Medpace(US:MEDP)2020-07-28 21:44Q2 2020 Key Operating Highlights - Net revenue for Q2 2020 was $205 million, a decrease of 43% compared to $2141 million in Q2 2019[7] - Net new business awards decreased by 90% from $2792 million in Q2 2019 to $2541 million in Q2 2020[7] - Ending backlog increased by 146% to $13428 million in Q2 2020, compared to $11717 million in Q2 2019[7] - Backlog conversion rate was 158% for Q2 2020, compared to 193% in Q2 2019[7] - Headcount increased by 56% to 3372 in Q2 2020, compared to 3193 in Q2 2019[7] Q2 2020 Key Financial Highlights - EBITDA for Q2 2020 was $35 million, a decrease of 129% compared to $402 million in Q2 2019, with a margin of 171%[10] - Net income for Q2 2020 was $241 million, a decrease of 122% compared to $275 million in Q2 2019, resulting in diluted earnings per share of $064[10] - Year-to-date revenue increased by 51% to $4359 million in 2020 from $4148 million in 2019[10] - Year-to-date net income increased by 137% to $531 million in 2020 from $467 million in 2019, with diluted earnings per share of $140[10] Full Year 2020 Guidance - The company projects net revenue between $880 million and $920 million, representing a growth rate of 22% to 69%[19] - The company anticipates EBITDA between $180 million and $190 million, representing a growth rate of 203% to 270%[19] - The company forecasts GAAP net income between $136 million and $144 million, representing a growth rate of 354% to 434%, with GAAP net income per diluted share between $362 and $383[19] Cash Flow - Free cash flow for Q2 2020 was $349 million, with a free cash flow conversion rate of 998%[16] - Net cash position increased to $1609 million[16]