CGI Inc (GIB) 2025 Q4 法說會逐字稿

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

女士們、先生們，早安。歡迎參加 CGI 2025 財年第四季電話會議。現在我將會議交給投資人關係資深副總裁凱文‧林德先生。請繼續，先生。

Thank you, Joelle, and good morning. With me to discuss CGI's fourth quarter and 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, November 5, 2025.

謝謝你，喬爾，早安。與我一起討論 CGI 第四季和 2025 財年業績的有：總裁兼執行長 Francois Boulanger；以及執行副總裁兼財務長 Steve Perron。本次電話會議將於美國東部時間 2025 年 11 月 5 日星期三上午 9:00 在 cgi.com 上進行直播和錄製。

Supplemental slides as well as the press release we issued earlier this morning are available for download along with our fiscal 2025 MD&A, audited financial statements and accompanying notes, all of which have been filed with both SEDAR+ and EDGAR.

補充投影片以及我們今天早上發布的新聞稿，以及我們的 2025 財年管理層討論與分析、經審計的財務報表和隨附說明，均可下載，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，電話會議中某些陳述可能具有前瞻性。實際事件或結果可能與明示或暗示的內容有重大差異，CGI 不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

A 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」聲明可在我們的管理層討論與分析報告、新聞稿以及cgi.com網站上查閱。我們建議投資者完整閱讀該聲明。我們依照國際財務報告準則（IFRS）報告我們的財務表現。

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

和往常一樣，我們也會討論非GAAP績效指標，這些指標應被視為補充資訊。管理階層討論與分析 (MD&A) 中包含了我們在報告中使用的每個術語的定義。除非另有說明，本次電話會議中提及的所有美元金額均為加幣。

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

現在我將把電話交給史蒂夫，讓他回顧我們第四季度的財務狀況，然後弗朗索瓦將對我們全年的業績、業務和市場前景發表評論。史蒂夫？

Thank you, Kevin, and good day, everyone. In our fourth quarter of fiscal 2025, we continue to demonstrate discipline in the management of our operation while effectively executing on our strategy of deploying capital to generate superior long-term return on investment for our shareholders.

謝謝你，凱文，大家今天愉快。在 2025 財年第四季度，我們繼續在營運管理方面展現出嚴謹的態度，同時有效地執行我們的資本部署策略，為股東創造卓越的長期投資回報。

This starts with our profitable SI&C offering that we grow organically and/or with M&A. Second, to bring our managed services and IP offering to existing or new clients to help them be more efficient. This offering resonates strongly during this more challenging economic period. Finally, our strategy focused on investing in CGI with our share buyback program to increase our EPS while returning cash to our shareholders.

這始於我們獲利的SI&C產品，我們透過自身發展和/或併購來實現成長。其次，將我們的託管服務和智慧財產權產品帶給現有客戶或新客戶，以幫助他們提高效率。在當前經濟情勢更加嚴峻的時期，這項措施引起了強烈的共鳴。最後，我們的策略重點是透過股票回購計畫投資 CGI，以提高每股收益，同時向股東返還現金。

In the quarter, we delivered $4 billion of revenue, up 9.7% year-over-year or up 5.5% when excluding the impact of foreign exchange. Growth was driven by our recent business acquisition and continued demand for our APAC delivery centers with this segment reporting growth of 6.4%. There was also some planned runoff of lower margin work from recent acquisitions.

本季度，我們實現了 40 億美元的收入，年增 9.7%，若不計外匯影響，則較去年同期成長 5.5%。近期業務收購和亞太地區交付中心的持續需求推動了成長，該業務板塊實現了 6.4% 的成長。此外，還有一些近期收購項目中利潤較低的業務也計劃逐步停止。

In our UK and Australia segment, with our acquisition of BJSS, growth was 28%. This acquisition adds further scale to our UK operations, and we can now showcase the breadth of CGI's end-to-end services to new clients.

在英國和澳洲市場，隨著我們收購 BJSS，成長率達到了 28%。此次收購進一步擴大了我們在英國的業務規模，我們現在可以向新客戶展示 CGI 端到端服務的廣度。

Across our US segments, combined growth was 5.7%, primarily driven by our Aeyon and Daugherty merger investments, and our pipeline of opportunities continues to increase as we bring our managed services, IP and offshore delivery capabilities to our new client relationships.

在美國，我們各業務部門的綜合成長率為 5.7%，主要得益於我們對 Aeyon 和 Daugherty 合併的投資，隨著我們將管理服務、智慧財產權和離岸交付能力帶給新的客戶關係，我們的機會管道也不斷增加。

IP remained steady sequentially at 20.5% of our total revenue, even as we add a larger proportion of non-IP revenue from recent business acquisitions. The vast majority of our IP continues to be delivered through recurring revenue streams.

儘管我們透過近期業務收購增加了非智慧財產權收入的比例，但智慧財產權收入仍保持穩定，佔總收入的 20.5%。我們絕大多數的知識產權仍然透過經常性收入來源進行交付。

Bookings in the quarter were close to $4.8 billion for a book-to-bill ratio of 119%, led by US Federal at 185%. US commercial and state government at 136% and Western and Southern Europe at 117%. Of the total booking in the period, 45% were for new business.

本季訂單金額接近 48 億美元，訂單出貨比為 119%，其中美國聯邦銀行的訂單出貨比最高，達 185%。美國商業和州政府佔 136%，西歐和南歐佔 117%。該期間的總預訂量中，45%為新業務。

On a trailing 12-month basis, book-to-bill was 110% with North America at 120% and Europe at 102%. On the same basis, managed services had a book-to-bill ratio of 120% and the SI&C book-to-bill ratio was 99%. IP book-to-bill was 107%. Our contracted backlog reached $31.5 billion or 2 times revenue.

過去 12 個月，訂單出貨比為 110%，其中北美為 120%，歐洲為 102%。依照相同的標準，託管服務的訂單出貨比為 120%，而係統整合與控制的訂單出貨比為 99%。IP 訂單出貨比為 107%。我們的合約積壓訂單金額達到 315 億美元，是營收的 2 倍。

Turning to profitability. Adjusted EBIT in the quarter was $667 million, up 11.2% year-over-year for an industry-leading margin of 16.6%, up 20 basis points. Including restructuring acquisition-related costs of $122 million, earnings before income taxes were $516 million for a margin of [12.9%]. Our effective tax rate in the quarter was 26.1%, 30 basis points less than last year, and we expect our tax rate for future quarters to be in the range of 26% to 27%.

轉向盈利。本季調整後息稅前利潤為 6.67 億美元，年增 11.2%，利潤率達到業界領先的 16.6%，成長 20 個基點。計入重組收購相關成本1.22億美元後，稅前利潤為5.16億美元，利潤率為[12.9%]。本季我們的實際稅率為 26.1%，比去年同期下降了 30 個基點，我們預計未來幾季的稅率將在 26% 至 27% 之間。

Adjusted net earnings were $472 million, up $33 million year-over-year for a margin of 11.8%. On the same basis, diluted EPS was $2.13, an accretion of 11% when compared to Q4 last year. Net earnings were $381 million for a margin of 9.5% and diluted EPS was $1.72, impacted by restructuring and acquisition-related costs in the quarter. We finalized our restructuring program and related expenses in the quarter.

經調整後的淨利潤為 4.72 億美元，年增 3,300 萬美元，利潤率為 11.8%。按此計算，稀釋後每股收益為 2.13 美元，與去年第四季相比成長了 11%。淨利潤為 3.81 億美元，利潤率為 9.5%；稀釋後每股收益為 1.72 美元，受到本季重組和收購相關成本的影響。本季我們完成了重組計畫及相關費用的結算。

Turning to cash. We generated $663 million in our cash from operations, representing 16.5% of total revenue, even when incorporating $43 million in restructuring, acquisition and related integration payments. DSO was 45 days in the quarter compared to 41 days in the prior year, impacted by recent business acquisitions.

兌換現金。即使計入 4,300 萬美元的重組、收購及相關整合款項，我們的經營活動仍產生了 6.63 億美元的現金收入，佔總收入的 16.5%。受近期業務收購的影響，本季應收帳款週轉天數為 45 天，而上年同期為 41 天。

In Q4, we continued to allocate our capital and invested $81 million back into our business, which includes strategic investments in Agentic and Gen AI, $250 million on business acquisitions, $491 million to buy back our stock. And in addition, we returned $33 million to our shareholders under our dividend program.

第四季度，我們繼續分配資本，將 8,100 萬美元重新投入到我們的業務中，其中包括對 Agentic 和 Gen AI 的戰略投資，2.5 億美元用於業務收購，4.91 億美元用於回購我們的股票。此外，我們還根據股息計劃向股東返還了 3,300 萬美元。

Yesterday, our Board of Directors approved a quarterly cash dividend of $0.17 per share, representing a 13% increase. This dividend is payable on December 19, 2025, to shareholder of record as of the close of business on November 21, 2025.

昨天，我們的董事會批准了每股 0.17 美元的季度現金股息，比上年增長 13%。該股將於 2025 年 12 月 19 日支付給截至 2025 年 11 月 21 日營業結束時登記在冊的股東。

With $2.4 billion in capital resources readily available and a net debt leverage ratio of one, CGI has the balance sheet strength and capacity to deliver on our profitable growth strategy. CGI's capital allocation priorities have remained consistent, focused on investing back in the business and pursuing accretive acquisitions. Additionally, we expect to remain very active in our repurchase program.

CGI擁有24億美元的可用資本資源，淨債務槓桿率為1，其資產負債表實力雄厚，有能力實現我們的獲利成長策略。CGI的資本配置重點始終如一，專注於對業務進行再投資和尋求增值收購。此外，我們預計將繼續積極開展股票回購計畫。

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

現在我將把電話交給弗朗索瓦，讓他進一步討論今年的見解以及我們業務和市場的前景。弗朗索瓦？

Thank you, Steve, and good morning, everyone. CGI's strong performance in the quarter and in the year demonstrated our team's ability to execute with discipline in an environment that remained largely unchanged given the market dynamics.

謝謝你，史蒂夫，大家早安。CGI在本季和本年度的強勁表現表明，在市場動態基本上保持不變的環境下，我們的團隊有能力以嚴謹的態度執行各項任務。

On a year-over-year basis, fiscal 2025 performance highlights where revenue increased 4.6% on a constant currency basis, with managed services up 6% in constant currency, in line with client demand given the challenging macroeconomic environment.

與上年同期相比，2025 財年的業績亮點是營收按固定匯率計算增長了 4.6%，其中管理服務按固定匯率計算增長了 6%，這與客戶在充滿挑戰的宏觀經濟環境下的需求相符。

EPS expanded 8.9% on an adjusted basis to a higher recurring revenue mix as well as proactive operational excellence actions. EPS accretion and share price growth are typically highly correlated. So we believe CGI stock is currently undervalued.

經調整後，每股盈餘成長 8.9%，主要得益於經常性收入佔比提高以及積極主動的卓越營運措施。每股收益成長與股價成長通常高度相關。因此，我們認為 CGI 股票目前被低估了。

Bookings were $17.6 billion, up $1.5 billion with full year book-to-bill ratios above 100% in both North America and in Europe on the strength of managed services, which were up 12% compared to last year. And cash from operations remained robust at $2.2 billion as a result of sustained quality delivery for clients.

預訂額達 176 億美元，比上年增長 15 億美元，北美和歐洲全年預訂出貨比均超過 100%，這主要得益於託管服務的強勁增長，託管服務比上年增長了 12%。由於持續為客戶提供高品質的服務，經營活動產生的現金流保持強勁，達到 22 億美元。

In fiscal 2025, we deployed over $3.7 billion, and we plan to continue our aggressive use of capital in 2026. Specifically, in fiscal 2025, we invested $368 million back into our business, which includes strategic investments in Agentic and Gen AI. $1.8 billion on business acquisitions, $1.3 billion to buy back our stock, and we returned $135 million to shareholders through dividend payments.

在 2025 財年，我們投入了超過 37 億美元，我們計劃在 2026 年繼續積極運用資本。具體而言，在2025財年，我們向公司重新投資了3.68億美元，其中包括對Agentic和Gen AI的戰略投資；18億美元用於業務收購；13億美元用於回購股票；並透過股息支付向股東返還了1.35億美元。

As Steve indicated, our Board of Directors approved a 13% dividend increase for Q1 2026. Our investments in the buy strategy remain pivotal to our revenue growth as we closed five acquisitions in fiscal 2025, all accretive within the first year.

正如史蒂夫所指出的，我們的董事會批准了 2026 年第一季股息成長 13%。我們對收購策略的投資仍然是我們營收成長的關鍵，我們在 2025 財年完成了五項收購，所有收購都在第一年實現了獲利成長。

We expect these mergers to drive future growth as we bring our full offering value proposition to new clients. These mergers expanded our geographic footprint and our end-to-end offerings, including in key areas such as AI, data, cloud and engineering.

我們預計這些合併將推動未來的成長，因為我們將把我們完整的產品和服務價值主張帶給新客戶。這些合併擴大了我們的地理覆蓋範圍和端到端服務範圍，包括人工智慧、資料、雲端運算和工程等關鍵領域。

Subsequent to the end of the fiscal year, we announced an agreement to acquire Comarch, a leading IT company in Poland. Upon successful completion of the merger, which we will more than double our presence in Poland, we will incorporate new ERP IP solutions and digital transformation services. I would like to warmly welcome all new consultants who have or will join CGI from these mergers.

在財政年度結束後，我們宣布達成協議，收購波蘭領先的 IT 公司 Comarch。合併成功完成後，我們在波蘭的業務規模將擴大一倍以上，我們將引入新的 ERP IP 解決方案和數位轉型服務。我謹代表 CGI 全體員工，熱烈歡迎所有透過此次合併加入或即將加入 CGI 的新顧問。

Today, I will highlight how CGI is positioned to lead in the next phase of digital transformation, particularly for the majority of our clients who are large enterprise, commercial and government organizations. We are partnering with them to simplify and orchestrate digital complexity in order to advance towards AI-driven business transformation.

今天，我將重點介紹 CGI 如何處於引領下一階段數位轉型的位置，特別是對於我們的大多數客戶而言，他們都是大型企業、商業機構和政府組織。我們與他們合作，簡化和協調數位複雜性，以推動人工智慧驅動的業務轉型。

For CGI, AI-driven transformation amplifies what we do best, delivering trusted client outcomes faster at scale. In short, we refer to our positioning as being the AI to ROI partner for clients. To bring this positioning to life every day, our 94,000 CGI partners are using AI tooling to develop and manage systems jointly with clients.

對於 CGI 而言，人工智慧驅動的轉型增強了我們最擅長的能力，能夠更快地大規模地為客戶提供值得信賴的成果。簡而言之，我們將自身定位為客戶實現 AI 投資報酬率的合作夥伴。為了將此定位融入日常工作中，我們的 94,000 名 CGI 合作夥伴正在使用 AI 工具與客戶共同開發和管理系統。

These clients partnerships are based on our operational experience and perspectives on the digital complexity that is a reality for clients. Every organization, every government and every industry runs on an invisible digital infrastructure underpinned by billions of lines of code.

這些與客戶的合作關係是基於我們的營運經驗以及我們對客戶所面臨的數位化複雜性的深刻理解。每個組織、每個政府和每個行業都依賴由數十億行程式碼支撐的無形數位基礎設施運作。

This digital ecosystem powers everyday life, and it continues to grow in complexity with each business process, regulation and cybersecurity threat.

這個數位生態系統為日常生活提供動力，隨著每個業務流程、法規和網路安全威脅的出現，它的複雜性也不斷增加。

With this context in mind, CGI's AI strategy is structured around four key pillars: First, embedding AI into our end-to-end services of consulting, systems integration and managed services to drive continuous innovation that achieves industry-tailored business results; second, leading with AI integrated platforms across CGI IP and alliance partner technologies to accelerate industrialization and transformation at enterprise scale.

基於此背景，CGI 的人工智慧策略圍繞著四大支柱建構：首先，將人工智慧嵌入我們的端到端諮詢、系統整合和管理服務中，以推動持續創新，實現業界客製化的業務成果；其次，引領 CGI 智慧財產權和聯盟合作夥伴技術中的人工智慧整合平台，以加速企業規模的產業化和轉型。

Third, uniting talent and AI technologies to amplify and augment human creativity, productivity and potential for both clients and CGI partners. And finally, accelerating CGI's internal AI adoption to evolve our processes, systems and delivery to be an organization that is designed by and for humans powered by AI.

第三，將人才與人工智慧技術結合，以增強和提高人類的創造力、生產力和潛力，從而造福客戶和 CGI​​ 合作夥伴。最後，加快 CGI 內部人工智慧的採用，以改善我們的流程、系統和交付方式，使其成為一個由人工智慧驅動、為人類設計並服務人類的組織。

These four-pillar strategy creates new opportunities to drive revenue growth and margin improvement on existing and future engagements. I will now talk through each of these pillars, starting with embedding AI into our end-to-end services. In consulting, our AI advisory framework applies CGI's expertise in change management and process engineering to simplify and rethink how work happens in the future.

這四大支柱策略為推動現有和未來業務的收入成長和利潤率提高創造了新的機會。接下來，我將逐一解釋這些支柱，首先從將人工智慧嵌入我們的端到端服務開始。在諮詢方面，我們的人工智慧諮詢架構運用 CGI 在變革管理和流程工程方面的專業知識，簡化並重新思考未來的工作方式。

Offerings like AI LaunchPad and AI Maturity Assessments help clients identify, prioritize and validate use cases with clear ROI. Then our behavioral science-based methodologies for AI adoption and workforce readiness helps clients implement their strategies and build future-ready organizations.

AI LaunchPad 和 AI 成熟度評估等服務可協助客戶識別、確定優先順序並驗證具有明確投資報酬率的用例。然後，我們基於行為科學的人工智慧應用和員工準備方法可以幫助客戶實施他們的策略並建立面向未來的組織。

From a software development and systems integration perspective, CGI is accelerating delivery by incorporating AI across every phase of system development from requirements to deployment. We continue to train CGI partners on our integrated methodology and on tools such as Google Gemini Code Assist, Microsoft GitHub Copilot and OpenAI ChatGPT Enterprise.

從軟體開發和系統整合的角度來看，CGI 透過將人工智慧融入系統開發的每個階段（從需求到部署），加速了交付。我們持續為 CGI 合作夥伴提供我們綜合方法論以及 Google Gemini Code Assist、Microsoft GitHub Copilot 和 OpenAI ChatGPT Enterprise 等工具的培訓。

We are applying these capabilities along with CGI's AI native platforms of PulseAI, Digishore and NAVI to accelerate solution delivery and support legacy systems modernization. These tools, when applied with our AI-driven software development methodologies are now major productivity drivers.

我們將這些功能與 CGI 的 AI 原生平台 PulseAI、Digishore 和 NAVI 結合使用，以加速解決方案交付並支援傳統系統現代化。這些工具與我們的人工智慧驅動軟體開發方法相結合，現在已成為提高生產力的主要驅動力。

For example, just in cogeneration, which typically represents 25% of the system development life cycle, we see efficiency gains of 30%. Through CGI's managed services, we operate within our clients' most complex mission-critical environments, giving us a unique opportunity to embed AI responsibly, practically and profitably.

例如，僅在熱電聯產領域（通常佔系統開發生命週期的 25%），我們就看到了 30% 的效率提升。透過 CGI 的託管服務，我們可以在客戶最複雜、最關鍵的任務環境中開展業務，這為我們提供了一個獨特的機會，以負責任、切實可行且有利可圖的方式嵌入人工智慧。

CGI's managed services engagements have, for decades, included commitments to deliver ongoing productivity improvements. We have always evolved in line with innovation cycles and delivery models and technology from offshore to cloud. Our default managed services pricing models are outcome-based, meaning we commit to cost predictability and delivering results, not just inputs.

幾十年來，CGI 的管理服務項目一直包含著持續提高生產力的承諾。我們始終與創新週期、交付模式和技術發展保持同步，從離岸外包轉向雲端交付。我們的預設託管服務定價模式是基於結果的，這意味著我們致力於成本可預測性和交付成果，而不僅僅是投入。

This is an approach we are very experienced with and has contributed to improving profit and reinvesting in capability building. Now advanced AI, which we consider to be generative and Agentic AI, provides us additional levers to do this while continuing to create compelling client offers. For example, CGI's DigiOps suite helps clients industrialize AI within their managed services to drive efficiency and innovation at scale without disrupting core operations.

我們在這方面經驗豐富，並且已經幫助提高了利潤，並將利潤再投資於能力建設。現在，我們認為的生成式人工智慧和智慧體人工智慧等先進人工智慧，為我們提供了更多手段來實現這一目標，同時繼續為客戶創造引人注目的產品和服務。例如，CGI 的 DigiOps 套件可協助客戶在其託管服務中實現人工智慧的工業化應用，從而大規模地提高效率和創新，而不會中斷核心營運。

Our modular approach works with any technology stack, including CGI's IP solutions as well as any technology platform our clients use. Today, DigiOps is in production for many clients with over 165 AI agents and over 2,000 automation workflows across industries such as retail, banking, communication and energy and utilities.

我們的模組化方法適用於任何技術堆疊，包括 CGI 的 IP 解決方案以及我們客戶使用的任何技術平台。如今，DigiOps 已在眾多客戶的生產環境中投入使用，擁有超過 165 個 AI 代理和超過 2,000 個自動化工作流程，涵蓋零售、銀行、通訊、能源和公用事業等行業。

DigiOps is becoming a growth driver and margin levers for our managed services engagements. As an example, for the run of applications, depending on the maturity of the business processes, we saw results such as up to 30% productivity gains and up to 40% faster resolution of operational IT requests.

數位營運正在成為我們託管服務業務的成長驅動力和利潤槓桿。例如，對於應用程式的運行，根據業務流程的成熟度，我們看到生產力提高了 30%，營運 IT 請求的解決速度提高了 40%。

Across each of our end-to-end services, we are integrating AI by design into enterprise workflows and processes instead of using it as an accessory. With this holistic value chain approach, AI is tightly aligned and tailored to an industry which helps drive continuous innovation for clients.

在我們的每一項端到端服務中，我們都將人工智慧從設計融入企業工作流程和流程中，而不是將其作為輔助手段。透過這種整體價值鏈方法，人工智慧與產業緊密結合並量身定制，從而幫助客戶推動持續創新。

The second pillar focuses on leading with AI integrated platforms across both CGI IP solutions and alliance partner technologies. CGI's IP business solutions remain one of our competitive differentiators. In line with our multiyear strategy, we continue to invest in embedding advanced AI into our IP solutions with 65% of the strategic IP portfolio incorporating intelligent automation. We currently have a robust ecosystem of operational agentic solutions with over 200 AI agents across a wide range of CGI IP solutions, digital enablers and delivery accelerators.

第二大支柱著重於引領 CGI IP 解決方案和聯盟合作夥伴技術中的 AI 整合平台。CGI的智慧財產權業務解決方案仍然是我們的競爭優勢之一。根據我們的多年策略，我們將繼續投資，將先進的人工智慧技術融入我們的智慧財產權解決方案中，目前戰略智慧財產權組合中有 65% 都採用了智慧自動化技術。我們目前擁有強大的營運代理解決方案生態系統，在廣泛的 CGI IP 解決方案、數位賦能器和交付加速器中擁有 200 多個 AI 代理程式。

A key component of this ecosystem is PulseAI, which is CGI enterprise platform for building and scaling AI and applied intelligence. PulseAI currently has over 20 industry-specific agents that combine complex business reasoning with tools, data and multi-agent orchestration to take action, not just generate text.

這個生態系統的關鍵組成部分是 PulseAI，它是 CGI 的企業平台，用於建立和擴展人工智慧和應用智慧。PulseAI 目前擁有 20 多個行業專用代理，這些代理將複雜的業務推理與工具、數據和多代理編排相結合，以採取行動，而不僅僅是生成文本。

Turning to CGI alliance strategy. Our approach is intentionally to be highly inclusive with over 150 relationships with technology companies. This breadth of partnerships ensures CGI remains agile in selecting the best solutions to meet each client's unique needs in terms of technology stack and other business requirements such as addressing digital sovereignty.

轉向CGI聯盟策略。我們有意採取高度包容的方式，目前已與 150 多家科技公司建立了合作關係。這種廣泛的合作夥伴關係確保 CGI 能夠靈活地選擇最佳解決方案，以滿足每位客戶在技術堆疊和其他業務需求（例如解決數位主權問題）方面的獨特需求。

We collaborate through joint go-to-market relationships with all major hyperscalers, Google, AWS and Microsoft as well as leading software platform providers such as SAP, Salesforce and ServiceNow. We are also expanding our partnerships and client delivery with AI native firms such as OpenAI, Snowflake, NVIDIA, Databricks and Mistral AI.

我們透過與所有主要超大規模資料中心供應商（如Google、AWS 和微軟）以及領先的軟體平台供應商（如 SAP、Salesforce 和 ServiceNow）建立聯合市場關係來開展合作。我們也正在擴大與 OpenAI、Snowflake、NVIDIA、Databricks 和 Mistral AI 等人工智慧原生公司的合作關係和客戶服務。

Our global alliance partnerships continue to drive new wins and client relationships with our fiscal 2025 alliance-related bookings up more than 120%. Well over half of these wins were new business. CGI's strength in AI delivery is also earning recognition from industry analysts who influence procurement decisions across industries. Earlier this week, we announced that IDC named CGI a leader in worldwide AI services for state and local governments.

我們的全球聯盟合作夥伴關係持續推動新的業務成長和客戶關係發展，2025 財年與聯盟相關的訂單量成長超過 120%。這些新增訂單中，超過一半是新訂單。CGI 在人工智慧交付方面的優勢也贏得了行業分析師的認可，這些分析師對各行業的採購決策具有影響力。本週早些時候，我們宣布IDC將CGI評為全球州和地方政府人工智慧服務的領導者。

As a professional services firm, our third strategy pillar of uniting talent and AI technologies is among our most important investments. Through the use of Gen AI platforms, our teams have created more than 8,000 personal productivity agents to learn faster, unlock creativity and drive better results for clients and CGI.

作為一家專業服務公司，我們將人才與人工智慧技術結合的第三大策略支柱是我們最重要的投資之一。透過使用 Gen AI 平台，我們的團隊創建了 8000 多個個人生產力代理，以更快地學習、釋放創造力並為客戶和 CGI​​ 帶來更好的結果。

Naturally, our delivery of advanced AI services to clients relies on our culture of continuous learning, and it requires different skills and new ways of working. We continue to invest in the development of our consultants and experts for both today's needs and as technology innovation evolves. Our approach marries deep industry expertise with tool adoption, structure learning, project rotation and real-world experimentation.

當然，我們為客戶提供先進的人工智慧服務依賴我們持續學習的文化，這需要不同的技能和新的工作方式。我們將繼續投資培養我們的顧問和專家，以滿足當今的需求並適應技術創新的發展。我們的方法將深厚的行業專業知識與工具應用、結構化學習、專案輪調和現實世界實驗相結合。

This hands-on access, coupled with our AI-infused offering is driving tangible productivity gains and accelerating our ability to embed AI within complex client systems. For CGI, it's also driving higher revenue per CGI partner as we saw this increase by 5% year-over-year. This is a trend we expect to continue. Our award-winning AI learning and certification programs provide multi-tiered role-based learning path from AI literacy to advanced vendor certified technical expertise.

這種實務經驗，加上我們融入人工智慧的產品，正在切實提高生產力，並加快我們將人工智慧嵌入複雜客戶系統的能力。對於 CGI 而言，這也推動了每個 CGI 合作夥伴的營收成長，我們看到這一數字年增了 5%。我們預計這種趨勢將會持續下去。我們屢獲殊榮的人工智慧學習和認證計劃提供多層次的基於角色的學習路徑，從人工智慧基礎知識到高級供應商認證的技術專長。

Currently, approximately 20% of our consultants have expertise in advanced AI and data, bringing this expertise to their work every day with clients. Continuing to develop and hire talent with these skills remains a top priority for fiscal 2026. Through our holistic talent strategy, CGI has continued to build an organization where advanced AI proficiency is not a specialty but a core capability.

目前，我們約有 20% 的顧問擁有高階人工智慧和數據的專業知識，他們每天都將這些專業知識運用到與客戶的合作中。繼續培養和招募具備這些技能的人才仍然是 2026 財年的首要任務。透過我們全面的人才策略，CGI 不斷建立一個將高階人工智慧技術視為核心能力而非專長的組織。

The final pillar of our strategy is accelerating CGI's internal AI adoption to evolve our processes, systems and delivery. Each of our enterprise teams are embedding AI to drive process efficiencies, enable faster decision-making and increase productivity.

我們策略的最後一個支柱是加速 CGI 內部採用人工智慧，以改善我們的流程、系統和交付方式。我們每個企業團隊都在嵌入人工智慧技術，以提高流程效率、加快決策速度並提高生產力。

We are currently implementing or improving more than 50 AI solutions. Our most recent internal solutions launch is underway now. The CGI AI exchange enables our experts around the world to find, share and leverage reusable assets, innovation and best practices.

我們目前正在實施或改進超過 50 項人工智慧解決方案。我們最新的內部解決方案現已上線。CGI AI 交流平台使世界各地的專家能夠找到、分享和利用可重複使用的資產、創新和最佳實踐。

This new hub will enable increased productivity, more predictable cost and lower risk through proven and repeatable solutions and promote entrepreneurship, one of our core values. For fiscal 2026, we are progressing the use of Agentic AI within our business processes to drive operational efficiencies, decision intelligence and service innovation.

這個新中心將透過成熟可靠的解決方案提高生產力、降低成本、減少風險，並促進創業精神，這是我們的核心價值之一。2026 財年，我們將推動在業務流程中使用智慧代理人工智慧，以提高營運效率、決策智慧和服務創新。

In summary, our positioning and what makes CGI unique for the AI wave is not rooted in height, but instead in the confidence we have in our proven ability to anticipate trends, embrace change and grow through nearly 50 years of technology innovation. In fact, our pipeline of opportunities that integrate AI in our offerings increased by nearly $5 billion compared to this time last year.

總而言之，我們在人工智慧浪潮中的定位以及 CGI 的獨特之處，並非在於公司規模，而在於我們對自身能力的信心，即預測趨勢、擁抱變革，並透過近 50 年的技術創新不斷發展壯大。事實上，與去年同期相比，我們將人工智慧融入產品和服務中的專案機會增加了近 50 億美元。

Turning to the outlook. The high degree of market uncertainty continues to contribute to some caution among clients and their discretionary IT spending, notably for SI&C projects. However, the need for clients to simplify, modernize and secure complex systems and business processes will continue to increase.

展望未來。市場的高度不確定性導致客戶在可自由支配的 IT 支出方面保持謹慎，尤其是在系統整合與控制 (SI&C) 專案方面。然而，客戶對簡化、現代化和保障複雜系統及業務流程的需求將持續成長。

This means we do not expect to see a long-term trend of IT budget declines. We see most clients rebalancing their spend as managed services and AI integrated services help them reduce operational costs. In most cases, clients are planning to reinvest those savings to fund their backlog of monetization initiatives, all of which require technology partners to realize ROI.

這意味著我們預計不會出現IT預算長期下降的趨勢。我們發現大多數客戶都在重新調整支出結構，因為託管服務和人工智慧整合服務可以幫助他們降低營運成本。大多數情況下，客戶計劃將這些節省下來的資金再投資於他們積壓的貨幣化計劃，而所有這些計劃都需要技術合作夥伴來實現投資回報率。

Demand for managed services remains robust, given the challenging economic environment in many of the industries where our clients operate. We see this demand reflected in our pipeline where managed services opportunities are up by more than $11 billion compared to this time last year.

儘管我們的客戶所在的許多行業都面臨著嚴峻的經濟環境，但對託管服務的需求仍然強勁。我們從業務管道中看到了這種需求的體現，與去年同期相比，託管服務機會增加了超過 110 億美元。

Before I conclude, I would like to give an update on our US operations. We continue to work with our clients to help achieve their outcomes. While we are pleased with the Q4 bookings across our US operations, government procurement cycles remain challenging, given the length of the federal shutdown and its related impacts, including some indirect ones for our state and local government clients.

在結束發言之前，我想先報告我們在美國的業務狀況。我們將繼續與客戶合作，幫助他們實現目標。儘管我們對美國業務第四季度的預訂情況感到滿意，但鑑於聯邦政府停擺的持續時間及其相關影響（包括對我們的州和地方政府客戶的一些間接影響），政府採購週期仍然充滿挑戰。

Given this and our current assumption of a mid-November reopening, we expect a revenue impact across our US operations in the next quarter of approximately $60 million to $75 million and $15 million to $22 million in margin impact.

有鑑於此以及我們目前對 11 月中旬重新開放的假設，我們預計下一季美國業務的收入將受到約 6,000 萬至 7,500 萬美元的影響，利潤率將受到 1,500 萬至 2,200 萬美元的影響。

Lastly, specific to the US administration's changes to the H-1B visa program, CGI does not have a material number of new applications. Therefore, any potential impact would be manageable. In closing, we remain confident in our profitable growth strategy, which is designed to optimize total return on investment for our shareholders through new and expanded engagements to deliver AI outcomes, sustained demand for managed services given economic dynamics, continued M&A given the favorable environment and active deployment of capital through our share buyback and dividend programs.

最後，就美國政府對 H-1B 簽證計畫的修改而言，CGI 並沒有收到大量新的申請。因此，任何潛在的影響都是可控的。最後，我們仍然對我們獲利成長策略充滿信心，該策略旨在透過新的和擴大的業務合作，為股東實現投資總回報，從而交付人工智慧成果；在經濟動態下，對管理服務的需求將保持持續；在有利的環境下，將繼續進行併購；並透過我們的股票回購和分紅計畫積極部署資本。

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

感謝您一直以來的關注與支持。凱文，我們現在來回答問題吧。

Thanks, Francois. Joelle. We can now poll for questions.

謝謝你，弗朗索瓦。喬爾。現在我們可以發起投票徵集問題了。

(Operator Instructions)

（操作說明）

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi, good morning. Maybe starting off on the federal side, I guess, putting aside the shutdown, based on the bookings you saw in the September quarter and based on revenue trends heading into the shutdown, does that change your level of optimism or pessimism with respect to how the federal business should do over the next year once the government reopens?

您好，早安。我想，或許應該先從聯邦政府方面說起。撇開政府停擺不談，根據您在 9 月季度看到的預訂情況以及政府停擺前的收入趨勢，一旦政府重新開放，您對聯邦政府業務在未來一年的發展前景的樂觀程度或悲觀程度會發生變化嗎？

Well, I think you saw the booking at the last quarter, 185%. So it was a very good booking, very happy to see that. I think at a certain point, the federal government needs to spend in IT. And that's what we were seeing. We were seeing a lot of momentum on the procurement side.

嗯，我想你們都看到了上一季的預訂量，達到了 185%。所以這是一個非常成功的預訂，我很高興看到這一點。我認為，聯邦政府在某個階段需要加強對資訊科技的投入。這就是我們所看到的。我們看到採購方面勢頭強勁。

But naturally, with this shutdown, that stopped for -- in October. So -- but when this will reopen, we think that growth will be there because they need to spend, and that's what we were seeing in the summer time frame.

但很自然地，隨著這次停擺，這種情況在10月就停止了。所以——但是當這裡重新開放時，我們認為經濟成長將會出現，因為他們需要消費，而這正是我們在夏季期間所看到的。

Great. And with respect to the AI discussion, is there any way for us to think about the potential margin uplift you may already be capturing or that you might be able to capture over the next year or two as you adopt AI and to what extent you'll be able to get that benefit internally versus having to pass it on to customers?

偉大的。關於人工智慧的討論，我們能否考慮一下，隨著您採用人工智慧，您可能已經獲得或在未來一兩年內可能獲得的潛在利潤提升，以及您在多大程度上能夠從內部獲得這種收益，而不是必須將其轉嫁給客戶？

Yeah. So two things. For sure, like we were saying in -- we're using a lot of AI in our managed services today. So that's helping us to give the benefit to our clients and win new business on that side and improving at the same time our margin because we are outcome-based basis most of the time with these clients. The second thing also when I'm talking about what are we doing internally with client zero to some point.

是的。所以有兩件事。當然，就像我們之前說的——我們現在在託管服務中大量使用人工智慧。這樣可以幫助我們為客戶帶來利益，贏得新業務，同時也能提高我們的利潤率，因為我們與這些客戶的大部分合作都是基於結果的。第二點，當我談到我們內部正在與零客戶進行哪些工作時，也涉及了這一點。

So we will invest and we invest and we continue to invest, for example, in Agentic AI to optimize some processes. So expectation is that we would see even the SG&A -- CGI SG&A improving in the future with these automations.

因此，我們將持續投資，例如投資智能體人工智慧來優化某些流程。因此，我們預期未來透過這些自動化措施，甚至 SG&A（CGI SG&A）也會有所改善。

Robert Young, Canaccord Canada.

Robert Young，Canaccord Canada。

Hi, good morning. First question, you noted that the default for CGI is outcome-based pricing. If you could just narrow down in on that. Is that like as it relates to managed services? Or is it the consulting business? I noted some of your peers are highlighting pricing pressure.

您好，早安。第一個問題，您提到 CGI 的預設定價方式是基於結果的定價。如果你能縮小範圍就好了。這和託管服務的情況類似嗎？或者，是諮詢業務？我注意到你們的一些同行強調了價格壓力。

And so is this something that is a protection for CGI as it relates to pricing pressure? Can you just expand on that and how it compares to some of the peers in the IT services industry, that would be very helpful.

那麼，這是否可以作為 CGI 在價格壓力方面的一種保護措施？您能否詳細說明一下，並將其與IT服務業的一些同行進行比較？這將非常有幫助。

Yeah. Thanks, Robert, for the question. So for sure, on the consulting side, that's mostly time and material. And so that will continue in the future. And again, the fact that we have the expertise and especially on the AI side, the right expertise, people are looking for that expertise.

是的。謝謝羅伯特的提問。所以可以肯定的是，在諮詢方面，主要就是時間和材料成本。因此，這種情況將來還會持續。再次強調，我們擁有專業知識，尤其是在人工智慧方面，我們擁有合適的專業知識，而人們正在尋找這種專業知識。

So while pressure, you'll always have pressure on pricing, when you have the right people and the right value to bring to the clients, the price is the second lever and not the first.

所以，雖然價格方面總會有壓力，但當你擁有合適的人才和能為客戶帶來合適價值時，價格就是第二個槓桿，而不是第一個槓桿。

As for SI&C, we have what, perhaps 40%, 50% of our SI&C business or SI, sorry, business where it's fixed price. So using, again, some of these AI tools is helping us to increase the profit or the margin on our projects while hitting the right price tag or the price point for the client. So that's what we see in the SI side. And actually, on managed services, our majority of managed services contracts are outcome-based. And so again, it's a negotiation of having it at the right price point for the client.

至於 SI&C，我們大概有 40% 到 50% 的 SI&C 業務，或者抱歉，是 SI 業務，是固定價格的。因此，再次使用這些人工智慧工具可以幫助我們提高專案的利潤或利潤率，同時達到客戶期望的合適價格或價格點。這就是我們在國際單位制上看到的情況。事實上，在託管服務方面，我們的大多數託管服務合約都是基於結果的。所以，歸根究底，還是要跟客戶協商，找到合適的價格點。

And after that -- and the percentage of savings that they want. And after that is to work on producing that saving and producing our margin needed.

之後——以及他們希望節省的百分比。接下來就是努力實現節約，並獲得我們所需的利潤。

So we -- while like I'm saying, we're seeing the pressure every day, the fact that we're outcome-based is an easier way of producing the value for the client and having the right level of profitability for us.

所以，雖然就像我說的，我們每天都感受到壓力，但我們以結果為導向，這讓我們更容易為客戶創造價值，並為我們自己帶來合適的盈利水平。

Okay, thanks for all that detail. My second question would be around the comment around higher revenue per employee. I think you said it was 5% and that it would improve or that, that trend would continue. If you could expand on that, is that being driven by AI? Or is it maybe better the growth in APAC and the addition of Poland?

好的，謝謝你提供這麼多細節。我的第二個問題是關於提高員工人均收入的評論。我想你說過是 5%，而且情況會好轉，或者說這種趨勢會持續下去。能否詳細說明一下，這是由人工智慧驅動的嗎？或者，亞太地區的成長以及波蘭的加入或許更好？

Maybe you just talk about where that revenue per employee growth is expected to come from and how it flows down to the operating margins.

或許你可以談談員工人均收入成長預計來自哪裡，以及它如何轉化為營業利潤。

For sure, with the use of AI, we would expect that this revenue per employee will continue to go up because, again, these tools are helping our clients to deliver more with their same time. So that will help us to deliver more opportunities to our clients. So that's how we were looking at it. for sure, the fact of using India, an example, Poland will also contribute to this. But I would say that AI will be also a big factor in this.

可以肯定的是，隨著人工智慧的應用，我們預計每位員工的收入將繼續成長，因為這些工具正在幫助我們的客戶在相同的時間內交付更多成果。這將有助於我們為客戶提供更多機會。所以，我們就是這樣看待這個問題的。當然，以印度、波蘭為例，也會對此有所貢獻。但我認為人工智慧也將是其中的重要因素。

Jerome Dubreuil, Desjardins.

傑羅姆·杜布雷伊，德斯賈丁斯。

It was also that, thanks for taking my questions. The first one is on the forecasting power that bookings bring. Historically, it has been a bit uneven and obviously, 119% book-to-bill is very strong. So I'm wondering if M&A has an impact on the book-to-bill or if there's some sort of organic book-to-bill that you can share? I appreciate that your strongest booking deal is US Federal and no M&A there, but if you can comment, please?

還有一點，謝謝你回答我的問題。第一個問題是預約帶來的預測能力。從歷史上看，這種情況一直不太穩定，顯然，119% 的訂單出貨比非常強勁。所以我想知道併購是否會對訂單出貨比產生影響，或者您可以分享一些自然增長的訂單出貨比數據？我知道你們最強勁的預訂交易是美國聯邦銀行，而且沒有併購交易，但如果你能就此發表一下看法，那就太好了？

Yeah. But M&A by itself won't touch the booking because, again, when we're actually doing the acquisition or the merger, we are looking at their backlog, and that backlog is included in our backlog, and it's not going through the book-to-bill ratio. So we are starting to include the wins of these acquisitions at the date that we actually closed the deal. So the before is actually put in the booking -- in the backlog and not in the bookings.

是的。但併購本身不會影響訂單量，因為當我們實際進行收購或合併時，我們會查看他們的積壓訂單，而這些積壓訂單會包含在我們的積壓訂單中，因此不會影響訂單出貨比。因此，我們開始將這些收購的成功案例納入實際完成交易的日期。所以，之前的安排其實是放在待辦事項清單裡，而不是放在已預訂的清單裡。

But on the other hand, the fact that we have these acquisitions, example, BJSS, it's helping to accelerate some of our discussion, example, on the managed services side. And we have a lot of clients of BJSS that we were capable of bringing them to India, for example, and we did the same thing with Daugherty, and to see our capabilities in the managed services side, and that's triggering some bookings on that side. But that's, again, after the acquisition and not before the acquisition, Jerome.

但另一方面，我們進行這些收購，例如收購 BJSS，確實有助於加快我們的一些討論，例如在託管服務方面。例如，我們有很多 BJSS 的客戶，我們能夠將他們帶到印度，我們對 Daugherty 也做了同樣的事情，以展示我們在託管服務方面的能力，這正在引發這方面的一些預訂。但傑羅姆，那都是收購之後的事了，而不是收購之前的事。

Awesome. That's great color. Second one, I think it was excellent. The prepared remarks were very good in terms of what you're doing to -- in AI. If you can please maybe communicate because the market apparently thinks that there's going to be an impact from AI that it's going to be automating a lot of the implementation processes that you're exposed to.

驚人的。顏色真好看。第二部，我覺得很棒。就你們在人工智慧領域所做的工作而言，你們的演講稿非常好。如果您可以的話，請盡量溝通一下，因為市場顯然認為人工智慧將會產生影響，它將自動化您所接觸的許多實施流程。

So I'm wondering if you -- what you're telling investors that are concerned by that or if you have data on whether implementation processes can or can't be automated with AI?

所以我想知道，您會如何向對此感到擔憂的投資人解釋？或者您是否有數據表明，人工智慧能否實現實施過程的自動化？

Yeah. Jerome, like I said in the text, we are seeing some savings. We are seeing some automation. And again, we are applying them in our day-to-day operations and to help our clients to achieve the savings. At the same time, we are dealing with very complex clients, banks with -- where they have thousands and thousands of applications, interfaces, and that needs to be managed, and that still need to have people working on that.

是的。傑羅姆，就像我在短信裡說的那樣，我們看到了一些節省。我們看到一些自動化跡象。我們再次將這些方法應用到日常營運中，以幫助我們的客戶實現節約。同時，我們正在與非常複雜的客戶打交道，例如銀行——他們有成千上萬個應用程式和接口，這些都需要管理，而且仍然需要有人來處理這些工作。

And so AI will bring some savings, but you'll still need to have people to manage all that. And we are living in a complex world, and you need people to manage that complexity.

因此，人工智慧可以節省一些成本，但你仍然需要人來管理這一切。我們生活在一個複雜的世界裡，而我們需要人來應對這種複雜性。

That said, it will bring some savings. And naturally, by bringing these savings to clients, it will create new demand. And you'll see more, I think, more people will look at managed services and looking at specialists and people like us to help them in managing their infrastructure, managing their IT solutions, IT applications and bringing savings to them.

也就是說，這樣做可以節省一些費用。當然，透過為客戶節省這些成本，將會創造新的需求。我認為，你會看到越來越多的人開始關注託管服務，並尋求像我們這樣的專家和人員來幫助他們管理基礎設施、管理 IT 解決方案和 IT 應用程序，從而為他們節省成本。

So we're seeing that demand will go up for that reason. And all the savings that they can have also on the running of the application, we are seeing that they'll reinvest it back in their -- in systems and new systems. We don't see IT budget going down from clients. They will do more with the same amount or the same budget, but they won't go down. And they'll still need help from specialists like us who is investing a lot in AI, in our people, in our processes to help them succeed.

因此，我們看到需求會因此而上升。我們看到，他們在運行應用程式方面節省的所有費用，都會重新投資到他們的系統和新系統中。我們沒有看到客戶的IT預算減少。他們會在同樣的資金或預算下做更多的事情，但不會降低產量。他們仍然需要像我們這樣的專家的幫助，我們在人工智慧、人才和流程方面投入了大量資金，以幫助他們取得成功。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Good morning and thanks for the color on CGI's AI strategy. I was hoping you could maybe dig a little bit deeper into the partnership strategy and talk a little bit about who your largest and fastest-growing partners are and how you kind of see that partnership strategy evolving over time?

早安，感謝您對 CGI 人工智慧策略的精彩點評。我希望您能更深入地探討一下合作策略，談談您最大的合作夥伴和成長最快的合作夥伴是誰，以及您如何看待這種合作策略隨著時間的推移而演變？

Yeah. Well, again, like I said, we have partnership with all of them. And the reason is, is that depending on the region, depending of the industry, some partners are better than others to work with. And also, sometimes it's a choice of a client. So that's why we are talking to all of them.

是的。嗯，就像我剛才說的，我們和他們都有合作關係。原因在於，根據地區和產業的不同，有些合作夥伴比其他合作夥伴更適合合作。而且，有時候這也是客戶的選擇。所以這就是我們和他們所有人談話的原因。

You saw also the announcement that we did this week with Snowflake and ServiceNow and UiPath, where we move up in their evaluation. So we are working with all of them, and we will continue. So we don't have any preference for one or two of them.

您也看到了我們本週與 Snowflake、ServiceNow 和 UiPath 聯合發布的公告，我們在他們的評估中排名上升了。所以我們正在與他們所有人合作，並將繼續合作。所以我們對他們中的任何一個或兩個都沒有偏好。

Okay. And then you mentioned some planned runoff of lower-margin work from recent acquisitions in the prepared remarks. Just hoping you could quantify that or -- and then talk a little bit about if you expect it to continue into future quarters.

好的。然後，您在準備好的發言稿中提到，計劃逐步淘汰近期收購的一些利潤率較低的項目。只是希望您能量化一下，或者——然後稍微談談您是否預計這種情況會持續到未來幾個季度。

Look, it's Steve here, Stephanie. Thank you for the question. in each M&A, as you well know, CGI, we are working for profitable revenue. We want to make sure that when we are taking a risk in the revenue, we are getting rewards and we are getting the profit out of it. So obviously, when we are looking at M&A and integration of company, we are looking at all the projects that they have.

瞧，我是史蒂夫，史蒂芬妮。感謝您的提問。如您所知，在CGI的每項併購交易中，我們都致力於實現盈利。我們希望確保在承擔收入風險的同時，也能獲得報酬和利潤。所以很顯然，當我們審視併購和公司整合時，我們會檢視他們所有的項目。

And some projects are not to our expectation in terms of return in order to be rewarded for all the good work we're doing. And because of that, sometimes we are reducing the activity that we do for some projects. In terms of the volume, it won't be a material one. And usually, you will see that in the first year after the acquisition.

有些項目在回報方面沒有達到我們的預期，我們所做的所有努力都無法得到相應的回報。正因如此，我們有時會減少某些項目的投入。就數量而言，不會是實質的。通常情況下，你會在收購後的第一年看到這種情況。

But that said, I just want to reiterate, we are seeing a lot of synergy by putting these acquisitions together. Like I was saying, a lot of visits to our Asia Pac from these clients. And we will see some longer-term contracts signed with these clients. I'm convinced. We see a very good momentum on that.

但即便如此，我還是要重申，透過這些收購，我們看到了許多綜效。正如我剛才所說，這些客戶經常來我們亞太地區拜訪。我們將看到與這些客戶簽訂一些長期合約。我確信了。我們看到這方面勢頭非常好。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Thank you. Francois, can you maybe talk about just the demand trends within SI&C? It seems that, that part of the business continues to struggle at this point.

謝謝。弗朗索瓦，您能否談談SI&C領域的需求趨勢？看來，該業務的這一部分目前仍然舉步維艱。

Yeah. It depends of the area. For sure, on the AI side, a lot of demand, a lot of consulting on that side and more and more implementation. I think the pure business consulting, that's still some struggle and especially in places like in France. But I would say that on everything that's related to AI, yes, it continues to be pretty in demand.

是的。這取決於具體地區。可以肯定的是，在人工智慧方面，需求很大，相關的諮詢服務也很多，而且實際應用也越來越多。我認為純粹的商業諮詢，仍然面臨一些挑戰，尤其是在像法國這樣的地方。但我認為，在所有與人工智慧相關的領域，它仍然非常搶手。

So it's really depending on the demand, but I would agree that the business consulting is still pretty flat, if I can say.

所以這真的取決於需求，但如果可以這麼說的話，我同意商業諮詢行業目前仍然相當平穩。

Just a clarification, I guess, is the idea that we should expect the current growth rates organically to kind of continue? Do you see improvement here? It just seems like it's hard to get a picture of where exactly things are, I guess, and how they're trending on an organic basis.

我想澄清一下，我的意思是，我們應該預期目前的成長率會自然而然地持續下去嗎？你覺得這方面有改進嗎？感覺很難準確地了解事物的現狀，以及它們自然而然的發展趨勢。

Yeah. As you know, we're not splitting organic versus inorganic, and it's very tough to do it because, again, when we are integrating these companies, it's tough to understand what's coming from the old -- from the acquisition versus the legacy CGI, if I can say.

是的。如你所知，我們不區分有機成長和非有機成長，而且這樣做非常困難，因為，再說一遍，當我們整合這些公司時，很難理解哪些來自舊公司——如果我可以這麼說的話——哪些來自收購，哪些來自原有的 CGI。

And like I was saying, we are seeing good momentum on having both together and winning new services. As for example, for sure, I talked about the federal side. And again, we have a temporary headwind this or next quarter related to this.

正如我剛才所說，我們看到將兩者結合起來並贏得新服務的良好勢頭。例如，我當然談到了聯邦方面的情況。而且，與此相關的暫時性不利因素，我們本季或下季可能會遇到。

And so that's one thing that -- yes, it will be tougher in the federal side the first quarter. But if everything is going well and we can see end of the shutdown, we're expecting to bounce back in the second quarter.

所以，有一點可以肯定——是的，第一季聯邦政府方面會更加艱難。但如果一切順利，疫情封鎖結束，我們預計第二季將出現反彈。

That's helpful. And then just on the M&A side, just any color or commentary on just the pipeline of deals, whether you might be closer on more deals? Or how do we think about what you've done in the past 1.5 years versus maybe how you're thinking about what's coming in the next 12, 18 months?

那很有幫助。然後，就併購方面而言，能否就交易流程提供一些資訊或評論，例如是否有可能達成更多交易？或者，我們應該如何看待你在過去 1.5 年裡所做的事情，以及你對未來 12 到 18 個月將要做的事情的看法？

Thanks. That's a good question. For sure, we're seeing a lot of momentum on that side. We just -- like I said, we closed Comarch. We're still waiting for some approvals, but we're expecting really the formal close to happen in the next couple of weeks.

謝謝。這是個好問題。可以肯定的是，我們看到這方面勢頭強勁。就像我說的，我們關閉了 Comarch。我們仍在等待一些審批，但預計正式交割將在未來幾週內完成。

And we are talking with a lot of other potential acquisitions. The evaluation went down. And so we need to take advantage of this environment, and we will continue to be aggressive on that level. We had a good 2025. And for sure, we need to dance.

我們也與其他許多潛在收購者進行洽談。評估結果下降了。因此，我們需要利用這種環境，我們將繼續在這個層面上採取積極進取的態度。我們度過了美好的2025年。當然，我們還需要跳舞。

But like I'm saying, we have a lot of opportunities, and we think we'll be able to close some of them in 2026.

但就像我說的，我們有很多機會，我們認為我們能夠在 2026 年實現其中一些目標。

Got it. So it sounds like just on -- just to clarify the last comment, it sounds like with valuations down, you're willing to be a bit more aggressive on the M&A front?

知道了。所以聽起來像是——為了澄清一下我之前的評論，聽起來像是估值下降的情況下，你們願意在併購方面採取更積極的策略？

For sure, because the demand are -- when before we were talking about, I don't know, people wanted to have 2 and 2 times and more on the revenue. This evaluation went down a lot lower. I mean now we're talking 1 to 1.5 times revenue. So it's in our sweet spot. So that's why we think that we will be very aggressive on that.

當然，因為需求是——而之前我們談論的是，我不知道，人們想要收入翻兩番甚至更多。這項評價下降了很多。我的意思是，現在我們說的是營收的 1 到 1.5 倍。所以它正合我們心意。所以這就是為什麼我們認為我們會在這方面採取非常積極的措施。

Like I was saying, the environment, it's a fantastic environment for that level. It's good also for managed services, like I'm saying, we are in an environment where people want to have savings. So managed services is the way. And I'm saying on the evaluation side for acquisition, they went down. So it's a good -- very good opportunity time for us. Thank you.

正如我剛才所說，這裡的環境，對於這個級別的球員來說，是一個非常棒的環境。這對託管服務也有好處，就像我說的，我們現在所處的環境是人們想要節省開支。所以，託管服務才是出路。我的意思是，從收購評估的角度來看，他們的表現下滑了。所以這對我們來說是一個很好的機會——非常好的機會。謝謝。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場。

Well thanks and good morning. Good morning. Just a follow-up question on the M&A environment. The question is, how are you evaluating AI readiness and risks with M&A targets? Is it something that you're proactively looking at in your due diligence? Or is it less at the forefront?

謝謝，早安。早安.關於併購環境，還有一個後續問題。問題是，您如何評估併購目標公司的人工智慧準備和風險？這是您在盡職調查中主動關注的內容嗎？或者說，它並非首要關注？

Again, we -- our strategy on M&A, like I always said in the past, we're really focused on buying relationship, client relationship. And that's a focus we will continue, especially in places like in the US. Like I said in the past, several places, metro markets or region in the US were still underrepresented. So we want to have more -- so Chicago and the West Coast, for example, are good places where we're looking for potential acquisition for -- like I'm saying, to build a new relationship and client relationship.

再說一遍，我們——我們的併購策略，就像我過去一直說的那樣，我們真正關注的是收購關係和客戶關係。我們將繼續關注這一點，尤其是在像美國這樣的地方。正如我之前所說，美國的幾個地方、都會區或地區仍然代表性不足。所以我們希望有更多這樣的機會——例如，芝加哥和西海岸都是我們正在尋找潛在收購目標的好地方——就像我說的，是為了建立新的關係和客戶關係。

But for sure, expertise like AI expertise is also very important, and we are looking at it. And I'll give you the example. BJSS was one that you had a lot of AI expertise. And so that's one thing that we will also look in the potential merger, what kind of AI expertise that they have because, again, that's what is in demand today.

但可以肯定的是，人工智慧等專業知識也非常重要，我們正在研究這方面的內容。我給你舉個例子。BJSS是你在人工智慧領域擁有豐富經驗的公司之一。所以，這也是我們在潛在的合併中會考慮的一個因素，那就是他們擁有什麼樣的人工智慧專業知識，因為，這正是當今市場所需要的。

And secondly, the Canadian federal budget came out last night and the government is making or plans to make a number of large investments. Can you elaborate on CGI's footprint with the Canadian federal government and what you see as opportunities for CGI's growth with the federal government going forward?

其次，加拿大聯邦預算昨晚公佈，政府正在進行或計劃進行多項重大投資。您能否詳細介紹 CGI 與加拿大聯邦政府的合作關係，以及您認為 CGI 未來與聯邦政府合作有哪些發展機會？

For sure. That's a great question, Paul. And yes, when you're reading the budget and the initiatives that they want to do, we see a lot of potential where we can help them, right? The first one is sovereign cloud. So they want to create a sovereign cloud.

一定。保羅，你問得好。是的，當你閱讀預算和他們想要實施的計劃時，我們看到了很多可以幫助他們的潛力，對吧？第一個是主權雲。所以他們想創建一個主權雲端。

So that will have a lot of work to bring activities from public cloud and data from public cloud and solution from public cloud to their sovereign cloud. So a lot of exercise, a lot of work that will need to be done there. They want to do -- they want to have a more efficient government. So -- and they talked about implementing AI and automation. So again, they'll need partners like us to help them to create these AI solutions and the automation to achieve their goal of reducing expenses.

因此，他們需要做很多工作，才能將公有雲中的活動、資料和解決方案遷移到自己的主權雲中。所以那裡需要進行大量的鍛煉，完成大量的工作。他們想要──他們想要一個更有效率的政府。於是——他們討論瞭如何實施人工智慧和自動化。所以，他們仍然需要像我們這樣的合作夥伴來幫助他們創建這些人工智慧解決方案和自動化系統，以實現降低成本的目標。

And the other one is defense. And they talked about investing a lot on the defense side and on the digital and all the IT that needs to be supporting these defense initiatives. And again, that's a big portion of our business in other countries like in US, in Germany. We are a NATO partner for IT. So we see a lot of potential there and see how we can help them to bring what we have across the world and what we can bring to them.

另一個是防禦。他們也談到要在國防、數位化以及所有支持這些國防措施所需的IT方面投入大量資金。而且，這在我們其他國家（如美國、德國）的業務中也佔了很大一部分。我們是北約的資訊科技合作夥伴。所以我們看到了那裡的巨大潛力，也看到了我們如何幫助他們將我們擁有的資源帶到世界各地，以及我們能為他們帶來什麼。

So it's very important. The fact also that they want to bring back some work in Canada. I think for a company like ours where we have a very good presence in Canada will be beneficial. And I think we can bring a lot of solutions to the federal government.

所以這非常重要。他們也希望把一些工作機會帶回加拿大。我認為對於像我們這樣在加拿大擁有非常良好業務的公司來說，這將是有益的。我認為我們可以為聯邦政府帶來許多解決方案。

Richard Tse, National Bank.

Richard Tse，國家銀行。

Francois, about a year ago, I think you talked about elevating CGI's brand. And my guess is it was sort of to help you grow the US commercial footprint. Where are you in that? And what sort of metrics are you monitoring to assess whether those investments are working?

弗朗索瓦，大約一年前，我想你談到了提升 CGI 品牌形象的問題。我猜這在某種程度上是為了幫助你擴大在美國的商業版圖。你在其中扮演什麼角色？你們監控哪些指標來評估這些投資是否有效？

Thanks, Richard, for the question. Yes, it's still a focus of mine and the company. And one of the KPIs that we're following the most for that is new business. And this quarter, we had 45% of our booking that was new business, not necessarily new clients, but new business and a lot of them were new clients also. So that's how we are managing this.

謝謝你的提問，理查德。是的，這仍然是我和公司關注的重點。而我們重點關注的關鍵績效指標之一就是新業務。本季度，我們 45% 的訂單來自新業務，不一定是新客戶，但確實是新業務，其中許多也是新客戶。這就是我們處理此事的方式。

And also the alliances is helping us on that side and having -- working closer with them is bringing also new kind of business. You see also what we're doing with the industries, analysts like IDC that name us on the state and local for AI services.

此外，聯盟也在這方面幫助我們，與他們更緊密地合作也帶來了新的業務類型。你也看到了我們正在與各行業合作，像 IDC 這樣的分析機構將我們列入州和地方人工智慧服務供應商名單。

So that's the kind of work that we're doing with the marketing team, with the operations to be more visible with these analysts to be more visible with these partners. And again, the ultimate goal is to sign new deal with existing clients, but also more importantly, to bring new clients in -- and by the way, the pipeline is up by 30% for that -- for these new business, new clients.

所以，這就是我們正在與行銷團隊和營運團隊一起進行的工作，目的是讓分析師和合作夥伴都能更清楚地了解我們。再次強調，最終目標是與現有客戶簽訂新合同，但更重要的是，要吸引新客戶——順便說一句，這方面的業務量增長了 30%——以拓展新業務，吸引新客戶。

Okay. My second question has to do with some of your prepared comments on the increased demand in your APAC delivery centers. How does offshore play in terms of the increasing shift to AI? Does it sort of increase or decrease in importance there?

好的。我的第二個問題與您之前就亞太地區交付中心需求增加所準備的一些評論有關。在人工智慧日益普及的背景下，離岸外包扮演著怎樣的角色？它在那裡的重要性是增加了還是減少了？

I would think, yes, two things. First of all, we have the GCC thing, right? So as you know, a lot of companies are looking at opening their own GCC or captive in India. So that's demand. We see a lot of demand to help them to create that for them with a transfer optionality at the end of the contract. So that's still creating a lot of demand in this business. And so we see that continue in the future.

我想，是的，有兩件事。首先，我們有海灣合作委員會（GCC）這個東西，對吧？如您所知，許多公司都在考慮在印度開設自己的GCC（海灣合作委員會）或自研工廠。這就是需求。我們看到很多客戶希望幫助他們實現這一目標，並在合約結束時提供轉會選擇權。所以這仍然給這個行業創造了很大的需求。因此，我們看到這種情況在未來還會持續下去。

As for AI, for sure, we balance the number of hiring in India because a lot of activities or some of the activities can be done now with AI. So for example, when we're doing our development of our IP, that's mostly all done in India, but with some of these tools, AI tools, it's helping us to do some automation on the coding side or the development of the code of these new IP. So that's helping to not having the same number of employees to do the work that it was done like two years or three years ago.

至於人工智慧，我們當然會在印度平衡招募數量，因為現在很多活動或某些活動都可以用人工智慧來完成。例如，當我們開發自己的智慧財產權時，大部分工作都是在印度完成的，但藉助一些人工智慧工具，可以幫助我們在編碼方面或這些新智慧財產權的程式碼開發方面實現一些自動化。所以，這有助於減少需要像兩、三年前那麼多的員工來完成工作。

And finally, in the managed services, they have the expertise to manage -- to do these managed services. So they have also the expertise of implementing these tools to help us. So like I was saying DigiOps, who's applying DigiOps, it's mostly our Indian colleagues who's doing it. We're doing it elsewhere, but a lot of it is also done in India. So I'm seeing still India as an important tool and way of generating revenue for the future.

最後，在託管服務方面，他們擁有管理這些託管服務的專業知識。因此，他們也具備運用這些工具來幫助我們的專業知識。就像我剛才說的，DigiOps，也就是應用 DigiOps 的，主要是我們的印度同事在做。我們在其他地方也在做這件事，但很多事情在印度也在做。所以我仍然認為印度是未來創造收入的重要工具和途徑。

(Operator Instructions)

（操作說明）

Suthan Sukumar, Stifel.

Suthan Sukumar，Stifel。

Hi guys, good morning. For my first question, I wanted to touch on AI spending priorities here. What are you seeing with respect to how clients are thinking about their spending priorities when they start to realize some of the initial ROI from early AI projects. Just wondering, are you seeing savings being reinvested elsewhere with respect to other buckets of IT spend? Or are they doubling down on AI and more of the underlying modernization work needed?

大家好，早安。我的第一個問題，我想談談人工智慧領域的支出優先事項。當客戶開始從早期人工智慧專案中獲得一些初步投資回報率時，您觀察到他們在考慮支出優先事項方面有哪些變化？我想知道，您是否看到節省下來的資金被重新投資到其他IT支出領域？或者他們正在加倍投入人工智慧以及更多必要的底層現代化工作？

I think it's both. Right? Some of them are doing some investment in AI. And if they are seeing the ROI, for sure, they'll continue to invest on that side. But also, they had a backlog on the modernization side.

我認為兩者都是。正確的？他們中有些人正在對人工智慧進行投資。如果他們看到了投資報酬率，肯定會繼續在這方面投資。但同時，他們在現代化改造方面也存在積壓工作。

For the last several years, they didn't do a lot of that modernization. So the fact that if they can find savings by the use of AI, at least that's what the clients are telling me when I'm meeting with these CEOs and also what the voice of our client is saying to us is that they need to find savings to tackle that backlog of transformation that they didn't do. So we are seeing that demand will continue on that side.

過去幾年，他們並沒有進行太多現代化改造。因此，如果他們能夠透過使用人工智慧來節省成本，至少這是我在與這些執行長會面時客戶告訴我的，也是我們的客戶告訴我們的，他們需要找到節省成本的方法來解決他們尚未完成的轉型積壓問題。因此，我們看到這方面的需求將會持續下去。

The other thing also is on the data itself. it's nice to apply AI. It's nice to having your AI tool looking at your data, but still so much to do on the cleaning of that data and what's making sense, what's not making sense. So that -- and the security around the data, who can see what. And so again, a lot of work on that side that needs to be done.

另外，數據本身也很重要。應用人工智慧很不錯。讓 AI 工具分析資料固然很好，但資料清洗、判斷哪些資料有意義、哪些資料沒有意義等工作還有很多。所以，還有資料安全問題，誰可以看到什麼。所以，這方面還有很多工作要做。

So again, I'm seeing data -- AI as a way of companies to resolve their backlog of transformation, and they'll need help. They'll need help from companies like ours. Same thing for business processes, same thing for security, cybersecurity with AI, naturally, it's bringing some risk on the cybersecurity. And again, they need people like us to help them to manage these risks.

所以，我再次看到數據——人工智慧——成為企業解決轉型積壓問題的一種方式，但他們需要幫助。他們需要像我們這樣的公司的幫助。對於業務流程、安全和網路安全來說，人工智慧同樣會帶來一些網路安全風險。再次強調，他們需要像我們這樣的人來幫助他們管理這些風險。

Great. My second question, I just wanted to touch on recent M&A. Can you provide a brief update on sort of how integration is going and how that's tracking to your expectations? And with respect to potential synergies, what sort of early traction or potential are you seeing that might be better than what you expected initially with these acquisitions?

偉大的。我的第二個問題，我想談談最近的併購活動。能否簡單介紹一下整合工作的進展情況，以及是否符合您的預期？至於潛在的協同效應，您目前看到的早期進展或潛力是否比您最初對這些收購的預期更好？

Yeah. I can start on the, say, opportunity side with clients and perhaps, Steve, you can give some color on the synergy side. Again, like I was saying a bit with the ones that we did, example, on Daugherty in the US in the St. Louis and Chicago area, again, a place where we were not that well implemented.

是的。我可以從客戶的角度，比如說，談談合作機會，然後，史蒂夫，你或許可以從綜效的角度補充一些內容。再說一遍，就像我剛才提到的，我們做過的一些項目，例如在美國聖路易斯和芝加哥地區的 Daugherty，我們在那裡的實施情況並不理想。

We have a lot of new clients and new relationships that we created. And again, we are showing to them. Daugherty was a great SI&C company, but without any managed services offering. And we came in and present to these clients, hey, we still have the opportunity to work with Daugherty great team. But more and above that, you are able now to tap on the overall CGI on the managed services, for example, and any other capabilities that we have.

我們建立了許多新客戶和新的合作關係。我們再次向他們展示。Daugherty 是一家很棒的系統整合與控制 (SI&C) 公司，但沒有任何管理服務產品。於是我們向這些客戶介紹說，嘿，我們仍然有機會與 Daugherty 的優秀團隊合作。但更重要的是，您現在可以利用託管服務的整體 CGI，例如，以及我們擁有的任何其他功能。

And it's working. We have several clients where we were able to sign new deals. And so it brought not just the revenue from Daugherty, but when I'm saying sometimes 1 plus 1 equal 3, that's what's happening in some of these acquisitions. So it's going well on that side, on the revenue, on the top line, on the savings side.

而且它奏效了。我們與幾家客戶簽訂了新的合約。因此，它不僅帶來了 Daugherty 的收入，而且當我說有時 1 加 1 等於 3 時，這就是某些收購中正在發生的事情。所以，從收入、營收和節省成本的角度來看，這方面進展順利。

The savings side, look, if you look at all the acquisitions we did, the ones that we did in the US earlier in the year, obviously, that's now all integrated. BJSS and the German one also Novatec that we did in the spring time. It was more integrated during the summer. So now it's integrated.

從節省成本的角度來看，如果你看看我們所做的所有收購，特別是今年早些時候在美國進行的收購，顯然，現在這些都已經整合完了。BJSS 和德國的 Novatec，我們春天也做過類似的測試。夏季期間，融合程度較高。現在它已經整合好了。

So obviously, the savings are coming a lot faster when we are using our system, when we are using our processes. And you can see the benefit of the synergies. Apside was done recently. So not yet all integrated into our processes and system. It's going to be done over the next couple of months.

顯然，當我們使用我們的系統和流程時，節省成本的速度要快得多。你可以看到協同效應帶來的好處。Apside 是最近完成的。所以，目前還沒有完全整合到我們的流程和系統中。這項工作將在未來幾個月內完成。

And with that, obviously, margin will improve. It's part of the plan. And -- but still, we are quite proud with the situation that we had in Q4 with the margin of 16.6% that we were capable of delivering even during this integration period for a couple of acquisitions.

這樣一來，利潤率顯然會提高。這是計劃的一部分。不過，我們仍然對第四季所取得的16.6%的利潤率感到非常自豪，即使在整合幾項收購期間，我們也能做到這一點。

Great perfect. Thank you for taking my questions, guys. I'll pass the line.

太棒了，完美。謝謝各位回答我的問題。我會越過那條線。

Thank you for the question.

謝謝你的提問。

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

目前沒有其他問題了。現在我將把電話交給管理階層，請他們作總結發言。

Thanks, Joelle, and thanks, 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 14123. As well, a podcast of this call will be available for download within a few hours. Follow-up questions can be directed to me at 1 (905) 973-8363. Thanks again, everyone, and look forward to speaking soon.

謝謝喬爾，也謝謝大家的參與。提醒大家，本次通話的錄音可以透過我們的網站收聽，也可以撥打 1 (888) 660-6264 並使用密碼 14123 收聽。此外，本次通話的播客版本將在幾個小時內提供下載。如有任何後續問題，請致電 1 (905) 973-8363 與我聯絡。再次感謝各位，期待盡快與大家交流。

Ladies and gentlemen, this concludes the 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，請您斷開線路。