Medpace Holdings, Inc. Reports Second Quarter 2024 Results
Medpace Holdings, Inc. (MEDP) reported strong financial results for Q2 2024. Revenue increased 14.6% to $528.1 million, with a backlog conversion rate of 18.2%. GAAP net income rose to $88.4 million, or $2.75 per diluted share, up from $61.1 million in Q2 2023. The company's net income margin improved to 16.7%, while EBITDA grew 34.2% to $112.3 million.
Medpace's backlog increased 13.7% to $2,924.9 million, and net new business awards were $551.0 million, resulting in a net book-to-bill ratio of 1.04x. The company updated its 2024 financial guidance, forecasting revenue between $2.125 billion and $2.175 billion, representing 12.7% to 15.3% growth over 2023.
Medpace Holdings, Inc. (MEDP) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 14,6% raggiungendo 528,1 milioni di dollari, con un tasso di conversione del backlog del 18,2%. Il reddito netto GAAP è salito a 88,4 milioni di dollari, ovvero 2,75 dollari per azione diluita, rispetto ai 61,1 milioni di dollari del secondo trimestre del 2023. Il margine di reddito netto dell'azienda è migliorato al 16,7%, mentre l'EBITDA è cresciuto del 34,2% raggiungendo 112,3 milioni di dollari.
Il backlog di Medpace è aumentato del 13,7% fino a 2.924,9 milioni di dollari, e i nuovi ordini di lavoro netti sono stati di 551,0 milioni di dollari, risultando in un rapporto book-to-bill netto di 1,04x. L'azienda ha aggiornato le sue previsioni finanziarie per il 2024, prevedendo ricavi tra 2,125 miliardi e 2,175 miliardi di dollari, corrispondenti a una crescita tra il 12,7% e il 15,3% rispetto al 2023.
Medpace Holdings, Inc. (MEDP) reportó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 14,6% alcanzando los 528,1 millones de dólares, con una tasa de conversión de backlog del 18,2%. El ingreso neto GAAP se elevó a 88,4 millones de dólares, o 2,75 dólares por acción diluida, en comparación con los 61,1 millones de dólares en el segundo trimestre de 2023. El margen de ingreso neto de la compañía mejoró al 16,7%, mientras que el EBITDA creció un 34,2% hasta 112,3 millones de dólares.
El backlog de Medpace aumentó un 13,7% hasta 2.924,9 millones de dólares y los nuevos premios de negocios netos fueron de 551,0 millones de dólares, lo que resultó en un ratio neto book-to-bill de 1,04x. La compañía actualizó su guía financiera para 2024, pronosticando ingresos entre 2,125 mil millones y 2,175 mil millones de dólares, representando un crecimiento del 12,7% al 15,3% respecto a 2023.
Medpace Holdings, Inc. (MEDP)는 2024년 2분기 강력한 재무 결과를 보고했습니다. 매출이 14.6% 증가하여 5억 2,810만 달러에 달했습니다, 백로그 전환율은 18.2%였습니다. GAAP 순이익은 8,840만 달러로 상승했습니다, 희석주당 2.75달러, 2023년 2분기 6,110만 달러에서 증가했습니다. 회사의 순이익 마진은 16.7%로 개선되었고, EBITDA는 34.2% 성장하여 1억 1,230만 달러에 이르렀습니다.
Medpace의 백로그는 13.7% 증가하여 29억 2,490만 달러에 도달했고, 순 신규 비즈니스 수주액은 5억 5,100만 달러로, 순서 기준 비율은 1.04배입니다. 회사는 2024년 재무 가이드를 업데이트하여 2023년 대비 127억에서 137억 달러의 매출 성장을 예측했습니다.
Medpace Holdings, Inc. (MEDP) a rapporté de solides résultats financiers pour le deuxième trimestre 2024. Les revenus ont augmenté de 14,6% pour atteindre 528,1 millions de dollars, avec un taux de conversion du backlog de 18,2%. Le bénéfice net GAAP a grimpé à 88,4 millions de dollars, soit 2,75 dollars par action diluée, contre 61,1 millions de dollars au deuxième trimestre 2023. La marge bénéficiaire nette de l'entreprise s'est améliorée à 16,7%, tandis que l'EBITDA a augmenté de 34,2% pour atteindre 112,3 millions de dollars.
Le backlog de Medpace a augmenté de 13,7% pour atteindre 2 924,9 millions de dollars, et les nouveaux contrats d'affaires nets étaient de 551,0 millions de dollars, ce qui a abouti à un ratio net book-to-bill de 1,04x. L'entreprise a mis à jour ses prévisions financières pour 2024, prévoyant des revenus compris entre 2,125 milliards et 2,175 milliards de dollars, représentant une croissance de 12,7% à 15,3% par rapport à 2023.
Medpace Holdings, Inc. (MEDP) meldete für das zweite Quartal 2024 starke Finanzergebnisse. Der Umsatz stieg um 14,6% auf 528,1 Millionen US-Dollar, mit einer Rückstandsquote von 18,2%. Der GAAP-Nettogewinn stieg auf 88,4 Millionen US-Dollar, oder 2,75 US-Dollar pro verwässerter Aktie, gegenüber 61,1 Millionen US-Dollar im zweiten Quartal 2023. Die Nettogewinnmarge des Unternehmens verbesserte sich auf 16,7%, während das EBITDA um 34,2% auf 112,3 Millionen US-Dollar wuchs.
Der Rückstand von Medpace stieg um 13,7% auf 2.924,9 Millionen US-Dollar, und die Nettoneugeschäftsaufträge betrugen 551,0 Millionen US-Dollar, was zu einem Netto-Buch-zu-Rechnung-Verhältnis von 1,04x führte. Das Unternehmen aktualisierte seine Finanzprognosen für 2024 und erwartet einen Umsatz zwischen 2,125 und 2,175 Milliarden US-Dollar, was einem Wachstum von 12,7% bis 15,3% im Vergleich zu 2023 entspricht.
- Revenue increased 14.6% year-over-year to $528.1 million
- GAAP net income grew 44.7% to $88.4 million
- Net income margin improved from 13.3% to 16.7%
- EBITDA increased 34.2% to $112.3 million
- Backlog grew 13.7% to $2,924.9 million
- 2024 revenue guidance forecasts growth of 12.7% to 15.3%
- Net new business awards decreased 4.1% year-over-year to $551.0 million
Insights
The financial results presented by Medpace Holdings, Inc. for the second quarter of 2024 are noteworthy. The 14.6% revenue increase to $528.1 million is a strong indicator of growth, while the improvement in GAAP net income from $61.1 million to $88.4 million demonstrates effective cost management and operational efficiency. The EBITDA growth of 34.2% to $112.3 million further solidifies this positive trend, showing enhanced profitability margins.
However, the decline in net new business awards by 4.1% is a point of concern, reflecting potential challenges in acquiring new contracts. The company's net book-to-bill ratio of 1.04x still indicates more incoming business than outgoing, but the downward trend should be monitored closely.
Long-term, the guidance for 2024 with revenue projected between
The market implications of Medpace's Q2 2024 results are significant. The company's revenue growth of 14.6% and the substantial increase in both net income and EBITDA highlight its competitive positioning in the market. This growth trajectory will likely boost investor confidence, potentially leading to a positive market reaction.
However, the 4.1% decrease in net new business awards might suggest a saturation point or increased competition. It is essential to track if this trend continues, as sustained declines could indicate deeper market penetration issues.
Medpace's robust balance sheet with
From a technology and operational efficiency standpoint, Medpace's improved financial performance suggests that their technological integrations and platform efficiencies are contributing positively to their margins. The increase in EBITDA margin from 18.1% to 21.3% implies that recent technological investments or optimizations are yielding tangible results.
Given the significant role of technology in clinical research, continuous investments in data analytics, AI and automation could further enhance Medpace's operational capabilities. This is important as the industry becomes more competitive with advancements in digital health technologies.
Maintaining a high level of technology-driven innovation will be key for Medpace to sustain its growth and improve client satisfaction, which can counterbalance the slight decline seen in net new business awards.
-
Revenue of
$528.1 million 14.6% from revenue of$460.9 million 18.2% . -
Net new business awards were
$551.0 million 4.1% from net new business awards of$574.8 million -
Second quarter of 2024 GAAP net income was
$88.4 million $2.75 $61.1 million $1.93 16.7% and13.3% for the second quarter of 2024 and 2023, respectively. -
EBITDA was
$112.3 million 34.2% from EBITDA of$83.6 million 21.3% .
Second Quarter 2024 Financial Results
Revenue for the three months ended June 30, 2024 increased
Backlog as of June 30, 2024 increased
For the second quarter of 2024, total direct costs were
GAAP net income for the second quarter of 2024 was
EBITDA for the second quarter of 2024 increased
A reconciliation of the Company’s non-GAAP financial measures, including EBITDA and EBITDA margin to the corresponding GAAP measures is provided below.
Year-to-Date 2024 Financial Results
Revenue for the six months ended June 30, 2024 was
Balance Sheet and Liquidity
The Company’s Cash and cash equivalents were
2024 Financial Guidance
The Company forecasts 2024 revenue in the range of
Conference Call Details
Medpace will host a conference call at 9:00 a.m. ET, Tuesday, July 23, 2024, to discuss its second quarter 2024 results.
To participate in the conference call, interested parties must register in advance by clicking on this link. While it is not required, it is recommended you join 10 minutes prior to the event start. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call.
To access the conference call via webcast, visit the “Investors” section of Medpace’s website at medpace.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call. A supplemental slide presentation will also be available at the “Investors” section of Medpace’s website prior to the start of the call.
About Medpace
Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages regulatory and therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our forecasted financial results and the effective tax rate used for non-GAAP adjustment purposes. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “forecast,” “may,” “could,” “likely,” “anticipate,” “project,” “goal,” “objective,” “potential,” “range,” “estimate,” “preliminary,” “opportunity,” “outlook,” “trend,” “can,” “might,” “drives,” “hope,” “predict” and similar expressions, and variations or negatives of these words. However, the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are largely based on management’s current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our financial condition, actual results, performance (including share price performance), or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the potential loss, delay or non-renewal of our contracts, or the non-payment by customers for services we have performed; the failure to convert backlog to revenue at our present or historical conversion rate(s); the failure to maintain or generate new business awards; fluctuation in our results between fiscal quarters and years; the risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; decreased operating margins due to increased pricing pressure or other factors; our failure to perform our services in accordance with contractual requirements, government regulations and ethical considerations; the impact of underpricing our contracts, overrunning our cost estimates or failing to receive approval for or experiencing delays with documentation of change orders; our failure to increase our market share, grow our business, successfully execute our growth strategies or manage our growth effectively; the impact of a failure to retain key executives or other personnel or recruit experienced personnel; the risks associated with our information systems infrastructure, including potential cybersecurity breaches and other disruptions which could compromise patient information or our information; adverse results from customer or therapeutic area concentration; the risks associated with doing business internationally, including the effects of tariffs and trade wars; the risks associated with the Foreign Corrupt Practices Act and other anti-corruption laws; future net losses; the impact of changes in tax laws and regulations; our failure to attract suitable investigators and patients to our clinical trials; the liability risks associated with our research and development services, including risks of liability resulting from harm to patients; inadequate insurance coverage for our operations and indemnification obligations; fluctuations in exchange rates; general economic conditions, including inflation, in the markets in which we operate, including financial market conditions; the impact of unfavorable economic conditions, including conditions caused by the uncertain international economic environment and current and future international conflicts; the impact of a natural disaster or other catastrophic event; negative outsourcing trends in the biopharmaceutical industry and a reduction in aggregate expenditures and research and development budgets; our inability to compete effectively with other CROs; the impact of healthcare reform; the impact of consolidation in the biopharmaceutical industry; our failure to comply with federal, state and foreign healthcare laws; the effect of current and proposed laws and regulations regarding the protection of personal data; our potential involvement in costly intellectual property lawsuits; actions by regulatory authorities or customers to limit the scope of indications related to or withdraw an approved drug, biologic or medical device from the market; and the impact of industry-wide reputational harm to CROs. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all important factors on our business or the extent to which any factor, or combination of such factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.
These and other important factors discussed under the caption “Risk Factors” in Item 1A, Part I of our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. If known or unknown risks or uncertainties materialize or if underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events, developments or circumstances cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
Certain financial measures presented in this press release, such as EBITDA and EBITDA margin, are not recognized under generally accepted accounting principles in
EBITDA and EBITDA margin have important limitations as analytical tools and you should not consider them in isolation, or as a substitute for, analysis of our results as reported under
We believe that EBITDA and EBITDA margin are useful to provide additional information to investors about certain material non-cash and non-recurring items. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, because not all companies use identical calculations, this presentation of EBITDA and EBITDA margin may not be comparable to other similarly titled measures of other companies and should not be considered as an alternative to performance measures derived in accordance with
MEDPACE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|||||||||||||||
(Amounts in thousands, except per share amounts) |
Three Months Ended
|
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue, net |
$ |
528,104 |
|
|
$ |
460,868 |
|
|
$ |
1,039,148 |
|
$ |
894,942 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Direct service costs, excluding depreciation and amortization |
|
171,541 |
|
|
|
158,526 |
|
|
|
343,033 |
|
|
|
309,594 |
|
Reimbursed out-of-pocket expenses |
|
202,725 |
|
|
|
178,025 |
|
|
|
387,135 |
|
|
|
330,842 |
|
Total direct costs |
|
374,266 |
|
|
|
336,551 |
|
|
|
730,168 |
|
|
|
640,436 |
|
Selling, general and administrative |
|
41,453 |
|
|
|
39,404 |
|
|
|
85,534 |
|
|
|
77,431 |
|
Depreciation |
|
6,874 |
|
|
|
5,970 |
|
|
|
13,505 |
|
|
|
11,378 |
|
Amortization |
|
361 |
|
|
|
550 |
|
|
|
722 |
|
|
|
1,100 |
|
Total operating expenses |
|
422,954 |
|
|
|
382,475 |
|
|
|
829,929 |
|
|
|
730,345 |
|
Income from operations |
|
105,150 |
|
|
|
78,393 |
|
|
|
209,219 |
|
|
|
164,597 |
|
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Miscellaneous (expense) income, net |
|
(133 |
) |
|
|
(1,283 |
) |
|
|
4,460 |
|
|
|
(596 |
) |
Interest income (expense), net |
|
5,465 |
|
|
|
(1,366 |
) |
|
|
9,585 |
|
|
|
(2,227 |
) |
Total other income (expense), net |
|
5,332 |
|
|
|
(2,649 |
) |
|
|
14,045 |
|
|
|
(2,823 |
) |
Income before income taxes |
|
110,482 |
|
|
|
75,744 |
|
|
|
223,264 |
|
|
|
161,774 |
|
Income tax provision |
|
22,131 |
|
|
|
14,676 |
|
|
|
32,322 |
|
|
|
27,812 |
|
Net income |
$ |
88,351 |
|
|
$ |
61,068 |
|
|
$ |
190,942 |
|
|
$ |
133,962 |
|
Net income per share attributable to common shareholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.85 |
|
|
$ |
2.00 |
|
|
$ |
6.17 |
|
|
$ |
4.35 |
|
Diluted |
$ |
2.75 |
|
|
$ |
1.93 |
|
|
$ |
5.96 |
|
|
$ |
4.20 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
30,990 |
|
|
|
30,537 |
|
|
|
30,917 |
|
|
|
30,771 |
|
Diluted |
|
32,086 |
|
|
|
31,575 |
|
|
|
32,046 |
|
|
|
31,864 |
|
MEDPACE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|||||||
(Amounts in thousands, except share amounts) |
|
|
|
||||
|
As of |
||||||
|
June 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
510,894 |
|
|
$ |
245,449 |
|
Accounts receivable and unbilled, net |
|
301,108 |
|
|
|
298,400 |
|
Prepaid expenses and other current assets |
|
60,521 |
|
|
|
49,979 |
|
Total current assets |
|
872,523 |
|
|
|
593,828 |
|
Property and equipment, net |
|
122,394 |
|
|
|
120,589 |
|
Operating lease right-of-use assets |
|
134,001 |
|
|
|
144,801 |
|
Goodwill |
|
662,396 |
|
|
|
662,396 |
|
Intangible assets, net |
|
35,087 |
|
|
|
35,809 |
|
Deferred income taxes |
|
75,196 |
|
|
|
74,435 |
|
Other assets |
|
18,451 |
|
|
|
24,970 |
|
Total assets |
$ |
1,920,048 |
|
|
$ |
1,656,828 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
27,388 |
|
|
$ |
31,869 |
|
Accrued expenses |
|
292,659 |
|
|
|
292,961 |
|
Advanced billings |
|
638,417 |
|
|
|
559,860 |
|
Other current liabilities |
|
34,624 |
|
|
|
40,441 |
|
Total current liabilities |
|
993,088 |
|
|
|
925,131 |
|
Operating lease liabilities |
|
131,796 |
|
|
|
142,122 |
|
Deferred income tax liability |
|
2,294 |
|
|
|
2,404 |
|
Other long-term liabilities |
|
29,271 |
|
|
|
28,221 |
|
Total liabilities |
|
1,156,449 |
|
|
|
1,097,878 |
|
Commitments and contingencies |
|
|
|
||||
Shareholders’ equity: |
|
|
|
||||
Preferred stock - |
|
— |
|
|
|
— |
|
Common stock - |
|
310 |
|
|
|
308 |
|
Treasury stock - 70,073 and 70,573 shares at June 30, 2024 and December 31, 2023, respectively |
|
(12,235 |
) |
|
|
(12,322 |
) |
Additional paid-in capital |
|
818,903 |
|
|
|
802,681 |
|
Accumulated deficit |
|
(30,790 |
) |
|
|
(221,645 |
) |
Accumulated other comprehensive loss |
|
(12,589 |
) |
|
|
(10,072 |
) |
Total shareholders’ equity |
|
763,599 |
|
|
|
558,950 |
|
Total liabilities and shareholders’ equity |
$ |
1,920,048 |
|
|
$ |
1,656,828 |
|
MEDPACE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|||||||
(Amounts in thousands) |
Six Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net income |
$ |
190,942 |
|
|
$ |
133,962 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
13,505 |
|
|
|
11,378 |
|
Amortization |
|
722 |
|
|
|
1,100 |
|
Stock-based compensation expense |
|
7,898 |
|
|
|
10,344 |
|
Noncash lease expense |
|
11,461 |
|
|
|
9,659 |
|
Deferred income tax benefit |
|
(919 |
) |
|
|
(3,709 |
) |
Other |
|
(3,903 |
) |
|
|
(899 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable and unbilled, net |
|
(2,714 |
) |
|
|
(21,734 |
) |
Prepaid expenses and other current assets |
|
(11,251 |
) |
|
|
(11,831 |
) |
Accounts payable |
|
(2,453 |
) |
|
|
2,341 |
|
Accrued expenses |
|
915 |
|
|
|
21,259 |
|
Advanced billings |
|
78,557 |
|
|
|
27,828 |
|
Lease liabilities |
|
(11,025 |
) |
|
|
(9,379 |
) |
Other assets and liabilities, net |
|
(2,661 |
) |
|
|
(7,725 |
) |
Net cash provided by operating activities |
|
269,074 |
|
|
|
162,594 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Property and equipment expenditures |
|
(18,368 |
) |
|
|
(17,959 |
) |
Other |
|
8,108 |
|
|
|
(11 |
) |
Net cash used in investing activities |
|
(10,260 |
) |
|
|
(17,970 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Proceeds from stock option exercises |
|
8,326 |
|
|
|
4,127 |
|
Repurchases of common stock |
|
— |
|
|
|
(144,020 |
) |
Proceeds from revolving loan |
|
— |
|
|
|
105,000 |
|
Payments on revolving loan |
|
— |
|
|
|
(100,000 |
) |
Net cash provided by (used in) financing activities |
|
8,326 |
|
|
|
(134,893 |
) |
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
|
(1,695 |
) |
|
|
1,142 |
|
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
|
265,445 |
|
|
|
10,873 |
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period |
|
245,449 |
|
|
|
28,265 |
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period |
$ |
510,894 |
|
|
$ |
39,138 |
|
MEDPACE HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
|
|||||||||||||||
(Amounts in thousands) |
Three Months Ended
|
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
RECONCILIATION OF GAAP NET INCOME TO EBITDA |
|
|
|
|
|
|
|
||||||||
Net income (GAAP) |
$ |
88,351 |
|
|
$ |
61,068 |
|
|
$ |
190,942 |
|
|
$ |
133,962 |
|
Interest (income) expense, net |
|
(5,465 |
) |
|
|
1,366 |
|
|
|
(9,585 |
) |
|
|
2,227 |
|
Income tax provision |
|
22,131 |
|
|
|
14,676 |
|
|
|
32,322 |
|
|
|
27,812 |
|
Depreciation |
|
6,874 |
|
|
|
5,970 |
|
|
|
13,505 |
|
|
|
11,378 |
|
Amortization |
|
361 |
|
|
|
550 |
|
|
|
722 |
|
|
|
1,100 |
|
EBITDA (Non-GAAP) |
$ |
112,252 |
|
|
$ |
83,630 |
|
|
$ |
227,906 |
|
|
$ |
176,479 |
|
Net income margin (GAAP) |
|
16.7 |
% |
|
|
13.3 |
% |
|
|
18.4 |
% |
|
|
15.0 |
% |
EBITDA margin (Non-GAAP) |
|
21.3 |
% |
|
|
18.1 |
% |
|
|
21.9 |
% |
|
|
19.7 |
% |
FY 2024 GUIDANCE RECONCILIATION (UNAUDITED)
|
|||||||||||||||
(Amounts in millions, except per share amounts) |
Forecast 2024 |
||||||||||||||
|
Net Income |
|
Net income per diluted share |
||||||||||||
|
Low |
|
High |
|
Low |
|
High |
||||||||
Net income and net income per diluted share (GAAP) |
$ |
361.0 |
|
|
$ |
383.0 |
|
|
$ |
11.24 |
|
$ |
11.93 |
||
Income tax provision |
|
63.7 |
|
|
|
71.7 |
|
|
|
|
|
||||
Interest income, net |
|
(24.0 |
) |
|
|
(24.0 |
) |
|
|
|
|
||||
Depreciation |
|
27.9 |
|
|
|
27.9 |
|
|
|
|
|
||||
Amortization |
|
1.4 |
|
|
|
1.4 |
|
|
|
|
|
||||
EBITDA (Non-GAAP) |
$ |
430.0 |
|
|
$ |
460.0 |
|
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722495929/en/
Investor Contact:
Lauren Morris
513.579.9911 x11994
l.morris@medpace.com
Media Contact:
Julie Hopkins
513.579.9911 x12627
j.hopkins@medpace.com
Source: Medpace Holdings, Inc.
FAQ
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