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MEDPACE FOR IMMEDIATE RELEASE Medpace Holdings , Inc. Reports First Quarter 2021 Results Investor Contact : Lauren Morris 513.579.9911x11994 l.morris@medpace.com Media Contact : Julie Hopkins 513.579.9911x12627 j.hopkins@medpace.com • • • • Revenue of $ 260.0 million in the first quarter of 2021 increased 12.6 % from revenue of $ 230.9 million for the comparable prior- year period , representing a backlog conversion rate of 16.9 % . Net new business awards were $ 356.2 million in the first quarter of 2021 , representing an increase of 44.2 % from net new business awards of $ 246.9 million for the comparable prior - year period , which resulted in a net book - to - bill ratio of 1.37x . First quarter of 2021 GAAP net income was $ 43.3 million , or $ 1.14 per diluted share , versus GAAP net income of $ 29.0 million , or $ 0.76 per diluted share , for the comparable prior - year period . Net income margin was 16.7 % and 12.5 % for the first quarter of 2021 and 2020 , respectively . EBITDA was $ 53.6 million for the first quarter of 2021 , an increase of 32.1 % from EBITDA of $ 40.6 million for the comparable prior - year period , resulting in an EBITDA margin of 20.6 % . CINCINNATI , OHIO , April 26 , 2021-- Medpace Holdings , Inc. ( Nasdaq : MEDP ) ( “ Medpace " ) today announced financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Financial Results Revenue for the three months ended March 31 , 2021 increased 12.6 % to $ 260.0 million , compared to $ 230.9 million for the comparable prior - year period . On a constant currency organic basis , revenue for the first quarter of 2021 increased 11.6 % compared to the first quarter of 2020 . Backlog as of March 31 , 2021 grew 26.1 % to $ 1.6 billion from $ 1.3 billion as of March 31 , 2020. Net new business awards were $ 356.2 million , representing a net book - to - bill ratio of 1.37x for the first quarter of 2021 , as compared to $ 246.9 million for the comparable prior - year period . The Company calculates the net book - to - bill ratio by dividing net new business awards by revenue . quarter For the first quarter of 2021 , total direct costs were $ 181.5 million , compared to total direct costs of $ 165.8 million in the first of 2020. Selling , general and administrative ( SG & A ) expenses were $ 25.7 million in the first quarter of 2021 , compared to SG & A expenses of $ 25.1 million in the first quarter of 2020 . GAAP net income for the first quarter of 2021 was $ 43.3 million , or $ 1.14 per diluted share , versus GAAP net income of $ 29.0 million , or $ 0.76 per diluted share , for the first quarter of 2020. This resulted in a net income margin of 16.7 % and 12.5 % for the first quarter of 2021 and 2020 , respectively . EBITDA for the first quarter of 2021 increased 32.1 % to $ 53.6 million , or 20.6 % of revenue , compared to $ 40.6 million , or 17.6 % of revenue , for the comparable prior - year period . On a constant currency basis , EBITDA for the first quarter of 2021 increased 34.1 % from the first quarter of 2020 . A reconciliation of the Company's non - GAAP financial measures , including EBITDA and EBITDA margin to the corresponding GAAP measures is provided below . 1