Medpace Holdings, Inc.

Good day ladies and gentlemen and welcome to the MedPace fourth quarter and full year 2025 earnings conference call. At this time all participants are in a lesson 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 one on one on your telephone. If your question has been answered or you'd like to remove yourself from the queue simply press star one one again. As a reminder this call is being recorded. I would now like to introduce your host for today's conference call Lauren Morse, MedPace's Director of Investor Relations. You may begin.

Good morning, and thank you for joining MedPace's fourth quarter and full year 2025 earnings conference call. Also on the call today is our CEO, August Trendle, 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 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 or a 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 elevated again in Q4. Backlog cancellations. in absolute and percent terms were the highest they had been in over a year. This resulted in a lower than anticipated net book to bill ratio of 1.04. The good news is that with a backlog conversion rate of 23.6%, our book to bill rate does not need to be very high to generate growth. I see no reason to expect the higher level of cancellations to continue but did not anticipate the spike in Q4. Only time will tell. Good opportunities continue to present themselves, and I rate the overall business environment as adequate and headed in the right direction. Jesse will now make some comments on Q4 and the year. Jesse.