Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q1 2021 Earnings Presentation
14 slides from Medpace's earnings presentation, Apr 26, 2021
Slide 1: Q1 2021 Financial Results
Q1 2021 FINANCIAL RESULTS APRIL 26, 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: COVID-19 Metrics
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 1Q21 COVID-19 1Q21 COVID-19 1Q21 COVID-19 Revenue Net Awards Ending Backlog $9.7M $4.6M $35.4M 4% of Total 1% of Total 2% of Total Revenue, net Net New Business Awards $9.7 $28.8 $8.6 $24.6 $7.0 $2.7 $5.2 $4.6 $0.0 $0.1
Slide 4: Q1 2021 – Key Operating Highlights
Q 1 2 0 2 1 – K E Y O P E R AT I N G H I G H L I G H TS ($ in millions) First Quarter 2021 2020 % Change Revenue, net $ 260.0 $ 230.9 12.6% Net New Business Awards $ 356.2 $ 246.9 44.2% Net Book-to-Bill (A) 1.37 1.07 n.m. Net Book-to-Bill (LTM) 1.34 1.23 n.m. Ending Backlog $ 1,631.8 $ 1,294.2 26.1%
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% 1.32x 1.37x 1.38x 1.37x 1.30x 18.5% 18.7% 1.22x 1.24x 18.1% 18.0% 1.07x 17.2% 16.9% 15.8% 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Net New Business Awards Ending Backlo
Slide 6: Q1 2021 – Key Financial Highlights
Q 1 2 0 2 1 – 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) First Quarter 2021 2020 % Change Revenue, net $ 260.0 $ 230.9 12.6% EBITDA(A) $ 53.6 $ 40.6 32.1% % Margin 20.6% 17.6% n.m. Net Income $ 43.3 $ 29.0 49.6% Net Income per diluted share(B) $ 1.14 $ 0.76 50.
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $259.7 $260.0 $60.2 $51.9 $53.6 $229.9 $230.9 $230.4 $40.2 $41.1 $40.6 $214.1 $216.2 $34.8 $35.0 $205.0 23.2% 22.5% 20.6% 18.8% 17.9% 17.6% 17.1% 16.1% 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q
Slide 8: Q1 2021 – Revenue Composition
Q 1 2 0 2 1 – R E V E N U E C O M P O S I TI O N Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) Large Top 5 (A) OTH ONC Pharma 16% 27% Rest of 30% Mid-Sized 7% Top 10 Biopharma 8% Q1 2021 15% Small Biopharma CV 78% 9% MET 12% All Other CNS 76% 10% AVAI
Slide 9: Q1 2021 – Cash Position
Q1 2021 – CASH POSITION ($ in millions) ($ in millions) First Quarter Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2021 2020 (A) Operating Cash Flow (GAAP) $ 57.3 $ 49.1 Free Cash Flow Free Cash Flow Conversion % 140 162.3% Less: CAPEX 6.5 5.6 120 $97.7 100 107.4% 99.8% 80 98.4% 94
Slide 10: Full Year 2021 Guidance
FULL YEAR 2021 GUIDANCE ($ in millions, except per share data) Previous Guidance Current Guidance (February 15, 2021) (April 26, 2021) Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $1,075.0 - $1,175.0 16.1% - 26.9% $1,090.0 - $1,150.0 17.7% - 24.2% EBITDA $205.0 - $225.0 9.2% -
Slide 11: Appendix
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Slide 12: Q1 2021 – Income Statement
Q 1 2 0 2 1 – I N C O M E S TAT E M E N T % Revenue, % Revenue, 1Q21 vs. 1Q20 ($ in millions, except per share amounts) 1Q21 net 1Q20 net $ Change % Change Revenue, net $ 260.0 100.0% $ 230.9 100.0% 29.1 12.6% Operating Expenses: Direct service costs, excluding depreciation and amortization 101.4 39
Slide 13: EBITDA Reconciliation
E B I T D A R E C O N C I L I AT IO N ($ in millions) 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Net income as reported (GAAP) $ 27.5 $ 24.0 $ 29.8 $ 29.0 $ 24.1 $ 41.5 $ 50.9 $ 43.3 Income tax provision 7.0 5.5 6.4 7.5 6.3 5.5 3.8 5.2 Interest expense (income), net 0.7 0.3 (0.4) (0.4) 0.0 0.0 0.0 0.0
Slide 14: FY2021 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) $ 160.6 $ 167.6 $ 4.24 $ 4.42 Income tax provision 21.9 24.9 Interest income, net - - Depreciat