Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q2 2020 Earnings Presentation
13 slides from Medpace's earnings presentation, Jul 27, 2020
Slide 1: Q2 2020 Financial Results
Telly. Q2 2020 FINANCIAL RESULTS JULY 27, 2020 MEDPACE
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES c 7 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 his
Slide 3: Q2 2020 - Key Operating Highlights
Q2 2020 - KEY OPERATING HIGHLIGHTS ($ in millions) Second Quarter 2019 % Change Year-to-Date 2019 % Change Revenue, net $ 205.0 Net New Business Awards 254.1 Net Book-to-Bill 1.24 Net Book-to-Bill (LTM) 1.21 Ending Backlog $ 1,342.8 Backlog Conversion Rate (®) 15.8% Headcount 3,372 A.Net Book-to-Bil
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS | 19.3% 18.8% 19.0% 1.30x 1.32x 18.5% 18.7% 1.27X 4.90, 1.24x 1.22x 1.24x 18.3% 1.07; 8% 3Q18 4Q18 1019 2Q19 3019 4Q19 1Q20 2Q20 3Q18 4Q18 1019 2019 3019 4Q19 1Q20 2Q20 Net New Business Awards Ending Backlog and Es‘ Backlog Conversion) $279.2 $285.4 $281.1 s1.zea.2 $1,20
Slide 5: Q2 2020 - Key Financial Highlights
Q2 2020 - KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Second Quarter Year-to-Date 2019 % Change 2019 % Change Revenue, net $ 205.0 $ 214.1 -4.3% $ 435.9 $ 414.8 5.1% EBITDA“) 35.0 40.2 -12.9% 75.6 73.7 2.6% % Margin 17.1% 18.8% n.m. 17.3% 17.8% nm. Net Income 24.1 27.5 -12.2% 53.
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS $229.9 $230.9 $40.7 $40.2 $41.1 $40.6 $214.1 $216.2 g179.g $1921 $200.7 scisg $37.1 $33.4 $34.8 $35.0 Pye Ob 18.8% 77 09 16.7% sara % 170% \i74% 3Q18 4018 1019 2019 3a19 4Q19 1020 2020 318 4018 1019 2019 3019 4a19 1020 2020 @——* _ Represents percent of Revenue ($ in millions) Ne
Slide 7: YTD 2020 - Revenue Composition
YTD 2020 - REVENUE COMPOSITION Concentration Concentration ®) Concentration (©) OTH” Top 5 18% Rest of Top 10 9% ONC 31% 22% o N o N Q CNS 5 10% AVAL All Other 1% 73% cv » 11% OTH” te 23% 20% = Rest of a Top 10 F AVAI 10% ~ 10% All Other 70% 11% ci 16% 11% A. Other primarily includes Nephrology, Rhe
Slide 8: Q2 2020 - Cash Position
Q2 2020 - CASH POSITION ($ in millions) ($ in millions) Second Quarter Year-to-Date Free Cash Flow and Free Cash Flow Conversion) Free Cash Flow 2020 2019 2020 201 Operating Cash Flow mm Free Cash Flow —Free Cash Flow Conversion %” (GAAP) $44.3 $ 46.6 $93.4 $ 806 $58.1 $51.2 wane Less: CAPEX 9.3 3.5
Slide 9: Full Year 2020 Guidance
FULL YEAR 2020 GUIDANCE ($ in millions, except per share data) As of July 27, 2020 Guidance Range Growth Rate Revenue, net $880.0 - $920.0 2.2% - 6.9% EBITDA $180.0 - $190.0 20.3% - 27.0% GAAP Net Income $136.0 - $144.0 35.4% - 43.4% GAAP Net Income per diluted share $3.62 - $3.83 35.6% - 43.4% Note
Slide 10: Appendix
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Slide 11: Q2 2020 - Income Statement
Q2 2020 - INCOME STATEMENT % Revenue, % Revenue, 2Q20 vs. 2Q19 ($ in millions, except per share amounts) net net $Change % Change Revenue, net $ 205.0 100.0% $ 214.1 100.0% (9.1) (4.3%) Operating Expenses: Direct service costs, excluding depreciation and amortization 86.6 42.3% 79.3 37.1% 73 9.2% Re
Slide 12: EBITDA Reconciliation
12 EBITDA RECONCILIATION Note: ($ in millions) 3Q18 4Q18 2019 3Q19 4Q19 1Q20 2Q20 Net income as reported (GAAP) $ 193 $ 228 $ 192 $ 275 $ 240 $ 298 $ 290 $ 241 Income tax provision 6.2 6.6 §.5 7.0 5:5) 6.4 TS 6.3 Interest expense (income), net 1.9 1.6 1.0 0.7 0.3 (0.4) (0.4) 0.0 Depreciation 2:3 2.4
Slide 13: FY2020 Guidance Reconciliation
FY2020 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) $ 136.0 $ 144.0 $ 3.62 $ 3.83 Income tax provision 24.9 26.9 Interest income, net (0.4) (0.4) Depreciation 11.6 11.6 A