Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q1 2024 Earnings Presentation
15 slides from Medpace's earnings presentation, Apr 23, 2024
Slide 1: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS APRIL 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: Q1 2024 – Key Operating Highlights
Q1 2024 – KEY OPERATING HIGHLIGHTS ($ in millions) First Quarter 2024 2023 % Change Revenue, net $ 511.0 $ 434.1 17.7 % Net New Business Awards $ 615.6 $ 555.8 10.8 % Net Book-to-Bill (A) 1.20 1.28 n.m. Net Book-to-Bill (LTM) 1.23 1.26 n.m. Ending Backlog $ 2,907.1 $ 2,460.1 18.2 % Backlog Conversio
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 19.1% 18.6% 18.7% 18.5% 1.28x 1.28x 18.2% 17.7% 17.6% 1.25x 1.24x 1.23x 1.23x 1.23x 1.20x 16.8% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q1 2024 – Key Financial Highlights
Q1 2024 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) First Quarter 2024 2023 % Change(C) Revenue, net $ 511.0 $ 434.1 17.7 % EBITDA(A) $ 115.7 $ 92.8 24.6 % % Margin 22.6 % 21.4 % n.m. Net Income $ 102.6 $ 72.9 40.7 % Net Income per diluted share(B) $ 3.20 $ 2.27 41.0 % A. See t
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $115.7 $492.5 $498.4 $511.0 $460.9 $95.8 $434.1 $89.3 $92.8 $90.2 $383.7 $394.1 $80.4 $83.6 $351.2 $68.1 23.3% 22.6% 20.4% 21.4% 19.4% 18.3% 19.2% 18.1% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue .9 % CA GR +14.0% - 16.7% YOY - 2 0 +20.4% +29.2% YOY +27.8% YOY +23.4% YOY Guidance Range +22.2% YOY +7.5% YOY $1,885.8 $2,150 - $2,200 $1,460.0 $925.9 $1,142.4 $704.6 $861.0 2018 2019 2020 2021 2022 2023 2024 ($ in millions) EBITDA(A) 2 1 .1% CAGR +14.5
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income 9 % CAGR +22.7% - 30.5% YOY - 3 0 . +29.6% +15.3% YOY +34.9% YOY +25.1% YOY +44.7% YOY Guidance Range +37.2% YOY $282.8 $347 - $369 $245.4 $181.8 $145.4 $73.2 $100.4 2018 2019 2020 2021 2022 2023 2024 Net Income per diluted share CA GR +21.5% - 29.2% Y
Slide 9: Q1 2024 – Revenue Composition
Q1 2024 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) (A) OTH Large 21% Mid-sized Top 5 ONC Pharma Biopharma 22% 30% 4% 17% Q1 2024 AVAI Rest of 9% Small Top 10 Biopharma 7% CNS 79% All Other 9% 71% MET CV 20% 11% OTH (A) Top 5 1
Slide 10: Q1 2024 – Cash Position
Q1 2024 – CASH POSITION ($ in millions) ($ in millions) First Quarter (A) Free Cash Flow and Free Cash Flow Conversion Free Cash Flow 2024 2023 (A) Free Cash Flow Free Cash Flow Conversion % Operating Cash Flow (GAAP) $ 152.7 $ 80.1 152.8% 117.2% 127.3% 76.0% 88.6% $146.4 $147.2 Less: CAPEX 5.5 9.5
Slide 11: Full Year 2024 Guidance
FULL YEAR 2024 GUIDANCE ($ in millions, except per share data) As of February 12, 2024 As of April 22, 2024 Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $2,150.0 - $2,200.0 14.0% - 16.7% $2,150.0 - $2,200.0 14.0% - 16.7% EBITDA $400.0 - $430.0 10.3% - 18.6% $415.0 - $445.0 14.5
Slide 12: Appendix
APPENDIX rest
Slide 13: Q1 2024 – Income Statement
Q1 2024 – INCOME STATEMENT % % Revenue, Revenue, 1Q24 vs. 1Q23 ($ in millions, except per share amounts) 1Q24 net 1Q23 net $ Change % Change Revenue, net $ 511.0 100.0 % $ 434.1 100.0 % $ 77.0 17.7 % Operating Expenses: Direct service costs, excluding depreciation and amortization 171.5 33.6 % 151.1
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION ($ in millions) 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Net income as reported (GAAP) $ 49.4 $ 66.0 $ 68.7 $ 72.9 $ 61.1 $ 70.6 $ 78.3 $102.6 Income tax provision 12.6 15.9 5.0 13.1 14.7 12.7 12.4 10.2 Interest expense (income), net 0.5 1.6 0.8 0.9 1.4 0.1 (1.8) (4.1) Depreciat
Slide 15: FY2024 Guidance Reconciliation
FY2024 GUIDANCE RECONCILIATION ($ 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) $ 347.0 $ 369.0 $ 10.79 $ 11.47 Income tax provision 61.3 69.3 Interest income, net (22.9) (22.9) Depreciation 28.2 28