Birgit Flaten
President and Chief Executive Officer, Charles River Laboratories
Replay available
Charles River Laboratories International, Inc. (CRL) Q1 2026 Earnings Call
Charles River Laboratories International, Inc. (NYSE: CRL) Q1 2026 earnings conference call, held 2026-05-07. Replay captured from the company's public earnings webcast.
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Featured presenters
Glenn Sblendorio
Senior Vice President and Chief Financial Officer, Charles River Laboratories
Todd Spencer
Vice President, Investor Relations, Charles River Laboratories
Elizabeth Anderson
Analyst, Evercore ISI
Max Smock
Analyst, William Blair
Patrick Donnelly
Analyst, Citi
Callum Titchmarsh
Analyst, Morgan Stanley
Justin Bowers
Analyst, Deutsche Bank
Investor webinar replay
Watch the replay and follow the connected company analysis, news, and investor updates for Charles River Laboratories International, Inc..
Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:05.359 outlook has increased by approximately $8 million to a range of $103 to $108 00:00:05.359 -- 00:00:07.002 million, 00:00:07.002 -- 00:00:11.249 primarily attributable to short-term borrowings to fund stock repurchases in the first 00:00:11.249 -- 00:00:13.249 quarter. 00:00:13.412 -- 00:00:18.497 At the end of the first quarter, our net leverage was 2.6 times. 00:00:20.143 -- 00:00:25.291 The non-GAAP tax rate in the first quarter was 22.5%, a decrease of 20 00:00:25.291 -- 00:00:30.689 basis points year-over-year, due primarily to the favorable impact from last year's enactment 00:00:30.689 -- 00:00:35.153 of OB3, or the One Big Beautiful Bill. 00:00:35.376 -- 00:00:40.583 Our non-GAAP tax rate guidance for the full year remains unchanged at 22% to 23%, 00:00:40.583 -- 00:00:45.489 although it's currently trending towards the lower end of the range due to a favorable 00:00:45.489 -- 00:00:48.210 geographic mix. 00:00:49.475 -- 00:00:53.620 Free cash flow was negative $15 million in the first quarter, or a reduction of $127 00:00:53.620 -- 00:00:55.062 million 00:00:55.062 -- 00:00:57.794 compared to the prior year period. 00:00:57.794 -- 00:01:03.160 This decline was expected and mainly driven by higher performance-based cash bonus payments 00:01:03.160 -- 00:01:07.362 for 2025, which are paid in the first quarter. 00:01:07.545 -- 00:01:12.550 CapEx declined modestly to $56 million, or approximately 5.6% of 00:01:12.550 -- 00:01:16.315 revenue in the first quarter, from $59 million last year. 00:01:16.315 -- 00:01:21.320 Our free cash flow outlook remains unchanged at $375 to $400 million 00:01:21.320 -- 00:01:23.460 in 2026. 00:01:26.380 -- 00:01:31.969 Turning to 2026 full-year guidance, we are reaffirming our organic revenue an...