Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q1 2025 Earnings Presentation
15 slides from Medpace's earnings presentation, Apr 22, 2025
Slide 1: Q1 2025 Financial Results
Q1 2025 FINANCIAL RESULTS APRIL 21, 2025
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: Q1 2025 – Key Operating Highlights
Q1 2025 – KEY OPERATING HIGHLIGHTS ($ in millions) First Quarter 2025 2024 % Change Revenue, net $ 558.6 $ 511.0 9.3 % Net New Business Awards $ 500.0 $ 615.6 (18.8)% Net Book-to-Bill (A) 0.90 1.20 n.m. Net Book-to-Bill (LTM) 0.98 1.23 n.m. Ending Backlog $ 2,846.0 $ 2,907.1 (2.1)% Backlog Conversio
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 1.25x 1.24x 1.23x 19.1% 19.2% 1.20x 18.7% 18.5% 1.04x 18.2% 18.3% 18.2% 18.2% 1.00x 0.99x 0.90x 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q1 2025 – Key Financial Highlights
Q1 2025 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) First Quarter 2025 2024 % Change(B) Revenue, net $ 558.6 $ 511.0 9.3 % EBITDA(A) $ 118.6 $ 115.7 2.6 % % Margin 21.2 % 22.6 % n.m. Net Income $ 114.6 $ 102.6 11.7 % Net Income per diluted share $ 3.67 $ 3.20 14.7 % A. See the
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $133.5 $533.3 $536.6 $558.6 $115.7 $118.8 $118.6 $511.0 $528.1 $112.3 $492.5 $498.4 $460.9 $95.8 $90.2 $83.6 24.9% 22.6% 22.3% 21.3% 21.2% 18.1% 18.3% 19.2% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q23 3Q23 4Q23 1Q24 2Q24 3Q
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue 9 .3 % C AGR +1.5% - 6.2% YOY 1 +11.8% YOY +18.2% - +29.2% YOY +27.8% YOY +23.4% YOY Guidance Range $1,885.8 $2,109.1 $2,140 - $2,240 $1,460.0 $925.9 $1,142.4 2020 2021 2022 2023 2024 2025 ($ in millions) EBITDA(A) 2 1 .2% CAGR +1 9. 7% - +32.5% YOY (3.8)
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income 6 % CAGR - 2 2 . +43.0% YOY +21.1% (6.5)% - (0.6)% YOY +15.3% YOY +34.9% YOY +25.1% YOY Guidance Range $404.4 $378 - $402 $245.4 $282.8 $145.4 $181.8 2020 2021 2022 2023 2024 2025 Net Income per diluted share % CA GR 2 7 .7 +42.2% YOY (2.9)% - 3.2% YOY
Slide 9: Q1 2025 – Revenue Composition
Q1 2025 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) (A) OTH Large 17% Mid-sized Top 5 ONC Pharma 22% Biopharma 5% AVAI 31% 15% Q1 2025 6% Rest of CNS Small Top 10 10% Biopharma All Other 10% 80% 68% CV 10% MET 26% (A) OTH Top 5
Slide 10: Q1 2025 – Cash Position
Q1 2025 – CASH POSITION ($ in millions) ($ in millions) First Quarter (A) Free Cash Flow and Free Cash Flow Conversion Free Cash Flow 2025 2024 (A) Free Cash Flow Free Cash Flow Conversion % Operating Cash Flow (GAAP) $ 125.8 $ 152.7 137.1% 127.3% 116.6% $183.0 Less: CAPEX 10.0 5.5 92.2% 97.6% $147.
Slide 11: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE ($ in millions, except per share data) As of February 10, 2025 As of April 21, 2025 Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $2,110.0 - $2,210.0 0.0% - 4.8% $2,140.0 - $2,240.0 1.5% - 6.2% EBITDA $462.0 - $492.0 (3.8)% - 2.5% $462.0 - $492.0 (3.8)% -
Slide 12: Appendix
APPENDIX rest
Slide 13: Q1 2025 – Income Statement
Q1 2025 – INCOME STATEMENT % % Revenue, Revenue, 1Q25 vs. 1Q24 ($ in millions, except per share amounts) 1Q25 net 1Q24 net $ Change % Change Revenue, net $ 558.6 100.0 % $ 511.0 100.0 % $ 47.5 9.3 % Operating Expenses: Direct service costs, excluding depreciation and amortization 177.8 31.8 % 171.5
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION ($ in millions) 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Net income as reported (GAAP) $ 61.1 $ 70.6 $ 78.3 $102.6 $ 88.4 $ 96.4 $117.0 $114.6 Income tax provision 14.7 12.7 12.4 10.2 22.1 22.4 16.9 3.6 Interest expense (income), net 1.4 0.1 (1.8) (4.1) (5.5) (7.5) (7.9) (6.5) D
Slide 15: FY2025 Guidance Reconciliation
FY2025 GUIDANCE RECONCILIATION ($ 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) $ 378.0 $ 402.0 $ 12.26 $ 13.04 Income tax provision 70.7 76.7 Interest income, net (15.8) (15.8) Depreciation 28.2 28