Medpace(MEDP)2024-10-21 20:15Revenue Performance - Revenue for Q3 2024 was $533.3 million, an increase of 8.3% from $492.5 million in Q3 2023, with a backlog conversion rate of 18.2%[2] - Year-to-date revenue for 2024 was $1,572.5 million, reflecting a 13.3% increase from the prior year[7] - Full year 2024 revenue is forecasted to be between $2.090 billion and $2.130 billion, indicating growth of 10.8% to 12.9% over 2023[9] - Net revenue for the three months ended September 30, 2024, was $533,317,000, representing a 8.3% increase from $492,499,000 in the same period of 2023[19] Profitability Metrics - GAAP net income for Q3 2024 was $96.4 million, or $3.01 per diluted share, compared to $70.6 million, or $2.22 per diluted share in Q3 2023, with a net income margin of 18.1%[5] - Net income for the nine months ended September 30, 2024, was $287,368,000, up 40.4% from $204,512,000 in the same period of 2023[19] - Basic net income per share attributable to common shareholders for the three months ended September 30, 2024, was $3.11, compared to $2.30 for the same period in 2023, reflecting a 35.2% increase[19] - Full year 2024 GAAP net income is projected to be between $376.0 million and $388.0 million[9] Cash Flow and Liquidity - Cash and cash equivalents were $656.9 million as of September 30, 2024, with $149.1 million generated in cash flow from operating activities during Q3 2024[8] - Cash and cash equivalents rose significantly to $656,900,000 as of September 30, 2024, compared to $245,449,000 at the end of 2023, indicating a 167.5% increase[21] Backlog and Business Awards - Net new business awards in Q3 2024 were $533.7 million, a decrease of 12.7% from $611.5 million in Q3 2023, resulting in a net book-to-bill ratio of 1.00x[4] - Backlog as of September 30, 2024, increased by 8.8% to $2,927.4 million from $2,689.5 million in the prior year[4] Operating Expenses and EBITDA - EBITDA for Q3 2024 increased by 31.7% to $118.8 million, representing an EBITDA margin of 22.3%, compared to $90.2 million and 18.3% in Q3 2023[5] - EBITDA for the nine months ended September 30, 2024, was $346,672,000, compared to $266,663,000 for the same period in 2023, reflecting a 30.0% increase[26] Shareholder Equity and Repurchase Program - Total shareholders' equity rose to $881,439,000 as of September 30, 2024, compared to $558,950,000 at the end of 2023, indicating a 57.7% increase[22] - The company had $308.8 million remaining under its authorized share repurchase program as of September 30, 2024[8] Advanced Billings - Advanced billings increased to $670,939,000 as of September 30, 2024, from $559,860,000 at the end of 2023, showing a 19.8% growth[21]