Certara Inc (CERT) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Certara's First Quarter 2024 Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Certara 2024 年第一季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, David Deuchler.

現在我想將會議交給今天的第一位發言人 David Deuchler。

Good afternoon, everyone. Thank you all for participating in today's conference call. On the call from Certara, we have William Feehery, Chief Executive Officer; and John Gallagher, Chief Financial Officer.

大家下午好。感謝大家參加今天的電話會議。執行長 William Feehery 接聽了 Certara 的電話；和財務長約翰·加拉格爾。

Earlier today, Certara released financial results for the quarter ended March 31, 2024. A copy of the press release is available on the company's website. Before we begin, I would like to remind you that management will make statements during this call that include forward-looking statements and actual results may differ materially from those expressed or implied in the forward-looking statements.

今天早些時候，Certara 發布了截至 2024 年 3 月 31 日的季度財務業績。在我們開始之前，我想提醒您，管理階層將在本次電話會議期間發表包含前瞻性聲明的聲明，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

Please refer to Slide 2 in the accompanying materials for additional information, which you can find on the company's Investor Relations website. In their remarks and responses to questions, management may mention some non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are available in the recent earnings press release available on the company's website.

請參閱隨附資料中的幻燈片 2 以了解更多信息，您可以在公司的投資者關係網站上找到這些資訊。在評論和回答問題時，管理階層可能會提到一些非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳可在公司網站上最近發布的收益新聞稿中找到。

Please refer to the reconciliation tables in the accompanying materials for additional information. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 7, 2024. Certara disclaims any obligation, except as required by law, to update or revise and financial projections or forward-looking statements, whether because of new information, future events or otherwise.

請參閱隨附資料中的調節表以了解更多資訊。本次電話會議包含時間敏感信息，僅截至今天（2024 年 5 月 7 日）直播時準確。 、未來事件或其他。

And with that, I'll turn the call over to William.

說完，我會把電話轉給威廉。

Thank you, David. Good afternoon, everyone. Thank you for joining Certara's first quarter earnings call. John and I will start with prepared remarks, and then we will take your questions. Throughout the first quarter, Certara built upon the solid business momentum observed in the fourth quarter of 2023. We're pleased with our start to the year, delivering total revenue of $96.7 million, representing reported growth of 7% and constant currency growth of 6%.

謝謝你，大衛。大家下午好。感謝您參加 Certara 第一季財報電話會議。約翰和我將從準備好的發言開始，然後我們將回答你們的問題。在整個第一季度，Certara 建立在2023 年第四季度觀察到的穩健業務勢頭的基礎上。 % %。

Customer demand for our biosimulation software and services has remained strong, while interest in our AI-enhanced products continues to grow following the acquisition of Vyasa just over a year ago. As drug developers look for new and exciting ways to increase pipeline efficiency and accelerate project time lines, Certara's products and services remain top of mind.

客戶對我們的生物模擬軟體和服務的需求仍然強勁，而一年多前收購 Vyasa 後，對我們的人工智慧增強產品的興趣持續增長。隨著藥物開發商尋找新的、令人興奮的方法來提高管道效率和加快專案進度，Certara 的產品和服務仍然是首要考慮的。

We have been encouraged by positive trends in clinical trial activity and biotech funding so far this year. Sentiment around the industry is becoming more optimistic as capital raising has allowed smaller companies to shift their spending back towards R&D initiatives. Conversations around pipeline priorities and project time lines have become more constructive across all 3 of our customer tiers. Considering recent developments, we are cautiously optimistic that our end markets will continue to recover throughout 2024. However, it will take time for funding to translate into bookings and sales at Certara, and we have not yet seen an inflection point in activity through the first several months of the year. Internally, our focus remains on several key initiatives that will drive Certara's next stage of growth.

今年迄今為止，臨床試驗活動和生物技術資金的正面趨勢令我們感到鼓舞。由於融資使小公司能夠將支出重新轉向研發計劃，整個行業的情緒變得更加樂觀。在我們所有 3 個客戶層中，圍繞管道優先事項和專案時間表的對話變得更具建設性。考慮到最近的事態發展，我們對我們的終端市場將在 2024 年繼續復甦持謹慎樂觀態度。年中的幾個月。在內部，我們的重點仍然是推動 Certara 下一階段成長的幾項關鍵舉措。

On our last earnings call, we highlighted the investments we are targeting in 2024 and including improving our commercial infrastructure and expanding the reach of our biosimulation software capabilities. We are dedicated to unifying our organization, both internally and externally. Which will drive commercial success alongside strong product improvements.

在上次財報電話會議上，我們強調了 2024 年的投資目標，包括改善我們的商業基礎設施和擴大我們生物模擬軟體能力的範圍。我們致力於內部和外部統一我們的組織。這將推動商業成功以及強大的產品改進。

Last month, we launched Certara Cloud, a unifying platform that integrates access to our entire software suite of applications. Certara Cloud will make our software solutions easier to navigate across each user's organization and with external parties, enabling collaboration across different workflows. Certara Cloud already has 1,500 client-specific portals and is currently used by 15 of the top 30 biopharmaceutical companies. Investments like Certara Cloud and other initiatives underway are designed to ease access to the Certara platform, improve data and information security and deliver enhanced capabilities to customers.

上個月，我們推出了 Certara Cloud，這是一個統一平台，整合了對我們整個應用程式軟體套件的存取。 Certara Cloud 將使我們的軟體解決方案更容易在每個使用者的組織中以及與外部各方之間導航，從而實現跨不同工作流程的協作。 Certara Cloud 已經擁有 1,500 個客戶特定門戶，目前已被 30 強生物製藥公司中的 15 家所使用。 Certara Cloud 等投資以及正在進行的其他措施旨在簡化對 Certara 平台的存取、提高資料和資訊安全性並為客戶提供增強的功能。

I am proud of the work we have accomplished so far and look forward to updating you further on our progress throughout the year. Now turning to the performance of the business. In the first quarter, we delivered software revenue of $39.3 million, representing 19% reported growth and 18% constant currency growth. Growth in the quarter was driven by our industry-leading Simcyp, Phoenix and Pinnacle 21 platforms, which make up the majority of our software revenues.

我對我們迄今為止所完成的工作感到自豪，並期待著向您進一步通報我們全年的進展。現在轉向業務績效。第一季度，我們實現了 3,930 萬美元的軟體收入，報告成長率為 19%，固定匯率成長率為 18%。本季的成長是由我們行業領先的 Simcyp、Phoenix 和 Pinnacle 21 平台推動的，這些平台構成了我們軟體收入的大部分。

One area of focus during the quarter was converting customers from Phoenix licenses to Phoenix hosted, which is a cloud-based version of the product. With cloud computing integrated into Phoenix, customers will have immediate access to upgrades, remote workflow processing and improve performance and run times.

本季度的一個重點領域是將客戶從 Phoenix 授權轉換為 Phoenix 託管，這是該產品的基於雲端的版本。透過將雲端運算整合到 Phoenix 中，客戶將可以立即進行升級、遠端工作流程處理並改善效能和運行時間。

Customer uptake continued to progress nicely, and we are pleased by the feedback we have received to date. Throughout the quarter, our software team also began to accelerate the development of CoAuthor, a regulatory writing tool that uses AI and machine learning to draft regulatory submissions. The next version of CoAuthor will be officially launched at the end of the second quarter and early versions are used by our internal regulatory writing team on customer projects.

客戶的使用持續取得良好進展，我們對迄今為止收到的回饋感到高興。在整個季度中，我們的軟體團隊也開始加速 CoAuthor 的開發，這是一種監管寫作工具，使用人工智慧和機器學習來起草監管提交文件。 CoAuthor 的下一個版本將於第二季末正式推出，早期版本由我們的內部監管寫作團隊在客戶專案中使用。

Over time, CoAuthor will drive efficiencies across different regulatory writing processes, and we have received significant interest from customers. Our technology-driven services segment delivered revenue of $57.3 million in the first quarter, which was flat year-over-year on a reported basis and on a constant currency basis.

隨著時間的推移，CoAuthor 將提高不同監管撰寫流程的效率，並且我們已經收到了客戶的濃厚興趣。我們的技術驅動服務部門第一季的營收為 5,730 萬美元，按報告和固定匯率計算，與去年同期持平。

Our services business continues to recover following a period of cautious customer spending in 2023. In the first few months of the year, we have been encouraged by customer discussions across our services group. Certara's ability to identify and close new deals has been enhanced by the organizational changes we made last August. Customer activity has remained stable and we continue to have constructive conversations with prospective customers for both biosimulation and regulatory services projects. We believe that recent strength in biotech capital markets could be a leading indicator of improvement but we remain patient as we approach new engagements.

經過 2023 年客戶支出的謹慎期後，我們的服務業務持續復甦。我們去年八月進行的組織變革增強了 Certara 識別和完成新交易的能力。客戶活動保持穩定，我們繼續與潛在客戶就生物模擬和監管服務項目進行建設性對話。我們相信，生技資本市場近期的強勢可能是改善的先行指標，但我們在接觸新業務時仍保持耐心。

In conclusion, Certara is in a strong position to grow in 2024, headlined by continued strength in software and a recovery in our services business. We are investing to expand our commercial footprint and uncover new capabilities for biosimulation, while also making our products easier to use. I'm confident in our ability to meet our 2024 goals and I look forward to updating you as we progress throughout the year.

總而言之，Certara 在軟體業務持續強勁和服務業務復甦的帶動下，在 2024 年實現強勁成長。我們正在投資擴大我們的商業足跡並發現生物模擬的新功能，同時也使我們的產品更易於使用。我對實現 2024 年目標的能力充滿信心，並期待向您通報我們全年進展的最新情況。

I will now turn things over to John to discuss our financial performance.

我現在將把事情交給約翰討論我們的財務表現。

Thank you, William. Hello, everyone. Total revenue for the 3 months ended March 31, 2024, was $96.7 million, representing year-over-year growth of 7% on a reported basis and 6% on a constant currency basis. Software revenue was $39.3 million in the first quarter, which increased 19% over the prior year period on a reported basis and 18% on a constant currency basis.

謝謝你，威廉。大家好。截至 2024 年 3 月 31 日的三個月總收入為 9,670 萬美元，按報告數據計算年增 7%，以固定匯率計算年增 6%。第一季軟體營收為 3,930 萬美元，按報告資料計算較上年同期成長 19%，以固定匯率計算較上年同期成長 18%。

The growth in the quarter was driven by biosimulation software and Pinnacle 21. Ratable and subscription revenue accounted for 61% of first quarter software revenues, up from 56% in the prior year period. Software bookings were $33.1 million in the first quarter, which increased 8% from the prior year period. Trailing 12-month software bookings were $139.5 million, up 11% year-over-year. In the first quarter, the software net retention rate was 114% and which is consistent with our long-term growth profile.

本季的成長是由生物模擬軟體和 Pinnacle 21 推動的。第一季軟體預訂額為 3,310 萬美元，比去年同期成長 8%。過去 12 個月的軟體預訂量為 1.395 億美元，年增 11%。第一季度，軟體淨保留率為 114%，這與我們的長期成長狀況一致。

Now turning to services revenue, which was $57.3 million in the first quarter, flat versus the prior year period on a reported basis and on a constant currency basis. Our services business continues to recover following a period of cautious spending among our customers. Technology-driven services bookings for the first quarter were $72.7 million, which decreased 11% from the prior year period. Trailing 12-month services bookings were $256 million, also down 11% as compared to the prior year. Total cost of revenue for the first quarter of 2024 was $39.3 million, an increase from $34.9 million in the first quarter of 2023, primarily due to a $1.9 million increase in employee-related expenses, a $1.2 million increase in stock-based compensation and a $0.8 million increase in software amortization.

現在轉向服務收入，第一季的服務收入為 5,730 萬美元，按報告和固定匯率計算，與去年同期持平。經過一段時間的客戶謹慎消費後，我們的服務業務持續復甦。第一季科技驅動的服務預訂量為 7,270 萬美元，比去年同期下降 11%。過去 12 個月的服務預訂量為 2.56 億美元，也比去年下降 11%。 2024 年第一季的總收入成本為 3,930 萬美元，較 2023 年第一季的 3,490 萬美元有所增加，主要是由於員工相關費用增加 190 萬美元、股票薪酬增加 120 萬美元以及軟體攤提增加80 萬美元。

Total operating expenses for the first quarter of 2024 were $58.7 million, an increase from $48 million in the first quarter of 2023. The components of operating expenses are as follows: Sales and marketing expenses were $10.7 million compared to $8 million in the first quarter of '23. This increase is primarily due to a $1.7 million increase in employee-related expenses due to the expansion of the salesforce. R&D expenses were $12 million compared to $9.3 million for the first quarter of 2023. R&D expenses were up, primarily due to a $3 million increase in employee-related costs as we grew our team of software developers. G&A expenses were $23 million compared to $19.8 million for the first quarter of 2023.

2024 年第一季的總營運費用為5,870 萬美元，較2023 年第一季的4,800 萬美元有所增加。為800 萬美元。這一增長主要是由於銷售團隊的擴張導致員工相關費用增加了 170 萬美元。研發費用為 1,200 萬美元，而 2023 年第一季為 930 萬美元。一般管理費用為 2,300 萬美元，而 2023 年第一季為 1,980 萬美元。

The increase was due to a $1.6 million change in contingent consideration primarily related to the acquisition of Vyasa and a $1.1 million increase in employee-related expenses, partially offset by a $0.9 million decrease in stock-based compensation. Intangible asset amortization was $12.6 million compared to $10.5 million in the first quarter of 2023. Depreciation and amortization expense was $0.4 million, flat with last year.

這一增長是由於主要與收購 Vyasa 有關的或有對價變化 160 萬美元以及員工相關費用增加 110 萬美元，部分被股票薪酬減少 90 萬美元所抵消。無形資產攤銷為 1,260 萬美元，而 2023 年第一季為 1,050 萬美元。

Continuing down the P&L. Interest expense was $5.8 million compared to $5.5 million for the first quarter of 2023 due to higher interest on the floating rate portion of our term loan. Miscellaneous income was $1.6 million compared to $0.5 million in the first quarter of 2023, primarily related to the return on our cash invested. Income tax was a benefit of $0.8 million compared to an expense of $1.1 million for the first quarter of 2023.

繼續降低損益表。由於定期貸款浮動利率部分的利息較高，利息支出為 580 萬美元，而 2023 年第一季為 550 萬美元。雜項收入為 160 萬美元，而 2023 年第一季為 50 萬美元，主要與我們的現金投資回報相關。 2023 年第一季所得稅收益為 80 萬美元，而支出為 110 萬美元。

Net loss for the first quarter of 2024 was $4.7 million compared to net income of $1.4 million in the first quarter of 2023. Reported adjusted EBITDA for the first quarter of 2024 was $29.1 million compared to $32.3 million for the first quarter of 2023. Adjusted EBITDA margin was 30% for the first quarter of 2024. Reported adjusted net income for the first quarter of 2024 was $16.5 million compared to $19.3 million for the first quarter of 2023.

2024 年第一季的淨虧損為470 萬美元，而2023 年第一季的淨利潤為140 萬美元。萬美元。

Diluted loss per share for the first quarter of 2024 was $0.03 compared to earnings per share of $0.01 in the first quarter of 2023. Adjusted diluted earnings per share for the first quarter of 2024 was $0.10 compared to $0.12 for the first quarter of last year. Now moving to the balance sheet. We ended the quarter with $224.8 million of cash and cash equivalents. As of March 31, 2024, we had $287.8 million of outstanding borrowings on our term loan and full availability under our revolving credit facility.

2024 年第一季的稀釋每股虧損為0.03 美元，而2023 年第一季的每股收益為0.01 美元。每股收益為0.12 美元。現在轉向資產負債表。本季結束時，我們的現金和現金等價物為 2.248 億美元。截至 2024 年 3 月 31 日，我們的定期貸款和循環信貸安排下的未償還借款為 2.878 億美元。

We are reiterating our guidance for the full year 2024 as follows: We expect total revenue in the range of $385 million to $400 million, representing growth of 9% to 13% compared with 2023. We expect to grow adjusted EBITDA on a dollar figure basis in 2024 and expect adjusted EBITDA margin in the range of 31% to 33%. We expect adjusted EPS in the range of $0.41 to $0.46 per share, fully diluted shares in the range of $160 million to $162 million, and the tax rate in the range of 25% to 30%.

我們重申對 2024 年全年的指導如下：我們預計總收入在 3.85 億美元至 4 億美元之間，較 2023 年增長 9% 至 13%。調整後EBITDA 利潤率將在31% 至33% 之間。我們預計調整後每股盈餘將在 0.41 至 0.46 美元之間，完全稀釋後的股票將在 1.6 億至 1.62 億美元之間，稅率將在 25% 至 30% 之間。

I will now turn the call back over to our CEO, William Feehery for closing remarks.

現在，我將把電話轉回給我們的執行長 William Feehery，讓其致閉幕詞。

Thank you, John. To summarize our message today, we are pleased with our first quarter results, and we look forward to executing our 2024 goals. We have a lot to be excited about at Certara as we advance biosimulation forward with our innovative technology.

謝謝你，約翰。總結我們今天的訊息，我們對第一季的業績感到滿意，並期待著執行 2024 年的目標。隨著我們利用創新技術推進生物模擬，Certara 有許多值得興奮的事情。

We will now open the line for questions. Operator, can you open the line.

我們現在將開通提問熱線。接線員，您可以開通線路嗎？

(Operator Instructions) Our first question comes from David Windley at Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 David Windley。

I wanted to start with a question on the cloud launch. Bill, I think you mentioned 1,500 or something in that neighborhood client portals that you've already established in 15 of the top 30 biopharmas. I wondered if you could add a little more detail to that. And then maybe describe -- again, you mentioned those top biopharma, so I'm wondering whether the uptake is more skewed to your larger clients or smaller or across the board, and just basically how that uptake is proceeding and how it matches with your expectations.

我想從一個關於雲端發布的問題開始。 Bill，我想您在附近的客戶入口網站中提到了 1,500 個或其他內容，您已經在排名前 30 的生物製藥公司中的 15 個中建立了這些客戶入口網站。我想知道你是否可以添加更多細節。然後也許可以描述一下——你再次提到了那些頂級生物製藥公司，所以我想知道這種吸收是否更傾向於你的大客戶、小客戶或全面的客戶，以及基本上這種吸收是如何進行的以及它如何與你的匹配期望。

Great. Thanks, David. Appreciate the question. So the Certara Cloud is our first step -- well, it's our next step, I would say, towards making the suite of Certara software products into a true platform. So what we're doing is we're setting this up so that our new launches of products, that is how you access them. And so you'll see -- obviously, we have, as you pointed out, quite a number of customers who are starting to use it today. And that will naturally increase as we go forward and as new releases of products come out where that's really the only way to access the software.

偉大的。謝謝，大衛。感謝這個問題。因此，Certara 雲端是我們的第一步 - 我想說，這是我們的下一步，將 Certara 軟體產品套件打造成真正的平台。所以我們正在做的是我們正在設置這個，以便我們新推出的產品，這就是您訪問它們的方式。所以你會看到——顯然，正如你所指出的，我們有相當多的客戶今天開始使用它。隨著我們的前進以及新產品的發布，這種情況自然會增加，這實際上是訪問軟體的唯一方法。

We started out -- to answer your question directly, we started out with some smaller ones just to make sure that everything was operational. And then we've been migrating to the larger ones. But it should accelerate as we go through the year. We're pretty excited about this because it has a couple of advantages to us. One is it's a way to promote reuse of certain software modules across our platform. So instead of writing them for every piece of our -- every product we have, we can write them once and we can use a best-in-class functionality across all of our products.

為了直接回答您的問題，我們從一些較小的問題開始，只是為了確保一切正常運作。然後我們一直遷移到更大的。 但隨著時間的推移，它應該會加速。我們對此感到非常興奮，因為它對我們來說有幾個優勢。一是它是促進我們平台上某些軟體模組重用的一種方式。因此，我們不必為我們擁有的每一個產品編寫它們，而是只需編寫一次，就可以在我們所有的產品中使用一流的功能。

We're also getting to unite the look and feel of our products. And also, this enables us to more easily share data between them. So it's -- also probably have some good marketing advantages in terms of when companies log in, they see which products they have and which products they could have, and we can have a good conversation with them from that standpoint. So we're pretty excited about it. It's kind of the next evolution of our software. And as you pointed out, it's got a good uptake from our customers.

我們也致力於統一產品的外觀和感覺。而且，這使我們能夠更輕鬆地在它們之間共享數據。因此，當公司登入時，他們會看到他們擁有哪些產品以及他們可以擁有哪些產品，並且我們可以從這個角度與他們進行良好的對話，這也可能具有一些良好的行銷優勢。所以我們對此感到非常興奮。這是我們軟體的下一步發展。正如您所指出的，我們的客戶對此有很好的接受度。

On -- as a follow-up to that, I believe you've regularly versioned Simcyp every year and I believe that versioning, and you probably do that on other products, but just calling out Simcyp, I believe that versioning drives economics for you, you add capabilities and maybe get a little bit more, if nothing else, inflationary price, are those types of economics going to be the same in the cloud-hosted products? Or will that change?

作為後續行動，我相信您每年都會定期對 Simcyp 進行版本控制，並且您可能會在其他產品上這樣做，但只要提到 Simcyp，我相信版本控制會為您帶來經濟效益，您增加了功能，也許會得到更多一點，如果沒有別的，通貨膨脹的價格，這些類型的經濟學在雲端託管產品中是否會是相同的？或者這會改變嗎？

Yes. So Simcyp, as you pointed out, we launched -- we have a new version every year. Some other ones, it's a little bit different. For example, Phoenix, we're moving to an every 6-month cycle. So there's certainly an advantage to our economics in terms of each one has additional features and there's a reason to upgrade.

是的。所以 Simcyp，正如您所指出的，我們推出了——我們每年都有一個新版本。還有一些，就有點不一樣了。例如，Phoenix，我們正在轉向每 6 個月為一個週期。因此，就每個產品都有附加功能並且有升級理由而言，我們的經濟肯定有優勢。

Not everybody -- I think with the 6-month cycle, we'll see, maybe, people might not do every 6 months, but they'll sort of be in increasing pressure to do that. In terms of the economics of this, I think a lot of this has to do with when we had desktop installations, a lot of our customers have to go through expensive software validation projects and those become less onerous as we move to the cloud, partly because we can do a lot of the work ourselves and we could share that with them. And so we hope also that we'll get -- that will also foster more frequent updates as well.

不是每個人——我認為在 6 個月的周期中，我們會看到，也許人們可能不會每 6 個月做一次，但他們會面臨越來越大的壓力去做這件事。就其經濟性而言，我認為這很大程度上與我們進行桌面安裝有關，我們的許多客戶必須經歷昂貴的軟體驗證項目，而隨著我們遷移到雲，這些項目變得不那麼繁重，部分因為我們可以自己做很多工作，並且可以與他們分享。因此，我們也希望我們能夠得到——這也將促進更頻繁的更新。

Got it. And if I could just ask one more on your guidance on the revenue. I believe, at the midpoint, your guidance points to about 11% growth. And our modeling was that a little more than half of that was coming organically, little less than half inorganically. I wondered if you could confirm that, that's still your thinking? And could you break out the organic versus inorganic contribution in the first quarter? That would be it for me.

知道了。我可否再問一下你們對收入的指導。我相信，在中點，您的指導指向約 11% 的成長。我們的模型是，其中一半多一點是有機的，不到一半是無機的。我想知道你能否證實這一點，這仍然是你的想法嗎？您能否詳細說明第一季有機貢獻與無機貢獻？對我來說就是這樣。

Yes, David. So on the quarter, we put up 7% revenue growth. And as we've said when we first put out the guidance, and we're still confident in that guidance, by the way. But when we first put that out, we said that on the services side, there'd be a bit of a first half/second half story or a ramp into the later part of the year related to that part of the business, so we still anticipate that to be the case. And so Q1 came in line with our expectations. On an organic basis, the deals contributed a few hundred basis points to the growth on the quarter.

是的，大衛。因此，我們預計本季營收將成長 7%。正如我們在首次發布指導方針時所說的那樣，順便說一句，我們仍然對該指導意見充滿信心。但當我們第一次提出這個問題時，我們說在服務方面，會有一些上半/下半年的故事，或者與這部分業務相關的下半年的斜坡，所以我們仍然預計情況會如此。因此第一季符合我們的預期。從有機角度來看，這些交易為本季的成長貢獻了數百個基點。

Our next question comes from Jeff Garro at Stephens.

我們的下一個問題來自史蒂芬斯的傑夫·加羅。

Maybe a couple for me on the services bookings results and other trends there. You had cited some timing impact on services bookings in the quarter. So I wanted to ask if you had any comments on how visibility into services bookings has trended since the quarter closed to start.

也許對我來說有一些關於服務預訂結果和其他趨勢的資訊。您提到了本季服務預訂的一些時間影響。因此，我想問您是否對自本季度結束以來服務預訂的可見性趨勢有何評論。

Yes. On services bookings, we did experience some timing on bookings, but it was actually on the software side more so than it was on the services side. So software bookings had some timing that on some large Pinnacle deals that were scheduled for March ended up coming in April, and those have come in and we don't have any concerns about it.

是的。在服務預訂方面，我們確實經歷了一些預訂時機，但實際上更多的是在軟體方面而不是在服務方面。因此，軟體預訂有一定的時間安排，原定於 3 月進行的一些大型 Pinnacle 交易最終在 4 月到來，而這些交易已經到來，我們對此沒有任何擔憂。

On the services side, though, to your question, the story there is on the Tier 1s, it's more of a tough compare. So if you look back at services bookings, then we have a very large Q1 of 2023 on the services side, and so there's a tough compare there. As you look at the other tiers, though, then the business is still recovering, so our recovery is still in place. So when you look at Tier 2 and Tier 3 bookings, then what we're seeing is sort of stability from where we were in the second half of last year.

不過，在服務方面，對於你的問題，一級的故事，這是一個更艱難的比較。因此，如果您回顧服務預訂，您會發現 2023 年第一季的服務預訂量非常大，因此很難進行比較。不過，當你看看其他層級時，業務仍在復蘇，因此我們的復甦仍在繼續。因此，當您查看第 2 級和第 3 級預訂時，我們會看到與去年下半年相比趨於穩定。

So if you look at Q3 and then look at Q4 and now Q1 services bookings are kind of in line on a dollar basis with what we were expecting to be the case there. So a little bit of a tough comp is one pressuring the growth rate. But then from a dollars perspective and achievement, it's playing out as we expected with Tier 1s -- or the Tier 2 and Tier 3s, still not back to their historic levels.

因此，如果你看看第三季度，然後看看第四季度，現在第一季的服務預訂量以美元計算，與我們預期的情況一致。因此，一點點嚴格的競爭會對成長率產生壓力。但從美元的角度和成就來看，一級或二級和三級的表現正如我們預期的那樣，但仍然沒有回到歷史水平。

I appreciate the granularity there on customer segmentation. Maybe to probe a little bit deeper on your earlier comment on kind of a first half versus second half story on services revenue growth. How should we think about services bookings or backlog converting to revenue for the fiscal year? It looked like nice execution on that front here in the first quarter. Should we expect more sequential improvement from here? Or does the first quarter represent kind of the right velocity of conversion for looking at things from, say, a trailing 12-month services bookings to revenue conversion perspective?

我很欣賞客戶細分的粒度。也許是為了更深入探討您先前對服務收入成長的上半年與下半年故事的評論。我們應該如何考慮將服務預訂或積壓訂單轉換為本財政年度的收入？第一季這方面的執行力看起來不錯。我們是否應該期待從這裡開始更多的連續改進？或者從過去 12 個月的服務預訂到收入轉換的角度來看，第一季是否代表了正確的轉換速度？

Right. Yes. So, I mean, look, as far as conversion, then we're pleased with the conversion. It's on our expectations. So backlog, I'd say there's not an unusual amount of backlog conversion, but it is playing out as we thought it would with -- meaning we have some bookings left over from last year. We're converting those and the revenue plan played out as we anticipated.

正確的。是的。所以，我的意思是，就轉換而言，我們對轉換感到滿意。這是我們的期望。因此，我想說，積壓訂單的轉換量並不少見，但它正在按照我們的預期進行，這意味著我們去年還剩下一些預訂。我們正在對這些進行轉換，收入計劃也如我們預期的那樣實現了。

As you look forward on bookings and -- we are excited about what we're seeing. And as Bill mentioned in the prepared remarks, we're excited about the biotech funding environment and the fact that some of our customers are or potential customers are getting funded. But it's really important to note that we haven't reached the inflection point. We don't see that in the bookings in Q1. We don't see it in the bookings, to-date in Q2. and so if that's going to play out for us, it's definitely going to be more in the back half of the year, and we haven't seen it yet.

當您期待預訂時——我們對所看到的感到興奮。正如比爾在準備好的演講中提到的那樣，我們對生物技術融資環境以及我們的一些客戶或潛在客戶正在獲得資金這一事實感到興奮。但值得注意的是，我們還沒有達到轉折點。我們在第一季的預訂中沒有看到這一點。到目前為止，我們在第二季的預訂中沒有看到這一點。因此，如果這對我們有利，那麼下半年肯定會更多，但我們還沒有看到。

Our next question comes from Luke Sergott at Barclays.

我們的下一個問題來自巴克萊銀行的盧克·塞爾戈特。

Great. I just wanted to follow up on that M&A and kind of get a little bit more specific there and what the contribution was to each segment in the quarter. And then as David talked about, what's embedded in guidance, any changes to those -- to what you're expecting for the year?

偉大的。我只是想跟進該併購，並更具體一些，以及該季度對每個細分市場的貢獻是什麼。然後，正如大衛談到的，指導方針中包含哪些內容，對這些內容有什麼變化——你對今年的預期是什麼？

No. The guidance, no changes there. We're confident in the range that we have and Q1 played out in line with our expectations. The M&A contribution, when you look at bookings, it's -- less than 2% of bookings was related to M&A, so it's really not a material amount. And then as I mentioned earlier, when you look at our 7% reported revenue growth, then there was a contribution of a few hundred basis points. But we haven't split that out on a software services basis.

不，指導意見沒有變化。我們對我們所擁有的範圍和第一季的表現符合我們的預期充滿信心。併購貢獻，當你查看預訂量時，會發現只有不到 2% 的預訂量與併購相關，所以這實際上並不是一個重要的金額。正如我之前提到的，當你看到我們報告的 7% 的收入成長時，你會發現有幾百個基點的貢獻。但我們還沒有在軟體服務的基礎上將其分開。

Okay. And then I guess as we're thinking about the guidance, I understand the first half, second half catch up. But on the services piece, we've seen the regulatory business be softer for quite a while. And then you're talking about -- you had a little softer bookings here in the first quarter. I'm just trying to figure out when that -- what kind of visibility you have on the services side? Is that to bake in that kind of second half ramp recovery?

好的。然後我想當我們考慮指導時，我理解上半場，下半場迎頭趕上。但在服務方面，我們已經看到監管業務在相當長一段時間內較為疲軟。然後你說的是——第一季的預訂量有所減少。我只是想弄清楚什麼時候——你在服務方面有什麼樣的可見性？這是為了促進下半年的復甦嗎？

Well, I mean, a key aspect of that is we put together the guidance with the notion of stability, which is what we saw play out on the quarter, and it was what we saw in the bookings results for the second half of last year. To get to the higher end of the range, then we would need to see that inflection point due to any biotech funding that might be out there.

嗯，我的意思是，其中一個關鍵方面是我們將指導與穩定性概念結合在一起，這就是我們在本季度看到的情況，也是我們在去年下半年的預訂結果中看到的情況。為了達到該範圍的高端，我們需要看到由於可能存在的任何生物技術資金而出現的拐點。

And by the way, we are targeting those companies that are gaining funding in those capital markets. We are targeting them from a commercial basis. But again, any activities are really going to be in the second half of the year.

順便說一句，我們的目標是那些在資本市場獲得融資的公司。我們是從商業角度來瞄準他們的。但同樣，任何活動都將在下半年進行。

Services, so the regulatory business, in the meanwhile, as well as our biosim services, especially in the Tier 2 and Tier 3 customer categories, continue to be impacted by the same dynamics that we saw last year. Do we see stability? We do. We're happy about that. We don't see continued decline, but we also don't see acceleration and haven't hit that inflection point yet.

同時，服務、監管業務以及我們的生物模擬服務，特別是在二級和三級客戶類別中，繼續受到我們去年看到的相同動態的影響。我們看到穩定了嗎？我們的確是。我們對此感到高興。我們沒有看到持續的下降，但我們也沒有看到加速，而且還沒有達到那個轉折點。

Our next question comes from Michael Ryskin at BofA.

我們的下一個問題來自美國銀行的 Michael Ryskin。

Great. I want to go back to the bookings in the quarter. I know you called out, a couple of times, the strong or the elevated comp in services bookings. I mean, I think it's elevated on the dollars basis. But on a percent basis, it was only up 4% last year. So just trying to parse out a little bit on is the seasonality on that expect to be a little bit different?

偉大的。我想回顧一下本季的預訂情況。我知道您曾多次呼籲在服務預訂方面提供強有力的或更高的補償。我的意思是，我認為在美元基礎上它有所提高。但以百分比計算，去年僅成長了 4%。那麼，只是想分析季節性是否會有所不同？

Or put another way, if I look at services bookings, last year, it's $82 million in 1Q and then $50 million, $57 million, $75 million the rest of the year. So sort of a big step down and then ramping in through the rest of the year. Are you expecting a little bit of a more spread out seasonality there? I know it's tough to talk about bookings ahead of time, but just trying to reconcile the trailing 12-month bookings growth and the 1.1 book-to-bill with, like you said, some expectations with pretty steady revenue growth this year.

或者換句話說，如果我看看去年的服務預訂，第一季為 8,200 萬美元，然後是今年剩餘時間的 5,000 萬美元、5,700 萬美元、7,500 萬美元。因此，這是一個很大的下降，然後在今年剩餘的時間裡逐漸增加。您是否預計那裡的季節性會更加分散？我知道提前談論預訂量很困難，但只是試圖將過去 12 個月的預訂量增長和 1.1 的預訂量與賬單比與今年相當穩定的收入增長的一些預期相協調。

Yes, Mike. So what we typically see is we do typically see a Q2 that's lower than Q1. So to your point, that seasonality and that typical seasonality, there's not -- especially given that the end market environment has really not changed, then there's no reason to think that, that typical seasonality wouldn't continue to play out the way that it has. So that's probably the best indication that we can give. Sorry, go ahead.

是的，麥克。因此，我們通常會看到 Q2 低於 Q1。因此，就您的觀點而言，季節性和典型季節性並沒有——特別是考慮到終端市場環境確實沒有改變，那麼沒有理由認為典型季節性不會繼續以它的方式發揮作用。所以這可能是我們能給的最好的指示。抱歉，請繼續。

No, I was going to say, just to clarify, yes, there's usually a step down, but last year, there was a very sharp step down from $82 million to $50 million. I think this year, is it safe to say that you expect less of a step down and that last year, 1Q was just elevated in dollar terms? I'm just trying to think about services bookings…

不，我想說，只是為了澄清一下，是的，通常會有所下降，但去年，從 8200 萬美元急劇下降到 5000 萬美元。我認為今年，可以肯定地說，您預計降幅會減少，去年第一季以美元計算只是上升嗎？我只是想考慮一下服務預訂…

Yes. The answer to that is yes. The step down last year was unusual. And then from that point forward, we saw some recovery and stability. And so even though we do anticipate some level of seasonality at, what I would say, happened last year, versus what you saw in other years was unusually large of a step-down. And sitting here in May, we don't anticipate that we'd see that level because we -- once we step down there, then we started to see recovery into Q3. We saw some acceleration into Q4 and now Q1 of 2024 has played out in line with our expectations.

是的。答案是肯定的。去年的下台很不尋常。從那時起，我們看到了一些復甦和穩定。因此，儘管我們確實預計去年會出現一定程度的季節性，但我想說的是，與其他年份相比，季節性下降幅度異常大。坐在這裡，我們預計不會看到這個水平，因為一旦我們退出這個水平，我們就開始看到第三季的復甦。我們看到第四季出現了一些加速，現在 2024 年第一季的表現符合我們的預期。

Okay. And then just sort of the other part of the question…

好的。然後是問題的另一部分…

The other thing to add to that, I guess, is, really, if you look at the years before 2023, if you look at 2021 or 2022, then that's what we would point to as more sort of typical seasonality.

我想，要補充的另一件事是，實際上，如果你看看 2023 年之前的幾年，如果你看看 2021 年或 2022 年，那麼這就是我們所說的更典型的季節性。

Okay. All right. Fair enough. And then, I guess, sort of the second part of that question would be on the book-to-bill, using the trailing 12 months, I think it's 1.1 this quarter. For most of the last year, it was in sort of like the 1.15. And then prior years, it was more of 1.18, $1.2. Just a little bit lower than it's been in prior years. Is that just sort of like catching up to the softer bookings you saw last year? I mean is it fair to say that you expect that to reaccelerate back into the 1.2 range as we exit the year?

好的。好的。很公平。然後，我想，這個問題的第二部分將是關於訂單到帳單，使用過去 12 個月，我認為本季是 1.1。在去年的大部分時間裡，它都有點像 1.15。而前幾年，則更多是 1.18、1.2 美元。只是比前幾年低了一點點。這是否有點像是趕上去年預訂量的疲軟？我的意思是，您預計今年結束時會重新加速回到 1.2 的範圍，這樣說是否公平？

Yes, we do expect acceleration over time, but it's -- we need to see some of the customer end market behavior recover as well. We have -- keep in mind, we exited the year at 1.1, where -- and in Q3 of last year, we were at 1.1. So we continue to be at 1.1 as a spot that we haven't yet seen an inflection point in the end market customers.

是的，我們確實預期隨著時間的推移會加速，但我們也需要看到一些客戶端市場行為的恢復。請記住，我們今年結束時的比率為 1.1，去年第三季度，我們的比率為 1.1。因此，我們仍然處於 1.1 階段，我們尚未在終端市場客戶中看到拐點。

So Michael, I think you're talking about software a little bit. So in Q1, our software bookings were a little bit less than we expected because we had some bookings move in April. We did actually get those, so we're feeling pretty confident that the bookings are appropriate for what we're giving you in our outlook for the (inaudible).

邁克爾，我認為你談論的是軟體。因此，在第一季度，我們的軟體預訂量比我們預期的要少一些，因為我們在 4 月發生了一些預訂變更。我們確實得到了這些，所以我們非常有信心這些預訂適合我們在展望中為您提供的內容（聽不清楚）。

Our next question comes from Max Smock at William Blair.

我們的下一個問題來自威廉·布萊爾的馬克斯·斯莫克。

I wanted to follow up on Luke's question earlier about inorganic bookings. And I might have misheard, but I think you said in total, inorganic bookings are around 2% of total bookings, which implies something about $2 million in total for the quarter here. And coming into this year, you talked about those 2 recently acquired businesses contributing mid-single digits to growth, which I think implies, based on our model, around $18 million in revenue in 2024 in total.

我想跟進盧克之前關於無機預訂的問題。我可能聽錯了，但我想你說的是，無機預訂總共佔總預訂的 2% 左右，這意味著本季的總預訂量約為 200 萬美元。進入今年，您談到最近收購的兩家企業對成長的貢獻為中個位數，我認為這意味著，根據我們的模型，2024 年的總收入約為 1800 萬美元。

So I guess my follow-up would be, was it $2 million in bookings from the recent acquisitions in line with your expectations? And then given that small bookings number, are you still as confident in that mid-single-digit organic contribution in 2024 as you were earlier this year?

所以我想我的後續行動是，最近收購的 200 萬美元預訂量是否符合您的預期？鑑於預訂量較小，您對 2024 年實現中個位數的有機貢獻是否仍像今年早些時候一樣充滿信心？

Max, yes. Yes. So we are. The first quarter, to your question, did play out as we expected it to. So not a huge contribution in bookings from the acquired companies from the Q4 closure of the deal. We'd expect that to accelerate as we move [through] the year. So I'd say that Q1 played out as we thought. And we're still confident in the guidance message that we gave with both the reported and then the organic ranges.

麥克斯，是的。是的。我們也是。對於你的問題，第一季的表現確實符合我們的預期。因此，第四季交易結束後，被收購公司的預訂量並沒有產生巨大的貢獻。我們預計隨著今年的進展，這種情況將會加速。所以我想說第一季的表現正如我們所想的那樣。我們仍然對我們透過報告和有機範圍提供的指導資訊充滿信心。

Understood. And then maybe one on budget flush here. So last year, you had some clients that came to you had to necessarily cut their budget but hadn't spent their budget either. So you had some benefit there at the end of the year. Just wondering, based on your conversations so far this year, it sounds like things are getting better, but not necessarily translate into orders. How do you think about the potential for that budget flush to occur at the very end of this year, Similar to what you saw last year? And what would that mean for your results relative to the 2024 guide that you've reiterated today?

明白了。然後也許這裡有一個預算充足的地方。所以去年，你有一些客戶來找你，必須削減他們的預算，但也沒有花掉他們的預算。所以你在年底得到了一些好處。只是想知道，根據你們今年迄今為止的對話，聽起來情況正在好轉，但不一定會轉化為訂單。您如何看待今年年底預算激增的可能性，與去年看到的情況類似？相對於您今天重申的 2024 年指南，這對您的結果意味著什麼？

Well, in our guide, we did anticipate some seasonality, and I think that part of that seasonality is the budget flush dynamic, which typically makes our Q4 stronger on bookings than the other quarters of the year. I'd tell you that as we put together our plan, we did anticipate that, that would be the case. We saw that be the case in Q4 of last year as we did in years prior as well. So what's cooked into the guidance range is the anticipation that we see a somewhat typical seasonality that we've seen in the business in the past.

嗯，在我們的指南中，我們確實預期了一些季節性，我認為季節性的一部分是預算充裕的動態，這通常使我們第四季度的預訂量比一年中其他季度更強。我想告訴你，當我們制定計劃時，我們確實預料到了，情況會是這樣。我們在去年第四季就看到了這種情況，就像前幾年一樣。因此，指導範圍中包含的是我們對過去在該行業中看到的某種典型季節性的預期。

Our next question comes from Steven Dechert at KeyBanc.

我們的下一個問題來自 KeyBanc 的 Steven Dechert。

With the nice increase in software revenues in the first quarter, was there a certain reason you didn't see more of an expansion in your margins given software is your higher-margin business? And then can you provide more color on the strength you're seeing in your software bookings and revenues?

隨著第一季軟體收入的大幅成長，考慮到軟體是您利潤率較高的業務，是否有某種原因導致您沒有看到利潤率進一步擴大？那麼您能否提供更多有關您在軟體預訂和收入方面看到的實力的資訊？

Yes, sure. So we're pleased -- software growth in the quarter was 19%. The net retention ratio was 114%. So we're pleased with the continued execution by the software team. As we exited last year, we were in a good spot. We saw that continue and accelerate into Q1. As far as the margin is concerned on the quarter, we had a 30.2% adjusted EBITDA margin.

是的，當然。所以我們很高興——本季軟體成長了 19%。淨保留率為114%。因此，我們對軟體團隊的持續執行感到滿意。當我們去年退出時，我們處於一個很好的位置。我們看到這種情況持續並加速進入第一季。就本季的利潤率而言，調整後的 EBITDA 利潤率為 30.2%。

And while that margin was below our full year guidance range of 31% to 33%, it was impacted about 200 basis points by the newly acquired companies that we just closed in Q4, including 1 in December. So as we work through that, Then we're expecting some margin lift. But what I'd tell you is the software achievement during the quarter fell through with a typical margin. And then that would have been partially offset by some of the dynamics that I just described.

雖然該利潤率低於我們 31% 至 33% 的全年指導範圍，但我們剛剛在第四季度關閉的新收購公司（包括 12 月的 1 家公司）對其影響了約 200 個基點。因此，當我們解決這個問題時，我們預期利潤率會有所提升。但我要告訴你的是，本季的軟體業績以典型的利潤率下滑。然後，這將被我剛才描述的一些動態所部分抵消。

Our next question comes from Cal Cruz at UBS.

我們的下一個問題來自瑞銀集團的卡爾·克魯茲。

Maybe if we could dive a little bit more into the margins. It sounded like a lot of the increase in cost was also associated with additional employee expenses. So maybe if you could provide more detail on how we should think about margins playing out throughout the rest of the year, keeping in mind the impact of acquisitions and hiring.

也許我們可以更深入地研究邊緣。聽起來成本的增加很大一部分也與額外的員工開支有關。因此，也許您可以提供更多詳細信息，說明我們應該如何考慮今年剩餘時間的利潤率，同時牢記收購和招聘的影響。

Right. So full year margin guidance is 31% to 33% on the quarter, as I just mentioned, of 30.2%. So it's below the full year range, primarily because -- well, 2 things. One, you saw that expenses were up. I'll come to that in a moment. But 2 is we're still integrating the deals that we just closed in Q4, so that pressured the margin a bit in Q1, and we think that'll resolve as we continue and finalize integrations there.

正確的。因此，正如我剛才提到的，全年利潤率指引為本季的 31% 至 33%，即 30.2%。所以它低於全年範圍，主要是因為——嗯，有兩件事。第一，你看到開支增加了。我稍後會談到這一點。但第二是我們仍在整合我們剛剛在第四季度完成的交易，因此這對第一季度的利潤率造成了一些壓力，我們認為隨著我們繼續並最終完成整合，這一問題將會得到解決。

The other thing, though, is you're asking about investments or you're asking about cost increases. What they are as investments. So we laid out our plan around investing in the business during 2024. And of course, we're executing on that plan. As a reminder, that was centered in 2 areas. It was investments in sales and marketing, in expanding the sales force and it was investments in R&D which was adding software developers to our team to continue to enhance our software programs, including embedding AI in all of our product offerings. So that is what you see playing out in the quarter, and you'll continue to see those investments during the course of the year.

不過，另一件事是您詢問投資或成本增加。它們是什麼投資。因此，我們制定了 2024 年業務投資計畫。提醒一下，這主要集中在兩個領域。這是對銷售和行銷、擴大銷售隊伍的投資，也是對研發的投資，為我們的團隊增加了軟體開發人員，以繼續增強我們的軟體程序，包括將人工智慧嵌入到我們所有的產品中。這就是您在本季度看到的情況，並且您將在這一年中繼續看到這些投資。

You asked about margin progression. We do anticipate, as I mentioned earlier, some dynamic that will drive revenue to be higher in the second half than in the first half, which is typical for the company when you look back at prior year periods. And that will help margin acceleration and accretion to that margin as well as finalizing the integration on the deal.

您詢問了保證金進展。正如我之前提到的，我們確實預計，一些動態將推動下半年的收入高於上半年，當你回顧去年同期時，這對公司來說是典型的。這將有助於利潤率的加速和增加，並最終完成交易的整合。

As the team, Constantine Davides at Citizens JMP.

作為團隊成員，Citizens JMP 的 Constantine Davides。

I just wanted to double click quickly into the funding backdrop. We saw a pretty fairly significant spike in the first quarter funding activity. I'm just wondering, are you surprised you aren't seeing that inflection yet? Or is this, I guess, relative to prior cycles, you've experienced fairly normal in terms of what you think the timing will be between when funding picks up and when it might translate into bookings?

我只是想快速雙擊進入資金背景。我們看到第一季融資活動出現了相當顯著的激增。我只是想知道，你對自己還沒看到這種改變感到驚訝嗎？或者，我想，相對於之前的周期，您認為資金增加和可能轉化為預訂之間的時間安排是相當正常的？

Yes. Thanks for the question. Yes. No, we didn't expect to see an immediate increase in bookings from funding. It really started just -- from what we read, it kind of started in February and moved into March. We think it takes, typically, several months before that will typically start to get through to us, which is why we've indicated that we're a little bit more optimistic for the second half than the first half.

是的。謝謝你的提問。是的。不，我們沒想到資金的預訂量會立即增加。它真的剛開始——從我們讀到的情況來看，它是從二月開始，一直到三月。我們認為，通常需要幾個月的時間才能開始影響我們，這就是為什麼我們表示我們對下半年比上半年更樂觀。

But to be clear, too, the -- any tailwinds related to the funding environment are not included in the guidance. We guided from a stability standpoint for the year.

但也要明確的是，任何與融資環境相關的有利因素都不包含在指導中。今年我們從穩定的角度進行指導。

Got it. And then I guess just a follow-up on the sort of some of the investments. Can you give us a sense of -- on the sales force, where it stands currently and kind of how much you want to scale that this year? And then I know you made some changes last year in terms of how you structure and organize the sales force. I'm wondering what some of the early returns are with those measures, whether it's win rates or attach rates or anything else you'd like to call out?

知道了。然後我想這只是一些投資的後續行動。您能否讓我們了解一下銷售團隊目前的狀況以及今年您希望擴大多少規模？然後我知道你們去年在如何建立和組織銷售團隊方面做出了一些改變。我想知道這些措施的一些早期回報是多少，無論是獲勝率還是附加率還是您想指出的其他內容？

So last year, we -- yes, we made some changes to our commercial organization so that we could sell products from across all of Certara to our customers who are typically buying more than one. So it's a more efficient way of reaching them. And our belief was that we would see more cross -- effectively, what you call cross-sell, but in terms of more customers buying a bigger range of products, and also, that we would become more efficient over time as well because we are -- particularly in services, we still had a lot of the seller-doer model where we were taking fairly expensive technical people away from billable work and tasking them with the sales process.

所以去年，我們——是的，我們對我們的商業組織進行了一些改變，以便我們可以將整個 Certara 的產品銷售給通常購買多種產品的客戶。因此，這是接觸他們的更有效的方式。我們相信，我們會看到更多的交叉——有效地，即所謂的交叉銷售，但就更多的客戶購買更大範圍的產品而言，而且，隨著時間的推移，我們也會變得更有效率，因為我們——特別是在服務領域，我們仍然有很多賣方-實幹者模式，我們將相當昂貴的技術人員從計費工作中抽離出來，並讓他們負責銷售流程。

So I would say that we're very pleased with how far we've gotten on this, but there's still more to go. We're probably a bit farther ahead in terms of what we've done on the software side just because we started that earlier. And there's been an opportunity, I think, that we've taken into account over the last 2 quarters, to really do some solid training of the sales force of the entire range of Certara's products.

所以我想說，我們對我們在這方面取得的進展感到非常滿意，但還有更多工作要做。就我們在軟體方面所做的工作而言，我們可能稍微領先一些，只是因為我們開始得更早。我認為，我們在過去兩個季度中已經考慮到了一個機會，可以真正對 Certara 全系列產品的銷售人員進行一些紮實的培訓。

We've done a lot to professionalize just how we're covering the world in terms of sales territories and assigning key accounts to the appropriate salespeople. And we started to see some benefits of that in the first quarter. But like I said, I don't think we're fully at full strength there. So we'll see some further benefits as we move through the year and kind of pull that team together even more than it is right now.

我們做了很多工作，以專業化我們在銷售區域方面涵蓋全球以及將關鍵客戶分配給適當的銷售人員的方式。我們在第一季開始看到一些好處。但就像我說的，我認為我們並沒有全力以赴。因此，隨著這一年的推移，我們將看到一些進一步的好處，並且比現在更團結團隊。

Our next question comes from Vikram Purohit at Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Vikram Purohit。

This is (inaudible) on for Vikram. We have 1 question, so that is with the 1Q behind you now, what do you think drives the bookend of revenue and EPS guidance for 2024?

這是維克拉姆（聽不清楚）的。我們有 1 個問題，現在第一季已經過去，您認為推動 2024 年營收和每股盈餘指引的因素是什麼？

So the guidance on the year remains the same. Q1 played out in line with our expectations and our plan. So the guidance that we had laid out before, which was reported revenue growth of 9% to 13% on an organic basis, mid-single digit is -- remains intact. The other piece of that, of course, we've talked about the margin a bit is that we're committed to growing EBITDA dollars on the year and the margin would land in the 31% to 33% range, so nothing has really changed that from this point.

因此，今年的指引保持不變。第一季的表現符合我們的預期和計劃。因此，我們先前製定的指導方針，據報道，收入有機增長 9% 至 13%，中等個位數，仍然保持不變。當然，另一件事，我們已經稍微討論過利潤率，我們致力於增加今年的 EBITDA 美元，利潤率將在 31% 到 33% 的範圍內，所以沒有任何真正的改變那從這一點來說。

If we were -- I think what you're saying is what takes you the higher, what takes you to the low end. To get to the lower end here, we would need some deterioration in the end markets, which we're not seeing, to be clear. So we talk about stability a lot in Q3, Q4 of last year. And now through Q1 of 2024, we've continued to see that. So we're not really seeing that as playing out.

如果我們是——我想你所說的話讓你走得更高，是什麼讓你走低端。為了達到這裡的低端，我們需要終端市場出現一些惡化，但我們還沒有看到這一點。所以我們去年第三、第四季常常談穩定性。現在到 2024 年第一季度，我們繼續看到這種情況。所以我們並沒有真正看到這種情況發生。

But to get to the bottom end of the range, that's what would need to happen is we'd need to see some deterioration from the spot where we are now, meaning in Tier 2s and Tier 3s and Tier 1s for that matter as well. We're not seeing that. To get to the high end of the range, then we would need to see some acceleration. As I mentioned, we have not baked into our guidance the notion that -- of any benefit related to the biotech funding environment.

但為了達到該範圍的底端，我們需要看到我們現在所處的位置出現一些惡化，這意味著在二級、三級和一級也是如此。我們沒有看到這一點。為了達到該範圍的高端，我們需要看到一些加速度。正如我所提到的，我們尚未將與生物技術融資環境相關的任何好處納入我們的指導中。

That's not in our guidance. So obviously, if we start to get some benefit there, it would start to take us to the higher end of our range. And if we continue to see acceleration, the software performance has been really solid. We've been very pleased with it. If we continue to see acceleration, thanks to the many new products that we're offering on the software side, that too would start to take us more to the higher end of the range.

這不在我們的指導範圍內。顯然，如果我們開始在那裡獲得一些好處，它將開始將我們帶到我們範圍的高端。如果我們繼續看到加速，那麼軟體效能確實非常穩定。我們對此非常滿意。如果我們繼續看到加速，由於我們在軟體方面提供的許多新產品，這也將開始將我們帶到更高端的範圍。

I am showing no further questions at this time. I would now like to turn it back, the call, over to Bill for closing remarks.

我目前沒有提出任何進一步的問題。現在我想把電話轉回給比爾做結束語。

Thank you, everybody, for joining us tonight. We -- as we said, we remain very optimistic for the rest of the year. We had a lot of good things happen in the quarter, and we look forward to reporting at the end of this quarter at the same time, same place. Thanks.

謝謝大家今晚加入我們。正如我們所說，我們對今年剩餘時間仍然非常樂觀。我們在本季發生了很多好事，我們期待在本季末的同一時間、同一地點進行報告。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。