Avantor Inc (AVTR) 2024 Q4 法說會逐字稿

Hello everybody, and a warm welcome to Avantor's fourth-quarter 2024 earnings call.

大家好，熱烈歡迎參加 Avantor 2024 年第四季財報電話會議。

My name is Emily and I coordinating your call today.

我叫艾米麗，今天我負責協調您的通話。

(Operator Instructions) I will now turn the call over to Allison Hosak, Senior Vice President of Global Communications.

（操作員指示）我現在將電話轉給全球通訊資深副總裁 Allison Hosak。

Miss Hosak, you may begin your conference.

霍薩克小姐，您可以開始您的會議了。

Good morning and thank you for joining us.

早安，感謝您加入我們。

Our speakers today are Michael Stubblefield, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer.

今天的演講者是總裁兼執行長 Michael Stubblefield；以及執行副總裁兼財務長布倫特瓊斯 (Brent Jones)。

The press release and the presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. A replay of this webcast will also be made available on our website after the call.

本次電話會議的新聞稿和簡報可在我們的投資者關係網站 ir.avantorsciences.com 上查閱。通話結束後，我們也將在網站上提供該網路廣播的重播。

Following our prepared remarks, we will open the line for questions.

在我們發表完準備好的發言後，我們將開放提問專線。

During this call, we will be making forward-looking statements within the meaning of the US federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future.

在本次電話會議中，我們將根據美國聯邦證券法做出前瞻性陳述，包括有關我們相信或預期可能在未來發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings.

這些前瞻性陳述受多種風險和不確定因素的影響，包括我們向美國證券交易委員會提交的文件中所述的風險和不確定性。

Actual results might differ materially from any forward-looking statements that we make today.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

These forward-looking statements speak only as of the date that they are made.

這些前瞻性陳述僅代表其作出之日的觀點。

We do not assume any obligation to update these forward-looking statements as a result of new information, future events, or other developments.

我們不承擔因新資訊、未來事件或其他發展而更新這些前瞻性聲明的任何義務。

This call will include a discussion of non-GAAP measures.

本次電話會議將討論非公認會計準則 (GAAP) 指標。

A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website.

這些非公認會計準則指標的對帳表可在新聞稿和我們投資者關係網站上的補充揭露包中找到。

With that, I will now turn the call over to Michael.

說完這些，我現在將電話轉給麥可。

Thank you, Alli, and good morning everyone.

謝謝你，阿里，大家早安。

I appreciate you joining us today.

感謝您今天加入我們。

We are pleased with the momentum in our business in 2024, including our Q4 performance.

我們對 2024 年業務的發展勢頭感到滿意，包括第四季度的業績。

There were several notable highlights, including exiting the year with high single digit organic growth and bioprocessing.

有幾個值得注意的亮點，包括今年年底高個位數的有機增長和生物加工。

We'll have a chance to discuss these highlights as we progress through the presentation.

在演示過程中，我們將有機會討論這些亮點。

Let's turn to slide 4 with a quick overview of our financial highlights for the quarter and full year.

讓我們轉到投影片 4，快速概述本季和全年的財務亮點。

We return to growth in the fourth quarter with low single digit organic growth for the enterprise, a significant milestone that reflects our sustained commercial intensity and continued market recovery.

我們在第四季度重回成長，企業實現了低個位數的有機成長，這是一個重要的里程碑，反映了我們持續的商業強度和持續的市場復甦。

Notably, our bioprocessing business delivered a fourth consecutive quarter of outperformance.

值得注意的是，我們的生物加工業務連續第四個季度表現出色。

With high single digit organic growth and strong order intake, we expanded adjusted even our margin to 18.2%, the highest level in more than a year driven by improving mix and the ongoing benefits of our multi-year cost transformation initiative.

憑藉高個位數的有機增長和強勁的訂單量，我們將利潤率調整至 18.2%，這是一年多以來的最高水平，這得益於產品組合的改善以及多年成本轉型計劃的持續效益。

We grew adjusted earnings per share to $0.27 in the fourth quarter, up 4% sequentially and 8% year over year.

第四季度，調整後每股收益成長至 0.27 美元，季增 4%，年增 8%。

Importantly, we continue to drive best in class free cash flow conversion.

重要的是，我們繼續推動一流的自由現金流轉換。

Finishing the year with another quarter of exceptional free cash flow, we generated $222 million in the fourth quarter and $768 million for the year, representing more than 110% free cash flow conversion for the full year.

我們以另一個季度的出色自由現金流結束了這一財年，第四季度我們創造了 2.22 億美元的自由現金流，全年創造了 7.68 億美元的自由現金流，全年自由現金流轉換率超過 110%。

Let's now take a closer look at each of our segments.

現在讓我們仔細看看每個部分。

Our laboratory solution segment grew sequentially on an organic basis and continues to show resilience.

我們的實驗室解決方案部門連續實現有機成長，並繼續表現出韌性。

Our commercial intensity is driving share gains with meaningful new contract wins and expanded customer relationships.

我們的商業強度正在透過贏得有意義的新合約和擴大客戶關係來推動份額成長。

Across our customer base, we are seeing increased engagement signaling a return to normalcy.

在我們的客戶群中，我們看到參與度不斷提高，這表明一切正在恢復正常。

The academic and market remains strong, and many of our large pharma customers have worked through their pipeline reprioritization.

學術界和市場仍然強勁，我們的許多大型製藥客戶都已完成了其產品線的重新排序。

These customers are now ramping up investment in pre-clinical activities, supporting a return to growth in 2025.

這些客戶目前正在加大對臨床前活動的投資，支持 2025 年恢復成長。

As anticipated, our bioscience production segment returned to growth in Q4 with organic growth of over 4% driven by continued momentum and bio-processing, which grew high single digits.

正如預期的那樣，我們的生物科學生產部門在第四季度恢復成長，有機成長率超過 4%，這得益於持續的成長勢頭和生物加工，實現了高個位數成長。

The strong finish coupled with a robust order book supports continued improvement and growth in 2025.

強勁的業績加上強勁的訂單量支持了 2025 年的持續改善和成長。

As a reminder, our bio-processing business has leading positions in processed chemicals, excipients, and single-use fluid handling.

需要提醒的是，我們的生物加工業務在加工化學品、賦形劑和一次性液體處理方面處於領先地位。

The vast majority of this business is consumable in nature, and our customer driven innovation model continues to develop products that are inherently sticky.

這項業務的絕大部分本質上是消耗品，而我們以客戶為導向的創新模式不斷開發出具有內在黏性的產品。

In addition to our strong operating results this quarter, we made important strides in advancing our long-term growth strategy.

除了本季強勁的營運業績外，我們在推動長期成長策略方面也取得了重要進展。

We significantly increased our portfolio with the introduction of new products and services.

我們透過推出新產品和服務顯著擴大了我們的產品組合。

For example, we launched a new services offering to address capacity and space limitation challenges faced by many large pharma and biotech customers.

例如，我們推出了一項新服務，以解決許多大型製藥和生技客戶面臨的產能和空間限制挑戰。

This offering leverages cutting-edge digital tools and generative AI to automate operational tasks, providing virtual assistance to researchers at their lab bench.

該產品利用尖端數位工具和生成性人工智慧來自動執行操作任務，為實驗台上的研究人員提供虛擬協助。

Already, this solution is supporting a top 10 global pharma client and reinforces our commitment to returning valuable time to scientists.

目前，該解決方案正在為全球十大製藥客戶提供支持，並加強了我們致力於為科學家節省寶貴時間的承諾。

We also introduced the new Masterflex, MiniFlex Panel-Mount pump, further strengthening our fluid handling offering.

我們也推出了新型 Masterflex、MiniFlex 面板安裝泵，進一步增強了我們的流體處理產品。

And in our total science solutions platform, we signed several new third-party supplier agreements, enhancing our portfolio with differentiated technologies, including LGC standards, a leader in reference materials used across a wide range of industries, including pharmaceuticals, biotechnology, academia, and environmental sciences.

在我們的整體科學解決方案平台中，我們簽署了幾項新的第三方供應商協議，透過差異化技術增強了我們的產品組合，其中包括 LGC 標準，它是製藥、生物技術、學術和環境科學等廣泛行業使用的參考材料的領導者。

With this agreement, their 15,000 certified reference materials are now available to our customers in North America.

根據該協議，他們的 15,000 種認證參考資料現在可供我們北美的客戶使用。

Quantum SI, a leader in the protein sequencing space.

Quantum SI，蛋白質定序領域的領導者。

We are proud to bring their single molecule next-generation protein sequencing portfolio to market in the US and Canada.

我們很榮幸能夠將他們的單分子下一代蛋白質定序產品組合推向美國和加拿大市場。

And Novilytic, an innovator in molecular recognition technology.

還有分子辨識技術創新公司 Novilytic。

This is an exclusive global distribution agreement covering their proteometer platform, which is setting a new standard for efficiency and reliability in drug discovery, clone selection, and more.

這是一份涵蓋其蛋白質計平台的全球獨家分銷協議，該平台為藥物發現、克隆選擇等領域的效率和可靠性樹立了新的標準。

And we continue to hit new milestones in manufacturing capacity and operational excellence.

我們在製造能力和卓越營運方面不斷創下新的里程碑。

In the quarter, we completed the installation of a state-of-the-art solutions manufacturing facility in Gliwice, Poland.

本季度，我們在波蘭格利維採完成了最先進的解決方案製造工廠的安裝。

This expansion positions Avantor to meet the growing demand for outsourced buffer, media, and clean and place products in the biopharma end market, resulting in lower costs and increased flexibility for our customers.

此次擴張使 Avantor 能夠滿足生物製藥終端市場對外包緩衝液、培養基、清潔和放置產品日益增長的需求，從而為我們的客戶降低成本並提高靈活性。

Additionally, we leveraged advanced automation at our regional distribution center in Bridgeport, New Jersey to streamline workflows, reduce processing times, and significantly increase order accuracy.

此外，我們利用位於新澤西州布里奇波特的區域配送中心的先進自動化技術來簡化工作流程，縮短處理時間並顯著提高訂單準確性。

I can tell you that the team is extremely focused on growing the business.

我可以告訴你，團隊非常專注於業務成長。

A few weeks ago, I joined our Americas Sales Conference, which brought together our sales associates in the region for a few days of training.

幾週前，我參加了我們的美洲銷售會議，該會議召集了該地區的銷售人員進行為期數天的培訓。

Joining us for the meeting were our most strategic suppliers who spent time showcasing their new products and offerings.

參加會議的是我們最具策略意義的供應商，他們花時間展示他們的新產品和新服務。

It was energizing to touch and feel some of the new innovative products that will help us continue to deliver value to our customers.

觸摸和感受一些新的創新產品令人振奮，這些產品將幫助我們繼續為客戶提供價值。

Before turning it over to Brent for a deeper dive into the financials, I want to highlight a few key points as we reflect on 2024 and look ahead to 2025.

在將主題轉交給布倫特深入研究財務狀況之前，我想先強調回顧 2024 年和展望 2025 年的幾個關鍵點。

First, our capital allocation has been primarily focused on bringing our adjusted net leverage comfortably below 3 times.

首先，我們的資本配置主要集中在將調整後的淨槓桿率降至 3 倍以下。

Between our strong free cash flow and the proceeds from our clinical services divestiture, we were able to pay down $1.3 billion of debt in 2024, taking our net leverage down to 3.2 times, a significant reduction from nearly 4 times at the start of the year.

憑藉強勁的自由現金流和臨床服務剝離的收益，我們能夠在 2024 年償還 13 億美元的債務，將淨槓桿率降至 3.2 倍，較年初的近 4 倍大幅下降。

Deleveraging remains our top priority, and we believe that maintaining a capital structure is sustainably below 3 times is optimal for our business.

去槓桿仍然是我們的首要任務，我們認為維持資本結構持續低於3倍對我們的業務來說是最佳的。

Once we achieve that, we'll be focused on a balanced value-driven capital allocation approach.

一旦實現這一目標，我們將專注於平衡的價值驅動資本配置方法。

We are entering 2025 with strong momentum and a clear focus on innovation-driven growth, margin expansion, and deleveraging.

我們正以強勁勢頭邁入 2025 年，並​​明確專注於創新驅動的成長、利潤率擴大和去槓桿。

Our end markets are improving.

我們的終端市場正在改善。

Our new operating model is driving greater efficiency and our cost transformation program is tracking ahead of schedule.

我們的新營運模式正在提高效率，我們的成本轉型計畫正在提前進行。

Through a combination of outstanding commercial execution and a continued focus on self-help actions, we are well positioned to make 2025 a year of growth.

透過出色的商業執行和持續關注自助行動，我們有能力使 2025 年成為成長之年。

I'll now turn it over to Brent.

現在我將把話題交給布倫特。

Thank you, Michael, and good morning, everyone.

謝謝你，邁克爾，大家早安。

I'm starting with the numbers on slide 5.

我從幻燈片 5 上的數字開始。

Fourth quarter reported revenue was $1.69 billion, taking into account a $40 million impact from the divestiture of our clinical services business, which closed in mid-October, together with the impact of FX, we delivered organic growth of 1%.

第四季報告的收入為 16.9 億美元，考慮到 10 月中旬完成的臨床服務業務剝離帶來的 4000 萬美元影響以及外匯的影響，我們實現了 1% 的有機增長。

Sales trends in our Laboratory Solutions segment were stable compared to Q3.

與第三季相比，我們實驗室解決方案部門的銷售趨勢穩定。

While seasonal impacts were muted, the business continues to show resilience as end markets continue to recover.

儘管季節性影響較小，但隨著終端市場的持續復甦，業務繼續表現出韌性。

Within our Bioscience Production segment, bioprocessing outperformed expectations for the fourth straight quarter with high single-digit growth.

在我們的生物科學生產部門中，生物加工連續第四個季度以高個位數成長超出預期。

Adjusted gross profit for the quarter was $564 million, representing a 33.4% adjusted gross margin which is flat versus Q3 and a modest improvement versus prior year.

本季調整後毛利為 5.64 億美元，調整後毛利率為 33.4%，與第三季持平，較上年同期略有改善。

Our gross profit was impacted by the clinical services divestiture, inflation, and negative fixed cost leverage.

我們的毛利受到臨床服務剝離、通貨膨脹和負固定成本槓桿的影響。

However, we were able to partially offset these effects with improved mix and productivity efforts, and we continue to work diligently on reducing our cost base.

然而，我們能夠透過改善產品組合和提高生產力來部分抵消這些影響，並且我們將繼續努力降低成本基礎。

Adjusted EBITDA was $308 million in Q4, representing an 18.2% margin, which was at the high end of our expectations and a solid improvement sequentially and year-over-year.

第四季調整後的 EBITDA 為 3.08 億美元，利潤率為 18.2%，處於我們預期的高位，並且比上個季度和去年同期都有顯著改善。

This is particularly encouraging given the approximately 40 basis point margin headwind from our clinical services divestiture in October.

考慮到我們 10 月臨床服務剝離導致的利潤率約 40 個基點的下滑，這尤其令人鼓舞。

Our cost transformation initiative, which continues to drive meaningful savings was an important contributor to our margin performance.

我們的成本轉型措施持續帶來有意義的節約，對我們的利潤表現做出了重要貢獻。

Adjusted operating income was $279 million at a 16.6% margin in line with adjusted EBITDA performance and a modest improvement both sequentially and versus prior year.

調整後營業收入為 2.79 億美元，利潤率為 16.6%，與調整後的 EBITDA 表現一致，季減和去年同期均有小幅改善。

Interest and tax expenses were in line with our expectations.

利息和稅項支出符合我們的預期。

As a result, adjusted earnings per share were $0.27 for the quarter, a $0.01 sequential and $0.02 year-over-year improvement.

因此，本季調整後每股收益為 0.27 美元，比上一季增加 0.01 美元，比去年同期增加 0.02 美元。

Our adjusted EPS performance in the quarter reflects the flow-through of our adjusted EBITDA results as well as continued reductions in net interest expense.

我們本季的調整後每股盈餘表現反映了我們調整後的 EBITDA 結果的流動以及淨利息支出的持續減少。

Interest expense favorability was driven by incremental debt paydown from the clinical services divestiture and outperformance in free cash flow.

利息支出的有利因素是臨床服務剝離帶來的增量債務償還以及自由現金流的優異表現。

Moving to cash flow, we generated $222 million in free cash flow in the quarter, which represents a conversion rate of over 115%.

談到現金流，我們在本季產生了 2.22 億美元的自由現金流，轉換率超過 115%。

Our free cash flow performance was enhanced by continued disciplined working capital management enabled by the Avantor Business System.

透過 Avantor 業務系統實現的持續嚴格的營運資本管理，我們的自由現金流績效得到了提升。

In Q4, we paid down over $750 million of debt, our adjusted net leverage ended the quarter at 3.2 times adjusted EBITDA.

在第四季度，我們償還了超過 7.5 億美元的債務，本季末我們的調整後淨槓桿比率為調整後 EBITDA 的 3.2 倍。

As Michael noted earlier, deleveraging remains our top capital allocation priority, and we continue to target adjusted net leverage sustainably below 3 times.

正如麥可之前提到的，去槓桿仍然是我們資本配置的首要任務，我們將繼續努力將調整後的淨槓桿率持續控制在 3 倍以下。

Turning to the full year results on slide 6.

查看幻燈片 6 上的全年業績。

Reported revenue was $6.78 billion, representing a 2% organic revenue decline versus prior year in line with the low end of our original guidance.

報告收入為 67.8 億美元，較上年同期有機收入下降 2%，符合我們最初預期的低端。

Adjusted gross profit for the year was $2.29 billion, representing a 33.8% adjusted gross margin.

全年調整後毛利為 22.9 億美元，調整後毛利率為 33.8%。

Adjusted EBITDA was $1.2 billion in 2024, representing a 17.7% margin at the high end of our guidance range.

2024 年調整後 EBITDA 為 12 億美元，利潤率為 17.7%，處於我們指引範圍的高點。

Adjusted operating income was $1.09 billion at a 16.1% margin.

調整後營業收入為 10.9 億美元，利潤率為 16.1%。

Putting all this together, adjusted earnings per share came in at $0.99 for the year.

綜合考慮所有這些因素，全年調整後每股收益為 0.99 美元。

Despite the challenging macro environment, we were able to achieve the midpoint of our original EPS guidance.

儘管宏觀環境充滿挑戰，我們仍能實現最初每股盈餘預期的中位數。

We generated $768 million in free cash flow in 2024 inclusive of approximately $100 million of transformation-related spend.

我們在 2024 年創造了 7.68 億美元的自由現金流，其中包括約 1 億美元的轉型相關支出。

Excluding this spend, we generated $865 million of adjusted free cash flow significantly exceeding our original full year guidance range of $600 million to $650 million.

除這筆支出外，我們產生了 8.65 億美元的調整後自由現金流，大大超過了我們最初 6 億至 6.5 億美元的全年指引範圍。

For the full year, our free cash flow conversion was over 110%.

全年我們的自由現金流轉換率超過110%。

As I mentioned earlier, we paid down $1.3 billion in debt this year and exited 2024 with adjusted net leverage of 3.2x adjusted EBITDA, so we are well on our way to our sub 3 times target.

正如我之前提到的，我們今年償還了 13 億美元的債務，到 2024 年，調整後的淨槓桿率為調整後 EBITDA 的 3.2 倍，因此我們正在順利實現 3 倍以下的目標。

Laboratory Solutions revenue was $1.13 billion for the quarter, a decline of 1% versus prior year on an organic basis.

本季實驗室解決方案營收為 11.3 億美元，較上年同期有機下降 1%。

Sequentially, sales grew modestly.

銷售額隨後小幅成長。

Encouragingly, we had strong performance in proprietary chemicals and specialty procurement sales, particularly to our biopharma and health care customers.

令人鼓舞的是，我們在專有化學品和特種採購銷售方面表現強勁，特別是對我們的生物製藥和醫療保健客戶。

However, the customary seasonal increase in activity levels was muted given the macro backdrop and the timing of holidays.

然而，考慮到宏觀背景和假期時間，通常的季節性活動水平增長受到抑制。

For the full year 2024, Laboratory Solutions revenue was $4.61 billion, a decline of 2% versus 2023 on an organic basis.

2024 年全年，實驗室解決方案收入為 46.1 億美元，較 2023 年有機下降 2%。

Adjusted operating income for Laboratory Solutions was $147 million for the quarter with a 13.1% margin.

實驗室解決方案本季調整後營業收入為 1.47 億美元，利潤率為 13.1%。

Adjusted operating income margin increased 20 basis points from Q3 despite headwinds from our clinical services divestiture.

儘管臨床服務剝離給我們帶來了阻力，但調整後的營業收入利潤率仍較第三季增加了 20 個基點。

This margin expansion was driven by fixed cost leverage from sequential volume growth as well as continued savings from our cost transformation initiatives.

利潤率的擴大得益於連續銷售成長帶來的固定成本槓桿，以及成本轉型措施帶來的持續節省。

For the full year 2024, laboratory solutions, adjusted operating income was $598 million with a 13% margin.

2024 年全年，實驗室解決方案調整後營業收入為 5.98 億美元，利潤率為 13%。

Bioscience production revenue was $561 million in Q4, which represents organic growth of 4% versus prior year and a meaningful sequential acceleration.

第四季生物科學生產收入為 5.61 億美元，較上年同期有機成長 4%，較上季成長顯著加快。

Bioprocessing, representing about two-third of the segment outperformed expectations once again with high single-digit growth.

生物加工約佔該領域的三分之二，再次以高個位數成長超出預期。

We also saw another strong quarter of order intake with orders increasing meaningfully on a sequential basis.

我們也看到訂單量又一個強勁的季度，訂單量較上季大幅增加。

Our silicones offering grew double digits while electronic materials was stable sequentially with an expected year-over-year decline.

我們的有機矽產品實現了兩位數成長，而電子材料產品環比保持穩定，但同比預計會下降。

Adjusted operating income for bioscience production was $149 million for the quarter, representing a 26.6% margin.

本季生物科學生產調整後營業收入為 1.49 億美元，利潤率為 26.6%。

On a sequential basis, adjusted operating income was up 120 basis points due to fixed cost leverage from volume growth as well as favorable mix.

與上一季相比，調整後營業收入上漲 120 個基點，這得益於銷售成長帶來的固定成本槓桿以及有利的產品組合。

With that, I will move to 2025 guidance.

有了這些，我將轉向 2025 年指導。

Building on Michael's opening remarks, we are entering 2025 well positioned for growth.

根據邁克爾的開場白，我們將以良好的增長條件邁入 2025 年。

The implementation of our new operating model, the progress of our cost transformation initiatives and encouraging trends we are seeing across key end markets, particularly bioprocessing, all give us confidence in forecasting organic revenue growth, continued margin expansion and double-digit EPS growth in 2025.

我們新營運模式的實施、成本轉型計劃的進展以及我們在主要終端市場（特別是生物加工）看到的令人鼓舞的趨勢，都讓我們有信心預測 2025 年的有機收入增長、利潤率的持續擴大和每股收益的兩位數增長。

For the full year, we expect organic revenue growth of 1% to 3%.

我們預計全年有機收入將成長 1% 至 3%。

Our clinical services divestiture represents a 2% headwind.

我們的臨床服務剝離代表 2% 的逆風。

And based on current spot rates, we expect another 2% headwind from FX.

根據目前的現貨匯率，我們預期外匯市場也將面臨 2% 的阻力。

This leads to a reported revenue decline of negative 3% to negative 1%.

這導致報告的收入下降了-3%至-1%。

This view reflects continued order momentum in bioprocessing, stability in our lab business and customary contributions from price.

這一觀點反映了生物加工領域持續的訂單動能、實驗室業務的穩定性以及價格的慣常貢獻。

On a segment basis, we expect low single-digit organic growth in Lab Solutions and mid-single-digit organic growth in bioscience production.

從分部來看，我們預計實驗室解決方案業務將實現低個位數有機成長，生物科學生產業務將實現中等個位數有機成長。

Importantly, we also expect bioprocessing to grow mid- to high single digits in 2025.

重要的是，我們也預計到 2025 年生物加工將實現中高個位數成長。

Moving to profitability.

走向盈利。

We expect adjusted EBITDA margins of approximately 18% to approximately 19%, a solid improvement from our 2024 second half exit rate of 17.9%.

我們預計調整後的 EBITDA 利潤率約為 18% 至約 19%，較 2024 年下半年 17.9% 的退出率有顯著提高。

This performance is driven by price, favorable mix, and continued execution of our multiyear cost transformation initiative, offset by inflation.

這一業績是由價格、有利的產品組合和持續執行的多年成本轉型計劃推動的，並抵消了通貨膨脹的影響。

And as we've discussed, this is after the impact of the clinical services divestiture, which is approximately 40 basis points dilutive to our margins.

正如我們所討論的，這是臨床服務剝離的影響之後的結果，這大約稀釋了我們的 40 個基點利潤率。

Our structural cost improvement initiatives are clearly taking hold.

我們的結構性成本改進措施顯然已取得成效。

We exited 2024 with over $130 million of in-year savings and an exit run rate of approximately $165 million.

到 2024 年，我們的年度節省超過 1.3 億美元，退出運行率約為 1.65 億美元。

Thanks to the team's strong focus and execution, our in-year savings were meaningfully higher than our original estimate of $75 million.

由於團隊的高度專注和執行，我們今年的節省金額遠高於我們最初估計的 7,500 萬美元。

In 2025, we expect to generate an incremental $75 million of in-year gross savings and intend to exit 2025 with run rate savings in excess of $250 million, well on our way to achieving our goal of a $300 million exit rate in 2026.

到 2025 年，我們預計年內總節餘將增加 7,500 萬美元，到 2025 年結束時，運行率節餘將超過 2.5 億美元，我們預計將實現 2026 年 3 億美元退出率的目標。

I would like to address our target to achieve 20% adjusted EBITDA margins by the end of 2025 or approximately 19.6% when adjusting for the impact of the clinical services divestiture.

我想談談我們的目標是到 2025 年底實現 20% 的調整後 EBITDA 利潤率，或在調整臨床服務剝離的影響後達到約 19.6%。

As we have said, we can make substantial progress towards this target with the self-help impact of our cost transformation initiative.

正如我們所說，借助成本轉型措施的自助作用，我們可以朝著這一目標取得實質進展。

Given our meaningful fixed cost base, we also need continued end market recovery to achieve the target.

鑑於我們有意義的固定成本基礎，我們還需要持續的終端市場復甦才能實現目標。

Encouragingly, we have line of sight to exiting at this rate if we are able to achieve the high end of our revenue range.

令人鼓舞的是，如果我們能夠達到收入範圍的高端，我們就有可能以這個速度退出。

Continuing down the P&L, our continued strong conversion to cash, together with the proceeds of the clinical services divestiture have accelerated our deleveraging and helped materially reduce interest expense.

隨著損益表的持續下降，我們持續強勁的現金轉換，加上臨床服務剝離的收益，加速了我們的去槓桿化，並有助於大幅降低利息支出。

We expect interest expense to improve in 2025 by roughly $30 million to $40 million year-over-year, resulting in approximately $180 million to $190 million of interest expense.

我們預計 2025 年利息支出將年增約 3,000 萬至 4,000 萬美元，導致利息支出約 1.8 億至 1.9 億美元。

We anticipate our tax rate will be similar to 2024 at 22.5%.

我們預計我們的稅率將與 2024 年相似，為 22.5%。

Our adjusted EPS range is $1.02 to $1.10, 10% year-over-year growth at the midpoint after accounting for the $0.03 impact of our clinical services divestiture.

我們的調整後每股收益範圍為 1.02 美元至 1.10 美元，在考慮到臨床服務剝離的 0.03 美元影響後，中間值年增 10%。

This is in line with our long-term algorithm and reflects the strong earnings power of our business.

這符合我們的長期演算法，並反映了我們業務強勁的獲利能力。

We expect free cash flow performance of $650 million to $700 million prior to any onetime cash expenses associated with our cost savings initiative.

我們預計，在扣除與成本節約計畫相關的任何一次性現金支出之前，自由現金流表現將達到 6.5 億至 7 億美元。

While lower than 2024, which benefited from exceptional improvements in working capital performance, this represents approximately 95% conversion of adjusted net income solidly in line with our entitlement.

雖然低於2024年，受惠於營運資本績效的卓越改善，但這代表調整後淨收入的轉換率約為95%，與我們的權利完全一致。

A few final comments on phasing.

關於分階段的最後幾點評論。

In the first quarter, we expect organic revenue for the enterprise to be flat.

我們預計第一季企業的有機收入將持平。

On a segment basis, we expect Lab Solutions also to be flat while bioscience production will grow modestly with bioprocessing expected to grow mid- to high single digits.

從細分市場來看，我們預計實驗室解決方案也將保持平穩，而生物科學生產將小幅成長，生物加工預計將實現中高個位數成長。

Reported revenue is expected to decline low single digits and adjusted EBITDA margin is expected to be in the low to mid-17s.

預計報告收入將下降個位數，調整後的 EBITDA 利潤率預計將處於 17% 左右。

Q1 is historically the softest quarter of the year for us and our industry.

從歷史上看，第一季對於我們和我們的行業來說是一年中最疲軟的季度。

In the first quarter this year, we are also facing fewer selling days, electronic materials headwinds year-over-year and uncertainty due to the macro environment.

今年第一季度，我們還面臨銷售天數減少、電子材料較去年同期下滑以及宏觀環境不確定性等問題。

Our full year guidance contemplates a continued sequential increase in reported and organic revenue dollars each quarter.

我們的全年預期是預計每季報告收入和有機收入將繼續連續增加。

As is typical, this results in approximately 49% of our revenue in the first half of the year and 51% of our revenue in the second half of the year.

通常情況下，這會導致我們上半年的收入約佔 49%，下半年的收入約佔 51%。

We anticipate that our margins will increase each quarter as well, particularly in the second half as the incremental benefits of pricing, volume growth, and transformation savings are realized.

我們預計我們的利潤率每季都會增加，特別是在下半年，因為定價、銷售成長和轉型節約的增量效益將會實現。

Lastly, we are modeling interest expense of approximately $50 million in the first quarter.

最後，我們預測第一季的利息支出約為 5,000 萬美元。

This will continue to trend down each quarter as a result of incremental debt pay down.

隨著債務逐步償還，這一數字每季仍將呈下降趨勢。

We believe this guidance is a well-balanced combination of prudence and confidence in the outlook for our business.

我們相信，該指引是審慎與對業務前景的信心之間的良好結合。

With that, I will turn the call back to Michael.

說完這些，我就把電話轉回給麥可。

Thank you, Brent.

謝謝你，布倫特。

Before we jump into Q&A, I want to thank our more than 13,500 associates across the globe for helping us deliver a great 2024.

在進入問答環節之前，我想感謝我們遍布全球的 13,500 多名員工，感謝他們幫助我們取得了 2024 年的輝煌成就。

The progress we made this year implementing a new operating model and transforming our cost structure was significant and sets us up for even greater success in 2025 and beyond.

我們今年在實施新的營運模式和轉變成本結構方面取得了重大進展，為我們在 2025 年及以後取得更大的成功奠定了基礎。

With the successful transformation of our business into two complementary segments aligned with our customers' needs in the lab, and production environments, we are better positioned than ever to execute on our growth strategy.

隨著我們的業務成功轉變為兩個互補的部分，以滿足客戶在實驗室和生產環境中的需求，我們比以往任何時候都更有能力執行我們的成長策略。

Today, we support more than 300,000 labs around the world in 180 countries and have more than 2,500 on-site service associates working every day in customer labs.

如今，我們為全球 180 個國家的 30 萬多個實驗室提供支持，每天有 2,500 多名現場服務人員在客戶實驗室工作。

Our unparalleled footprint gives us privileged access and important insights into the challenges customers are working on, insights we feed directly into our innovation pipeline.

我們無與倫比的足跡使我們對客戶正在應對的挑戰擁有優先的存取權和重要的見解，這些見解直接回饋到我們的創新管道中。

And our access to early phase research and development and design activities allows us to seed our custom proprietary materials into their production processes.

我們可以透過早期研發和設計活動，將客製化的專有材料植入到他們的生產流程中。

We call it our beaker to bulk strategy and the model really works.

我們稱之為燒杯到批量策略，這種模型確實有效。

Our global footprint has also enabled us to establish a highly resilient supply chain, featuring tremendous flexibility and redundancy built into our sourcing and manufacturing strategies.

我們的全球影響力也使我們能夠建立高度彈性的供應鏈，其特點是我們的採購和製造策略具有極大的靈活性和冗餘度。

We plan for a wide range of scenarios and we know that things can change quickly, so we will continue actively monitoring developments and rapidly make any adjustments as needed.

我們為各種各樣的情況制定了計劃，我們知道事情可能會迅速發生變化，因此我們將繼續積極監測事態發展，並根據需要迅速做出調整。

I am encouraged by our setup for 2025.

我對我們的 2025 年規劃感到鼓舞。

Our sustained commercial intensity and cost transformation initiative drove sequential momentum throughout 2024.

我們持續的商業強度和成本轉型計劃推動了 2024 年全年的連續成長動能。

We have a solid plan for the year, and I am confident that we will continue to execute well.

我們對今年有一個周密的計劃，我相信我們將繼續很好地執行。

We expect a return to organic growth across the business, continued margin expansion and double-digit EPS growth.

我們預計整個業務將恢復有機成長，利潤率將繼續擴大，每股收益將實現兩位數的成長。

We will continue our best-in-class cash generation, accelerating our deleveraging.

我們將繼續保持一流的現金創造能力，加速去槓桿。

We delivered on our commitments for 2024, and I expect us to do the same in 2025.

我們履行了 2024 年的承諾，我希望我們在 2025 年也能做到這一點。

I will now turn it over to the operator to begin the question-and-answer portion of our call.

現在我將把電話交給接線員，開始通話中的問答部分。

(Operator Instructions) Vijay Kumar, Evercore ISI.

(操作員指示) Vijay Kumar，Evercore ISI。

Michael, good morning.

邁克爾，早安。

Thanks for taking my question.

感謝您回答我的問題。

Michael, I guess at a high level, when I look at bioprocessing, some pretty good trends here in Q4.

邁克爾，我想，從高層次來看，當我觀察生物加工時，第四季度出現了一些相當不錯的趨勢。

What were order trends in the quarter?

本季的訂單趨勢如何？

And when you look at the guidance, mid- to high single, there is a range, when you exit rate is high single, so I'm curious was there any pull forward of orders ahead of tariffs or any macro uncertainty?

當您查看指導時，中單到高單，有一個範圍，當您的退出率是高單時，所以我很好奇在關稅之前是否有任何訂單的提前或任何宏觀不確定性？

Just if you can elaborate on bioprocessing assumptions?

能詳細闡述一下生物加工假設嗎？

Yeah, good morning, Vijay, thanks for the question.

是的，早安，維傑，謝謝你的提問。

Yeah, we agree.

是的，我們同意。

We had a really strong finish to the year in bioprocessing with high single-digit growth in the quarter, which builds on four consecutive quarters of outperformance for us.

我們在生物加工領域取得了非常強勁的業績，本季實現了高個位數成長，這得益於我們連續四個季度的優異表現。

Nothing really unusual in terms of how the quarter developed, I don't think we have any evidence that there was a significant pull forward.

從本季的發展來看，並沒有什麼不尋常的，我認為沒有任何證據表明出現了顯著的提前成長。

The quarter played out pretty much in line with our with our expectations.

本季的表現與我們的預期基本一致。

And I would just indicate that the underlying market fundamentals continue to be quite strong.

我只想指出，潛在的市場基本面仍然相當強勁。

Destocking has largely subsided production levels have improved, we continue to see record levels of approvals.

去庫存已基本消退，生產水準已經提高，我們繼續看到創紀錄的批准水準。

So strong order intake, another great quarter there with two- to three-month lead times, we're seeing that translate to revenue real time.

訂單量強勁，又一個季度表現優異，交貨週期為兩到三個月，我們看到這些都轉化為即時收入。

Our experience in '24, Vijay, was one of kind of gradual improvement, and that's kind of what we've planned on for 2025.

維傑，我們在 24 年的經歷是一種逐步改善的經歷，這也是我們對 2025 年的計劃。

And we entered the year with good momentum in an order book that sets us up for sustained recovery as we move through the year.

今年以來，我們的訂單勢頭良好，為我們全年的持續復甦奠定了基礎。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Thanks.

謝謝。

Just a quick one following up on that, Michael, just because you said sustained recovery through the year in BP.

邁克爾，我只想快速跟進這個問題，因為你說過英國石油公司全年都在持續復甦。

But you are guiding to mid-single, high single for the first quarter for bioprocess and mid-single, high single for the full year.

但是，您預計生物工藝第一季的業績將達到中單、高單，全年的業績也將達到中單、高單。

So this is just a matter of comps or just some concern, just some clarification question there.

所以這只是一個補償問題，或者只是一些擔憂，只是一些澄清問題。

But then my actual question is going to be on the margins, Brent.

但我的實際問題是關於邊緣問題，布倫特。

80 bps year-over-year is the guide for 2025 to pointing to 18.5 at the midpoint.

2025 年的指引值為年增 80 個基點，中間值為 18.5。

But one, you are giving a wide range on the margins a little bit wider than you have in the past in terms of its 100 bps range.

但首先，就 100 個基點的範圍而言，您給出的邊際範圍比過去要寬一些。

Just curious why that's there.

只是好奇為什麼它會在那裡。

And also thoughts on margins beyond that.

以及關於超出此範圍的利潤的思考。

I think you talked about you're exiting -- you're going to have an excess of $250 million in savings through '25, $300 million is the goal exiting '26.

我想你談到了退出——到 25 年你將有超過 2.5 億美元的儲蓄，到 26 年你的目標是儲蓄超過 3 億美元。

So looks like you're executing on some cost savings faster than you anticipated.

因此看起來你們的成本節約速度比你們預期的還要快。

Is that just a matter of timing or is it one of those things where as you're going through the business, you're finding more and more than you thought you would.

這只是一個時間問題，還是當你在做生意時，你會發現比你想像中更多的東西之一。

So maybe there's some upside to that $300 million number for '26.

因此，對於 26 年來說，3 億美元這個數字可能還有一定的上升空間。

All right.

好的。

Thanks, Michael.

謝謝，麥可。

I'll do my best here to try to unpack some of that and let Brent can cover your questions on margins.

我將盡力解答其中的一些問題，讓布倫特來解答你關於利潤的問題。

When I think about our experience to date on bioprocessing, recovery has been incremental, which as I said before, probably more sustainable.

當我回顧我們迄今為止在生物加工方面的經驗時，復甦是漸進的，正如我之前所說，這可能更具可持續性。

There's great pipelines across all modalities, mAbs with a lot of exciting things in ADCs and biosimilars, selling therapy is looking pretty good as well.

各個模式都有很好的產品線，mAb 在 ADC 和生物相似藥方面有很多令人興奮的事情，治療銷售看起來也相當不錯。

And look, we're ubiquitous across all these modalities, and we continue to drive high penetration across new therapies.

而且，我們在所有這些治療方式中都無處不在，而且我們將繼續推動新療法的高滲透率。

And we continue to put more content on each new molecule.

我們會繼續為每個新分子添加更多內容。

Because I think about the progress here sequentially and moving into 2025, as we said, Q1 tends to be the low point the year.

因為我考慮這裡的進展是按順序進行的，並且進入 2025 年，正如我們所說，第一季往往是一年中的低點。

And we think mid- to high single-digit target for that business for the quarter is a prudent place to start.

我們認為，本季該業務的中高個位數目標是一個明智的起點。

And we would contemplate or expect gradual improvement off of that as we move through the year.

並且，隨著時間的流逝，我們會考慮或期望這種情況會逐漸改善。

Okay.

好的。

Michael, thanks for the question.

邁克爾，謝謝你的提問。

So -- and you had a few pieces to it there.

所以 — — 你已經掌握了其中的一些要點。

But on the margin side, look, that's a sort of the art of where the point of that is going to be -- we had that range, frankly, we thought round numbers made sense, and we didn't want a sense of false precision there.

但在利潤方面，看，這是一種藝術，其重點在於——我們有這個範圍，坦白說，我們認為整數是有意義的，我們不希望在那裡有一種虛假的精確感。

I mean I think zeroing in on the midpoint as you often do, there makes a lot of sense there.

我的意思是，我認為像你經常做的那樣，將焦點集中在中點上，這是有意義的。

This platform does have meaningful fixed costs, and we get real leverage on that.

這個平台確實有有意義的固定成本，並且我們利用了這一點。

The other thing there is if we get sales at the top end of the range there, you will see us convert even better.

另一件事是，如果我們的銷售額達到該範圍的高端，你會看到我們的轉換率甚至更高。

So that's the other reason for some breadth to the range there.

所以這是範圍較廣的另一個原因。

And you made the comment on the cost savings, which I think both is very fair.

您對成本節約發表了評論，我認為這都非常公平。

We've -- I don't know that it's necessary that we found more, but this place can be very action oriented.

我們——我不知道是否有必要找到更多，但這個地方可以非常注重行動。

If we've seen opportunities, we've executed against them because it's much better to get the cost savings in an earlier period.

如果我們看到機會，我們就會抓住機會，因為越早節省成本越好。

I don't think I would call for the program to outperform quite yet.

我認為目前我還不會要求該計劃表現出色。

But I think you'll see very strong continued momentum there.

但我認為你會看到那裡持續強勁的發展勢頭。

So I just think everyone should feel comfortable that we're reading into that self-help as much as we can.

因此，我認為每個人都應該感到安心，我們正在盡可能地了解這種自助方法。

Dan Brennan with TD Cowen.

TD Cowen 公司的 Dan Brennan。

Great, thank you.

太好了，謝謝。

I wanted to ask a question on the lab side of the business.

我想問一個有關實驗室業務方面的問題。

I know in the prepared remarks, you talked about think you mentioned macro and holidays.

我知道在準備好的發言中您談到了宏觀和假期。

But it was a bit light in the fourth quarter, down on, I think you had guided for flat to up low single.

但第四節比賽有點輕鬆，我認為你已經指導過從平局到低位單打。

So just some more color on how the quarter progressed versus expectations.

因此，我們只想將本季的進展與預期進行比較。

And then similarly, if we think about your guidance for '25, I think you talked about low single.

然後同樣地，如果我們考慮您對 25 年的指導，我想您談論的是低單。

Just would love to just find out what are the puts and takes are on that low single.

只是想了解這個低單的投入和產出是什麼。

And then I have a follow-up.

然後我有一個後續問題。

Yes.

是的。

Great.

偉大的。

Thanks for the question, Dan.

謝謝你的提問，丹。

So as we think about the context for our lab performance in 2024, we entered the year assuming that 49% of our revenues would come in the first half, 51% would come in the second half, really driven off of kind of normal seasonality as we move through the end of the year.

因此，當我們思考 2024 年實驗室表現的背景時，我們在進入這一年時就假設 49% 的收入將來自上半年，51% 將來自下半年，這實際上是受到年底正常季節性因素的推動。

And that's what was implied from the beginning.

這正是從一開始就暗示的。

Based on a more muted seasonal ramp, which was contemplated by the low end of our guide, that's clearly, where we fail.

基於我們指南低端所預期的較溫和的季節性增長，這顯然是我們失敗的地方。

Brent mentioned a few factors.

布倫特提到了幾個因素。

Obviously, there's a bit of noise in the macro environment at the moment.

顯然，目前的宏觀環境中存在一些噪音。

We were uncertain given kind of a midweek holiday there at the end of the year, how that would impact these activity levels were certainly muted as we move to the last week or two of the year and there really wasn't much of a budget flush outside of high-end instrumentation, which isn't really a big part of our portfolio.

我們不確定，考慮到年底的周中假期，這會對這些活動水平產生怎樣的影響。

But -- so I would say the quarter played out generally in line with our original expectations and I think underscores the resiliency of the business.

但是 — — 所以我想說本季的表現總體上符合我們最初的預期，我認為這突顯了業務的彈性。

The other thing I would say, Dan, is the quarter for me really highlights just how the model is starting to work again.

丹，我想說的另一件事是，對我來說，本季真正凸顯了該模型如何開始重新發揮作用。

You see nice margin expansion as mix continues to improve.

隨著產品組合的不斷改善，您會看到利潤率大幅擴大。

Certainly, the cost actions are flowing through.

當然，成本行動正在持續進行。

We continue to have best-in-class free cash flow conversion margins at the high end of the guide, delivering on our EPS guidance from beginning of the year.

我們的自由現金流轉換利潤率繼續保持同類最佳，處於指導價值的高位，實現了今年年初的每股收益指導值。

So I think there's a lot to like about the quarter here and some good evidence that the model is starting to work again.

所以我認為本季有很多值得欣賞的地方，並且有一些很好的證據表明該模型開始再次發揮作用。

Rachel Vatnsdal with JPMorgan

摩根大通的 Rachel Vatnsdal

Good morning.

早安.

So I wanted to ask some questions related to the new administration and policy impacts.

所以我想問一些與新政府和政策影響有關的問題。

You've had a number of your peers call out a certain level of prudence embedded in their guide for risks related to this new administration and potential policy changes.

您的許多同行都曾呼籲，在指南中謹慎對待與新政府和潛在政策變化相關的風險。

I didn't necessarily hear that in your prepared remarks at all.

我根本沒有在您準備好的發言中聽到這一點。

So can you talk about have you embedded anything for policy risk into this guidance?

那麼您能談談是否將任何政策風險嵌入了本指南中嗎？

And then along those lines, given some of the headlines we've seen so far to start the year with things like NIH budget freezes and RFK nomination, have you seen any changes in customer behavior related to your academic and government or pharma biotech customer base?

然後沿著這個思路，考慮到我們在年初迄今為止看到的一些頭條新聞，例如 NIH 預算凍結和 RFK 提名，您是否看到與您的學術和政府或製藥生物技術客戶群相關的客戶行為發生了任何變化？

Yeah,

是的，

.

。

Thanks for the questions, Rachel.

謝謝你的提問，Rachel。

I think all really relevant topics, of course.

我認為當然都是真正相關的主題。

A few things on the new administration.

關於新政府的一些事。

I'd just call your attention to the obvious facts only been a couple of weeks since they've been in office.

我只是想提請你們注意一個顯而易見的事實：他們上任才幾週。

It's obviously early days.

顯然，現在還為時過早。

On one hand, I think we're excited about the overall business environment that this administration is likely to create, which is expected to be more business friendly and focused on economic growth.

一方面，我認為我們對本屆政府可能創造的整體商業環境感到興奮，預計該環境將更有利於商業並更加重視經濟成長。

Specific to NIH funding, certainly during a lot of ideas being discussed, nothing formal yet in terms of funding plans or policies.

具體到 NIH 的資助，當然在討論許多想法的同時，在資助計劃或政策方面還沒有任何正式的出台。

As we've said before, we have relatively modest direct exposure to NIH.

正如我們之前所說，我們對 NIH 的直接接觸相對較少。

But of course, particularly in the academic segment, we know that some of our customers do rely on that funding for the programs.

但當然，特別是在學術領域，我們知道我們的一些客戶確實依靠這些資金來開展專案。

But from the language we've seen so far in the areas that are likely to be impacted, it doesn't appear to us that it's areas where we would have significant exposure.

但從我們目前看到的可能受到影響的領域的措辭來看，這些領域似乎不是我們會受到重大影響的領域。

And at the end of the day, I think what gives me the confidence here in our outlook for the year is good science continues to get funded.

總而言之，我認為讓我對今年的前景充滿信心的是優秀的科學研究將繼續獲得資助。

And we'll, of course, continue to monitor the environment and adjust accordingly.

當然，我們會繼續監測環境並做出相應調整。

But I think net-net, it's hard to predict exactly what all these policies that are being bantered about and ultimately have.

但我認為，總體而言，很難準確預測這些正在討論的政策最終會產生什麼結果。

But to the extent that it creates a more positive business environment, we would think that would be constructive.

但只要它能創造更積極的商業環境，我們認為這將是有建設性的。

And of course, we'll continue to look to leverage our broad footprint and flexibility to ensure we continue to deliver value to our customers.

當然，我們將繼續利用我們廣泛的影響力和靈活性來確保繼續為客戶提供價值。

Doug Schenkel with Wolfe Research.

沃爾夫研究公司的道格·申克爾（Doug Schenkel）。

This is Matalan on for Doug.

這是 Matalan 為 Doug 表演的。

It seems like bioscience and bioprocessing in particular, have been starting to have a bit of a resurgence, while based on the fourth quarter and also the guidance, the lab business has been more under pressure for both you and peers.

看起來生物科學和生物加工尤其開始有所復甦，而根據第四季度和指導，實驗室業務對您和同行來說都面臨更大的壓力。

If this trend continues and exacerbates, how could that impact margins?

如果這種趨勢持續並加劇，將如何影響利潤率？

And could that be an area of upside for margins versus the guide?

與指南相比，這是否是利潤率上漲的一個領域？

Yeah, I mean, look, going back to the original -- the comments I may do a couple of questions ago.

是的，我的意思是，回顧一下原文——我可能會在幾個問題之前發表的評論。

I mean we do have fixed costs.

我的意思是我們確實有固定成本。

And absolutely, if you have less in the lab, we will under-absorb against those fixed costs.

當然，如果實驗室的資金不足，我們將無法吸收這些固定成本。

I think that's pretty arithmetic.

我認為這很有算術意義。

I think when you look at our guidance, we look at all kinds of scenarios, and I think we've been very prudent about that, but we also got questions about the breadth of the ranges here.

我認為，當您查看我們的指導時，我們會看到各種各樣的情況，並且我認為我們對此非常謹慎，但我們也對這裡的範圍廣度存在疑問。

If we do see a resurgence there, both that absolutely would allow better conversion.

如果我們確實看到那裡的復甦，那麼這絕對可以實現更好的轉變。

I mean, you see just what a modest increased organic growth does for this business against margin across both sides of it there.

我的意思是，您可以看到適度的有機成長對這項業務及其雙方的利潤率產生了什麼影響。

And obviously, you come in with higher margins on the Bioscience side of it.

顯然，生物科學方面的利潤更高。

So it's easier to see those impacts.

因此更容易看到這些影響。

But even a moderate increase in growth in lab will be very nice for margins here.

但即使實驗室規模僅適度增加，對於利潤來說也將是非常可觀的。

Tycho Peterson with Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I want to probe on a couple of things.

我想要探討幾件事。

So academic government down low single digit.

因此學術政府的人數下降了個位數。

But Michael, you did call out academic as strong.

但是邁克爾，你確實稱學術為強。

I'm just -- is that K12?

我只是——那是 K12 嗎？

And I think usually, that's a 3Q benefit, not a 4Q benefit.

我認為通常這是第三季的福利，而不是第四季的福利。

So curious about that.

對此我很好奇。

And then you flagged share gains for lab.

然後您標記了實驗室的份額收益。

Curious where you're kind of seeing the most in terms of gains.

好奇您在哪裡看到了最多的收益。

And then lastly, just bioprocess, mid- to high single digits consistent with some of your peers, but others are firmly kind of endorsing high single digits.

最後，僅生物過程，中高個位數與一些同行一致，但其他人則堅定地支持高個位數。

So what's your view on kind of market growth?

那麼您對於市場成長有何看法？

And how much conservatism, I guess, is what everybody is trying to figure out in that mid-single digit to low end of the range.

我想，每個人都在試圖弄清楚，在這個從個位數中間到低端的範圍內，保守程度有多高。

Thanks.

謝謝。

Yeah, thank you for the question.

是的，謝謝你的提問。

Thanks for the question.

謝謝你的提問。

It's (inaudible) there.

它就在那裡（聽不清楚）。

Starting with our education and government performance, that's been a real bright spot for us throughout the year, as I said in my prepared remarks, it can be a bit lumpy.

從我們的教育和政府表現開始，這是我們全年的一個真正亮點，正如我在準備好的演講中所說的那樣，它可能有點不穩定。

I think you've got the phasing on our K12 exposure about right.

我認為您對我們的 K12 曝光的階段已經了解得大致正確。

So that piece certainly would have been down sequentially relative to just the normal timing of when those K12 districts update their curriculum in the materials.

因此，相對於 K12 學區更新資料中的課程的正常時間而言，這一部分肯定會按順序下降。

But we've got a track record here now over a couple of years of sustained commercial intensity that is clearly leading to outperformance in our higher education platform.

但我們在過去幾年持續的商業強度中已經取得了良好的業績記錄，這顯然使我們的高等教育平台表現出色。

I think with some of the macro noise and some of the expected changes with the new administration that the government piece was a bit weak in the quarter.

我認為，由於一些宏觀噪音和新政府的一些預期變化，政府部門在本季表現有些疲軟。

But we continue to, I think, be quite confident about the work we're doing on the education side of that business.

但我認為，我們對我們在該業務的教育方面所做的工作仍然非常有信心。

When you think about the guide and the outlook for bioprocessing.

當您考慮生物加工的指南和前景時。

Look, I think I'd say a couple of things.

瞧，我想我會說幾件事。

One, we're assuming Q1 is a low point and things will improve from there.

首先，我們假設第一季是一個低谷，之後情況將會好轉。

Of course, the comps get a little bit more difficult as you move through the year as well.

當然，隨著時間的推移，比賽也會變得越來越困難。

But we view 2025 as a year of continued gradual improvement.

但我們認為 2025 年將是持續逐步改善的一年。

We really like the setup for the year, strong order book, strong momentum.

我們真的很喜歡今年的安排，強勁的訂單量和強勁的發展勢頭。

I think we're trying to be prudent here out of the gate and just reflect some of the macro environment.

我認為我們一開始就試圖保持謹慎，只是反映一些宏觀環境。

And obviously, we'll be pushing to grow that business as fast as we can.

顯然，我們將盡力推動該業務的成長。

But we like the positioning we like to set up -- we had a great finish to the year.

但我們喜歡我們喜歡設定的定位——我們今年有一個完美的結局。

I think we're encouraged by where we're at.

我想我們對目前的狀況感到鼓舞。

Luke Sergott with Barclays.

巴克萊銀行的 Luke Sergott。

Great, thanks guys.

太好了，謝謝大家。

Just kind of like following up on what everybody is trying to figure out is starting the year slower than what was expected.

就像每個人都在試圖弄清楚今年的開局比預期要慢。

And then so it implies another pretty sequential impressive ramp throughout the year, bioprocessing, maintaining your growth.

因此，這意味著全年生物加工領域將再次出現相當連續、令人印象深刻的成長，並保持成長動能。

And so as you look across the rest of the book, what is it going to get better?

那麼當你瀏覽這本書的其餘部分時，它會變得更好嗎？

And what -- what's the visibility on that, like especially as you think about US semis and the government funding, et cetera, with labs?

而且 — — 這方面的可見性是什麼，特別是當您想到美國半導體和政府對實驗室的資助等時？

Yeah, a couple of things.

是的，有幾件事。

One, I'd reiterate kind of the phasing that we've implied in our guidance today, which is typical for our business, 49% of our revenue in the first half, 51% of our revenues in the second half.

首先，我想重申我們在今天的指引中所暗示的分階段策略，這對我們的業務來說很常見，即上半年占我們收入的 49%，下半年占我們收入的 51%。

So -- not a lot of ramp here implied in our numbers.

所以 — — 我們的數字不代表這裡有太多的成長。

I think from a processing standpoint, we see mid-single-digit growth to high single-digit growth in the first quarter as well on a full year basis, which given that comps improve or get more challenging as we move through the year, that just reflects good steady improvement from that end market as things continue to normalize.

我認為，從加工的角度來看，我們看到第一季以及全年都出現了中等個位數到高個位數的增長，考慮到隨著時間的推移，同店銷售額會有所改善或變得更具挑戰性，這反映出隨著情況繼續正常化，終端市場正在穩步改善。

In the lab business, we've contemplated relatively stable end market conditions.

在實驗室業務中，我們考慮了相對穩定的終端市場條件。

We're not really expecting or needing any heroics to occur there for us to deliver on our guide with an assumption that will realize normal contributions from price.

我們實際上並不期望或需要發生任何英雄事蹟，以便我們能夠履行我們的指導方針，並假設實現價格的正常貢獻。

And that that phases in, as we've talked about in previous years, as we move through the first quarter and should be in place fully by the time that we get into the second quarter.

正如我們前幾年所討論過的，隨著我們進入第一季度，這項措施將逐步實施，到第二季度時應該會全面到位。

So those are some of the puts and takes, Luke, on how I think about the setup for for the year.

所以盧克，這些就是我對今年安排的一些看法。

So I hope that's helpful to you.

我希望這對你有幫助。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking my questions.

嘿夥計們，謝謝你們回答我的問題。

Maybe to follow up a little bit on Luke there.

也許可以在那裡跟進一下盧克的情況。

I know he touched on the semi piece.

我知道他提到了半成品。

Can you guys just kind of expand a little bit on what you saw in the quarter broadly in advanced technologies.

你們能否稍微詳細說明一下本季在先進技術領域的情況？

I know the semi piece jumped out last quarter and bit the margins a little bit.

我知道上個季度半導體表現突出，並且稍微影響了利潤率。

Just the outlook on that part of the business as we work our way through the year impact to margins would be helpful.

當我們回顧全年利潤率對這部分業務的影響時，僅僅展望這部分業務就會有所幫助。

Thank you guys.

謝謝你們。

Good question, Patrick.

派崔克，你問得好。

Firstly, I just remind the group here that semi is a relatively small part of our overall VPS segment.

首先，我只是想提醒大家，半導體只是我們整個 VPS 領域中相對較小的部分。

And as we talked about it in the third quarter, the conditions in that end market, particularly with some of the larger customers here in the US deteriorated pretty meaningfully in Q3 and our Q4 plan was assuming that things would be relatively stable sequentially, which is how the quarter played out.

正如我們在第三季度所討論的那樣，終端市場的狀況，特別是美國的一些較大客戶的情況在第三季度大幅惡化，而我們的第四季度計劃假設情況會相對穩定，而本季度的情況也是如此。

So it wasn't an incremental headwind on a sequential basis to us.

因此，對我們來說，這並不是連續的漸進式逆風。

And -- as we think about what's factored into the guide for 2025, we've assumed that things will stay relatively stable at the levels that we saw in the second half of this year.

而且——當我們思考 2025 年指南中考慮的因素時，我們假設情況將保持在今年下半年的水平上相對穩定。

So we'll not be taking any recovery in that for that end market.

因此，我們不會對終端市場進行任何復甦。

It will be a pretty leanful headwind to us in Q1.

這對我們來說在第一季將是一個相當不利的因素。

That was the high point of that market for the year.

那是該市場今年的最高點。

So we've got a pretty tough comp for our semis business there.

因此，我們的半導體業務在那裡面臨相當嚴峻的競爭。

And so that's also part of what we've contemplated in our our guide there that offsets the good momentum on our new sole platform and our bioprocessing platform.

這也是我們在指南中考慮的一部分，它抵消了我們新的唯一平台和生物加工平台的良好勢頭。

But we continue to stay close to our customers and I think we're encouraged to see that things have stabilized a bit here, but not really anticipating any recovery as we move through the year.

但是我們繼續與客戶保持密切聯繫，我認為我們很高興地看到這裡的情況已經有所穩定，但是我們並不真正期望在今年內會出現任何復甦。

Patrick, I'd just add on.

派崔克，我只是想補充一下。

You had a piece about margins in connection with semis there.

您在那裡發表了一篇有關半導體利潤的文章。

And we had commentary last quarter, that was more about a surprise versus where where that went.

我們在上個季度有過評論，但更多的是驚喜而不是事情的發展。

But when you think about what the setup for '25 is here and what that means with this level of bioprocessing growth with this level of bioscience growth, that will definitely have us mixing up, and you can see that into the margin guide.

但是，當您思考 25 年的設定是什麼，以及這對於這種生物加工增長水平和生物科學增長水平意味著什麼時，我們肯定會混淆，您可以在利潤指南中看到這一點。

So -- just want to be clear that you don't see the comments on electronic materials there is problematic to margin in the year.

所以——只是想明確一點，您沒有看到有關電子材料的評論，因為今年的利潤率有問題。

It's absolutely baked into our expectations.

這完全符合我們的期望。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

Hey guys, good morning and thanks for taking time here.

嘿，大家早安，感謝你們抽出時間來這裡。

Brent, a couple of quick cleanups in the guide for you.

布倫特，指南中為您提供了一些快速清理操作。

Can you just remind us of how the 200 bps FX headwind and the top line impacts EBITDA and then the EPS line?

您能否提醒我們 200 個基點的外匯逆風和營業收入如何影響 EBITDA 以及 EPS 線？

And second, bioprocessing, a lot of questions here, but Michael, can you confirm that in steady state, you still expect that to be a double-digit grower for you?

其次，關於生物加工，這裡有很多問題，但是邁克爾，你能否確認，在穩定狀態下，你仍然預計這將是兩位數的增長？

And then lastly, on M&A.

最後，關於併購。

You guys have been pretty cautious on sort of reprioritizing that.

你們對於重新確定優先順序一直非常謹慎。

Brent, you mentioned cost outs and debt pay downs.

布倫特，你提到了成本支出和債務償還。

That said, a lot of your peers are opportunistically dusting off their M&A playbooks given a more benign regulatory backdrop and a decent rate environment.

儘管如此，鑑於較溫和的監管背景和適宜的利率環境，許多同行都在伺機重拾其併購策略。

And you don't want to presumably sort of miss the boat, so to speak, on the pick of the litter, right, among the assets out there.

而且，你大概也不想在眾多資產中錯失良機吧。

So could we see you sort of revisit that strategy a little bit sooner than you've indicated recently.

所以我們是否可以看到您比最近表示的更早重新審視該策略。

Thank you.

謝謝。

So here real quick on the modeling cleanups there, Tejas.

這裡快速地進行一下 Tejas 的建模清理。

So the -- we're more than 50% US dollar in our business, but we have significant exposure to the euro.

所以，我們的業務中超過 50% 是以美元為基礎的，但我們對歐元的依賴也很大。

So you'll see in the footnotes on the page there that we're modeling based off a year dollar of 1.03. Now what we realized in '24 was 1.08.

因此，您會在該頁的腳註中看到，我們是根據每年 1.03 美元進行建模的。現在我們在 24 年實現的是 1.08。

So that's what on the math basis gets you about a 2% headwind.

所以從數學角度來說，這意味著你面臨約 2% 的逆風。

So that's kind of $135 million of revenue as that rolls down, that'd be approximately $25 million of EBITDA, $0.03 of EPS.

因此，如果將 1.35 億美元的收入計算下來，則 EBITDA 約為 2500 萬美元，EPS 約為 0.03 美元。

So that's the FX modeling impact.

這就是 FX 建模的影響。

Firstly, on bioprocessing, Yes, I think our conviction level on double-digit growth for that platform is still fully impact as we highlighted at a recent conference earlier in the year, we like, of course, the positioning we have today with more than 85% penetration of the commercialized platforms.

首先，關於生物加工，是的，我認為我們對該平台實現兩位數增長的信心水平仍然具有完全影響力，正如我們在今年早些時候的一次會議上強調的那樣，我們當然喜歡我們今天的定位，即商業化平台的滲透率超過 85％。

And as we look ahead, we see that growing to over 90%, including 5 of the 5 top blockbusters.

展望未來，我們預計這一比例將成長 90% 以上，其中包括 5 部頂級大片。

So very, very strong positioning.

因此定位非常非常強。

Our innovation engine is hitting on all cylinders in and we continue to have strong conviction on how that end market will play out for us over the long term.

我們的創新引擎正全速運轉，我們堅信終端市場將如何為我們帶來長期的發展。

From an M&A standpoint, good question.

從併購的角度來看，這是個好問題。

Obviously, we've been squarely focused on paying down debt.

顯然，我們一直專注於償還債務。

We paid down well over $2 billion over the last couple of years. and our leverage stands at 3.2 times as we enter 2025.

過去幾年我們已經償還了超過20億美元。進入2025年，我們的槓桿率將達到3.2倍。

So we'll definitely get below 3 times at some point this year.

因此，今年某個時候我們肯定會低於 3 倍。

And as we said in our prepared remarks, at that point, we'll certainly have some flexibility here.

正如我們在準備好的發言中所說的那樣，到那時，我們肯定會有一定的彈性。

As it relates to M&A, that remains an important part of our long-term playbook, and we continue to be active in building our pipelines and linking those pipelines to our business strategies.

就併購而言，這仍然是我們長期策略的重要組成部分，我們將繼續積極建立我們的管道，並將這些管道與我們的業務策略連結起來。

And I think we have some clear areas of focus where we think we can add significant value over time.

我認為我們有一些明確的重點領域，我們認為我們可以隨著時間的推移增加顯著的價值。

But I would reiterate that we are committed to running the business sustainably below 3 times.

但我想重申，我們致力於以低於 3 倍的速度永續經營業務。

And so I think you'll see us be prudent here as we work through this transition into a more flexible allocation policy.

因此，我認為，在我們過渡到更靈活的分配政策的過程中，你會看到我們會非常謹慎。

Conor McNamara with RBC Capital Markets.

加拿大皇家銀行資本市場的康納麥克納馬拉 (Conor McNamara)。

I'm great, thanks for taking the question.

我很好，感謝您回答這個問題。

Michael, you talked about the new distribution agreements at the start of the call.

邁克爾，您在通話開始時談到了新的分銷協議。

Can you just talk about the impact of those agreements to your overall third-party business?

您能談談這些協議對您的整體第三方業務的影響嗎？

And if that business was down in the quarter and the year.

如果該業務在該季度和年度內下滑。

How should we think about longer term when that returns to growth?

當經濟恢復成長時，我們應該如何考慮更長遠的未來？

And then just are these new agreements margin accretive to the third-party business.

那麼這些新協議是否會為第三方業務帶來利潤成長？

Yeah, really great questions, Conor.

是的，康納，這些問題真的非常棒。

Thanks for bringing that up.

謝謝你提起這件事。

So as we think about the setup for our lab business for the year, we're anticipating low single-digit growth for that platform in 2025.

因此，當我們考慮今年的實驗室業務設定時，我們預計該平台在 2025 年將實現低個位數成長率。

So we're certainly looking forward to returning that to organic growth.

因此，我們當然期待恢復有機成長。

Our algorithm, our long-term growth algorithm contemplates that business being low to mid-single-digit growth.

我們的演算法，我們的長期成長演算法預計業務將保持低至中等個位數成長。

So certainly, we're starting to get into that envelope where things are certainly normalizing.

因此可以肯定的是，我們開始進入事態正常化的階段。

And one of the important attributes on how you grow that business, of course, is ensuring that you have the right portfolio to bring differentiated technologies to your customers to help them solve their most current challenges.

當然，發展業務的重要特徵之一是確保您擁有正確的產品組合，為您的客戶提供差異化技術，幫助他們解決當前的挑戰。

And so we have a very vibrant innovation portfolio, and that includes the work we do in our own R&D centers and bringing those technologies into the market.

因此，我們擁有非常活躍的創新組合，其中包括我們在自己的研發中心所做的工作以及將這些技術推向市場。

But of course, an important part of the model is working with the supplier community to help them bring their innovations to the market.

但當然，該模型的一個重要部分是與供應商社群合作，幫助他們將創新推向市場。

And so really, what I was just trying to highlight for you today some of the more notable milestones in that regard in the quarter.

所以實際上，我今天只是想向你們強調本季在這方面的一些更值得注意的里程碑。

And each one of these is somewhat incremental in nature.

而其中的每一個都在某種程度上是漸進的。

And we would, on average, launch roughly 100,000 new products a year, Conor.

康納，我們平均每年會推出約 10 萬種新產品。

And so you can kind of get a sense there for how important this is to our business.

因此您可以感覺到這對我們的業務有多重要。

And I think it is just another good data point that shows the focus that our new operating model is bringing us and the setup that we have going into the year.

我認為這只是另一個很好的數據點，顯示了我們的新營運模式為我們帶來的重點以及我們今年的安排。

So with some of these new technologies, supply arrangements, together with the impact of pricing, we are looking forward to having that platform grow again for us here as we move into '25.

因此，透過這些新技術、供應安排以及定價的影響，我們期待在進入25年時該平台能夠再次為我們實現成長。

Matthew Sykes, Goldman Sachs.

高盛的馬修賽克斯（Matthew Sykes）。

This is Ivy on for Matt Thanks for taking my questions.

我是 Ivy，代表 Matt 回答我的問題。

So I understand there is a more muted impact seasonally in 4Q, but can you talk about what you're seeing in terms of large -- or large pharma versus emerging biotech customer cohorts?

因此，我了解到第四季度的季節性影響比較小，但您能談談您對大型製藥公司與新興生物技術客戶群的看法嗎？

And then any puts and takes you could provide there?

那麼您能提供什麼建議嗎？

Yeah, happy to.

是的，很高興。

So, I think it's a -- it's going to tell it to (inaudible) if you will, there we are rather encouraged by what we're seeing out of large pharma.

所以，我認為 — — 它會告訴它（聽不清楚）如果你願意的話，我們對大型製藥公司所取得的成績感到相當鼓舞。

There's been, quite some notable headwinds there on pre-clinical activities as they've been reprioritizing pipelines and, working through a number of adjustments, their spend and such.

由於他們一直在重新調整通路的優先順序，並且透過一系列調整來減少支出等，因此在臨床前活動方面出現了相當明顯的阻力。

And now for a couple of quarters in a row, we're starting to see large pharma, return to growth and we actually had a pretty nice quarter with large pharma in our lab business and seeing across that space, both in Europe as well as in the Americas, a nice return to the growth there.

現在，連續幾個季度，我們開始看到大型製藥公司恢復成長，事實上，我們實驗室業務中與大型製藥公司的一個季度表現相當不錯，我們看到，無論是在歐洲還是在美洲，都恢復了良好的成長。

On the other end of the spectrum, of course, is the biotech activities, and we know that on a year to year basis, biotech funding was up, but it probably doesn't tell the whole story.

當然，另一方面是生物技術活動，我們知道，從年復一年的角度來看，生物技術資金一直在增加，但這可能並不能說明全部。

It took a pretty meaningful jump in Q1 of last year, and it fell sequentially each and every quarter through the end of the year.

去年第一季度，該數字出現了相當明顯的增長，但到年底之前，每個季度都出現了連續下降。

And so activity levels there continues to be a bit bifurcated.

因此那裡的活動水平仍然有點分化。

We see some of the more established biotechs, doing okay and growing.

我們看到一些比較成熟的生技公司表現良好並且正在不斷發展。

But the traditional startup, we're not seeing the same level of activity there as what we would normally expect.

但對於傳統的新創企業，我們並沒有看到其活動水平達到我們通常預期的水平。

But that continues to be a bit of a headwind for us.

但這對我們來說仍然是一個阻力。

But we are encouraged by some of the activity levels we're seeing across the space, particularly and notably, the momentum we're seeing with large former pick up again.

但是，我們看到的整個領域的一些活動水平令我們感到鼓舞，特別是我們看到的前者再次大幅回升的勢頭。

Brandon Couillard, Wells Fargo.

富國銀行的布蘭登‧庫亞爾 (Brandon Couillard)。

Brent, just a clarification.

布倫特，我只是想澄清一下。

I think you mentioned fewer selling days in the first quarter.

我記得您提到第一季的銷售天數較少。

Is that down sequentially as well?

那也是依序下降的嗎？

Could you just quantify the contribution and the impact relative to the flat organic guidance?

您能否量化相對於平穩有機指導的貢獻和影響？

Are there any other variances to be aware of as we move through the year?

隨著時間的推移，還有哪些變化需要我們注意？

On Q1, that's down year-over-year, it's not down sequentially there, but certainly that does have an impact.

就第一季而言，這是同比下降的，雖然沒有環比下降，但肯定會產生影響。

It's not where the full year figure there.

這不是全年數據。

But no, I think when you think about the Q1 set up there, again, we're talking about being very lab being stable.

但不，我認為當你考慮那裡設置的 Q1 時，我們再次談論的是實驗室的穩定性。

We recognize there's the other noise out here, but there are always puts and takes in the business there.

我們體認到這裡還存在其他的噪音，但那裡的業務總是有進有退。

And then you blend that with bioscience being up mid there and -- bioprocess of mid- to high that's just -- we're being cautious about the quarter, and I don't think that makes us an outlier with what you're hearing from other people there caution on Q1.

然後你把它與處於中部的生物科學和處於中高端的生物過程相結合，這就是——我們對本季度持謹慎態度，我不認為這會使我們成為異常值，因為你從其他人那裡聽到的對第一季度的謹慎態度。

Jack Meehan, Nephron Research.

傑克‧米漢（Jack Meehan），腎元研究室。

Thank you and good morning.

謝謝你，早安。

Two quick follow ups.

兩個快速的後續行動。

One was just on the model for Brent, interest expenses $50 million in the fourth quarter.

其中一個就是按照布蘭特原油的模型，第四季的利息支出為 5,000 萬美元。

Was there anything one time in the $45 million in 4Q or why would it step up sequentially?

第四季的 4500 萬美元中是否存在一次性支出，或者為什麼會逐級增加？

And then for Michael, just, any comments on the education market which declined low singles in the quarter, was that just seasonal factors, the holidays or something else that you're seeing there?

然後對於邁克爾，您對本季度教育市場單曲銷量下降有何評論，這只是季節性因素、假期還是您看到的其他因素？

Thank you.

謝謝。

Yeah, Jack, we had -- there's a little bit of accounting and the interest expense there with unamortized or amortized fees going through.

是的，傑克，我們有一點會計工作，並且有利息費用以及未攤銷或攤銷費用。

And we also do have a decent amount of EUR debts you have FX running through there.

而且我們確實有大量的歐元債務，而外匯是透過這些債務來運作的。

And our guide of the year is $180 million to $190 million there, so, $50 million when you have deleveraging throughout the year there, that's just sort of kind of dollar cost average down for the year.

我們今年的指導金額是 1.8 億到 1.9 億美元，所以，如果全年去槓桿的話，5000 萬美元只是全年平均美元成本的下降。

And then, Jack, your question on education.

然後，傑克，你的問題是關於教育的。

I think I shared some thoughts on this earlier, but just to reiterate, we continue to be very satisfied with the share means we're driving in the higher ed space.

我想我之前已經分享過一些關於這方面的想法，但我要重申的是，我們對於我們在高等教育領域所推動的共享方式仍然感到非常滿意。

We're probably seven or eight quarters into that trend driven off of our sustained commercial intensity there.

由於我們在那裡持續的商業強度，我們可能已經進入了這一趨勢的七到八個季度。

And we also had -- I would note some really meaningful share gains on the biopharma side of things as well in the quarter.

而且我還注意到，本季生物製藥的份額也取得了非常有意義的成長。

A couple of things to note in 4Q, the K-12 exposure that we have is a little bit more muted in the quarter, particularly as you move sequentially just given how the districts manage their (inaudible) updates.

在第四季度需要注意幾點，本季我們的 K-12 曝光度稍微低一些，特別是考慮到各區如何管理其（聽不清楚）更新，按順序移動時尤其如此。

The government piece was somewhat muted presumably owing to some of the uncertainty associated with the administration change.

政府方面的言論有些平淡，大概是因為政府更迭帶來的一些不確定性。

But the higher ed piece continues to be a bright spot for us, and we would anticipate that momentum continuing into 2025.

但高等教育仍然是我們的亮點，我們預計這種勢頭將持續到 2025 年。

Thank you.

謝謝。

Those are all the questions we have time for today.

這些就是我們今天有時間討論的所有問題。

I will now turn the call back over to Michael for closing comments.

現在我將把電話轉回給邁克爾，請他作最後評論。

Yeah.

是的。

Thank you, and I certainly appreciate you all joining us today.

謝謝大家，我非常感謝大家今天加入我們。

Just would reiterate some of our key messages here as we turn to 2025.

在我們邁向 2025 年之際，我們想重申我們的一些關鍵訊息。

We are encouraged by our expectations of returning the platform to growth.

我們對該平台恢復成長的預期感到鼓舞。

We're anticipating continued momentum and leadership in bioprocessing.

我們期待生物加工領域繼續保持強勁勢頭和領導地位。

Another year of strong margin performance and leveraging our Avantor Business System, you should expect continued discipline and execution around our free cash flow generation.

我們又一年利潤率表現強勁，並充分利用我們的 Avantor 業務系統，您應該期待我們在自由現金流生成方面繼續保持紀律和執行。

I think our guide at the midpoint here of double-digit EPS growth is quite notable.

我認為，我們在此給出的兩位數每股收益成長中點指引是相當值得注意的。

And I think we're encouraged that we see our model working again in end markets starting to cooperate again.

我很高興看到我們的模式在終端市場再次發揮作用並開始再次合作。

So again, I appreciate you joining us today.

所以，我再次感謝您今天加入我們。

We certainly look forward to updating you when we meet next.

我們非常期待下次見面時向您報告最新情況。

Until then, be well, everyone.

到那時，祝大家一切安好。

Thank you.

謝謝。

Thank you everyone for joining us today.

感謝大家今天的參加。

This concludes our call and you may now disconnect your lines.

我們的通話到此結束，您可以掛斷電話了。