Simulations Plus Inc (SLP) 2025 Q2 法說會逐字稿

Greetings and welcome to the Simulations Plus second-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 Lisa Fortuna from Financial Profiles. Ms. Fortuna, you may begin.

大家好，歡迎參加 Simulations Plus 2025 財年第二季財務業績電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。現在我很高興介紹《財務概況》的麗莎·福圖納 (Lisa Fortuna)。福爾圖納女士，你可以開始了。

Good afternoon, everyone. Welcome to the Simulations Plus second-quarter 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 we have 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.

大家下午好。歡迎參加 Simulations Plus 2025 年第二季財務業績電話會議。今天和我一起的還有執行長 Shawn O'Connor；以及 Simulations Plus 的財務長兼營運長 Will Frederick。請注意，我們已經更新了季度收益報告，這將作為今天準備好的演講的補充。您可以透過我們的投資者關係網站 www.simulations-plus.com 存取該簡報。

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 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.

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、期望和預期等詞語指的是我們截至本次電話會議的最佳估計，而實際的未來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​​訊包含在公司的季度和年度報告中，並提交給美國證券交易委員會。

In the remarks or responses to questions, management may mention some non-GAAP financial measures. Reconciliation 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 and the accompanying materials for additional information.

在評論或回答問題時，管理階層可能會提到一些非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳可在公司網站上的最新收益報告中查閱。請參閱對帳表和隨附資料以獲取更多資訊。

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

說完這些，我將把電話轉給肖恩·奧康納 (Shawn O'Connor)。請繼續。

Thank you, Lisa. Good afternoon, everyone, and thank you for joining our second-quarter fiscal 2025 conference call. The momentum we reported at the beginning of 2025 continued into the second quarter.

謝謝你，麗莎。大家下午好，感謝您參加我們的 2025 財年第二季電話會議。我們在 2025 年初報告的勢頭延續到了第二季。

We're pleased to report that total revenue increased 23% year-over-year and 5% on an organic basis, excluding the contribution from our adaptive learning and insights and medical communication business units. Diluted EPS was $0.15, adjusted diluted EPS was $0.31, and adjusted EBITDA was $6.6 million or 29% of revenue.

我們很高興地報告，總收入年增 23%，有機成長 5%，這還不包括我們自適應學習和洞察以及醫療通訊業務部門的貢獻。稀釋每股收益為 0.15 美元，調整後稀釋每股收益為 0.31 美元，調整後 EBITDA 為 660 萬美元，佔營收的 29%。

Turning to the macro environment. Our operating environment remained unchanged from last quarter and in line with recent trends. Our customers are still taking a cost-conscious approach to spending. In our software business, which provides biosimulation infrastructure to our customers, we are seeing continued steady growth as it plays a critical role in our customers' expanding use of biosimulation to improve their development efforts.

轉向宏觀環境。我們的經營環境與上一季相比保持不變，並符合近期趨勢。我們的客戶仍然採取注重成本的消費方式。在我們的軟體業務中，我們為客戶提供生物模擬基礎設施，我們看到持續穩定的成長，因為它在客戶擴大使用生物模擬以改善其開發工作方面發揮關鍵作用。

All services spending picked up since the start of the year, and we enjoyed a second consecutive quarter of robust bookings. Clients have remained slow to initiate project starts. We have received several investor inquiries on potential impacts from recent federal cost cutting measures under the new administration.

自今年年初以來，所有服務支出均有所回升，我們連續第二個季度實現了強勁的預訂量。客戶啟動專案的速度仍然很慢。我們收到了一些投資者的詢問，詢問新政府最近採取的聯邦成本削減措施可能帶來的影響。

We see minimal risk related to National Institutes of Health and other academic funding sources. While we have leveraged NIH grants for certain R&D projects in the past, we have no current exposure to NIH. Additionally, our software is provided free of charge to academic institutions, so we have no revenue risk associated with potential federal funding reductions.

我們認為與國立衛生研究院和其他學術資金來源相關的風險很小。雖然我們過去曾利用 NIH 資助某些研發項目，但目前尚未接觸 NIH。此外，我們的軟體免費提供給學術機構，因此我們不會面臨因聯邦政府資金削減而產生的收入風險。

As we have consistently stated, our highly disciplined approach to executing effectively in challenging environments is a key operating strategy that has served us well over the past two years. At the same time, we are prepared to capitalize on any increase in customer spending as conditions evolve.

正如我們一貫強調的那樣，我們在充滿挑戰的環境中有效執行的高度自律的方法是一項關鍵的營運策略，在過去兩年中，該策略為我們帶來了良好的效果。同時，隨著情況的發展，我們準備好利用客戶支出的任何增加。

Turning to our software segment. Our software performance was impressive with strong growth. Renewal rates remain at historical levels, and new logo sales are tracking well even with the funding challenges some of the smaller biotechs are facing. Software revenue grew 16% in the second quarter of '25, 8% on an organic growth basis, excluding the $1 million in revenue from the ALI and MC business units.

轉向我們的軟體部分。我們的軟體效能令人印象深刻，成長強勁。續約率仍保持在歷史水平，即使一些小型生物技術公司面臨資金挑戰，新標誌銷售仍保持良好勢頭。25 年第二季軟體營收成長 16%，其中有機成長率為 8%，不包括來自 ALI 和 MC 業務部門的 100 萬美元收入。

Our quantitative systems pharmacology or QSP business unit led software growth this quarter. Its revenue surged by 89%, largely driven by a model license for atopic dermatitis. As a reminder, QSP's quarterly results can be lumpy based on the high-ticket price per license and a smaller pool of end users.

我們的定量系統藥理學或 QSP 業務部門本季引領了軟體成長。其收入飆升 89%，主要得益於異位性皮膚炎的示範許可證。需要提醒的是，由於每個許可證的價格較高且最終用戶數量較少，QSP 的季度業績可能會波動。

Our cheminformatics or chem business unit software revenue grew by 8%, driven by higher revenues from ADMET Predictor. Additionally, there were 10 new customers and 7 upsells existing customers during the quarter. In our clinical pharmacology and pharmacometrics or CPP business unit, revenues grew 9% and we added 11 new customers and had two customer upsells during the quarter.

我們的化學資訊學或化學業務部門軟體收入成長了 8%，這得益於 ADMET Predictor 收入的增加。此外，本季也新增了 10 位客戶，現有客戶追加銷售 7 位。在我們的臨床藥理學和藥理計量學或 CPP 業務部門，營收成長了 9%，我們在本季度增加了 11 個新客戶，並有 2 個客戶追加銷售。

Our physiologically based pharmacokinetics or PBPK software revenue grew in 1%. In the second quarter, we had some renewal slippage for GastroPlus. However, these deferred renewals have already closed in the third quarter. GastroPlus added seven new customers and booked seven upsells with existing customers. Software revenue in our ALI business unit was $0.9 million and software revenue in our MC business unit was $0.1 million. Overall, software revenue for these two new business units was in line with expectations.

我們的基於生理的藥物動力學或 PBPK 軟體收入增加了 1%。在第二季度，GastroPlus 的續約有所下滑。不過，這些延期續約已於第三季結束。GastroPlus 增加了 7 位新客戶，並向現有客戶預訂了 7 次追加銷售。我們 ALI 業務部門的軟體收入為 90 萬美元，我們 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預期。

Moving to our services segment. Services revenue grew by 34% in the second quarter yet was flat on an organic basis. While bookings in our services segment continue to be strong, these clients continue to pace project initiation out to the second half of the year. This will result in a push of some service revenue to the back half of our fiscal year.

轉向我們的服務部門。第二季服務收入成長了 34%，但有機成長持平。雖然我們服務部門的預訂量持續強勁，但這些客戶仍將專案啟動時間推遲到今年下半年。這將導致部分服務收入推遲到財政年度的後半年。

Services revenue was led by strong performance in our CPP and MC business units. CPP where services revenue increased 19%. MC services revenue was $2.3 million. Our PBPK services revenue decreased 23%, reflecting the cautious pace of project initiation as previously mentioned.

服務收入主要得益於 CPP 和 MC 業務部門的強勁表現。CPP 的服務收入成長了 19%。MC 服務收入為 230 萬美元。我們的 PBPK 服務收入下降了 23%，反映了前面提到的專案啟動步伐謹慎。

In our QSP services, revenue decreased 7%. Services bookings during the second quarter were very strong, especially in our CPP and MC business units. And we ended the quarter with a backlog of $20.4 million, up 18% compared to the first quarter, and up 13% year-over-year.

在我們的 QSP 服務中，收入下降了 7%。第二季的服務預訂量非常強勁，尤其是在我們的 CPP 和 MC 業務部門。本季末，我們的積壓訂單量為 2,040 萬美元，比第一季成長 18%，比去年同期成長 13%。

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

說完這些，我會把電話轉給威爾。

Thank you, Shawn. To recap our second-quarter performance, total revenue increased 23% to $22.4 million, including a $3.3 million dollar contribution from the ALI and MC business units. Software revenue increased 16%, representing 60% of total revenue. And services revenue increased 34%, representing 40% of total revenue.

謝謝你，肖恩。回顧我們第二季的業績，總營收成長 23% 至 2,240 萬美元，其中包括來自 ALI 和 MC 業務部門的 330 萬美元貢獻。軟體收入成長16%，佔總收入的60%。其中服務收入成長34%，佔總收入的40%。

Turning to the software revenue contribution from our products for the quarter, GastroPlus was 46%, MonolixSuite was 23%, ADMET Predictor was 17%, Pro-ficiency was 7%, and other products were 7%. For the trailing 12 months, GastroPlus was 48%, MonolixSuite was 20%, ADMET Predictor was 17%, Pro-ficiency was 7%, and other products were 8%.

談到本季我們產品的軟體營收貢獻，GastroPlus 為 46%，MonolixSuite 為 23%，ADMET Predictor 為 17%，Pro-ficiency 為 7%，其他產品為 7%。在過去的 12 個月中，GastroPlus 為 48%，MonolixSuite 為 20%，ADMET Predictor 為 17%，Pro-ficiency 為 7%，其他產品為 8%。

The trailing twelve-months software revenue for the ALI and MC products only includes revenue since the acquisition of Pro-ficiency in June 2024. With the Pro-ficiency short form merger and the Simulations Plus completed in January, we also rebranded the ALI training platform to Pro-ficiency to leverage the name recognition with our customers.

ALI 和 MC 產品過去十二個月的軟體收入僅包括自 2024 年 6 月收購 Pro-ficiency 以來的收入。隨著 Pro-ficiency 簡稱合併和 Simulations Plus 於 1 月完成，我們也將 ALI 培訓平台更名為 Pro-ficiency，以提高客戶的知名度。

During the quarter, our software customer renewal rate was 90% based on fees and 84% based on accounts. The renewal rate based on accounts was in line with the prior year. And the decline in renewal rates based on fees was primarily due to one large customer renewal that did not close until the third quarter. Given the size of that renewal, there was a more significant impact on the fee-based renewal rate than on the account-based renewal rate.

本季度，我們的軟體客戶續訂率為（以費用計算）90%，（以帳戶計算）84%。基於帳戶的續約率與上一年持平。而基於費用的續約率的下降主要是由於一位大客戶續約直到第三季才結束。考慮到續訂的規模，基於費用的續訂率比基於帳戶的續訂率受到的影響更為顯著。

Note that renewals which are recovered in a future quarter are not included within the calculation of our published renewal rates in the future quarter. Average software revenue per customer for the quarter increased to $124,000 from $113,000 last year. On a trailing 12 month basis, our software customer renewal rate was 91% based on fees and 83% based on accounts, both generally in line with prior period trends. Average revenue per customer increased to $101,000 from $95,000 on a trailing 12-month basis.

請注意，未來一個季度恢復的續訂不包括在我們未來一個季度公佈的續訂率的計算中。本季每位客戶的平均軟體收入從去年的 113,000 美元增至 124,000 美元。在過去 12 個月中，我們的軟體客戶續約率為（基於費用）91% 和（基於帳戶）83%，兩者基本上與前期趨勢一致。過去 12 個月，每位客戶的平均收入從 95,000 美元增加到 101,000 美元。

Shifting to our services revenue contribution by business unit for the quarter, CPP was 39%, MC was 25%, QSP was 19%, and PBPK was 17%. On a trailing 12-month basis, CPP was 40%, QSP was 26%, PBPK was 18%, and MC was 16%. Again, the trailing 12-month services revenue for the MC business unit only includes revenue since the acquisition of Pro-ficiency last June.

本季以業務部門劃分的服務收入貢獻如下：CPP 為 39%，MC 為 25%，QSP 為 19%，PBPK 為 17%。在過去 12 個月中，CPP 為 40%，QSP 為 26%，PBPK 為 18%，MC 為 16%。再次，MC 業務部門過去 12 個月的服務收入僅包括自去年 6 月收購 Pro-ficiency 以來的收入。

Total services projects worked on during the quarter were $203 and year-end backlog increased 18% to $20.4 million from $17.3 million last quarter. The largest driver of the backlog growth quarter-over-quarter was in the CPP and MC business units.

本季服務項目總額為 2.03 億美元，年末積壓訂單量從上一季的 1,730 萬美元增加 18% 至 2,040 萬美元。積壓訂單季增的最大推動力來自 CPP 和 MC 業務部門。

Total gross margin for the quarter was 59%, with software gross margin of 81%, and services gross margin of 25%. On a comparative basis, total gross margin for the prior-year quarter was 72%, with software gross margin of 88%, and services gross margin of 44%.

本季總毛利率為 59%，其中軟體毛利率為 81%，服務毛利率為 25%。相較之下，去年同期的總毛利率為 72%，其中軟體毛利率為 88%，服務毛利率為 44%。

The decrease in total gross margin was due to a $4.2 million increase in cost of revenues. The increase in software cost or revenues was primarily due to a $1.2 million dollar increase in software related costs, including $0.8 million in amortization related to the Pro-ficiency acquisition, and $0.4 million higher amortization of capitalized software costs. The increase in services cost of revenues was primarily due to a $3 million increase in service-related costs for the acquired MC business unit and the reclassification of expenses from G&A expense to cost of revenues in connection with the prior year business unit reorganization.

總毛利率的下降是由於收入成本增加了 420 萬美元。軟體成本或收入的增加主要是由於軟體相關成本增加了 120 萬美元，其中包括與 Pro-ficiency 收購相關的 80 萬美元攤銷，以及資本化軟體成本攤提增加 40 萬美元。服務收入成本的增加主要是由於收購的 MC 業務部門的服務相關成本增加了 300 萬美元，以及與上一年業務部門重組相關的費用從 G&A 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 7% last year. Sales and marketing expense was 17% of revenue compared to 11% last year. G&A expense was 20% of revenue compared to 30% last year. And total operating expenses were 46% of revenue compared to 48% last year.

查看本季的合併損益表，研發費用佔營收的 10%，而去年為 7%。銷售和行銷費用佔收入的 17%，而去年為 11%。一般及行政費用佔收入的 20%，而去年為 30%。總營運費用佔收入的 46%，而去年為 48%。

Income tax expense for the quarter was $0.4 million compared to $1.2 million last year, and our effective tax rate was 12% compared to 23% last year. The lower effective tax rate was primarily driven by the tax benefit associated with disqualifying dispositions during the quarter. We now expect our effective tax rate for the fiscal year to be in the range of 21% to 23%.

本季所得稅費用為 40 萬美元，而去年為 120 萬美元；有效稅率為 12%，去年為 23%。較低的有效稅率主要是由於本季與取消資格處置相關的稅收優惠。我們現在預計本財年的有效稅率將在 21% 至 23% 之間。

Net income for the quarter was $3.1 million or 14% of revenue compared to $4 million or 22% of revenue last year, and diluted EPS was $0.15 compared to $0.20 last year. Adjusted EBITDA for the quarter was $6.6 million or 29% of revenue compared to $7.1 million or 39% of revenue last year, and adjusted diluted EPS was $0.31 compared to $0.32 last year.

本季淨收入為 310 萬美元，佔營收的 14%，而去年同期為 400 萬美元，佔營收的 22%，稀釋每股收益為 0.15 美元，而去年同期為 0.20 美元。本季調整後 EBITDA 為 660 萬美元，佔營收的 29%，去年同期為 710 萬美元，佔營收的 39%，調整後稀釋每股收益為 0.31 美元，而去年同期為 0.32 美元。

The reconciliation of non-GAAP financial metrics to the relevant GAAP metrics is in our earnings release and on our website. Turning to our balance sheet, we ended the quarter with $21.4 million in cash and short-term investments. We remain well capitalized with no debt and strong free cash flow to execute our growth strategy.

非 GAAP 財務指標與相關 GAAP 指標的對帳已在我們的收益報告和網站上公佈。回顧我們的資產負債表，本季末我們擁有 2,140 萬美元的現金和短期投資。我們的資本充足，沒有債務，並且擁有強勁的自由現金流來執行我們的成長策略。

I'll now turn the call back to Sean.

我現在將電話轉回給肖恩。

Thank you, Will. Our strong second quarter results reflected solid performance in both our software and services segment. The team executed well in the first half of the year. And our results are in line with our guidance, despite the persistent cost constrained and limited funding environment that our customers have been facing for some time.

謝謝你，威爾。我們第二季的強勁業績反映了我們軟體和服務部門的穩健表現。團隊在上半年表現良好。儘管我們的客戶一段時間以來一直面臨成本限制和資金有限的環境，但我們的業績仍然符合我們的預期。

Our ALI and MC business units continue to show good progress, and in fact, we recently closed on a multi-drug project for speaker bureau support and training with an existing MC client for just over $5 million. Revenue from this engagement will ramp up during the second half of our fiscal 2025, with the rest to be earned over the course of calendar 2025.

我們的 ALI 和 MC 業務部門繼續取得良好進展，事實上，我們最近與現有的 MC 客戶完成了一項多藥物項目，為演講局提供支援和培訓，項目金額略高於 500 萬美元。此項業務的收入將在我們 2025 財年下半年增加，其餘收入將在 2025 年全年獲得。

Moving on to our outlook for the balance of fiscal year 2025. With our first half 2025 results aligning with our expectations, we are reaffirming our fiscal year 2025 guidance as follows. Total revenue is expected to be between $90 million to $93 million, and we still expect ALI and MC to contribute between $15 million to $18 million as previously provided.

接下來是我們對 2025 財年餘額的展望。由於我們 2025 年上半年的業績符合預期，我們重申 2025 財年的指引如下。總收入預計在 9000 萬美元至 9300 萬美元之間，我們仍然預計 ALI 和 MC 將貢獻 1500 萬美元至 1800 萬美元，正如之前所述。

Year-over-year revenue growth is expected to be in the range of 28% to 33%. Software mixed between 20 -- 55% and 60%. Adjusted EBITA margin between 31% to 33%. And adjusted diluted earnings per share of between $1.07 and $1.20.

預計年收入成長將在 28% 至 33% 之間。軟體混合比例在 20-55% 和 60% 之間。調整後的 EBITA 利潤率在 31% 至 33% 之間。調整後每股攤薄收益在 1.07 美元至 1.20 美元之間。

We expect total revenue for our third fiscal quarter to be approximately 25% of our fiscal year guidance range with a year-over-year growth rate of between 21% and 25%. We expect a sequential step up in revenues in our fourth fiscal quarter. As a reminder, our guidance does not include the impact of any future acquisitions.

我們預計第三財季的總營收將達到財年預期範圍的約 25%，年成長率將在 21% 至 25% 之間。我們預計第四財季的營收將季增。提醒一下，我們的指導不包括任何未來收購的影響。

I also want to reiterate our near-term priorities which include continuing the ramp up of our ALI and MC business units, expanding cross-selling opportunities, and driving towards our historical adjusted EBITDA margin target of 35% to 40% and corresponding profitability levels. We believe 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 shareholders.

我還想重申我們的近期優先事項，包括繼續擴大我們的 ALI 和 MC 業務部門，擴大交叉銷售機會，並推動我們歷史調整後的 EBITDA 利潤率目標達到 35% 至 40% 以及相應的盈利水平。我們相信，我們已做好準備，能夠實現今年的目標，並將繼續專注於執行嚴謹的成長策略，為股東創造長期價值。

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

感謝您今天抽出時間。現在，我將把電話轉給接線員來回答您的問題。

(Operator Instructions) David Larsen, BTIG.

（操作員指示）David Larsen，BTIG。

Congratulations on the good quarter. Can you maybe just talk a little bit about the software organic revenue growth and the fee renewal rate declined to 90% from 94%. Just I guess, what would the organic revenue growth rate for software have been had that account renewed this quarter?

恭喜本季取得良好業績。您能否簡單談談軟體有機收入成長以及費用續約率從 94% 下降到 90% 的情況。我只是猜測，如果本季該帳戶續簽，軟體的有機收入成長率會是多少？

Yes. Thanks, Dave. The software organic growth was good this quarter, 8% from an organic basis, excluding the Pro-ficiency software contribution. The renewal rate, we lost a few points down to 90% renewal rate. on fees related to one large account that was renewed in the weeks subsequent to the end of the quarter. That was a six-digit renewal, and you can sort of extrapolate from there.

是的。謝謝，戴夫。本季軟體有機成長良好，有機成長 8%，不包括 Pro-ficiency 軟體的貢獻。續約率方面，我們損失了一些點，降至 90%。與本季結束後的幾週內續訂的一個大帳戶相關的費用。這是六位數的續約金額，您可以從那裡推斷出來。

Okay, that's great. And then can you maybe just talk about -- you mentioned a couple of times some clients might be reluctant to start new projects, but the bookings are good. But the software organic growth seems very good. Maybe just talk a little bit, how do I reconcile that? Like they're buying the software, but they're a little bit slow on implementing the service deals, but they're signing contracts for the service deals. How do we reconcile that?

好的，太好了。然後您能否談談——您幾次提到有些客戶可能不願意開始新項目，但預訂情況很好。但軟體的有機成長似乎非常好。也許只是聊聊，我該如何調和呢？就像他們購買了軟體，但在實施服務協議方面有點慢，但他們正在簽署服務協議合約。我們該如何調和這一點？

Yes. Our software licensing business, our software business is really providing infrastructure to our clients for their undertaking their modeling and simulation deployment within their organization as our clients tighten the belt and are cautious in terms of spending, they're not whittling away at the infrastructure that they've built. And so the software renewal rates and the software business generally continues to perform buffered against that cost constraint environment.

是的。我們的軟體授權業務，我們的軟體業務實際上是在為客戶提供基礎設施，以便他們在組織內進行建模和模擬部署，因為我們的客戶勒緊褲腰帶，在支出方面非常謹慎，他們不會削減他們已經建立的基礎設施。因此，軟體更新率和軟體業務通常會繼續在成本約束環境下表現良好。

Their manageable side in terms of reducing costs or managing costs more slowly is in their service budget lines where they can contract and expand that with a little bit more feasibility, quickness in terms of pulling back. Part of the service experience has been both in terms of their slow pace there.

他們在降低成本或更慢地管理成本方面的可控性在於他們的服務預算線，他們可以在縮減方面更加靈活、快速地收縮和擴大預算線。部分服務體驗都與那裡的節奏緩慢有關。

But also what we're seeing is contracts that are being signed in those clinical trial-related activities that may make up many of those projects are scheduled for later in the calendar year. So I'd say over the last couple of years, we've seen them hold off and not contract until closer to when the project was going to initiate. Today, we're seeing some contracts being signed for work effort that is scheduled to be initiated later in the year.

但我們也看到，與臨床試驗相關的活動中簽署的合約可能包括許多計劃在今年稍後實施的項目。所以我想說，在過去的幾年裡，我們看到他們一直在推遲，直到專案即將啟動時才簽約。今天，我們看到一些工作合約正在簽署，這些工作計劃在今年稍後啟動。

Okay. And then just one more before I hop back in the queue. I mean my whole thesis is that biopharma needs your software solutions to increase the accuracy of the clinical trials that they actually start. They want more success rates, and that's going to increase their investments in the software. And that's maybe why the CRO market is under a little bit of pressure, but we see good software growth coming from you. That's my thesis.

好的。然後我再說一遍，然後我就回到隊列了。我的整個論點是，生物製藥需要您的軟體解決方案來提高他們實際開始的臨床試驗的準確性。他們希望獲得更高的成功率，這將增加他們對軟體的投資。這也許就是為什麼 CRO 市場面臨一些壓力的原因，但我們看到你們的軟體業務取得了良好的成長。這就是我的論點。

And then just lastly, before I hop in the queue, what are your thoughts on these tariffs? I think biopharma maybe, for now, got a pass. But if there are tariffs in the world of biopharma, how do you think that will affect your business?

最後，在我排隊之前，您對這些關稅有何看法？我認為生物製藥目前可能已經獲得批准。但如果生物製藥產業徵收關稅，您認為這會如何影響您的業務？

Yes. I don't think that they feel that they've escaped maybe at the tariff level, but they've certainly been dealing with IRA and other issues for some time, which are focused on their business. The tariff scenario, pharma businesses are global entities. Manufacturing is dispersed around the world. And so they could be subject to the tariffs at some point and have some impact.

是的。我認為他們可能沒有覺得自己在關稅層面已經逃脫，但他們肯定已經處理 IRA 和其他問題一段時間了，這些問題都集中在他們的業務上。關稅情境下，製藥公司是全球實體。製造業分散在世界各地。因此，它們可能在某個時候受到關稅影響並產生一些影響。

I just saw from an M&A sort of perspective, recent tallies of significant increase in terms of assets, development programs, molecules that are being developed. The acquisition of those assets out of China has stepped up tremendously of late. So there is a global dynamic that may be impacted by tariffs down the road. That adds to the cautiousness, I would say, of many of our clients as they map out their futures here.

我從併購的角度看到，近期資產、開發計畫和正在開發的分子數量均出現了大幅成長。近來，從中國收購這些資產的活動大幅增加。因此，全球動態可能會受到未來關稅的影響。我想說，這讓我們的許多客戶在規劃未來時更加謹慎。

Okay, I'll hop back on the queue. Congrats on a good quarter.

好的，我回到隊列。恭喜本季取得良好業績。

Thanks, Dave.

謝謝，戴夫。

Scott Schoenhaus, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Scott Schoenhaus。

Hey, team, thanks for taking my question. I wanted to touch on the services side. Clearly, you see this from Pro-ficiency. Just wanted more color on these. Are these legacy that are finally seeing re-ramping from last quarter in terms of demand for the MC services? Are these new logos? And then, Shawn, you mentioned some cross-selling at the end of your prepared (technical difficulty) the opportunity there.

嘿，團隊，感謝你們回答我的問題。我想談談服務方面。顯然，您可以從 Pro-ficiency 中看到這一點。只是想讓這些顏色更加豐富一些。就 MC 服務的需求而言，這些遺留問題是否最終從上個季度開始重新出現？這些是新標誌嗎？然後，肖恩，你提到了在你準備好的（技術難度）機會結束時進行一些交叉銷售。

Yes, Scott, you were checking in and out in terms of your call there, but I think I got the gist of the question. Pro-ficiency and Medical Communications contribution was good this quarter. On the Pro-ficiency side, their business, their software initiates its license upon clinical trial start. So this was a slow quarter in terms of clinical trial start with their book of business and outlook for the year is in the range of our guidance that we gave previously. Activity is quite an active pipeline in that business segment.

是的，斯科特，你剛才在通話中檢查了一下，但我想我已經明白問題的要點了。本季度，專業能力和醫療通訊貢獻良好。在專業方面，他們的業務，他們的軟體在臨床試驗開始時就啟動其許可證。因此，從臨床試驗開始到業務發展，這是一個緩慢的季度，而今年的前景在我們之前給出的指導範圍內。活動是該業務部門中相當活躍的管道。

Medical Communications had a very significant win. The client was an existing client of Medical Communications. They provided services to them in the past, but the business was a combination of some continuation of previous drug support, a particular specific drug that they've been supporting in the past, but was most importantly, expanding it to another drug entity that we will be supporting them with our Medical Communication services. It's a good example of a nice contract signed, certainly will contribute to our back half of the year revenue, but a contract that extends through the entirety of the calendar year of 2025. So a contract that will contribute revenue this year but also seeping out into next year.

醫療通訊公司取得了重大勝利。該客戶是 Medical Communications 的現有客戶。他們過去曾為他們提供服務，但業務是以前藥物支援的延續，是他們過去一直支持的特定藥物，但最重要的是，將其擴展到另一個藥物實體，我們將透過醫療通訊服務為他們提供支援。這是一個很好的例子，簽署了一份很好的合同，肯定會為我們下半年的收入做出貢獻，但合約將延續到整個 2025 年。因此，這份合約不僅會為今年帶來收入，而且還會滲透到明年。

Your last point was with regard to cross-selling, which is a significant component of our strategy as we've built over the years quite a portfolio of products and services, the opportunity to sell through to existing clients more of our product suite and service capability, obviously, is a leverage point in terms of versus acquiring new logos. Both are important, but our expansion of our average revenue per customer with existing clients is a significant leverage point for us, and that continues to be a focus on our part, now enhanced with the addition of the ALI and Medical Communication products and services.

您的最後一點是關於交叉銷售的，這是我們策略的重要組成部分，因為多年來我們已經建立了相當多的產品和服務組合，透過向現有客戶銷售更多我們的產品套件和服務能力的機會顯然是相對於獲取新標誌的一個槓桿點。兩者都很重要，但是擴大現有客戶的每位客戶平均收入對我們來說是一個重要的槓桿點，這仍然是我們關注的重點，現在透過增加 ALI 和醫療通訊產品和服務，這一點得到了增強。

That's very helpful, Shawn. I guess my follow-up would be on the preliminary kind of fiscal third quarter and the steep ramp in the fourth quarter. Can you just walk through all the assumptions as we think about how the year progresses going forward?

這非常有幫助，肖恩。我想我的後續行動將是關注第三季的初步財務數據和第四季的急劇增長。當我們思考今年的進展時，能否簡單介紹所有的假設？

Yes. It's a bit of a change, as we've alluded to in terms of our seasonality, which typically saw peaks in the second and third quarter with a bit of a step down in the fourth quarter, not the first quarter levels, but a step down in terms of fourth quarter. That traditional seasonality primarily driven by our book of renewal business on the software side, where our renewing accounts were more a larger part of the population in the middle two quarters of our year.

是的。這是一個小小的變化，正如我們在季節性方面提到的那樣，通常在第二季度和第三季度達到峰值，在第四季度略有下降，不是第一季的水平，而是第四季度的下降。這種傳統的季節性主要受到軟體方面的續訂業務的影響，其中續訂帳戶在我們一年的中間兩個季度佔了很大一部分。

The change in shift there is driven, A, by a more continuous flow of revenue from the acquired businesses, ALI and Medical Communications, which does not have that same profile in terms of seasonality as our software business and contributed to as well by what we've seen in terms of as we entered calendar year '25 and our step-up in bookings with our clients on the service side, the scheduling timing of those projects being more back half loaded than typical service seasonality of the past and therefore, see a little bit of leveling of our second, third and fourth quarter revenue contribution on a combined consolidated basis.

推動這一轉變的因素包括：A、所收購業務 ALI 和 Medical Communications 的收入更加持續，這些業務的季節性特徵與我們的軟體業務不同，而且隨著我們進入 25 日曆年，我們與服務方面的客戶預訂量增加，這些項目的安排時間比過去典型的服務季節性更加靠後，因此，在合併基礎上，我們的第二、第三和第四季度貢獻略有平穩的貢獻。

Matt Hewitt, Craig Hallum.

馬特休伊特、克雷格哈勒姆。

Good afternoon. Thanks for taking the questions. Maybe a couple on Pro-ficiency for starters. Maybe if you could talk a little bit about the pipeline and specifically what you're seeing from a cross-selling opportunity standpoint? And then maybe as a follow-up or congenitally to that, what was the $5 million win that you just signed, was that contemplated in the $13 million to $18 million that you expected from the Pro-ficiency business this year?

午安.感謝您回答這些問題。也許首先要了解一些關於專業技能的內容。也許您可以稍微談談管道，特別是從交叉銷售機會的角度您看到了什麼？然後也許作為後續或先天性的，您剛剛簽署的 500 萬美元合約是什麼，這是否包含在您預計今年 Pro-ficiency 業務將帶來的 1300 萬至 1800 萬美元收入中？

Yes, I'll work backwards, Matt. No, we haven't -- we didn't change our guidance. So it adds to our Medical Communications contribution for this year, but doesn't put us in a position where our expectations have increased in terms of the $15 million to $18 million from combination of ALI and Medical Communications this year. As I said, it's a recurring client. We've done work for them in the past. So it's not entirely unanticipated business out of that segment of the business.

是的，我會倒著做，馬特。不，我們沒有——我們沒有改變我們的指導。因此，它增加了我們今年在醫療通信方面的貢獻，但並沒有使我們達到今年 ALI 和醫療通信合併後 1500 萬至 1800 萬美元的預期增長水平。正如我所說，這是一位回頭客。我們過去曾為他們做過工作。因此，對於該業務領域來說，這並不是完全出乎意料的業務。

And then as far as the pipeline is concerned, are you having some early success on the cross-selling front?

那麼就通路而言，您在交叉銷售方面是否取得了一些早期的成功？

We're having success in terms of filling the pipeline with new opportunities. The two business units on the ALI side, it's been identifying the time to clinical trial opportunities for them to engage in. And on the Medical Communications side, it's getting to know and establishing credibility there, introductions and networking. So I think we've been very successful in terms of upping the pipeline activity and seeing that bolus go through the snake, if you will, and expect that down the road, we'll see that cross-selling contribution from the MC, ALI business units.

我們在為通路注入新機會方面取得了成功。ALI 方面的兩個業務部門一直在確定他們參與臨床試驗的機會時間。在醫療通訊方面，需要了解並建立信譽、進行介紹和建立聯繫。因此，我認為我們在提升管道活動和看到推注穿過蛇形方面非常成功，如果你願意的話，並期望在未來，我們將看到來自 MC、ALI 業務部門的交叉銷售貢獻。

Got it. And then maybe separately, regarding the contract starts on the services side. Is there anything that you can do, maybe not so much from a pricing perspective, but is there anything that you can do to help your customers kind of speed that process up a little bit?

知道了。然後也許可以單獨討論一下從服務方面開始的合約。您能做些什麼嗎？也許不是從定價角度，而是您能做些什麼來幫助您的客戶加快流程？

I guess I look at it if it ends up being more Q4 weighted, is there a risk there that either they decide to hold off until the -- until your Q1? Or conversely, they said, okay, we're ready to go, but you have everybody do that at the same time and you maybe don't have the people and support in place to be able to run all of those programs. I'm just trying to think, is there anything that you can do to kind of speed that process up?

我想看看它是否最終對第四季度更加有利，是否存在風險，即他們決定推遲到——直到你的第一季？或者相反，他們說，好吧，我們準備好了，但你必須讓每個人都同時這樣做，而你可能沒有足夠的人力和支援來運行所有這些程式。我只是在想，有什麼辦法可以加快這一進程？

Yes. I'm not being factitious when I say, hey, everything that we do is trying to assist our clients in terms of getting to decisions more quickly, get to protocols and clinical trial activity that is more assured of being successful. A lot of that, which we do is try to accelerate the clinical programs. It's not something that you can, we'll give you a 10% discount if you start your clinical trial a couple of months earlier or something of that nature. That's not how type operates in terms of drug development.

是的。我說「嘿，我們所做的一切都是為了幫助我們的客戶更快地做出決策，獲得更有保證的成功方案和臨床試驗活動」時，我並不是在做作。我們所做的許多工作就是嘗試加速臨床計畫。這不是你能做到的事情，如果你提前幾個月開始臨床試驗或類似的事情，我們會給你 10% 的折扣。就藥物開發而言，類型的運作方式並非如此。

Are we prepared if we get the flood of green lights and starts in terms of projects? Obviously, there's a ceiling to saying yes to that question. But as we've communicated pretty consistently, I mean, we're poised to step up if the market picks up and the gates open in terms of spending in general, more specifically with regard to those things that we've contracted for and are in our backlog, our ability to respond is not unlimited. But A, I'd love to be in that position; and B, I don't think we'd have an issue in terms of responding to that sort of demand.

如果專案獲得大量批准和開工，我們做好準備了嗎？顯然，這個問題的答案是有一個上限的。但正如我們一直以來所傳達的那樣，如果市場回暖，總體支出方面的大門打開，我們就會做好準備，更具體地說，對於我們已經簽約和積壓的項目，我們的應對能力不是無限的。但是 A，我很想處於那個位置； B，我認為我們在滿足此類需求方面不會遇到問題。

Got it. All right, thank you very much.

知道了。好的，非常感謝。

Max Smock, William Blair & Company.

馬克斯‧史莫克，威廉‧布萊爾公司。

It's Christine Rains on for Max Smock. So kind of building on the last question, I appreciate the commentary you gave on services visibility. So just assuming these bookings burn as you contemplate in the second half, how much of second half services revenue do you have in hand today versus how much do you still have to go out and win?

克里斯汀雷恩斯 (Christine Rains) 為馬克斯史莫克 (Max Smock) 表演。因此，基於上一個問題，我很欣賞您對服務可見度的評論。因此，假設這些預訂量在您考慮下半年時就會減少，那麼您今天手頭上有多少下半年服務收入，以及您還需要出去贏得多少收入？

Yes. As is typical, I mean, we map out the backlog. And I don't recall, we usually are running at about 90% to realizable in 12 months. So that extends beyond our year-end. But obviously, our detail reflects the timing and schedule of what's in the next six months.

是的。按照通常情況，我的意思是，我們會列出積壓工作。我不記得了，我們通常在 12 個月內實現的運行率約為 90%。因此，這延續到了年底之後。但顯然，我們的細節反映了未來六個月的時間和日程安排。

And that's not a number that we've typically disclosed in the past, but our characteristics today are no different than they have been in the past in terms of what needs to come out of backlog and what needs to be booked and built in the second half of the year.

這不是我們過去通常披露的數字，但就下半年需要處理積壓訂單和需要預訂和建造的訂單而言，我們今天的特點與過去沒有什麼不同。

Great. And turning more on the kind of disruption side of things at the FDA, do you see any impact from the recent layoffs and turnover at the FDA? And if there's any adoption on biosimulation moving forward just in general? Are you losing people who are pushing for adoption of biosimulation and therefore, acceptance? And are you worried there at all that that might cause kind of a stall out in biosimulation adoption?

偉大的。再進一步談談 FDA 內部混亂的情況，您是否認為 FDA 最近的裁員和人員流動會帶來什麼影響？整體而言，生物模擬技術是否會進一步應用？您是否正在失去那些推動採用生物模擬技術並因此獲得認可的人？您是否擔心這可能會導致生物模擬技術的應用陷入停滯？

First and foremost, it's very disruptive and distracting and people's speed of work effort is no doubt impacted at the FDA. I would point out that most of the drug development approval process interaction with drug sponsors and the approval of drugs is funded through fee-based sources and not funded by federal funding. So it's the other areas outside of drug development and certainly within drug development, there is impact of the federal funding cuts, but they are in the research and leadership and so on and so forth. The drug development approval process is funded primarily through fees. So a difficult environment.

首先，它非常具有破壞性和分散注意力，毫無疑問會影響 FDA 工作人員的工作效率。我想指出的是，藥物開發審批流程與藥物贊助商的互動以及藥物的審批大部分都是透過收費來源資助的，而不是由聯邦資金資助的。因此，除了藥物開發之外的其他領域，當然在藥物開發內部，也受到聯邦資金削減的影響，但它們在研究和領導等方面都有影響。藥物開發審批過程的資金主要來自費用。環境非常艱難。

Does it conceptually reduce support for biosimulation? No, I don't think it does. And their support has always been positive and a contributor. But this is not an early-stage advocacy for biosimulation out of the FDA to start adoption in the industry. The wheels of adoption are flowing and motivated by the significant impact that we can have in terms of efficiency and time and cost in drug development. And so disruptive, no doubt, distraction and not without its concern. But does it slow down the adoption of biosimulation? I don't think it's a big speed bump in that regard.

從概念上來說，它是否減少了對生物模擬的支持？不，我認為不是。他們的支持始終是積極的，並且起到了推動作用。但這並不是 FDA 在業界開始採用生物模擬技術的早期倡議。採用的步伐正在加快，這得益於我們在藥物開發的效率、時間和成本方面所能產生的重大影響。毫無疑問，這會產生破壞性的影響，分散注意力，並非毫無顧慮。但它是否會減緩生物模擬的採用？我認為從這個方面來說這並不是什麼大問題。

Great. That makes sense. And then last one for us. I know it's very early, but just trying to get a handle on how you're thinking about the range of outcomes for fiscal 2026. Just from a high level, given the macro headwinds that are impacting large pharma, should we think about the best case for next year being more of the same as what we're seeing in fiscal 2025?

偉大的。這很有道理。這是我們的最後一個。我知道現在還為時過早，但我只是想了解一下您對 2026 財年一系列結果的看法。從高層次來看，考慮到影響大型製藥公司的宏觀不利因素，我們是否應該認為明年的最佳情況與 2025 財年的情況大致相同？

Well, I get the crystal ball out here, Christine. Yes, I think the biggest impact is the market environment. And do we get a settling out of the challenges? Do we see a sorting out and more normal flow of development activities? I think our software business is insulated from these as we've seen over the last couple of three years, and we'll continue to see good growth there. Can we see an uptick and perhaps more consistency on the service side? The biggest impact is really going to be the market environment.

好吧，我把水晶球拿出來了，克莉絲汀。是的，我覺得最大的影響還是市場環境。我們是否解決了這些挑戰？我們是否看到了開發活動的整理和更正常的流程？我認為我們的軟體業務不會受到這些影響，正如我們過去三年所看到的那樣，我們將繼續看到良好的成長。我們是否可以看到服務方面的上升和更加一致？最大的影響實際上將是市場環境。

Great Thank you so much.

太好了非常感謝。

Sure.

當然。

Jeff Garro, Stephens Inc.

加羅（Jeff Garro），Stephens Inc.

I wanted to ask about the January press release announcing the PBPK partnership with the Enabling Technologies Consortium that has some key large pharma members. So a few to throw at you here. How long was this in the works? What are the possibilities to expand over time? And how should we think about timing of deliverables for this partnership?

我想問一下 1 月的新聞稿，該新聞稿宣布 PBPK 與擁有一些主要大型製藥公司成員的使能技術聯盟建立合作夥伴關係。這裡有幾個可以向你介紹。這個專案籌備了多久？隨著時間的推移，有哪些擴展的可能性？我們該如何考慮這夥伴關係的交付時間？

Yes, Jeff, I think it's a project that extends out for 12 or more months of that nature. And it's review process or engagement process prior to coming to its conclusion was probably a six month window of time in terms of pulling together the consortium and players that are involved and working towards the agreement.

是的，傑夫，我認為這是一個持續 12 個月或更長時間的專案。在得出結論之前的審查過程或參與過程大概需要六個月的時間，以便召集相關財團和參與者並努力達成協議。

So again, we've historically looked for opportunities like this. It's a tremendous means to develop technology that ultimately lands into our product, GastroPlus in this case, and brings us the expertise of the partners that are involved, the data that can be provided and the advancement of the technology and capability of our GastroPlus product enjoys the benefit of that.

所以，我們一直在尋找這樣的機會。這是一種開發技術的絕佳手段，最終將其融入我們的產品（在本例中為 GastroPlus），並為我們帶來相關合作夥伴的專業知識、可提供的數據，我們的 GastroPlus 產品的技術和功能的進步也從中受益。

Great. I appreciate those comments. And I wanted to ask a more discrete question around Pro-ficiency and just how we should think about seasonality by revenue line there. Slightly surprised to see a quarter-over-quarter decline in the software revenue attributed to Pro-ficiency and then also thinking through that larger $5 million contract that in the back half of the year, I believe, will contribute to the services that we would allocate to that still to the Pro-ficiency acquisition. Thanks.

偉大的。我很感謝這些評論。我想問一個關於專業能力的更獨立的問題，以及我們應該如何考慮收入線的季節性。看到 Pro-ficiency 軟體收入環比下降，我感到有點驚訝，同時考慮到下半年那份價值 500 萬美元的更大合同，我相信這筆錢會為我們分配給 Pro-ficiency 收購的服務做出貢獻。謝謝。

Yes. The Pro-ficiency acquisition and its two components now as we manage ALI and MC, the ALI quarter-to-quarter step down, not unanticipated -- anticipated based upon -- again, it's tied to clinical trial starts. And as we looked at the project for the pipeline, if you will, anticipated that the second quarter was not a robust start-up quarter for them and anticipate that will pick up in three and four.

是的。現在，當我們管理 ALI 和 MC 時，Pro-ficiency 收購及其兩個組成部分，ALI 逐季度下降，這並非出乎意料，而是基於預期，再次強調，它與臨床試驗的開始有關。當我們研究管道項目時，如果你願意的話，可以預見第二季度對他們來說不是一個強勁的啟動季度，並預計第三季度和第四季度將會回升。

The Medical Communications, again, they historically are kind of -- first quarter is a slow quarter for them in terms of revenue drive from a seasonality perspective, and it builds second, third and fourth quarter. That's as opposed to the bookings, which typically are higher in the fourth and first quarters.

醫療通訊公司，從歷史上看，從季節性角度來看，第一季是他們的收入成長緩慢的一個季度，而第二、第三和第四季是他們的收入成長緩慢的一個季度。這與第四季和第一季的預訂量相反，預訂量通常較高。

And then that flows into the second, third and fourth quarter revenue flow for Medical Communications. And hence, with a differing pace of business on a consolidated basis, combined with SOP legacy revenue sources, it has that effect of changing our seasonality from a low first quarter, up second and third quarter and down fourth quarter to, as I described, a little bit more contribution even keel second, third and fourth quarter and even as we anticipate now a little bit of an uptick, but not great uptake in the fourth quarter.

然後，這些收入將流入醫療通訊公司的第二、第三和第四季的收入流。因此，由於合併後的業務速度不同，再加上 SOP 遺留收入來源，這導致了我們的季節性變化，從第一季度較低，第二季度和第三季度上升，第四季度下降，到我所描述的那樣，第二季度、第三季度和第四季度的貢獻略有增加，甚至正如我們現在預期的那樣，第四季度會有小幅上升，但不會有很大增長。

Understood. Thanks for taking the questions.

明白了。感謝您回答這些問題。

Sure. Thank you.

當然。謝謝。

Constantine Davides, Citizens.

康斯坦丁大衛斯，公民。

Thanks. Appreciate the color on the revenue cadence 3Q to 4Q in terms of the step-up. But is that consistent with how should we -- how should -- we should also be thinking about EBITDA as well?

謝謝。從成長角度來看，欣賞第三季至第四季營收節奏的變化。但這是否與我們應該如何考慮 EBITDA 一致？

Yes. Our expense load is linear, but much -- no seasonality to it. So as we get into the back half of the year, as those revenues tick up, we see that flow through to EBITDA as well.

是的。我們的支出負擔是線性的，但很大——沒有季節性。因此，當我們進入下半年時，隨著這些收入的增加，我們也看到這些收入流入了 EBITDA。

Okay. And then in the second quarter, the sales and marketing line, a pretty sharp step-up. Is that headcount addition or some other type of spend at work there?

好的。然後在第二季度，銷售和行銷線出現了相當急劇的成長。這是增加員工人數還是進行其他類型的支出？

I'll ask Will to comment, but I don't think it's headcount driven, but conference cost driven. But Will, you've got maybe better visibility to the details there.

我會請威爾發表評論，但我認為這不是由人數驅動，而是由會議成本驅動。但是威爾，你可能對那裡的細節有更好的了解。

Yes, you're spot on. It's timing of conferences and when they occur in the year. So it's usually a little bit low in Q1 when we were running 15% of revenue for sales and marketing this quarter, 17%, just conference timing.

是的，你說得對。這是會議的時間以及它們在一年中舉行的時間。因此，第一季我們的收入中，銷售和行銷比例通常有點低，17% 只是用於會議時間。

Got it. That makes sense. And then lastly, Will, I heard you kind of reaffirm that 35% to 40% margin objective. And I guess how much of that is dependent on an inflection in the macro environment? That is to say, if you can kind of keep grinding out this level of organic growth, is that something that's within reach in the next year or so or does it, again, really hinge upon the macro factors kind of changing a bit?

知道了。這很有道理。最後，威爾，我聽到你重申了 35% 至 40% 的利潤率目標。我猜這在多大程度上取決於宏觀環境的變化？也就是說，如果你能繼續保持這種有機成長水平，那麼這是否在未來一年左右就能實現，還是真的取決於宏觀因素的某種變化？

Yes, I'll jump in there. Yes, we've operated at that level in the past, and that's our objective to get to it at whatever revenue growth level we're looking at, its achievement is contributed to by both revenue growth levels, but more significantly by management in terms of our costs, our costs in capacity -- matching capacity to top line service revenues, improvements that we're making in terms of the service organization overall, their use of AI, as an example, the impact in terms of the advancement of AI tools and the development of the Pro-ficiency training modules, all of these come together to contribute and really the bigger drivers on the expense side, not necessarily on the revenue side.

是的，我會跳進去。是的，我們過去一直在這個水平上運營，無論我們關注的收入增長水平如何，我們的目標是實現這個目標，這個目標的實現得益於兩個收入增長水平，但更重要的是成本管理，我們的產能成本——將產能與頂線服務收入相匹配，我們在整個服務組織方面所做的改進，例如他們對收入的使用，人工智能的進步

Francois Brisebois, Oppenheimer.

弗朗索瓦·布里斯博瓦，奧本海默。

Hi, this is Dan on for Frank. Thanks for taking our questions. I guess, firstly, on the 89% growth in QSP due to the addition of atopic dermatitis. Could you add some color on the customer profile here? Are these mostly existing clients or new customers working in the atopic dermatitis space?

大家好，我是丹，代表弗蘭克。感謝您回答我們的問題。我猜，首先，QSP 成長 89% 是由於增加了異位性皮膚炎。您能在這裡為客戶資料添加一些顏色嗎？這些主要是現有客戶還是從事異位性皮膚炎領域的新客戶？

And related to that, how should we be thinking about QSP growth moving forward? And are you sharing at this time what other indications you see as additional opportunities for QSP? Thanks.

與此相關，我們該如何看待 QSP 未來的發展？現在是否能分享一下您認為 QSP 還有哪些機會？謝謝。

Sure. Yes. In this case, the QSP model of this nature is a pretty healthy ticket item. This is a license that can be $0.5 million or more in size. And so as we've always indicated, they are more discrete in terms of their occurrence.

當然。是的。在這種情況下，這種性質的QSP模式是一種相當健康的票務產品。該許可證的金額可達 50 萬美元或更多。正如我們一直指出的那樣，它們的發生更加離散。

They don't occur every quarter, if you will, although we've had success in terms of QSP therapeutic license disease model licensing in each of the first two quarters this year, which has led to that robust growth rate on, on the QSP software side. The nature of them is usually to large pharma accounts. And underneath the large disease models, we've got smaller licensing that takes place for our DILIsym software as an example, and that can be across large, medium-sized pharma biotech as well.

如果你願意的話，它們不會每個季度都發生，儘管我們在今年前兩個季度在 QSP 治療許可疾病模型許可方面都取得了成功，這導致了 QSP 軟體方面的強勁增長率。它們的性質通常是針對大型製藥公司帳戶。在大型疾病模型下，我們獲得了較小規模的許可，例如針對我們的 DILIsym 軟體，並且該許可也可以應用於大型、中型製藥生物技術公司。

So on a forward basis, it's best to look at in an annual year-over-year growth the haphazard large license size is not -- I wouldn't project out 89% growth for QSP, but QSP software disease model licensing is a very good growth area for us. And our smaller license will be more consistent on a quarterly basis. And hopefully, on a year-over-year basis, we'll see good growth from the large disease models just on a quarter-to-quarter basis. It's not so consistent.

因此，從長遠來看，最好從年度同比增長來看，隨機的大型許可證規模並不是——我不會預測 QSP 的增長率為 89%，但 QSP 軟體疾病模型授權對我們來說是一個非常好的成長領域。而且我們的較小許可證在季度基礎上將更加一致。並且希望，與去年同期相比，我們能夠看到大型疾病模型逐季度實現良好成長。它並不是那麼一致。

Sure.

當然。

Thank you. And with that, there are no further questions at this time. I'd like to turn the floor back to Sean O'Connor for closing remarks.

謝謝。至此，目前沒有其他問題了。我想請肖恩·奧康納 (Sean O'Connor) 作最後發言。

Well, thanks again, everyone, for joining the call today. In the next few months, we'll be attending some important industry events, including 20th Annual Drug Discovery Chemistry Conference in April, a key event for our cheminformatics business and the American Society for Clinical Pharmacology and Therapeutics. Their annual meeting is in May and I'm currently here in Boston at the Bio-IT World Conference Expo.

好吧，再次感謝大家今天參加電話會議。在接下來的幾個月裡，我們將參加一些重要的行業活動，包括 4 月的第 20 屆年度藥物發現化學會議，這是我們化學資訊學業務和美國臨床藥理學和治療學會的重要活動。他們的年會是在五月，我現在正在波士頓參加生物資訊科技世界大會博覽會。

In the financial community arena in May, we'll be attending the 22nd Annual Craig-Hallum Institutional Conference in Minneapolis and as well the JMP Citizens Medical Devices and Healthcare Services Forum, again, back here in Boston in June. I hope to see many of you there. And I appreciate your continued interest in Simulations Plus. Thanks a lot, everyone.

在 5 月的金融界舞台上，我們將參加在明尼阿波利斯舉行的第 22 屆 Craig-Hallum 機構年會，以及 6 月在波士頓舉行的 JMP 公民醫療器材和醫療保健服務論壇。我希望在那裡見到你們。我感謝您對Simulations Plus的持續關注。謝謝大家。

Thank you.

謝謝。

And with that does conclude today's conference call. We thank you for your participation. You may disconnect your lines at this time.

今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。