昆泰 (IQV) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

At this time, I would like to welcome everyone to the IQVIA fourth quarter 2024 earnings conference call.

現在，我歡迎大家參加 IQVIA 2024 年第四季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音以防止任何背景噪音。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Kerri Joseph, Senior Vice President, Investor Relations and Treasury.

現在，我想將電話轉給投資者關係和財務部高級副總裁 Kerri Joseph。

Mr. Joseph, you may now begin your conference.

約瑟夫先生，現在可以開始您的會議了。

Thank you, operator.

謝謝您，接線生。

Good morning, everyone.

大家早安。

Thank you for joining our fourth quarter 2024 earnings call.

感謝您參加我們的 2024 年第四季財報電話會議。

With me today are Ari Bousbib, Chairman and Chief Executive Officer; Ron pBruehlman, Executive Vice President and Chief Financial Officer; Eric Sherbet, Executive Vice President and General Counsel; Mike Fedock, Senior Vice President, Financial Planning and Analysis; and Gustavo Perrone, Senior Director, Investor Relations.

今天與我在一起的有董事長兼執行長 Ari Bousbib； Ron pBruehlman，執行副總裁兼財務長； Eric Sherbet，執行副總裁兼總法律顧問； Mike Fedock，財務規劃與分析資深副總裁；以及投資者關係資深總監 Gustavo Perrone。

Today, we will be referencing a presentation that will be visible during this call for those of you on our webcast.

今天，我們將參考一份演示文稿，該演示文稿將在本次電話會議期間供透過網路廣播觀看的各位觀看。

This presentation will also be available following this call on the Events and Presentations section of our IQVIA Investor Relations website at ir.iqvia.com.

本次電話會議結束後，您也可以在 IQVIA 投資者關係網站 ir.iqvia.com 的「活動和簡報」部分查看此簡報。

Before we begin, I'd like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements.

在我們開始之前，我想提醒聽眾，管理層在本次電話會議中討論的某些資訊將包括前瞻性陳述。

Actual results could differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the company's business, which are discussed in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and subsequent SEC filings.

由於公司業務存在風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異，這些風險和不確定性在公司提交給美國證券交易委員會的文件中進行了討論，包括我們的 10-K 表年度報告和隨後的美國證券交易委員會文件。

In addition, we will discuss certain non-GAAP financial measures on this call, which should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP.

此外，我們將在本次電話會議上討論某些非 GAAP 財務指標，這些指標應被視為根據 GAAP 編制的財務指標的補充，而不是替代方案。

A reconciliation of these non-GAAP measures to the comparable GAAP measures is included in the press release and conference call presentation.

新聞稿和電話會議報告中包含了這些非公認會計準則指標與可比較公認會計準則指標的對帳。

I would now like to turn the call over to our Chairman and CEO, Ari Bousbib.

現在，我想將電話轉給我們的董事長兼執行長 Ari Bousbib。

Thank you Kerri and good morning everyone.

謝謝你 Kerri，大家早安。

Thank you for joining us today to discuss our fourth quarter and full year 2024 results.

感謝您今天加入我們討論我們的 2024 年第四季和全年業績。

It was great to see many of you in-person at our December Investor Day at Innovation Park headquarters.

我們很高興能夠在 12 月於創新園區總部舉行的投資者日上親眼見到你們。

I hope this helps you appreciate the depth and breadth of our offerings as we showcased product demos and tour some of our industry leading laboratories.

我希望這能幫助您了解我們產品的深度和廣度，因為我們展示了產品演示並參觀了一些行業領先的實驗室。

In fact, a number of you commented to me afterwards that they left with a deeper understanding of the breadth and depth of our capabilities and how our strategy to improve patient outcomes is being executed.

事實上，你們中的許多人事後都對我說，他們對我們的能力的廣度和深度以及我們改善患者結果的策略如何實施有了更深入的了解。

As we closed 2024 we delivered solid full year results with revenue growth of 5.5% at constant currency excluding the COVID revenue step down, adjusted diluted earnings per share growing over 9% and free cash flow of $2.1 billion, which represents growth of 41% versus last year, as well as 104% of adjusted net income.

截至 2024 年年底，我們實現了穩健的全年業績，以固定匯率計算，不包括 COVID 收入下降的影響，收入增長 5.5%，調整後每股攤薄收益增長超過 9%，自由現金流為 21 億美元，比去年增長 41%，調整後淨收入增長 104%。

I'm very proud of the results the IQVIA team was able to deliver in an industry that faced significant challenges in 2024.

我為 IQVIA 團隊在 2024 年面臨重大挑戰的行業中取得的成績感到非常自豪。

We saw the consequences of the Inflation Reduction Act, which led to delayed customer decision making, reduced discretionary spend and portfolio reprioritizations.

我們看到了《通貨膨脹削減法案》的後果，它導致客戶決策延遲、可自由支配支出減少和投資組合重新調整優先順序。

Additionally, we had a challenging macro environment that persisted with geopolitical unrest, continued high interest rates and inflation, foreign currency headwinds and questions about the impact of political elections in the US and around the world, all of which created tremendous amount of noise and incremental uncertainty.

此外，我們面臨的宏觀環境也充滿挑戰，地緣政治動盪持續存在，利率和通膨持續走高，外匯逆風不斷，對美國及全球政治選舉影響的質疑層出不窮，所有這些都造成了巨大的噪音和不確定性。

In fact, very few companies in our broader industry sector achieved positive growth and IQVIA really stood out as an outperformer.

事實上，在我們更廣泛的行業領域中，很少有公司實現正成長，而 IQVIA 確實表現突出。

More specifically, in the fourth quarter you saw that we had strong operational results.

更具體地說，在第四季度，您會看到我們取得了強勁的營運表現。

Revenue came in above the high end of our guidance range representing about 4.5% growth excluding the impact of foreign exchange and COVID-related work.

收入高於我們預期範圍的高端，若不包括外匯和 COVID 相關工作的影響，則增長約 4.5%。

We delivered just under 10% growth in adjusted diluted earnings per share and we achieved a record quarter of free cash flow.

我們的調整後每股攤薄收益成長了近 10%，並且實現了創紀錄的季度自由現金流。

On the clinical side, net new bookings for the quarter were over $2.5 billion and this all highlights the great work that was done by our R&DS team in securing new business contracts.

在臨床方面，本季的淨新訂單超過 25 億美元，這一切都凸顯了我們的研發團隊在獲得新業務合約方面所做的出色工作。

This helped mitigate the outsized level of cancellations that did materialize in the quarter, just as we had anticipated.

正如我們所預期的，這有助於緩解本季出現的大量取消情況。

Now, despite the tough macro environment, the R&DS business had some significant achievements in 2024.

現在，儘管宏觀環境嚴峻，但研發業務在 2024 年取得了一些重大成就。

We successfully renewed all of our large pharma strategic partnerships this past year, even as many clients reevaluated and consolidated their alliances.

儘管許多客戶重新評估並鞏固了他們的聯盟，但我們去年成功續簽了所有大型製藥公司的策略合作夥伴關係。

In addition, we established new relationships, displaced incumbents and expanded the scope of work in several partnerships, positively positioning our business for future growth.

此外，我們建立了新的關係，取代了現任者，並擴大了多個合作夥伴的工作範圍，為我們未來的業務成長做好了積極準備。

IQVIA has partnerships with 22 of the top 25 pharma companies.

IQVIA 與全球前 25 大製藥公司中的 22 家建立了合作關係。

We made significant advancements in our global health business.

我們在全球健康業務方面取得了重大進展。

For example, we helped the World Health Organization control Poliovirus outbreaks in Africa.

例如，我們幫助世界衛生組織控制非洲的小兒麻痺病毒疫情。

We collaborated with the Coalition for Epidemic Preparedness Innovations, CEPI, in Rwanda, so we were able to respond swiftly to a Marburg virus disease outbreak.

我們與盧安達的流行病防範創新聯盟（CEPI）合作，從而能夠迅速應對馬堡病毒病的爆發。

Finally, we were selected by a large biotech client to expedite a vaccine trial for mpox in Sub-Saharan Africa, addressing a critical outbreak and unmet medical needs.

最後，我們被一家大型生技客戶選中，在撒哈拉以南非洲地區加快 mpox 疫苗試驗，以解決嚴重的疫情和未滿足的醫療需求。

These all comes to show that whenever there is a crisis, IQVIA is a company public health officials turn to.

這些都表明，每當危機出現時，IQVIA 都是公共衛生官員尋求幫助的公司。

Now moving to TAS.

現在轉向 TAS。

The growth trajectory materialized just the way we said it would.

成長軌跡正如我們所說的實現了。

Low single digit growth in the first half and gradually ramping up each quarter.

上半年實現低個位數成長，之後每季逐漸上升。

In fact, growth exceeded our expectations in the second half.

事實上，下半年的成長超出了我們的預期。

Obviously, this was helped by easier compares versus the second half of 2023.

顯然，與 2023 年下半年相比，更容易進行比較，這有助於實現這一目標。

But we also had stronger organic demand than expected across all sub-segments with real world actually returning to double digit growth.

但我們所有細分市場的有機需求均強於預期，現實世界實際上恢復了兩位數的成長。

We finished the year with constant currency growth of 5.7% and about 6.5% excluding the COVID step down, which was at the high end of our guidance.

我們以 5.7% 的固定匯率成長率結束了這一財年，如果排除新冠疫情的影響，成長率約為 6.5%，這處於我們預期的高位。

We expect to sustain these favorable trends into 2025.

我們預計這些有利趨勢將持續到 2025 年。

Reflecting on 2024, we're proud of what we achieved in TAS.

回顧 2024 年，我們為 TAS 的成就感到自豪。

A couple of business highlights.

一些業務亮點。

We introduced 60 innovations this past year, including 39 AI-enabled applications.

去年，我們推出了 60 項創新，其中包括 39 項人工智慧應用程式。

For example, we introduced IQVIA AI Assistant, our first ever gen AI interface.

例如，我們推出了 IQVIA AI Assistant，這是我們的第一代 AI 介面。

It allows customers to interact with a growing number of our products and get answers to their questions almost instantly.

它使客戶能夠與我們越來越多的產品互動，並幾乎立即獲得問題的答案。

We launched a number of AI enabled patient offerings, including our Patient Relationship Manager, which has already been deployed at eight clients including three top 10 pharma.

我們推出了多項人工智慧患者服務，其中包括患者關係管理器，該管理器已在八家客戶處部署，其中包括三家十大製藥公司。

Our digital business, which up to now was largely in the US, has begun expanding into Europe where we've doubled the number of websites, publishers and partners that are now integrated into our digital network.

到目前為止，我們的數位業務主要集中在美國，目前已開始向歐洲擴張，我們在歐洲的數位網路中整合的網站、出版商和合作夥伴的數量增加了一倍。

Now looking at 2025, we are reaffirming the guidance we provided to you at the December Investor Day.

現在展望 2025 年，我們重申在 12 月投資者日向您提供的指引。

On the TAS side, things have continued to recover as we anticipated.

從 TAS 方面來看，情況正如我們預期的那樣繼續復甦。

On the R&DS side, we still have some volatility, so we might see another quarter or two of fluctuating demand and elevated cancellations, but we think the bulk of the portfolio reprioritizations at large pharma has been completed.

在研發方面，我們仍然存在一些波動，因此我們可能會看到另一個或兩個季度的需求波動和取消量的增加，但我們認為大型製藥公司的投資組合重新排序的大部分已經完成。

In fact, we feel good about the R&DS demand environment because leading indicators continue to be favorable.

事實上，我們對研發需求環境感覺良好，因為領先指標持續向好。

For example, our Q4 RFP flow was up mid single digits, little higher actually in the EBP segment.

例如，我們第四季度的 RFP 流量成長了中等個位數，在 EBP 部分實際上略高。

Our qualified pipeline is also up with positive growth across all segments.

我們的合格管道在所有細分領域都實現了正成長。

EBP funding, as you noted, was strong through 2024.

正如您所說，EBP 資金將一直強勁到 2024 年。

Full year biotech funding was over $100 billion, which is 44% higher than it had been in 2023.

全年生技資金超過 1,000 億美元，比 2023 年高出 44%。

Now we did have much higher cancellations in 2024 than ever before, in fact nearly 50% higher in 2024 than the average of the previous three years.

2024 年的取消率確實比以往任何時候都高得多，事實上，2024 年的取消率比前三年的平均值高出近 50%。

But our gross new bookings before cancellations for 2024 were even stronger and up mid single digits at constant currency versus 2023, which led to an end of year backlog of $31.1 billion, which is again at constant currency 5.5% higher than a year ago.

但是，我們 2024 年取消前的總新預訂量甚至比 2023 年更加強勁，按固定匯率計算增長了中個位數，這導致年底積壓訂單達到 311 億美元，按固定匯率計算，比一年前高出 5.5%。

Now turning to the results for the quarter.

現在來談談本季的業績。

Revenue for the fourth quarter grew 2.3% on a reported basis and 3% at constant currency.

以報告基礎計算，第四季營收成長 2.3%，以固定匯率計算，成長 3%。

Compared to last year and excluding COVID related work from both periods, we grew the top line about 4.5% on a constant currency basis and that included in the quarter about 2 points of contribution from acquisitions, mostly on the TAS side.

與去年相比，且不包括兩個時期內的 COVID 相關工作，以固定匯率計算，我們的營收成長了約 4.5%，其中包括本季約 2 個百分點的收購貢獻，主要是在 TAS 方面。

Fourth quarter adjusted EBITDA increased 3.1% driven by revenue growth and ongoing cost management discipline which resulted in 20 bps of margin expansion.

第四季調整後 EBITDA 成長 3.1%，受營收成長和持續的成本管理紀律推動，利潤率擴大 20 個基點。

Fourth quarter adjusted diluted EPS of $3.12 increased 9.9% year-over-year.

第四季調整後攤薄每股收益為 3.12 美元，較去年同期成長 9.9%。

Let me now give you some color on business activity.

現在讓我來介紹一下商業活動的情況。

IQVIA success is achieved by continuing to raise the bar in innovation every year and investing in highly differentiated capabilities.

IQVIA 的成功源自於每年不斷提高創新標準和投資高度差異化的能力。

You saw the recent announcement of our collaboration with NVIDIA to transform healthcare and life sciences through advanced agentic AI solutions.

您最近看到了我們與 NVIDIA 合作的公告，旨在透過先進的代理 AI 解決方案改變醫療保健和生命科學。

AI has the potential to transform our industry, for example by addressing lengthy and complex processes in clinical trials or on the commercial side by helping expedite diagnosis and improve treatment adherence by patients.

人工智慧有可能改變我們的行業，例如透過解決臨床試驗或商業方面的漫長而複雜的過程，幫助加快診斷速度並提高患者的治療依從性。

Our collaboration with NVIDIA will help accelerate the introduction of AI agents within our workflows, with AI agents essentially becoming digital companions to researchers, HCPs and patients.

我們與 NVIDIA 的合作將有助於加速在我們的工作流程中引入 AI 代理，AI 代理本質上將成為研究人員、HCP 和患者的數位伴侶。

Let me give you some more examples of what was achieved in the quarter and let me start with TAS.

讓我給你舉一些本季所取得的成就的例子，首先從 TAS 開始。

The business is rapidly evolving as we see increasing demand for integrated solutions that combine information, analytics and services.

隨著我們看到對結合資訊、分析和服務的整合解決方案的需求不斷增長，業務正在迅速發展。

This is enabling us to win much larger longer term deals with our clients because of our unique ability to deliver these combined offerings.

由於我們擁有提供這些組合產品的獨特能力，這使我們能夠與客戶贏得更大、更長期的交易。

Let me give you a few examples.

讓我給你舉幾個例子。

IQVIA was awarded a strategic partnership to deliver omnichannel marketing solutions to promote a top ten pharma clients established portfolio.

IQVIA 獲得策略合作夥伴關係，提供全通路行銷解決方案，以推廣十大製藥客戶既定的產品組合。

IQVIA here we utilize analytics, information technology and commercial outsourcing capabilities.

我們在此利用 IQVIA 的分析、資訊科技和商業外包能力。

IQVIA is also partnering with a biotech company to launch a new treatment for ovarian cancer which will be our client's first product in market.

IQVIA 也與一家生技公司合作推出一種治療卵巢癌的新方法，這將是我們客戶在市場上推出的首個產品。

This large deal leverages IQV’s comprehensive commercial capabilities and expertise to execute regulatory process, launch and commercial activities.

這筆大型交易利用了 IQV 全面的商業能力和專業知識來執行監管流程、發布和商業活動。

Another EBP client asked IQVIA to support them in launching a new cell therapy for a severe pediatric condition by providing the full, comprehensive, commercial infrastructure and that includes field sales, medical and commercial communications, compliance and OCE.

另一位 EBP 客戶要求 IQVIA 提供全面、全面的商業基礎設施（包括現場銷售、醫療和商業通訊、合規性和 OCE）來支持他們推出一種針對嚴重兒科疾病的新型細胞療法。

A large pharma client engaged IQVIA to simplify data management by integrating diverse sources from all over -- 30 countries, reducing complexity and enhancing efficiency.

一家大型製藥客戶與 IQVIA 合作，透過整合來自 30 多個國家的不同來源來簡化資料管理，降低複雜性並提高效率。

IQVIA will support the client’s information strategy to streamline operations and centralize its global information into a single, standardized system that we will be operating.

IQVIA 將支援客戶的資訊策略，以簡化營運並將其全球資訊集中到我們將營運的單一標準化系統中。

Moving now to real-world, IQVIA is using advanced AI to support a top ten pharma client to demonstrate efficacy for gastric cancer treatment and gain approval in new markets.

現在轉向現實世界，IQVIA 正在使用先進的人工智慧來支援十大製藥客戶證明其胃癌治療的療效並獲得新市場的批准。

A top 10, 15 pharma clients chose IQVIA to help track disease and treatment efficacy in support of various regulatory submissions in Europe.

前 10、15 家製藥客戶選擇 IQVIA 來幫助追蹤疾病和治療效果，以支持歐洲的各種監管提交。

Let me move now to RDS.

現在讓我轉到 RDS。

I earlier noted the success of our RDS team and want to highlight some notable wins that represent our capabilities across segments, therapeutic areas and operational dynamics.

我之前提到過我們的 RDS 團隊的成功，並想強調一些顯著的勝利，這些勝利代表了我們在各個部門、治療領域和運作動態的能力。

Let me start with large pharma.

讓我先從大型製藥公司開始。

The top five pharma clients selected IQVIA to conduct a complex, full service Phase 3 study addressing asthma and COPD patients.

五大製藥客戶選擇 IQVIA 進行針對氣喘和 COPD 患者的複雜、全方位服務的 3 期研究。

We won another full service global Phase 3 breast cancer study for a top 30 pharma.

我們贏得了另一項為排名前 30 位的製藥公司提供全方位服務的全球 3 期乳癌研究。

Another top 10 pharma client awarded IQVIA a large FSP contract.

另一位排名前十大的製藥客戶則授予 IQVIA 一份大型 FSP 合約。

This award is notable, because we displaced two large, long-time, incumbent CROs.

這個獎項值得注意，因為我們取代了兩家大型、長期在職的 CRO。

MedTech, IQVIA was awarded a study to evaluate a novel medical device specifically targeting a cardiovascular condition.

MedTech 公司 IQVIA 贏得了一項研究，用於評估一種專門針對心血管疾病的新型醫療設備。

Biotech, few notable awards include a critical Phase 3 oncology study based on our strong data-driven approach and ability to manage global complex trials efficiently.

生物技術方面，一些值得注意的獎項包括一項關鍵的 3 期腫瘤學研究，該研究基​​於我們強大的數據驅動方法和有效管理全球複雜試驗的能力。

Another global study full service study for another biotech client for progressive pulmonary fibrosis disease which involves nearly 1,000 patients in 26 countries.

另一項全球研究是為另一家生物技術客戶進行的針對進行性肺纖維化疾病的全方位服務研究，涉及 26 個國家的近 1,000 名患者。

And again, we are able to win this based on our global footprint and therapeutic expertise, a Phase 2 trial for rare CNS conditions with limited previous research.

再次，我們能夠憑藉我們的全球影響力和治療專業知識贏得這項試驗，這是一項針對罕見中樞神經系統疾病的 II 期試驗，先前的研究有限。

Lots of success in the marketplace with large pharma, MedTech and EBP.

在大型製藥公司、醫療科技公司和 EBP 的市場中取得了巨大成功。

Now, before passing the call over to Ron for a more detailed review of our financial results, I'd like to take a minute to acknowledge and congratulate our employees around the world for their extraordinary work this past year.

現在，在將電話轉給羅恩以更詳細地審查我們的財務業績之前，我想花一點時間對我們在世界各地的員工在過去一年中的出色工作表示感謝和祝賀。

It was challenging, but we delivered, a great team.

這是一個挑戰，但我們表現出色，我們是一支出色的團隊。

We also received amazing recognitions throughout the year.

我們全年也獲得了令人驚嘆的認可。

I just want to highlight a few.

我只想強調幾點。

Frost & Sullivan awarded IQVIA at the 2024 Global Customer Value Leadership Award for excellence in AI quality and regulatory solutions in healthcare.

Frost & Sullivan 授予 IQVIA 2024 年全球客戶價值領導力獎，以表彰其在醫療保健領域 AI 品質和監管解決方案方面的卓越表現。

IQVIA’s SmartSolve Enterprise QMS was recognized for Best Use of AI in Healthcare by the MedTech Breakthrough Awards.

IQVIA 的 SmartSolve Enterprise QMS 榮獲 MedTech Breakthrough Awards 醫療保健領域最佳 AI 應用獎。

My Green Lab awarded IQVIA Laboratories the 2024 Race to Zero Leadership Award for certifying 100% of our laboratory.

My Green Lab 授予 IQVIA 實驗室 2024 年「奔向零排放」領導力獎，以表彰其對實驗室 100% 的認證。

We received recognition as a leader in Forbes World's Best Healthcare and Life Sciences Management.

我們被《富比士》雜誌評為全球最佳醫療保健和生命科學管理的領導者。

And lastly, for the eighth year in a row, IQVIA was named one of the World's Most Admired Companies in Fortune's annual survey and importantly for the fourth year in a row, IQVIA was named the number one most admired company in our category of healthcare, pharmacy and other services.

最後，IQVIA 連續第八年在《財富》年度調查中被評為全球最受尊敬的公司之一，重要的是，IQVIA 連續第四年被評為醫療保健、製藥和其他服務類別中最受尊敬的公司。

In addition, IQVIA earned number one ranking in the categories of Innovation, Global Competitiveness, People Management and use of Corporate Assets.

此外，IQVIA 在創新、全球競爭力、人才管理和企業資產使用等類別中均排名第一。

Now Ron will give you more details on our financial performance.

現在 Ron 將向您提供有關我們財務業績的更多詳細資訊。

Thanks, Ari, and good morning, everyone.

謝謝，阿里，大家早安。

Let's start with revenue.

讓我們從收入開始。

Fourth quarter revenue of $3.958 billion grew 2.3% on a reported basis and 3% at constant currency.

第四季營收為 39.58 億美元，按報告基礎計算成長 2.3%，以固定匯率計算成長 3%。

In the quarter, COVID-related revenues were approximately $10 million, which is down about $50 million versus the fourth quarter of 2023.

本季度，與 COVID 相關的收入約為 1,000 萬美元，比 2023 年第四季下降約 5,000 萬美元。

Excluding all COVID-related work, both from this year and from last, constant currency growth was about 4.5%.

除去今年和去年的所有與 COVID 相關的工作，固定匯率成長率約為 4.5%。

And as Ari mentioned, acquisitions contributed approximately 2 points of this growth.

正如 Ari 所提到的，收購貢獻了這一成長的約 2 個百分點。

Technology & Analytics Solutions revenue for the fourth quarter was $1.658 billion, which was up 8.3% reported and 9.5% in constant currency.

第四季技術與分析解決方案營收為 16.58 億美元，報告成長 8.3%，以固定匯率計算成長 9.5%。

R&D Solutions fourth quarter revenue of $2.123 billion was down 1.3% reported and 1% at constant currency.

研發解決方案第四季營收為 21.23 億美元，年減 1.3%，以固定匯率計算下降 1%。

But excluding all COVID-related work, R&DS revenue grew over 1% at constant currency.

但若不包括所有與 COVID 相關的工作，研發收入以固定匯率計算成長了 1% 以上。

And finally, Contract Sales and Medical Solutions fourth quarter revenue of $177 million declined 4.8% reported and 3.2% at constant currency.

最後，第四季合約銷售和醫療解決方案收入為 1.77 億美元，按報告價格下降 4.8%，按固定匯率計算下降 3.2%。

Now for the full year, revenue was $15.405 billion.

全年收入為 154.05 億美元。

That's up 2.8% reported and 3.4% at constant currency.

報告顯示，這一數字上漲了 2.8%，以固定匯率計算，則上漲了 3.4%。

COVID-related revenue totaled approximately $110 million for the year.

全年與 COVID 相關的收入總計約為 1.1 億美元。

Excluding all COVID-related work from this year and last, constant currency growth in revenue was 5.5% for the year.

除去今年和去年所有與新冠疫情相關的工作，全年收入以固定匯率計算成長率為 5.5%。

Full year Technology & Analytics Solutions revenue was $6.160 billion.

全年技術與分析解決方案收入為 61.6 億美元。

That was up 5.1% reported, 5.7% at constant currency and 6.5% excluding all COVID-related work at constant currency.

報告顯示，該數字上漲了 5.1%，以固定匯率計算則上漲了 5.7%，若不包括所有與 COVID 相關工作則上漲了 6.5%。

Full year revenue in R&D Solutions was $8.527 billion, up 1.6% on a reported basis, 2% at constant currency.

研發解決方案全年營收為 85.27 億美元，以報告基礎計算成長 1.6%，以固定匯率計算成長 2%。

Excluding all COVID-related work, growth in constant currency in R&DS was over 5%.

除去所有與 COVID 相關的工作，研發支出的固定匯率成長率超過 5%。

And finally, our full year CSMS revenue was $718 million, down 1.2% reported, but up 1.4% at constant currency.

最後，我們全年的 CSMS 收入為 7.18 億美元，報告下降 1.2%，但以固定匯率計算成長 1.4%。

As Ari mentioned in his opening remarks, the 2024 growth trajectory in TAS played out as we anticipated with improvements every quarter.

正如 Ari 在開場白中提到的那樣，TAS 2024 年的成長軌跡正如我們預期的那樣，每個季度都有所改善。

Now we had -- if we experienced a softening in growth rates throughout 2023 due to cautious customer discretionary spending, and we predicted that 2024 would be a turnaround year based on our forward-looking indicators in recent history.

現在，如果我們因謹慎的客戶可自由支配支出而導致 2023 年全年的成長率放緩，並且根據我們近期歷史上的前瞻性指標，我們預測 2024 年將是一個轉折年。

In fact, that's what happened.

事實上，事情就是這樣的。

In 2024, TAS growth picked up significantly, finishing the second half with high single-digit growth driven by strong mid-single-digit organic growth.

2024年，TAS成長顯著回升，在強勁的中個位數有機成長的推動下，下半年以高個位數成長結束。

As you know, TAS is a short-cycle part of our business.

如您所知，TAS 是我們業務的一個短週期部分。

And as we've seen, 2023 gave us early insight into customer spend behavior during the downturn.

如我們所見，2023 年讓我們提前了解了經濟低迷期間顧客的消費行為。

By the same token, we expect that the 2024 turnaround in TAS serves as a good leading indicator of the industry's recovery for 2025.

同樣，我們預計 2024 年 TAS 的復甦將成為 2025 年產業復甦的良好領先指標。

Let's move down the P&L.

我們來看看損益表。

Adjusted EBITDA in the quarter was $996 million, representing growth of 3.1%.

本季調整後 EBITDA 為 9.96 億美元，成長 3.1%。

Full year adjusted EBITDA was $3.684 billion, that's up 3.2% year-over-year.

全年調整後 EBITDA 為 36.84 億美元，年增 3.2%。

Fourth quarter GAAP net income was $437 million and GAAP diluted earnings per share was $2.42. For the full year, GAAP net income was $1.373 billion or $7.49 of earnings per diluted share.

第四季 GAAP 淨收入為 4.37 億美元，GAAP 每股稀釋收益為 2.42 美元。全年 GAAP 淨收入為 13.73 億美元，即每股攤薄收益 7.49 美元。

Adjusted net income was $564 million for the fourth quarter and adjusted diluted earnings per share was $3.12.

第四季調整後淨收入為 5.64 億美元，調整後每股攤薄收益為 3.12 美元。

That for the full year brought adjusted net income to $2.42 billion and adjusted diluted earnings per share to $11.13. R&DS backlog at December 31 was $31.1 billion, an increase of 4.4% year-over-year and 5.5% at constant currency.

全年調整後淨收入達 24.2 億美元，調整後每股稀釋收益達 11.13 美元。截至 12 月 31 日的研發積壓訂單為 311 億美元，年增 4.4%，以固定匯率計算成長 5.5%。

And to anticipate the question that I think we'll get about why backlog was flat sequentially versus Q3, recall that the dollar strengthened considerably during the fourth quarter, and we have to retranslate the backlog at the end of each quarter for reporting to you and that knocked about $0.5 billion off the backlog, that retranslation alone.

我認為，我們可能會問為什麼積壓訂單與第三季度相比持平，回想一下，美元在第四季度大幅走強，我們必須在每個季度末重新翻譯積壓訂單，以便向您報告，僅重新翻譯一項就使積壓訂單減少了約 5 億美元。

As of December 31, cash and cash equivalents totaled $1.702 billion and gross debt was $13.983 billion, resulting in net debt of $12.281 billion.

截至 12 月 31 日，現金和現金等價物總額為 17.02 億美元，總債務為 139.83 億美元，淨債務為 122.81 億美元。

Our net leverage ratio ended the year at 3.33 times trailing 12-month adjusted EBITDA.

我們的淨槓桿比率為過去 12 個月調整後 EBITDA 的 3.33 倍。

Fourth quarter cash flow from operations was $885 million and CapEx was $164 million, resulting in free cash flow of $721 million for the quarter, a record for quarterly free cash flow.

第四季經營活動現金流為 8.85 億美元，資本支出為 1.64 億美元，導致本季自由現金流達到 7.21 億美元，創下季度自由現金流的最高紀錄。

For the full year, free cash flow was $2.114 billion, as Ari said, up 41% year-over-year.

正如阿里所說，全年自由現金流為 21.14 億美元，年增 41%。

Now you note that in the quarter, we repurchased $1.150 billion of our shares, bringing our full year share repurchase to $1.350 billion.

您現在註意到，本季我們回購了價值 11.5 億美元的股票，使我們全年的股票回購額達到 13.5 億美元。

And just yesterday, actually, the IQVIA Board of Directors replenished the share repurchase authorization by $2 billion, which increases the total remaining authorization to approximately $3 billion.

事實上，就在昨天，IQVIA 董事會將股票回購授權增加了 20 億美元，這使得剩餘授權總額增加到約 30 億美元。

Now let's turn to guidance.

現在讓我們來談談指引。

For the full year, we're reaffirming our 2025 outlook, which is for revenue growth at constant currency ex COVID of 4% to 7%, adjusted EBITDA margin expansion of up to 20 basis points and adjusted diluted earnings per share growth of 5% to 9%.

對於全年而言，我們重申了對 2025 年的展望，即以不含 COVID 的固定匯率計算，收入增長 4% 至 7%，調整後的 EBITDA 利潤率擴大至 20 個基點，調整後的每股攤薄收益增長 5% 至 9%。

This translates into total revenue between $15.725 billion and $16.125 billion which includes just over a $100 million step down in COVID-related work, which is entirely in R&DS and of which 75% will be in the first half and 25% in the second half.

這意味著總收入在 157.25 億美元至 161.25 億美元之間，其中包括與 COVID 相關的工作減少的 1 億美元，這些工作全部用於研發領域，其中 75% 將在上半年，25% 將在下半年。

We expect 100 to 150 basis points of contribution from M&A activity and an FX headwind should rates continue of approximately 150 basis points versus 2024.

我們預計併購活動將貢獻 100 至 150 個基點，如果利率繼續下降，則外匯阻力將達到 2024 年的約 150 個基點。

Our adjusted EBITDA guidance is $3.765 billion to $3.885 billion and adjusted diluted EPS guidance is $11.70 to $12.10. This includes about $675 million of net interest expense, approximately $575 million of operational D&A, an effective income tax rate of about 18.5% and an average diluted share count of approximately 178 million shares.

我們的調整後 EBITDA 指引為 37.65 億美元至 38.85 億美元，調整後稀釋 EPS 指引為 11.70 美元至 12.10 美元。其中包括約 6.75 億美元的淨利息支出、約 5.75 億美元的營運折舊及攤銷前利潤、約 18.5% 的有效所得稅率以及約 1.78 億股的平均稀釋股數。

The guidance also assumes $2 billion of cash deployment split between acquisitions and share repurchase.

該指引也假設20億美元的現金部署將分配給收購和股票回購。

And finally, the guidance assumes that foreign currency rates as of February 5, continue for the balance of the year.

最後，該指南假設截至 2 月 5 日的外幣匯率將持續到今年底。

Now at the segment level, guidance is also unchanged for TAS, R&DS and CSMS.

現在在細分層面，TAS、R&DS 和 CSMS 的指導也保持不變。

No changes in any of the segments.

任何部分均無變化。

We expect TAS revenue to grow 5% to 7% at constant currency, which translates into $6.3 billion to $6.5 billion.

我們預計 TAS 收入以固定匯率計算將成長 5% 至 7%，即 63 億美元至 65 億美元。

I note we'll have easier comps in the first half than the second half.

我注意到我們上半場的比賽會比下半場容易。

R&DS revenue is expected to grow 4% to 6% at constant currency ex COVID, which translates into $8.7 billion to $8.9 billion of revenue.

預計研發收入將按不含 COVID 的固定匯率增長 4% 至 6%，相當於 87 億美元至 89 億美元的收入。

This guidance includes over $100 million of step-down in COVID-related revenue.

該指引包括減少 1 億美元以上的 COVID 相關收入。

That represents about 100 basis points of headwind to R&DS growth rate.

這對研發成長率來說意味著約 100 個基點的阻力。

We anticipate that R&DS growth rates will be lower in the first half and improve sequentially thereafter.

我們預計上半年研發支出成長率將較低，隨後將逐步提高。

Our finally CSMS revenue is expected to be approximately $700 million and flattish year-over-year.

我們最終的 CSMS 收入預計約為 7 億美元，與去年同期持平。

Now let's look at first quarter guidance.

現在讓我們來看看第一季的指引。

For the first quarter, we expect revenue to be between $3.740 billion and $3.790 billion.

我們預計第一季營收將在 37.40 億美元至 37.90 億美元之間。

Note that Q1 has the largest impact in the year for both foreign exchange and COVID revenue step down for a total of approximately 300 basis points of headwind.

請注意，第一季是今年以來影響最大的季度，外匯和 COVID 收入均下降，總計約 300 個基點的逆風。

Adjusted EBITDA is expected to be between $870 million and $890 million in the quarter and adjusted diluted EPS is expected to be between $2.60 and $2.70.

本季調整後 EBITDA 預計在 8.7 億美元至 8.9 億美元之間，調整後稀釋每股收益預計在 2.60 美元至 2.70 美元之間。

And as mentioned, our guidance assumes that foreign currency rates of February 5 continue for the balance of the year.

如前文所提到的，我們的指導假設是 2 月 5 日的外幣匯率將持續到今年年底。

So let's summarize.

讓我們總結一下。

We delivered an excellent fourth quarter, which closed out a strong year.

我們在第四季表現出色，為今年畫下了圓滿的句點。

For the full year, revenue grew 5.5% at constant currency, excluding COVID-related work.

全年來看，不包括新冠疫情相關工作，以固定匯率計算收入成長了 5.5%。

Adjusted EBITDA margin continued to expand and adjusted diluted EPS was up 9.1% Free cash flow was a record in the quarter at $721 million, bringing the full year to over $2.1 billion, up 41%.

調整後 EBITDA 利潤率持續擴大，調整後稀釋每股收益成長 9.1%。

In the quarter, we repurchased $1.150 billion of our shares.

本季度，我們回購了價值 11.5 億美元的股票。

For the full year, share repurchase was $1.350 billion.

全年股票回購金額為13.5億美元。

Our Board of Directors increased our share repurchase authorization by $2 billion, which brings the remaining authorization to approximately $3 billion.

我們的董事會將股票回購授權增加了 20 億美元，使剩餘授權達到約 30 億美元。

During the year, we introduced 60 innovations, including 39 AI-enabled applications and the momentum continues to build with our recently announced collaboration with NVIDIA.

今年，我們推出了 60 項創新，包括 39 項支援人工智慧的應用程序，而且隨著我們最近宣布與 NVIDIA 的合作，這一勢頭繼續增強。

IQVIA was named the Fortune's list of World's most Admired Companies for the eighth consecutive year and earned first place ranking in our industry group for the fourth consecutive year.

IQVIA 連續第八年被《財星》雜誌評為全球最受讚賞公司之一，並連續第四年在我們所在的行業中名列第一。

And lastly, we reaffirmed our full year 2025 revenue growth guidance at constant currency of 4% to 7% adjusted EBITDA margin expansion of up to 20 basis points and adjusted diluted earnings per share growth of 5% to 9%.

最後，我們重申了 2025 年全年營收成長預期，以固定匯率計算，成長 4% 至 7%，調整後 EBITDA 利潤率擴大至 20 個基點，調整後每股稀釋收益成長 5% 至 9%。

And that concludes our formal remarks.

我們的正式發言到此結束。

Let me hand it back over to the operator to open up the call for Q&A.

讓我將其交還給接線員，以開始問答通話。

(Operator Instructions)

（操作員指令）

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

Hi, thank you very much.

你好，非常感謝。

Ari, I wanted to just ask you to dig back in a little bit more on how the operating environment progressed through the quarter and relative to what you were expecting in 4Q?

阿里，我想請您更詳細地介紹一下本季的營運環境進展以及與第四季度的預期相比的情況？

We had some discussion about reassessing of vendor relationships kind of ending or the expectation it would end in the fourth quarter and some of that reprioritizing work ending.

我們就重新評估供應商關係的結束或預期它將在第四季度結束以及重新確定部分工作優先順序的結束進行了一些討論。

We're still talking about some potential volatility for the next one to two quarters.

我們仍在討論未來一到兩個季度的一些潛在波動。

Is that kind of the way you were expecting it coming into the fourth quarter?

這與您對第四季的預期一致嗎？

Or is there any change into about that?

或對此有什麼改變嗎？

And as part of that, maybe you could talk about is there any change in your expectation in those divided contracts that you discussed last quarter?

作為其中的一部分，也許您可以談談您對上個季度討論的分割合約的預期是否發生了變化？

Thank you.

謝謝。

Okay, thank you, Shlomo.

好的，謝謝你， Shlomo。

Well, no, look, we spoke not that long ago in December in a rally, and we shared there our sentiment with respect to the operating environment.

嗯，不，你看，我們在不久前的 12 月的一次集會上發表了講話，我們在那裡分享了我們對營運環境的看法。

Not much has changed versus what we told you then.

與我們當時告訴您的相比，情況並沒有太大改變。

That is, it was a difficult operating environment for all the reasons we mentioned then, and I reiterated in my introductory remarks the macro environment consequences of the IRA, a bunch of unexpected large cancellations due to futility reasons we had last year.

也就是說，由於我們當時提到的所有原因，我們的經營環境非常艱難，我在開場白中重申了 IRA 對宏觀環境的影響，去年我們因無用的原因進行了一系列意外的大規模取消。

And then the two large fast burning trials that we had just started that for reasons in the panel of IQVIA were just delayed and because of the nature of these projects they basically pushed back to the back end of 2025.

然後，我們剛啟動的兩項大型快速試驗由於 IQVIA 專家小組的原因被推遲，而且由於這些項目的性質，它們基本上被推遲到 2025 年底。

Nothing's changed here.

這裡什麼都沒有改變。

We think the bulk of the cancellations and reprioritizations has occurred.

我們認為大部分取消和重新調整優先順序的情況已經發生。

We said then, I repeat now, we're still going to have one to two quarters of some volatility.

我們當時就說過，我現在再重複一遍，我們仍然會經歷一到兩季的波動。

And I sitting here, I can't tell you what it's going to be, first quarter or second quarter in December, we were closer to the end of the quarter, so I had more visibility, frankly after one month in a quarter, you can never tell.

我坐在這裡，無法告訴您 12 月份的情況會如何，是第一季度還是第二季度，我們更接近季度末，因此我對此有更清晰的認識，坦率地說，一個季度過了一個月之後，您永遠無法預測。

What are we going to book?

我們要預訂什麼？

What are we going to sell?

我們要賣什麼？

Which deals are going to come in this quarter, are going to be pushed up to the next quarter, which cancellations may or may not occur this quarter?

哪些交易將在本季度達成，哪些交易將推遲到下個季度，哪些交易可能會在本季取消？

We have no idea.

我們不知道。

I'm just always shocked when people are able to predict what their bookings, the net bookings will be in a given quarter.

當人們能夠預測某個季度的預訂量和淨預訂量時，我總是感到震驚。

I have no idea.

我不知道。

As I stand here one month into the quarter, especially first month of the year, January, not much happens.

當我站在這裡，已經是這個季度的一個月了，特別是今年的第一個月，一月，沒有發生太多事情。

So yes, I mean, I would say, what is it two-thirds maybe 70%, 75% of the somewhere there, almost two-thirds, 75% of the reprioritization that we know of at large pharma essentially is our own.

所以是的，我的意思是，我想說，三分之二，也許 70%、75% 左右，幾乎三分之二，75% 的重新優先排序，據我們所知，大型製藥公司基本上是我們自己的。

So there may still be a little bit of fluctuation here in the next quarter or two, but I can't tell for certain what may or may not happen.

因此，未來一兩個季度可能仍會出現一些波動，但我無法確定會發生什麼或不會發生什麼。

And with respect to these two trials that were delayed, which was your second question, nothing changed.

關於這兩次被推遲的審判，也就是您的第二個問題，沒有任何變化。

They're still on.

他們仍在營業。

The clients very much want to do them.

客戶非常想做這些事。

It causes us to have to maintain some costs, through the year, and that's kind of affecting a little bit our gross margin because we have this shredded cost.

這導致我們必須在全年維持一些成本，而且這在某種程度上影響了我們的毛利率，因為我們有這筆粉碎成本。

But that's okay.

但沒關係。

We will manage that and we feel good about that.

我們會做到這一點，並且我們對此感到很高興。

And those will happen.

這些都會發生。

As we said, no change back end of the year.

正如我們所說，年底不會有任何變化。

Thank you.

謝謝。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森（Elizabeth Anderson），Evercore ISI。

Hi, Ari.

你好，阿里。

Hi, Ron.

你好，羅恩。

Thanks so much for the question.

非常感謝您提問。

I was wondering if you could give a little bit more color on two things.

我想知道您是否可以對兩件事進行更詳細的說明。

I think you've been given some nice pharma color.

我覺得你被賦予了一些不錯的製藥色彩。

I was wondering if you could talk a little bit more about the biotech environment, how that's going, how you're sort of seeing RFP flow?

我想知道您是否可以再多談談生物技術環境、其進展如何以及您如何看待 RFP 流程？

Are you seeing any kind of unlocking of some of the funds that were raised last year but not spent?

您是否看到一些去年籌集但尚未使用過的資金以某種方式解鎖？

And then also talk a little bit more about what you think the drivers on the real world evidence acceleration are?

然後再進一步談談您認為現實世界證據加速的驅動因素是什麼？

Thank you.

謝謝。

All right.

好的。

So look, the biotech funding, which is sort of a leading indicator of what is going to happen in terms of the booking environment for that segment has been strong, okay?

所以看，生物技術融資，這是一種領先指標，表明該領域的預訂環境一直很強勁，好嗎？

We consistently use the same stats -- and according to those stats, it's over $100 billion for 2024.

我們始終使用相同的統計數據——根據這些數據，2024 年的支出將超過 1000 億美元。

There's been fluctuation quarter in, quarter out, but that's the number.

每個季度都會有波動，但這就是數字。

And that's a huge number.

這是一個龐大的數字。

That's a record number ever if you exclude the two years of '20 and '21, which were, I think, $130 million and $120 million, respectively.

如果除去 20 年和 21 年兩年，這個數字將是有史以來的最高紀錄，我認為這兩個年的收入分別為 1.3 億美元和 1.2 億美元。

But I mean, last year, what was the number last year, guys, for -- it was like $70 million. $70 million. $71 billion last year, okay.

但我的意思是，去年，夥計們，這個數字是多少？ 7000 萬美元。去年是 710 億美元，好吧。

So significant growth in funding.

因此資金顯著成長。

Now as we said before, just because biotech gets funding today, it doesn't mean that it translates into a clinical trial award the next day, okay?

正如我們之前所說的，僅僅因為生物技術今天獲得了資金，並不意味著第二天就能獲得臨床試驗獎，好嗎？

It takes time.

這需要時間。

And take 6 months, take a year, but it's a good strong leading indicator.

雖然需要 6 個月或一年的時間，但這是一個很好的領先指標。

And we saw funding start to pick up already a year ago.

我們從一年前就看到資金開始回升。

And therefore, we're starting to see this.

因此，我們開始看到這一點。

RFP flow, as I said, was up mid-single digit for us across the portfolio, which, again, in the current environment is very, very good.

正如我所說，我們整個投資組合的 RFP 流量成長了中等個位數，在當前環境下，這非常非常好。

And EBP was higher than that, okay, higher than the 5%.

而且 EBP 比這個高，高於 5%。

And yes, so that's about the environment.

是的，這就是與環境有關的事情。

So I think we feel good about the EBP segment, lots of opportunity, and we're chasing all of that.

所以我認為我們對 EBP 領域感覺很好，有很多機會，我們正在追逐所有這些。

Ann Hynes, Mizuho.

安海因斯（Ann Hynes）、瑞穗（Mizuho）

Hi, good morning.

嗨，早安。

Just on cancellations, I know going into Q4, you thought it would be a $1 billion.

僅就取消而言，我知道進入第四季度，您認為這將是 10 億美元。

Did it come into that $1 billion or was it higher?

它達到 10 億美元了嗎，還是更高？

And then I know you said that you successfully renewed all your RFP activity.

然後我知道您說您已成功更新所有 RFP 活動。

Can you just talk about pricing on those renewals and how that's playing out from a competitive landscape?

您能否談談這些續約的定價以及其在競爭格局中的表現如何？

Thanks.

謝謝。

Right.

正確的。

Well, first of all, I never said the word $1 billion.

首先，我從來沒說過「10 億美元」這個詞。

I said that historically, the average quarterly cancellation is about $0.5 billion a quarter -- quarter in, quarter out.

我說過，從歷史上看，平均每季的取消金額約為 5 億美元——一個季度又一個季度地發生。

I mean, I find anyone to predict what the cancellations will be in a given quarter ever.

我的意思是，我找任何人來預測某個季度的取消情況。

That's -- it's a flow.

這就是──一種流動。

And there were quarters where we had $300 million, where there were quarters where we had $600 million.

有些季度我們的營收為 3 億美元，有些季度我們的營收為 6 億美元。

But on average, that's kind of the number, okay?

但平均而言，這就是這個數字，好嗎？

And if you take a look at the past so what I said was given the amount of work that large pharma is doing and the scrutiny that they are placing on those programs and the increased level of cancels we saw through the years, I was suggesting that we would be surprised if the fourth quarter was double that.

如果你回顧過去，那麼我說的是，考慮到大型製藥公司所做的工作量以及他們對這些項目的嚴格審查，以及我們多年來看到的取消率的增加，我認為如果第四季度的取消率是這個數字的兩倍，我們會感到驚訝。

And basically was that it wasn't $1 billion, but it was way above the higher end of what we could have imagined.

基本上，它不是 10 億美元，但遠遠超出了我們所能想像的最高水平。

So it was somewhere around -- not far from $1 billion, but not quite $1 billion.

所以這個數字大概是——離 10 億美元不遠，但還沒到 10 億美元。

So it was very high.

所以它非常高。

In fact, for the year, and I think that's an interesting -- I think I mentioned it in my introductory remarks, if you look at the average cancellations in a given year, let's take the last three years, for example, it's just somewhere close to a couple of billion, a little bit under $2 billion, right, for the year, okay, consistent with what we experienced.

事實上，就今年而言，我認為這很有趣——我想我在開場白中提到過，如果你看看某一年的平均取消金額，讓我們以過去三年為例，它只是接近幾十億美元，略低於 20 億美元，對吧，就今年而言，好吧，與我們經歷的情況一致。

This year, it was almost 50% higher, meaning this year, 2024 was 50% higher than that.

今年幾乎高出了 50%，這意味著 2024 年將比這高出 50%。

And despite that, we grew -- our backlog grew, and that's because we were able on the gross level to book even more business than last year, offsetting -- more than offsetting the higher level of cancellations.

儘管如此，我們的積壓訂單量仍在成長，這是因為我們總體上能夠預訂比去年更多的業務，從而抵消了更高水準的取消訂單。

So on the demand side, things are good.

因此從需求方面來看，情況是好的。

The cancellations were very elevated -- surprises there.

取消的次數非常多——令人驚訝。

It came in essentially as we expected.

它基本上正如我們所預期的那樣。

And as I sit here, I just don't know what they are going to be next quarter or two, but we are going to navigate that environment.

當我坐在這裡時，我只是不知道下一季或下一兩季會發生什麼，但我們將駕馭這種環境。

We feel good that the bulk of that is behind us.

我們很高興看到大部分問題都已經過去了。

You asked about the pricing environment, right?

您問的是定價環境，對嗎？

yes.

是的。

I mean, yes, I mean, look, in the current environment, you would expect and anticipate that pricing is going to be more difficult because it's tough competition.

我的意思是，是的，我的意思是，看，在當前環境下，你會預期並預期定價將變得更加困難，因為競爭非常激烈。

There are lots of CROs out there.

目前有很多 CRO。

I mean people tend to forget there are 4,000 CROs out there, okay?

我的意思是人們往往會忘記那裡有 4,000 個 CRO，好嗎？

So they don't all participate in every single bid, but it's not unusual that when EVPs they go around and shop their deal around, they talk to a lot of people.

因此，他們不會參與每一個競標，但當 EVP 到處走訪、討價還價並與許多人交談時，這並不罕見。

And on the large pharma side, as we mentioned, they decided last year to reopen all their partnerships.

而在大型製藥方面，正如我們所提到的，他們去年決定重啟所有合作。

And thankfully, we won.

值得慶幸的是，我們贏了。

We resigned with all these partners and in fact, expanded our portfolio.

我們與所有這些合作夥伴續約，事實上，擴大了我們的投資組合。

Large pharma wanted to consolidate the spend, and we were on the winning side of that exercise, that was very good, and it bodes well for the future.

大型製藥公司希望整合支出，而我們在這次行動中處於勝利的一方，這非常好，對未來來說是個好兆頭。

Great thanks.

非常感謝。

David Windley, Jefferies.

傑富瑞 (Jefferies) 的戴維溫德利 (David Windley)。

Hi, good morning.

嗨，早安。

Thanks for taking my questions, and a good segue from the last.

感謝您回答我的問題，並且很好地銜接了​​上一個問題。

Ari, you talked a fair amount about the push toward FSP.

Ari，您談了很多關於推動 FSP 的事情。

You've talked about pricing pressure as you just kind of highlighted generally, but that pricing pressure also in FSP with these partnership re-procurements.

您剛才談到了定價壓力，正如您一般性所強調的那樣，但 FSP 中的這些合作夥伴重新採購也存在定價壓力。

And then you've also talked about carrying costs for these mega trials.

然後您也談到了這些大型試驗的運行成本。

I was actually surprised at the Investor Day that you could expand margin at all.

我實際上在投資者日驚訝於你竟然能夠擴大保證金。

And so my question is, what are the cost levers that you're pulling to be able to eke up your margin just a little bit in the face of all those pressures.

所以我的問題是，面對所有這些壓力，你們採取了哪些成本手段才能夠稍微提高你們的利潤。

And then just more simply, in the navigation on gross margin versus SG&A and EBITDA, are we seeing some of that business mix shift toward FSP in the P&L already like in the fourth quarter?

然後更簡單地說，在毛利率與銷售、一般及行政開支以及息稅折舊攤銷前利潤的對比中，我們是否看到部分業務組合在第四季度已經向損益表中的 FSP 轉變？

Thank you.

謝謝。

Thank you, Dave.

謝謝你，戴夫。

Well, as always, you're right on the mark and you are highlighting essentially the tasks that we have day in and day out.

嗯，一如既往，您的觀點非常正確，您強調的實際上是我們日復一日所要完成的任務。

How do we offset all of those headwinds?

我們如何抵消所有這些不利因素？

Yes, you are absolutely correct.

是的，你完全正確。

We expressed surprise how we're able to still grow margins.

我們對我們的利潤率仍然能夠成長感到驚訝。

I mean, bear in mind, since the merger end of '16, we've grown our margins.

我的意思是，請記住，自 2016 年底合併以來，我們的利潤率就已經提高了。

I mean we ended the quarter with over 25% adjusted EBITDA margins.

我的意思是我們本季結束時的調整後 EBITDA 利潤率超過 25%。

In those days, you might recall, we were more in the 20% kind of range.

您可能還記得，在那些日子裡，我們的收入更處於 20% 的範圍內。

So we expanded margins.

因此我們擴大了利潤率。

Now in the early years, we expanded margins a lot more.

在早期，我們的利潤率擴大了很多。

Now obviously, it's harder.

現在顯然更加困難了。

But that is what we do here.

但這正是我們在這裡所做的事情。

We try our best to grow our margins and try to grow our profits faster than our revenue.

我們竭盡全力提高利潤率，並努力使利潤的成長速度快於收入的成長速度。

That's how our operating mode here.

這就是我們的運作模式。

How do we do that?

我們該怎麼做呢？

Yes, you're right.

是的，你說得對。

The mix influences can influence the gross margin.

混合因素會影響毛利率。

I don't think that, that was the case in Q4.

我不這麼認為，第四季的情況就是如此。

Yeah, I think we see -- you can see our gross margin was a little depressed in Q4, but I don't think it is a reflection of the higher FSP mix.

是的，我認為我們看到——您可以看到我們的毛利率在第四季度略有下降，但我不認為這是更高的 FSP 組合的反映。

The higher FSP mix is in the bookings.

預訂中的 FSP 組合更高。

It's going to take time, okay?

這需要一些時間，懂嗎？

It's not yet in the P&L to be precise and answer your question.

準確地說，它還沒有出現在損益表中，也無法回答您的問題。

It's more quarter in, quarter out, if you look at Q3, for example, of last year, we had gross margin expansion.

例如，如果你看去年第三季度，我們的毛利率就擴大了。

So it's really the given mix of revenue that you recognize in a quarter, plus, obviously, the TAS business also influences that.

因此，這實際上是您在一個季度內確認的特定收入組合，另外，顯然，TAS 業務也會對此產生影響。

For example, within TAS, I can tell you that real world is a little lower margin than the rest, right?

例如，在 TAS 中，我可以告訴你現實世界的利潤率比其他世界低一點，對嗎？

It is lower margin than data, lower margin than analytics and lower margin than tech.

它的利潤率比數據低，比分析低，比技術低。

And in the fourth quarter, real world was very strong, really strong.

在第四季度，現實世界表現得非常強勁，非常強勁。

I mentioned it was back to double digits.

我提到它又回到了兩位數。

And so that, of course, affects the mix.

因此，這當然會影響混合。

And then I'll remind you that from the fourth quarter, we had this high level of stranded costs on those two mega trials that also affected our gross margin.

然後我要提醒你，從第四季開始，我們在這兩次大型試驗中的擱淺成本很高，這也影響了我們的毛利率。

But we pull the usual levers.

但我們採取了通常的措施。

And you've been covering us for a while, you know what we do.

而且您已經報道我們有一段時間了，您知道我們在做什麼。

We constantly evaluate how to optimize the average labor rate across all of our geographies.

我們不斷評估如何優化所有地區的平均勞動力率。

We constantly explore opportunities to increase our economies of scope that is restructure, flatten the organization.

我們不斷探索機會來增加我們的範圍經濟，即重組和扁平化組織。

We constantly lever IT infrastructure.

我們不斷利用 IT 基礎架構。

And for the past year, we've accelerated the deployment of AI tools within our own processes.

在過去的一年裡，我們加快了在自身流程中部署人工智慧工具。

I mentioned before that the next big thing, certainly operationally within our own workflows is to leverage AI tools as much as it can be, and we start to see some impact of that, and we plan to continue use and deployment of those.

我之前提到過，下一件大事，當然是在我們自己的工作流程中操作上盡可能多地利用人工智慧工具，我們開始看到它的一些影響，我們計劃繼續使用和部署這些工具。

And that these are the levers that help us mitigate all the cost pressures that you just highlighted.

這些都是幫助我們減輕您剛才強調的所有成本壓力的槓桿。

So it's a day in, day out deep in the trenches, strong operational discipline and a relentless focus on continuing to optimize our costs.

因此，我們日復一日地深入工作，嚴格執行營運紀律，堅持不懈地專注於持續優化我們的成本。

Good for you for that.

你真幸運。

Thank you very much.

非常感謝。

It was very helpful.

這非常有幫助。

Charles Rhyee, TD Cowen.

查爾斯·瑞（Charles Rhyee），TD Cowen。

Yeah, thanks for taking the question.

是的，感謝您回答這個問題。

I just wanted to go back maybe then to the TAS segment.

我只是想回到 TAS 部分。

I think earlier, you just mentioned obviously, real-world evidence had sounded like you said double-digit growth in the quarter.

我認為之前您剛才提到，顯然現實世界的證據聽起來就像您所說的本季實現了兩位數的成長。

Maybe can you give us a sense for sort of the trends you're seeing across between both RWE, analytics and consulting and maybe technology platforms or give us a sense for within the '25 outlook, how you see those kind of separate parts of it kind of the outlook for each of those relative as we think about the mix going forward?

也許您可以為我們介紹一下您在 RWE、分析和諮詢以及技術平台之間看到的趨勢，或者給我們介紹一下在 25 年展望中，您如何看待這些獨立部分的前景，以及在我們考慮未來的組合時，每個部分的相對前景如何？

Yeah, well, thank you for the question.

是的，謝謝您的提問。

Yeah.

是的。

I mean, look, the TAS business should be -- should have been and should remain a very resilient business with very consistent type of growth.

我的意思是，TAS 業務應該是 - 應該是並且應該保持非常有彈性的業務並具有非常穩定的成長類型。

So info, as you know, is a low single digit, right?

所以如你所知，資訊是一個較低的個位數，對嗎？

It's about a 1% lower that did not change through the period.

該比率大約低 1%，並且在整個期間內沒有變化。

That's a very sticky subscription-based repetitive business.

這是一個非常粘性的基於訂閱的重複性業務。

The analytics and consulting is where we had seen a dramatic impact of the cautionary spending trends we saw end of '23 and early '24 because some of that, a significant part of that is discretionary spend, and that essentially got shut down.

在分析和諮詢領域，我們看到了 23 年底和 24 年初謹慎性支出趨勢帶來的巨大影響，因為其中很大一部分是可自由支配的支出，而這些支出基本上已經被阻止了。

So we had negative quarters in analytics and consulting earlier in the year.

因此，我們在今年稍早的分析和諮詢業務中遭遇了負面業績。

And as we evolved through the year, it went back towards this mid-single-digit kind of mark towards the end of the quarter.

隨著我們全年的發展，到本季末，它又回到了中等個位數的水平。

And the higher growth businesses, which had been higher growth, real-world and tech, basically for the full year, essentially went back to high single digits.

而高成長業務，也就是全年成長較高的實體經濟和科技企業，基本上都回落到了高個位數的成長。

And in the quarter, back into double digits.

並在本節中重新回到兩位數。

So that's what we saw.

這就是我們所看到的。

Now because we anticipated this, why did this happen and why were we confident in the recovery is because a lot of the work in real-world tech and also some in analytics and consulting are must do activities for our clients.

現在，因為我們預料到了這一點，為什麼會發生這種情況以及為什麼我們對復甦充滿信心，是因為現實世界中的許多技術工作以及分析和諮詢中的一些工作都是必須為我們的客戶做的活動。

When our clients get the drug approved, and as you know, in 2023 was a record year.

當我們的客戶獲得藥物批准時，如你所知，2023 年是創紀錄的一年。

I think we had 55 approvals in 2023.

我認為我們在 2023 年已經獲得了 55 項批准。

By the way, '24 was also good.

順便說一句，'24 也不錯。

I think it was about 50 approvals.

我認為大約有 50 份批准。

These are very high numbers, if you look back historically.

如果回顧歷史，這些數字是非常高的。

These approvals typically within six to nine months, you've got to launch the product, and that's where we come in.

這些批准通常在六到九個月內完成，然後你必須推出產品，這就是我們的作用所在。

This is where our services play. in launching the drug, promoting the drug, commercializing the drug, pricing the drug, et cetera, et cetera, supporting the efficacy demonstrations and safety demonstrations and supporting pricing for the drugs.

這就是我們的服務發揮作用的地方。在推出藥品、推廣藥品、商業化藥品、為藥品定價等方面，支持療效論證和安全性論證，並支持藥品定價。

All of that is what we put in our analytics business and in our real-world business.

所有這些都是我們投入到我們的分析業務和實際業務中的。

And so those needed to be done and clients delayed that.

因此需要完成這些工作，但客戶推遲了。

But eventually, they had to do it, and that's why we saw a strong return of the business in the second.

但最終他們不得不這麼做，這也是為什麼我們在第二季看到業務強勁回報的原因。

Great, thank you.

太好了，謝謝。

I appreciate.

我很感激。

Jack Meehan, Nephron Research.

傑克‧米漢（Jack Meehan），腎元研究室。

Thank you and good morning.

謝謝，早安。

I had a couple of questions for Ron, just on the income statement.

我對羅恩有幾個問題，是關於損益表的。

First was the gross margins in the fourth quarter.

首先是第四季的毛利率。

I was wondering if you could just walk us through the dynamics there.

我想知道您是否可以向我們簡單介紹那裡的動態。

So they were down a little over 100 bps year-over-year, but you have lower pass-throughs.

因此，與去年同期相比，它們下降了 100 個基點以上，但傳遞率也較低。

So was this the trapped costs related to those two trials?

那麼這就是與這兩次試驗相關的被困成本嗎？

Or just any color would be great.

或任何顏色都可以。

Well, the first thing I would caution is when you're looking at gross margins, you're looking at reported and not adjusted.

嗯，我首先要提醒的是，當你查看毛利率時，你查看的是報告的而不是調整後的。

So if you're trying to tie the gross margins and SG&A on our income statement back to our adjusted EBITDA, there's a difference right there because those are reported and not adjusted numbers.

因此，如果您試圖將我們的損益表上的毛利率和銷售、一般及行政費用與我們的調整後息稅折舊攤銷前利潤聯繫起來，就會發現其中存在差異，因為這些是報告的數字，而不是調整後的數字。

But having said that, Ari did already give you some insight into that.

但話雖如此，Ari 確實已經為你提供了一些關於此的見解。

We have stranded costs associated with those trials that got delayed.

由於這些試驗被推遲，我們產生了滯留成本。

Certain of our businesses that have strong growth like the real-world business tend to be lower margin businesses for us.

我們的某些業務（如現實世界的業務）成長強勁，但對我們來說利潤率往往較低。

So there's a mix impact in there, certainly.

因此，這其中肯定存在著混合影響。

But again, any time you're looking at the reported numbers, remember that things like restructuring or other adjustments that get added back can affect the percentages that you're calculating straight off the income statement.

但是，再說一次，無論何時查看報告的數字，請記住，諸如重組或其他調整等加回來的內容可能會影響您直接從損益表中計算的百分比。

Got it.

知道了。

Okay.

好的。

That makes sense.

這很有道理。

And one for Ari.

給阿里一個。

Just on the policy front, we're in a couple of weeks in the new administration here.

就政策方面而言，新政府上任已有幾週時間。

Just any thoughts on how -- just implications for pharma biotech customers?

您對這對製藥生技客戶有何影響？

And then second, one question we get is just any exposure to NIH funding or anything related to that would be great.

其次，我們收到的一個問題是，任何接觸 NIH 資助或與之相關的事物都會很棒。

I mean the short answer to that question is zero, zero impacts, zero NIH, nothing.

我的意思是，這個問題的簡短答案是零，零影響，零 NIH，什麼都沒有。

The longer answer is, I think overall, it's going to be a more business-friendly environment.

較長的回答是，我認為總體而言，這將是一個更有利於商業的環境。

That's clear.

這很清楚。

The new administration apparently from what we've gathered is maybe open to adjust some of the aspects of the IRA, looking into differences between small and large molecules and a number of adjustments, and we are in dialogue at the appropriate levels.

從我們掌握的資訊來看，新政府顯然願意對 IRA 的某些方面進行調整，研究小分子和大分子之間的差異以及一些調整，我們正在適當的層面上進行對話。

There could be some reforms that have been discussed on the PBM side, on the reimbursement side and so on.

可能會有一些在 PBM 方面、報銷方面等等已經討論過的改革。

But I mean, again, all of that is net positive for us, frankly.

但我的意思是，坦白說，所有這些對我們來說都是有利的。

And yes, I mean, we don't -- I think there's a strong possibility the new administration will embrace life sciences innovation sector more positively relative to other competing economies like China or Europe and support more ongoing investments of US based research, manufacturing, et cetera.

是的，我的意思是，我認為新政府很有可能會比中國或歐洲等其他競爭經濟體更積極地對待生命科學創新領域，並支持對美國的研究、製造等進行更多持續投資。

I think there are a lot of positives here.

我認為這裡有很多積極的方面。

And I don't see any of the noise around the specific nominations affecting us at all, frankly.

坦白說，我不認為圍繞具體提名的任何喧囂會對我們產生任​​何影響。

I think that that's just basically noise.

我認為那基本上只是噪音。

What we see and our dialogue so far has been actually very constructive and very positive.

到目前為止，我們所看到的和我們的對話實際上是非常有建設性和非常積極的。

We're very pleased with the nominations and head of FDA and head of NIH.

我們對 FDA 負責人和 NIH 負責人的提名感到非常滿意。

All of those are very, very good, good relationships, and they all support strong evidence-based science, which is exactly the business we're in.

所有這些都是非常非常好的關係，它們都支持強有力的基於證據的科學，這正是我們所從事的業務。

The M&A environment will be more favorable.

併購環境將更加有利。

I think all of that are net positives.

我認為所有這些都是有利的。

That all sounds good.

聽起來不錯。

Thank you.

謝謝。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great.

偉大的。

Ari, I want to go back to something you touched on earlier.

阿里，我想回到你之前提到的事情。

You made some comments in the prepared remarks in terms of pharma reprioritization sort of working through it, still expect maybe all or a couple of quarters of some volatility going forward, be thinking you're mostly through it?

您在準備好的評論中就製藥業重新排序問題發表了一些評論，仍然預計未來整個或幾個季度都會出現一些波動，您認為基本上已經解決了嗎？

I think you said something about 70% to 75% of the rate prioritization is done.

我覺得您說過大約 70% 到 75% 的速率優先順序已經完成。

Just wondering sort of how you're arriving at that number?

只是想知道您是如何得出這個數字的？

I just put it all in.

我剛剛把所有東西都放進去了。

I mean, we've had some announcements just in the last 24 hours.

我的意思是，我們在過去 24 小時內發布了一些公告。

And we just -- it seems like there's still -- you never know companies could come back and decide they're going to do more in a second card, and a third card and the fourth card.

而我們只是 - 似乎仍然存在 - 你永遠不知道公司可能會回來並決定在第二張卡，第三張卡和第四張卡上做更多的事情。

So just what are the conversations you're having with the pharma companies, especially your top 20.

那麼您與製藥公司，特別是前 20 名製藥公司的對話內容是怎麼樣的呢？

Thank you.

謝謝。

Thanks for the question. when I said earlier, two-third, 70% maybe 75%.

謝謝你的提問。我之前說過，三分之二，70%，也許 75%。

So I saw Kerri with his head in his hands because he told me if we don't give them a number because somebody is going to tell you what it 70%, 71%, maybe 65%, maybe 76%.

所以我看到克里雙手抱頭，因為他告訴我，如果我們不給他們一個數字，有人會告訴你是 70%、71%、也許 65%、也許 76%。

So look, we're trying to give you a sense, okay, how do I know?

所以看，我們試著讓你了解，好吧，我怎麼知道？

Because we speak to our clients, okay?

因為我們要和客戶交談，好嗎？

Day in and day out.

日復一日。

And we know what they're looking at.

我們知道他們在看什麼。

So if they're done, they're done, it's not like they're going to go back, okay?

所以，如果他們完了，那就完了，他們就不會再回去了，好嗎？

So we know that there are still few programs that are kind of where they haven't made a decision.

所以我們知道還有一些項目他們還沒做出決定。

And that's where I say maybe a fourth to a third of those more to go.

這就是我說的可能還有四分之一到三分之一要完成。

But that's an estimate.

但這只是估計值。

Again, I repeat, I have no idea, get in given quarter or will get booked.

我再重複一遍，我不知道，是否會進入特定季度或被預訂。

I just don't know, okay?

我只是不知道，好嗎？

I'm basing myself on conversations that we're having with clients at every level.

我是根據我們與各個層級的客戶進行的對話得出的結論。

We know what their pipe is.

我們知道他們的管道是什麼。

We know what the programs that they have are.

我們知道他們有哪些計劃。

We know what they're prioritizing and they tell us what they are looking at.

我們知道他們優先考慮什麼，他們也告訴我們他們在關注什麼。

In fact, in many cases, we help them review these programs and reanalyze them.

事實上，在許多情況下，我們會幫助他們審查這些程序並重新分析它們。

So that's how we know.

這就是我們所知道的。

But it's all based on this analysis, and that's my best guess for now.

但這一切都基於這個分析，這是我目前最好的猜測。

I mean I would caution you always not to focus on a given quarter, okay?

我的意思是我會提醒你不要總是關注某個特定的季度，好嗎？

I mean I see someone reports that -- you heard me before.

我的意思是，我看到有人報道說──你之前就聽過我這麼說過。

I'm on another tangent here, but why about this obsessive focus on what's the -- what are the bookings in the quarter?

我這裡又離題了，但是為什麼要如此關注本季的預訂量呢？

What's the book-to-bill, that infamous number?

那個臭名昭著的數字，訂單出貨比是多少？

What is it?

它是什麼？

And then you derive implications for an entire industry from what one company reports.

然後，你就可以從一家公司的報告中得出對整個產業的影響。

You just can't do that.

你不能這麼做。

It's a long-cycle business.

這是一項長週期業務。

One quarter is a window.

四分之一是一扇窗戶。

There's been some volatility.

出現了一些波動。

There might be some volatility.

可能會有一些波動。

I just don't know.

我就是不知道。

Also, frankly, you have very little visibility on the sector.

而且坦白說，您對該行業的了解很少。

I said before, there are 4,000 CROs out there.

我之前說過，目前有 4,000 個 CRO。

You have no idea what their numbers are.

你不知道他們的人數是多少。

Actually, our next best largest competitor is part of a larger company, and they report nothing about this competitor of ours, nothing, no revenues, no margins, no bookings. no backlog, certainly no book-to-bill.

實際上，我們第二大競爭對手是一家更大公司的一部分，但他們沒有報告任何有關我們競爭對手的消息，沒有收入，沒有利潤，沒有預訂。沒有積壓訂單，當然也沒有訂單出貨比。

So we have no idea.

所以我們不知道。

You have no idea, we have no idea.

你不知道，我們也不知道。

There are only four publicly traded CROs.

上市的 CRO 僅有四家。

Each and every one of them is extremely different from the others.

他們每個人都與其他人有著極大的不同。

You cannot derive what we report from what we report, what's going to happen to them.

你無法根據我們所報道的內容推斷出他們將會面臨什麼情況。

You cannot derive what they report, what's going to happen to us.

你無法推斷他們所報道的內容以及我們將會面臨什麼情況。

I saw that before earlier in a few past quarters just because one of our competitors say something, all of a sudden, our stock goes up or down.

在過去幾季早些時候我就看到過這種情況，只是因為我們的一個競爭對手說了什麼，我們的股票突然上漲或下跌。

It's ridiculous, everyone is extremely different.

太可笑了，每個人都極為不同。

You just cannot extrapolate.

你根本無法推斷。

Plus, frankly, it's causing issues with our customers.

此外，坦白說，這給我們的客戶帶來了問題。

Someone was asking before about customers and pricing.

之前有人詢問過有關客戶和定價的問題。

That obsessive quarterly focus on this book-to-bill ratio causes our clients know that, a large pharma.

我們每季都過度專注於訂單出貨比，這使得我們的客戶知道，這是一家大型製藥公司。

They look that.

他們看起來那樣。

So at the end of the quarter, they haggle another $10 million here, another $12 million there.

因此在本季末，他們又在這裡討價還價 1000 萬美元，在那裡討價還價 1200 萬美元。

That affects pricing.

這會影響定價。

It affects our bottom line long term and it's detrimental to investors.

這會影響我們的長期底線，並損害投資者的利益。

So there is a somewhat obsessive focus on the quarterly numbers in a long-cycle business that are not that great.

因此，人們有點過於關注長週期業務中不那麼好的季度數據。

Plus again, I remind you, we are a large company.

另外，我再次提醒你，我們是一家大公司。

We're not just a CRO.

我們不僅僅是一個 CRO。

The CRO business is just over half of our business.

CRO業務占我們業務的一半多一點。

And to infer any thesis about what's going on in the industry from a quarter or two of cancellations or book-to-bills or what have you is intellectually flawed sorry if I can share on.

並且，透過一兩個季度的取消訂單量或訂單出貨比或其他數據來推斷行業狀況的任何論點在智力上都是有缺陷的，很抱歉我可以分享更多。

I get my people here agitated.

我讓這裡的人民感到焦躁不安。

But okay, I'll end with that.

好吧，我就到此結束了。

I'm sorry.

對不起。

Do we have another question or we've done here?

我們還有其他問題嗎？

We've done.

我們已經完成了。

Okay.

好的。

All right.

好的。

So we have another question or we're done here?

那我們還有其他問題還是我們已經討論完了？

We're done.

我們完成了。

Okay.

好的。

Thank you, guys.

謝謝你們。

Thanks for taking the time to join us today and look forward to speaking with you again on our first quarter of 2025 earnings call.

感謝您今天抽出時間加入我們，並期待在 2025 年第一季財報電話會議上再次與您交談。

The team will be available the rest of the day to take any follow-up questions you might have.

團隊將在當天剩餘時間內隨時解答您可能遇到的任何後續問題。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。