Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q2 2021 Earnings Presentation
14 slides from Medpace's earnings presentation, Jul 26, 2021
Slide 1: Q2 2021 Financial Results
Q2 2021 FINANCIAL RESULTS JULY 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 2Q21 COVID-19 2Q21 COVID-19 2Q21 COVID-19 Revenue Net Awards Ending Backlog $6.2M $6.1M $35.3M 2% of Total 2% of Total 2% of Total Revenue, net Net New Business Awards $9.7 $28.8 $8.6 $24.6 $7.0 $6.2 $2.7 $5.2 $4.6 $6.1
Slide 4: Q2 2021 – Key Operating Highlights
Q 2 2 0 2 1 – K E Y O P E R AT I N G H I G H L I G H T S ($ in millions) Second Quarter Year-to-Date 2021 2020 % Change 2021 2020 % Change Revenue, net $ 278.3 $ 205.0 35.8% $ 538.3 $ 435.9 23.5% Net New Business Awards 387.6 254.1 52.5% 743.7 501.0 48.4% Net Book-to-Bill (A) 1.39 1.24 n.m. 1.38 1.1
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 1.37x 1.38x 1.37x 1.39x 1.32x 18.5% 18.7% 1.22x 1.24x 18.1% 18.0% 1.07x 17.2% 16.9% 17.1% 15.8% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Net New Business Awards Ending Backlo
Slide 6: Q2 2021 – Key Financial Highlights
Q2 2021 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Second Quarter Year-to-Date 2021 2020 % Change 2021 2020 % Change Revenue, net $ 278.3 $ 205.0 35.8% $ 538.3 $ 435.9 23.5% EBITDA(A) 47.9 35.0 36.9% 101.6 75.6 34.3% % Margin 17.2% 17.1% n.m. 18.9% 17.3% n.m. Net Income 39.9 2
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $278.3 $60.2 $51.9 $53.6 $259.7 $260.0 $47.9 $41.1 $40.6 $229.9 $230.9 $230.4 $34.8 $35.0 $216.2 23.2% $205.0 22.5% 20.6% 17.9% 17.6% 16.1% 17.1% 17.2% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q
Slide 8: YTD 2021 – Revenue Composition
YTD 2021 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) Large Top 5 OTH (A) 17% 24% ONC Pharma Mid-Sized 8% Rest of 32% Top 10 Biopharma YTD 2021 15% 7% Small CV Biopharma 10% 77% CNS MET All Other 10% 13% 76% AVAI 11% Large Top 5
Slide 9: Q2 2021 – Cash Position
Q2 2021 – CASH POSITION ($ in millions) ($ in millions) Second Quarter Year-to-Date Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2021 2020 2021 2020 Operating Cash Free Cash Flow Free Cash Flow Conversion % (A) $ 62.8 $ 44.3 $ 120.1 $ 93.4 Flow (GAAP) 140 162.3% Less: CAPEX 6.0 9.3
Slide 10: Full Year 2021 Guidance
FULL YEAR 2021 GUIDANCE ($ in millions, except per share data) Previous Guidance Current Guidance (April 26, 2021) (July 26, 2021) Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $1,090.0 - $1,150.0 17.7% - 24.2% $1,110.0 - $1,150.0 19.9% - 24.2% EBITDA $205.0 - $215.0 9.2% - 14.5
Slide 11: Appendix
—=Q) ——0) —=0) 2) APPENDIX =O O A)
Slide 12: Q2 2021 – Income Statement
Q 2 2 0 2 1 – I N C O M E S TAT E M E N T % Revenue, % Revenue, 2Q21 vs. 2Q20 ($ in millions, except per share amounts) 2Q21 net 2Q20 net $ Change % Change Revenue, net $ 278.3 100.0% $ 205.0 100.0% 73.3 35.8% Operating Expenses: Direct service costs, excluding depreciation and amortization 108.2 38
Slide 13: EBITDA Reconciliation
E B I T D A R E C O N C I L I AT I O N ($ in millions) 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Net income as reported (GAAP) $ 24.0 $ 29.8 $ 29.0 $ 24.1 $ 41.5 $ 50.9 $ 43.3 $ 39.9 Income tax provision 5.5 6.4 7.5 6.3 5.5 3.8 5.2 2.8 Interest expense (income), net 0.3 (0.4) (0.4) 0.0 0.0 0.0 0.0 0.0
Slide 14: FY 2021 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 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) $ 162.5 $ 169.5 $ 4.31 $ 4.50 Income tax provision 20.2 23.2 Interest income, net - - Deprecia