Medpace Holdings, Inc. (Nasdaq: MEDP) has released its financial results for the fourth quarter and full year ending December 31, 2023.
Fourth Quarter 2023 Financial Highlights:
- Revenue for the quarter surged by 26.5% to $498.4 million compared to $394.1 million in the same period of the prior year. On a constant currency basis, revenue increased by 26.0%.
- Backlog as of December 31, 2023, witnessed a 20.2% increase to $2,813.0 million from $2,339.6 million as of December 31, 2022. Net new business awards reached $614.7 million, reflecting a net book-to-bill ratio of 1.23x for the quarter, compared to $485.1 million for the same period last year.
- Total direct costs for the quarter were $361.6 million, while selling, general, and administrative (SG&A) expenses stood at $42.5 million, compared to $278.4 million and $33.4 million, respectively, in the fourth quarter of 2022.
- GAAP net income for the quarter was $78.3 million, or $2.46 per diluted share, versus $68.7 million, or $2.12 per diluted share, in the fourth quarter of 2022. The net income margin was 15.7% for Q4 2023, compared to 17.4% for the same period last year.
- EBITDA for the quarter increased by 19.2% to $95.8 million, representing 19.2% of revenue, compared to $80.4 million, or 20.4% of revenue, for the fourth quarter of 2022.
Full Year 2023 Financial Highlights:
- Revenue for the full year ended December 31, 2023, rose by 29.2% to $1,885.8 million, compared to $1,460.0 million for the same period in 2022. On a constant currency basis, revenue increased by 28.9%.
- Net new business awards for the full year reached $2,356.7 million, with a net book-to-bill ratio of 1.25x, compared to $1,829.5 million in 2022.
- Total direct costs for the full year amounted to $1,361.3 million, while SG&A expenses were $161.4 million, compared to $1,027.6 million and $131.4 million, respectively, for the full year 2022.
- GAAP net income for the full year 2023 was $282.8 million, or $8.88 per diluted share, versus $245.4 million, or $7.28 per diluted share, for the full year 2022. The net income margin was 15.0% for 2023, compared to 16.8% for 2022.
- EBITDA for the full year 2023 increased by 17.7% to $362.5 million, representing 19.2% of revenue, compared to $308.1 million, or 21.1% of revenue, for the prior year.
Balance Sheet and Liquidity:
- As of December 31, 2023, Medpace had cash and cash equivalents totaling $245.4 million. The company generated $156.4 million in cash flow from operating activities during the fourth quarter of 2023.
- During the full year 2023, the company repurchased 781,068 shares for $144.0 million. As of December 31, 2023, Medpace had $308.8 million remaining under its authorized share repurchase program.
