Medpace Holdings, Inc.

Good day, ladies and gentlemen, and welcome to the MedPace third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question, please press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. As a reminder, this call is being 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.

Good morning, and thank you for joining MedPace's third quarter 2025 earnings conference call. Also on the call today are our CEO, August Trundle, 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 Security of 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 Trendle.

Good day, everyone. Cancellations were well behaved in Q3. permitting record net bookings and a net book to bill of 1.20. RFP quality remained solid with decisions progressing on a usual tempo. Initial award notifications were strong and our total dollar value of awarded work not yet recognized in the backlog was up approximately 30% in Q3 on a year over year basis. we are making good progress toward refilling our pipeline of opportunities. We will provide 2026 guidance when we report full-year 2025 results in February. However, I will provide a brief preliminary view in an attempt to avoid significant divergence between our view and analysts' models. We anticipate 2026 revenue to grow in a low double-digit range offer updated 2025 full-year guidance. We expect EBITDA to grow at a high single-digit pace or greater. We believe pass-through costs will remain high compared to historical levels and represent between 41% and 42% of revenue. Jesse will now provide comments on the queue.