Medpace(MEDP)2024-04-23 20:02Revenue and Business Growth - Total revenue increased by $77.0 million to $511.0 million for the three months ended March 31, 2024, representing a 17.7% growth compared to $434.1 million for the same period in 2023[82] - Net new business awards were $615.6 million for the three months ended March 31, 2024, compared to $555.8 million for the same period in 2023[76] - Backlog increased by $447.0 million, or 18.2%, to $2,907.1 million as of March 31, 2024, compared to $2,460.1 million as of March 31, 2023[77] - The company expects approximately $1,550.0 million to $1,570.0 million of backlog to convert to net revenue over the next twelve months[77] Costs and Expenses - Direct service costs, excluding depreciation and amortization, increased by $20.4 million, or 13.5%, to $171.5 million for the three months ended March 31, 2024[82] - Reimbursed out-of-pocket expenses rose by $31.6 million, or 20.7%, to $184.4 million for the three months ended March 31, 2024[82] - Selling, general and administrative expenses increased by $6.1 million, or 15.9%, to $44.1 million for the three months ended March 31, 2024[82] - Total direct costs increased by $52.0 million to $355.9 million for the three months ended March 31, 2024, compared to $303.9 million for the same period in 2023[84] - Selling, general and administrative expenses rose by $6.1 million to $44.1 million for the three months ended March 31, 2024, from $38.0 million in the prior year[85] - Depreciation and amortization expense increased by $1.0 million to $7.0 million for the three months ended March 31, 2024, compared to $6.0 million for the same period in 2023[86] Income and Tax - Income from operations increased by $17.9 million to $104.1 million for the three months ended March 31, 2024[82] - Net income for the three months ended March 31, 2024, was $102.6 million, an increase of $29.7 million compared to $72.9 million for the same period in 2023[82] - Income tax provision decreased by $2.9 million to $10.2 million for the three months ended March 31, 2024, with an effective tax rate of 9.0%, down from 15.3% in the prior year[88] - Miscellaneous income, net increased by $3.9 million to $4.6 million for the three months ended March 31, 2024, from $0.7 million in the prior year[87] Cash Flow and Financial Position - Cash and cash equivalents increased to $407.0 million as of March 31, 2024, up from $245.4 million as of December 31, 2023[89] - Net cash provided by operating activities was $152.7 million for the three months ended March 31, 2024, compared to $80.1 million in the same period of 2023[92] - Net cash provided by investing activities was $2.5 million for the three months ended March 31, 2024, compared to a net cash used of $9.5 million in the prior year[96] - The company did not execute any share repurchases during the three months ended March 31, 2024, with remaining authorization of $308.8 million under the repurchase program[99] - As of March 31, 2024, the company had no indebtedness and less than $0.1 million in letters of credit outstanding[101] Foreign Currency Impact - The effect of unfavorable foreign currency adjustments on backlog was $6.8 million for the three months ended March 31, 2024[78]