Medpace(MEDP)2025-02-10 21:15Revenue Performance - Revenue for Q4 2024 increased 7.7% to $536.6 million compared to $498.4 million in Q4 2023, with a backlog conversion rate of 18.3%[3][8] - Full year 2024 revenue increased 11.8% to $2,109.1 million from $1,885.8 million in 2023[10] - Revenue for Q4 2024 was $536.6 million, an increase of 7.7% from $498.4 million in Q4 2023[30] Business Awards and Book-to-Bill Ratio - Net new business awards for Q4 2024 were $529.7 million, a decrease of 13.8% from $614.7 million in Q4 2023, resulting in a net book-to-bill ratio of 0.99x[4][8] - For the full year 2024, net new business awards totaled $2,230.0 million, with a net book-to-bill ratio of 1.06x, down from $2,356.7 million in 2023[11] Net Income and Earnings Per Share - GAAP net income for Q4 2024 was $117.0 million, or $3.67 per diluted share, compared to $78.3 million, or $2.46 per diluted share in Q4 2023, with a net income margin of 21.8%[6][8] - GAAP net income for the full year 2024 was $404.4 million, or $12.63 per diluted share, compared to $282.8 million, or $8.88 per diluted share in 2023, resulting in a net income margin of 19.2%[12] EBITDA Performance - EBITDA for Q4 2024 increased 39.3% to $133.5 million, representing 24.9% of revenue, compared to $95.8 million, or 19.2% of revenue in Q4 2023[7][8] - EBITDA for the full year 2024 increased 32.5% to $480.2 million, or 22.8% of revenue, compared to $362.5 million, or 19.2% of revenue in 2023[13] - EBITDA for Q4 2024 was $133.5 million, representing an EBITDA margin of 24.9%, compared to 19.2% in Q4 2023[34] Cash Flow and Liquidity - The company had cash and cash equivalents of $669.4 million as of December 31, 2024, and generated $190.7 million in cash flow from operating activities during Q4 2024[14] - Cash and cash equivalents rose significantly to $669.4 million in 2024, compared to $245.4 million in 2023, marking an increase of 172.5%[33] Guidance and Forecast - The company forecasts 2025 revenue between $2.110 billion and $2.210 billion, representing growth of 0.0% to 4.8% over 2024 revenue[16] - The company provided FY 2025 guidance for net income between $378.0 million and $402.0 million, with diluted earnings per share projected between $11.93 and $12.69[35] Operating Expenses and Liabilities - Operating expenses for Q4 2024 totaled $411.2 million, slightly up from $411.1 million in Q4 2023[30] - Total liabilities increased to $1.3 billion in 2024, compared to $1.1 billion in 2023, reflecting a growth of 16.2%[32] Assets and Advanced Billings - Total assets increased to $2.1 billion as of December 31, 2024, from $1.7 billion in 2023, reflecting a growth of 26.7%[32] - Advanced billings increased to $710.6 million in 2024, compared to $559.9 million in 2023, indicating a growth of 26.9%[32] Net Income Margin - The company reported a net income margin of 21.8% for Q4 2024, up from 15.7% in Q4 2023[34]