Good morning. Welcome to Alithya's First Quarter of Fiscal 2026 Results Conference Call. I would now like to turn the meeting over to Alithya's management team. Please go ahead.

Thank you for joining us today for Alithya's First Quarter Fiscal 2026 Results Conference Call. The press release, along with the MD&A containing condensed financial statements and related notes, was published this morning and is now accessible on our website. The webcast presentation can also be found on our website in the Investors section. Please be advised that this call will contain forward-looking statements, which are subject to various risks and uncertainties that may cause actual results to differ materially from those anticipated. These statements include our estimates, plans, expectations, and statements regarding future growth, operational results, performance, and business prospects that do not solely relate to historical facts. These statements may also refer to future events, including expectations around client demand, business opportunities, leveraging our services, IP, AI, and expertise to meet client needs, excelling in a competitive market, achieving our 3-year strategic plan, and deploying our smart shoring capabilities. For more information, please refer to the cautionary note included in our presentation and the forward-looking statements and Risks and Uncertainties section of our MD&A, which are both accessible on our website. All figures discussed today are in Canadian dollars, unless otherwise stated, and may refer to certain indicators that are non-IFRS measures. Please refer to the cautionary notes included in our presentation and to the non-IFRS and other financial measures section of our MD&A for more details. Presenting this morning are Paul Raymond, Alithya's President and Chief Executive Officer; Bernard Dockrill, Chief Operating Officer; and Debbie Di Gregorio, VP, Finance. Also present is our new CFO, Pierre Blanchette. I will now turn the call over to Paul Raymond. Paul?

Thank you, Nathalie. Good morning, everyone, and thank you for joining us today. I'm very proud to be here to present our team's achievements for the first quarter of fiscal '26. We will also provide an update on eVerge's integration status and discuss some of our exciting client projects. I will start with a few notable highlights before handing it over to Bernard Dockrill, our Chief Operating Officer, for more details on our operations. Bernard will be followed by Debbie Di Gregorio, who will review the financial highlights. To begin with the results, our disciplined approach and dedication to our long-term strategy have allowed the Alithya team to achieve another quarter of year-over-year improvements in several key areas during Q1 of fiscal 2026. We achieved another year-over-year improvement in our adjusted EBITDA and also increased our year-over-year gross margin as a percentage of revenue. These outcomes stem directly from our continuous focus on higher-value services and efficiency enhancements. Additionally, I want to emphasize our year-over-year growth in quarterly revenues and sequential growth on a constant currency basis. This growth is primarily driven by our higher-value service offerings in the U.S., which experienced double-digit organic growth. These services are designed to assist clients in consolidating older systems, allowing them to utilize better enterprise-wide data to enhance efficiency and flexibility in their essential systems, ultimately enabling the use of AI-based solutions. As I have mentioned previously, the start of these projects can sometimes be postponed, but due to their business value and benefits, they represent crucial investments for our clients during these challenging times. We have seen an acceleration in the U.S. over the past few quarters, although adoption has been slower in Canada. Lastly, we utilized our financial position to carry out the eVerge acquisition entirely in cash. I will now turn it over to Bernard to provide specific details on our first quarter performance and an update on the integration of our latest acquisitions.

Thank you, Paul. Good morning, everyone, and thanks for being with us today. I would like to start by thanking all our employees globally for their dedication and commitment to our clients and executing our 3-year strategic priorities, which has resulted in another quarter with strong results. As we remain focused on the 4 pillars of our growth plan, leading with our deep industry knowledge, developing our strong partnerships with industry-leading solution providers, accelerating time to value for our clients, leveraging Alithya proprietary IP and increasing our access to talent with our smart shore delivery centers, we have, again, this quarter, generated year-over-year improvement on revenue, gross margins, and adjusted EBITDA. Within our U.S. operating segment, we have achieved double-digit profitable growth of 17.3%, which I will discuss further a little later. As for repeat business, 84.8% of our revenues came from clients that worked with Alithya in the first quarter of last year. Our recent acquisitions of XRM Vision, announced last December, and eVerge, announced in June, are contributing to our growth as complementary offerings, and increased scale is generating new opportunities. As I mentioned last quarter, the addition of XRM Vision has enabled us to pursue opportunities that neither party would have been able to pursue prior to combining forces. The new engagements that I spoke to last quarter are ramping up, and we should see their impact on revenues in future quarters. eVerge joined the Alithya family on May 31, and we've seen early signs that our combined entities will enable us to deliver greater value to our clients. Our acquired capabilities with Salesforce are resonating. For example, our deep U.S. healthcare provider capabilities are positioning Alithya to deliver additional services within this portfolio of accounts with Salesforce Health Cloud. With our expanded healthcare offering, we have identified opportunities within our existing client base to strengthen patient-focused engagement, enable more personalized data-driven experiences, including leveraging agent force. We continue to expand our smart shore capabilities and reached a new high of 13% of Alithya employees in our smart shore locations as of the end of the first quarter. Both the acquisition of XRM Vision and eVerge have had a positive impact on our smart shore centers with the addition of talent in Morocco and India. Turning to our Q1 results. In the quarter, we delivered double-digit growth in the U.S. market, primarily driven by our Oracle and Microsoft practices. Our strong performance in the U.S. market highlights our differentiated value proposition for enterprise application and transformation services in our targeted industries with our partner solutions. This includes our data and AI services that drive operational efficiencies, support new ways of working, and maximize the ROI for our clients. For example, in our Oracle practice for Virtua Health, an academic nonprofit healthcare system in Southern New Jersey that operates a network of hospitals, surgery centers, physician practices, and more, we completed a 15-month Oracle Cloud ERP and supply chain management implementation, empowering Virtua to deliver exceptional care and service with leading-edge tools. Virtua will soon leverage Alithya's purpose-built healthcare, cost of care analytics solution, proprietary framework of artifacts, and preconfigured capabilities built on Oracle EPM Cloud and Oracle Cloud, and Rx Cloud. This will enable South Jersey's largest health system to identify opportunities for profitability and efficiencies through the integration of financial, operational, and clinical data and better understand the true cost of care. For Mosaic Life Care, we are implementing the full suite of Oracle cloud-based business applications. After a troubled engagement, the hospital canceled their previous implementation and turned to Alithya based on our deep healthcare qualifications. We will modernize back-office systems, enabling greater agility, enhanced insights, and streamlined operations to support their long-term growth and innovation goals. Like so many of our Oracle clients, the hospital seeks to leverage real-time data and embedded AI to optimize operations, accelerate decision-making, and adapt quickly to industry changes. For Cigna, a leading U.S.-based healthcare payer and #13 on the Fortune 500, we recently completed the second phase of their Oracle Cloud Enterprise Performance Management implementation. This effort retired multiple legacy applications and delivers enhanced financial reporting, streamlined consolidations, improved account reconciliations, and advanced profitability analysis tools with governed master data, empowering the controllership and finance teams to operate with greater efficiency and insights. In our Microsoft practice with Prichard Industries, the largest privately held facility maintenance provider, we supported them with their implementation of Dynamics 365 across multiple divisions. The integration of finance, supply chain, and customer engagement facilitated the automation of manual processes, streamlined operations, and enhanced business visibility. I share these examples to give you a better perspective on the work we are performing with our partners to realize our clients' digital transformation objectives. As technologies such as GenAI and Agentic AI continue to evolve, the demand for enterprise applications and transformation services will increase, and our industry depth, technology partners, IP accelerators, and smart shore delivery model should position us well. Before I move to our Canadian business, I would also like to share that once again, for the 20th time, Alithya has been selected by Microsoft for a '25, '26 inner circle partner for Microsoft AI Business Solutions.

Good morning, everyone. I am very happy to join this conference call and to highlight some of the company's significant achievements this past quarter. As mentioned, our first quarter fiscal 2026 was highlighted by continued performance improvements on many levels. Let's begin with a review of those improvements. In the first quarter, consolidated revenues came in at $124.2 million, up $3.3 million or 2.7% on a year-over-year basis. Looking at profitability, we are reporting another quarter of year-over-year improvement on gross margin in dollars and as a percentage of revenues. Gross margin reached 32.1% in the quarter, up from 31.9% last year. This performance comes from our increased efficiencies and continued evolution towards a higher-value business mix, 2 key priorities of our long-term plan. Looking at adjusted EBITDA, we are reporting $11.6 million, a 15.6% increase over last year. I will now turn to a review of our performance by region, starting with Canada. Revenues in Canada reached $59.6 million in Q1, down $5.5 million or 8.5% on a year-over-year basis. The decrease in revenues was primarily due to reduced revenues from government contracts, one customer's major transformation project reaching maturity, and 1 less billable day in the period. This was partially offset by the continued recovery in the banking sector and the contribution of XRM Vision acquired on December 1, 2024. Looking at our gross margin in Canada, we saw a decrease compared to the same quarter last year, mainly due to a decrease in the utilization rates and tax credits, and salary increases, which came into effect at the beginning of our fiscal year. This was partially offset by the positive gross margin contribution from XRM since its acquisition. In the U.S., revenues increased $8.8 million or 17.3% to $59.5 million. The increase is due primarily to the organic growth in the enterprise application and transformation services, namely our Oracle and Microsoft practices. Higher billing rates as we continue to evolve towards a higher-value business mix, revenues from eVerge acquisition on May 31, 2025, and a favorable U.S. dollar rate exchange impact of $0.7 million between the 2 periods. On a sequential basis, U.S. revenues increased by $5.3 million despite an unfavorable U.S. dollar exchange rate impact of $2.2 million from the fourth quarter of last year. Our U.S. gross margin as a percentage of revenues increased compared to the same quarter last year, primarily due to increased efficiencies, higher hourly billing rates, and the increased use of our smart shoring capabilities. In our international business, revenues were slightly higher versus the prior year with lower gross margin as a percentage of revenue, mainly due to lower utilization. Overall, from a geographic perspective, we continue to see a higher proportion of revenue growth in the U.S. versus the rest of our business. This, along with our ongoing efforts in expanding our smart shore capabilities, positively impacted our consolidated gross margin and is in line with our strategic plan. Now looking at SG&A expenses. We are continuing to focus on optimizing our cost structure to ensure greater efficiency and long-term performance. In the first quarter, SG&A expenses amounted to $30.6 million, an increase of $1.1 million or 3.4% year-over-year. This is despite the additional expenses from XRM Vision and eVerge since their acquisition. The decrease in SG&A expenses was driven mainly by decreases in employee compensation costs stemming from variable compensation and severance in the same quarter last year. SG&A expenses as a percentage of revenues decreased to 24.6% in Q1 compared to 26.2% for the same period last year. On a sequential basis, SG&A expenses increased by $0.9 million from $29.7 million. This increase takes into account salary increases that came into effect at the beginning of our fiscal year on April 1, 2025, and expenses from eVerge, since its acquisition. Thanks to our U.S. growth, increased revenue margin due to higher efficiencies, and our performance on cost management, the adjusted EBITDA margin reached 9.4% in Q1, up compared to 8.3% last year. Our first quarter adjusted EBITDA amounted to $11.6 million, a 15.6% increase year-over-year. Again, this reflects the continued progress we made on operational performance and on cost optimization. Our adjusted net earnings came in at $6.5 million, representing an increase of $1.6 million or $0.07 per share year-over-year. Finally, let's review our cash flow and financial position. Cash generated from operating activities adjusted for noncash items amounted to $8.7 million in the quarter, an increase of $1.4 million compared to the prior year, primarily due to net income in the current quarter compared to net loss in the prior year. Net cash used in operating activities was $4.2 million in the quarter compared to net cash from operating activities of $16.7 million in the prior year, representing a change of $20.9 million. This is primarily due to unfavorable changes in noncash working cap items related to a couple of items. The first, $1.2 million increase in income in tax credits receivable compared to $7.9 million decrease in the prior year, representing an unfavorable change of $9.1 million due to timing of the receipt of tax credits. The second, a $9.1 million decrease in accounts payable and accrued liabilities compared to a $3.7 million decrease from the prior quarter, representing an unfavorable change of $5.4 million, mainly relating to timing of payments. Third, a $6.5 million decrease in deferred revenue compared to a $1.5 million decrease in the prior period, representing an unfavorable change of $5.0 million due to timing of client invoices. And finally, other changes amounting to $1.4 million. As of June 30, 2025, net debt amounted to $118.3 million, and our leverage ratio increased to 2.4x net debt to trailing 12 months adjusted EBITDA, all within Alithya's targeted leverage levels. On a sequential basis, net debt increased by $24.3 million to $118.3 million from $94 million as at March 31, 2025, primarily due to an increase in long-term debt of $27.5 million despite a favorable U.S. exchange rate impact of $3.5 million. The increase is mainly due to an increase of $18.4 million in amounts drawn under the credit facility, resulting primarily from cash paid on closing of the eVerge acquisition and the addition of a $9.2 million balance of purchase price payable, also as part of the acquisition, partially offset by an increase in cash. I will now pass it over to Paul for closing remarks.

Thank you, Debbie. As you can see, we are pleased with our quarter, and our key indicators are moving in the right direction. We delivered year-over-year revenue growth with double-digit organic growth in the U.S. We also delivered year-over-year gross margin and adjusted EBITDA growth. Finally, before opening the lines for questions, I'd like to officially welcome Pierre Blanchette, who is with us today. We're looking forward to setting up follow-up meetings to meet him for you. And I'd also like once again to thank Debbie for stepping up and leading the team through this exciting period. Thank you, Debbie. We will now open the lines for questions.

Your first question comes from Gavin Fairweather with Cormark Securities.

I wanted to start out on the U.S. I mean, certainly very impressive results here in the Q1. I'm curious when you speak to the business leaders in healthcare, manufacturing, insurance, eVerge, and kind of look into the pipeline and backlog, what's your confidence you can maintain these types of levels of growth? And how do you kind of characterize the business environment and outlook from here?

Thank you for the question, Gavin, and congratulations on your transaction. The best way, I think, to look at it in terms of the business environment, most of the growth that we've had in the U.S. has come from our ERP business with Microsoft and Oracle. I think a good way to look at it is if you look at Microsoft and Oracle themselves, the results they reported were record results. They're seeing significant growth in their businesses, which basically drives growth on our side as well because we implement those solutions. So I think a good way to look at it is to track those 2 companies and see how they're doing on their ERP, cloud, and AI rollout because that's what drives our business. So many of our leads come directly from them. As Bernard mentioned, we're in the inner circle on the Microsoft side. We're a very close partner with Oracle. We're helping them develop their own AI interfaces for their solutions. So we're very close to what's happening. And usually, we tend to follow what they do. So I think that's a good way to look at it.

And then maybe coming north of the border in the Canadian Financial Services business. It sounds like the revenue was up year-over-year. Do you think that business has normalized now? Do you see some further upside for that business? And maybe you can characterize the project mix and gross margins that you have coming out of that practice.

Yes. I can provide a few reference points that might be helpful. Next quarter, we will likely be comparing against our lowest revenue quarter from last year. If you examine our run rate, I don't want to provide any specific guidance, but we are coming off a considerably low quarter. Additionally, it is summer, which generally affects financial services, particularly in Quebec. As we've mentioned for quite some time, we are focusing on transforming the business. We are witnessing growth in our financial services sector, and this growth is in the right areas. As we expand our financial services, we are being selective about our bids to ensure they are higher-margin opportunities and transformative projects. We have already exited many endeavors in the past, including a significant portion of government business, but we are replacing those with higher-margin work. Most of the low-margin projects have been eliminated. Currently, we are making adjustments. As we bring in new business, we will gradually enhance the situation in Quebec. However, we need to elevate it to the same standards as in the U.S., which entails taking on more large transformational ERP projects. Overall, the adoption rate in Canada is slower compared to what we are observing in the U.S.

And then maybe just on a related point, I mean, the gross margins in Canada, I think, were down a little bit. year-over-year in Q1. I think that was just tied to a bit lower utilization. I'm not sure who wants to take this, you or Bernard, but how do you think about the pathway of getting back towards target gross margins and utilization? Are you seeing what you need in the bookings in the pipeline? Or are you thinking about maybe some capacity coming out?

Maybe talk about the pipeline.

Yes. So well, first, on the utilization side, as we are changing. So there's a little bit of a transition period. So you saw a little lower utilization. The other thing, as Debbie mentioned, in the Canadian gross margins, the impact of the tax credit, tax credits were lower in the quarter that had an impact on our gross margins. I think, Paul, you covered it very well when you talked about the adoption being a little slower in Canada. But I do expect that we're going to stick with our priority and the rigor. I think we've seen good results where we're going. And we are continuing to build the pipeline of this more higher-value transformational work. And as we're weaning off a lot of that lower-margin business that we had historically. So I think you'll see more of the same. It will be incremental growth on the profitability side in Quebec.

Maybe to add to that, Gavin, I'd just say for the first time, our revenues in the U.S. are the same size of our revenues in Canada, which is part of our plan. The long-term plan is actually to get the U.S. larger than the rest of the business. It's the largest market in the world and the fastest-growing one. So we kind of like where we're at right now in terms of our positioning, given the growth that we're seeing.

And just lastly, for me, I mean, you've been highlighting automation as one of your levers to drive efficiency gains and project delivery. I'm curious how far along you are on that journey and whether you still see some really good low-hanging fruit to go and capture as you continue to put more automation into the delivery aspect.

Are you talking about our clients or internally for ourselves?

No, internally. Yes, on delivery.

Yes, I believe there are still opportunities available. We are actively pursuing them for our clients and continuously assessing options internally, including automation and global delivery. We are making progress in both areas. As you've noted, we're achieving year-over-year improvements, even when considering only organic growth. These are ongoing efforts we tackle each quarter, with some being short-term projects and others more long-term. We have Pierre on board now, and we have additional financial initiatives planned as well. We explore every avenue and utilize automation across all departments. Our legal team, for instance, employs AI tools to enhance efficiency, and this practice extends to human capital and financial services. We're also discovering new applications regularly. Internally, we collaborate with Oracle and Microsoft to help them develop new tools within their applications, providing us a valuable testing ground for new solutions before introducing them to our clients. We intend to continue this approach.

Your next question comes from Jerome Dubreuil with Desjardins.

We are observing some concerns in the market regarding AI, particularly among larger companies. However, it's unclear whether the slower growth is due to macroeconomic uncertainty or AI itself, and it's challenging to demonstrate either cause. Therefore, I would appreciate an update on what you are experiencing in the market. Additionally, could you share your thoughts on the potential near- to long-term effects of AI on your business?

The long-term impact of AI on the industry in general, the market, or clients may be?

What do you think the impact will be on your business from AI specifically?

If I just take AI on its own, forget the rest of the world or whatever. I mean, if you look at our business today, everything that we do today, 95% of it, we didn't do 10 years ago, right? So we're consistently innovating in what we do because we need to be a step ahead of our clients because our clients are going through these changes, whether it's cyber, cloud, AI, Gen AI, Agentic AI, you name it, whatever the next thing is going to be, our clients need our help to roll out whatever it is that they're going to do. The key thing with AI is data. If you do not have data, consistent data, enterprise-wide data, it's very difficult for you to roll out any scalable AI solution. So if you see the growth that Microsoft and Oracle reported in the last quarter, that's what's driving our ERP business. So the companies are trying to consolidate disparate systems to have consistent data, enterprise-wide data, so they can leverage technology and AI, and data analytics and get efficiencies and whatever. That's what's driving our business today. Once that's rolled out, which is just at the beginning, by the way, the opportunity, the market is huge for this, there's going to be something else. So once we do this over the next several years, we help our clients do this, then it's how do we leverage AI at scale. We're doing a lot of stuff around Agentic AI. Will it impact? It's going to impact everything, the same way cloud impacted everything. If you go back 10 years ago, I mean, if you had cloud in the name of your company, you had these crazy multiples. Then it was something else. And then it was something else. Every 4 or 5 years, there's a new technology, there's something else that's going to impact what we do. AI will impact everything. It's going to be gradual. Some people are going to get there faster than others. We think we're in a great position to help our clients get there. So we have a front-row seat to what's happening. And I like the business that we're in. There won't be less technology in our lives 10 years from now, and our clients will still need us 10 years from now. So I like where we're at.

My second one is on the margins. Significant improvement again, maybe a bit less than last quarter though. So I know there were contingencies last quarter, but if you can help us, maybe in terms of the puts and takes you're seeing on margins and what direction we should be expecting in the coming quarters?

We have stated that our long-term goal is to enhance our gross margins. The gross margin stems from our strategy to concentrate on high-value services. As we pursue this strategy, gross margins are expected to follow suit. Our ERP business in the U.S. has grown to be half the size of our revenues in Canada, and with the market size in mind, we anticipate faster growth. Currently, gross margins in the U.S. are significantly higher than in Canada, and as our U.S. operations expand, gross margins should also increase. We are more selective about the business we pursue in Canada, focusing on higher-margin opportunities, which should lead to improved gross margins over time. Growth is promising, but we prioritize profitable growth. We are increasing revenue per employee by engaging in higher-value business and leveraging our tools in AI and IP. These strategies play a crucial role in our overall approach and are also influencing our acquisition strategy. Our recent acquisitions exhibit high gross margins and offer specialized, complementary services that are driving growth. We have secured deals recently that were only possible through these acquisitions, which could not have been achieved independently. Our acquisition theory is proving effective, and we intend to continue this path. Our cash position is strong, and we have generated sufficient cash to fund our latest acquisition entirely in cash while still having resources available for future acquisitions. Overall, we believe we are well-positioned.

Your next question comes from Rob Goff with Bentham.

My question would be forward-looking. And just could you talk to any RFPs that may be outstanding, what you are seeing, looking forward in the pipeline network?

Thanks for the question, Rob. I can't give you any kind of forward-looking thing. But maybe, Bernard, you could give some color on the funnel of what we're seeing.

Yes. I'd say, Paul, we continue our focus on these deals. And one thing you mentioned before, if you take a look at the results of our partners, they've had good quarters, and our revenue follows that as they're growing, we're in partnership with them on the implementation side of the sales of their solutions. So that feeds into our pipeline. So as you see growth in those companies, it kind of gives us a leading indicator there. But I think it's more consistent of what we've seen. I don't have any one-time material things that would change it either way.

I understand you've been active with acquisitions, but are you currently focused on integration, or do you plan to keep pursuing smaller acquisitions?

Bernard mentioned that the integration of the last two acquisitions has gone very well. What's interesting about these acquisitions is that they complement our existing operations, allowing for quick integration into the organization. They have a designated team to support them, which we appreciate. We have a robust pipeline and the necessary resources to pursue more acquisitions. We're looking for three key elements: the right acquisition, at the right price, that is available for sale. We're actively searching, and once we identify the right opportunity, we'll be ready to act.

Your next question comes from Vincent Colicchio with Barrington Research.

Yes. Any thoughts on when we may see the government contract business improve in Canada?

Thanks, Vince. I think you have to look at it 2 ways, Vince. So the profitable government contracts are doing very well and growing. We're just exiting a lot of lower-margin stuff that we've had over the years. So as those contracts finish, we don't go after them. There's a particular situation, I'd say, in Quebec specifically, where there are a lot of subcontractors going after business at ridiculously low prices. And of course, the government very often has these lowest bidder wins rules. We stay away from those RFPs. There are other RFPs that are value-driven, like the one that we won with the Department of Health, where they go after the best solution and not the lowest price. Those are the ones that we go after and the ones we prefer, and we're going to keep doing that. We think it's the best way to create value for the company. We're not very present in the rest of Canada and at the government level. It's something that we're always looking at. It's something that we said in the past, from our acquisition targets, we'd like to have more business in government. But right now, I'd say, given how well the private sector is doing, we like where we're at.

It's nice to see the offshore contribution improve. Was that solely from acquisitions? Or are you also benefiting from hiring organically?

Yes, it's a bit of both, more from the acquisitions in the last 6 months because both of them had a significant presence in Morocco and India, but we also have organic growth over there.

Would you say you're getting better at organic growth offshore?

Our offshore organic growth is entirely driven by our local business. We experienced a 17% year-over-year growth in the U.S., which is remarkable. This growth is also contributing to our offshore performance. Currently, the U.S. represents 48% of our revenues and 27% of our headcount, indicating that we need to source the remaining personnel for our projects from other locations around the globe. Therefore, substantial growth in the U.S. will naturally lead to growth in our global delivery centers as well.

Your next question comes from Divya Goyal with Scotiabank.

Paul, could you talk to us a little bit more about the higher-value offerings? And I know you mentioned a few times on the call today, and we broadly have talked about in the past. Could you talk to us a little bit more about what exactly drives the higher billing rate with these higher-value offerings? And how exactly are they differentiated from what is getting broadly offered across the market?

Sure. If you come back to our 4-pillar strategy, Divya, one of the things that we said we wanted to do was lead with industry expertise, right? So there's a lot of companies out there selling Oracle, selling Microsoft, selling SAP, all these things. If you look at what we do, it's extremely specialized in a certain vertical. So in healthcare, I mean we're the #1 partner for Oracle in healthcare in the U.S. Bernard gave a few examples. I mean, for one health care system in the past few months, we actually rolled out a new module for Oracle for their solution around scheduling for nurses. It's the first rollout on the planet of this new module for Oracle, and they came to us because of our expertise in healthcare. We signed a deal with them to help them. We're helping Oracle, Oracle, the company, build AI APIs for their platform. They came to us because of our expertise in that domain. I mean I have so many examples like this for Oracle and Microsoft and some other IP where we are the leader on the planet for these types of things. So when you do that, I mean, you have a pricing power that clients come to us not because we're the cheapest but because we're the best. And that's where we want to be for the whole company. That's what we're trying to get to in Canada as well. We're there in the nuclear sector. We're working on it on the financial services side. We're there in Oracle in ERP, in HCM, with the latest acquisition we've done with the CRM piece as well. So we now cover all of the CRM platforms that are out there, whether it's the Oracle platform, Salesforce, Microsoft, and we have the industry expertise that goes with it. So we're really in a very, very unique position that I don't think people realize. I mean we're not seeing it reflected in the value of the share. I can tell you that. I mean we're trading at half the average of companies in our sector. So I mean, I think we're in a great position. We've just seen the growth that we've had in the U.S. because our clients are seeing what we can bring to the table. And as somebody asked the question around AI, AI is driving significant growth for Oracle and Microsoft because these companies need data. They need consistent enterprise-wide data to be able to leverage these latest and greatest AI solutions, and this is how they can get there faster. So we really like where we're positioned right now.

That's incredible. I'm just trying to understand, so it's incredible that the company differentiates in so many ways. And I would like to think it's fair to assume that Microsoft and Oracle obviously bring the company, Alithya, into a lot of engagements. How can we expect to see a significant traction on the top line, considering this differentiation despite the ongoing macroeconomic uncertainty? I think that's where a little bit of disconnect is with respect to all the offerings versus where the stock price is right now.

Yes, if you consider our 17% year-over-year growth in the U.S., that's quite impressive. Compared to our competitors and their organic growth over the past year, we're leading the way. Given our size, scaling will be our biggest challenge, which I view positively. I prefer having a growth challenge rather than the opposite. I'm pleased with our current position. Is there room for improvement? Definitely. But I appreciate the overall trend.

That's incredible. I'll just ask one last question. Could you help us remind yourself, Bernardo, Debbie here, help us remind the seasonality of the business in the top line and from a profitability front, considering the ongoing restructuring and recent acquisitions? That would be all for me.

Yes. Typically, summer is our slowest quarter due to factors like vacations and holidays affecting billable hours. If you look at the last 12 quarters, you can see a pattern, which is why we prefer to compare year-over-year rather than sequentially. Q2 has historically been low, and last year was particularly low. This quarter also had a lot of timing issues with working capital that should correct itself next quarter. Therefore, you can expect a noticeable difference in the next quarter.

Maybe if I can add, Paul, on the bookings side, Q2 tends to be a lighter bookings quarter for us just based on our key partners in their fiscal years when they just had a fiscal year-end and they're in their first and early in their fiscal year. So that tends to be a lower bookings quarter in those areas of our business. And you've got July and August in there, so that's usually pretty quiet.

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

Okay. Thank you, Joel. So as you can see, our trailing 12 months adjusted EBITDA is now over $49 million and at over 10%. We're growing our business in a pretty uncertain market. We completed another acquisition. It's our second in the last 12 months, which increases the Oracle AI and smart shore capabilities, and also added a new world-class partner in Salesforce. And we maintain a good cash position, which enables us to act on future acquisition opportunities as they arise. So we are on the right track, as I was saying. I also wanted to take this opportunity to remind everyone, we will be holding our Annual General Shareholder Meeting on September 10 coming up. And thank you again for being with us today. Goodbye.

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