Simulations Plus Inc (SLP) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Simulations Plus first-quarter fiscal 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Lisa Fortuna, from Financial Profile. Ms. Fortuna, you may now begin.

您好，歡迎參加Simulations Plus 2025 財年第一季財務業績電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。現在我很高興向您介紹主持人，來自 Financial Profile 的 Lisa Fortuna。福爾圖娜女士，您現在可以開始了。

Welcome to the Simulations Plus first-quarter fiscal 2025 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. Please note that our updated -- 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.

歡迎參加Simulations Plus 2025 財年第一季財務業績電話會議。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。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。

After management's commentary, we will open the call for questions. As a reminder, the information discussed today may include forward-looking statements that involve risks and uncertainties. Words like believe, expect and anticipates, 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.

在管理層發表評論後，我們將開始提問。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、期望和預期等字詞指的是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。

In the remarks or responses to questions, management may mention some non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are available in the most recent earnings release available on the company's website. Please refer to the reconciliation tables in the accompanying materials for additional information.

在評論或回答問題時，管理階層可能會提及一些非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳可在公司網站上最新的收益發布中找到。請參閱隨附資料中的調節表以了解更多資訊。

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

這樣，我會將電話轉給肖恩·奧康納。請繼續。

Thank you, Lisa. Good afternoon and Happy New Year, everyone, and thank you for joining our first quarter fiscal 2025 conference call. We're off to a strong start in 2025. Total revenue increased 31% year over year and 5% on an organic basis, including the contribution from our Adaptive Learning and Insights or ALI business unit, and our medical communications or EMC position. Diluted EPS was $0.01. Adjusted diluted EPS was $0.17 and adjusted EBITDA was $4.5 million or 24% of revenue.

謝謝你，麗莎。大家下午好，新年快樂，感謝您參加我們的 2025 財年第一季電話會議。2025 年我們將迎來一個好的開始。總營收年增 31%，有機成長 5%，其中包括我們的自適應學習和洞察或 ALI 業務部門以及我們的醫療通訊或 EMC 職位的貢獻。稀釋後每股收益為 0.01 美元。調整後稀釋每股收益為 0.17 美元，調整後 EBITDA 為 450 萬美元，佔營收的 24%。

Turning to the macro environment, which continues to be a key area of particular focus for the financial community. We are continuing to face a challenging funding and cost-constrained environment in our sector. Key measures such as funding, pharma budgets, and the number of clinical trials, all indicate that activity levels are marginally better compared to the last two years. Additionally, there continues to be a range of activity levels amongst our clients and prospective clients from stagnant to quite active depending on their specific situations.

談到宏觀環境，這仍然是金融界特別關注的關鍵領域。我們的行業繼續面臨著充滿挑戰的資金和成本受限的環境。資金、藥品預算和臨床試驗數量等關鍵指標都表明，與過去兩年相比，活動量略有改善。此外，我們的客戶和潛在客戶之間的活動水平仍然存在著從停滯到相當活躍的一系列活動，具體取決於他們的具體情況。

As the calendar year closed out, our clients were clearly turning their attention to planning for 2025. And our client engagement activities were especially robust. We participated in several major industry conferences, that presented the opportunity to have positive and meaningful conversations with clients that are deeply immersed in their annual budgeting process. This resulted in new budget proposals and outlined plans to expand modeling and simulation capabilities within our client organizations. While this increased level of interest and activity is promising, we're still taking a cautious stance until spending plans are inked and the timing of those expenditures are finalized for calendar 2025.

隨著日曆年的結束，我們的客戶顯然​​將注意力轉向 2025 年的規劃。我們的客戶參與活動尤其活躍。我們參加了幾個主要的行業會議，這提供了與深入參與年度預算流程的客戶進行積極且有意義的對話的機會。這產生了新的預算提案，並概述了在我們的客戶組織內擴展建模和模擬能力的計劃。雖然興趣和活動水平的增加令人鼓舞，但我們仍採取謹慎立場，直到簽署支出計劃並最終確定 2025 年的支出時間。

We are committed to maintaining the disciplined -- execute in a tough environment approach -- that has driven our success over the past two years. At the same time, we're ready to capitalize on any increases in client spending. I'm proud of our team, who delivered these results despite the ongoing cost constrained and limited funding environment for our pharma and biotech clients. Turning to our Software segment.

我們致力於保持紀律嚴明——在艱難的環境中執行的方法——這推動了我們在過去兩年的成功。同時，我們已準備好利用客戶支出的任何成長。我為我們的團隊感到自豪，儘管我們的製藥和生物技術客戶面臨持續的成本限制和資金環境有限，但他們仍然取得了這些成果。轉向我們的軟體部分。

Software revenue grew 41% in the first quarter of '25, 18% on an organic basis with strong performance across our Software Solutions. Our Clinical Pharmacology and Pharmacometrics, or CPP business unit led Software revenue growth with MonolixSuite increasing by 43% including a large pharma client fully committing to PK Analytics, our user-friendly and fast application for compartmental analysis, non-compartmental analysis and bioequivalent studies.

2025 年第一季度，軟體營收成長了 41%，有機成長 18%，我們的軟體解決方案表現強勁。我們的臨床藥理學和藥理學(CPP) 業務部門引領軟體收入成長，MonolixSuite 成長了43​​%，其中一家大型製藥客戶完全致力於PK Analytics，這是我們用於區室分析、非區室分析和生物等效性研究的用戶友好且快速的應用程式。

During the quarter, we added 12 new customers and had 9 customer upsell. Our Quantitative Systems Pharmacology or QSP, Software revenue grew by 40% and we added model licenses for Psoriatic Arthritis and Crohn's disease. As a reminder, quarterly results can be lumpy for QSP software based upon the high-ticket price per license in a smaller pool of end users. Our Cheminformatics or Chem business unit, software revenue grew by 15%, driven by higher revenues from ADMET Predictor. Additionally, there were four new customers and one upsell during the quarter. Our physiologically-based pharmacometrics or PBPK Software revenue increased 4% for the quarter.

本季度，我們增加了 12 位新客戶，並有 9 位客戶追加銷售。我們的定量系統藥理學或 QSP、軟體收入增加了 40%，我們增加了銀屑病關節炎和克隆氏症的模型許可證。提醒一下，由於最終用戶群較小，每個許可證的價格較高，因此 QSP 軟體的季度業績可能會不穩定。在 ADMET Predictor 收入增加的推動下，我們的化學資訊學或化學業務部門的軟體收入成長了 15%。此外，本季還有四名新客戶和一名追加銷售客戶。我們基於生理的藥理學或 PBPK 軟體收入本季成長了 4%。

GastroPlus added two new customers and booked four upsells with existing customers. Software revenue in our ALI business unit was $1.7 million and software revenue in our MC business unit was $0.1 million. Overall, Software revenue in these two new business units was in line with our expectations. Turning to our Software -- our Services segment.

GastroPlus 增加了兩位新客戶，並向現有客戶預訂了四次追加銷售。ALI 業務部門的軟體收入為 170 萬美元，MC 業務部門的軟體收入為 10 萬美元。整體而言，這兩個新業務部門的軟體收入符合我們的預期。轉向我們的軟體—我們的服務部門。

Services revenue grew by 19% in the first quarter of '25, yet declined by 9% on an organic basis. This quarter, our business was temporarily impacted by client-driven data delays that postponed the ramp-up of certain projects into our fiscal year second quarter. PBPK Services revenue decreased 9%. CPP Services revenue declined 6%, QSP Services revenue decreased 14%. Medical Communications Services revenue was $1.9 million, in line with our expectations.

2025 年第一季服務收入成長了 19%，但有機收入卻下降了 9%。本季度，我們的業務暫時受到客戶驅動的資料延遲的影響，導致某些專案的啟動推遲到本財年第二季度。PBPK 服務收入下降 9%。CPP 服務收入下降 6%，QSP 服務收入下降 14%。醫療通訊服務收入為 190 萬美元，符合我們的預期。

On a positive note, Services bookings were very strong during the quarter, especially in our CPP and MC business units. We ended the quarter with $17.3 million in backlog up 22% from $14.1 million sequentially. This was successfully achieved during a year-end quarter in which our client's existing calendar year '24 budgets were depleted, and attention was turning to calendar year '25 activity. The year-over-year decline in Services backlog was reflected a cost-driven pullback by our clients during the course of calendar year '24. With that, I'll turn the call over to Will.

從積極的方面來看，本季的服務預訂非常強勁，尤其是在我們的 CPP 和 MC 業務部門。本季結束時，我們的積壓訂單為 1,730 萬美元，比上一季的 1,410 萬美元成長了 22%。這是在年底季度成功實現的，當時我們客戶現有的 24 年日曆預算已耗盡，注意力轉向了 25 日曆年活動。服務積壓的同比下降反映了我們的客戶在 24 日曆年期間因成本驅動的回檔。這樣，我就把電話轉給威爾。

Thank you, Shawn. To recap our solid first quarter performance. Total revenue increased 31% to $18.9 million including a $3.7 million contribution from the newly formed ALI and MC business units.

謝謝你，肖恩。回顧我們第一季的穩健表現。總營收成長 31%，達到 1,890 萬美元，其中包括新成立的 ALI 和 MC 業務部門貢獻的 370 萬美元。

Software revenue increased 41%, representing 57% of total revenue and Services revenue increased 19%, representing 43% of total revenue. Turning to the Software revenue contribution from our products for the quarter. GastroPlus was 38%, MonolixSuite was 21%, ADMET Predictor was 12%, ALI Training platform was 16% and Other products were 13%. For the trailing 12 months, GastroPlus was 50%, MonolixSuite Suite was 20%, ADMET Predictor was 17%, ALI Training platform was 6%, and Other products were 7%. The trailing 12-month Software revenue for the ALI and MC business units only includes revenue since the acquisition of Pro-ficiency in June 2024.

軟體營收成長41%，佔總營收的57%，服務營收成長19%，佔總營收的43%。談到本季我們產品的軟體收入貢獻。GastroPlus 為 38%，MonolixSuite 為 21%，ADMET Predictor 為 12%，ALI Training 平台為 16%，其他產品為 13%。在過去 12 個月中，GastroPlus 為 50%，MonolixSuite Suite 為 20%，ADMET Predictor 為 17%，ALI Training 平台為 6%，其他產品為 7%。ALI 和 MC 業務部門過去 12 個月的軟體收入僅包括自 2024 年 6 月收購 Pro-ficiency 以來的收入。

During the quarter, our software customer renewal rate was 95% based on fees and 83% based on accounts, both in line with prior year trends, recognizing the quarterly timing of renewals during the fiscal year. Average Software revenue per customer for the quarter increased to $94,000. On a trailing 12-month basis, our Software customer renewal rate was 92% based on fees and 83% based on accounts, also both in line with prior period trends. Average revenue per customer increased to $98,000 on a trailing 12-month basis.

本季度，我們的軟體客戶續訂率（以費用計算）為 95%，以帳戶計算為 83%，兩者均與去年趨勢一致，並認識到本財年的季度續約時間。該季度每位客戶的平均軟體收入增加至 94,000 美元。在過去 12 個月的基礎上，我們的軟體客戶續約率（以費用計算）為 92%，以帳戶計算為 83%，也與前期趨勢一致。過去 12 個月每位客戶的平均收入增加至 98,000 美元。

Shifting to our Services revenue contribution by business unit for the quarter. CPP was 37%, MC was 23%, QSP was 22%, and PBPK was 18%. On a trailing 12-month basis, CPP was 40%, QSP was 28%, PBPK was 21%, and MC was 11%. The trailing 12-month Services revenue for the MC business unit only includes revenue since the acquisition of Pro-ficiency in June.

轉向本季按業務部門劃分的服務收入貢獻。CPP為37%，MC為23%，QSP為22%，PBPK為18%。在過去 12 個月的基礎上，CPP 為 40%，QSP 為 28%，PBPK 為 21%，MC 為 11%。MC 業務部門過去 12 個月的服務收入僅包括自 6 月收購 Pro-ficiency 以來的收入。

Total Services projects worked on during the quarter were 183. Year-end backlog increased to $17.3 million from $14.1 million in the prior quarter. The largest driver of the backlog growth quarter over quarter was in the CPP business unit. While the backlog growth in the Other business units remain relatively flat, with new bookings offset by revenue recognized during the quarter. The year-over-year backlog decline is primarily in the QSP and CPP business units with an increase in the MC business unit.

本季所進行的服務項目總數為 183 個。年終積壓訂單從上一季的 1,410 萬美元增至 1,730 萬美元。積壓訂單季增的最大推動力來自 CPP 業務部門。雖然其他業務部門的積壓訂單成長仍然相對平穩，但新預訂量被本季確認的收入所抵消。積壓訂單年減主要是 QSP 和 CPP 業務部門，而 MC 業務部門則增加。

Total gross margin for the quarter was 54%, with Software gross margin of 75%, and Services gross margin of 26%. On a comparative basis, total gross margin for the prior year quarter was 62%, with Software gross margin of 87%, and Services gross margin of 36%.

本季總毛利率為 54%，其中軟體毛利率為 75%，服務毛利率為 26%。相較之下，去年同期的總毛利率為 62%，其中軟體毛利率為 87%，服務毛利率為 36%。

The decrease in Software gross margin was primarily due to an increase in cost of revenue for the amortization of capitalized software development costs and develop technology amortization from the Pro-ficiency acquisition. The decrease in Services gross margin was primarily due to the decrease in Services revenue on an organic basis with relatively fixed cost of revenue. For the comparative basis reporting, the prior period reflects a reclassification of $0.8 million from G&A expense to cost of revenues in connection with the prior year business unit reorganization.

軟體毛利率的下降主要是由於資本化軟體開發成本攤提和Proficiency收購的開發技術攤提的收入成本增加。服務毛利率下降主要是由於收入成本相對固定的服務收入有機減少。就比較基礎報告而言，上期反映了與上一年業務部門重組相關的 80 萬美元從一般管理費用重新分類為收入成本。

Turning to our consolidated income statement for the quarter. R&D expense was 10% of revenue compared to 8% last year. Sales and marketing expense was 15% of revenue compared to 14% last year. G&A expense on a comparative basis was 28% of revenue compared to 34% last year, and total operating expenses were 53% of revenue compared to 56% last 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 8%。銷售和行銷費用佔收入的 15%，而去年為 14%。比較而言，一般管理費用佔收入的 28%，而去年為 34%；總營運費用佔收入的 53%，去年為 56%。

Income tax expense for the quarter was $0.1 million compared to $0.5 million last year, and our effective tax rate was 24% compared to 19% last year. Net income for the quarter was $0.2 million or 1% of revenue compared to $1.9 million or 13% of revenue last year, and diluted EPS was $0.01 compared to $0.10 last year. Adjusted EBITDA for the quarter was $4.5 million or 24% of revenue compared to $3.4 million or 23% of revenue last year, and adjusted diluted EPS was $0.17 compared to $0.18 last year.

本季所得稅費用為 10 萬美元，去年為 50 萬美元，有效稅率為 24%，去年為 19%。該季度的淨利潤為 20 萬美元，佔收入的 1%，而去年為 190 萬美元，佔收入的 13%；稀釋後每股收益為 0.01 美元，而去年為 0.10 美元。本季調整後的 EBITDA 為 450 萬美元，佔營收的 24%，而去年為 340 萬美元，佔營收的 23%；調整後的攤薄每股收益為 0.17 美元，去年為 0.18 美元。

We believe both our adjusted EBITDA margin and adjusted diluted EPS are on track to achieve our fiscal 2025 guidance ranges. The reconciliation of non-GAAP financial metrics to the relevant GAAP metrics is in our earnings release and on our website.

我們相信，調整後的 EBITDA 利潤率和調整後的稀釋後每股收益都有望實現 2025 財年的指導範圍。非 GAAP 財務指標與相關 GAAP 指標的對帳可在我們的收益發布和我們的網站上找到。

Turning to our balance sheet. We ended the quarter with $18.2 million in cash and investments. Consistent with prior year trends, the first quarter cash and investments balance decreased compared to the fourth quarter, primarily due to the timing of prior year annual bonus payments in the first quarter. We remain well capitalized with no debt and strong free cash flow to execute our growth strategy. I'll now turn the call back to Shawn.

轉向我們的資產負債表。本季結束時，我們擁有 1820 萬美元的現金和投資。與去年趨勢一致，第一季現金和投資餘額較第四季有所下降，主要是由於去年年度獎金支付時間安排在第一季。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。我現在將電話轉回給肖恩。

Thank you, Will. Our strong first quarter results reflected notable strength in Software performance across all of our solutions. We're encouraged by our robust Services backlog, which should drive sequential improvement in the coming quarters. Also, the integration of our ALI and MC business units continues to be progressing well and is tracking in line with our expectations.

謝謝你，威爾。我們第一季的強勁業績反映了我們所有解決方案的軟體效能的顯著優勢。我們對強勁的服務積壓感到鼓舞，這應該會推動未來幾季的連續改進。此外，我們的 ALI 和 MC 業務部門的整合持續進展順利，並且符合我們的預期。

Moving on to our outlook for the balance of fiscal year 2025. With our first quarter 2025 results in line with our expectations, we are reaffirming our fiscal year 2025 guidance as follows: total revenue is expected to be between $90 million and $93 million and we will still expect ALI and MC to contribute between $15 million to $18 million as previously provided. Year-over-year revenue growth is expected to be in the range of 28% to 33%. Software mix between 55% and 60%. Adjusted EBITDA margin between 31% and 33%, and adjusted diluted earnings per share of between $1.07 to $1.20. We also expect total revenue for our second fiscal quarter to be approximately 24% of our fiscal year guidance range with a year-over-year growth rate of between 18% and 22%.

接下來是我們對 2025 財年的展望。鑑於2025 年第一季的業績符合我們的預期，我們重申2025 財年的指引如下：總營收預計在9,000 萬美元至9,300 萬美元之間，我們仍預期ALI 和MC 的貢獻在1,500 萬美元至18美元之間萬元，如前所述。營收年增率預計在 28% 至 33% 之間。軟體比例在 55% 到 60% 之間。調整後的 EBITDA 利潤率在 31% 至 33% 之間，調整後的稀釋每股收益在 1.07 美元至 1.20 美元之間。我們也預期第二財季的總收入約為我們財年指導範圍的 24%，年成長率介於 18% 至 22% 之間。

We expect the balance of our full year revenues to be evenly split in the third and fourth quarters. As a reminder, our guidance does not include the impact of any future acquisitions. Our near-term priorities include successfully completing the acquisition integration, expanding cross-selling opportunities and driving towards our historical adjusted EBITDA margin target of 35% to 40%, and corresponding 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 shareholders. Thank you for your time today.

我們預計全年收入的餘額將在第三季和第四季平均分配。提醒一下，我們的指導不包括任何未來收購的影響。我們的近期優先事項包括成功完成收購整合、擴大交叉銷售機會以及推動實現 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，為股東創造長期價值。感謝您今天抽出時間。

And with that, I'll now turn the call over to the operator for your questions.

現在，我將把電話轉給接線員詢問您的問題。

(Operator Instructions) David Larsen, BTIG.

（操作員說明）David Larsen，BTIG。

The number that stuck out to me this quarter was the Software revenue growth. Up 41% year over year. That's good. What's even better, I think, was -- I think you said it was 18% organic revenue growth. Can you maybe just talk about -- I think last quarter, the organic software revenue growth was like minus 6%. Why the huge positive rebound sequentially? Any color there would be very helpful. Thank you.

本季令我印象深刻的數字是軟體收入成長。較去年同期成長41%。那挺好的。我認為更好的是——我想你說過有機收入成長了 18%。您能否談談——我認為上個季度，有機軟體收入成長約為負 6%。為何會出現連續大幅正反彈？任何顏色都會非常有幫助。謝謝。

Sure, David. Yeah, a great quarter on the Software side and really healthy across all of our platforms. The highlights during the quarter sourced in our CPP platform, the Monolix platform, where we continue to see significant uptake, both in the context of expanding existing license holders there expanding the footprint with upsell there. It came in to new logos. And of note, during the quarter, we had a large pharma account committed 100% to the use of PK Analytics. The NCA component of the MonolixSuite, which is a significant step forward, obviously, with any client.

當然，大衛。是的，軟體方面的季度表現非常出色，而且我們所有平台都非常健康。本季的亮點來自我們的 CPP 平台 Monolix 平台，我們繼續看到該平台的顯著增長，無論是在擴大現有許可證持有者的範圍內，還是在擴大銷售足跡的背景下。它出現了新的標誌。值得注意的是，在本季度，我們有一個大型製藥客戶 100% 承諾使用 PK Analytics。MonolixSuite 的 NCA 組件顯然對於任何客戶來說都是向前邁出的重要一步。

Also very significant progress on the QSP front, where we had some significant license activity in two therapeutic areas -- that bodes well both in terms of the acceptance of those therapeutic models and the value in them -- in general for license to more broadly in the industry. But as well with those two specific clients, their commitment and partnership with Simulations Plus as their QSP partner and anticipate that they will expand into other therapeutic areas with us on the QSP side as well. So certainly, those two areas were delivered very strong results this quarter. But across the board as well and as we identified towards the end of the year, a focus in terms of our Asian market.

在QSP 方面也取得了非常重大的進展，我們在兩個治療領域進行了一些重要的許可活動——這在這些治療模型的接受度和價值方面都是一個好兆頭——總的來說，可以更廣泛地獲得許可行業。但除了這兩個特定客戶外，他們還與作為 QSP 合作夥伴的Simulations Plus 進行承諾和合作，並預計他們也將與我們一起在 QSP 方面擴展到其他治療領域。當然，這兩個領域本季取得了非常強勁的業績。但正如我們在年底時確定的那樣，整體而言，我們的重點是亞洲市場。

If you look to those numbers, which I think are in the 10-Q that was filed today. You'll see that 30% growth in the Asian market, which is pretty much essentially Software revenue, good results and a good start to the year in that geography as well. So quite pleased our software revenue because of the recognition upfront can be seasonal as a result of what renewals are coming up for renewal in a given quarter. In this first quarter, the start of this year, we've kicked off the year very strong on the Software side.

如果您查看這些數字，我認為這些數字位於今天提交的 10-Q 中。您會看到亞洲市場成長了 30%，這基本上是軟體收入、良好的業績以及今年該地區的良好開端。我們對軟體收入感到非常高興，因為預先確認可能是季節性的，因為特定季度的續訂內容會導致續訂。在今年年初的第一季度，我們在軟體方面的表現非常強勁。

Okay. And just any color on maybe pricing? Are we thinking like mid- to high single digits? And then isn't Software sort of a more leading indicator of the overall health of the business? I mean Services, you have consulting engagements, they can be lumpy. It seems to me like Software is sort of the core metric for the overall health of the business. Just any thoughts on pricing in those comments there. Thanks.

好的。也許定價上有任何顏色？我們的想法是中高個位數嗎？那麼，軟體不是更能反映企業整體健康狀況的領先指標嗎？我的意思是服務，你有諮詢業務，它們可能很不穩定。在我看來，軟體是衡量企業整體健康狀況的核心指標。只是對這些評論中的定價有任何想法。謝謝。

Sure. Yeah. No, certainly, we're focused on the Software side of our business. Both are important Software and Services in terms of how we support our clients. But our model and our strategy has always been in terms of a lean -- on the lean to on the Software side because of its obvious benefits in terms of consistency recurring revenue, profitability margin. So a leading indicator certainly in terms of the health of the business is the growth of our Software segment of our business in the context of the price increase this year, yeah, your mid-single digits is where we typically fall in our history, and this year is going to be in that same ballpark.

當然。是的。不，當然，我們專注於我們業務的軟體方面。就我們如何支援客戶而言，兩者都是重要的軟體和服務。但我們的模式和策略始終是傾斜的——傾斜於軟體方面，因為它在經常性收入的一致性、利潤率方面有明顯的好處。因此，就業務健康狀況而言，一個領先指標肯定是我們業務的軟體部門在今年價格上漲的背景下的增長，是的，您的中個位數是我們歷史上通常跌落的地方，並且今年也將是同樣的情況。

Just one last quick one for me before I hop back in the queue. What was the GastroPlus year over year software revenue growth. It looked a little light. Is that 3% year over year?

在我重新回到隊列之前，這只是我的最後一個快速的。GastroPlus 軟體營收年增是多少？看起來有點輕。是年比3%嗎？

Yeah, it's 4%, I think, maybe we're rounding up -- or rounding down there, but I think it was about 4%. Yeah, there, we had good results out of Asia which is predominantly GastroPlus. Decent uptake in terms of some upsells -- relatively low in terms of new logos. It's a little bit bigger price point. And I think our view is that some of those newer clients are waiting until after the new year budgets in 2025. But healthy activity in terms of our pipeline in GastroPlus, no change in our outlook there.

是的，我認為是 4%，也許我們向上捨入或向下舍入，但我認為大約是 4%。是的，我們在亞洲（主要是 GastroPlus）取得了不錯的成績。就一些追加銷售而言，吸收率還不錯——就新標誌而言，吸收率相對較低。這是一個有點大的價格點。我認為我們的觀點是，其中一些新客戶正在等待 2025 年新年預算之後。但就我們在 GastroPlus 的管道而言，活動活躍，我們的前景沒有改變。

Okay. And one last quick one. When you say Asia, how much of Asia is China?

好的。最後一個快點。當你說亞洲時，中國佔亞洲的比例有多大？

China is a relatively smaller portion there. Japanese market is probably the largest contributor in our Asian marketplace. India, Korea and then probably China coming up in the fourth.

中國所佔的比例相對較小。日本市場可能是我們亞洲市場的最大貢獻者。印度、韓國，然後可能是中國，排名第四。

Okay, great because China has been under pressure. Thanks very much. I'll hop back in the queue next quarter.

好吧，很好，因為中國一直面臨壓力。非常感謝。下個季度我將重新加入隊列。

Sure, take care.

當然，保重。

Francois Brisebois, Oppenheimer & Company.

弗朗索瓦·布里斯布瓦，奧本海默公司。

Sorry for the background noise. And sorry if I missed this, I think I got disconnected from the call for a bit, but I just wanted to hear more about the major pharma commitment and its impact on the quarter you just reported. Was that a commitment that you had expected? Or was that a surprise? Just a little more color there would be helpful.

抱歉有背景噪音。抱歉，如果我錯過了這一點，我想我與電話會議的聯繫有點中斷，但我只是想了解更多有關主要製藥公司的承諾及其對您剛剛報告的季度的影響。這是您所期望的承諾嗎？還是這是一個驚喜？只要多一點顏色就會有幫助。

Sure, Frank. The large pharma commitment in terms of PK analytics is what you're referring to, I presume. And boy, I wish these things came in surprises, but no -- healthy hard work in terms of the business development team, working with them for some time leading to this sort of commitment. They were a license holder of the application, getting them over the barrier in terms of a full commitment. Something we've been working on, anticipating we would get there and that came through this quarter.

當然，弗蘭克。我想您所指的是大型製藥公司在 PK 分析上的承諾。天哪，我希望這些事情能帶來驚喜，但事實並非如此——業務開發團隊的健康努力工作，與他們合作一段時間導致了這種承諾。他們是該應用程式的許可證持有者，使他們能夠以充分的承諾克服障礙。我們一直在努力做一些事情，預計我們會實現這一目標，並在本季度實現了這一目標。

Okay. Great. And then just on the -- on the Services side, the temporary postponing, is that something that affects the rest of the year? Or is this kind of a lump sum in the second quarter that we expected to hit and then everything else should be back on track?

好的。偉大的。然後，就服務業而言，臨時延遲是否會影響今年剩餘時間？或者說我們預計第二季度會一次完成這一目標，然後其他一切都應該回到正軌？

I think what we're seeing is, as we closed out the calendar year of '24, the constraints on budgets through the course of the full year there, depleted their budgets for spending what is our first quarter, but effectively, the last budget quarter of our clients, '24 year. Our bookings activity was quite robust. And our backlog is now -- the metric is about 90% of it is realizable within a year. Saw a lot of activity from clients, some of which was booked and some of it -- just is ongoing discussions in terms of planning for project activity in 2025.

我認為我們看到的是，當我們結束 24 日曆年時，全年預算的限制耗盡了他們用於支出第一季度的預算，但實際上是最後一個預算我們四分之一的客戶，' 24 年。我們的預訂活動非常活躍。現在我們的積壓工作量是－大約 90% 的工作量可以在一年內實現。看到了客戶的大量活動，其中一些已被預訂，還有一些 - 正在就 2025 年的專案活動規劃進行持續討論。

Some of that's in the second quarter here, the first quarter of the calendar year, some of that spreads out into third and fourth quarter. The delays that we saw in the fourth quarter, similar to the delays that we've been seeing each of the last several quarters. And trying to mix and match projects that runs a time estimates on those will be pushed off made this first quarter a bit challenging for the Service side -- Service team. But based upon the good bookings that we had in the first quarter, our visibility to that timing is factoring in that -- nothing goes perfectly to schedule. No change in our outlook in terms of the Service business into the second and back half of the year.

其中一些發生在第二季度，即日曆年的第一季度，其中一些分散到第三和第四季度。我們在第四季度看到的延誤與我們過去幾季看到的延誤類似。嘗試混合和匹配那些對將被推遲的時間進行估計的項目，使得第一季對服務方（服務團隊）來說有點挑戰。但根據我們第一季的良好預訂情況，我們對時間安排的可見性考慮到了這一點——沒有什麼事情能完美地按計劃進行。我們對下半年和下半年服務業務的展望沒有改變。

Thank you and congrats on a solid quarter.

謝謝並恭喜這個季度的穩健表現。

Thanks, Francois.

謝謝，弗朗索瓦。

Max Smock, William Blair.

馬克斯·斯莫克，威廉·布萊爾。

It's Christine Rains on for Max Smock. Thanks for taking our questions. Just digging a little bit more into your previous comments, you discussed some promising conversations with large pharma companies, as they went through their process of setting their 2025 budgets, but also noted that all these deals haven't been finalized. Just hoping you can give us an idea of how much of this incremental business has been contracted?

克里斯汀雷恩斯 (Christine Rains) 飾演馬克斯史莫克 (Max Smock)。感謝您回答我們的問題。稍微深入了解一下您之前的評論，您討論了與大型製藥公司進行的一些有希望的對話，因為他們正在製定 2025 年預算的過程，但您也指出所有這些交易尚未最終確定。只是希望您能讓我們了解增量業務有多少已經簽約？

And now that we've closed out the calendar year, if you have any idea of how your large pharma clients in specific, their budgets for modeling and simulation in 2025 compared to 2024? And how this reflects on your initial booking expectations. Really just trying to get at -- if you think we're at a bottom for large pharma demand or if you think there's a potential other shoe to drop this year? And if we're at a bottom, then what is kind of your sense of a timeline for a rebound? Thanks.

現在我們已經結束了這個日曆年，您是否知道您的大型製藥客戶具體而言，他們 2025 年的建模和模擬預算與 2024 年相比如何？以及這如何反映您最初的預訂期望。真的只是想知道——如果你認為我們的大型製藥需求已經觸底，或者你認為今年還有可能出現其他問題？如果我們處於底部，那麼您對反彈的時間表有何看法？謝謝。

Let me pull my crystal ball out and see how well I can respond on this one. It was a very good quarter in terms of our discussions with our clients. A quarter in which we had a couple of our more significant conferences in our industry. A lot of face time across the board at all levels with our clients. And I'd say the thing I walked away from those conversations with I'll come back to the specifics of bookings and timing and all that sort of thing.

讓我拿出我的水晶球，看看我能在這件事上做出怎樣的回應。就我們與客戶的討論而言，這是一個非常好的季度。在這個季度，我們召開了幾次業界更重要的會議。與我們的客戶在各個層面都有大量的會面時間。我想說的是，我從這些談話中走出來的事情我會回到預訂和時間安排以及所有類似事情的細節。

But it's certainly a strong commitment on our clients and appetite to expand their use of modeling and simulation in their programs. I think we are a set of solutions that can provide efficiency and better ROI on programs. And this has been their learning lesson during this past year or two, a budget crunch and trying to improve their effective delivery of ROI to their shareholders. And so I certainly walked away from the last few months of discussions with clients with -- our clients are very committed and see the strength and value to what modeling and simulation can do in improving their performance.

但這無疑是對我們客戶的堅定承諾，也是他們在專案中擴大建模和模擬使用的意願。我認為我們是一套可以提供效率和更好的專案投資報酬率的解決方案。這是他們在過去一兩年中的教訓，預算緊縮並試圖提高向股東提供的有效投資回報率。因此，我當然結束了過去幾個月與客戶的討論——我們的客戶非常忠誠，並且看到了建模和模擬在提高其性能方面的優勢和價值。

And good discussion in terms of collaborative partnerships. Something that Simulations Plus has always been very good at in terms of partnering with our clients. And a number of these discussions were quite extensive in terms of how can we form an even closer alliance and work together. So strong commitment out of our clients -- the client discussions over the last three months. Inevitably, we work that down to what's the budget and what's the project outlook, what's the modeling department need for more tools, expanding of our platform usage.

並就合作關係進行了良好的討論。在與客戶合作方面，Simulations Plus 一直非常擅長。其中許多討論涉及我們如何建立更緊密的聯盟並共同努力。我們的客戶做出如此堅定的承諾—過去三個月的客戶討論。不可避免地，我們會考慮到預算是多少、專案前景是什麼、建模部門需要什麼更多的工具、擴展我們的平台使用。

And those discussions were good. Some commitments have come in already. Much of the discussion was in the context of what they were going to put into their budgets in their calendar year '25 getting it into the budget and getting it approved is that first hurdle.

這些討論很好。一些承諾已經落實。大部分的討論都是圍繞著他們將在 25 日曆年的預算中投入什麼內容進行的，將其納入預算並獲得批准是第一個障礙。

That next hurdle is then their rollout. They don't roll it all out on January 1. It's spread; they're spending through the course of the year. And so as of mid-January or first week of January. People are just getting back, and we're getting good calls and conversations going in terms of how do we roll this out? Are their budgets greater than last year? What's the relationship or it's spending on the uptick?

下一個障礙就是他們的推出。他們不會在 1 月 1 日全部推出。它已傳播；他們全年都在花錢。從一月中旬或一月的第一周開始也是如此。人們剛回來，我們接到了很好的電話和對話，討論我們如何推出這個專案？他們的預算比去年多嗎？有什麼關係或支出在增加嗎？

O boy, we don't have visibility to that level certainly are discussions with them and their planning process indicates such. But overall, we're going to continue to take that cautious optimistic outlook here, but there are some bright lines, good discussions, some promise for a pickup in the industry. We're going to live that as it occurs and be ready to execute at the levels that we've been operating at or step up and respond to higher spend rates in our industry going forward. I'm confident that it will be somewhat a better environment than it was last year, but let's see how it plays out.

天哪，我們當然沒有達到那個水平的可見性，當然是與他們的討論，他們的規劃過程表明了這一點。但總體而言，我們將繼續對前景持謹慎樂觀的態度，但也有一些光明的前景、良好的討論以及行業回升的一些希望。我們將在這種情況發生時接受並準備好按照我們一直在運營的水平執行，或者加強並應對我們行業未來更高的支出率。我相信今年的環境會比去年更好，但讓我們看看結果如何。

Okay. Thank you. Appreciate the detail there. I'm also hoping you give the contribution from Pro-ficiency in Software versus Services and discuss both the total top line and margin contribution from Pro-ficiency in the quarter aligned with your expectations or if a ramp is needed to hit the $15 million to $18 million sales target? And similarly, just on margins overall in Services if utilization has improved there and how that kind of plays into the cadence for the year?

好的。謝謝。欣賞那裡的細節。我還希望您給出 Pro-ficiency 在軟體與服務方面的貢獻，並討論 Pro-ficiency 在本季度的總收入和利潤貢獻是否符合您的預期，或者是否需要增加以達到 1500 萬美元1800萬美元的銷售目標？同樣，服務業的整體利潤率是否有所提高，以及這對今年的節奏有何影響？

I'll give Will a heads up to respond on some of those numbers. I'll talk in general, contribution from adaptive learning insights and medical communications, the two business units of proficiency right in line with both expectations in general. As well as in the context of the $15 million to $18 million that we've guided in terms of their revenue contribution. They're settling in wealth from an internal perspective in terms of integration to the Simulations Plus organization, the activity level and the marketplace is very active, both in terms of the continuation of their business development efforts as part of the larger business development team -- their existing accounts and pipeline as well as cross conversations of introductions across the two entities, if you will, in terms of our introduction into our clients and their introduction of the legacy SOP products into their client base.

我會提醒威爾對其中一些數字做出回應。我將籠統地談談適應性學習見解和醫療溝通的貢獻，這兩個業務部門的熟練程度與整體期望一致。以及我們指導的 1500 萬至 1800 萬美元的收入貢獻。從內部角度來看，他們在融入模擬加組織方面積累了財富，活動水平和市場都非常活躍，無論是作為更大的業務開發團隊的一部分繼續進行業務開發工作 - - 他們現有的帳戶和管道，以及兩個實體之間的交叉介紹對話（如果您願意的話），包括我們向客戶的介紹以及他們向客戶群介紹遺留SOP 產品的情況。

In terms of specific revenue numbers and the others, Will, do you want to comment?

至於具體的收入數字和其他方面，Will，您想發表評論嗎？

Sure. And I would definitely point you to the earnings deck that we put out with some of this detail. But the two business units for Software, it was about $1.8 million for the quarter. And $1.9 million for Services.

當然。我絕對會向您推薦我們發布的收益報告，其中包含一些細節。但軟體的兩個業務部門本季的銷售額約為 180 萬美元。190 萬美元用於服務。

Great. Thank you both. And last, just one quick one for me. Just hoping you can give some more color on the data delays and kind of what's behind that and a resolution timeline?

偉大的。謝謝你們倆。最後，對我來說只是一個快速的。只是希望您能夠對數據延遲以及背後的原因以及解決時間表提供更多資訊？

I don't think it ever fully resolved. I think this is the reality of drug development today. It's the banner headline of fail fast and reallocate resources to programs that have a higher likelihood of success that is going to result in terms of a higher frequency of resource allocation decisions on the part of our clients. So it's something that we encounter on a quarterly basis, have in the past. We've seen that frequency increase.

我認為它還沒有完全解決。我認為這就是當今藥物開發的現實。這是快速失敗並將資源重新分配給成功可能性更高的計劃的標題，這將導致我們的客戶更頻繁地做出資源分配決策。所以這是我們過去每季都會遇到的事情。我們已經看到頻率增加。

And I don't think we reach an end date in which that activity. It's always going to ebb and flow quarter by quarter, but it's -- the reality of the business model of ultimate right now. So a little bit more activity than typical in the first quarter, as we take a look at our backlog and our pipeline. We had very robust bookings quarter on the Service side. And so mostly success in those projects are teed up. And eventually, there will be some shifting of the planned timing for them down the road, but certainly starts off the year with a good backlog to fuel our service expectations in fiscal year '25.

我認為我們還沒有達到該活動的結束日期。它總是會一個季度一個季度地潮起潮落，但它是目前終極商業模式的現實。因此，當我們查看我們的積壓訂單和管道時，活動比第一季的典型活動要多一些。我們在服務方面的預訂季度非常強勁。因此，這些項目的成功大多是蓄勢待發的。最終，他們的計劃時間將會發生一些變化，但肯定會以良好的積壓來推動我們在 25 財年的服務預期。

Great. Thank you so much.

偉大的。太感謝了。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc 資本市場。

Hey team. Thanks for the ask. Most of my questions have been asked, but I just wanted to get a sense, Shawn, this back half ramp, has anything changed in the last 90 days from the -- based on that commentary? And specifically, this is a follow-up to a previous question that was asked about the Services revenue flowing into 2Q, should it all flow back into 2Q that was lost in 1Q? I just want to get some clarity around is there should estimate -- is there an air pocket in 2Q that's causing the back half commentary? Or was it always that you thought of this year as having a back half ramp based on what you're seeing in the industry? Thanks.

嘿團隊。謝謝你的提問。我的大部分問題都被問到了，但我只是想了解一下，肖恩，這個後半坡道，在過去 90 天內，根據該評論，有什麼變化嗎？具體來說，這是先前問題的後續問題，該問題涉及流入第二季的服務收入，是否應該全部回流到第一季損失的第二季？我只是想弄清楚是否應該估計——第二季度是否有一個氣穴導致了後半部分的評論？或者，根據您在行業中看到的情況，您是否一直認為今天會出現後半段增長？謝謝。

Yeah, fair question, Scott. Our seasonality by quarter. Software is a bigger impact there in terms of the sequence of renewals that take place in quarter to quarter, but some seasonality on the Service side. We've seen historically, second and third quarter being sort of peaks and fourth quarter a little bit of a step down. Our comment there was just sort of recognizing that, hey, a lot of this project activity and budgeting act discussions. That's not all going to close and be handed out and driven to revenue -- in the first half of the year.

是的，這是一個公平的問題，斯科特。我們按季度劃分的季節性。就季度更新的順序而言，軟體的影響更大，但服務方面存在一些季節性。從歷史上看，我們看到第二和第三季達到了峰值，而第四季度則略有下降。我們的評論只是認識到，嘿，很多這個項目活動和預算法案的討論。這些並不是全部都會在今年上半年完成、分送並帶來收入。

And I think if budgets pick up, if the activity level picks up, it's going to go through the typical sales pipeline activity timeframe, you then get project performance that ultimately leads to revenue and probably pushes some of that Service revenue to the back half of the year. But when we say push out here, we're talking about -- we've guided to 24% of our revenue being in the second quarter. I mean that's -- in the past, it's been 26%. So we're not really talking about a big push off to the back half of the year. We just wanted to make sure people's expectation in terms of consensus revenue for second quarter was on target.

我認為，如果預算增加，如果活動水準增加，它將經歷典型的銷售通路活動時間框架，然後您將獲得專案績效，最終帶來收入，並可能將部分服務收入推至下半年。但當我們在這裡說推出時，我們談論的是——我們已經將 24% 的收入來自第二季。我的意思是──在過去，這個比例是 26%。因此，我們並不是真的在談論將時間大幅推遲到今年下半年。我們只是想確保人們對第二季共識收入的預期達到目標。

Great. Thank you so much.

偉大的。太感謝了。

Matt Hewitt, Craig Hallum.

馬特·休伊特，克雷格·哈勒姆。

Good afternoon. Happy New Year, guys.

午安.新年快樂，夥計們。

How are you doing Matt?

馬特，你好嗎？

Pretty good. So maybe first up. So I think I heard you say total organic revenue growth in the quarter was 5%. I realize maybe not everybody has reported, but do you have a sense where the market shook out for last year? Historically, it was kind of mid-teens. Obviously, and you noted that the last couple of years have been challenging, so below that. But do you have a sense where the market was last year?

不錯。所以也許首先。所以我想我聽到你說本季總有機收入成長了 5%。我知道也許不是每個人都報道過，但是您是否感覺到去年市場的震盪？從歷史上看，這大約是十幾歲的時候。顯然，您注意到過去幾年充滿挑戰，因此低於此。但您知道去年的市場狀況嗎？

We've got to wait and see some of the other reports come out to get the visibility there. I think many of the peer group reporting that I saw, whittle down to our comparable modeling and simulation components. While our 24% growth was -- significant, up at 14% level organically. I think most of our peers were in the single-digit area. Our organic growth in the first quarter I think you're right, it is 5%, 6%, something like that. But essentially, within our expectations and our guidance as anticipated.

我們必須等待其他一些報告的發布才能了解情況。我認為我看到的許多同行小組報告都縮減了我們可比較的建模和模擬組件。雖然我們 24% 的成長非常顯著，但有機成長達到 14%。我認為我們的大多數同行都處於個位數區域。我們第一季的有機成長我認為你是對的，是 5%、6% 之類的。但本質上，在我們的預期和預期指導範圍內。

Got it. And then one of the opportunities when you acquire Pro-ficiency was that it expanded the market opportunity in that you basically got to move into the commercial budgets within your customer partners versus just in the modeling and simulation and kind of the earlier stage work. Are you seeing some of the benefit? I mean some of the comments that you've made today indicate that you were still facing some headwinds in Q1, but are you starting to see some of that new budget opportunity open up to you because of the acquisition?

知道了。然後，當您獲得 Pro-ficiency 時，機會之一是它擴大了市場機會，因為您基本上可以將其納入客戶合作夥伴的商業預算中，而不僅僅是建模和模擬以及早期階段的工作。您看到一些好處了嗎？我的意思是，您今天發表的一些評論表明您在第一季仍然面臨一些阻力，但是您是否開始看到由於收購而向您開放的一些新的預算機會？

The acquisition opened us up into two new budget areas. One is clinical operations and probably -- the most important budget, most adjacent budget in terms of the potential to see opportunities for synergy, if you will, between the modeling and simulation -- Biosimulation solutions that we have and the training platform, that is sold into clinical ops. The second budget that it opened us up into this medical affairs, both pre-approval and commercial budgets in that regard.

此次收購為我們開闢了兩個新的預算領域。一是臨床操作，可能是最重要的預算，就可能看到協同機會而言最相鄰的預算，如果你願意的話，在建模和模擬之間，我們擁有的生物模擬解決方案和培訓平台，即出售給臨床手術。它向我們開放了醫療事務的第二個預算，包括這方面的預先批准和商業預算。

And I think we're going to see the play out of the opportunity and expansion of those budgets to roll in that sequence, I think clinical operations first and leading ultimately on the commercial side. The Pro-ficiency operation of medical communications business unit internally today that is selling through to that commercial medical affairs budget. Very robust, had a good bookings quarter.

我認為我們將看到這些預算的機會和擴展按順序進行，我認為首先是臨床操作，最終在商業方面領先。今天，醫療通訊業務部門內部的專業運作正在向商業醫療事務預算進行銷售。非常強勁，季度預訂情況良好。

And as we're learning a more dramatic front and the budgeting process that gives visibility to their business for the coming year. It's a little bit played out a little bit more exclusively. And so the good first quarter bookings quarter was a good confirmation of our expectations for medical communications in that regard into the latter part of the fiscal year here.

當我們了解更引人注目的前沿和預算流程時，可以了解他們來年的業務。它的表現有點更排他性。因此，第一季的良好預訂季度很好地證實了我們對本財年下半年醫療通訊的預期。

Got it. And maybe one last one, and I don't know if you're going to even have this handy, but I thought I'd ask. Obviously, the press release, it kind of notes that there was some data delays that prevented getting some of those Service contracts going push them into Q2 and later in the year. And then on the call here, you've kind of mentioned at least earlier in the prepared remarks that there were some budgetary constraints. Is there -- were way to kind of parse out the delta between the two? How much of it was budgets versus data, the backlog or data delays?

知道了。也許是最後一個，我不知道你是否會方便地使用這個，但我想我會問一下。顯然，新聞稿指出，存在一些數據延遲，導致部分服務合約無法將其推遲到第二季和今年稍後。然後，在這次電話會議上，您至少在準備好的發言中提到過存在一些預算限制。有沒有辦法解析兩者之間的差異？其中有多少是預算與數據、積壓或數據延遲？

Difficult to quantify there for you, Matt. And as I said before, on the budget constraint side. That is just -- we're operating our first quarter, and the last quarter of the calendar year budgets for our clients. And like my son sometimes when it gets to the end of the year, the end of the month, he spent all his money in the beginning of the month or the beginning of the year, the end of the timeframe becomes a little bit more difficult and that I would characterize on the budget constraint side, the activity level. With regard to project delays I've also commented in that regard that, hey, it's something that is encountered every quarter.

馬特，這對你來說很難量化。正如我之前所說，在預算限制方面。那隻是——我們正在為我們的客戶運營第一季和最後一個季度的預算。就像我兒子有時到了年底、月底，他在月初或年初就花光了所有的錢，時間框架的結束變得有點困難我會從預算約束方面來描述，即活動水平。關於專案延遲，我也評論過，嘿，這是每個季度都會遇到的事情。

Some quarters are going to be a little bit more populated with project delays and changes and others. That's what took place here in the first quarter for us. But it's a operating environment or phenomena that we will have to become adept at on an ongoing basis because it doesn't go away, that quarter that -- in which there are no data delays or project delays in any of our expectations from the beginning of the quarter. I think that may be in a rearview mirror. We're always going to have that sort of big systems.

有些地區會出現更多的專案延遲、變更等情況。這就是我們第一季發生的事情。但這是我們必須不斷適應的操作環境或現象，因為它不會消失，從一開始我們的任何預期都不會出現資料延遲或專案延遲。我想這可能是在後視鏡裡。我們總是會擁有那種大型系統。

Got it. Thank you very much.

知道了。非常感謝。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

Yeah, good afternoon. Thanks for taking the questions. I wanted to ask a little bit further on the ALI and MC contributions being in line with your expectations and doing the math there that annualizing the contribution you saw here in your fiscal first quarter will put you at the low end of the range you've set? But I'd like to think about that whole range of outcomes that you've outlined.

是的，下午好。感謝您提出問題。我想進一步詢問 ALI 和 MC 的貢獻是否符合您的預期，並在那裡進行數學計算，將您在第一財季看到的貢獻年化將使您處於您所預期範圍的低端放？但我想考慮一下您所概述的所有結果。

And I was hoping you could comment a little bit further on the seasonality of that business catalyst you might see for the rest of the year and then maybe outside the revenue contribution is just next steps for the integration of that piece of the business with the broader operation.

我希望你能進一步評論今年剩餘時間裡你可能會看到的業務催化劑的季節性，然後也許在收入貢獻之外只是將該業務與更廣泛的業務整合的下一步手術。

Sure, Jeff. The ALI side, the Clinical Simulation side, probably patterned similar to Biosimulation project support for clinical trials. So when are those clinical trials going to take place. And sort of the seasonality for that side of the business kind of mirrors ours. And the year-end quarter -- the calendar quarter, our first quarter, not the robust -- most robust quarter for that. They'll be peaked in the first three quarters of the calendar year, so our second through our fourth quarter.

當然，傑夫。ALI 方面，即臨床模擬方面，其模式可能類似於臨床試驗的生物模擬計畫支持。那麼這些臨床試驗什麼時候會進行呢？這方面業務的季節性在某種程度上反映了我們的情況。年終季度——日曆季度，我們的第一季度，不是最強勁的——最強勁的季度。它們將在今年的前三個季度達到頂峰，因此我們的第二季到第四季將達到頂峰。

Medical Communications, as I commented before, as well most of their program efforts are not going to take place in November, December sort of timeframe. So they're probably similar, but maybe even a little bit more skewed towards the, what would be our fiscal year third and fourth quarter. Next steps in terms of the integration there, settle into operating regimen within the greater SOP company.

正如我之前評論的那樣，醫療通訊以及他們的大部分計劃工作都不會在 11 月、12 月之類的時間範圍內進行。因此，它們可能是相似的，但甚至可能更傾向於我們財年的第三季和第四季。下一步的整合工作是在更大的 SOP 公司內建立營運機制。

We've undertaken most of the major steps to achieve internal integration -- we've got the business development team integrated and a comprehensive go-to-market with regard to all of the solutions on a combined basis now, putting those feelers out and beginning that networking of the proficiency spider web of relationships within clients and our spider web and trying to increase the number of conversations that lead to leads that fuel the pipeline for future business on the verge. So next steps are really more market driven as opposed to internal driven.

我們已經採取了大部分主要步驟來實現內部整合——我們已經整合了業務開發團隊，並在組合的基礎上對所有解決方案進行了全面的市場推廣，將這些試探和開始在客戶和我們的蜘蛛網之間建立熟練的蜘蛛網關係網絡，並嘗試增加對話的數量，從而產生潛在客戶，為未來的業務提供動力。因此，接下來的步驟實際上更多的是市場驅動，而不是內部驅動。

Understood. That helps. And then I wanted to ask one around the macro environment. You said the funding challenges and cost constraints in the press release and then here in your remarks, you cited a wide range of activity levels, wide variance by client. So I want to ask if there's any pattern by customer size or therapeutic area or stage of clinical development work or any other vector there?

明白了。這有幫助。然後我想問一下宏觀環境。您在新聞稿中提到了資金挑戰和成本限制，然後在您的演講中，您提到了各種活動水平以及客戶的巨大差異。所以我想問是否有按客戶規模、治療領域或臨床開發工作階段或任何其他媒介劃分的模式？

I think you can -- the basic answer is no. It's kind of, it's all over the map. There are some trends, if you will, but probably obvious in terms of -- on a company perspective, look at those companies that are being a little bit more aggressive little bit better financial position out there, Novo Nordisk type of scenario versus some that may be still struggling in terms of their own financial reporting from a therapeutic area oncology still is singing louder out there. And so activity level in that therapeutic area is up. Obesity is up, but it's still a trickle down in terms of clinical trial activity in the obesity space, a lot of attention, a lot of early programs start that clinical trial activity is still to follow.

我認為可以──基本答案是否定的。有點像，它遍佈地圖。如果你願意的話，有一些趨勢，但從公司的角度來看，這些趨勢可能很明顯，看看那些財務狀況更激進、財務狀況更好的公司，諾和諾德類型的情況與其他公司的情況相較於就腫瘤治療領域的財務報告而言，他們可能仍在苦苦掙扎，但腫瘤學仍然唱得更響亮。因此該治療領域的活動量有所上升。肥胖率有所上升，但就肥胖領域的臨床試驗活動而言，它仍然在緩慢下降，引起了很多關注，許多早期計劃開始，臨床試驗活動仍在進行中。

So yeah, there's some trends in there. but it's pretty sporadic. I walk into a customer meeting. Wondering what's going to be the tone of this one with some ability to predict but not perfect.

是的，那裡有一些趨勢。但這種情況非常零星。我走進客戶會議。想知道這個具有一定預測能力但不完美的語氣會是什麼。

I appreciate that. Thanks for taking the questions.

我很欣賞這一點。感謝您提出問題。

Thanks, Jeff.

謝謝，傑夫。

This concludes the question-and-answer session. I'd like to turn the floor back to management for any closing (technical difficulty).

問答環節到此結束。我想將會議交還給管理層以進行任何結束（技術難度）。

Very good. Thanks again for joining our call today and for your interest in SLP. In the next few months, we'll be attending a few key events in early February, the company will be at scope, a flagship conference for clinical operations executives. So top of the conference for our ALI and MC business units. Financial community in January.

非常好。再次感謝您今天加入我們的電話會議以及您對 SLP 的興趣。在接下來的幾個月中，我們將參加二月初的一些重要活動，公司將參加範圍，臨床營運高管的旗艦會議。這是我們的 ALI 和 MC 業務部門會議的重點。一月份的金融界。

We'll be holding meetings during the JPM Annual Healthcare Conference next week. And in February, we'll be attending the BTIG MedTech and Digital Health, Life Science and Diagnostic Tools Conference and the Oppenheimer Annual Healthcare Life Science Conference as well. Hope to see you there or speak to you soon. Thanks for your attention. Take care.

我們將在下週的摩根大通年度醫療保健會議期間舉行會議。2 月份，我們還將參加 BTIG 醫療技術和數位健康、生命科學和診斷工具會議以及奧本海默年度醫療保健生命科學會議。希望很快能在那裡見到您或與您交談。感謝您的關注。小心。

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

今天的電話會議到此結束。此時您可以斷開線路。再次感謝您的參與。