Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q1 2022 Earnings Presentation
15 slides from Medpace's earnings presentation, Apr 25, 2022
Slide 1: Q1 2022 Financial Results
Q1 2022 FINANCIAL RESULTS APRIL 25, 2022
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: Q1 2022 – Key Operating Highlights
Q 1 2 0 2 2 – K E Y O P E R AT I N G H I G H L I G H T S ($ in millions) First Quarter 2022 2021 % Change Revenue, net $ 330.9 $ 260.0 27.3% Net New Business Awards $ 423.0 $ 356.2 18.8% Net Book-to-Bill (A) 1.28 1.37 n.m. Net Book-to-Bill (LTM) 1.38 1.34 n.m. Ending Backlog $ 2,088.0 $ 1,631.8 28.0
Slide 4: 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 1.49x 18.1% 1.37x 1.38x 1.37x 1.39x 1.38x 1.24x 1.28x 17.2% 16.9% 17.1% 17.0% 16.7% 16.6% 15.8% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Net New Business Awards Ending Backlo
Slide 5: Q1 2022 – Key Financial Highlights
Q1 2022 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) First Quarter 2022 2021 % Change Revenue, net $ 330.9 $ 260.0 27.3% EBITDA(A) 70.4 53.6 31.3% % Margin 21.3% 20.6% n.m. Net Income $ 61.3 $ 43.3 41.6% Net Income per diluted share(B) $ 1.69 $ 1.14 48.2% A. See the appendix for
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $330.9 $70.4 $308.6 $60.2 $60.1 $61.4 $295.6 $278.3 $51.9 $53.6 $259.7 $260.0 $47.9 $230.4 $35.0 22.5% 23.2% $205.0 20.3% 21.3% 20.6% 19.9% 17.1% 17.2% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue +22.6% - 27.8% YOY +23.4% YOY +22.2% YOY +7.5% YOY Guidance Range $1,142.4 $1,400 - $1,460 $861.0 $925.9 $704.6 2018 2019 2020 2021 2022 ($ in millions) EBITDA(A) +17.4% - 24.6% YOY +18.8% YOY +25.5% YOY +6.2% YOY Guidance Range $262 - $278 $223.1 $187.8
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income +12.2% - 18.8% YOY +25.1% YOY +44.7% YOY +37.2% YOY Guidance Range $181.8 $204 - $216 $145.4 $100.4 $73.2 2018 2019 2020 2021 2022 Net Income per diluted share +18.9% - 26.0% YOY +25.3% YOY +43.8% YOY +35.5% YOY Guidance Range $4.81 $5.72 - $6.06 $3.84
Slide 9: Q1 2022 – Revenue Composition
Q1 2022 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) OTH (A) Large Top 5 21% Pharma 16% ONC Mid-Sized Rest of 32% 6% Biopharma Top 10 15% 8% Q1 2022 AVAI 9% Small Biopharma 79% CV 11% MET All Other 15% 76% CNS 12% Large Top 5 OT
Slide 10: Q1 2022 – Cash Position
Q1 2022 – CASH POSITION ($ in millions) ($ in millions) First Quarter Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2022 2021 (A) Operating Cash Flow (GAAP) $ 46.3 $ 57.3 Free Cash Flow Free Cash Flow Conversion % 100 118.4% 109.3% Less: CAPEX 9.3 6.5 94.8% 100.6% 80 $65.7 $61.8 $56
Slide 11: Full Year 2022 Guidance
FULL YEAR 2022 GUIDANCE ($ in millions, except per share data) Previous Guidance Current Guidance (February 14, 2022) (April 25, 2022) Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $1,400.0 - $1,460.0 22.6% - 27.8% $1,400.0 - $1,460.0 22.6% - 27.8% EBITDA $262.0 - $278.0 17.4% -
Slide 12: Appendix
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Slide 13: Q1 2022 – Income Statement
Q 1 2 0 2 2 – I N C O M E S TAT E M E N T % Revenue, % Revenue, 1Q22 vs. 1Q21 ($ in millions, except per share amounts) 1Q22 net 1Q21 net $ Change % Change Revenue, net $ 330.9 100.0% $ 260.0 100.0% 71.0 27.3% Operating Expenses: Direct service costs, excluding depreciation and amortization 125.4 37
Slide 14: EBITDA Reconciliation
E B I T D A R E C O N C I L I AT I O N ($ in millions) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Net income as reported (GAAP) $ 24.1 $ 41.5 $ 50.9 $ 43.3 $ 39.9 $ 48.6 $ 50.0 $ 61.3 Income tax provision 6.3 5.5 3.8 5.2 2.8 6.2 5.9 4.0 Interest expense (income), net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) D
Slide 15: FY2022 Guidance Reconciliation
F Y 2 0 2 2 G U I D A N C E R E C O N C I L I AT I O 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) $ 204.0 $ 216.0 $ 5.72 $ 6.06 Income tax provision 32.1 36.1 Depreciation 20.8 20.8 Amortizati