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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 27, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission File No. 001-15943
crl-20200627_g1.jpg
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 06-1397316
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
251 Ballardvale StreetWilmingtonMassachusetts01887
(Address of Principal Executive Offices)(Zip Code)

(Registrant’s telephone number, including area code): (781222-6000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTicker symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueCRLNew York Stock Exchange
        Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
        Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files. Yes  No 
        Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
        If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



        Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
        As of July 24, 2020, there were 49,678,592 shares of the Registrant’s common stock outstanding.



CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 27, 2020

TABLE OF CONTENTS
Item Page
PART I - FINANCIAL INFORMATION
1Financial Statements
Condensed Consolidated Statements of Income (Unaudited) for the three and six months ended June 27, 2020 and June 29, 2019
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 27, 2020 and June 29, 2019
Condensed Consolidated Balance Sheets (Unaudited) as of June 27, 2020 and December 28, 2019
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 27, 2020 and June 29, 2019
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the three and six months ended June 27, 2020 and June 29, 2019
Notes to Unaudited Condensed Consolidated Financial Statements
2Management’s Discussion and Analysis of Financial Condition and Results of Operations
3Quantitative and Qualitative Disclosure About Market Risk
4Controls and Procedures
PART II - OTHER INFORMATION
1Legal Proceedings
1ARisk Factors
2Unregistered Sales of Equity Securities and Use of Proceeds
6Exhibits
Signatures

1


Special Note on Factors Affecting Future Results
This Quarterly Report on Form 10-Q contains forward-looking statements regarding future events and the future results of Charles River Laboratories International, Inc. that are based on our current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expect,” “anticipate,” “target,” “goal,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “likely,” “may,” “designed,” “would,” “future,” “can,” “could,” and other similar expressions which are predictions of, indicate future events and trends or which do not relate to historical matters, are intended to identify such forward-looking statements. These statements are based on our current expectations and beliefs and involve a number of risks, uncertainties and assumptions that are difficult to predict.
For example, we may use forward-looking statements when addressing topics such as: the COVID-19 pandemic, its duration, its impact on our business, results of operations, financial condition, liquidity, use of our borrowings, business practices, operations, suppliers, third party service providers, customers, 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 demand, the global economy and financial markets; goodwill and asset impairments still under review; changes and uncertainties in the global economy; future demand for drug discovery and development products and services, including the outsourcing of these services; our expectations regarding stock repurchases, including the number of shares to be repurchased, expected timing and duration, the amount of capital that may be expended and the treatment of repurchased shares; the impact of unauthorized access into our information systems, including the timing and effectiveness of any enhanced security and monitoring; present spending trends and other cost reduction activities by our clients; future actions by our management; the outcome of contingencies; changes in our business strategy, business practices and methods of generating revenue; the development and performance of our services and products; market and industry conditions, including competitive and pricing trends; our strategic relationships with leading pharmaceutical and biotechnology companies, venture capital investments, and opportunities for future similar arrangements; our cost structure; the impact of acquisitions, including HemaCare and Cellero, LLC; our expectations with respect to revenue growth and operating synergies (including the impact of specific actions intended to cause related improvements); the impact of specific actions intended to improve overall operating efficiencies and profitability (and our ability to accommodate future demand with our infrastructure), including gains and losses attributable to businesses we plan to close, consolidate, divest or repurpose; changes in our expectations regarding future stock option, restricted stock, performance share units, and other equity grants to employees and directors; expectations with respect to foreign currency exchange; assessing (or changing our assessment of) our tax positions for financial statement purposes; and our liquidity. In addition, these statements include the impact of economic and market conditions on us and our clients; the effects of our cost saving actions and the steps to optimize returns to shareholders on an effective and timely basis; and our ability to withstand the current market conditions.
Forward-looking statements are predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document, or in the case of statements incorporated by reference, on the date of the document incorporated by reference.
Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 28, 2019, under the sections entitled “Our Strategy,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in this Quarterly Report on Form 10-Q, under the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors,” in our press releases, and other financial filings with the Securities and Exchange Commission. We have no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or risks. New information, future events, or risks may cause the forward-looking events we discuss in this report not to occur.



2


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share amounts)
 Three Months EndedSix Months Ended
 June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Service revenue$550,561  $505,880  $1,097,153  $956,822  
Product revenue132,023  151,688  292,490  305,315  
Total revenue682,584  657,568  1,389,643  1,262,137  
Costs and expenses:  
Cost of services provided (excluding amortization of intangible assets) 374,938  345,369  747,762  662,169  
Cost of products sold (excluding amortization of intangible assets)75,408  74,095  157,582  150,087  
Selling, general and administrative127,712  135,941  257,613  258,515  
Amortization of intangible assets27,758  22,395  55,637  41,806  
Operating income76,768  79,768  171,049  149,560  
Other income (expense): 
Interest income276  274  592  453  
Interest expense(19,352) (20,835) (34,419) (30,822) 
Other income (expense), net26,260  (213) 2,189  6,093  
Income from operations, before income taxes83,952  58,994  139,411  125,284  
Provision for income taxes16,284  14,685  20,906  25,287  
Net income67,668  44,309  118,505  99,997  
Less: Net income attributable to noncontrolling interests233  581  301  1,136  
Net income attributable to common shareholders$67,435  $43,728  $118,204  $98,861  
Earnings per common share  
Net income attributable to common shareholders:
Basic$1.36  $0.90  $2.39  $2.03  
Diluted$1.34  $0.88  $2.36  $1.99  
Weighted-average number of common shares outstanding:
Basic49,553  48,772  49,371  48,615  
Diluted50,246  49,662  50,118  49,599  
See Notes to Unaudited Condensed Consolidated Financial Statements.

3


CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
Three Months EndedSix Months Ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net income$67,668  $44,309  $118,505  $99,997  
Other comprehensive income (loss):
Foreign currency translation adjustment and other6,750  (3,071) (38,105) 6,814  
Amortization of net loss and prior service benefit included in net periodic cost for pension and other post-retirement benefit plans1,365  374  2,739  748  
Comprehensive income, before income taxes
75,783  41,612  83,139  107,559  
Less: Income tax expense (benefit) related to items of other comprehensive income1,862  1,232  (177) 1,130  
Comprehensive income, net of income taxes73,921  40,380  83,316  106,429  
Less: Comprehensive income (loss) related to noncontrolling interests, net of income taxes284  88  (192) 1,101  
Comprehensive income attributable to common shareholders, net of income taxes$73,637  $40,292  $83,508  $105,328  
See Notes to Unaudited Condensed Consolidated Financial Statements.

4


CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share amounts)
June 27, 2020December 28, 2019
Assets 
Current assets:  
Cash and cash equivalents$402,020  $238,014  
Trade receivables, net532,531  514,033  
Inventories168,366  160,660  
Prepaid assets66,746  52,588  
Other current assets65,062  56,030  
Total current assets1,234,725  1,021,325  
Property, plant and equipment, net1,028,005  1,044,128  
Operating lease right-of-use assets, net169,192  140,085  
Goodwill1,735,641  1,540,565  
Client relationships, net732,221  613,573  
Other intangible assets, net73,970  75,840  
Deferred tax assets42,759  44,659  
Other assets224,371  212,615  
Total assets$5,240,884  $4,692,790  
Liabilities, Redeemable Noncontrolling Interests and Equity  
Current liabilities:  
Current portion of long-term debt and finance leases$53,713  $38,545  
Accounts payable82,978  111,498  
Accrued compensation167,957  158,617  
Deferred revenue170,410  171,805  
Accrued liabilities144,239  139,118  
Other current liabilities108,639  90,598  
Total current liabilities727,936  710,181  
Long-term debt, net and finance leases2,207,157  1,849,666  
Operating lease right-of-use liabilities147,348  116,252  
Deferred tax liabilities201,792  167,283  
Other long-term liabilities176,042  182,933  
Total liabilities3,460,275  3,026,315  
Commitments and contingencies (Notes 2, 9, 11, 12, 16 and 17)
Redeemable noncontrolling interests 23,884  28,647  
Equity:  
Preferred stock, $0.01 par value; 20,000 shares authorized; no shares issued and outstanding
    
Common stock, $0.01 par value; 120,000 shares authorized; 49,804 shares issued and 49,659 shares outstanding as of June 27, 2020, and 48,936 shares issued and 48,936 shares outstanding as of December 28, 2019
498  489  
Additional paid-in capital1,590,117  1,531,785  
Retained earnings398,533  280,329  
Treasury stock, at cost, 145 and 0 shares, as of June 27, 2020 and December 28, 2019, respectively
(23,793)   
Accumulated other comprehensive loss(212,714) (178,019) 
Total equity attributable to common shareholders1,752,641  1,634,584  
Noncontrolling interest4,084  3,244  
Total equity1,756,725  1,637,828  
Total liabilities, redeemable noncontrolling interests and equity$5,240,884  $4,692,790  
See Notes to Unaudited Condensed Consolidated Financial Statements.

5


CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
 Six Months Ended
 June 27, 2020June 29, 2019
Cash flows relating to operating activities  
Net income$118,505  $99,997  
Adjustments to reconcile net income to net cash provided by operating activities:
  
Depreciation and amortization114,468  94,504  
Stock-based compensation24,103  29,404  
Deferred income taxes148  (1,347) 
Gain on venture capital and strategic equity investments, net(11,876) (6,321) 
Other, net10,487  3,312  
Changes in assets and liabilities:  
Trade receivables, net(19,371) (36,538) 
Inventories(1,901) (2,565) 
Accounts payable(25,619) 18,195  
Accrued compensation8,728  (25,421) 
Deferred revenue(3,273) (241) 
Customer contract deposits8,276  (10,918) 
Other assets and liabilities, net8,221  (17,649) 
Net cash provided by operating activities230,896  144,412  
Cash flows relating to investing activities  
Acquisition of businesses and assets, net of cash acquired(382,250) (492,381) 
Capital expenditures(52,521) (41,512) 
Purchases of investments and contributions to venture capital investments(12,064) (14,753) 
Proceeds from sale of investments5,681  15  
Other, net(1,157) (607) 
Net cash used in investing activities(442,311) (549,238) 
Cash flows relating to financing activities  
Proceeds from long-term debt and revolving credit facility1,411,953  1,485,731  
Proceeds from exercises of stock options36,608  23,853  
Payments on long-term debt, revolving credit facility, and finance lease obligations(1,045,235) (1,076,761) 
Purchase of treasury stock(23,793) (17,883) 
Other, net(4,417) (10,516) 
Net cash provided by financing activities375,116  404,424  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash295  5,670  
Net change in cash, cash equivalents, and restricted cash163,996  5,268  
Cash, cash equivalents, and restricted cash, beginning of period240,046  197,318  
Cash, cash equivalents, and restricted cash, end of period$404,042  $202,586  
Supplemental cash flow information:
Cash and cash equivalents$402,020  $200,589  
Restricted cash included in Other current assets465  498  
Restricted cash included in Other assets1,557  1,499  
Cash, cash equivalents, and restricted cash, end of period$404,042  $202,586  
See Notes to Unaudited Condensed Consolidated Financial Statements.

6




CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
        (in thousands)

Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Equity Attributable to Common ShareholdersNoncontrolling InterestTotal Equity
SharesAmountSharesAmount
December 28, 201948,936  $489  $1,531,785  $280,329  $(178,019)   $  $1,634,584  $3,244  $1,637,828  
Net income—  —  —  50,769  —  —  —  50,769  399  51,168  
Other comprehensive loss—  —  —  —  (40,898) —  —  (40,898) —  (40,898) 
Buy-out and contingent consideration recognition in connection with redeemable noncontrolling interest—  —  (2,379) —  —  —  —  (2,379) —  (2,379) 
Issuance of stock under employee compensation plans694  7  22,616  —  —  —  —  22,623  —  22,623  
Acquisition of treasury shares—  —  —  —  —  144  (23,675) (23,675) —  (23,675) 
Stock-based compensation—  —  10,960  —  —  —  —  10,960  —  10,960  
March 28, 202049,630  496  1,562,982  331,098  (218,917) 144  (23,675) 1,651,984  3,643  1,655,627  
Net income—  —  —  67,435  —  —  —  67,435  441  67,876  
Other comprehensive income—  —  —  —  6,203  —  —  6,203  —  6,203  
Issuance of stock under employee compensation plans174  2  13,992  —  —  —  —  13,994  —  13,994  
Acquisition of treasury shares—  —  —  —  —  1  (118) (118) —  (118) 
Stock-based compensation—  —  13,143  —  —  —  —  13,143  —  13,143  
June 27, 202049,804  $498  $1,590,117  $398,533  $(212,714) 145  $(23,793) $1,752,641  $4,084  $1,756,725  
7




Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Equity Attributable to Common ShareholdersNoncontrolling InterestTotal Equity
SharesAmountSharesAmount
December 29, 201848,210  $482  $1,447,512  $42,096  $(172,703) 1  $(55) $1,317,332  $2,446  $1,319,778  
Net income—  —  —  55,133  —  —  —  55,133  469  55,602  
Other comprehensive income—  —  —  —  9,903  —  —  9,903  —  9,903  
Adjustment of redeemable noncontrolling interest to redemption value—  —  (1,451) —  —  —  —  (1,451) —  (1,451) 
Issuance of stock under employee compensation plans674  7  22,051  —  —  —  —  22,058  —  22,058  
Acquisition of treasury shares—  —  —  —  —  136  (17,760) (17,760) —  (17,760) 
Stock-based compensation—  —  12,899  —  —  —  —  12,899  —  12,899  
March 30, 201948,884  489  1,481,011  97,229  (162,800) 137  (17,815) 1,398,114  2,915  1,401,029  
Net income—  —  —  43,728  —  —  —  43,728  383  44,111  
Other comprehensive loss—  —  —  —  (3,436) —  —  (3,436) —  (3,436) 
Purchase of additional equity interest in and modification of Vital River redeemable noncontrolling interest—  —  (1,870) —  —  —  —  (1,870) —  (1,870) 
Issuance of stock under employee compensation plans53    2,148  —  —  —  —  2,148  —  2,148  
Acquisition of treasury shares—