Labcorp Holdings Inc (LH) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Labcorp's fourth quarter 2024 conference call. (Operator Instructions). Please be advised that today's conference being recorded. I would now like to hand the conference over to your speaker today, Christian O'Donnell. Please go ahead.

您好，感謝您的支持。歡迎參加 Labcorp 2024 年第四季電話會議。（操作員指令）。請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人克里斯蒂安·奧唐納 (Christian O’Donnell)。請繼續。

Thank you, operator. Good morning, and welcome to Labcorp's fourth quarter 2024 conference call. As detailed in today's press release, there will be a replay of this conference call available. With me today are Adam Schechter, Chairman and Chief Executive Officer; and Julia Wang, Executive Vice President and Chief Financial Officer.

謝謝您，接線生。早上好，歡迎參加 Labcorp 2024 年第四季電話會議。正如今天的新聞稿中所詳述的，本次電話會議將會提供重播。今天與我在一起的還有董事長兼執行長亞當謝克特 (Adam Schechter)；以及執行副總裁兼財務長 Julia Wang。

This morning, in the Investor Relations section of our website at www.labcorp.com we posted both our press release and an Investor Relations presentation with additional information on our business and operations, which include a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures both of which are discussed during today's call. Please see the use of adjusted measures section in our press release and Investor Relations presentation for more information regarding our use of non-GAAP financial measures.

今天早上，我們在我們網站 www.labcorp.com 的投資者關係部分發布了新聞稿和投資者關係演示文稿，其中包含有關我們的業務和運營的更多信息，其中包括非 GAAP 財務指標與最具可比性的 GAAP 財務指標的對賬，這兩項都在今天的電話會議上進行了討論。有關我們使用非 GAAP 財務指標的更多信息，請參閱我們的新聞稿和投資者關係介紹中的調整指標使用部分。

Additionally, we are making forward-looking statements. These forward-looking statements include, but are not limited to, statements with respect to the estimated 2025 guidance and the related assumptions, the spin-off of Forteo Holdings, Inc, the projected impact of various factors on the company's businesses, operating and financial results, cash flows and/or financial conditions, including global economic and market conditions, future business strategies expected savings, benefits and synergies from the LaunchPad initiative and from acquisitions and from other strategic transactions and partnerships, the completed holding company reorganization and opportunities for future growth.

此外，我們也做出前瞻性陳述。這些前瞻性陳述包括但不限於有關 2025 年預計指引和相關假設、Forteo Holdings, Inc 的分拆、各種因素對公司業務、經營和財務結果、現金流量和/或財務狀況的預計影響，包括全球經濟和市場狀況、未來業務戰略預期節省、來自 LaunchPad 計劃以及收購和其他戰略交易和合作夥伴關係的收益和協同公司效應以及未來已完成的收益。

Each of the forward-looking statements is subject to change based upon various factors, many of which are beyond our control. More information is included in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and in the company's other filings with the SEC. We have no obligation to provide any updates to these forward-looking statements even if our expectations change.

每個前瞻性陳述都可能因各種因素而發生變化，其中許多因素是我們無法控制的。更多資訊包含在我們最近的 10-K 表年度報告和後續 10-Q 表季度報告以及公司向美國證券交易委員會提交的其他文件中。即使我們的預期發生變化，我們也沒有義務對這些前瞻性陳述提供任何更新。

Now I'll turn the call over to Adam Schechter.

現在我將電話轉給亞當謝克特。

Thank you, Christin. Good morning, everyone. We appreciate you joining us as we review our 2024 performance and share our outlook for 2025. Today, I'm also joined by Julia Wang. Julia joined us as Executive Vice President and CFO this past December. As you know, Julia has succeeded Glenn Eisenberg, following his retirement announcement. Julia and I have hit the ground running, and Julia's experience in both diagnostics and pharmaceuticals, combined with their strong financial expertise have already been very valuable to Labcorp.

謝謝你，克里斯汀。大家早安。感謝您加入我們，回顧我們 2024 年的表現並分享我們對 2025 年的展望。今天，和我一起參加的還有 Julia Wang。去年 12 月，茱莉亞加入我們，擔任執行副總裁兼財務長。如你所知，格倫艾森伯格宣布退休後，茱莉亞已接任他的職位。茱莉亞和我立即開始行動，茱莉亞在診斷和製藥方面的經驗，加上她們強大的財務專業知識，對 Labcorp 來說已經非常有價值。

In 2024, our market-leading diagnostics and biopharma laboratory services businesses made meaningful advances in our strategy through organic growth, transformative acquisitions and through continued commitment to science, innovation and technology. Looking back in 2024, we executed well on our strategic priorities.

2024 年，我們市場領先的診斷和生物製藥實驗室服務業務透過有機成長、變革性收購以及對科學、創新和技術的持續承諾，在我們的策略中取得了有意義的進展。回顧 2024 年，我們出色地執行了策略重點。

We furthered our role as a trusted partner to hospitals and health systems into regional local laboratories by closing or signing 10 transactions. We advanced our position in key high-growth markets, including oncology, women's health, neurology, and autoimmune disease. And we introduced new important diagnostic tests to meet significant unmet medical needs.

我們透過完成或簽署 10 筆交易，進一步鞏固了我們作為醫院和衛生系統值得信賴的合作夥伴在區域本地實驗室的地位。我們在腫瘤學、婦女健康、神經病學和自體免疫疾病等主要高成長市場的地位有所提升。我們引入了新的重要的診斷測試來滿足尚未滿足的重大醫療需求。

We expanded our leadership in genetic testing solutions through our acquisition of select assets of Invitae. Our clients now have access to Invitae's cutting edge science and genetic testing solutions to guide personalized treatment recommendations for oncology and rare disease patients. We advanced the development of plasma detect, an assay that uses whole genome sequencing and a proprietary machine learning analysis to detect MRD. Plasma detect is in 12 global trials across several tumor types.

我們透過收購 Invitae 的部分資產擴大了我們在基因檢測解決方案領域的領導地位。我們的客戶現在可以獲得 Invitae 的尖端科學和基因檢測解決方案，為腫瘤和罕見疾病患者提供個人化的治療建議。我們推進了血漿檢測的開發，這是一種使用全基因組定序和專有機器學習分析來檢測 MRD 的檢測方法。血漿檢測目前在全球進行 12 項針對多種腫瘤類型的試驗。

We expect to move into clinical use in 2025 in the US with an early experience program for academic medical centers, beginning with colorectal cancer. We launched Labcorp Global Trial Connect; a suite of central laboratory solutions aimed at increasing the speed of clinical trials at investigator sites.

我們預計在 2025 年在美國進入臨床應用階段，並針對學術醫療中心開展早期體驗計劃，首先從結直腸癌開始。我們推出了 Labcorp Global Trial Connect；一套旨在提高研究者研究中心臨床試驗速度的中央實驗室解決方案。

Turning now to our fourth quarter financial results. We performed very well across diagnostic laboratories and biopharma laboratory services, driven by strong underlying demand and advancements in science and technology solutions to better serve the needs of our customers.

現在來談談我們的第四季財務表現。為了更好地滿足客戶的需求，我們在診斷實驗室和生物製藥實驗室服務方面表現非常出色，這得益於強勁的潛在需求以及科學技術解決方案的進步。

Revenue in the quarter was $3.3 billion, an increase of 10% compared to the fourth quarter of 2023. Diagnostics and biopharma revenue each grew by approximately 10% in the quarter. Enterprise margins were down 40 basis points due to the expected impact of Invitae, which we referenced in our previous earnings call.

本季營收為 33 億美元，較 2023 年第四季成長 10%。本季診斷和生物製藥收入分別成長了約 10%。由於 Invitae 的預期影響，企業利潤率下降了 40 個基點，我們在先前的收益電話會議上提到這一點。

Adjusted EPS of $3.45 was up 5% year-over-year. Free cash flow from continuing operations was $665 million. As we look ahead to 2025, we expect enterprise revenue growth of 6.7% to 8% and improving margins across both Diagnostics and biopharma. We also expect an adjusted EPS range of $15.60 to $16.40 which represents an implied midpoint growth rate of 10%. Additionally, we expect free cash flow to grow in line with our earnings. In just a moment, Julia will provide more details on our results and our 2025 guidance.

調整後每股收益為 3.45 美元，年增 5%。持續經營產生的自由現金流為 6.65 億美元。展望 2025 年，我們預計企業收入將成長 6.7% 至 8%，且診斷和生物製藥的利潤率都將提高。我們也預期調整後的每股盈餘範圍為 15.60 美元至 16.40 美元，代表隱含的中點成長率為 10%。此外，我們預期自由現金流將隨著我們的收益同步成長。稍後，朱莉婭將提供有關我們的業績和 2025 年指引的更多詳細資訊。

Turning to highlights of our enterprise strategy in the quarter. First, we advanced our leadership position as a partner of choice for hospitals and health systems and regional local laboratories. In November, we completed the acquisition of the select assets and molecular testing location of lab works, enabling broader access to comprehensive testing and laboratory services in Alabama.

談談本季我們企業策略的亮點。首先，我們提升了作為醫院、衛生系統和區域本地實驗室的首選合作夥伴的領導地位。11 月，我們完成了對實驗室精選資產和分子檢測地點的收購，從而能夠在阿拉巴馬州更廣泛地獲得綜合檢測和實驗室服務。

In December, we completed the acquisition of Select Outreach Laboratory services for valid health in the Appalachian region. In January, subsequent to quarter end, we announced a strategic collaboration with New Jersey-based Inspira Health to manage the operations of the health systems hospital laboratories and to serve as the primary lab for spares physician network.

12 月，我們完成了對 Select Outreach Laboratory 服務的收購，為阿巴拉契亞地區提供有效的健康服務。今年 1 月，即季度結束後，我們宣布與位於新澤西的 Inspira Health 建立策略合作，以管理醫療系統醫院實驗室的運營，並作為備用醫生網路的主要實驗室。

As we look ahead to 2025, our pipeline remains strong, and we look forward to supporting more health systems and to expanding access to Labcorp's world-class diagnostic solutions. We also made several advancements in science, innovation, and technology in the quarter. As part of our focus on autoimmune disease, we launched a multiple sclerosis monitoring profile used to monitor neurofilament light chain serum and GFAP values in multiple sclerosis patients.

展望 2025 年，我們的產品線依然強勁，我們期待支援更多的醫療系統並擴大 Labcorp 世界一流診斷解決方案的覆蓋範圍。本季度，我們在科學、創新和技術方面也取得了多項進步。作為我們關注自體免疫疾病的一部分，我們推出了多發性硬化症監測概況，用於監測多發性硬化症患者的神經絲輕鏈血清和 GFAP 值。

Working with the CDC, we announced the commercial availability of an H5 birth flu molecular test. And we announced the availability of the first companion diagnostic assay to identify gastric cancer patients eligible for targeted treatment for people with advanced cancer of the stomach. In addition, we continue to help consumers manage their health and well-being through Labcorp on demand. We launched several consumer-initiated tests in the quarter, including homocysteine for heart health, vitamin A, vitamin C and vitamin E.

我們與疾病預防控制中心合作，宣布推出 H5 出生流感分子檢測。我們也宣布推出首個伴隨診斷檢測方法，用於確定是否有資格接受針對性治療的晚期胃癌患者。此外，我們也將繼續透過Labcorp按需協助消費者管理他們的健康和福祉。我們在本季推出了幾項由消費者發起的測試，包括用於心臟健康的同型半胱氨酸、維生素 A、維生素 C 和維生素 E。

We announced several enhancements to Global Trial Connect, including sample tracking with earlier visibility into samples chain of custody and electronic requisition, a fully digital solution that improves workflows, efficiency, and document management. We also experienced continued adoption of Labcorp Diagnostics assistant by health system clients and their physicians. Labcorp Diagnostic Assistant brings together lab result data, clinical guidelines and EHR data to inform clinical decisions at the point of care.

我們宣布了 Global Trial Connect 的幾項增強功能，包括樣本跟踪，可以更早地了解樣本保管鍊和電子申請，這是一種可改善工作流程、效率和文件管理的全數位化解決方案。我們也發現醫療系統客戶及其醫生持續採用 Labcorp Diagnostics 助理。Labcorp 診斷助理匯集實驗室結果數據、臨床指南和 EHR 數據，為護理點的臨床決策提供資訊。

New capabilities like Smart trends combine information from the client's EHR with all of the patient's lab results available through Labcorp regardless of ordering provider, and it brings it into a single integrated view. Labcorp Diagnostic Assistant and Global Trial Connect, are just two examples of how we're harnessing our innovative testing capabilities, our vast data assets and technology to support clinical trials and patient care.

智慧趨勢等新功能將來自客戶 EHR 的資訊與透過 Labcorp 獲得的所有患者實驗室結果（無論訂購提供者是誰）相結合，並將其納入單一的整合視圖。Labcorp Diagnostic Assistant 和 Global Trial Connect 只是我們如何利用創新測試能力、龐大的數據資產和技術來支援臨床試驗和病患照護的兩個例子。

In closing, 2024 was a strong year for Labcorp as we continue to execute against our enterprise strategy, and we are well positioned for continued growth in 2025. I want to thank our 70,000 employees for their hard work and dedication as we pursue our mission to improve health and improve lives. In fact, we are just made to Fortune Magazine's World's most Admired Companies list for 2025, a testament to the efforts of our team and their dedication to our mission.

最後，2024 年對 Labcorp 來說是強勁的一年，因為我們將繼續執行我們的企業策略，並且我們已為 2025 年的持續成長做好了準備。我要感謝我們 70,000 名員工的辛勤工作和奉獻精神，我們一直致力於改善健康和生活。事實上，我們剛剛被《財星》雜誌列入 2025 年全球最受讚賞公司名單，這證明了我們團隊的努力及其對我們使命的奉獻精神。

Finally, I want to personally thank Glenn for his contributions to the company during his 10-year successful run as CFO. Glenn and I have worked side-by-side since I joined as CEO, and I truly enjoyed having him serve as a key member of our Executive Committee.

最後，我要親自感謝 Glenn 在擔任財務長的 10 年成功任期內為公司所做的貢獻。自從我擔任執行長以來，格倫和我一直並肩工作，我非常高興他能擔任我們執行委員會的重要成員。

Glenn is a remarkable CFO and a remarkable executive. He remains as a special adviser to me through the end of April to ensure a smooth, collaborative transition that positions Labcorp to further accelerate our strategy in 2025. Please join me in wishing Glenn and his family, all of the best in his retirement. With that, I'll turn the call over to Julia.

格倫是一位出色的財務長和出色的高階主管。他將繼續擔任我的特別顧問直至四月底，以確保順利、協作的過渡，使 Labcorp 能夠在 2025 年進一步加快我們的策略。請和我一起祝福格倫和他的家人退休後一切順利。說完這些，我將把電話轉給茱莉亞。

Thank you, Adam. Hello, everyone. I want to start by sharing that I'm really excited to be with you all today. My experience across broader health care, including diagnostics and drug development has been very helpful as I jump started in my new role. I have been truly inspired by the strength of our business fundamentals, our passionate employees and the tremendous impact that Labcorp has on the patients that we serve each and every day.

謝謝你，亞當。大家好。首先我想說的是，我很高興今天能和大家在一起。我在更廣泛的醫療保健領域的經驗，包括診斷和藥物開發，對我開始新的工作非常有幫助。我們的業務基礎、熱情的員工以及 Labcorp 對我們每天服務的患者產生的巨大影響深深鼓舞了我。

Now I'm going to focus my comments on our financials, starting with a review of our fourth quarter results, followed by a discussion of our performance in each segment and conclude with an update on our full year guidance. For reference, we have also included additional business information that can be found in our supplemental deck on our Investor Relations website.

現在，我將專注於評論我們的財務狀況，首先回顧我們的第四季度業績，然後討論我們在每個部門的表現，最後更新我們的全年指引。作為參考，我們還提供了可在我們投資者關係網站的補充資料中找到的其他業務資訊。

Revenue for the quarter was $3.3 billion, an increase of 9.8% compared to last year, driven by organic growth of 5.4%, the impact from net appreciation of 4% and foreign currency translation of 0.3%. Operating income for the quarter was $217 million, or 6.5% of revenue, which is 12.7% on adjusted basis. During the quarter, we had $120 million of restructuring charges and special items, primarily related to acquisitions and large (technical difficulty) initiatives.

本季營收為 33 億美元，較去年同期成長 9.8%，主要得益於 5.4% 的有機成長、4% 的淨升值影響以及 0.3% 的外幣折算影響。本季營業收入為 2.17 億美元，佔營收的 6.5%，調整後為 12.7%。本季度，我們的重組費用和特殊項目為 1.2 億美元，主要與收購和大型（技術難度）計劃有關。

In addition, we have $16 million of expense for the transition service agreements related to the spin of Fortrea, with the corresponding income recorded in other income. Excluding fixed items and amortization of $17 million. Adjusted operating income in the quarter was $423 million or 12.7% of revenue compared to $395 million or 13% of revenue last year.

此外，我們也為 Fortrea 分拆相關的過渡服務協議支出了 1,600 萬美元，相應的收入記錄在其他收入中。不包括固定項目和攤銷 1700 萬美元。本季調整後的營業收入為 4.23 億美元，佔營收的 12.7%，去年同期為 3.95 億美元，佔營收的 13%。

The increase in adjusted operating income was primarily due to organic demand and LaunchPad savings, partially offset by higher personnel costs. The 40-basis point decline in adjusted operating margin was due to Invitae. Our LaunchPad initiative delivered savings for the full year, in line with our long-term target of $100 million to $125 million per year.

調整後營業收入的成長主要歸因於有機需求和 LaunchPad 節省，但被更高的人員成本部分抵消。調整後營業利潤率下降 40 個基點是由於 Invitae 的影響。我們的 LaunchPad 計畫實現了全年節約，符合我們每年 1 億至 1.25 億美元的長期目標。

The adjusted tax rate for the quarter was 22.4% compared to 19.5% last year. The higher adjusted tax rate was primarily due to the geographic mix of earnings. We expect our adjusted tax rate for 2025 to be approximately 23%. Net earnings from continuing operations for the quarter were $144 million or $1.70 per diluted share. Adjusted EPS was $3.45 in the quarter, up 5% from last year.

本季調整後的稅率為 22.4%，去年同期為 19.5%。調整後的稅率提高主要是由於收益的地域組合所致。我們預計 2025 年的調整後稅率約為 23%。本季持續經營淨利為 1.44 億美元，即每股攤薄收益 1.70 美元。本季調整後每股收益為 3.45 美元，較去年同期成長 5%。

Operating cash flow from continuing operations was $777 million in the quarter compared to $580 million a year ago. The increase in cash flow was primarily due to higher cash earnings. Capital expenditures totaled $112 million in the quarter. For the full year, capital expenditures were 3.8% of revenue in line with prior year, and we expect this to be consistent in 2025.

本季來自持續經營業務的經營現金流為 7.77 億美元，去年同期為 5.8 億美元。現金流的增加主要由於現金收益增加。本季資本支出總計 1.12 億美元。全年資本支出佔收入的 3.8%，與前一年持平，我們預計 2025 年這一比例將保持不變。

Free cash flow from continuing operations for the quarter was $665 million. During the quarter, the company invested $88 million in acquisitions, paid out $16 million in dividends, and repurchased $75 million of stock. For the full year, free cash flow from continuing operations was $1.1 billion. The company invested $839 million in acquisitions, paid out $243 million in dividends, and repurchased $250 million of stock.

本季來自持續經營的自由現金流為 6.65 億美元。本季度，該公司投資了 8,800 萬美元用於收購，支付了 1,600 萬美元的股息，並回購了價值 7,500 萬美元的股票。全年持續經營產生的自由現金流為 11 億美元。該公司投資了 8.39 億美元用於收購，支付了 2.43 億美元的股息，並回購了價值 2.5 億美元的股票。

We continue to have a robust pipeline of potential application opportunities that meet our financial criteria and will supplement our organic growth. In addition, we continue to believe that our share repurchase program is an important part of our capital allocation strategy. The company currently has approximately $1.3 billion of share repurchase authorization.

我們繼續擁有大量符合我們財務標準且將補充我們的有機成長的潛在應用機會。此外，我們仍然相信我們的股票回購計畫是我們資本配置策略的重要組成部分。該公司目前擁有約13億美元的股票回購授權。

At year-end 2024, we had $1.5 million in cash while total debt was $6.3 billion. This higher balances are due to the prefunding of maturing debt. The company paid down $1 billion of debt that matures on February 1, 2025. Our debt leverage as of year-end is 2.2 times net debt to trailing 12 months adjusted EBITDA.

截至 2024 年底，我們擁有 150 萬美元現金，而總債務為 63 億美元。較高的餘額是由於到期債務的預先籌資。該公司償還了 2025 年 2 月 1 日到期的 10 億美元債務。截至年底，我們的債務槓桿比率為淨債務與過去 12 個月調整後 EBITDA 的 2.2 倍。

Now I will review our segment performance, beginning with diagnostics laboratories. Revenue for the quarter was $2.6 billion, an increase of 10.2% compared to last year, with organic growth of 5.1% and net acquisitions of 5.2%. The base business was up 11.4% compared to the base business last year, driven primarily by organic growth of 6.2%.

現在我將回顧我們各部門的表現，從診斷實驗室開始。本季營收為 26 億美元，較去年同期成長 10.2%，其中有機成長 5.1%，淨收購成長 5.2%。基礎業務與去年的基礎業務相比成長了 11.4%，主要得益於 6.2% 的有機成長。

Total volume increased 6.8% compared to last year. Base business volume grew 7.5% compared to the base business last year as organic volume increased 4.7%, while acquisitions contributed 2.9%. Price mix increased 3.4% versus last year due to organic base business growth and acquisitions, partially offset by lower COVID testing. Base business organic price mix was up 1.5% compared to the base business last year due to mix, as we benefited from an increase in tax proposition and lab management agreements.

總量比去年同期增加了6.8%。與去年的基礎業務相比，基礎業務量成長了 7.5%，其中有機業務量成長了 4.7%，而收購貢獻了 2.9%。由於基礎業務的有機成長和收購，價格組合較去年同期上漲了 3.4%，但被 COVID 檢測數量的下降部分抵消。由於稅收提議和實驗室管理協議的增加，基礎業務有機價格組合與去年的基礎業務相比上漲了 1.5%。

Diagnostics adjusted operating income for the quarter was $360 million or 13.9% of revenue. compared to $354 million or 15.1% of revenue last year. Adjusted operating margin was down 120 basis points due to Invitae and the unfavorable impact of days and weather. Excluding these items, adjusted operating margin would have been up approximately 50 basis points. As the benefit of organic demand and LaunchPad savings was partially offset by higher personnel.

本季診斷調整後的營業收入為 3.6 億美元，佔營收的 13.9%。而去年的營收為 3.54 億美元，佔 15.1%。由於 Invitae 以及天氣等不利因素的影響，調整後的營業利潤率下降了 120 個基點。除這些項目外，調整後的營業利潤率將上升約 50 個基點。由於有機需求和 LaunchPad 節省帶來的好處被人員增加部分抵消。

As we look to 2025, we anticipate Invitae will perform in line with our expectations. That is, we expect Invitae revenue growth to be approximately 10% annually and to be slightly accretive for full year 2025. Now I will review the segment performance of Biopharma laboratory services.

展望 2025 年，我們預期 Invitae 的表現將符合我們的預期。也就是說，我們預計 Invitae 的營收年增率約為 10%，到 2025 年全年將略有成長。現在我將回顧一下生物製藥實驗室服務的分部表現。

Revenue for the quarter was $767 million, an increase of 10.4% compared to last year due to an increase in organic revenue of 8.9% and foreign currency translation of 1.5%. Central Lab continued its strong performance with revenue growth of 10%. Early development also demonstrated strong year-over-year revenue growth in the quarter, up 12%, (technical difficulty) the prior year with a soft comparison.

本季營收為 7.67 億美元，較去年同期成長 10.4%，原因是有機收入成長 8.9%，外幣折算成長 1.5%。中央實驗室持續保持強勁表現，收入成長了 10%。早期開發本季也表現出強勁的年收入成長，與去年相比成長了 12%（技術難度）。

Biopharma adjusted operating income for the quarter was $131 million or 17% of revenue compared to $109 million or 15.7% of revenue last year. Adjusted operating income and margins increased due to organic demand and large [base] savings, partially offset by higher personnel costs. We ended the quarter with a backlog of $8 billion. We expect approximately $2.5 billion of this backlog to convert into revenue over the next 12 months. Book-to-bill for the quarter was 1.17%, with a trailing 12-month book-to-bill of 1.00.

本季生物製藥調整後營業收入為 1.31 億美元，佔營收的 17%，去年同期為 1.09 億美元，佔營收的 15.7%。調整後的營業收入和利潤率由於有機需求和大量[基礎]儲蓄而增加，但部分被更高的人員成本所抵消。截至本季末，我們的訂單積壓金額為 80 億美元。我們預計其中約 25 億美元將在未來 12 個月內轉化為收入。本季的訂單出貨比為 1.17%，過去 12 個月的訂單出貨比為 1.00。

Now I will discuss our 2025 full year guidance, which assumes foreign exchange rates effective as of December 31, 2024, for the full year. The enterprise guidance also includes the impact from currently anticipated capital allocation, utilizing free cash flow for acquisitions, share repurchases and dividends. We expect Enterprise revenue to grow 6.7% to 8% compared to 2024.

現在，我將討論我們 2025 年全年指引，該指引假設全年外匯匯率截至 2024 年 12 月 31 日有效。企業指引也包括目前預期的資本配置的影響，利用自由現金流進行收購、股票回購和股利。我們預計企業收入將比 2024 年成長 6.7% 至 8%。

This includes a headwind from foreign currency translation of approximately 50 basis points. We expect Diagnostics revenue to be up 6.5% to 7.7% compared to 2024. This guidance assumes roughly half of the revenue growth, comes from organic growth and half comes from the annualization of acquisitions completed in 2024.

其中包括約 50 個基點的外幣折算阻力。我們預計診斷收入將比 2024 年成長 6.5% 至 7.7%。該指引假設大約一半的收入成長來自有機成長，另一半則來自 2024 年完成的收購的年化。

We expect biopharma revenue to grow 3% to 5% compared to 2024. This guidance includes a headwind from foreign currency translation of 140 basis points. We expect both central labs and early development to grow at a mid-single-digit constant currency growth rate for the year. We expect enterprise margins to be up, with margins improving in both Diagnostics and biopharma in 2025 versus 2024, driven by top line growth and LaunchPad savings.

我們預計生物製藥收入將比 2024 年成長 3% 至 5%。本指引包括 140 個基點的外幣折算阻力。我們預計今年中央實驗室和早期開發業務都將以中等個位數的固定匯率成長率成長。我們預計企業利潤率將會上升，在營收成長和 LaunchPad 成本節省的推動下，2025 年診斷和生物製藥的利潤率將較 2024 年有所提高。

Our guidance range for adjusted EPS is $15.60 to $16.40 with an implied growth rate at the midpoint of 10%. Our free cash flow guidance range is $1.1 billion to $1.25 billion. And due to normal seasonality, we expect it to be weighted towards second half of the year.

我們對調整後每股盈餘的預期範圍為 15.60 美元至 16.40 美元，隱含成長率中間值為 10%。我們的自由現金流指引範圍是 11 億美元至 12.5 億美元。由於正常的季節性，我們預計其壓力將集中在下半年。

In summary, we are encouraged by the underlying strength of our business. As we move into 2021, we expect to drive continued profitable growth and strong free cash flow generation that will be used for acquisitions that support our strategy and supplement our organic growth, while also returning cash flow to shareholders through our share repurchase program and dividends.

總而言之，我們業務的潛在實力令我們感到鼓舞。隨著進入 2021 年，我們預計將推動持續的獲利成長和強勁的自由現金流產生，這些將用於支持我們策略和補充我們有機成長的收購，同時透過我們的股票回購計劃和股息向股東返還現金流。

Lastly, I want to thank Glenn as he has been a tremendous resource during this transition. I have been really impressed by the passion and the quality of our team, and I look forward to advancing the market-leading position of the company in an extremely impactful industry. Operator, we will now take questions.

最後，我要感謝 Glenn，因為他在我過渡期間提供了巨大的幫助。我們團隊的熱情和素質給我留下了深刻的印象，我期待著在這個極具影響力的行業中提升公司的市場領先地位。接線員，我們現在開始回答問題。

Thank you ladies and gentlemen. (Operator Instructions)

謝謝各位女士、先生。（操作員指令）

Michael Cherny, Leerink Partners

Leerink Partners 的 Michael Cherny

And Julia, welcome to the call. Maybe if I can just ask a simple one straightforward. You talked about margins stepping up over the -- year-over-year. Obviously, we still have Invitae ramping over the course of the year. Can you give us a sense of what underlying margins are in terms of embedded into guidance? And how are you thinking about the push and pull on what would lead you to either the upside or the downside of the guidance range, the EPS guidance range?

茱莉亞，歡迎您來電。也許我可以直接問一個簡單的問題。您談到了利潤率同比上升的情況。顯然，我們今年仍將大力推廣 Invitae。您能否向我們介紹一下指導中所包含的潛在利潤率是多少？您如何看待導致指導範圍（EPS 指導範圍）上行或下行的推拉因素？

Sure, Michael, I'll start. And I'll start by focusing on Diagnostics, right? If you look at the Diagnostics business, it was very strong. The revenue grew 10.2% and it was really driven by strong organic growth of 5% and acquisitions of 5%. If you look at the margins, the margins were about 39% of revenue when you look at AOI as a percent of revenue. That's compared to 15.1% last year.

當然，邁克爾，我先開始。我將首先關注診斷，對嗎？如果你看一下診斷業務，你會發現它非常強勁。營收成長了 10.2%，這主要得益於 5% 的強勁有機成長和 5% 的收購。如果你看利潤率，當你將 AOI 視為收入的百分比時，利潤率約為收入的 39%。相比之下，去年的比例為 15.1%。

The margin was down due to three things. It was down to Invitae, weather, and dates. The impact of Invitae was more than double each of the other two, as we look at this year, the reason we feel confident about margin expansion in both businesses, not just diagnostics, but also in biopharma is because -- number one, we expect Invitae to be slightly accretive. It’ll be dilutive to margins in the first half of the year, but then when we overlap the acquisition, it’ll be slightly accretive for the full year, meaning it’ll be accretive in the second half.

利潤率下降是由於三件事。這取決於邀請、天氣和日期。Invitae 的影響力是另外兩家公司的兩倍多，展望今年，我們之所以對這兩項業務（不僅僅是診斷業務，還包括生物製藥業務）的利潤率擴張充滿信心，是因為——第一，我們預計 Invitae 的利潤率將略有增長。這會稀釋上半年的利潤率，但當我們重疊收購時，全年的利潤率會略有增加，這意味著下半年的利潤率會增加。

The second thing is we've built in $0.10 due to weather in the first quarter, and that's built into the guidance that we provided. But if there's no additional other weather things that could help us potentially with margin. And then the last thing is the number of days. So, we have some real tailwinds that will help us with the margins as we come into 2025, making us feel confident.

第二件事是，我們在第一季因天氣原因計入了 0.10 美元，這已包含在我們提供的指導中。但如果沒有其他天氣因素可以幫助我們獲得利潤。最後一件事是天數。因此，我們面臨著一些真正的順風，這些順風將在我們進入 2025 年時幫助我們提高利潤，讓我們充滿信心。

Got it. And then just one other question, I guess, on the implication of guidance, ending the year on a strong mix of both organic volumes and price mix on the Diagnostics side. What do you see as the environment going forward? Is there anything kind of -- I'll call it one-time in nature, but elevated versus what you would have expected on a run rate and how that factors into how you think about the 25% growth in Diagnostics?

知道了。然後我想還有一個問題，關於指導意義，年底診斷方面的有機銷售和價格組合將強勁增長。您認為未來的環境會如何？是否存在某種情況——我稱之為一次性情況，但與您預期的運行率相比有所上升，以及這對您對診斷 25% 成長率的看法有何影響？

Yes. So, if you look at the 2025 growth that we put for Diagnostics, the range is 6.5% to 7.7%, so it's a midpoint of 7.1% growth. Now if you look at 2024 in the fourth quarter, the 10% growth, volume was up 6.8% and price mix was up 3.4%. And of our volume growth, organic was up 4% and acquisitions were about 2.8%. At the end of the day, the volume continues to be higher than what we've seen historically.

是的。因此，如果您查看我們為診斷設定的 2025 年成長率，範圍是 6.5% 到 7.7%，因此成長率的中點是 7.1%。現在，如果您看看 2024 年第四季度，成長率為 10%，銷量成長了 6.8%，價格組合上漲了 3.4%。在我們的銷售成長中，有機成長了 4%，收購成長了約 2.8%。最終，交易量仍然高於我們歷史上的水平。

Historically, you see volume growing at 1% to 2%, you would add a little bit on to that because I do think we're gaining some market share. So over time, I would expect that the volume would come back to more in line with what we've seen historically.

從歷史上看，你會看到銷量以 1% 到 2% 的速度成長，你會在這個基礎上再增加一點，因為我確實認為我們正在獲得一些市場份額。因此，隨著時間的推移，我預計交易量將恢復到與我們歷史水平更加一致的水平。

Mike, yes. The only thing I would add is when you look at the growth of our Diagnostics business in 2025, our guidance is assuming half of the growth, about 3.5% will be coming from our organic business, and the other half will be coming from acquisitions that we've already completed in 2024. So, it's a fairly balanced profile in terms of the sources of growth for 2025.

麥克，是的。我唯一想補充的是，當你看我們 2025 年診斷業務的成長時，我們的指導假設一半的成長，約 3.5% 將來自我們的有機業務，另一半將來自我們已經在 2024 年完成的收購。因此，從 2025 年的成長源來看，這是一個相當均衡的狀況。

Jack Meehan, Nephron Research.

傑克‧米漢（Jack Meehan），腎元研究室。

Adam, just wanted to start, a big story of the last year has been M&A in the lab industry. Your cash flow here is pretty strong. Leverage is just over 2 times. Can you give us an update on how your pipeline deals look and just how active you expect to be even as you integrate everything you consummated last year?

亞當，首先我想說，去年的一個大新聞就是實驗室產業的併購。你們這裡的現金流相當強勁。槓桿略高於2倍。您能否向我們介紹您的通路交易的最新進展，以及在整合去年完成的所有交易後，您預期的活躍程度如何？

Yes, sure, Jack. What [ I first of saying,] if you look at this year, we had 10 acquisitions. And was very strong from acquisition here, particularly with the hospital, regional local laboratories, but we also had the acquisition of Invitae, which was kind of one of those opportunistic acquisitions that became available to us.

是的，當然，傑克。[我首先要說的是]，如果你看看今年，我們進行了 10 次收購。我們在收購方面表現非常強勁，特別是對醫院和地區本地實驗室的收購，但我們也收購了 Invitae，這是我們能夠獲得的機會性收購。

As I look at the pipeline, it's strong. And it's impossible to know the exact number because sometimes they take 3 months, sometimes they take 2 years. But overall, as I look at the potential before us, I feel very good about the acquisition pipeline. But more broadly speaking, the way I think about our capital allocation is we, first and foremost, are committed to the dividend.

當我看到管道時，它很堅固。而且我們不可能知道確切的數字，因為有時需要 3 個月，有時需要 2 年。但總體而言，當我看到我們面前的潛力時，我對收購管道感到非常滿意。但從更廣泛的角度來看，我對我們的資本配置的看法是，我們首先致力於股息。

We then look for as many of these hospital local, regional laboratory deals as we can do, assuming that they meet our financial criteria of being accretive in the first year, return our cost of capital in 2 to 3 years and that they're good partners that we can integrate the business well. And then we'll look into the specialty areas to see if there's anything strategic there?

然後，我們會盡可能地尋找這些醫院本地和區域實驗室交易，假設它們符合我們在第一年實現增值的財務標準，在兩到三年內收回我們的資本成本，並且它們是我們可以很好地整合業務的良好合作夥伴。然後我們會研究專業領域，看看那裡是否有任何戰略意義？

Or if there's any strategic in the biopharma area. Then we have the authority to do additional buybacks, and we have the wherewithal to add buybacks where we think appropriate. So, I think we have a very balanced mix. I think we have a good pipeline of deals.

或生物製藥領域是否有任何策略。然後，我們就有權力進行額外的回購，我們有足夠的資金在我們認為合適的地方增加回購。所以我認為我們的組合非常平衡。我認為我們擁有良好的交易管道。

And when you look at our longer-term guidance, we've actually increased the amount of revenue that we expect to come from deals. Historically, I would have said 1% to 2% of revenue, now it's 1.5% to 2.5%, and I feel good about that.

當您查看我們的長期指導時，我們實際上增加了預計從交易中獲得的收入金額。從歷史上看，我會說佔收入的 1% 到 2%，現在是 1.5% 到 2.5%，我對此感到滿意。

The only other comment I would add is our 2025 guidance does include the impact from currently anticipated capital allocation essentially utilizing our free cash flow generation for acquisitions, share repurchases and dividends. The other point is, as you already commented, we did end last year with a leverage ratio of about 2.2% in terms of 2.2 times in terms of our net debt to trailing 12-month EBITDA, which clearly demonstrates that we have additional balance sheet flexibility to pursue share repurchase all M&A opportunities should attractive opportunities to emerge throughout the year.

我要補充的另一條評論是，我們的 2025 年指引確實包括了目前預期的資本配置的影響，基本上是利用我們的自由現金流進行收購、股票回購和股息。另一點是，正如您已經評論過的，去年年底我們的槓桿率約為 2.2%，即我們的淨債務與過去 12 個月的 EBITDA 之比為 2.2 倍，這清楚地表明我們擁有額外的資產負債表靈活性來尋求股票回購和所有併購機會，這些機會應該會在全年出現有吸引力的機會。

Great. And then, Julia, one for you. Just it'd be great to hear your initial impressions since joining LabCorp. And on this topic of M&A and Invitae was a headliner last year, just how you feel like the integration is going with that?

偉大的。然後，茱莉亞，給你一個。我很高興能聽到您加入 LabCorp 以來的初步印象。關於併購這個主題，Invitae 是去年的頭條新聞，您覺得整合進度如何？

Yes. Of course, Jack, as Adam commented earlier, I joined Labcorp in December of last year, so this is month number three for me. Let me just say that I am so happy to be here. In terms of my early observations, first of all, I'm really excited about our growth profile. When you look at our long-term guidance, you're looking at the top line growth of mid- to high single digits.

是的。當然，傑克，正如亞當之前所說，我去年 12 月加入了 Labcorp，所以這對我來說是第三個月。我只想說我很高興來到這裡。就我早期的觀察而言，首先，我對我們的成長狀況感到非常興奮。當你查看我們的長期指導時，你會看到中高個位數的營收成長。

I have to say that this growth rate is meaningfully higher than what I would have thought the last time I worked in the industry prior to COVID. Then if you take that strong top line growth, coupled with margin expansion, along with the expectation to drive adjusted EPS growth and free cash flow generation in the range of high single digits to low double digits. To me, this is truly compelling. I believe that we have a tremendous platform and opportunity to potentially create outsized returns for our shareholders.

我不得不說，這個成長率明顯高於我在疫情之前在該行業工作時的預期。那麼，如果您採取強勁的營收成長，加上利潤率擴大，並預期推動調整後的每股盈餘成長和自由現金流產生在高個位數到低兩位數的範圍內。對我來說，這確實引人注目。我相信我們擁有龐大的平台和機會，可以為我們的股東創造超額的回報。

I also like our people and our culture. What we do is grounded in science, innovation and technology and our people actually passionate, dedicated, and focused. From a personal perspective, it is the delight coming back to this part of the country, which was essentially where I started when first coming to the US years ago to study at Duke University.

我也喜歡我們的人民和我們的文化。我們的工作以科學、創新和技術為基礎，我們的員工充滿熱情、全心投入、專心致志。從個人角度來說，我很高興回到這個國家，基本上就是我幾年前第一次來到美國在杜克大學學習的地方。

So in many ways, life has come full circle for me. So, I'm really excited to be here, working across both internal and externally to continue to advance our leadership position in an industry that is extremely impactful to the patients that we serve.

所以從很多方面來說，我的生活已經回到原點了。因此，我很高興來到這裡，透過內部和外部的工作，繼續提升我們在這個對我們服務的患者極其有影響力的行業中的領導地位。

And Jack, with regard to the Invitae integration, it's going very well. I actually had a chance to spend time with the team in California in January. And the science, the people, the technology, the patient experience that they have is really remarkable. I was excited about the deal when we first announced it. I'm actually even more excited about it as I sit here today.

傑克，就 Invitae 整合而言，進展非常順利。事實上，一月份我曾有機會與該團隊在加州共度一段時間。他們所擁有的科學、人才、技術和病患體驗確實非常了不起。當我們第一次宣布這筆交易時，我感到非常興奮。事實上，今天我坐在這裡，對此感到更加興奮。

We remain on track financially. We expect the revenue to grow by more than 10%, and we also expect it to be slightly accretive as we look at full year 2025, second half of the year being accretive first half still dilutive. So, as I look at that business, if I look at the integration, it's going as well as I would have expected.

我們的財務狀況依然良好。我們預計營收將成長 10% 以上，我們也預計，展望 2025 年全年，營收將略有成長，下半年將成長，而上半年仍將攤薄。因此，當我審視這項業務時，如果我看其整合情況，就會發現它的進展正如我預期的那樣順利。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾 (Lisa Gill)。

Just really wanted to follow up on your thoughts around the organic growth rate for diagnostics. Adam, when we were together in January, you talked about esoteric testing being 3 times the typical growth rate of what we see. And then you also talked, and you highlighted again today that you expect kind of normal utilization to go back to 1% to 2%.

只是真的想了解一下您對診斷性有機成長率的看法。亞當，當我們一月份在一起的時候，你談到深奧的測試是我們看到的典型成長率的三倍。然後您也談到，並且今天您再次強調，您預計正常利用率將回到 1% 到 2%。

So how do I think about the makeup of the 3.5% that Julia talked about as far as organic. How much of that is coming from esoteric? Is your underlying assumption that we go back to 1% to 2% historical utilization in that number? And then as we think about esoteric and your relationship with Managed Care, anything changing there as far as shifting more volume to you, et cetera, as we think about '25?

那麼，就有機而言，我如何看待茱莉亞提到的 3.5% 的組成呢？其中有多少是來自深奧的？您潛在的假設是，我們將回到 1% 到 2% 的歷史使用率嗎？然後，當我們思考深奧的知識以及您與管理式醫療的關係時，當我們想到'25 時，那裡是否會發生任何變化，例如將更多的業務量轉移給您等等？

Yes. Thank you for the question, Lisa. And -- when I talk about esoteric business, I then kind of subset it a little bit to look at oncology, women's health, neurology, and autoimmune disease. It's in those four areas that I see the growth at 3 times the historical rate of diagnostics. So, it's not the entire set of esoteric test. It's that kind of subset, which is still a big portion of esoteric testing, and we continue to see those growth rates faster than others.

是的。謝謝你的提問，麗莎。當我談論深奧的業務時，我會將其稍微細分一下，看看腫瘤學、婦女健康、神經病學和自體免疫疾病。我發現，這四個領域的診斷成長率是歷史水準的三倍。所以，它並不是整套深奧的測試。這種子集仍然是深奧測試的重要組成部分，而且我們繼續看到它的增長率比其他的更快。

And then when I think about the underlying market historically at 1% to 2%, a big part of it is still that they're so -- the market is so big. And if you look at the CAGR, it's -- from 2019, the volume has been at a 1% to 2% range. And I think that's just like a historical rate. With that said, I do believe that we are gaining some market share.

然後，當我思考歷史上 1％ 到 2％ 的潛在市場時，很大一部分原因仍然是它們如此之大——市場如此之大。如果你看一下複合年增長率，從 2019 年開始，銷售量一直保持在 1% 到 2% 的範圍內。我認為這就像歷史比率。話雖如此，我確實相信我們正在獲得一些市場份額。

And I think with these hospital deals, with the geographies surrounding the hospitals, I think it is enabling us to grow faster than the market. And therefore, I would expect us to continue to do that even if the market growth goes back to historical levels.

我認為，透過這些醫院交易以及醫院週邊的地理位置，我們可以比市場成長得更快。因此，我希望即使市場成長回到歷史水平，我們還是會繼續這樣做。

In terms of esoteric testing, we continue to work with our managed care payers. I think because we have such a broad pipeline, we have 6,500 different tests available to them. It actually gives us a good mix that we can talk to them about when we speak about reimbursement. So, I think having the breadth of the test profile that we have helps us.

在深奧的測試方面，我們繼續與我們的管理醫療付款人合作。我認為，因為我們有如此廣泛的管道，我們可以為他們提供 6,500 種不同的測試。這實際上為我們提供了一種很好的組合，當我們談論報銷時我們可以與他們討論。所以，我認為擁有廣泛的測試資料對我們有幫助。

And just one follow-up on the guidance. Lab directed test that there's supposed to be something obviously coming into play, your trade organization currently has a lawsuit. Is that cost meaningful? And could there be a meaningful shift if you're able to win the lawsuit in May?

只需對該指南進行一次跟進。實驗室指導的測試顯然有某些東西在起作用，您的貿易組織目前正在提起訴訟。那筆花費有意義嗎？如果您能在五月贏得訴訟，是否會帶來有意義的轉變？

Yes. So, with regard to lab developed tests, the vast majority of what's being required to do we actually were already doing because we submit our test to New York State for approval, and that's a lot of where the cost was. So, we were incurring that. There might be some other costs in terms of systems to track safety and other things, but those are kind of within the ranges that we provided, nothing that I would call out specifically. I still think it's the wrong thing for the industry.

是的。因此，就實驗室開發的測試而言，我們實際上已經在做絕大多數需要做的事情，因為我們將測試提交給紐約州批准，這就是大部分成本所在。因此，我們承擔了這項責任。在追蹤安全系統和其他方面可能還會有一些其他成本，但這些都在我們提供的範圍內，我不會特別指出。我仍然認為這對該行業來說是錯誤的事情。

I think it could slow down the ability to get new important tests to market for people that need them. I think it could cause some health care disparities where if you live around an academic medical center, you might have access to an LDT before the rest of the population. For those reasons, I don't think it's the right answer. I think the trade organization needs to work to find a better way with the administration to move forward. At the same time, it's not a significant financial impact to us.

我認為這可能會減緩向有需要的人提供新的、重要的測試的能力。我認為這可能會導致一些醫療保健差異，如果你住在學術醫療中心附近，你可能會比其他人更早獲得 LDT 機會。出於這些原因，我認為這不是正確答案。我認為貿易組織需要與政府共同努力尋找更好的前進方式。同時，這對我們而言並不會產生重大的財務影響。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Could you characterize, I guess, the backdrop right now across biopharma. What are your expectations in terms of the underlying market into 2025? And if you could provide an update on the NHP business as well. Just the supply, given some of the news on that front more recently. And just how we think about also from a margin perspective for that business in the quarterly progression, anything to think about into 2025?

您能否描述一下目前生物製藥產業的背景？您對 2025 年的基礎市場有何預期？您是否也可以提供有關 NHP 業務的最新進展？僅提供供應，考慮到最近有關該方面的一些新聞。那麼，從利潤率的角度來看，我們如何看待該業務在季度成長中，2025 年有什麼值得考慮的嗎？

Yes. Thanks, Erin. I'll tell you, it's nice to see the growth that we had anticipated in both of the biopharma segments. So, if you look at biopharma, we had 10% revenue growth for our central labs. And as expected, we did see growth in early development. Drug development actually grew 12% year-over-year.

是的。謝謝，艾琳。我告訴你，很高興看到我們兩個生物製藥領域都實現了預期的成長。所以，如果你看一下生物製藥，我們的中央實驗室的收入增加了 10%。正如預期的那樣，我們確實看到了早期發展的增長。藥物開發實際上年增了 12%。

As I look at the guidance that we're providing for 2025, we're giving a range of 3% to 5% with a midpoint of 4%, realizing that there's a significant impact in that from foreign exchange levels. As I look at that business, it remains healthy. We are a leader in both of those segments. When I start with Central Labs, I mean, about 85% of the forecast comes from the backlog.

當我查看我們為2025年提供的指導時，我們給出了3％至5％的範圍，中間值為4％，我們意識到外匯水平對此有重大影響。據我觀察，該業務依然保持健康。我們在這兩個領域都處於領先地位。當我開始使用中央實驗室時，大約 85％ 的預測來自積壓。

So I feel good about the forecast that we have, and I feel good about the backlog that we have. As I look at early development, I look at three things. I look at the number of RFPs in dollars as well as numbers. I look at our win rate and then I look at the cancellations.

所以我對我們的預測感到很滿意，而且我對我們的積壓訂單也感到很滿意。當我回顧早期發展時，我專注於三件事。我查看了 RFP 的金額和數字。我查看了我們的勝率，然後查看了取消率。

If you look at the RFP, they remain strong, both in dollars and numbers. If you look at our win rate, it remains consistent. And if you look at cancellations, although it's not back to exactly normal levels, it's at the high end of normal now. So, it's come down much better than where it had been historically.

如果你看一下 RFP，你會發現他們無論從金額或數字來看都依然強勁。如果你看看我們的勝率，它保持穩定。如果你看一下取消情況，儘管它還沒有完全恢復到正常水平，但現在也處於正常水平的高位。因此，其表現比歷史水準好得多。

So I feel good coming into the year with both of those businesses. As I think about margins, we expect margins to expand in the biopharma laboratory services business as well as in Diagnostics. And I think the expansion comes from increased volume as well as increased utilization, particularly in early development. As far as NHPs, we have the supply that we need for the forecast that we've provided, I feel good about our supplies.

因此，我對今年這兩項業務的進展感到十分滿意。當我考慮利潤時，我們預計生物製藥實驗室服務業務和診斷業務的利潤率將會擴大。我認為擴張源於數量的增加以及利用率的提高，特別是在早期開發階段。就 NHP 而言，我們已經擁有所提供的預測所需的供應，我對我們的供應感到滿意。

Maybe I could add a little bit more color. As it relates to the margins for the BLS segment in 2025 versus 2024, so first of all, we did share in the opening remarks that we are anticipating this currency impact to the top line, which will translate to about 140 basis points of negative impact to the BLS revenue growth versus prior year. Therefore, when you look at the margin expansion drop-through in '25, the pace of that growth will not be as much as you saw in '24.

也許我可以添加更多一點顏色。因為它與 2025 年與 2024 年 BLS 部門的利潤率有關，所以首先，我們在開場白中確實分享了我們預計這種貨幣影響將對營收產生影響，這將對 BLS 收入增長產生約 140 個基點的負面影響（與前一年相比）。因此，當你觀察25年的利潤率擴張下降時，你會發現成長速度不會像24年那麼快。

The other factor is the sources of our growth from a revenue standpoint from the two business lines within BLS it's not going to be as heavily weighted towards central lab as it did in 2024. The other point that is worth noting is Q1 PP play is the lowest margin quarter of the year. So, you might want to take that into consideration as you think about the quarterly phasing within the year.

另一個因素是，從營收角度來看，我們的成長來源從 BLS 內的兩條業務線來看，不會像 2024 年那樣嚴重偏向中央實驗室。另一點值得注意是，第一季的 PP 表現是全年利潤率最低的季度。因此，當您考慮一年內的季度分階段時，您可能需要考慮這一點。

Okay. That's helpful. And just a quick one on regulatory. You mentioned LDTs. But -- what about PAMA (technical difficulty) and just the broader regulatory environment where we stand today with the new administration?

好的。這很有幫助。我只想簡單談談監理問題。您提到了 LDT。但是——PAMA（技術難度）以及我們今天在新政府領導下所處的更廣泛的監管環境又如何呢？

Yes. So, with PAMA, we continue to work with our trade organization to find ways to get better legislation in place that we think is more applicable to what they were trying to achieve and a better way to actually move it forward. We've been trying that for many, here's now, to be frank. And if that doesn't happen, we'll try for a delay as has happened in the last several years.

是的。因此，我們與 PAMA 一起，繼續與我們的貿易組織合作，尋找制定更好立法的方法，我們認為這些立法更適用於他們想要實現的目標，也是推動其發展的更好方法。坦白說，我們已經嘗試了很多次，現在就在這裡。如果這沒有發生，我們將嘗試推遲，就像過去幾年發生的那樣。

And then at the same time, we continue to just push it out a year. So, my base case, I assume PAMA is coming in 2026. We built a plan that looks good, assuming PAMA does happen. And then if it doesn't happen, it looks even better. But at this point in time, we continue to work to try to find a better legislative option.

同時，我們繼續將其推遲一年。因此，我的基本假設是 PAMA 將於 2026 年推出。假設 PAMA 確實發生，我們制定了一個看起來不錯的計劃。如果沒有發生這種情況，那麼看起來會更好。但目前，我們仍在繼續努力尋找更好的立法選項。

Elizabeth Anderson, Evercore ISI.

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

Hi. This is (technical difficulty) Sorry. Yes, maybe go back to onetime items. I think you said you have $0.10 of weather impacting a '25 guide. So maybe what's the total weather impact for '24? And is revenue day and payroll day going to be tailwind or headwind for fiscal '25?

你好。這是（技術難題）抱歉。是的，也許可以回到一次性物品。我記得您說過天氣對 25 年指南的影響為 0.10 美元。那麼，24 年的整體天氣影響是什麼？那麼，收入日和薪資發放日對於 25 財年來說是順風還是逆風呢？

Yes, if you look at 2025, in January, we had about $0.10 impact from weather, and we built that into the guidance that we've already provided to you. And as we also look at 2025 payroll will actually be a tailwind for us. And let's see what happens with the rest of the quarter with weather before we comment any further. But at this point, we've built in $0.10.

是的，如果您看一下 2025 年，1 月份我們受到天氣的影響約為 0.10 美元，我們已將其納入我們已經提供給您的指導中。而且，展望 2025 年，薪資實際上將成為我們的順風。在我們進一步評論之前，讓我們先看看本季剩餘時間的天氣狀況。但目前，我們已經內建了 0.10 美元。

Joanna, the only thing I would add, I definitely agree with Adam. So clearly if you look at 2025 full year calendar is largely not a factor. However, Q1 it will be slightly unfavorable because we expect to have one less revenue day partially offset by one less payroll day. So, you might want to take that into consideration as we work through the quarters within the year.

喬安娜，我唯一想補充的是，我絕對同意亞當的觀點。因此，如果你看一下 2025 年全年日曆，你會發現這基本上不是一個因素。然而，第一季的情況將略微不利，因為我們預計收入日減少一天，但薪資發放日減少一天，部分抵消了這一影響。因此，當我們在一年內進行各個季度的工作時，您可能需要考慮這一點。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Hi Julia. Looking forward to working with you. And Glenn, I'm glad if you're listening, congrats and best luck in your retirement. Maybe just two on the macro front, I'll ask upfront. Sort of first here, can you maybe sort of talk about underlying inflation assumptions and how those might impact margins this year? Any sort of spending categories that should get either better or worse in 2025.

你好，朱莉婭。期待與您合作。格倫，我很高興你在聽我說話，祝賀你並祝你退休後一切順利。也許只有兩個是宏觀方面的，我會提前問。首先，您能否談談潛在的通膨假設以及這些假設將如何影響今年的利潤率？到 2025 年，任何支出類別都會變好或變壞。

And then secondly, a lot of noise on the tariff front right now. How are you sort of thinking about any impact to your supply costs, if any, for this year?

其次，目前關稅方面有很多喧囂的事情。您認為這對您今年的供應成本有何影響（如果有的話）？

Thank you, Andrew. So, two thoughts. First of all, underlying inflation, a big part of our inflation is cost of people, and we've assumed 3% to 3.5% inflation. As we look at our labor, it's actually gotten better in 2024 than it was prior, particularly at turnover rate. So, I feel like we're in a pretty good place with 3% to 3.5%.

謝謝你，安德魯。所以，有兩個想法。首先，潛在的通貨膨脹，我們通貨膨脹的很大一部分是人們的成本，我們假設通貨膨脹率為 3％ 至 3.5％。當我們審視我們的勞動力時，我們發現 2024 年的情況實際上比之前有所好轉，尤其是流動率。因此，我覺得 3% 到 3.5% 的成長率已經相當不錯了。

In terms of tariffs, it's hard to know exactly what would happen, the timing of what would happen. But we've taken a look at a lot of different scenarios, and we think that it would be very manageable for us.

就關稅方面，很難確切知道會發生什麼，以及何時會發生。但我們研究了很多不同的情況，我們認為這對我們來說是非常容易管理的。

Hi Andrew, very nice to meet you. To just build on what Adam has already shared. As you know, we have this LaunchPad initiative that every year, we drive about $100 million to $125 million of savings through really process and technology improvement that really dropped through to the bottom line. So that actually helps us to really afford for the most part, the increase in labor cost.

你好，安德魯，很高興認識你。只是在 Adam 已經分享的內容的基礎上進行建構。如您所知，我們有這項 LaunchPad 計劃，每年透過真正的流程和技術改進，我們能夠節省約 1 億到 1.25 億美元，這確實影響了利潤。所以這實際上幫助我們在很大程度上承擔勞動成本的增加。

Pito Chickering, Deutsche Bank.

德意志銀行的 Pito Chickering。

So a quick follow-up question on ED. I think you said that would grow sort of mid-single digits. I guess what's the components there between pricing and volume for 2025?

所以關於 ED 有一個快速的後續問題。我認為您說過這個數字將會成長到中等個位數。我猜 2025 年的定價和銷售之間會有哪些因素？

Yes. Thank you, Pito. So, ED, we didn't give specific guidance for ED. We just said that biopharma services is expected to grow range 3% to 5%, 4%. Both segments will grow within that. ED does tend to grow slightly faster than what Central Laboratory business grows. Price is basically pretty flat. I mean there's a little bit of pressure, but nothing more significant than what we would expect. So, it comes from volume.

是的。謝謝你，Pito。所以，ED，我們沒有針對 ED 提供具體的指導。我們剛才說生物製藥服務預計將成長3%到5%、4%。這兩個部分都將在其中實現成長。ED 的成長速度確實略快於中央實驗室業務的成長速度。價格基本上比較平穩。我的意思是有一點壓力，但不會比我們預期的更大。所以，它來自於數量。

Okay. Got it. So, pricing flat for ED and growth coming from the volume side. Looking at the free cash flow conversion for '25, can you walk us through the delta between sort of EPS growth on '25 versus your free cash flow growth. That looks to be sort of some working capital or some pressure on your free cash flow growth versus your earnings growth?

好的。知道了。因此，ED 的定價持平，而成長則來自於銷售方面。看看 25 年的自由現金流轉換，您能否向我們介紹 25 年每股收益成長與自由現金流成長之間的差異。這看起來有點像是某種營運資金，或者說是對您的自由現金流成長與獲利成長的一種壓力？

Yes, maybe I can start another question. So to purpose understand 2025, let me start with regrounding ourselves about how we landed in 2024, particularly in Q4, so as you may be aware already, in terms of the free cash flow generation, we typically generate the majority of our free cash flow in the second half of the year with the fourth quarter being the strongest, and that was exactly what we saw in the fourth quarter of last year.

是的，也許我可以提出另一個問題。因此，為了更好地理解 2025 年，讓我先重新回顧我們在 2024 年，特別是第四季度的狀況，所以您可能已經知道，就自由現金流的產生而言，我們通常會在下半年產生大部分自由現金流，其中第四季度最為強勁，而這正是我們在去年第四季度看到的情況。

Specifically, the Q4 free cash flow from continuing operations was $665 million, which was up over 60% versus the year before. And the increase was primarily driven by higher cash earnings, lower capital expenditures as well as favorable working capital due to timing.

具體而言，第四季來自持續經營的自由現金流為 6.65 億美元，較上年同期成長 60% 以上。而成長主要得益於更高的現金收益、更低的資本支出以及有利的時機所帶來的營運資本。

Now when you transition to 2025, you might have already seen coming out of the strong cash flow in 2024 of $1.1 billion -- our guidance for 2025 for the free cash flow is between $1.1 billion to $1.25 billion with a midpoint of $1.175 billion -- and that growth once again, is really driven by the higher cash earnings and to a certain degree, some very (technical difficulty) it relates to working capital.

現在，當你過渡到 2025 年時，你可能已經看到 2024 年強勁的現金流達到 11 億美元——我們對 2025 年自由現金流的預期在 11 億美元至 12.5 億美元之間，中間值為 11.75 億美元——而且這種增長再次真正受到更高現金和收益和現金的進步

But what I would say is from a cash conversion perspective, we are targeting around mid -- as I higher, which was what you have seen historically, which is also what we built in the guidance for 2025. And overall, I would say we are really pleased with the strong cash flow that we have been generating, which has been serving and will continue to serve as a key funding force for our capital deployment strategy and execution.

但我想說的是，從現金轉換的角度來看，我們的目標是中期左右——更高，這是歷史上看到的，也是我們在 2025 年指引中製定的。總的來說，我想說，我們對我們產生的強勁現金流感到非常滿意，這已經並將繼續成為我們資本配置策略和執行的主要資金力量。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe I'll just kind of package a couple together here. When you think about the lab business, the core Diagnostics business here, can you just talk about the pricing side, what those conversations have been with payers, the expectations for '25 on that front?

也許我只是在這裡將幾個打包在一起。當您考慮實驗室業務，即這裡的核心診斷業務時，您能否談談定價方面，與付款人的對話以及對 25 年的期望？

And then in a similar vein, just the utilization, obviously, it's been elevated. It feels like it's going to continue. How much conservatism did you guys put on the utilization side? And how are you seeing that play out as we work our way in '25?

同樣地，利用率顯然已經提高。感覺它還會繼續下去。你們在利用方面採取了多少保守態度？在我們進入 25 年之際，您如何看待這種情況的發展？

Yes. Thank you, Patrick. So, as I look at 2024, I mean we ended the year in the quarter very strong, and it gives us momentum as we come to 2025. And if you look at the guidance that we provided for 2025 for our Diagnostics it's a midpoint of 7%. So once again, showing very strong underlying demand, which we believe 3.5% will come organically.

是的。謝謝你，派崔克。因此，當我展望 2024 年時，我的意思是我們在本季度以非常強勁的表現結束了這一年，而這為我們邁向 2025 年提供了動力。如果你看看我們為診斷提供的 2025 年指導，它的中間值是 7%。因此，這再次顯示出非常強勁的潛在需求，我們相信 3.5% 將自然成長。

The other 3.5% will come from deals that we already completed in 2024. Our discussions with the payers go very well. We continue to show them the value that we add. They see the benefit of us acquiring some of the hospital business because that actually helps them as well as helps the patient, helps the hospital and helps Labcorp.

其餘 3.5% 將來自我們在 2024 年已經完成的交易。我們與付款人的討論進展非常順利。我們將繼續向他們展示我們增加的價值。他們看到了我們收購部分醫院業務的好處，因為這實際上不僅幫助了他們，還幫助了患者、幫助了醫院並幫助了 Labcorp。

So those deals are very helpful to, I think, the entire health care system. And I think the payers see that. They also see that we are a very high-quality lab. We now have so many specialty tests and almost every one of the specialty areas that they're focused on, and they see that we are a lower-cost providers. So, we get very high quality and because of our scale, we're able to give it at a lower cost, which works in our favor in those discussions. So, I feel good about the environment. I feel good about where we are in 2025 as we move forward.

所以我認為這些協議對整個醫療保健系統非常有幫助。我認為付款人也看到了這一點。他們也看到我們是一個非常高品質的實驗室。我們現在有如此多的專業測試，幾乎涵蓋了他們關注的每個專業領域，而且他們認為我們是低成本的提供者。因此，我們的產品品質非常高，而且由於我們的規模，我們能夠以較低的成本提供產品，這對我們在這些討論中有利。所以，我對環境感覺很好。我對我們 2025 年的前進方向感到很滿意。

Kevin Caliendo, UBS.

瑞銀的凱文‧卡利恩多 (Kevin Caliendo)。

In the quarter -- in the fourth quarter, you mentioned X weather, X days, and X in Invitae, core margins in Diagnostics that have grown 50 basis points. Is there any dynamic that's different when you think about 2025 such that core margins would continue to grow? And I guess that's -- you mentioned labor turnover is better versus LaunchPad.

在本季度——在第四季度，您提到了 X 天氣、X 天和 Invitae 中的 X，診斷業務的核心利潤率增長了 50 個基點。當您展望 2025 年時，是否存在不同的動態，以至於核心利潤率將繼續成長？我想這就是——您提到的勞動力流動率比 LaunchPad 更好。

I'm just wondering like when you think about the business X the one-timers, weather and everything else, would you still expect core margins to expand by roughly what you saw in third quarter, fourth quarter, the 50 basis points or so?

我只是想知道，當您考慮業務 X 一次性事件、天氣和其他所有因素時，您是否仍預計核心利潤率將大致達到第三季、第四季所看到的 50 個基點左右的水平？

So as I think about 2025, we expect to see margin expansion, and we expect to see it in both businesses, in our Diagnostics business, but also in the biopharma laboratory businesses. Some of the things that you mentioned, in particular, Invitae works in our favor, and it's actually a tailwind it will be dilutive to the margins in the first half of the year, but it will be slightly accretive for the full year, saying that the second half of the year that will be accretive for Invitae.

因此，當我想到 2025 年時，我們預計利潤率將會擴大，我們預計利潤率將會在診斷業務和生物製藥實驗室業務兩個領域擴大。您提到的一些事情，特別是 Invitae 對我們有利，它實際上是一種順風，它會在上半年稀釋利潤率，但全年會略有增長，也就是說，下半年將為 Invitae 帶來增長。

So overall, I feel very good and confident that we've got some tailwinds on the margin improvement that will help us as we expect in 2025.

因此，總體而言，我感覺非常好，並且有信心我們在利潤率提高方面獲得了一些順風，這將幫助我們在 2025 年取得預期成果。

If I would add maybe one more color. As you look at 2024 and Q4 in particular, from a diagnostic margin perspective, once you neutralize the impact from the strategic acquisition of Invitae as well as some unusual operational items like weather based, the language for our Diagnostics business was actually in the mid to high 20s, which was in line with our plus performance.

如果我願意的話可以加上一種顏色。當您展望 2024 年，特別是第四季度時，從診斷利潤率的角度來看，一旦消除了策略性收購 Invitae 以及一些不尋常的營運項目（例如基於天氣）的影響，我們診斷業務的語言實際上在 20 年代中期到後期，這與我們的正面表現一致。

And as we move into 2025, we expect to continue to build upon that foundation and continue to expand the margin, particularly as we also overlap the dilution to margin from Invitae in 2024.

隨著我們進入 2025 年，我們預計將繼續在此基礎上再接再厲，繼續擴大利潤率，特別是因為我們還在 2024 年重疊了 Invitae 的利潤率稀釋。

Got it. Okay. That's helpful. And just one follow-up. You made some comments about 1Q and weather and the timing of Invitae. But just when we think about cadence -- is there any other color you can give us around cadence for the year as we think about EPS growth or however you would want to clarify that. As we think about 1Q versus 2Q versus 3Q versus 4Q because there's obviously some one-timers this year that might throw off normal seasonality.

知道了。好的。這很有幫助。僅剩一個後續行動。您對 1Q、天氣和 Invitae 的時間發表了一些評論。但是當我們考慮節奏時 - 當我們考慮每股收益增長時，您是否可以給我們提供有關今年節奏的其他信息，或者您想以何種方式來澄清這一點。我們思考第一季、第二季、第三季和第四季度，因為今年顯然有一些一次性事件可能會影響正常的季節性。

Yes. So we're not going to give quarterly guidance. But as I did say, in the first quarter, we have a $0.10 impact through the month of January due to weather. We'll see if there's anything else that happens to weather. We haven't built in anything above the $0.10, but we're not going to give quarter-by-quarter guidance at the moment.

是的。因此我們不會提供季度指引。但正如我所說，在第一季度，由於天氣原因，1 月我們受到了 0.10 美元的影響。我們將觀察天氣是否還有其他變化。我們還沒有納入任何超過 0.10 美元的內容，但目前我們不會提供逐季度的指導。

And earlier, I shared right in the first quarter, there will be a day impact, but I think that's included in our supplemental information on the website as well.

之前，我在第一季分享過，會產生一天的影響，但我認為這也包含在我們網站上的補充資訊中。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

So I'll just have one question here on the Invitae acquisition integration plus some of the growth here. So, it did have an MRD assay that you talked about bringing Multi -- first biopharma and then eventually commercialization. Can you talk about reimbursement or expectations on timelines and reimbursement? I know Invitae had reimbursement, but it also had some IP fights. I'm not really sure where that actually end up shaking out. So, if you can give us an update there.

所以在這裡我只想問一個關於 Invitae 收購整合以及這裡的一些成長的問題。因此，它確實有一個 MRD 檢測，正如您所說，它將多種技術結合起來——首先是生物製藥，然後最終實現商業化。您能談談報銷或對時間表和報銷的期望嗎？我知道 Invitae 有報銷，但它也有一些智慧財產權糾紛。我不太確定這最終會導致什麼結果。所以，如果您能向我們提供最新消息的話。

And then just in terms of the back half of the year, accretion on Invitae. How much of this is growth dependent versus maybe cost synergies that you've already identified and really already have them in place. And thank you. I'll just ask one upfront because that was a little longer.

僅就今年下半年而言，Invitae 的成長勢頭強勁。這其中有多少取決於成長，又有多少取決於您已經確定並已落實的成本綜效。謝謝你。我只會提前問一個問題，因為這個問題有點長。

Yes. So, two points. One is -- and they both come together. As I look at the accretion for Invitae, I mean, we are taking costs out, but we're doing it in a very thoughtful manner, and we're doing best of best. So, we have MRD assets. They have MRD assets. We were looking at the ones that were scientifically most advanced from a timeline, we're furthest along, and we're taking the best of best. So, we continue to have a significant number of assets as we look at liquid biopsy, including MRD.

是的。所以，有兩點。一是——它們都結合在一起。當我看到 Invitae 的成長時，我的意思是，我們正在削減成本，但我們正在以非常周到的方式進行，而且我們正在盡最大努力。所以，我們擁有 MRD 資產。他們擁有 MRD 資產。我們從時間線上尋找科學上最先進的，我們走得最遠，我們選取最好的。因此，在研究液體活檢（包括 MRD）時，我們繼續擁有大量資產。

With regard to the timing of accretion dilution, I would say part of it is just it's a year later. So, we've overlapped the year. And then the second part of it is that we've taken out significant costs where it makes sense.

關於吸積稀釋的時間，我想說部分原因只要一年後。因此，我們的年份已經重疊了。第二部分是我們在合理的地方削減了大量成本。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I wanted to ask on Geneoscopy on the partnership there. I know there have been, I think, some developments, there was a hearing at the end of last month on the injunction. And just how are you thinking about resources you need to put behind that ahead of the launch later this year? And then anything thoughts on USPSTF and the Braidwood case and whether that may impact timing of the launch?

我想在 Geneoscopy 上詢問那裡的合作關係。我知道已經取得了一些進展，上個月底就禁令舉行了聽證會。您認為在今年稍後推出產品之前需要投入哪些資源？您對 USPSTF 和 Braidwood 案有何看法？

Yes. I think it's best to actually talk to them about the specifics of any type of cases and where they are with litigations and those types of things. With regard to us, we'll be prepared to launch. And when it's appropriate, we'll be ready.

是的。我認為最好是實際與他們談論任何類型案件的具體情況以及他們所處的訴訟階段以及諸如此類的事情。對我們來說，我們將做好啟動的準備。當適當的時候，我們會做好準備。

Okay. And then follow-up is just -- I know you had the question earlier on PAMA. Going back to your comments at JPMorgan on SALSA, you had commented it makes sense and it's logical, but there might be kind of pieces you can pull out of if you can’t get it all approved. Can you maybe just talk a little bit more about what you're implying there and what parts you might pull out of.

好的。然後接下來的問題是——我知道您之前對 PAMA 有疑問。回到您在摩根大通對 SALSA 的評論，您評論說這很有道理，也很合邏輯，但如果不能獲得全部批准，您可能會放棄一些部分。您能否再稍微談一談您暗示的意思以及您可能會提取哪些部分？

Yes. So, we're trying -- again, I didn't want to say we're pulling apart bills or legislation. Our trade group is working to figure out what's the best path forward to try to get approval of legislation that addresses the needs and with any legislation, you talked with Democrats, Republicans and Congress and the Senate, you try to find things that are appropriate for all involved.

是的。所以，我們正在嘗試——再說一次，我不想說我們正在廢除法案或立法。我們的貿易集團正在努力尋找最好的前進道路，以爭取獲得能夠滿足需求的立法批准，對於任何立法，我們都會與民主黨、共和黨、國會和參議院進行討論，努力找到適合所有相關方的方案。

So I feel like we've got a path forward that we continue to work on. We've had Democrats and Republicans very supportive that the current patent of the way it has been implemented doesn't make sense. Now we just have to find the most logical way to move forward where it does make sense.

所以我覺得我們已經找到了一條可以繼續努力的前進的道路。民主黨和共和黨都非常支持，他們認為目前實施方案的專利沒有意義。現在我們只需要找到最合理的方式來繼續前進。

Ladies and gentlemen, this does conclude the question and actual portion of today's call. I'd like to turn the call back to Adam for any closing remarks.

女士們、先生們，今天電話會議的問題和實際部分到此結束。我想將電話轉回給亞當，請他做最後發言。

All right. Thank you, everybody, for joining us today. We appreciate your time, and we look forward to updating you on the first quarter of 2025 in April.

好的。感謝大家今天的參與。感謝您的時間，我們期待在 4 月向您報告 2025 年第一季的情況。

Thank you. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝。女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。