Medpace Holdings, Inc. (NASDAQ:MEDP) Q2 2024 Earnings Conference Call July 23, 2024 9:00 AM ET
Company Participants
Lauren Morris - Director of IR
August Troendle - CEO
Jesse Geiger - President
Kevin Brady - CFO
Conference Call Participants
Eric Coldwell - Baird
Max Smock - William Blair
David Windley - Jefferies
Daniel Leonard - UBS
Ann Hynes - Mizuho Securities
Charles Rhyee - TD Cowen
Jack Wallace - Guggenheim Partners
Justin Bowers - Deutsche Bank
Operator
Good day, ladies and gentlemen, and welcome to Medpace Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call may be recorded.
I would now like to introduce your host for today's conference call, Lauren Morris, Medpace's Director of Investor Relations. You may begin.
Lauren Morris
Good morning, and thank you for joining Medpace's second quarter 2024 earnings conference call. Also on the call today is our CEO, August Troendle; our President, Jesse Geiger; and our CFO, Kevin Brady.
Before we begin, I would like to remind you that our remarks and responses to your questions during this teleconference may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve inherent assumptions with known and unknown risks and uncertainties as well as other important factors that could cause actual results to differ materially from our current expectations. These factors are discussed in our Form 10-K and other filings with the SEC. Please note that we assume no obligation to update forward-looking statements even if estimates change. Accordingly, you should not rely on any of today's forward-looking statements as representing our views as of any date after today.
During this call, we will also be referring to certain non-GAAP financial measures. These non-GAAP measures are not superior to or replacement for the comparable GAAP measures, but we believe these measures help investors gain a more complete understanding of results. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings press release and earnings call presentation slides provided in connection with today's call. The slides are available in the Investor Relations section of our website at investor.medpace.com.
With that, I would now like to turn the call over to August Troendle.
August Troendle
Good day everyone. Net new business awards entering backlog were down in Q2 compared to the same quarter of 2023. This was primarily the result of significantly elevated project cancellations, including backlog cancellations that were more than 2x, the quarterly average of the calendar year 2023.