CGI Inc (GIB) 2026 Q1 法說會逐字稿

Ladies and gentlemen. Welcome to CGI's first-quarter fiscal 2026 conference call.

女士們、先生們，歡迎參加 CGI 2026 財年第一季業績電話會議。

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

現在我將會議交給投資人關係資深副總裁凱文‧林德先生。請林德先生發言。

Thank you, Julie, and good morning. With me to discuss CGI's first-quarter fiscal 2026 results are François 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, January 28, 2026.

謝謝朱莉，早安。今天與我一起討論CGI 2026財年第一季業績的是我們的總裁兼執行長弗朗索瓦·布朗熱，以及執行副總裁兼首席財務長史蒂夫·佩隆。本次電話會議將於美國東部時間2026年1月28日星期三上午9:00在cgi.com網站直播並現場錄製。

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

補充幻燈片以及我們今天早上發布的新聞稿均可下載，同時還有我們的管理層討論與分析、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 that are expressed or implied, and CGI disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The complete Safe Harbor statement is available in both our MD&A and press release as well as on cgi.com. We recommend our investors read it in its entirety.

請注意，本次電話會議中的部分陳述可能包含前瞻性資訊。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訂任何前瞻性陳述的意圖或義務，無論是因為新資訊、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 (MD&A) 和新聞稿以及 cgi.com 網站上查閱。我們建議投資者完整閱讀該聲明。

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

我們將依照國際財務報告準則（IFRS）報告財務表現。與以往一樣，我們也會討論非公認會計準則（非GAAP）的績效指標，這些指標應視為補充資訊。管理階層討論與分析（MD&A）中包含了報告中使用的每個指標的定義。

All of the dollar figures expressed on this call are Canadian, unless otherwise noted. We are also hosting our Annual General Meeting this morning, so we hope you will join us live via the broadcast at 11:00 AM.

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。我們今天上午也將召開年度股東大會，希望您能於上午 11:00 透過直播加入我們。

Now, I'll turn the call over to Steve to review our Q1 financials, and then François will comment on our business and market outlook. Steve?

現在，我將把電話交給史蒂夫，讓他回顧我們第一季的財務狀況，然後弗朗索瓦會談談我們的業務和市場前景。史蒂夫？

Thank you, Kevin, and good day, everyone. In our first quarter of fiscal 2026, we demonstrated discipline in the management of our operations while continuing to make the necessary investment guided by our AI strategy.

謝謝凱文，大家好。在2026財年第一季度，我們展現了營運管理的嚴謹性，同時持續依照人工智慧策略進行必要的投資。

In the quarter, we delivered $4.1 billion of revenue, up 7.7% year over year or up 3.4% when excluding the impact of foreign exchange. Growth was driven by our recent business acquisitions and continued demand for our APAC delivery center, with this segment reporting growth of 5.8%, mainly through delivery of managed services.

本季度，我們實現營收41億美元，年增7.7%，若不計匯率影響，則較去年同期成長3.4%。成長主要得益於近期完成的業務收購以及亞太地區交付中心持續成長的需求，該業務板塊成長5.8%，主要來自託管服務的交付。

In our UK and Australia segment with our acquisition of BJSS, growth was 31%. This acquisition is transformative to our UK operation, adding significant scale, and we can now showcase the breadth of CGI's end-to-end services to our new clients. In our Western and Southern Europe segment, growth was 9%, led by our acquisition of Apside, which includes engineering services.

在英國和澳洲市場，我們收購了BJSS，實現了31%的成長。此次收購對我們在英國的業務具有變革性意義，並顯著擴大了業務規模，使我們能夠向新客戶全面展示CGI的端到端服務。在西歐和南歐市場，我們收購了Apside（該公司提供工程服務），實現了9%的成長。

As we indicated last quarter, our US operations were impacted by the federal shutdown in the quarter. The timing and related impacts were in line with what we communicated last quarter. While a sequential improvement is expected in the next quarter, our US Federal segment is still operating in a very dynamic environment.

正如我們上季所述，本季美國業務受到聯邦政府停擺的影響。停擺的時間和相關影響與我們上季溝通的內容一致。雖然預計下一季情況將有所改善，但我們的美國聯邦業務部門仍然處於非常不穩定的環境中。

Bookings in the quarter were $4.5 billion for a book-to-bill ratio of 110% led by US commercial and state government at 169%; Finland, Poland, and Baltics at 124%; and Scandinavia, Northwest, and Central East Europe at 113%.

本季訂單金額為 45 億美元，訂單出貨比為 110%，其中美國商業和州政府訂單佔比最高，達 169%；芬蘭、波蘭和波羅的海國家佔比最高，達 124%；斯堪的納維亞半島、西北歐和中東歐國家佔比最高，達 113%。

Bookings continue to be led by our managed services at a 117% book-to-bill. SI&C book-to-bill was 100%, last reached in our first quarter of fiscal 2025. With the US federal shutdown, we had previously called out that our bookings would be impacted in the quarter. This was indeed the case and excluding US federal, our teams delivered a combined book-to-bill of 118%.

我們的託管服務持續領先訂單量，訂單出貨率高達 117%。 SI&C 的訂單出貨率也達到了 100%，這是自 2025 財年第一季以來的最高水準。由於美國聯邦政府停擺，我們先前曾預測本季訂單量會受到影響。實際情況確實如此，若不計入美國聯邦政府停擺的影響，我們團隊的綜合訂單出貨率達到了 118%。

On a trailing 12-month basis, book-to-bill was 110% with North America at 122% and Europe at 101%. On the same basis, Managed Services had a book-to-bill ratio of 122% and the SI&C book-to-bill ratio was 96%. Our contracted backlog reached $31.3 billion or 1.9 times revenue.

過去12個月，訂單出貨比為110%，其中北美為122%，歐洲為101%。同樣，管理服務的訂單出貨比為122%，系統整合與控制（SI&C）的訂單出貨比為96%。我們的合約積壓訂單達到313億美元，相當於營收的1.9倍。

Turning to profitability. Adjusted EBIT in the quarter was $655 million, up 7.1% year over year for a margin of 16.1%, down 10 basis points. In the quarter, our results were impacted by the US federal shutdown and an $8 million one-time impact of past service costs related to statutory employee benefits in India due to a change of regulation.

再來看獲利情況。本季調整後息稅前利潤為6.55億美元，年增7.1%，利潤率為16.1%，下降10個基點。本季業績受到美國聯邦政府停擺以及因印度法規變更而產生的與法定員工福利相關的800萬美元一次性服務成本的影響。

Including acquisition and related integration costs of $26 million, earnings before income taxes were $600 million for a margin of 14.7%. Our effective tax rate in the quarter was 26.3%, 40 basis points higher than last year, mainly explained by the statutory tax increase in France. We expect our tax rate for future quarters to be in the range of 26% to 27%.

計入收購及相關整合成本2,600萬美元後，稅前利潤為6億美元，利潤率為14.7%。本季實際稅率為26.3%，較去年同期上升40個基點，主要原因是法國法定稅率調高。我們預計未來幾季的稅率將在26%至27%之間。

Adjusted net earnings were $461 million for a margin of 11.3%. On the same basis, diluted EPS was $2.12, an accretion of 8% when compared to Q1 last year. Net earnings were $442 million for a margin of 10.8% and diluted EPS was $2.03, an accretion of 6% when compared to Q1 last year.

經調整後的淨利為4.61億美元，利潤率為11.3%。以此計算，稀釋後每股收益為2.12美元，較去年同期成長8%。淨利潤為4.42億美元，利潤率為10.8%，稀釋後每股收益為2.03美元，較去年同期成長6%。

Turning to cash. We generated a strong $872 million in our cash from operations, representing 21.4% of total revenue due to the strength of our collection efforts. DSO was 37 days in the quarter, an eight-day improvement sequentially and a one-day improvement when compared to the prior year.

現金流方面，我們經營活動產生的現金流高達 8.72 億美元，佔總收入的 21.4%，這主要得益於我們強勁的收款工作。本季應收帳款週轉天數 (DSO) 為 37 天，較上季改善 8 天，較去年同期改善 1 天。

As a reminder, in general, our first quarter has the lowest DSO due mainly to higher levels of client prepayments or annual IT maintenance fees. In Q1, we continue to deploy our capital and invested $87 million back into the business, including strategic investment in advanced AI, $106 million on business acquisitions, $577 million to buy back our stock, and in addition, we returned $37 million to our shareholders under our dividend program.

再次提醒，通常情況下，由於客戶預付款或年度IT維護費較高，我們第一季的應收帳款週轉天數（DSO）最低。第一季度，我們繼續投入資金，向業務再投資8700萬美元，其中包括對先進人工智慧的戰略投資；1.06億美元用於業務收購；5.77億美元用於股票回購；此外，我們還根據股息計劃向股東返還了3700萬美元。

Yesterday, our Board of Directors approved the renewal of our NCIB program until February 2027 authorizing us to repurchase for cancellation up to 19 million shares over the next 12 months. At current share price levels, we expect to remain very active in our repurchase program.

昨天，董事會批准將正常市場回購計畫（NCIB）延長至2027年2月，授權我們在未來12個月內回購並註銷至多1,900萬股股票。以目前的股價水準來看，我們預計將繼續積極推進回購計畫。

In addition, our Board of Directors approved a quarterly cash dividend of $0.17 per share. This dividend is payable on March 20, 2026, to shareholders of records as of the close of business on February 18, 2026. With $2.4 billion in capital resources readily available and a net debt leverage ratio of 1, CGI has a balance sheet strength and capacity to deliver on our profitable growth strategy.

此外，董事會批准派發每股0.17美元的季度現金股利。該股將於2026年3月20日支付給截至2026年2月18日營業結束時登記在冊的股東。憑藉24億美元的可用資本資源和1倍的淨債務槓桿率，CGI擁有穩健的資產負債表和能力，能夠實現我們的獲利成長策略。

CGI's capital allocation priorities have remained consistent, focused on investing back in the business, pursuing accretive acquisition and share buybacks.

CGI 的資本配置重點始終如一，專注於對業務進行再投資、追求增值收購和股票回購。

Now, I will turn the call over to François to further discuss insights on the quarter, the progress on our AI strategy and the outlook for our business and markets. François?

現在，我將把電話交給弗朗索瓦，讓他進一步討論本季的分析、人工智慧策略的進展以及我們業務和市場的展望。弗朗索瓦？

Thank you, Steve, and good morning, everyone. We started the year with positive momentum that deepen our position as one of the few firms with a local presence, global scale, capabilities, and commitment to be a partner of choice for our clients, an employer of choice for our people, and an investment of choice for you, our shareholders.

謝謝史蒂夫，大家早安。今年伊始，我們便取得了積極的發展勢頭，這進一步鞏固了我們作為少數幾家兼具本地化服務、全球規模、強大實力和堅定承諾的公司之一的地位，我們致力於成為客戶的首選合作夥伴、員工的首選雇主以及各位股東的首選投資標的。

In Q1, we delivered year-over-year revenue growth, strong profitability and record high cash of $872 million. This further expands our capacity to fuel our Build and Buy profitable growth strategy, in line with our capital allocation priorities. The trust clients have in CGI as a partner for delivering on their priorities, including for advanced AI is evident in our results. This extends to bookings, which reached nearly $4.5 billion in the quarter, up by more than $300 million year over year. Plus over half of bookings were comprised of new awards and add-ons, which typically expand our delivery scope with clients.

第一季度，我們實現了同比增長的營收、強勁的盈利能力以及創紀錄的8.72億美元現金儲備。這進一步增強了我們推動「自建與收購」獲利成長策略的能力，符合我們的資本配置優先事項。客戶對CGI作為合作夥伴的信任，以及我們致力於滿足其優先事項（包括先進人工智慧領域）的能力，都體現在我們的業績中。這也反映在訂單量上，本季訂單量接近45億美元，較去年同期成長超過3億美元。此外，超過一半的訂單來自新訂單和附加訂單，這些訂單通常會擴大我們與客戶的合作範圍。

In addition, our win rate on renewals was over 95%, demonstrating the confidence clients have in CGI's ability to continuously innovate. On a trailing 12-month basis, total bookings were up 12%, reaching a high of nearly $18 billion. This was led by managed services, up 16% compared to the previous year. Systems integration and consulting bookings were also up on a sequential quarter year over year and trailing 12-month basis.

此外，我們的續約成功率超過95%，這充分體現了客戶對CGI持續創新能力的信心。過去12個月的總預訂量成長了12%，達到近180億美元的新高。其中，託管服務業務成長最為顯著，較上年同期成長16%。系統整合和諮詢服務的預訂量也實現了季度環比同比增長和過去12個月的持續增長。

Compared to this time last year, the Q1 SI&C wins were up by more than $360 million. From an industry perspective, all commercial segments closed a quarter with a book-to-bill above 100%, led by manufacturing, retail and distribution, which was up more than $530 million or 65% year over year. Representative awards in the quarter included a European-based global manufacturer, initiated a new strategic partnership with CGI to modernize critical IT services, including the integration of advanced AI solutions into their operations. A leading global luxury group in France, renewed its relationship with CGI to deliver SAP services in support of their retail and manufacturing operations. CGI will also expand the integration of AI to our IT to optimize service quality and productivity in IT management.

與去年同期相比，第一季系統整合與控制 (SI&C) 業務的訂單金額成長超過 3.6 億美元。從產業角度來看，所有商業領域的訂單出貨比均超過 100%，其中製造業、零售和分銷業表現最為突出，年增超過 5.3 億美元，增幅達 65%。本季代表性訂單包括：一家總部位於歐洲的全球製造商與 CGI 建立新的策略合作夥伴關係，旨在實現關鍵 IT 服務的現代化，包括將先進的人工智慧解決方案整合到其營運中；一家法國領先的全球奢侈品集團與 CGI 續約合作協議，由 CGI 提供 SAP 服務以支援其零售和製造業務。 CGI 也將擴大人工智慧在 IT 系統中的集成，以優化 IT 管理的服務品質和效率。

The Swedish Board of agriculture expanded its relationship with CGI through a multiyear framework agreement, supporting the agency's digital transformation and expansion of trusted AI capabilities across systems development and operations. Highmark, a US health insurer renewed and expanded its partnership with CGI to accelerate innovation in claims payment accuracy and integrity. Through the engagement, CGI will deliver a range of AI-enabled services through our ProperPay IP, which helps identify potential risk earlier, improves efficiency and reduces billing errors at scale.

瑞典農業委員會透過多年框架協議，深化了與 CGI 的合作關係，該協議旨在支援該機構的數位轉型，並在系統開發和營運中擴展可信賴的人工智慧能力。美國健康保險公司 Highmark 也續簽並擴大了與 CGI 的合作，以加速理賠支付準確性和完整性方面的創新。透過此次合作，CGI 將利用其 ProperPay 智慧財產權提供一系列人工智慧服務，幫助企業及早識別潛在風險，提高效率，並大規模減少計費錯誤。

As shared last quarter, government sector bookings were impacted by the Q1 US government shutdown. On a trailing 12-month basis, our government wins were 104% or 113% when excluding our US Federal segment. Globally, the pipeline of government sector opportunities continues to increase, up 30% compared to this time last year, as agencies continue to prioritize modernization, cybersecurity and cost efficiency.

如上季所述，受美國政府第一季停擺的影響，政府部門的訂單量有所下降。過去12個月，我們的政府部門訂單量佔比為104%，若剔除美國聯邦政府部門，則佔比為113%。在全球範圍內，政府部門的潛在項目數量持續增長，較去年同期增長30%，這主要得益於各機構持續優先考慮現代化、網路安全和成本效益。

Now I will summarize our progress against CGI AI strategy. Starting with embedding AI into our end-to-end services. In Q1, the rollout of our AI-enabled software delivery life cycle is improving engineering speed and quality with strong adoption of AI development assistance and advanced tooling. We are reinforcing trust and compliance through CGI's responsible use of technology framework, embedding AI risk governance directly into cells and delivery life cycles.

現在我將總結我們在CGI人工智慧策略方面的進展。首先是將人工智慧融入我們的端到端服務。在第一季度，我們推出的人工智慧賦能的軟體交付生命週期，透過大力推廣人工智慧開發輔助和先進工具，顯著提升了工程速度和品質。我們透過CGI負責任的技術使用框架，將人工智慧風險治理直接嵌入各個單元和交付生命週期中，從而加強信任和合規性。

In terms of client adoption, we continue to see an evolution from experimentation to enterprise integration. The transition is not a fast or a direct one, our success depends on strong foundation for data quality, platform modernization and governance, all of it -- all of which are strength for our team. Recent examples of AI projects include launching an Agentic AI strategy for our Canadian financial institution to guide their outcome-oriented AI adoption, delivering AI-driven application reverse engineering for US federal agency to support faster monetization decisions, applying deep learning AI for a UK healthcare provider to improve IVF embryo selection and patient outcomes, implementing AI Ops at a Canadian retailer to help improve IT reliability, efficiency and cost optimization, and deploying an AI-enabled developer assistant for our US utility to simplify system integrations and accelerate customer billing implementations.

在客戶採納方面，我們持續見證著從實驗階段到企業級整合階段的演進。這項轉變並非一蹴而就，我們的成功取決於強大的資料品質、平台現代化和治理基礎——而這些正是我們團隊的優勢所在。近期人工智慧專案案例包括：為加拿大一家金融機構推出智慧體人工智慧策略，指導其以結果為導向的人工智慧應用；為美國聯邦機構提供人工智慧驅動的應用逆向工程，以支援其更快地做出商業化決策；為英國一家醫療保健機構應用深度學習人工智慧，以改善試管嬰兒胚胎選擇和患者治療效果；在加拿大一家零售商實施人工智慧運維，以幫助提高IT可靠性、效率和成本優化；以及為美國一家公用事業公司部署人工智慧驅動的開發者助手，以簡化系統整合並加速客戶計費的實施。

Recognition of CGI as a AI to ROI client partner continues to be recognized by leading industry analyst firms. For example, in Q1, CGI was positioned as a leader in the IDC MarketScape for worldwide AI services for state and local government.

CGI作為人工智慧提升投資報酬率（AI to ROI）的客戶合作夥伴，其地位持續獲得領先產業分析公司的認可。例如，在第一季度，CGI在IDC MarketScape全球州和地方政府人工智慧服務領域被評為領導者。

Moving to how we are leading with AI integrated platforms and alliances, 65% of CGI's IT solutions incorporate AI-enabled intelligent automation. Our industry-leading solutions are relied on the enabled mission-critical business operations, delivering direct value to clients every day. Our technology alliance partner program also continues to expand introducing new channels to market and growing our relationships with the hyperscalers and AI-native firms.

接下來談談我們如何引領人工智慧整合平台和聯盟。 CGI 65% 的 IT 解決方案都採用了人工智慧賦能的智慧自動化技術。我們行業領先的解決方案為關鍵業務運營提供支持，每天為客戶創造直接價值。我們的技術聯盟合作夥伴計畫也不斷擴展，引入新的市場管道，並深化與超大規模資料中心和人工智慧原生企業的合作關係。

We recently announced a multiyear agreement with Google Cloud to help clients accelerate Agentic AI outcomes with Gemini enterprise and a global go-to-market alliance with open AI to help clients deploy advanced AI capabilities securely, responsibly and at enterprise scale.

我們最近宣布與 Google Cloud 達成多年協議，以幫助客戶透過 Gemini 企業版加速實現智慧 AI 成果；同時與 open AI 建立全球市場推廣聯盟，以幫助客戶安全、負責地以企業級規模部署先進的 AI 功能。

Turning to how we are uniting talent and AI technologies. While our CGI partners are naturally using AI as part of their everyday work, approximately 40% of our consultants have expertise in advanced AI and data, more than double the number since this time last year. Given this, AI-related training continues to dominate the learning and development courses, our experts are completing through our CGI academia platform.

接下來談談我們如何將人才與人工智慧技術結合。雖然我們的 CGI 合作夥伴已將人工智慧自然地融入日常工作中，但我們約有 40% 的顧問擁有高級人工智慧和數據方面的專業知識，這一數字比去年同期翻了一番還多。有鑑於此，人工智慧相關的培訓仍然是我們專家透過 CGI 學術平台完成的學習和發展課程中的主流。

Our learning and hiring investments also contributed to CGI earning new alliance certifications and partner tier status. Over the past quarter, this included progress with AWS, Snowflake, ServiceNow and UiPath, all of which expand our capabilities and create new business development opportunities in advanced AI, cloud and data.

我們在學習和人才招募方面的投入也幫助 CGI 獲得了新的聯盟認證和合作夥伴等級地位。上個季度，我們在 AWS、Snowflake、ServiceNow 和 UiPath 方面取得了進展，所有這些都拓展了我們的能力，並在高級人工智慧、雲端運算和資料領域創造了新的業務發展機會。

Lastly, we also progressed CGI's internal AI adoption. Through the new engagements with Google Cloud and Open AI, we are expanding our current use of these platforms by equipping an additional tens of thousands of consultants and experts. We also launched our internal AI exchange platform with widespread engagement as our teams contribute and reuse proven code assets and best practices, delivery processes and playbooks.

最後，我們也推進了CGI內部人工智慧的應用。透過與Google雲端和OpenAI的全新合作，我們正在擴大這些平台的現有使用範圍，為數萬名顧問和專家提供支援。此外，我們也推出了內部人工智慧交流平台，團隊積極參與其中，貢獻並重複使用經過驗證的程式碼資源、最佳實踐、交付流程和操作手冊。

CGI's AI exchange is designed to help us scale and industrialize AI delivery globally while maintaining quality, speed and cost effectiveness. As we reflect on the past 50 years in business and more importantly, our future, I will now outline CGI's value creation strategy for our three stakeholders and namely you, our shareholders.

CGI的AI交易平台旨在幫助我們在全球擴展和產業化AI交付，同時保持品質、速度和成本效益。回顧過去50年的發展歷程，更重要的是展望未來，我將在此概述CGI為我們的三大利害關係人，特別是各位股東，創造價值的策略。

Our value creation strategy is built on four streams: systems, integration and consulting, including the services related to IP, managed services, including our IP solutions, accretive acquisitions and share buyback and dividend programs.

我們的價值創造策略建立在四個面向：系統、整合和諮詢（包括與智慧財產權相關的服務）、管理服務（包括我們的智慧財產權解決方案）、增值收購以及股票回購和分紅計畫。

By design, these streams are complementary and countercyclical to external market dynamics in order to foster continuous revenue growth and EPS accretion for the benefit of our shareholders. This positions CGI to deliver results even as the global business environment remains complex and uneven.

這些業務板塊的設計旨在與外部市場動態互補並形成反週期關係，從而促進收入持續增長和每股收益提升，最終惠及我們的股東。這使得 CGI 即使在全球商業環境依然複雜多變的情況下，也能取得卓越的表現。

Starting with our first value stream, SI&C. In stronger economic markets, client priorities tend to expand to innovation, experimentation and growth. As clients spend on more discretionary initiatives, our SI&C capabilities support them in business evolution, integrating core systems, and creating and scaling new platforms and applications, regularly including consulting on our IP solutions.

首先，我們來談談系統整合與控制（SI&C）這核心價值流。在經濟情勢較好的市場中，客戶的優先事項往往轉向創新、實驗和成長。隨著客戶在更多可自由支配的專案上投入資金，我們的 SI&C 能力能夠支援他們的業務轉型，包括整合核心系統、創建和擴展新的平台和應用程序，並經常為我們的智慧財產權解決方案提供諮詢服務。

Today, we are seeing early indication of an uptick in demand in the market as the pipeline of new opportunities is strong, including for AI advisory and AI integration services related to CGI IP and alliance platforms. In fact, our pipeline of SI&C opportunities in advanced stages is up by more than 40% year-over-year. Additionally, in Q1, SI&C revenue grew 9.8% year over year in constant currency. As Steve mentioned, the ASI and sea bookings in the quarter reached 100% of revenue.

今天，我們看到市場需求初步回升的跡象，新機會儲備充足，其中包括與 CGI 智慧財產權和聯盟平台相關的 AI 諮詢和 AI 整合服務。事實上，我們處於後期階段的 SI&C 機會儲備比去年同期成長超過 40%。此外，第一季 SI&C 營收以固定匯率計算年增 9.8%。正如 Steve 所提到的，本季 ASI 和海運預訂量佔總收入的 100%。

Turning now to our second stream, CGI's managed services, which fully embed advanced AI as a standard practice, making them especially attractive for clients. When they are market uncertainties, clients typically want to reduce spending to increase their financial flexibility with the goal to reinvest in digitization. This is why we see demand rise for CGI's managed services which allow clients to benefit from longer-term, outcome-based partnerships with clear cost structures and commitments for productivity improvements and innovation.

接下來我們來看第二個面向：CGI的託管服務。該服務將先進的人工智慧技術全面融入標準流程，因此對客戶極具吸引力。在市場充滿不確定性的情況下，客戶通常希望減少支出，提高財務靈活性，以便將資金重新投入數位轉型。正因如此，我們看到市場對CGI託管服務的需求不斷增長。 CGI的託管服務能夠幫助客戶建立長期、以結果為導向的合作夥伴關係，並提供清晰的成本結構和對生產力提升及創新方面的承諾。

CGI's global delivery capabilities also play a critical role in our managed services, including our global capability center expertise, which was recently recognized by Everest Group. Through our managed services, including those delivered with our IP solutions, we become a core extension of the client teams. This drives longer-term recurring revenue with higher margins for CGI.

CGI的全球交付能力在我們的託管服務中也發揮著至關重要的作用，包括我們全球能力中心的專業能力，該能力中心近期獲得了Everest Group的認可。透過我們的託管服務，包括利用我們的智慧財產權解決方案提供的服務，我們成為客戶團隊的核心延伸。這為CGI帶來了更長期的經常性收入和更高的利潤率。

From a revenue perspective, over the past 12 months, our Managed Services business increased more than $600 million or 8% compared to the previous year. In Q1, Managed Services bookings were up on both a year over year and trailing 12-month basis. Notably, since Q1 last year, 40% of our managed services wins were new business. And the pipeline of new opportunities reflects this uptick increasing by more than 20% over this quarter last year.

從營收角度來看，過去12個月，我們的託管服務業務營收較上年同期成長超過6億美元，成長率達8%。第一季度，託管服務訂單量較去年同期成長，且較過去12個月均成長。值得注意的是，自去年第一季以來，我們新增託管服務訂單中有40%為新業務。而新業務機會儲備也反映了這一成長趨勢，較去年同期成長超過20%。

Regarding our third stream, CGI's business -- CGI's buy strategy. Given the ongoing strength of CGI's balance sheet and current market conditions, we continue to pursue accretive acquisitions at pace. In the quarter, we closed two mergers. In Europe, we completed the merger with a division of Comarch, which expands our presence in Poland and the Baltic states and deepens our public sector expertise and IP portfolio across social security, health, agriculture and other mission areas.

關於我們的第三個方面，即CGI的業務－CGI的收購策略。鑑於CGI資產負債表的持續穩健以及當前的市場狀況，我們將繼續快速推動增值收購。本季度，我們完成了兩項併購。在歐洲，我們完成了與Comarch旗下某部門的合併，此次合併擴大了我們在波蘭和波羅的海國家的業務，並深化了我們在社會保障、醫療衛生、農業及其他業務領域的公共部門專業知識和知識產權組合。

In North America, we expanded our Canadian footprint through the merger with Online Business Systems, an established IT consulting firm based in Winnipeg. Through this agreement, we enhanced our capabilities in AI, digital transformation, and cybersecurity with enterprise clients in Canada and the US. I would like to warmly welcome the more than 800 new consultants who have joined CGI from these mergers. Our pipeline of additional merger targets remain robust. We are committed to making sure that we acquire the right companies at the right time and at the right price, all three without exception.

在北美，我們透過與位於溫尼伯的知名IT顧問公司Online Business Systems合併，擴大了在加拿大的業務版圖。透過此次合併，我們提升了在人工智慧、數位轉型和網路安全領域為加拿大和美國企業客戶提供服務的能力。我謹代表CGI熱烈歡迎透過此次合併加入的800多位新顧問。我們持續儲備著大量潛在的合併目標。我們將始終致力於在合適的時間以合適的價格收購合適的公司，這三點都至關重要。

And the final stream, share buybacks and dividends provide additional value creation to our shareholders, especially now given that we believe CGI stock is undervalued. So we plan to remain very active in our share repurchase program, while these conditions persist. As we look ahead across the markets we serve, economic conditions and client priorities continue to vary by region and industry.

最後，股票回購和分紅等收益方式能為我們的股東創造更多價值，尤其是在我們認為 CGI 股票目前被低估的情況下。因此，在當前情況下，我們計劃繼續積極推動股票回購計畫。展望未來，我們所服務的各個市場的經濟狀況和客戶優先事項仍會因地區和行業而異。

These priorities are influenced by geopolitical uncertainty shifting regulatory requirements and the growing importance of IT systems to national resilience, sovereignty, competitiveness and everyday operations. At the same time, interest in AI remain high making it more, even more important for organization to separate the height from practical impact.

這些優先事項受到地緣政治不確定性、監管要求變化以及資訊技術系統對國家韌性、主權、競爭力和日常營運日益增長的重要性的影響。同時，人們對人工智慧的興趣依然濃厚，這使得組織區分人工智慧的理論高度與實際影響變得更加重要。

In this environment, trust, deep industry knowledge and proximately to the client matter more than ever. To address their priorities successfully, clients need partners like CGI who have the end-to-end capabilities and industry expertise necessarily to modernize core systems, strengthen cybersecurity and sustainably integrate AI-led digital capabilities into their operations.

在這種環境下，信任、深厚的行業知識以及與客戶的緊密聯繫比以往任何時候都更加重要。為了成功應對客戶的優先事項，他們需要像 CGI 這樣擁有端到端能力和行業專長的合作夥伴，以幫助他們實現核心系統現代化、加強網路安全，並將人工智慧驅動的數位化能力可持續地融入營運中。

In closing, while the environment is still uncertain, we are observing gradual improvement in some industries and geographies. As such, we anticipate continuing improvement for the rest of the year. CGI has been built to grow and last. For 50 years, we've been at the heart of continuous technology innovation and business transformation, combining human ingenuity with the power of technology to help our clients achieve meaningful outcomes.

最後，儘管市場環境仍不明朗，但我們觀察到部分產業和地區的情況正在逐漸改善。因此，我們預計今年餘下的時間裡，情況將持續改善。 CGI 的創立宗旨是發展壯大，永續經營。 50 年來，我們始終處於持續技術創新和業務轉型的核心，將人類的智慧與技術的力量結合，幫助客戶取得意義深遠的成果。

As the pace of change accelerates, we remain focused on what matters most, helping our stakeholders succeed. Thank you for your continued interest and support. Let's go to the question now, Kevin.

隨著變革步伐加快，我們始終專注於最重要的事：幫助我們的利害關係人取得成功。感謝您一直以來的關注與支持。凱文，現在我們來回答問題。

Thanks, François. Julie, we can now poll for questions.

謝謝你，弗朗索瓦。朱莉，我們現在可以發起投票徵集問題了。

(Operator Instructions) Richard Tse, National Bank Canada.

（操作員說明）加拿大國家銀行 Richard Tse。

Yes. Thank you. With respect to acquisitions, does the volatility and uncertainty around AI, has that sort of changed the way you evaluate these transactions kind of given that sort of uncertain future?

是的，謝謝。關於收購方面，人工智慧領域的波動性和不確定性，是否改變了您評估這些交易的方式，尤其是在考慮到這種不確定的未來時？

No, not at all. Thanks, Richard, for the question. Now we continue to see anyway AI as an enabler for the future. So when it's time to look at acquisition and merger, we're still looking at how we can improve our footprint in our several metro markets, where we're lacking presence. And naturally looking also at the larger ones and the transformational one that can help CGI in the future.

不，完全不是。謝謝理查德的提問。我們始終認為人工智慧是未來的推動力。因此，在考慮收購和合併時，我們仍然著眼於如何擴大在幾個我們尚未涉足的大都市市場的份額。當然，我們也會關注那些規模更大、具有變革意義的收購，這些收購將有助於 CGI 的未來發展。

So it's not changing anything in our policy or politics or view of merger and acquisition. We are looking at relationships. We are looking at places where we can continue to grow. And so AI is actually an enabler and not something that is asking us to change our philosophy on M&A.

所以，人工智慧並不會改變我們的政策、政治立場或對併購的看法。我們關注的是合作關係，是能夠持續發展的領域。因此，人工智慧其實是一種賦能工具，而不是要求我們改變併購理念的東西。

Okay. And just my second question has to do with the US Federal government. Obviously, last quarter, we had that sort of a government shutdown. But as you step back, do you think that there's some things that are maybe happening in the background that structurally sort of resets that business? And I guess related to that, at what point and how quickly could you sort of restructure if needed if that was the case?

好的。我的第二個問題與美國聯邦政府有關。顯然，上個季度我們經歷了政府停擺。但從更宏觀的角度來看，您認為是否存在一些潛在的因素，從結構上重塑了業務？我想，如果確實需要進行重組，您能在什麼時間點以多快的速度完成？

Again, we still think that Federal government is a very good client of ours. It's more than 30 years that we're dealing with the Federal government. And they need IT to support their operations. So we still think it's a very good market. But sure, we are living in the geopolitical environment that is very dynamic.

我們仍然認為聯邦政府是我們非常重要的客戶。我們與聯邦政府合作已有30多年，他們需要IT來支持其運作。因此，我們仍然認為這是一個非常好的市場。當然，我們身處在一個瞬息萬變的地緣政治環境。

Yes, we finished -- we had a shutdown. Now we're talking perhaps another shutdown at the end of this week where we'll see. But that's short-term headwinds. We're still thinking on the long-term basis that it's a very good market for us.

是的，我們停產了。現在我們正在討論本週末可能再次停產，到時候再看情況。但這只是短期不利因素。從長遠來看，我們仍然認為這是一個非常好的市場。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Maybe just following up on the US Federal question. Just curious around margins. Obviously, you had messaged the margins were going to be a little bit weaker in the US Federal, just given the shutdown.

或許我只是想跟進一下美國聯邦債券的問題。我只是好奇利潤率的情況。顯然，您之前說過，鑑於政府停擺，美國聯邦債券的利潤率會略微下降。

How should we think about margins in US Federal going forward, just given, as you noted, it's a pretty dynamic environment here? Are you seeing any pricing pressure? What are you seeing out of the government in terms of pricing here?

鑑於您提到的當前環境瞬息萬變，我們該如何看待美國聯邦政府未來的利潤率？您是否感受到任何定價壓力？您認為政府在定價上有哪些措施？

Yes. For sure, the fact that the revenue and profit was down this quarter was also the fact that we -- our utilization rate went down with this shutdown, some -- we had some people that were not able to build. And so we had the cost and not the revenue. So with -- when the US government did reopen, we were able to redeploy our people in the contract. And so that improved the utilization rate and thus improving their margins.

是的。當然，本季營收和利潤下降，部分原因是由於停工導致我們的產能利用率下降，有些員工無法參與生產。因此，我們面臨成本增加而收入減少的情況。後來，隨著美國政府重新開放，我們得以重新部署合約中的員工。這提高了產能利用率，從而提升了利潤率。

So it's not necessarily cost pressure or rate pressure that we have in the federal was really related to the fact that with the shutdown and the fact that it's temporary, we wanted to keep our workforce. And so that was -- that's why it put a pressure on the utilization rate.

所以，聯邦政府面臨的壓力並非一定是成本壓力或費率壓力，而是與政府停擺以及停擺的暫時性因素有關，我們希望留住員工。因此，這導致了利用率下降。

Okay. So going forward, we should expect more in line with historical. And then in terms of SI&C, it was great to see that bookings were solved in the quarter, and you mentioned the pipeline for advanced stages was up. Can you talk a little bit about the regions and industries where you're seeing the improvement in SI&C?

好的。那麼展望未來，我們應該預期情況會更接近歷史水準。至於系統整合與控制（SI&C）方面，很高興看到本季訂單得到了解決，您也提到高級階段的訂單儲備有所增加。您能否談談您認為系統整合與控制方面在哪些地區和產業有所改善？

Yes. Thanks for the question. For sure, we're seeing SI&C improvement a bit across every industry, and I'll start with an example on the financial sector, they need some advice, example in AI. So we are helping them to deploy some of these AI tools like I gave some example on that in my script. Same thing in manufacturing, they need consulting again to deploy these tools.

是的，謝謝你的提問。的確，我們看到各行各業的系統整合與控制（SI&C）都在有所改進。我先舉個金融業的例子，他們需要一些建議，像是人工智慧方面的。所以我們正在幫助他們部署一些人工智慧工具，就像我剛才在演講稿裡舉的例子一樣。製造業也是如此，他們同樣需要諮詢服務來部署這些工具。

So a lot of consulting. Business consulting is still soft, but everything related to CIO consulting and especially with these tools, we're seeing a lot of new demand. And I would say mostly in all industries.

所以諮詢業務需求很大。商業諮詢仍然疲軟，但所有與資訊長（CIO）諮詢相關的業務，尤其是藉助這些工具，我們看到了大量的新需求。而且我認為幾乎所有行業都是如此。

Suthan Sukumar, Stifel Canada.

Suthan Sukumar，加拿大 Stifel。

For my first question, I wanted to touch on the sort of the industry theme around vendor consolidation. Can you speak a little bit around what clients -- your clients are doing today with their IT partners and roughly, what percentage of some of your new business and existing business expansion today is a function of continued vendor consolidation?

我的第一個問題想談談供應商整合這個產業趨勢。您能否簡要談談您的客戶目前與IT合作夥伴的合作情況，以及您目前新業務和現有業務的擴張中，有多少比例是由於持續的供應商整合所致？

Yeah, that's a great question. For sure, we're seeing a lot of that trend across the world. Clients realize that they need to reduce the number of partners and especially using a lot of freelancers in the market. So you'll have a lot of -- they'll deal with very small companies and so because of relationships sometimes with the buyers. So we won several of them, vendor consolidation.

是的，這是一個很好的問題。的確，我們看到世界各地都在出現這種趨勢。客戶意識到他們需要減少合作夥伴的數量，尤其是在市場上大量使用自由工作者的情況下。因此，他們往往會與規模很小的公司合作，有時甚至因為與買家的關係。所以我們贏得了幾個這樣的項目，實現了供應商整合。

We won a big one that I think I announced last quarter, with a large bank in Europe that was actually a vendor consolidation. They went from hundreds of suppliers to four, five suppliers, and we were one of the suppliers.

我們贏得了一筆大單，我想我上個季度已經宣布過了，是和歐洲一家大型銀行合作的，實際上是一次供應商整合。他們從數百家供應商精簡到四、五家，而我們是其中之一。

And we're seeing that, especially in the very large companies and clients. Same thing happened in Germany with an automobile company where they had thousands of suppliers, and they wanted to reduce and we were one that gained some activities with this vendor consolidation. So we see that. We will continue to see that in the future. And the fact that we're very close to our clients.

我們看到這種情況，尤其是在大型公司和客戶中。德國一家汽車公司也遇到了同樣的情況，他們有成千上萬的供應商，他們想精簡供應商，而我們正是透過這次供應商整合獲得了一些業務。所以我們看到了這個趨勢，未來還會繼續看到。而且，我們與客戶保持著非常緊密的聯繫。

I think that's -- it's a tailwind or at least opportunities to us to win new business in our existing clients.

我認為這對我們來說是一個順風，或至少是一個機會，讓我們贏得現有客戶的新業務。

That's helpful. For my second question, I just wanted to touch on sort of the broader theme of enterprise AI adoption. So you guys have recently announced new partnerships with OpenAI, Google Gemini on this front, as did some of your global peers also more recently. From where you sit today, where are we at in the enterprise AI adoption cycle? And is AI spending today, is it -- do you see it being more additive or still displacing existing IT spend budgets? And how resilient is sort of this AI-related spending with respect to the macro?

這很有幫助。我的第二個問題，我想談談企業人工智慧應用這個更廣泛的主題。你們最近宣布與 OpenAI 和 Google Gemini 建立了新的合作關係，你們的一些全球同行最近也做了類似的舉措。從你們的角度來看，企業人工智慧應用目前處於哪個階段？如今的人工智慧支出會為現有 IT 預算增加，還是會取代現有預算？這些與人工智慧相關的支出在宏觀經濟環境下的韌性如何？

What I would say to you, first of all, as for the tools by themselves. I think a lot of companies already deploy these tools. So all these tools are at least for the large companies, they deploy them. Now what they need to do is to realize the outcome with these tools. And that's where they need companies like us to help them to produce these outcome for them.

首先，就工具本身而言，我想說的是，很多公司已經在使用這些工具了。至少對於大型公司來說，這些工具都已經部署了。現在他們需要做的是如何利用這些工具來實現預期結果。而這正是他們需要像我們這樣的公司來幫助他們實現這些結果的原因。

So that's really where we are today. And that's why we have a lot of consulting with these clients because they don't know what to do to a certain point with these tools. And so that's where we are helping them.

這就是我們目前的處境。正因如此，我們才需要為這些客戶提供大量的諮詢服務，因為他們在使用這些工具時，在某種程度上並不了解如何操作。所以，這就是我們幫助他們的地方。

Another good example is a lot of these clients will have old solutions or all the applications that they didn't touch for the last 15, 20, 25 years because it's too complicated and it's too -- they don't want to touch it to break it. And now with tools like AI, it's -- they can see it in another way and having these tools helping to do the conversion or the refreshment of these application. So that's brand new demand and services that they were not existing in the past. People were saying, let's not touch that. And that's maintaining them, but let's forget about them.

另一個很好的例子是，很多客戶都有一些老舊的解決方案或應用程序，過去15、20甚至25年他們都沒碰過，因為這些系統太複雜，他們不想碰它們，怕弄壞了。但現在有了像人工智慧之類的工具，他們可以從另一個角度看待這些問題，這些工具可以幫助他們進行轉換或更新這些應用程式。這就產生了全新的需求和服務，而這些需求和服務在過去並不存在。人們過去總是說，我們還是別碰它們了。雖然我們維護它們，但實際上卻忽略了它們。

Now they're saying, well, perhaps we can reduce our run cost by changing these applications. And so that's brand new demand that we didn't see in the past. So I think that we will see that to continue.

現在他們說，或許我們可以透過改變這些應用程式來降低營運成本。這是一種我們過去從未見過的全新需求。所以我認為這種趨勢還會持續下去。

And finally, again, in managed services, that is still very relevant and people want to have savings on their run of application. I know AI is a tool to help, to achieve these savings. And we had the offshoring, but now we have offshoring and AI to help to create these savings for clients. So that's why we still think that, that will open doors to new demand in the managed services side.

最後，在託管服務領域，這一點仍然非常重要，人們希望在應用程式運行方面節省成本。我知道人工智慧是實現這些節省的工具。過去我們有離岸外包，現在我們有了離岸外包和人工智慧，可以幫助客戶節省成本。因此，我們仍然認為這將為託管服務領域帶來新的需求。

Thanos Moschopoulos, BMO Capital Markets Canada.

Thanos Moschopoulos，BMO Capital Markets Canada。

Hi, good morning. First of all, just given the very strong ROI that I presume clients can get from AI. If we just look at the most recent quarter, your trailing numbers and what's been holding back growth, is it that the CIO understands the value of AI, but the CFO is constraining the budget? Is it that just more education was needed about what I can do for them and now you're starting to see more implementation. Just what's been the holdback in terms of clients putting the metal on these AI initiatives?

您好，早安。首先，鑑於人工智慧能為客戶帶來非常可觀的投資回報率，如果我們看一下最近一個季度的業績數據，以及阻礙成長的因素，是首席資訊長 (CIO) 理解人工智慧的價值，但財務長 (CFO) 限制了預算嗎？還是說客戶需要更多了解人工智慧能為他們做些什麼，而現在你們開始看到更多應用？究竟是什麼阻礙了客戶真正投入這些人工智慧專案？

I don't think it's necessarily our holdback. I think, like I'm saying, I think people realize that it's a lot more complicated than people thought. And so that's one thing.

我不認為這一定是我們的阻礙。我覺得，就像我剛才說的，人們意識到事情遠比他們想像的要複雜得多。所以這是一方面。

The other thing also is data quality. It's nice to say that you have AI and you deployed AI, but AI will be as good as your data is good. And I think that's also, again, one of the challenge that a lot of these company has. And so they -- that's where the work needs to be done. And again, they're saying like the CFO seeing the cost coming in of these tools, coming in on a monthly basis, but they don't see necessarily the outcome.

另一個關鍵因素是數據品質。擁有人工智慧並部署人工智慧固然很好，但人工智慧的效用取決於數據的品質。我認為這再次印證了許多公司面臨的挑戰。因此，這才是他們需要努力的方向。正如財務長所說，他們看到了這些工具每月不斷增加的成本，卻可能無法看到最終的成果。

And that's where, again, the CIO wants showcase that. But to do that, they need to clean up the quality, clean up some of the quality of the data, clean up some of these applications. And that will take some time. So that's really, I think that's -- I would say, on that specific item. I think overall, the macro is still something that you see in the market.

而這正是資訊長想要展示的地方。但要做到這一點，他們需要提升資料質量，清理一些應用程式。這需要一些時間。所以，我認為這只是就具體問題而言。我認為整體而言，宏觀層面仍然是市場上的重要因素。

Still, we're restarting to talk about tariff, for example, in some places. So it's -- for sure, it's a concern in some places, especially when I'm talking to some clients in Europe, you still see some concern on that side and that's hurting a bit on the macro side.

不過，例如，在某些地方，我們又開始討論關稅問題了。所以，這當然是某些地方的一個擔憂，尤其是我和一些歐洲客戶交談時，仍然能感受到他們在這方面的擔憂，這在宏觀經濟方面造成了一定的負面影響。

Great. And then just in terms of your own internal use of AI, when we look at your margins for this quarter, I mean, would you say that you start to capture some material margin improvement for AI? It’s just -- is it early days on that front? How should we think about kind of the benefits you're already capturing?

好的。那麼就您公司內部對人工智慧的應用而言，當我們查看本季的利潤率時，您認為人工智慧是否開始帶來實質的利潤提升？目前這方面是否還處於早期階段？我們該如何看待您已經獲得的利益？

I'll start, and I'll ask Steve to continue. But for sure, we are seeing already some savings with AI. For sure, some of it, we are reinvesting in the business. and also in the quarter, it was hidden to a certain point with the one-time cost in India, but you will see the margin picking up in the future. Perhaps you can talk a little bit about some of our sample.

我先說，然後請史蒂夫繼續。但可以肯定的是，我們已經看到人工智慧帶來了一些成本節約。當然，其中一部分我們會重新投資到業務中。而且，由於印度的一次性成本，本季的部分影響被掩蓋了，但未來利潤率將會提升。或許您可以簡單介紹一下我們的一些案例。

Yeah. Look, we are using it, obviously, internally and the team are using it well. It's bringing efficiency, obviously, but we are continuing to invest in it. We want further efficiency. We want further improvement.

是的。你看，我們內部顯然在使用它，而且團隊也用得很好。它確實提高了效率，這一點毋庸置疑，但我們仍在繼續投入。我們希望進一步提高效率，我們希望它能得到進一步的改進。

And -- but in terms of -- as mentioned, the global margin that we had in the quarter, we're pretty proud with some good improvement in many SBUs. Obviously, there was a one time in India and also what we called out at the last quarter in federal.

而且——但就——正如前面提到的，本季我們的全球利潤率相當不錯，許多戰略業務單位都取得了顯著進步，我們對此感到非常自豪。當然，印度市場出現了一次特殊情況，還有我們在上個季度提到的聯邦市場的情況。

But if you look at Scandinavia, Northwest and Central East Europe, a clear improvement in terms of margin. You see also the benefit coming in terms of the margin from the integration of BJSS. And also in France, the margin has improved. So Western and Southern Europe also is a good improvement year over year. So quite good activities that has strengthened our margin, and it's quite good for the next future quarters.

但如果你觀察斯堪的納維亞半島、西北歐和中東歐地區，你會發現利潤率明顯提升。此外，BJSS的整合也帶來了利潤率的提升。法國的利潤率同樣有所提高。因此，西歐和南歐的利潤率也比去年同期成長顯著。這些積極的業務活動提升了我們的利潤率，也為未來幾季的發展奠定了良好的基礎。

Robert Young, Canaccord Canada.

Robert Young，Canaccord Canada。

The comments on the government pipeline up 30%. I was hoping you could parse that out between US Federal. You noted that bookings were impacted and the higher volatility. And then I guess on the other side of that, it looks as though governments around the world are looking for more sovereignty, more control over local technology perhaps. Maybe just talk about where those bookings growth -- or the pipeline growth is coming from?

關於政府項目儲備增加30%的評論。我希望你能分析這其中美國聯邦政府的貢獻。你提到預訂量受到影響，市場波動性也更高。另一方面，似乎世界各國政府都在尋求更大的自主權，或許是對本地技術有更多控制權。或許我們可以談談這些預訂量成長——或者說專案儲備成長——究竟來自哪裡？

Yes. Thanks, Robert. So yes, government, we are seeing good momentum across the world. I'll start with our home here in Canada, as you know, Canada wants to invest a lot in the defense side, for example. And so defense is including cybersecurity, for example, and so they all need IT to support them.

是的，謝謝，羅伯特。是的，各國政府都在積極推動相關工作，我們看到世界各地都呈現出良好的發展動能。我先說說我們加拿大的情況，如你所知，加拿大希望在國防領域投入大量資金。而國防也包括網路安全等等，所有這些都需要資訊科技的支援。

They want to reduce costs on delivering services to their citizens. And again, they'll need to build a new system. And so we are seeing that good potential in the future, and we have some conversation with the client, with the government clients in Canada to understand when and how it will be deployed.

他們希望降低向公民提供服務的成本。而且，他們需要建立一套新的系統。因此，我們看到了它未來的巨大潛力，我們正在與加拿大政府客戶進行溝通，以了解該系統何時以及如何部署。

Same thing in the rest of the world. We -- the rest of the world, as you know, they want to invest a lot on the defense side and we have already -- some of these defense ministers, ministry example, in Germany, in UK, already the clients of ours. NATO is a client of ours. So we are seeing momentum and discussion there. So we see good opportunity on that side.

世界其他地區的情況也一樣。如你所知，世界其他地區都希望在國防領域投入巨資，而且我們已經與一些國家的國防部長建立了合作關係，例如德國和英國的國防部長。北約也是我們的客戶。因此，我們看到這方面的動能和討論都在升溫。所以我們看到了這方面的巨大機會。

Going back in the US, I would say, state and local, so everything related to the state and local government in the US. We are seeing good momentum. Some -- to a certain point, they are taking the place of the Federal government and some of these investments, so we are seeing also good momentum on that side.

回到美國，我想說的是州和地方政府，也就是與美國州和地方政府相關的一切。我們看到發展勢頭良好。在某種程度上，它們正在取代聯邦政府的部分職能，並帶來一些投資，所以我們也看到這方面發展勢頭良好。

On the Federal government, for sure, we are seeing a pickup versus last year when we were talking about those -- and we were talking and we had the US, the shutdown. So we are seeing also opportunities in the pipeline on that side. Now that hopefully, we won't have another shutdown, we can see some of these RFP going out and be awarded in the next couple of months.

聯邦政府方面，我們看到的情況確實比去年有所好轉——去年我們討論這些項目的時候，美國政府還經歷了停擺。所以我們也看到這方面有很多機會正在醞釀中。現在，希望不會再出現政府停擺，我們預計未來幾個月內會有一些招標書發出並最終授標。

So it sounds as though you're pretty confident that, that type of pipeline growth is indicative of sustainable top line growth in the future, both in the US, US federal, but all around the globe, I guess?

聽起來您似乎很有信心，這種類型的專案成長預示著未來在美國、美國聯邦政府乃至全球範圍內都能實現可持續的營收成長？

I would say all around the globe, for sure. As for US federal, again, we just need to be -- it can be lumpiness a bit with everything that's happening there. But at the same time, state and local in the US is going pretty well.

我肯定地說，全球範圍內都是如此。至於美國聯邦層面，我們還是需要注意──鑑於那裡正在發生的一切，情況可能會有些混亂。但同時，美國的州和地方政府運作得相當不錯。

Okay. And then the headcount number was flat quarter over quarter, up year over year. But I mean the revenue growth is still outpacing your headcount growth. And that's interesting because you highlighted the utilization headwinds in US. So just talking a little bit -- if you could talk through the revenue per employee growth and then also, if you could be clear on whether Comarch and OBSS are included in the head count number or -- so are we going to expect to see growth in the next quarter?

好的。員工人數較上季持平，但較去年同期成長。我的意思是，營收成長仍然超過了員工人數成長。這很有意思，因為您之前提到了美國業務利用率下降的不利因素。所以，我想稍微探討一下──您能否詳細解釋一下每位員工的營收成長情況？另外，能否明確說明Comarch和OBSS是否包含在員工人數中？我們是否可以預期下一季會有成長？

Yes. So Comarch and OBSS are in the headcount numbers since they were closed before end of the quarter. As for the revenue per headcount, for sure, it did grow again and will continue. You can expect this to continue to grow. Like I said in the past, most of our managed services are outcome-based.

是的。 Comarch 和 OBSS 的員工人數都計入了統計，因為它們在季度末之前就關閉了。至於人均收入，可以肯定的是，它再次成長，並且還會繼續成長。您可以預期它會繼續增長。正如我之前所說，我們的大部分託管服務都是以結果為導向的。

And so with the fact that we're using more and more AI in our delivery of managed services, I don't need necessarily the same head count number or same number of people to deliver the services. So you can still expect this headcount versus revenue or at least the revenue by headcount continue to grow because of the new technologies that we're deploying.

因此，隨著我們在託管服務交付中越來越多地使用人工智慧，我並不一定需要相同數量的員工來提供服務。所以，由於我們正在部署新技術，您可以預期員工人數與收入之比，或至少是每人收入，將繼續成長。

Okay. Last quick question. Last quarter, you talked about outcome-based pricing, and you're talking a lot about outcome-based programs this quarter. One of your competitors was highlighting significant growth in fixed price contracts related to their proprietary platforms. And so I'm just curious if you're seeing that and how that might affect the model and margins going forward? And then I'll pass the line.

好的。最後一個問題。上個季度您談到了基於結果的定價，而這個季度您又多次提到基於結果的項目。您的一個競爭對手強調，與其專有平台相關的固定價格合約實現了顯著增長。所以我很好奇您是否也觀察到了這種情況，以及這可能會如何影響未來的商業模式和利潤率？好了，我要掛斷電話了。

Yes. No, an outcome base can be fixed price also, especially when it's shorter duration if we're talking about a managed services of two, three years, a lot of time, we can fix it even for that full two, three years duration, for example. For sure, when it's longer, we need to take on account the volume and it's both sides. It's good for the client, and it's good for us because having linked to the volumes or the outcome is good on both sides. But yes, we'll have more also fixed price project.

是的。不，基於結果的固定價格也可以，尤其是在專案週期較短的情況下，例如兩三年的託管服務，我們甚至可以將價格固定到整個兩三年期限內。當然，如果專案週期更長，我們需要考慮工作量，這對雙方都有好處。這對客戶和我們都有好處，因為價格與工作量或結果掛鉤對雙方都有好處。是的，我們也會承接更多固定價格的項目。

I think really the input-based model, that's really what's standing to reduce and will continue to reduce to be replaced by these fixed price and outcome based.

我認為，真正會逐漸減少並將繼續減少的是基於投入的模式，將會被這些基於固定價格和結果的模式所取代。

Does that have an impact on margins?

這會對利潤率產生影響嗎？

I won't have -- because even I would say, a fixed price, we'll be able to improve our margin in the long term because -- and after that it's fixed, every way of reducing the cost would go directly in our margin improvement.

我不會——因為即使是我也會說，固定價格，從長遠來看，我們將能夠提高我們的利潤率，因為——而且價格固定之後，任何降低成本的方法都會直接提高我們的利潤率。

Kevin Krishnaratne, Scotiabank Canada.

Kevin Krishnaratne，加拿大豐業銀行。

Nice to see the SI&C bookings strength there. You talked about the early indications of uptick in demand and you did talk about more on CIO consulting, less business consulting. I still think the trends look pretty good a little bit maybe different than what some of your peers are talking about recently.

很高興看到系統整合與諮詢（SI&C）業務的強勁成長。您提到了需求回升的早期跡象，也提到了CIO諮詢業務的增加，而業務諮詢業務有所減少。我仍然認為目前的趨勢相當不錯，可能與一些同行最近的觀點略有不同。

So I'm just wondering maybe if you can comment on unpack a little bit further into that, like what what's maybe unique about CGI in this segment relative to some of the peers that is leading to sort of some of those earlier signs that you're seeing relative to the broader industry?

所以我想問您能否進一步解釋一下，在這個領域，CGI 相對於其他一些同行有哪些獨特之處，從而導致了您相對於整個行業所看到的一些早期跡象？

Yes. I don't know for the other companies, but I'll say for us, our model and the fact our proximity model, I think that's really the differentiator with the competition. We are close to our clients. We are building a relationship with them. We know their business. We know their industry.

是的。我不了解其他公司的情況，但就我們而言，我們的模式，尤其是我們這種貼近客戶的模式，我認為這才是我們區別於競爭對手的真正優勢。我們與客戶保持緊密聯繫，與他們建立關係，了解他們的業務，並了解他們所在的行業。

So I think that's helping us to be there and our top of the mind of these clients when it's time to find the right expertise and the people to help them in their deployment of new technology, for example. So I think that's really going back to the model that we have that's helping us to win.

所以我認為這有助於我們始終佔據客戶的位置，並在他們需要尋找合適的專業知識和人員來幫助他們部署新技術時，始終是他們的首選。因此，我認為這實際上又回到了我們現有的成功模式。

Got it. Second question, just more on the theme of enterprise adoption of AI. Can you maybe talk about any differences you're seeing in this technology and the deployment of enterprise AI versus enterprise software and what that means from a CGI and other IT providers. For example, some of these AI use cases, they seem to come up on the bottom-up individual workers or teams might be different than how an ERP deployment starts from the top.

明白了。第二個問題，還是關於企業採用人工智慧這個主題。您能否談談您在這項技術以及企業人工智慧部署與企業軟體部署方面觀察到的差異，以及這些差異對 CGI 和其他 IT 服務供應商意味著什麼？例如，一些人工智慧應用案例似乎是自下而上由個人或團隊提出的，這可能與 ERP 系統自上而下的部署方式有所不同。

So just any thoughts there now maybe talk about the entry point of AI into the enterprise versus prior cycles and how you see that, what that might mean for your business?

那麼，您現在有什麼想法嗎？或許可以談談人工智慧進入企業的切入點與以往週期相比如何，以及您如何看待這一點，這對您的業務可能意味著什麼？

Yes, for sure. It's a tool that is deployed to everyone. So when it's deployed to everyone, everyone is playing for the tool. And so you'll have the business side that we'll take the tool, we'll will use it and try to invent something with it. Sometimes, let's say, it's good, sometimes it's less good. I think like anything else, you'll see some balance on that. I'll give you the analogy also with cloud. I think cloud -- when cloud went out, everybody said, it's way cheaper. It's way easier.

是的，當然。這是一個面向所有人的工具。所以當它面向所有人時，每個人都在爭奪這個工具。因此，從商業角度來看，我們會使用這個工具，並嘗試用它來創造一些東西。有時候，比如說，效果很好，有時候則不太好。我認為就像其他任何事物一樣，你會看到某種平衡。我再舉個例子，雲端運算也是如此。我認為雲端運算——當初雲端運算出現時，每個人都說它更便宜，更容易。

Let's deploy it. And you saw that happening and to realize at a certain point in time, the saving we're not there anymore because it was not managed.

我們開始部署吧。你也看到了部署的過程，但到了某個時間點，我們之前節省的成本已經不存在了，因為管理不善。

It was -- everybody was able to buy a cloud computing and so at a certain point, it was even more costly than before. So I think that's the same thing here. If people are leaving it to only the employees and they can do what they want with it, I think it will just create more cost in the machine and we'll need to be careful about that. So I think that's why one way, it's good for innovation and all that. But in the other way, you need still to put some, I would say, processes to be sure that it's well managed.

當時的情況是，每個人都能購買雲端運算服務，所以到了某個階段，它的成本甚至比以前更高了。我認為這和現在的情況是一樣的。如果人們把雲端運算完全交給員工，讓他們隨心所欲地使用，我認為這只會增加機器的成本，我們需要對此保持警惕。所以我認為，一方面，雲端運算有利於創新等等。但另一方面，我們仍然需要製定一些流程，以確保它得到良好的管理。

And that's where we can help clients with the definition. And that's what we're doing today. And a lot of these business consulting or the consulting side. is that we're helping them to put some processes so that this approach of bottom-up, like you're saying, is still -- it's not chaos and that we can -- the clients can manage it.

而這正是我們能夠幫助客戶定義的地方。這也是我們今天正在做的事。很多商業諮詢或諮詢工作，都是在幫助他們建立一些流程，這樣，就像你所說的，這種自下而上的方法仍然不會造成混亂，客戶仍然可以管理它。

Surinder Thind, Jefferies USA.

Surinder Thind，傑富瑞美國公司。

François, when we think about just the interest in understanding of how important AI is out there, why isn't there a bigger rush to improve the infrastructure, the data platform modernization efforts at this point in the cycle? Given that if you can get the back end fixed, then you can start to revise the benefits. It just seems like everybody is slow walking this and it's hard to figure out why.

弗朗索瓦，考慮到大家對人工智慧重要性的關注度，為什麼在這個階段，沒有更積極地推動基礎建設和數據平台現代化？畢竟，如果後端問題能夠解決，就能開始評估人工智慧帶來的益處。現在看來，大家似乎都在拖延時間，這讓人難以理解。

I think because you're saying, yes, the back end can be easily done. But it's again, it's the data itself and the complexity of all that. You have in company so much data that they are managing and people, it's not all necessarily relevant data. And I think that's the hard part that they need to be sure that they're cleaning up that data to use the right one to put it in the machine to have the right outcomes and that's difficult. It's bringing a lot of complexity.

我覺得你說得對，後端確實很容易實現。但關鍵還是在於數據本身以及其中的複雜性。公司裡有大量數據需要管理，而且並非所有數據都與結果相關。我認為困難在於，他們需要確保清理這些數據，以便將正確的數據輸入機器，從而獲得正確的結果，而這非常困難，也帶來了許多複雜性。

And it's same thing for Agentic, right? Because we're talking about data for AI, but when it's time to put AI for processes and Agentic AI, now you're dealing with applications and Big companies are talking about thousands of applications.

對於智慧代理也是如此，對吧？因為我們討論的是人工智慧的數據，但當需要將人工智慧應用於流程和智慧代理人工智慧時，你就得處理應用程式了，而大公司談論的是成千上萬個應用程式。

So it's not that easy to implement and so it's something that people need to deal with. The other thing also, it's everything related to cybersecurity. We have clients today and for good reasons when we're saying, we can put some AI in the delivery of the managed services. Some are ready, other ones are saying, I need to understand the impact on cybersecurity. I need to -- so it's a lot of different -- it's a new technology.

所以實施起來並不容易，這是人們需要面對的問題。另一方面，它也與網路安全息息相關。我們現在有一些客戶，他們有充分的理由認為，我們可以將人工智慧融入託管服務的交付中。有些客戶已經準備好了，而有些客戶則表示，他們需要了解這對網路安全的影響。他們需要——所以情況各不相同——畢竟這是一項新技術。

Like any new technology, it's not that easy to implement an environment that were built in the last 20, 25 years. So I think it's a journey and that journey will continue. And that's why they need help from companies like ours.

任何新技術都一樣，要改造過去二三十年所建構的環境並非易事。所以我認為這是一個循序漸進的過程，而且這個過程還會持續下去。正因如此，他們才需要像我們這樣的公司的幫助。

So I guess, as a point of clarification, I think the idea here is that we still need to do a lot of the core work before we even tackle the AI problems. And I guess that's really where my question is why isn't there maybe more core work being done, right, because we need to know that build these data platforms and so forth before we can even get to AI. And I think that's where it is.

所以，我想澄清一下，這裡的意思是我們仍然需要完成很多核心工作，才能著手解決人工智慧問題。我想，我的問題是，為什麼沒有做更多核心工作呢？因為我們需要先建構這些數據平台等等，才能開始研究人工智慧。我想問題就在這裡。

Is it that companies got burned after maybe the pandemic where there was a lot of investment, and they didn't realize the return on that investment. So they've gone to this mindset of, you know what, I'm going to slow walk this. I want my ROI calc to be an in-year ROI versus I'm going to make these big investments because we can see other parts of the infrastructure there is an incredible amount of investment being made. And there is this big rush to be the first to go out there and get some of this done, but it just doesn't seem to be happening at the corporate level.

是因為疫情後一些公司投入巨資，卻沒能獲得相應的回報，所以才陷入了困境？他們現在的心態是：放慢腳步，把投資報酬率的計算重點放在年度報酬率上，而不是像以前那樣大手筆投資。因為我們看到其他基礎建設領域投入了巨資，大家都想搶先機，但這種趨勢似乎並沒有在企業層面體現。

I think when you're saying big investment, we're seeing a lot of big investment in the hyperscalers in this company to some point. I think, again, meaning a lot of clients, and all these clients, they invested in the tool itself, and they deploy these tools itself. But like you're saying, they don't necessarily see the returns. And so that's why they're coming back. And that's why we're saying, yes, we're seeing some deployment, a lot of experimentation in the past.

我認為，您說的巨額投資，指的是我們公司在超大規模資料中心方面投入了大量資金。我的意思是，很多客戶都投資了工具本身，並且自行部署了這些工具。但正如您所說，他們未必能看到回報。所以他們才會再次選擇我們。這也是為什麼我們說，是的，我們看到了一些部署，過去也進行了許多實驗。

Now we're seeing some deployment. But it's true that they are going a bit slower, just to be sure that finally, they will see a return on their investment because for now, they put a lot of money in the tools without necessarily to see the return for now. And so that's why it's a journey, and it will take some time. But people are I'll say, an example in the financial institutions, they are looking very -- and they are doing some very larger use cases in the banks, to see how they can have a return. In some places, they are seeing a return, but it won't happen in a month. That's for sure, Surinder.

現在我們看到一些部署正在進行中。但確實，他們的速度比較慢，只是為了確保最終能夠獲得投資回報，因為目前他們投入了大量資金購買這些工具，但不一定能立即看到收益。所以這是一個循序漸進的過程，需要一些時間。但我想說的是，以金融機構為例，他們正在非常認真地研究——他們在銀行進行一些規模更大的應用案例，以了解如何才能獲得回報。在某些地方，他們已經看到了回報，但這不會在一個月內實現。這點毋庸置疑，蘇林德。

Understood. And then could you elaborate on the earlier comment in your prepared remarks around just expecting continued improvement over the rest of the year? Is the idea that things should get sequentially better? And is that on an organic constant currency basis? How should we think about that part of the journey as you kind of talked about this idea of things getting better?

明白了。那麼，您能否詳細解釋一下您之前在準備好的發言稿中提到的，預期今年剩餘時間會持續好轉？是指情況會逐年好轉嗎？這是基於自然成長和不變匯率計算的嗎？您剛才提到情況會好轉，我們該如何看待這個過程？

Yes. That's actually what I was saying to some point. Yes, we are expecting to see some improvement quarter after quarter especially in places like in Europe. So we are expecting that for sure, the caveat I have now is the shutdown. I thought it was behind us.

是的，我之前也說過類似的話。是的，我們預計每季都會有所改善，尤其是在歐洲等地。所以我們對此確實抱持著期待，但我現在要提醒的是疫情封鎖。我以為它已經過去了。

We'll see Friday, if we have another shutdown in the US federal government and what can be the potential impact. But if I'm taking that out of the equation, yes, we are seeing some improvement, and we would see improvement on a sequential basis.

週五我們就能知道美國聯邦政府是否會再次停擺，以及可能造成的影響。但如果排除這個因素，是的，我們看到情況有所改善，而且這種改善會持續下去。

Got it. And is the expectation then to get back to positive organic constant currency growth by the end of the fiscal year? Or how are you thinking about that?

明白了。那麼，你們預期到本財年結束前能恢復以固定匯率計算的正向有機成長嗎？或者你們對此有何看法？

The idea is to improve the growth -- overall growth on a constant currency basis, including the organic side of the equation. So that's the goal. That's what the team is working on. And we're seeing some positive movement on that side.

我們的目標是提升成長－以固定匯率計算的整體成長，包括內生成長部分。這就是我們的目標，也是團隊正在努力的方向。我們已經看到這方面取得了一些積極進展。

Julie, we have time for one more question, please.

朱莉，我們還有時間再問一個問題。

Jerome Dubreuil, Desjardins.

傑羅姆·杜布雷伊，德斯賈丁斯。

Another one that I want to push a bit more on the contrast that Kevin has highlighted between your comments on SI&C and -- or more discretionary with some of the peers. I'm wondering how reliable are the leading indicators in terms of the bookings and the pipeline for this recovery specifically since we haven't been hearing that from peers? And do you think that we've seen the trough in organic growth this quarter, notwithstanding the shutdown?

還有一點我想就凱文提到的你對SI&C的評論與——或者說與一些同行相比——的差異再深入探討一下。我想知道，就預訂量和銷售管道而言，這些領先指標在本次復甦中究竟有多可靠，因為我們還沒有從同行那裡聽到相關資訊。此外，你認為儘管受到疫情影響，本季有機成長是否已經觸底反彈？

At least I won't talk for the other ones, but to us, for us, yes, we're seeing that we perhaps pretty hit the bottom this quarter and that we're expecting some gradual improvement in the future quarters again, and that's a caveat on the shutdown if we have another one. But that's the idea, and that's what we see, at least for now, is that we are seeing some improvement that would happen on a quarter-over-quarter basis.

至少我不能代表其他人發言，但就我們而言，是的，我們看到本季可能已經觸底反彈，預計未來幾季會逐步好轉。當然，如果再次停工，情況可能會有所不同。但至少目前來看，我們看到的是季度環比有所改善。

And Jerome, the SI&C bookings, it's short-term bookings. So that's why when we see that it’s going back to 100% mark, it's quite -- is giving us confidence on the forecast for sure.

傑羅姆，SI&C的預訂都是短期預訂。所以當我們看到預訂量回升到100%時，這無疑增強了我們對預測的信心。

So what do you mean by this is that the higher bookings is not like offset by kind of longer-term contracts is what you mean, right?

所以你的意思是，更高的預訂量並沒有被更長期的合約所抵消，對嗎？

We're saying that converting SI&C booking and revenue is going -- it's a lot faster and than manageable.

我們想說的是，SI&C 預訂和收入的轉換正在發生——速度很快，而且完全可控。

Yes, makes sense. And last one for me. I'm trying to assess maybe the evolution of the industry in this time of AI, are there areas in which you're winning deals where you used to lose or maybe losing deals where you used to win? And maybe what are the explanations that our clients giving on this?

是的，有道理。最後一個問題。我想評估一下人工智慧時代下產業的演變，你們是否在一些以前會輸的領域現在反而贏了，或者在一些以前會贏的領域反而輸了？我們的客戶對此有何解釋？

I would not say that we're necessarily losing or more or less in one area than others than before. If you're saying before AI, if that's the ultimate question. So no I don't see it. Like I'm saying, the idea and what we need to be sure is that to stay competitive, example, in Managed Services that we need to embed, and continue to embed this new technology in our delivery to be sure that we are competitive. And that's what we're doing, and we'll continue to do.

我不會說我們一定在某些領域比其他領域更勝一籌或更劣勢。如果你指的是人工智慧出現之前的情況，如果這是最終的問題，那麼不，我不這麼認為。就像我說的，我們需要確保的是，為了保持競爭力，例如在託管服務領域，我們需要將這項新技術融入我們的交付流程中，並持續這樣做，以確保我們的競爭力。而這正是我們正在做的，我們將繼續這樣做。

That's our strategy. And having -- naturally having the talent with the right tool. So that's why we continue to invest in these area.

這就是我們的策略。當然，擁有合適的人才和工具也至關重要。所以我們才會持續投資在這些領域。

But like I'm saying, in some places, we're not -- for example, where we don't have call centers and find call centers and stuff like that. So -- but even that, it will create demand because in order to replace a call center by AI, it's a lot of investment, it's a lot of changes, and they only need companies like us to help them in these changes. So not necessarily I'm seeing a trend or losing in business in area that we were strong in, I don't see it. But for sure, we need to continue to be relevant and continue to invest, and that's what we will do.

但就像我說的，在某些地方，我們並非如此——例如，有些地方我們沒有呼叫中心，需要尋找呼叫中心之類的服務。所以——即便如此，這也會創造需求，因為用人工智慧取代呼叫中心需要大量的投資和變革，而他們需要像我們這樣的公司來幫助他們完成這些變革。因此，我並不認為我們在原本優勢的領域會出現業務下滑的趨勢，我並沒有看到這種情況。但可以肯定的是，我們需要保持競爭力並繼續投資，而這正是我們將要做的。

Ladies and gentlemen, this is all the time we had for today's question. I will now turn the call back over to Kevin Linder, for closing remarks.

女士們、先生們，今天的提問環節到此結束。現在我將把電話交還給凱文·林德，請他作總結發言。

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 35024. As well, a podcast of this call will be available for download within a few hours. All of questions can be directed to me at 1905-9738363. Thanks again, everyone, and look forward to speaking soon.

感謝各位的參與。再次提醒，本次電話會議的錄音回放可透過我們的網站收聽，或撥打 1-888-660-6264 並輸入密碼 35024 收聽。此外，本次電話會議的播客版本也將在幾個小時內提供下載。如有任何疑問，請致電 1905-9738363 與我聯絡。再次感謝各位，期待盡快與您交流。

This concludes today's conference call. You may now disconnect. Thank you. Have a great day, everyone.

今天的電話會議到此結束。您可以斷開連線了。謝謝大家。祝大家今天過得愉快。