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Company profile

AT&T Inc. is a holding company. The Company is a provider of telecommunications, media and technology services globally. The Company operates through four segments: Communication segment, WarnerMedia segment, Latin America segment and Xandr segment. The Communications segment provides wireless and wireline telecom, video and broadband services to consumers.The business units of the Communication segment includes Mobility, Entertainment Group and Business Wireline. The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content over various physical and digital formats. The business units of the WarnerMedia segment includes Turner, Home Box Office and Warner Bros. Latin America segment provides entertainment services in Latin America and wireless services in Mexico. Viro and Mexico are the business units of the Latin America segment. The Xandr segment provides advertising services.

Closing Price
$26.27
Day's Change
-0.06 (-0.23%)
Bid
--
Ask
--
B/A Size
--
Day's High
26.37
Day's Low
26.24
Volume
(Heavy Day)
Volume:
178,903

10-day average volume:
78,266
178,903

Charles River Laboratories Announces Second-Quarter 2020 Results

7:00 am ET August 5, 2020 (BusinessWire) Print

--- Second-Quarter GAAP Earnings per Share of $1.34 and Non-GAAP Earnings per Share of $1.58 -

--- Increases 2020 Guidance -

--- Announces Proposed Acquisition of Cellero in the High-Growth Cell Therapy Market -

Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the second quarter of 2020. For the quarter, revenue was $682.6 million, an increase of 3.8% from $657.6 million in the second quarter of 2019.

Acquisitions contributed 3.2% to consolidated second-quarter revenue growth. The impact of foreign currency translation reduced reported revenue growth by 0.8%. Excluding the effect of these items, organic revenue growth was 1.4%, driven by the Discovery and Safety Assessment and Manufacturing Support segments. Revenue growth in these segments was largely offset by a revenue decline in the Research Models and Services segment, due principally to the impact of the COVID-19 pandemic.

On a GAAP basis, second-quarter net income attributable to common shareholders was $67.4 million, an increase of 54.2% from net income of $43.7 million for the same period in 2019. Second-quarter diluted earnings per share on a GAAP basis were $1.34, an increase of 52.3% from $0.88 for the second quarter of 2019. The GAAP net income and earnings per share increases were primarily driven by a gain from the Company's venture capital and other strategic investments of $0.38 per share in the second quarter of 2020, compared to a $0.07 loss for the same period in 2019. The Company's venture capital and other strategic investment performance has been excluded from non-GAAP results.

On a non-GAAP basis, net income was $79.6 million for the second quarter of 2020, a decrease of 1.9% from $81.1 million for the same period in 2019. Second'quarter diluted earnings per share on a non-GAAP basis were $1.58, a decrease of 3.1% from $1.63 per share for the second quarter of 2019. The non-GAAP net income and earnings per share decreases were primarily related to lower revenue and operating income in the Research Models and Services segment, as a result of the impact of the COVID-19 pandemic.

James C. Foster, Chairman, President and Chief Executive Officer, said, "Charles River has never been as essential to our diverse and growing client base as we are today. As they increase their use of our flexible and efficient early-stage solutions, our clients are better able to navigate the evolving COVID-19 crisis. By partnering with us, clients have continued to move their life-saving programs forward across a wide range of therapeutic areas, as well as to develop therapeutics aimed at treating and ultimately preventing COVID-19."

Mr. Foster continued, "As anticipated, we experienced challenges related to COVID-19 in the second quarter, principally in the RMS segment; however, the resilience of our business model enabled us to weather these challenges extremely well. This resilience is demonstrated by our second-quarter financial performance, which widely exceeded our expectations. The outperformance was due in part to the tireless efforts of our dedicated staff; the effectiveness of our comprehensive business continuity plans that enabled us to keep our operating sites open and adequately staffed; and persistent client demand across most of our businesses, driven by robust biotech funding and continued innovation that is generating scientific breakthroughs. We were also pleased that clients of our research models business began to gradually resume activities at their research sites during the second quarter, which was earlier than anticipated."

"Based on our second-quarter performance and our current belief that the COVID-19-related headwinds will be more moderate than previously anticipated, we are increasing our revenue growth and earnings per share guidance for 2020. We believe the global scale, broad scientific capabilities, and flexible outsourcing solutions of our leading, early-stage portfolio continue to differentiate us in the marketplace and are enabling us to withstand the initial challenges of the COVID-19 pandemic," Mr. Foster concluded.

Second-Quarter Segment Results

Research Models and Services (RMS)

Revenue for the RMS segment was $116.5 million in the second quarter of 2020, a decrease of 14.3% from $136.1 million in the second quarter of 2019. The HemaCare acquisition, which was completed on January 3, 2020, contributed 4.7% to second-quarter RMS revenue. Organic revenue declined by 18.4%, principally due to the impact of the COVID-19 pandemic, which reduced total RMS revenue by approximately $35 million in the second quarter. The COVID-19 pandemic had a meaningful impact on worldwide demand for research models due to closures and reduced on-site activities at the research sites of academic institutions and biopharmaceutical clients in North America, Europe, and Asia, as well as demand for HemaCare's cellular products. RMS clients in each region began to gradually resume activities at their research sites during the second quarter, particularly in Europe and Asia, which resulted in an improvement in client ordering trends in June. The RMS revenue decline was partially offset by higher revenue for research model services, particularly the Genetically Engineered Models and Services (GEMS) and the Insourcing Solutions (IS) businesses.

In the second quarter of 2020, the RMS segment's GAAP operating margin decreased to 3.3% from 23.2% in the second quarter of 2019. On a non-GAAP basis, the operating margin decreased to 9.1% from 25.5% in the second quarter of 2019. The GAAP and non-GAAP operating margin decreases were primarily the result of the lower sales volume in the research models and HemaCare businesses due to the impact of the COVID-19 pandemic. The GAAP operating margin also declined due to acquisition-related amortization costs associated with HemaCare.

Discovery and Safety Assessment (DSA)

Revenue for the DSA segment was $442.6 million in the second quarter of 2020, an increase of 9.1% from $405.5 million in the second quarter of 2019. The Citoxlab acquisition contributed 3.7% to DSA revenue growth. Organic revenue growth of 6.2% was driven by strong demand in both the Discovery Services and Safety Assessment businesses, partially offset by a small impact from study slippage related to the COVID-19 pandemic.

In the second quarter of 2020, the DSA segment's GAAP operating margin increased to 16.3% from 15.7% in the second quarter of 2019. On a non-GAAP basis, the operating margin increased to 23.2% from 21.1% in the second quarter of 2019. The GAAP and non-GAAP operating margin increases were driven primarily by operating leverage from higher revenue in both the Discovery Services and Safety Assessment businesses, as well as the benefit of operating efficiency initiatives, including temporary cost reductions associated with our COVID-19 response.

Manufacturing Support (Manufacturing)

Revenue for the Manufacturing segment was $123.5 million in the second quarter of 2020, an increase of 6.4% from $116.0 million in the second quarter of 2019. Organic revenue growth was 8.0%, driven primarily by strong demand in the Biologics Testing Solutions (Biologics) and Avian Vaccine businesses. Second-quarter revenue growth for the Microbial Solutions business was affected by reduced client activity and delayed instrument installations related to the COVID-19 pandemic.

In the second quarter of 2020, the Manufacturing segment's GAAP operating margin increased to 34.8% from 28.6% in the second quarter of 2019. On a non-GAAP basis, the operating margin increased to 37.4% from 30.9% in the second quarter of 2019. The GAAP and non-GAAP operating margin increases were driven primarily by enhanced operating efficiency in the Microbial Solutions businesses, and operating leverage from higher revenue in the Biologics and Avian Vaccine businesses.

Proposed Acquisition of Cellero

On August 4, Charles River Laboratories signed a definitive agreement to acquire Cellero, LLC, a premier provider of cellular products for cell therapy developers and manufacturers worldwide. Cellero will complement Charles River's recent acquisition of HemaCare by enhancing the supply of critical biomaterials, including a wide range of human-derived primary cell types to support the discovery, development, and manufacture of cell therapies.

The addition of Cellero will enhance Charles River's unique, comprehensive solutions for the high-growth cell therapy market, strengthening its ability to help accelerate clients' critical programs from basic research and proof-of-concept to regulatory approval and commercialization. It will also expand Charles River's access to high-quality, human-derived biomaterials with Cellero's donor sites in both the eastern and western United States. Following the acquisition of Cellero, the Company expects to generate revenue growth for human-derived cellular products, including HemaCare, of at least 30% annually over the next five years, beginning in 2021.

The proposed purchase price will be approximately $38 million in cash, and the transaction is expected to close in August, subject to customary closing conditions. Cellero is expected to be reported as part of Charles River's RMS segment.

Increases 2020 Guidance

The Company is increasing its 2020 financial guidance, which was previously provided on May 7, 2020, as a result of the better-than-expected second quarter performance and its expectations that the revenue loss from the COVID-19 pandemic will be approximately $100 million in 2020, which is favorable to its prior estimate of $135 to $215 million.

The Company's revised guidance for revenue growth, earnings per share, and free cash flow is as follows:

2020 GUIDANCE (1)                                              CURRENT                     PRIOR
---------------------------------------------------- -------------------------- --------------------------
Revenue growth, reported                              7.5% - 9.0%   4.5% - 8.0%
Less: Contribution from acquisitions (2)                        (4.0%)                     (4.0%)
Unfavorable/(favorable) impact of foreign exchange               0.5%            0.5% - 1.0%
---------------------------------------------------- -------------------------- --------------------------
Revenue growth, organic (3)                           4.0% - 5.5%   1.5% - 4.5%
---------------------------------------------------- -------------------------- --------------------------
GAAP EPS estimate                                    $4.70 - $5.00 $4.25 - $4.60
Acquisition-related amortization (4)                            $1.75           $1.75 - $1.80
Charges related to global efficiency initiatives (5) $0.25 - $0.30            $0.05
Acquisition-related adjustments (6)                  $0.20 - $0.25            $0.20
Other items (7)                                      $0.25 - $0.32 $0.25 - $0.32
Venture capital and other strategic                            ($0.20)                     $0.18
investment losses/(gains), net (8)
---------------------------------------------------- -------------------------- --------------------------
Non-GAAP EPS estimate                                $7.05 - $7.35 $6.75 - $7.10
---------------------------------------------------- -------------------------- --------------------------
Footnotes to Guidance Table:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) The proposed acquisition of Cellero has not been included in the Company's current financial guidance since the transaction has not yet been completed.
(2) The contribution from acquisitions reflects only those acquisitions that have been completed.
(3) Organic revenue growth is defined as reported revenue growth adjusted for acquisitions and foreign currency translation.
(4) Acquisition-related amortization includes an estimate of approximately $0.25 for the impact of the HemaCare acquisition as the purchase price allocation has not been finalized.
(5) These charges, which primarily include severance and other costs, relate primarily to the Company's planned efficiency initiatives. Other projects in support of global productivity and efficiency initiatives are expected, but these charges reflect only the decisions that have already been finalized.
(6) These adjustments are related to the evaluation and integration of acquisitions, and primarily include transaction, advisory, and certain third-party integration costs, as well as certain costs associated with acquisition-related efficiency initiatives.
(7) These items primarily relate to charges of $0.15-$0.22 associated with the planned termination of the Company's U.S. pension plan in the second half of 2020, as well as charges of approximately $0.10 primarily associated with U.S. and international tax legislation that necessitated changes to the Company's international financing structure.
(8) Venture capital and other strategic investment performance only includes recognized gains or losses. The Company does not forecast the future performance of these investments.

Webcast

Charles River has scheduled a live webcast on Wednesday, August 5, at 9:30 a.m. ET to discuss matters relating to this press release. To participate, please go to ir.criver.com and select the webcast link. You can also find the associated slide presentation and reconciliations of GAAP financial measures to non-GAAP financial measures on the website.

Estimates of COVID-19 Impact

In this press release, the Company has provided its estimates for the impact from the COVID-19 pandemic, including on the Company's revenue. These estimates were determined using methodologies and assumptions that vary depending on the specific reporting segment and situation. For the Research Models and Services segment, estimates were primarily based on comparisons to daily historical research model sales volumes prior to the COVID-19 pandemic and the subsequent reduction in research model order activity associated with our clients' COVID-19 pandemic-related site closures and/or their reduced on-site activity, as well as our discussions with clients, particularly of our research model services and HemaCare businesses, with regard to revenue expectations and operational impacts from the COVID-19 pandemic. For the Discovery and Safety Assessment segment, estimates were based on multiple factors including, but not limited to, discussions with clients with regard to the cause of delays to discovery projects and safety assessment studies, location-specific actions to ensure employee safety in our facilities, the impact of remote versus in-person activities and services, and supply chain delays and other resource constraints. For the Manufacturing Support segment, estimates were based on multiple factors including, but not limited to, analysis of the sales impact due to the COVID-19 pandemic, assessments of idle instruments and the related revenue stream due to the inability to access clients' sites, as well as discussions with clients with regard to their revenue expectations and operations. Further, we assumed for the purposes of formulating these estimates that (1) restrictions on economic activity, including stay-in-place orders and other similar government actions, will largely not be re-imposed for the remainder of the fiscal year; (2) the global economy, as it relates to demand for Charles River's products and services, will gradually improve through the remainder of 2020; and (3) most of the Company's essential personnel will be able to work on-site and that it will have the adequate supplies and resources to support its businesses. In addition, the estimated revenue loss related to COVID-19 is expected to be partially offset by incremental work on clients' COVID-19 programs. Because these estimates and assumptions involve risks and uncertainties, actual events and results may differ materially from these estimates and assumptions, and Charles River assumes no obligation and expressly disclaims any duty to update them.

Non-GAAP Reconciliations

The Company reports non-GAAP results in this press release, which exclude often-one-time charges and other items that are outside of normal operations. A reconciliation of GAAP to non-GAAP results is provided in the schedules at the end of this press release.

Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, such as non-GAAP earnings per diluted share, which exclude the amortization of intangible assets, and other charges related to our acquisitions; expenses associated with evaluating and integrating acquisitions and divestitures, as well as fair value adjustments associated with contingent consideration; charges, gains, and losses attributable to businesses or properties we plan to close, consolidate, or divest; severance and other costs associated with our efficiency initiatives; the write-off of deferred financing costs and fees related to debt financing; third-party costs associated with the remediation of unauthorized access into our information systems detected in March 2019; the non-cash tax benefit related to our international financing structure; charges related to the planned settlement of our U.S. pension plan; charges recorded in connection with the modification of our option to purchase equity in one of our joint ventures; and investment gains or losses associated with our venture capital and other strategic investments. This press release also refers to our revenue in both a GAAP and non-GAAP basis: "constant currency," which we define as reported revenue growth adjusted for the impact of foreign currency translation, and "organic revenue growth," which we define as reported revenue growth adjusted for foreign currency translation, acquisitions, and divestitures. We exclude these items from the non-GAAP financial measures because they are outside our normal operations. Commencing in the first quarter of 2019, we exclude the performance of our venture capital and other strategic investments due to the determination that such investment gains or losses are not core to our overall operations. There are limitations in using non-GAAP financial measures, as they are not presented in accordance with generally accepted accounting principles, and may be different than non-GAAP financial measures used by other companies. In particular, we believe that the inclusion of supplementary non-GAAP financial measures in this press release helps investors to gain a meaningful understanding of our core operating results and future prospects without the effect of these often-one-time charges, and is consistent with how management measures and forecasts the Company's performance, especially when comparing such results to prior periods or forecasts. We believe that the financial impact of our acquisitions and divestitures (and in certain cases, the evaluation of such acquisitions and divestitures, whether or not ultimately consummated) is often large relative to our overall financial performance, which can adversely affect the comparability of our results on a period-to-period basis. In addition, certain activities and their underlying associated costs, such as business acquisitions, generally occur periodically but on an unpredictable basis. We calculate non-GAAP integration costs to include third-party integration costs incurred post-acquisition. Presenting revenue on an organic basis allows investors to measure our revenue growth exclusive of acquisitions, divestitures, and foreign currency exchange fluctuations more clearly. Non-GAAP results also allow investors to compare the Company's operations against the financial results of other companies in the industry who similarly provide non-GAAP results. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations presented in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules and regulations. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in this press release, and can also be found on the Company's website at ir.criver.com.

Caution Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "will," "would," "may," "estimate," "plan," "outlook," and "project," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements also include statements regarding the impact of the COVID-19 pandemic; the projected future financial performance of Charles River and our specific businesses; the future demand for drug discovery and development products and services, including our expectations for future revenue trends; our expectations with respect to the impact of acquisitions, including the acquisition of HemaCare and Cellero, on the Company, our service offerings, client perception, strategic relationships, revenue, revenue growth rates, and earnings; the development and performance of our services and products, including our investments in our portfolio; market and industry conditions including the outsourcing of services and spending trends by our clients; and Charles River's future performance as delineated in our revised forward-looking guidance, and particularly our expectations with respect to revenue, the impact of foreign exchange, enhanced efficiency initiatives, and the assumptions surrounding the COVID-19 pandemic that form the basis for our revised annual guidance. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: the COVID-19 pandemic, its duration, its impact on our business, results of operations, financial condition, liquidity, business practices, operations, suppliers, third party service providers, clients, employees, industry, ability to meet future performance obligations, ability to efficiently implement advisable safety precautions, and internal controls over financial reporting; the COVID-19 pandemic's impact on client demand, the global economy and financial markets; the ability to successfully integrate businesses we acquire; the timing and magnitude of our share repurchases; negative trends in research and development spending, negative trends in the level of outsourced services, or other cost reduction actions by our clients; the ability to convert backlog to revenue; special interest groups; contaminations; industry trends; new displacement technologies; USDA and FDA regulations; changes in law; the impact of Brexit; continued availability of products and supplies; loss of key personnel; interest rate and foreign currency exchange rate fluctuations; changes in tax regulation and laws; changes in generally accepted accounting principles; and any changes in business, political, or economic conditions due to the threat of future terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 11, 2020 and the Quarterly Report on Form 10-Q as filed on May 7, 2020, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this press release except as required by law.

About Charles River

Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.

 
                                                                                                                                                   CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                                                                                          
                                                                                                                                                                     SCHEDULE 1
                                                                                                                                               CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                                                                                                                                                      (in thousands, except for per share data)
                                                                                                                                          
         Three Months Ended                   Three Months Ended                                                             Three Months Ended                                                      Six Months Ended                                                         Six Months Ended
------------------------------------ ------------------------------------ --------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------
            June 27, 2020                        June 27, 2020                               June 27, 2020                      June 29, 2019                       June 29, 2019                      June 27, 2020                        June 27, 2020                       June 29, 2019                        June 29, 2019
------------------------------------ ------------------------------------ ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                          
Service revenue                                                                              $ 550,561                      $                    $ 505,880                      $                    $ 1,097,153                      $                    $   956,822  
Product revenue                                                             132,023       151,688         292,490         305,315  
                                                                          -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
  Total revenue                                                             682,584       657,568       1,389,643       1,262,137  
Costs and expenses:
  Cost of services provided (excluding amortization of intangible assets)   374,938       345,369         747,762         662,169  
  Cost of products sold (excluding amortization of intangible assets)        75,408        74,095         157,582         150,087  
  Selling, general and administrative                                       127,712       135,941         257,613         258,515  
  Amortization of intangible assets                                          27,758        22,395          55,637          41,806  
                                                                          -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income                                                             76,768        79,768         171,049         149,560  
Other income (expense):
  Interest income                                                               276           274             592             453  
  Interest expense                                                          (19,352 )                        (20,835 )                          (34,419 )                          (30,822 )
  Other income (expense), net                                                26,260          (213 )                            2,189           6,093  
                                                                          -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Income from operations, before income taxes                                  83,952        58,994         139,411         125,284  
Provision for income taxes                                                   16,284        14,685          20,906          25,287  
                                                                          -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net income                                                                   67,668        44,309         118,505          99,997  
  Less: Net income attributable to noncontrolling interests                     233           581             301           1,136  
                                                                          -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net income attributable to common shareholders                                               $  67,435                      $                    $  43,728                      $                    $   118,204                      $                    $    98,861  
                                                                          ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                          
Earnings per common share
Net income attributable to common shareholders:
  Basic                                                                                      $    1.36                      $                    $    0.90                      $                    $      2.39                      $                    $      2.03  
  Diluted                                                                                    $    1.34                      $                    $    0.88                      $                    $      2.36                      $                    $      1.99  
                                                                                                                                          
Weighted-average number of common shares outstanding;
  Basic                                                                      49,553        48,772          49,371          48,615  
                                                                                                                                                 CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                                                                                                                   SCHEDULE 2
                                                                                                                                                CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                                                                                                                                    (in thousands, except per share amounts)
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                    
                                                                                                   June 27, 2020                                                                                                                       June 27, 2020                     December 28, 2019                    December 28, 2019
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------ ----------------------------------------------------
Assets
Current assets:
  Cash and cash equivalents                                                                                                                                                                                                           $   402,020                      $                    $   238,014  
  Trade receivables, net                                                                                                                                                                                               532,531         514,033  
  Inventories                                                                                                                                                                                                          168,366         160,660  
  Prepaid assets                                                                                                                                                                                                        66,746          52,588  
  Other current assets                                                                                                                                                                                                  65,062          56,030  
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total current assets                                                                                                                                                                                             1,234,725       1,021,325  
Property, plant and equipment, net                                                                                                                                                                                   1,028,005       1,044,128  
Operating lease right-of-use assets, net                                                                                                                                                                               169,192         140,085  
Goodwill                                                                                                                                                                                                             1,735,641       1,540,565  
Client relationships, net                                                                                                                                                                                              732,221         613,573  
Other intangible assets, net                                                                                                                                                                                            73,970          75,840  
Deferred tax assets                                                                                                                                                                                                     42,759          44,659  
Other assets                                                                                                                                                                                                           224,371         212,615  
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total assets                                                                                                                                                                                                                      $ 5,240,884                      $                    $ 4,692,790  
                                                                                                                                                                                                                   ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                       
     
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
  Current portion of long-term debt and finance leases                                                                                                                                                                                $    53,713                      $                    $    38,545  
  Accounts payable                                                                                                                                                                                                      82,978         111,498  
  Accrued compensation                                                                                                                                                                                                 167,957         158,617  
  Deferred revenue                                                                                                                                                                                                     170,410         171,805  
  Accrued liabilities                                                                                                                                                                                                  144,239         139,118  
  Other current liabilities                                                                                                                                                                                            108,639          90,598  
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total current liabilities                                                                                                                                                                                          727,936         710,181  
Long-term debt, net and finance leases                                                                                                                                                                               2,207,157       1,849,666  
Operating lease right-of-use liabilities                                                                                                                                                                               147,348         116,252  
Deferred tax liabilities                                                                                                                                                                                               201,792         167,283  
Other long-term liabilities                                                                                                                                                                                            176,042         182,933  
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total liabilities                                                                                                                                                                                                3,460,275       3,026,315  
Redeemable noncontrolling interests                                                                                                                                                                                     23,884          28,647  
Equity:
  Preferred stock, $0.01 par value; 20,000 shares authorized; no shares issued and outstanding                                                                                                                               -               -  
  Common stock, $0.01 par value; 120,000 shares authorized; 49,804 shares issued and 49,659 shares outstanding as of June 27, 2020, and 48,936 shares issued and 48,936 shares outstanding as of December 28, 2019         498             489  
  Additional paid-in capital                                                                                                                                                                                         1,590,117       1,531,785  
  Retained earnings                                                                                                                                                                                                    398,533         280,329  
  Treasury stock, at cost, 145 and 0 shares, as of June 27, 2020 and December 28, 2019, respectively                                                                                                                   (23,793 )                                -  
  Accumulated other comprehensive loss                                                                                                                                                                                (212,714 )                         (178,019 )
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total equity attributable to common shareholders                                                                                                                                                                     1,752,641       1,634,584  
Noncontrolling interest                                                                                                                                                                                                  4,084           3,244  
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
  Total equity                                                                                                                                                                                                       1,756,725       1,637,828  
                                                                                                                                                                                                                   -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                              CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                   
                                                                                                                                                SCHEDULE 3
                                                                                                                        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                                                                                                                              (in thousands)
                                                                                                                                                                           
                                  Six Months Ended                                                                      Six Months Ended                                                                                           Six Months Ended
------------------------------------------------------------------------------------ -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------
                                    June 27, 2020                                                                         June 27, 2020                                                         June 27, 2020                        June 29, 2019                        June 29, 2019
------------------------------------------------------------------------------------ -------------------------------------------------------------------------------------- ------------------------------------------------------------------------- -----------------------------------------------------
Cash flows relating to operating activities                                          Cash flows relating to operating activities
Net income                                                                           Net income                                                                                                $    118,505                      $                    $     99,997  
Adjustments to reconcile net income to net cash provided by operating activities:      Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                          Depreciation and amortization                                                             114,468           94,504  
Stock-based compensation                                                               Stock-based compensation                                                                   24,103           29,404  
Deferred income taxes                                                                  Deferred income taxes                                                                         148           (1,347 )
Gain on venture capital and strategic equity investments, net                          Gain on venture capital and strategic equity investments, net                             (11,876 )                            (6,321 )
Other, net                                                                             Other, net                                                                                 10,487            3,312  
Changes in assets and liabilities:                                                     Changes in assets and liabilities:
Trade receivables, net                                                                 Trade receivables, net                                                                    (19,371 )                           (36,538 )
Inventories                                                                            Inventories                                                                                (1,901 )                            (2,565 )
Accounts payable                                                                       Accounts payable                                                                          (25,619 )                            18,195  
Accrued compensation                                                                   Accrued compensation                                                                        8,728          (25,421 )
Deferred revenue                                                                       Deferred revenue                                                                           (3,273 )                              (241 )
Customer contract deposits                                                             Customer contract deposits                                                                  8,276          (10,918 )
Other assets and liabilities, net                                                      Other assets and liabilities, net                                                           8,221          (17,649 )
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash provided by operating activities                                              Net cash provided by operating activities                                                 230,896          144,412  
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash flows relating to investing activities                                          Cash flows relating to investing activities
Acquisition of businesses and assets, net of cash acquired                             Acquisition of businesses and assets, net of cash acquired                               (382,250 )                          (492,381 )
Capital expenditures                                                                   Capital expenditures                                                                      (52,521 )                           (41,512 )
Purchases of investments and contributions to venture capital investments              Purchases of investments and contributions to venture capital investments                 (12,064 )                           (14,753 )
Proceeds from sale of investments                                                      Proceeds from sale of investments                                                           5,681               15  
Other, net                                                                             Other, net                                                                                 (1,157 )                              (607 )
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash used in investing activities                                                  Net cash used in investing activities                                                    (442,311 )                          (549,238 )
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash flows relating to financing activities                                          Cash flows relating to financing activities
Proceeds from long-term debt and revolving credit facility                             Proceeds from long-term debt and revolving credit facility                              1,411,953        1,485,731  
Proceeds from exercises of stock options                                               Proceeds from exercises of stock options                                                   36,608           23,853  
Payments on long-term debt, revolving credit facility, and finance lease obligations   Payments on long-term debt, revolving credit facility, and finance lease obligations   (1,045,235 )                        (1,076,761 )
Purchase of treasury stock                                                             Purchase of treasury stock                                                                (23,793 )                           (17,883 )
Other, net                                                                             Other, net                                                                                 (4,417 )                           (10,516 )
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash provided by financing activities                                              Net cash provided by financing activities                                                 375,116          404,424  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash       Effect of exchange rate changes on cash, cash equivalents, and restricted cash                  295            5,670  
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net change in cash, cash equivalents, and restricted cash                            Net change in cash, cash equivalents, and restricted cash                                   163,996            5,268  
Cash, cash equivalents, and restricted cash, beginning of period                     Cash, cash equivalents, and restricted cash, beginning of period                            240,046          197,318  
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash, cash equivalents, and restricted cash, end of period                           Cash, cash equivalents, and restricted cash, end of period                                                $    404,042                      $                    $    202,586  
                                                                                                                                                                            ==================== ========== ==================== ==================== ==================== ========== ====================
                                                                                                                                                                                              
                                                                                        
Supplemental cash flow information:                                                  Supplemental cash flow information:
Cash and cash equivalents                                                              Cash and cash equivalents                                                                               $    402,020                      $                    $    200,589  
Restricted cash included in Other current assets                                       Restricted cash included in Other current assets                                              465              498  
Restricted cash included in Other assets                                               Restricted cash included in Other assets                                                    1,557            1,499  
                                                                                                                                                                            -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                                                           CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                                                                                                                                                      
                                                                                                                                                                                                             SCHEDULE 4
                                                                                                                                                                                                 RECONCILIATION OF GAAP TO NON-GAAP
                                                                                                                                                                                        SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)(1)
                                                                                                                                                                                                 (in thousands, except percentages)
                                                                                                                                                                                                      
                        Three Months Ended                                                Three Months Ended                         Three Months Ended                                                     Three Months Ended                                                      Six Months Ended                                                         Six Months Ended
------------------------------------------------------------------ ---------------------------------------------------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------
                           June 27, 2020                                                     June 27, 2020                              June 27, 2020                       June 27, 2020                      June 29, 2019                       June 29, 2019                      June 27, 2020                        June 27, 2020                       June 29, 2019                        June 29, 2019
------------------------------------------------------------------ ---------------------------------------------------------------- -------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
Research Models and Services
    Revenue                                                          Revenue                                                                           $                    $ 116,549                      $                    $ 136,054                      $                    $   262,545                      $                    $   273,226  
    Operating income                                                 Operating income                                                     3,844        31,512          31,217          69,344  
    Operating income as a % of revenue                               Operating income as a % of revenue                                     3.3                    %        23.2                    %          11.9                    %          25.4                    %
    Add back:                                                        Add back:
    Amortization related to acquisitions                               Amortization related to acquisitions                               5,919           349          11,571             701  
    Severance                                                          Severance                                                            509           565             500             725  
    Acquisition related adjustments (2)(3)                             Acquisition related adjustments (2)(3)                               292         2,201             577           2,201  
    Site consolidation costs, impairments and other items              Site consolidation costs, impairments and other items                 30            76             259             257  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total non-GAAP adjustments to operating income                   Total non-GAAP adjustments to operating income                                    $                    $   6,750                      $                    $   3,191                      $                    $    12,907                      $                    $     3,884  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Operating income, excluding non-GAAP adjustments                 Operating income, excluding non-GAAP adjustments                                  $                    $  10,594                      $                    $  34,703                      $                    $    44,124                      $                    $    73,228  
    Non-GAAP operating income as a % of revenue                      Non-GAAP operating income as a % of revenue                            9.1                    %        25.5                    %          16.8                    %          26.8                    %
                                                                                                                                                                                                                                            
                                                     
    Depreciation and amortization                                    Depreciation and amortization                                                     $                    $   9,126                      $                    $   4,981                      $                    $    17,878                      $                    $     9,303  
    Capital expenditures                                             Capital expenditures                                                              $                    $   6,621                      $                    $   5,049                      $                    $    12,033                      $                    $     9,161  
                                                                                                                                                                                                                                            
                                                     
Discovery and Safety Assessment
    Revenue                                                          Revenue                                                                           $                    $ 442,564                      $                    $ 405,517                      $                    $   881,247                      $                    $   759,714  
    Operating income                                                 Operating income                                                    72,241        63,514         144,524         110,219  
    Operating income as a % of revenue                               Operating income as a % of revenue                                    16.3                    %        15.7                    %          16.4                    %          14.5                    %
    Add back:                                                        Add back:
    Amortization related to acquisitions                               Amortization related to acquisitions                              23,128        19,772          46,135          36,507  
    Severance                                                          Severance                                                          3,481           672           3,564             685  
    Acquisition related adjustments (3)                                Acquisition related adjustments (3)                                1,095         1,738           2,384           3,992  
    Site consolidation costs, impairments and other items              Site consolidation costs, impairments and other items              2,934             -           2,934               -  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total non-GAAP adjustments to operating income                   Total non-GAAP adjustments to operating income                                    $                    $  30,638                      $                    $  22,182                      $                    $    55,017                      $                    $    41,184  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Operating income, excluding non-GAAP adjustments                 Operating income, excluding non-GAAP adjustments                                  $                    $ 102,879                      $                    $  85,696                      $                    $   199,541                      $                    $   151,403  
    Non-GAAP operating income as a % of revenue                      Non-GAAP operating income as a % of revenue                           23.2                    %        21.1                    %          22.6                    %          19.9                    %
                                                                                                                                                                                                                                            
                                                     
    Depreciation and amortization                                    Depreciation and amortization                                                     $                    $  41,101                      $                    $  37,549                      $                    $    82,431                      $                    $    71,333  
    Capital expenditures                                             Capital expenditures                                                              $                    $  16,175                      $                    $  15,141                      $                    $    30,904                      $                    $    23,989  
                                                                                                                                                                                                                                            
                                                     
Manufacturing Support
    Revenue                                                          Revenue                                                                           $                    $ 123,471                      $                    $ 115,997                      $                    $   245,851                      $                    $   229,197  
    Operating income                                                 Operating income                                                    42,930        33,141          84,042          64,640  
    Operating income as a % of revenue                               Operating income as a % of revenue                                    34.8                    %        28.6                    %          34.2                    %          28.2                    %
    Add back:                                                        Add back:
    Amortization related to acquisitions                               Amortization related to acquisitions                               2,217         2,274           4,464           4,598  
    Severance                                                          Severance                                                          1,396            74           1,652             301  
    Acquisition related adjustments (3)                                Acquisition related adjustments (3)                                 (423 )                            106            (421 )                              156  
    Site consolidation costs, impairments and other items              Site consolidation costs, impairments and other items                  -           297               -           1,305  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total non-GAAP adjustments to operating income                   Total non-GAAP adjustments to operating income                                    $                    $   3,190                      $                    $   2,751                      $                    $     5,695                      $                    $     6,360  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Operating income, excluding non-GAAP adjustments                 Operating income, excluding non-GAAP adjustments                                  $                    $  46,120                      $                    $  35,892                      $                    $    89,737                      $                    $    71,000  
    Non-GAAP operating income as a % of revenue                      Non-GAAP operating income as a % of revenue                           37.4                    %        30.9                    %          36.5                    %          31.0                    %
                                                                                                                                                                                                                                            
                                                     
    Depreciation and amortization                                    Depreciation and amortization                                                     $                    $   6,236                      $                    $   5,782                      $                    $    12,602                      $                    $    11,587  
    Capital expenditures                                             Capital expenditures                                                              $                    $   3,037                      $                    $   4,272                      $                    $     8,198                      $                    $     7,878  
                                                                                                                                                                                                                                            
                                                     
Unallocated Corporate Overhead                                                                                                                         $                    $ (42,247 )                                       $                    $ (48,399 )                                       $                    $   (88,734 )                                       $                    $   (94,643 )
    Add back:                                                        Add back:
    Acquisition related adjustments (3)                                Acquisition related adjustments (3)                                  869        12,470           7,852          17,892  
    Other items (4)                                                    Other items (4)                                                     (463 )                          1,029            (750 )                            1,029  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total non-GAAP adjustments to operating expense                  Total non-GAAP adjustments to operating expense                                   $                    $     406                      $                    $  13,499                      $                    $     7,102                      $                    $    18,921  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Unallocated corporate overhead, excluding non-GAAP adjustments   Unallocated corporate overhead, excluding non-GAAP adjustments                    $                    $ (41,841 )                                       $                    $ (34,900 )                                       $                    $   (81,632 )                                       $                    $   (75,722 )
                                                                                                                                                                                                                                            
                                                     
Total
    Revenue                                                          Revenue                                                                           $                    $ 682,584                      $                    $ 657,568                      $                    $ 1,389,643                      $                    $ 1,262,137  
    Operating income                                                 Operating income                                                    76,768        79,768         171,049         149,560  
    Operating income as a % of revenue                               Operating income as a % of revenue                                    11.2                    %        12.1                    %          12.3                    %          11.8                    %
    Add back:                                                        Add back:
    Amortization related to acquisitions                               Amortization related to acquisitions                              31,264        22,395          62,170          41,806  
    Severance                                                          Severance                                                          5,386         1,311           5,716           1,711  
    Acquisition related adjustments (2)(3)                             Acquisition related adjustments (2)(3)                             1,833        16,515          10,392          24,241  
    Site consolidation costs, impairments and other items (4)          Site consolidation costs, impairments and other items (4)          2,501         1,402           2,443           2,591  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Total non-GAAP adjustments to operating income                   Total non-GAAP adjustments to operating income                                    $                    $  40,984                      $                    $  41,623                      $                    $    80,721                      $                    $    70,349  
                                                                                                                                    -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
    Operating income, excluding non-GAAP adjustments                 Operating income, excluding non-GAAP adjustments                                  $                    $ 117,752                      $                    $ 121,391                      $                    $   251,770                      $                    $   219,909  
    Non-GAAP operating income as a % of revenue                      Non-GAAP operating income as a % of revenue                           17.3                    %        18.5                    %          18.1                    %          17.4                    %
                                                                                                                                                                                                                                            
                                                     
    Depreciation and amortization                                    Depreciation and amortization                                                     $                    $  57,208                      $                    $  49,146                      $                    $   114,468                      $                    $    94,504  
(1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
(2) This amount represents a $2.2 million charge recorded in connection with the modification of the option to purchase the remaining 8% equity interest in Vital River in the three and six months ended June 29, 2019.
(3) These adjustments are related to the evaluation and integration of acquisitions, which primarily include transaction, third-party integration, and certain compensation costs, and fair value adjustments associated with contingent consideration.
                                                                                                                                                    CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                                                                                                                      SCHEDULE 5
                                                                                                                                          RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (UNAUDITED)(1)
                                                                                                                                                         (in thousands, except per share data)
                                                                                                                                             
           Three Months Ended                      Three Months Ended                                                              Three Months Ended                                                     Six Months Ended                                                       Six Months Ended
--------------------------------------- --------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------
              June 27, 2020                           June 27, 2020                                June 27, 2020                      June 29, 2019                      June 29, 2019                      June 27, 2020                       June 27, 2020                      June 29, 2019                       June 29, 2019
--------------------------------------- --------------------------------------- ---------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------------------------- --------------------------------------------------
                                                                                                                                             
Net income attributable to common shareholders                                                     $  67,435                      $                    $ 43,728                      $                    $ 118,204                      $                    $  98,861  
Add back:
  Non-GAAP adjustments to operating income (Refer to Schedule 4)                   40,984       41,623        80,721        70,349  
  Venture capital and strategic equity investment (gains) losses, net             (23,911 )                         4,254       (11,876 )                         (6,321 )
Tax effect of non-GAAP adjustments:
  Non-cash tax benefit related to international financing structure (2)             1,113            -         2,186             -  
  Tax effect of the remaining non-GAAP adjustments                                 (6,020 )                        (8,491 )                        (17,824 )                        (12,371 )
                                                                                -------------------- ------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Net income attributable to common shareholders, excluding non-GAAP adjustments                     $  79,601                      $                    $ 81,114                      $                    $ 171,411                      $                    $ 150,518  
                                                                                ==================== ======= ==================== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                             
Weighted average shares outstanding - Basic                                        49,553       48,772        49,371        48,615  
Effect of dilutive securities:
  Stock options, restricted stock units and performance share units                   693          890           747           984  
                                                                                -------------------- ------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Weighted average shares outstanding - Diluted                                      50,246       49,662        50,118        49,599  
                                                                                ==================== ======= ==================== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                          
Earnings per share attributable to common shareholders:
  Basic                                                                                            $    1.36                      $                    $   0.90                      $                    $    2.39                      $                    $    2.03  
  Diluted                                                                                          $    1.34                      $                    $   0.88                      $                    $    2.36                      $                    $    1.99  
                                                                                                                                             
  Basic, excluding non-GAAP adjustments                                                            $    1.61                      $                    $   1.66                      $                    $    3.47                      $                    $    3.10  
(1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
                                  
   CHARLES RIVER LABORATORIES INTERNATIONAL, INC.                                                                          CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                  
                     SCHEDULE 6                                                                                                              SCHEDULE 6
        RECONCILIATION OF GAAP REVENUE GROWTH                                                                                   RECONCILIATION OF GAAP REVENUE GROWTH
 TO NON-GAAP REVENUE GROWTH, ORGANIC (UNAUDITED) (1)                                                                     TO NON-GAAP REVENUE GROWTH, ORGANIC (UNAUDITED) (1)
                                                  
                                                  
Three Months Ended June 27, 2020                                               Total CRL            Total CRL           RMS Segment          RMS Segment          DSA Segment          DSA Segment          MS Segment           MS Segment
                                                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                  
Revenue growth, reported                                                                3.8 %                3.8 %              (14.3)%              (14.3)%                9.1 %                9.1 %                6.4 %                6.4 %
  Decrease due to foreign exchange                                                      0.8 %                0.8 %                0.6 %                0.6 %                0.8 %                0.8 %                1.6 %                1.6 %
  Contribution from acquisitions (2)                                                   (3.2)%               (3.2)%               (4.7)%               (4.7)%               (3.7)%               (3.7)%                  - %                  - %
                                                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Non-GAAP revenue growth, organic (3)                                                    1.4 %                1.4 %              (18.4)%              (18.4)%                6.2 %                6.2 %                8.0 %                8.0 %
                                                                         ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                  
Six Months Ended June 27, 2020                                                 Total CRL            Total CRL           RMS Segment          RMS Segment          DSA Segment          DSA Segment          MS Segment           MS Segment
                                                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                  
Revenue growth, reported                                                               10.1 %               10.1 %               (3.9)%               (3.9)%               16.0 %               16.0 %                7.3 %                7.3 %
  Decrease due to foreign exchange                                                      0.8 %                0.8 %                0.7 %                0.7 %                0.6 %                0.6 %                1.5 %                1.5 %
  Contribution from acquisitions (2)                                                   (6.2)%               (6.2)%               (6.8)%               (6.8)%               (7.9)%               (7.9)%                  - %                  - %
                                                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
(2) The contribution from acquisitions reflects only completed acquisitions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200805005288/en/

SOURCE: Charles River Laboratories International, Inc.">

Investor Contacts:
Todd Spencer
Corporate Vice President,
Investor Relations
781.222.6455
todd.spencer@crl.com 


Media Contact:
Amy Cianciaruso
Corporate Vice President,
Public Relations
781.222.6168
amy.cianciaruso@crl.com
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