– First-Quarter Revenue of $604.6 Million –
– First-Quarter GAAP Earnings per Share of $1.11 and Non-GAAP
Earnings per Share of $1.40 –
– Reaffirms 2019 Guidance Including Citoxlab –
WILMINGTON, Mass.–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24CRL&src=ctag" target="_blank"gt;$CRLlt;/agt; lt;a href="https://twitter.com/hashtag/earnings?src=hash" target="_blank"gt;#earningslt;/agt;–Charles River Laboratories International, Inc. (NYSE: CRL) today
reported its results for the first quarter of 2019. For the quarter,
revenue was $604.6 million, an increase of 22.4% from $494.0 million in
the first quarter of 2018. Revenue growth was driven by all three
business segments, particularly Discovery and Safety Assessment and
Manufacturing Support.
Acquisitions, principally MPI Research, contributed 14.4% to
consolidated first-quarter revenue growth. The impact of foreign
currency translation reduced reported revenue growth by 2.8%. Excluding
the effect of these items, organic revenue growth was 10.8%.
On a GAAP basis, first-quarter net income from continuing operations
attributable to common shareholders was $55.1 million, an increase of
4.7% from net income of $52.7 million for the same period in 2018.
First-quarter diluted earnings per share on a GAAP basis were $1.11, an
increase of 2.8% from $1.08 for the first quarter of 2018. GAAP earnings
per share included a gain from the Company’s venture capital investments
of $0.16 per share in the first quarter of 2019, compared to a $0.10
gain for the same period in 2018. As previously disclosed, the Company’s
venture capital investment performance has been excluded from non-GAAP
earnings per share.
On a non-GAAP basis, net income from continuing operations was $69.4
million for the first quarter of 2019, an increase of 10.5% from $62.8
million for the same period in 2018. First-quarter diluted earnings per
share on a non-GAAP basis were $1.40, an increase of 8.5% from $1.29 per
share for the first quarter of 2018.
The GAAP and non-GAAP earnings per share increases were driven primarily
by higher revenue, including the contribution from the MPI acquisition.
James C. Foster, Chairman, President and Chief Executive Officer, said,
“In the first quarter, we saw a continuation of the robust business
trends that we experienced throughout the second half of last year.
Revenue growth was above 10% on both an organic and reported basis.
Demand from our biotechnology clients continued to drive growth, the
result of a robust funding environment and our targeted sales strategies
that continued to resonate with this thriving client base. As the
leading, early-stage CRO, we continue to differentiate ourselves from
the competition through our science, our broad, early-stage portfolio
from target discovery through non-clinical development, and the flexible
relationships that we can offer clients.”
“Coupled with our first-quarter performance, we believe the continued
execution of our business strategy and strong industry fundamentals
firmly support our growth prospects for 2019 and beyond, which are
enhanced by last week’s acquisition of Citoxlab. Citoxlab’s
complementary service offering and geographic footprint are an excellent
strategic fit, reinforcing our position as the partner of choice for
early-stage drug research. Including the impact of the Citoxlab
acquisition, we are reaffirming our 2019 financial guidance,” Mr. Foster
concluded.
First-Quarter Segment Results
Research Models and Services (RMS)
Revenue for the RMS segment was $137.2 million in the first quarter of
2019, an increase of 2.4% from $134.0 million in the first quarter of
2018. Organic revenue growth was 5.4%, driven primarily by higher
revenue for research model services, as well as increased demand for
research models in China. Research model services benefited from a large
government contract in the Insourcing Solutions (IS) business, which
commenced in September 2018, and strong client demand for the
Genetically Engineered Models and Services business. The revenue
increase was partially offset by lower sales volume for research models
outside of China, particularly to large biopharmaceutical clients.
In the first quarter of 2019, the RMS segment’s GAAP operating margin
decreased to 27.6% from 28.8% in the first quarter of 2018. On a
non-GAAP basis, the operating margin decreased to 28.1% from 29.8% in
the first quarter of 2018. The GAAP and non-GAAP operating margin
decreases were driven primarily by the large IS government contract and
lower sales volume for research models outside of China.
Discovery and Safety Assessment (DSA)
Revenue for the DSA segment was $354.2 million in the first quarter of
2019, an increase of 36.2% from $260.0 million in the first quarter of
2018. Acquisitions, principally MPI Research, contributed 27.2% to DSA
revenue growth. Organic revenue growth of 11.2% was driven by both the
Safety Assessment and Discovery Services businesses. By client segment,
the DSA revenue increase was driven primarily by robust demand from
biotechnology clients.
In the first quarter of 2019, the DSA segment’s GAAP operating margin
decreased to 13.2% from 15.7% in the first quarter of 2018. The GAAP
operating margin decline was driven primarily by amortization of
intangible assets related to the acquisition of MPI Research. On a
non-GAAP basis, the operating margin was 18.6%, which was unchanged
compared to the prior year.
Manufacturing Support (Manufacturing)
Revenue for the Manufacturing segment was $113.2 million in the first
quarter of 2019, an increase of 13.2% from $100.0 million in the first
quarter of 2018. Organic revenue growth was 17.2%, driven primarily by
robust demand in the Microbial Solutions and Biologics Testing Solutions
businesses.
In the first quarter of 2019, the Manufacturing segment’s GAAP operating
margin decreased to 27.8% from 28.5% in the first quarter of 2018. On a
non-GAAP basis, the operating margin decreased to 31.0% from 31.9% in
the first quarter of 2018. The GAAP and non-GAAP operating margin
declines were driven primarily by costs associated with capacity
expansions, principally in the Biologics Testing Solutions business.
2019 Guidance
On February 13, 2019, the Company provided 2019 financial guidance for
revenue growth and non-GAAP earnings per share, which included the
impact of the Citoxlab acquisition. The acquisition of Citoxlab was
subsequently completed on April 29, 2019.
The Company is reaffirming its revenue growth and non-GAAP earnings per
share guidance for 2019 including the acquisition of Citoxlab. In
addition, the Company is providing initial GAAP earnings per share
guidance including the acquisition of Citoxlab of $4.75 to $4.90. The
Company is also providing initial free cash flow guidance including the
acquisition of Citoxlab of $310 to $320 million.
The Company’s revenue and earnings per share guidance including the
impact of Citoxlab is as follows:
2019 GUIDANCE INCLUDING CITOXLAB | CURRENT | PRIOR | ||||
Revenue growth, reported | 16% – 18% | 16% – 18% | ||||
Less: Contribution from acquisitions (1) | 8% – 9% | 8% – 9% | ||||
Add: Negative impact of foreign exchange | ~0.5% | ~0.5% | ||||
Revenue growth, organic (2) | 8.0% – 9.5% | 8.0% – 9.5% | ||||
GAAP EPS estimate | $4.75-$4.90 | — | ||||
Amortization of intangible assets (3) | $1.42-$1.52 | — | ||||
Charges related to global efficiency initiatives (4) | ~$0.07 | — | ||||
Acquisition-related adjustments (5) | $0.25-$0.30 | — | ||||
Venture capital investment (gains)/losses (6) | (~$0.16) | — | ||||
Non-GAAP EPS estimate | $6.40 – $6.55 | $6.40 – $6.55 | ||||
Free cash flow (7) | $310 – $320 million | — | ||||
Footnotes to Guidance Table:
(1) The contribution from acquisitions reflects only those acquisitions
which have been completed.
(2) Organic revenue growth is defined as reported revenue growth
adjusted for acquisitions and foreign currency translation.
(3) Amortization of intangible assets includes an estimate of
$0.30-$0.40 for the impact of the Citoxlab acquisition because the
preliminary purchase price allocation has not been completed.
(4) These charges, which primarily include severance and other costs,
relate primarily to the Company’s planned efficiency initiatives. Other
projects in support of global productivity and efficiency initiatives
are expected, but these charges reflect only the decisions that have
already been finalized.
(5) These adjustments are related to the evaluation and integration of
acquisitions, and primarily include transaction, advisory, and certain
third-party integration costs, as well as certain costs associated with
acquisition-related efficiency initiatives. These costs will be
partially offset by an anticipated discrete tax benefit.
(6) Venture capital investment performance only includes recognized
gains or losses. The Company does not forecast future venture capital
investment gains or losses.
(7) The reconciliation of 2019 free cash flow guidance is as follows:
Cash flow from operating activities of $480-$490 million, less capital
expenditures of ~$170 million, equates to free cash flow of $310-$320
million.
Webcast
Charles River has scheduled a live webcast on Tuesday, May 7, at 8:30
a.m. ET to discuss matters relating to this press release. To
participate, please go to ir.criver.com
and select the webcast link. You can also find the associated slide
presentation and reconciliations of GAAP financial measures to non-GAAP
financial measures on the website.
Bank of America Merrill Lynch Healthcare
Conference Presentation
Charles River will present at the Bank of America Merrill Lynch 2019
Health Care Conference in Las Vegas, Nevada, on Tuesday, May 14, at
11:20 a.m. PT/2:20 p.m. ET. Management will provide an overview of
Charles River’s strategic focus and business developments.
A live webcast of the presentation will be available through a link that
will be posted on ir.criver.com.
A webcast replay will be accessible through the same website shortly
after the presentation and will remain available for approximately two
weeks.
Non-GAAP Reconciliations/Discontinued Operations
The Company reports non-GAAP results in this press release, which
exclude often-one-time charges and other items that are outside of
normal operations. A reconciliation of GAAP to non-GAAP results is
provided in the schedules at the end of this press release. In addition,
the Company reports results from continuing operations, which exclude
results of the Phase I clinical business that was divested in 2011. The
Phase I business is reported as a discontinued operation.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as
non-GAAP earnings per diluted share, which exclude the amortization of
intangible assets, and other charges related to our acquisitions;
expenses associated with evaluating and integrating acquisitions and
divestitures, as well as fair value adjustments associated with
contingent consideration; charges, gains, and losses attributable to
businesses or properties we plan to close, consolidate, or divest;
severance and other costs associated with our efficiency initiatives;
the write-off of deferred financing costs and fees related to debt
financing; and investment gains or losses associated with our venture
capital investments. This press release also refers to our revenue in
both a GAAP and non-GAAP basis: “constant currency,” which we define as
reported revenue growth adjusted for the impact of foreign currency
translation, and “organic revenue growth,” which we define as reported
revenue growth adjusted for foreign currency translation, acquisitions,
and divestitures. We exclude these items from the non-GAAP financial
measures because they are outside our normal operations. Commencing in
the first quarter of 2019, we exclude the performance of our venture
capital investments due to the determination that such investment gains
or losses are not core to our overall operations. There are limitations
in using non-GAAP financial measures, as they are not prepared in
accordance with generally accepted accounting principles, and may be
different than non-GAAP financial measures used by other companies. In
particular, we believe that the inclusion of supplementary non-GAAP
financial measures in this press release helps investors to gain a
meaningful understanding of our core operating results and future
prospects without the effect of these often-one-time charges, and is
consistent with how management measures and forecasts the Company’s
performance, especially when comparing such results to prior periods or
forecasts. We believe that the financial impact of our acquisitions and
divestitures (and in certain cases, the evaluation of such acquisitions
and divestitures, whether or not ultimately consummated) is often large
relative to our overall financial performance, which can adversely
affect the comparability of our results on a period-to-period basis. In
addition, certain activities and their underlying associated costs, such
as business acquisitions, generally occur periodically but on an
unpredictable basis. We calculate non-GAAP integration costs to include
third-party integration costs incurred post-acquisition. Presenting
revenue on an organic basis allows investors to measure our revenue
growth exclusive of acquisitions, divestitures, and foreign currency
exchange fluctuations more clearly. Non-GAAP results also allow
investors to compare the Company’s operations against the financial
results of other companies in the industry who similarly provide
non-GAAP results. The non-GAAP financial measures included in this press
release are not meant to be considered superior to or a substitute for
results of operations prepared in accordance with GAAP. The Company
intends to continue to assess the potential value of reporting non-GAAP
results consistent with applicable rules and regulations.
Reconciliations of the non-GAAP financial measures used in this press
release to the most directly comparable GAAP financial measures are set
forth in this press release, and can also be found on the Company’s
website at ir.criver.com.
Caution Concerning Forward-Looking Statements
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words such as
“anticipate,” “believe,” “expect,” “intend,” “will,” “would,” “may,”
“estimate,” “plan,” “outlook,” and “project,” and other similar
expressions that predict or indicate future events or trends or that are
not statements of historical matters. These statements also include
statements regarding the projected future financial performance of
Charles River and our specific businesses, including revenue (on both a
reported, constant-currency, and organic growth basis), operating
margins, earnings per share, the expected impact of foreign exchange
rates, and the expected benefit of our life science venture capital
investments; the future demand for drug discovery and development
products and services, including our expectations for future revenue
trends; our expectations with respect to the impact of acquisitions,
including the acquisition of Citoxlab, on the Company, our service
offerings, client perception, strategic relationships, revenue, revenue
growth rates, and earnings; the development and performance of our
services and products; market and industry conditions including the
outsourcing of services and spending trends by our clients; the
potential outcome of and impact to our business and financial operations
due to litigation and legal proceedings; the impact of U.S. tax reform
enacted in the fourth quarter of 2017; and Charles River’s future
performance as delineated in our forward-looking guidance, and
particularly our expectations with respect to revenue, the impact of
foreign exchange, and enhanced efficiency initiatives. Forward-looking
statements are based on Charles River’s current expectations and
beliefs, and involve a number of risks and uncertainties that are
difficult to predict and that could cause actual results to differ
materially from those stated or implied by the forward-looking
statements. Those risks and uncertainties include, but are not limited
to: the ability to successfully integrate businesses we acquire; risks
and uncertainties associated with the unauthorized access into its
information systems reported on April 30, 2019, including the timing and
effectiveness of adding enhanced security features and monitoring
procedures, the status and effectiveness of the ongoing remediation
process, the percentage of clients affected by the unauthorized access,
and the potential revenue and financial impact related to the incident;
the ability to execute our efficiency initiatives on an effective and
timely basis (including divestitures and site closures); the timing and
magnitude of our share repurchases; negative trends in research and
development spending, negative trends in the level of outsourced
services, or other cost reduction actions by our clients; the ability to
convert backlog to revenue; special interest groups; contaminations;
industry trends; new displacement technologies; USDA and FDA
regulations; changes in law; the impact of Brexit; continued
availability of products and supplies; loss of key personnel; interest
rate and foreign currency exchange rate fluctuations; changes in tax
regulation and laws; changes in generally accepted accounting
principles; and any changes in business, political, or economic
conditions due to the threat of future terrorist activity in the U.S.
and other parts of the world, and related U.S. military action overseas.
A further description of these risks, uncertainties, and other matters
can be found in the Risk Factors detailed in Charles River’s Annual
Report on Form 10-K as filed on February 13, 2019, as well as other
filings we make with the Securities and Exchange Commission. Because
forward-looking statements involve risks and uncertainties, actual
results and events may differ materially from results and events
currently expected by Charles River, and Charles River assumes no
obligation and expressly disclaims any duty to update information
contained in this news release except as required by law.
About Charles River
Charles River provides essential products and services to help
pharmaceutical and biotechnology companies, government agencies and
leading academic institutions around the globe accelerate their research
and drug development efforts. Our dedicated employees are focused on
providing clients with exactly what they need to improve and expedite
the discovery, early-stage development and safe manufacture of new
therapies for the patients who need them. To learn more about our unique
portfolio and breadth of services, visit www.criver.com.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. | ||||||||||
SCHEDULE 1 | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||
(in thousands, except for per share data) | ||||||||||
Three Months Ended | ||||||||||
March 30, 2019 | March 31, 2018 | |||||||||
Service revenue | $ | 450,942 | $ | 345,454 | ||||||
Product revenue | 153,627 | 148,516 | ||||||||
Total revenue | 604,569 | 493,970 | ||||||||
Costs and expenses: | ||||||||||
Cost of services provided (excluding amortization of intangible assets) |
316,800 | 243,808 | ||||||||
Cost of products sold (excluding amortization of intangible assets) | 75,992 | 68,693 | ||||||||
Selling, general and administrative | 122,574 | 103,372 | ||||||||
Amortization of intangible assets | 19,411 | 10,268 | ||||||||
Operating income | 69,792 | 67,829 | ||||||||
Other income (expense): | ||||||||||
Interest income | 179 | 282 | ||||||||
Interest expense | (9,987 | ) | (11,191 | ) | ||||||
Other income, net | 6,306 | 6,120 | ||||||||
Income from continuing operations, before income taxes | 66,290 | 63,040 | ||||||||
Provision for income taxes | 10,602 | 9,772 | ||||||||
Income from continuing operations, net of income taxes | 55,688 | 53,268 | ||||||||
Loss from discontinued operations, net of income taxes | — | (23 | ) | |||||||
Net income | 55,688 | 53,245 | ||||||||
Less: Net income attributable to noncontrolling interests | 555 | 614 | ||||||||
Net income attributable to common shareholders | $ | 55,133 | $ | 52,631 | ||||||
Earnings per common share | ||||||||||
Basic: | ||||||||||
Continuing operations attributable to common shareholders | $ | 1.14 | $ | 1.10 | ||||||
Discontinued operations | $ | — | $ | — | ||||||
Net income attributable to common shareholders | $ | 1.14 | $ | 1.10 | ||||||
Diluted: | ||||||||||
Continuing operations attributable to common shareholders | $ | 1.11 | $ | 1.08 | ||||||
Discontinued operations | $ | — | $ | — | ||||||
Net income attributable to common shareholders | $ | 1.11 | $ | 1.08 | ||||||
Weighted-average number of common shares outstanding; | ||||||||||
Basic | 48,458 | 47,785 | ||||||||
Diluted | 49,462 | 48,828 | ||||||||
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. | ||||||||||
SCHEDULE 2 | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||
(in thousands) | ||||||||||
March 30, 2019 | December 29, 2018 | |||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 126,316 | $ | 195,442 | ||||||
Trade receivables, net | 495,501 | 472,248 | ||||||||
Inventories | 129,765 | 127,892 | ||||||||
Prepaid assets | 58,549 | 53,447 | ||||||||
Other current assets | 56,051 | 48,807 | ||||||||
Total current assets | 866,182 | 897,836 | ||||||||
Property, plant and equipment, net | 907,367 | 932,877 | ||||||||
Right-of-use asset-operating leases | 130,704 | — | ||||||||
Goodwill | 1,245,848 | 1,247,133 | ||||||||
Client relationships, net | 525,108 | 537,945 | ||||||||
Other intangible assets, net | 69,651 | 72,943 | ||||||||
Deferred tax assets | 23,772 | 23,386 | ||||||||
Other assets | 158,005 | 143,759 | ||||||||
Total assets | $ | 3,926,637 | $ | 3,855,879 | ||||||
Liabilities, Redeemable Noncontrolling Interest and Equity | ||||||||||
Current liabilities: | ||||||||||
Current portion of long-term debt and finance leases | $ | 30,655 | $ | 31,416 | ||||||
Accounts payable | 78,523 | 66,250 | ||||||||
Accrued compensation | 82,174 | 137,212 | ||||||||
Deferred revenue | 137,886 | 145,139 | ||||||||
Accrued liabilities | 109,049 | 106,925 | ||||||||
Other current liabilities | 91,472 | 71,280 | ||||||||
Total current liabilities | 529,759 | 558,222 | ||||||||
Long-term debt, net and finance leases | 1,540,833 | 1,636,598 | ||||||||
Right-of-use liability-operating leases | 109,054 | — | ||||||||
Deferred tax liabilities | 151,881 | 143,635 | ||||||||
Other long-term liabilities | 173,562 | 179,121 | ||||||||
Total liabilities | 2,505,089 | 2,517,576 | ||||||||
Redeemable noncontrolling interest | 20,519 | 18,525 | ||||||||
Equity: | ||||||||||
Preferred stock, $0.01 par value; 20,000 shares authorized; no shares issued and outstanding |
— | — | ||||||||
Common stock, $0.01 par value; 120,000 shares authorized; 48,884 shares issued and 48,747 shares outstanding as of March 30, 2019, and 48,210 shares issued and 48,209 shares outstanding as of December 29, 2018 |
489 | 482 | ||||||||
Additional paid-in capital | 1,481,011 | 1,447,512 | ||||||||
Retained earnings | 97,229 | 42,096 | ||||||||
Treasury stock, at cost, 137 and 1 shares, as of March 30, 2019 and December 29, 2018, respectively |
(17,815 | ) | (55 | ) | ||||||
Accumulated other comprehensive loss | (162,800 | ) | (172,703 | ) | ||||||
Total equity attributable to common shareholders | 1,398,114 | 1,317,332 | ||||||||
Noncontrolling interest | 2,915 | 2,446 | ||||||||
Total equity | 1,401,029 | 1,319,778 | ||||||||
Total liabilities, redeemable noncontrolling interest and equity |
$ | 3,926,637 | $ | 3,855,879 | ||||||
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. | ||||||||||
SCHEDULE 3 |
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||
(in thousands) | ||||||||||
Three Months Ended | ||||||||||
March 30, 2019 | March 31, 2018 | |||||||||
Cash flows relating to operating activities | ||||||||||
Net income | $ | 55,688 | $ | 53,245 | ||||||
Less: Loss from discontinued operations, net of income taxes | — | (23 | ) | |||||||
Income from continuing operations, net of income taxes | 55,688 | 53,268 | ||||||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
||||||||||
Depreciation and amortization | 45,358 | 33,210 | ||||||||
Stock-based compensation | 12,899 | 10,541 | ||||||||
Deferred income taxes | 7,781 | (782 | ) | |||||||
Gain on venture capital investments | (10,575 | ) | (6,451 | ) | ||||||
Other, net | (380 | ) | 3,932 | |||||||
Changes in assets and liabilities: | ||||||||||
Trade receivables, net | (23,127 | ) | (3,780 | ) | ||||||
Inventories | (2,520 | ) | (3,501 | ) | ||||||
Accounts payable | 10,245 | (1,076 | ) | |||||||
Accrued compensation | (55,114 | ) | (30,991 | ) | ||||||
Deferred revenue | (14,405 | ) | (18,292 | ) | ||||||
Customer contract deposits | (5,866 | ) | 23,566 | |||||||
Other assets and liabilities, net | (5,125 | ) | 407 | |||||||
Net cash provided by operating activities | 14,859 | 60,051 | ||||||||
Cash flows relating to investing activities | ||||||||||
Acquisition of businesses and assets, net of cash acquired | (989 | ) | (20,216 | ) | ||||||
Capital expenditures | (16,731 | ) | (27,726 | ) | ||||||
Purchases of investments and contributions to venture capital investments |
(2,419 | ) | (5,268 | ) | ||||||
Proceeds from sale of investments | 15 | 28,596 | ||||||||
Other, net | (689 | ) | (50 | ) | ||||||
Net cash used in investing activities | (20,813 | ) | (24,664 | ) | ||||||
Cash flows relating to financing activities | ||||||||||
Proceeds from long-term debt and revolving credit facility | 290,111 | 1,080,299 | ||||||||
Proceeds from exercises of stock options | 21,832 | 20,041 | ||||||||
Payments on long-term debt, revolving credit facility, and finance lease obligations |
(360,658 | ) | (1,096,795 | ) | ||||||
Payments on debt financing costs | — | (4,932 | ) | |||||||
Purchase of treasury stock | (17,760 | ) | (13,549 | ) | ||||||
Other, net | (2,608 | ) | — | |||||||
Net cash used in financing activities | (69,083 | ) | (14,936 | ) | ||||||
Discontinued operations | ||||||||||
Net cash used in operating activities from discontinued operations | — | (636 | ) | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
6,025 | 4,254 | ||||||||
Net change in cash, cash equivalents, and restricted cash | (69,012 | ) | 24,069 | |||||||
Cash, cash equivalents, and restricted cash, beginning of period | 197,318 | 166,331 | ||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 128,306 | $ | 190,400 | ||||||
Supplemental cash flow information: | ||||||||||
Cash and cash equivalents | $ | 126,316 | $ | 187,774 | ||||||
Restricted cash included in Other current assets | 491 | 605 | ||||||||
Restricted cash included in Other assets | 1,499 | 2,021 | ||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 128,306 | $ | 190,400 | ||||||
Contacts
Investor Contacts:
Todd Spencer
Corporate Vice President,
Investor
Relations
781.222.6455
todd.spencer@crl.com
Media Contact:
Amy Cianciaruso
Corporate Vice President,
Public
Relations
781.222.6168
amy.cianciaruso@crl.com