Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q4 2020 Earnings Presentation
14 slides from Medpace's earnings presentation, Feb 15, 2021
Slide 1: Q4 2020 Financial Results
Q4 2020 FINANCIAL RESULTS FEBRUARY 15, 2021
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
F O RWA R D L O O K I N G S TAT E M E N T S & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to m
Slide 3: 2020 COVID-19 Metrics
2020 COVID-19 METRICS L O W C O N C E N T R AT I O N R I S K F R O M C O V I D - 1 9 2020 COVID-19 2020 COVID-19 2020 COVID-19 Revenue Net Awards Ending Backlog $18.2M $58.7M $40.5M 2% of Total 5% of Total 3% of Total Revenue, net Net New Business Awards $8.6 $28.8 $7.0 $24.6 $2.7 $5.2 $0.0 $0.1 1Q2
Slide 4: Q4 2020 – Key Operating Highlights
Q 4 2 0 2 0 – K E Y O P E R AT I N G H I G H L I G H TS ($ in millions) Fourth Quarter Full Year 2020 2019 % Change 2020 2019 % Change Revenue, net $ 259.7 $ 229.9 13.0% $ 925.9 $ 861.0 7.5% Net New Business Awards 358.6 281.1 27.6% 1,175.0 1,094.4 7.4% Net Book-to-Bill (A) 1.38 1.22 n.m. 1.27 1.27
Slide 5: Backlog and New Award Trends
B A C K L O G A N D N E W AWA R D T R E N D S Net Book-to-Bill Backlog Conversion Rate 19.3% 1.37x 1.38x 19.0% 1.30x 1.32x 18.5% 18.7% 1.24x 1.22x 1.24x 18.0% 18.1% 1.07x 17.2% 15.8% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Net New Business Awards Ending Backlo
Slide 6: Q4 2020 – Key Financial Highlights
Q 4 2 0 2 0 – K E Y F I N A N C I A L H I G H L I G H TS ($ in millions, except per share data) Fourth Quarter Full Year 2020 2019 % Change 2020 2019 % Change Revenue, net $ 259.7 $ 229.9 13.0% $ 925.9 $ 861.0 7.5% EBITDA(A) 60.2 41.1 46.3% 187.8 149.6 25.5% % Margin 23.2% 17.9% n.m. 20.3% 17.4% n.m
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $259.7 $60.2 $51.9 $229.9 $230.9 $230.4 $40.2 $41.1 $40.6 $214.1 $216.2 $33.4 $34.8 $35.0 $200.7 $205.0 23.2% 22.5% 18.8% 17.9% 17.6% 17.1% 16.7% 16.1% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q
Slide 8: 2020 – Revenue Composition
2 0 2 0 – R E V E N U E C O M P O S I TI O N Therapeutic Area Customer Tier Top 10 Customer Concentration(B) Concentration(C) Concentration(D) (A) Large Top 5 OTH Pharma 17% 23% ONC 32% 10% Rest of Mid-Sized Top 10 Biopharma 8% 2020 15% CNS Small 10% Biopharma 75% CV MET All Other 10% 14% 75% AVAI 1
Slide 9: Q4 2020 – Cash Position
Q4 2020 – CASH POSITION ($ in millions) ($ in millions) Fourth Quarter Full Year Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2020 2019 2020 2019 Operating Cash Flow Free Cash Flow Free Cash Flow Conversion % (A) $ 105.5 $ 56.9 $ 258.7 $ 201.9 (GAAP) 140 162.3% Less: CAPEX 7.8 5.8
Slide 10: Full Year 2021 Guidance
FULL YEAR 2021 GUIDANCE ($ in millions, except per share data) As of February 15, 2021 Guidance Range Growth Rate Revenue, net $1,075.0 - $1,175.0 16.1% - 26.9% EBITDA $205.0 - $225.0 9.2% - 19.8% GAAP Net Income $154.5 - $170.5 6.3% - 17.3% GAAP Net Income per diluted share $4.08 - $4.50 6.3% - 17.
Slide 11: Appendix
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Slide 12: Q4 2020 – Income Statement
Q 4 2 0 2 0 – I N C O M E S TAT E M E N T % Revenue, % Revenue, 4Q20 vs. 4Q19 ($ in millions, except per share amounts) 4Q20 net 4Q19 net $ Change % Change Revenue, net $ 259.7 100.0% $ 229.9 100.0% 29.8 13.0% Operating Expenses: Direct service costs, excluding depreciation and amortization 91.4 35.
Slide 13: EBITDA Reconciliation
E B I T D A R E C O N C I L I AT IO N Full Year Full Year ($ in millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 2019 2020 Net income as reported (GAAP) $ 19.2 $ 27.5 $ 24.0 $ 29.8 $ 29.0 $ 24.1 $ 41.5 $ 50.9 $ 100.4 $ 145.4 Income tax provision 5.5 7.0 5.5 6.4 7.5 6.3 5.5 3.8 24.4 23.1 Interest ex
Slide 14: FY 2021 Guidance Reconciliation
F Y 2 0 2 1 G U I D A N C E R E C O N C I L I AT IO N ($ in millions, except per share amounts) Net Income per diluted Net Income share Low High Low High Net Income and Net Income per diluted share (GAAP) $ 154.5 $ 170.5 $ 4.08 $ 4.50 Income tax provision 28.3 32.3 Interest income, net (0.1) (0.1) D