第99.1展示文本
| 立即發佈 | 聯繫人： 約翰·拉維斯，投資者關係，1-207-556-8155 |
愛德訊實驗室宣佈第三季度業績
| ▪ | 根據報告，第三季度營業收入增長了7％，有機增長了6％，CAG診斷業務的營收增長了7％，有機增長。 |
| ▪ | 有機營收增長得到IDEXX執行的好處的支持，其中包括持續穩健的新業務增長和兩位數的全球年度高端安裝基數增長。 |
| ▪ | 每股收益爲2.80美元，按報告增長11%，按可比基礎增長12%，營業利潤率擴張110個點子，按報告 及100點子的可比基礎計算。 |
| ▪ | 將2024年的營業收入指導值調整爲386500萬元 - 389000萬元，較中間值減少3800萬元，約佔1%，考慮到宏觀和板塊條件對寵物主人訪問和美國獸醫診所需求的近期負面影響。 |
| ▪ | 將2024年的營業收入增長指引上調至5.5% - 6.2%，如所報告 同時有5.3% - 6.0%的有機增長，主要受到預期的CAG診斷業務循環收入增長的推動 5.6% - 6.2%的增長如所報告，有機增長爲5.8% - 6.4%。 |
| ▪ | 將2024年每股收益展望窄幅調整爲$10.37 - $10.53，與先前指引相比保持穩健的 EPS中間點，受益於堅實的運營利潤率表現以及低於預期的利息支出和有效稅率。 |
緬因州，2024年10月31日— 愛德克斯實驗室，Inc.（納斯達克：IDXX），全球寵物保健創新領導者，今日宣佈第三季度業績。
第三季度結果
公司報告2024年第三季度營業收入97600萬美元，按報告數據和有機增長分別增長7%和6%，主要受 Companion Animal Group（"CAG"）增長7%的報告數據和6%的有機增長以及水務收入增長13%的報告數據和有機增長的推動。按報告數據和有機增長計，CAG診斷業務的持續性收入增長爲7%，受國際地區持續兩位數增長和IDEXX執行方向的全球收益增長的支持，包括IDEXX全球高級儀器裝機基數每年增長10%。IDEXX獸醫軟件、服務和診斷成像系統收入按報告數據增長11％，有機增長6%，反映了高持續性收入增長和雲軟件放置持續動能。
愛德克斯宣佈第三季度業績
2024年10月31日
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第三季度每股收益（「EPS」）爲2.80美元，按照報告顯示的數據增長了11%，按照可比基礎增長了12%，營業利潤率擴大了110個點子，按照報告顯示的數據爲100個點子。
IDEXX團隊在第三季度繼續強勁執行，體現在穩固的淨客戶增長，高端IDEXX VetLab的持續增長® 儀器已安裝基礎穩固，並有將近700份IDEXX inVue Dx細胞分析儀的預購訂單，該產品將於第四季度後期開始發貨。™ Jay Mazelsky，總裁兼首席執行官稱：「IDEXX團隊在第三季度繼續強勁執行，體現在穩固的淨客戶增長，高端IDEXX VetLab的持續增長。顧客特別青睞IDEXX科技解決方案，如inVue Dx，不僅提供有意義的臨床見解，還平添空餘給繁忙的實踐人員。」
第三季度業績亮點
寵物伴侶群體
陪伴動物團隊實現了7%的營業收入增長，其中報告數據顯示有機增長爲6%。堅實的增長得到了CAG診斷業務的7%報告數據和有機收入增長的支持。CAG診斷業務的有機增長得到了國際地區10%的報告數據和有機增長的支持。美國CAG診斷業務的有機增長繼續以每季度超過板塊增長水平的5%的報告數據和有機增長。
其他關於美國寵物診所的關鍵指標可在 2024年第三季度收益快照 可在IDEXX網站上獲取， www.idexx.com/investors.
IDEXX的測試模式在全球範圍內取得了穩固的增長。
| ▪ | 愛迪克斯動物診療中心® 消耗品 實現了11%的營業收入增長，其中美國和國際地區取得兩位數增長，得益於高端儀器平台裝機量的增長和等效日效應帶來的益處。 |
| ▪ | 參考實驗室診斷和諮詢服務 營業收入增長率爲3%，其中2%來自有機增長，主要受國際增長的推動。 |
| ▪ | 快速檢測產品 收入按照報告和有機增長了6%，主要受美國穩健增長的推動，包括更高的淨價格實現和等價天數效應的益處。 |
獸醫軟件、服務和診斷成像系統的收入按報告數據增長了11%，有機增長率爲6%，這主要是由於軟件和診斷成像持續強勁的有機增長以及最近的軟件和數據平台收購所帶來的收入增長。
愛德克斯宣佈第三季度業績
2024年10月31日
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水
水務收入按照報告和有機增長了13%，這反映出美國雙位數增長和歐洲持續穩健增長。
牲畜、家禽和乳製品（"LPD"）
LPD的營收按照報告下降了3%，有機下降了2%。 美國和全球家禽測試取得良好增長，但亞太地區的收入下降，包括受降低豬測試和畜群健康篩查水平影響。
毛利潤和營業利潤
按照報告，毛利增長了9%，基礎相似情況下毛利率增長了點子。毛利率達到61.1%，按照報告增加了120點子，基礎相似情況下增加了140點子，受益於業務組合的優勢，主要是IDEXX VetLab消耗品收入和獸醫軟件、服務以及診斷成像的持續增長，以及更低的儀器成本。
本季度的營業利潤率爲31.2%，比去年同期高出110個點子，按報告和可比基礎計算高出100個點子。營業利潤率的結果反映了7%的營業費用增長，按報告計算爲8%的可比基礎計算。營業費用的增長受到銷售和營銷費用以及與推進公司增長和創新議程相關的研發支出的推動。
2024年增長和財務業績展望
公司正在更新其全年營業收入增長指引區間為386500萬 - 389000萬，或者按照5.5% - 6.2%的報告增長，中間點調整為3800萬減少。這反映了對全年有機營業收入增長估計中間點的調整約1.5％，現在預計為5.3% - 6.0％，反映了最近在美國臨床就診和需求水平中的趨勢。更新的指引區間包括從較近外匯預估中的約1500萬的有利影響。
The Company maintained a consistent full year reported operating margin outlook of 28.7% - 29.0%, including ~160 basis points of impact related to the previously reported discrete litigation expense accrual. At midpoint, projected full year comparable operating profit margin expansion of 30 - 60 basis points includes a ~40 basis point negative growth impact from lapping a customer contract resolution payment in the first quarter of 2023.
The Company narrowed its EPS outlook range to $10.37 - $10.53, maintaining a consistent midpoint. 2024 EPS results include a $0.56 negative impact from a discrete litigation expense accrual recorded in the second quarter. Negative EPS impacts related to adjustments to the organic revenue outlook were offset by $0.02 in favorable adjustments to foreign exchange estimates and favorable refinements to interest expense and effective tax rate estimates. The updated EPS growth outlook is 3% - 5% as reported and 10% - 11% on comparable basis, including a ~2% negative growth impact from lapping a customer contract resolution payment in the first quarter of 2023.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 4 of 16
The following table provides the Company's updated outlook for annual key financial metrics in 2024 with a comparison to the prior outlook:
Amounts in millions except per share data and percentages
2024 Growth and Financial Performance Outlook
| Updated | Prior | |||
| Revenue | $3,865 - $3,890 | $3,885 - $3,945 | ||
| Reported growth | 5.5% - 6.2% | 6.2% - 7.8% | ||
| Organic growth | 5.3% - 6.0% | 6.2% - 7.8% | ||
| CAG Diagnostics Recurring Revenue Growth | ||||
| Reported growth | 5.6% - 6.2% | 5.7% - 7.3% | ||
| Organic growth | 5.8% - 6.4% | 6.2% - 7.8% | ||
| Operating Margin | 28.7% - 29.0% | 28.7% - 29.0% | ||
| Operating margin expansion | (130 bps) - (100 bps) | (130 bps) - (100 bps) | ||
| Negative impact of ongoing litigation matter | ~160 bps | ~160 bps | ||
| Comparable margin expansion | 30 bps - 60 bps | 30 bps - 60 bps | ||
| Negative impact of 2023 customer contract resolution payment | ~ 40 bps | ~ 40 bps | ||
| EPS | $ 10.37 - $10.53 | $10.31 - $10.59 | ||
| Reported growth | 3% - 5% | 2% - 5% | ||
| Negative impact of ongoing litigation matter | ~6% | ~6% | ||
| Comparable growth | 10% - 11% | 9% - 12% | ||
| Negative impact of 2023 customer contract resolution payment | ~2% | ~2% | ||
| Other Key Metrics | ||||
| Net interest expense | ~$19 | ~$20 | ||
| Share-based compensation tax benefit | ~$9 | ~$10 | ||
| Share-based compensation tax rate benefit | ~1% | ~1% | ||
| Effective tax rate | ~20.7% | ~21.5% | ||
| Share-based compensation EPS impact | ~$0.11 | ~$0.12 | ||
| Reduction in average shares outstanding | 0.5% - 1% | 0.5% - 1% | ||
| Operating Cash Flow (% of Net Income) | 110% - 115% | 110% - 115% | ||
| Free Cash Flow (% of Net Income) | 90% - 95% | 90% - 95% | ||
| Capital Expenditures | ~ $160 | ~ $180 |
IDEXX Announces Third Quarter Results
October 31, 2024
Page 5 of 16
The following table outlines estimates of foreign currency exchange rate impacts, net of foreign currency hedging transactions, and foreign currency exchange rate assumptions reflected in the above financial performance outlook for 2024.
| Estimated Foreign Currency Exchange Rate Impacts | 2024 | ||
| Revenue growth rate impact | (~ 20 bps) | ||
| CAG Diagnostics recurring revenue growth rate impact | (~ 20 bps) | ||
| Operating margin growth impact | ~ 0 bps | ||
| EPS impact | (~ $0.03) | ||
| EPS growth impact | ~ 0% |
| Go-Forward Foreign Currency Exchange Rate Assumptions | 2024 | |||
| In U.S. dollars | ||||
| euro | $ | 1.08 | ||
| British pound | $ | 1.29 | ||
| Canadian dollar | $ | 0.72 | ||
| Australian dollar | $ | 0.66 | ||
| Relative to the U.S. dollar | ||||
| Japanese yen | ¥ | 152 | ||
| Chinese renminbi | ¥ | 7.18 | ||
| Brazilian real | R$5.66 | |||
Conference Call and Webcast Information
IDEXX Laboratories, Inc. will be hosting a conference call today at 8:30 a.m. (EDT) to discuss its third quarter 2024 results and management’s outlook. Individuals can access a live webcast of the conference call through a link on the IDEXX website, www.idexx.com/investors. An archived edition of the webcast will be available after 1:00 p.m. (EDT) on that day via the same link and will remain available for one year. The live call also will be accessible by telephone. To listen to the live conference call, please dial 1-800-289-0462 or 1-323-794-2442 and reference passcode 205740.
About IDEXX Laboratories, Inc.
IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500® Index. Headquartered in Maine, IDEXX employs approximately 11,000 people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visit www.idexx.com.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 6 of 16
Note Regarding Forward-Looking Statements
This earnings release and the statements to be made in the accompanying earnings conference call contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the Company’s business prospects and estimates of the Company’s financial results for future periods. Forward-looking statements are included above under "Third Quarter Results", "2024 Growth and Financial Performance Outlook", and elsewhere and can be identified by the use of words such as "expects", "may", "anticipates", "intends", "would", "will", "plans", "believes", "estimates", "projected", "should", and similar words and expressions. Our forward-looking statements include statements relating to our expectations regarding financial performance; revenue growth and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits from share-based compensation arrangements; projected effective tax rates (including benefit from an expected release of a non-recurring tax reserve), reduction of average shares outstanding and net interest expense; U.S. clinical visit trends, including macro and sector trends affecting pet owner visits and demand at U.S. veterinary clinics; net price realization improvement; anticipated benefits from corporate account contract expansions; projected impact of recent severe weather events; software placement and user-base growth; and future product and service launches and expansions. These statements are intended to provide management's expectation of future events as of the date of this earnings release; are based on management's estimates, projections, beliefs, and assumptions as of the date of this earnings release; and are not guarantees of future performance. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, among other things, the matters described under the headings "Business," "Risk Factors," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the corresponding sections of the Company's Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024, June 30, 2024, and September 30, 2024, as well as those described from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission available at www.sec.gov. The Company specifically disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Statement Regarding Non-GAAP Financial Measures
The following defines terms and conventions and provides reconciliations regarding certain measures used in this earnings release and/or the accompanying earnings conference call that are not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred to as non-GAAP financial measures. To supplement the Company’s consolidated results presented in accordance with GAAP, the Company has disclosed non-GAAP financial measures that exclude or adjust certain items. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors’ evaluation of the Company’s business performance and liquidity and are useful for period-over-period comparisons of the performance of the Company’s business and its liquidity and to the performance and liquidity of our peers. While management believes that these non-GAAP financial measures are useful in evaluating the Company’s business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.
Constant currency - Constant currency references are non-GAAP financial measures which exclude the impact of changes in foreign currency exchange rates and are consistent with how management evaluates our performance and comparisons with prior and future periods. We estimated the net impacts of currency on our revenue, gross profit, operating profit, and EPS results by restating results to the average exchange rates or exchange rate assumptions for the comparative period, which includes adjusting for the estimated impacts of foreign currency hedging transactions and certain impacts on our effective tax rates. These estimated currency changes impacted third quarter 2024 results as follows: decreased gross profit growth by 0.2%, decreased gross margin growth by 20 basis points, decreased operating expense growth by 0.8%, increased operating profit growth by 0.4%, increased operating profit margin growth by 10 basis points, and increased EPS growth by 0.4%. Constant currency revenue growth represents the percentage change in revenue during the applicable period, as compared to the prior year period, excluding the impact of changes in foreign currency exchange rates. See the supplementary analysis of results below for revenue percentage change from currency for the three and nine months ended September 30, 2024 and refer to the 2024 Growth and Financial Performance Outlook section of this earnings release for estimated foreign currency exchange rate impacts on 2024 projections and estimates.
Growth and organic revenue growth - All references to growth and organic growth refer to growth compared to the equivalent prior year period unless specifically noted. Organic revenue growth is a non-GAAP financial measure that represents the percent change in revenue, as compared to the same period for the prior year, net of the impact of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to the performance of our peers. Organic revenue growth should be considered in addition to, and not as a replacement of or a superior measure to, revenue growth reported in accordance with GAAP. See the supplementary analysis of results below for a reconciliation of reported revenue growth to organic revenue growth for the three and nine months ended September 30, 2024. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Please refer to the 2024 Growth and Financial Performance Outlook section of this earnings release for estimated full year 2024 organic revenue growth for the Company and CAG Diagnostics recurring revenue growth. The percentage change in revenue resulting from acquisitions represents revenues during the current year period, limited to the initial 12 months from the date of the acquisition, that are directly attributable to business acquisitions. Revenue from acquisitions is expected to benefit projected full year 2024 revenue growth by 0.4% and have no impact on CAG Diagnostics recurring revenue growth.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 7 of 16
Comparable growth metrics - Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates and non-recurring or unusual items (if any). Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Management believes that reporting comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) provides useful information to investors because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding key metrics used by management. Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) should be considered in addition to, and not as replacements of or superior measures to, gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain reported in accordance with GAAP.
The reconciliation of these non-GAAP financial measures is as follows:
| Three Months Ended | Year-over-Year | Nine Months Ended | Year-over-Year | |||||||||||||||||||||
| September 30, | September 30, | Change | September 30, | September 30, | Change | |||||||||||||||||||
| Dollar amounts in thousands | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Gross Profit (as reported) | $ | 596,038 | $ | 547,982 | 9 | % | $ | 1,808,267 | $ | 1,663,803 | 9 | % | ||||||||||||
| Gross margin | 61.1 | % | 59.9 | % | 120 bps | 61.4 | % | 60.3 | % | 110 bps | ||||||||||||||
| Less: comparability adjustments | ||||||||||||||||||||||||
| Change from currency | (1,081 | ) | — | (4,201 | ) | — | ||||||||||||||||||
| Comparable gross profit growth | $ | 597,119 | $ | 547,982 | 9 | % | $ | 1,812,468 | $ | 1,663,803 | 9 | % | ||||||||||||
| Comparable gross margin and gross margin gain (or growth) | 61.2 | % | 59.9 | % | 140 bps | 61.5 | % | 60.3 | % | 120 bps | ||||||||||||||
| Operating expenses (as reported) | $ | 292,146 | $ | 272,699 | 7 | % | $ | 941,616 | $ | 811,977 | 16 | % | ||||||||||||
| Less: comparability adjustments | ||||||||||||||||||||||||
| Change from currency | (2,286 | ) | — | (2,591 | ) | — | ||||||||||||||||||
| Ongoing litigation matter | — | — | 61,500 | — | ||||||||||||||||||||
| Comparable operating expense growth | $ | 294,432 | $ | 272,699 | 8 | % | $ | 882,707 | $ | 811,977 | 9 | % | ||||||||||||
| Income from operations (as reported) | $ | 303,892 | $ | 275,283 | 10 | % | $ | 866,651 | $ | 851,826 | 2 | % | ||||||||||||
| Operating margin | 31.2 | % | 30.1 | % | 110 bps | 29.4 | % | 30.9 | % | (140) bps | ||||||||||||||
| Less: comparability adjustments | ||||||||||||||||||||||||
| Change from currency | 1,205 | — | (1,610 | ) | — | |||||||||||||||||||
| Ongoing litigation matter | — | — | (61,500 | ) | — | |||||||||||||||||||
| Comparable operating profit growth | $ | 302,687 | $ | 275,283 | 10 | % | $ | 929,761 | $ | 851,826 | 9 | % | ||||||||||||
| Comparable operating margin and operating margin gain (or growth) | 31.0 | % | 30.1 | % | 100 bps | 31.5 | % | 30.9 | % | 70 bps | ||||||||||||||
Amounts presented may not recalculate due to rounding.
Projected 2024 comparable operating margin expansion outlined in the 2024 Growth and Financial Performance Outlook section of this earnings release reflects: (i) projected full year 2024 reported operating margin is adjusted for impacts of the discrete expense accrual related to an ongoing litigation matter in the second quarter of 2024; and (ii) projected full year 2024 reported operating margin includes an immaterial impact from year-over-year foreign currency exchange rate changes at noted exchange rates.
These impacts described above reconcile reported gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2024 operating margin expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth, comparable operating profit growth and comparable operating margin gain for the Company.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 8 of 16
Comparable EPS growth - Comparable EPS growth is a non-GAAP financial measure that represents the percentage change in earnings per share (diluted) ("EPS") for a measurement period, as compared to the prior base period, net of the impact of changes in foreign currency exchange rates from the prior base period and excluding the tax benefits of share-based compensation activity under ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, and non-recurring or unusual items (if any). Management believes comparable EPS growth is a more useful way to measure the Company’s business performance than EPS growth because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding a key metric used by management. Comparable EPS growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts.
The reconciliation of this non-GAAP financial measure is as follows:
| Three Months Ended | Year-over-Year | Nine Months Ended | Year-over-Year | |||||||||||||||||||||
| September 30, | September 30, | Growth | September 30, | September 30, | Growth | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Earnings per share (diluted) | $ | 2.80 | $ | 2.53 | 11 | % | $ | 8.05 | $ | 7.75 | 4 | % | ||||||||||||
| Less: comparability adjustments | ||||||||||||||||||||||||
| Share-based compensation activity | — | 0.04 | 0.11 | 0.14 | ||||||||||||||||||||
| Ongoing litigation matter | — | — | (0.56 | ) | — | |||||||||||||||||||
| Change from currency | 0.01 | — | (0.01 | ) | — | |||||||||||||||||||
| Comparable EPS growth | 2.79 | 2.49 | 12 | % | 8.51 | 7.61 | 12 | % | ||||||||||||||||
Amounts presented may not recalculate due to rounding.
Projected 2024 comparable EPS growth outlined in the 2024 Growth and Financial Performance Outlook section of this earnings release reflects adjustments to projected full year 2024 reported EPS for: (i) estimated positive share-based compensation activity of ~$0.11; (ii) a negative $0.56 impact from a discrete expense accrual related to an ongoing litigation matter in the second quarter of 2024; and (iii) estimated negative year-over-year foreign currency exchange rate change impact of ~$0.03 at noted exchange rates.
These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2024 reported EPS growth) to comparable EPS growth for the Company.
Free cash flow - Free cash flow is a non-GAAP financial measure and means, with respect to a measurement period, the cash generated from operations during that period, reduced by the Company’s investments in property and equipment. Management believes free cash flow is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring investments in property and equipment that are required to operate the business. Free cash flow should be considered in addition to, and not as a replacement of or a superior measure to, net cash provided by operating activities. See the supplementary analysis of results below for our calculation of free cash flow for the three and nine months ended September 30, 2024 and 2023. To estimate projected 2024 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of approximately $160 million. Free cash flow conversion, or the net income to free cash flow ratio, is a non-GAAP financial measure that is defined as free cash flow, with respect to a measurement period, divided by net income for the same period. To calculate trailing twelve-month net income to free cash flow ratio for the twelve months ended September 30, 2024, we have deducted purchases of property and equipment of approximately $124 million from net cash provided from operating activities of approximately $917 million, divided by net income of approximately $866 million.
Debt to Adjusted EBITDA (Leverage Ratios) - Adjusted EBITDA, gross debt, and net debt are non-GAAP financial measures. Adjusted EBITDA is a non-GAAP financial measure of earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges. Management believes that reporting Adjusted EBITDA, gross debt, and net debt in the Debt to Adjusted EBITDA ratios provides supplemental analysis to help investors further evaluate the Company's business performance and available borrowing capacity under the Company's credit facility. Adjusted EBITDA, gross debt, and net debt should be considered in addition to, and not as replacements of or superior measures to, net income or total debt reported in accordance with GAAP. For further information on how Adjusted EBITDA and the Debt to Adjusted EBITDA Ratios are calculated, see the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 9 of 16
Notes and Definitions
Discrete litigation expense accrual - During the second quarter of 2024, the Company increased its previously established $27.5 million accrual related to an ongoing litigation matter by $61.5 million.
Ongoing litigation matter - The Company is a defendant in an ongoing litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement. The Company's total accrual of $89.0 million for this matter includes the discrete $61.5 million litigation expense accrual recorded in the second quarter of 2024 and represents our best estimate of the amount of the probable loss. The actual loss associated with this matter may be higher or lower than the accrued amount depending on the ultimate outcome of this matter. For further information, see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 10 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
Amounts in thousands except per share data (Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Revenue: | Revenue | $ | 975,543 | $ | 915,527 | $ | 2,943,216 | $ | 2,759,352 | |||||||||
| Expenses and Income: | Cost of revenue | 379,505 | 367,545 | 1,134,949 | 1,095,549 | |||||||||||||
| Gross profit | 596,038 | 547,982 | 1,808,267 | 1,663,803 | ||||||||||||||
| Sales and marketing | 146,281 | 135,698 | 438,399 | 424,034 | ||||||||||||||
| General and administrative | 91,887 | 89,034 | 341,154 | 248,804 | ||||||||||||||
| Research and development | 53,978 | 47,967 | 162,063 | 139,139 | ||||||||||||||
| Income from operations | 303,892 | 275,283 | 866,651 | 851,826 | ||||||||||||||
| Interest expense, net | (4,983 | ) | (7,392 | ) | (13,207 | ) | (30,318 | ) | ||||||||||
| Income before provision for income taxes | 298,909 | 267,891 | 853,444 | 821,508 | ||||||||||||||
| Provision for income taxes | 66,068 | 55,660 | 181,726 | 170,987 | ||||||||||||||
| Net Income: | Net income attributable to stockholders | $ | 232,841 | $ | 212,231 | $ | 671,718 | $ | 650,521 | |||||||||
| Earnings per share: Basic | $ | 2.83 | $ | 2.55 | $ | 8.12 | $ | 7.83 | ||||||||||
| Earnings per share: Diluted | $ | 2.80 | $ | 2.53 | $ | 8.05 | $ | 7.75 | ||||||||||
| Shares outstanding: Basic | 82,304 | 83,097 | 82,675 | 83,058 | ||||||||||||||
| Shares outstanding: Diluted | 83,056 | 83,993 | 83,478 | 83,990 | ||||||||||||||
IDEXX Laboratories, Inc. and Subsidiaries
Selected Operating Information (Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Operating Ratios | Gross profit | 61.1 | % | 59.9 | % | 61.4 | % | 60.3 | % | |||||||||
| (as a percentage of revenue): | Sales, marketing, general and administrative expense | 24.4 | % | 24.5 | % | 26.5 | % | 24.4 | % | |||||||||
| Research and development expense | 5.5 | % | 5.2 | % | 5.5 | % | 5.0 | % | ||||||||||
| Income from operations1 | 31.2 | % | 30.1 | % | 29.4 | % | 30.9 | % | ||||||||||
1Amounts presented may not recalculate due to rounding.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 11 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Segment Information
Amounts in thousands (Unaudited)
| Three Months Ended | ||||||||||||||||||
| September 30, 2024 | Percent of Revenue | September 30, 2023 | Percent of Revenue | |||||||||||||||
| Revenue: | CAG | $ | 891,990 | $ | 837,160 | |||||||||||||
| Water | 50,162 | 44,450 | ||||||||||||||||
| LPD | 28,992 | 29,747 | ||||||||||||||||
| Other | 4,399 | 4,170 | ||||||||||||||||
| Total | $ | 975,543 | $ | 915,527 | ||||||||||||||
| Gross Profit: | CAG | $ | 544,461 | 61.0 | % | $ | 499,291 | 59.6 | % | |||||||||
| Water | 34,755 | 69.3 | % | 31,034 | 69.8 | % | ||||||||||||
| LPD | 14,627 | 50.5 | % | 15,836 | 53.2 | % | ||||||||||||
| Other | 2,195 | 49.9 | % | 1,821 | 43.7 | % | ||||||||||||
| Total | $ | 596,038 | 61.1 | % | $ | 547,982 | 59.9 | % | ||||||||||
| Income from Operations: | CAG | $ | 277,082 | 31.1 | % | $ | 253,358 | 30.3 | % | |||||||||
| Water | 23,608 | 47.1 | % | 20,328 | 45.7 | % | ||||||||||||
| LPD | 889 | 3.1 | % | 2,405 | 8.1 | % | ||||||||||||
| Other | 2,313 | 52.6 | % | (808 | ) | (19.4 | )% | |||||||||||
| Total | $ | 303,892 | 31.2 | % | $ | 275,283 | 30.1 | % | ||||||||||
| Nine Months Ended | ||||||||||||||||||
| September 30, 2024 | Percent of Revenue | September 30, 2023 | Percent of Revenue | |||||||||||||||
| Revenue: | CAG | $ | 2,703,573 | $ | 2,531,091 | |||||||||||||
| Water | 139,959 | 126,362 | ||||||||||||||||
| LPD | 87,503 | 88,866 | ||||||||||||||||
| Other | 12,181 | 13,033 | ||||||||||||||||
| Total | $ | 2,943,216 | $ | 2,759,352 | ||||||||||||||
| Gross Profit: | CAG | $ | 1,659,768 | 61.4 | % | $ | 1,523,757 | 60.2 | % | |||||||||
| Water | 97,326 | 69.5 | % | 88,621 | 70.1 | % | ||||||||||||
| LPD | 45,419 | 51.9 | % | 46,975 | 52.9 | % | ||||||||||||
| Other | 5,754 | 47.2 | % | 4,450 | 34.1 | % | ||||||||||||
| Total | $ | 1,808,267 | 61.4 | % | $ | 1,663,803 | 60.3 | % | ||||||||||
| Income from Operations: | CAG | $ | 798,328 | 29.5 | % | $ | 790,617 | 31.2 | % | |||||||||
| Water | 63,542 | 45.4 | % | 57,119 | 45.2 | % | ||||||||||||
| LPD | 3,254 | 3.7 | % | 5,664 | 6.4 | % | ||||||||||||
| Other | 1,527 | 12.5 | % | (1,574 | ) | (12.1 | )% | |||||||||||
| Total | $ | 866,651 | 29.4 | % | $ | 851,826 | 30.9 | % | ||||||||||
IDEXX Announces Third Quarter Results
October 31, 2024
Page 12 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets
Amounts in thousands (Unaudited)
| Three Months Ended | Reported | Percentage | Percentage | Organic | ||||||||||||||||||||||||
| September 30, | September 30, | Dollar | Revenue | Change from | Change from | Revenue | ||||||||||||||||||||||
| Net Revenue | 2024 | 2023 | Change | Growth1 | Currency | Acquisitions | Growth1 | |||||||||||||||||||||
| CAG | $ | 891,990 | $ | 837,160 | $ | 54,830 | 6.5 | % | 0.1 | % | 0.4 | % | 6.0 | % | ||||||||||||||
| United States | 604,170 | 573,830 | 30,340 | 5.3 | % | — | 0.6 | % | 4.6 | % | ||||||||||||||||||
| International | 287,820 | 263,330 | 24,490 | 9.3 | % | 0.3 | % | — | 9.0 | % | ||||||||||||||||||
| Water | 50,162 | 44,450 | 5,712 | 12.9 | % | (0.3 | )% | — | 13.2 | % | ||||||||||||||||||
| United States | 26,671 | 22,804 | 3,867 | 17.0 | % | — | — | 17.0 | % | |||||||||||||||||||
| International | 23,491 | 21,646 | 1,845 | 8.5 | % | (0.6 | )% | — | 9.2 | % | ||||||||||||||||||
| LPD | 28,992 | 29,747 | (755 | ) | (2.5 | )% | (0.2 | )% | — | (2.4 | )% | |||||||||||||||||
| United States | 5,561 | 5,040 | 521 | 10.3 | % | — | — | 10.3 | % | |||||||||||||||||||
| International | 23,431 | 24,707 | (1,276 | ) | (5.2 | )% | (0.2 | )% | — | (5.0 | )% | |||||||||||||||||
| Other | 4,399 | 4,170 | 229 | 5.5 | % | — | — | 5.5 | % | |||||||||||||||||||
| Total Company | $ | 975,543 | $ | 915,527 | $ | 60,016 | 6.6 | % | 0.1 | % | 0.4 | % | 6.1 | % | ||||||||||||||
| United States | 638,058 | 603,046 | 35,012 | 5.8 | % | — | 0.6 | % | 5.2 | % | ||||||||||||||||||
| International | 337,485 | 312,481 | 25,004 | 8.0 | % | 0.2 | % | — | 7.8 | % | ||||||||||||||||||
| Three Months Ended | Reported | Percentage | Percentage | Organic | ||||||||||||||||||||||||
| September 30, | September 30, | Dollar | Revenue | Change from | Change from | Revenue | ||||||||||||||||||||||
| Net CAG Revenue | 2024 | 2023 | Change | Growth1 | Currency | Acquisitions | Growth1 | |||||||||||||||||||||
| CAG Diagnostics recurring revenue: | $ | 783,443 | $ | 733,958 | $ | 49,485 | 6.7 | % | 0.1 | % | — | 6.7 | % | |||||||||||||||
| IDEXX VetLab consumables | 329,128 | 296,042 | 33,086 | 11.2 | % | 0.1 | % | — | 11.1 | % | ||||||||||||||||||
| Rapid assay products | 92,774 | 87,562 | 5,212 | 6.0 | % | (0.2 | )% | — | 6.2 | % | ||||||||||||||||||
| Reference laboratory diagnostic and consulting services | 328,383 | 320,294 | 8,089 | 2.5 | % | 0.1 | % | — | 2.4 | % | ||||||||||||||||||
| CAG Diagnostics services and accessories | 33,158 | 30,060 | 3,098 | 10.3 | % | 0.1 | % | — | 10.2 | % | ||||||||||||||||||
| CAG Diagnostics capital – instruments | 29,528 | 32,254 | (2,726 | ) | (8.4 | )% | 0.3 | % | — | (8.7 | )% | |||||||||||||||||
| Veterinary software, services and diagnostic imaging systems: | 79,019 | 70,948 | 8,071 | 11.4 | % | 0.1 | % | 5.2 | % | 6.1 | % | |||||||||||||||||
| Recurring revenue | 64,644 | 54,607 | 10,037 | 18.4 | % | 0.1 | % | 6.8 | % | 11.5 | % | |||||||||||||||||
| Systems and hardware | 14,375 | 16,341 | (1,966 | ) | (12.0 | )% | — | — | (12.0 | )% | ||||||||||||||||||
| Net CAG revenue | $ | 891,990 | $ | 837,160 | $ | 54,830 | 6.5 | % | 0.1 | % | 0.4 | % | 6.0 | % | ||||||||||||||
| Three Months Ended | Reported | Percentage | Percentage | Organic | ||||||||||||||||||||||||
| September 30, | September 30, | Dollar | Revenue | Change from | Change from | Revenue | ||||||||||||||||||||||
| 2024 | 2023 | Change | Growth1 | Currency | Acquisitions | Growth1 | ||||||||||||||||||||||
| CAG Diagnostics recurring revenue: | $ | 783,443 | $ | 733,958 | $ | 49,485 | 6.7 | % | 0.1 | % | — | 6.7 | % | |||||||||||||||
| United States | 522,530 | 497,109 | 25,421 | 5.1 | % | — | — | 5.1 | % | |||||||||||||||||||
| International | 260,913 | 236,849 | 24,064 | 10.2 | % | 0.3 | % | — | 9.9 | % | ||||||||||||||||||
1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 13 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets
Amounts in thousands (Unaudited)
| Nine Months Ended | Reported | Percentage | Percentage | Organic | ||||||||||||||||||||||||
| September 30, | September 30, | Dollar | Revenue | Change from | Change from | Revenue | ||||||||||||||||||||||
| Net Revenue | 2024 | 2023 | Change | Growth1 | Currency | Acquisitions | Growth1 | |||||||||||||||||||||
| CAG | $ | 2,703,573 | $ | 2,531,091 | $ | 172,482 | 6.8 | % | (0.2 | )% | 0.4 | % | 6.7 | % | ||||||||||||||
| United States | 1,835,049 | 1,732,752 | 102,297 | 5.9 | % | — | 0.5 | % | 5.4 | % | ||||||||||||||||||
| International | 868,524 | 798,339 | 70,185 | 8.8 | % | (0.6 | )% | — | 9.4 | % | ||||||||||||||||||
| Water | 139,959 | 126,362 | 13,597 | 10.8 | % | (0.4 | )% | — | 11.1 | % | ||||||||||||||||||
| United States | 73,331 | 63,932 | 9,399 | 14.7 | % | — | — | 14.7 | % | |||||||||||||||||||
| International | 66,628 | 62,430 | 4,198 | 6.7 | % | (0.7 | )% | — | 7.5 | % | ||||||||||||||||||
| LPD | 87,503 | 88,866 | (1,363 | ) | (1.5 | )% | (0.6 | )% | — | (0.9 | )% | |||||||||||||||||
| United States | 15,840 | 14,005 | 1,835 | 13.1 | % | — | — | 13.1 | % | |||||||||||||||||||
| International | 71,663 | 74,861 | (3,198 | ) | (4.3 | )% | (0.7 | )% | — | (3.6 | )% | |||||||||||||||||
| Other | 12,181 | 13,033 | (852 | ) | (6.5 | )% | — | — | (6.5 | )% | ||||||||||||||||||
| Total Company | $ | 2,943,216 | $ | 2,759,352 | $ | 183,864 | 6.7 | % | (0.2 | )% | 0.3 | % | 6.6 | % | ||||||||||||||
| United States | 1,929,213 | 1,815,066 | 114,147 | 6.3 | % | — | 0.5 | % | 5.8 | % | ||||||||||||||||||
| International | 1,014,003 | 944,286 | 69,717 | 7.4 | % | (0.6 | )% | — | 8.0 | % | ||||||||||||||||||
| Nine Months Ended | Reported | Percentage | Percentage | Organic | ||||||||||||||||||||||||
| September 30, | September 30, | Dollar | Revenue | Change from | Change from | Revenue | ||||||||||||||||||||||
| Net CAG Revenue | 2024 | 2023 | Change | Growth1 | Currency | Acquisitions | Growth1 | |||||||||||||||||||||
| CAG Diagnostics recurring revenue: | $ | 2,372,041 | $ | 2,223,336 | $ | 148,705 | 6.7 | % | (0.2 | )% | — | 6.9 | % | |||||||||||||||
| IDEXX VetLab consumables | 971,405 | 890,891 | 80,514 | 9.0 | % | (0.3 | )% | — | 9.3 | % | ||||||||||||||||||
| Rapid assay products | 282,379 | 266,934 | 15,445 | 5.8 | % | (0.2 | )% | — | 6.0 | % | ||||||||||||||||||
| Reference laboratory diagnostic and consulting services | 1,020,094 | 973,580 | 46,514 | 4.8 | % | (0.1 | )% | — | 4.9 | % | ||||||||||||||||||
| CAG Diagnostics services and accessories | 98,163 | 91,931 | 6,232 | 6.8 | % | (0.4 | )% | — | 7.2 | % | ||||||||||||||||||
| CAG Diagnostics capital – instruments | 98,912 | 99,452 | (540 | ) | (0.5 | )% | (0.4 | )% | — | (0.1 | )% | |||||||||||||||||
| Veterinary software, services and diagnostic imaging systems: | 232,620 | 208,303 | 24,317 | 11.7 | % | — | 4.4 | % | 7.3 | % | ||||||||||||||||||
| Recurring revenue | 187,461 | 160,039 | 27,422 | 17.1 | % | — | 5.7 | % | 11.5 | % | ||||||||||||||||||
| Systems and hardware | 45,159 | 48,264 | (3,105 | ) | (6.4 | )% | (0.1 | )% | — | (6.4 | )% | |||||||||||||||||
| Net CAG revenue | $ | 2,703,573 | $ | 2,531,091 | $ | 172,482 | 6.8 | % | (0.2 | )% | 0.4 | % | 6.7 | % | ||||||||||||||
| Nine Months Ended | Reported | Percentage | Percentage | Organic | ||||||||||||||||||||||||
| September 30, | September 30, | Dollar | Revenue | Change from | Change from | Revenue | ||||||||||||||||||||||
| 2024 | 2023 | Change | Growth1 | Currency | Acquisitions | Growth1 | ||||||||||||||||||||||
| CAG Diagnostics recurring revenue: | $ | 2,372,041 | $ | 2,223,336 | $ | 148,705 | 6.7 | % | (0.2 | )% | — | 6.9 | % | |||||||||||||||
| United States | 1,590,037 | 1,505,837 | 84,200 | 5.6 | % | — | — | 5.6 | % | |||||||||||||||||||
| International | 782,004 | 717,499 | 64,505 | 9.0 | % | (0.6 | )% | — | 9.6 | % | ||||||||||||||||||
1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 14 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
Amounts in thousands (Unaudited)
| September 30, 2024 | December 31, 2023 | |||||||||
| Assets: | Current Assets: | |||||||||
| Cash and cash equivalents | $ | 308,636 | $ | 453,932 | ||||||
| Accounts receivable, net | 511,250 | 457,445 | ||||||||
| Inventories | 389,804 | 380,282 | ||||||||
| Other current assets | 224,054 | 203,595 | ||||||||
| Total current assets | 1,433,744 | 1,495,254 | ||||||||
| Property and equipment, net | 717,745 | 702,177 | ||||||||
| Other long-term assets, net | 1,199,277 | 1,062,494 | ||||||||
| Total assets | $ | 3,350,766 | $ | 3,259,925 | ||||||
| Liabilities and Stockholders' Equity: | Current Liabilities: | |||||||||
| Accounts payable | $ | 110,603 | $ | 110,643 | ||||||
| Accrued liabilities | 511,047 | 478,712 | ||||||||
| Line of credit | 250,000 | 250,000 | ||||||||
| Current portion of long-term debt | 99,140 | 74,997 | ||||||||
| Deferred revenue | 38,434 | 37,195 | ||||||||
| Total current liabilities | 1,009,224 | 951,547 | ||||||||
| Long-term debt, net of current portion | 524,758 | 622,883 | ||||||||
| Other long-term liabilities, net | 198,730 | 200,965 | ||||||||
| Total long-term liabilities | 723,488 | 823,848 | ||||||||
| Total stockholders' equity | 1,618,054 | 1,484,530 | ||||||||
| Total liabilities and stockholders' equity | $ | 3,350,766 | $ | 3,259,925 | ||||||
IDEXX Laboratories, Inc. and Subsidiaries
Selected Balance Sheet Information (Unaudited)
| September
30, 2024 | June 30, 2024 | March 31, 2024 | December
31, 2023 | September
30, 2023 | ||||||||||||||||||
| Selected Balance Sheet Information: | Days sales outstanding1 | 48.9 | 47.3 | 45.7 | 46.1 | 45.6 | ||||||||||||||||
| Inventory turns2 | 1.3 | 1.4 | 1.3 | 1.3 | 1.3 | |||||||||||||||||
1Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.
2Inventory turns are calculated as the ratio of four times our inventory-related cost of product revenue for the quarter, divided by the average inventory balances at the beginning and end of each quarter.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 15 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
Amounts in thousands (Unaudited)
| Nine Months Ended | ||||||||||
| September 30, 2024 | September 30, 2023 | |||||||||
| Operating: | Cash Flows from Operating Activities: | |||||||||
| Net income | $ | 671,718 | $ | 650,521 | ||||||
| Non-cash adjustments to net income | 119,761 | 120,390 | ||||||||
| Changes in assets and liabilities | (124,503 | ) | (114,252 | ) | ||||||
| Net cash provided by operating activities | 666,976 | 656,659 | ||||||||
| Investing: | Cash Flows from Investing Activities: | |||||||||
| Purchases of property and equipment | (91,667 | ) | (101,075 | ) | ||||||
| Acquisition of a business | (76,694 | ) | — | |||||||
| Proceeds from net investment hedges | 1,142 | 6,256 | ||||||||
| Net cash used by investing activities | (167,219 | ) | (94,819 | ) | ||||||
| Financing: | Cash Flows from Financing Activities: | |||||||||
| Repayments under credit facility, net | — | (329,000 | ) | |||||||
| Payments of senior notes | (75,000 | ) | — | |||||||
| Payments for the acquisition-related holdbacks | — | (1,879 | ) | |||||||
| Repurchases of common stock | (591,042 | ) | (35,070 | ) | ||||||
| Proceeds from exercises of stock options and employee stock purchase plans | 31,237 | 35,704 | ||||||||
| Shares withheld for statutory tax withholding payments on restricted stock | (10,486 | ) | (9,907 | ) | ||||||
| Net cash used by financing activities | (645,291 | ) | (340,152 | ) | ||||||
| Net effect of changes in exchange rates on cash | 238 | (2,538 | ) | |||||||
| Net (decrease) increase in cash and cash equivalents | (145,296 | ) | 219,150 | |||||||
| Cash and cash equivalents, beginning of period | 453,932 | 112,546 | ||||||||
| Cash and cash equivalents, end of period | $ | 308,636 | $ | 331,696 | ||||||
IDEXX Laboratories, Inc. and Subsidiaries
Free Cash Flow
Amounts in thousands (Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| Free Cash Flow: | Net cash provided by operating activities | $ | 220,079 | $ | 272,433 | $ | 666,976 | $ | 656,659 | |||||||||
| Investing cash flows attributable to purchases of property and equipment | (28,089 | ) | (34,094 | ) | (91,667 | ) | (101,075 | ) | ||||||||||
| Free cash flow1 | $ | 191,990 | $ | 238,339 | $ | 575,309 | $ | 555,584 | ||||||||||
1See Statements Regarding Non-GAAP Financial Measures, above.
IDEXX Announces Third Quarter Results
October 31, 2024
Page 16 of 16
IDEXX Laboratories, Inc. and Subsidiaries
Common Stock Repurchases
Amounts in thousands except per share data (Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| Shares repurchased in the open market | 459 | 65 | 1,177 | 65 | ||||||||||||
| Shares acquired through employee surrender for statutory tax withholding | 1 | 1 | 19 | 20 | ||||||||||||
| Total shares repurchased | 460 | 66 | 1,196 | 85 | ||||||||||||
| Cost of shares repurchased in the open market | $ | 224,945 | $ | 35,070 | $ | 600,216 | $ | 35,070 | ||||||||
| Cost of shares for employee surrenders | 218 | 231 | 10,486 | 9,907 | ||||||||||||
| Total cost of shares | $ | 225,163 | $ | 35,301 | $ | 610,702 | $ | 44,977 | ||||||||
| Average cost per share – open market repurchases | $ | 490.23 | $ | 536.03 | $ | 509.81 | $ | 536.03 | ||||||||
| Average cost per share – employee surrenders | $ | 465.27 | $ | 506.74 | $ | 557.64 | $ | 503.43 | ||||||||
| Average cost per share – total | $ | 490.20 | $ | 535.83 | $ | 510.57 | $ | 528.49 | ||||||||