0001668397-24-000168 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, net (includes $15.5 million with related parties for the three months ended September 30, 2024 and 2023, and $39.5 million and $44.6 million with related parties for the nine months ended September 30, 2024 and 2023, respectively)	$ 533,317	$ 492,499	$ 1,572,465	$ 1,387,441
Operating expenses:
Total direct costs	364,309	359,306	1,094,477	999,742
Selling, general and administrative	49,217	41,407	134,751	118,838
Depreciation	7,158	6,329	20,663	17,707
Amortization	360	549	1,082	1,649
Total operating expenses	421,044	407,591	1,250,973	1,137,936
Income from operations	112,273	84,908	321,492	249,505
Other income (expense), net:
Miscellaneous (expense) income, net	(1,025)	(1,602)	3,435	(2,198)
Interest income (expense), net	7,528	(105)	17,113	(2,332)
Total other income (expense), net	6,503	(1,707)	20,548	(4,530)
Income before income taxes	118,776	83,201	342,040	244,975
Income tax provision	22,350	12,651	54,672	40,463
Net income	$ 96,426	$ 70,550	$ 287,368	$ 204,512
Net income per share attributable to common shareholders:
Basic (in dollars per share)	$ 3.11	$ 2.30	$ 9.28	$ 6.65
Diluted (in dollars per share)	$ 3.01	$ 2.22	$ 8.96	$ 6.42
Weighted average common shares outstanding:
Basic (in shares)	31,047	30,629	30,960	30,723
Diluted (in shares)	32,088	31,762	32,060	31,839
Direct Costs
Operating expenses:
Total direct costs	$ 171,540	$ 164,364	$ 514,573	$ 473,958
Reimbursable Out of Pocket Costs
Operating expenses:
Total direct costs	$ 192,769	$ 194,942	$ 579,904	$ 525,784

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The interim condensed consolidated financial statements include the accounts of the Company, are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), and are unaudited. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The preparation of the interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and outcomes could differ from management’s estimates and assumptions. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Share Repurchases	Repurchases under the share repurchase program are executed in the open market or negotiated transactions under trading plans put in place pursuant to Rule 10b5-1. The Company constructively retired the repurchased shares associated with these approved share repurchases, except for a small portion which were retained as Treasury Shares on the condensed consolidated statements of shareholders' equity. Retired share repurchase amounts paid in excess of par value are reflected within Accumulated deficit/Retained earnings in the Company’s condensed consolidated balance sheets.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which requires entities to enhance disclosures around segment reporting. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt the standard in the fourth quarter of 2024 by adding additional segment related disclosures to the consolidated financial statement footnotes. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" which requires entities to enhance disclosures around income taxes. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, beginning of period at Dec. 31, 2022	$ 386,387	$ 309	$ (12,497)	$ 770,794	$ (359,827)	$ (12,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72,894				72,894
Foreign currency translation	1,078					1,078
Stock-based compensation expense	5,438			5,438
Stock options exercised	2,463	4		2,459
Repurchases of common stock	(120,998)	(7)			(120,991)
Re-issuance of treasury stock	0		175		(175)
Balance, end of period at Mar. 31, 2023	347,262	306	(12,322)	778,691	(408,099)	(11,314)
Balance, beginning of period at Dec. 31, 2022	386,387	309	(12,497)	770,794	(359,827)	(12,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	204,512
Foreign currency translation	(478)
Balance, end of period at Sep. 30, 2023	470,912	307	(12,322)	795,994	(300,197)	(12,870)
Balance, beginning of period at Mar. 31, 2023	347,262	306	(12,322)	778,691	(408,099)	(11,314)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,068				61,068
Foreign currency translation	120					120
Stock-based compensation expense	4,906			4,906
Stock options exercised	1,696	1		1,695
Repurchases of common stock	(23,992)	(1)			(23,991)
Balance, end of period at Jun. 30, 2023	391,060	306	(12,322)	785,292	(371,022)	(11,194)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70,550				70,550
Foreign currency translation	(1,676)					(1,676)
Stock-based compensation expense	5,007			5,007
Stock options exercised	5,696	1		5,695
Stock Repurchased During Period, Value, Net Of Excise Tax	(275)				(275)
Balance, end of period at Sep. 30, 2023	470,912	307	(12,322)	795,994	(300,197)	(12,870)
Balance, beginning of period at Dec. 31, 2023	558,950	308	(12,322)	802,681	(221,645)	(10,072)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	102,591				102,591
Foreign currency translation	(1,969)					(1,969)
Stock-based compensation expense	4,310			4,310
Stock options exercised	7,660	2		7,658
Re-issuance of treasury stock	0		87		(87)
Balance, end of period at Mar. 31, 2024	671,542	310	(12,235)	814,649	(119,141)	(12,041)
Balance, beginning of period at Dec. 31, 2023	558,950	308	(12,322)	802,681	(221,645)	(10,072)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	287,368
Foreign currency translation	896
Balance, end of period at Sep. 30, 2024	881,439	311	(12,235)	836,903	65,636	(9,176)
Balance, beginning of period at Mar. 31, 2024	671,542	310	(12,235)	814,649	(119,141)	(12,041)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	88,351				88,351
Foreign currency translation	(548)					(548)
Stock-based compensation expense	3,588			3,588
Stock options exercised	666			666
Balance, end of period at Jun. 30, 2024	763,599	310	(12,235)	818,903	(30,790)	(12,589)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96,426				96,426
Foreign currency translation	3,413					3,413
Stock-based compensation expense	11,727			11,727
Stock options exercised	6,274	1		6,273
Balance, end of period at Sep. 30, 2024	$ 881,439	$ 311	$ (12,235)	$ 836,903	$ 65,636	$ (9,176)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Entity Wide Disclosures (Tables)

9 Months Ended

Sep. 30, 2024

Entity Wide Disclosures [Abstract]

Summary of Revenue by Major Source

The following table disaggregates our revenue by major source (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Therapeutic Area
Oncology	$	164,917	$	149,326	$	483,067	$	438,366
Metabolic	124,733		103,118		334,674		277,818
Other	107,371		106,160		328,203		294,319
Cardiology	55,814		44,360		172,150		142,107
Central Nervous System	42,098		43,989		132,753		120,412
AVAI	38,384		45,546		121,618		114,419
Total revenue	$	533,317	$	492,499	$	1,572,465	$	1,387,441

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company follows accounting guidance related to fair value measurements that defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy for inputs used in measuring fair value. This hierarchy maximizes the use of “observable” inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy specifies three levels based on the inputs, as follows: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities. Level 2: Valuations based on directly observable inputs or unobservable inputs corroborated by market data. Level 3: Valuations based on unobservable inputs supported by little or no market activity representing management’s determination of assumptions of how market participants would price the assets or liabilities. The fair value of financial instruments such as cash and cash equivalents, accounts receivable and unbilled, net, accounts payable, accrued expenses and advanced billings approximate their carrying amounts due to their short term maturities. The Company does not have material recurring fair value measurements as of September 30, 2024. There were no material transfers between Level 1, Level 2 or Level 3 during the three and nine months ended September 30, 2024 and September 30, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Contract Assets and Contract Liabilities - Summary of Advanced Billings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Advanced billings	$ 670,939	$ 559,860

Net Income Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Basic and diluted earnings or loss per share (“EPS”) are computed using the two-class method, which is an earnings allocation that determines EPS for each class of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. The Company’s Restricted Stock Awards (“RSA”) are considered participating securities because they are legally issued at the date of grant and holders are entitled to receive non-forfeitable dividends during the vesting term.

The computation of diluted EPS includes additional common shares, such as unvested Restricted Stock Units (“RSU”) and stock options with exercise prices less than the average market price of the Company’s common stock during the period (“in-the-money options”), which would be considered outstanding. This assumes that additional shares would have to be issued in cases where the exercise price of stock options is less than the value of the common stock being acquired because the cash proceeds received from the stock option holder would not be sufficient to acquire that same number of shares. The Company does not compute diluted EPS in cases where the inclusion of such additional shares would be anti-dilutive in effect.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for earnings per share):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Weighted-average shares:
Common shares outstanding	31,047		30,629		30,960		30,723
RSAs	—		21		4		21
Total weighted-average shares	31,047		30,650		30,964		30,744
Earnings per common share—Basic
Net income	$	96,426	$	70,550	$	287,368	$	204,512
Less: Undistributed earnings allocated to RSAs	—		(48)		(41)		(138)
Net income available to common shareholders—Basic	$	96,426	$	70,502	$	287,327	$	204,374

Net income per common share—Basic	$	3.11	$	2.30	$	9.28	$	6.65

Basic weighted-average common shares outstanding	31,047		30,629		30,960		30,723
Effect of diluted shares	1,041		1,133		1,100		1,116
Diluted weighted-average shares outstanding	32,088		31,762		32,060		31,839

Net income per common share—Diluted	$	3.01	$	2.22	$	8.96	$	6.42

During the three and nine months ended September 30, 2024, the Company had (in thousands) 5.6 and 80.2 stock options, respectively, that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period. During the nine months ended September 30, 2023, the Company had (in thousands) 0.6 stock options that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period.

Shareholder's Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock Option Activity

The following table sets forth the Company’s stock option activity:


	Nine Months Ended September 30, 2024
	Stock Options	Weighted Average Exercise Price
Outstanding - beginning of period	1,343,287	$	100.75
Granted	81,192	$	378.45
Exercised	(235,451)	$	62.01
Cancelled/Forfeited/Expired	(4,953)	$	191.17
Outstanding - end of period	1,184,075	$	127.12

Exercisable - end of period	854,262	$	107.24

Schedule of RSA/RSU Activity

The following table sets forth the Company’s RSA/RSU activity:


			Nine Months Ended September 30, 2024
			Shares/Units
Outstanding and unvested - beginning of period			390,998
Granted			117,126
Vested			(93,858)
Forfeited			(21,186)
Outstanding and unvested - end of period			393,080

Summary of Stock-Based Compensation Expense Recognized in Statements of Operations Related to All Outstanding Stock Based Compensation Awards

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock-based compensation awards is summarized below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total direct costs	$	2,787	$	2,745	$	7,565	$	8,243
Selling, general and administrative	8,940		2,262		12,060		7,108
Total stock-based compensation expense	$	11,727	$	5,007	$	19,625	$	15,351

Leases - Schedule of Lease Payments Due Related To Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Lease Liabilities Payments Due [Line Items]
Remainder of 2024	$ 8,474
2025	29,661
2026	26,618
2027	22,372
2028	15,133
Later years	101,686
Total lease payments	203,944
Less: imputed interest	(52,051)
Total	151,893	$ 164,487
Related Party
Operating Lease Liabilities Payments Due [Line Items]
Remainder of 2024	2,875
2025	11,607
2026	11,807
2027	10,839
2028	8,609
Later years	91,669
Total lease payments	137,406
Less: imputed interest	(45,358)
Total	92,048
Nonrelated Party
Operating Lease Liabilities Payments Due [Line Items]
Remainder of 2024	5,599
2025	18,054
2026	14,811
2027	11,533
2028	6,524
Later years	10,017
Total lease payments	66,538
Less: imputed interest	(6,693)
Total	$ 59,845

Entity Wide Disclosures - Summary of Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 533,317	$ 492,499	$ 1,572,465	$ 1,387,441
Oncology
Disaggregation Of Revenue [Line Items]
Total revenue	164,917	149,326	483,067	438,366
Metabolic
Disaggregation Of Revenue [Line Items]
Total revenue	107,371	106,160	328,203	294,319
Other
Disaggregation Of Revenue [Line Items]
Total revenue	124,733	103,118	334,674	277,818
Cardiology
Disaggregation Of Revenue [Line Items]
Total revenue	55,814	44,360	172,150	142,107
Central Nervous System
Disaggregation Of Revenue [Line Items]
Total revenue	42,098	43,989	132,753	120,412
AVAI
Disaggregation Of Revenue [Line Items]
Total revenue	$ 38,384	$ 45,546	$ 121,618	$ 114,419

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 16,232	$ 14,883
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 2,222	$ 20,412

Net Income Per Share - Schedule of Reconciliation of Denominators and Additional Shares that are Excluded from the Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted-average shares:
Weighted average number of shares outstanding, basic (in shares)	31,047			30,629			30,960	30,723
Total weighted average shares outstanding, basic (in shares)	31,047			30,650			30,964	30,744
Earnings per common share—Basic
Net income	$ 96,426	$ 88,351	$ 102,591	$ 70,550	$ 61,068	$ 72,894	$ 287,368	$ 204,512
Net income available to common shareholders—Basic	$ 96,426			$ 70,502			$ 287,327	$ 204,374
Net income per common share, Basic (in dollars per share)	$ 3.11			$ 2.30			$ 9.28	$ 6.65
Basic weighted-average common shares outstanding (in shares)	31,047			30,629			30,960	30,723
Effect of diluted shares (in shares)	1,041			1,133			1,100	1,116
Diluted weighted-average shares outstanding (in shares)	32,088			31,762			32,060	31,839
Net income per common share, Diluted (in dollars per share)	$ 3.01			$ 2.22			$ 8.96	$ 6.42
RSAs
Weighted-average shares:
Weighted average number of shares outstanding, basic (in shares)	0			21			4	21
Earnings per common share—Basic
Less: Undistributed earnings allocated to RSAs	$ 0			$ (48)			$ (41)	$ (138)
Basic weighted-average common shares outstanding (in shares)	0			21			4	21
Common Stock
Weighted-average shares:
Weighted average number of shares outstanding, basic (in shares)	31,047			30,629			30,960	30,723
Earnings per common share—Basic
Basic weighted-average common shares outstanding (in shares)	31,047			30,629			30,960	30,723

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 96,426	$ 88,351	$ 102,591	$ 70,550	$ 61,068	$ 72,894	$ 287,368	$ 204,512

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable and unbilled, net	$ 311,466	$ 298,400
Prepaid expenses and other current assets	64,229	49,979
Accounts payable	26,201	31,869
Advanced billings	$ 670,939	$ 559,860
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	5,000,000	5,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	250,000,000	250,000,000
Common stock shares issued (in shares)	31,081,601	30,752,292
Common stock shares outstanding (in shares)	31,081,601	30,752,292
Treasury stock (in shares)	70,073	70,573
Related Party
Accounts receivable and unbilled, net	$ 9,900	$ 2,400
Prepaid expenses and other current assets		300
Accounts payable	200	3,100
Advanced billings	$ 12,800	$ 10,100

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum purchase commitments for project related supplies	$ 15.9

Entity Wide Disclosures

9 Months Ended

Sep. 30, 2024

Entity Wide Disclosures [Abstract]

Entity Wide Disclosures

Revenue by Category

The following table disaggregates our revenue by major source (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Therapeutic Area
Oncology	$	164,917	$	149,326	$	483,067	$	438,366
Metabolic	124,733		103,118		334,674		277,818
Other	107,371		106,160		328,203		294,319
Cardiology	55,814		44,360		172,150		142,107
Central Nervous System	42,098		43,989		132,753		120,412
AVAI	38,384		45,546		121,618		114,419
Total revenue	$	533,317	$	492,499	$	1,572,465	$	1,387,441

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Basis Of Presentation [Line Items]
Payments for repurchase of common stock					$ 0	$ 144,020
Stock Repurchased and Retired During Period, Value			$ 23,992	$ 120,998
2022 Share Repurchase Program
Basis Of Presentation [Line Items]
Repurchases of common stock (in shares)	0	0			0	781,068
Payments for repurchase of common stock						$ 144,000
Remaining amount of repurchase program	$ 308,800				$ 308,800
2022 Share Repurchase Program \| Maximum
Basis Of Presentation [Line Items]
Stock repurchase program, authorized amount							$ 500,000

Contract Assets and Contract Liabilities - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Performance obligations remaining to be performed	$ 3.5	$ 2.9

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	7,959	$	7,002	$	23,727	$	20,637
Variable lease cost	2,904		2,372		8,305		6,544

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to the leases was as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,232	$	14,883

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	2,222		20,412

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to the leases was as follows (in thousands):


	As of
	September 30, 2024			December 31, 2023
Operating lease right-of-use assets - related parties	$	76,954		$	83,065
Operating lease right-of-use assets - non-related parties	53,593			61,736
Operating lease right-of-use assets	$	130,547		$	144,801

Other current liabilities - related parties	6,164			5,730
Other current liabilities - non-related parties	17,452			16,635
Other current liabilities	$	23,616		$	22,365

Operating lease liabilities - related parties	85,884			90,568
Operating lease liabilities - non-related parties	42,393			51,554
Operating lease liabilities	128,277			142,122
Total operating lease liabilities	$	151,893		$	164,487

Weighted Average Remaining Lease Term (years)
Operating leases	9.7			10.0
Weighted Average Discount Rate
Operating leases	5.7		%	5.6		%

Schedule of Lease Payments Due Related To Lease Liabilities

Lease payments due related to lease liabilities as of September 30, 2024 were as follows (in thousands):


	Related Party Operating Leases		Non-Related Parties Operating Leases		Total Operating Leases
Remainder of 2024	$	2,875	$	5,599	$	8,474
2025	11,607		18,054		29,661
2026	11,807		14,811		26,618
2027	10,839		11,533		22,372
2028	8,609		6,524		15,133
Later years	91,669		10,017		101,686
Total lease payments	137,406		66,538		203,944
Less: imputed interest	(45,358)		(6,693)		(52,051)
Total	$	92,048	$	59,845	$	151,893

Shareholder's Equity and Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized in Statements of Operations Related to All Outstanding Stock Based Compensation Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 11,727	$ 5,007	$ 19,625	$ 15,351
Total direct costs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,787	2,745	7,565	8,243
Selling, general and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8,940	$ 2,262	$ 12,060	$ 7,108

Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Intangible assets:
Finite-lived intangible assets:
Carrying amount:
Customer relationships	145,051		145,051
Accumulated amortization:
Customer relationships	(141,970)		(140,888)
Total finite-lived intangible assets, net	3,081		4,163
Trade name (indefinite-lived)	31,646		31,646
Total intangible assets, net	$	34,727	$	35,809

As of September 30, 2024, estimated amortization expense of the Company’s intangible assets for each of the next five years is as follows (in thousands):


	Amortization
Remainder of 2024	$	361
2025	946
2026	620
2027	577
2028	577
	$	3,081

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Denominators and Additional Shares That Are Excluded From the Calculation of EPS

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for earnings per share):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Weighted-average shares:
Common shares outstanding	31,047		30,629		30,960		30,723
RSAs	—		21		4		21
Total weighted-average shares	31,047		30,650		30,964		30,744
Earnings per common share—Basic
Net income	$	96,426	$	70,550	$	287,368	$	204,512
Less: Undistributed earnings allocated to RSAs	—		(48)		(41)		(138)
Net income available to common shareholders—Basic	$	96,426	$	70,502	$	287,327	$	204,374

Net income per common share—Basic	$	3.11	$	2.30	$	9.28	$	6.65

Basic weighted-average common shares outstanding	31,047		30,629		30,960		30,723
Effect of diluted shares	1,041		1,133		1,100		1,116
Diluted weighted-average shares outstanding	32,088		31,762		32,060		31,839

Net income per common share—Diluted	$	3.01	$	2.22	$	8.96	$	6.42

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 287,368	$ 204,512
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	20,663	17,707
Amortization	1,082	1,649
Stock-based compensation expense	19,625	15,351
Operating Lease, Right-of-Use Asset, Periodic Reduction	17,305	14,579
Deferred income tax benefit	(2,433)	(11,308)
Other	(3,836)	821
Changes in assets and liabilities:
Accounts receivable and unbilled, net	(13,032)	(39,314)
Prepaid expenses and other current assets	(11,108)	(8,954)
Accounts payable	(3,029)	(921)
Accrued expenses	13,933	54,923
Advanced billings	111,079	56,026
Lease liabilities	(15,417)	(14,433)
Other assets and liabilities, net	(4,051)	(13,659)
Net cash provided by operating activities	418,149	276,979
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(28,905)	(26,662)
Other	8,159	30
Net cash used in investing activities	(20,746)	(26,632)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercises	14,600	9,855
Repurchases of common stock	0	(144,020)
Proceeds from revolving loan	0	105,000
Payments on revolving loan	0	(155,000)
Net cash provided by (used in) financing activities	14,600	(184,165)
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(552)	760
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	411,451	66,942
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	245,449	28,265
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	656,900	95,207
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION —
Acquisition of property and equipment—non-cash	$ 2,685	$ 4,704

Contract Assets and Contract Liabilities - Summary of Accounts Receivable and Unbilled, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 304,754	$ 275,932
Unbilled receivables	6,712	22,475
Less: allowance for doubtful accounts	0	(7)
Total accounts receivable and unbilled, net	$ 311,466	$ 298,400

Short-Term Debt (Details) - Credit facility - USD ($) $ in Millions	Mar. 28, 2024	Mar. 31, 2023	Sep. 30, 2019
Debt Instrument [Line Items]
Aggregate principal amount borrowed under line of credit facility	$ 10.0	$ 150.0
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis points	1.25%
Overnight Bank Funding Rate
Debt Instrument [Line Items]
Debt instrument, basis points	0.50%
Daily Simple SOFR
Debt Instrument [Line Items]
Debt instrument, basis points	1.00%
Maximum
Debt Instrument [Line Items]
Debt instrument, principal amount			$ 50.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Leases - Narrative (Details)	9 Months Ended
Leases - Narrative (Details)	Sep. 30, 2024
Minimum \| Real Estate
Lessee Lease Description [Line Items]
Remaining lease term, operating lease	1 year
Maximum \| Real Estate
Lessee Lease Description [Line Items]
Remaining lease term, operating lease	16 years
Maximum \| Real Estate and Equipment
Lessee Lease Description [Line Items]
Lease renewal term, operating lease	20 years
Operating lease, options to terminate lease term	1 year

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate was 18.8% and 15.2% for the three months ended September 30, 2024 and 2023, respectively. The Company's effective income tax rate was 16.0% and 16.5% for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective income tax rate for the three months ended September 30, 2024 and the nine months ended September 30, 2024 varied from the U.S. statutory rate of 21% primarily due to the impact of the state taxes, which was favorably offset by excess tax benefits recognized from share-based compensation and tax benefits related to Foreign Derived Intangible Income (FDII).

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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+ Details

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accumulated amortization:
Total finite-lived intangible assets, net	$ 3,081	$ 4,163
Trade name (indefinite-lived)	31,646	31,646
Total intangible assets, net	34,727	35,809
Customer Relationships
Finite-lived intangible assets:
Finite-lived intangible assets, gross	145,051	145,051
Accumulated amortization:
Total accumulated amortization	$ (141,970)	$ (140,888)

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings from time to time in the ordinary course of its business, including employment claims and claims related to other business transactions. The Company cannot predict with certainty the outcome of such proceedings, but it believes that adequate reserves have been recorded and losses already recognized with respect to such proceedings, which were immaterial as of September 30, 2024 and December 31, 2023. There is a reasonable possibility that a loss exceeding amounts already recognized may be incurred related to these actions; however, the Company believes that such potential losses were immaterial as of September 30, 2024. Purchase Commitments The Company has several minimum purchase commitments for project related supplies totaling $15.9 million as of September 30, 2024. In return for the commitment, Medpace receives preferential pricing. The commitments expire at various times through 2029.

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Employee compensation and benefits	$	77,927	$	75,822
Project related reimbursable expenses	219,542		205,864
Other	9,399		11,275
Total accrued expenses	$	306,868	$	292,961

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 656,900	$ 245,449
Accounts receivable and unbilled, net (includes $9.9 million and $2.4 million with related parties at September 30, 2024 and December 31, 2023, respectively)	311,466	298,400
Prepaid expenses and other current assets (includes $0.3 million with related parties at December 31, 2023)	64,229	49,979
Total current assets	1,032,595	593,828
Property and equipment, net	124,058	120,589
Operating lease right-of-use assets	130,547	144,801
Goodwill	662,396	662,396
Intangible assets, net	34,727	35,809
Deferred income taxes	76,683	74,435
Other assets	23,055	24,970
Total assets	2,084,061	1,656,828
Current liabilities:
Accounts payable (includes $0.2 million and $3.1 million with related parties at September 30, 2024 and December 31, 2023, respectively)	26,201	31,869
Accrued expenses	306,868	292,961
Advanced billings (includes $12.8 million and $10.1 million with related parties at September 30, 2024 and December 31, 2023, respectively)	670,939	559,860
Other current liabilities	37,346	40,441
Total current liabilities	1,041,354	925,131
Operating lease liabilities	128,277	142,122
Deferred income tax liability	2,289	2,404
Other long-term liabilities	30,702	28,221
Total liabilities	1,202,622	1,097,878
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock - $0.01 par-value; 250,000,000 shares authorized at September 30, 2024 and December 31, 2023; 31,081,601 and 30,752,292 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	311	308
Treasury stock - 70,073 and 70,573 shares at September 30, 2024 and December 31, 2023, respectively	(12,235)	(12,322)
Additional paid-in capital	836,903	802,681
Retained earnings (Accumulated deficit)	65,636	(221,645)
Accumulated other comprehensive loss	(9,176)	(10,072)
Total shareholders’ equity	881,439	558,950
Total liabilities and shareholders’ equity	$ 2,084,061	$ 1,656,828

Shareholder's Equity and Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholder's Equity and Stock-Based Compensation

Shareholder’s Equity and Stock-Based Compensation

The Company granted 191,776 awards to employees under the 2016 Incentive Award Plan during the nine months ended September 30, 2024, consisting of 116,626 RSU and 24,650 stock option awards having five year vesting schedules, 500 RSU having four year vesting schedules and 50,000 stock option awards that vested upon issuance. The Company granted an additional 6,542 stock option awards to non-employee directors under the 2016 Incentive Award Plan during the nine months ended September 30, 2024. These awards are scheduled to vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

Award Activity

The following table sets forth the Company’s stock option activity:


	Nine Months Ended September 30, 2024
	Stock Options	Weighted Average Exercise Price
Outstanding - beginning of period	1,343,287	$	100.75
Granted	81,192	$	378.45
Exercised	(235,451)	$	62.01
Cancelled/Forfeited/Expired	(4,953)	$	191.17
Outstanding - end of period	1,184,075	$	127.12

Exercisable - end of period	854,262	$	107.24

The following table sets forth the Company’s RSA/RSU activity:


			Nine Months Ended September 30, 2024
			Shares/Units
Outstanding and unvested - beginning of period			390,998
Granted			117,126
Vested			(93,858)
Forfeited			(21,186)
Outstanding and unvested - end of period			393,080

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock-based compensation awards is summarized below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total direct costs	$	2,787	$	2,745	$	7,565	$	8,243
Selling, general and administrative	8,940		2,262		12,060		7,108
Total stock-based compensation expense	$	11,727	$	5,007	$	19,625	$	15,351

Related Party Transactions (Details) $ in Thousands	3 Months Ended			9 Months Ended
Related Party Transactions (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 renewal_option	Sep. 30, 2024 USD ($) renewal_option	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Total revenue	$ 533,317	$ 492,499		$ 1,572,465	$ 1,387,441
Advanced billings	670,939			670,939		$ 559,860
Accounts receivable and unbilled, net	311,466			311,466		298,400
Prepaid expenses and other current assets	64,229			64,229		49,979
Operating lease cost	7,959	7,002		23,727	20,637
Operating lease right-of-use assets	130,547			130,547		144,801
Other current liabilities	23,616			23,616		22,365
Operating lease liabilities	128,277			128,277		142,122
Accounts payable	26,201			26,201		31,869
Related Party
Related Party Transaction [Line Items]
Total revenue	15,500	15,500		39,500	44,600
Advanced billings	12,800			12,800		10,100
Accounts receivable and unbilled, net	9,900			9,900		2,400
Prepaid expenses and other current assets						300
Operating lease right-of-use assets	76,954			76,954		83,065
Other current liabilities	6,164			6,164		5,730
Operating lease liabilities	85,884			85,884		90,568
Accounts payable	200			200		3,100
Employee Loans \| Related Party
Related Party Transaction [Line Items]
Prepaid expense and other assets	300			300		300
Service Agreement \| Related Party \| LIB
Related Party Transaction [Line Items]
Total revenue	8,300	10,100		18,700	33,100
Advanced billings	7,200			7,200		7,600
Accounts receivable and unbilled, net	8,300			8,300		500
Service Agreement \| Related Party \| CinRx Pharma and Subsidiaries
Related Party Transaction [Line Items]
Total revenue	7,200	5,300		20,800	11,400
Advanced billings	5,600			5,600		2,500
Accounts receivable and unbilled, net	1,600			1,600		1,900
Prepaid expenses and other current assets	100			100		200
Service Agreement \| Related Party \| The Summit
Related Party Transaction [Line Items]
Operating expenses	100	100		300	300
Leased Real Estate \| Chief Executive Officer
Related Party Transaction [Line Items]
Term of lease			10 years
Number of lease renewal options \| renewal_option			1
Lease term upon renewal			10 years
Operating lease cost	700	700		2,100	2,000
Operating lease right-of-use assets	18,100			18,100		19,300
Other current liabilities	1,600			1,600		1,500
Operating lease liabilities	$ 16,900			$ 16,900		18,100
Leased Real Estate \| Related Party \| Chief Executive Officer And Immediate Family \| Office Space
Related Party Transaction [Line Items]
Number of lease renewal options \| renewal_option				2
Lease term upon renewal	10 years			10 years
Operating lease cost	$ 1,500	1,500		$ 4,300	4,300
Operating lease right-of-use assets	50,600			50,600		51,900
Other current liabilities	1,500			1,500		1,300
Operating lease liabilities	$ 62,400			$ 62,400		63,500
First Leased Office Space \| Related Party \| Chief Executive Officer And Immediate Family \| Building
Related Party Transaction [Line Items]
Number of lease renewal options \| renewal_option				1
Lease term upon renewal	10 years			10 years
Operating lease cost	$ 600	600		$ 1,900	1,900
Operating lease right-of-use assets	6,900			6,900		8,500
Other current liabilities	2,200			2,200		2,100
Operating lease liabilities	$ 4,800			$ 4,800		6,400
Second Leased Office Space \| Related Party \| Chief Executive Officer And Immediate Family \| Building
Related Party Transaction [Line Items]
Number of lease renewal options \| renewal_option				1
Lease term upon renewal	10 years			10 years
Operating lease cost	$ 700	300		$ 2,200	800
Operating lease right-of-use assets	1,400			1,400		3,400
Other current liabilities	900			900		900
Operating lease liabilities	1,800			1,800		2,500
Travel Services \| Chief Executive Officer
Related Party Transaction [Line Items]
Travel expenses with related party	400	$ 700		1,400	$ 1,500
Travel Services \| Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 100			$ 100		$ 400

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Description of Business Medpace Holdings, Inc. (together with its subsidiaries, “Medpace” or the “Company”), a Delaware corporation, is a global provider of clinical research-based drug and medical device development services. The Company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials. The Company’s drug development services focus on full service Phase I-IV clinical development services and include development plan design, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, post-marketing clinical support, laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. The Company’s operations are principally based in North America, Europe, and Asia. Unaudited Interim Financial Information The interim condensed consolidated financial statements include the accounts of the Company, are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), and are unaudited. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The preparation of the interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and outcomes could differ from management’s estimates and assumptions. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Share Repurchases In the fourth quarter of 2022, the Board approved a stock repurchase program of up to $500.0 million. The Company did not execute any share repurchases during the three and nine months ended September 30, 2024. The Company did not execute any share repurchases during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased 781,068 shares for $144.0 million. As of September 30, 2024, the Company has remaining authorization of $308.8 million under the repurchase program. Repurchases under the share repurchase program are executed in the open market or negotiated transactions under trading plans put in place pursuant to Rule 10b5-1. The Company constructively retired the repurchased shares associated with these approved share repurchases, except for a small portion which were retained as Treasury Shares on the condensed consolidated statements of shareholders' equity. Retired share repurchase amounts paid in excess of par value are reflected within Accumulated deficit/Retained earnings in the Company’s condensed consolidated balance sheets. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which requires entities to enhance disclosures around segment reporting. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt the standard in the fourth quarter of 2024 by adding additional segment related disclosures to the consolidated financial statement footnotes. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" which requires entities to enhance disclosures around income taxes. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Employee Loans The Company periodically extends short term loans or advances to employees, typically upon commencement of employment. Total receivables as a result of these employee advances of $0.3 million at September 30, 2024 and December 31, 2023, and are included in the Prepaid expenses and other current assets and Other assets line items of the condensed consolidated balance sheets, respectively, depending on the contractual repayment date. Service Agreement LIB Therapeutics LLC and subsidiaries (“LIB”) Certain executives and employees of the Company, including the chief executive officer, are members of LIB’s board of managers. The Company entered into a MSA dated November 24, 2015 with LIB, a company that engages in research, development, marketing and commercialization of pharmaceutical drugs. Subsequently, the Company and LIB have entered into several task orders for the Company to perform clinical trial related services. The Company recognized total revenue from LIB of $8.3 million and $10.1 million during the three months ended September 30, 2024 and 2023, respectively, and $18.7 million and $33.1 million during the nine months ended September 30, 2024 and 2023, respectively, in the Company’s condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, respectively, the Company had Advanced billings from LIB of $7.2 million and $7.6 million in the condensed consolidated balance sheets. In addition, as of September 30, 2024 and December 31, 2023, respectively, the Company had Accounts receivable and unbilled, net from LIB of $8.3 million and $0.5 million in the condensed consolidated balance sheets. CinRX Pharma, subsidiaries and affiliates (“CinRx”) Certain executives and employees of the Company, including the chief executive officer, are members of CinRx’s board of managers and/or have equity investments in CinRx, a biotech company. The Company and CinRx have entered into several task orders for the Company to perform clinical trial related services. The Company recognized total revenue from CinRx of $7.2 million and $5.3 million during the three months ended September 30, 2024 and 2023, respectively, and $20.8 million and $11.4 million during the nine months ended September 30, 2024 and 2023, respectively, in the Company’s condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, respectively, the Company had Advanced billings from CinRx of $5.6 million and $2.5 million in the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023 the Company had Accounts receivable and unbilled, net from CinRx of $1.6 million and $1.9 million, respectively, in the condensed consolidated balance sheets. In addition, as of September 30, 2024 and December 31, 2023 the Company had Prepaid expenses and other current assets with CinRx of less than $0.1 million and $0.2 million, respectively, in the condensed consolidated balance sheets. The Summit Hotel (“The Summit”) The Summit Hotel, located on the Medpace campus, is owned by the chief executive officer, and managed by an unrelated hospitality management entity. Medpace incurs travel lodging and meeting expenses at The Summit. Medpace incurred expenses of $0.1 million during the three months ended September 30, 2024 and 2023, and $0.3 million during the nine months ended September 30, 2024 and 2023 at The Summit. Leased Real Estate Campus Headquarters Leases The Company entered into an operating lease for the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the chief executive officer of the Company. The Company has evaluated its relationship with the related party and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship other than the lease. The lease was renewed in the first quarter of fiscal year 2023 for a term of ten years through December 2032 with a renewal option for one 10-year term at prevailing market rates. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for its corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2024 and 2023 was $0.7 million. Operating lease cost recognized for the nine months ended September 30, 2024 and 2023 was $2.1 million and $2.0 million, respectively. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2024 and December 31, 2023 were $18.1 million and $19.3 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2024 were $1.6 million and $16.9 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2023 were $1.5 million and $18.1 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. In 2018, Medpace, Inc. entered into a multi-year lease agreement governing future occupancy of additional office space in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family. The Company began to occupy the premises in the second quarter of fiscal year 2020. The lease expires in 2040 and the Company has two 10-year options to extend the term of the lease. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2024 and 2023 was $1.5 million. Operating lease cost recognized for the nine months ended September 30, 2024 and 2023 was $4.3 million. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2024 and December 31, 2023 were $50.6 million and $51.9 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2024 were $1.5 million and $62.4 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2023 were $1.3 million and $63.5 million, respectively and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The Company entered into a multi-year lease agreement governing the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family. The Company assumed occupancy in 2012 and the lease expires in 2027 with the Company having one 10-year option to extend the lease term. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2024 and 2023 was $0.6 million. Operating lease cost recognized for the nine months ended September 30, 2024 and 2023 was $1.9 million. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2024 and December 31, 2023 were $6.9 million and $8.5 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2024 were $2.2 million and $4.8 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2023 were $2.1 million and $6.4 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The Company entered into a multi-year lease agreement governing the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family. The Company assumed occupancy in 2012 and the lease expires in 2027 with the Company having one 10-year option to extend the lease term. In the first quarter of 2024, the Company reduced the lease term in connection with a plan to replace the leased office beginning in early 2025. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2024 and 2023 was $0.7 million and $0.3 million, respectively. Operating lease cost recognized for the nine months ended September 30, 2024 and 2023 was $2.2 million and $0.8 million, respectively. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2024 and December 31, 2023 were $1.4 million and $3.4 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2024 were $0.9 million and $1.8 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2023 were $0.9 million and $2.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. Travel Services The Company incurs expenses for travel services for company executives provided by private aviation charter companies which is a company controlled by the chief executive officer of the Company (each a “private aviation charter”). The Company may contract directly with the private aviation charter for the use of its aircraft or indirectly through a third party aircraft management and jet charter company (the “Aircraft Management Company”). The travel services provided are primarily for business purposes, with certain personal travel paid for as part of the executives’ compensation arrangements. The Aircraft Management Company also makes the private aviation charter aircraft available to third parties. The Company incurred travel expenses of $0.4 million and $0.7 million during the three months ended September 30, 2024 and 2023, respectively, and $1.4 million and $1.5 million during the nine months ended September 30, 2024 and 2023, respectively, related to these travel services. These travel expenses are recorded in Selling, general and administrative in the Company’s condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the Company had Accounts payable to the Aircraft Management Company of $0.1 million and $0.4 million, respectively, in the condensed consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

The Company enters into leases for real estate and equipment. Real estate leases are for our corporate office space and laboratories around the world. Real estate leases have remaining lease terms of less than 1 year to 16 years. Many of the Company’s leases include options to extend the leases on a month to month basis or for set periods for up to 20 years. Many leases also include options to terminate the leases within 1 year or per other contractual terms.

The components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	7,959	$	7,002	$	23,727	$	20,637
Variable lease cost	2,904		2,372		8,305		6,544

Supplemental cash flow information related to the leases was as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,232	$	14,883

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	2,222		20,412

Supplemental balance sheet information related to the leases was as follows (in thousands):


	As of
	September 30, 2024			December 31, 2023
Operating lease right-of-use assets - related parties	$	76,954		$	83,065
Operating lease right-of-use assets - non-related parties	53,593			61,736
Operating lease right-of-use assets	$	130,547		$	144,801

Other current liabilities - related parties	6,164			5,730
Other current liabilities - non-related parties	17,452			16,635
Other current liabilities	$	23,616		$	22,365

Operating lease liabilities - related parties	85,884			90,568
Operating lease liabilities - non-related parties	42,393			51,554
Operating lease liabilities	128,277			142,122
Total operating lease liabilities	$	151,893		$	164,487

Weighted Average Remaining Lease Term (years)
Operating leases	9.7			10.0
Weighted Average Discount Rate
Operating leases	5.7		%	5.6		%

Lease payments due related to lease liabilities as of September 30, 2024 were as follows (in thousands):


	Related Party Operating Leases		Non-Related Parties Operating Leases		Total Operating Leases
Remainder of 2024	$	2,875	$	5,599	$	8,474
2025	11,607		18,054		29,661
2026	11,807		14,811		26,618
2027	10,839		11,533		22,372
2028	8,609		6,524		15,133
Later years	91,669		10,017		101,686
Total lease payments	137,406		66,538		203,944
Less: imputed interest	(45,358)		(6,693)		(52,051)
Total	$	92,048	$	59,845	$	151,893

Shareholder's Equity and Stock-Based Compensation - Schedule of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning of period (in shares) \| shares	1,343,287
Options granted (in shares) \| shares	81,192
Options exercised (in shares) \| shares	(235,451)
Options cancelled/forfeited/expired (in shares) \| shares	(4,953)
Options outstanding, end of period (in shares) \| shares	1,184,075
Options exercisable, end of period (in shares) \| shares	854,262
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, beginning of period (in dollars per share) \| $ / shares	$ 100.75
Options granted (in dollars per share) \| $ / shares	378.45
Options exercised (in dollars per share) \| $ / shares	62.01
Options cancelled/forfeited/expired (in dollars per share) \| $ / shares	191.17
Options outstanding, end of period (in dollars per share) \| $ / shares	127.12
Options exercisable, end of period (in dollars per share) \| $ / shares	$ 107.24

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Intangible assets:
Finite-lived intangible assets:
Carrying amount:
Customer relationships	145,051		145,051
Accumulated amortization:
Customer relationships	(141,970)		(140,888)
Total finite-lived intangible assets, net	3,081		4,163
Trade name (indefinite-lived)	31,646		31,646
Total intangible assets, net	$	34,727	$	35,809

Schedule of Estimated Amortization Expense of Intangible Assets

As of September 30, 2024, estimated amortization expense of the Company’s intangible assets for each of the next five years is as follows (in thousands):


	Amortization
Remainder of 2024	$	361
2025	946
2026	620
2027	577
2028	577
	$	3,081

Shareholder's Equity and Stock-Based Compensation - Schedule of RSA/RSU Activity (Details) - RSA/RSU	9 Months Ended
	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding and unvested - beginning of period (in shares)	390,998
Granted (in shares)	117,126
Vested (in shares)	(93,858)
Forfeited (in shares)	(21,186)
Outstanding and unvested - end of period (in shares)	393,080

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 7,959	$ 7,002	$ 23,727	$ 20,637
Variable lease cost	$ 2,904	$ 2,372	$ 8,305	$ 6,544

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 96,426	$ 70,550	$ 287,368	$ 204,512
Other comprehensive income (loss)
Foreign currency translation adjustments, net of taxes	3,413	(1,676)	896	(478)
Comprehensive income	$ 99,839	$ 68,874	$ 288,264	$ 204,034

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 77,927	$ 75,822
Project related reimbursable expenses	219,542	205,864
Other	9,399	11,275
Total accrued expenses	$ 306,868	$ 292,961

Contract Assets and Contract Liabilities

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities

Contract assets and liabilities are reflected in the Company’s condensed consolidated balance sheets within the accounts reflected below.

Contract Assets

Accounts receivable represent amounts due from the Company’s customers who are concentrated primarily in the pharmaceutical, biotechnology, and medical device industries. Unbilled represents revenue recognized to date that has not been billed or is not yet contractually billable to the customer. In general, amounts become billable upon the achievement of negotiated contractual events, in accordance with predetermined payment schedules or when a reimbursable expense has been incurred. Amounts classified to unbilled are those billable to customers within one year from the respective balance sheet date.

Accounts receivable and unbilled, net consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Accounts receivable	$	304,754	$	275,932
Unbilled receivables	6,712		22,475
Less: allowance for doubtful accounts	—		(7)
Total accounts receivable and unbilled, net	$	311,466	$	298,400

Contract Liabilities

Advanced billings represent cash received from customers, or billed amounts per an agreed upon payment schedule, in advance of services being performed or revenue being recognized.

Advanced billings consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Advanced billings	$	670,939	$	559,860

As of September 30, 2024 and December 31, 2023, the Company had approximately $3.5 billion and $2.9 billion of performance obligations remaining to be performed for active projects.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Contract Assets and Contract Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Company's Contract Asset and Contract Liability

Accounts receivable and unbilled, net consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Accounts receivable	$	304,754	$	275,932
Unbilled receivables	6,712		22,475
Less: allowance for doubtful accounts	—		(7)
Total accounts receivable and unbilled, net	$	311,466	$	298,400

Advanced billings consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Advanced billings	$	670,939	$	559,860

Leases (Details) $ in Thousands	3 Months Ended
Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Total future undiscounted lease payments under leases not yet commenced	$ 4,800
Unrecorded Unconditional Purchase Obligation, Including Lease Not yet Commenced, Category [Extensible Enumeration]	Operating Lease, Lease Not yet Commenced [Member]

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37856
Entity Registrant Name	Medpace Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0434904
Entity Address, Address Line One	5375 Medpace Way
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45227
City Area Code	513
Local Phone Number	579-9911
Title of 12(b) Security	Common Stock $0.01 par value
Trading Symbol	MEDP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001668397
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,081,601

Shareholder's Equity and Stock-Based Compensation - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted (in shares)	81,192
2016 Incentive Award Plan \| Non Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted (in shares)	6,542
2016 Incentive Award Plan \| Granted to Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted to employees (in shares)	191,776
2016 Incentive Award Plan \| Restricted Stock Units (RSU) \| Vesting After Five Years
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted (in shares)	116,626
Award vesting period	5 years
2016 Incentive Award Plan \| Restricted Stock Units (RSU) \| Vesting After Four Years
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted (in shares)	500
Award vesting period	4 years
2016 Incentive Award Plan \| Stock Options \| Vesting After Five Years
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	5 years
Stock options, granted (in shares)	24,650
2016 Incentive Award Plan \| Stock Options \| Share Based Compensation Award Vesting Immediately
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted (in shares)	50,000

Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 361
2025	946
2026	620
2027	577
2028	577
Total finite-lived intangible assets, net	$ 3,081	$ 4,163

Net Income Per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
Net Income Per Share - Narrative (Details) - shares	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted EPS (in shares)	5,600	80,200	600

Short-Term Debt	9 Months Ended
Short-Term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Short-Term Debt	Short-term Debt On September 30, 2019 (the “Closing Date”), the Company obtained an unsecured credit facility in an aggregate principal amount up to $50.0 million (as amended from time to time, the “Credit Facility”) through its wholly owned subsidiaries, Medpace, Inc., as borrower (the “Borrower”), and Medpace IntermediateCo, Inc., as guarantor (the “Guarantor”). On the Closing Date, the Borrower and lender entered into a Loan Agreement (as it may be amended from time to time, the “Loan Agreement”) providing for the Credit Facility, and the Guarantor executed a Guaranty Agreement providing for its guarantee of the payment and performance of the obligations under the Loan Agreement. On March 31, 2023, the Company entered into Amendment No. 5 to the Loan Agreement, which changed the aggregate principal amount that may be borrowed under the facility’s line of credit to up to $150.0 million, adjusted the interest rate and fee charged on the credit facility and extended the expiration date of revolving credit note to March 29, 2024. On March 28, 2024, the Company entered into Amendment No. 6 to the Loan Agreement, which changed the aggregate principal amount that may be borrowed under the facility’s line of credit to up to $10.0 million and extended the expiration date of revolving credit note to March 31, 2025. The Credit Facility bears interest at a rate of the sum of The Secured Overnight Financing Rate (SOFR) plus 125 basis points (1.25%) or the highest of the Prime Rate, the sum of the Overnight Bank Funding Rate plus 50 basis points (0.50%) and the sum of Daily Simple SOFR plus 100 basis points (1.00%). The Loan Agreement contains other customary loan terms, representations and warranties, and affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Loan Agreement contains certain events of default, including, among others, non-payment of principal or interest and breach of the covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	18.80%	15.20%	16.00%	16.50%
U.S. statutory rate	21.00%		21.00%

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Employee compensation and benefits	$	77,927	$	75,822
Project related reimbursable expenses	219,542		205,864
Other	9,399		11,275
Total accrued expenses	$	306,868	$	292,961

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 533,317	$ 492,499	$ 1,572,465	$ 1,387,441
Related Party
Total revenue	$ 15,500	$ 15,500	$ 39,500	$ 44,600

- Definition

+ References

+ Details

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases, Supplemental Balance Sheet Information [Line Items]
Operating lease right-of-use assets	$ 130,547	$ 144,801
Other current liabilities	$ 23,616	$ 22,365
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating lease liabilities	$ 128,277	$ 142,122
Total operating lease liabilities	$ 151,893	$ 164,487
Weighted Average Remaining Lease Term (years)
Operating leases	9 years 8 months 12 days	10 years
Weighted Average Discount Rate
Operating leases	5.70%	5.60%
Related Party
Leases, Supplemental Balance Sheet Information [Line Items]
Operating lease right-of-use assets	$ 76,954	$ 83,065
Other current liabilities	6,164	5,730
Operating lease liabilities	85,884	90,568
Total operating lease liabilities	92,048
Nonrelated Party
Leases, Supplemental Balance Sheet Information [Line Items]
Operating lease right-of-use assets	53,593	61,736
Other current liabilities	17,452	16,635
Operating lease liabilities	42,393	$ 51,554
Total operating lease liabilities	$ 59,845

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as described in the table below:

Action

Date

Trading Arrangement

Total Shares to be Purchased or Sold

Duration/Expiration Date

Rule 10b5-1*

Non-Rule 10b5-1**

Robert O. Kraft, Director

Adopt

August 22, 2024 [1]

Up to 8,127 shares to be sold

August 28, 2024

* Intended to satisfy the affirmative defense of Rule 10b5-1(c).

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

[1] On August 22, 2024, Robert O. Kraft placed a limit order to sell up to 8,127 shares issued to him pursuant to his contemporaneous exercise of stock options

Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Robert O. Kraft [Member]

Trading Arrangements, by Individual

Name

Robert O. Kraft

Title

Director