IDXX IDEXX Laboratories Inc

• Achieves second quarter revenue growth of 6% as reported and 7% organic, supported by CAG Diagnostics recurring revenue growth of 6% as reported and 7% organic.

• Solid growth supported by continued benefits from IDEXX execution drivers, including record second quarter premium instrument placements and double-digit year-over-year global premium instrument installed base growth.

• Delivers EPS of $2.44, a decline of 9% as reported reflecting a $62 million, $0.56 per share discrete expense accrual related to an ongoing litigation matter. On a comparable basis, excluding this impact, EPS increased 15%.

• Updates 2024 revenue guidance to $3,885 million - $3,945 million, reflecting 6.2% - 7.8% growth as reported and 6.2% - 7.8% organic, driven by projected CAG Diagnostics recurring revenue growth of 5.7% - 7.3% as reported and 6.2% - 7.8% organic.

• Adjusts 2024 EPS outlook to $10.31 - $10.59, a reduction of $0.56 per share at midpoint reflecting impacts from the $0.56 per share discrete litigation expense accrual and consistent expectations for solid comparable operating margin improvement.

IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced second quarter results.

Second Quarter Results

The Company reports revenues of $1,004 million for the second quarter of 2024, an increase of 6% as reported and 7% organic, driven by Companion Animal Group ("CAG") growth of 6% as reported and 7% organic, and Water revenue growth of 9% as reported and 10% organic. CAG Diagnostics recurring revenue growth of 6% as reported and 7% organic was supported by strong growth in international regions and sustained global benefits from IDEXX execution drivers. IDEXX veterinary software, services and diagnostic imaging systems revenue increased 12% as reported and 8% organic, reflecting high recurring revenue growth and continued momentum in cloud-based software placements. Strong interest in IDEXX solutions supported record second quarter premium instrument placements and 11% annual growth in IDEXX's global premium instrument installed base.

Second quarter earnings per diluted share (“EPS”) were $2.44, a decrease of 9% as reported and an increase of 15% on a comparable basis excluding a $0.56 per share impact related to a discrete expense accrual for an ongoing litigation matter.

"Continued high levels of execution from IDEXX teams drove solid global growth and strong operational performance in the second quarter,” said Jay Mazelsky, President and Chief Executive Officer. “These results reflect the benefits that IDEXX customers gain from adopting our innovative, multi-modality testing platforms and solutions. Veterinarians appreciate the deep diagnostics insights generated by IDEXX solutions, which help them deliver better patient outcomes and seamless workflow for better business results. This value-added partnership, supported by IDEXX innovation, sets a strong foundation for long-term growth through higher standards of pet healthcare."

Second Quarter Performance Highlights

Companion Animal Group

The Companion Animal Group generated revenue growth of 6% as reported and 7% organic for the quarter. Solid growth was supported by CAG Diagnostics recurring revenue growth of 6% as reported and 7% organic. CAG Diagnostics recurring revenue growth was supported by 8% reported and 10% organic gains in international regions. U.S. CAG Diagnostics recurring revenue growth of 5% as reported and organic remained solidly above sector growth levels in the second quarter.

Additional U.S. companion animal practice key metrics are available in the Q2 2024 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

Solid global growth was achieved across IDEXX's testing modalities.

• IDEXX VetLab® consumables generated 7% reported and 8% organic revenue growth, with solid gains in the U.S. and continued double-digit organic gains internationally supported by strong installed base growth across premium instrument platforms.

• Reference laboratory diagnostic and consulting services generated 5% reported and 6% organic revenue growth, driven by solid U.S. gains and high single-digit organic growth in international regions.

• Rapid assay products revenues grew 6% as reported and organic, driven by solid gains in the U.S., supported by benefits from higher net price realization.

Veterinary software, services and diagnostic imaging systems revenues grew 12% as reported and 8% organically, driven by continued high levels of organic growth in software and diagnostic imaging recurring revenues and benefits from a recent software and data platform acquisition.

Water

Water revenues grew 9% as reported and 10% organic for the quarter, reflecting strong growth in the U.S. and Europe.

Livestock, Poultry and Dairy (“LPD”)

LPD revenues grew 1% as reported and 3% organically for the quarter. Solid gains in the U.S. and Europe were partially offset by lower Asia Pacific revenues, including impacts from reduced swine testing and herd health screening levels.

Gross Profit and Operating Profit

Gross profits increased 8% as reported and 9% on a comparable basis. Gross margin of 61.7% increased 100 basis points as reported and 90 basis points on a comparable basis, supported by benefits from net price realization offsetting inflationary cost impacts, software service margin gains and favorable business mix.

Operating margin was 26.3% for the quarter, lower than the prior year by 510 basis points including ~610 basis point negative impact from $62 million of expense related to a discrete litigation expense accrual. On a comparable basis excluding this item and foreign exchange effects, operating margins increased 110 basis points. Operating margin results reflect 28% operating expense growth as reported and 7% on a comparable basis excluding expense related to the discrete litigation accrual.

2024 Growth and Financial Performance Outlook

The Company is updating its full year revenue growth guidance range to $3,885 million to $3,945 million, or reported growth of 6.2% - 7.8%, a reduction of $15 million at midpoint. This reflects an adjustment of ~1% at midpoint to full year estimates for organic revenue growth, which is now projected at 6.2% to 7.8%, reflecting recent trends in U.S. clinical visit levels. The updated guidance range includes ~$15 million of favorable impact from more recent foreign exchange estimates.

The Company updated its full year reported operating margin outlook to reflect consistent midpoint goals for comparable operating margin improvement and to incorporate the expenses related to an ongoing litigation matter. The Company's reported operating margin outlook is 28.7% - 29.0%, including ~160 basis points of impact related to the 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 updated its EPS outlook range to $10.31 - $10.59, a reduction of $0.56 at midpoint, reflecting a $0.56 negative impact from a discrete litigation expense accrual. Adjustments to the organic revenue outlook were offset by $0.04 in favorable adjustments to foreign exchange estimates and favorable refinements to interest expense and effective tax rate estimates. The updated EPS growth outlook is 2% - 5% as reported and 9% - 12% on comparable basis, including a ~2% negative growth impact from lapping a customer contract resolution payment in the first quarter of 2023.

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

 

$3,885

-

$3,945

 

$3,895

-

$3,965

Reported growth

 

6.2%

-

7.8%

 

6.5%

-

8.5%

Organic growth

 

6.2%

-

7.8%

 

7.0%

-

9.0%

CAG Diagnostics Recurring Revenue Growth

 

 

 

 

 

 

 

 

Reported growth

 

5.7%

-

7.3%

 

6.5%

-

8.5%

Organic growth

 

6.2%

-

7.8%

 

7.5%

-

9.5%

Operating Margin

 

28.7%

-

29.0%

 

30.2%

-

30.7%

Operating margin expansion

 

(130 bps)

-

(100 bps)

 

20 bps

-

70 bps

Negative impact of ongoing litigation matter

 

~160 bps

 

 

Comparable margin expansion

 

30 bps

-

60 bps

 

20 bps

-

70 bps

Negative impact of 2023 customer contract resolution payment

 

~ 40 bps

 

~ 40 bps

EPS

 

$10.31

-

$10.59

 

$10.82

-

$11.20

Reported growth

 

2%

-

5%

 

8%

-

11%

Negative impact of ongoing litigation matter

 

~ 6%

 

 

Comparable growth

 

9%

-

12%

 

9%

-

13%

Negative impact of 2023 customer contract resolution payment

 

~ 2%

 

~ 2%

Other Key Metrics

 

 

 

 

 

 

 

 

Net interest expense

 

~ $20

 

~ $21

Share-based compensation tax benefit

 

~ $10

 

~ $10

Share-based compensation tax rate benefit

 

~ 1%

 

~ 1%

Effective tax rate

 

~ 21.5%

 

~ 22%

Share-based compensation EPS impact

 

~ $0.12

 

~ $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

 

~ $180 million

 

~ $180 million

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

 

(~ 50 bps)

CAG Diagnostics recurring revenue growth rate impact

 

(~ 50 bps)

Operating margin growth impact

 

~ 0 bps

EPS impact

 

(~ $0.05)

EPS growth impact

 

(~ 1%)

 

 

 

 

 

Go-Forward Foreign Currency Exchange Rate Assumptions

 

2024

In U.S. dollars

 

 

 

 

euro

 

$1.07

British pound

 

$1.26

Canadian dollar

 

$0.72

Australian dollar

 

$0.66

Relative to the U.S. dollar

 

 

 

 

Japanese yen

 

¥163

Chinese renminbi

 

¥7.38

Brazilian real

 

R$5.55

Conference Call and Webcast Information

IDEXX Laboratories, Inc. will be hosting a conference call today at 9:00 a.m. (EDT) to discuss its second quarter 2024 results and management’s outlook. To participate in the conference call, dial 1-800-289-0459 or 1-773-305-6837 and reference passcode 399723. 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.

2024 Investor Day

IDEXX Laboratories, Inc. will host its 2024 Investor Day on Thursday, August 15, 2024 from 8:00 am to approximately 12:00 pm (EDT). A live audio webcast and accompanying slide presentations will be available at www.idexx.com/investors. An archived webcast replay of the event will be available approximately one hour following the event at www.idexx.com/investors. For additional information contact investorrelations@idexx.com.

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.

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 "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, reduction of average shares outstanding and net interest expense; U.S. clinical visit trends; net price realization improvement; product launches; and the ongoing litigation matter. 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 and June 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 second quarter 2024 results as follows: decreased gross profit growth by 0.7%, increased gross margin growth by 10 basis points, decreased operating expense growth by 0.4%, decreased operating profit growth by 0.9%, decreased operating profit margin growth by 10 basis points, and decreased EPS growth by 0.7%. 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 six months ended June 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 six months ended June 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 not expected to have benefit projected full year 2024 revenue growth by 0.5% and have no impact on CAG Diagnostics recurring revenue growth.

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

 

Six Months Ended

Year-over-Year

 

 

June 30,

 

June 30,

Change

 

June 30,

 

June 30,

Change

Dollar amounts in thousands

 

2024

 

2023

 

 

2024

 

2023

 

Gross Profit (as reported)

 

$

619,159

 

 

$

572,850

 

8%

 

$

1,212,229

 

 

$

1,115,821

 

9%

Gross margin

 

 

61.7

%

 

 

60.7

%

100 bps

 

 

61.6

%

 

 

60.5

%

110 bps

Less: comparability adjustments

 

 

 

 

 

 

 

 

 

 

Change from currency

 

 

(3,777

)

 

 

—

 

 

 

 

(3,121

)

 

 

—

 

 

Comparable gross profit growth

 

$

622,936

 

 

$

572,850

 

9%

 

$

1,215,350

 

 

$

1,115,821

 

9%

Comparable gross margin and gross margin gain (or growth)

 

 

61.6

%

 

 

60.7

%

90 bps

 

 

61.6

%

 

 

60.5

%

100 bps

 

 

 

 

 

 

 

 

 

 

 

Operating expenses (as reported)

 

$

355,358

 

 

$

276,706

 

28%

 

$

649,470

 

 

$

539,278

 

20%

Less: comparability adjustments

 

 

 

 

 

 

 

 

 

 

Change from currency

 

 

(1,164

)

 

 

—

 

 

 

 

(305

)

 

 

—

 

 

Ongoing litigation matter

 

 

61,500

 

 

 

—

 

 

 

 

61,500

 

 

 

—

 

 

Comparable operating expense growth

 

$

295,022

 

 

$

276,706

 

7%

 

$

588,275

 

 

$

539,278

 

9%

 

 

 

 

 

 

 

 

 

 

 

Income from operations (as reported)

 

$

263,801

 

 

$

296,144

 

(11)%

 

$

562,759

 

 

$

576,543

 

(2)%

Operating margin

 

 

26.3

%

 

 

31.4

%

(510) bps

 

 

28.6

%

 

 

31.3

%

(270) bps

Less: comparability adjustments

 

 

 

 

 

 

 

 

 

 

Change from currency

 

 

(2,613

)

 

 

—

 

 

 

 

(2,816

)

 

 

—

 

 

Ongoing litigation matter

 

 

(61,500

)

 

 

—

 

 

 

 

(61,500

)

 

 

—

 

 

Comparable operating profit growth

 

$

327,914

 

 

$

296,144

 

11%

 

$

627,075

 

 

$

576,543

 

9%

Comparable operating margin and operating margin gain (or growth)

 

 

32.4

%

 

 

31.4

%

110 bps

 

 

31.8

%

 

 

31.3

%

50 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.

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

 

Six Months Ended

 

Year-over-Year

 

 

June 30,

 

June 30,

 

Growth

 

June 30,

 

June 30,

 

Growth

 

 

2024

 

2023

 

 

 

2024

 

2023

 

 

Earnings per share (diluted)

 

$

2.44

 

 

$

2.67

 

(9)%

 

$

5.24

 

 

$

5.22

 

—%

Less: comparability adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation activity

 

 

0.00

 

 

 

0.04

 

 

 

 

0.10

 

 

 

0.10

 

 

Ongoing litigation matter

 

 

(0.56

)

 

 

—

 

 

 

 

(0.56

)

 

 

—

 

 

Change from currency

 

 

(0.02

)

 

 

—

 

 

 

 

(0.03

)

 

 

—

 

 

Comparable EPS growth

 

 

3.02

 

 

 

2.63

 

15%

 

 

5.73

 

 

 

5.12

 

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 ~$0.12; (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 ~$0.05 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 six months ended June 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 $180. 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 June 30, 2024, we have deducted purchases of property and equipment of approximately $130 million from net cash provided from operating activities of approximately $969 million, divided by net income of approximately $846 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 June 30, 2024.

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 June 30, 2024.

IDEXX Laboratories, Inc. and Subsidiaries

 

 

 

 

 

 

 

Condensed Consolidated Statement of Operations

 

 

 

 

 

 

 

Amounts in thousands except per share data (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

 

 

2024

 

2023

 

2024

 

2023

Revenue:

 

Revenue

 

$1,003,578

 

 

$943,630

 

 

$1,967,673

 

 

$1,843,825

 

Expenses and Income:

 

Cost of revenue

 

384,419

 

 

370,780

 

 

755,444

 

 

728,004

 

 

 

Gross profit

 

619,159

 

 

572,850

 

 

1,212,229

 

 

1,115,821

 

 

 

Sales and marketing

 

142,665

 

 

140,532

 

 

292,118

 

 

288,336

 

 

 

General and administrative

 

157,243

 

 

89,669

 

 

249,267

 

 

159,770

 

 

 

Research and development

 

55,450

 

 

46,505

 

 

108,085

 

 

91,172

 

 

 

Income from operations

 

263,801

 

 

296,144

 

 

562,759

 

 

576,543

 

 

 

Interest expense, net

 

(4,745

)

 

(10,215

)

 

(8,224

)

 

(22,926

)

 

 

Income before provision for income taxes

 

259,056

 

 

285,929

 

 

554,535

 

 

553,617

 

 

 

Provision for income taxes

 

55,758

 

 

61,693

 

 

115,658

 

 

115,327

 

Net Income:

 

Net income attributable to stockholders

 

$203,298

 

 

$224,236

 

 

$438,877

 

 

$438,290

 

 

 

Earnings per share: Basic

 

$2.46

 

 

$2.70

 

 

$5.30

 

 

$5.28

 

 

 

Earnings per share: Diluted

 

$2.44

 

 

$2.67

 

 

$5.24

 

 

$5.22

 

 

 

Shares outstanding: Basic

 

82,630

 

 

83,086

 

 

82,863

 

 

83,039

 

 

 

Shares outstanding: Diluted

 

83,393

 

 

83,983

 

 

83,684

 

 

83,980

 

IDEXX Laboratories, Inc. and Subsidiaries

 

 

 

 

 

 

 

Selected Operating Information (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

 

 

2024

 

2023

2024

 

2023

Operating Ratios

 

Gross profit

 

61.7%

 

60.7%

 

61.6%

 

60.5%

(as a percentage of revenue):

 

Sales, marketing, general and administrative expense

 

29.9%

 

24.4%

 

27.5%

 

24.3%

 

 

Research and development expense

 

5.5%

 

4.9%

 

5.5%

 

4.9%

 

 

Income from operations1

 

26.3%

 

31.4%

 

28.6%

 

31.3%

 

 

 

 

 

 

 

 

 

 

 

1Amounts presented may not recalculate due to rounding.

 

 

 

 

 

 

 

IDEXX Laboratories, Inc. and Subsidiaries

Segment Information

Amounts in thousands (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

June 30, 2024

 

Percent of Revenue

 

June 30, 2023

 

Percent of Revenue

 

 

 

 

Revenue:

 

CAG

 

$922,298

 

 

 

$866,652

 

 

 

 

 

Water

 

46,726

 

 

 

43,029

 

 

 

 

 

LPD

 

30,306

 

 

 

29,911

 

 

 

 

 

Other

 

4,248

 

 

 

4,038

 

 

 

 

 

Total

 

$1,003,578

 

 

 

$943,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

CAG

 

$569,071

 

61.7

%

 

$525,709

 

 

60.7

%

 

 

Water

 

32,074

 

68.6

%

 

30,319

 

 

70.5

%

 

 

LPD

 

15,558

 

51.3

%

 

16,086

 

 

53.8

%

 

 

Other

 

2,456

 

57.8

%

 

736

 

 

18.2

%

 

 

Total

 

$619,159

 

61.7

%

 

$572,850

 

 

60.7

%

 

 

 

 

 

 

 

 

 

 

 

Income from Operations:

 

CAG

 

$241,550

 

26.2

%

 

$275,509

 

 

31.8

%

 

 

Water

 

20,504

 

43.9

%

 

19,820

 

 

46.1

%

 

 

LPD

 

1,499

 

4.9

%

 

1,951

 

 

6.5

%

 

 

Other

 

248

 

5.8

%

 

(1,136

)

 

(28.1

)%

 

 

Total

 

$263,801

 

26.3

%

 

$296,144

 

 

31.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

June 30, 2024

 

Percent of Revenue

 

June 30, 2023

 

Percent of Revenue

 

 

 

 

 

 

 

Revenue:

 

CAG

 

$1,811,583

 

 

 

 

$1,693,931

 

 

 

 

 

Water

 

89,797

 

 

 

 

81,912

 

 

 

 

 

LPD

 

58,511

 

 

 

 

59,119

 

 

 

 

 

Other

 

7,782

 

 

 

 

8,863

 

 

 

 

 

Total

 

$1,967,673

 

 

 

 

$1,843,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

CAG

 

$1,115,307

 

 

61.6

%

 

$1,024,466

 

 

60.5

%

 

 

Water

 

62,571

 

 

69.7

%

 

57,587

 

 

70.3

%

 

 

LPD

 

30,792

 

 

52.6

%

 

31,139

 

 

52.7

%

 

 

Other

 

3,559

 

 

45.7

%

 

2,629

 

 

29.7

%

 

 

Total

 

$1,212,229

 

 

61.6

%

 

$1,115,821

 

 

60.5

%

 

 

 

 

 

 

 

 

 

 

 

Income from Operations:

 

CAG

 

$521,246

 

 

28.8

%

 

$537,259

 

 

31.7

%

 

 

Water

 

39,934

 

 

44.5

%

 

36,791

 

 

44.9

%

 

 

LPD

 

2,365

 

 

4.0

%

 

3,259

 

 

5.5

%

 

 

Other

 

(786

)

 

(10.1

)%

 

(766

)

 

(8.6

)%

 

 

Total

 

$562,759

 

 

28.6

%

 

$576,543

 

 

31.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

June 30, 2023

 

Dollar Change

 

Reported Revenue Growth1

 

Percentage Change from Currency

 

Percentage Change from Acquisitions

 

Organic Revenue Growth1

Net Revenue

 

 

 

 

 

 

 

CAG

 

$922,298

 

$866,652

 

$55,646

 

 

6.4

%

 

(0.7

%)

 

0.4

%

 

6.7

%

United States

 

628,684

 

594,395

 

34,289

 

 

5.8

%

 

—

 

 

0.5

%

 

5.2

%

International

 

293,614

 

272,257

 

21,357

 

 

7.8

%

 

(2.2

%)

 

—

 

 

10.1

%

Water

 

46,726

 

43,029

 

3,697

 

 

8.6

%

 

(0.9

%)

 

—

 

 

9.5

%

United States

 

24,461

 

21,208

 

3,253

 

 

15.3

%

 

—

 

 

—

 

 

15.3

%

International

 

22,265

 

21,821

 

444

 

 

2.0

%

 

(1.8

%)

 

—

 

 

3.8

%

LPD

 

30,306

 

29,911

 

395

 

 

1.3

%

 

(1.6

%)

 

—

 

 

2.9

%

United States

 

5,115

 

4,422

 

693

 

 

15.7

%

 

—

 

 

—

 

 

15.7

%

International

 

25,191

 

25,489

 

(298

)

 

(1.2

%)

 

(1.8

%)

 

—

 

 

0.7

%

Other

 

4,248

 

4,038

 

210

 

 

5.2

%

 

—

 

 

—

 

 

5.2

%

Total Company

 

$1,003,578

 

$943,630

 

$59,948

 

 

6.4

%

 

(0.7

%)

 

0.3

%

 

6.7

%

United States

 

660,146

 

621,607

 

38,539

 

 

6.2

%

 

—

 

 

0.5

%

 

5.7

%

International

 

343,432

 

322,023

 

21,409

 

 

6.6

%

 

(2.1

%)

 

—

 

 

8.8

%

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

June 30, 2023

 

Dollar Change

 

Reported Revenue Growth1

 

Percentage Change from Currency

 

Percentage Change from Acquisitions

 

Organic Revenue Growth1

Net CAG Revenue

 

 

 

 

 

 

 

CAG Diagnostics recurring revenue:

 

$808,454

 

$762,476

 

$45,978

 

 

6.0

%

 

(0.7

%)

 

—

 

 

6.7

%

IDEXX VetLab consumables

 

325,348

 

303,735

 

21,613

 

 

7.1

%

 

(1.0

%)

 

—

 

 

8.1

%

Rapid assay products

 

103,290

 

97,340

 

5,950

 

 

6.1

%

 

(0.4

%)

 

—

 

 

6.5

%

Reference laboratory diagnostic and consulting services

 

347,373

 

330,106

 

17,267

 

 

5.2

%

 

(0.5

%)

 

—

 

 

5.8

%

CAG Diagnostics services and accessories

 

32,443

 

31,295

 

1,148

 

 

3.7

%

 

(1.0

%)

 

—

 

 

4.7

%

CAG Diagnostics capital – instruments

 

35,292

 

34,054

 

1,238

 

 

3.6

%

 

(1.2

%)

 

—

 

 

4.8

%

Veterinary software, services and diagnostic imaging systems:

 

78,552

 

70,122

 

8,430

 

 

12.0

%

 

(0.1

%)

 

4.5

%

 

7.6

%

Recurring revenue

 

63,117

 

53,725

 

9,392

 

 

17.5

%

 

(0.1

%)

 

5.9

%

 

11.7

%

Systems and hardware

 

15,435

 

16,397

 

(962

)

 

(5.9

%)

 

(0.1

%)

 

—

 

 

(5.8

%)

Net CAG revenue

 

$922,298

 

$866,652

 

$55,646

 

 

6.4

%

 

(0.7

%)

 

0.4

%

 

6.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

June 30, 2023

 

Dollar Change

 

Reported Revenue Growth1

 

Percentage Change from Currency

 

Percentage Change from Acquisitions

 

Organic Revenue Growth1

 

 

 

 

 

 

 

 

CAG Diagnostics recurring revenue:

 

$808,454

 

$762,476

 

$45,978

 

6.0

%

 

(0.7

%)

 

—

 

6.7

%

United States

 

544,466

 

517,388

 

27,078

 

5.2

%

 

—

 

 

—

 

5.2

%

International

 

263,988

 

245,088

 

18,900

 

7.7

%

 

(2.2

%)

 

—

 

10.0

%

 

1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

June 30, 2023

 

Dollar Change

 

Reported Revenue Growth1

 

Percentage Change from Currency

 

Percentage Change from Acquisitions

 

Organic Revenue Growth1

Net Revenue

 

 

 

 

 

 

 

CAG

 

$1,811,583

 

$1,693,931

 

$117,652

 

 

6.9

%

 

(0.3

%)

 

0.3

%

 

7.0

%

United States

 

1,230,879

 

1,158,922

 

71,957

 

 

6.2

%

 

—

 

 

0.5

%

 

5.7

%

International

 

580,704

 

535,009

 

45,695

 

 

8.5

%

 

(1.1

%)

 

—

 

 

9.7

%

Water

 

89,797

 

81,912

 

7,885

 

 

9.6

%

 

(0.4

%)

 

—

 

 

10.0

%

United States

 

46,660

 

41,128

 

5,532

 

 

13.5

%

 

—

 

 

—

 

 

13.5

%

International

 

43,137

 

40,784

 

2,353

 

 

5.8

%

 

(0.8

%)

 

—

 

 

6.6

%

LPD

 

58,511

 

59,119

 

(608

)

 

(1.0

%)

 

(0.8

%)

 

—

 

 

(0.2

%)

United States

 

10,279

 

8,965

 

1,314

 

 

14.7

%

 

—

 

 

—

 

 

14.7

%

International

 

48,232

 

50,154

 

(1,922

)

 

(3.8

%)

 

(1.0

%)

 

—

 

 

(2.9

%)

Other

 

7,782

 

8,863

 

(1,081

)

 

(12.2

%)

 

—

 

 

—

 

 

(12.2

%)

Total Company

 

$1,967,673

 

$1,843,825

 

$123,848

 

 

6.7

%

 

(0.4

%)

 

0.3

%

 

6.8

%

United States

 

1,291,155

 

1,212,020

 

79,135

 

 

6.5

%

 

—

 

 

0.4

%

 

6.1

%

International

 

676,518

 

631,805

 

44,713

 

 

7.1

%

 

(1.1

%)

 

—

 

 

8.1

%

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

June 30, 2023

 

Dollar Change

 

Reported Revenue Growth1

 

Percentage Change from Currency

 

Percentage Change from Acquisitions

 

Organic Revenue Growth1

Net CAG Revenue

 

 

 

 

 

 

 

CAG Diagnostics recurring revenue:

 

$1,588,598

 

$1,489,378

 

$99,220

 

 

6.7

%

 

(0.3

%)

 

—

 

 

7.0

%

IDEXX VetLab consumables

 

642,277

 

594,849

 

47,428

 

 

8.0

%

 

(0.5

%)

 

—

 

 

8.5

%

Rapid assay products

 

189,605

 

179,372

 

10,233

 

 

5.7

%

 

(0.2

%)

 

—

 

 

5.9

%

Reference laboratory diagnostic and consulting services

 

691,711

 

653,286

 

38,425

 

 

5.9

%

 

(0.2

%)

 

—

 

 

6.1

%

CAG Diagnostics services and accessories

 

65,005

 

61,871

 

3,134

 

 

5.1

%

 

(0.7

%)

 

—

 

 

5.7

%

CAG Diagnostics capital – instruments

 

69,384

 

67,198

 

2,186

 

 

3.3

%

 

(0.8

%)

 

—

 

 

4.0

%

Veterinary software, services and diagnostic imaging systems:

 

153,601

 

137,355

 

16,246

 

 

11.8

%

 

(0.1

%)

 

3.9

%

 

8.0

%

Recurring revenue

 

122,817

 

105,432

 

17,385

 

 

16.5

%

 

(0.1

%)

 

5.1

%

 

11.5

%

Systems and hardware

 

30,784

 

31,923

 

(1,139

)

 

(3.6

%)

 

(0.1

%)

 

—

 

 

(3.5

%)

Net CAG revenue

 

$1,811,583

 

$1,693,931

 

$117,652

 

 

6.9

%

 

(0.3

%)

 

0.3

%

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

June 30, 2023

 

Dollar Change

 

Reported Revenue Growth1

 

Percentage Change from Currency

 

Percentage Change from Acquisitions

 

Organic Revenue Growth1

 

 

 

 

 

 

 

 

CAG Diagnostics recurring revenue:

 

$1,588,598

 

$1,489,378

 

$99,220

 

6.7

%

 

(0.3

%)

 

—

 

7.0

%

United States

 

1,067,507

 

1,008,728

 

58,779

 

5.8

%

 

—

 

 

—

 

5.8

%

International

 

521,091

 

480,650

 

40,441

 

8.4

%

 

(1.1

%)

 

—

 

9.5

%

 

1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

Amounts in thousands (Unaudited)

 

 

 

 

June 30, 2024

 

December 31, 2023

 

 

 

 

 

Assets:

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$401,590

 

$453,932

 

 

Accounts receivable, net

 

533,606

 

457,445

 

 

Inventories

 

379,958

 

380,282

 

 

Other current assets

 

213,458

 

203,595

 

 

Total current assets

 

1,528,612

 

1,495,254

 

 

Property and equipment, net

 

708,178

 

702,177

 

 

Other long-term assets, net

 

1,178,077

 

1,062,494

 

 

Total assets

 

$3,414,867

 

$3,259,925

Liabilities and Stockholders'

 

 

 

 

 

 

Equity:

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$117,468

 

$110,643

 

 

Accrued liabilities

 

541,124

 

478,712

 

 

Line of credit

 

250,000

 

250,000

 

 

Current portion of long-term debt

 

170,112

 

74,997

 

 

Deferred revenue

 

37,998

 

37,195

 

 

Total current liabilities

 

1,116,702

 

951,547

 

 

Long-term debt, net of current portion

 

524,743

 

622,883

 

 

Other long-term liabilities, net

 

193,169

 

200,965

 

 

Total long-term liabilities

 

717,912

 

823,848

 

 

Total stockholders' equity

 

1,580,253

 

1,484,530

 

 

Total liabilities and stockholders' equity

 

$3,414,867

 

$3,259,925

IDEXX Laboratories, Inc. and Subsidiaries

Selected Balance Sheet Information (Unaudited)

 

 

 

 

June 30, 2024

 

March 31, 2024

 

December 31, 2023

 

September 30, 2023

 

June 30, 2023

Selected Balance Sheet Information:

 

Days sales outstanding1

 

47.3

 

45.7

 

46.1

 

45.6

 

43.9

 

 

Inventory turns2

 

1.4

 

1.3

 

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 Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

Amounts in thousands (Unaudited)

 

 

 

 

Six Months Ended

 

 

 

 

June 30, 2024

 

June 30, 2023

 

 

 

 

 

Operating:

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$438,877

 

 

$438,290

 

 

 

Non-cash adjustments to net income

 

75,155

 

 

76,246

 

 

 

Changes in assets and liabilities

 

(67,135

)

 

(130,310

)

 

 

Net cash provided by operating activities

 

446,897

 

 

384,226

 

Investing:

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Purchases of property and equipment

 

(63,578

)

 

(66,981

)

 

 

Acquisition of a business

 

(77,000

)

 

—

 

 

 

Proceeds from net investment hedges

 

727

 

 

—

 

 

 

Net cash used by investing activities

 

(139,851

)

 

(66,981

)

Financing:

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

Repayments under credit facility, net

 

—

 

 

(315,000

)

 

 

Payments for the acquisition-related holdbacks

 

—

 

 

(1,780

)

 

 

Repurchases of common stock

 

(370,285

)

 

—

 

 

 

Proceeds from exercises of stock options and employee stock purchase plans

 

26,241

 

 

23,086

 

 

 

Shares withheld for statutory tax withholding payments on restricted stock

 

(10,268

)

 

(9,676

)

 

 

Other

 

—

 

 

6,256

 

 

 

Net cash used by financing activities

 

(354,312

)

 

(297,114

)

 

 

Net effect of changes in exchange rates on cash

 

(5,076

)

 

161

 

 

 

Net (decrease) increase in cash and cash equivalents

 

(52,342

)

 

20,292

 

 

 

Cash and cash equivalents, beginning of period

 

453,932

 

 

112,546

 

 

 

Cash and cash equivalents, end of period

 

$401,590

 

 

$132,838

 

IDEXX Laboratories, Inc. and Subsidiaries

Free Cash Flow

Amounts in thousands (Unaudited)

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

 

 

 

 

 

 

Free Cash Flow:

 

Net cash provided by operating activities

 

$248,312

 

 

$200,314

 

 

$446,897

 

 

$384,226

 

 

 

Investing cash flows attributable to purchases of property and equipment

 

(33,305

)

 

(27,470

)

 

(63,578

)

 

(66,981

)

 

 

Free cash flow1

 

$215,007

 

 

$172,844

 

 

$383,319

 

 

$317,245

 

 

 

 

 

 

 

 

 

 

 

 

1See Statements Regarding Non-GAAP Financial Measures, above.

IDEXX Laboratories, Inc. and Subsidiaries

 

 

 

 

 

 

 

Common Stock Repurchases

 

 

 

 

 

 

 

Amounts in thousands except per share data (Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

 

 

 

 

 

Shares repurchased in the open market

 

415

 

—

 

718

 

—

Shares acquired through employee surrender for statutory tax withholding

 

—

 

—

 

18

 

19

Total shares repurchased

 

415

 

—

 

736

 

19

 

 

 

 

 

 

 

 

 

Cost of shares repurchased in the open market

 

$208,169

 

$—

 

$375,271

 

$—

Cost of shares for employee surrenders

 

79

 

79

 

10,268

 

9,676

Total cost of shares

 

$208,248

 

$79

 

$385,539

 

$9,676

 

 

 

 

 

 

 

 

 

Average cost per share – open market repurchases

 

$501.44

 

$—

 

$522.32

 

$—

Average cost per share – employee surrenders

 

$496.95

 

$469.84

 

$560.01

 

$503.35

Average cost per share – total

 

$501.44

 

$469.84

 

$523.26

 

$503.35

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240805524587/en/

John Ravis, Investor Relations, 1-207-556-8155