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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
（標記一） 
☑根據第13或15(d)條定期報告
Caesars娛樂財務報告的本季度報告10-Q
截至2022年1月31日的季度期2024年9月28日
或者
☐
根據第13或15(d)條提交的過渡報告
Caesars娛樂財務報告的本季度報告10-Q
關於過渡期從 至
委員會文件號 001-40368001-15943
charlesriverlablogoa03.jpg
查爾斯河實驗室國際公司。
（按其章程規定的確切註冊人名稱）
特拉華州 06-1397316
（註冊或組織的）提起訴訟的州或其他司法管轄區（如適用）
組建國的駐地		 （IRS僱主
唯一識別號碼）
Ballardvale街251號
威明頓, 馬薩諸塞州 01887
（總部地址）（郵編）
（註冊人的電話號碼，包括區號）： (781) 222-6000

在法案第12(b)條的規定下注冊的證券：
每一類的名稱股票代碼在其上註冊的交易所的名稱
普通股，每股面值$0.01CRL請使用moomoo賬號登錄查看New York Stock Exchange
請在本公司於1934年證券交易法規定的12個月內（或本公司被要求提交此類報告的較短期間內）提交的所有根據1934年證券交易法第13節或15(d)節要求提交的報告中進行勾選，並且自起再過去的90天內一直受到此類提交要求的影響。 Yes ☑無☐
請在過去12個月內每次有規定需要提交符合規定S-t條例405號規定的每個互動數據文件的提交時以複選標記表示（本章第232.405號），或者在該註冊人需要提交這些文件的較短期限內。Yes ☑無☐
請用複選標記表示註冊人是否爲大型快速報告人、快速報告人、非快速報告人、較小的報告公司或新興成長型公司。請參閱《交易所法》規定「大型快速報告人」、「快速報告人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人☑加速文件提交人☐
非加速文件提交人☐較小的報告公司☐
新興成長公司☐
如果是新興成長型公司，請用勾號表示註冊人是否選擇不使用《證券交易法》第13(a)條規定的任何新或修訂財務會計準則的延長過渡期。 ☐
請勾選表示註冊申報人是否爲外殼公司（根據交易所12b-2號規則定義）。是☐ 否。☑
截至2024年10月26日，已經有 51,136,178股


查爾斯河實驗室國際公司。

10-Q表格季度報告
截至2024年9月28日季度結束

目錄
項目 
第一部分 - 財務信息
1基本報表
截至2024年9月28日和2023年9月30日的未經審計的簡明綜合損益表
截至2024年9月28日和2023年9月30日的未經審計的簡明綜合收益表
截至2024年9月28日和2023年12月30日的未經審計的簡明綜合資產負債表
2024年9月28日至2023年9月30日的未經審計的簡明綜合現金流量表
2024年9月28日至2023年9月30日未經審計的簡明綜合公允利潤變動表和可贖回的非控股權益變動表
2024年9月28日至2023年9月30日未經審計的簡明綜合股本和可贖回非控股權益變動表
簡明聯合財務報表附註(未經審計)
2分銷計劃
概述
經營結果
流動性和資本資源
關鍵會計政策和估計
最近的會計聲明
3定量和質量市場風險披露
4控制和程序
第二部分-其他信息
1法律訴訟
1A風險因素
2未註冊的股票股權銷售和籌款用途
5其他信息
6展示資料
簽名

1

未來結果受影響因素特別注意事項
這份關於Form 10-Q的季度報告包含關於查爾斯河實驗室國際公司未來事件和未來結果的前瞻性聲明，這些聲明基於我們目前對所在行業的期望、估計、預測和投影，以及我們管理層的信念和假設。諸如「期望」、「預計」、「目標」、「目標」、「項目」、「打算」、「計劃」、「相信」、「尋求」、「估計」、「將」、「可能」、「設計」、「將」、「未來」、「能」、「可以」和其他類似表達，用於預測、指示未來事件和趨勢，或與歷史事項無關的詞語，旨在識別這些前瞻性聲明。這些聲明基於我們目前的期望和信念，涉及一系列難以預測的風險、不確定性和假設。
例如，當涉及話題如下時，我們可能使用前瞻性聲明:我們對非人類靈長類動物的供應鏈多樣化能力和非人類靈長類動物(NHP)供應鏈可用性的期望；(1)針對NHP供應鏈(包括公司收到自柬埔寨運來的非人類靈長類動物的貨物)的美國政府調查與詢問的結果，(2)根據2023年5月19日對我們和某些現任/前任高管提起的關於證券集體訴訟的訴訟的結果，(3)根據2023年11月8日對董事會成員和某些現任/前任高管提起的衍生訴訟的結果，以及2024年8月2日對某些現任/前任董事會成員和某些現任/前任高管提起的衍生訴訟的結果；開發和實施增強流程的時間和影響以合理確保我們採購的非人類靈長類動物爲目的繁育；全球經濟和金融市場的變化和不確定因素，包括由於美國司法部於2022年11月16日通過美國佛羅里達州南區檢察官辦公室宣佈，柬埔寨非人類靈長類動物供應商和兩名柬埔寨官員因非法進口非人類靈長類動物進入美國而被刑事起訴，而由此引起的商業、政治或經濟條件的變化；客戶需求，特別是藥物發現和開發產品和服務的未來需求，包括這些服務的外包；我們對於能否達到財務目標的期望；我們對於股票回購的期望，包括待回購股份的數量、預期時間和期限，可能支出的資本金額以及回購股份的對待方式；我們成功執行業務策略的能力；我們及時建設基礎設施以滿足產能需求和支持業務增長的能力，我們爲可預見未來資金運營的能力，他人未經授權地進入我們的信息系統的影響，及任何增強安全和監控的時機和有效性，同時關注客戶現行支出趨勢和其他成本降低活動，我們管理層未來的行動；遞延項目的結果；我們的商業策略、經營實踐和創收方式的變化；我們服務和產品的開發和表現；市場和行業條件，包括競爭和價格趨勢以及這些條件的影響，包括對我們的信貸損失準備金的影響；我們與領先製藥和生物技術公司的戰略關係，風險投資、未來類似安排的機會；我們的成本結構；我們對收購和剝離的期望，包括其影響和預計的時間；我們對營收增長和運營協同效應的期望(包括致力於引起相關改善的具體行動產生的影響)；特定行動的性質、時間表和影響以提高整體運營效率和盈利能力的期望(以及我們能否適應未來對我們基礎設施的需求)，包括優化全球業務分佈的行動，以及我們計劃關閉、合併、剝離或重新利用業務所產生的損益以及運營和重組行動的影響(包括按年計算的估計)；我們對研究取消率的期望及這些取消的影響；我們對稅率和稅收優惠的期望；關於股票期權、限制性股票、績效股份單位和其他員工和董事的股權發放的預期；外匯兌換的期望；對於財務報表目的的稅收立場的評估(或更改我們對其的評估)；我們的流動性；以及訴訟的影響，包括成功爲我們辯護訴訟的能力。此外，這些陳述還包括經濟和市場情況對我們和客戶的影響，我們節約成本行動的效果及優化股東回報的措施對我們的有效和及時基礎上的影響，以及我們承受目前市場情況的能力。
前瞻性聲明是預測性質的，受到難以預測的風險、不確定性和假設的影響。因此，實際結果可能與任何前瞻性聲明中表達的結果存在重大和不利的差異。您應該謹慎對待這些前瞻性聲明，這些聲明僅反映本文件的日期，或者在參考附註聲明的情況下，則反映參考附註文件的日期。可能導致或有助於產生這些差異的因素包括但不限於在截至2023年12月30日的年度10-k表格中討論的內容，其中包括「我們的策略」和「管理層對財務狀況與營運結果的討論與分析」，以及在本季度10-Q表格中討論的內容，其中包括「管理層對財務狀況與營運結果的討論與分析」和「風險因素」，我們在新聞稿中和與證券交易委員會的其他財務文件中，都進行了討論。我們無需公開更新或修訂任何前瞻性聲明，無論是基於新信息、未來事件或風險。新信息、未來事件或風險可能導致我們在本報告中討論的前瞻性事件不會發生。

2

第一部分 財務信息
項目1.基本報表
查爾斯河實驗室國際公司。
未經審計的綜合收益表
（以千爲單位，每股金額除外）
 三個月結束九個月結束
 2024年9月28日2023年9月30日2024年9月28日2023年9月30日
服務收入$832,463 $869,759 $2,492,225 $2,602,016 
產品銷售收入177,300 156,864 555,215 513,917 
總收入1,009,763 1,026,623 3,047,440 3,115,933 
費用和支出  
提供服務的成本（不包括無形資產攤銷） 568,699 587,560 1,724,246 1,731,136 
銷售產品的成本（不包括無形資產攤銷）92,043 77,223 275,617 246,326 
銷售、一般及行政費用199,213 176,109 555,295 550,713 
無形資產攤銷32,403 34,229 97,248 103,419 
營業利潤117,405 151,502 395,034 484,339 
其他費用收益 
利息收入1,528 1,373 6,740 3,605 
利息支出(30,284)(33,742)(98,054)(103,166)
其他收入（費用）淨額2,592 (6,260)6,185 (12,200)
稅前收入91,241 112,873 309,905 372,578 
所得稅費用20,946 24,852 70,867 81,160 
淨利潤70,295 88,021 239,038 291,418 
淨利潤歸屬於非控制權益638 632 2,340 3,878 
淨利潤歸屬於查爾斯河實驗室國際公司$69,657 $87,389 $236,698 $287,540 
每股淨利潤的計算歸屬於查爾斯河實驗室國際公司的普通股股東
淨利潤歸屬於查爾斯河實驗室國際公司$69,657 $87,389 $236,698 $287,540 
減：可贖回非控股權益調整379 — 1,081 — 
減少：歸屬於非控股權益持有人的增量分紅599 — 9,621 — 
可供查爾斯河實驗室國際公司普通股股東使用的淨利潤$68,679 $87,389 $225,996 $287,540 
每股普通股收益  
Basic$1.34 $1.70 $4.39 $5.62 
Diluted$1.33 $1.69 $4.37 $5.58 
流通普通股加權平均數
Basic51,394 51,283 51,461 51,199 
Diluted51,583 51,607 51,713 51,493 
請參閱 unaudited condensed consolidated financial statements 註釋。
3

查爾斯河實驗室國際公司。
簡明合併綜合收益表（未經審計）
（以千爲單位）
三個月結束九個月結束
2024年9月28日2023年9月30日2024年9月28日2023年9月30日
淨利潤$70,295 $88,021 $239,038 $291,418 
其他全面收益（損失）：
外幣翻譯調整85,018 (63,997)500 (17,457)
淨損失攤銷、結算損失和以前服務福利包括在養老金和其他離退休福利計劃的總成本中352 177 1,038 521 
對沖工具的未實現收益（損失）(1,060)539 (688)5,183 
稅前其他全面收益：
84,310 (63,281)850 (11,753)
與其他全面收益項目相關的所得稅費用（利益）減少8,348 (3,292)848 (3,393)
綜合收益，扣除所得稅146,257 28,032 239,040 283,058 
與非控股權益相關的綜合收益（損失），扣除所得稅後
(238)440 (1,214)1,527 
淨利潤折歸到查爾斯河實驗室國際公司，扣除所得稅
$146,495 $27,592 $240,254 $281,531 
請參閱 unaudited condensed consolidated financial statements 註釋。
4

查爾斯河實驗室國際公司。
簡化聯合資產負債表（未經審計）
（以千爲單位，每股金額除外）
2024年9月28日2023年12月30日
資產 
流動資產：  
現金及現金等價物$210,171 $276,771 
應收賬款和合同資產，扣除$24，951的信用損失準備金23,877 和 $25,722 的壞賬準備
754,207 780,375 
存貨336,200 380,259 
預付資產92,631 87,879 
其他資產101,514 83,378 
總流動資產1,494,723 1,608,662 
物業、廠房和設備，淨值1,639,978 1,639,741 
創投和戰略股權投資235,987 243,811 
經營租賃使用權資產，淨值385,133 394,029 
商譽3,124,592 3,095,045 
無形資產, 淨額778,461 864,051 
遞延所得稅資產37,963 40,279 
其他307,005 309,383 
資產總額$8,003,842 $8,195,001 
負債、可贖回的非控股權益和權益  
流動負債:  
應付賬款$135,963 $168,937 
應計的薪資211,077 213,290 
遞延收入251,968 241,820 
應計負債208,124 227,825 
其他流動負債205,089 203,210 
流動負債合計1,012,221 1,055,082 
長期負債、淨額及融資租賃2,326,653 2,647,147 
經營租賃權利負債432,836 419,234 
遞延稅款負債167,746 191,349 
其他長期負債236,669 223,191 
負債合計4,176,125 4,536,003 
承諾和或有事項（附註2、11、13和15）
可贖回的非控制股份40,590 56,722 
股東權益：  
優先股，$0.00010.01每股面值; 20,000 否已發行並流通股數爲175,262股。
— — 
普通股，每股面值爲 $0.0001；0.01每股面值; 120,000 51,718股份發行量爲51,134 截至2024年9月28日，股份總數爲 51,338 截至2023年12月30日已發行並流通股份爲
517 513 
額外實收資本1,971,413 1,905,578 
保留盈餘2,122,835 1,887,218 
截至2024年3月31日和2023年12月31日，公司的庫藏股票分別有2,279,784股和2,693,653股。584 和 零 於2024年9月28日和2023年12月30日分別持有股份
(119,621)— 
累計其他綜合損失(192,871)(196,427)
查爾斯河實驗室國際公司總股本3,782,273 3,596,882 
不可贖回的非控制權益4,854 5,394 
股東權益總計3,787,127 3,602,276 
負債合計、非控股權益和所有者權益
$8,003,842 $8,195,001 
請參閱 unaudited condensed consolidated financial statements 註釋。
5

查爾斯河實驗室國際公司。
簡要綜合現金流量表(未經審計)
（以千爲單位）
 九個月結束
 2024年9月28日2023年9月30日
與營業活動相關的現金流量  
淨利潤$239,038 $291,418 
調整淨利潤以計入經營活動現金流量:  
折舊和攤銷259,637 233,610 
股票補償52,656 52,527 
遞延所得稅 (25,988)(28,251)
長期資產減值費用17,339 26,202 
創投和戰略股權投資的(收益)損失，淨額(8,788)9,246 
撥備8,223 11,030 
淨處置損失659 995 
其他，淨額20,372 6,947 
資產和負債變動：  
應收貿易賬款和合同資產，淨18,300 (59,081)
存貨13,789 (44,126)
應付賬款(7,095)(26,531)
應計的薪資(1,981)28,438 
遞延收入13,583 (9,997)
客戶合同按金14,707 (21,534)
其他資產和負債，淨額(39,236)(7,938)
經營活動產生的現金流量淨額575,215 462,955 
與投資活動相關的現金流  
企業和資產的收購，減去取得現金的金額(5,479)(50,166)
資本支出(157,351)(240,205)
投資購買和對創投投資的出資(45,264)(36,322)
出售投資所得款39,470 3,953 
其他，淨額(358)(2,044)
投資活動產生的淨現金流出(168,982)(324,784)
與籌資活動相關的現金流量  
長期債務和循環信貸設施的收益976,783 333,034 
行使期權所得款項23,110 19,658 
長期債務、循環信貸設施和融資租賃債務的支付(1,316,990)(530,909)
購買庫存股(119,051)(24,016)
支付待決定交易對價— (2,711)
購買其他可贖回非控股利益的剩餘股權(12,000)— 
其他，淨額(26,900)(4,145)
籌集資金淨額(475,048)(209,089)
匯率變動對現金、現金等價物及受限現金的影響(4,025)(4,680)
現金、現金等價物和受限制的現金的淨變化量(72,840)(75,598)
期初現金、現金等價物和受限制的現金284,480 241,214 
期末現金、現金等價物及受限制的現金$211,640 $165,616 
請參閱 unaudited condensed consolidated financial statements 註釋。
6

查爾斯河實驗室國際公司。
股東權益變動表和可贖回非控制權益的綜合變更情況表（未經審計）
（以千爲單位）
可贖回的非控股權益
普通股資本公積金未分配利潤累計其他綜合收益（損失）庫存股
查爾斯河實驗室公司的總股本
非控股權益總股本
股份金額股份金額
2023年12月30日$56,722 51,338 $513 $1,905,578 $1,887,218 $(196,427)— $— $3,596,882 $5,394 $3,602,276 
淨利潤1,201 — — — 72,960 — — — 72,960 321 73,281 
其他全面（虧損），稅後淨額(2,763)— — — — (53,492)— — (53,492)— (53,492)
將可贖回的非控制權益調整爲贖回價值
4,807 — — (4,406)(401)— — — (4,807)— (4,807)
分紅派息給非控制權益(2,192)— — — — — — — — — — 
根據員工補償計劃發行股票— 214 2 21,503 — — — — 21,505 — 21,505 
購買公司庫存股— — — — — — 42 (9,351)(9,351)— (9,351)
股票補償— — — 16,738 — — — — 16,738 — 16,738 
2024年3月30日57,775 51,552 515 1,939,413 1,959,777 (249,919)42 (9,351)3,640,435 5,715 3,646,150 
淨利潤(332)— — — 94,081 — — — 94,081 512 94,593 
其他綜合收益（虧損），淨額
85 — — — — (19,790)— — (19,790)— (19,790)
調整可贖回非控制權益至贖回價值496 — — (195)(301)— — — (496)— (496)
分紅派息給非控股權益— — — — — — — — — (1,938)(1,938)
購買其他可贖回非控股權益的剩餘股權
(12,000)— — — — — — — — — — 
調整Noveprim可贖回非控股權益的購買價格52 — — — — — — — — — — 
根據員工補償計劃發行股票— 144 2 824 — — — — 826 — 826 
購買公司庫存股— — — — — — 41 (8,914)(8,914)— (8,914)
股票補償— — — 16,587 — — — — 16,587 — 16,587 
2024年6月29日46,076 51,696 517 1,956,629 2,053,557 (269,709)83 (18,265)3,722,729 4,289 3,727,018 
淨利潤73 — — — 69,657 — — — 69,657 565 70,222 
其他綜合損益，淨額稅後(876)— — — — 76,838 — — 76,838 — 76,838 
調整可贖回非控制權益至贖回價值5,705 — — (5,326)(379)— — — (5,705)— (5,705)
非控股權益的分紅派息(10,388)— — — — — — — — — — 
員工補償計劃下的股票發行— 22 — 779 — — — — 779 — 779 
購買公司庫存股— — — — — — 501 (100,786)(100,786)— (100,786)
股份回購消費稅— — — — — — — (570)(570)— (570)
股票補償— — — 19,331 — — — — 19,331 — 19,331 
2024年9月28日$40,590 51,718 $517 $1,971,413 $2,122,835 $(192,871)584 $(119,621)$3,782,273 $4,854 $3,787,127 
請參閱 unaudited condensed consolidated financial statements 註釋。
7


查爾斯河實驗室國際公司。
股東權益變動表和可贖回非控制權益的綜合變更情況表（未經審計）
(續; 單位：千元)
可贖回的非控股權益
普通股資本公積金未分配利潤累計其他綜合收益（損失）庫存股
查爾斯河實驗室公司的總股本
非控股權益總股本
股份金額股份金額
2022年12月31日$42,427 50,944 $509 $1,804,940 $1,432,901 $(262,057)— $— $2,976,293 $4,785 $2,981,078 
淨利潤322 — — — 103,131 — — — 103,131 501 103,632 
其他綜合收益（虧損），淨額186 — — — — 22,933 — — 22,933 — 22,933 
員工補償計劃下的股票發行— 316 3 11,789 — — — — 11,792 — 11,792 
購買公司庫存股— — — — — — 78 (19,012)(19,012)— (19,012)
股票補償— — — 13,460 — — — — 13,460 — 13,460 
2023年4月1日42,935 51,260 512 1,830,189 1,536,032 (239,124)78 (19,012)3,108,597 5,286 3,113,883 
淨利潤1,857 — — — 97,020 — — — 97,020 566 97,586 
其他綜合收益（虧損），淨額(2,345)— — — — 30,855 — — 30,855 — 30,855 
員工補償計劃下的股票發行— 110 1 3,926 — — — — 3,927 — 3,927 
購買公司庫存股— — — — — — 26 (4,966)(4,966)— (4,966)
股票補償— — — 16,270 — — — — 16,270 — 16,270 
短期42,447 51,370 513 1,850,385 1,633,052 (208,269)104 (23,978)3,251,703 5,852 3,257,555 
淨利潤71 — — — 87,389 — — — 87,389 561 87,950 
其他綜合收益（虧損），淨額(192)— — — — (59,797)— — (59,797)— (59,797)
非控股權益的分紅派息
(2,378)— — — — — — — — (1,645)(1,645)
員工補償計劃下的股票發行— 30 1 3,938 — — — — 3,939 — 3,939 
購買公司庫存股— — — — — — — (38)(38)— (38)
股票補償— — — 22,797 — — — — 22,797 — 22,797 
2023年9月30日$39,948 51,400 $514 $1,877,120 $1,720,441 $(268,066)104 $(24,016)$3,305,993 $4,768 $3,310,761 
請參閱 unaudited condensed consolidated financial statements 註釋。
8
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註

1. 提供的基礎
附表簡明綜合財務報表爲未經審計，由查爾斯河實驗室國際公司（以下簡稱「公司」）根據美國公認會計原則（U.S. GAAP）和美國證券交易委員會（SEC）的規則和法規編制。年末簡明綜合資產負債表數據來源於公司已審計的綜合財務報表，但未包括U.S. GAAP要求的所有披露。這些未經審計的簡明綜合財務報表應與公司已提交給SEC的於2024年2月14日提交的2023財年10-k表年度報告一起閱讀。已對前一年金額進行了某些再分類，以符合今年度呈現。公司管理層認爲，未經審計的簡明綜合財務報表反映了進行的一切正常和定期調整，以公正地展示公司的財務狀況和業務成果。
使用估計
根據美國通用會計準則編制未經審計的簡明合併公司基本報表要求公司進行可能影響資產、負債、收入、費用及相關遭押資產和負債披露金額的估計和判斷。公司持續評估其估計、判斷和方法。公司的估計基於歷史經驗和其他種種被認爲是合理的假設，其結果構成了對資產和負債賬面價值作出判斷的依據。實際結果可能因採用不同的假設或條件而有所不同。估計變動將在其被知曉的期間反映在報告結果中。
新發布的會計準則
2023年11月，FASB發佈了ASU 2023-07，即「報告分部披露改進（主題280）」。ASU 2023-07通過增加關於將分部費用歸類爲重要費用或定期向首席運營決策者（CODM）提供的增加披露，修改了報告分部披露要求。此外，修訂增強了中期披露要求，澄清了一個實體可以在何種情況下披露多個分部利潤或損失指標，幷包含其他披露要求。修訂的目的是使投資者更好地了解一個實體的整體表現並評估潛在未來現金流量。該ASU適用於2023年12月15日後開始的財政年度以及2024年12月15日後開始的財政年度內的中期時段。允許提前採納，並且本更新中的修訂要求以追溯方式應用。公司目前正在評估這一新標準對合並財務報表相關披露的影響，但並不認爲會有重大影響。
2023年12月，FASB發佈了ASU 2023-09，「收入稅披露的改進（主題740）」。 ASU 2023-09要求對所支付的所得稅進行增強披露，增加了在報告期末之前對國外和國內收入稅之間的持續經營的細分，並定義了用於將司法稅率協調至實際稅率的具體類別。此ASU適用於2024年12月15日後開始的財政年度，並可根據前瞻性基礎應用。公司目前正在評估這一新標準將對合並財務報表相關披露產生的影響。
重要會計政策之摘要
公司的重要會計政策詳細描述在《業務描述和重要會計政策摘要》註釋1中，列於公司於2024年2月14日向美國證券交易委員會提交的2023財年10-K年度報告中。
整合
公司的未經審計的簡明合併基本報表反映了公司及其子公司的財務狀況，其中公司持有控股財務利益。對於公司擁有或受到經濟利益未達100%的合併實體，公司記錄淨利潤（虧損）歸屬於非控股利益在未經審計的簡明合併利潤表中，等於相應非控股方保留在這些實體中的經濟或所有權利益百分比。可贖回的非控股權益，其中非控股權益持有者有權要求公司購買剩餘權益的能力，被分類在未經審計的簡明合併資產負債表的中間區域，該區域位於權益部分之上，負債部分之下。合併中的公司間餘額和交易被予以消除。
公司的財政年度通常基於52周，每個季度由13周組成，截至於3月31日、6月30日、9月30日和12月31日的最後一個或最接近的星期六。財政年度第四季度偶爾需要第53周以與日曆年度結算日12月31日對齊。
9
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
《修訂和重新制定的2020年The Aaron's Company, Inc.股權和激勵計劃》，（參考到2024年5月16日提交給美國證券交易委員會的S-8表格附註4.3）。
公司以報告分部顯示其業績 三 可報告的部門包括：研究模型與服務(RMS)，發現與安全評估(DSA)，以及製造解決方案(製造業-半導體)。
公司的RMS報告部門包括提供的產品和服務：研究模型、研究模型服務和電芯解決方案。研究模型包括商業生產和銷售小型研究模型，以及大型研究模型的供應。研究模型服務包括：內部解決方案(IS)，爲客戶的研究運營提供群體管理（包括招聘、培訓、人員配備和管理服務），在客戶設施內利用查爾斯河實驗室加速器和開發實驗室(CRADL™)提供的vivarium空間，以及基因工程模型和服務(GEMS)，執行與基因工程模型相關的合同育種和其他服務，以及研究動物診斷服務(RADS)，提供與研究模型相關的健康監測和診斷服務；以及電芯解決方案，提供來源於正常和動員的外周血和骨髓的受控、一致、定製的原代細胞和血液元件。
公司的DSA報告段包括髮現服務和安全評估服務。公司爲研究、開發和法規要求的安全檢測提供受管制和未受管制的DSA服務，包括治療發現和優化以及 在體外 （非動物）和 ，爲抑鬱症、焦慮症和其他沉思性障礙提供了有前景的新療法。 （在研究模型中）的研究，實驗室支持服務，以及戰略非臨床諮詢和項目管理，以支持產品開發。
公司的製造業-半導體可報告部門包括微生物解決方案，提供批釋放測試產品、微生物檢測產品和物種鑑定服務 在體外 批發釋放測試產品、微生物檢測產品、物種鑑定服務以及生物製品解決方案（生物製品），專門測試生物製品（生物製品測試解決方案），以及合同開發和生產產品和服務（CDMO）。
2. 收購和剝離
2023財政收購
Noveprim集團
2023 年 11 月 30 日，公司完成了對另外一部分的收購 41位於毛里求斯的非人類靈長類動物（NHP）領先供應商Noveprim集團（NOVeprim）的股權百分比導致 90% 控股權。該公司此前曾收購了一家 492022年按美元計算的股權百分比90.0 百萬加上不超過美元的額外或有付款5.0百萬美元，基於未來的表現。收購Noviprim可分配的總對價爲美元392.4 百萬，其中包括 $144.6 爲此額外支付了數百萬現金 41股本利息、取消歷史活動和公司間餘額的百分比209.5 百萬，其中包括的重新計量收益 49美元股權投資的百分比113.0 百萬，或有對價爲 $33.3 百萬，遞延收購價爲美元12.0 從2024年到2027年的應付金額爲百萬美元，但預計的收盤後營運資金調整額爲美元7.0 百萬。收購價格反映了與賣方就營運資金和債務達成的協議，該協議從美元進行了調整13.8 百萬美元兌美元7.0 在截至2024年9月28日的九個月中，有100萬人。由於計量期內對收購價格、商譽和調整收益進行了調整，前一年的收購價格、商譽和調整收益 49截至2024年9月28日的九個月中，股權投資的百分比增加了美元17.6 百萬和美元9.8 分別爲百萬。調整收益記錄在未經審計的簡明合併損益表中的其他收入（支出）淨額中。或有對價公允價值是使用蒙特卡羅模擬模型估算的，最高或有合同付款額最高爲 $55.0 百萬美元基於2023年至2025財年的未來業績和里程碑成就。公司擁有購買剩餘股權的看漲期權 10截止日期的股本利息百分比 一個月 閉幕六週年之後 41% 股權。在看漲期權到期一週年之際，a 12 個月 看跌期權將被觸發，使賣方有權要求公司收購賣方的剩餘股份。看漲/看跌期權的贖回價格是固定的，範圍從美元起47.0 百萬美元兌美元54.0 百萬取決於行使時間。在未經審計的簡明合併資產負債表夾層部分中，非控股權益被歸類爲可贖回的非控股權益。此次收購的資金來自可用現金和公司信貸額度的收益。該業務是公司垂直整合到DSA供應鏈的NHP的DSA應申報板塊的一部分，對於出售給第三方客戶的NHP，該業務是RMS應報告分部的一部分。公司因收購美元而產生了交易和整合成本0.3 百萬和美元0.7 截至2024年9月28日和2023年9月30日的三個月，分別爲百萬美元，主要包含在未經審計的簡明合併收益表中的銷售、一般和管理費用中。公司因收購美元而產生了交易和整合成本1.2 百萬和美元2.9 在截至2024年9月28日和2023年9月30日的九個月中，分別爲百萬美元，這主要包含在未經審計的簡明合併收益表中的銷售、一般和管理費用中。
10
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
三迪科技股份有限公司
2023年1月27日，公司收購了SAMDI科技公司（SAMDI），這是一家領先的提供高質量，無標籤的高通量藥物發現研究解決方案的供應商。收購SAMDI將爲客戶提供無縫訪問一流的無標籤HTS MS平台，並打造全面的藥物發現解決方案庫。SAMDI的購買價格爲$62.8淨髮行成本爲 $貨幣0.4 百萬現金，包括公司之前擁有的 20%的戰略股權利益，價值$12.6 百萬。此次收購是通過可用現金和公司信貸額度的收益資金完成的。該業務作爲公司DSA報告的一部分。 No 在截至2024年9月28日爲止的三個和九個月內，公司進行了重大交易和整合費用，涉及了$0.5萬美元和0.8 分別爲2023年9月30日結束的三個月和九個月的 百萬美元，主要包含在未經審計的收入表中的銷售、一般和行政費用中。
購買價格信息
購買價格分配如下：
Noveprim集團(1)
SAMDI科技公司，股份有限公司
2023年11月30日2023年1月27日
(以千爲單位)
交易應收款$1,308 $513 
存貨66,500 — 
其他流動資產（不包括現金）3,261 75 
房地產、廠房及設備36,154 593 
經營租賃權益資產，淨值104 — 
商譽 (2)
190,024 37,129 
有限壽命的無形資產9,500 33,070 
其他長期資產(3)
167,907 6 
遞延收入— (43)
其他流動負債(16,268)(351)
營業租賃權利利益（長期）(97)— 
遞延稅款負債(12,984)(8,191)
其他長期負債(7,579)— 
可贖回的非控股權益 (4)
(45,426)— 
已識別無形資產和其預計有用壽命的公允價值分配如下：$392,404 $62,801 
(1) 購買價格分配是初步的，並會隨着對所收購資產和負債的合理價值和稅基，包括某些合同、義務的進一步信息的獲得以及工作資本調整的最終確定而發生變化。購買價格分配的任何額外調整將盡快進行，但不遲於收購日期後的一年。
(2) 這些交易產生的商譽主要歸因於公司部門從引入的新客戶以及從收購內部供應商服務DSA業務和收購公司的核心員工實現的協同效應中可能產生的潛在增長，因此對稅收目的不可減除。
(3) 從Noveprim收購中獲得的其他長期資產包括$167.8 百萬的生物資產，將在估計的時間內攤銷。 八年有用壽命。
(4) 有關權益和非控股權益，請參閱註釋12—股權和非控制權益進一步描述 10非控股權益的%公允價值。
已獲取的有限壽命無形資產如下：
Noveprim集團三迪科技股份有限公司
明確有限壽命的無形資產(以千爲單位)
客戶關係$— $23,400 
其他無形資產9,500 9,670 
所有有限壽命的無形資產$9,500 $33,070 
加權平均攤銷壽命（年）
客戶關係— 15
其他無形資產77
明確期限無形資產總額712

11
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
3. 營業收入
訂閱和支持收入包括以下內容（以百萬美元爲單位）：
以下表格按照報告部門和產品或服務轉讓的時間將公司的營業收入細分：
三個月結束九個月結束
2024年9月28日2023年9月30日2024年9月28日2023年9月30日
(以千爲單位)
營業收入確認時間：
RMS
隨時間轉移的服務和產品$93,446 $94,883 $285,794 $282,980 
在某一時間點轉移的服務和產品104,378 91,965 339,326 313,582 
總RMS營業收入197,824 186,848 625,120 596,562 
DSA
隨時間轉移的服務和產品613,388 663,128 1,844,298 1,987,617 
在某一時間點轉移的服務和產品1,672 900 3,633 2,221 
總DSA營業收入615,060 664,028 1,847,931 1,989,838 
製造業-半導體
隨着時間的推移轉移的服務和產品107,284 94,446 311,823 280,992 
在某一時間點轉移的服務和產品89,595 81,301 262,566 248,541 
製造業-半導體總營業收入196,879 175,747 574,389 529,533 
總收入$1,009,763 $1,026,623 $3,047,440 $3,115,933 
與客戶合同中的餘額
以下表格提供了有關客戶應收賬款、合同資產和與客戶簽訂的合同中的合同責任的信息：
2024年9月28日2023年12月30日
(以千爲單位)
與客戶簽訂合同的資產
客戶應收款項$557,761 $578,077 
未帳單收入220,323 228,020 
總計778,084 806,097 
減：應收賬款壞賬準備(23,877)(25,722)
應收貿易賬款和合同資產，淨$754,207 $780,375 
與客戶合同有關的負債
短期遞延收入$251,968 $241,820 
長期遞延營業收入（包括在其他長期負債中）34,915 30,919 
客戶合同存款（包括在其他流動負債中）99,455 85,554 
大約 90截至2023年12月30日未開票營業收入的%，金額爲$228 百萬美元，在截至2024年9月28日的九個月內已開票。大約爲 90截至2022年12月31日未開票營業收入的%，金額爲$204 百萬美元，在截至2023年9月30日的九個月內已開票。
大約 80截至2023年12月30日的合同負債的百分比爲$，已於截至2024年9月28日的九個月內確認爲營業收入。273大約對截至2022年12月31日的合同負債的百分比爲$，已於截至2023年9月30日的九個月內確認爲營業收入。 80截至2023年12月30日的合同負債的百分比爲$，已於截至2024年9月28日的九個月內確認爲營業收入。290 大約對截至2022年12月31日的合同負債的百分比爲$，已於截至2023年9月30日的九個月內確認爲營業收入。
當公司沒有對愛文思控股具有無條件權，那麼預收款項和未支付的預付款賬單會從遞延收入中排除，同時預付賬單也會從客戶帳戶中排除。
12
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
receivables. The Company excluded approximately $36 million and $41 million of unpaid advanced client billings from both client receivables and deferred revenue in the accompanying unaudited condensed consolidated balance sheets as of September 28, 2024 and December 30, 2023, respectively.
信用減值準備
以下是公司信用損失準備金活動摘要：
九個月結束
2024年9月28日2023年9月30日
(以千爲單位)
期初餘額$25,722 $11,278 
準備金8,223 11,030 
減少(10,068)(1,121)
期末餘額$23,877 $21,187 
九個月截至2024年9月28日和2023年9月30日，淨撥備費用分別爲$7.2萬美元和10.2 百萬，其中包括先前已覈銷的餘額回收，這些回收不包括在上表中。
分配給未來履行義務的交易價格
公司披露了截至2024年9月28日尚未滿足的履約義務分配的交易價格總額。披露中不包括具有一年或更短原始預期期限的合同的未滿足履約義務價值，根據公司有權對已提供服務開具發票金額確認收入的合同，以及根據ASC 842「租賃」確認的服務收入。截至2024年9月28日，分配給所有正在執行的客戶合同的剩餘履約義務的交易價格總額爲$803.5 百萬。公司將根據滿足這些履約義務的時間確認收入，約爲 50%將在接下來的 十二個月 ，其餘部分在剩餘合同期限內隨後確認。
其他履約責任s
作爲公司的服務提供的一部分，公司已確定與租賃公司擁有的資產相關的履約義務。在某些安排中，客戶獲得了所識別資產的幾乎所有經濟利益，這些資產可能包括製造套房和相關設備，並且在合同期內有權指導資產的使用。 相關營業收入按照租賃期限的直線基礎承認，通常不到一年。
三個月結束九個月結束
2024年9月28日2023年9月30日2024年9月28日2023年9月30日受影響的項目在未經審計的簡明合併利潤表中
(以千爲單位)
租賃營業收入$16,622 $22,254 $54,312 $70,235 服務收入
13
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
4. 區段和地理信息
本公司運營於三 可報告的部門，風險管理服務（RMS），數字化保險代理（DSA）和製造業-半導體。按可報告部門基礎的資產信息未披露，因爲這些信息未單獨識別並向公司首席營運決策者（CODM）內部報告。 以下表格展示了按可報告部門劃分的運營結果：
三個月結束九個月結束
2024年9月28日2023年9月30日2024年9月28日2023年9月30日
(以千爲單位)
RMS  
營業收入$197,824 $186,848 $625,120 $596,562 
營業成本（不包括無形資產攤銷）137,906 126,640 421,773 381,332 
銷售、一般及行政費用26,453 26,483 84,943 81,194 
無形資產攤銷5,921 5,399 17,763 16,383 
營業利潤$27,544 $28,326 $100,641 $117,653 
DSA
營業收入$615,060 $664,028 $1,847,931 $1,989,838 
營業成本（不包括無形資產攤銷）409,684 436,174 1,246,560 1,268,248 
銷售、一般及行政費用63,260 63,369 174,598 189,076 
無形資產攤銷15,680 17,666 47,122 52,726 
營業利潤$126,436 $146,819 $379,651 $479,788 
製造業-半導體
營業收入$196,879 $175,747 $574,389 $529,533 
營業成本（不包括無形資產攤銷）113,152 101,968 331,530 327,882 
銷售、一般及行政費用32,737 36,338 99,397 114,556 
無形資產攤銷10,802 11,166 32,363 34,311 
營業利潤$40,188 $26,275 $111,099 $52,784 
未分配企業領域
銷售、一般及行政費用$76,763 $49,918 $196,357 $165,886 
營業利潤 (1)
$(76,763)$(49,918)$(196,357)$(165,886)
綜合
營業收入$1,009,763 $1,026,623 $3,047,440 $3,115,933 
營業成本（不包括無形資產攤銷）660,742 664,783 1,999,863 1,977,462 
銷售、一般及行政費用199,213 176,109 555,295 550,713 
無形資產攤銷32,403 34,229 97,248 103,419 
營業利潤$117,405 $151,502 $395,034 $484,339 
(1) 未分配企業的營業收入包括諸如高級管理人員、企業會計、法律、稅務、人力資源、財務及投資者關係等部門的成本。

14
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
報告段資本支出、折舊及攤銷（涉及無形資產和在業務組合中取得的某些資產）如下：
RMSDSA製造業-半導體未分配企業領域綜合
(以千爲單位)
資本支出
截至三個月結束:
2024年9月28日$7,186 $22,773 $8,735 $27 $38,721 
2023年9月30日9,192 41,967 14,349 439 65,947 
九個月結束：
2024年9月28日$36,543 $91,176 $28,180 $1,452 $157,351 
2023年9月30日35,769 155,477 46,949 2,010 240,205 
折舊和攤銷
三個月結束：
2024年9月28日$18,389 $47,751 $20,298 $1,760 $88,198 
2023年9月30日13,872 44,088 20,070 840 78,870 
九個月結束於:
2024年9月28日$53,050 $141,269 $60,176 $5,142 $259,637 
2023年9月30日41,310 129,662 59,677 2,961 233,610 
Revenue represents sales originating in entities physically located in the identified geographic area. Revenue by geographic area is as follows:
U.S.EuropeCanadaAsia Pacific
Other (1)
Consolidated
(in thousands)
Three Months Ended:
September 28, 2024$559,277 $267,123 $127,088 $45,009 $11,266 $1,009,763 
September 30, 2023590,316 264,787 129,023 40,233 2,264 1,026,623 
Nine Months Ended:
September 28, 2024$1,693,021 $814,819 $362,733 $141,168 $35,699 $3,047,440 
September 30, 20231,802,532 805,466 357,276 142,910 7,749 3,115,933 
(1) The Other category represents operations located in Brazil, Israel, and Mauritius.
Long-lived assets consist of property, plant, and equipment, net. Long-lived assets by geographic area are as follows:
U.S.EuropeCanadaAsia PacificOtherConsolidated
(in thousands)
Long-lived assets
September 28, 2024$953,412 $425,967 $152,980 $70,816 $36,803 $1,639,978 
December 30, 2023964,176 407,375 157,483 74,605 36,102 1,639,741 

15
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
5. SUPPLEMENTAL CASH FLOW INFORMATION
Nine Months Ended
September 28, 2024September 30, 2023
(in thousands)
Cash paid for income taxes$94,609 $75,783 
Cash paid for interest98,572 106,014 
Non-cash investing activities:
Purchases of Property, plant and equipment included in Accounts payable and Accrued liabilities$32,764 $41,526 
Assets acquired under finance leases3,159 154 
Cash, cash equivalents and restricted cash is included in the accompanying unaudited condensed consolidated balance sheets as follows:
September 28, 2024September 30, 2023
(in thousands)
Supplemental cash flow information:
Cash and cash equivalents$210,171 $157,174 
Restricted cash included in Other current assets323 6,586 
Restricted cash included in Other assets1,146 1,856 
Cash, cash equivalents, and restricted cash, end of period$211,640 $165,616 
6. INVENTORY
Inventories
The composition of inventories is as follows:
2024年9月28日2023年12月30日
(以千爲單位)
原材料及用品$45,264 $42,296 
在製品46,976 59,727 
成品243,960 278,236 
存貨$336,200 $380,259 
截至2024年9月28日的三個月和九個月，庫存調整攤銷費用爲$5.91百萬美元和16.5百萬。
16
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
7. 固定資產、淨值
固定資產、廠房及設備的構成如下：
2024年9月28日2023年12月30日
(以千爲單位)
土地$79,670 $79,546 
建築(1)
1,097,064 1,053,915 
機械和設備 (1)
1,040,195 984,867 
租賃改良404,442 366,556 
2,55132,640 31,284 
電腦硬件和軟件 (1)
265,392 254,413 
車輛 (1)
7,502 6,746 
施工進度176,541 197,723 
總計3,103,446 2,975,050 
減：累計折舊(1,463,468)(1,335,309)
物業、廠房和設備，淨值$1,639,978 $1,639,741 
(1) 這些餘額包括融資租賃下的資產。
2024年9月28日和2023年9月30日結束的三個月內，折舊費分別爲$48.5萬美元和44.6 百萬美元。2024年9月28日和2023年9月30日結束的九個月內，折舊費分別爲$141.8萬美元和130.22024年4月30日和2023年4月30日的六個月內的外匯重新計量淨收益分別爲$百萬。
8. 創投和戰略股權投資
以下是創投投資的總結：
九個月已結束
2024年9月28日2023 年 9 月 30 日
（以千計）
期初餘額$121,158 $129,012 
資本出資16,205 12,056 
分佈(20,324)(12,972)
收益（虧損）
8,439 (14,258)
外幣折算466 260 
期末餘額$125,944 $114,098 
公司還通過少數持股直接投資主要爲私人持有的公司的股權。 戰略投資如下總結：
九個月結束
2024年9月28日2023年9月30日
(以千爲單位)
期初餘額$122,653 $182,590 
投資購買2,140 21,489 
分佈。在根據本收據條款的規定結束本收據所體現的協議之前，託管人將在確定餘額之後以某種方式在底定時間向持有人分配或提供有關本美國存託憑證所體現的存入證券的任何現金股利、其他現金分派、股票分派、認購或其他權利或任何其他有關性質的分派，經過託管人在第十九條中描述的費用和支出的扣除或者付款，並扣除任何相關稅款； ，不過需要指出，託管人不會分配可能會違反1933年證券法或任何其他適用法律的分配，並且對於任何可能違反此類法律的情況，該人不會收到相應的保證。對於這種情況，託管人可以售出這樣的股份、認購或其他權利、證券或其他財產。如果託管人選擇不進行任何此類分配，則託管人只需要通知持有人有關其處置的事宜及任何此類銷售的收益，而任何以現金形式以外的方式通過託管人收到的任何現金股息或其他分配的，不受本第十二條的限制。託管人可以自行決定不分配任何分銷或者認購權，證券或者其他財產在行使時，託管人授權此類發行人可能不得在法律上向任何持有人或者處置此類權利，以及使任何發售此類權利且在託管人處出售這類權利的淨收益對這樣的持有人可用。任何由託管人出售的認購權、證券或者其他財產的銷售可能在託管人認爲適當的時間和方式進行，並且在這種情況下，託管人應將在第十九條中描述的費用和支出扣除後分配給持有人該淨收益以及在相應的代扣稅或其他政府收費中將，。— (7,493)
收益（損失）
(9,430)5,012 
收購實體的折減 (1)
— (12,635)
其他投資活動(5,540)— 
外幣翻譯220 (1,214)
期末餘額$110,043 $187,749 
(1) 具體的收購SAMDI事項，請參考附註2 - 收購和剝離的進一步討論。
17
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
9. FAIR VALUE
Assets and liabilities measured at fair value on a recurring basis are summarized below:
 September 28, 2024
Level 1Level 2Level 3Total
Current assets measured at fair value:(in thousands)
Cash equivalents$— $30 $— $30 
Interest rate swap— 278 — 278 
Other assets:
Life insurance policies— 47,734 — 47,734 
Total assets measured at fair value$— $48,042 $— $48,042 
Other long-term liabilities measured at fair value:
Contingent consideration$— $— $39,893 $39,893 
Total liabilities measured at fair value$— $— $39,893 $39,893 
The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. During the nine months ended September 28, 2024, there were no transfers between levels.
 December 30, 2023
Level 1Level 2Level 3Total
Current assets measured at fair value:(in thousands)
Cash equivalents$— $29 $— $29 
Other assets:
Life insurance policies— 40,912 — 40,912 
Interest rate swap— 966 — 966 
Total assets measured at fair value$— $41,907 $— $41,907 
Other long-term liabilities measured at fair value
Contingent consideration$— $— $33,265 $33,265 
Total liabilities measured at fair value$— $— $33,265 $33,265 
During the year ended December 30, 2023, there were no transfers between levels.
Contingent Consideration
The following table provides a rollforward of the contingent consideration related to the Company’s acquisitions.
Nine Months Ended
September 28, 2024September 30, 2023
(in thousands)
Beginning balance$33,265 $13,431 
Payments— (15,130)
Total gains or losses (realized/unrealized):
Adjustment of previously recorded contingent liability6,628 1,810 
Foreign currency translation— (111)
Ending balance$39,893 $— 
The Company estimates the fair value of contingent consideration obligations through valuation models, such as probability-weighted and option pricing models, which incorporate probability adjusted assumptions and simulations related to the achievement of the milestones and the likelihood of making related payments. The unobservable inputs used in the fair value measurements include the probabilities of successful achievement of certain financial targets, forecasted results or targets, volatility, and discount rates. The remaining maximum potential payments are approximately $55.0 million, of which the value accrued as of September 28, 2024 is $39.9 million as the probability of achieving the maximum target is estimated to be 73%. The volatility and weighted average cost of capital is approximately 5% and 8%, respectively. Increases or decreases in these assumptions may result in a higher or lower fair value measurement, respectively.
18
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Cash Flow Hedge
The Company is exposed to market fluctuations in interest rates as well as variability in foreign exchange rates. The Company had an interest rate swap with a notional amount of $500 million maturing November 2, 2024 to manage interest rate fluctuation related to floating rate borrowings under the Credit Facility, at a fixed rate of 4.65%.
Debt Instruments
The book value of the Company’s revolving loans, which are variable rate loans carried at amortized cost, approximates the fair value based on current market pricing of similar debt. As the fair value is based on significant other observable inputs, including current interest and foreign currency exchange rates, it is deemed to be Level 2 within the fair value hierarchy.
The book value of the Company’s Senior Notes are fixed rate obligations carried at amortized cost. Fair value is based on quoted market prices as well as borrowing rates available to the Company. As the fair value is based on significant other observable outputs, it is deemed to be Level 2 within the fair value hierarchy. The book value and fair value of the Company’s Senior Notes is summarized below:
September 28, 2024December 30, 2023
Book ValueFair ValueBook ValueFair Value
(in thousands)
4.25% Senior Notes due 2028
$500,000 $484,350 $500,000 $478,100 
3.75% Senior Notes due 2029
500,000 470,100 500,000 458,100 
4.00% Senior Notes due 2031
500,000 459,350 500,000 449,350 
10. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table provides a rollforward of the Company’s goodwill:
RMS
DSA (1)
製造業-半導體總計
(以千爲單位)
2023年12月30日$497,474 $1,662,434 $935,137 $3,095,045 
收購— 17,675 — 17,675 
匯率期貨203 (4,480)16,149 11,872 
2024年9月28日$497,677 $1,675,629 $951,286 $3,124,592 
(1) DSA包括了在2008年和2010年財政年度確認的累計減值損失$。1 億美元。
2024年9月28日結束的九個月中，商譽增加與DSA報告部門收購Noveprim相關的計量期調整和製造業-半導體中的匯率期貨有關。
2024年9月28日結束的第三季度，發現服務報告單位（DSA報告部分的一部分）識別出一個觸發事件。這是由於市場條件持續下滑和運營挑戰導致，最終導致發現服務的長期財務前景減少。爲此，管理層進行了一項量化減值測試，以判斷髮現服務報告單位的商譽是否受損。在完成量化減值測試後，確定報告單位的公允價值約高於其賬面價值的。 22%和no 於2024年9月28日確定爲減值。儘管發現服務報告單位目前未受到影響，但公司將繼續密切監測未來表現和任何潛在對報告單位價值的影響。
19
查爾斯河實驗室國際公司。
未經審計的縮編合併財務報表附註
無形資產淨值
Number
 2024年9月28日2023年12月30日
格羅斯累計攤銷網格羅斯累計攤銷網
（以千計）
客戶關係$1,541,032 $(808,507)$732,525 $1,528,780 $(721,322)$807,458 
科技144,241 (118,793)25,448 142,190 (111,764)30,426 
商標和商品名稱12,091 (5,505)6,586 11,878 (4,568)7,310 
待辦事項3,100 (3,100)— 3,100 (2,177)923 
其他43,185 (29,283)13,902 43,611 (25,677)17,934 
無形資產$1,743,649 $(965,188)$778,461 $1,729,559 $(865,508)$864,051 
2024年9月28日結束的九個月內，無形資產淨額的減少與正常的攤銷有關，攤銷期爲資產的有用壽命。
截至2024年9月28日和2023年9月30日，有形固定資產攤銷開支分別爲$32.41百萬美元和34.2 百萬。截至2024年9月28日和2023年9月30日，有形固定資產攤銷開支分別爲$97.2萬美元和103.42024年4月30日和2023年4月30日的六個月內的外匯重新計量淨收益分別爲$百萬。
11. 債務和其他融資安排
長期負債、淨額和融資租賃包括以下內容:
2024年9月28日2023年12月30日
（以千計）
旋轉設施$794,290 $1,129,243 
4.252028年到期的優先票據百分比
500,000 500,000 
3.752029 年到期的優先票據百分比
500,000 500,000 
4.002031年到期的優先票據百分比
500,000 500,000 
其他債務16,122 9,575 
融資租賃 31,116 28,550 
債務和融資租賃總額2,341,528 2,667,368 
更少：
長期債務的當前部分157 3,172 
融資租賃的當前部分3,043 2,398 
長期債務和融資租賃的當前部分3,200 5,570 
長期債務和融資租賃2,338,328 2,661,798 
債務折扣和債務發行成本(11,675)(14,651)
長期債務、淨租約和融資租賃$2,326,653 $2,647,147 
截至2024年9月28日和2023年12月30日，公司債務的加權平均利率爲 4.59%和4.93，分別。
信用證
截至2024年9月28日和2023年12月30日，公司尚有$21.2萬美元和21.6 百萬美元，分別用於未清償的信用證。
20
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
12. EQUITY AND NONCONTROLLING INTERESTS
Earnings Per Share
The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
(in thousands)
Numerator:  
Net income$70,295 $88,021 $239,038 $291,418 
Less: Net income attributable to noncontrolling interests638 632 2,340 3,878 
Net income attributable to Charles River Laboratories International Inc.69,657 87,389 236,698 287,540 
Calculation of net income per share attributable to Charles River Laboratories International Inc. common shareholders
Net income attributable to Charles River Laboratories International Inc.$69,657 $87,389 $236,698 $287,540 
Less: Adjustment of redeemable noncontrolling interest (1)
379 — 1,081 — 
Less: Incremental dividends attributable to noncontrolling interest holders (2)
599 — 9,621 — 
Net income available to Charles River Laboratories International Inc. common shareholders$68,679 $87,389 $225,996 $287,540 
Denominator:  
Weighted-average shares outstanding - Basic51,394 51,283 51,461 51,199 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units189 324 252 294 
Weighted-average shares outstanding - Diluted51,583 51,607 51,713 51,493 
Anti-dilutive common stock equivalents (3)
746 588 505 514 
(1) Represents adjustments of redeemable noncontrolling interest that impact retained earnings.
(2) Represents incremental declared and undeclared dividends attributable to Noveprim noncontrolling interest holders who are entitled to preferential dividends for fiscal year 2024.
(3) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.
Treasury Shares
On August 2, 2024, the Company’s Board of Directors approved a stock repurchase authorization of $1.0 billion. This authorization fully replaces a prior stock repurchase authorization of $1.3 billion that had $129.1 million remaining when it was terminated. During the three and nine months ended September 28, 2024, the Company repurchased 0.5 million shares of common stock for $100.7 million under the new stock repurchase program. As of September 28, 2024, the Company had $899.3 million remaining on the current authorized stock repurchase program.
The Company’s stock-based compensation plans permit the netting of common stock upon vesting of RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. The Company acquired shares of approximately 0.1 million in the nine months ended September 28, 2024 and nine months ended September 30, 2023, for $18.4 million and $24.0 million, respectively, from such netting.
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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment
and Other 		Pension and Other Post-Retirement Benefit PlansNet Unrealized (Loss) Gain on Cash Flow HedgeTotal
(in thousands)
December 30, 2023$(149,999)$(47,167)$739 $(196,427)
Other comprehensive income (loss) before reclassifications
4,054 1,038 (688)4,404 
Net current period other comprehensive income (loss)
4,054 1,038 (688)4,404 
Income tax expense (benefit)757 256 (165)848 
September 28, 2024$(146,702)$(46,385)$216 $(192,871)
Redeemable Noncontrolling Interests
Through September 28, 2024, the Company holds several redeemable noncontrolling interests. Since the Company has the right to purchase, and the noncontrolling interest holders have the right to require the Company to purchase the remaining interest, which represents a derivative embedded within the equity instrument, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets, which is presented above the equity section and below liabilities.
The redeemable noncontrolling interests are measured at the greater of (i) the redemption amount or (ii) the historical value resulting from the original acquisition date fair value, increased or decreased for the noncontrolling interest’s share of net income (loss), equity capital contributions and distributions. The fair value of the redeemable noncontrolling interest is determined using the income approach, with key assumptions being projected cash flows and discount rates based on market participant’s weighted average cost of capital. To the extent redemption value exceeds carrying value, adjustments are recorded to additional paid-in capital, with any cumulative excess of redemption value over fair value recorded in retained earnings, which impacts net income available to common shareholders used in the calculation of earnings per common share.
Noveprim
The Company holds a 90% ownership interest in Noveprim. The Company has the right to purchase, and the noncontrolling interest holders have the right to sell, the remaining 10% equity interest at a fixed redemption value that ranges from $47.0 million to $54.0 million depending on when exercised. The Company has the call option right to purchase the remaining 10% equity up until one month after the sixth anniversary of closing the 41% equity stake (December 2029). On the first anniversary of the expiration of the call option (December 2030), a 12-month put option will be triggered giving the seller the right to require the Company to acquire the remaining shares of the seller for $54.0 million. Additionally, during fiscal year 2024 the 10% noncontrolling interest holders have and may continue to receive a dividend disproportionate to their equity ownership, of which the fair value of $8.0 million as of the acquisition date was recorded within the redeemable noncontrolling interest. Through September 28, 2024, incremental dividends based on Noveprim statutory net income attributed to the redeemable noncontrolling interest holders of $9.6 million reduced net income available to common shareholders used in the calculation of earnings per common share. The redemption value is accreted to the put purchase price of $54.0 million using the interest method through December 2030. As of September 28, 2024, the redemption value of $40.6 million exceeded both the carrying value and fair value, resulting in both an adjustment to additional paid in capital of $7.2 million and an adjustment to retained earnings of $1.1 million, respectively, for the nine months ended September 28, 2024.
Other redeemable noncontrolling interest
In 2019, the Company acquired an 80% equity interest in a subsidiary, which included a 20% redeemable noncontrolling interest. In June 2022, the Company purchased an additional 10% interest in the subsidiary for $15.0 million, resulting in a remaining noncontrolling interest of 10%. Beginning in 2024, the Company had the right to purchase, and the noncontrolling interest holders had the right to sell, the remaining 10% equity interest at its appraised value. The redemption value was measured at the greater of the appraised value or a predetermined floor. The amount that the Company could be required to pay to purchase the remaining 10% equity interest was not limited. As of March 30, 2024, the redemption value of $12.0 million exceeded the carrying value, resulting in an adjustment to additional paid in capital of $2.8 million. During the second quarter of fiscal 2024, the Company acquired the remaining 10% for $12.0 million.
22
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Vital River
The Company held a 92% ownership interest in Vital River, a commercial provider of research models and related services in China as of December 31, 2022. The Company had the right to purchase, and the noncontrolling interest holders had the right to sell, the remaining 8% equity interest at a contractually defined redemption value, subject to a redemption floor. The amount that the Company could be required to pay to purchase the remaining 8% equity interest was not limited. During 2023, the Company acquired the remaining 8% and paid $4.8 million of the total $24.4 million due. The remaining purchase price payable was included in Accrued liabilities within the Company’s unaudited condensed consolidated balance sheet as of September 28, 2024 and December 30, 2023 and is expected to be paid during fiscal year 2024.
Nonredeemable Noncontrolling Interest
The Company has an investment in an entity whose financial results are consolidated in the Company’s unaudited condensed consolidated financial statements, as it has the ability to exercise control over this entity. The interest of the noncontrolling party in this entity has been recorded as nonredeemable noncontrolling interest within Equity in the accompanying unaudited condensed consolidated balance sheets. The activity within the nonredeemable noncontrolling interest was not material during the three and nine months ended September 28, 2024 and September 30, 2023.
13. INCOME TAXES
The Company’s effective tax rates for the three months ended September 28, 2024 and September 30, 2023 were 23.0% and 22.0%, respectively. The increase in the effective tax rate for the three months ended September 28, 2024 compared to the corresponding prior year period was primarily attributable to the deferred tax impact of tax law changes enacted during the three months ended September 28, 2024, offset by jurisdictional earnings mix.
The Company’s effective tax rates for the nine months ended September 28, 2024 and September 30, 2023 were 22.9% and 21.8%, respectively. The increase in the effective tax rate for the nine months ended September 28, 2024 compared to the same prior year period is primarily attributable the same reason as above, as well as decreased tax benefit from stock-based compensation deductions in nine months ended September 28, 2024.
For the three months ended September 28, 2024, the Company’s unrecognized tax benefits increased by $1.2 million to $25.2 million, primarily due to increases in research and development tax credit reserves, as well as unfavorable foreign exchange movement. For the three months ended September 28, 2024, the amount of unrecognized income tax benefits that would impact the effective tax rate increased by $1.0 million to $22.1 million for the same reasons discussed above. The accrued interest on unrecognized tax benefits was $1.8 million as of September 28, 2024. The Company estimates that it is reasonably possible that the unrecognized tax benefits will decrease by approximately $5.1 million over the next twelve-month period, primarily due to audit settlements and expiring statutes of limitations.
The Company’s prepaid and accrued tax positions are as follows:
September 28, 2024December 30, 2023Affected Line Item in the Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Prepaid income tax$82,153 $59,715 Other current assets
Accrued income taxes39,673 38,819 Other current liabilities
The Company conducts business in a number of tax jurisdictions. As a result, it is subject to tax audits on a regular basis including, but not limited to, such major jurisdictions as the U.S., the U.K., China, France, Germany, and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2020.
The Company and certain of its subsidiaries have ongoing tax controversies in the U.S., Canada, and India. The Company does not anticipate resolution of these audits will have a material impact on its unaudited condensed consolidated financial statements.
14. RESTRUCTURING AND ASSET IMPAIRMENTS
The Company has undertaken restructuring actions impacting the reportable segments at various locations across North America, Europe and Asia. This includes workforce right-sizing actions resulting in severance and transition costs; and costs related to the consolidation of facilities resulting in asset impairment, accelerated depreciation charges, and certain other costs. Generally, these actions are in response to recent macroeconomic impacts on the Company. During fiscal year 2023, the Company began to take restructuring actions as a result of these emerging business trends. The Company incurred restructuring charges of $30.6 million and $65.6 million during the three and nine months ended September 28, 2024, respectively and approximately $95 million since the beginning of fiscal year 2023 through September 28, 2024.
23
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table presents restructuring costs by reportable segment:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
(in thousands)
RMS$4,965 $965 $22,580 $965 
DSA13,866 13,220 24,123 13,218 
Manufacturing5,372 975 9,660 7,162 
Unallocated corporate6,443 — 9,237 — 
Total$30,646 $15,160 $65,600 $21,345 
The following table presents restructuring costs as included within the Company’s unaudited condensed consolidated statements of income:
September 28, 2024September 30, 2023
Severance and Transition CostsAsset Impairments and Other CostsTotalSeverance and Transition CostsAsset Impairments and Other CostsTotal
(in thousands)
Three Months Ended
Cost of services provided (excluding amortization of intangible assets)$12,830 $3,482 $16,312 $2,160 $11,418 $13,578 
Cost of products sold (excluding amortization of intangible assets)1,783 650 2,433 480 174 654 
Selling, general and administrative11,923 (22)11,901 937 (9)928 
Total restructuring costs$26,536 $4,110 $30,646 $3,577 $11,583 $15,160 
Nine Months Ended
Cost of services provided (excluding amortization of intangible assets)$20,510 $6,516 $27,026 $5,088 $11,418 $16,506 
Cost of products sold (excluding amortization of intangible assets)2,530 11,134 13,664 534 2,920 3,454 
Selling, general and administrative18,430 6,480 24,910 1,386 (1)1,385 
Total restructuring costs$41,470 $24,130 $65,600 $7,008 $14,337 $21,345 
24
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Rollforward of Restructuring Activities
The following table provides a rollforward for the Company’s accrued restructuring costs related to all restructuring activities:
Severance and Transition Costs
Asset Impairments
Other Costs
Total
(in thousands)
Nine Months Ended September 28, 2024
Beginning balance
$4,175 $— $875 $5,050 
Expense
41,470 15,999 8,131 65,600 
Payments / utilization
(17,920)— (6,762)(24,682)
Other non-cash adjustments
— (15,999)(1,369)(17,368)
Foreign currency adjustments
57 — — 57 
Ending Balance
$27,782 $— $875 $28,657 
Nine Months Ended September 30, 2023
Beginning balance
$356 $— $944 $1,300 
Expense
7,008 13,269 1,068 21,345 
Payments / utilization
(3,179)— (710)(3,889)
Other non-cash adjustments
— (13,269)(427)(13,696)
Foreign currency adjustments
(42)— — (42)
Ending Balance
$4,143 $— $875 $5,018 
As of September 28, 2024 and December 30, 2023, $28.7 million and $5.1 million, respectively, of severance and other personnel related costs liabilities were included in accrued compensation and accrued liabilities within the Company’s unaudited condensed consolidated balance sheets.
15. COMMITMENTS AND CONTINGENCIES
Litigation
On February 16, 2023, the Company was informed by the U.S. Department of Justice (DOJ) that in conjunction with the U.S. Fish and Wildlife Service (USFWS), it had commenced an investigation into the Company’s conduct regarding several shipments of non-human primates from Cambodia. On February 17, 2023 the Company received a grand jury subpoena requesting certain documents related to such investigation. The Company is aware of a parallel civil investigation being undertaken by the DOJ and USFWS. The Company is cooperating with the DOJ and the USFWS and believes that the concerns raised with respect to the Company’s conduct are without merit. The Company maintains a global supplier onboarding and oversight program incorporating risk-based due diligence, auditing, and monitoring practices to help ensure the quality of the Company’s supplier relationships and compliance with applicable U.S. and international laws and regulations, and has operated under the belief that all shipments of non-human primates it received satisfied the material requirements, documentation and related processes and procedures of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), which guides the release of each import by USFWS. Notwithstanding the Company’s efforts and good-faith belief, in connection with the civil investigation, the Company has voluntarily suspended future shipments of non-human primates from Cambodia to the United States until such time that the Company and USFWS can agree upon and implement additional procedures to reasonably ensure that non-human primates imported from Cambodia are purpose-bred. The Company continues to care for the Cambodia-sourced non-human primates from certain shipments in the United States. The carrying value of the inventory related to these shipments was approximately $27 million as of September 28, 2024, which reflects the value of the shipments in accordance with the Company’s inventory accounting policy. On May 16, 2023, the Company received an inquiry from the Enforcement Division of the U.S. Securities and Exchange Commission (SEC) requesting it to voluntarily provide information, subsequently augmented with a document subpoena and additional inquiries, primarily related to the sourcing of non-human primates and related disclosures, and the Company is cooperating with these requests. The Company is not able to predict what action, if any, might be taken in the future by the DOJ, USFWS, SEC or other governmental authorities as a result of the investigations. None of the DOJ, USFWS or SEC has provided the Company with any specific timeline or indication as to when these investigations or, specific to the DOJ and USFWS, discussions regarding future processes and procedures, will be concluded or resolved. The Company cannot predict the timing, outcome or possible impact of the investigations, including without limitation any potential fines, penalties or liabilities.
A putative securities class action (Securities Class Action) was filed on May 19, 2023 against the Company and a number of its current/former officers in the United States District Court for the District of Massachusetts. On August 31, 2023, the court
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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
appointed the State Teachers Retirement System of Ohio as lead plaintiff. An amended complaint was filed on November 14, 2023 that, among other things, included only James Foster, the Chief Executive Officer and David R. Smith, the former Chief Financial Officer as defendants along with the Company. The amended complaint asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of a putative class of purchasers of Company securities from May 5, 2020 through February 21, 2023, alleging that certain of the Company’s disclosures about its practices with respect to the importation of non-human primates made during the putative class period were materially false or misleading. On July 1, 2024, the court dismissed the complaint, denied the plaintiff’s informal request for leave to amend, and entered judgment for defendants. On July 30, 2024, the plaintiff filed a notice of appeal in the United States Court of Appeals for the First Circuit. While the Company cannot predict the final outcome of this matter, it believes the class action to be without merit and plans to vigorously defend against it. The Company cannot reasonably estimate the maximum potential exposure or the range of possible loss in association with this matter.
On November 8, 2023, a stockholder filed a derivative lawsuit in the U.S. District Court of the District of Delaware asserting claims on the Company’s behalf against the members of the Company’s Board of Directors and certain of the Company’s current/former officers (James Foster, the Chief Executive Officer; David R. Smith, the former Chief Financial Officer; and Flavia Pease, the current Chief Financial Officer). The complaint alleges that the defendants breached their fiduciary duties to the Company and its stockholders because certain of the Company’s disclosures about its practices with respect to the importation of non-human primates were materially false or misleading. The complaint also alleges that the defendants breached their fiduciary duties by causing the Company to fail to maintain adequate internal controls over securities disclosure and compliance with applicable law and by failing to comply with the company’s Code of Business Conduct and Ethics. The lawsuit is currently stayed by agreement of the parties pending further developments in the Securities Class Action pending in the United States Court of Appeals for the First Circuit. On August 2, 2024, a different stockholder filed a lawsuit in the U.S. District Court of Delaware asserting similar derivative claims on the Company’s behalf against members of the Company’s current and former Board of Directors and the same current/former officers based on similar allegations of purportedly misleading disclosures and non-compliance with legal rules and ethics standards in respect of the importation of non-human primates, as well as insider-trading claims against certain of the defendants. The lawsuit is currently stayed by agreement of the parties pending further developments in the Securities Class Action pending in the United States Court of Appeals for the First Circuit. While the Company cannot predict the outcome of these matters, it believes the derivative lawsuits to be without merit and plans to vigorously defend against them. The Company cannot reasonably estimate the maximum potential exposure or the range of possible loss in association with these matters.
Aside from the matters above, the Company believes there are no other matters pending against the Company that could have a material impact on the Company’s business, financial condition, or results of operations.
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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes of this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for fiscal year 2023 as filed with the SEC on February 14, 2024. The following discussion contains forward-looking statements. Actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in Item 1A, “Risk Factors” included elsewhere within this Form 10-Q. Certain percentage changes may not recalculate due to rounding.
Overview
We are a leading, non-clinical global drug development partner with a mission to create healthier lives. For over 75 years, we have been in the business of providing the research models required in the research and development of new drugs, devices, and therapies. Over this time, we have built upon our original core competency of laboratory animal medicine and science (research model technologies) to develop a diverse portfolio of discovery and safety assessment services, both Good Laboratory Practice (GLP) and non-GLP, that supports our clients from target identification through non-clinical development. We also provide a suite of products and services to support our clients’ manufacturing activities. Utilizing our broad portfolio of products and services enables our clients to create a more efficient and flexible drug development model, which reduces their costs, enhances their productivity and effectiveness, and increases speed to market.
Our client base includes major global pharmaceutical companies, many biotechnology companies; agricultural and industrial chemical, life science, veterinary medicine, medical device, diagnostic and consumer product companies; contract research and contract manufacturing organizations; and other commercial entities, as well as leading hospitals, academic institutions, and government agencies around the world.
Segment Reporting
Our three reportable segments are Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing).
Our RMS reportable segment includes the products and services offered within Research Models, Research Model Services, and Cell Solutions. Research Models includes the commercial production and sale of small research models, as well as the supply of large research models. Research Model Services includes: Insourcing Solutions (IS), which provides colony management of our clients’ research operations (including recruitment, training, staffing, and management services) within our clients’ facilities as well as our own vivarium space, utilizing our Charles River Accelerator and Development Lab (CRADL™) offering, Genetically Engineered Models and Services (GEMS), which performs contract breeding and other services associated with genetically engineered models; and Research Animal Diagnostic Services (RADS), which provides health monitoring and diagnostics services related to research models; and Cell Solutions provides controlled, consistent, customized primary cells and blood components derived from normal and mobilized peripheral blood and bone marrow.
Our DSA segment is comprised of Discovery Services and Safety Assessment services. We provide regulated and non-regulated DSA services to support the research, development, and regulatory-required safety testing of potential new drugs, including therapeutic discovery and optimization plus in vitro (non-animal) and in vivo (in research models) studies, laboratory support services, and strategic non-clinical consulting and program management to support product development.
Our Manufacturing reportable segment includes Microbial Solutions, which provides in vitro lot-release testing products, microbial detection products, and species identification services and Biologics Solutions (Biologics), which performs specialized testing of biologics (Biologics Testing Solutions) as well as contract development and manufacturing products and services (CDMO).
U.S. Government Investigations into the Non-Human Primate Supply Chain
On February 16, 2023, the Company was informed by the U.S. Department of Justice (DOJ) that in conjunction with the U.S. Fish and Wildlife Service (USFWS), it had commenced an investigation into the Company’s conduct regarding several shipments of non-human primates from Cambodia. On February 17, 2023 the Company received a grand jury subpoena requesting certain documents related to such investigation. The Company is aware of a parallel civil investigation being undertaken by the DOJ and USFWS. The Company is cooperating with the DOJ and the USFWS and believes that the concerns raised with respect to the Company’s conduct are without merit. The Company maintains a global supplier onboarding and oversight program incorporating risk-based due diligence, auditing, and monitoring practices to help ensure the quality of our supplier relationships and compliance with applicable U.S. and international laws and regulations, and has operated under the belief that all shipments of non-human primates it received satisfied the material requirements, documentation and related processes and procedures of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), which guides the release of each import by USFWS. Notwithstanding our efforts and good-faith belief, in connection with the
27
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
civil investigation, the Company has voluntarily suspended future shipments of non-human primates from Cambodia to the United States until such time that the Company and USFWS can agree upon and implement additional procedures to reasonably ensure that non-human primates imported from Cambodia are purpose-bred. The Company continues to care for the Cambodia-sourced non-human primates from certain shipments in the United States. The carrying value of the inventory related to these shipments is approximately $27 million as of September 28, 2024, which reflects the value of the shipments in accordance with our inventory accounting policy. On May 16, 2023, the Company received an inquiry from the Enforcement Division of the U.S. Securities and Exchange Commission (SEC) requesting it to voluntarily provide information, subsequently augmented with a document subpoena and additional inquiries, primarily related to the sourcing of non-human primates and related disclosures, and the Company is cooperating with these requests. We are not able to predict what action, if any, might be taken in the future by the DOJ, USFWS, SEC or other governmental authorities as a result of the investigations. None of the DOJ, USFWS or SEC has provided the Company with any specific timeline or indication as to when these investigations or, specific to the DOJ and USFWS, discussions regarding future processes and procedures, will be concluded or resolved. The Company cannot predict the timing, outcome or possible impact of the investigations, including without limitation any potential fines, penalties or liabilities. For our assessment of risk factors surrounding the aforementioned matter refer to Item 1A, “Risk Factors” and Item 3, “Legal Proceedings” of our Annual Report on Form 10-K for fiscal year 2023.
Recent Acquisitions
Our strategy is to augment internal growth of existing businesses with complementary acquisitions. Our recent acquisitions are described below.
Fiscal Year 2023 Acquisitions
On November 30, 2023, we completed our acquisition of an additional 41% equity interest of Noveprim Group (“Noveprim”), a leading provider of non-human primates (“NHPs”) used for biomedical, pharmaceutical and toxicological research purposes, resulting in a 90% controlling interest. The acquisition strengthens and diversifies the supply chain for our DSA segment. We had previously acquired a 49% equity stake in 2022 for $90.0 million up-front and additional contingent payments up to $5.0 million based on future performance. The total purchase price for the Noveprim acquisition is $392.4 million, which includes $144.6 million additional cash paid for the 41% equity interest, elimination of historical activity and intercompany balances of $209.5 million which includes a remeasurement gain on the 49% equity investment of $113.0 million, contingent consideration of $33.3 million, deferred purchase price of $12.0 million payable from 2024 through 2027, offset by estimated post-closing adjustments for working capital of $7.0 million. The purchase price reflected an agreement with seller on working capital and debt, which was adjusted from $13.8 million to $7.0 million during the nine months ended September 28, 2024. As a result of measurement period adjustments to the purchase price, goodwill and remeasurement gains on the previous 49% equity investment for the nine months ended September 28, 2024, were increased by $17.6 million and $9.8 million, respectively. The acquisition was funded through a combination of available cash and proceeds from our Credit Facility. This business is reported as part of our DSA reportable segment for NHPs vertically integrated into our Safety Assessment supply chain and the RMS reportable segment for NHPs sold to third party customers.
On January 27, 2023, we acquired SAMDI Tech, Inc., (SAMDI), a leading provider of high-quality, label-free high-throughput screening (HTS) solutions for drug discovery research. The acquisition of SAMDI provided clients with seamless access to the premier, label-free HTS MS platform and created a comprehensive library of drug discovery solutions. The purchase price of SAMDI was $62.8 million, inclusive of a 20% strategic equity interest previously owned by us. The acquisition was funded through a combination of available cash and proceeds from our Credit Facility. This business is reported as part of our DSA reportable segment.
Fiscal Quarters
Our fiscal year is typically based on 52-weeks, with each quarter composed of 13 weeks ending on the last Saturday on, or closest to, March 31, June 30, September 30, and December 31. A 53rd week in the fourth quarter of the fiscal year is occasionally necessary to align with a December 31 calendar year-end.
Global Market Environment
We are seeing a more cautious spending environment from our client base, principally global biopharmaceutical and biotechnology clients within our DSA segment, as they reassess their budgets, reprioritize their drug pipelines, and manage their cost structures. DSA backlog decreased to $2.1 billion as of September 28, 2024 from $2.5 billion as of December 30, 2023.
During the third quarter ended September 28, 2024, a triggering event was identified for the Discovery Services reporting unit (part of the DSA reportable segment). This resulted from a continuous decline in market conditions and operational challenges, ultimately resulting in a reduction of Discovery Services’ long range financial outlook. In response, management conducted a quantitative impairment test for goodwill to determine if the goodwill in the Discovery Services reporting unit was impaired. Upon completion of a quantitative impairment test, it was determined that the fair value of the reporting unit exceeded its
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carrying value by approximately 22%, with a goodwill carrying value of $334.8 million as of September 28, 2024. The reporting unit’s fair value could be adversely affected and result in an impairment of goodwill if actual cash flows are below estimated cash flows, the estimated cash flows are discounted at a higher risk-adjusted rate or market multiples decrease. While the Discovery Services reporting unit is not currently impaired, the Company will continue to closely monitor future performance and any potential impacts on the value of the reporting unit.
In response to recent trends observed across each of our businesses, we have undertaken and will continue to implement restructuring actions at various locations across North America, Europe and Asia. This includes workforce right-sizing actions, resulting in severance and transition costs; and costs related to the consolidation of facilities to optimize our global footprint and drive greater operating efficiency across the Company, resulting in asset impairment, accelerated depreciation, and other site consolidation charges.
During fiscal year 2023, we began taking restructuring actions as a result of these emerging business trends. We incurred restructuring charges of $30.6 million and $65.6 million during the three and nine months ended September 28, 2024, and approximately $95 million since the beginning of fiscal year 2023 through September 28, 2024. We expect that these effectuated actions, as well as other upcoming planned actions designed to optimize our global footprint to drive greater operating efficiency, will result in approximately $200 million of cost savings on an annualized basis, of which approximately $100 million will impact fiscal year 2024.
Results of Operations
Consolidated Results of Operations and Liquidity
Revenue for three months ended September 28, 2024 decreased $16.9 million, or 1.6%, to $1,009.8 million compared to $1,026.6 million in the corresponding period in 2023. Revenue for the nine months ended September 28, 2024 decreased $68.5 million, or 2.2%, to $3,047.4 million compared to $3,115.9 million in the corresponding period in 2023. The decreases in revenue were primarily due to our DSA business which experienced lower volume; partially offset by higher revenue within our Manufacturing businesses and the recent acquisition of Noveprim when compared to the corresponding periods in 2023.
In the three months ended September 28, 2024, our operating income and operating income as a percentage of revenue were $117.4 million and 11.6% respectively, compared with $151.5 million and 14.8% respectively, in the corresponding period of 2023. In the nine months ended September 28, 2024, our operating income and operating income as a percentage of revenue were $395.0 million and 13.0% respectively, compared with $484.3 million and 15.5%, respectively, in the corresponding period of 2023. The decrease in operating income and operating income as a percentage of revenue for the three and nine months ended September 28, 2024 were primarily due to the revenue impacts described above coupled with charges related to recent restructuring activities, including severance, asset impairments, and other site consolidation costs as discussed in Global Market Environment above.
Net income available to Charles River Laboratories International Inc, common shareholders decreased to $68.7 million in the three months ended September 28, 2024, from $87.4 million in the corresponding period of 2023. Net income available to Charles River Laboratories International Inc. common shareholders decreased to $226.0 million in the nine months ended September 28, 2024, from $287.5 million in the corresponding period of 2023. The decreases in net income available to common shareholders were due principally to the decreases in operating income described above.
During the nine months ended September 28, 2024, our cash flows from operations were $575.2 million compared with $463.0 million for the same period in 2023. The increase was driven by favorable performance across our revenue related accounts, including collections on trade receivables, deferred revenue, and customer deposits; benefiting cash provided by operations by $46.6 million; lower inventory of $13.8 million primarily due to lower purchases of inventory supporting our Safety Assessment business, and timing of payments to our suppliers and vendors benefiting our cash provided by operations by $7.1 million.

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Three Months Ended September 28, 2024 Compared to the Three Months Ended September 30, 2023
Revenue and Operating Income
The following tables present consolidated revenue by type and by reportable segment:
Three Months Ended
September 28, 2024September 30, 2023$ change% change
(in thousands, except percentages)
Service revenue$832,463 $869,759 $(37,296)(4.3)%
Product revenue177,300 156,864 20,436 13.0 %
Total revenue$1,009,763 $1,026,623 $(16,860)(1.6)%
Three Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
RMS$197,824 $186,848 $10,976 5.9 %0.4 %
DSA615,060 664,028 (48,968)(7.4)%0.3 %
Manufacturing196,879 175,747 21,132 12.0 %0.2 %
Total revenue$1,009,763 $1,026,623 $(16,860)(1.6)%0.4 %
The following table presents operating income by reportable segment:
Three Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
RMS$27,544 $28,326 $(782)(2.8)%0.7 %
DSA126,436 146,819 (20,383)(13.9)%0.8 %
Manufacturing40,188 26,275 13,913 53.0 %0.8 %
Unallocated corporate(76,763)(49,918)(26,845)53.8 %0.3 %
Total operating income$117,405 $151,502 $(34,097)(22.5)%1.0 %
Operating income % of revenue11.6 %14.8 %(320) bps
The following presents and discusses our consolidated financial results by each of our reportable segments:
RMS
Three Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
Revenue$197,824 $186,848 $10,976 5.9 %0.4 %
Cost of revenue (excluding amortization of intangible assets)137,906 126,640 11,266 8.9 %
Selling, general and administrative26,453 26,483 (30)(0.1)%
Amortization of intangible assets5,921 5,399 522 9.7 %
Operating income$27,544 $28,326 $(782)(2.8)%0.7 %
Operating income % of revenue13.9 %15.2 %(130) bps
RMS revenue increased $11.0 million primarily driven by an increase in large research model product revenue, principally due to the recent acquisition of Noveprim, which contributed $9.1 million, an increase in small research model revenue in all geographic areas, and the effect of changes in foreign currency exchange rates; partially offset by a decline in Insourcing Solutions services revenue.
RMS營業收入較2023年同期減少80萬美元。截至2024年9月28日的三個月，RMS營業收入與營業收入的比例爲13.9%，與2023年同期的15.2%相比減少了130個點子。營業收入和營業收入與營業收入的比例主要由於收購相關的較高攤銷而下降，包括從Noveprim成本記錄的庫存步增。
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收購費用增加，以及與最近的重組活動相關的更高費用，包括賠償金、場地整合和減值費用；部分抵消了上述RMS營業收入推動因素的積極影響。
DSA
三個月結束
2024年9月28日2023年9月30日貨幣變化% change外匯期貨的影響
（以千計，百分比除外）
營業收入$615,060 $664,028 $(48,968)(7.4)%0.3 %
營業成本（不包括無形資產攤銷）409,684 436,174 (26,490)(6.1)%
銷售、一般及行政費用63,260 63,369 (109)(0.2)%
無形資產攤銷15,680 17,666 (1,986)(11.2)%
營業利潤$126,436 $146,819 $(20,383)(13.9)%0.8 %
營業收入佔營業收入比例20.6 %22.1 %(150) 點子
DSA的營業收入減少了4900萬美元，主要是由於我們業務部門安全評估的營業收入減少，主要是由於成交量下降以及我們發現服務業務需求減少。與我們安全評估業務相關的最近剝離的站點對減少貢獻了190萬美元。部分被外國貨幣兌換匯率變化的影響部分抵消了這一影響。
DSA營業收入在2024年9月28日結束的三個月內，與2023年同期相比減少了2040萬美元。2024年9月28日結束的三個月內，DSA營業收入佔營業收入的比例爲20.6%，比2023年同期的22.1%下降了150個點子。主要由於上述降低的營業收入、與最近的重組活動相關的更高離職補償費用以及在美國政府對非人類靈長類供應鏈進行調查時產生的某些第三方法律費用而導致的營業收入和營業收入佔營業收入的比例降低；部分抵消了在2023年發生的Discovery Services網站關閉帶來的較低的網站整合和減值費用。
製造業-半導體
三個月結束
2024年9月28日2023年9月30日貨幣變化% change外匯期貨的影響
（以千計，百分比除外）
營業收入$196,879 $175,747 $21,132 12.0 %0.2 %
營業成本（不包括無形資產攤銷）113,152 101,968 11,184 11.0 %
銷售、一般及行政費用32,737 36,338 (3,601)(9.9)%
無形資產攤銷10,802 11,166 (364)(3.3)%
營業利潤$40,188 $26,275 $13,913 53.0 %0.8%
營業收入利潤率20.4 %15.0 %540 點子
製造業-半導體營業收入增加2110萬美元，主要是由於我們生物製品解決方案和微生物解決方案業務的收入增加，這主要得益於對生物製品測試和CDMO服務以及內毒素產品收入需求的增加。
製造業-半導體營業收入在2024年9月28日結束的三個月內增加了1390萬美元，相比2023年同期有所增長。2024年9月28日結束的三個月製造業營收佔比爲20.4%，比2023年同期的15.0%增長了540個點子。營業收入和營收佔比主要由上述更高營收和改善的營運槓桿而增加。
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未分配企業領域
三個月結束
2024年9月28日2023年9月30日貨幣變化% change外匯期貨的影響
（以千計，百分比除外）
未分配公司$76,763 $49,918 $26,845 53.8 %0.3 %
營業收入中未分配的企業比例7.6 %4.9 %270個點子
Unallocated corporate costs consist of selling, general and administrative expenses that are not directly related or allocated to the reportable segments. The increase in unallocated corporate costs of $26.8 million, or 53.8%, compared to the corresponding period in 2023 is primarily related to higher employee compensation and benefits related costs, including severance related to recent restructuring activities and employee fringe related costs, and the absence of positive net settlements recognized on virtual power purchase agreements for the corresponding period in 2023. Costs as a percentage of revenue for the three months ended September 28, 2024 was 7.6%, an increase of 270 bps from 4.9% for the corresponding period in 2023.
Other Income (Expense)
Three Months Ended
September 28, 2024September 30, 2023$ change% change
(in thousands, except percentages)
Other income (expense):
Interest income$1,528 $1,373 $155 11.3 %
Interest expense(30,284)(33,742)3,458 (10.2)%
Other income (expense), net2,592 (6,260)8,852 (141.4)%
Total other expense, net$(26,164)$(38,629)$12,465 (32.3)%
Interest income for the three months ended September 28, 2024 was $1.5 million, an increase of $0.2 million, or 11.3%, driven primarily from higher interest rates and interest earning asset balances.
Interest expense for the three months ended September 28, 2024 was $30.3 million, a decrease of $3.5 million, or 10.2%, compared to $33.7 million in the corresponding period in 2023. The decrease was due primarily to lower debt balances as we continue to pay down on our revolving credit facility.
Other income, net for the three months ended September 28, 2024 was $2.6 million, an increase of $8.9 million, or 141.4% compared to Other expense, net of $6.3 million for the corresponding period in 2023. The increase was due primarily to net gains on our venture capital investments and life insurance contracts as compared to fiscal year 2023.
Income Taxes
Three Months Ended
September 28, 2024September 30, 2023$ change% change
(in thousands, except percentages)
Provision for income taxes$20,946 $24,852 $(3,906)(15.7)%
Effective tax rate23.0 %22.0 %100 bps
Income tax expense for the three months ended September 28, 2024 was $20.9 million, a decrease of $3.9 million compared to $24.9 million for the corresponding period in 2023. Our effective tax rate was 23.0% for the three months ended September 28, 2024 compared to 22.0% for the corresponding period in 2023. The tax rate increase was primarily attributable to the deferred tax impact of tax law changes enacted during the three months ended September 28, 2024, offset by jurisdictional earnings mix.
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Nine Months Ended September 28, 2024 Compared to Nine Months Ended September 30, 2023
Revenue and Operating Income
The following tables present consolidated revenue by type and by reportable segment:
Nine Months Ended
September 28, 2024September 30, 2023$ change% change
(in thousands, except percentages)
Service revenue$2,492,225 $2,602,016 $(109,791)(4.2)%
Product revenue555,215 513,917 41,298 8.0 %
Total revenue
$3,047,440 $3,115,933 $(68,493)(2.2)%
Nine Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
RMS$625,120 $596,562 $28,558 4.8 %(0.1)%
DSA1,847,931 1,989,838 (141,907)(7.1)%0.3 %
Manufacturing574,389 529,533 44,856 8.5 %— %
Total revenue$3,047,440 $3,115,933 $(68,493)(2.2)%0.1 %
The following table presents operating income by reportable segment:
Nine Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
RMS$100,641 $117,653 $(17,012)(14.5)%(0.3)%
DSA379,651 479,788 (100,137)(20.9)%0.5 %
Manufacturing111,099 52,784 58,315 110.5 %(0.2)%
Unallocated corporate(196,357)(165,886)(30,471)18.4 %0.2 %
Total operating income$395,034 $484,339 $(89,305)(18.4)%0.4 %
Operating income % of revenue13.0 %15.5 %(250) bps
The following presents and discusses our consolidated financial results by each of our reportable segments:
RMS
Nine Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
Revenue$625,120 $596,562 $28,558 4.8 %(0.1)%
Cost of revenue (excluding amortization of intangible assets)421,773 381,332 40,441 10.6 %
Selling, general and administrative84,943 81,194 3,749 4.6 %
Amortization of intangible assets17,763 16,383 1,380 8.4 %
Operating income$100,641 $117,653 $(17,012)(14.5)%(0.3)%
Operating income % of revenue16.1 %19.7 %(360) bps
RMS revenue increased $28.6 million primarily driven by an increase in large research model product revenue, principally due to the recent acquisition of Noveprim, which contributed $30.0 million, and an increase in small research models product revenues across all geographic areas; partially offset by lower Cell Solutions product revenue and Insourcing Solutions services revenue.
RMS operating income decreased $17.0 million compared to the corresponding period in 2023. RMS operating income as a percentage of revenue for the nine months ended September 28, 2024 was 16.1%, a decrease of 360 bps from 19.7% for the corresponding period in 2023. Operating income and operating income as a percentage of revenue decreased primarily due to
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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
higher charges related to recent restructuring activities, including severance and site consolidation and impairment charges, higher amortization related to acquisitions, including an inventory step up recorded in cost of revenue from the Noveprim acquisition; partially offset by the impacts of the RMS revenue drivers described above.
DSA
Nine Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
Revenue$1,847,931 $1,989,838 $(141,907)(7.1)%0.3 %
Cost of revenue (excluding amortization of intangible assets)1,246,560 1,268,248 (21,688)(1.7)%
Selling, general and administrative174,598 189,076 (14,478)(7.7)%
Amortization of intangible assets47,122 52,726 (5,604)(10.6)%
Operating income$379,651 $479,788 $(100,137)(20.9)%0.5 %
Operating income % of revenue20.5 %24.1 %(360) bps
DSA revenue decreased $141.9 million primarily due to decreased revenue in our Safety Assessment and Discovery Services businesses due to decreased volume and the impact of a recently divested site related to our Safety Assessment business contributed $7.1 million to the decrease; partially offset by the effect of changes in foreign currency exchange rates.
DSA operating income decreased $100.1 million compared to the corresponding period in 2023. DSA operating income as a percentage of revenue for the nine months ended September 28, 2024 was 20.5%, a decrease of 360 bps from 24.1% for the corresponding period in 2023. Operating income and operating income as a percentage of revenue decreased primarily due to the lower revenue described above, higher severance related to recent restructuring activities, an adjustment to contingent consideration associated with the acquisition of Noveprim, and certain third-party legal costs incurred in connection with the investigations by the U.S. government into the non-human primate supply chain; partially offset by lower site consolidation and impairment charges compared to the corresponding period in 2023.
Manufacturing
Nine Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
Revenue$574,389 $529,533 $44,856 8.5 %— %
Cost of revenue (excluding amortization of intangible assets)331,530 327,882 3,648 1.1 %
Selling, general and administrative99,397 114,556 (15,159)(13.2)%
Amortization of intangible assets32,363 34,311 (1,948)(5.7)%
Operating income$111,099 $52,784 $58,315 110.5 %(0.2)%
Operating income % of revenue19.3 %10.0 %930 bps
Manufacturing revenue increased $44.9 million primarily due to increased revenue in both our Biologics Solutions and Microbial Solutions businesses, driven by increased demand for Biologics Testing and CDMO services and higher endotoxin product revenue.
Manufacturing operating income increased $58.3 million compared to the corresponding period in 2023. Manufacturing operating income as a percentage of revenue for the nine months ended September 28, 2024 was 19.3%, an increase of 930 bps from 10.0% for the corresponding period in 2023. Operating income and operating income as a percentage of revenue increased primarily due to the higher revenue described above and improved operating leverage as well as lower legal costs from an environmental litigation related to the Microbial Solutions business incurred compared to the corresponding period in 2023.
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Unallocated Corporate
Nine Months Ended
September 28, 2024September 30, 2023$ change% changeImpact of FX
(in thousands, except percentages)
Unallocated corporate$196,357 $165,886 $30,471 18.4 %0.2 %
Unallocated corporate % of revenue6.4 %5.3 %110 bps
Unallocated corporate costs consist of selling, general and administrative expenses that are not directly related or allocated to the reportable segments. The increase in unallocated corporate costs of $30.5 million, or 18.4%, compared to the corresponding period in 2023 is primarily related to higher employee compensation and benefits related costs, including severance related to recent restructuring activities and employee fringe related costs, and the absence of positive net settlements recognized on virtual power purchase agreements for the corresponding period in 2023. Costs as a percentage of revenue for the nine months ended September 28, 2024 were 6.4%, an increase of 110 bps from 5.3% for the corresponding period in 2023.
Other Income (Expense)
Nine Months Ended
September 28, 2024September 30, 2023$ change% change
(in thousands, except percentages)
Other income (expense):
Interest income$6,740 $3,605 $3,135 87.0 %
Interest expense(98,054)(103,166)5,112 (5.0)%
Other income (expense), net6,185 (12,200)18,385 (150.7)%
Total other expense, net$(85,129)$(111,761)$26,632 (23.8)%
Interest income for the nine months ended September 28, 2024 was $6.7 million, an increase of $3.1 million, or 87.0%, driven primarily from higher interest rates.
Interest expense for the nine months ended September 28, 2024 was $98.1 million, a decrease of $5.1 million, or 5.0%, compared to $103.2 million in the corresponding period in 2023. The decrease was due primarily to lower debt balances as we continue to pay down our revolving credit facility.
Other income, net for the nine months ended September 28, 2024 was $6.2 million, an increase of $18.4 million, or 150.7%, compared to Other expense, net of $12.2 million for the corresponding period in 2023. The increase was due primarily to venture capital investment gains of $8.4 million as compared to losses of $14.3 million in the corresponding period in 2023.
Income Taxes
Nine Months Ended
September 28, 2024September 30, 2023$ change% change
(in thousands, except percentages)
Provision for income taxes$70,867 $81,160 $(10,293)(12.7)%
Effective tax rate22.9 %21.8 %110 bps
Income tax expense for the nine months ended September 28, 2024 was $70.9 million, a decrease of $10.3 million compared to $81.2 million for the corresponding period in 2023. Our effective tax rate was 22.9% for the nine months ended September 28, 2024 compared to 21.8% for the corresponding period in 2023. The increase in our effective tax rate in the nine months ended September 28, 2024 compared to the corresponding period in 2023 was primarily attributable to deferred tax impact of enacted tax law changes, as well as decreased tax benefits from stock-based compensation deductions in the nine months ended September 28, 2024, offset by jurisdictional earnings mix.
Our global operations make the effective tax rate sensitive to significant tax law changes. Several countries where we operate have enacted legislation implementing the Organization for Economic Cooperation and Development’s (OECD) international tax framework, including the Pillar II global minimum tax rate with effect from January 1, 2024 or later. We continue to monitor future legislation on Pillar II, however, the Pillar II associated tax expense accrued for the nine months ended September 28, 2024, is not material to the unaudited consolidated financial statements.
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Liquidity and Capital Resources
Liquidity and Cash Flows
We currently require cash to fund our working capital needs, capital expansion, acquisitions, debt payments, lease, venture capital investment, restructuring initiatives, and pension obligations. Our principal sources of liquidity have been our cash flows from operations supplemented by long-term borrowings. Based on our current business plan, we believe that our existing funds, when combined with cash generated from operations and our access to financing resources, are sufficient to fund our operations for the foreseeable future.
The following table presents our cash, cash equivalents and short-term investments:
September 28, 2024December 30, 2023
(in thousands)
Cash and cash equivalents:
Held in U.S. entities$8,273 $2,234 
Held in non-U.S. entities201,898 274,537 
Total cash and cash equivalents210,171 276,771 
Short-term investments:
Held in non-U.S. entities69 68 
Total cash, cash equivalents and short-term investments$210,240 $276,839 
The following table presents our net cash provided by operating activities:
Nine Months Ended
September 28, 2024September 30, 2023
(in thousands)
Net income$239,038 $291,418 
Adjustments to reconcile net income to net cash provided by operating activities324,110 312,306 
Changes in assets and liabilities12,067 (140,769)
Net cash provided by operating activities$575,215 $462,955 
Net cash provided by cash flows from operating activities represents the cash receipts and disbursements related to all of our activities other than investing and financing activities. Operating cash flow is derived by adjusting our net income for (1) non-cash operating items such as depreciation and amortization, stock-based compensation, and other financing costs, deferred income taxes, gains and/or losses on venture capital and strategic equity investments, gains and/or losses on divestitures, contingent consideration, as well as (2) changes in operating assets and liabilities, which reflect timing differences between the receipt and payment of cash associated with transactions and when they are recognized in our results of operations.
For the nine months ended September 28, 2024, compared to corresponding period in 2023, the increase in net cash provided by operating activities was primarily driven by favorable performance across our revenue related accounts, including collections on trade receivables, deferred revenue, and customer deposits; benefiting cash provided by operations by $46.6 million; lower inventory of $13.8 million primarily due to lower purchases of inventory supporting our Safety Assessment business, and timing of payments to our suppliers and vendors benefiting our cash provided by operations by $7.1 million.
The following table presents our net cash used in investing activities:
Nine Months Ended
September 28, 2024September 30, 2023
(in thousands)
Acquisition of businesses and assets, net of cash acquired$(5,479)$(50,166)
Capital expenditures(157,351)(240,205)
Investments, net(5,794)(32,369)
Other, net(358)(2,044)
Net cash used in investing activities$(168,982)$(324,784)
Investing activities primarily consist of cash used to fund capital expenditures to support the growth of our business, purchases and sales of investments related to our venture capital and strategic equity investment portfolios, and asset and business acquisitions.
36
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
For the nine months ended September 28, 2024, cash used in investing activities was primarily driven by capital expenditures, an immaterial asset acquisition, and net purchases and sales in investments related to certain venture capital and strategic equity investments. The Company experienced declines in capital expenditures for the nine months ended September 28, 2024 as compared to the same period in 2023, primarily as a result of disciplined spend management in light of the global economic environment.
For the nine months ended September 30, 2023, cash used in investing activities was primarily driven by capital expenditures to support the growth of the business, the acquisition of SAMDI, and net purchases and sales of investments related to certain venture capital and strategic equity investments.
The following table presents our net cash used in financing activities:
Nine Months Ended
September 28, 2024September 30, 2023
(in thousands)
Proceeds from long-term debt and revolving credit facility$976,783 $333,034 
Proceeds from exercises of stock options 23,110 19,658 
Payments on long-term debt, revolving credit facility, and finance lease obligations
(1,316,990)(530,909)
Purchase of treasury stock(119,051)(24,016)
Purchases of additional equity interests, net(12,000)— 
Payment of contingent considerations— (2,711)
Other, net(26,900)(4,145)
Net cash used in financing activities$(475,048)$(209,089)
Financing activities primarily consist of the proceeds and repayments of debt and certain equity related transactions including treasury stock purchases and employee stock option exercises. For the nine months ended September 28, 2024, net cash used in financing activities was primarily driven by the following activity:
•Net repayments of $346.2 million towards our Credit Facility
•Treasury stock purchases of $100.7 million associated with our stock repurchase program and $18.4 million due to the netting of common stock upon vesting of stock-based awards in order to satisfy individual statutory tax withholding requirements
•Net proceeds from exercises of employee stock options of $23.1 million
•Net dividend payments to noncontrolling interest holders of $14.5 million
截至2023年9月30日的九個月，融資活動中使用的淨現金主要受以下活動驅動：
•向我們的信貸機構還款1.95億美元
•財政股票購買金額爲2400萬美元，是因爲在歸屬於個人的法定稅收保留要求滿足的情況下，由於發放股票獎勵而進行的普通股票清算所致。
•員工股票期權行權後的淨收益爲1970萬美元
融資和市場風險
我們面臨來自利率期貨和匯率變動的市場風險，這可能會影響我們未來的經營業績和財務狀況。我們通過日常經營和融資活動來管理這些風險。
我們信貸工具和高級票據的未償餘額如下：
2024年9月28日2023年12月30日
(以千爲單位)
循環設備$794,290 $1,129,243 
截至2028年到期的4.25%高級票據500,000 500,000 
截至2029年到期的3.75%高級票據500,000 500,000 
截至2031年到期的4.00%高級票據500,000 500,000 
總計$2,294,290 $2,629,243 
37
查爾斯河實驗室國際公司。
信貸額度的到期日爲2026年4月，到該日期前無需進行計劃還款。信貸額度適用的利率爲（A）美元計價的循環貸款，我們可以選擇使用基礎利率（即（1）最優利率，（2）聯邦基金利率加0.50％或（3）一個月調整期SOFR利率加1％）或調整期SOFR利率，（B）歐元計價的循環貸款，調整後的EURIBOR利率和（C）英鎊計價的循環貸款，每種情況下加上基於我們槓桿比率的利率差額。
我們與名義金額爲50000萬美元的利率互換協議，旨在管理與信貸額度下的浮動利率借款相關的利率波動，利率爲4.65%，協議到期日爲2024年11月2日。我們沒有簽訂任何額外的利率互換合同。
截至2024年9月28日和2023年12月30日，我們與未計入資產負債表的按金有關的承諾分別爲2120萬美元和2160萬美元。
外匯匯率風險
我們在全球範圍內開展業務，並且我們的財務狀況、經營業績和現金流受到外匯匯率波動的影響。
儘管我們全球活動的財務結果以美元報告，但我們的外國子公司通常會用各自的本地貨幣進行業務。公司外國子公司的主要功能貨幣是歐元、英鎊、加幣和毛里求斯盧比。在截至2024年9月28日的九個月內，公司其他綜合收益（損失）中記錄的外幣翻譯調整的最重要驅動因素是英鎊、毛里求斯盧比、歐元和加幣。
我們業務所在國家的外幣匯率波動將影響我們的財務狀況、業務運營和現金流。隨着美元對其他貨幣升值，我們在美國之外的營業收入、費用、資產、負債和現金流價值通常在以美元報告時會下降。美元升值導致的淨利潤影響部分地會得到非美元費用價值的緩解，當以美元報告時這些費用會下降。而美元貶值對其他貨幣的影響是，以美元報告時非美國的營業收入、費用、資產、負債和現金流價值通常會上升。截至2024年9月28日的九個月，如果美元匯率升值10%，在其他變量保持不變的情況下，我們的營業收入將減少9680萬美元，我們的營業利潤將減少580萬美元。
我們試圖通過使用特定的金融工具，根據我們的整體風險管理和對沖政策，來減少這種風險。我們不進行投機性衍生工具協議。
回購普通股
2024年8月2日，我們的董事會批准了10億美元的股票回購授權。這項授權完全取代了之前的13億美元股票回購授權，在該授權被終止時仍剩12910萬元，在2024年9月28日結束的九個月內，我們沒有根據之前的計劃回購任何股份。
在2024年9月28日結束的三個月和九個月內，我們根據新的股票回購計劃回購了50萬股普通股，總價值爲10070萬美元。截至2024年9月28日，我們在當前授權的股票回購計劃中剩餘89930萬美元。
此外，我們的基於股票的補償計劃允許在限制性股票、限制性股票單位和績效股份單位解鎖時抵消普通股，以滿足個體法定扣繳稅款要求。在2024年9月28日結束的九個月內，我們收購 通過此類抵消，以1840萬美元購買了10萬股。
關鍵會計政策和估計
我們對我們的財務控件和經營結果進行的討論和分析是基於我們根據美國通用會計準則編制的基本報表。編制這些基本報表需要我們做出某些估計和假設，可能會影響資產和負債的報告金額，報告期間內收入和費用的報告金額，以及相關披露。這些估計和假設由我們監控並分析以檢查事實和情況的變化，這些估計的重大變化可能會在未來發生。我們的估計基於我們的歷史經驗，行業趨勢和認爲在情況下是合理的各種其他因素。實際結果可能會根據不同的假設或條件與我們的估計有所不同。
我們相信我們的會計政策的應用，每一項都需要管理層做出重大判斷和估計，對於全面理解和評估我們報告的財務結果至關重要。我們的重要會計政策在我們於 2023 財年提交給SEC的10-k表格上附的年度報告的第7項「管理層對財務狀況和業務結果的討論與分析」中有更詳細的描述。
38
查爾斯河實驗室國際公司。
2024年2月14日。截至2024年9月28日期間，公司的關鍵會計政策沒有發生變化。
最近的會計聲明
有關最近會計準則的討論，請參閱本季度形式10-Q的附註1「報表編制基礎」。除附註1「報表編制基礎」討論的事項外，在截至2024年9月28日的九個月內，我們沒有采納其他任何對本季度形式10-Q中包含的我們未經審計的簡明合併財務報表產生重大影響的新會計準則。
項目3.市場風險的定量和定性披露
公司對利率和貨幣匯率變動所帶來的市場風險敞口情況，與公司在截至2023年12月30日的年度報告（於2024年2月14日提交給美國證券交易委員會）中討論的敞口情況基本相同。我們的利率期貨和貨幣兌換風險在「管理層討論與分析財務狀況和經營結果 - 流動性和資本資源」的第7項目以及我們2023財年年度報告的第10-K表格中充分描述，在此處也包括在「管理層討論與分析財務狀況和經營結果 - 流動性和資本資源」的第2項目中。
項目4. 控制與程序
（a）披露控制和程序的評估
基於《證券交易法》1934年修訂版（交易法）第13a-15條或15d-15條中規定的b款要求的評估，公司的首席執行官和信安金融主管已經得出結論：截至2024年9月28日，公司的披露控制和程序符合《交易法》規定的13a-15(e)和15d-15(e)條款所定義的有效性，以合理保證水平，以確保公司在交易法規定的時間段內披露的信息被記錄、處理、總結和報告。披露控制和程序包括但不限於旨在確保公司在提交的報告中應披露的信息被積累並傳達給公司管理層，包括首席執行官和信安金融主管，或履行類似職能的人士，以便及時做出有關所需披露的決定。在設計和評估披露控制和程序時，我們的管理層認識到，無論設計和運行多麼良好的控制和程序，都只能提供達到期望控制目標的合理保證，並且管理層必然需要在設計和評估控制和程序時運用自己的判斷。
(b)財務報告內部控制變化
在2024年9月28日結束的季度內，與《交易所法》第13a-15條或15d-15條規則所要求的評估相關的公司財務報告內部控制未發生任何重大變化，這些變化對公司的財務報告內部控制產生了重大影響，或有可能對其產生重大影響。
39
查爾斯河實驗室國際公司。
第二部分.其他信息
項目1. 法律訴訟
2023年2月16日，公司收到美國司法部（DOJ）通知，稱已聯合美國魚類和野生動物管理局（USFWS）對公司涉嫌從柬埔寨進口的若干非人類靈長類動物進行調查。2023年2月17日，公司收到大陪審團傳票，要求提供與該調查相關的特定文件。公司知曉DOJ和USFWS正在進行一項平行的民事調查。公司正在配合DOJ和USFWS，並認爲針對公司行爲提出的擔憂是沒有依據的。公司擁有全球供應商入職和監督計劃，其中包括基於風險的盡職調查、審計和監控實踐，以幫助確保我們與供應商關係的質量，遵守適用的美國和國際法律法規，並一直以來的信念運營，即所有公司收到的非人類靈長類動物貨物均符合《瀕危野生動植物種國際貿易公約》（CITES）的物質要求、文件和相關流程和程序，該公約指導了每一批從柬埔寨進口的貨物由USFWS釋放的流程。儘管我們的努力和善意信念，但在民事調查期間，公司已自願暫停從柬埔寨向美國的未來非人類靈長類動物貨物運輸，直至公司和USFWS可以就實現從柬埔寨進口的非人類靈長類動物爲目的進行額外程序的時間。公司繼續照顧在美國的某些貨物中來源於柬埔寨的非人類靈長類動物。截至2024年9月28日，與這些貨物相關的存貨賬面價值約爲2700萬美元，這反映了根據公司存貨會計政策對貨物價值的確認。2023年5月16日，公司收到美國證券交易委員會執法部（SEC）的查詢，要求自願提供信息，並隨後增加了文件傳票和額外詢問，主要與非人類靈長類動物採購和相關披露有關，公司正配合這些請求。就DOJ、USFWS或SEC等其他政府機構將根據調查採取何種行動，目前公司無法預測。DOJ、USFWS或SEC均未向公司提供任何特定時間表或關於這些調查或特別是關於DOJ和USFWS的未來程序和程序討論何時結束或解決的跡象。公司無法預測調查的時間、結果或可能的影響，包括但不限於任何潛在罰款、處罰或責任。
2023年5月19日，針對公司及其部分現任/前任官員提起了一項有待確認的證券集體訴訟（證券集體訴訟）。 在馬薩諸塞州地方法院，於2023年8月31日，法院任命俄亥俄州州立教師養老金基金協會爲首席原告。於2023年11月14日，提交了修訂起訴書，其中僅將公司的首席執行官詹姆斯·福斯特和前首席財務官大衛·R·史密斯列爲被告，以及公司。修訂的起訴書主張根據1934年《證券交易法》第10(b)條和第20(a)條，代表從2020年5月5日至2023年2月21日期間購買公司證券的一組投資者提出索賠，聲稱公司在有待確認期間關於其對非人類靈長類動物進口實踐的披露中的某些內容明顯虛假或具誤導性。於2024年7月1日，法院駁回了起訴書，拒絕了原告的非正式修訂請求，並判決支持被告。於2024年7月30日，原告在美國第一巡迴法院上訴法院進行訴訟。儘管公司無法預測此事的最終結果，但公司認爲該集體訴訟毫無價值，並計劃全力辯護。公司無法合理估計與此事項相關的最大潛在風險或可能損失的區間。
2023年11月8日，一位股東在美國特拉華地區法院提起了一項代理訴訟，代表公司對公司的董事會成員以及公司的某些現任/前任高管（首席執行官詹姆斯·福斯特，前首席財務官大衛·R·史密斯和現任首席財務官弗拉維亞·皮斯）提出了索賠。 該投訴聲稱被告違反了向公司及其股東的受託責任，因爲公司關於非人靈長類動物進口實踐的某些披露事實上是虛假或具有誤導性。 該投訴還聲稱被告通過導致公司未能維持與證券披露及適用法律合規相關的充分內部控制，並未遵守公司的商業行爲道德準則而違反了他們的受託責任。 由於被告未能遵守公司的商業行爲道德準則而未能遵守適用法律並導致公司未能維持充分的內部控制，導致公司未能維持與證券披露及適用法律合規相關的充分內部控制，被告的受託責任未能蹤跡可尋。 該訴訟目前由各方同意暫停，等待第一巡回法庭正在審理的證券集體訴訟的進一步進展。2024年8月2日，另一位股東在特拉華州美國地方法院提起訴訟，主張類似的代理索賠，代表公司對公司現任董事會成員和前任董事會成員以及同一現任/前任高管根據類似的關於被控涉嫌誤導的披露和違反法規和倫理標準的索賠，以及其他被告的內幕交易索賠。 該訴訟目前由各方同意暫停，等待第一巡回法庭正在審理的證券集體訴訟的進一步進展。 儘管公司無法預測這些事務的結果，但它相信這些代理訴訟毫無價值。
40
查爾斯河實驗室國際公司。
並計劃積極防禦。公司無法合理估計與這些事項相關的最大潛在風險或可能損失的區間。
項目1A ：風險因素
除表報中提及的其他信息外，您還應仔細考慮我們2023財年10k表格年度報告「第一部分，風險因素」中討論的因素，這些因素可能會對我們的業務、財務狀況和/或未來業績產生重大影響。在我們的2023財年10k表格年度報告中描述的風險並非我們面臨的唯一風險。我們目前尚不知道的其他風險和不被我們認爲重要的不確定因素可能會對我們的業務、財務狀況和/或運營業績產生重大不利影響。截至2024年2月14日提交給SEC的我們2023財年10k表格年度報告中風險因素並未發生重大變化。
項目2. 未註冊的股票銷售和使用收益
以下表格提供了關於在2024年9月28日結束的三個月內購買我們普通股的信息。
股票總數
股票
Purchased
平均數
購買價格
每股 (1)
購買股票的總數
購買股數
作爲公開的一部分
公佈計劃
或計劃		約美元
股票價值
可以繼續的
計劃或項目下
計劃或項目下的股份
(以千爲單位)
2024年6月30日至2024年7月27日80 $205.00 — $129,105 
2024年7月28日至2024年8月24日500,101 201.36 500,000 899,326 
2024年8月25日至2024年9月28日356 197.75 — 899,326 
總計500,537  500,000  
(1) 截至2024年9月28日爲止，每股平均購買價格不包括因回購股份而產生的60萬美元的消費稅。
2024年8月2日，我們的董事會批准了一項總額爲10億美元的股票回購授權。該授權完全取代了之前一項總額爲13億美元的股票回購授權，當該授權終止時，尚有12910萬美元。截至2024年9月28日止三個月和九個月，我們根據新的股票回購計劃回購了50萬股普通股，總價值爲10070萬美元。截至2024年9月28日，我們在當前已授權的股票回購計劃中剩餘89930萬美元。
此外，我們的股票補償計劃允許在限制股票、限制股單位和績效股單位解鎖時抵消普通股，以滿足個人法定納稅要求。
項目5.其他信息
截至2024年9月28日的季度，我們的任何高管或董事 採納 或者 終止 任何旨在滿足《證券交易法》第10b5-1條(a)條件的購買或出售證券合同、指示或書面計劃，或者任何《10b5-1規則》項下規定的「防衛」條件或《S-k法規第408(c)項》中定義的「非10b5-1交易安排」，除以下情況外：
•2024年6月4日，Realty Income公司（以下簡稱「公司」）發佈了一份新聞稿，公佈了截至2024年12月31日更新的收益和投資成交量預測。新聞稿的副本作爲Exhibit 99.1附在此，作爲本報告的一部分。此報告的Exhibit 99.1作爲第7.01項目，根據8-K表格的規定提供，不視爲1934年證券交易法第18條的「報告文件」，無論此後公司做出的任何註冊文件，也不管任何這類文件的一般包含語言，都不作爲參考依據。2024年8月19日, George Massaro我們的其中一個（證券）已制定了一項旨在滿足美國國防航空的肯定防禦條件的交易計劃。該計劃提供了最多61030股我們的A類普通股的出售。該計劃於採納，並將於2024年9月29日到期，但受計劃中指定事件提前終止的影響。公司的董事s, 進入 以Rule 10b5-1交易安排進行最多股普通股的出售 280 股票，與解禁相關 559 2025年5月的RSUs將根據一定條件於到期日前行使。該安排的到期日爲 2025年5月18日.

41
查爾斯河實驗室國際公司。
項目 6. 陳列品
（a）展示。《展品說明》
31.1
31.2
32.1 +
101.INS 可擴展業務報告語言（XBRL）實例文檔-實例文檔不會出現在交互式數據文件中，因爲其XBRL標記嵌入在內聯XBRL文檔中
101.SCH XBRL分類擴展架構文檔
101.CAL XBRL分類學計算鏈接庫文件
101.DEF XBRL稅務分類定義鏈接基礎文件
101.LAB XBRL稅務分類標籤鏈接基礎文件
101.PRE XBRL分類學介紹鏈接庫文件
已在此處提供。

42
查爾斯河實驗室國際公司。
簽名
根據1934年證券交易法律的要求，註冊者已經授權下面簽署的人員代表其簽署本報告。
    
 查爾斯河實驗室國際公司。
2024年11月6日。JAMES C. FOSTER
詹姆斯·C·福斯特
董事長、總裁兼首席執行官。
2024年11月6日。FLAVIA H. PEASE
弗拉維亞·H·皮斯
企業執行副總裁兼首席財務官

43