Simulations Plus Inc (SLP) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Simulations Plus third-quarter fiscal 2025 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

大家好，歡迎參加 Simulations Plus 2025 財年第三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。

It is now my pleasure to introduce Lisa Fortuna from Financial Profiles. Ms. Fortuna, please go ahead.

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，請繼續。

Good afternoon, everyone. Welcome to the Simulations Plus third-quarter fiscal 2025 financial results conference call. With me today are Shawn O'Connor, Chief Executive Officer; and Will Frederick, Chief Financial Officer of Simulations Plus. Please note that we updated our quarterly earnings presentation, which will serve as a supplement to today's prepared remarks. You can access the presentation on our Investor Relations website at www.simulations-plus.com.

大家下午好。歡迎參加 Simulations Plus 2025 財年第三季財務業績電話會議。今天與我一起的還有執行長 Shawn O'Connor 和 Simulations Plus 財務長 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 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 and 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，管理階層提到了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 指標的對帳表可在最新的收益報告和公司網站上查閱。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 third-quarter fiscal 2025 conference call. Third-quarter revenue came in slightly above our preliminary range communicated in June. Final results showed revenue growth of 10% to $20.4 million, including a $2.4 million contribution from the Pro-ficiency acquisition. On an organic basis, revenue declined 4%, primarily due to lower QSP, QST software revenue, and a decrease in our biosimulation services revenue.

謝謝你，麗莎。大家下午好，感謝您參加我們的 2025 財年第三季電話會議。第三季的營收略高於我們六月公佈的初步預期。最終結果顯示，營收成長 10% 至 2,040 萬美元，其中包括收購 Pro-ficiency 帶來的 240 萬美元貢獻。從有機角度來看，收入下降了 4%，主要原因是 QSP、QST 軟體收入下降以及生物模擬服務收入下降。

Diluted EPS loss was $3.35, which included a $77.2 million charge noncash impairment expense related to prior acquisitions compared to $0.15 last year. Adjusted diluted EPS was $0.45 compared to $0.27 last year. Adjusted EBITDA was $7.4 million or 37% of revenue compared to $5.6 million or 30% of revenue last year.

稀釋每股收益虧損為 3.35 美元，其中包括與先前收購相關的 7,720 萬美元非現金減損費用，而去年為 0.15 美元。調整後稀釋每股收益為 0.45 美元，去年同期為 0.27 美元。調整後的 EBITDA 為 740 萬美元，佔營收的 37%，而去年為 560 萬美元，佔營收的 30%。

A year ago, we acquired Pro-ficiency to expand our capabilities into the clinical operations space to leverage our science and technology capabilities and the use of predictive analytics to support our clients' ability to better manage a critical contributor to clinical trial failures. The acquisition doubled our TAM and positions us well for future growth in clinical operations, where the opportunity to improve outcomes with better use of predictive technologies is recognized as an important area of potential improvement in drug development.

一年前，我們收購了 Pro-ficiency，將我們的能力擴展到臨床營運領域，利用我們的科學技術能力和預測分析技術來支援我們的客戶更好地管理臨床試驗失敗的關鍵因素。此次收購使我們的TAM翻了一番，為我們在臨床營運方面未來的成長做好了準備，其中，透過更好地利用預測技術來改善結果的機會被認為是藥物開發中潛在改進的一個重要領域。

The Pro-ficiency training platform and medical communication services have been significantly impacted by market headwinds that disrupted clinical trial initiations and tightened commercialization budgets. These are similar in nature to the headwinds encountered in our biosimulation market. As a result, our outlook for these revenue sources for fiscal year '25 and into fiscal year '26 decreased, and we took what we believe was a prudent and conservative step to align the book value of these assets to their near-term market value. We are deeply committed to our clinical operations and medical communications businesses and their long-term growth outlook.

Pro-ficiency 培訓平台和醫療通訊服務受到市場逆風的嚴重影響，導致臨床試驗啟動中斷和商業化預算收緊。這些本質上與我們在生物模擬市場遇到的阻力類似。因此，我們對 25 財年和 26 財年的這些收入來源的展望下降，並且我們採取了我們認為謹慎和保守的措施，將這些資產的帳面價值與其近期市場價值保持一致。我們堅定地致力於我們的臨床營運和醫療通訊業務及其長期成長前景。

The clinical operations space is rich with opportunities to combine science and new AI technologies to deliver significant clinical operational efficiencies. We remain bullish on this opportunity and believe the proficiency platform will provide the appropriate path to extend our footprint with new and current customers when the market stabilizes. And the technology acquired in the Pro-ficiency acquisition allows us to more quickly advance the introduction of AI applications across our full portfolio of software platforms.

臨床操作領域充滿了將科學與新人工智慧技術結合的機會，可以顯著提高臨床操作效率。我們仍然看好這個機會，並相信當市場穩定時，熟練的平台將提供適當的途徑來擴大我們與新舊客戶的業務範圍。收購 Pro-ficiency 所獲得的技術使我們能夠更快地在我們的整個軟體平台組合中推進 AI 應用的引入。

Reinforcing our commitment and belief in the opportunities presented in the clinical operations space, today, we issued a press release announcing our investment in Nurocor, which offers a software platform designed to improve efficiency, reusability, governance, and automation for pharmaceutical companies through the digitization in the clinical development phase. It is highly complementary to our proficiency software and is a straightforward extension of our presence in clinical trial design. With Nurocor, we are further enhancing our capabilities to provide a more seamless and data-driven approach to trial execution, which reflects our ongoing commitment to clinical trial design services.

為了加強我們對臨床營運領域機會的承諾和信念，今天，我們發布了一份新聞稿，宣布對 Nurocor 進行投資，該公司提供一個軟體平台，旨在透過臨床開發階段的數位化來提高製藥公司的效率、可重用性、治理和自動化程度。它與我們的熟練軟體高度互補，是我們在臨床試驗設計領域存在的直接延伸。借助 Nurocor，我們進一步增強了我們的能力，以提供更無縫和數據驅動的試驗執行方法，這反映了我們對臨床試驗設計服務的持續承諾。

As most of you are aware, the biopharma market has been difficult for the past several years. Large pharma is facing headwinds such as patient -- patent expirations and Inflation Reduction Act pricing pressures, while biotech companies have seen a significant pullback in available sources of capital. These challenges have been further exasperated by the threat of tariffs with favored nation pricing policies and significant budget reductions at the NIH and FDA. Combined, these market headwinds have created more uncertainty and further constrained biopharma spending.

大多數人都知道，過去幾年生物製藥市場一直舉步維艱。大型製藥公司面臨病患專利到期和通貨膨脹削減法案定價壓力等阻力，而生技公司則面臨可用資本來源大幅減少的情況。優惠國定價政策的關稅威脅以及美國國立衛生研究院和美國食品藥物管理局的預算大幅削減進一步加劇了這些挑戰。這些市場不利因素綜合起來產生了更多的不確定性，並進一步限制了生物製藥的支出。

With solid revenue growth in the first half of our fiscal 2025, I think it's fair to say that our team has generally executed well through some choppy market conditions. Our software revenue, while impacted, has continued to grow well. However, our services revenue has been more significantly impacted by the cost constraints implemented by our clients. We encountered a slowdown in our services bookings in the third quarter that will affect near-term project flow. Additionally, more delays in contracted projects pushed services revenue out to future quarters.

由於我們 2025 財年上半年的營收穩定成長，我認為可以公平地說，我們的團隊在一些動盪的市場條件下整體表現良好。我們的軟體收入雖然受到影響，但仍持續保持良好成長。然而，我們的服務收入受到客戶實施的成本限制的更大影響。第三季度，我們的服務預訂量有所放緩，這將影響近期的專案流程。此外，合約項目的進一步延遲導致服務收入推遲到未來幾個季度。

We also experienced a significant client cancellation during the quarter due to unfavorable outcomes in their drug programs that impacted near-term revenues by approximately $2 million. Taken together, these factors had a substantial effect on our third-quarter performance, and they'll continue to flow into our fourth quarter and fiscal year 2016. This lower-than-expected services revenue contributed to the downward revision of our full year 2025 guidance that Will is going to cover shortly.

本季度，我們也經歷了大量客戶取消訂單的情況，因為他們的藥物項目結果不佳，對近期收入造成了約 200 萬美元的影響。綜合起來，這些因素對我們第三季的業績產生了重大影響，並將繼續影響到我們第四季和2016財年。低於預期的服務收入導致我們下調了 2025 年全年預期，Will 將在不久後對此進行介紹。

Moving to our software revenue. Our software business continued to perform well given its role as critical infrastructure and drug development programs.

轉向我們的軟體收入。我們的軟體業務因其在關鍵基礎設施和藥物開發項目中發揮的作用而繼續表現良好。

Software revenue grew 6% in the quarter, mainly driven by our ADMET Predictor solution and modest growth in our GastroPlus and MonolixSuite platforms, partially offset by a decline in our QSP/QST biosimulation platform. Our discovery cheminformatics platform, ADMET Predictor, grew 8% year over year and 4% on a trailing 12-month basis. At the end of the quarter, we released ADMET Predictor 13, a flagship machine learning modeling platform for the design, optimization, and selection of new molecules during various stages of drug discovery with improved features in the areas of first-to-invent advantage, elevated predictive power, and enterprise-ready automation.

本季軟體營收成長了 6%，主要得益於我們的 ADMET Predictor 解決方案以及 GastroPlus 和 MonolixSuite 平台的適度成長，但 QSP/QST 生物模擬平台的下滑部分抵消了這一成長。我們的發現化學資訊學平台 ADMET Predictor 年成長 8%，過去 12 個月成長 4%。在本季末，我們發布了 ADMET Predictor 13，這是一個旗艦機器學習建模平台，用於在藥物發現的各個階段設計、優化和選擇新分子，在先發明優勢、提高預測能力和企業級自動化方面具有改進的功能。

Our PBPK biosimulation platform, GastroPlus, increased 4% year over year and was flat on a trailing 12-month basis. Revenue growth for GastroPlus was below expectations as it was impacted by client consolidations and some site closures that resulted in lower renewal rates. Our outlook for GastroPlus remains strong in anticipation of the next upgrade later this year with enhanced AI capabilities.

我們的 PBPK 生物模擬平台 GastroPlus 較去年同期成長 4%，與過去 12 個月持平。GastroPlus 的營收成長低於預期，因為受到客戶合併和一些站點關閉的影響，導致續約率下降。我們對 GastroPlus 的前景依然看好，預計今年稍後將進行下一次升級，以增強人工智慧功能。

Our PKPD simulation platform, MonolixSuite, grew 3% year over year and 18% on a trailing 12-month basis. This platform was also impacted by a client consolidation this quarter, but otherwise, it has continued to grow in the high teens.

我們的 PKPD 模擬平台 MonolixSuite 年成長 3%，過去 12 個月成長 18%。本季該平台也受到客戶整合的影響，但除此之外，仍保持較高的成長率。

Our QSP/QST biosimulation platforms declined 39% year over year and grew 7% on a trailing 12-month basis. The year-over-year decline was driven by very strong third-quarter 2024 revenue. We have always communicated the lumpy nature of QSP software revenue. And while the revenue contribution was down this quarter, it was positive on a trailing 12-month basis.

我們的 QSP/QST 生物模擬平台年減 39%，但過去 12 個月成長了 7%。年比下降的原因是 2024 年第三季營收非常強勁。我們一直在傳達 QSP 軟體收入不穩定的本質。雖然本季的營收貢獻有所下降，但與過去 12 個月相比，營收貢獻仍為正值。

Our clinical operations platform proficiency contributed $0.4 million in revenue for the quarter and $4.4 million on a trailing 12-month basis. Although a small contributor to software revenue, new licenses for this training platform have slowed, along with the flow of clinical trial solutions.

我們的臨床營運平台能力為本季貢獻了 40 萬美元的收入，為過去 12 個月貢獻了 440 萬美元的收入。儘管對軟體收入的貢獻很小，但隨著臨床試驗解決方案的流動，該培訓平台的新許可證已經放緩。

As we've previously mentioned, demand for services has proven more sensitive to market volatility and came in below our expectations. Services revenue, which represented 38% of total revenue, grew 17% in the third quarter, primarily driven by solid performance in medical communication services and grew 27% on a trailing 12-month basis. PBPK services revenue declined 10% year over year and declined 13% on a trailing 12-month basis. PKPD services revenue declined 9% year over year and grew 6% on a trailing 12-month basis. This is the service solution where we encountered the client cancellation that I noted before.

正如我們之前提到的，服務需求對市場波動更為敏感，低於我們的預期。服務收入佔總收入的 38%，第三季成長 17%，主要得益於醫療通訊服務的穩健表現，過去 12 個月成長了 27%。PBPK 服務收入較去年同期下降 10%，過去 12 個月下降 13%。PKPD 服務收入年減 9%，但過去 12 個月成長 6%。這是我之前提到的我們遇到客戶取消的情況的服務解決方案。

QST revenue declined 22% year over year and 1% on a trailing 12-month basis. Medical communications services revenue was $2 million for the quarter, and $7.3 million for the trailing 12-month period.

QST 營收年減 22%，過去 12 個月下降 1%。本季醫療通訊服務收入為 200 萬美元，過去 12 個月醫療通訊服務收入為 730 萬美元。

Overall, we have a healthy pipeline of service projects, but the pace of contractual commitment slowed during the third quarter. Further, some contracted business in our backlog has been delayed to future quarters. We ended the quarter with backlog of $20.7 million, up from $20.4 million in the second quarter and up from $15.7 million year over year.

總體而言，我們擁有健康的服務項目儲備，但第三季合約承諾的速度有所放緩。此外，我們積壓的一些合約業務已被推遲到未來幾季。本季末，我們的積壓訂單量為 2,070 萬美元，高於第二季的 2,040 萬美元，也高於去年同期的 1,570 萬美元。

We have always been a very client-centric company. And before I turn the call over to Will, I want to discuss the actions we've recently initiated to better serve our clients going forward and to position us as their partner of choice based on our innovative solutions that meet their current and future needs and for operational efficiencies that keep us competitive in the marketplace.

我們一直是一家以客戶為中心的公司。在我將電話轉給威爾之前，我想討論我們最近採取的行動，以便更好地服務我們的客戶，並根據我們滿足他們當前和未來需求的創新解決方案以及保持我們在市場上競爭力的運營效率，將我們定位為他們首選的合作夥伴。

Last month, we implemented a strategic reorganization, transitioning from a business unit structure to a functionally driven operating model. We also made key leadership appointments to enhance client engagement and elevate our sales and marketing capabilities. These actions marked the final phase of a multiyear transformation aimed at streamlining operations, unlocking synergies across teams and concentrating our resources on the most promising growth opportunities. We believe the new organizational structure will also foster greater collaboration through centralized product and technology development, contributing to accelerated delivery of software enhancements, platform integration, and AI advancements.

上個月，我們實施了策略重組，從業務部門結構轉變為功能驅動的營運模式。我們也任命了關鍵領導，以加強客戶參與度並提升我們的銷售和行銷能力。這些舉措標誌著多年轉型的最後階段，旨在精簡營運、釋放團隊之間的協同效應並將我們的資源集中在最有前景的成長機會上。我們相信，新的組織結構也將透過集中的產品和技術開發促進更大的協作，有助於加速交付軟體增強、平台整合和人工智慧進步。

Two tangible examples of the benefits from this reorganization. First, by consolidating our product management and software development teams into a single functional organization, we've achieved greater consistency in development, improved efficiencies, and accelerated delivery of enhancements across all our platforms. This structure enables us to continue advancing the scientific enhancements of each of our products while maintaining our leadership position. Key development opportunities such as AI functionality, optimized cloud infrastructure, and enhanced product interoperability will be more effectively executed through our unified software team.

這是重組帶來的好處的兩個具體例子。首先，透過將我們的產品管理和軟體開發團隊整合為一個職能組織，我們在開發方面實現了更大的一致性，提高了效率，並加快了所有平台增強功能的交付。這種結構使我們能夠在保持領導地位的同時繼續推進每種產品的科學改進。透過我們統一的軟體團隊，人工智慧功能、優化的雲端基礎設施和增強的產品互通性等關鍵開發機會將更有效地執行。

Second, the integration of our services group reflects the increasing value of our diverse modeling service solutions, which are often combined to support complex client projects. For clients frequently present unique challenges that require multidisciplinary teams to efficiently solve their needs, and this consolidation allows us to better support them.

其次，我們服務團隊的整合反映了我們多樣化建模服務解決方案的不斷增長的價值，這些解決方案通常結合起來以支援複雜的客戶專案。對於客戶來說，經常提出獨特的挑戰，需要多學科團隊有效地解決他們的需求，而這種整合使我們能夠更好地為他們提供支援。

Through this reorganization, we also streamlined our workforce, which will result in greater efficiency in our cost structure. Beyond these cost savings, we also aligned our services capacity more closely with current needs. We remain confident that we will be able to scale operations effectively as demand stabilizes. These changes are expected to improve operational efficiency and better position us for sustainable and profitable long-term growth.

透過此次重組，我們也精簡了員工隊伍，這將提高我們的成本結構效率。除了節省成本之外，我們還使我們的服務能力更貼近當前的需求。我們仍然相信，隨著需求穩定，我們將能夠有效地擴大營運規模。這些變化有望提高營運效率，並使我們更好地實現可持續的長期獲利成長。

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 third-quarter performance, total revenue increased 10% to $20.4 million, including a $2.4 million contribution from the Pro-ficiency acquisition. Software revenue increased 6%, representing 62% of total revenue, and services revenue increased 17%, representing 38% of total revenue.

謝謝你，肖恩。回顧我們第三季的業績，總營收成長 10% 至 2,040 萬美元，其中包括收購 Pro-ficiency 帶來的 240 萬美元貢獻。軟體營收成長6%，佔總營收的62%，服務營收成長17%，佔總營收的38%。

Turning to the software revenue contribution from our products for the quarter, GastroPlus was 56%, ADMET Predictor was 20%, MonolixSuite was 17%, Pro-ficiency was 3%, and QSP/QST products were 4%.

談到本季我們產品的軟體營收貢獻，GastroPlus 為 56%，ADMET Predictor 為 20%，MonolixSuite 為 17%，Pro-ficiency 為 3%，QSP/QST 產品為 4%。

For the trailing 12 months, GastroPlus was 48%, MonolixSuite was 20%, ADMET Predictor was 17%, Pro-ficiency was 9%, and QSP/QST products were 6%. The trailing 12-month software revenue for Pro-ficiency only includes revenue since the acquisition in June 2024.

在過去的 12 個月中，GastroPlus 為 48%，MonolixSuite 為 20%，ADMET Predictor 為 17%，Pro-ficiency 為 9%，QSP/QST 產品為 6%。Pro-ficiency 過去 12 個月的軟體收入僅包括自 2024 年 6 月收購以來的收入。

During the quarter, our software customer renewal rate was 84% based on fees and 71% based on accounts. Average software revenue per customer for the quarter was $96,000, down slightly both sequentially and compared to last year. On a trailing 12-month basis, our software customer renewal rate was 89% based on fees and 78% based on accounts, slightly lower than last fiscal year. Average revenue per customer increased to $101,000 from $95,000 on a trailing 12-month basis.

本季度，我們的軟體客戶續訂率為（以費用計算）84%，（以帳戶計算）71%。本季每位客戶的平均軟體收入為 96,000 美元，與上一季和去年同期相比均略有下降。在過去 12 個月中，我們的軟體客戶續約率為（基於費用）89%，（基於帳戶）78%，略低於上一財年。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 solution for the quarter, PKPD services were 38%, med comm services were 26%, QSP/QST services were 19%, and PBPK services were 18%. On a trailing 12-month basis, PKPD services were 37%, QSP/QST services were 24%, med comm services were 22%, and PBPK services were 17%. Again, the trailing 12-month med comm services revenue only includes revenue since the acquisition of Pro-ficiency last June.

本季按解決方案劃分的服務收入貢獻如下：PKPD 服務佔 38%，醫療通訊服務佔 26%，QSP/QST 服務佔 19%，PBPK 服務佔 18%。在過去 12 個月中，PKPD 服務佔 37%，QSP/QST 服務佔 24%，醫療通訊服務佔 22%，PBPK 服務佔 17%。再次，過去 12 個月的醫療通訊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 202 and year-end backlog increased to $20.7 million from $19.6 million last year. Total gross margin for the quarter was 64%, with software gross margin of 80% and services gross margin of 38%.

本季共開展 202 個服務項目，年底積壓訂單從去年的 1,960 萬美元增加到 2,070 萬美元。本季總毛利率為 64%，其中軟體毛利率為 80%，服務毛利率為 38%。

On a comparative basis, total gross margin for the prior-year quarter was 71% with software gross margin of 88%, and services gross margin of 41%. The decrease in total gross margin was due to a $2 million increase in cost of revenues, of which $1.1 million was related to software-related costs and $0.9 million was related to service-related costs.

相較之下，去年同期的總毛利率為 71%，其中軟體毛利率為 88%，服務毛利率為 41%。總毛利率的下降是由於收入成本增加了 200 萬美元，其中 110 萬美元與軟體相關成本有關，90 萬美元與服務相關成本有關。

Turning to our consolidated income statement for the quarter. R&D expense was 6% of revenue compared to 7% last year; sales and marketing expense was 13% of revenue, equivalent to last year; G&A expense was 30% of revenue compared to 41% last year; and total operating expenses, including impairment, excluding impairment expense, were 49% of revenue compared to 61% last year. Total operating expense for the quarter includes a one-time noncash impairment expense of $77.2 million based on the valuation assessment we made to align the book value of our assets to their current market value.

轉向我們本季的合併損益表。研發費用佔收入的 6%，而去年為 7%；銷售和行銷費用佔收入的 13%，與去年持平；一般及行政費用佔收入的 30%，而去年為 41%；包括減損但不包括減損費用在內的總營運費用佔收入的 49%，而去年為 61%。本季總營運費用包括 7,720 萬美元的一次性非現金減損費用，該費用基於我們為使資產帳面價值與當前市場價值保持一致而進行的估值評估。

Income tax benefit for the quarter was $6.7 million compared to income tax expense of $0.8 million last year, and our effective tax rate was 9% compared to 19% last year. Net loss for the quarter was $67.3 million compared to net income of $3.1 million, and diluted EPS loss was $3.35 compared to diluted EPS of $0.15 last year.

本季所得稅收益為 670 萬美元，而去年的所得稅支出為 80 萬美元；我們的有效稅率為 9%，而去年為 19%。本季淨虧損為 6,730 萬美元，而淨收入為 310 萬美元，稀釋每股收益虧損為 3.35 美元，而去年稀釋每股收益為 0.15 美元。

Adjusted EBITDA for the quarter was $7.4 million or 37% of revenue compared to $5.6 million or 30% of revenue last year. And adjusted diluted EPS was $0.45 compared to $0.27 last year. The reconciliation of non-GAAP financial metrics to the relevant GAAP metrics is in our earnings release and on our website.

本季調整後的 EBITDA 為 740 萬美元，佔營收的 37%，而去年同期為 560 萬美元，佔營收的 30%。調整後的稀釋每股收益為 0.45 美元，去年同期為 0.27 美元。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。

Turning to our balance sheet. We ended the quarter with $28.5 million in cash and short-term investments. The decrease in total assets this quarter reflects the noncash impact of the impairment charge. We remain well capitalized with no debt and strong free cash flow to execute our growth strategy.

轉向我們的資產負債表。本季末，我們擁有 2850 萬美元的現金和短期投資。本季總資產的減少反映了減損費用的非現金影響。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。

Moving on to our revised outlook for fiscal year 2025. We now expect total revenue to be between $76 million to $80 million and Pro-ficiency to contribute between to $9 million to $12 million. Year-over-year revenue growth in the range of 9% to 14%, software mix between 55% to 60%, adjusted EBITDA margin between 23% and 27%, and adjusted diluted earnings per share of between $0.93 and $1.06.

接下來是我們對 2025 財年的修訂展望。我們現在預計總收入將在 7,600 萬美元至 8,000 萬美元之間，而 Pro-ficiency 的貢獻將在 900 萬美元至 1,200 萬美元之間。營收年增 9% 至 14% 之間，軟體組合成長 55% 至 60% 之間，調整後 EBITDA 利潤率成長 23% 至 27% 之間，調整後每股攤薄收益成長 0.93 美元至 1.06 美元之間。

I'll now turn the call back to Shawn.

我現在將電話轉回給肖恩。

Thank you, Will. We face new challenges in the third quarter, which recalibrated our outlook for the balance of fiscal '25. At the same time, we remain optimistic about the long-term prospects for biosimulation growth and the use of AI predictive analytics in clinical operations. Our positive long-term outlook is underpinned by growing demand for more efficient drug development, an area where our platforms and solutions deliver clear value.

謝謝你，威爾。我們在第三季面臨新的挑戰，這重新調整了我們對 25 財年平衡的展望。同時，我們對生物模擬成長的長期前景以及人工智慧預測分析在臨床操作中的應用仍然持樂觀態度。我們對長期前景的樂觀看法源於對更高效藥物開發日益增長的需求，在這一領域，我們的平台和解決方案能夠提供明顯的價值。

The regulatory environment is also increasingly supportive of in silico methods as demonstrated by the FDA's recently announced road map to reduce animal testing through the adoption of new approach methodologies. Additionally, the FDA commissioner has publicly endorsed the use of AI in drug development, highlighting its potential to enhance both speed and efficiency without sacrificing safety and efficacy.

監管環境也越來越支持電腦模擬方法，正如 FDA 最近宣布的採用新方法減少動物試驗的路線圖所表明的那樣。此外，FDA 局長已公開支持在藥物開發中使用人工智慧，強調其在不犧牲安全性和有效性的情況下提高速度和效率的潛力。

Just this week, the NIH announced that the biomedical agency would no longer award funding to new grant proposals solely relying on animal testing. Since it remains unclear when the market will stabilize, we believe that we have taken necessary actions that will allow us to operate effectively and efficiently to serve our clients until the market dynamics improve.

就在本週，美國國立衛生研究院宣布，該生物醫學機構將不再為僅依賴動物試驗的新資助提案提供資金。由於市場何時穩定尚不明確，我們相信我們已經採取了必要的行動，使我們能夠有效、有效率地運營，為客戶提供服務，直到市場動態改善為止。

As in prior years, we will provide our fiscal 2026 outlook when we report fourth-quarter results. Assuming current market conditions persist in the near term, we generally anticipate modest improvement in fiscal 2026 compared to fiscal 2025. We anticipate exiting fiscal year '25 with relatively flat organic revenue growth, with software revenue growth in the 5% to 9% range and services revenue decline in the 9% to 13% range.

與往年一樣，我們將在報告第四季業績時提供 2026 財年的展望。假設目前的市場狀況在短期內持續下去，我們普遍預期 2026 財年與 2025 財年相比將出現小幅改善。我們預計 25 財年有機收入成長將相對平穩，其中軟體收入成長將在 5% 至 9% 之間，服務收入將下降 9% 至 13% 之間。

Between now and when we provide fiscal year '26 guidance, we will have the benefit of understanding the ongoing impact of market headwinds as well as input from clients as they undertake their calendar year budgeting cycles.

從現在到我們提供 26 財政年度指導期間，我們將有機會了解市場逆風的持續影響以及客戶在進行年度預算週期時的意見。

Looking to the future, Simulations Plus is rolling out a series of new AI-driven initiatives across our product suite as part of our commitment to innovation. Key upcoming developments include cloud platform development. Our expectation is that this platform will become the connective tissue, linking artificial intelligence across our solutions, seamlessly embedding AI-driven insights and automation into each of our new products -- each of our major projects.

展望未來，作為我們創新承諾的一部分，Simulations Plus 將在我們的產品套件中推出一系列新的人工智慧驅動計畫。即將開展的關鍵開發包括雲端平台開發。我們期望這個平台成為連接我們各個解決方案的人工智慧的連接組織，將人工智慧驅動的洞察力和自動化無縫嵌入到我們的每個新產品中——每個主要項目。

Our AI-enhanced GastroPlus release anticipated later this year, will debut integrated AI assistance accessible via a cloud platform. This will augment users' modeling workflows with intelligent guidance and real-time predictive analytics, demonstrating the first step in our cross-product AI integration.

我們預計今年稍後推出 AI 增強型 GastroPlus，屆時將首次推出可透過雲端平台存取的整合式 AI 輔助功能。這將透過智慧指導和即時預測分析增強用戶的建模工作流程，展示我們跨產品 AI 整合的第一步。

Specifically, our next GastroPlus release will include AssessmentsPlus, a modeling co-pilot that offers instant assessment and recommendations for compounds and simulations. Its expert-driven guidance is built on real scientists input and is engineered to avoid hallucinations. It ensures experienced modelers consider potential model optimizations and empowers newer users to quickly gain competency in model building and the multiple disciplines that underpin PBPK.

具體來說，我們下一個版本的 GastroPlus 將包括AssessmentsPlus，這是一個建模副駕駛，可為化合物和模擬提供即時評估和建議。其專家指導建立在真實科學家的意見之上，旨在避免幻覺。它確保經驗豐富的建模者考慮潛在的模型最佳化，並使新用戶能夠快速獲得模型建立能力以及 PBPK 所依賴的多個學科的能力。

Orchestrate, an automation package for complex and time-consuming workflows, once set up, users can build, modify, execute, and visualize modeling projects and results with a single click using our scripts, Python code, and more, streamlining tedious tasks, minimizing errors, and accelerating data processing to free up time for researchers to engage in deeper analysis and innovation.

Orchestrate 是一個用於複雜且耗時的工作流程的自動化包，一旦設定完成，使用者就可以使用我們的腳本、Python 程式碼等，透過點擊來建立、修改、執行和視覺化建模專案和結果，從而簡化繁瑣的任務、最大限度地減少錯誤並加速資料處理，從而讓研究人員有時間進行更深入的分析和創新。

In GastroPlus GPT, an AI-powered chatbot that provides conversational style real-time answers and support for technical and operational questions and extracts information from unstructured data sources for effortless setup of GastroPlus input files and reports. The foundational OpenAI large language model-driven program is available 24/7 and enhances users' modeling proficiency and efficiency.

在 GastroPlus GPT 中，人工智慧聊天機器人可以以對話的方式即時解答技術和操作問題並提供支持，並從非結構化資料來源中提取信息，輕鬆設置 GastroPlus 輸入文件和報告。基礎的OpenAI大型語言模型驅動程式全天候可用，可提高使用者的建模能力和效率。

And finally, portfolio-wide AI rollout. Following the GastroPlus update, we plan to introduce additional AI integrations into our flagship tools such as ADMET Predictor and MonolixSuite in the next fiscal year. Each integration is aimed at enhancing product capabilities and delivering greater value to our clients through improved productivity, deeper data insights, and streamlined decision support. These AI initiatives underscore Simulations Plus's focus on applying advanced technologies like AI to drive innovation and business growth. By leveraging our new AI-powered features, we believe we will gain a distinct competitive advantage and expanded value proposition in the biosimulation market. This strategy not only enriches our product ecosystem, but also position Simulations Plus for sustained growth, further solidifying our leadership in model-informed drug development solutions.

最後，在整個投資組合中推出人工智慧。在 GastroPlus 更新之後，我們計劃在下一個財政年度將更多的 AI 整合引入我們的旗艦工具中，例如 ADMET Predictor 和 MonolixSuite。每次整合都旨在透過提高生產力、更深入的數據洞察和簡化的決策支援來增強產品功能並為我們的客戶提供更大的價值。這些人工智慧計畫凸顯了 Simulations Plus 致力於應用人工智慧等先進技術來推動創新和業務成長。透過利用我們新的人工智慧功能，我們相信我們將在生物模擬市場中獲得獨特的競爭優勢和擴大的價值主張。這項策略不僅豐富了我們的產品生態系統，也使Simulations Plus能夠持續成長，進一步鞏固我們在模型驅動藥物開發解決方案方面的領導地位。

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

感謝您今天抽出時間。說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Scott Schoenhaus, KeyBanc Capital Markets.

（操作員指示）Scott Schoenhaus，KeyBanc 資本市場。

Thank you. Thanks for taking my question. So I guess my first question is on the implied fourth quarter -- fiscal fourth quarter margin guide. It comes down steeply from the margins you just posted, and you talked about your efficiencies and streamline the operations to get to those margins this quarter. What is driving that margin erosion next quarter? Thanks.

謝謝。感謝您回答我的問題。所以我想我的第一個問題是關於隱含的第四季——財政第四季利潤率指南。它與您剛剛發布的利潤率相比大幅下降，並且您談到了您的效率和簡化營運以在本季度實現這些利潤率。是什麼原因導致下個季度利潤率下降？謝謝。

Yeah. The reorganization and the actions we took in terms of our expense structure, Scott, primarily did not impact the third quarter. They impact the business on a go-forward basis. As we had communicated, that represented an annual cost savings of $4 million and that starts to kick in and the in the fourth quarter really impacts our next fiscal year.

是的。史考特，我們在費用結構方面採取的重組和行動主要沒有影響第三季。它們會對業務的未來產生影響。正如我們所傳達的，這意味著每年可節省 400 萬美元的成本，而這項節省將開始產生效果，並在第四季度真正影響到我們的下一個財政年度。

Our challenge in terms of the fourth-quarter margins really is embracing the revenue step down on the top line. And while we're making our expense structure more efficient, fourth-quarter revenues impact those margins and bring us down to that guidance in the mid- to high-20s in terms of EBITDA -- adjusted EBITDA.

就第四季利潤率而言，我們面臨的挑戰實際上是接受營收的下降。雖然我們正在使我們的支出結構更加高效，但第四季度的收入會影響這些利潤率，並使我們 EBITDA（調整後的 EBITDA）降至 25% 左右的指導水平。

And then on the renewal rates on the software side, stepping down from 93% to 84% on the fees and 86% to 71% on the accounts. And I think you talked in your prepared remarks about, mostly this was driven by GastroPlus, the site closures from certain accounts. Can you just provide more color here? It seems like a pretty big drop off. And what historically have you seen that floor for renewal rates? Are we -- is there more risk for renewal rates to fall even further from here? Thanks.

然後就軟體方面的續約率而言，費用從 93% 降至 84%，帳戶續約率從 86% 降至 71%。我認為您在準備好的發言中談到了，這主要是由於 GastroPlus 針對某些帳戶的網站關閉而導致的。您能在這裡提供更多顏色嗎？這似乎是一個相當大的下降。從歷史上看，您認為續約率的底線是多少？我們－續約率是否還有進一步下降的風險？謝謝。

Yeah. Our renewal rates, as we've said previously, historically, the renewal rate is impacted primarily by consolidations, site closures, combinations of our clients that result in reduction of the renewal size and that certainly was the case in the third quarter. Consolidation, both with regard to GastroPlus client and as well a MonolixSuite client impacted those renewal rates for those two products.

是的。正如我們之前所說，從歷史上看，我們的續約率主要受到合併、網站關閉、客戶合併的影響，這些都會導致續約規模的減少，而第三季的情況確實如此。GastroPlus 客戶和 MonolixSuite 客戶的合併影響了這兩種產品的續約率。

I don't see others on the horizon of great significance, but consolidations are occurring in the client base. And as they have contributed historically, I'm sure they will in the future. I don't know that our experience here in the third quarter was indicative and we maintain historical rates in that 90% to 95% renewal rate on fees, which I expect we will, in the long term, maintain.

我沒有看到其他具有重大意義的事件，但客戶群正在整合。由於他們在歷史上做出了貢獻，我相信他們將來也會做出貢獻。我不知道我們在第三季度的經驗是否具有指示性，我們維持了 90% 至 95% 的費用續訂率的歷史水平，我預計從長遠來看我們將保持這一水平。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Good afternoon. Thanks for taking the questions. Maybe first up, regarding the April 10 guidance from the FDA, my sense was initially that there was a little bit of a pause that your customers kind of pulled back a little bit, trying to understand what the new guidance was, how it impacted their business and their clinical trials and whatnot? Are you starting to see that come back as those customers become more comfortable with what the guidance calls for? And are you anticipating that things could start to pick up as we exit this calendar year and get into fiscal '26 for you guys?

午安.感謝您回答這些問題。首先，關於 FDA 4 月 10 日的指南，我最初的感覺是，出現了一點停頓，您的客戶有點退縮了，試圖了解新指南是什麼，它如何影響他們的業務和臨床試驗等等？隨著這些客戶對指南的要求越來越適應，您是否開始看到這種情況的回升？您是否預計，隨著我們結束今年並進入 26 財年，情況會開始好轉？

Yeah. Thanks, Matt. First, I'd say that the announcement by the FDA with regard to use of an alternative methodologies and replacements of animal testing is one component of the drug development process, and that's taking place in the early preclinical translational activities with our clients. Our products and services serve the full development cycle. And so the announcement is, A, very specific to a certain area of drug development; and B, never underestimate the time it takes for these objective stating goals to be translated down into actionable steps.

是的。謝謝，馬特。首先，我想說，FDA 宣布使用替代方法和動物試驗替代品是藥物開發過程的一個組成部分，而這正在與我們的客戶一起進行的早期臨床前轉化活動中進行。我們的產品和服務服務於整個開發週期。因此，該聲明首先針對的是藥物開發的某個領域；其次，永遠不要低估將這些客觀陳述目標轉化為可操作步驟所需的時間。

We certainly -- it is topic -- I hump the list of all of our conversations today with clients that are in that phase of development with some of their programs. But action is still at that stage of waiting for clarity from the FDA and their stated process of putting together guidelines and interacting with the industry in their development, and that's a process that will take some time.

我們當然 - 這是主題 - 我列出了今天與處於某些程式開發階段的客戶進行的所有對話。但行動仍處於等待 FDA 澄清其製定指南和與行業互動制定指南的流程的階段，而這個過程需要一些時間。

Certainly, it is an indicator of momentum in terms of the use of modeling and simulation there at that stage of development and broadly wind in the sails of the use of modeling and simulation. It's where future drug development will go and become more dependent upon in silico techniques.

當然，它是該發展階段建模和模擬使用勢頭的一個指標，並且廣泛地推動了建模和模擬的使用。這是未來藥物開發的方向，並且將更加依賴電腦模擬技術。

But measuring it right now in a quarter-to-quarter basis impact on revenue is probably too quick in your anticipation of its impact. Certainly, long-term impact modeling and simulation continues to grow over the years through its continued adoption of not only existing applications, but the creation of new applications like this will be over the long term, but increase the ways in which modeling and simulation is used in the full drug development process.

但現在以季度為單位來衡量其對收入的影響可能對於其影響的預期太快了。當然，長期影響建模和模擬將透過持續採用現有應用程式而持續成長，而且像這樣的新應用程式的創建將是長期的，但會增加建模和模擬在整個藥物開發過程中的使用方式。

So great news, certainly a topic of conversation that's quite prevalent, a lot of momentum in terms of modeling and simulation. Patients required in terms of seeing its impact on top line revenue.

所以這是一個好消息，當然也是一個非常流行的話題，在建模和模擬方面有很大的發展勢頭。病人需要了解其對營業收入的影響。

Got it. And then maybe a different way of kind of looking at this, but you listed off a number of different headwinds that you're facing, the funding environment customer consolidation, site closures. As you look at those, what do you think has been the biggest headwind recently? And what's it going to take for that to kind of ease so that you could maybe start to get back to double-digit growth, particularly on the software side?

知道了。然後也許可以從不同的角度來看待這個問題，但您列出了您面臨的許多不同阻力，包括融資環境、客戶整合、網站關閉等。當您看到這些時，您認為最近最大的阻力是什麼？那麼，怎樣才能緩解這種局面，以便你們能夠開始恢復兩位數的成長，特別是在軟體方面？

Yeah, the million-dollar question. I wouldn't point to any single factor. It's really the plethora of uncertainties that exist because clients to be cautious in their investment decisions, their spending decisions. And I think we kind of see a shortening of the list of all those items that are on that list that contribute to, hey, let's slow play and what's wait and see a little bit. It's -- each of them has their impact with specific clients, specific programs.

是的，這是一個價值百萬美元的問題。我不會指出任何單一因素。確實存在大量的不確定性，因為客戶在投資決策和支出決策時要謹慎。我認為我們看到清單上所有項目的清單都在縮短，這有助於讓我們慢慢來，稍等片刻。它們每個都會對特定的客戶、特定的項目產生影響。

It's the length of that list that I think is really impactful right now. As we look at our business today, we've taken some actions to gain some efficiencies, rightsize our expense run rates, and not anticipate a significant uptick in the market characteristics in the near term. We'll poise and be ready if they do, but our view right now is let's optimize performance in this environment and where can be ready to step up when the market does turn to undergo.

我認為現在真正有影響力的是這個清單的長度。回顧我們今天的業務，我們已經採取了一些行動來提高效率，調整我們的費用運行率，並且預計短期內市場特徵不會大幅上漲。如果他們這樣做，我們會保持鎮定並做好準備，但我們現在的觀點是，讓我們在這種環境下優化表現，並在市場確實轉向時做好準備。

Max Smock, William Blair.

馬克斯史莫克、威廉布萊爾。

Hi, great. It's Christine Rains on for Max Smock. So just to start with, circling back on the previous question on 4Q EBITDA margin expectations. Just hoping to get a bit more clarity here. So at the midpoint of your guide, it seems like revenue is dropping off around $4 million sequentially, but your adjusted EBITDA stepped down as roughly $6.5 million.

嗨，太好了。克里斯汀雷恩斯 (Christine Rains) 為馬克斯史莫克 (Max Smock) 表演。首先，我們回到先前關於第四季 EBITDA 利潤率預期的問題。只是希望在這裡能得到更清晰的解釋。因此，在您的指南中點，似乎收入連續下降了約 400 萬美元，但您的調整後 EBITDA 下降了約 650 萬美元。

Even though I think you're expecting around $1 million of savings from cost cuts. So maybe it would be helpful to get a breakdown of your expectations for COGS and OpEx spend as a percentage of revenue to help us get a handle on drivers for your margin guide for this year? And then how you expect both to trend in 2026, given your recent cost-cutting efforts?

儘管我認為您預計透過削減成本可以節省約 100 萬美元。因此，也許將您對 COGS 和 OpEx 支出佔收入的百分比的預期進行細分會有所幫助，以幫助我們掌握今年利潤指南的驅動因素？那麼，考慮到您最近的成本削減舉措，您預計 2026 年這兩項趨勢將如何？

Yeah. I'll provide an answer at a high level, and then, Will, I certainly invite you to jump in. The revenue drop in the fourth quarter at an environment, even with a RIF and a reduction, our expense load generally is linear. And while that's impacted by some of the efficiencies, fourth quarter is also a quarter in which a lot of marketing activity takes place, a number of our conferences -- key conferences, industry conferences occur in that quarter. And so the combination of revenue step down and expense well muted, there are expense drivers that come into the fourth quarter.

是的。我會從高層次給出答案，然後，威爾，我當然邀請你加入。在第四季收入下降的環境下，即使有RIF和減少，我們的費用負擔通常也是線性的。雖然這受到一些效率的影響，但第四季度也是大量行銷活動發生的季度，我們的許多會議——重要會議、行業會議都在這個季度舉行。因此，收入下降和支出減少的結合，是第四季度支出驅動因素。

We started out the year looking to try and step up our original guidance was pointed towards getting close to and stepping up to the 31% to 33% range for the significant drop in revenue, some expense reduction is taking place, but that still is going to fall through and leads to a reduction on EBITDA guidance.

我們年初試圖提高最初的指導方針，即接近並提高到 31% 至 33% 的範圍，以應對收入的大幅下降，一些費用正在減少，但這仍然會失敗並導致 EBITDA 指導的減少。

Will, I don't know if you have anything to add to that?

威爾，我不知道你對此還有什麼要補充的嗎？

Yeah, I'd say that pretty much characterizes expectation that with a revenue drop, but largely fixed costs for us on the personnel side, although we will see some cost reductions as a result of the layoffs in May. We've also got amortization costs with intangibles that we don't expect to see a significant drop off in the cost of revenues or the operating expenses compared to, say, where we were in Q1, but with a lower revenue number that will flow down to hope that EBITDA margin as well as the adjusted diluted earnings per share.

是的，我想說，這基本上符合預期，即收入會下降，但人事方面的成本基本上是固定的，儘管由於 5 月份的裁員，我們會看到一些成本的降低。我們還有無形資產的攤銷成本，我們預計與第一季相比，收入成本或營運費用不會大幅下降，但隨著收入數字的下降，希望 EBITDA 利潤率以及調整後的每股攤薄收益能夠下降。

Got it. And then when do you think it's a good timeline more reasonable to get back to kind of your initial guide range of low 30% for EBITDA?

知道了。那麼，您認為什麼時候才是更合理的時間表，以便將 EBITDA 恢復到您最初的指導範圍 30% 以下？

Check in with us when we announce our fourth-quarter results. Cautiously outlook over the fourth quarter here. We'll take into consideration what we learned in terms of change of those headwinds and/or discussions with our clients as they enter their budgetary cycles and that will help formulate, certainly, our expectations long term in a market that is allowing us to grow top-line revenues at historical rates. Our long-term expectation of being able to achieve 35% adjusted EBITDA is unchanged. Question as to how quickly we can get to that point given the market conditions. That's the open question right now.

當我們公佈第四季度業績時請與我們聯繫。對第四季的展望需謹慎。我們將考慮從這些不利因素的變化和/或與進入預算週期的客戶討論中了解到的情況，這將有助於製定我們的長期預期，讓我們能夠以歷史速度增加營業收入。我們對實現 35% 調整後 EBITDA 的長期預期保持不變。問題是，考慮到市場狀況，我們多久能達到這一點。這是目前懸而未決的問題。

Got it. That makes sense. One more clarification question for us. So it looks like your guide is calling for a step up sequentially in 4Q for services on the top line, but significantly around 20% sequential decline for software sales. So just hoping you can help us understand this dynamic, and it seems like your commentary in your prepared remarks was more focused on services pressure, and I mean software has been relatively resilient up until now and seems like expected going forward based on your commentary to be in 2026 more resilient.

知道了。這很有道理。我們還需要澄清一個問題。因此，看起來您的指南要求第四季度服務收入將環比增長，但軟體銷售額將環比下降 20% 左右。所以只是希望您能幫助我們理解這種動態，而且似乎您在準備好的評論中的評論更側重於服務壓力，我的意思是軟體到目前為止一直相對具有彈性，並且根據您的評論，預計到 2026 年軟體將更具彈性。

Yeah. I don't know that our commentary implies that profile in terms of the fourth quarter software versus services, the impact on revenue decline in our guidance as it relates to fourth quarter is driven significantly by the service side, our software business. is anticipated that we'll continue to grow in the 5% to 9% time level for fiscal year and it's the service side that is down to 13% anticipated for the year. So I think our first quarter is impacted primarily by sales.

是的。我不知道我們的評論是否暗示了第四季度軟體與服務的概況，我們指引中與第四季度相關的收入下降的影響主要是由服務端（我們的軟體業務）驅動的。本財年預計我們將繼續以 5% 到 9% 的時間水準成長，而預期本財年服務端的成長將下降至 13%。所以我認為我們的第一季主要受到銷售的影響。

Got it. That makes sense. I think I was just applying the percentage breakdown that you had for your revenue by software and services and maybe I was reading a little bit too much into that, but that quite is helpful.

知道了。這很有道理。我想我只是應用了你們按軟體和服務劃分的收入百分比，也許我對此解讀得有點過度，但這很有幫助。

David Larsen, BTIG.

BTIG 的 David Larsen。

Hi. Can you please remind us what the organic year-over-year revenue growth was in total and then also the software and then also for service, please?

你好。您能否提醒我們整體有機收入年增率是多少，然後是軟體和服務收入年增率是多少？

For which period, David?

哪個時期，大衛？

For the quarter, the organic growth rate for total revenue, software revenue, service revenue, please?

請問本季總收入、軟體收入、服務收入的有機成長率是多少？

Will, can you get that?

威爾，你能明白嗎？

Yeah, I can jump in there. So total was just for the quarter, down 3%, software was up 2%, and services were down 13%.

是的，我可以跳進去。因此本季的整體下降了 3%，軟體成長了 2%，服務下降了 13%。

Okay. That's very helpful, thank you. And then when I look at the number of ads for GastroPlus in the quarter, it actually looks pretty good to me. I think you added 12 new customers for Gastro. That's relatively high over the past two years.

好的。這非常有幫助，謝謝。然後，當我查看本季 GastroPlus 的廣告數量時，我發現它實際上看起來相當不錯。我認為您為 Gastro 增加了 12 位新客戶。在過去兩年中，這一數字相對較高。

And your -- I think Gastro revenue growth, we're estimating around 6% year-over-year growth for the quarter. That's fairly high relative to the past five quarters. I mean, correct me if I'm wrong, but it seems like the Gastro business was doing fairly well, but Monolix maybe came under a little bit of pressure. Is there a difference in like the kinds of clients you're serving between the two? Can you just sort of like why would one grow nicely, but the other would not? Gastro looks pretty good, Monolix under pressure?

我認為 Gastro 的營收成長，我們估計本季同比成長約 6%。與過去五個季度相比，這個數字相當高。我的意思是，如果我錯了，請糾正我，但看起來 Gastro 業務做得相當好，但 Monolix 可能承受了一點壓力。您所服務的客戶類型兩者有何不同嗎？你能不能解釋為什麼一個能長得很好，而另一個卻不能？Gastro 看起來不錯，Monolix 面臨壓力嗎？

Well, a couple of things. Let me unpack the question a little bit. Our software revenue generally has contributed to 80% of renewals, 10% upsells, 10% new clients, round numbers on a quarterly basis. And as you point to, yes, our upsells, new clients, that continues to flow pretty well. Those tend to be -- those new clients tend to be introductory clients starting with a small footprint, so smaller dollar value clients.

嗯，有幾件事。讓我稍微解釋一下這個問題。我們的軟體收入通常貢獻了 80% 的續約量、10% 的追加銷售量、10% 的新客戶量，按季度計算，這是一個整數。正如您所指出的，是的，我們的追加銷售、新客戶都持續保持良好的成長動能。這些新客戶往往是從小規模開始的介紹客戶，因此美元價值較小。

Upsells were good. It's in that renewal side. We're a couple of consolidations, acquisition activity and our client base impact impacted us. The GastroPlus and on Monolix, Monolix on this quarter, in the third quarter, that impacted by one of those consolidations, but is growing very nicely. It's our fastest-growing product up in the high teens is on a 12-month -- trailing 12-month basis will be in that ballpark for the year and expectations continue to be strong there.

追加銷售效果很好。它就在更新的那一側。我們進行了一些合併、收購活動，我們的客戶群也受到了影響。GastroPlus 和 Monolix，Monolix 在本季度，也就是第三季度，受到了其中一次合併的影響，但成長得非常好。這是我們成長最快的產品，以 12 個月計算，其成長率將達到十幾歲左右——預計今年接下來 12 個月的成長率也將達到這個水平，並且預期將繼續保持強勁。

The dynamics of the two products are a little bit different in that Monolix is -- Monolix and GastroPlus are sold to do different user bases. And so common clients, but two different user groups within our clients. Monolix has the benefit as well as not only chasing those upsells and new logos, but is also taking market share away from the primary product in that space on them. And so that is contributing to its higher growth rate compared to the other software platforms, ADMET Predictor and GastroPlus.

兩種產品的動態略有不同，因為 Monolix 和 GastroPlus 針對不同的用戶群銷售。因此，我們有共同的客戶，但客戶中有兩個不同的用戶群。Monolix 的優勢不僅在於追逐追加銷售和新標識，還在於從該領域的主要產品中奪取市場份額。因此，與其他軟體平台 ADMET Predictor 和 GastroPlus 相比，這導致其成長率更高。

All of those applications are growing quite nicely. We're in the 5% to 9% range for the year and reflects the fact that, for the most part, there's no sort of cost-constrained pullback in spending on the software side. We'd anticipate that in better times that they'll be growing their departments more rapidly, and therefore, add to and contribute to software revenue growth that has historically been a 10% to 15% range historically. They're not growing their groups, but they're not to dismantling. That's dismantling, if anything comes from consolidation when clients combined and are acquired.

所有這些應用程式都發展得相當好。我們今年的成長率在 5% 到 9% 之間，反映出，在大多數情況下，軟體方面的支出不會因成本限製而縮減。我們預計，在經濟狀況較好的時候，他們的部門會擴大得更快，從而增加並促進軟體收入的成長，而歷史上軟體收入的成長幅度一直在 10% 到 15% 之間。他們的團體不會擴大，但他們也不會解散。如果有什麼是來自於客戶合併和被收購的整合的話，那就是拆解。

So hopefully, that helps, Dave.

希望這對你有幫助，戴夫。

It does. And then on the service side, what was -- how did bookings do? I think backlog -- correct me if I'm wrong, but I think backlog was actually up 6% year over year? How are bookings themselves in the quarter on a year-over-year basis?

確實如此。那麼在服務方面，預訂情況如何？我認為積壓訂單——如果我錯了請糾正我，但我認為積壓訂單實際上同比增長了 6%？本季的預訂量與去年同期相比如何？

Yeah, a couple of comments there. One, backlog is up year-over-year. We've got backlog that's sourced and the Med communications business that was not a component zero contributor, if you will, a year ago at the end of the third quarter. So the backlog increase in part is due to med communications, the acquired business.

是的，那裡有幾條評論。一是積壓訂單年增。我們有積壓訂單，醫療通訊業務在一年前的第三季末還不是零貢獻者。因此，積壓訂單的增加部分是由於收購的醫療通訊業務。

Secondly, part of the issue has been the delays. We have backlog into accounts that their contractual start date -- anticipated start date of that project and whatnot gets deferred. And that certainly was the number of delays was on an uptick in the third quarter. So those delayed accounts at some point if they've been delayed or we get information that tells us otherwise, we'll pull those accounts out of backlog, but we're seeing a prolonged time to initiation of projects out of the backlog accounts.

其次，部分問題在於延誤。我們積壓了一些帳目，他們的合約開始日期——該專案預計開始日期等等都被推遲了。顯然，第三季的延誤次數有所增加。因此，如果這些延遲的帳戶在某個時候被延遲了，或者我們得到的資訊告訴我們不是這樣，我們就會將這些帳戶從積壓中拉出來，但我們看到從積壓帳戶啟動專案的時間延長了。

Okay. Last one for me. Obviously, the broader S&P 500 pulled way back on Liberation Day, and it has since come back up, which I kind of view as the tariff relief rally. Between the end of May, the close of the quarter, and today, which is mid-July, have your salespeople sensed any improvement in the buying activity of your clients? Or is it all still completely sort of cautious in nature? Because, I mean, it seems to me like it's possible that maybe there was a slowdown in April and May during liberation Day, but now we're in mid-July, the S&P is at an all-time high, the funding environment likely has improved, has there been any discussion of any improvement at all, or are we still sort of in a very cautiously sort of careful slow environment?

好的。對我來說是最後一個。顯然，標準普爾 500 指數在解放日當天大幅回落，但此後又有所回升，我認為這是關稅減免反彈。從五月底（本季結束）到今天（七月中旬），您的銷售人員是否感覺到客戶的購買活動有所改善？或者說，從本質上來說，這一切仍然完全是謹慎的？因為，我的意思是，在我看來，在解放日期間，四月和五月可能出現放緩，但現在是七月中旬，標準普爾指數處於歷史最高水平，融資環境可能已經改善，有沒有討論過任何改善，或者我們是否仍然處於非常謹慎的緩慢環境中？

Yeah. I mean, we're talking about a short window of time, April and May, we're in July. So a few months, a short window of time to see movement. Now, I'd say that the environment continues to be cautious, and we're entering summer months, which tends to slow down activity for annual reasons.

是的。我的意思是，我們談論的是一個短暫的時間窗口，四月和五月，現在是七月。幾個月的時間，是觀察動向的短暫時間。現在，我想說環境仍然需要謹慎，我們即將進入夏季，由於年度原因，這往往會減緩活動。

And while the S&P has picked up, I don't know that the S&P is an indicator of communication between our sales force and decision-making necessarily at our client level. I think these things have a shock value when they get announced and maybe an exaggerated slowdown that dissipates even though the issue, be it tariffs or whatever, doesn't go away. The stock value goes away and things start opening up. We're certainly out there executing diligently in the marketplace to find those accounts that may have been pausing and are ready to move forward now. But I'd say it's too short of a window of time to draw any conclusions just yet.

儘管標準普爾指數有所回升，但我不知道標準普爾指數是否一定是我們銷售人員與客戶層面決策者之間溝通的指標。我認為這些事情在宣佈時會產生震撼效果，也許會導致經濟出現誇張的放緩，但即使關稅或其他問題沒有消失，這種放緩也會逐漸消散。股票價值消失，事情開始明朗起來。我們確實在市場上勤奮努力地尋找那些可能已經暫停並準備好繼續前進的帳戶。但我想說，現在還太短，無法得出任何結論。

Constantine Davides, Citizens.

康斯坦丁大衛斯，公民。

Yes. Can you just expand on the -- you called out a services cancellation that had a $2 million, I think you used the word towards near-term impact. So was that all in the third quarter? Or was this something that you'd contemplated in terms of hitting fourth quarter as well?

是的。您能否詳細說明一下——您所說的服務取消造成了 200 萬美元的損失，我認為您使用的“近期影響”一詞。那麼這一切都發生在第三季嗎？或者這也是你在第四季考慮過的事情？

Yes. Constantine, it was a single client with contracted services covering two drug programs, which, from a contract basis, were anticipated to begin contribution to the third quarter with a more significant contribution to the fourth quarter. And both of those programs had bad readouts. The client canceled the contracts, canceled their programs, and, in fact, laid off 95% of their staff. So very impactful scenario. Its impact was the majority of it in the fourth quarter, with some impact in the third quarter as well.

是的。康斯坦丁是一家單一客戶，其合約服務涵蓋兩個藥物項目，從合約基礎來看，預計這兩個項目將在第三季度開始做出貢獻，並在第四季度做出更大的貢獻。這兩個程序的讀數都很糟糕。客戶取消了合同，取消了項目，事實上，還解雇了 95% 的員工。場景非常具有影響力。其影響主要集中在第四季度，對第三季度也有一定影響。

Got it. And then, Shawn, you alluded to a number of AI initiatives, new product initiatives, some of the cloud initiatives as well. And you look at R&D expense and it's running well below $10 million a year. And I know you're not giving guidance for next year, but I guess as you think generally about sort of the AI cycle we're in, which is going to be multiyear, the FDA initiatives around animal testing, should we just start to think about more R&D investment over the next several years relative to where you've been? Just wondering if you can give us a little color on that. Thank you.

知道了。然後，肖恩，你提到了一些人工智慧計畫、新產品計畫以及一些雲端計畫。你看看研發費用，每年遠低於 1,000 萬美元。我知道您沒有給出明年的指導，但我想，當您總體考慮我們所處的人工智能週期（這將是多年的周期）以及 FDA 圍繞動物測試的舉措時，我們是否應該開始考慮在未來幾年內相對於您目前所處的位置增加研發投資？我只是想知道您是否可以給我們一些關於此方面的詳細資訊。謝謝。

Yeah. Opportunities abound, and we're very excited about what is both the near-term offer in terms of our GastroPlus release anticipated late summer with some pretty impactful AI functionality to give you a look at the marketplace. And beyond that into next fiscal year, both the extension of that into our other platforms and the opportunities for its ongoing development more broadly. So opportunity abounds.

是的。機會無所不在，我們對即將於夏末發布的 GastroPlus 的近期優惠感到非常興奮，它具有一些非常有影響力的人工智慧功能，可以讓您了解市場。除此之外，在下一個財政年度，我們還會將其擴展到其他平台，並為其更廣泛的持續發展提供機會。因此機會很多。

Does that mean increased R&D expenditure next year? Hey, we're committed and balancing both previous questions in terms of getting our adjusted EBITDA back up into [30%-plus] into a longer-term expectation of 35% and opportunities to spend more in R&D, and we will cautiously balance those two opportunities as we move forward.

這是否意味著明年的研發支出會增加？嘿，我們致力於平衡前面的兩個問題，將我們的調整後 EBITDA 回升至 [30% 以上]，實現 35% 的長期預期，並有機會在研發上投入更多資金，我們將在未來謹慎地平衡這兩個機會。

The productivity on the AI side of the R&D team is high. It's been complemented with the technology that underlies the Pro-ficiency platform, which provided us -- has provided us an accelerated ability to deliver utilizing that technology to support the cloud platform and delivery of AI functionality into GastroPlus and subsequent weigh down the road at particular on Monolix as well. So pretty exciting times on the technology side, how that impacts R&D. It will be a balancing act between EBITDA improvements and (inaudible) on this side.

研發團隊在AI方面的生產力很高。它與 Pro-ficiency 平台的基礎技術相輔相成，為我們提供了加速交付的能力，利用該技術來支援雲端平台和將 AI 功能交付到 GastroPlus，並隨後在 Monolix 上發揮重要作用。因此，從技術方面來看，這是一個非常令人興奮的時刻，這對研發有何影響？這將是 EBITDA 改善和（聽不清楚）之間的平衡行為。

Jeff Garro, Stephens Inc.

加羅（Jeff Garro），Stephens Inc.

Yeah, good afternoon. Maybe a couple of follow-up for me on the AI topic. I want to ask if we should expect product development, product release pacing in line with historical product releases and adding new features and capabilities with regular updates? Or will it be more discrete on the AI front?

是的，下午好。也許我會對人工智慧主題進行一些後續跟進。我想問一下，我們是否應該期待產品開發、產品發布節奏與歷史產品發布保持一致，並透過定期更新添加新功能和新能力？或者它在人工智慧方面會更加離散嗎？

And then I also wanted to ask about any gross margin implications we should think about with AI and with some of the cost related to usage there? Do you move to a more transactional model?

然後我還想問一下，我們應該考慮人工智慧對毛利率的影響，以及與使用相關的一些成本？您是否會轉向更具交易性的模式？

Yeah. I mean, I'll work backwards, impact on margins. we are -- a couple of things, both on the revenue line and on the cost side. On the revenue side, we're looking at pricing configurations for this increased functionality and how we can optimize both the expansion in upsells and new clients, but also a step-up in terms of renewal improvements. So there should be some contribution there on the expense side.

是的。我的意思是，我會反向思考對利潤率的影響。我們有幾件事，既在收入方面，也在成本方面。在收入方面，我們正在研究這種增強功能的定價配置，以及如何優化追加銷售和新客戶的擴張，以及續約改進方面的提升。因此在費用方面應該有一些貢獻。

Really, the banner is on the service side, where AI capabilities in our operational group can tend to improvements in terms of the cost to perform projects, and anticipate we'll see some opportunities there. The pricing structure, are we going to move to a more transactional sort of perspective, not on the near-term horizon. Our clients really are not demanding that. We may provide some of these solutions in a situation that is more transactionally based, but a movement to a transaction-based SaaS model is still deep in the horizon for our customers, and that's really driven by their desires at this point in time.

實際上，旗幟是在服務方面，我們營運團隊的人工智慧能力可以傾向於改善執行專案的成本，並預計我們會在那裡看到一些機會。定價結構，我們是否會轉向更具交易性的視角，而不是短期視角。我們的客戶確實沒有要求這樣做。我們可能會在更多基於交易的情況下提供其中一些解決方案，但對於我們的客戶來說，轉向基於交易的 SaaS 模型仍然還處於探索階段，而這實際上是由他們目前的需求驅動的。

I hope that answers your question, Jeff.

我希望這回答了你的問題，傑夫。

Yeah. Then the first part of it was around pacing of releases, kind of regular updates or more discrete?

是的。那麼第一部分是關於發布的節奏，是定期更新還是更離散的更新？

Yeah. I think -- yes and no. Our ability to deliver more frequent updates is certainly a driver in terms of our new product and technology organization. Our clients operate in a regulatory environment. And their desire is primarily to not be updating frequently.

是的。我認為——是又不是。我們提供更頻繁更新的能力無疑是我們新產品和技術組織發展的動力。我們的客戶在監管環境中運作。他們的主要願望是不要頻繁更新。

So the base application, GastroPlus or Monolix, it's releases on an annual basis if it's their need and their investment desires updating inside their IT operations to the extent that we provide some of these in the cloud that are more accessible outside their SOP environment, we maybe be able to deliver those more quickly paced during the course of the year and intend to be able to do so. Whether our clients will be able to in their environment and their IT infrastructure and costs and planning capabilities, whether they'll adopt the more rapidly or not, we'll see certainly give them the opportunity to.

因此，如果這是他們的需求和投資願望，基礎應用程式 GastroPlus 或 Monolix 會每年發布一次，以便在他們的 IT 運營中進行更新，我們在雲中提供其中一些在他們的 SOP 環境之外更易於訪問的應用程序，我們也許能夠在一年內更快地交付這些應用程序，並且打算這樣做。無論我們的客戶是否能夠在他們的環境和 IT 基礎設施以及成本和規劃能力方面更快地採用，我們都會給予他們機會。

Understood. I appreciate that. And then I wanted to hit proficiency and see if you had any updated financial expectations for FY25. And any color you might be to provide on the large proficiency engagement that was expected to start in the back half of the year that you had discussed last quarter. Thanks.

明白了。我很感激。然後我想了解您的熟練程度，看看您對 FY25 是否有任何更新的財務預期。您能否就上個季度討論過的預計在下半年開始的大規模熟練程度提升活動提供任何資訊？謝謝。

Yeah. That engagement was in the medical communications side of the business, and that has preceded. It was impacted a little bit delayed in part on the commercialization side by the client, not canceled, but delayed, but that project has initiated.

是的。此次合作涉及的是業務的醫療通訊方面，並且已經提前開展。商業化方面受到了客戶的影響，部分延遲了，不是取消，而是延遲了，但該專案已經啟動。

Overall, as we indicated in our guidance, $9 million to $12 million contribution from both the Pro-ficiency platform and the Med communications business. Certainly down from our expectations at the beginning of the year, but again driven by the same factors, headwinds in terms of slow start-up clinical trials and cost-constrained environment.

總體而言，正如我們在指導中所指出的，Pro-ficiency 平台和 Med 通訊業務的貢獻為 900 萬至 1,200 萬美元。當然，這低於我們年初的預期，但同樣受到相同因素的影響，即臨床試驗啟動緩慢和成本受限的環境方面的阻力。

Thank you. This concludes the question-and-answer session. So I'll turn the call back to Shawn O'Connor for closing remarks.

謝謝。問答環節到此結束。因此我將把電話轉回給肖恩·奧康納 (Shawn O'Connor) 來做結束語。

Thanks again, everyone, for joining our call and your interest in SimPlus. In the next few months, we'll be attending some important industry events including the Controlled Release Society Annual Meeting, which started today, and the American Chemical Society National Meeting in August.

再次感謝大家參加我們的電話會議並對 SimPlus 感興趣。在接下來的幾個月裡，我們將參加一些重要的行業活動，包括今天開始的控釋學會年會和八月的美國化學學會全國會議。

For the financial community, we'll be attending the KeyBanc Annual Technology Leadership Forum in August and the Wells Fargo 2025 Healthcare Conference and the Morgan Stanley Annual Global Healthcare Conference, both in September. Hope to see many of you there.

對於金融界，我們將參加 8 月的 KeyBanc 年度技術領導論壇以及 9 月的富國銀行 2025 醫療保健會議和摩根士丹利年度全球醫療保健會議。希望在那裡見到你們。

I appreciate you joining the call, and look forward to talking to you again and updating you at the end of the fourth quarter. Take care, everyone.

感謝您參加電話會議，並期待在第四季末再次與您交談並向您通報最新情況。大家保重。

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

今天的會議到此結束。現在您可以斷開線路了。感謝您的參與。