Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q4 2024 Earnings Presentation
15 slides from Medpace's earnings presentation, Feb 11, 2025
Slide 1: Q4 2024 Financial Results
Q4 2024 FINANCIAL RESULTS FEBRUARY 10, 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: Q4 2024 – Key Operating Highlights
Q4 2024 – KEY OPERATING HIGHLIGHTS ($ in millions) Fourth Quarter Full Year 2024 2023 % Change 2024 2023 % Change Revenue, net $ 536.6 $ 498.4 7.7 % $ 2,109.1 $ 1,885.8 11.8 % Net New Business Awards $ 529.7 $ 614.7 (13.8)% $ 2,230.0 $ 2,356.7 (5.4)% Net Book-to-Bill (A) 0.99 1.23 n.m. 1.06 1.25 n.m
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 1.28x 19.1% 1.25x 1.24x 1.23x 1.20x 18.7% 18.6% 18.5% 18.2% 18.2% 18.2% 18.3% 1.04x 1.00x 0.99x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q4 2024 – Key Financial Highlights
Q4 2024 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Fourth Quarter Full Year 2024 2023 % Change(B) 2024 2023 % Change(B) Revenue, net $ 536.6 $ 498.4 7.7 % $ 2,109.1 $ 1,885.8 11.8 % EBITDA(A) $ 133.5 $ 95.8 39.3 % $ 480.2 $ 362.5 32.5 % % Margin 24.9 % 19.2 % n.m. 22.8 % 19.2
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $533.3 $536.6 $133.5 $511.0 $528.1 $492.5 $498.4 $115.7 $118.8 $460.9 $112.3 $434.1 $92.8 $90.2 $95.8 $83.6 24.9% 21.4% 22.6% 22.3% 21.3% 18.1% 18.3% 19.2% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q23 2Q23 3Q23 4Q23 1Q24 2Q2
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue . 0 % C AGR - 19 +11.8% YOY +0.0% - 4.8% YOY +17.9% +29.2% YOY +27.8% YOY +23.4% YOY Guidance Range $1,885.8 $2,109.1 $2,110 - $2,210 $1,460.0 $925.9 $1,142.4 2020 2021 2022 2023 2024 2025 ($ in millions) EBITDA(A) .2 % C A GR +32.5% YOY (3.8)% - 2.5% YOY
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income % CAGR - 2 2 . 6 +21.1% +43.0% YOY (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 $181.8 2020 2021 2022 2023 2024 2025 Net Income per diluted share CAG R +42.2% YOY (5.5)% - 0.5% YOY 2 7 .0 %
Slide 9: 2024 – Revenue Composition
2024 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) OTH (A) Large 20% Mid-sized Top 5 ONC Pharma Biopharma 22% 31% 4% 17% AVAI Rest of 2024 7% Small Top 10 CNS Biopharma 7% 9% All Other 79% 71% CV MET 11% 22% (A) OTH Top 5 Mid-siz
Slide 10: Q4 2024 – Cash Position
Q4 2024 – CASH POSITION ($ in millions) ($ in millions) Fourth Quarter Full Year (A) Free Cash Flow and Free Cash Flow Conversion Free Cash Flow 2024 2023 2024 2023 (A) Free Cash Flow Free Cash Flow Conversion % Operating Cash Flow $ 190.7 $ 156.4 $ 608.8 $ 433.4 (GAAP) 152.8% 127.3% 137.1% 116.6% 9
Slide 11: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE ($ in millions, except per share data) As of February 10, 2025 Guidance Range Growth Rate Revenue, net $2,110.0 - $2,210.0 0.0% - 4.8% EBITDA $462.0 - $492.0 (3.8)% - 2.5% Net Income $378.0 - $402.0 (6.5)% - (0.6)% Net Income per diluted share $11.93 - $12.69 (5.5)% - 0.5% No
Slide 12: Appendix
APPENDIX rest
Slide 13: Q4 2024 – Income Statement
Q4 2024 – INCOME STATEMENT % % Revenue, Revenue, 4Q24 vs. 4Q23 ($ in millions, except per share amounts) 4Q24 net 4Q23 net $ Change % Change Revenue, net $ 536.6 100.0 % $ 498.4 100.0 % $ 38.2 7.7 % Operating Expenses: Direct service costs, excluding depreciation and amortization 167.5 31.2 % 164.3
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION ($ in millions) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net income as reported (GAAP) $ 72.9 $ 61.1 $ 70.6 $ 78.3 $102.6 $ 88.4 $ 96.4 $117.0 Income tax provision 13.1 14.7 12.7 12.4 10.2 22.1 22.4 16.9 Interest expense (income), net 0.9 1.4 0.1 (1.8) (4.1) (5.5) (7.5) (7.9) De
Slide 15: FY2025 Guidance Reconciliation
FY2025 GUIDANCE RECONCILIATION ($ 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 $ 11.93 $ 12.69 Income tax provision 84.5 90.5 Interest income, net (30.5) (30.5) Depreciation 29.1 29