Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q2 2024 Earnings Presentation
15 slides from Medpace's earnings presentation, Jul 23, 2024
Slide 1: Q2 2024 Financial Results
Q2 2024 FINANCIAL RESULTS JULY 22, 2024
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
FORWARD LOOKING STATEMENTS & 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 matters of histori
Slide 3: Q2 2024 – Key Operating Highlights
Q2 2024 – KEY OPERATING HIGHLIGHTS ($ in millions) Second Quarter Year-to-Date 2024 2023 % Change 2024 2023 % Change Revenue, net $ 528.1 $ 460.9 14.6 % $ 1,039.1 $ 894.9 16.1 % Net New Business Awards $ 551.0 $ 574.8 (4.1)% $ 1,166.5 $ 1,130.6 3.2 % Net Book-to-Bill (A) 1.04 1.25 n.m. 1.12 1.26 n.m
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 1.28x 1.23x 1.23x 1.25x 1.24x 1.23x 19.1% 1.20x 18.7% 18.6% 18.5% 18.2% 18.2% 1.04x 17.7% 17.6% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q2 2024 – Key Financial Highlights
Q2 2024 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Second Quarter Year-to-Date 2024 2023 % Change(B) 2024 2023 % Change(B) Revenue, net $ 528.1 $ 460.9 14.6 % $ 1,039.1 $ 894.9 16.1 % EBITDA(A) $ 112.3 $ 83.6 34.2 % $ 227.9 $ 176.5 29.1 % % Margin 21.3 % 18.1 % n.m. 21.9 % 19.
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $511.0 $528.1 $492.5 $498.4 $115.7 $112.3 $460.9 $434.1 $95.8 $383.7 $394.1 $89.3 $92.8 $90.2 $80.4 $83.6 23.3% 22.6% 20.4% 21.4% 21.3% 18.1% 18.3% 19.2% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue CAGR - 2 0 . 7% +12.7% - 15.3% YOY +20.2% +29.2% YOY +27.8% YOY +23.4% YOY Guidance Range +22.2% YOY +7.5% YOY $1,885.8 $2,125 - $2,175 $1,460.0 $925.9 $1,142.4 $704.6 $861.0 2018 2019 2020 2021 2022 2023 2024 ($ in millions) EBITDA(A) . 8 % CAGR +18.6% -
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income GR +27.6% - 35.4% YOY % CA - 31.8 +30.5% +15.3% YOY +34.9% YOY +25.1% YOY Guidance Range +44.7% YOY $361 - $383 +37.2% YOY $245.4 $282.8 $181.8 $145.4 $73.2 $100.4 2018 2019 2020 2021 2022 2023 2024 Net Income per diluted share +26.6% - 34.3% YOY % C A
Slide 9: YTD 2024 – Revenue Composition
YTD 2024 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) (A) OTH Large 21% Mid-sized Top 5 ONC Pharma 22% 31% Biopharma 4% 17% YTD 2024 AVAI Rest of 8% Small Top 10 Biopharma 7% CNS All Other 79% 9% 71% CV MET 11% 20% (A) OTH Top 5
Slide 10: Q2 2024 – Cash Position
Q2 2024 – CASH POSITION ($ in millions) ($ in millions) Second Quarter Year-to-Date (A) Free Cash Flow and Free Cash Flow Conversion Free Cash Flow 2024 2023 2024 2023 (A) Free Cash Flow Free Cash Flow Conversion % Operating Cash Flow $ 116.4 $ 82.5 $ 269.1 $ 162.6 152.8% (GAAP) 117.2% 127.3% 88.6%
Slide 11: Full Year 2024 Guidance
FULL YEAR 2024 GUIDANCE ($ in millions, except per share data) As of April 22, 2024 As of July 22, 2024 Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $2,150.0 - $2,200.0 14.0% - 16.7% $2,125.0 - $2,175.0 12.7% - 15.3% EBITDA $415.0 - $445.0 14.5% - 22.8% $430.0 - $460.0 18.6% -
Slide 12: Appendix
APPENDIX rest
Slide 13: Q2 2024 – Income Statement
Q2 2024 – INCOME STATEMENT % % Revenue, Revenue, 2Q24 vs. 2Q23 ($ in millions, except per share amounts) 2Q24 net 2Q23 net $ Change % Change Revenue, net $ 528.1 100.0 % $ 460.9 100.0 % $ 67.2 14.6 % Operating Expenses: Direct service costs, excluding depreciation and amortization 171.5 32.5 % 158.5
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION YTD YTD Last 12 ($ in millions) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 2023 2024 Months Net income as reported (GAAP) $ 66.0 $ 68.7 $ 72.9 $ 61.1 $ 70.6 $ 78.3 $102.6 $ 88.4 $ 134.0 $ 190.9 $ 339.8 Income tax provision 15.9 5.0 13.1 14.7 12.7 12.4 10.2 22.1 27.8 32.3 57.4 Inte
Slide 15: FY2024 Guidance Reconciliation
FY2024 GUIDANCE RECONCILIATION ($ 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) $ 361.0 $ 383.0 $ 11.24 $ 11.93 Income tax provision 63.7 71.7 Interest income, net (24.0) (24.0) Depreciation 27.9 27