily weighted to North America or other parts as well?

您的亞太業務部繼續以比其他業務部更快的速度自然成長。您能談談推動這一趨勢的關鍵客戶地區嗎？這對北美或其他地區也有很大影響嗎？

For sure, North America is big, and we're moving a lot of activities, GCCs, we won a big contract to create a GCC from -- in the US. So that's bringing some growth. I would say also, Germany is another place where we're starting to see momentum on India. They have pressure. As you know, we have a lot of manufacturing clients in Germany, for example, and they -- we are talking managed services, and we're showing them our capabilities in India, and they have a lot of interest. And so that's also good momentum on that side.

當然，北美很大，我們正在進行很多活動，GCC，我們贏得了一份在美國創建 GCC 的大合約。所以這會帶來一些成長。我還想說，德國是另一個我們開始看到印度發展勢頭的地方。他們有壓力。如您所知，我們在德國有很多製造業客戶，我們正在談論託管服務，並向他們展示我們在印度的能力，他們很感興趣。從這方面來看這也是一個好的動力。

Right. And then on US Federal, it seems like revenues were down a bit organically on sequential on a year-over-year basis. Just to clarify, with the lower BPO volumes be far and away the biggest reason for that? Or were there other factors?

正確的。然後就美國聯邦而言，似乎收入與去年同期相比有所下降。只是澄清一下，BPO 量較低是造成這種情況的最大原因嗎？還是有其他因素？

Yeah. No. For sure, as you know, we have a large contract, Visa contract where for 15-ish countries we are producing Visa for people who wants to come to US. And as we know, right, a lot less traveling in the US in general. And so that has an impact on the Visa processes.

是的。不。當然，如你所知，我們有一個大合同，即 Visa 合同，我們為 15 個國家/地區想要來美國的人提供 Visa 簽證。我們知道，整體而言，美國的旅行次數減少了很多。這會對簽證流程產生影響。

Richard Tse, National Bank Financial.

Richard Tse，國家銀行金融。

With respect to the acquisitions, can you maybe talk about whether you have any sort of targets on that over the next 12 months? And I guess related -- how do you rank transformational deals against the metro market deals?

關於收購，您能否談談未來 12 個月內您是否有任何目標？我想這和——您如何將轉型交易與大都市市場交易進行排名有關？

I'll start with the second, the rank. I don't know what do you mean by ranking. We are looking at all of them. And small and big. And it's like I'm always saying, it needs to be the right target at the right price at the right time.

我先從第二個，也就是排名開始。我不知道你說的排名是什麼意思。我們正在審查所有這些。有大有小。就像我一直說的那樣，它需要在正確的時間以正確的價格實現正確的目標。

So large or small, we'll look at them. And we are looking at large and small and smaller and that will continue. So that's something -- and again, as for an outlook, I'm not sure if your first question was an outlook on this. It's difficult to say how many we will close in the future. again, we need to dance and we need to have to come to right agreement. So -- but we have a good funnel, a lot of discussions. And so we'll see how much we can close them in the future.

無論大小，我們都會關注它們。我們正在關注大型、小型和更小的事物，並且這種情況將繼續下去。所以這是——再說一次，至於觀點，我不確定你的第一個問題是否是對此的觀點。很難說未來我們會達成多少協議。再說一次，我們需要跳舞，我們需要達成正確的協議。所以——但是我們有一個很好的管道，有很多討論。因此，我們將看看未來我們能解決多少問題。

Okay. That's helpful. With respect to AI, there's been a lot of discussion here just on like your customers, but just curious as to how CGI is applying this internally. And from that perspective, how do you think it impacts your head count growth and also implications for your margins as we look ahead here?

好的。這很有幫助。關於人工智慧，這裡已經有很多關於您的客戶的討論，但我只是好奇 CGI 如何在內部應用它。從這個角度來看，您認為它會對您的員工人數成長以及未來的利潤率產生什麼影響？

We are using AI. We were using AI in the past, and we continue to -- we'll continue to use AI in the future and Gen AI and we are using it in our managed services to -- already, we signed deals in the past where we're saying to the clients, we'll give you savings, we'll give you x percent of saving, and we need to produce that saving.

我們正在使用人工智慧。我們過去一直在使用人工智慧，我們將繼續進行——我們將來會繼續使用人工智慧和 Gen AI，並且我們正在將其用於我們的託管服務中——我們過去已經簽署了協議，我們告訴客戶，我們將為您節省開支，我們將為您節省 x 個百分點，我們需要實現這些節省。

Some of it is produced by example, offshoring some activities to India, but some of it is also to apply automation tools, including AI. And so we are using these tools today and will continue in the future to produce savings that we promised to clients and also naturally to help us of improving and doing also a profit on this delivery.

其中一些是透過範例產生的，將一些活動外包到印度，但其中一些也是應用自動化工具，包括人工智慧。因此，我們今天正在使用這些工具，並將在未來繼續使用這些工具來實現我們向客戶承諾的節省，並且自然而然地幫助我們改進並在交付中獲得利潤。

So we are doing it today, and we'll continue and even doing some acceleration of it in the future. So the impact of headcount, you can expect that you'll see headcount -- dollars or revenue by headcount going up that will continue to increase in the future, and it's normal because our people will become more and more productive using more and more of these tools. So -- and again, overall in AI, we will need -- and clients will need expert to implement these tools and we are the right expert to help them on this.

所以我們今天正在這樣做，我們將來會繼續這樣做，甚至加速這樣做。因此，就員工人數的影響而言，您可以預期，員工人數——美元或收入會隨著員工人數的增加而增加，並且在未來會繼續增加，這是正常的，因為我們的員工將使用越來越多的這些工具，從而變得越來越有效率。所以 — — 總的來說，在人工智慧領域，我們需要 — — 客戶也需要專家來實施這些工具，而我們就是能夠幫助他們的合適專家。

Suthan Sukumar, Stifel.

蘇坦·蘇庫馬爾（Suthan Sukumar），Stifel。

Thank you. For my first one, I wanted to touch on your IP strategy and the investments that you're making in this category. How much of your focus here will be on direct sort of in-house R&D versus core development with clients? And I think you mentioned about 40% of your IP is now being driven by AI. From a road map perspective, what are some of the other IP product priorities you have beyond AI?

謝謝。首先，我想談談您的智慧財產權策略以及您在這一類別中的投資。您將把多大程度的精力放在直接內部研發上，還是與客戶一起進行核心開發上？我記得您提到過，現在大約 40% 的 IP 都是由 AI 驅動的。從路線圖的角度來看，除了人工智慧之外，您還有哪些其他 IP 產品優先事項？

First of all, on the second question, really, the idea was to say 40% of our IP is now -- and you have AI embedded in these IPs. So that's really what we're saying. And our large IP where we have success, I will tell you is like our ERP systems and we have embedded AI in our ERP systems. We have embedded AI in several of our financial sector, like our trade platform, our wealth platform, Wealth360 platform, we are implementing AI functionality to help clients to gain even more savings by using some of these AI functionalities.

首先，關於第二個問題，實際上，我們的想法是說，我們現在的 40% 的 IP 是 - 並且這些 IP 中嵌入了 AI。這就是我們真正想說的話。我們可以告訴您，我們成功的大型 IP 就像我們的 ERP 系統，我們在 ERP 系統中嵌入了 AI。我們已經將人工智慧嵌入到我們的多個金融領域，例如我們的交易平台、財富平台、Wealth360 平台，我們正在實施人工智慧功能，以幫助客戶透過使用其中一些人工智慧功能來獲得更多的節省。

So that's really why we were talking about AI. And overall, on the IP side, a bit the same answer, Government sector IP is going very well. And you saw a couple of announcements we did, the example with last quarter with State of California. And this quarter, again, another one was State of California I talked about our Wealth360 deal or extension that we did in Canada. It's really in these 2 sectors that we're seeing very good momentum on our IP solutions.

這就是我們談論人工智慧的真正原因。整體而言，在智慧財產權方面，答案大致相同，政府部門的智慧財產權進展非常順利。您看到了我們發布的一些公告，例如上個季度與加州發布的公告。本季度，我又與加州討論了我們在加拿大進行的 Wealth360 交易或擴展。正是在這兩個領域，我們看到了我們的 IP 解決方案的良好發展勢頭。

Great. My second question, I wanted to touch on some of the integration progress with the recent deals that you've done. Is there anything that may have stood out to you with respect to the ongoing integration or at the growth opportunity with some of these recent deals relative to some of your initial assumptions going into them?

偉大的。我的第二個問題是，我想談談你們最近達成的一些交易的整合進展。相對於您最初的一些假設，這些最近的交易中正在進行的整合或成長機會方面有什麼讓您印象深刻的嗎？

For sure, what we're seeing is that I'll take example, Daugherty one in the US we are seeing a good momentum on how we can integrate the CGI capabilities with Daugherty relationship that they have with their clients. And we have good discussions with some of these Daugherty clients to show to them our expertise that we have example in India. So some of them did visit India and seeing what we have and what we can bring to the table.

當然，我們看到的是，以美國的 Daugherty 為例，我們看到瞭如何將 CGI 功能與 Daugherty 與其客戶的關係相結合的良好勢頭。我們與 Daugherty 的一些客戶進行了良好的討論，向他們展示了我們在印度擁有的專業知識。因此，他們中的一些人確實訪問了印度，了解了我們擁有什麼以及我們能帶來什麼。

Same thing with BJSS, we had the start of this, but still again already very good discussion with clients and really to show to them. Yes, BJSS, you'll still have the great relationship and a great delivery from them. But here's what you can also have from the larger CGI. And for now, clients are very happy or very impressed about what they're seeing.

BJSS 的情況也一樣，我們已經開始這樣做了，但仍然已經與客戶進行了非常好的討論，並真正向他們展示了這一點。是的，BJSS，你仍然會與他們保持良好的關係並獲得出色的交付。但您也可以從更大的 CGI 中獲得以下內容。目前，客戶對他們所看到的效果感到非常高興或印象深刻。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

Just a couple of questions here on AI, further on AI. How do you see CGI's competitive position within AI in the IT services market, meaning do you see AI as increasing overall competition? Or do you think that AI raises the barriers to entry and that would strengthen CGI's position versus competitors?

這裡我只想問幾個關於人工智慧的問題，以及關於人工智慧的進一步問題。您如何看待 CGI 在 IT 服務市場中 AI 領域的競爭地位，這意味著您是否認為 AI 會增加整體競爭？或者您認為人工智慧提高了進入門檻，從而加強了 CGI 相對於競爭對手的地位？

Well, I think AI to use it right and to help the clients, you need to have expertise. And I think that's where our -- that's what we're bringing at the table. And I think that's why we are doing investment in AI. That's why we're training our people in AI. And I'm a strong believer that clients to be able to implement these tools and use these tools the right way. They will need expert like us. And so I think that will bring a lot of new opportunities for us and solutions to our clients.

嗯，我認為要正確使用人工智慧並幫助客戶，你需要具備專業知識。我認為這就是我們的——這就是我們要提出的。我認為這就是我們投資人工智慧的原因。這就是我們對員工進行人工智慧培訓的原因。我堅信客戶能夠實施這些工具並以正確的方式使用這些工具。他們需要像我們這樣的專家。因此我認為這將為我們帶來許多新的機會，並為我們的客戶帶來許多解決方案。

And in terms of the economics of AI and the potential productivity gains, are your clients starting to see productivity gains from AI? And then have they been reinvesting those gains back into other projects? Or have they just been using those gains to drive just higher ROI on those projects?

從人工智慧的經濟性和潛在的生產力提升方面來看，您的客戶是否開始看到人工智慧帶來的生產力提升？那麼他們是否將這些收益重新投資到其他項目中？或者他們只是利用這些收益來提高這些項目的投資報酬率？

I would say that clients will have budget, right? And yes, some you'll have -- and that's more on the environment side. We'll have sometimes request from their CEOs to reduce some of the budget. But at the same time, they want to spend the money. And now with AI, they can do more with less.

我想說客戶會有預算，對嗎？是的，你會有一些——而且這更多的是在環境方面。我們有時會要求他們的執行長削減部分預算。但同時，他們也想花掉這筆錢。現在有了人工智慧，他們可以用更少的資源做更多的事情。

So it's really what's happening is that some of these, like you're saying, Paul, some of the savings that we can produce by delivering faster they're turning around and saying, oh, finally, I can do more, and let's accelerate some transformation for example, that we were not able to do in the past because I still have the run side of the business to happen. So now we're coming in. We're showing them how we can reduce the run and they're taking that run saving and investing it back in the transformation side.

所以，實際情況是，就像保羅所說的那樣，我們可以透過加快交付速度來節省一些成本，但他們卻轉過頭來說，哦，終於，我可以做更多了，讓我們加速一些轉型，例如，我們過去無法做到這一點，因為我還有業務的運營方面要做。現在我們進來了。我們向他們展示如何減少運行，他們將節省的運行成本重新投資於轉型方面。

(Operator Instructions) Stephanie Price, CIBC.

（操作員指示）Stephanie Price，CIBC。

As you look into the second half of the calendar year here, it sounds like you're definitely seeing some green shoots out there. Just curious about how you think about overall constant currency organic growth as you look into the back half of the year. Do you think we could have seen a floor already? Or do you think that things are starting to turn, but it could take a few more quarters for the bottom?

當你展望今年下半年時，聽起來你肯定看到了一些復甦的跡象。我只是好奇，當您展望下半年時，您如何看待整體恆定貨幣有機成長。您認為我們已經看到地板了嗎？或者您認為情況正在開始好轉，但可能還需要幾個季度才能觸底？

Yeah. I think we're at the floor, right? And -- but again, the environment we'll see where the environment is finishing, especially on the tariff. I think we're starting to see an end to it or some agreements across the world. And I think when these agreements will be finalized, that will bring to the clients a certain certainty, right, of how much they need to pay and stuff like that and what will be the impact on the economy. And when that will be digested, I think that's where we'll see some momentum coming back.

是的。我想我們已經到達地板了，對嗎？但同樣，我們將看到環境的終結，尤其是關稅。我認為我們開始看到它的結束或世界各地達成一些協議。我認為，當這些協議最終達成時，客戶將能夠確定他們需要支付多少錢等，以及這將對經濟產生什麼影響。當這些影響被消化後，我認為我們會看到一些動力的回升。

So I think it will take a couple -- still a couple of quarters to arrive to that. But again, I was in Germany and Europe a couple of weeks ago. Like I'm saying, I'm seeing -- I went to see a bank and bank were very positive and doing some larger investments. But on the manufacturing side, they were there and saying, okay, we're looking at the tariffs. We're trying to understand where it will finish too. And after that, we'll be able to adjust our budgets and investment budget. So that's where we are. And I'm saying, I think it can take still a couple of quarters.

所以我認為這還需要幾個季度才能實現。但幾週前我又去了德國和歐洲。就像我說的，我看到——我去參觀了一家銀行，銀行非常積極，並且進行了一些較大的投資。但在製造業方面，他們說，好吧，我們正在研究關稅。我們也正在嘗試了解它將在哪裡結束。之後，我們就可以調整預算和投資預算。這就是我們現在的狀況。我的意思是，我認為這可能還需要幾個季度的時間。

That makes sense. And then you mentioned in your prepared remarks that momentum is one of two approved government systems. Wonder if you could talk a bit about your approach to winning share here and if there's any key contracts that are for renewal or how you think about momentum going forward in this environment?

這很有道理。然後您在準備好的發言中提到，動量是兩種獲批准的政府系統之一。想知道您是否可以談談您在這裡贏得份額的方法，以及是否有任何需要續籤的關鍵合同，或者您如何看待這種環境下未來的發展勢頭？

We're very -- momentum is a great tool. Our clients like it. It's a tool that is specific, like let's be clear, right. Momentum is only for government. Only for -- only for the federal government. So when the clients are looking at it, they are seeing it's really answering all their needs. So I'm very -- if they are really pushing to go to only two, I think that will create a lot of new opportunities for us in the future. That's for sure.

我們非常——動力是一個很好的工具。我們的客戶很喜歡它。這是一個特定的工具，讓我們清楚一點，對吧。勢頭只屬於政府。僅適用於－僅適用於聯邦政府。因此，當客戶看到它時，他們會發現它確實滿足了他們的所有需求。所以我非常——如果他們真的努力只實現兩個，我認為這將為我們未來創造很多新的機會。這是肯定的。

There are no further questions at this time. I will now turn the call over to Kevin for closing remarks.

目前沒有其他問題。現在我將把電話交給凱文來做結束語。

Thanks, everyone, for participating. And 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 95409. As well, a podcast on this call will be available for download within a few hours. Follow-up questions can be directed to me at 1 905-973-8363. Thanks, again, everyone, and look forward to speaking soon.

謝謝大家的參與。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 95409 來重播此通話。此外，本次通話的播客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，期待盡快交談。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。