CGI Inc (GIB) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to CGI's third-quarter fiscal 2026 conference call. I would now like to turn the meeting over to Mr. Kevin Linder, SVP of Investor Relations. Please go ahead, Mr. Linder.

各位女士、先生，早安。歡迎參加 CGI 2026 會計年度第三季電話法說會。現在我想把會議交給投資人關係資深副總裁 Kevin Linder 先生。Linder 先生，請開始。

Thank you, Joelle, and good morning. With me to discuss CGI's third quarter fiscal 2026 results are Tim Hurlebaus, our President and CEO; and Steve Perron, Executive Vice President and CFO.

謝謝你，Joelle，大家早安。與我一同討論 CGI 2026 會計年度第三季業績的有：我們的總裁暨執行長 Tim Hurlebaus，以及執行副總裁暨財務長 Steve Perron。

This call is being broadcast on cgi.com and recorded live at 9:00 a.m. Eastern Time on Wednesday, July 29, 2026. 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.

本次電話會議將於 cgi.com 進行網路直播，並於 2026 年 7 月 29 日（星期三）美東時間上午 9:00 現場錄音。補充簡報以及我們今天稍早發布的新聞稿可供下載，另附管理階層討論與分析（MD&A）、財務報表及其附註，以上文件均已向 SEDAR+ 與 EDGAR 申報。

Please note that some statements made on the call may be forward-looking. Actual events or results may differ materially from those expressed or implied, and CGI disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The complete safe harbor statement is available in both our MD&A and press release as well as on cgi.com. We recommend our investors read it in its entirety.

請注意，本次電話會議中的部分陳述可能屬於前瞻性陳述。實際事件或結果可能與明示或暗示內容存在重大差異；CGI 不承擔亦不表示有任何意圖或義務更新或修訂任何前瞻性陳述，無論係因新資訊、未來事件或其他原因。完整的安全港聲明可於我們的 MD&A 與新聞稿以及 cgi.com 上查閱。我們建議投資人完整閱讀。

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

我們依據國際財務報導準則（IFRS）揭露財務結果。一如既往，我們也將討論非 GAAP 績效衡量指標，該等指標應視為補充資訊。MD&A 中載有我們報導所使用各項指標的定義。除非另有說明，本次電話會議中提及的所有金額均以加幣計。

Now I'll turn the call over to Steve to review our Q3 financials, and then Tim will comment on our business and market outlook. Steve?

接下來我將把電話會議交給 Steve，請他回顧我們第三季財務表現，之後 Tim 將就我們的業務與市場展望發表看法。Steve？

Thank you, Kevin, and good day, everyone. In our third quarter of fiscal 2026, we are pleased with our revenue growth, delivery of strong EPS accretion and cash generation. In the quarter, we delivered $4.2 billion of revenue, up 2.5% year-over-year or up 1.3% when excluding the impact of foreign exchange. Growth was primarily driven by our recent business acquisitions, representing approximately 2.5%. Our clients, particularly those in financial services within North America, continue to utilize our global delivery centers, contributing to organic growth in our APAC segment of 9.7% in the quarter.

謝謝你，Kevin，各位好。在 2026 會計年度第三季，我們對營收成長、強勁的每股盈餘（EPS）增厚以及現金創造能力感到滿意。本季營收達 42 億美元，年增 2.5%；若排除匯率影響，則年增 1.3%。成長主要由近期的業務併購所帶動，約貢獻 2.5%。我們的客戶，特別是北美的金融服務客戶，持續使用我們的全球交付中心，帶動本季亞太（APAC）分部有機成長 9.7%。

In our Western and Southern Europe segment, with our acquisition of Apside growth was 8.6%. And as expected, our US Federal segment improved sequentially, reporting year-over-year organic growth of 2.5% in Q3. Bookings in the quarter were $4.2 billion for a book-to-bill ratio of 100% with US Federal at 115%, followed by Germany at 114%.

在西歐與南歐分部，隨著我們收購 Apside，成長為 8.6%。此外，如預期所示，我們的美國聯邦政府分部較前一季改善，第三季年增有機成長 2.5%。本季接單為 42 億美元，接單出貨比（book-to-bill）為 100%；其中美國聯邦政府為 115%，其次為德國 114%。

On a trailing 12-month basis, bookings totaled $17.8 billion for a book-to-bill ratio of 108%. Managed Services had a book-to-bill ratio of 115% and the SI&C book-to-bill ratio was 100%. Our contracted backlog stands at $31.8 billion or 1.9 times revenue. Of the $31.8 billion, we have just over $12 billion in already contracted revenue to be realized over the next 12 months. This is a 5% increase compared to Q2.

以過去 12 個月（TTM）計，接單總額為 178 億美元，接單出貨比為 108%。託管服務（Managed Services）的接單出貨比為 115%，SI&C 的接單出貨比為 100%。我們的已簽約在手訂單（contracted backlog）為 318 億美元，約為營收的 1.9 倍。在 318 億美元中，未來 12 個月內可實現的已簽約營收略高於 120 億美元。相較第二季，這增加了 5%。

Turning to profitability. Adjusted EBIT in the quarter was $682 million, up 2.3% year-over-year for a margin of 16.3%, consistent with the prior year. Earnings before income taxes were $634 million for a margin of 15.1%. Our effective tax rate in the quarter was 26.5%, an increase from the 26% in the prior year when excluding the tax impacts from acquisition and related integration costs. The increase is mainly explained by the new corporate tax surcharge in France, representing $3 million.

接著談獲利能力。本季調整後 EBIT 為 6.82 億美元，年增 2.3%，利潤率為 16.3%，與去年同期一致。所得稅前盈餘為 6.34 億美元，利潤率為 15.1%。本季有效稅率為 26.5%；若排除併購及相關整合成本的稅務影響，去年同期為 26%。稅率上升主要是因法國新增企業稅附加費，影響金額為 300 萬美元。

Based on enacted rates at the end of the quarter and our current profitability mix we expect our tax rate for future quarters to be in the range of 26% to 27%. On a GAAP basis, net earnings were $465 million, up $57 million for a margin of 11.1%. Diluted EPS was $2.23, an accretion of 22.5% when compared to Q3 last year. Adjusted net earnings were $478 million, up $8 million for a margin of 11.4%. On the same basis, diluted EPS was $2.29, an accretion of 9% when compared to Q3 last year.

依本季末已立法通過的稅率以及我們目前的獲利組合，我們預期未來各季稅率將落在 26% 至 27% 區間。以 GAAP 基礎計，淨利為 4.65 億美元，增加 5,700 萬美元，利潤率為 11.1%。稀釋後每股盈餘為 2.23 美元，較去年第三季增厚 22.5%。調整後淨利為 4.78 億美元，增加 800 萬美元，利潤率為 11.4%。在相同基礎下，稀釋後每股盈餘為 2.29 美元，較去年第三季增厚 9%。

Turning to cash. In Q3, we generated $605 million, representing 14.4% of total revenue. Our cash on a trailing 12-month basis was $2.6 billion, representing a very strong 15.8% of revenue. DSO was 43 days, unchanged when compared to the prior year.

接著談現金。第三季我們產生 6.05 億美元現金，約占總營收的 14.4%。以過去 12 個月計，我們的現金為 26 億美元，約占營收的 15.8%，表現非常強勁。應收帳款週轉天數（DSO）為 43 天，與去年同期持平。

In Q3, we continued to deploy our capital and invested $105 million back into our business, which includes strategic investments in advanced AI, $50 million for business acquisitions, $413 million to buy back our stock. And in addition, we returned $36 million to our shareholders under our dividend program. Yesterday, our Board of Directors approved a quarterly cash dividend of $0.17 per share. This dividend is payable on September 18, 2026, to shareholder of record as of the close of business on August 14, 2026. At quarter end, CGI had $3.2 billion in capital resources readily available and a net debt leverage ratio of just over 1.

第三季我們持續運用資本配置，回投 1.05 億美元於業務之中，其中包含對先進 AI 的策略性投資；另投入 5,000 萬美元進行業務併購，並以 4.13 億美元回購公司股票。此外，我們透過股利計畫向股東返還 3,600 萬美元。昨日董事會核准每季現金股利每股 0.17 美元。該股利將於 2026 年 9 月 18 日支付給截至 2026 年 8 月 14 日營業日結束時的登記股東。截至季末，CGI 可立即動用的資本資源為 32 億美元，淨負債槓桿比率略高於 1。

Our capital allocation priorities have remained consistent and focused on our value creation stream for our shareholders, investing back in the business to drive revenue growth through managed services, SI&C and IP, pursuing accretive acquisitions, share buybacks where we continue to be active in our share repurchase program and quarterly cash dividend distributions.

我們的資本配置優先順序維持一致，並聚焦於為股東創造價值的主軸：回投業務以透過託管服務、SI&C 與 IP 推動營收成長；追求具增厚效益的併購；在我們持續積極進行股票回購計畫的同時進行庫藏股買回；以及按季發放現金股利。

Now I will turn the call over to Tim to further discuss insights on our performance and the outlook for our business. Tim?

現在我將把電話會議交給 Tim，進一步分享我們績效的洞見以及業務展望。Tim？

Thank you, Steve, and good morning, everyone. CGI's results in the quarter continue to reflect our positioning to meet client demand as well as our operational excellence, both of which contributed to revenue growth, EPS accretion, strong cash generation and a rising opportunity pipeline. These outcomes reinforce our confidence in CGI's strategy and team. Thank you to our consultants around the world for earning the trust of our clients every day, your expertise, insights and commitment made these results possible.

謝謝你，Steve，各位早安。CGI 本季的成果持續反映我們為滿足客戶需求所做的布局，以及我們的卓越營運；兩者共同促成營收成長、EPS 增厚、強勁的現金創造能力，以及持續上升的商機管線。這些成果進一步強化我們對 CGI 策略與團隊的信心。感謝全球各地的顧問每天贏得客戶信任；你們的專業、洞見與投入使這些成果得以實現。

I'd like to take a moment to give a special message to our colleagues and clients in Northwest Spain, and Southwest France, who have been dealing with the wildfires. We understand this morning that the government has given the okay to move back into the evacuated areas. And most importantly, as far as we're aware, there was no impact to human life, which is the thing that really matters. But know that we are with you as you get back up and operational after this devastating event.

我想花點時間向西北西班牙與法國西南部正面對野火的同事與客戶致上特別的訊息。我們今早得知政府已同意民眾返回先前撤離的區域。最重要的是，就我們所知，並未造成人員傷亡，這才是真正最重要的事。但請知道，在你們於這場毀滅性事件後重返工作並恢復營運之際，我們與你們同在。

Today, I will focus on performance highlights before turning to the business environment and growth outlook. For the first three quarters of fiscal 2026 revenue was up 4.4% or 2.1% on a constant currency basis to $12.4 billion. Adjusted EBIT was up 4% to $2 billion. Adjusted EPS was up 8% to $6.67. And on a trailing 12-month basis, cash from operations was up 18% totaling $2.6 billion, strengthening our financial capacity to execute our profitable growth strategy.

今天，我將先聚焦於績效亮點，接著再談業務環境與成長展望。2026會計年度前三季營收成長4.4%，若以固定匯率計則成長2.1%，達124億美元。調整後EBIT成長4%，至20億美元。調整後EPS成長8%，至6.67美元。且以過去12個月為基礎，營運活動現金流成長18%，合計26億美元，強化我們執行獲利成長策略的財務能力。

Clients are turning to CGI for enterprise scale initiatives with advanced AI embedded. This client trust drove bookings of $17.8 billion over the past year, up by $1.2 billion compared to the previous year. On this same trailing 12-month basis, book-to-bill was 112%, backlog also remained strong, representing nearly two years of annual revenue, propelled by ongoing multiyear managed services and IP engagements. Client demand for Managed Services remains high. Given the nature of these larger and longer-term engagements, we assess the health of Managed Services bookings on a trailing 12-month period, given the typical step growth nature of this business.

客戶正轉向CGI，尋求內嵌先進AI的企業級規模計畫。這份客戶信任帶動過去一年接單金額達178億美元，較前一年增加12億美元。同樣以過去12個月為基礎，接單出帳比（book-to-bill）為112%，在持續的多年期委外管理服務與IP合作推動下，待執行訂單（backlog）亦維持強勁，約相當於近兩年的年營收。客戶對管理服務（Managed Services）的需求仍然很高。鑑於此類更大型且期限更長的合作案特性，以及此業務典型的階梯式成長特徵，我們以過去12個月期間來評估管理服務接單的健康度。

On this basis, Managed Services wins reached $10.3 billion, up 5% over the previous period for a book-to-bill of 115%. Notably, the demand for our Managed Services, which integrate AI and IP is also evident in proposals already submitted. Compared to this time last year, the number of proposals pending client decision has more than doubled and the total contract value is more than 50% higher. Given the strength of our value proposition, our win rate on Managed Services engagement is high. These are positive indicators we expect to contribute to bookings and revenue momentum in the quarters ahead.

在此基礎上，管理服務得標金額達103億美元，較前一期間成長5%，接單出帳比為115%。值得注意的是，市場對我們整合AI與IP的管理服務需求，也反映在已提交的提案中。與去年同期相比，待客戶決策的提案數量已增加逾一倍，合約總價值提高逾50%。憑藉我們強而有力的價值主張，我們在管理服務案的得標率很高。這些都是正向指標，我們預期將在未來幾季持續推動接單與營收動能。

In Q3, the renewed strength in systems integration and consulting continued with strong client awards across financial services, government and manufacturing, each with book-to-bill ratios of 103% or higher. At the core of this improvement is demand for CGI's industry understanding and technical expertise, both of which are required to help clients operationalize AI.

在第三季，系統整合與顧問服務（systems integration and consulting）的回升力道延續，在金融服務、政府與製造業均取得強勁客戶授標，各領域的接單出帳比皆達103%或以上。此改善的核心在於市場對CGI產業理解與技術專長的需求，而這兩者都是協助客戶將AI落地營運所必需。

Specific to consulting services, client awards in the quarter were up 11% year-over-year. This uptick contributed to a rise in the trailing 12-month book-to-bill now at 108%. This increase was driven by offerings for change management, CIO advisory, Security and Risk Advisory as well as our proven consulting approach to help clients align their business strategy, operating model and transformation road map.

就顧問服務而言，本季客戶授標金額年增11%。此增長帶動過去12個月的接單出帳比上升至108%。此成長主要由變革管理、CIO諮詢、安全與風險諮詢等方案所驅動，並結合我們經驗證的顧問方法，協助客戶使其商業策略、營運模式與轉型路線圖一致。

In addition to driving shorter-term revenue, CGI's SI&C services often set the stage for future managed services engagements as clients shift from design and development into implementation. Representative Q3 bookings illustrate the breadth of CGI's full services portfolio.

除了帶動較短期的營收外，CGI的系統整合與顧問（SI&C）服務也常為未來的管理服務合作奠定基礎，因為客戶會從設計與開發階段轉入導入與落地。第三季具代表性的接單案例，展現了CGI全方位服務組合的廣度。

For example, the US General Services Administration awarded CGI a USD251 million modernization contract, which combines CGI's Momentum platform and a secure AWS environment with AI-powered automation to improve efficiency, reduce costs and advance the secure operations of their financial management environment.

例如，美國總務署（US General Services Administration）授予CGI一項2.51億美元的現代化合約，結合CGI的Momentum平台與安全的AWS環境，並以AI驅動自動化提升效率、降低成本，並推進其財務管理環境的安全營運。

SSAB, a global steel manufacturer expanded its strategic partnership with CGI to modernize business critical IT operations in Finland and Sweden, strengthening business continuity, supply chain reliability and AI-enabled manufacturing transformation. The UK Ministry of Defense, expanded its relationship with CGI to modernize and operate mission-critical electronic warfare and intelligence capabilities, reinforcing our role as a trusted partner for supporting national security and defense readiness.

全球鋼鐵製造商SSAB擴大與CGI的策略夥伴關係，以現代化芬蘭與瑞典的關鍵業務IT營運，強化營運持續性、供應鏈可靠性，以及AI賦能的製造轉型。英國國防部擴大與CGI的合作關係，以現代化並營運任務關鍵的電子作戰與情報能力，鞏固我們作為可信賴夥伴的角色，以支援國家安全與國防戰備。

Orange, a leading global telco, named CGI, a strategic partner for the first wave of its IT transformation with focus on application modernization, cloud adoption and enabling data and AI capabilities across critical business and network operations. The City of Munich selected CGI to advance digital government services, improve administrative efficiency, and strengthen technological sovereignty through services, including digital transformation consulting, system development and IT security.

全球領先電信業者Orange指定CGI為其IT轉型第一波的策略夥伴，重點聚焦於應用程式現代化、雲端採用，以及在關鍵業務與網路營運中啟用資料與AI能力。慕尼黑市選擇CGI推進數位政府服務、提升行政效率，並透過包含數位轉型顧問、系統開發與IT資安在內的服務，強化科技主權。

Posti a leading Nordic transportation and logistics company awarded CGI and expanded agreement spanning the full communications value chain, extending our role in delivering integrated omnichannel communications with greater reach, delivery reliability and cost predictability.

北歐領先的運輸與物流公司Posti授予CGI一項擴大協議，涵蓋完整的通訊價值鏈，延伸我們在提供整合式全通路（omnichannel）通訊方面的角色，以提升觸及範圍、交付可靠性與成本可預測性。

And CGI is one of two companies selected by Poland Social Insurance Institution to support the continued development of one of the country's largest public sector IT systems using AI-enabled capabilities to improve software development efficiency and accelerate delivery of secure, citizen-focused digital services.

此外，CGI是波蘭社會保險機構選定的兩家公司之一，支援其持續開發該國最大型之一的公共部門IT系統，運用AI賦能能力提升軟體開發效率並加速交付安全、以公民為中心的數位服務。

As these new awards demonstrate, and as I've heard consistently from client executives over the past few months, AI is now changing what organizations want to accomplish. Clients want to grow their businesses, serve customers and citizens, improve productivity and manage risk. What has changed is how quickly they expect technology to help them achieve those objectives.

如這些新授標所示，也如我在過去幾個月持續從客戶高階主管那裡聽到的，AI如今正在改變組織想要達成的目標。客戶希望拓展業務、服務客戶與公民、提升生產力並管理風險。改變之處在於，他們期待科技協助達成這些目標的速度更快。

As was the case in previous technology cycles, AI is moving from experimentation into everyday operations just at a faster pace and with a higher expectation for return on investment. Client conversations are increasingly centered on how to deploy AI securely, operate it responsibly and cost effectively, and embed flexibility to evolve as technology advances. With this shift in mind, we see several demand trends reshaping how clients procure, partner and deliver IT services.

如同先前的科技循環，AI正從試驗走向日常營運，只是速度更快，且對投資報酬率的期待更高。與客戶的對話愈來愈聚焦於如何安全部署AI、以負責任且具成本效益的方式營運，並內建彈性以隨科技進展而演進。基於這項轉變，我們看到數個需求趨勢正在重塑客戶採購、合作與交付IT服務的方式。

Clients are increasingly seeking fewer strategic partners to help them navigate technology change over the long term. Their capacity to evolve becomes as important as the technology itself. This is where CGI has always had an advantage. We are not defined by a single platform product or service. Our teams help clients make the right decisions for their organization, implement those decisions successfully, and continue adapting in line with technology innovation.

客戶愈來愈傾向尋求更少的策略夥伴，以協助其長期因應科技變革。其演進能力變得與科技本身同等重要。這正是CGI一向具備優勢之處。我們不受限於單一平台產品或服務所定義。我們的團隊協助客戶為其組織做出正確決策、成功落實這些決策，並隨著科技創新持續調整與適應。

We believe that independence is becoming increasingly important as innovation accelerates. We are seeing this advantage for CGI reflected in procurement initiatives. During the quarter, we were selected as a strategic partner through multiple vendor consolidation initiatives in the US with clients in financial services, airline operations and retail. As advanced AI matures, clients are starting to move beyond the technology itself to focus more on how to scale successfully.

我們相信，隨著創新加速，獨立性正變得愈來愈重要。我們也看到這項對CGI的優勢正反映在採購計畫中。本季，我們在美國多項供應商整併計畫中被選為策略夥伴，客戶涵蓋金融服務、航空營運與零售。隨著先進AI日趨成熟，客戶開始不再只聚焦於技術本身，而更關注如何成功擴大規模。

Modern data, cybersecurity, engineering, organizational readiness, and cost management have become central to this discussion. Increasingly, clients want a partner to help govern and manage AI effectively and economically in order to drive sustainable value. These demand patterns are also driving some client organizations to more deeply embed external technology expertise. While this may now be described as being forward deployed, it is well aligned with CGI's model. Our professionals work alongside clients as an extension of their teams, combining technical expertise with a deep understanding of how their organizations and industries operate.

現代化資料、資安、工程能力、組織就緒度與成本管理，已成為此討論的核心。客戶愈來愈希望有夥伴能以有效且具經濟性的方式治理與管理AI，以創造可持續的價值。這些需求型態也促使部分客戶組織更深度地內嵌外部技術專業。雖然現在可能稱之為前線派駐（forward deployed），但這與CGI的模式高度一致。我們的專業人員與客戶並肩合作，作為其團隊的延伸，結合技術專長與對其組織及產業運作方式的深刻理解。

As AI becomes embedded in daily work, that proximity becomes even more valuable because successful adoption depends on continuous collaboration, not a onetime implementation. To deepen our client capabilities close to clients, we are expanding CGI's sovereign AI capabilities through new high security platforms and sovereign cloud partnerships. These investments help clients adopt AI, while maintaining control over sensitive data and addressing both regulatory compliance and national security requirements.

隨著AI嵌入日常工作，這種貼近性變得更有價值，因為成功採用仰賴持續協作，而非一次性的導入。為了在更貼近客戶之處深化我們的客戶能力，我們正透過新的高安全性平台與主權雲合作夥伴關係，擴展CGI的主權AI能力。這些投資協助客戶採用AI，同時維持對敏感資料的控制，並滿足法規遵循與國家安全需求。

Taken together, these trends reinforce a key observation. Enterprise AI success will increasingly be measured by what organizations can operationalize and sustain over time. That is how long-term business and mission value will be created. This evolution aligns well with CGI's strategy and with the IT services investment patterns we see across industries. Clients are investing in four categories typically starting with improving their current operations.

綜合而言，這些趨勢強化了一項關鍵觀察。企業AI的成功將愈來愈以組織能夠落地營運並長期維持的成果來衡量。這將是創造長期商業與任務價值的方式。此一演進與CGI的策略高度契合，也符合我們在各產業所觀察到的IT服務投資型態。客戶通常投資於四大類別，並多半從改善其現有營運開始。

Then they modernize the technology foundation needed to scale advanced AI and other innovations. From there, they build new AI-first products, services and business capabilities that create competitive advantage or better serve their constituents.

接著，他們會將擴展先進 AI 與其他創新所需的技術基礎現代化。在此基礎上，他們打造新的 AI 優先產品、服務與業務能力，以創造競爭優勢或更好地服務其利害關係人。

Across each of these categories, they also need strategic guidance to adapt their operating models as technology evolves. These four categories reflect where we continue to invest and where we see the greatest opportunities to drive future growth. This is demonstrated in the rising pipeline of opportunities that are expected to close over the next year.

在上述每一類別中，隨著技術演進，他們也需要策略性指引來調整其營運模式。這四大類別反映了我們持續投資的方向，以及我們認為最能推動未來成長的最大機會所在。這可從預期在未來一年內結案的機會案源（pipeline）持續上升中看出。

Specifically, our Managed Services opportunity pipeline is up by 20% compared to this time last year and SI&C opportunities are up by more than 30%. The total pipeline of IP opportunities, which are embedded across these major lines of business is up more than 30%. Across all four categories, demand is rising for CGI talent.

具體而言，與去年同期相比，我們的受管服務（Managed Services）機會案源增加了 20%，而 SI&C 的機會增加了 30% 以上。IP 機會的總案源（嵌入於這些主要業務線之中）增加了 30% 以上。在四大類別中，對 CGI 人才的需求皆在上升。

Hiring is up more than 10% on a sequential quarter basis and 50% compared to Q3 last year. This is led by our US segments where strong year-to-date bookings are being staffed as projects ramp up. In addition, we see an increase in year-over-year hiring in open billable positions in Asia Pacific based on our value proposition, which combines industry domain and technology expertise as well as proven global capability center models.

招聘在連續季度基礎上增加了 10% 以上，較去年第三季增加了 50%。這主要由我們的美國業務部門帶動，因為年初至今強勁的簽約（bookings）正隨著專案啟動而進行人力配置。此外，基於我們結合產業領域與技術專長，以及經驗證的全球能力中心（Global Capability Center）模式之價值主張，我們也看到亞太地區可計費空缺職位的年增招聘有所提升。

As advanced AI continues to be increasingly embedded as part of our deals and offerings, CGI's overall pipeline of opportunities over the next 12 months is up by more than 10% year-over-year, as is the proportion of opportunities where AI is embedded in our services. Specifically, the segment of the total pipeline with AI-based services is now nearly $10 billion, double in size since last year.

隨著先進 AI 持續日益嵌入我們的交易與產品服務中，CGI 在未來 12 個月的整體機會案源年增超過 10%，而在我們服務中嵌入 AI 的機會占比亦同步上升。具體而言，包含 AI 型服務的案源區塊目前接近 100 億美元，規模較去年翻倍。

One of CGI's enduring strengths is our capacity to invest through every business cycle. Our financial strength provides flexibility to continue investing in our business, pursuing strategic acquisitions and returning capital to shareholders, while maintaining a discipline that has consistently differentiated CGI. Our buy strategy remains critical to how we build and grow for the future.

CGI 長期以來的優勢之一，是我們在每個景氣循環中都具備持續投資的能力。我們的財務實力提供彈性，使我們能在維持一貫且持續讓 CGI 脫穎而出的紀律之下，持續投資業務、推動策略性併購並回饋資本給股東。我們的併購策略仍是我們打造並成長以迎向未來的關鍵。

Our focus remains on deepening our industry expertise, strengthening our capabilities and expanding our metro market presence and client relationships. CGI's M&A pipeline remains active across both metro market and larger strategic opportunities. As always, we will remain disciplined in our approach. Every opportunity must strengthen CGI strategically, complement our culture, and create accretive value for all of our stakeholders.

我們的重點仍在於深化產業專業、強化能力，並擴大我們在都會市場的布局與客戶關係。CGI 的併購（M&A）案源在都會市場與較大型的策略性機會兩方面仍然活躍。一如既往，我們將在方法上保持紀律。每一個機會都必須在策略上強化 CGI、與我們的文化相輔相成，並為所有利害關係人創造具增值性的價值。

In closing, as AI and other emerging technologies continue to become part of how enterprises operate, client needs are naturally expanding. Through more than 50 years of technology innovation, we learned that lasting value rarely comes from solely adopting new technology. It comes from evolving the organization as those technologies offer new ways to create business value. This is increasingly the role clients need their partners to play, and it is why CGI continues to be best positioned as a partner of choice.

最後，隨著 AI 與其他新興技術持續成為企業營運方式的一部分，客戶需求自然也在擴大。透過 50 多年的技術創新，我們了解到，持久的價值很少僅僅來自採用新技術本身。它來自於當這些技術提供新的方式來創造商業價值時，組織也隨之演進。這也日益成為客戶需要其合作夥伴扮演的角色，而這正是 CGI 持續最具條件成為首選合作夥伴的原因。

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

感謝各位持續的關注與支持。Kevin，我們現在進入提問環節。

Thanks, Tim. Joelle, we can now poll for questions.

謝謝你，Tim。Joelle，我們現在可以開始收集問題。

(Operator Instructions)

（接線員指示）

Jerome Dubreuil, Desjardins.

Jerome Dubreuil，Desjardins。

Hey, good morning, everyone. Thanks for taking my question. First of all, Tim, congrats for -- on the new role. I wanted to ask about any strategic tweaks that we should be expecting going forward. In recent past, CGI has been perceived externally as being relatively prudent organization. Any strategic tweaks we should be expecting going forward?

嗨，各位早安。謝謝讓我提問。首先，Tim，恭喜你——就任新職務。我想請教未來我們應該預期會有哪些策略上的微調。過去一段時間，外界對 CGI 的觀感是相對審慎的組織。未來我們應該預期會有哪些策略上的微調嗎？

Yeah. Thanks for your question, Jerome, and thanks for the welcome. Much appreciate it. Prudent is an interesting adjective. It's mostly positive, but has an element of conservatism, I suppose. And so when I think of how we operate and how that adjective is a fair perhaps description of the way we've approached the market. I think it means that when I think of ready, aim, fire, we try to be thoughtful in the way we engage with clients.

是的。Jerome，謝謝你的問題，也謝謝你的歡迎。非常感謝。「審慎」是個有趣的形容詞。它大多是正面的，但我想也帶有一點保守的意味。因此，當我思考我們如何運作，以及這個形容詞或許如何公平地描述我們過去切入市場的方式時，我認為它代表的是：當我想到「準備、瞄準、開火」時，我們會以更周全的方式與客戶互動。

And so I'll give you maybe a really successful example of how we've engaged with a large telecom client -- international telecom client in the last 2.5 years as they've entered the world of -- and again, I call it advanced AI meaning generative and agentic AI because AI has been around for decades. I know the term of art is just AI. So there's my translation for you.

我可以給你一個非常成功的例子：過去 2.5 年，我們如何與一家大型電信客戶——一家國際電信客戶合作，當他們進入——我再次稱之為先進 AI 的世界，也就是生成式與代理式 AI，因為 AI 已經存在數十年了。我知道業界術語通常就叫 AI。所以這就是我給你的「翻譯」。

As they've engaged in these generative and agentic tools, they've set up a master services agreement that we're a part of, where we run a number of use cases with their Chief Data Officer apply these tools to the use cases. And before we start, we define specific measures of return on investment. And then we run these exercises, sometimes they're a couple of months, sometimes they're 4 months, but they're of a specified duration with a specified expectation of return on investment.

當他們導入這些生成式與代理式工具時，他們建立了一份我們參與其中的主服務協議（Master Services Agreement），我們與他們的首席資料長合作，針對多個使用案例運用這些工具。在開始之前，我們會先定義明確的投資報酬率（ROI）衡量指標。接著我們執行這些專案，有時是幾個月，有時是 4 個月，但都有明確的期間與明確的投資報酬率預期。

And the expectation is that some won't return on that investment and some will. But the ones that don't are stopped after 3 months, 4 months, and then the effort is redirected to those that are returning the return on investment. And that's been a great model for channeling the use of these tools versus just handing out thousands of licenses and letting everybody see what happens. And so if prudent means that we take a measured approach with our clients focused on business value, then that description fits.

預期是：有些不會帶來投資報酬，有些會。但那些沒有回收投資的，在 3 個月、4 個月後就會停止，然後把投入轉向那些能帶來投資報酬的項目。這一直是個很好的模式，用來引導這些工具的使用，而不是只是發放數千個授權，讓每個人自己去試看看會發生什麼。因此，如果「審慎」的意思是：我們與客戶採取以商業價值為核心的穩健、循序漸進做法，那這個描述確實符合。

In terms of strategic priorities, I think our fundamental strategy remains the same in terms of what we do next, what's the next most important thing, that's where we adapt, whether it's working with -- in partnership with some of these frontier tools to deliver capabilities to our clients sooner or whether it's working with the hyperscalers to help somebody transform their environment. Those priorities, obviously, will continue to adapt as our client demands.

至於策略優先事項，我認為我們的基本策略在「接下來做什麼、下一個最重要的是什麼」這方面仍然相同；我們會在那裡做調整——不論是與某些前沿工具合作夥伴協作，以更快為客戶交付能力，或是與超大規模雲端服務商（hyperscalers）合作，協助客戶轉型其環境。這些優先事項顯然會隨著客戶需求而持續調整。

Great. Thanks for this. A follow-up question for me is you've been putting a lot of emphasis on the pipeline in your prepared remarks. Kind of contrast somewhat with the bookings we're seeing in the quarter. Are you seeing some sort of inflection in the conversations you're having with the clients?

了解。謝謝你的說明。我的追問是：你在事先準備的發言中非常強調案源（pipeline）。這與我們本季看到的簽約（bookings）形成某種對比。你是否在與客戶的對話中看到某種轉折點（inflection）？

Not particularly. I think we did have 100% bookings in the quarter, so they were there. We tend to look at bookings, especially on the Managed Services side, from a trailing 12 months perspective. But by the nature, I think we called it in the remarks, the step growth nature of those products, where there's a transition period or everything is on the balance sheet and then there's a ramp up after that.

沒有特別。我認為我們本季的簽約達到 100%，所以簽約其實是有的。我們看簽約，特別是在受管服務這一端，通常會以過去 12 個月（trailing 12 months）的角度來看。但就其本質而言，正如我們在發言中提到的，這些產品具有階梯式成長（step growth）的特性：會有一段轉換期，或是一開始都反映在資產負債表上，之後才逐步爬坡。

Oftentimes, when you get those bookings, it takes a while for them to show up in revenue growth. And so we think trailing 12 months is a better barometer, and you heard us out those numbers, which are pretty healthy. And then the emphasis on the pipeline really just means there's more to come. And our pipeline is pipeline and bookings are booking and revenue is revenue, and that's the order they go in.

很多時候，即使拿到那些簽約，也需要一段時間才會反映在營收成長上。因此我們認為，過去 12 個月的數據是更好的衡量指標；你也聽到我們報告了那些數字，表現相當健康。而強調案源只是表示後面還有更多機會。我們的案源是案源、簽約是簽約、營收是營收，而它們發生的順序就是如此。

And so I'm not telling you that everything in the pipeline will become a booking, but it certainly is promising to have a bigger pipeline than we've ever had before. And given our traditional observed win rates, we think that's a very positive sign for future revenue growth.

因此，我並不是在告訴你管線裡的每一件事都會轉成訂單（booking），但能擁有比我們以往任何時候都更大的管線，確實是個令人振奮的訊號。而且考量到我們傳統上觀察到的得標率（win rates），我們認為這對未來營收成長是非常正面的跡象。

Thank you. Appreciate it.

謝謝。非常感謝。

Stephanie Price, CIBC.

Stephanie Price，CIBC。

Good morning. Tim, I'll echo my congratulations on the role. As you kind of step into the seat here, wondering how you think about the opportunities you see for future growth at CGI? And what gets you the most excited? And maybe conversely, what are some of the risks that you're watching that maybe are a bit underappreciated by the market here?

早安。Tim，我也要附和一下，恭喜你擔任這個職務。當你逐步坐上這個位置時，我想請教你如何看待你在 CGI 所看到的未來成長機會？以及什麼最讓你感到興奮？另外反過來說，有哪些你正在關注、但市場可能有點低估的風險？

Yes. Good question, Stephanie, and thanks again. Thanks also for the welcome. I think -- you heard a bit of in our remarks and what I'm most excited about because it's what I have experienced over several decades here as part of CGI is that it's becoming clear that the real power of these new technical tools, specifically, generative and agentic AI. The power is real, but it relies on understanding details about a specific industry and even a specific domain within that industry.

是的。好問題，Stephanie，再次謝謝你。也謝謝你的歡迎。我想——你在我們的發言中也聽到一些——我最興奮的部分，因為這也是我在 CGI 這裡數十年親身經歷到的：現在越來越清楚，新技術工具真正的力量，特別是生成式與代理式（agentic）AI。這股力量是真實存在的，但它仰賴於對特定產業、甚至該產業內特定領域的細節理解。

And so that's where we've lived for forever is being close to our clients with our proximity model and then having industry expertise that is relevant to what they do, whether that's energy and utilities or government satellite or financial payments, having that expertise allows us to understand what they're really trying to do, what their constraints are, whether they're regulatory or procedural or what they might be and how we can best apply these tools to actually accelerate them in the right direction.

因此，這正是我們一直以來所深耕的：透過我們的在地貼近（proximity）模式與客戶保持緊密連結，並具備與其業務相關的產業專業——不論是能源與公用事業、政府衛星，或金融支付——有了這些專業，我們就能理解他們真正想達成什麼、他們的限制是什麼（無論是法規、流程或其他限制），以及我們如何能以最佳方式運用這些工具，實際協助他們朝正確方向加速前進。

Acceleration by itself just means you go faster. If you go faster in the wrong direction, then you just end up lost faster, to be colloquial about it. But I think helping people accelerate in the right direction and helping them do more faster is what I'm most excited about. And I'm seeing that acceleration happen. Our revenue trend is moving in the right direction because of that acceleration. So to your question, I'm very optimistic about that looking forward.

單純的加速只代表你走得更快。如果你朝錯的方向走得更快，那用比較口語的說法，就是你只會更快迷路。但我認為，協助人們朝正確方向加速、並幫助他們更快完成更多事情，是我最興奮的地方。而我也正在看到這種加速正在發生。因為這種加速，我們的營收趨勢正朝正確方向前進。所以回到你的問題，展望未來我對此非常樂觀。

In terms of risks, it's just -- it's an ongoing life risk. We just need to stay close to our clients. And so that sometimes takes effort. If you think about having an old friend, the old friends stay old friends because you make the effort to keep in contact. And same with our clients, we need to make a constant effort to be with them, to be listening to them, to understand where they're trying to go and to bring them what we're learning from across the globe and across the industry, lessons learned that are relevant to them and provide insight that maybe our competitors aren't, and that's what -- how we keep our competitive advantage. So it's really just incumbent upon all 94,000 of us to take that on every morning when we wake up and have that energy around and client focus.

至於風險，就是——這是一種持續存在的經營風險。我們必須持續貼近客戶。而這有時需要付出努力。如果你想想一位老朋友，之所以能一直是老朋友，是因為你願意花心力保持聯繫。客戶也是一樣，我們需要持續努力與他們在一起、傾聽他們、理解他們想去的方向，並把我們從全球、跨產業所學到的內容帶給他們——那些與他們相關的經驗教訓——提供也許競爭對手沒有的洞見，而這就是——我們維持競爭優勢的方式。所以，這真的取決於我們 94,000 位同仁每天早上醒來都要承擔起這件事，帶著那股能量與以客戶為中心的專注。

Thanks for the color. And maybe a follow-up for me. Just on the demand environment. You mentioned strong hiring in the US. But I think last quarter, there was a bit of caution around delayed decision-making in Europe. Just curious how we should think about the overall demand environment here and any changes from last quarter?

謝謝你補充這些細節。我這邊可能再追問一題。關於需求環境。你提到美國的招募很強勁。但我記得上季在歐洲方面，對於決策延後有一些謹慎的看法。想請教我們應該如何看待整體需求環境，以及相較上季是否有任何變化？

Yeah, good question. In the US, really, we've -- like I've mentioned in the script, we've had some strong bookings and so we're really hiring to fill the needs, generate from those bookings, both in the federal market and in the private sector and state and local market. There's a few places in the -- in our private sector clients in the US where we've been juniorizing our staff, they've been kind of remaking the services we're providing. And so that's created some kind of puffed up hiring need this quarter, in particular, that drove those stats a little bit.

是的，好問題。在美國，確實——就像我在講稿裡提到的——我們有一些強勁的接單（bookings），因此我們正在積極招募以滿足由這些接單所帶來的需求，涵蓋聯邦市場、民間部門，以及州與地方市場。在美國的部分民間客戶那邊，我們也在把人力結構做得更偏初階（juniorizing），他們也在某種程度上重新塑造我們所提供的服務。因此，這在本季特別造成了一些被放大的招募需求，讓那些數據看起來稍微被推高了一點。

In Europe, there is demand in certain industries. It just depends on where we did have a little bit of a delay in decision-making on a couple of deals up in the Nordics this quarter, but we're optimistic that those will come in, in the current quarter. So there's no -- nothing in particular about that, that worries me at the moment other than just the normal course of business. Thanks for the question, Stephanie.

在歐洲，某些產業仍然有需求。只是要看具體情況；本季在北歐地區有幾筆案子確實出現了一點決策延後，但我們樂觀認為它們會在本季（目前這一季）進來。所以就目前而言，除了正常的業務進程之外，沒有什麼特別讓我擔心的。謝謝你的提問，Stephanie。

Thank you.

謝謝。

Doug Taylor, National Bank.

Doug Taylor，National Bank。

Yeah, thank you and good morning. I'll start with a question about the overall organic growth, a better comp this quarter than what we've seen in the last couple of quarters, better US Federal as expected. You had also identified a couple of other specific customer situations that have been putting pressure on your growth over the last couple of quarters heading into this one.

好的，謝謝，早安。我先從整體內生成長（organic growth）問起：本季的比較基期比過去幾季更有利，美國聯邦業務也如預期改善。你們也曾指出，過去幾季到本季之前，還有幾個特定客戶的情況一直在對成長造成壓力。

Any update generally on the status of some of these customer engagements as we think about further growth -- organic growth, I should say, in reacceleration into the second half of calendar '26, particularly with lapping some easier comparisons and with the improving pipeline that you've spoken to?

就這些客戶合作案的進展，能否提供一些整體更新？我們在思考後續成長——我指的是內生成長——在 2026 年下半年是否會再加速，特別是考量到比較基期轉為更容易、以及你提到的管線改善？

Yeah. Thanks for pointing all that out, Doug. Everything you said is right on. And so there were a few. I think what you're referring to in previous quarters, we did reference some of our larger clients who were a little bit slow -- going a little bit more deliberately, I shouldn't call them slow.

好的。謝謝你把這些都點出來，Doug。你說的都很到位。確實有幾個案例。我想你指的是我們在前幾季提到的：有些大型客戶的步調稍微慢一些——不過我不該說他們慢。

Deliberately and carefully and some of the transformation they were doing, which -- and so I mentioned, I think in the script, there are three clients in the US where we've been on the right side of vendor consolidation. And so we're just at the beginning of ramping that up. And so maybe those are some that maybe were a little bit slower to evolve than we thought but provide us with some opportunities, as you say, to provide some good year-over-year growth in the next few quarters. So that's certainly a tailwind.

他們是在更審慎、更有計畫地推進他們正在做的一些轉型；因此——我想我在講稿裡也提到——在美國有三個客戶，我們在供應商整併（vendor consolidation）上站在有利的一方。而我們才正要開始把那部分的規模拉升。所以也許這些案子在演進上比我們原先預期的稍慢一些，但正如你所說，它們也為我們帶來一些機會，在接下來幾季提供不錯的年對年成長。因此這確實是一股順風。

And so I think those -- that's probably what we were referring to. And it still remains a good news. It would have been nice for it to happen faster, for sure. But the fact that it's still there, and we're still selling into it and recruiting into it is a very positive sign for us.

所以我想，那些大概就是我們所指的情況。而且它仍然是好消息。當然，如果能更快發生會更好。但它仍然存在，而我們仍在持續銷售、也持續招募以支撐那部分，對我們來說是非常正面的訊號。

One follow-up for me then. You referenced the trend in data sovereignty, combined with your local presence orientation in theory being an ongoing good leverage point for CGI, particularly in places like Europe. Can you speak a little bit about your infrastructure set up there and the level of investment in that? I know infrastructure has not been something you've emphasized as much in recent years, but remains part of the business and how that's factoring into your customer conversations and the competitive landscape?

那我再追問一題。你提到資料主權（data sovereignty）的趨勢，結合你們在地化布局的取向，理論上會持續成為 CGI 的一個有利槓桿，特別是在歐洲等地。你能否談談你們在那邊的基礎設施（infrastructure）建置，以及相關投資的程度？我知道近年來你們沒有那麼強調基礎設施，但它仍是業務的一部分；想了解這如何影響你們與客戶的對話，以及競爭態勢？

Yeah. That's a great question, Doug. Thanks for that. And sovereignty, we think, is a real opportunity where we have some unique differentiation as you say, because of our proximity in all of those countries. We do have some infrastructure capability in the EU and in the UK in particular, and we've got some advanced AI tools already in place. We've got something called CGI AIOps Nova in the UK that's helping us be efficient in the infrastructure services we provide for our clients there. We've got DigiOps, which is something that we're providing more broadly to many of our infrastructure and application managed services clients. So quite a few capabilities.

是的。這是個很好的問題，Doug。謝謝你。而在主權（sovereignty）方面，我們認為這是一個真正的機會，正如你所說，我們在這方面有一些獨特的差異化優勢，因為我們在所有這些國家都具備地緣上的鄰近性。我們在歐盟，尤其是在英國，確實具備一些基礎設施能力，而且我們已經部署了一些先進的 AI 工具。我們在英國有一個叫做 CGI AIOps Nova 的方案，正在幫助我們提升為當地客戶提供的基礎設施服務效率。我們也有 DigiOps，這是我們更廣泛提供給許多基礎設施與應用程式託管服務客戶的方案。所以我們有相當多的能力。

In terms of sovereignty -- so sorry, to your specific question, so we are making the investments that are required to provide that capability. And we'll continue to do that if and it includes having more physical capability within the EU, we have the financial wherewithal to do that. And so we will absolutely make investments as are necessary to deliver into that need.

就主權而言——抱歉，回到你的具體問題，我們正在進行提供該能力所需的投資。而且如果需要，我們也會持續投入，其中包括在歐盟境內擁有更多實體能力；我們在財務上有能力做到這一點。因此，我們絕對會在必要時進行投資，以滿足並交付這項需求。

A little more -- one more thought about unique situation relative to sovereignty. Sovereignty is really about specific sets of data and processes that need to be handled by people in country with certain levels of clearance. It's not everything, but it is some things. And so having good governance is really important to being able to deliver a sovereign solution, and we have always prided ourselves on diligent governance, and that's really the first part.

再補充一點——關於我們在主權方面相對獨特的情況，再多說一個想法。主權真正關乎的是某些特定的資料與流程，必須由在地國內、具備特定等級許可（clearance）的人員來處理。這不是全部，但確實包含一部分。因此，良好的治理（governance）對於能否交付主權解決方案非常重要，而我們一向以嚴謹的治理為傲，這其實是第一步。

The fact that we have people, people who are citizens of these countries and clearance holders in the case of government in these countries ready to do it as an advantage. We're very well represented across the countries we work in. We're not 95% residents of one country and importing everybody from there, we're well positioned.

我們擁有人員——也就是這些國家的公民；在政府專案的情境下，還包括持有安全許可的人員——隨時可以投入，這是一項優勢。我們在所服務的各個國家都有很好的布局。我們不是某一個國家 95% 的居民、再從那裡把所有人都派過去；我們的配置很到位。

However, for the processes and data that is flexible, and that in almost every sovereign operation, there are some things that can be supported in other places, we provide that flexibility as well. So we're well equipped to, I think, answer the bell on the demand for sovereign operations.

不過，對於那些流程與資料具有彈性、而且幾乎在每一個主權營運中都會有一些事項可以由其他地點支援的部分，我們也能提供那樣的彈性。所以我認為，我們已經具備很好的條件，能夠回應主權營運需求的召喚。

Thank you.

謝謝。

David Kwan, TD Cowen.

TD Cowen 的 David Kwan。

Good morning. Some of your peers had talked about being impacted by shifting IT priorities and a pullback in discretionary spending, particularly late in the quarter. Curious to see kind of what you have seen as it relates to any changes in customer demand and activity throughout the quarter and maybe into this month?

早安。你們的一些同業談到，受到 IT 優先順序轉移以及非必要（discretionary）支出縮減的影響，特別是在季度後段。想請教你們在本季度、以及可能延伸到本月，觀察到客戶需求與活動是否有任何變化？

Yeah. Thanks, David, for the question. Just by happenstance in our portfolio, we did not see that this quarter. And I think it's reflected by our SI&C book-to-bill. We seem to have some pretty good velocity on that front. But I'm familiar with that phenomenon, as we have seen it in prior quarters.

是的。謝謝你，David，這個問題。就我們的組合而言，純屬巧合，我們這一季沒有看到那種情況。我想這也反映在我們 SI&C 的接單出帳比（book-to-bill）上。我們在那方面看起來有相當不錯的動能。不過我也了解那種現象，因為我們在過去幾季確實看過。

I think maybe what others might be referring to is with respect to advanced AI, some of -- as clients started understanding what the bills would be for token usage over the last three or four months, they've had to revisit their ROI calculations in terms of the investments they're making and the ROI it's providing. And then they invested in licenses for these new tools but didn't necessarily factor in or fully understand the cost of the compute as represented in tokens.

我想其他人可能指的是先進 AI 相關：在過去三、四個月，當客戶開始了解 token 使用量的帳單會是多少時，他們就必須重新檢視其投資的 ROI 計算，以及所帶來的投資報酬。他們投資了這些新工具的授權，但未必把運算成本納入考量，或沒有完全理解以 token 形式呈現的運算成本。

And so it actually provide opportunity for us, where we've executed several engagements already with clients where we've helped them design their processes with the token usage in mind. And so optimizing the language models that they're executing. So we have helped them create things that we call like domain specific language models, DSLMs as opposed to just a general large language model, which focuses in on the specific function they're doing.

因此，這反而為我們帶來機會：我們已經與客戶執行了數個專案，協助他們在設計流程時把 token 使用量納入考量。也就是優化他們所執行的語言模型。我們協助他們建立我們所稱的「領域特定語言模型」（domain specific language models），也就是 DSLM，而不是只使用一般性的超大型語言模型；這種模型會聚焦在他們正在做的特定功能上。

And then -- uses the data set or data sets that are necessary to support that function versus the whole broad data set and thereby, being measured and thoughtful about token usage. It's not a new -- it's a new thing in this new world, but it's not a new phenomenon in technology. We've always had new innovations and technology and then gone through the process of tuning the use of those tools to be efficient.

然後——使用支援該功能所需的資料集或多個資料集，而不是整個廣泛的資料集；因此能更有衡量、也更審慎地管理 token 使用量。這在這個新世界裡是新事物，但在科技領域並不是新現象。我們一直都會遇到新的創新與技術，然後再經歷一個調校使用方式、讓工具更有效率的過程。

And by the way, not only does those using a domain-specific language model help you reduce the cost of tokens, reducing the compute you're using and therefore, the number of tokens is also good for the environment. It uses less energy. And so it's really addresses the number of goals that our client organizations and we jointly have. And so that is probably -- maybe what you're hearing from some others and it is a legitimate phenomenon now as people trying to get their hands around this new -- newer development, but it's -- in this quarter provided opportunity for us kind of on a consulting basis and an architecture basis to help our clients rethink the way they're implementing these tools.

順帶一提，使用領域特定語言模型不僅能幫你降低 token 成本；減少運算用量、因此降低 token 數量，對環境也有益。它會消耗更少能源。所以這其實同時回應了我們客戶組織與我們共同追求的多項目標。因此，這大概就是——也許你從其他人那裡聽到的情況；而且當人們試著掌握這個較新的發展時，這確實是當下合理的現象。不過在本季度，這反而為我們帶來機會：我們能以顧問與架構設計的角度，協助客戶重新思考他們導入這些工具的方式。

No, that makes sense and similar to what we've been hearing. And then just on the SI&C side. It was down slightly this quarter. I don't know if that was related to maybe some more discretionary work getting pushed out. But can you kind of comment on that? And then as it relates to bookings, which were pretty solid, what's driving that performance? Is that primarily AI-driven helping customers with their AI deployments and helping generate better returns? Or was that something else?

不，這很合理，也和我們聽到的類似。接著想問 SI&C 這邊。這一季略有下滑。我不確定這是否與一些較具彈性的工作被延後有關。你能否評論一下？另外，就接單而言表現相當穩健，背後的驅動因素是什麼？主要是 AI 驅動、協助客戶進行 AI 部署並帶來更好的報酬嗎？還是其他因素？

Well, I mean, it's a combination of many things. The bookings are -- the SI&C bookings tend to turn into revenue more quickly. I think we highlighted that in the script. And so we see that quicker even in quarter. If you sign a contract at the end of April, you get two months of revenue on that bookings as opposed to I described earlier, managed services, which can take sometimes months or even -- over a year to show up on the P&L as revenue. So in the quarter, we had SI&C bookings of 105%. And so that was positive for us. And I think it gave us some of that growth in the quarter, but also portends for a positive growth going forward.

嗯，我的意思是，這是多種因素的組合。接單——SI&C 的接單通常會更快轉為營收。我想我們在講稿中也有提到。因此，即使在同一季度內，我們也會更快看到反映。如果你在四月底簽約，你就能在該筆接單上認列兩個月的營收；相較之下，如我先前所說，託管服務有時需要數個月，甚至超過一年，才會在損益表（P&L）上以營收形式呈現。所以在本季度，我們 SI&C 的接單出帳比是 105%。因此這對我們是正面的。我想這也帶動了本季度的一些成長，同時也預示著未來將有正向的成長。

That's great. Thank you.

很好。謝謝。

Paul Treiber, RBC Capital Markets.

RBC Capital Markets 的 Paul Treiber。

Well, thanks and good morning. You mentioned a number of times hiring is a key priority, there's a general view out there that IT services at some point would decouple from employee growth due to AI. What in your perspective, is that? Is that comment a misconception of the role of employees in IT services?

謝謝，早安。你多次提到招募是關鍵優先事項；市場上有一種普遍看法，認為在某個時間點，IT 服務會因為 AI 而與員工人數成長脫鉤。以你的觀點來看，這是怎麼回事？這種說法是否誤解了員工在 IT 服務中的角色？

Yeah. Thanks, Paul. That's a great question. And maybe to put a finer point on it, there's a perception that the IT services industry in its most simplified form was people times rates times hours, drives revenue. And so in that simplified form the notion that having an advanced AI tool that could reduce the amount of effort necessary to accomplish certain tasks would reduce the number of people you need to generate revenue. In other words, decoupling people from revenue. Now maybe you're charging for the agents you create to maintain your revenue. But that's, I think, what that theory is based on.

是的。謝謝你，Paul。這是個很好的問題。也許把它說得更精準一點：有一種看法認為，IT 服務產業在最簡化的形式下，就是「人數 × 費率 × 工時」來驅動營收。因此在這種簡化模型下，如果有先進的 AI 工具能降低完成某些任務所需的投入工時，就會降低你為了創造營收所需的人數。換句話說，就是讓人力與營收脫鉤。也許你會改成對你建立的代理（agents）收費，以維持營收。但我認為那個理論大致是基於這樣的前提。

What we're seeing is a couple of things. First of all, historically, we've been -- had areas of our business where revenue was not directly coupled to headcount. Managed services program, as an example, which is 56% of our revenue-ish 55%, 56%. It's about outcomes and delivering to service levels. So as you build it up based on needing a certain headcount to do all the functions necessary to deliver that service.

我們看到的是幾件事。首先，從歷史上看，我們的業務中有一些領域，其營收並不會與人頭數直接連動。以託管服務（Managed Services）方案為例，它大約占我們營收的56%（約55%、56%）。它重點在於成果，以及達成服務等級。因此，當你依據需要一定的人力編制來完成交付該服務所需的各項職能而逐步擴建時，就會是這樣的模式。

But over time, as we become more efficient in delivering that service, as we implement tools to help us implement that service to include advanced AI tools, among others, then it can reduce the headcount necessary. And then historically, over decades, our model is to share those savings with our client and then hopefully use that -- those savings to fund advanced scope. And so that's one example.

但隨著時間推移，當我們在交付該服務上變得更有效率、並導入工具來協助我們提供該服務（其中也包括先進的AI工具等）時，所需的人頭數就可能降低。而且在過去數十年，我們的模式是把這些節省下來的成本與客戶分享，並希望運用這些——這些節省來資助更進階的服務範疇。這是一個例子。

Another example is intellectual property, where we've built these solutions over time, and we leverage them across clients and even industries. And so it's not the revenue we derive from producing value with those solutions is not directly tied to headcount. And so that's been a phenomenon that's been true for a while.

另一個例子是智慧財產（IP），我們隨時間建立了這些解決方案，並將其跨客戶、甚至跨產業加以運用。因此，我們透過這些解決方案創造價值所取得的營收，並不會與人頭數直接綁定。所以這種現象其實已經存在一段時間了。

But the other thing I'll say, even back to the more simple model is people are needing help with these AI tools. The reason that I think -- I personally think that this technical evolution over the last 2.5, 3 years has been more profound than it's been accessible to the average person, right? We can all turn on a phone or a machine and enter a prompt and interact with these tools.

但我還想說的是，即使回到更簡單的模式，人們也需要協助來使用這些AI工具。我認為——就我個人而言——過去2.5到3年的這次技術演進，其深遠程度其實超過了一般人所能立即意識到的程度，對吧？我們都可以打開手機或機器、輸入提示詞（prompt），並與這些工具互動。

Previous generations of AI were more in the domain of systems programmers or at least business process people who were doing a robotic process automation or whatever. The average person wasn't using them. And now we all are. And so it's, I think, more profound that has made the idea of what could happen more real to everybody.

先前幾代的AI更多是在系統程式設計師的領域，或至少是做機器人流程自動化（RPA）之類的業務流程人員在使用。一般人並不會使用它們。而現在我們所有人都在用。因此我認為這更具顛覆性，讓「可能會發生什麼」這個概念對每個人而言都更真實。

And so -- but as people are using this, especially in the enterprise business environment, it's occurring to everybody that, okay, we still have to be thoughtful about how we accelerate. I think I said earlier, if you accelerate in the wrong direction, you just end up lost faster. And so I think we do need people, these people that we're hiring that can understand industry, that can understand the nuances of technology, even though perhaps anybody can enter the prompt. So you're right, the barrier to entry to using these tools is certainly lower than it was.

所以——但當人們在使用這些工具時，尤其是在企業的商業環境中，大家都意識到：好，我們仍然必須謹慎思考要如何加速。我想我先前說過，如果你朝錯的方向加速，你只會更快迷路。因此我認為我們確實需要人——也就是我們正在招募的這些人——他們能理解產業、能理解技術的細微差異，即便也許任何人都能輸入提示詞。所以你說得對，使用這些工具的進入門檻確實比以前低。

But still knowing how to use the right prompts, how to focus your energy so that you're using the compute efficiently, how to anticipate complex industry requirements that maybe aren't obvious to somebody who hasn't done it before, like, for example, in payroll, think about payroll. The simple model for payroll is, I have a salary and every two weeks, you compute my hours or my 1/24 of my salary and you cut a paycheck.

但仍然需要知道如何使用正確的提示詞、如何聚焦你的精力以便有效率地使用運算資源（compute）、如何預先掌握複雜的產業需求——這些需求對於沒有做過的人可能並不明顯。比如說，以薪資發放（payroll）為例，想想薪資。薪資的簡單模型是：我有一個薪資，每兩週你計算我的工時，或計算我年薪的1/24，然後開一張薪資支票。

But then, okay, but you got to pay taxes and other deductions out. And what about retroactive? And when you do a retroactive pay, are you counting -- taking into account the regulations that were in effect during that retroactive period that maybe have changed this thing. It goes very, very complex very quickly.

但接著，好，你還得扣繳稅款和其他扣款。那追溯補發（retroactive）怎麼辦？而當你做追溯補發時，你是否有把追溯期間當時適用、但可能已經變更的法規納入考量？它很快就會變得非常、非常複雜。

And so the novice user maybe could do the first part. But as you get into those more complex environments, audit trails, just think about the requirements of audit trails on banking payment systems or any of these things and how to make sure you accurately maintain an audit trail. These are complex things. This is why the systems -- this is why the IT systems integrator market exists because over decades, we have helped clients understand how to best use technology to meet their needs. And that's, again, still the case.

因此，新手使用者也許能做第一部分。但當你進入那些更複雜的環境——稽核軌跡（audit trails），想想銀行支付系統或任何這類系統對稽核軌跡的要求，以及如何確保你能準確維持稽核軌跡。這些都是複雜的事情。這也是為什麼系統——為什麼IT系統整合商市場會存在，因為數十年來，我們一直在協助客戶理解如何最佳地運用技術來滿足其需求。而這一點同樣——仍然如此。

Maybe it's faster now. Maybe we can do more with a certain level of effort than we could before. I think that's certainly true. So this is all good for all of us. But certainly, we're going to need IT services professionals to continue to help be successful in this endeavor, for sure.

也許現在更快了。也許在相同的投入程度下，我們能做得比以前更多。我認為這確實是真的。所以這對我們所有人都是好事。但可以肯定的是，我們仍將需要IT服務專業人士持續協助，才能在這項工作中取得成功，毫無疑問。

Thanks a lot. The second question, just on -- three years ago, CGI announced a plan to invest $1 billion in AI over three years. So we're at the end of that. What's been the results of that investment? And then do you have plans to continue or expand that investment going forward?

非常感謝。第二個問題是——三年前，CGI宣布一項計畫，要在三年內投資10億美元於AI。所以我們現在已經到期末了。這項投資的成果如何？另外，未來你們是否計畫持續或擴大這項投資？

Yeah, great question. And the answer is, yes, we always continue to invest in our capabilities. The first and biggest part of the investment -- of that investment is in our people and giving them access to the tools and giving them training on how to use those tools with clients. So that's an important part.

是的，問得很好。答案是：是的，我們一向會持續投資於我們的能力建設。這項投資的第一個、也是最大的一部分——就是投資在我們的人才，讓他們能取得這些工具，並提供訓練，教他們如何與客戶一起使用這些工具。這是很重要的一部分。

I mentioned just a few of our -- of the capabilities and tools we've created. I mentioned the AIOps Nova in the UK, the DigiOps for Managed Services there. We've integrated advanced AI into all of our IP platforms to help us create agents to assist the users of our IP and all the industries in which we operate. So massive investments in solutions and in people will absolutely continue. And that's why we highlight the -- our financial strength.

我剛才提到我們打造的一些能力與工具。我提到英國的AIOps Nova，以及那邊用於託管服務的DigiOps。我們已將先進AI整合到我們所有的IP平台中，協助我們建立代理（agents），以支援我們IP的使用者，以及我們所服務的各個產業。因此，對解決方案與人才的大量投資絕對會持續。這也是為什麼我們強調——我們的財務實力。

We have the ability -- the first priority of use of our cash is investing back into our business. And that's back into developing solutions to propose into the market to our clients, that's back into training our people, that's back into making sure we're investing in our alliances with our global alliances with tech partners, the hyperscalers, the Frontier AI tool providers. Those are all -- have been and will continue to be priorities for us. Great question.

我們有能力——我們現金運用的第一優先順序，是回投資到我們的業務。這包括回投資於開發解決方案，向市場與客戶提出；回投資於訓練我們的人才；回投資於確保我們在全球技術夥伴的結盟上持續投入——包括超大規模雲端業者（hyperscalers）、以及前沿AI工具供應商。這些都是——一直以來、並且將持續是我們的優先事項。問得很好。

Thanks for taking the questions.

謝謝讓我提問。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Thank you. Tim, just taking a step back and maybe following up on the very first question that was asked. Can you maybe discuss what you plan on doing differently from your predecessor? And maybe elaborate on why?

謝謝。Tim，先退一步看，或許接續剛才第一個被問到的問題。你能否談談你打算與你的前任有哪些不同的做法？以及或許說明一下原因？

Yeah. Thanks, Surinder, for the question. I get that question a lot. What's -- what are you really going to do differently? And what I've figured out Surinder, over the last 2.5 months in this role. I like to tell people I'm the new guy, but they kind of smile at me and say, haven't you been here for like 38 years?

好的。謝謝你，Surinder，這個問題。我常常被問到這個問題。也就是——你到底會做哪些不同？而我在這個職位的過去2.5個月裡所體會到的是，Surinder，我喜歡跟大家說我是新來的，但他們會對我笑一笑，然後說，你不是已經在這裡大概38年了嗎？

So -- but as the newest guy, at least new and share guy. What I'm learning is that the fundamentals are strong, that the way we approach the market, the way we think about providing solutions to our clients is fine. But it's really how we prioritize what we do within that structure. So I've been talking, Surinder, a lot about putting our energy into the fewest most important things.

所以——但作為最新來的人，至少是新任、也是「分享」的人。我學到的是，基本面很強，我們切入市場的方式、我們思考如何為客戶提供解決方案的方式都沒問題。但真正的關鍵在於，在這個架構之內，我們如何排定我們要做的事情的優先順序。所以我一直在跟你談，Surinder，要把我們的精力放在最少數、但最重要的事情上。

And so making sure that we are -- we have the right capability to bid into requirements around somebody who has chosen the platform on a certain hyperscaler or do we have the right people with the right certifications to deliver into that demand. And if we're seeing that demand across countries in a particular industry or otherwise, then are we making sure that we're coordinating and making that the priority for how we're having people spend their time. So that's kind of from a technology standpoint. From an industry standpoint. Making sure that we, as ever are current on regulations. Again, it's more of the same strategy. It's really just about priority within that strategy. What we do within the construct that we have.

因此，要確保我們——我們具備正確的能力，能夠針對那些已在特定超大規模雲端供應商上選定平台的客戶之相關需求進行投標；或者我們是否有具備正確認證的合適人員，能夠交付以滿足該需求。而如果我們看到某個特定產業或其他領域的需求在多個國家同時出現，那麼我們是否確保在各地協調一致，並把這件事列為人員時間投入的優先事項。以上大概是從技術角度來看。從產業角度來看。確保我們一如既往地掌握最新法規。同樣地，這更多是相同的策略。真正的差別只是在該策略之下的優先順序。也就是在我們既有的架構之內，我們要做哪些事。

And there is a huge -- huge amount of opportunity if you think -- and just think about your own day and what you choose to do next. There's a huge opportunity. If you pick the right things and more -- just as importantly, stop doing the wrong things. If you're doing -- if you have 10 priorities today, I would suggest to you that's too many. I suggest to people one is the perfect, but maybe you've got 3 and maybe that's doable. But if -- I mean priorities, so if you've got more than a few that you probably need to rethink and understand what's my role in helping CGI grow in this market, what's my role in helping this client that I'm serving succeed.

而且如果你想一想——就想想你自己的一天，以及你接下來選擇要做什麼——其實有非常、非常多的機會。機會非常大。如果你選對事情做，而且——同樣重要的是——停止做錯的事情。如果你今天有——如果你今天有10個優先事項，我會建議你那太多了。我會跟大家說，1個是最完美的，但也許你有3個，也許那還做得到。但如果——我是說優先事項——如果你有超過少數幾個，你大概需要重新思考並弄清楚：我在協助CGI在這個市場成長上扮演什麼角色？我在協助我所服務的這位客戶成功上扮演什麼角色？

And so Surinder, it's really more of a focus of priorities, which are definitely changing. If I think back over the last couple of years, we have prioritized our global alliance program more. They're a big part of what our clients are doing. And so making sure that we're coordinated globally and helping each other across regions and industries with our global alliance partners has been something that's been a different prioritization for CGI over the last couple of years. And there are more things that are like that. Hope that answers.

所以，Surinder，這其實更關乎優先順序的聚焦，而這些優先順序確實正在改變。如果我回想過去幾年，我們更優先推動全球聯盟計畫。它們是我們客戶正在做的事情中很重要的一部分。因此，確保我們在全球範圍內協同一致，並與全球聯盟夥伴在各區域與各產業之間彼此支援，這在過去幾年對CGI而言是一個不同的優先排序。而且還有更多類似的事情。希望這回答了你的問題。

That's helpful. And then I guess as a related follow-up, I mean, what is your view of maybe how the competitor -- competitive environment, I guess, is evolving? And then maybe how you intend to position yourself? And what I mean by that is it seems like there's two different mindsets of how the business is going to evolve. One is that you need to build a lot more IP. And so we're seeing a lot of investment in building platforms, platform solutions that you can go and take to the clients. So think of it almost as a Palantir type of strategy.

這很有幫助。那我想作為相關的追問，我的意思是，你怎麼看競爭——競爭環境，我想，是如何演變的？以及你打算如何定位自己？我的意思是，看起來對於業務將如何演進，有兩種不同的思維模式。一種是你需要打造更多IP。因此我們看到大量投資在建立平台、平台型解決方案，你可以把它們帶去給客戶。所以把它想成幾乎像Palantir那樣的策略。

And then the other strategy is more about kind of continuing down the current path, maybe doing a bit more custom work, maybe having a little bit more technology, but not materially different. How do you envision those two different views of the world? And how you think which one CGI fits in?

另一種策略則更像是沿著目前的路徑繼續走，可能多做一些客製化工作，可能多一些技術，但本質上沒有重大不同。你如何看待這兩種不同的世界觀？以及你認為CGI比較符合哪一種？

Yeah, that's an interesting question, Surinder. And I'm not sure they're total opposite. So to the first part of creating platforms or I think many people call them accelerators, right? That's something we're doing. So for example, I think I mentioned the term Pulse earlier.

是的，這是個有趣的問題，Surinder。而且我不確定它們是完全相反的。就第一部分——建立平台，或很多人稱之為加速器（accelerators），對吧？這是我們正在做的事情。例如，我想我先前提到過Pulse這個詞。

So across -- as you're aware, we've got IP and government and financial services and utilities. We've created a platform called Pulse that is not competing with the Frontier products out there, but is sitting on top of them -- and providing a consistent way to integrate with all of our IP, and we've rolled that out to all of our clients. So for sure, that's what you would call a platform or an accelerator that we -- just one example.

所以在——如你所知，我們在政府、金融服務與公用事業等領域都有IP。我們建立了一個名為Pulse的平台，它並不是在與市面上的Frontier產品競爭，而是位於它們之上——並提供一種一致的方式，去整合我們所有的IP，而且我們已把它推廣到所有客戶。所以當然，這就是你所說的平台或加速器——這只是其中一個例子。

DigiOps is another example of a platform or accelerator. So if I was answering your question just kind of straight up, I'd say we're certainly behaving more in the first way. But I want to qualify that by saying that's the technology answer. The business and client relationship answer is a little bit in the second, which is we still have to stay close to our clients and understand what really creates value for a bank in the payments process.

DigiOps是另一個平台或加速器的例子。所以如果我很直接地回答你的問題，我會說我們確實更像是在採取第一種做法。但我想補充說明，那是技術面的答案。在業務與客戶關係層面，則比較偏向第二種，也就是我們仍然必須貼近客戶，了解在銀行的支付流程中，什麼才真正創造價值。

What are the key places where they can create a competitive advantage, if any, what are the key places where they need to be compliant where they get in big trouble, understanding those things and as we introduce new platforms, new technologies, making sure that focus on those things and we don't break the stuff that has to work and that we accelerate the stuff that is truly a competitive advantage. And I think that, that mindset is less about the first category you described and more about the second. So a little bit of both, if that's -- if that makes sense.

哪些是他們能夠建立競爭優勢（如果有的話）的關鍵環節？哪些是他們必須合規、否則會惹上大麻煩的關鍵環節？理解這些事情，並且在我們導入新平台、新技術時，確保聚焦在這些重點上；我們不去破壞那些必須正常運作的東西，同時加速那些真正能帶來競爭優勢的部分。我認為那種思維比較不是你描述的第一類，而更偏向第二類。所以兩者都有一點，如果——如果這樣說得通的話。

Yeah. I think that's relatively fair. I guess what ends up happening just at the high level is, I would see a much more bigger disconnect of revenues from headcount in the -- what I would call the tech forward strategy, the platform strategy versus kind of going down a bit more in the past in the accelerator strategy, which is a little closer than I would argue the status quo. At least that's how I see them. I'm not sure how you would view the two different -- the differences between the two?

是的。我覺得這樣算相對公平。我想從高層次來看，最後會發生的是：在我所謂的技術前瞻策略、平台策略中，我會看到營收與人頭數之間出現更大的脫鉤；相較之下，走比較偏過去的加速器策略，兩者的連動會更接近——我會主張——現狀。至少我是這樣看。我不確定你會如何看待這兩者之間——差異的不同？

Yeah, maybe. I mean, like I said, our revenue mix is about 56% Managed Services, 44% SI&C. Managed services already tends to be less connected to headcount in terms of revenue. SI&C would be typically more connected. But as you know, Surinder, we've got a lot of SI&C where we're doing IP implementation, a lot of our SI&C is firm fixed price, which is more outcome-based than effort based.

是的，也許吧。我的意思是，如我所說，我們的營收組合大約是56%託管服務（Managed Services）、44%系統整合與顧問（SI&C）。託管服務在營收上本來就往往較不與人頭數直接連動。SI&C通常會比較連動。但如你所知，Surinder，我們有很多SI&C是在做IP導入，而且我們很多SI&C是固定總價（firm fixed price），這更偏向以成果為基礎，而不是以投入工時為基礎。

And so I think for some in the industry who have a larger proportion of T&M staff augish type contracts. But I would think that, that would be a bigger phenomenon and a bigger shift. For others like us who have always had a little bit of a separation between headcount and revenue, it might become less noticeable, I don't know.

因此我認為，對於產業中某些公司，如果他們有更高比例的按時按量（T&M）、偏人力增補（staff aug）類型的合約，那麼我會認為那會是一個更大的現象、也是更大的轉變。但對於像我們這樣一直以來在人頭與營收之間就有一定程度分離的公司，這種變化可能就不那麼明顯，我不確定。

Got it. Thank you for the response and welcome aboard.

了解。謝謝你的回覆，也歡迎加入。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO資本市場。

Hey, Tim. Can you give us an update on M&A, just given all the disruption with AI valuations in the market and so forth. Any changes seen in recent months in terms of opportunity set, valuations willingness to transact? And does your own stock valuation maybe put a higher hurdle rate for you on M&A, just given the attractiveness of potentially buying back your stock as alternative? Thanks.

嗨，Tim。鑑於市場上AI估值等因素帶來的各種擾動，你能否就併購（M&A）給我們一個最新進展？就機會集合、估值、交易意願而言，最近幾個月有看到任何變化嗎？另外，考量到把資金用來回購自家股票可能更具吸引力，你們自身的股價估值是否也讓你們在併購上設定了更高的門檻報酬率？謝謝。

Yeah. Thanks for the question, Thanos. So we've had a nice run of M&A over the last 2.5, 3 years, given the given the valuations of some of our traditional targets and that we've been able to pick up some really nice complementary companies to merge in that have really helped us a great deal in a number of industries and a number of regions. So it's been good to us.

是的。謝謝你的問題，Thanos。所以在過去2年半到3年，我們的併購表現相當不錯，考量到我們一些傳統目標的估值，以及我們能夠併入一些非常優質、互補性很強的公司，這在多個產業與多個地區都大大幫助了我們。所以這對我們來說一直很不錯。

We continue to be very active. We have as big of an M&A pipeline as we ever have. And as always, it's a combination of large companies that span multiple regions and industries and smaller niche companies we announced, for example, Stratfield recently in Atlanta, which helped us pump up the Atlanta Metro and particularly help us in the retail sector. So that's been a terrific merger so far. It's early days, but terrific so far.

我們仍然非常積極。我們的併購（M&A）案源管線規模與以往任何時候一樣龐大。而且一如既往，這是大型公司（橫跨多個地區與產業）與我們已宣布的一些較小型利基公司之組合；例如我們最近在亞特蘭大宣布的 Stratfield，協助我們強化亞特蘭大都會區的布局，並特別在零售領域為我們帶來助益。因此，到目前為止這是一樁非常出色的合併案。雖然還在初期階段，但目前為止表現非常好。

But we've also got some much bigger ones, multibillion-dollar targets. And as ever, those come when they come. I can tell you we're working on some now. In terms of cash, we are very well positioned. And maybe I'll give it to Steve for a quick explanation on that. But we're very well positioned to do -- to be able to do the size of acquisition that comes along. And Steve, maybe you could say a couple of words about that.

不過我們也有一些規模更大的標的，屬於數十億美元等級。而且一如往常，時機到了就會發生。我可以告訴各位，我們現在正在推進其中一些案子。就現金而言，我們的準備非常充足。也許我把這題交給 Steve 簡要說明。但我們的確具備很好的條件——能夠進行未來出現的那種規模的收購。Steve，也許你可以就此說幾句。

Yeah. As you know, we're -- our leverage ratio is quite low. So our balance sheet is really ready for any large M&A. Over the last couple of quarters, any excess cash, we're obviously repurchasing share, but we did not use our balance sheet to repurchase share and it's planned like this. We want to keep our balance sheet fully open for the growth coming from M&A and for the opportunities that we see in our pipeline. So obviously, we continue to be disciplined. We need to do the right M&A at the right price. But as Tim mentioned, we have the capacity to execute on the M&A that we're having in the pipeline currently.

好的。如各位所知，我們——我們的槓桿比率相當低。因此，我們的資產負債表已經為任何大型併購做好準備。過去幾個季度，任何多餘現金我們當然用於回購股票，但我們並未動用資產負債表來回購股票，這是刻意如此規劃的。我們希望讓資產負債表保持完全彈性，以支援來自併購的成長，以及我們在管線中看到的機會。因此，顯然我們會持續保持紀律。我們必須以合適的價格做正確的併購。但如 Tim 所提到的，我們有能力執行目前管線中的併購案。

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

很好。我把時間讓給下一位。謝謝。

(Operator Instructions)

(接線員指示)

Suthan Sukumar, Stifel.

Suthan Sukumar，Stifel。

Good morning, gents. Thank you for taking my questions and Tim, congrats on taking helm here. For my first question, I want to talk -- touch on IP. You guys talked about the pipeline being up here. But you also talked about higher managed services proposals with higher contract values. Just wondering how much has the attach rate of IP increase in these managed services engagements, I guess, on a year-over-year basis?

各位早安，先生們。謝謝你們回答我的問題，Tim，也恭喜你接掌這裡的領導職務。我的第一個問題想談——觸及一下 IP（智慧財產）。你們提到 IP 管線在增加。但你們也提到託管服務（Managed Services）的提案增加，且合約價值更高。我想請教，在這些託管服務案子中，IP 的附加率（attach rate）提升了多少？我想是以年對年來看？

Yeah. Thanks, Suthan, and thanks for the warm welcome. So I think, yes, we did talk about the fact that our IP pipeline is up and our Managed Services pipeline is up and that we have a high win rate off of our IP as part of our Managed Services solutions. I mentioned, for example, DigiOps as something that's involved in many of our Managed Services proposals that are out now. And so I guess, the answer to your -- I think what your question was as it's probably up. We probably have more IP in our Managed Services bids than we did a year or two ago.

是的。謝謝你，Suthan，也謝謝你的熱情歡迎。我想，是的，我們確實談到 IP 管線上升、託管服務管線也上升，而且我們在將 IP 納入託管服務解決方案時，贏案率很高。例如我提到 DigiOps，這項能力目前已納入我們許多正在進行的託管服務提案中。所以我想，你的問題——我理解你問的是它大概有沒有上升——答案應該是有上升。我們在託管服務投標中所包含的 IP，可能比一到兩年前更多。

But it's more -- as Surinder asked earlier, it's probably more in the form of accelerators and platforms, which is what I would call DigiOps versus maybe an industry solution, although our industry solution IPs has a healthy pipeline as well. But in relation to managers -- Managed Services, it probably tends to be more of the platform accelerator-type IP in those bids, if that helps.

但更——如同 Surinder 先前問到的，這些 IP 可能更多是以加速器與平台的形式呈現；我會把 DigiOps 歸類為這一種，而不一定是產業解決方案，雖然我們的產業解決方案型 IP 也有健康的管線。但就託管——託管服務而言，在那些投標案中，較常見的可能是平台／加速器類型的 IP；希望這樣有幫助。

Great. Thanks for the color. My second question, I just wanted to touch on pricing. You guys talked about rising contract values. Is that more a function of pricing power or growing scope? And conversely, given rising AI utilization here, how has that been a factor on pricing overall?

很好。謝謝補充說明。我的第二個問題想談一下定價。你們提到合約價值上升。這更多是定價能力提升所致，還是服務範疇擴大所致？反過來說，鑑於 AI 使用率上升，這對整體定價帶來了哪些影響？

Yeah, there's a couple of questions in there. The first thing I would say about total contract value is more a function of scope and duration. Old colleague of mine used to say, between $100 million contract and a $200 million contract is 5 or 10 years. And so it's really more scope and duration more than anything.

是的，裡面有幾個問題。我先談總合約價值（TCV）：它更多是範疇與期間的函數。我以前有位同事常說，1 億美元合約和 2 億美元合約之間的差別，就是 5 年或 10 年。所以它真正反映的是範疇與期間，多於其他因素。

In terms of AI and pricing pressure, it's a function of just like any other. We always have to be compelling in our offers that we're offering a fair and efficient price or else the client won't buy our solution. So that's nothing new under the sun. So we are transparent in how we're using these AI tools in our solution and the benefit it's providing to our clients, and we try to show why we'll be able to deliver something faster and more efficiently, perhaps for a better price by integrating these tools in. So absolutely, it affects the price in that way.

至於 AI 與定價壓力，這就跟其他因素一樣。我們一向必須讓我們的方案具備吸引力，證明我們提供的是公平且有效率的價格，否則客戶不會購買我們的解決方案。所以這並不是什麼新鮮事。因此，我們會透明地說明在解決方案中如何使用這些 AI 工具，以及它為客戶帶來的效益；並且嘗試說明為何透過整合這些工具，我們能更快、更有效率地交付，或許也能以更好的價格提供。所以當然，AI 會以這種方式影響價格。

Thanks for taking my questions. I'll pass the line.

謝謝回答我的問題。我把時間讓給下一位。

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

目前沒有其他提問。我現在把電話會議交給 Kevin Linder 作結語。

Thanks, Joelle, and thanks, everyone, for participating. As a reminder, a replay of this call will be available either via our website or by dialing 1 (888) 660-6264 and using the passcode 69190. 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.

謝謝你，Joelle，也謝謝各位的參與。提醒各位，本次電話會議的重播可透過我們的網站取得，或撥打 1 (888) 660-6264 並輸入密碼 69190 收聽。此外，本次電話會議的 Podcast 也將在數小時內提供下載。如有後續問題，可致電 1(905) 973-8363 與我聯繫。再次感謝各位，期待很快再與各位交流。

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

各位女士、先生，本日電話會議到此結束。感謝各位參與，並請掛斷您的線路。