1) Business Environment & Strategy - The business environment in Q2 2026 was strong, with record net bookings and well-managed cancellations. - RFPs increased both sequentially and year-over-year, indicating high-quality opportunities. - Oncology has regained prominence in the company's project mix, contributing over half of the overall bookings. - The company is positioning itself for continued growth into 2027.

2) Financial Results - Q2 2026 revenue was $707.3 million, a 17.2% increase YoY; year-to-date revenue reached $1.41 billion, up 21.7%. - EBITDA for Q2 was $153.4 million, a 17.6% increase YoY, with a margin of 21.7%. - Net income for Q2 was $121.4 million, up 34.5% YoY, translating to $4.25 per diluted share. - Year-to-date net income was $245.2 million, a 19.7% increase YoY.

3) Backlog & Awards - Net new business awards in Q2 increased 28.2% YoY to $795.7 million, with a net book-to-bill ratio of 1.13x. - Ending backlog as of June 30, 2026, was approximately $3 billion, up 4.9% YoY. - Approximately $1.96 billion of backlog is expected to convert to revenue in the next 12 months.

4) Operational Insights & Challenges - Cancellations have improved significantly, contributing to net bookings growth. - The company has implemented initiatives to enhance win rates, which have shown positive results. - There is uncertainty regarding future cancellations, but the overall business environment remains favorable. - The company is managing labor resources effectively with low turnover and expects high single-digit employee growth.

5) Guidance & Outlook - Full-year 2026 revenue is projected between $2.805 billion to $2.885 billion, reflecting growth of 10.9% to 14%. - EBITDA guidance for 2026 is set at $618 million to $642 million, representing growth of 10.8% to 15.1%. - Net income is expected to be in the range of $494 million to $514 million, with diluted earnings per share projected at $17.25 to $17.95.

Bottom line: Medpace is experiencing robust growth driven by a strong business environment and a shift back to oncology projects. With solid financial results and improved backlog dynamics, the outlook for 2026 remains positive, making it an attractive proposition for shareholders.