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Company profile

KKR Income Opportunities Fund (Fund) is a closed-end registered management investment company. The Fund’s primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The fund is primarily engaged in investing targeted portfolio of loans and fixed-income instruments (including derivatives) of United States and non-United States issuers and implementing hedging strategies in order to seek to achieve attractive risk-adjusted returns. The Fund invests at least 80% of its Managed Assets in loans and fixed-income instruments or other instruments, including derivative instruments. The Fund's investment advisor is KKR Credit Advisors (US) LLC.

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Charles River Laboratories Announces Third-Quarter 2021 Results

7:00 am ET November 3, 2021 (BusinessWire) Print

--- Third-Quarter GAAP Earnings per Share of $2.01 and Non-GAAP Earnings per Share of $2.70 -

--- Updates 2021 Guidance -

Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the third quarter of 2021. For the quarter, revenue was $895.9 million, an increase of 20.5% from $743.3 million in the third quarter of 2020.

Acquisitions contributed 5.9% to consolidated third-quarter revenue growth. The impact of foreign currency translation benefited reported revenue growth by 1.0%. Excluding the effect of these items, organic revenue growth was 13.6%, driven by contributions from all three business segments. The comparison to last year's COVID-19-related impact increased the reported and organic revenue growth rates in the third quarter of 2021 by 1.8% and 1.7%, respectively.

On a GAAP basis, third-quarter net income attributable to common shareholders was $103.4 million, an increase of 0.5% from net income of $102.9 million for the same period in 2020. Third-quarter diluted earnings per share on a GAAP basis were $2.01, a decrease of 1.0% from $2.03 for the third quarter of 2020. GAAP net income and earnings per share reflect higher revenue and a lower tax rate, which were offset by venture capital investment losses. GAAP net income and earnings per share included a loss from the Company's venture capital and other strategic investments of $0.15 per share in the third quarter of 2021, compared to a gain of $0.29 per share for the same period in 2020. 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 $139.1 million for the third quarter of 2021, an increase of 17.9% from $118.0 million for the same period in 2020. Third'quarter diluted earnings per share on a non-GAAP basis were $2.70, an increase of 15.9% from $2.33 per share for the third quarter of 2020. The non-GAAP net income and earnings per share increases were primarily driven by higher revenue and a lower tax rate.

James C. Foster, Chairman, President and Chief Executive Officer, said, "Our strong third-quarter results demonstrate the effectiveness of our strategy, the sustained strength of industry fundamentals, and the success we have had in becoming our clients' partner of choice from concept, to nonclinical development, to the safe manufacture of their life-saving therapeutics."

"We continue to add people and capacity to accommodate growing client demand and to build a scalable operating model; to enhance our scientifically distinguished portfolio; and to work with clients to devise outsourcing solutions which enable them to increase productivity and speed to market. We believe these efforts will enable us to achieve our strategic and financial goals, both in 2021 and over the longer term," Mr. Foster concluded.

Third-Quarter Segment Results

Research Models and Services (RMS)

Revenue for the RMS segment was $171.3 million in the third quarter of 2021, an increase of 12.7% from $151.9 million in the third quarter of 2020. The impact of foreign currency translation contributed 1.4% and the acquisition of Cellero contributed 0.6% to third-quarter RMS revenue. Organic revenue growth of 10.7% was primarily driven by robust demand for research models, particularly in China, as well as higher revenue for research model services, particularly the Genetically Engineered Models and Services (GEMS) business. Third-quarter revenue for the cell supply business, which consists of HemaCare and Cellero, continued to be impacted by limitations on donor availability. The comparison to last year's COVID-19-related impact increased the reported and organic revenue growth rates in the third quarter of 2021 by 2.2% and 2.1%, respectively.

In the third quarter of 2021, the RMS segment's GAAP operating margin decreased to 22.8% from 24.4% in the third quarter of 2020, and on a non-GAAP basis, the operating margin decreased to 26.1% from 27.7%. The GAAP and non-GAAP operating margin decreases were primarily driven by the cell supply business.

Discovery and Safety Assessment (DSA)

Revenue for the DSA segment was $531.8 million in the third quarter of 2021, an increase of 15.3% from $461.2 million in the third quarter of 2020. The impact of foreign currency translation contributed 0.9%, and the acquisitions of Distributed Bio and Retrogenix contributed 1.4% to DSA revenue growth. Organic revenue growth of 13.0% was driven by both the Safety Assessment and Discovery Services businesses. From a client perspective, biotechnology clients were the primary driver of DSA revenue growth, with solid contributions from global biopharmaceutical clients as well.

In the third quarter of 2021, the DSA segment's GAAP operating margin increased to 21.9% from 19.6% in the third quarter of 2020. The increase was primarily due to lower acquisition-related adjustments associated with contingent consideration. On a non-GAAP basis, the operating margin decreased by 90 basis points to 24.3% from 25.2% in the third quarter of 2020, primarily due to the impact of foreign currency translation, which reduced the DSA operating margin by approximately 70 basis points. In addition, a Discovery Services milestone payment received in the third quarter of 2020 contributed approximately 50 basis points to last year's DSA operating margin.

Manufacturing Solutions (Manufacturing)

Revenue for the Manufacturing segment was $192.9 million in the third quarter of 2021, an increase of 48.1% from $130.2 million in the third quarter of 2020. The impact of foreign currency translation contributed 1.1%, and the acquisitions of Cognate BioServices (Cognate) and Vigene Biosciences (Vigene) contributed 27.9% to third-quarter Manufacturing revenue. Organic revenue growth of 19.1% was driven primarily by robust demand in the Biologics Testing Solutions and Microbial Solutions businesses. The comparison to last year's COVID-19-related impact increased the reported and organic revenue growth rates in the third quarter of 2021 by 4.4% and 3.5%, respectively.

In the third quarter of 2021, the Manufacturing segment's GAAP operating margin decreased to 25.2% from 37.1% in the third quarter of 2020, and on a non-GAAP basis, the operating margin decreased to 32.7% from 39.1%. The GAAP and non-GAAP operating margin decreases were driven primarily by the addition of the Cognate and Vigene CDMO businesses. The GAAP operating margin also declined due to amortization of intangible assets and acquisition-related costs associated with the transactions.

Updates 2021 Guidance

The Company is updating its 2021 financial guidance, which was previously provided on August 4, 2021. The Company completed the divestitures of its RMS operations in Japan and its CDMO site in Sweden on October 12th. The effect of these transactions will reduce revenue by nearly $20 million and non-GAAP diluted earnings per share by less than $0.10 in the fourth quarter of 2021. The divestitures have been reflected in the updated 2021 financial guidance.

The primary drivers of the updated reported revenue growth guidance are the impact of foreign exchange and the divestitures. Foreign currency translation is now expected to benefit reported revenue growth by 1.5% to 2.0% in 2021, compared to the prior outlook of a 2.5% benefit.

The Company is updating its GAAP and non-GAAP earnings per share guidance, primarily to reflect a lower-than-expected tax rate driven by R&D tax credits and a favorable excess tax benefit from stock-based compensation, partially offset by the impact of the divestitures. On a GAAP basis, the updated guidance also reflects a gain related to the sale of the Company's RMS Japan operations.

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

2021 GUIDANCE                                                   CURRENT                         PRIOR
--------------------------------------------------- ------------------------------ ------------------------------
Revenue growth, reported
                                                        19.5% - 20.5%    20.5% - 22.5%
Less: Contribution from acquisitions/
divestitures, net (1)                                 (4.0%) - (4.5%)              (5.0%)
Unfavorable/(favorable) impact of foreign exchange
                                                      (1.5%) - (2.0%)              (2.5%)
--------------------------------------------------- ------------------------------ ------------------------------
Revenue growth, organic (2)
                                                       13.5% - 14.5%       13% - 15%
--------------------------------------------------- ------------------------------ ------------------------------
GAAP EPS estimate
                                                       $7.05 - $7.15     $6.55 - $6.80
Acquisition-related amortization
                                                       $1.90 - $1.95     $1.90 - $2.00
Acquisition and integration-related adjustments (3)
                                                       $0.65 - $0.70     $0.70 - $0.80
Gain on the sale of RMS Japan
                                                                ($0.40)                           --
Other items (4)
                                                                 $0.70                $0.70 - $0.75
Venture capital and other strategic
investment losses/(gains), net (5)                                $0.26                          $0.10
--------------------------------------------------- ------------------------------ ------------------------------
Non-GAAP EPS estimate
                                                      $10.20 - $10.30   $10.10 - $10.35
--------------------------------------------------- ------------------------------ ------------------------------

Footnotes to Guidance Table:

(1) The contribution from acquisitions/divestitures (net) reflects only those transactions that have been completed. (2) Organic revenue growth is defined as reported revenue growth adjusted for acquisitions, divestitures, and foreign currency translation. (3) These adjustments are related to the evaluation and integration of acquisitions and divestitures, and primarily include transaction, advisory, and certain third-party integration costs, as well as adjustments related to contingent consideration and certain costs associated with acquisition-related efficiency initiatives. (4) These items primarily relate to charges of a) approximately $0.30 associated with U.S. and international tax legislation, and b) approximately $0.40 associated with debt extinguishment costs and the write-off of deferred financing costs related to debt refinancing. (5) Venture capital and other strategic investment performance only includes recognized gains or losses. The Company does not forecast the future performance of these investments. (6) Reconciliation of the current 2021 free cash flow guidance is as follows: Cash flow from operating activities of approximately $720 million, less capital expenditures of approximately $220 million, equates to free cash flow of approximately $500 million.

Webcast

Charles River has scheduled a live webcast on Wednesday, November 3, at 9:00 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.

Credit Suisse Healthcare Conference Presentation

Charles River will virtually present at the Credit Suisse 30th Annual Healthcare Conference, on Tuesday, November 9th, at 10:30 a.m. ET. Management will provide an overview of Charles River's strategic focus and business developments.

A live webcast of the presentation will be available through a link that will be posted on ir.criver.com. A webcast replay will be accessible through the same website shortly after the presentation and will remain available for approximately two weeks.

Non-GAAP Reconciliations

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 and divestitures; 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 impact of the termination of the Company's U.S. pension plan; 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; investment gains or losses associated with our venture capital and other strategic equity investments; certain costs in our Microbial Solutions business related to environmental litigation; and adjustments related to the recognition of deferred tax assets expected to be utilized as a result of changes to the our international financing structure and the revaluation of deferred tax liabilities as a result of foreign tax legislation. This press release also refers to our revenue in both a GAAP and non-GAAP basis: "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. 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 and divestitures completed in 2020 and 2021 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 (including Cognate BioServices and Vigene Biosciences, and risks and uncertainties associated with Cognate's and Vigene's products and services, which are in areas that the Company did not previously operate); 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 17, 2021 and the Quarterly Report on Form 10-Q as filed on August 4, 2021, 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.

Assessment of COVID-19 Impact in 2020

In this press release, the Company has provided its assessment for the impact from the COVID-19 pandemic in 2020, including on the Company's revenue. This assessment was determined using methodologies, assumptions, and estimates that vary depending on the specific reporting segment and situation. For the Research Models and Services segment, the assessment was 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, the assessment was 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 Solutions segment, the assessment was 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 streams due to the inability to access clients' sites, as well as discussions with clients with regard to their revenue expectations and operations. The estimated revenue loss related to COVID-19 was also expected to be partially offset by incremental work on clients' COVID-19 programs. Because this assessment involves 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.

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                                                             Three Months Ended                                                      Nine Months Ended                                                        Nine Months Ended
----------------------------------------------------------------------- ------------------------------------- ------------------------------------- --------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------
                           September 25, 2021                                     September 25, 2021                    September 25, 2021                          September 25, 2021                 September 26, 2020                  September 26, 2020                 September 25, 2021                   September 25, 2021                  September 26, 2020                   September 26, 2020
----------------------------------------------------------------------- ------------------------------------- ------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                 
Service revenue                                                         Service revenue                                                                                $ 703,859                      $                    $ 580,774                      $                    $ 2,045,760                      $                    $ 1,677,927  
Product revenue                                                         Product revenue                                                               192,078       162,526         589,350         455,016  
                                                                                                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total revenue                                                              Total revenue                                                              895,937       743,300       2,635,110       2,132,943  
Costs and expenses:                                                     Costs and expenses:
Cost of services provided (excluding amortization of intangible assets)    Cost of services provided (excluding amortization of intangible assets)    468,659       377,226       1,369,396       1,124,988  
Cost of products sold (excluding amortization of intangible assets)        Cost of products sold (excluding amortization of intangible assets)         90,051        76,800         278,188         234,382  
Selling, general and administrative                                        Selling, general and administrative                                        148,573       128,289         475,807         385,902  
Amortization of intangible assets                                          Amortization of intangible assets                                           32,852        28,232          94,664          83,869  
                                                                                                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income                                                        Operating income                                                              155,802       132,753         417,055         303,802  
Other income (expense):                                                 Other income (expense):
Interest income                                                            Interest income                                                                137           179             343             771  
Interest expense                                                           Interest expense                                                           (16,455 )                        (18,867 )                          (62,364 )                          (53,286 )
Other (expense) income, net                                                Other (expense) income, net                                                (16,214 )                         21,211         (37,966 )                           23,400  
                                                                                                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Income before income taxes                                              Income before income taxes                                                    123,270       135,276         317,068         274,687  
Provision for income taxes                                              Provision for income taxes                                                     18,111        32,665          58,058          53,571  
                                                                                                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net income                                                              Net income                                                                    105,159       102,611         259,010         221,116  
Less: Net income (expense) attributable to noncontrolling interests        Less: Net income (expense) attributable to noncontrolling interests          1,733          (298 )                            5,606               3  
                                                                                                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net income attributable to common shareholders                          Net income attributable to common shareholders                                                 $ 103,426                      $                    $ 102,909                      $                    $   253,404                      $                    $   221,113  
                                                                                                                                                    ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                 
Earnings per common share                                               Earnings per common share
Net income attributable to common shareholders:                         Net income attributable to common shareholders:
Basic                                                                      Basic                                                                                       $    2.05                      $                    $    2.07                      $                    $      5.04                      $                    $      4.47  
Diluted                                                                    Diluted                                                                                     $    2.01                      $                    $    2.03                      $                    $      4.93                      $                    $      4.39  
                                                                                                                                                                                                 
Weighted-average number of common shares outstanding;                   Weighted-average number of common shares outstanding;
Basic                                                                      Basic                                                                       50,425        49,703          50,234          49,482  
                                                                                                                                             CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                                                                                                               SCHEDULE 2
                                                                                                                                            CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                                                                                                                                (in thousands, except per share amounts)
                                                                                                                                                                                                                            
                                                                                                                                                                                                                            
                                                                                            September 25, 2021                                                                                                              September 25, 2021                   December 26, 2020                    December 26, 2020
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
Assets
Current assets:
   Cash and cash equivalents                                                                                                                                                                                                  $   212,539                      $                    $   228,424  
   Trade receivables and contract assets, net of allowances for doubtful accounts of $7,024 and $6,702, respectively                                                                                           660,452         617,740  
   Inventories                                                                                                                                                                                                 181,694         185,695  
   Prepaid assets                                                                                                                                                                                               77,527          96,712  
   Other current assets                                                                                                                                                                                        246,828          72,560  
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
      Total current assets                                                                                                                                                                                   1,379,040       1,201,131  
Property, plant and equipment, net                                                                                                                                                                           1,175,911       1,124,358  
Operating lease right-of-use assets, net                                                                                                                                                                       284,722         178,220  
Goodwill                                                                                                                                                                                                     2,736,322       1,809,168  
Client relationships, net                                                                                                                                                                                    1,012,606         721,505  
Other intangible assets, net                                                                                                                                                                                    87,274          66,094  
Deferred tax assets                                                                                                                                                                                             41,117          37,729  
Other assets                                                                                                                                                                                                   341,445         352,626  
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
      Total assets                                                                                                                                                                                                            $ 7,058,437                      $                    $ 5,490,831  
                                                                                                                                                                                                           ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                            
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
   Current portion of long-term debt and finance leases                                                                                                                                                                       $     2,275                      $                    $    50,214  
   Accounts payable                                                                                                                                                                                            127,913         122,475  
   Accrued compensation                                                                                                                                                                                        223,045         206,823  
   Deferred revenue                                                                                                                                                                                            221,731         207,942  
   Accrued liabilities                                                                                                                                                                                         244,790         149,820  
   Other current liabilities                                                                                                                                                                                   163,997         102,477  
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
      Total current liabilities                                                                                                                                                                                983,751         839,751  
Long-term debt, net and finance leases                                                                                                                                                                       2,892,676       1,929,571  
Operating lease right-of-use liabilities                                                                                                                                                                       244,012         155,595  
Deferred tax liabilities                                                                                                                                                                                       259,119         217,031  
Other long-term liabilities                                                                                                                                                                                    214,258         205,215  
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
         Total liabilities                                                                                                                                                                                   4,593,816       3,347,163  
Redeemable noncontrolling interests                                                                                                                                                                             32,556          25,499  
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; 50,607 shares issued and 50,460 shares outstanding as of September 25, 2021, and 49,767 shares issued and outstanding as of December 26, 2020         506             498  
   Additional paid-in capital                                                                                                                                                                                1,720,461       1,627,564  
   Retained earnings                                                                                                                                                                                           878,818         625,414  
   Treasury stock, at cost, 147 and 0 shares, as of September 25, 2021 and December 26, 2020, respectively                                                                                                     (40,440 )                                -  
   Accumulated other comprehensive loss                                                                                                                                                                       (132,779 )                         (138,874 )
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total equity attributable to common shareholders                                                                                                                                                             2,426,566       2,114,602  
Noncontrolling interest                                                                                                                                                                                          5,499           3,567  
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
   Total equity                                                                                                                                                                                              2,432,065       2,118,169  
                                                                                                                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                               CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                                                                   
                                                                                                                                                 SCHEDULE 3
                                                                                                                         CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                                                                                                                               (in thousands)
                                                                                                                                                                            
                                  Nine Months Ended                                                                      Nine Months Ended                                                                                          Nine Months Ended
------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------
                                 September 25, 2021                                                                     September 25, 2021                                                    September 25, 2021                   September 26, 2020                   September 26, 2020
------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------- ------------------------------------------------------------------------- -----------------------------------------------------
Cash flows relating to operating activities                                          Cash flows relating to operating activities
Net income                                                                           Net income                                                                                                 $    259,010                      $                    $    221,116  
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                                                             198,299          174,048  
Stock-based compensation                                                                Stock-based compensation                                                                   52,289           40,973  
Debt extinguishment and financing costs                                                 Debt extinguishment and financing costs                                                    28,972            2,759  
Deferred income taxes                                                                   Deferred income taxes                                                                     (13,757 )                            (3,131 )
Loss (gain) on venture capital and strategic equity investments, net                    Loss (gain) on venture capital and strategic equity investments, net                       17,277          (32,226 )
Other, net                                                                              Other, net                                                                                 (9,432 )                            14,143  
Changes in assets and liabilities:                                                   Changes in assets and liabilities:
Trade receivables and contract assets, net                                              Trade receivables and contract assets, net                                                (35,592 )                           (51,456 )
Inventories                                                                             Inventories                                                                                (5,639 )                           (14,055 )
Accounts payable                                                                        Accounts payable                                                                           11,431          (12,327 )
Accrued compensation                                                                    Accrued compensation                                                                       18,210           29,438  
Deferred revenue                                                                        Deferred revenue                                                                           (9,394 )                            (1,308 )
Customer contract deposits                                                              Customer contract deposits                                                                  4,850            9,887  
Other assets and liabilities, net                                                       Other assets and liabilities, net                                                          15,017           30,335  
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash provided by operating activities                                                  Net cash provided by operating activities                                              531,541          408,196  
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
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                             (1,292,093 )                          (419,146 )
Capital expenditures                                                                    Capital expenditures                                                                     (129,997 )                           (78,706 )
Purchases of investments and contributions to venture capital investments               Purchases of investments and contributions to venture capital investments                 (31,963 )                           (19,887 )
Proceeds from sale of investments                                                       Proceeds from sale of investments                                                           5,960            5,810  
Other, net                                                                              Other, net                                                                                    854           (1,192 )
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash used in investing activities                                                      Net cash used in investing activities                                               (1,447,239 )                          (513,121 )
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
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                              6,119,671        1,411,954  
Proceeds from exercises of stock options                                                Proceeds from exercises of stock options                                                   43,314           43,806  
Payments on long-term debt, revolving credit facility, and finance lease obligations    Payments on long-term debt, revolving credit facility, and finance lease obligations   (5,190,394 )                        (1,320,961 )
Purchase of treasury stock                                                              Purchase of treasury stock                                                                (40,440 )                           (23,905 )
Payment of debt extinguishment and financing costs                                      Payment of debt extinguishment and financing costs                                        (38,253 )                                 -  
Other, net                                                                              Other, net                                                                                 (2,328 )                            (4,417 )
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash provided by financing activities                                                  Net cash provided by financing activities                                              891,570          106,477  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash       Effect of exchange rate changes on cash, cash equivalents, and restricted cash                17,514            5,825  
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net change in cash, cash equivalents, and restricted cash                            Net change in cash, cash equivalents, and restricted cash                                     (6,614 )                             7,377  
Cash, cash equivalents, and restricted cash, beginning of period                     Cash, cash equivalents, and restricted cash, beginning of period                             233,119          240,046  
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash, cash equivalents, and restricted cash, end of period                           Cash, cash equivalents, and restricted cash, end of period                                                 $    226,505                      $                    $    247,423  
                                                                                                                                                                             ==================== ========== ==================== ==================== ==================== ========== ====================
                                                                                                                                                                            
Supplemental cash flow information:                                                  Supplemental cash flow information:
Cash and cash equivalents                                                               Cash and cash equivalents                                                                               $    212,539                      $                    $    242,879  
Cash classified within current assets held for sale                                     Cash classified within current assets held for sale                                         8,612                -  
Restricted cash included in Other current assets                                        Restricted cash included in Other current assets                                            4,275            2,968  
Restricted cash included in Other assets                                                Restricted cash included in Other assets                                                    1,079            1,576  
                                                                                                                                                                             -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                                                         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                                                      Nine Months Ended                                                        Nine Months Ended
-------------------------------------------------------------- ----------------------------------------------------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------
                      September 25, 2021                                               September 25, 2021                         September 25, 2021                  September 25, 2021                 September 26, 2020                  September 26, 2020                 September 25, 2021                   September 25, 2021                  September 26, 2020                   September 26, 2020
-------------------------------------------------------------- ----------------------------------------------------------------- -------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
Research Models and Services
Revenue                                                           Revenue                                                                           $                    $ 171,258                      $                    $ 151,910                      $                    $   524,862                      $                    $   414,455  
Operating income                                                  Operating income                                                    39,111        37,108         126,626          68,325  
Operating income as a % of revenue                                Operating income as a % of revenue                                    22.8                    %        24.4                    %          24.1                    %          16.5                    %
Add back:                                                         Add back:
Amortization related to acquisitions                                 Amortization related to acquisitions                              5,344         4,010          16,029          15,581  
Severance                                                            Severance                                                             -            27               7             527  
Acquisition related adjustments (2)                                  Acquisition related adjustments (2)                                 241           922           1,217           1,499  
Site consolidation costs, impairments and other items                Site consolidation costs, impairments and other items                 -           (59 )                                -             200  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total non-GAAP adjustments to operating income                    Total non-GAAP adjustments to operating income                                    $                    $   5,585                      $                    $   4,900                      $                    $    17,253                      $                    $    17,807  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income, excluding non-GAAP adjustments                  Operating income, excluding non-GAAP adjustments                                  $                    $  44,696                      $                    $  42,008                      $                    $   143,879                      $                    $    86,132  
Non-GAAP operating income as a % of revenue                       Non-GAAP operating income as a % of revenue                           26.1                    %        27.7                    %          27.4                    %          20.8                    %
                                                                                                                                                                                                   
Depreciation and amortization                                     Depreciation and amortization                                                     $                    $   9,927                      $                    $   9,455                      $                    $    29,450                      $                    $    27,333  
Capital expenditures                                              Capital expenditures                                                              $                    $  18,026                      $                    $   3,552                      $                    $    29,521                      $                    $    15,585  
                                                                                                                                                                                                   
Discovery and Safety Assessment
Revenue                                                           Revenue                                                                           $                    $ 531,823                      $                    $ 461,177                      $                    $ 1,573,095                      $                    $ 1,342,424  
Operating income                                                  Operating income                                                   116,548        90,348         312,011         234,872  
Operating income as a % of revenue                                Operating income as a % of revenue                                    21.9                    %        19.6                    %          19.8                    %          17.5                    %
Add back:                                                         Add back:
Amortization related to acquisitions                                 Amortization related to acquisitions                             20,983        22,191          64,807          68,326  
Severance                                                            Severance                                                          (180 )                            423           1,160           3,987  
Acquisition related adjustments (2)                                  Acquisition related adjustments (2)                              (9,316 )                            461          (3,642 )                            2,845  
Site consolidation costs, impairments and other items                Site consolidation costs, impairments and other items               961         2,938           1,254           5,872  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total non-GAAP adjustments to operating income                    Total non-GAAP adjustments to operating income                                    $                    $  12,448                      $                    $  26,013                      $                    $    63,579                      $                    $    81,030  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income, excluding non-GAAP adjustments                  Operating income, excluding non-GAAP adjustments                                  $                    $ 128,996                      $                    $ 116,361                      $                    $   375,590                      $                    $   315,902  
Non-GAAP operating income as a % of revenue                       Non-GAAP operating income as a % of revenue                           24.3                    %        25.2                    %          23.9                    %          23.5                    %
                                                                                                                                                                                                   
Depreciation and amortization                                     Depreciation and amortization                                                     $                    $  44,072                      $                    $  42,707                      $                    $   132,268                      $                    $   125,138  
Capital expenditures                                              Capital expenditures                                                              $                    $  23,270                      $                    $  15,532                      $                    $    60,783                      $                    $    46,436  
                                                                                                                                                                                                   
Manufacturing Solutions
Revenue                                                           Revenue                                                                           $                    $ 192,856                      $                    $ 130,213                      $                    $   537,153                      $                    $   376,064  
Operating income                                                  Operating income                                                    48,563        48,246         154,717         132,288  
Operating income as a % of revenue                                Operating income as a % of revenue                                    25.2                    %        37.1                    %          28.8                    %          35.2                    %
Add back:                                                         Add back:
Amortization related to acquisitions                                 Amortization related to acquisitions                              7,888         2,150          17,914           6,614  
Severance                                                            Severance                                                         1,515           333           2,344           1,985  
Acquisition related adjustments (2)                                  Acquisition related adjustments (2)                               4,116             -           4,844            (421 )
Site consolidation costs, impairments and other items (3)            Site consolidation costs, impairments and other items (3)         1,074           169           1,114             169  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total non-GAAP adjustments to operating income                    Total non-GAAP adjustments to operating income                                    $                    $  14,593                      $                    $   2,652                      $                    $    26,216                      $                    $     8,347  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income, excluding non-GAAP adjustments                  Operating income, excluding non-GAAP adjustments                                  $                    $  63,156                      $                    $  50,898                      $                    $   180,933                      $                    $   140,635  
Non-GAAP operating income as a % of revenue                       Non-GAAP operating income as a % of revenue                           32.7                    %        39.1                    %          33.7                    %          37.4                    %
                                                                                                                                                                                                   
Depreciation and amortization                                     Depreciation and amortization                                                     $                    $  13,953                      $                    $   6,655                      $                    $    34,474                      $                    $    19,257  
Capital expenditures                                              Capital expenditures                                                              $                    $  13,296                      $                    $   5,787                      $                    $    34,008                      $                    $    13,985  
                                                                                                                                                                                                   
Unallocated Corporate Overhead                                                                                                                      $                    $ (48,420 )                                       $                    $ (42,949 )                                       $                    $  (176,299 )                                       $                    $  (131,683 )
Add back:                                                         Add back:
Severance                                                            Severance                                                             -            36            (151 )                               36  
Acquisition related adjustments (2)                                  Acquisition related adjustments (2)                               3,387         2,124          29,011           9,976  
Other items (3)                                                      Other items (3)                                                       -            89               -            (661 )
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total non-GAAP adjustments to operating expense                   Total non-GAAP adjustments to operating expense                                   $                    $   3,387                      $                    $   2,249                      $                    $    28,860                      $                    $     9,351  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Unallocated corporate overhead, excluding non-GAAP adjustments    Unallocated corporate overhead, excluding non-GAAP adjustments                    $                    $ (45,033 )                                       $                    $ (40,700 )                                       $                    $  (147,439 )                                       $                    $  (122,332 )
                                                                                                                                                                                                   
Total
Revenue                                                           Revenue                                                                           $                    $ 895,937                      $                    $ 743,300                      $                    $ 2,635,110                      $                    $ 2,132,943  
Operating income                                                  Operating income                                                   155,802       132,753         417,055         303,802  
Operating income as a % of revenue                                Operating income as a % of revenue                                    17.4                    %        17.9                    %          15.8                    %          14.2                    %
Add back:                                                         Add back:
Amortization related to acquisitions                                 Amortization related to acquisitions                             34,215        28,351          98,750          90,521  
Severance                                                            Severance                                                         1,335           819           3,360           6,535  
Acquisition related adjustments (2)                                  Acquisition related adjustments (2)                              (1,572 )                          3,507          31,430          13,899  
Site consolidation costs, impairments and other items (3)            Site consolidation costs, impairments and other items (3)         2,035         3,137           2,368           5,580  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total non-GAAP adjustments to operating income                    Total non-GAAP adjustments to operating income                                    $                    $  36,013                      $                    $  35,814                      $                    $   135,908                      $                    $   116,535  
                                                                                                                                 -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income, excluding non-GAAP adjustments                  Operating income, excluding non-GAAP adjustments                                  $                    $ 191,815                      $                    $ 168,567                      $                    $   552,963                      $                    $   420,337  
Non-GAAP operating income as a % of revenue                       Non-GAAP operating income as a % of revenue                           21.4                    %        22.7                    %          21.0                    %          19.7                    %
                                                                                                                                                                                                   
Depreciation and amortization                                     Depreciation and amortization                                                     $                    $  68,686                      $                    $  59,580                      $                    $   198,299                      $                    $   174,048  
(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)   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                                                      Nine Months Ended                                                      Nine Months Ended
--------------------------------------- --------------------------------------- --------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------
           September 25, 2021                      September 25, 2021                           September 25, 2021                 September 26, 2020                  September 26, 2020                 September 25, 2021                  September 25, 2021                 September 26, 2020                  September 26, 2020
--------------------------------------- --------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- --------------------------------------------------
                                                                                                                                              
Net income attributable to common shareholders                                                     $ 103,426                      $                    $ 102,909                      $                    $ 253,404                      $                    $ 221,113  
Add back:
   Non-GAAP adjustments to operating income (Refer to previous schedule)           36,013        35,814       135,908       116,535  
   Write-off of deferred financing costs and fees related to debt financing             -             -        26,089             -  
   Venture capital and strategic equity investment losses (gains), net             10,367       (20,350 )                         17,277       (32,226 )
   Other (2)                                                                            -             -        (2,942 )                              -  
Tax effect of non-GAAP adjustments:
   Non-cash tax provision related to international financing structure (3)          1,461           804         3,781         2,990  
   Enacted tax law changes                                                              -             -        10,036             -  
   Tax effect of the remaining non-GAAP adjustments                               (12,139 )                         (1,216 )                        (41,468 )                        (19,040 )
                                                                                -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Net income attributable to common shareholders, excluding non-GAAP adjustments                     $ 139,128                      $                    $ 117,961                      $                    $ 402,085                      $                    $ 289,372  
                                                                                ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                              
Weighted average shares outstanding - Basic                                        50,425        49,703        50,234        49,482  
Effect of dilutive securities:
   Stock options, restricted stock units and performance share units                1,133           999         1,126           889  
                                                                                -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Weighted average shares outstanding - Diluted                                      51,558        50,702        51,360        50,371  
                                                                                ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                           
Earnings per share attributable to common shareholders:
   Basic                                                                                           $    2.05                      $                    $    2.07                      $                    $    5.04                      $                    $    4.47  
   Diluted                                                                                         $    2.01                      $                    $    2.03                      $                    $    4.93                      $                    $    4.39  
                                                                                                                                              
   Basic, excluding non-GAAP adjustments                                                           $    2.76                      $                    $    2.37                      $                    $    8.00                      $                    $    5.85  
(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)   Includes adjustments related to the gain on an immaterial divestiture and the finalization of the annuity purchase related to the termination of the Company's U.S. pension plan.
                                                                                     CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                         
                                                                                                       SCHEDULE 6
                                                                                          RECONCILIATION OF GAAP REVENUE GROWTH
                                                                                   TO NON-GAAP REVENUE GROWTH, ORGANIC (UNAUDITED) (1)
                         
                         
Three Months Ended September 25, 2021                 Total CRL            Total CRL           RMS Segment          RMS Segment          DSA Segment          DSA Segment          MS Segment           MS Segment
                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                         
Revenue growth, reported                                      20.5 %               20.5 %               12.7 %               12.7 %               15.3 %               15.3 %               48.1 %               48.1 %
   Decrease (increase) due to foreign exchange                (1.0)%               (1.0)%               (1.4)%               (1.4)%               (0.9)%               (0.9)%               (1.1)%               (1.1)%
   Contribution from acquisitions (2)                         (5.9)%               (5.9)%               (0.6)%               (0.6)%               (1.4)%               (1.4)%              (27.9)%              (27.9)%
                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Non-GAAP revenue growth, organic (3)                          13.6 %               13.6 %               10.7 %               10.7 %               13.0 %               13.0 %               19.1 %               19.1 %
                                                ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                         
Nine Months Ended September 25, 2021                  Total CRL            Total CRL           RMS Segment          RMS Segment          DSA Segment          DSA Segment          MS Segment           MS Segment
                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                         
Revenue growth, reported                                      23.5 %               23.5 %               26.6 %               26.6 %               17.2 %               17.2 %               42.8 %               42.8 %
   Decrease (increase) due to foreign exchange                (2.6)%               (2.6)%               (3.5)%               (3.5)%               (2.1)%               (2.1)%               (3.5)%               (3.5)%
   Contribution from acquisitions (2)                         (4.2)%               (4.2)%               (1.5)%               (1.5)%               (0.9)%               (0.9)%              (18.9)%              (18.9)%
                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(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/20211103005133/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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