Charles River Laboratories International Inc (CRL) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Charles River Laboratories third-quarter 2024 earnings conference call.

女士們、先生們，感謝你們的支持，歡迎參加 Charles River Laboratories 2024 年第三季財報電話會議。

This call is being recorded.

此通話正在錄音。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to our host, Todd Spencer, Vice President of Investor Relations.

現在，我想將會議交給我們的東道主、投資者關係副總裁 Todd Spencer。

Please go ahead.

請繼續。

Good morning, and welcome to Charles River Laboratories third-quarter 2024 earnings conference call and webcast.

早安，歡迎來到 Charles River Laboratories 2024 年第三季財報電話會議和網路廣播。

This morning, I am joined by Jim Foster, Chair, President, and Chief Executive Officer; and Flavia Pease, Executive Vice President and Chief Financial Officer.

今天上午，董事長、總裁兼執行長吉姆福斯特 (Jim Foster) 也加入了我的行列。以及執行副總裁兼財務長 Flavia Pease。

They will comment on our results for the third quarter of 2024.

他們將對我們 2024 年第三季的業績發表評論。

Following the presentation, they will respond to questions.

演講結束後，他們將回答問題。

There is a slide presentation associated with today's remarks, which will be posted on the Investor Relations section of our website at ir.criver.com.

與今天的演講相關的幻燈片簡報將發佈在我們網站 ir.criver.com 的投資者關係部分。

A webcast replay of this call will be available beginning at approximately two hours after the call today and can also be accessed on the Investor Relations section of our website.

本次電話會議的網路直播重播將於今天電話會議後約兩小時開始播放，也可以在我們網站的投資者關係部分觀看。

The replay will be available through the next quarter's conference call.

重播將透過下個季度的電話會議提供。

I'd like to remind you of our Safe Harbor.

我想提醒您我們的安全港。

All remarks that we make about future expectations, plans, and prospects for the company constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995.

根據 1995 年《私人證券訴訟改革法案》，我們對公司未來預期、計畫和前景所做的所有評論均構成前瞻性陳述。

Actual results may differ materially from those indicated.

實際結果可能與所示結果有重大差異。

During this call, we will primarily discuss non-GAAP financial measures, which we believe help investors gain a meaningful understanding of our core operating results and guidance.

在本次電話會議中，我們將主要討論非公認會計準則財務指標，我們相信這些指標有助於投資者對我們的核心經營績效和指導有有意義的了解。

The non-GAAP financial measures are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP.

非公認會計原則財務指標並不意味著被視為優於或取代根據公認會計原則編制的營運結果。

In accordance with Regulation G, you can find the comparable GAAP measures and reconciliations on the Investor Relations section of our website.

根據 G 條例，您可以在我們網站的投資者關係部分找到可比較的 GAAP 衡量標準和調整表。

I will now turn the call over to Jim Foster.

我現在將把電話轉給吉姆·福斯特。

Good morning.

早安.

Our third-quarter financial performance exceeded the outlook that we provided in August.

我們第三季的財務表現超出了我們八月所提供的預期。

The biopharmaceutical demand environment remains challenging but consistent with the trends that we discussed in detail on last quarter's call, leading to an organic revenue decline of 2.7% in the third quarter.

生物製藥需求環境仍然充滿挑戰，但與我們在上個季度電話會議上詳細討論的趨勢一致，導致第三季有機收入下降 2.7%。

Revenue from small and mid-sized biotech clients was stable compared to the second quarter.

中小型生物科技客戶的收入較第二季穩定。

However, forward-looking demand indicators for biotechs continued to trend more favorably versus last year, leading to our belief that the demand environment for this client base will continue to recover just at a more gradual pace than anticipated at the beginning of the year.

然而，生物技術的前瞻性需求指標繼續比去年更加有利，這使我們相信該客戶群的需求環境將繼續以比年初預期更加漸進的速度恢復。

We had already seen more favorable biotech funding translate into higher DSA bookings earlier this year and, subsequently, incremental revenue for this client base.

今年早些時候，我們已經看到更有利的生物技術資金轉化為更高的 DSA 預訂，隨後為該客戶群帶來了增量收入。

But there are still puts and takes in terms of the funding environment and interest rate sentiment that keep our outlook appropriately measured.

但就融資環境和利率情緒而言，仍存在一些看跌期權和承受因素，使我們的前景保持適當的衡量。

After slightly increasing in the first half of the year, revenue from global biopharmaceutical clients declined in the third quarter, both sequentially and year over year.

全球生物製藥客戶營收在上半年小幅成長後，第三季較上季和年比均下滑。

This was expected due to tighter budgets and accelerated pipeline reprioritization activities this year in conjunction with the major restructuring actions that many of our large clients have implemented within the past 6 to 12 months and for some clients more recently.

這是預料之中的，因為今年預算更加緊張，管道重新優先排序活動加快，同時我們的許多大客戶在過去 6 至 12 個月內以及最近對一些客戶實施了重大重組行動。

We believe these recent restructuring actions further validated our commentary last quarter.

我們相信最近的這些重組行動進一步驗證了我們上個季度的評論。

However, the forward-looking demand trend for global biopharmaceutical clients did not show signs of further deterioration in the third quarter and actually improved from second-quarter levels.

不過，全球生物製藥客戶的前瞻性需求趨勢在第三季並沒有出現進一步惡化的跡象，實際上較第二季的水準有所改善。

Coupled with the numerous discussions that we have had with clients, this leads us to believe that we have correctly called a near-term demand outlook for this client base.

加上我們與客戶進行的大量討論，這使我們相信我們正確地預測了該客戶群的近期需求前景。

Overall, these trends translated into slight sequential improvement in the forward-looking demand indicators for the safety assessment business in the third quarter, including improvements in net book-to-bill and the cancellation rate.

總體而言，這些趨勢轉化為第三季安全評估業務前瞻性需求指標的輕微環比改善，包括淨訂單出貨比和取消率的改善。

This is important because it supports our belief that we appropriately reset our financial guidance for the year in August.

這很重要，因為它支持我們的信念，即我們在八月適當地重新調整了今年的財務指導。

The net book-to-bill remains below 1 times, so it would still be too early to assume when a recovery will occur, but we are pleased that the demand environment does not appear to have deteriorated further.

淨訂單出貨比仍低於 1 倍，因此現在判斷何時會出現復甦還為時過早，但我們很高興需求環境似乎沒有進一步惡化。

At this time, it's too early to provide any specific commentary on 2025 guidance, but we expect the current trends will persist into 2025 and continue to pressure the year-over-year growth rates.

目前，對 2025 年指導提供任何具體評論還為時過早，但我們預計當前趨勢將持續到 2025 年，並​​繼續對同比增長率構成壓力。

This is particularly true in the DSA segment, as we anticipate continued headwinds based on the current pricing environment and until we anniversary the step-down of global biopharma demand that has occurred during the second half of this year.

在 DSA 領域尤其如此，因為我們預計當前的定價環境將持續面臨阻力，直到今年下半年全球生物製藥需求下降週年紀念日為止。

As I discussed in August, we are taking decisive action to manage the company through the current demand environment, including appropriately right-sizing our infrastructure.

正如我在 8 月討論的那樣，我們正在採取果斷行動，透過當前的需求環境來管理公司，包括適當調整我們的基礎設施規模。

We are committed to initiatives to generate more revenue, contain costs, and protect shareholder value.

我們致力於採取措施創造更多收入、控製成本並保護股東價值。

And as I outlined last quarter, and to ensure our further success, we are focused on taking strategic actions in three areas.

正如我在上個季度概述的那樣，為了確保我們進一步取得成功，我們專注於三個領域採取策略行動。

Restructuring initiatives to maintain costs and generate efficiency by reducing staffing levels to align with the pace of demand, as well as evaluating our global footprint to optimize, consolidate, and simplify operations.

重組計劃，透過減少人員配置以適應需求節奏，維持成本並提高效率，並評估我們的全球足跡以優化、整合和簡化營運。

We have made meaningful progress on our footprint optimization efforts since we last spoke.

自上次發言以來，我們在足跡優化方面取得了有意義的進展。

The second area is focusing on commercial enhancements to promote a client-centric focus and gain additional market share.

第二個領域是專注於商業增強，以促進以客戶為中心的關注並獲得更多的市場份額。

Our goal is to enhance the client experience and reinforce our role as a flexible and responsive partner to our clients, including through leveraging technologies such as our Apollo platform and RMS e-commerce initiatives.

我們的目標是透過利用 Apollo 平台和 RMS 電子商務計劃等技術，增強客戶體驗並強化我們作為客戶靈活且響應迅速的合作夥伴的角色。

And finally, we are continuing to evaluate additional strategies to take additional costs out and to drive efficiency.

最後，我們正在繼續評估其他策略，以消除額外成本並提高效率。

We are working on initiatives to further transform how we operate, ranging from continuing to better leverage technology to adopting a global business service model to streamline processes, as well as generating greater procurement savings.

我們正在製定舉措，進一步轉變我們的營運方式，從繼續更好地利用技術到採用全球業務服務模式來簡化流程，以及產生更多的採購節省。

The restructuring initiatives that we have implemented to aggressively manage our cost structure are already generating significant savings.

我們為積極管理成本結構而實施的重組措施已經產生了顯著的節約。

And as planned, we continue to further reduce staffing levels in the third quarter.

按照計劃，我們在第三季繼續進一步減少人員配置。

The initiatives that we have implemented since late 2023 have reduced our total headcount by over 6%.

我們自 2023 年底以來實施的措施已使我們的總員工人數減少了 6% 以上。

It is imperative in this environment to keep our staff well utilized in order to protect the operating margin, which is our goal.

在這種環境下，必須充分利用我們的員工，以保護營業利潤，這是我們的目標。

We have also undertaken a comprehensive review of our global footprint.

我們也對我們的全球足跡進行了全面審查。

To provide some context, we built many of our businesses through acquisitions, accumulating over 150 sites at peak.

為了提供一些背景信息，我們透過收購建立了許多業務，在高峰期積累了 150 多個站點。

We have periodically consolidated or divested smaller sites over the past several years to manage our global infrastructure, including the consolidation of seven small sites within the past year.

在過去幾年中，我們定期整合或剝離較小的站點以管理我們的全球基礎設施，包括去年整合了七個小型站點。

Our global footprint optimization efforts are focused on consolidating capacity that is no longer needed and, in many cases, transitioning the services and clients to other larger sites.

我們的全球足跡優化工作重點是整合不再需要的容量，並在許多情況下將服務和客戶轉移到其他更大的網站。

We have also taken a client-centric approach towards these actions with the goal of serving our clients more efficiently and seamlessly in order to capture synergies and savings that extend beyond the facility costs.

我們也採取以客戶為中心的方法來實施這些行動，目標是更有效、更無縫地為客戶提供服務，以實現超越設施成本的協同效應和節省。

Through these optimization initiatives, we have already begun to implement a process to close or consolidate approximately 15 smaller sites, principally focused on the DSA and RMS segments.

透過這些優化舉措，我們已經開始實施關閉或整合約 15 個較小站點的流程，主要集中在 DSA 和 RMS 領域。

By the time the program is completed in 2026, we expect it will generate an incremental $40 million in annualized net savings through the elimination of overhead and facility costs, as well as by reducing headcount.

到 2026 年該計劃完成時，我們預計透過消除管理費用和設施成本以及減少員工人數，年化淨節省將增加 4000 萬美元。

We view these as durable savings because we do not believe reinvestment in similar infrastructure will be required when demand improves.

我們認為這些是持久的節省，因為我們認為當需求改善時，不需要對類似基礎設施進行再投資。

These footprint optimization efforts will enhance the efficiency and economies of scale in our global infrastructure, leading to a more disciplined operating model.

這些足跡優化工作將提高我們全球基礎設施的效率和規模經濟，從而形成更規範的營運模式。

In total, the restructuring initiatives that we have implemented since late 2023, including headcount reductions and global footprint optimization efforts, are expected to generate approximately $200 million in cumulative annualized cost savings, eliminating more than 5% of our cost structure.

總的來說，我們自 2023 年底以來實施的重組舉措，包括裁員和全球足跡優化工作，預計將累積每年節省約 2 億美元的成本，消除超過 5% 的成本結構。

Approximately half of the annualized cost savings will be realized this year, and at least $150 million in total will be realized in 2025.

今年將實現約一半的年度成本節省，到 2025 年將實現至少 1.5 億美元。

Before I provide more detail on our third-quarter results, I want to provide a brief update on capital allocation.

在提供有關第三季度業績的更多詳細資訊之前，我想先介紹一下資本配置的簡要最新情況。

We were pleased to report that we generated record free cash flow of over $200 million in the third quarter.

我們很高興地報告，第三季我們創造了超過 2 億美元的創紀錄自由現金流。

Strong cash generation is a long-term hallmark of the company.

強勁的現金產生能力是該公司的長期標誌。

This, coupled with moderating capital intensity of our businesses and lower debt, has enabled us to reevaluate and rebalance our capital priorities to include modest stock repurchases this year, totaling approximately $100 million in the third quarter.

再加上我們業務資本密集度的緩和和債務的降低，使我們能夠重新評估和重新平衡我們的資本優先事項，包括今年適度的股票回購，第三季總額約為 1 億美元。

These collective efforts from restructuring to capital allocation are aimed at emerging as a leaner, more efficient organization when demand returns, a stronger partner to our clients, and better positioned to capture new business opportunities, as well as to protect and ultimately enhance shareholder value.

這些從重組到資本配置的集體努力旨在在需求回報時成為一個更精簡、更有效率的組織，成為客戶更強大的合作夥伴，並更好地抓住新的商機，並保護並最終提高股東價值。

I'll now provide highlights of our third-quarter performance and updated guidance.

我現在將重點介紹我們第三季的業績和更新的指導。

We reported revenue of $1.01 billion in the third quarter of 2024, a 1.6% decline on a reported basis over last year.

我們報告 2024 年第三季的營收為 10.1 億美元，比去年報告的營收下降 1.6%。

Organic revenue declined by 2.7%, driven by the anticipated decline in DSA, partially offset by low-double-digit growth in the manufacturing segment and slightly higher RMS revenues.

受 DSA 預期下降的推動，有機收入下降了 2.7%，但部分被製造部門的低兩位數增長和 RMS 收入的小幅增長所抵消。

By client segment, revenue declined for both the small and mid-sized biotech and the global biopharmaceutical client segments in the third quarter, as expected.

以客戶細分來看，第三季中小型生技和全球生物製藥客戶細分市場的營收均出現下降，符合預期。

But as I mentioned earlier, revenue from biotech clients was stable sequentially.

但正如我之前提到的，來自生技客戶的收入連續穩定。

The operating margin was 19.9%, a decrease of 60 basis points year over year.

營業利益率為19.9%，較去年同期下降60個基點。

The operating margin improved in each of our three business segments, due in part to the benefit of cost savings.

我們三個業務部門的營業利潤率均有所提高，部分原因是成本節約的好處。

However, higher unallocated corporate costs resulted in a consolidated operating margin decline in the third quarter.

然而，未分配企業成本上升導致第三季綜合營業利潤率下降。

Flavia will provide more details on unallocated corporate costs shortly.

Flavia 很快就會提供有關未分配企業成本的更多詳細資訊。

Earnings per share were $2.59 in the third quarter, a decrease of 4.8% from the third quarter of last year, reflecting the lower revenue and operating margin.

第三季每股收益為2.59美元，較去年第三季下降4.8%，反映出營收和營業利益率的下降。

Despite the decline, third-quarter earnings per share exceeded the outlook we provided in August due primarily to the better-than-expected top-line performance, particularly in the DSA segment.

儘管有所下降，但第三季每股收益超出了我們 8 月提供的預期，這主要是由於營收表現優於預期，特別是在 DSA 領域。

We are narrowing and slightly raising our full-year guidance for revenue and non-GAAP earnings per share from the midpoint of the previous ranges to reflect the third-quarter performance.

我們正在縮小並小幅提高我們對收入和非公認會計原則每股收益的全年指引，以反映第三季的業績。

We are narrowing our revenue outlook to a 3% to 4% decrease on an organic basis, and non-GAAP earnings per share has been slightly raised to a range of $10.10 to $10.30. While we're never pleased with declining revenue, our financial outlook already demonstrates that we are beginning to see the benefits of the disciplined management of our cost structure.

我們將營收預期縮小至有機下降 3% 至 4%，非 GAAP 每股收益小幅上調至 10.10 美元至 10.30 美元。雖然我們從未對收入下降感到滿意，但我們的財務前景已經表明，我們開始看到嚴格管理成本結構的好處。

I'd now like to provide you with additional details on our third-quarter segment performance, beginning with the DSA segment's results.

我現在想向您提供有關我們第三季度業績的更多詳細信息，首先是 DSA 部門的業績。

DSA revenue in the third quarter was $615.1 million, a decrease of 7.4% on an organic basis, driven by lower sales volume in both the discovery services and safety assessment businesses.

第三季 DSA 收入為 6.151 億美元，有機下降 7.4%，原因是發現服務和安全評估業務銷售下降。

DSA revenue modestly exceeded our prior outlook of a 10% second-half decline because global biopharma demand trends held up better than we expected.

DSA 收入略高於我們先前預期的下半年將下降 10%，因為全球生物製藥需求趨勢比我們的預期好。

We now believe the DSA segment revenue will decline at a high-single-digit rate organically in the second half of the year, consistent with our full-year outlook.

我們現在認為，DSA 部門的收入將在今年下半年以高個位數的速度自然下降，這與我們的全年預期一致。

In the safety assessment business, the revenue decrease was primarily driven by lower study volume.

在安全評估業務中，收入下降主要是因為研究量減少。

Pricing was essentially flat year over year and is expected to turn slightly lower in the fourth quarter, which is consistent with our previous expectations.

定價與去年同期基本持平，預計第四季將略有下降，這與我們先前的預期一致。

From our perspective, the safety assessment pricing environment, or spot market, for new proposals has not materially changed for most of the year.

從我們的角度來看，新提案的安全評估定價環境或現貨市場在今年的大部分時間裡沒有重大變化。

We were pleased that gross bookings and cancellations improved from second-quarter levels, resulting in an improvement in the net book-to-bill ratio to the most favorable levels since the first quarter of 2023.

我們很高興看到總預訂量和取消量較第二季度的水平有所改善，從而使淨預訂與賬單比率改善至 2023 年第一季以來的最有利水平。

As I mentioned earlier, these forward-looking indicators for global biopharmaceutical clients rebounded in the third quarter, which reassured us that the demand environment was not further deteriorating.

正如我之前提到的，這些全球生物製藥客戶的前瞻性指標在第三季反彈，這讓我們確信需求環境不會進一步惡化。

In addition, biotech trends remained stable in the third quarter, and overall, the forward-looking demand KPIs for this client base remained more favorable in 2024 than the last year.

此外，第三季生技趨勢保持穩定，整體而言，2024年該客戶群的前瞻性需求KPI仍比去年更有利。

Headwinds still exist, ranging from the net book-to-bill ratio remaining below 1 times to pricing and the overhang from our clients' major restructuring efforts.

不利因素仍然存在，從淨訂單出貨比仍然低於 1 倍到定價以及客戶重大重組工作的懸而未決。

Therefore, we will continue to take a cautious view with respect to the near-term outlook for our safety assessment business until the sustained demand trends are more supportive of a return to revenue growth.

因此，我們將繼續對安全評估業務的近期前景持謹慎態度，直到持續的需求趨勢更有利於收入成長的恢復。

The DSA backlog decreased just slightly on a sequential basis to $2.12 billion at the end of the third quarter from $2.16 billion at the end of the second quarter.

DSA 積壓訂單環比略有下降，從第二季末的 21.6 億美元降至第三季末的 21.2 億美元。

As part of our ongoing efforts to promote a client-centric approach and refine our operating model, we are working to further integrate our global discovery and safety assessment operating structure to one DSA over the next year.

作為我們持續努力推廣以客戶為中心的方法和完善我們的營運模式的一部分，我們正在努力在明年將我們的全球發現和安全評估營運結構進一步整合到一個 DSA 中。

For the last two years, our global DSA operations have been managed by one senior leader, Shannon Parisotto.

過去兩年，我們的全球 DSA 業務一直由一位資深領導者 Shannon Parisotto 負責管理。

During this time, Shannon has comprehensively evaluated the strengths and opportunities that exist within the businesses and focused on enhancing its future vision and, in concert with senior management, has developed a plan that we believe will unlock greater synergies and ultimately make us a stronger and even more responsive partner for our clients.

在此期間，香農全面評估了企業內部存在的優勢和機遇，專注於增強未來願景，並與高級管理層合作制定了一項計劃，我們相信該計劃將釋放更大的協同效應，最終使我們成為一個更強大、更強大的公司。

Many of the changes will be settled both internally and from a client perspective.

許多變化將在內部和從客戶的角度解決。

They will focus on a combined sales force and leadership approach, integrated scientific programming, and a more seamless client experience as their programs transition from the discovery to the early development phase.

當他們的專案從發現階段過渡到早期開發階段時，他們將專注於銷售團隊和領導力相結合的方法、綜合科學規劃以及更無縫的客戶體驗。

The insights we have already gained from migrating towards this model have influenced our global footprint optimization plans, including consolidation of several smaller sites and transitioning services to other DSA locations.

我們從遷移到此模型中獲得的見解影響了我們的全球足跡優化計劃，包括整合幾個較小的站點以及將服務轉移到其他 DSA 地點。

The DSA operating margin was 27.4% in the third quarter, a 20-basis-point increase from the third quarter of 2023 and a 30-basis-point increase sequentially.

第三季 DSA 營業利潤率為 27.4%，較 2023 年第三季成長 20 個基點，較上季成長 30 個基點。

The year-over-year and sequential improvements were primarily driven by the increasing benefits from the cost savings actions that we have implemented.

同比和環比的改進主要是由於我們實施的成本節約行動所帶來的收益不斷增加而推動的。

RMS revenue is $197.8 million, an increase of 0.6% on an organic basis over the third quarter of 2023.

RMS 營收為 1.978 億美元，較 2023 年第三季有機成長 0.6%。

RMS revenue is primarily driven by the benefit of higher pricing and small model sales volume in China, largely offset by lower revenue for research model services and cell solutions.

RMS 收入主要受到中國定價較高和模型銷售較小的好處的推動，但在很大程度上被研究模型服務和電池解決方案收入的下降所抵消。

As has been the case all year, small model revenue in North America and Europe has been driven by higher pricing.

與全年的情況一樣，北美和歐洲的小型號收入受到較高定價的推動。

Unit volume for small models has declined this year in conjunction with large pharma restructuring activities that have led to spending cuts and a reduction in research staff, and the funding environment has resulted in a slowdown in new biotech company creation.

今年，小型型號的單位銷售量有所下降，原因是大型製藥公司重組活動導致支出削減和研究人員減少，而融資環境導致新生物技術公司創建放緩。

These trends have largely been reflected in our original outlook for the year.

這些趨勢在很大程度上反映在我們對今年的最初展望中。

To offset the volume declines, we also continue to realize price increases because small models are essential low-cost tools for drug research.

為了抵​​消銷售下降的影響，我們也繼續實現價格上漲，因為小型模型是藥物研究必不可少的低成本工具。

Our China business continues to perform well this year despite the macroeconomic pressures in the country, primarily driven by share gains associated with our geographic expansions.

儘管中國面臨宏觀經濟壓力，但我們的中國業務今年繼續表現良好，這主要是由於我們的地域擴張帶來的股票收益的推動。

Research model services, including our CRADL operations, experienced a modest revenue decline in the third quarter, largely reflecting the overall biopharma demand environment.

研究模型服務（包括我們的 CRADL 業務）在第三季的收入略有下降，這在很大程度上反映了整體生物製藥需求環境。

While CRADL's business model continues to resonate with clients, it experienced low occupancy as clients selectively narrowed room utilization to cut costs.

雖然 CRADL 的業務模式繼續引起客戶的共鳴，但由於客戶選擇性地縮小房間利用率以削減成本，因此入住率較低。

And GEMS has been modestly affected by a similar slowdown in client demand.

GEMS 也受到了類似的客戶需求放緩的輕微影響。

As part of our footprint optimization efforts, we are in the process of consolidating several CRADL sites and have also consolidated our cell solutions operation at its largest site in California.

作為我們足跡優化工作的一部分，我們正在整合多個 CRADL 站點，並在加州最大的站點整合我們的電池解決方案營運。

Existing demand trends are expected to result in essentially flat RMS organic revenue in 2024.

預計現有需求趨勢將導致 2024 年 RMS 有機收入基本持平。

In the third quarter, the RMS operating margin increased by 210 basis points to 21%.

第三季度，RMS 營業利益率成長了 210 個基點，達到 21%。

The improvement was primarily due to higher pricing, a favorable revenue mix related to Noveprim, and the benefit of cost savings actions.

這項改善主要歸功於更高的定價、與Noveprim相關的有利收入組合以及成本節約行動的好處。

Revenue for the manufacturing solutions segment was $196.9 million, an increase of 11.8% on an organic basis compared to the third quarter of last year.

製造解決方案部門的營收為1.969億美元，與去年第三季相比有機成長11.8%。

Each of the segment's businesses contributed to the robust revenue growth.

該部門的每個業務都為收入的強勁成長做出了貢獻。

And given its continued strong performance, we are raising the segment's full-year revenue outlook to high-single-digit organic growth from our prior outlook of mid to high-single-digit growth.

鑑於其持續強勁的業績，我們將該部門的全年收入預期從先前中高個位數成長的預期上調至高個位數有機成長。

The CDMO business led the way with a robust quarter, particularly for cell therapy, as client interest and booked activity were strong in the third quarter.

CDMO 業務在本季表現強勁，尤其是細胞治療業務，因為第三季客戶興趣和預訂活動強勁。

The CDMO business remains on track to have another solid year.

CDMO 業務預計將迎來另一個穩健的一年。

The biologics testing business also continued to perform well, driven by demand for our core testing activities, including cell banking, viral clearance, and viral safety testing.

受細胞庫、病毒清除和病毒安全檢測等核心檢測活動需求的推動，生物製劑檢測業務也持續表現良好。

We are also pleased that the synergies between our CDMO and biologics testing businesses continue to strengthen, as it is critical to provide analytical testing capabilities to expedite the production processes for our clients' cell and gene therapies.

我們也很高興看到我們的 CDMO 和生物製劑測試業務之間的協同效應不斷加強，因為提供分析測試能力以加快客戶細胞和基因療法的生產流程至關重要。

More than half of our CDMO clients now utilize our biologics testing capabilities, which is a testament to the synergies between these businesses.

我們超過一半的 CDMO 客戶現在利用我們的生物製劑測試能力，這證明了這些業務之間的協同效應。

The microbial solutions business also had a strong quarter, driven primarily by demand for our Endosafe testing consumables, as well as improving instrument placements.

微生物解決方案業務的季度表現也很強勁，這主要是受到對 Endosafe 測試耗材的需求以及儀器放置改善的推動。

We believe the third-quarter performance demonstrated that demand for microbial products has rebounded from the pressures last year, which resulted from clients' destocking activity and tighter budgets in the drug manufacturing sector.

我們認為，第三季的業績表明，微生物產品的需求已從去年的壓力中反彈，這是由於客戶的去庫存活動和藥品製造業的預算收緊所致。

Our belief was supported by the placement of seven of our large automated systems from our Endosafe NEXUS platform during the third quarter, and a similar number of placements are expected in the fourth quarter.

第三季從 Endosafe NEXUS 平台部署的七個大型自動化系統支持了我們的信念，預計第四季也將部署類似數量的系統。

In addition to the fact that these high-throughput systems are expected to drive meaningful incremental cartridge use, we view installation of these systems as further evidence that both existing and new clients are utilizing our comprehensive, rapid manufacturing quality control testing solutions to enhance their product release testing speed and efficiency.

除了這些高通量系統預計將推動有意義的增量墨盒使用之外，我們還將這些系統的安裝視為現有和新客戶正在利用我們全面、快速的製造品質控制測試解決方案來增強其產品的進一步證據發布測試速度和效率。

Manufacturing segment's third-quarter operating margin was 28.7%, representing an increase of 420 basis points year over year.

製造部門第三季營業利益率為28.7%，較去年同期成長420個基點。

The improvement was largely a result of leverage from higher sales volume across each of the segment's businesses.

這項改善主要歸功於該部門各業務銷售的增加。

To conclude, we are continuing to navigate through this challenging period by remaining laser focused on our strategy by aggressively managing our cost structure, by enhancing our clients' experience to gain additional share, and by protecting shareholder value.

總而言之，我們將繼續專注於我們的策略，積極管理成本結構，增強客戶體驗以獲得更多份額，並保護股東價值，從而繼續度過這段充滿挑戰的時期。

We have always distinguished ourselves through our exquisite science and preclinical focus, extending our leading position as our clients' preferred global non-clinical drug development partner.

我們始終憑藉精湛的科學和臨床前關注而脫穎而出，擴大了我們作為客戶首選的全球非臨床藥物開發合作夥伴的領先地位。

We have navigated challenges before, and we expect to emerge from this period as a stronger, leaner, and more profitable company and an even more responsive partner for our clients.

我們以前曾應對過挑戰，我們希望在這段時期內成為一家更強大、更精簡、盈利能力更強的公司，並成為客戶反應更靈敏的合作夥伴。

I'd like to thank our employees for their exceptional work and commitment and our clients and shareholders for their continued support.

我要感謝我們的員工的出色工作和奉獻精神，以及我們的客戶和股東的持續支持。

Now, Flavia will provide additional details on our third-quarter financial performance and 2024 guidance.

現在，Flavia 將提供有關我們第三季財務業績和 2024 年指引的更多詳細資訊。

Thank you, Jim, and good morning.

謝謝你，吉姆，早安。

Before I begin, may I remind you that I'll be speaking primarily to non-GAAP results, which exclude amortization and other acquisition-related adjustments, costs related primarily to restructuring actions, gains or losses from certain venture capital and other strategic investments, and certain other items.

在開始之前，請允許我提醒您，我將主要談論非公認會計原則的結果，其中不包括攤銷和其他收購相關的調整、主要與重組行動相關的成本、某些風險資本和其他戰略投資的損益，以及某些其他物品。

Many of my comments will also refer to organic revenue growth, which excludes the impact of acquisitions, divestitures, and foreign currency translation.

我的許多評論還將提到有機收入成長，其中不包括收購、資產剝離和外幣換算的影響。

Third-quarter 2024 organic revenue decreased at a rate of 2.7%, which was better than our outlook of a mid-single-digit decline.

2024 年第三季有機收入下降 2.7%，優於我們對中個位數下降的預期。

We delivered non-GAAP earnings per share of $2.59, which decreased 4.8%, but was favorable to our prior outlook of a low-double-digit decline.

我們的非 GAAP 每股收益為 2.59 美元，下降 4.8%，但有利於我們之前的低兩位數下降預期。

The outperformance was largely driven by better-than-expected DSA results.

表現優異主要是由於 DSA 表現優於預期。

As Jim discussed, we have narrowed and slightly raised our revenue guidance for the full year to reflect a stronger third-quarter performance, and now expect a revenue decline of 2% to 3% on a reported basis and 3% to 4% on an organic basis.

正如 Jim 所討論的那樣，我們縮小並略微提高了全年收入指引，以反映第三季度的強勁業績，現在預計報告收入將下降 2% 至 3%，實際收入將下降 3% 至 4%。基礎。

Non-GAAP earnings per share guidance is now in a range of $10.10 to $10.30.

非 GAAP 每股盈餘指引目前在 10.10 美元至 10.30 美元之間。

By segment, the revenue outlooks for each segment are either narrowed or unchanged.

以細分市場來看，每個細分市場的收入前景要麼縮小，要麼保持不變。

RMS revenue will be essentially flat on an organic basis.

RMS 收入在有機基礎上將基本持平。

DSA revenue is expected to be at the more favorable end of our prior outlook of a high-single-digit organic revenue decline, and manufacturing is expected to report high-single-digit organic revenue growth.

DSA 收入預計將處於我們先前預測的高個位數有機收入下降的更有利的一端，而製造業預計將報告高個位數有機收入成長。

From an operating margin perspective, the outlook is also unchanged.

從營業利益率的角度來看，前景也沒有改變。

We expect that this year's consolidated operating margin will be slightly below last year's level, as cost savings and lower performance-based bonus accruals will nearly offset the revenue shortfall at the margin level in 2024.

我們預計今年的綜合營業利潤率將略低於去年的水平，因為成本節約和基於績效的獎金應計額的降低將幾乎抵消 2024 年利潤率水平的收入缺口。

There are three key updates this quarter that I'll highlight now: the additional savings from our restructuring initiatives, the re-initiation of stock repurchases, and our strong free cash flow generation.

我現在要強調本季的三個關鍵更新：我們的重組計劃帶來的額外節省、重新啟動股票回購以及我們強勁的自由現金流產生。

As mentioned in August, we have begun to implement additional restructuring initiatives to deliver further cost savings to help preserve the bottom line.

正如八月份所提到的，我們已經開始實施額外的重組舉措，以進一步節省成本，以幫助保持獲利。

This will result in the consolidation of approximately 15 smaller sites, primarily in the DSA and RMS segments, most of which have already started.

這將導致大約 15 個較小站點的整合，主要是在 DSA 和 RMS 領域，其中大部分已經啟動。

We're also planning a sale-and-leaseback arrangement for our Wilmington RMS and corporate campus, which will reduce fixed costs and improve efficiencies while enabling us to continue to operate from the site.

我們還計劃對威爾明頓 RMS 和企業園區進行售後回租安排，這將降低固定成本並提高效率，同時使我們能夠繼續在該地點營運。

We expect these footprint optimization efforts will be completed in 2026 and generate net savings of approximately $40 million.

我們預計這些佔地面積優化工作將於 2026 年完成，並產生約 4,000 萬美元的淨節省。

Inclusive of the actions we have taken since late 2023, we have successfully identified annualized savings of approximately $200 million, of which approximately $100 million will be realized this year and an incremental $50 million in each of the next two years to achieve the full run rate in 2026.

包括我們自 2023 年底以來採取的行動，我們已成功確定每年節省約 2 億美元，其中今年將實現約 1 億美元，並在未來兩年每年增加 5,000 萬美元，以實現全面運行率2026年。

As part of our footprint optimization efforts, we expect to incur roughly $100 million of restructuring charges associated with site consolidation and transition costs, lease impairments, severance, and related items.

作為我們足跡優化工作的一部分，我們預計將產生約 1 億美元的重組費用，這些費用與場地整合和過渡成本、租賃減損、遣散費和相關項目有關。

A portion of the cash charges will be offset by the expected cash proceeds from the sale of real estate.

部分現金費用將被出售房地產的預期現金收益所抵銷。

These restructuring items will be excluded from our non-GAAP results.

這些重組項目將不包括在我們的非公認會計準則績效中。

The majority of these charges will be recorded in 2025.

其中大部分費用將於 2025 年記錄。

By taking these actions now, we are positioning the company for future profitable growth, utilizing a more scalable footprint.

透過現在採取這些行動，我們正在利用更具可擴展性的足跡，為公司未來的獲利成長做好準備。

As you know, our Board recently approved a new stock repurchase authorization of $1 billion.

如您所知，我們的董事會最近批准了 10 億美元的新股票回購授權。

We commenced stock repurchases under the new authorization in August and repurchased a total of 500,000 shares for approximately $100 million, which achieved our goal to offset annual share count dilution from equity awards for the year.

我們於8月份根據新授權開始了股票回購，並以約1億美元的價格回購了總計50萬股股票，這實現了我們抵消當年股權獎勵帶來的年度股數稀釋的目標。

Moving forward, we'll continue to regularly reevaluate the best uses of our capital, inclusive of stock repurchases, debt repayment, and strategic M&A to accelerate growth and maximize shareholder value.

展望未來，我們將繼續定期重新評估資本的最佳用途，包括股票回購、債務償還和策略併購，以加速成長並實現股東價值最大化。

As Jim mentioned, we also achieved record quarterly free cash flow, with $213.1 million generated in the third quarter compared to $139.5 million last year.

正如吉姆所提到的，我們也實現了創紀錄的季度自由現金流，第三季產生了 2.131 億美元，而去年為 1.395 億美元。

The improvement was driven by disciplined working capital management and lower capital expenditures.

這項改善得益於嚴格的營運資本管理和較低的資本支出。

CapEx was $38.7 million in the third quarter compared to $65.9 million last year, which reflected the ongoing moderation of our capacity requirements.

第三季的資本支出為 3,870 萬美元，而去年為 6,590 萬美元，這反映了我們容量需求的持續放緩。

For the year, free cash flow will be over $450 million, an increase from our prior outlook of $380 million to $400 million, and CapEx is expected to be between $220 million and $240 million.

今年自由現金流將超過 4.5 億美元，高於我們先前預期的 3.8 億美元至 4 億美元，資本支出預計在 2.2 億美元至 2.4 億美元之間。

I will now provide details on the non-operating items that affected our third-quarter performance.

我現在將提供影響我們第三季業績的非經營項目的詳細資訊。

Unallocated corporate costs totaled $76.8 million, or 6.6%, of revenue in the third quarter, compared to 4.7% of revenue last year.

第三季未分配的企業成本總計 7,680 萬美元，佔營收的 6.6%，而去年則佔營收的 4.7%。

The increase was primarily due to higher health and fringe-related costs and the absence of benefits from virtual power purchase agreements, or vPPAs, that were recognized in the prior year.

這一增長主要是由於健康和附加相關成本較高，以及上一年確認的虛擬購電協議（vPPA）並沒有帶來好處。

For the full year, we expect unallocated corporate costs to be slightly above the mid-5% range as a percent of revenue.

就全年而言，我們預計未分配的企業成本佔收入的比例將略高於 5% 左右。

The non-GAAP tax rate in the third quarter was 21.3%, representing a decrease of 30 basis points year over year.

第三季非公認會計準則稅率為21.3%，年減30個基點。

The decrease was primarily due to a favorable geographic earnings mix.

下降的主要原因是有利的地域收益組合。

For the full year, we now expect our tax rate will be in the range of 21.5% to 22%.

目前，我們預計全年稅率將在 21.5% 至 22% 之間。

Total adjusted net interest expense in the third quarter was $28.8 million, which represented both a sequential and year-over-year decline.

第三季調整後淨利息支出總額為 2,880 萬美元，較上季和年比均有所下降。

These reductions are primarily the result of shifting that to lower interest rate geographies and continued debt repayment.

這些減少主要是由於將其轉移到利率較低的地區和持續償還債務的結果。

For the full year, we expect total net interest expense will be at the lower end of our prior outlook of $118 million to $122 million.

我們預計全年淨利息支出總額將處於我們先前預期 1.18 億至 1.22 億美元的下限。

We are pleased with the effectiveness of our capital management activities.

我們對資本管理活動的有效性感到滿意。

We have been able to lower our net interest expense by repaying over $300 million in debt this year, which has brought our gross leverage ratio to 2.25 times and our net leverage ratio to 2.2 times at the end of the third quarter.

今年，我們透過償還超過 3 億美元的債務，降低了淨利息支出，這使我們的總槓桿率達到了 2.25 倍，第三季末淨槓桿率達到了 2.2 倍。

We were able to continue to repay debt in the third quarter while absorbing $100 million to re-initiate stock repurchases in August.

我們能夠在第三季繼續償還債務，同時在 8 月吸收 1 億美元重新啟動股票回購。

As a reminder, we also entered into a $500 million interest rate swap two years ago that has proven to be economically advantageous as we have been locked in a lower fixed interest rate.

提醒一下，我們在兩年前還簽訂了 5 億美元的利率互換協議，事實證明這在經濟上是有利的，因為我們被鎖定在較低的固定利率。

Currently, over 85% of our $2.3 billion debt at the end of the third quarter was at a fixed rate, including the swap that expires in November.

目前，截至第三季末，我們 23 億美元債務中超過 85% 的債務是固定利率的，其中包括 11 月份到期的掉期債務。

A summary of our 2024 financial guidance can be found on slide 41.

我們的 2024 年財務指導摘要可在投影片 41 中找到。

With one quarter remaining in the year, our fourth-quarter outlook is effectively embedded in our full-year guidance.

距離今年還剩下一個季度，我們的第四季度展望已有效地納入我們的全年指導中。

For the fourth quarter, we expect revenue to decline by low to mid-single-digit rates on both a reported and organic basis.

對於第四季度，我們預計報告收入和有機收入都將出現低至中個位數的下降。

There can be quarterly variability in RMS results due to the timing of NHP shipments, and the manufacturing segment's growth rate is expected to moderate from the strong low-double-digit performance in the third quarter due primarily to the timing of CDMO projects.

由於 NHP 的發貨時間，RMS 業績可能會出現季度波動，而製造部門的成長率預計將從第三季度強勁的低兩位數表現中緩和，這主要是由於 CDMO 項目的時間安排。

Non-GAAP earnings per share are expected to be in a range of approximately $2.45 to $2.65.

非 GAAP 每股盈餘預計約為 2.45 美元至 2.65 美元。

Looking ahead to 2025, we continue to expect the current trends will persist largely due to our global biopharmaceutical clients' ongoing restructuring programs and the continued gradual recovery in biotech growth.

展望 2025 年，我們仍然預計當前趨勢將持續下去，這主要是由於我們的全球生物製藥客戶正在進行的重組計劃以及生物技術成長的持續逐步復甦。

As a reminder, we plan to provide our 2025 outlook when we report our year-end results in February, which is our standard practice.

提醒一下，我們計劃在 2 月報告年終業績時提供 2025 年展望，這是我們的標準做法。

In conclusion, we're pleased with our third-quarter performance in this challenging environment.

總之，我們對在這個充滿挑戰的環境中第三季的表現感到滿意。

As we look to the future, we're focused on being well positioned to drive growth when the market rebounds.

展望未來，我們的重點是在市場反彈時做好充分準備來推動成長。

Our unwavering commitment to continuing to deliver high-quality scientific solutions to our clients as we transform into a leaner, more agile organization is a testament to our company's strength and resilience.

我們堅定不移地致力於繼續為客戶提供高品質的科學解決方案，同時轉型為一個更精簡、更敏捷的組織，這證明了我們公司的實力和韌性。

Thank you.

謝謝。

That concludes our comments.

我們的評論到此結束。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions) Max Smock, William Blair.

（操作員說明）Max Smock，William Blair。

Good morning.

早安.

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to follow up on a comment you had around the puts and takes in terms of the funding environment and the interest rate sentiment that keeps your outlook for small biotech measured.

我想跟進您對看跌期權和看跌期權的評論，包括融資環境和利率情緒，這些情緒可以讓您衡量小型生物科技公司的前景。

Could you just walk through what those puts and takes are?

能簡單介紹一下這些 put 和 take 是什麼嗎？

And then, in light of last night's election, I'd be curious if there's been any change to your view on the outlook for the funding environment moving forward.

然後，鑑於昨晚的選舉，我很好奇您對未來融資環境前景的看法是否有任何改變。

Hey, Max.

嘿，馬克斯。

Good morning.

早安.

I think I'll let Jim answer on the election part.

我想我會讓吉姆回答選舉部分。

But in terms of the puts and takes, I think from a macroeconomic perspective and just funding environment, it started in the beginning of the year with a more robust funding with the IPO market opening.

但就看跌期權和看跌期權而言，我認為從宏觀經濟角度和融資環境來看，隨著IPO市場的開放，融資從年初開始就更加強勁。

We continue to see that getting support throughout the year, although slightly lower clip than the first half of the year.

我們繼續看到全年都會獲得支持，儘管幅度略低於上半年。

Obviously, interest rates have started to come down, which is a good signal to the biotech environment.

顯然，利率已經開始下降，這對生物技術環境來說是一個好的訊號。

And as we said, from a demand perspective, we continue to see the demand indicators trend more favorably for our biotech client base than last year.

正如我們所說，從需求角度來看，我們繼續看到需求指標趨勢對我們的生技客戶群比去年更有利。

So while they didn't rebound to the extent that we had anticipated earlier in the year, which was part of the reason we adjusted our guidance in the second earnings call, they are stable and favorable to last year.

因此，雖然它們沒有反彈到我們今年早些時候預期的程度（這是我們在第二次財報電話會議中調整指導的部分原因），但它們相對於去年來說是穩定且有利的。

So we're cautiously optimistic that things will continue to improve, albeit at a much slower clip.

因此，我們對情況將繼續改善持謹慎樂觀態度，儘管速度要慢得多。

A little bit of an imponderable, the election.

有點難以估量，選舉。

I think that if it had gone the other way, IRA might have been beefed out, but additional drugs might have been added to it in the short term.

我認為，如果情況相反，IRA 可能會被淘汰，但短期內可能會添加更多藥物。

That'd be more expansive.

這樣就更廣闊了。

Having said that, it's popular and attractive for any candidate to just talk about drug prices being too high.

話雖如此，對於任何候選人來說，談論藥品價格過高都是很受歡迎且有吸引力的。

But I would expect we'd have less of a focus on it with the new administration.

但我預計新政府不會那麼關注它。

We'll have to wait and see what the dialogue is.

我們得等著看對話是什麼。

Thank you for that.

謝謝你。

And then, Flavia, maybe just to clean up one for me, how much of a benefit did you all recognize from lower incentive comp in the quarter?

然後，Flavia，也許只是為了幫我清理一個，你們都認為本季較低的激勵補償帶來了多少好處？

Similar to last quarter, is it fair to assume most of that impact was in DSA and not the corporate level?

與上季類似，假設大部分影響是在 DSA 而不是公司層面，是否公平？

Just to confirm, you're talking about -- I didn't

只是為了確認一下，你說的是──我沒有

--

--

Performance-based comp.

基於績效的比較

Performance-based comp, thanks.

基於績效的補償，謝謝。

So that did not have a meaningful impact in the third quarter.

因此，這並沒有對第三季產生有​​意義的影響。

The big adjustment when we adjusted our guidance was really in the second quarter.

我們調整指導意見時的重大調整其實是在第二季。

So this was not a key factor in this quarter's results.

所以這並不是本季業績的關鍵因素。

So are you still expecting it to be a factor, though, in the second half?

那麼，您仍然認為這會成為下半年的因素嗎？

I think last quarter, when we talked, you did $20 million in 2Q.

我想上個季度，當我們談話時，你們在第二季度賺了 2000 萬美元。

I think, rough math, we had gotten to $30 million in total for the back half of the year.

我想，粗略算一下，今年下半年我們總共賺了 3,000 萬美元。

So is it fair to assume that there will still be some impact in 4Q?

那麼，假設第四季仍然會產生一些影響是否公平？

Or now is that kind of tailwind -- is that out of margins here in the back half of the year?

或者現在就是這種順風——今年下半年的利潤率會超出嗎？

Yeah.

是的。

It's still going to have an impact in the second half, but the majority of the catch-up was in the second quarter.

它仍然會對下半年產生影響，但大部分追趕是在第二季。

Got it.

知道了。

Thank you.

謝謝。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Hey.

嘿。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Maybe just first on the large pharma segment, you noted the still-challenging environment.

也許首先在大型製藥領域，您注意到仍然充滿挑戰的環境。

However, you also cited demand trends didn't get worse.

然而，您也提到需求趨勢並沒有變得更糟。

Just based on your discussions with these customers, do you think we're at the tail-end of these cost savings and reprioritizations?

根據您與這些客戶的討論，您認為我們是否已經達到了這些成本節約和重新調整優先順序的目標？

And if so, how do you see the slope of demand recovery from this customer segment as we move into 2025?

如果是這樣，當我們進入 2025 年時，您如何看待該客戶群的需求復甦斜率？

Tough to say.

很難說。

Probably at the tail-end with some of them, and it certainly felt like they were doing an eye mask at the same time, even though there's lots of preparation for that.

可能是在最後，他們中的一些人，當然感覺他們在同時做眼罩，儘管為此做了很多準備。

There's no question there's been an enormous amount of reprioritization and reduction of costs.

毫無疑問，我們已經進行了大量的優先順序調整和成本削減。

Some of it's definitely going on because we engage with so many of these clients at the end of the year to see what their spend will be next year, what the budget looks like, whether there'll be more money in R&D or less.

其中一些肯定會發生，因為我們在年底與許多這樣的客戶接觸，看看他們明年的支出是多少，預算是什麼樣的，研發資金是否會增加或減少。

I suspect we're not through with it yet, but we really feel that we've reached the point where it's unlikely to deteriorate further from a demand point of view.

我懷疑我們還沒結束，但我們確實覺得我們已經達到了從需求角度來看情況不太可能進一步惡化的地步。

But pharma was very strong for last year and pretty strong for the first half of this year, less strong in the back half of this year.

但製藥業去年非常強勁，今年上半年也相當強勁，今年下半年則不那麼強勁。

The biotech sort of picking up some of the slack, albeit more slowly.

生物技術在某種程度上彌補了一些不足，儘管速度較慢。

So much of what we do is beneficial for our clients to reduce their cost and infrastructure.

我們所做的很多事情都有利於我們的客戶降低成本和基礎設施。

There's a lot of work that could come outside, so we could be the beneficiaries of that as well.

有很多工作可以在外面進行，所以我們也可以成為其中的受益者。

But I think it's going to be a while before we're through it.

但我認為我們還需要一段時間才能度過這個難關。

Got it.

知道了。

Thanks for that color.

謝謝那個顏色。

And then on your cost savings niches, what gives you confidence that the headcount reductions and site consolidations, one, won't create friction amongst your customer base as you're doing that; and two, you're right-sized for any recovery that may happen next year, even if it's more pronounced than your expectations?

然後，在您的成本節約領域，是什麼讓您相信，裁員和站點整合，一，不會在您這樣做時在您的客戶群中產生摩擦；二，第二，你的規模適合明年可能發生的任何復甦，即使它比你的預期更明顯？

So we're obviously working really hard at maintaining our quality staff.

因此，我們顯然非常努力地維持我們高素質的員工隊伍。

Everything at Charles River is about science, it's about speed, it's about responsiveness, and it's about really understanding the science to be able to contribute to what the client is doing.

Charles River 的一切都與科學有關，與速度有關，與響應能力有關，而且與真正理解科學以便能夠為客戶所做的事情做出貢獻有關。

So we've tried to be -- not tried to be, we've been very surgical, very thoughtful in workforce reductions.

因此，我們一直在努力——不是試圖這樣做，我們在裁員方面非常謹慎、非常周到。

We think that we're in a very good place now, given our guidance for the balance of the year and some of our early thoughts for next.

考慮到我們對今年餘下時間的指導以及對明年的一些早期想法，我們認為我們現在處於一個非常好的位置。

If things were to accelerate and improve more quickly than we might anticipate, we're quite confident that we could add those people back, mostly direct labor.

如果事情的加速和改善速度比我們預期的要快，我們非常有信心能夠重新增加這些人員，其中大部分是直接勞動力。

And as you've heard us say before, we need some meaningful period of time to train those people, but the sort of brain trust of the folks that are overseeing so many of the studies and interfacing with the clients, we've left it intact.

正如您之前聽我們說​​過的，我們需要一些有意義的時間來培訓這些人，但是監督大量研究並與客戶互動的人們的智囊團，我們已經離開了完好無損的。

So we have an obligation to get our headcount in sync with the demand.

因此，我們有義務使我們的員工數量與需求保持同步。

That's a responsibility and a necessity, and I think that we've done that, as I said, quite thoughtfully and expeditiously.

這是一種責任，也是一種必要，正如我所說，我認為我們已經非常深思熟慮和迅速地做到了這一點。

Thank you.

謝謝。

David Windley, Jefferies.

大衛溫德利，傑弗里斯。

Thanks.

謝謝。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

On the first one, Jim, I wanted to dovetail off the last on demand and DSA and think about -- or ask you about the pricing and backlog versus what is flowing through revenue, kind of thinking about the puts and takes on demand there.

關於第一個，吉姆，我想將最後一個點播和 DSA 結合起來，並考慮一下——或者問你有關定價和積壓訂單與收入流動的情況，想想那裡的按需看跌期權和認購期權。

And then more broadly, as you think about margin in DSA, pricing that I mentioned, the cost actions that you're taking, how should we think about the margin sustainability at that 27% level, again, with what feels like some moving parts to and fro?

然後更廣泛地說，當你考慮 DSA 的利潤率、我提到的定價、你正在採取的成本行動時，我們應該如何考慮 27% 水平的利潤率可持續性，同樣，感覺像是一些移動部件來回？

I mean, the pricing and the backlog is that as that plays through, it's obviously going to have some impact.

我的意思是，定價和積壓是隨著時間的推移，它顯然會產生一些影響。

Prices have been sort of flat to somewhat down, actually probably more comparable, and we have said that we anticipate that it'll be down further by the end of the year.

價格一直持平甚至有所下降，實際上可能更具可比性，我們已經說過，我們預計到今年年底價格將進一步下降。

So we're going to see that play through.

所以我們會看到這場比賽的進展。

Pricing for next year, we're not going to go there yet, but I will see that.

明年的定價，我們還不會去那裡，但我會看看。

I'll let Flavia answer the margin question.

我會讓 Flavia 回答保證金問題。

We're going to do everything we can to protect margins.

我們將盡一切努力保護利潤。

So from a headcount point of view and an infrastructure point of view, G&A point of view, we're doing everything that we think is possible.

因此，從員工數量和基礎設施的角度來看，從一般管理費用的角度來看，我們正在做我們認為可能的一切。

Yeah.

是的。

I think to your question, Dave, and how Jim is framing, we know that price is going to be a headwind for us next year.

我認為，戴夫，對於你的問題以及吉姆的框架，我們知道價格將成為明年我們的阻力。

We are in a sense that we are already signaling that it will turn from flattish this quarter to slightly down next quarter.

從某種意義上說，我們已經發出訊號，本季的情況將持平，下季將略有下降。

So we know that that will be something that will have going against us in 2025.

所以我們知道這將在 2025 年對我們不利。

And that's the reason why we've been working so hard on the cost saving initiatives, whether it is to adjust the workforce to the demand environment or look at how we can optimize the footprint because we know we're going to have to overcome this to help protect margin.

這就是為什麼我們一直在努力節省成本的舉措，無論是調整勞動力以適應需求環境，還是研究如何優化足跡，因為我們知道我們必須克服這個問題來幫助保護利潤。

So I do think the DSA margin will be pressure given the pricing dynamics, our inability at the current market environment to get price, which was the case when demand was much stronger.

因此，我確實認為，考慮到定價動態、我們在當前市場環境下無法獲得價格（需求強勁得多時的情況），DSA 利潤率將面臨壓力。

And so there will be pressure on the margin, I think, going forward.

因此，我認為，未來利潤率將會面臨壓力。

Without talking about specifics, I don't expect it to definitely not to increase.

不說具體的，我不認為它肯定不會增加。

And if you put the pieces together with the headwinds on price, I think we'll have to see when we guide to 2025, but it's -- if you just do the math with cost going up and price not increasing, that will be pressure.

如果你把這些因素與價格方面的不利因素放在一起，我想我們必須看看我們何時指導 2025 年，但如果你只是計算一下成本上升而價格不上漲，那將是壓力。

Okay.

好的。

And then just if I can get some detail on, you mentioned a global business service model, I think.

然後，如果我能了解一些細節，我想您提到了全球商業服務模式。

And to my ear, maybe that's the first time you've discussed that or mentioned that.

在我看來，也許這是你第一次討論或提到這一點。

And if you could elaborate on the details of that and how long it will take you to implement.

您能否詳細說明一下具體細節以及實施需要多長時間？

Yeah, I'll take that one.

是的，我會接受那個。

And we actually had a little bit of that commentary last quarter as well, but it's good that you picked up on it.

事實上，我們上個季度也有過一些這樣的評論，但很高興您能注意到它。

And the way I would suggest you think about it is we obviously continue to look at opportunities for us to streamline and be more effective in how we operate.

我建議您考慮的方式是，我們顯然會繼續尋找機會來簡化並提高營運方式的效率。

When the demand started softening, the first lever we pulled was on the headcount that is directly associated with the services that we provide.

當需求開始疲軟時，我們首先採取的措施是與我們提供的服務直接相關的員工人數。

We then look at footprint, which is what we provided an update at this call.

然後我們看看足跡，這是我們在這次電話會議上提供的更新。

But then we continue to look at new ways of us to operate and make sure that we are as effective as we can, whether it is continuing to reap the benefits of our digitization efforts to automate processes and get efficiencies that way or look at global business services as a means and a way to, especially in some of our more standard processes, functional areas, can we do those in a more effective way.

但隨後我們會繼續尋找新的營運方式，並確保我們盡可能有效，無論是繼續從我們的數位化努力中獲益，以實現流程自動化並提高效率，還是著眼於全球業務服務作為一種手段和方式，特別是在我們的一些更標準的流程、功能領域，我們能否以更有效的方式做到這一點。

So we're looking at opportunities to perhaps change the way we operate -- operate more in a standardized fashion, in a more scalable fashion.

因此，我們正在尋找機會改變我們的營運方式——以標準化、更具可擴展性的方式進行營運。

And that's what we mean by pulling that lever on global business services.

這就是我們對全球商業服務施加槓桿的含義。

Got it.

知道了。

Thank you.

謝謝。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Hey.

嘿。

Thanks very much.

非常感謝。

Could you dive into the -- at least what I would say might be relatively low RMS margin this quarter, given you have upside and high-margin Noveprim cells and also favorable pricing in small animals, where I might have expected more of a drop-through on the pricing side on the small animals.

您能否深入探討一下——至少我想說的是，本季的RMS 利潤率可能相對較低，因為您擁有上漲和高利潤率的Noveprim 細胞，而且小動物的定價也很優惠，我可能會預期會出現更多的下降——透過小動物的定價方面。

Anyway, you also -- if you could also dig into the lumpiness in large animal timing as a potential factor in Q4 and what you're currently thinking you might experience on that this period.

不管怎樣，你也 - 如果你也可以深入研究大型動物時間的波動性作為第四季度的潛在因素，以及你目前認為你在這一時期可能經歷的事情。

Thanks very much.

非常感謝。

Good morning, Eric.

早安，埃里克。

Yeah, I'll take that one, and I'll answer the latter part of the question -- your first question first.

是的，我會接受這個，然後我將回答問題的後一部分——首先回答你的第一個問題。

So to your point, there is a little bit of potential lumpiness on the shipments -- the timing of shipments of large models, both from Noveprim as well as the sales that we have in China for China.

因此，就您的觀點而言，出貨量存在一些潛在的不穩定因素——Noveprim 的大型型號的出貨時間以及我們在中國的銷售情況。

So we try to account for that, and it's a little bit of a binary event, whether it happens or not.

所以我們試著解釋這一點，無論它是否發生，這都是一個二元事件。

And it will play into the margins in growth in the RMS segment, as well as potentially having an impact on EPS given that that part of the business has high margins.

它將影響 RMS 業務的成長利潤，並可能對每股盈餘產生影響，因為該業務的利潤率很高。

So obviously, we guide in a range, and so the range considers both outcomes.

顯然，我們在一個範圍內進行指導，因此該範圍考慮了這兩種結果。

And so we try to do the best we can, but sometimes it can shift one week and it falls in one calendar year or one quarter or not.

因此，我們盡力做到最好，但有時它可能會改變一周，並且可能會發生在一個日曆年或一個季度內。

With regards to the RMS margin this quarter, there is mixed play in there, as you pointed out.

關於本季的 RMS 利潤率，正如您所指出的，情況好壞參半。

On one hand, the NHP shipments are favorable.

一方面，NHP 出貨情況良好。

But on the other hand, I think there's a couple of headwinds.

但另一方面，我認為存在一些阻力。

Obviously, we still got growth in China and volume growth, I mean, which is a lower margin part of the RMS models business.

顯然，我們在中國和銷量上仍然實現了成長，我的意思是，這是 RMS 模型業務利潤率較低的部分。

And then I think you also saw that the services businesses were lighter.

然後我想你也看到服務業務變得更輕了。

They actually had some decline this quarter.

他們本季實際上出現了一些下滑。

So there are some puts and takes there.

所以那裡有一些看跌期權和賣出期權。

We put some pressure on the margin.

我們對利潤率施加了一些壓力。

Justin Bowers, Deutsche Bank.

賈斯汀·鮑爾斯，德意志銀行。

Thank you, and good morning.

謝謝你，早安。

The bookings in safety assessment improved pretty significantly quarter over quarter.

安全評估的預訂量較上季顯著改善。

And I believe you did call out an improvement in cancellations as well.

我相信您也確實提到了取消預訂方面的改進。

With that, are you seeing that across both customer sets, biotech and globals, or was that more isolated to one customer?

就此而言，您是否在生物技術和全球客戶群中看到了這一點，或者這對一個客戶來說更加孤立？

And then, is this a good level?

那麼，這樣的水平好不好呢？

I mean, the bookings, it ranged from like 450 to 475 for the first three quarters of the year.

我的意思是，今年前三個季度的預訂量在 450 到 475 之間。

Are we at a good sort of run rate here based on sort of the conversations and what you know now?

根據對話類型和您現在所了解的情況，我們的運行速度是否良好？

Or are we still in sort of this normal level of volatility around the bookings?

或者說我們的預訂量是否仍處於正常的波動水平？

We're seeing lower rate of cancellations.

我們看到取消率較低。

That's pretty much our client base, which obviously we're pleased to see.

這幾乎就是我們的客戶群，顯然我們很高興看到這一點。

Forward momentum for the pharma companies, which are still reducing their infrastructures, as we talked about earlier, is definitely an issue for them.

正如我們之前提到的，製藥公司仍在減少基礎設施，其前進動力無疑是一個問題。

As I said, they had a strong first half of the year and less strong third quarter.

正如我所說，他們上半年表現強勁，但第三季表現較差。

Both the demand and the bookings for the biotech client base feels a lot more stable and a lot more consistent, albeit not growing at the rate that we had perhaps anticipated.

生物技術客戶群的需求和預訂都感覺更加穩定和一致，儘管沒有以我們預期的速度成長。

But a lot of positive signs there in terms of capture rate, in terms of access to clients, in terms of the dialogue.

但在捕獲率、接觸客戶和對話方面有很多積極的跡象。

And you watch them.

你看著他們。

It's all about rate cuts, which we've had one and another one in common.

一切都與降息有關，這是我們一個又一個的共同點。

What happens to the IPO market?

IPO市場會發生什麼事？

I don't exactly know what the election does to our clients, both large and small.

我不太清楚這次選舉對我們的大大小小的客戶有何影響。

But biotech has been the principal driver of growth for almost a decade.

但近十年來，生物技術一直是成長的主要動力。

So it slowed down a little bit last year, seems to be strengthening somewhat this year.

所以去年它有所放緩，今年似乎有所加強。

Having said that, as we think about moving into next year, a lot of the trends that we're seeing now are likely to persist for at least some time until some of those things happen, like the IPO market actually opening up.

話雖如此，當我們考慮進入明年時，我們現在看到的許多趨勢可能會持續至少一段時間，直到其中一些事情發生，例如 IPO 市場真正開放。

I guess the last thing I would say is that the biotech funding market had a very good September and a very good October as well.

我想我要說的最後一件事是生物技術融資市場的九月和十月都非常好。

So while everybody continues to compare the results to '21 and '22, which were crazy, exceptional years, there's a fair amount of money going into biotech.

因此，雖然每個人都繼續將結果與 21 和 22 年進行比較，那是瘋狂的、非凡的年份，但仍有相當多的資金投入生物技術領域。

And as we've said, and I personally said several quarters now, I think this is a lot about psychology and a lot about fear of the unknown and a lot about pulling back and being hyper-conservative sort of feeds upon itself.

正如我們所說，我個人已經說過幾個季度了，我認為這很大程度上與心理學有關，很大程度上與對未知的恐懼有關，也與退縮和過度保守的自食其果有關。

But actual access to capital is not that bad.

但實際獲得資本的機會並沒有那麼糟。

It's quite good for the venture firms and they're quite good for big pharma funding a lot of biotech.

這對於創投公司來說非常有利，對於為生物技術提供大量資金的大型製藥公司來說也非常有利。

So I think the trajectory is improving nicely, albeit a little bit slower -- more slowly than we thought.

所以我認為軌跡正在很好地改善，儘管速度有點慢——比我們想像的要慢。

Thank you.

謝謝。

And just a quick follow-up on that.

對此進行快速跟進。

What is customer behavior now in terms of bookings?

現在客戶在預訂方面的行為如何？

How far are they booking?

他們預訂的距離是多遠？

Is it closer to study start?

距離開學還近嗎？

And then lastly, with some of these restructurings that we're seeing in large pharma, is that yielding opportunities in the CRADL business?

最後，我們在大型製藥公司中看到的一些重組是否會為 CRADL 業務帶來機會？

Or do you think a lot of those decisions around infrastructure have been made at this point?

或者您認為目前已經做出了很多有關基礎設施的決策嗎？

Yeah.

是的。

I think in terms of when studies are starting, we see kind of both ends of the spectrum.

我認為就研究何時開始而言，我們看到了光譜的兩端。

There's things starting within a month and there's still people booking six, nine months ahead.

活動將在一個月內開始，但仍有人提前六、九個月預訂。

So we're really seeing the gamut of study starts in that sense.

所以我們確實看到了從這個意義上開始的所有研究。

With regards to CRADL, we do still believe that our vivarium as a service, if you will, type of service continues to resonate with clients, kind of big and small.

關於 CRADL，我們仍然相信我們的動物園作為一種服務，如果你願意的話，這種服務類型將繼續與大大小小的客戶產生共鳴。

We did see some in the biotech client base rationalizing or right-sizing how much space they take.

我們確實看到生物技術客戶群中的一些人正在合理化或調整他們佔用的空間。

Some of the pharma clients had already, in the start of our CRADL business, kind of established this both in the spaces where they were anchor clients.

在我們的 CRADL 業務開始時，一些製藥客戶已經在他們作為主要客戶的領域建立了這一點。

So we're not seeing them take more, but they had already taken space in some facilities.

因此，我們沒有看到他們佔用更多空間，但他們已經佔用了一些設施的空間。

And we continue to work with them as they update their footprint in additional opportunities.

當他們在更多機會中更新足跡時，我們將繼續與他們合作。

So I'd say, for large clients, we're not seeing it be positive or negative.

所以我想說，對於大客戶來說，我們沒有看到它是積極的還是消極的。

And in the biotech clients, there's a little bit less utilization at this point, which drove the softness, if you will, on services for RMS this quarter.

在生技客戶中，目前的利用率略有下降，這推動了本季 RMS 服務的疲軟（如果你願意的話）。

Thanks so much.

非常感謝。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you.

謝謝。

I'm just trying to make sure I understand your view here.

我只是想確保我理解你的觀點。

Is it your view that the Q4 sales is the run rate for the business until we see an improved end market demand environment?

您是否認為第四季的銷售額是在我們看到終端市場需求環境改善之前業務的運作率？

Yeah.

是的。

I think if we are going to refrain from answering comments or questions that sort of infer what the outlook is for 2025, I think as Jim has said, we are pleased that the demand trends and indicators have sort of stabilized in the third quarter.

我認為，如果我們不回答推斷 2025 年前景的評論或問題，我認為正如吉姆所說，我們很高興第三季需求趨勢和指標有所穩定。

We think we called the outlook for this year correctly.

我們認為我們對今年的展望是正確的。

We're going to continue to watch and see how they evolve in the fourth quarter before we comment on outlook for next year.

在我們評論明年的前景之前，我們將繼續觀察它們在第四季度的發展。

What I will remind everybody is from a comps perspective, we'll have to anniversary, especially the first half of this year, where pharma was still strong.

我要提醒大家的是，從比較的角度來看，我們將迎來週年紀念日，尤其是今年上半年，製藥業仍然強勁。

So between that and pricing, that's why we have put in our prepared remarks that we expect the current demand trends will continue into 2025 and put some pressure on year-over-year growth.

因此，在這一點和定價之間，這就是為什麼我們在準備好的評論中表示，我們預計當前的需求趨勢將持續到 2025 年，並​​對同比增長帶來一些壓力。

Once we start seeing more pronounced and lasting signals of recovery, we'll be obviously the first to tell you all that we have more confidence on the outlook.

一旦我們開始看到更明顯、更持久的復甦訊號，我們顯然將第一個告訴大家，我們對前景更有信心。

At this point, I think it's a steady state of where we are.

在這一點上，我認為我們目前處於穩定狀態。

We obviously will have considerable discussions with our clients in the fourth quarter as we put our plan to bed and they do the same.

顯然，當我們制定計劃時，我們將在第四季度與客戶進行大量討論，他們也會這樣做。

And so we should get pretty accurate feedback on spending patterns, how much they're going to be spending in the clinic, how much they're going to be spending for IND filings, how much for post-IND, what their total IND spend looks like.

因此，我們應該獲得有關支出模式的相當準確的反饋，他們將在診所花費多少，他們將在 IND 申請上花費多少，IND 後花費多少，他們的 IND 總支出是多少看起來像。

Obviously, at some point, big pharma is going to get back to investing in early discovery and early development.

顯然，在某個時候，大型製藥公司將重新投資於早期發現和早期開發。

So we have, I think, the best access to clients to understand what's going on in the marketplace.

因此，我認為，我們擁有最好的管道來接觸客戶，並了解市場上正在發生的事情。

For now, we're going to have to assume that some of the situation that we're in, some of that's just going to persist.

目前，我們必須假設我們所處的某些情況將持續存在。

As Flavia said, we do have a sort of comparison to last year, but so we'll know a lot more as we get through the fourth quarter and we get to our February call, where we sort of encapsulate the year and make our prognosis and guidance for the following year.

正如弗拉維亞所說，我們確實與去年進行了比較，但是當我們度過第四季度並進入二月份的電話會議時，我們會了解更多，我們將在會上總結這一年並做出預測以及來年的指導。

But we don't think anything is deteriorating or will deteriorate.

但我們不認為任何事情正在惡化或將會惡化。

So we have some stability here, hopefully some predictability, and hopefully improved visibility based on what our clients tell us.

因此，我們在這裡有一定的穩定性，希望有一定的可預測性，並希望根據客戶告訴我們的資訊提高可見度。

And we'll certainly share that with you in February.

我們一定會在二月與您分享這一點。

And then just to follow up on margins, I understand your goal is to maintain margins.

然後，為了跟進利潤率，我知道你們的目標是維持利潤率。

But is the $50 million of incremental cost savings in 2025, is that enough to offset the reversal or the restoration of incentive compensation, inflation, some things which you would know at this point that would be typical budgeting matters?

但是，到 2025 年，增量成本節省 5000 萬美元是否足以抵消激勵薪酬、通貨膨脹以及您目前所知的典型預算問題的逆轉或恢復？

Is that $50 million enough?

這5000萬美元夠嗎？

Yeah.

是的。

And I talked a little bit about this in the second-quarter earnings that, in a sense, quote unquote, it's not enough.

我在第二季財報中談到了這一點，從某種意義上說，引用不引用，這還不夠。

And that's why we continue working and we provided additional color now that our overall savings have increased with the result of the footprint optimization efforts that we have been working on over the last two to three months.

這就是我們繼續工作的原因，我們提供了額外的顏色，因為我們在過去兩到三個月中一直在進行足跡優化工作，因此我們的整體節省已經增加。

In an environment where you don't have volume growth, where price is a headwind and your costs continue to increase, obviously protecting margin is hard.

在銷量沒有成長、價格成為不利因素且成本不斷增加的環境中，顯然保護利潤率很困難。

And that's why we continue to look at levers to drive efficiency and do the best we can to ensure we're adjusting our staffing, rationalizing our footprint, and driving those efficiencies to protect margin in this environment.

這就是為什麼我們繼續尋找提高效率的槓桿，並盡最大努力確保我們調整人員配置，合理化我們的足跡，並提高效率以保護這種環境下的利潤。

Understood.

明白了。

Thank you.

謝謝。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hey, guys.

嘿，夥計們。

Thanks so much for the question, and congrats on a nice quarter.

非常感謝您的提問，並祝賀您度過了一個愉快的季度。

I maybe have two questions.

我可能有兩個問題。

My first question is, you've talked about some of the changes you've been making internally, how you operate, and sort of the obviously where your estimation of where we are in the pharma cycle.

我的第一個問題是，您談到了您在內部所做的一些改變、您的運作方式，以及您對我們在製藥週期中所處位置的明顯估計。

What are customers, particularly biopharma customers, asking for differently in this cycle?

在此週期中，客戶（尤其是生物製藥客戶）有哪些不同的要求？

Are you sort of conceptually working with them in new ways given these changes?

鑑於這些變化，您是否在概念上以新的方式與他們合作？

And then secondly, obviously, your focus on capital deployment has traditionally not been as weighted towards share repo.

其次，顯然，傳統上您對資本部署的關注並不像股票回購那麼重要。

Is this -- obviously the purchases in the third quarter, is that more of a reflection of sort of the dislocation in the share price as you saw it?

這顯然是第三季的購買，這更反映了您所看到的股價混亂​​嗎？

Or is that something you're kind of thinking about changing your mix going forward broadly speaking?

或者說你正在考慮改變你的組合？

Thank you.

謝謝。

So we bought back shares for, I'm trying to think, at least 10 or 12 years consistently to offset dilution from our options being granted.

因此，我想，我們至少在 10 或 12 年內持續回購股票，以抵消我們被授予的選擇權所帶來的稀釋。

And that was something that -- I think that was a smart thing to do.

我認為這是一件明智的事。

Of course, it's all contextual.

當然，這都是有上下文的。

It depends on the share price.

這取決於股價。

It depends on how much debt we have.

這取決於我們有多少債務。

It depends on how robust our earnings are.

這取決於我們的收入有多強勁。

And it depends on whether we have a different or better use for the cash.

這取決於我們是否對現金有不同的或更好的用途。

And so as we've said a few times here, we have a committee on the Board that looks at this five times a year -- what is the best use of our cash.

正如我們在這裡多次說過的那樣，我們董事會中有一個委員會，每年對此問題進行五次審查——什麼是我們現金的最佳用途。

And we felt at the time, and still feel, that sort of reintroducing that and offsetting the dilution is a smart thing to do and probably leaves us enough powder to do some M&A as well.

我們當時覺得，現在仍然覺得，重新引入這一點並抵消稀釋是明智之舉，並且可能為我們留下足夠的粉末來進行一些併購。

And of course, we've been paying down our debt.

當然，我們一直在償還債務。

So nothing's forever, and everything is contextual.

所以沒有什麼是永恆的，一切都是有背景的。

So it doesn't necessarily indicate anything about the future, although we may feel the same way going forward next year.

因此，這並不一定預示著未來，儘管明年我們可能也會有同樣的感覺。

Your first question, I would say that our biotech clients are looking for funding, as I said earlier, very concerned from a psychological point of view about having lack of access to funding.

你的第一個問題，我想說，正如我之前所說，我們的生技客戶正在尋求資金，從心理學的角度來看，他們非常擔心缺乏資金。

The VCs have to put in another round or larger rounds than they used to if they can't get an IPO going.

如果無法進行首次公開募股，創投公司就必須進行另一輪或更大規模的融資。

And those that were assuming that they could get a secondary haven't been able to do that.

那些以為自己可以獲得中學學位的人卻未能做到這一點。

So they're definitely more cautious.

所以他們肯定更加謹慎。

Having said that, almost no biotech companies have any internal capacity to do any of the things that we do.

話雖如此，幾乎沒有生技公司有任何內部能力來做我們所做的任何事情。

So they are, by definition, net outsourcers, whether they're small, medium, or very large, frankly.

因此，根據定義，坦白說，無論他們是小型、中型還是大型，他們都是淨外包商。

So they're all potentially our client base, and the majority of them probably are really our client base.

所以他們都是我們潛在的客戶群，而且他們中的大多數可能確實是我們的客戶群。

And so all we can do is stay close to them, be responsive to the needs, as Flavia said earlier, right now, the sort of backlog is kind of nine months-ish and we can start some studies quite quickly.

因此，我們所能做的就是與他們保持密切聯繫，對需求做出回應，正如弗拉維亞早些時候所說，目前，這種積壓是九個月左右，我們可以很快開始一些研究。

Others, if they want a book study that goes out for a while, we can do that as well.

其他人，如果他們想要進行一段時間的書籍研究，我們也可以這樣做。

But it's usually a couple of quarters.

但通常是幾季。

So it sort of feels like a really pretty sweet spot now in terms of being able to respond to their demands, sometimes quickly and sometimes on a forward-going basis.

因此，就能夠回應他們的需求而言，現在感覺確實是一個非常好的點，有時是快速的，有時是前瞻性的。

So I think our clients are pleased with our responsiveness, which is everything, and the quality of our science.

因此，我認為我們的客戶對我們的回應能力（這就是一切）以及我們的科學品質感到滿意。

And we do an amazing job, given the scale of our company, in servicing very small biotech.

考慮到我們公司的規模，我們在為小型生物技術公司提供服務方面做得非常出色。

Great.

偉大的。

Thank you.

謝謝。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Great.

偉大的。

Thanks for taking the question, guys.

謝謝你們提出問題，夥伴們。

A lot has been asked, so I'll stick with one from me.

問了很多，所以我會堅持我自己的一個。

On the global biopharma side, you talked about trends overall and just sort of some stabilization following reprioritization earlier this year.

在全球生物製藥方面，您談到了總體趨勢以及今年稍早重新調整優先順序後的一些穩定性。

I kind of want to ask, how heterogeneous is demand within global pharma?

我有點想問，全球製藥公司的需求差異有多大？

What we're hearing is there's sort of a dichotomy where you've got a handful that are spending a lot, a handful that are reprioritizing a lot, and then sort of everyone's kind of sitting around in the middle.

我們聽到的是一種二分法，少數人花費很多，少數人重新調整優先順序，然後每個人都坐在中間。

Is that how you see it?

你是這樣看的嗎？

So for the ones that so far are spending a lot, what gives you confidence that that'll continue and they're not just behind everyone else in initiating reprioritizations or cost cuttings?

那麼，對於那些迄今為止花費大量資金的企業來說，是什麼讓您有信心這種情況會繼續下去，並且他們在重新調整優先順序或削減成本方面不只是落後於其他人呢？

I think they're all watching their costs, even the ones that you're probably talking about, but you don't think need to.

我認為他們都在關注自己的成本，甚至是你可能正在談論的成本，但你認為沒有必要。

We've actually seen those companies reduce their infrastructure as well because the patent flip is looming, and some of these folks with the GLP-1 drugs, everybody's working on a different or a better version of that.

事實上，我們已經看到這些公司也減少了基礎設施，因為專利翻轉迫在眉睫，其中一些擁有 GLP-1 藥物，每個人都在研究不同或更好的版本。

So it's going to be quite substantial.

所以這將是相當可觀的。

So not dissimilar from biotech, a lot of the pharma companies have no longer have any internal capacity, certainly to do toxicology, and a lot of them don't have internal capacity to do some of the discovery work that we're doing.

因此，與生物技術沒有什麼不同，許多製藥公司不再有任何內部能力，當然也沒有進行毒理學研究的能力，而且許多製藥公司也沒有內部能力來進行我們正在做的一些發現工作。

And even if they do have the capacity, doing it with Charles River is a faster, less expensive, and most often a higher science result.

即使他們確實有能力，與 Charles River 合作也會更快、更便宜，而且通常會取得更高的科學成果。

So what's ironic about this kind of slowdown in our demand is that all of our client base doing work with us is a methodology to reduce their cost structure and do less internally and use our capability, and that should eventually help speed things up.

因此，諷刺的是，我們需求的這種放緩是，我們所有與我們合作的客戶群都是一種降低成本結構、減少內部工作並利用我們能力的方法，最終應該有助於加快速度。

So we certainly still believe that that's the case and that we will see demand coming from some of our small biotech clients and some of the larger pharma clients as well.

因此，我們當然仍然相信情況確​​實如此，我們將看到一些小型生物技術客戶和一些大型製藥客戶的需求。

We have very big market shares with big pharma, albeit at a time where they're all being cautious and reducing their infrastructure.

我們在大型製藥公司中擁有非常大的市場份額，儘管他們都持謹慎態度並減少了基礎設施。

As we said earlier, some of that is done, some of that's in process, maybe some of that is yet to happen.

正如我們之前所說，有些已經完成，有些正在進行中，也許有些尚未發生。

But we'll have a much better sense of that as we sort of interrogate them during the fourth quarter here.

但當我們在第四季度詢問他們時，我們會對這一點有更好的認識。

Thanks.

謝謝。

That's helpful.

這很有幫助。

I'll leave it there.

我會把它留在那裡。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Jim, I want to go back to some of the earlier line of questioning on DSA margins here, but I want you to frame your response ideally with a longer sort of timeframe, if you will.

吉姆，我想回到之前關於 DSA 利潤的一些質疑，但如果您願意的話，我希望您能用更長的時間框架來理想地回答您的問題。

I mean, back in the day, DSA used to be a mid- to high-teens margin business.

我的意思是，在當時，DSA 曾經是一個中高雙位數利潤的業務。

Last year, it peaked at 27.5%.

去年，這一比例達到高峰27.5%。

There's a few moving pieces for '25, so I'm not going to ask you to go there because I think you already answered that.

25 年有一些令人感動的作品，所以我不會要求你去那裡，因為我認為你已經回答了這個問題。

But help us think about what's an appropriate floor if demand doesn't get better.

但如果需求沒有好轉，請幫我們考慮什麼是適當的底價。

I mean, there's WIL and MPI that got added along the way.

我的意思是，一路上添加了 WIL 和 MPI。

You have much larger scale than you did back in 2015.

你們的規模比 2015 年大得多。

So help us think about what's that worst-case scenario, and then I have a follow-up.

所以請幫助我們思考最壞的情況是什麼，然後我會採取後續行動。

Thank you.

謝謝。

I mean, it's just classic supply-demand there.

我的意思是，這只是經典的供需關係。

So we've gone from a genre of very aggressive ability to take price for the last five, six, seven years, just enormous amounts of price, a lot of share gains, and a lot of clients really depending on us, to a period where, 2024, we have a very small amount of price, and as we said earlier, the market's probably beginning to decline by the end of the year.

因此，我們已經從過去五年、六年、七年中非常積極地獲取價格的類型，只是巨大的價格，大量的股票收益，以及很多真正依賴我們的客戶，到了一個時期到2024 年，我們的價格非常低，正如我們之前所說，市場可能會在年底開始下降。

So as space fills, which it will, as demand comes back and improves, which it will, unless you all believe that our clients are no longer going to invest in new drugs, which of course is not the case, you have to assume that there's a lot of stuff that's been parked.

因此，隨著空間被填滿（它會），隨著需求回升並改善（它會），除非你們都相信我們的客戶不再投資新藥（當然情況並非如此），否則你必須假設那裡停放著很多東西。

And if the clients want to get back to filing INDs, you have large portfolios that have been skinnied back and I don't think they've killed those drugs.

如果客戶想重新提交新藥申請，那麼你的大量投資組合已經被縮減，我認為他們並沒有殺死這些藥物。

They're just sort of waiting in abeyance.

他們只是在等待。

So the opportunity is out there from a demand point of view.

因此，從需求的角度來看，機會是存在的。

Also, from a competitive point of view, it's not a lot of capacity outside of Charles River.

此外，從競爭的角度來看，查爾斯河以外的容量並不多。

There's obviously some, but since we took out the kind of second tier of competition some time ago, there are much smaller companies picking up the slack.

顯然是有一些公司，但自從我們不久前取消了第二級競爭以來，就有很多規模較小的公司填補了這個空缺。

So as the demand improves, space is going to fill, and I do think we'll have an opportunity to invigorate our margins.

因此，隨著需求的改善，空間將會被填滿，我確實認為我們將有機會提高我們的利潤率。

I really can't comment on whether it's going to be better or worse, 27%, or what the long-term goal is going to be.

我真的無法評論它是更好還是更差，27%，或長期目標是什麼。

As you know, we're organized all the time to drive efficiency and improve our operating margins, just in terms of our overall structure.

如您所知，就我們的整體結構而言，我們一直在組織起來以提高效率並提高我們的營運利潤率。

A lot of things that we're doing right now, I think, will enhance and improve that.

我認為，我們現在正在做的很多事情將增強和改善這一點。

I think maybe just to add, we will provide you an update, obviously, on our longer-term financial targets at some point, given that we obviously are not going to be able to deliver on what we shared, at least in the timeframe of 2020.

我想也許只是補充一下，我們顯然會在某個時候向您提供有關我們長期財務目標的最新信息，因為我們顯然無法實現我們所分享的目標，至少在2020.

It was 2023 to 2026 when we had our Analyst Day last year.

去年我們舉辦分析師日的時間是 2023 年至 2026 年。

But since then, we have said we still believe that the fundamentals of this market are intact, and whether it is the 6% to 8% or 5% to 7%, we still believe that that's in the cards.

但從那時起，我們就說過我們仍然相信這個市場的基本面完好無損，無論是6%到8%還是5%到7%，我們仍然相信這是有可能的。

It's just a matter of when are we going to get there.

這只是我們什麼時候到達那裡的問題。

And in the same way, I would say the mid- to high-20% range that we provided as a goalpost for DSA margin is still doable.

同樣，我認為我們提供的 20% 的中高範圍作為 DSA 利潤率的目標仍然是可行的。

It's a matter of, again, when are we going to get there.

這又是一個我們什麼時候能到達那裡的問題。

And maybe the lower end of that mid or the higher end of the high is going to depend upon how quickly and how much does the market come back.

也許中間的低端或高點的高端將取決於市場恢復的速度和程度。

But to Jim's point, if you believe in drug discovery and the pharmaceutical industry as a viable business, that longer-term outlook, both in terms of top line and margin, is still intact.

但就吉姆的觀點而言，如果您相信藥物發現和製藥業是一項可行的業務，那麼無論是在營收還是利潤方面，長期前景仍然完好無損。

Got it.

知道了。

That's helpful.

這很有幫助。

And then a quick follow-up on the manufacturing side of things.

然後是製造業方面的快速跟進。

I think, Flavia, you cited project timing driving a little bit of growth moderation in the fourth quarter.

我認為，弗拉維亞，您提到了專案時機推動了第四季度成長的放緩。

Can you just give us a sense of what your customer or product concentration looks like on the CDMO side of things at the moment?

您能否讓我們了解一下您目前在 CDMO 方面的客戶或產品集中度如何？

And then separately, just on the BIOSECURE sort of shifts underway in terms of cell therapy manufacturing or biologics testing, do you guys have any interest in picking up some of the competitors' facilities which now appear to be for sale?

另外，就細胞療法製造或生物製劑測試方面正在進行的 BIOSECURE 類轉變而言，你們有興趣購買一些現在似乎正在出售的競爭對手的設施嗎？

So BIOSECURE should provide some opportunities for us.

所以BIOSECURE應該為我們提供一些機會。

We've said that multiple times, probably for several quarters now.

我們已經說過很多次了，可能已經有幾季了。

It's too early for it to have done that.

現在這樣做還為時過早。

But we're obviously watching it closely, and we'll see whether a change in administration changes that or not.

但我們顯然正在密切關注，我們將看看政府的更迭是否會改變這一點。

I do think that the specter of that happening is concerning a lot of people we just met with some of our venture capital partners last week, and they're quite concerned about it and quite reluctant to do any sort of work in China.

我確實認為這種情況發生的恐懼與我們上週剛剛與一些風險投資合作夥伴會面的許多人有關，他們對此非常擔心，並且非常不願意在中國做任何類型的工作。

Chemistry has in large part gone to China, but that probably will shift to India.

化學在很大程度上已經轉移到了中國，但這可能會轉移到印度。

The $64,000 question is, for the safety assessment work that's going to China, where will that go?

64,000美元的問題是，對於前往中國的安全評估工作，將去哪裡？

Because you're not going to get it done in India.

因為你不會在印度完成它。

So I think a lot of it, assuming that it shifts, a lot of that will come back to the US and to Europe.

所以我認為，假設情況發生變化，其中許多將回到美國和歐洲。

We should have an opportunity there.

我們那裡應該有機會。

The CDMO business has had a very strong year for us, just in terms of the quality of our clients, having a couple of commercial clients, having multiple regulatory audits, and multiple different auditing organizations, both domestic and foreign, an enhancement in the quality and experience of our staff and in our facilities.

CDMO業務對我們來說是非常強勁的一年，就我們的客戶品質而言，有幾個商業客戶，有多個監管審計，以及多個不同的國內外審計機構，品質的提高以及我們員工和設施的經驗。

So that business feels like it's poised to continue to do well, continue to distinguish ourselves, and a very important modality to treat some really rough diseases.

因此，該業務感覺將繼續表現良好，並繼續脫穎而出，並且是治療一些非常嚴重的疾病的非常重要的方式。

So we're really focused on continuing to grow that franchise.

因此，我們真正專注於繼續發展該特許經營權。

I do think that some of the work we have now is helping us garner new clients, probably our best marketing approach, and to continue to be strong through the back half of this year.

我確實認為我們現在所做的一些工作正在幫助我們贏得新客戶，這可能是我們最好的行銷方法，並在今年下半年繼續保持強勁。

Got it.

知道了。

Appreciate the color, Jim.

欣賞這個顏色，吉姆。

Casey Woodring, JPMorgan.

凱西‧伍德林，摩根大通。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe just a quick follow-up to the manufacturing question asked earlier here.

也許只是對之前提出的製造問題的快速跟進。

Can you elaborate on the synergies you're seeing between CDMO and the biologics testing business?

您能否詳細說明您所看到的 CDMO 和生物製劑測試業務之間的協同效應？

I think you mentioned that more than half of the CDMO clients are now utilizing biologics testing.

我想您提到過一半以上的 CDMO 客戶現在正在利用生物製劑測試。

So I'm just curious if you can maybe quantify the benefit there or elaborate on the attachment moving forward that you're expecting.

因此，我只是好奇您是否可以量化那裡的好處或詳細說明您所期望的附件。

Thanks.

謝謝。

Yeah.

是的。

I mean, that was the principal instigating factor of us going into the CDMO space, was that we're doing all this testing of the drug before it goes into the clinic, which is required by law, and also testing the drugs once they're commercially approved.

我的意思是，這是我們進入 CDMO 領域的主要推動因素，那就是我們在藥物進入臨床之前對其進行所有這些測試，這是法律要求的，並且在藥物上市後也對其進行測試。商業批准。

And we had a fair number of clients requesting us to move into the CDMO space only because they didn't want to take the time to validate another provider.

我們有相當多的客戶要求我們進入 CDMO 領域，只是因為他們不想花時間驗證另一個提供者。

So we would do the testing, but who would manufacture the drug before we did the testing?

所以我們會進行測試，但在我們進行測試之前誰來生產藥物？

And by the way, if we were doing safety assessment for them, just along the trajectory, we could help speed up the process.

順便說一句，如果我們沿著軌跡對他們進行安全評估，我們可以幫助加快這一過程。

So they're very closely linked.

所以他們的聯繫非常緊密。

I think 50% of our -- more than 50% of our biologics clients, CDMO is using us for the biologics.

我認為我們 50% 的——超過 50% 的生物製劑客戶，CDMO 正在使用我們的生物製劑。

They're very closely aligned, particularly the analytical testing aspect of that.

它們非常緊密地結合在一起，特別是在分析測試方面。

And that gives us a competitive advantage, by the way.

順便說一句，這給了我們競爭優勢。

I won't name the competition, but some of our principal competition in that space has no internal capability to do biologics testing.

我不會透露競爭對手的名稱，但我們在該領域的一些主要競爭對手沒有進行生物製劑測試的內部能力。

In fact, we do some biologics testing for our competition.

事實上，我們為我們的比賽做了一些生物製劑測試。

And so that really holds us in good stead.

這確實對我們有利。

I would imagine that would continue to be a key distinguishing feature of our service offering as we go forward.

我想隨著我們的發展，這將繼續成為我們服務的關鍵區別特徵。

Got it.

知道了。

Maybe just one quick follow-up here.

也許這裡只是一個快速跟進。

So last quarter, you mentioned that the drop in large pharma demand was surprising in part because you deal with heads of R&D that don't have as much discretion around budgets.

因此，上個季度，您提到大型製藥需求的下降令人驚訝，部分原因是您與研發負責人打交道，而他們在預算方面沒有太多自由裁量權。

So curious just on the client discussions that you flagged today.

對您今天標記的客戶討論感到非常好奇。

You called out that you're getting some confidence from those -- just is there any change in how you're communicating with clients during this time and the level of visibility that you have in large pharma now?

您說您從這些中獲得了一些信心——這段時間您與客戶的溝通方式以及您現在在大型製藥公司的知名度是否有任何變化？

Thanks.

謝謝。

I mean, the only change is we're still dealing with the same people, and I think we're dealing with right people.

我的意思是，唯一的變化是我們仍然與同樣的人打交道，而且我認為我們正在與正確的人打交道。

As we said earlier, sometimes, the decisions are not made by them, made at a higher level or made quickly or in secret just so it doesn't leak.

正如我們之前所說，有時，決定不是由他們做出的，不是在更高層級上做出的，也不是為了不洩漏而迅速或秘密做出的。

I do think, as we said earlier, that the ability to have a conversation with clients as they are finalizing or as they have finalized their operating plans for fiscal '25 should be, and we believe will be, helpful for us to kind of zero-base where we are with our clients, both large and small, kind of build up our plan for next year.

我確實認為，正如我們之前所說，在客戶敲定或敲定 25 財年運營計劃時與客戶進行對話的能力應該而且我們相信將會有助於我們實現零-我們與大大小小的客戶在一起的基地，可以製定我們明年的計劃。

I mean, that's sort of always been the case for us.

我的意思是，我們一直都是這樣。

And the decision about what molecules they'll work on with some of the bigger folks, bigger clients, will they work on them internally or not?

關於他們將與一些更大的人、更大的客戶一起研究哪些分子的決定，他們是否會在內部進行研究？

If smaller companies are going to -- the work's going to go outside, how many molecules will they work on, what percentage of the work will Charles River get are facts that we will be able to drill down on.

如果小公司打算——工作將轉移到外部，他們將研究多少分子，查爾斯河將獲得多少比例的工作，這些都是我們能夠深入研究的事實。

And we'll put a kind of appropriate discount factor to what they tell us because it's not always exactly what they say, but kind of finishing the year and going into the next year with a fresh budget, I do think, allows the opportunity for us to plan a lot better and have a good sense of what the client base is up to.

我們將對他們告訴我們的內容施加適當的折扣因素，因為這並不總是完全按照他們所說的那樣，但我確實認為，以新的預算結束這一年並進入下一年，這允許有機會我們可以更好地規劃並充分了解客戶群的動態。

So we'll be working -- we are working hard on that right now as we're working on our own operating plan.

因此，我們將努力工作——我們現在正在努力實現這一目標，同時我們正在製定自己的營運計劃。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Awesome.

驚人的。

Great.

偉大的。

Thanks.

謝謝。

I just kind of want to look at this by high level.

我只是想從高層次來看這個問題。

On 2Q, you cut the guide pretty hard, and Jim, your transcript was reminiscent of like the global financial crisis on the outlook.

在第二季度，你對指南的削減相當大，吉姆，你的成績單讓人想起全球金融危機對前景的影響。

And then, we get to where we are today with a pretty significant beat, and it seems like the things are relatively stable, getting a little better in biotech, a little worse on large pharma.

然後，我們以相當顯著的速度達到今天的水平，而且情況似乎相對穩定，生物技術方面稍好一些，大型製藥公司稍差一些。

But you look at the macro and all the restructurings and it's hitting the rest of the space.

但你看看宏觀和所有的重組，你會發現它正在影響其他領域。

I guess, kind of what changed versus your original expectations?

我想，與您最初的期望相比，發生了什麼變化？

Like what got materially better here?

例如這裡物質上有什麼改善嗎？

Or is it more of just that initial outlook on your initial cut there was like, all right, we're just going to assume that things get way worse than they are?

或者更多的是對最初削減的最初展望，好吧，我們只是假設事情會變得比實際情況更糟？

I'm not sure anything materially changed.

我不確定有什麼實質改變。

It's kind of on the margin here.

這裡有點邊緣。

We did the best we can in terms of having a prognosis on what the next quarter and the rest of the year will be.

我們已盡最大努力對下一季和今年剩餘時間的情況進行預測。

And as I've said earlier, we try to do that on a zero-based basis and we build it up client by client and we have constant communications with our clients.

正如我之前所說，我們嘗試在零基礎的基礎上做到這一點，我們逐個客戶地建立它，我們與客戶保持持續的溝通。

There's a lot of ebbs and flows, though.

不過，也有很多潮起潮落。

So we wouldn't want you to get out ahead of this conversation about what just happened.

所以我們不希望你在這次談話之前就剛剛發生的事情離開。

We're obviously pleased with the quarter.

我們顯然對這個季度感到滿意。

We have some positive signs here.

我們在這裡看到了一些積極的跡象。

Cancellation rates aren't as high, as this sort of consistent demand, at least on the biotech side, sequential consistent demand on the biotech side.

取消率並不像這種持續的需求那麼高，至少在生物技術方面，生物技術方面的連續持續需求。

Pharma definitely was a bit of a surprise to us.

Pharma 確實為我們帶來了一些驚喜。

I think a bit of a surprise to some of our clients, but I think that will ameliorate and settle down.

我認為這對我們的一些客戶來說有點驚訝，但我認為這種情況會有所改善並穩定下來。

We don't think it's going to turn around overnight.

我們認為這種情況不會在一夜之間扭轉。

So we will -- we're going to continue to put numbers out there that we're confident that we can make without low-balling it or high-balling it.

因此，我們將繼續公佈我們有信心能夠實現的數字，而不會低估或高估它。

And I do think that we understand the client base well enough to do that.

我確實認為我們對客戶群的了解足以做到這一點。

It would be -- we don't have a trend yet.

我們還沒有形成趨勢。

We have some positive indications, which is fantastic.

我們有一些積極的跡象，這非常棒。

I think we need a few quarters for that to be a trend.

我認為我們需要幾個季度的時間才能使這種趨勢成為一種趨勢。

And as we said earlier, if and when, I guess when the IPO market opens up and there's another rate cut, I do think that biotech clients will have more confidence in their ability to spend for the portfolios that they have and even some of the drugs that they impart.

正如我們之前所說，如果以及何時，我想當 IPO 市場開放並且再次降息時，我確實認為生物技術客戶將對他們投資其擁有的投資組合甚至某些投資組合的能力更有信心。的藥物。

And the VCs will have to spend less per company and per drug, and maybe pharma will be weighing in more aggressively.

創投公司將不得不減少對每家公司和每種藥物的支出，也許製藥公司會更積極參與。

So directionally, the opportunities are definitely quite positive.

所以從方向上來說，機會肯定是相當正面的。

How quickly that happens is unclear.

目前尚不清楚這種情況發生的速度有多快。

And as we said earlier, we're going to have -- some of the work that we have booked at lower price points is going to begin to bleed through our P&L, so we're going to have to get through that as well.

正如我們之前所說，我們將以較低價格預訂的一些工作將開始影響我們的損益表，所以我們也必須克服這個問題。

But I think directionally, we're seeing the beginnings of some positive signs.

但我認為，從方向上看，我們正在看到一些積極跡象的開始。

Great.

偉大的。

Okay.

好的。

And then I guess on the CDMO and the relationship with Vertex, they just signed Lonza in September here for the global.

然後我想關於 CDMO 以及與 Vertex 的關係，他們剛剛在 9 月在這裡為全球簽署了 Lonza。

So is there any changes to your existing relationship there?

那麼你們之間現有的關係有什麼改變嗎？

Is that just kind of adding capacity beyond what you guys can provide?

這是否只是超出了你們所能提供的能力？

Yeah.

是的。

I mean, that's a necessity for Vertex: number one, not to have all their eggs in one basket; number two, they think this is going to be a really important drug.

我的意思是，這對 Vertex 來說是必要的：第一，不要把所有雞蛋都放在一個籃子裡；第二，他們認為這將是一種非常重要的藥物。

Sickle cell anemia is a tough disease, and it's a pretty big patient population.

鐮狀細胞性貧血是一種棘手的疾病，患者族群相當大。

So having us both doing that, I believe they have another provider overseas as well.

因此，如果我們都這樣做，我相信他們在海外也有另一個提供者。

So that's just a smart thing to do.

所以這是一件明智的事。

So no impact on either our relationship with them or the amount of demand that we're seeing from them.

因此，這不會影響我們與他們的關係或我們從他們那裡看到的需求量。

So all good.

所以一切都好。

Awesome.

驚人的。

Thank you.

謝謝。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey, guys.

嘿，夥計們。

Thanks for taking the questions.

感謝您提出問題。

Jim, maybe one on the facilities side, I saw you guys are kind of shutting down 15 or so facilities across DSA and RMS.

Jim，也許是設施方面的一位，我看到你們關閉了 DSA 和 RMS 中大約 15 個設施。

Can you just talk about, I guess, the decision there?

我想你能談談那裡的決定嗎？

I mean, I'm sure it's a little bit in response to demand, some of the cost cuts.

我的意思是，我確信這在某種程度上是為了滿足需求，削減一些成本。

But where the footprint is, and then, again, some of the earlier questions, if and when demand comes back, what the footprint looks like and how much capacity you guys will have for recovery there.

但是足跡在哪裡，然後再說一次之前的一些問題，如果需求恢復，何時恢復，足跡是什麼樣的，以及你們在那裡將有多少恢復能力。

So we're certainly not going to reduce our footprint so that when demand comes back, we don't have enough space, which I guess is the essence of your question.

因此，我們當然不會減少我們的足跡，這樣當需求恢復時，我們就沒有足夠的空間，我想這就是你問題的本質。

We've done a lot of M&A, whatever it is, north of 65 acquisitions since we took the company private.

自從我們將公司私有化以來，我們已經進行了大量的併購，無論是什麼，都超過了 65 起收購。

And all of those acquisitions have at least one, if not multiple sites, they're operating businesses that have positive growth rates and positive margins.

所有這些收購都至少擁有一個（如果不是多個）站點，它們所經營的業務具有正成長率和正利潤率。

And so we typically keep them.

所以我們通常會保留它們。

And I think one of the things that we can do better and will do better, it's kind of baked into this third-quarter announcement, is our ability not to sell to the client based upon how we're structured or where our facilities are, but sort of to amalgamate these sites.

我認為我們可以做得更好並且將會做得更好的事情之一，它已經融入到第三季度的公告中，就是我們有能力不根據我們的結構或設施的位置向客戶出售產品，但有點合併這些網站。

So what we have is we have too many sort of small sites floating around that don't have particularly attractive margins that are relatively close to another large site that may have some capacities.

因此，我們所擁有的是太多類型的小型站點，它們沒有特別有吸引力的利潤，而與另一個可能具有一定容量的大型站點相對較近。

So we get to fully utilize the larger site and not have these small sites dangling, sort of dangling participles, which are difficult to manage and difficult to have good operating metrics.

因此，我們可以充分利用較大的網站，而不是讓這​​些小網站懸而未決，有點懸而未決的分詞，它們很難管理，也很難有良好的營運指標。

And a smaller portfolio is beneficial for us.

較小的投資組合對我們有利。

So it really feels like a wonderful opportunity right now to clean up some of this small stuff that's floating around, amalgamate it, that should help with margins, that should help with throughput, that should help with utilizing our sites in a more robust fashion.

因此，現在感覺確實是一個絕佳的機會來清理一些漂浮在周圍的小東西，將其合併，這應該有助於提高利潤，這應該有助於提高吞吐量，這應該有助於以更強大的方式利用我們的網站。

So we'll continue to do that.

所以我們將繼續這樣做。

We'll think more carefully about that as we buy additional companies at whatever point so that our infrastructure is just more rigorously designed.

當我們在任何時候購買更多公司時，我們都會更仔細地考慮這一點，以便我們的基礎設施設計得更嚴格。

Okay.

好的。

That's helpful.

這很有幫助。

And then, Flavia, maybe just a quick one on the interest expense.

然後，弗拉維亞，也許只是簡單介紹一下利息費用。

I know you guys need to swap for a little bit of a benefit here.

我知道你們需要在這裡交換一點好處。

Can you just high level help us think about the go-forward and how the framework for '25 on the below the line stuff would be helpful?

您能否從高層次幫助我們思考未來的發展以及 25 年的框架對線下工作有何幫助？

Thank you, guys.

謝謝你們，夥計們。

Yeah.

是的。

I think we were pleased to have entered into the swap when we did about two years ago.

我認為我們很高興大約兩年前進行了互換。

It was definitely economically favorable.

這在經濟上絕對是有利的。

It helped provide an additional portion of our debt to lock into lower interest rates in the time that the Fed raised interest.

它幫助我們提供了額外的部分債務，以在聯準會升息時鎖定較低的利率。

We are now at the tail-end of that with the first rate reduction already, obviously, in the books.

我們現在正處於這個階段的尾聲，顯然，第一次降息已經在帳面上了。

And so I think we feel good.

所以我認為我們感覺很好。

We still have -- even when the swap expires in November, we'll still have a significant portion of our debt will remain fixed.

即使互換在 11 月到期，我們仍然有很大一部分債務保持不變。

We're going to be looking at our credit facility, which runs through, I think, April of 2026.

我們將研究我們的信貸安排，我認為該信貸安排將持續到 2026 年 4 月。

So we'll be looking at renewing that in the early part of next year.

因此，我們將考慮在明年初進行更新。

And I think we feel really good about, obviously, record free cash flow generation this quarter, what we've done from a capital allocation perspective, being able to pay down debt meaningfully this year.

我認為，顯然，我們對本季創紀錄的自由現金流產生感到非常滿意，從資本配置的角度來看，我們所做的一切，今年能夠有意義地償還債務。

Leverage is in a really good place, which allowed us also to do a modest share buyback that Jim talked about.

槓桿率非常好，這使我們能夠進行吉姆談到的適度股票回購。

So overall, we feel really good about the balance sheet and the progress we've made this year.

總的來說，我們對資產負債表和今年的進展感到非常滿意。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions) It appears we have no further questions at this time.

（操作員說明）目前看來我們沒有其他問題了。

I'd like to turn the floor back over to Todd Spencer for closing remarks.

我想請托德·史賓塞致閉幕詞。

Thank you for joining us this morning on the conference call.

感謝您今天早上參加我們的電話會議。

We look forward to seeing you at upcoming conferences.

我們期待在即將舉行的會議上見到您。

This concludes the call.

通話就此結束。

Thank you.

謝謝。

Thank you.

謝謝。

That does conclude today's Charles River Laboratories third-quarter 2024 earnings call.

今天的 Charles River Laboratories 2024 年第三季財報電話會議到此結束。

Thank you for your participation, and you may disconnect at this time and have a wonderful day.

感謝您的參與，此時您可以斷開連接並度過美好的一天。