Simulations Plus Inc (SLP) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Simulations Plus fourth-quarter and fiscal year 2024 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎參加Simulations Plus 第四季和 2024 財年財務業績電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。

It is now my pleasure to introduce Lisa Fortuna from Financial Profiles. Ms. Fortuna, you may now begin.

現在我很高興向大家介紹來自《財務概況》的麗莎·福爾圖納 (Lisa Fortuna)。福爾圖娜女士，您現在可以開始了。

Good afternoon, everyone. Welcome to the Simulations Plus fourth-quarter and fiscal 2024 financial results conference call. With me today are Shawn O'Connor, Chief Executive Officer; and Will Frederick, Chief Financial Officer and Chief Operating Officer of Simulations Plus.

大家下午好。歡迎參加Simulations Plus 第四季和 2024 財年財務業績電話會議。今天與我在一起的有首席執行官肖恩·奧康納 (Shawn O'Connor)；以及 Simulations Plus 財務長兼營運長 Will Frederick。

Please note that we updated our quarterly earnings presentation, which will serve as a supplement to today's prepared remarks. You can access the presentation on our Investor Relations website at www.simulations-plus.com. After management's commentary, we will open the call for questions.

請注意，我們更新了季度收益報告，這將作為今天準備好的評論的補充。您可以在我們的投資者關係網站 www.simulations-plus.com 上存取簡報。在管理層發表評論後，我們將開始提問。

As a reminder, the information discussed today may include forward-looking statements that involve risks and uncertainties. Words like believe, expect and anticipate refer to our best estimates as of this call, and actual future results could differ significantly from these statements. Further information on the company's risk factors is contained in the company's quarterly and annual reports and filed with the Securities and Exchange Commission.

提醒一下，今天討論的資訊可能包括涉及風險和不確定性的前瞻性陳述。相信、期望和預期等詞語是指我們截至本次電話會議的最佳估計，未來的實際結果可能與這些陳述有很大差異。有關公司風險因素的更多資​​訊包含在公司向美國證券交易委員會提交的季度和年度報告中。

With that, I'll turn the call over to Shawn. Please go ahead.

說完，我會把電話轉給肖恩。請繼續。

Thank you, Lisa. Good afternoon, everyone, and thank you for joining our fourth quarter and fiscal 2024 conference call. Our team delivered strong results in 2024. Total revenue increased 18% year over year and 14% on an organic basis, excluding the fourth quarter contribution from Pro-ficiency. The organic growth rate was above the 10.5% growth rate we achieved in fiscal 2023, and at the high end of our guidance provided at the beginning of the fiscal year.

謝謝你，麗莎。大家下午好，感謝您參加我們的第四季和 2024 財年電話會議。我們的團隊在 2024 年取得了出色的成果。總營收年增 18%，有機成長 14%（不包括 Pro-ficiency 的第四季貢獻）。有機成長率高於我們在 2023 財年實現的 10.5% 成長率，並且處於我們在財年年初提供的指導的上限。

Full year diluted EPS of $0.49 exceeded the high end of our guidance range of $0.46 to $0.48. Turning to key highlights of the year. As an industry leader in biosimulation software tools, we continue to improve our competitive edge during fiscal 2024, with major upgrades across our platform supporting PBPK, PK/PD, and drug discovery.

全年稀釋後每股收益為 0.49 美元，超出了我們指導範圍 0.46 至 0.48 美元的上限。轉向今年的主要亮點。作為生物模擬軟體工具的行業領導者，我們在 2024 財年繼續提高我們的競爭優勢，我們的平台進行了重大升級，支持 PBPK、PK/PD 和藥物發現。

GPx significantly enhanced our flagship GastroPlus, PBPK platform with advanced models, refined algorithms and integrated machine learning technology. GastroPlus greatly enriches the user experience with an intuitive interface, streamlined workflows and faster processing.

GPx 透過先進的模型、精細的演算法和整合的機器學習技術顯著增強了我們的旗艦產品 GastroPlus、PBPK 平台。GastroPlus 透過直覺的介面、簡化的工作流程和更快的處理大大豐富了使用者體驗。

In May, we released Monolix Sweet 2024. This release included integrations, presets and other upgrades that make the software easier and faster to run, allowing scientists to spend less time on programming and more on exploring models and simulation results.

5 月，我們發表了 Monolix Sweet 2024。該版本包括整合、預設和其他升級，使軟體更容易、更快速地運行，使科學家能夠花更少的時間在程式設計上，而將更多的時間花在探索模型和模擬結果上。

In July, we released ADMET Predictor version 12, our machine learning cheminformatics platform in support of drug discovery. The release included enhanced models with greater predictive accuracy and expanded high-throughput pharmacometrics capabilities amongst other new features.

7 月，我們發布了 ADMET Predictor 版本 12，這是我們支援藥物發現的機器學習化學資訊學平台。此版本包括具有更高預測準確性的增強模型和擴展的高通量藥理學功能以及其他新功能。

During fiscal year 2024, we continue to supplement our organic growth with strategic acquisition accomplishments. We completed the integration of our June 2023 acquisition at Immunetrics, the combined scientific resources and therapeutic area coverage positions us as a clear leader in the fast-growing area of quantitative systems pharmacology with 57% growth in fiscal year '24.

2024 財年，我們持續透過策略性收購成果來補充我們的有機成長。我們完成了 2023 年 6 月收購的 Immunetrics 的整合，合併後的科學資源和治療領域覆蓋範圍使我們成為快速增長的定量系統藥理學領域的明顯領導者，在 24 財年實現了 57% 的增長。

This June, we acquired Pro-ficiency, the largest and most significant acquisition in our company history. The transaction doubles our TAM to $8 billion and significantly expands our market opportunity. This addition enhances our ability to support clients across clinical operations, affairs and commercialization.

今年六月，我們收購了 Pro-ficiency，這是我們公司史上最大、最重要的收購。這項交易使我們的 TAM 翻了一番，達到 80 億美元，並顯著擴大了我們的市場機會。這項措施增強了我們在臨床營運、事務和商業化方面為客戶提供支援的能力。

Our comprehensive suite of innovative solutions now spans the entire drug development continuum and uniquely positions us to drive growth and profitability.

我們全面的創新解決方案現已涵蓋整個藥物開發過程，使我們在推動成長和獲利方面處於獨特地位。

Next, I'll spend a moment on the macro environment, which we realize is an area of particular focus for the financial community. Spending environment for pharma and biotech has been cost and funding constrained for a second fiscal year.

接下來，我將花一些時間討論宏觀環境，我們意識到這是金融界特別關注的領域。製藥和生物技術的支出環境在第二個財政年度受到成本和資金的限制。

Current leading indicators, including pharma budgets, clinical trial activity, funding activity, and others provide a mixed bag of metrics for the next year that suggests a potentially improved environment compared to the last two years. We continue to observe a wide range of activity levels among our clients many who are engaged in their internal calendar year '25 budget preparation process.

目前的領先指標，包括製藥預算、臨床試驗活動、融資活動等，為明年提供了一系列混合指標，顯示與過去兩年相比，環境可能有所改善。我們繼續觀察客戶的廣泛活動水平，其中許多客戶正在參與其內部日曆年 '25 預算編制流程。

Although we are encouraged by some positive initial budget discussion for 2025, we are entering the year with cautious optimism. Our guidance for fiscal year '25 is based upon current market conditions continuing, but we will be prepared to take advantage of any improvement in our client spending during the year.

儘管我們對 2025 年一些積極的初步預算討論感到鼓舞，但我們仍以謹慎樂觀的態度進入這一年。我們對 25 財年的指導是基於當前持續的市場狀況，但我們將準備好利用這一年客戶支出的任何改善。

Turning to our software segment. Software revenue grew by 12% for fiscal year '24, 9% on an organic growth basis. Software revenue grew by 6% for the fourth quarter and decreased 6% on an organic growth basis.

轉向我們的軟體部分。2024 財年軟體營收成長了 12%，有機成長 9%。第四季軟體營收成長 6%，有機成長下降 6%。

Cheminformatics business unit revenue grew 6% for the year and 1% in the fourth quarter. During fiscal year '24, we have grown the number of clients utilizing the AIDD module to 15 of our total installed base of 110 ADMET Predictor clients.

化學資訊學業務部門營收全年成長 6%，第四季成長 1%。在 24 財年，我們使用 AIDD 模組的客戶數量已增加到 110 個 ADMET Predictor 客戶總數中的 15 個。

Physiologically-based pharmacokinetics, or PBPK business unit, revenue increased 7% for the year and decreased 8% in the fourth quarter. GastroPlus continues to grow well despite some renewal slippage in the fourth quarter and ongoing super growth in the Asian markets.

基於生理學的藥物動力學（PBPK）業務部門的營收全年成長 7%，第四季下降 8%。儘管第四季續約有所下滑，而且亞洲市場持續超速成長，但 GastroPlus 仍持續保持良好成長。

Clinical pharmacology and pharmacometrics or our CPP business unit, revenue grew 18% for the fiscal year and 20% during the quarter. Monolix continues to increase its market share and displace its main competitor as the PK/PD platform of choice.

臨床藥理學和藥理學或我們的 CPP 業務部門的收入在本財年增長了 18%，在本季度增長了 20%。Monolix 繼續增加其市場份額，並取代其主要競爭對手，成為首選的 PK/PD 平台。

Revenue in our quantitative systems pharmacology or QST business unit grew 7% for the year, that decreased 67% for the quarter. As a reminder, quarterly results can be lumpy for QSP software based upon the high ticket price per license and a smaller pool of end users. Revenue in our adaptive learning and insights or Ali business unit was $1.1 million for the fourth quarter, generally in line with our expectations. Revenue in our medical communications, or MC business unit was $100,000 for the fourth quarter, also in line with our expectations.

我們的定量系統藥理學或 QST 業務部門的收入今年成長了 7%，本季下降了 67%。提醒一下，基於每個許可證的高票價和較小的最終用戶群，QSP 軟體的季度業績可能會不穩定。我們的自適應學習和洞察或阿里業務部門第四季度的收入為 110 萬美元，總體符合我們的預期。我們的醫療通信或 MC 業務部門第四季度的收入為 100,000 美元，也符合我們的預期。

Turning to our services segment. Services revenue grew by 26% for fiscal year '24, 21% on an organic basis. Services revenue grew by 39% for the fourth quarter, 21% on an organic basis. We're pleased with this result given client cost constraint measures typically impact external service budgets as clients may eliminate budget work or delay execution in tighter funding environments. Performance was especially strong in CPP and QSP business units.

轉向我們的服務部門。2024 財年服務收入成長了 26%，有機成長 21%。第四季服務收入成長 39%，有機成長 21%。我們對此結果感到滿意，因為客戶成本限制措施通常會影響外部服務預算，因為客戶可能會在資金緊張的環境中消除預算工作或延遲執行。CPP 和 QSP 業務部門的業績尤其強勁。

CPP business unit revenue was strong, up 19% for the fiscal year and up 28% in the fourth quarter. USP business unit revenue grew 57% for the year and 32% in the fourth quarter. PBPK business unit revenue decreased 5% for the fiscal year and 6% for the fourth quarter. We continue to encounter clients source data delays impacting the initiation of contracted projects in this space. Medical communications revenue was $1.1 million in the fourth quarter.

CPP 業務部門營收強勁，本財年成長 19%，第四季成長 28%。USP 業務部門營收全年成長 57%，第四季成長 32%。PBPK 業務部門本財年營收下降 5%，第四季營收下降 6%。我們繼續遇到客戶來源資料延遲的情況，影響了該領域合約專案的啟動。第四季醫療通訊收入為 110 萬美元。

This contribution was less than anticipated due to higher revenue recognized in the quarter prior to our acquisition as well as some project timing delays.

由於我們收購先前的季度確認的收入較高以及一些專案時間延遲，這項貢獻低於預期。

Turning to an update on Pro-ficiency. As a reminder, Pro-ficiency provides experience in content simulation developed with AI technologies to enhance clinical trial success, data analytics and medical communications, both in the regulatory approval process as well as post-approval commercialization.

轉向專業能力的更新。需要提醒的是，Pro-ficiency 提供了利用人工智慧技術開發的內容模擬經驗，以提高監管審批流程以及批准後商業化中的臨床試驗成功率、數據分析和醫療通訊。

Ultimately, these activities support increased confidence in regulatory success for our clients. In addition, proficiency meaningfully expands our customer return on investment by helping them achieve accelerated clinical trial cycles, reduce protocol deviations, reduced cost of clinical trial operations and improved market awareness. The combined product and service portfolio results in offerings across the pharma value chain.

最終，這些活動增強了我們客戶對監管成功的信心。此外，熟練程度可以幫助客戶加快臨床試驗週期、減少方案偏差、降低臨床試驗營運成本並提高市場知名度，有意義地擴大客戶的投資回報。產品和服務組合的結合產生了整個製藥價值鏈的產品。

Software offerings from Pro-ficiency include: Pro-ficiency performance management, an adaptive learning platform that uses lifeline simulation and detailed data tracking to increase recruitment, retention and protocol compliance during clinical trials. In simulations of complex real-world scenarios, learners are asked to make decisions and practice implementation of the trial protocol.

Pro-ficiency 提供的軟體產品包括： Pro-ficiency 績效管理，這是一個自適應學習平台，它使用生命線模擬和詳細數據追蹤來提高臨床試驗期間的招募、保留和方案合規性。在模擬複雜的現實場景時，要求學習者做出決策並練習實施試驗方案。

The data generated provides insight into areas of the trial protocol that are unclear to health care practitioners, enabling clarification, further education prior to the start of clinical trials.

產生的數據可以深入了解醫療保健從業者不清楚的試驗方案領域，從而在臨床試驗開始之前進行澄清和進一步教育。

Panorama KOL Insights is a platform for key opinion leaders, research in the life science industry. It provides current information about influential industry leaders, which can be filtered by criteria, including, but not limited to, therapeutic expertise, professional affiliations and geographical location. We're pleased to report that the integration process is tracking ahead of plan across all fronts.

Panorama KOL Insights 是生命科學產業關鍵意見領袖和研究的平台。它提供了有關有影響力的行業領導者的最新信息，可以按標準進行過濾，包括但不限於治療專業知識、專業背景和地理位置。我們很高興地報告說，整合過程在各個方面都比計劃提前進行。

As previously announced, we formed two business units, adaptive learning and insights to carry forward with our clinical simulations business, led by Jenny Rouse; and Medical Communications led by Murray Alper, who to address medical affairs and commercialization support for our clients.

正如先前宣布的，我們成立了兩個業務部門：自適應學習和洞察，以推進我們的臨床模擬業務，由 Jenny Rouse 領導；由 Murray Alper 領導的醫療傳播部門，負責為我們的客戶提供醫療事務和商業化支援。

On the sales and marketing front, our combined go-to-market strategies and lead generation are underway. We expect these efforts to contribute to business development opportunities. Together, our scientific and technological capabilities are expected to deliver enhanced products and services, which further benefit our claims.

在銷售和行銷方面，我們正在實施綜合上市策略和潛在客戶開發。我們期望這些努力能為業務發展機會做出貢獻。我們的科技能力有望共同提供增強的產品和服務，這進一步有利於我們的主張。

And additionally, we have integrated our back-office financial operational general and administrative organizations, which we will -- we expect will contribute to efficiencies and expense safety.

此外，我們還整合了後台財務營運和行政組織，我們預計這將有助於提高效率和費用安全。

With that, I'll turn the call over to Will.

這樣，我就把電話轉給威爾。

Thank you, Shawn. To recap our strong fourth quarter performance, total revenue increased 19% to $18.7 million, including a $2.3 million contribution from Pro-ficiency. Software revenue increased 6%, representing 53% of total revenue and services revenue increased 39%, representing 40% of total revenue.

謝謝你，肖恩。回顧我們強勁的第四季業績，總營收成長 19%，達到 1,870 萬美元，其中包括 Pro-ficiency 貢獻的 230 萬美元。軟體營收成長6%，佔總營收的53%，服務營收成長39%，佔總營收的40%。

Fiscal year total revenue increased 18% to $70 million. Software revenue increased 12%, representing 59% of total revenue and services revenue increased 26%, representing 41% of total revenue.

財年總收入成長 18%，達到 7,000 萬美元。軟體營收成長12%，佔總營收的59%，服務營收成長26%，佔總營收的41%。

Turning to the software revenue contribution from our products for the quarter. GastroPlus was 49%, MonolixSuite was 17%, ADMET Predictor was 18% and other products were 15%. For the fiscal year, GastroPlus was 53%, MonolixSuite was 20% and ADMET Predictor was 18% and other products were 9%. For the year, our software customer renewal rate was 93% based on these and 84% based on accounts both increasing slightly compared to the prior year.

談到本季我們產品的軟體收入貢獻。GastroPlus 為 49%，MonolixSuite 為 17%，ADMET Predictor 為 18%，其他產品為 15%。本財年，GastroPlus 為 53%，MonolixSuite 為 20%，ADMET Predictor 為 18%，其他產品為 9%。今年，我們的軟體客戶續約率為 93%，基於帳戶的續約率為 84%，兩者均較上年略有成長。

Average software revenue per customer for the year increased to $129,000. Shifting to our services revenue contribution by business unit for the quarter, CPP was 36%, QSP was 35%, PBPK was 17% and MC was 13%. For the fiscal year, PPP was 43%, QSP was 31%, PBPK was 23% and MC was 4%. Total services projects worked on during the quarter were 250. Year-end backlog decreased to $14.1 million, primarily impacted by two sources.

該年度每位客戶的平均軟體收入增加至 129,000 美元。轉向本季按業務部門劃分的服務收入貢獻，CPP 為 36%，QSP 為 35%，PBPK 為 17%，MC 為 13%。本財年，PPP 為 43%，QSP 為 31%，PBPK 為 23%，MC 為 4%。本季進行的服務項目總數為 250 個。年末積壓訂單減少至 1,410 萬美元，主要受到兩個來源的影響。

First, there were some service contracts that slipped into September. And in the first two weeks of fiscal 2025, we've already closed more than $3 million of these.

首先，一些服務合約推遲到了 9 月。在 2025 財年的前兩週，我們已經結清了超過 300 萬美元的資金。

Second, we adjusted the backlog in the fourth quarter this year to remove open contracts that have been delayed, where there's still uncertainty regarding when the customers will resume the projects. As a result, anticipated revenue from backlog with 12 months increased to approximately 90% compared to 70% to 80% at the end of last year.

其次，我們調整了今年第四季的積壓訂單，以清除已延遲的未平倉合同，客戶何時恢復專案仍存在不確定性。因此，12 個月積壓的預期收入從去年年底的 70% 至 80% 增加至約 90%。

Total gross margin for the fiscal year was 62%, with software gross margin of 84% and gross margin of 30%. The year-over-year decline in gross margin was primarily due to the reclass of operating expenses with the reorganization of our internal structure, the full year expense impact from the Immunetrics acquisition last year and the additional expenses from the Pro-ficiency acquisition this year.

本財年總毛利率為62%，其中軟體毛利率為84%，毛利率為30%。毛利率年減主要是由於內部結構重組導致營業費用重新分類、去年收購Immunetrics對全年費用的影響以及今年收購Proficiency的額外費用。

Turning to our consolidated income statement for the quarter. R&D expense was 10% of revenue compared to 7% last year. Sales and marketing expense was 14% of revenue compared to 11% last year. G&A expense was 19% of revenue compared to 63% last year. The G&A expense variance was primarily due to the reclass of expenses this year to cost of revenues collected in the reorganization of our internal structure mentioned at the beginning of the year.

轉向我們本季的合併損益表。研發費用佔收入的 10%，而去年為 7%。銷售和行銷費用佔收入的 14%，而去年為 11%。一般及行政費用佔收入的 19%，而去年為 63%。G＆A費用差異主要是由於今年費用重新分類為年初提到的內部結構重組中收取的收入成本。

We also made a true-up of all international services related expenses for the year in the fourth quarter. G&A expense for the fourth quarter also included $1.7 million of transaction-related expenses for the acquisition of Pro-ficiency this year and included $2.5 million of transactions related expenses for the acquisition of Immunetrics last year.

我們也在第四季度對全年所有國際服務相關費用進行了調整。第四季的一般管理費用還包括今年收購 Pro-ficiency 的 170 萬美元交易相關費用，以及去年收購 Immuntrics 的 250 萬美元交易相關費用。

The transaction expenses related to Immunetrics last year included a $1.6 million compensation expense. Total operating expenses were 43% of revenue compared to 80% last year primarily due to the reclass of expenses to cost of revenue this year offset by the addition of expenses related to Pro-ficiency this year.

去年與 Immuntrics 相關的交易費用包括 160 萬美元的補償費用。總營運費用佔收入的 43%，而去年為 80%，主要是由於今年費用重新分類為收入成本，並被今年增加的與 Proficiency 相關的費用所抵消。

Loss from operations was negative 6% of revenue compared to negative 2% last year, and income before income taxes was 5% of revenue compared to 0% last year. Other income was $2 million this quarter compared to $0.4 million last year primarily due to a decrease in the fair value of the Immunetrics earnout liability this year.

營運虧損佔收入的比例為負 6%，而去年為負 2%；所得稅前收入佔收入的比例為 5%，而去年為 0%。本季其他收入為 200 萬美元，而去年為 40 萬美元，主要是由於今年 Immuntrics 獲利負債的公允價值下降。

Net income for the fourth quarter was $0.8 million or 5% of revenue compared to $0.5 million or 3% of revenue last year. Diluted EPS was $0.04 compared to $0.03 last year. And adjusted diluted EPS, excluding the impact of transaction-related costs, were $0.06 compared to $0.18 last year.

第四季淨利為 80 萬美元，佔營收的 5%，而去年為 50 萬美元，佔營收的 3%。稀釋後每股收益為 0.04 美元，去年為 0.03 美元。調整後的攤薄每股收益（不含交易相關成本的影響）為 0.06 美元，去年為 0.18 美元。

This year-over-year change was primarily driven by the transaction-related expense add-back to diluted EPS in Q4 last year being larger than the add back in Q4 this year. Fourth-quarter adjusted EBITDA was $4.1 million compared to $4.9 million last year at 22% and 31% of revenue, respectively.

這一同比變化主要是由於去年第四季稀釋後每股收益的交易相關費用加回大於今年第四季的加回。第四季調整後 EBITDA 為 410 萬美元，去年同期為 490 萬美元，分別佔營收的 22% 和 31%。

We calculate adjusted EBITDA by adding back interest, taxes, depreciation and amortization stock-based compensation, gain or loss on currency exchange, any acquisition or financial transaction-related expenses and any asset impairment charges. The reconciliation of this non-GAAP metric to net income, the relevant GAAP metric is in our earnings release and on our website.

我們透過加回利息、稅金、折舊和攤銷、股票補償、貨幣兌換損益、任何收購或金融交易相關費用以及任何資產減值費用來計算調整後的 EBITDA。此非 GAAP 指標與淨利潤的對賬，相關 GAAP 指標位於我們的收益發布和我們的網站上。

Income tax expense for the fourth quarter was less than $0.1 million compared to income tax benefit of $0.5 million last year. And our effective tax rate was 2% compared to 674% in the prior year period. As a reminder, we true up our annual income tax estimate in the fourth quarter each year which impacts the effective tax rate in the quarter. Turning to our consolidated income statement for the fiscal year. R&D expense was 8% of revenue equivalent to last year.

第四季的所得稅支出不到 10 萬美元，而去年的所得稅優惠為 50 萬美元。我們的有效稅率為 2%，而去年同期為 674%。提醒一下，我們每年第四季都會調整年度所得稅估算，這會影響該季度的有效稅率。轉向我們本財年的合併損益表。研發費用佔營收的8%，相當於去年。

Sales and marketing expense was 13% of revenue compared to 11% last year, primarily due to our increased investment in sales and marketing.

銷售和行銷費用佔收入的 13%，而去年為 11%，這主要是由於我們增加了對銷售和行銷的投資。

G&A expense was 32% of revenue, down from 47% last year. G&A expense for the year included $2.6 million of transaction-related expenses for the acquisition of Pro-ficiency this year and included $3.3 million of transaction-related expenses for the acquisition of Immunetrics last year.

一般及行政費用佔收入的 32%，低於去年的 47%。本年度的一般管理費用包括今年收購 Pro-ficiency 的 260 萬美元交易相關費用，以及去年收購 Immuntrics 的 330 萬美元交易相關費用。

Total operating expenses were 53% of revenue compared to 66% last year. Income from operations was 9% of revenue compared to 15% last year. And income before income taxes was 18% of revenue compared to 20% last year.

總營運費用佔收入的 53%，而去年為 66%。營運收入佔收入的 9%，而去年為 15%。所得稅前收入佔收入的 18%，而去年為 20%。

Other income was $6.3 million during the year compared to $3 million last year, primarily due to an increase in interest income and the previously mentioned decrease in the fair value of the Immunetrics earnout liability.

本年度其他收入為 630 萬美元，而去年為 300 萬美元，主要是由於利息收入增加以及前面提到的 Immuntrics 獲利負債公允價值下降。

Net income for the fiscal year was $10 million or 14% of revenue compared to $10 million or 17% of revenue last year. Diluted EPS was $0.49, equivalent to last year and adjusted diluted EPS, excluding the impact of transaction-related costs were $0.53 compared to $0.67 last year.

本財年淨利為 1,000 萬美元，佔營收的 14%，而去年為 1,000 萬美元，佔營收的 17%。稀釋後每股收益為 0.49 美元，與去年持平，調整後稀釋後每股收益（不包括交易相關成本的影響）為 0.53 美元，而去年為 0.67 美元。

Adjusted diluted EPS was lower than expected primarily due to the lower transaction-related expense add back to diluted EPS in the fourth quarter.

調整後的稀釋每股收益低於預期，主要是由於第四季度稀釋每股收益中交易相關費用的增加。

Fiscal year adjusted EBITDA was $20.3 million compared to $20.6 million last year at 29% and 35% of revenue, respectively. Income tax expense for the fiscal year was $2.5 million compared to $1.7 million last year, and our effective tax rate was 20% compared to 15% last year. We expect our effective tax rate fiscal year 2025 to be in the range of 23% to 25%.

財年調整後 EBITDA 為 2,030 萬美元，去年為 2,060 萬美元，分別佔營收的 29% 及 35%。本財年的所得稅費用為 250 萬美元，而去年為 170 萬美元，我們的有效稅率為 20%，而去年為 15%。我們預計 2025 財年的有效稅率將在 23% 至 25% 之間。

Turning to our balance sheet. We ended the year with $20 million in cash and investments. We remain well capitalized with no debt and strong free cash flow to execute our growth strategy.

轉向我們的資產負債表。年底，我們擁有 2000 萬美元的現金和投資。我們資本充足，沒有債務，自由現金流強勁，可以執行我們的成長策略。

I'll now turn the call back to Shawn.

我現在將電話轉回給肖恩。

Thank you, Will. We're very pleased with our 2024 performance, and our results reflect strong execution in both our Software and Service segments. Also, the integration of the most significant acquisition in the history of our company is progressing ahead of our expectations.

謝謝你，威爾。我們對 2024 年的業績感到非常滿意，我們的業績反映出我們在軟體和服務領域的強勁執行力。此外，我們公司歷史上最重要的收購整合的進展超出了我們的預期。

Moving on to our outlook for fiscal 2025. Based upon current market conditions, our organic growth is expected to be in the range of 10% to 15%, consistent with fiscal year '24. In addition, the Pro-ficiency acquisition is expected to contribute $15 million to $18 million, consistent with the range we previously provided.

接下來是我們對 2025 財年的展望。根據當前的市場狀況，我們的有機成長預計將在 10% 至 15% 之間，與 24 財年一致。此外，收購 Pro-ficiency 預計將貢獻 1,500 萬至 1,800 萬美元，與我們先前提供的範圍一致。

Our guidance for fiscal 2025 is as follows: Total revenue between $90 million and $93 million, year-over-year revenue growth in the range of 28% to 33%, software mix between 55% and 60%, adjusted EBITDA margin between 31% and 33%, adjusted diluted earnings per share of $1.07 to $1.20.

我們對2025 財年的指引如下：總營收在9,000 萬美元至9,300 萬美元之間，年收入成長在28% 至33% 範圍內，軟體組合在55% 至60% 之間，調整後EBITDA 利潤率在31% 之間33% 的調整後稀釋每股收益為 1.07 美元至 1.20 美元。

We're providing guidance on adjusted diluted EPS versus diluted EPS, consistent with guidance practices for our industry. For comparison purposes, our adjusted diluted EPS guidance translates to at or above our fiscal year '24 diluted EPS of $0.49. Of note, our guidance does not include the impact of any future acquisitions.

我們正在提供有關調整後稀釋每股收益與稀釋每股收益的指導，這與我們行業的指導實踐一致。出於比較目的，我們調整後的稀釋每股收益指引值等於或高於我們 24 財年的稀釋每股收益 0.49 美元。值得注意的是，我們的指導不包括任何未來收購的影響。

As a reminder, our first fiscal quarter is historically our lowest revenue quarter due to the seasonality of our revenue streams. As such, the EPS could dip below breakeven and a low diluted adjusted EPS will be above the diluted EPS level. We still expect some impact. We anticipate higher revenues in the remaining quarters of fiscal 2025, as we have had in the past, resulting in higher profitability in the remaining quarters of our fiscal year.

提醒一下，由於我們收入流的季節性，我們的第一個財政季度是歷史上收入最低的季度。因此，每股盈餘可能會跌至損益平衡點以下，而較低的稀釋後調整後每股盈餘將高於稀釋後每股盈餘水準。我們仍然預計會產生一些影響。我們預計 2025 財年剩餘季度的營收將像過去一樣增加，導致本財年剩餘季度的獲利能力更高。

Our near-term priorities include completing the acquisition integration, expanding cross-selling opportunities, driving towards our historical adjusted EBITDA margin target of 35% to 40% and correspondingly profitability levels. We are well positioned to achieve our goals this year and remain focused on executing our disciplined growth strategy to deliver long-term value to our stakeholders.

我們的近期優先事項包括完成收購整合、擴大交叉銷售機會、推動實現 35% 至 40% 的歷史調整 EBITDA 利潤率目標以及相應的盈利水平。我們有能力實現今年的目標，並繼續專注於執行我們嚴格的成長策略，為利害關係人提供長期價值。

Thank you for your time today. With that, I'll turn the call over to the operator for your questions.

感謝您今天抽出時間。這樣，我會將電話轉給接線員詢問您的問題。

(Operator Instructions) Max Smock, William Blair.

（操作員說明）Max Smock，William Blair。

Hi. Great. Thank you for taking your question. Our first one was just hoping you can give an update on staffing and services. I recall that very low attrition rates in the business have been weighing on margins. So curious if this trend has continued over the last few months. And what your hiring plans look like in 2025, basically trying to get at when we can expect utilization to improve and how we should think about the cadence of margin progression in 2025?

你好。偉大的。感謝您提出問題。我們的第一個只是希望您能提供有關人員配置和服務的最新資訊。我記得該業務的員工流動率非常低，一直在影響利潤率。很好奇這種趨勢在過去幾個月是否持續下去。你們在 2025 年的招募計畫是什麼樣的，基本上是想了解何時我們可以預期利用率會提高，以及我們應該如何考慮 2025 年利潤成長的節奏？

Yeah. Thanks for the question. Yeah, as we indicated last conference call, our back half profitability in Q3 and Q4 was impacted as we hired to our plan but attrition that we baked into that plan was much less than anticipated, and that has contributed to some pressure in terms of margins in the service business in the back half of the year continued into the fourth quarter.

是的。謝謝你的提問。是的，正如我們上次電話會議指出的那樣，我們在第三季度和第四季度的後半部分盈利能力受到了影響，因為我們按照計劃進行了招聘，但我們納入該計劃的人員流失遠低於預期，這對利潤率造成了一些壓力下半年的服務業務延續到第四季。

We have -- since this became more visible, adjusted our recruiting plans on a go-forward basis and anticipate that we'll get back in the line, if you will, with the matching of the capacity and revenue streams on the service side in the first half of fiscal '2025. So a little bit of pressure in the first half of next year, but I believe that improvement will be gradual and through the first half and into the second half, we should be back on track, and it's reflected in our guidance of 31% to 33% EBITDA margin and that improvement during the course of the year.

自從這一點變得更加明顯以來，我們已經在未來的基礎上調整了我們的招聘計劃，並預計我們將重新回歸隊伍，如果你願意的話，在服務方面將容量和收入流相匹配。上半年。所以明年上半年會有一點壓力，但我相信改善將是漸進的，通過上半年和下半年，我們應該回到正軌，這反映在我們對 31% 的指導中。一年中有所改善。

Great. Thank you. That's really helpful. That's really helpful. And then just one on proficiency in terms of its competitive moat. So given that we have seen a continuing trend and expectation for more trials to be run by CROs. And given that proficiency doesn't sell into CROs, do you see this as limiting the size of your business opportunity in the space?

偉大的。謝謝。這真的很有幫助。這真的很有幫助。然後只是關於其競爭護城河的熟練程度。因此，我們看到了持續的趨勢，並期望 CRO 進行更多試驗。鑑於熟練程度並不能說服 CRO，您是否認為這會限制您在該領域的商業機會規模？

No, no. I mean the marketplace that they sell into is in support of pharma clients and their clinical trials in association with the CROs that are out there. We are complementary to their services, competitive to those that do offer this comparable, if you will, training type of capabilities, but the Pro-ficiency offering is pretty unique in terms of both its training module development and the software platform that supports it in terms of its delivery and the impact on adherence to clinical trials.

不，不。我的意思是，他們銷售的市場是為了支持製藥客戶及其與那裡的 CRO 進行的臨床試驗。我們與他們的服務是互補的，與那些確實提供這種類似（如果你願意的話）培訓類型功能的公司相比，具有競爭力，但Pro-ficiency 產品在其培訓模組開發和支援它的軟體平台方面都非常獨特。

So clinical trial uptick in 2025 would be favorable indicator for the proficiency business, and it falls through in a marketplace alongside CROs and competition with some CROs, but that's the same marketplace that it's been selling into and succeed in the last number of years.

因此，2025 年臨床試驗的增加將是熟練業務的有利指標，但它在與CRO 一起的市場以及與一些CRO 的競爭中失敗了，但這與它在過去幾年中一直在銷售並取得成功的市場相同。

Awesome, great. Thanks for the color there. And then lastly, just a quick modeling question. Sorry if you already said it, and I missed it. But how much did Immunetrics and Pro-ficiency contribute to total sales in Q4? And also, what is this breakdown in terms of software versus services, asking because based on the it seems like the inorganic contribution was much lower than we would have thought in the fourth quarter.

太棒了，太棒了。感謝那裡的顏色。最後，只是一個快速建模問題。抱歉，如果你已經說過了，我錯過了。但 Immunetics 和 Proficiency 對第四季總銷售額的貢獻有多大？此外，軟體與服務方面的細分是什麼，因為基於這一點，無機貢獻似乎遠低於我們在第四季的預期。

So if this is the case, can you discuss the dynamics around this?

那麼如果是這種情況，您能討論一下這方面的動態嗎？

Yeah. Pro-ficiency's contribute came in a bit below the $3 million expectation that we had that came in at about $2.1 million, $2.2 million revenue in the second quarter, primarily in terms of the medical communications side, where our anticipation of how much of the project revenue, the service revenue from medical communications would be recognized in the quarter prior to our close of the transaction, obviously, don't pick up the revenue flow from those projects until close, which was mid-June time frame. So that recognition at the beginning of the quarter was a little bit greater than we anticipated.

是的。Pro-ficiency 的貢獻略低於我們預期的 300 萬美元，第二季度的收入約為 210 萬美元，收入為 220 萬美元，主要是在醫療通信方面，我們對該項目的預期金額收入方面，來自醫療通訊的服務收入將在交易結束前的季度確認，顯然，在交易結束之前（即六月中旬的時間範圍）不會從這些項目中獲得收入流。因此，本季初的認可程度比我們的預期要高一些。

And then secondly, yeah, they were subject to some of the delays that we see across our service business in terms of some projects being pushed out. So 2.1 in terms of the Pro-ficiency contribution to the fourth quarter. And it does not change our expectation in terms of $15 million to $18 million contribution in there

其次，是的，他們受到了我們在服務業務中看到的一些項目被推遲的延遲的影響。因此，就第四季度的熟練度貢獻而言，為 2.1。這並沒有改變我們對 1500 萬至 1800 萬美元捐款的預期

Immunetrics fourth quarter contribution, I don't have a -- fourth quarter is not an acquisition revenue. They had fourth quarter contribution revenue in '23 as well as fourth quarter '24. And our integration of that business now is pretty well complete, and we're servicing those opportunities from the combined staff our two organizations. So don't have a breakout of that for the fourth quarter.

Immuntrics 第四季的貢獻，我沒有——第四季不是收購收入。他們在 23 年第四季和 24 年第四季都有貢獻收入。現在我們對該業務的整合已經相當完成，我們正在為我們兩個組織合併後的員工提供這些機會。因此，第四季不會出現突破。

No, that, that was all really helpful. And just as you were talking at for 2025, a similar question on Pro-ficiency. It seems like you're counting Pro-ficiency revenue as all inorganic, despite it closing, like you said in the fourth quarter. So just hoping that you can help us bridge your organic versus inorganic growth expectations for next fiscal year and if you can, by both software and services.

不，那，這一切都非常有幫助。正如您在談論 2025 年一樣，有一個關於專業能力的類似問題。看來您將 Pro-ficiency 收入視為所有無機收入，儘管它已關閉，就像您在第四季度所說的那樣。因此，希望您能幫助我們彌合您對下一財年的有機成長與無機成長的預期，如果可以的話，透過軟體和服務。

Yeah, don't provide it other than our expectation that the software will be in the range of 55% to 60% of our total revenues. I don't have a breakout in terms of software versus services. But -- or, let's call it, SLP like business, everything except Pro-ficiency, our guidance is based upon the assumption of that organic growth will be in the 10% to 15% range, similar to our guidance for last year, fiscal year '24, which was 10% to 15% for which we came in at about 14% growth. And then 2025 proficiency contribution should be in that range of $15 million to $18 million of that.

是的，除了我們預期該軟體將占我們總收入的 55% 到 60% 之外，不要提供其他資訊。我在軟體與服務方面沒有取得突破。但是——或者，我們稱之為 SLP 之類的業務，除了熟練度之外的一切，我們的指導是基於有機增長將在 10% 到 15% 範圍內的假設，類似於我們去年的指導，財政24 年，成長率為10% 到15%，我們的成長率約為14%。到 2025 年，熟練度貢獻應在 1500 萬美元至 1800 萬美元之間。

Great. Thank you so much.

偉大的。太感謝了。

Sure.

當然。

Matt Hewitt, Craig-Hallum.

馬特·休伊特，克雷格·哈勒姆。

Good afternoon. Thanks for taking the questions. Maybe first up, could you help us bridge the gap on your EPS guidance for next year? Just trying to figure out significantly higher. And then I was modeled in -- the Street was model. I'm just trying to figure out what the doubt there? Thanks.

午安.感謝您提出問題。首先，您能幫助我們縮小明年每股盈餘指引的差距嗎？只是想找出明顯更高的結果。然後我就被模仿了──街道就是模特兒。我只是想弄清楚那裡有什麼疑問？謝謝。

Yeah, I think it's in the context of the two line items of adjusted diluted EPS versus diluted EPS -- we've added adjusted diluted EPS as it seems to be the commonality with our peers so that there could be some comparability. Will, do you want to provide some color in terms of the differential there?

是的，我認為這是在調整後稀釋每股收益與稀釋每股收益這兩個項目的背景下——我們添加了調整後稀釋每股收益，因為這似乎與我們的同行有共同點，因此可能存在一些可比性。請問，您想提供一些關於差異的顏色嗎？

Sure. Thanks for the question, Matt. And I would refer to the reconciliations that we have in the press release. One of the things we did for FY24 is we've got the reconciliation of adjusted EBITDA to net income. And for the most part, we've got typical exclusions there that we've communicated in the past.

當然。謝謝你的提問，馬特。我想提及我們在新聞稿中進行的對帳。我們為 2024 財年所做的事情之一是我們對調整後 EBITDA 與淨利潤進行了調節。在大多數情況下，我們已經在過去溝通過典型的排除情況。

The adjusted diluted EPS to diluted EPS, we've really just taking transaction-related expenses as the adjustment. And based on the feedback we're getting from folks as well as comparative in the industry, it made sense to standardize in FY25, so for this next fiscal year to just have the reconciliation items that are in the adjusted EBITDA be the same adjustments that are going to be for the adjusted diluted EPS with the tax impact as well. So FY24 was just an adjustment for transaction-related expenses. FY25 will have a consistent approach with the way we do the adjusted EBITDA, just to simplify it.

調整後的稀釋每股收益到稀釋每股收益，我們實際上只是將交易相關費用作為調整。根據我們從人們那裡得到的反饋以及行業的比較，在 2025 財年進行標準化是有意義的，因此對於下一個財年，調整後 EBITDA 中的調節項目與也將針對調整後的稀釋每股收益以及稅收影響。因此，24 財年只是交易相關費用的調整。25 財年將採用與我們調整後 EBITDA 的方式一致的方法，只是為了簡化它。

That's helpful. But I guess, I was looking for -- I mean, are you expecting $5 million in acquisition-related expenses. There's a pretty big delta from where everybody was before on an adjusted basis to your new guidance. There was a -- that's a pretty big step up. And I'm just trying to figure out what is the bucket that you're seeing the big increase.

這很有幫助。但我想，我正在尋找 - 我的意思是，您是否預計 500 萬美元的收購相關費用。在調整後的新指導基礎上，與每個人之前的情況相比，存在相當大的差異。這是一個相當大的進步。我只是想弄清楚您看到的大幅成長是在什麼範圍內。

I'm guessing it's M&A expenses, but I just want to make sure I'm thinking about this right.

我猜這是併購費用，但我只是想確保我的想法是正確的。

Yeah. Right. Right. Now, we don't have any M&A expenses assumed in the guidance. We mentioned it, it excludes any acquisition. So to the extent that if you, if you look through the EBITDA reconciliation, the big drivers there are, are depreciation and amortization expense and stock comp expense. I mean, those combined were about '11 $'12 million in FY24 and we'll have an increase with the additional intangible amortization from the proficiency acquisition. So that the total probably goes to about '14 $'15 million of adjustments,

是的。正確的。正確的。現在，我們在指南中沒有假設任何併購費用。我們提到過，它不包括任何收購。因此，如果你仔細查看 EBITDA 調節表，就會發現最大的驅動因素是折舊和攤提費用以及股票補償費用。我的意思是，在 2024 財年，這些總計約為「11 美元」1,200 萬美元，並且我們將透過熟練收購帶來的額外無形攤銷而增加。因此調整總額可能約為「14 美元」1500 萬美元，

Got it. All right. And then shifting gears, Shawn, if you could provide a little bit of an update on how the integration with Pro-ficiency, particularly on the sales and marketing efforts. Are those teams -- have they been fully trained at this point? What are the cross-selling pipeline is looking for? Thank you.

知道了。好的。然後換檔，肖恩，如果你能提供一些關於如何與 Pro-ficiency 整合的最新信息，特別是在銷售和行銷工作方面。這些團隊目前是否已經接受過充分的訓練？交叉銷售管道正在尋找什麼？謝謝。

Yeah, we've integrated the sales and marketing personnel that came to us in the acquisition for Pro-ficiency into our consolidated business development team, undertaken training dissemination of presentation of capabilities to bring people up to speed in terms of our new products and services that come into fold -- out in the marketplace, we've transitioned over the last couple of years.

是的，我們已將收購 Proficiency 時來到我們這裡的銷售和營銷人員整合到我們的綜合業務開發團隊中，並進行了能力演示的培訓傳播，使人們能夠加快了解我們的新產品和服務在市場上，我們在過去幾年中進行了轉型。

Our sell-through points and historically have been the discovery department for ADMET Predictor and then primarily the modeling and simulation organization on the clinical side. Previous to this year, we invested time and effort in expanding to a third touch point, the clinical management teams that consolidated group of personnel that manage a drug program, of which the modeling and simulation representative has at that table.

從歷史上看，我們的銷售點一直是 ADMET Predictor 的發現部門，然後主要是臨床方面的建模和模擬組織。今年之前，我們投入了時間和精力擴展到第三個接觸點，即臨床管理團隊，該團隊整合了管理藥物項目的人員隊伍，其中建模和模擬代表就在該團隊中。

But extending our relationship into that area, I think has been one of the keys to supporting our pretty healthy service growth in a very challenged market environment, and that has been the result of identifying opportunities to impact positively a drug program that perhaps the modeling and simulation department has been already used up has been cut certainly cost constrained environment has made those budgets a little tighter.

但我認為，將我們的關係擴展到該領域是在充滿挑戰的市場環境中支持我們相當健康的服務增長的關鍵之一，這是確定對藥物項目產生積極影響的機會的結果，該藥物項目可能是建模和模擬部門已經用完，已經被削減，當然，成本受限的環境使這些預算變得更加緊張。

We opened ourselves up for our service business to be funded out of the clinical trial budget. And that, I think, is supported and wins in the sale of our success on our service side during a challenging time. Long would it enter into through Pro-ficiency's, we're now undertaking that same extension out to their touch points, which are the clinical operations team and the medical affairs team within our clients.

我們開放了我們的服務業務，由臨床試驗預算提供資金。我認為，在充滿挑戰的時期，我們在服務方面的成功銷售得到了支持和勝利。只要透過 Pro-ficiency 進入，我們現在正在對他們的接觸點進行相同的擴展，即我們客戶的臨床營運團隊和醫療事務團隊。

And -- so first step in terms of engagement in the marketplace externally from the company. is to start extending those networks and building those relationships into those new budget opportunities that are available to us.

而且──這是公司參與外部市場的第一步。就是開始擴展這些網絡並將這些關係建立到我們可以利用的新預算機會中。

And that's going very well. I mean we're three months into the close -- after the course of the acquisition, so it's a short window of time, but I think we're moving pretty well there.

一切進展順利。我的意思是，在收購過程結束後，我們已經完成三個月了，所以這是一個很短的時間窗口，但我認為我們進展得相當順利。

Got it. All right. Thank you.

知道了。好的。謝謝。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hi. Can you talk a little bit more about the software revenue growth on a year-over-year basis. I think I heard you say it was down 6% year-over-year organically. Is that correct? And how does that compare to your own internal expectations? And what was that internal growth rate or organic growth rate for the year, please? Thanks very much.

你好。能多談談軟體收入的年增率嗎？我想我聽到你說有機年減了 6%。這是正確的嗎？與您自己的內在期望相比如何？請問當年的內部成長率或有機成長率是多少？非常感謝。

Yeah. Will, can you just remind us of the specific growth rates on the software side as I flip through in mind, making sure I get it right. I mean, the growth rate was down in the fourth quarter but up 12% for the year, 9% organically, right?

是的。威爾，您能否提醒我們軟體方面的具體成長率，我會在腦海中翻閱，以確保我的理解是正確的。我的意思是，第四季成長率有所下降，但全年成長率為 12%，有機成長率為 9%，對嗎？

Yeah, I mean, total revenue for the year. Yeah.

是的，我的意思是，今年的總收入。是的。

So, yeah, fourth quarter revenues were down on the software side. Really, the challenge there has been -- was twofold. One, we did have a couple of renewal slippages out past August into the first quarter. But our real challenge has been in the Asian market. It's one of new issue.

所以，是的，第四季軟體方面的收入有所下降。事實上，存在的挑戰是雙重的。首先，我們確實有幾次續訂從八月推遲到第一季。但我們真正的挑戰是在亞洲市場。這是新問題之一。

It's one that's really been in flux since COVID, quite frankly. And a particular focus for us as we move into fiscal year '25. We've been overgrowing, if you will, in our North America and European markets and compensating for that. But it's an area for improvement for us going forward.

坦白說，自從新冠疫情以來，這個問題一直在不斷變化。當我們進入 25 財年時，我們特別關注這一點。如果你願意的話，我們在北美和歐洲市場上一直在過度成長，並對此進行了補償。但這是我們未來需要改進的領域。

Okay. And I think I see the software gross margin of around 72% in the fourth quarter. It's usually in the 90% range. So -- should we think about that as being like an unusual quarter because of some renewal timing and you'll get back up to that 90% range in 1Q of next year. So -- see that organic software revenue growth to back up starting in fiscal 1Q?

好的。我認為第四季軟體毛利率約為 72%。通常在 90% 範圍內。因此，我們是否應該認為這是一個不尋常的季度，因為一些更新時間，你會在明年第一季恢復到 90% 的範圍。那麼，有機軟體營收成長是否會從第一財季開始回升？

Yeah, Our software revenue margin is impacted. I don't know that it went all the way down into the 70s, I think was in the mid-80s. And so some impact there, as we indicated earlier, that the software side of the proficiency business is down towards 80-ish percent compared to our 90-plus percent in terms of our existing software or legacy software products. So some impact there.

是的，我們的軟體收入利潤率受到了影響。我不知道它一直持續到 70 年代，我想是在 80 年代中期。因此，正如我們之前指出的那樣，與我們現有軟體或遺留軟體產品的 90% 以上相比，熟練業務的軟體方面下降了 80% 左右。所以那裡有一些影響。

And the Pro-ficiency, overall profitability, both in terms of software, as I've just described and on the service side. We see -- means we're improving those as we move through the course of the year. We improved it tremendously through the acquisition in terms of rationalizing some of the overhead expenses of that business unit.

以及專業性、整體獲利能力，無論是在軟體方面，正如我剛才所描述的，或是在服務方面。我們看到——意味著我們在這一年中正在改進這些。透過收購，我們在合理化該業務部門的一些管理費用方面取得了巨大的進步。

It starts in the fourth quarter and the start of fiscal year '25 with a profitability profile that on a percentage basis is a little less than our legacy model, if you will. The overall company EBITDA guidance of 31% to 33% underlying that on the legacy side, SLP, probably could have been up towards that goal that we set for ourselves at 35% to 40%, but Pro-ficiency impacts that in '25. We believe we -- in the longer term into '26, we'll get them in line with our profitability profile. But that will continue to improve to get to that level through the course of 2025. So on the software side, specifically back to your question, some impact from Pro-ficiency there, I think we'll gradually see some improvement as we go quarter-to-quarter through '25.

它從第四季度和 25 財年開始開始，如果您願意的話，按百分比計算的盈利狀況略低於我們的傳統模型。公司整體 EBITDA 指引為 31% 至 33%，在遺留方面 SLP 可能已經達到我們為自己設定的 35% 至 40% 的目標，但 Proficiency 影響了 25 年的目標。我們相信，從長遠來看，到 26 年，我們將使它們符合我們的獲利狀況。但這情況將繼續改善，並在 2025 年達到這一水平。因此，在軟體方面，特別是回到你的問題，來自專業能力的一些影響，我認為隨著我們在 25 年逐季進行，我們將逐漸看到一些改進。

Great. One more quick one. I think the service gross margin you reported, am I seeing this correctly minus 4% in fiscal 4Q. And I'm assuming that, that's from Pro-ficiency, and it's my understanding that Pro-ficiency is very much tied to like the clinical trial activity, basically training the folks at the site on how to basically implement the clinical trial that's in line with basically the trial master file.

偉大的。再來一張快點。我認為您報告的服務毛利率在第四財季為負 4%，我的看法正確嗎？我假設這是來自專業能力，據我所知，專業能力與臨床試驗活動密切相關，基本上是對現場的人員進行培訓，讓他們了解如何基本上實施符合要求的臨床試驗基本上是試用主文件。

So can you maybe just talk about perhaps, I don't know, the mix of clinical trials that you're supporting, for example, if there's more obesity health-related clinical trials, if you're seeing a slowdown in like perhaps gene therapies because the funding environment, I would think would be very good.

那麼，您能否談談，我不知道，您支持的臨床試驗組合，例如，是否有更多與肥胖健康相關的臨床試驗，如果您看到基因等方面的放緩因為治療的資金環境，我覺得會非常好。

Just any more color there. And I think you hired a couple of scientists last quarter -- are they being -- like are they selling -- just any more color on that, you expect a lift to that service gross margin? Thank you.

那裡還有更多顏色。我認為你上個季度僱用了幾位科學​​家——他們是否——就像他們在銷售——只是在這方面有更多的色彩，你預計該服務的毛利率會有所提升嗎？謝謝。

Yeah, two-part answer. I'll talk to the proficiency side of your question. And then, Will, maybe you can talk to the fourth quarter margin with some reclass issues there. Pro-ficiency in terms of, yes, supportive clinical trial activity on the simulation side as its primary focus, business driver, if you will.

是的，分兩部分回答。我會談談你問題的熟練程度。然後，威爾，也許你可以談談第四季的利潤率以及一些重新分類的問題。是的，在模擬方面的支持性臨床試驗活動方面的熟練程度作為其主要焦點，業務驅動力，如果你願意的話。

No specialty in terms of singular therapeutic areas. They're portfolio of past projects spans most all therapeutic areas tends to be more valued in difficult complex clinical trial protocols where obviously a more aggressive comprehensive training ahead of its initiation benefits protocol adherence more significantly. But there's no therapeutic area concentration in terms of their portfolio of activities. Will, do you want to talk about the margin?

在單一治療領域方面沒有專業性。他們過去的計畫組合涵蓋了大多數治療領域，在困難的複雜臨床試驗方案中往往更有價值，顯然在啟動之前進行更積極的綜合培訓更有利於方案的遵守。但就其活動組合而言，治療領域並不集中。威爾，你想談談利潤嗎？

Sure. And I can answer this for the software analyst services. So Q4 certainly has some true-ups that we do when we look at the -- on an annual basis when we go through the audit process. 72% you mentioned for software for the quarter and Q4. That was primarily due to just the Immunetrics software impact coming in a bit lighter.

當然。我可以為軟體分析師服務回答這個問題。因此，當我們每年進行審計過程時，第四季肯定會進行一些調整。您提到本季和第四季的軟體佔 72%。這主要是因為免疫學軟體的影響稍微輕微。

But as Shawn mentioned, mid-80s or where we would expect to see that going forward. I used to be in the 85 to 90 range, and we mentioned there'd be some decline there. On the services side, for Q4, we did look through the year. I think I mentioned it during the call. There was an adjustment that we made, it was about $2.5 million.

但正如 Shawn 所提到的，80 年代中期或我們預期未來會出現這種情況。我曾經在 85 到 90 的範圍內，我們提到那裡會有一些下降。在服務方面，對於第四季度，我們確實回顧了這一年。我想我在通話中提到過這一點。我們做了一個調整，大約是 250 萬美元。

Looking through the year for international efforts that we have with employees and services group, they're all worked through a professional employer organization or a PEO. We reclassed those from G&A expense for the year into services. We did that in Q4.

縱觀這一年我們與員工和服務團隊的國際合作，他們都是透過專業雇主組織或 PEO 進行的。我們將當年的一般管理費用重新分類為服務。我們在第四季就這樣做了。

So that, again, looking forward, the total year is 30% services margin as we continue going forward and leveraging the efficiency business and our business, looking for upsides with billable utilization focus that 30% to 40% range is where we'd be targeting.

因此，再次展望未來，隨著我們繼續前進並利用效率業務和我們的業務，尋找以計費利用率為重點的上行空間，全年服務利潤率為30%，我們將達到30% 到40% 的範圍瞄準。

Thanks very much, appreciate it.

非常感謝，非常感謝。

Sure.

當然。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc 資本市場。

Hey, thanks for taking my question. I wanted to touch on the 10% to 15% organic growth outlined for next year. As we sit here today, you said your guidance contemplates levels from what we're seeing here today, which is clearly depressed you had the same kind of guidance -- organic revenue guidance last year.

嘿，謝謝你回答我的問題。我想談談明年規劃的 10% 到 15% 的有機成長。當我們今天坐在這裡時，您說您的指導考慮了我們今天在這裡看到的水平，這顯然使您感到沮喪，因為您去年有相同的指導 - 有機收入指導。

So maybe walk us through what's expected or built into the low end of that range and the top end of that range? And maybe specifically also on like where you think the biotech end market is expected to be for next year?

那麼，也許可以帶我們了解該範圍的低端和高端的預期或內建內容？也許特別是關於您認為明年生物技術終端市場的預期？

Yeah. Hey, we're all trying to throw that dirt and read the tea leaves in terms of we are only moving forward, and we certainly see some positive things I saw the Thermo CEO spoke very positively today of market opportunity into 2025. And we see a lot of positive too. Our discussions of late in terms of clients budgetary processes that phenomena of our industry in which we've got a few dollars left to spend this year. We lose it if we don't spend it by the end of the calendar year.

是的。嘿，我們都在努力拋開這些污垢，從我們正在向前邁進的角度來解讀茶葉，我們當然看到了一些積極的事情，我看到Thermo 首席執行官今天非常積極地談到了2025 年的市場機遇。我們也看到了很多正面的一面。我們最近就客戶預算流程進行了討論，這是我們行業的現象，今年我們還剩下幾美元可以花。如果我們在年底之前沒有花掉它，我們就會失去它。

Some great discussions taking place right now, and I want to be optimistic, but I'm also conscious. We've seen upticks in funding that have been short-lived and pulled back. And therefore, our approach here in terms of guidance for '25 is pretty -- is conservatively set based upon okay, the market as it is today. The range of 10% to 15% organic growth. We came in higher end of that range this year.

現在正在進行一些精彩的討論，我想保持樂觀，但我也很清醒。我們看到資金的增加是短暫的並被撤回。因此，我們對 25 年的指導方針是相當不錯的——是基於當今的市場保守地設定的。有機增長範圍為 10% 至 15%。今年我們進入了該範圍的高端。

I've got confidence in our organization, we've executed well. in a challenging market over the last 2-year window of time and would be confident in terms of our ability to perform at the high end of that range, but guidance being what it is, we'll take a conservative approach and carry forward our 10% to 15% from last year.

我對我們的組織充滿信心，我們執行得很好。在過去兩年的時間裡，在一個充滿挑戰的市場中，我們對我們在該範圍的高端表現的能力充滿信心，但指導就是這樣，我們將採取保守的方法並繼續我們的目標比去年增加10 %到15%。

But poised, if current market conditions do run on the uptick and start to improve, this fourth quarter of the calendar year or into '25 that we should be able to support and grow with that growth as well into next year. But certainly, at this point in time but prudent that we take a conservative approach to setting our guidance for next year.

但如果當前的市場狀況確實持續上升並開始改善，那麼在今年第四季或進入 25 世紀，我們應該能夠支持這種成長並在明年實現成長。但當然，在這個時候，我們採取保守的態度來制定明年的指導，但要謹慎。

Thanks Sean. So I'm assuming you're meaning that you have very little assumptions of a return or reacceleration of the biotech end market, given all that commentary, is that fair?

謝謝肖恩。因此，我假設您的意思是，考慮到所有這些評論，您對生物技術終端市場的回歸或重新加速幾乎沒有假設，這公平嗎？

No. I have hoped for, but from a guidance perspective, let's start to accrue before we count happen.

不。我一直希望如此，但從指導的角度來看，讓我們在計算發生之前就開始累積。

And then as a follow-up, I think you mentioned in your prepared remarks, Shawn, that you saw some slip in renewals on the GastroPlus. Can you provide maybe more color on that contract? Was it a large pharma? What was the decision there to not renew or a pushout of the renewal -- can you just give us more color on what happened there on the GastroPlus side?

作為後續行動，肖恩，我想你在準備好的發言中提到，你發現 GastroPlus 的續訂出現了一些下滑。你能在合約上提供更多的細節嗎？是大型製藥公司嗎？不續約或延後續約的決定是什麼？

Yeah, The pushouts it's not a nonrenewal decision. It's -- get the paperwork through and get the documentation purchase order and not get that all done by August 31 to our funky fiscal year here. August, a lot of people are on vacation in a just it's not an excuse, but it sometimes is often difficult to get things closed.

是的，退出並不是一個不續約的決定。就是——完成文書工作並獲得文件採購訂單，但在我們這個時髦的財政年度的 8 月 31 日之前還沒有完成這一切。八月，很多人都在度假，這不是藉口，但有時往往很難把事情結束。

I mean the only challengeable one in the mix there is that in the fourth quarter, we did have a renewal situation where we had a specific client that acquired a second company during the course of the year and, in fact, then as well closed one of their sites.

我的意思是，其中唯一具有挑戰性的是，在第四季度，我們確實遇到了續約情況，我們有一個特定客戶在這一年中收購了第二家公司，事實上，然後也關閉了一家公司他們的網站。

And so that was a situation where we had three renewals come up. The original company, the acquired company, and within that original company, their license configuration was site-based. And so in that situation, which is when you look back over our history in terms of the differential between mid-90% renewal rates on software and 100%, what is that difference? I mean it's either companies going bankrupt and departing the landscape or consolidation. And so we had one of those in the fourth quarter results.

因此，我們遇到了三次續約的情況。原公司、被收購公司以及原公司內部的許可證配置都是基於站點的。因此，在這種情況下，當您回顧我們的歷史時，軟體續訂率中間 90% 與 100% 之間的差異是什麼？我的意思是，要么公司破產並退出市場，要么進行整合。因此，我們在第四季的業績中就得到了其中一項結果。

The slippage ones are timing and aren't takeaways of our book of business, if you will. It's only those acquisition scenarios that can be troublesome.

如果你願意的話，滑點只是時間問題，並不是我們業務手冊中的要點。只有那些收購場景可能會很麻煩。

Thanks for all that color. I really appreciate it.

感謝所有這些顏色。我真的很感激。

Sure.

當然。

François Brisebois, Oppenheimer and Company.

布里斯布瓦 (François Brisebois)，奧本海默公司。

Hi, thanks for taking the questions. Just two here. I was just wondering if you can give us a little more explanation or color around that TAM doubling that you talk about. It's not necessarily a biosimulation play, but with Pro-ficiency here, how do you get to a doubling of the TAM?

您好，感謝您提出問題。這裡只有兩個。我只是想知道你是否可以給我們更多關於你所說的 TAM 加倍的解釋或色彩。這不一定是生物模擬遊戲，但有了專業能力，如何才能將 TAM 加倍？

And then I know you're still getting this acquisition integrated, but any other color on more M&A? Or is it just one step at a time. This is a big acquisition. Let's get this one figured out for the time being. Thank you.

然後我知道你們仍在整合這次收購，但更多併購還有其他顏色嗎？或者只是一次邁出一步。這是一筆大收購。讓我們暫時弄清楚這一點。謝謝。

Sure, Frank. Yeah, I mean, the TAM incremental with the Pro-ficiency of the incremental $4 billion is pretty evenly split between the two markets, our assessment of what is the market for the training activity in clinical trial space, an estimate of what is spent in that area across clinical trials, all phases, all therapies, et cetera. Of course, specifically, the training aspect of a clinical trial.

當然，弗蘭克。是的，我的意思是，TAM 增量與熟練度增量 40 億美元在兩個市場之間的分配相當均勻，我們對臨床試驗領域培訓活動市場的評估，對在該領域涵蓋臨床試驗、所有階段、所有療法等。當然，具體來說，是臨床試驗的訓練面。

And on the MEDCOM side, their marketplace is twofold. It's more predominant in the regulatory process, preapproval process and in part as well sourced and medical communications agency work that's done post approval in the commercialization process for a new drug market entry.

在 MEDCOM 方面，他們的市場是雙重的。它在監管流程、預審批流程以及在新藥市場進入的商業化流程審批後完成的部分來源良好的醫療通訊機構工作中佔據主導地位。

And their business is skewed a little bit towards the regulatory process. And so therefore, we've calculated that TAM in that same disproportionate towards the regulatory market activity there.

他們的業務有點偏向監管流程。因此，我們計算出 TAM 與那裡的監管市場活動不成比例。

Acquisitions are a continuous process in terms of working in the landscape and following companies that are on your radar and adding and deleting those that come and go. We've certainly devoted resources to the integration process of our most recent acquisition.

收購是一個持續的過程，包括在領域內工作、追蹤你關注的公司以及添加和刪除那些來來去去的公司。我們當然在最近收購的整合過程中投入了資源。

But our strategy is unchanged in terms of supplementing organic growth with acquisitions. I'd say, yes, we're going to take a little bit of a breath and in terms of the vigor there, but it is not on the shelf and not active at any point in time and should an opportunity arise that fits our criteria there was certainly regarded at that opportunity. And we will continue to do acquisitions.

但我們在透過收購補充有機成長方面的策略並沒有改變。我想說，是的，我們要稍微喘口氣，看看那裡的活力，但它還沒有被擱置，在任何時候都不活躍，如果有適合我們的機會出現的話在那次機會中肯定會考慮那裡的標準。我們將繼續進行收購。

So we've gone from a we used to get questions, when are you going to do the next acquisition because you haven't done -- We've done one in each of the last two years. Our cadence is, I think, good there. No guidance that we'll do one in 2025. But certainly, the underlying activity that could lead to that is active.

因此，我們已經擺脫了過去經常遇到的問題，即您打算何時進行下一次收購，因為您還沒有這樣做——我們在過去兩年中每年都進行了一次收購。我認為我們的節奏很好。沒有任何指示表明我們會在 2025 年這樣做。但可以肯定的是，可能導致這種情況的潛在活動是活躍的。

Thank you.

謝謝。

Constantine Davides, Citizens JMP.

Constantine Davides，公民 JMP。

Thanks. Shawn, this -- correct me if I'm wrong, this is the time of the year, you typically would look to flex price. I'm just wondering how that would look going forward in terms of how much price you would look to increase? And how would that compare to last year?

謝謝。肖恩，如果我錯了，請糾正我，這是一年中的這個時候，您通常會考慮靈活定價。我只是想知道您希望提高多少價格，未來會如何？與去年相比如何？

Yeah, it is our adjusted price list time frame of the year. And our approach this year around was somewhat similar to last year. If the outcome was similar to last year. Historically, that price increase can be 5%-plus level. Typically, you don't yielding 100% of that large clients or in particular market segments, you're looking to discount to gain footholds.

是的，這是我們今年調整後的價目表時間範圍。我們今年的做法與去年有些相似。如果結果與去年相似的話。從歷史上看，價格漲幅可能達到 5% 以上。通常情況下，您不會獲得 100% 的大客戶，或者在特定的細分市場中，您會尋求折扣來獲得立足點。

Two years ago, not last year, not fiscal year '23 by fiscal year '22, we're a little bit more aggressive. It was a start on, I'll call it, peak of inflationary macro environment and what not, came back down in fiscal year '24 and as we enter fiscal year '25, relatively comparable to last year.

兩年前，不是去年，不是 23 財年到 22 財年，我們更激進。這是我稱之為通膨宏觀環境高峰的開始，在 24 財年和進入 25 財年時回落，與去年相對可比。

Great. Thanks. And then I guess just one follow-up on operating expenses. For the past few years, sales and R&D growth has occurred at a clip that exceeds sales growth. Are you going to start to see a little bit more leverage in fiscal '25 on those line items?

偉大的。謝謝。然後我想這只是營運費用的後續行動。在過去的幾年裡，銷售和研發的成長速度超過了銷售成長。您是否會在 25 財政年度開始看到這些項目的槓桿作用增加？

Yeah. We -- true. We've invested in sales and marketing and R&D. Keep in mind that this past year, the reclass where we initiated the beginning in the first quarter, at the beginning of the year and reclassing costs out of G&A into gross margin. Some of that's gone into sales and marketing and R&D overhead costs that follow the people that are working in those line items, if you will.

是的。我們——確實如此。我們在銷售、行銷和研發方面進行了投資。請記住，去年，我們在第一季開始時、年初開始進行重新分類，並將總費用和行政費用重新分類為毛利率。如果您願意的話，其中一些費用將用於銷售和行銷以及研發管理費用，這些費用取決於在這些行項目中工作的人員。

But certainly, incremental to that, we've made investments that I think are paying off. When I look to the execution and success we've had in double-digit growth and stepping up our growth in fiscal year '24, that in good part is due to those business development resources that we have -- we've built and gives us the confidence when we make an acquisition, micoproficiency acquisition that we have the infrastructure on the business development side to leverage those products and services, new products and services going forward.

但當然，除此之外，我們所做的投資我認為正在得到回報。當我看到我們在 24 財年取得的兩位數成長和加速成長的執行力和成功時，這在很大程度上歸功於我們擁有的業務開發資源——我們已經建立並提供了這些資源。當我們進行收購時，我們有信心，我們擁有業務開發的基礎設施，可以利用這些產品和服務，以及未來的新產品和服務。

So we will get more leverage, but I think we are already getting the leverage out of the business development side. And on the R&D side, a great year with delivery of significant releases across all areas of our software platform that has been delivered by that R&D group, which is supplemented with the benefit of some type collaborations with large pharma clients as well as the regulatory environment.

因此，我們將獲得更多的影響力，但我認為我們已經從業務開發方面獲得了影響力。在研發方面，這是偉大的一年，研發團隊在我們的軟體平台的所有領域發布了重要版本，並輔以與大型製藥客戶以及監管環境的某種類型合作的好處。

You may have noted that we've had a recent FDA have another FDA grant collaboration we're engaged. So overall, I think we made some investments there in R&D and sales and marketing. I think we're getting the benefit of it and that benefit will accrue going forward.

您可能已經注意到，我們最近與 FDA 進行了另一項 FDA 撥款合作。總的來說，我認為我們在研發、銷售和行銷方面進行了一些投資。我認為我們正在從中受益，並且這種好處將在未來不斷增加。

That said, overall, we're particularly focused in terms of getting the business back to historical profitability levels at 35% plus adjusted EBITDA level and I feel good in programs that we've initiated that will move us into that direction in '25. And I think we'll have the potential to accrue benefit beyond that as well.

也就是說，總的來說，我們特別關注讓業務恢復到35% 的歷史盈利水平加上調整後的EBITDA 水平，我對我們啟動的計劃感到滿意，這些計劃將使我們在25 年朝著這個方向前進。我認為我們還有潛力獲得除此之外的利益。

That makes sense. Thanks, Shawn.

這是有道理的。謝謝，肖恩。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Mr. Shawn O'Connor.

謝謝。目前沒有其他問題。我想把發言權交還給肖恩·奧康納先生。

Thanks again, everyone, for joining our call today and your interest in SLP. I'll note as well for those in terms of clearing on market conditions and we're wrapping up our participation in two of the most significant conferences in our -- at least on the biosimulation side. One is wrapping up today and another occurs in a couple of weeks.

再次感謝大家今天加入我們的電話會議以及您對 SLP 的興趣。我也會指出市場狀況方面的情況，我們即將結束對我們至少在生物模擬方面最重要的兩個會議的參與。一個在今天結束，另一個在幾週後發生。

The AATS Farm 360 Conference and the ACOP conference next month, two significant conferences for us and look forward to the activity and the type generates. Also on the horizon or conference attendance by myself at Stephen's conference and a BTI investor conference virtual conference, I believe it is next month and hope to see many of you there.

下個月的 AATS Farm 360 會議和 ACOP 會議對我們來說是兩個重要的會議，期待活動和類型的產生。另外，我自己即將參加 Stephen 的會議和 BTI 投資者會議虛擬會議，我相信是下個月，希望在那裡見到你們中的許多人。

With that, we'll close off the call. And again, thanks for joining us today.

這樣，我們就結束通話了。再次感謝您今天加入我們。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。