0001564590-20-033881 | 10-Q | XBRL Viewer

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Contract Assets and Contract Liabilities - Summary of Advanced Billings (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Advanced billings	$ 195,351	$ 192,359

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 160,903	$ 131,920
Accounts receivable and unbilled, net (includes $2.5 million and $1.9 million with related parties at June 30, 2020 and December 31, 2019, respectively)	127,286	155,662
Prepaid expenses and other current assets	30,893	29,446
Total current assets	319,082	317,028
Property and equipment, net	65,954	47,292
Operating lease right-of-use assets	113,566	52,152
Goodwill	662,427	662,396
Intangible assets, net	50,373	54,350
Deferred income taxes	469	376
Other assets	10,263	9,477
Total assets	1,222,134	1,143,071
Current liabilities:
Accounts payable (includes $0.1 million and $0.2 million with related parties at June 30, 2020 and December 31, 2019, respectively)	14,879	22,404
Accrued expenses	102,950	109,252
Advanced billings (includes $1.6 million and $3.0 million with related parties at June 30, 2020 and December 31, 2019, respectively)	195,351	192,359
Other current liabilities	24,804	18,987
Total current liabilities	337,984	343,002
Operating lease liabilities	114,984	45,212
Deferred income tax liability	15,341	12,849
Other long-term liabilities	15,756	15,725
Total liabilities	484,065	416,788
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 June 30, 2020 and December 31, 2019, respectively	0	0
Common stock - $0.01 par-value; 250,000,000 shares authorized at June 30, 2020 and December 31, 2019, respectively; 35,408,120 and 36,065,278 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	354	360
Treasury stock - 200,000 shares at June 30, 2020 and December 31, 2019, respectively	(6,030)	(6,030)
Additional paid-in capital	676,621	666,585
Retained earnings	70,347	68,109
Accumulated other comprehensive loss	(3,223)	(2,741)
Total shareholders’ equity	738,069	726,283
Total liabilities and shareholders’ equity	$ 1,222,134	$ 1,143,071

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Net
Revenue with related parties	$ 2.7	$ 4.0	$ 8.2	$ 9.1

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Minimum purchase commitments for project related supplies	$ 11.9
Minimum purchase commitments, description	The Company has several minimum purchase commitments for project related supplies totaling $11.9 million. In return for the commitment, Medpace receives preferential pricing. The commitments expire at various times through 2026.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 53,058	$ 46,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,127	3,973
Amortization	3,977	8,839
Stock-based compensation expense	8,061	8,568
Amortization of debt issuance costs and discount	0	874
Noncash lease expense	6,288	4,787
Deferred income tax provision	2,416	1,840
Amortization and adjustment of deferred credit	(356)	(400)
Other	(265)	10
Changes in assets and liabilities:
Accounts receivable and unbilled, net	28,524	(15,470)
Prepaid expenses and other current assets	(860)	(3,414)
Accounts payable	(7,173)	5,338
Accrued expenses	(5,933)	6,066
Advanced billings	3,094	17,546
Lease liabilities	(4,933)	(4,338)
Other assets and liabilities, net	2,390	(237)
Net cash provided by operating activities	93,415	80,635
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(14,885)	(5,990)
Other	48	(1,292)
Net cash used in investing activities	(14,837)	(7,282)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercises	1,976	3,891
Repurchases of common stock	(50,827)	0
Payment of debt	0	(80,438)
Net cash used in financing activities	(48,851)	(76,547)
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(744)	10
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	28,983	(3,184)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	131,920	23,282
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	160,903	20,098
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION—
Acquisition of property and equipment—non-cash	$ 11,697	$ 2,167

Shareholder's Equity and Stock-Based Compensation - Schedule of RSA/RSU Activity (Details) - RSA/RSU	6 Months Ended
	Jun. 30, 2020 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding and unvested - beginning of period	569,770
Granted	119,992
Vested	0
Forfeited	(42,490)
Outstanding and unvested - end of period	647,272
Cumulative vested shares - end of period	1,913,916

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

(7) Debt

On September 30, 2019, the Company obtained an unsecured credit facility in an aggregate principal amount up to $50.0 million (the “Credit Facility”) through its wholly owned subsidiaries, Medpace, Inc., as borrower, and Medpace IntermediateCo, Inc., as guarantor. Outstanding balances under the Credit Facility bear interest at a rate of LIBOR plus 100 basis points (1.00%). On March 30, 2020, the Company amended the credit facility to extend its expiration date to March 31, 2021 and add provisions for alternative interest rates when certain interbank market offered rates are not available.

As of June 30, 2020, there were no outstanding borrowings under the Credit Facility and $0.2 million in letters of credit outstanding related to certain operating lease obligations, which are secured by the Credit Facility.

Related Party Transactions - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) RenewalOption Agreement Building	Jun. 30, 2019 USD ($)	Dec. 31, 2018 RenewalOption Agreement	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Advanced billings	$ 1,600		$ 1,600			$ 3,000
Accounts receivable and unbilled, net	2,500		2,500			1,900
Operating lease cost	4,871	$ 3,220	8,639	$ 6,337
Operating lease right-of-use assets	113,566		113,566			52,152
Current portion of lease liability	13,950		13,950			10,977
Long-term portion of lease liabilities	114,984		114,984			45,212
Employee Loans \| Prepaid Expenses and Other Current Assets and Other Assets
Related Party Transaction [Line Items]
Employee advances receivables	200		200			200
Service Agreements \| Cymabay
Related Party Transaction [Line Items]
Advanced billings						1,600
Accounts receivable and unbilled, net						1,400
Service Agreements \| Cymabay \| Revenue Net
Related Party Transaction [Line Items]
Revenue with related parties		2,800		5,900
Service Agreements \| LIB
Related Party Transaction [Line Items]
Advanced billings	800		800			500
Accounts receivable and unbilled, net	1,100		1,100			300
Service Agreements \| LIB \| Revenue Net
Related Party Transaction [Line Items]
Revenue with related parties	400	300	1,400	1,000
Service Agreements \| CinRx Pharma and Subsidiaries
Related Party Transaction [Line Items]
Advanced billings	800		800			900
Accounts receivable and unbilled, net	1,300		1,300			200
Service Agreements \| CinRx Pharma and Subsidiaries \| Revenue Net
Related Party Transaction [Line Items]
Revenue with related parties	2,400	900	6,800	2,300
Service Agreements \| The Summit
Related Party Transaction [Line Items]
Expenses incurred			$ 200	300
Service Agreements \| The Summit \| Maximum
Related Party Transaction [Line Items]
Expenses incurred	$ 100	200
Leased Real Estate \| Chief Executive Officer
Related Party Transaction [Line Items]
Term of lease	12 years		12 years
Lease expiration period			2022-11
Number of lease renewal, 10-year option \| RenewalOption			1
Lease term upon renewal	10 years		10 years
Leased Real Estate \| Chief Executive Officer \| Direct Costs and Selling, General And Administrative
Related Party Transaction [Line Items]
Operating lease cost	$ 500	500	$ 1,000	1,000
Leased Real Estate \| Chief Executive Officer And Immediate Family \| Office Space
Related Party Transaction [Line Items]
Number of lease renewal, 10-year option \| RenewalOption					2
Lease term upon renewal					10 years
Lease expiration year					2040
Number of lease agreements \| Agreement					1
Leased Real Estate \| Chief Executive Officer And Immediate Family \| Building
Related Party Transaction [Line Items]
Number of lease renewal, 10-year option \| RenewalOption			1
Lease term upon renewal	10 years		10 years
Lease expiration year			2027
Number of lease agreements \| Agreement			2
Number of buildings \| Building			2
Lease occupancy year			2012
Leased Real Estate \| Chief Executive Officer And Immediate Family \| Direct Costs and Selling, General And Administrative \| Office Space
Related Party Transaction [Line Items]
Operating lease cost	$ 900		$ 900
Leased Real Estate \| Chief Executive Officer And Immediate Family \| Direct Costs and Selling, General And Administrative \| Building
Related Party Transaction [Line Items]
Operating lease cost	900	900	1,800	1,800
Leased Real Estate \| Operating Lease Right-of-Use Assets \| Chief Executive Officer
Related Party Transaction [Line Items]
Operating lease right-of-use assets	4,400		4,400			5,300
Leased Real Estate \| Operating Lease Right-of-Use Assets \| Chief Executive Officer And Immediate Family \| Office Space
Related Party Transaction [Line Items]
Operating lease right-of-use assets	54,200		54,200
Leased Real Estate \| Operating Lease Right-of-Use Assets \| Chief Executive Officer And Immediate Family \| Building
Related Party Transaction [Line Items]
Operating lease right-of-use assets	20,800		20,800			21,900
Leased Real Estate \| Other Current Liabilities \| Chief Executive Officer
Related Party Transaction [Line Items]
Current portion of lease liability	1,800		1,800			1,800
Leased Real Estate \| Other Current Liabilities \| Chief Executive Officer And Immediate Family \| Office Space
Related Party Transaction [Line Items]
Current portion of lease liability	800		800
Leased Real Estate \| Other Current Liabilities \| Chief Executive Officer And Immediate Family \| Building
Related Party Transaction [Line Items]
Current portion of lease liability	2,400		2,400			2,300
Leased Real Estate \| Operating Lease Liabilities \| Chief Executive Officer
Related Party Transaction [Line Items]
Long-term portion of lease liabilities	2,600		2,600			3,500
Leased Real Estate \| Operating Lease Liabilities \| Chief Executive Officer And Immediate Family \| Office Space
Related Party Transaction [Line Items]
Long-term portion of lease liabilities	63,700		63,700
Leased Real Estate \| Operating Lease Liabilities \| Chief Executive Officer And Immediate Family \| Building
Related Party Transaction [Line Items]
Long-term portion of lease liabilities	18,500		18,500			$ 19,700
Travel Services \| Chief Executive Officer
Related Party Transaction [Line Items]
Travel expenses with related party	$ 200	$ 300	$ 400	$ 600

Contract Assets and Contract Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

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
	June 30,			December 31,
	2020			2019
Accounts receivable	$	100,146		$	127,877
Unbilled receivables		27,457			28,368
Less: allowance for doubtful accounts		(317	)		(583	)
Total accounts receivable and unbilled, net	$	127,286		$	155,662

Advanced billings consisted of the following (in thousands):

	As of
	June 30,		December 31,
	2020		2019
Advanced billings	$	195,351	$	192,359

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets And Liabilities Lessee [Abstract]
Operating lease right-of-use assets	$ 113,566	$ 52,152
Other current liabilities	$ 13,950	$ 10,977
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities	$ 114,984	$ 45,212
Total operating lease liabilities	$ 128,934	$ 56,189
Weighted Average Remaining Lease Term (years)
Operating leases	13 years 1 month 6 days	6 years 3 months 18 days
Weighted Average Discount Rate
Operating leases	5.90%	6.00%

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2020

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 six months ended June 30, 2020 and 2019 (in thousands, except for earnings per share):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Weighted-average shares:
Common shares outstanding		35,386		35,839		35,705		35,772
RSAs		95		102		95		103
Total weighted-average shares		35,481		35,941		35,800		35,875
Earnings per common share—Basic
Net income	$	24,104	$	27,455	$	53,058	$	46,653
Less: Undistributed earnings allocated to RSAs		65		78		141		134
Net income available to common shareholders—Basic	$	24,039	$	27,377	$	52,917	$	46,519

Net income per common share—Basic	$	0.68	$	0.76	$	1.48	$	1.30

Basic weighted-average common shares outstanding		35,386		35,839		35,705		35,772
Effect of diluted shares		1,942		1,550		1,975		1,605
Diluted weighted-average shares outstanding		37,328		37,389		37,680		37,377

Net income per common share—Diluted	$	0.64	$	0.73	$	1.40	$	1.24

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,616	$ 5,385	$ 8,061	$ 8,568
Total Direct Costs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,774	1,718	3,780	3,278
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 842	$ 3,667	$ 4,281	$ 5,290

Shareholder's Equity and Stock-Based Compensation - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted	222,553
2016 Incentive Award Plan \| Granted to Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted to employees	319,397	510,986
2016 Incentive Award Plan \| Restricted Stock Awards (RSA) \| Non Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted	23,148	38,832
Award vesting period	1 year	1 year
2016 Incentive Award Plan \| Vesting After Four Years \| Restricted Stock Awards (RSA)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	20,724
Award vesting period	4 years
2016 Incentive Award Plan \| Vesting After Four Years \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted		5,000
Award vesting period		4 years
2016 Incentive Award Plan \| Vesting After Four Years \| Restricted Stock Units (RSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	96,768	167,310
Award vesting period	4 years	4 years
2016 Incentive Award Plan \| Vesting After Three Years \| Restricted Stock Units (RSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	2,500
Award vesting period	3 years
2016 Incentive Award Plan \| Fully-vested Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted	199,405	311,676
2016 Incentive Award Plan \| Vesting in Twelve Equal Monthly Installments
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted		22,000
2016 Incentive Award Plan \| Vesting After One Year \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted		5,000
Award vesting period		1 year

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(10) Income Taxes

The Company’s effective income tax rate was 20.6% and 20.4% for the three months ended June 30, 2020 and 2019, respectively. The Company’s effective income tax rate was 20.6% and 21.1% for the six months ended June 30, 2020 and 2019, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2020 varied from the U.S. statutory rate of 21% primarily due to the impact of state taxes, which was favorably offset by previously acquired tax attributes, tax benefits related to Foreign Derived Intangible Income (FDII) and excess tax benefits recognized from share-based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Shareholder's Equity and Stock-Based Compensation - Schedule of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Equity [Abstract]
Number of Stock Options, Outstanding - beginning of period \| shares	3,030,071
Number of Stock Options, Granted \| shares	222,553
Number of Stock Options, Exercised \| shares	(114,967)
Number of Stock Options, Forfeited/Expired \| shares	(52,580)
Number of Stock Options, Outstanding - end of period \| shares	3,085,077
Number of Stock Options, Exercisable - end of period \| shares	1,570,049
Weighted Average Exercise Price, Outstanding - beginning of Period \| $ / shares	$ 34.50
Weighted Average Exercise Price, Granted \| $ / shares	105.48
Weighted Average Exercise Price, Exercised \| $ / shares	17.19
Weighted Average Exercise Price, Forfeited/Expired \| $ / shares	36.45
Weighted Average Exercise Price, Outstanding - end of period \| $ / shares	40.23
Weighted Average Exercise Price, Exercisable - end of period \| $ / shares	$ 49.40

Intangible Assets, Net

6 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

(5) Intangible Assets, Net

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

	As of
	June 30,			December 31,
	2020			2019
Intangible assets:
Finite-lived intangible assets:
Carrying amount:
Customer relationships		145,051			145,051
Other		3,074			3,074
Total finite-lived intangible assets		148,125			148,125
Accumulated amortization:
Customer relationships		(126,324	)		(122,426	)
Other		(3,074	)		(2,995	)
Total accumulated amortization		(129,398	)		(125,421	)
Total finite-lived intangible assets, net		18,727			22,704
Trade name (indefinite-lived)		31,646			31,646
Total intangible assets, net	$	50,373		$	54,350

As of June 30, 2020, estimated amortization expense of the Company’s intangible assets for each of the next five years and thereafter is as follows (in thousands):

	Amortization
Remainder of 2020	$	3,899
2021		5,114
2022		3,353
2023		2,199
2024		1,443
Later years		2,719
	$	18,727

Entity Wide Disclosures

6 Months Ended

Jun. 30, 2020

Entity Wide Disclosures [Abstract]

Entity Wide Disclosures

(13) Entity Wide Disclosures

Revenue by Category

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Therapeutic Area
Oncology	$	65,629	$	64,661	$	134,841	$	120,623
Other		45,196		47,092		95,765		93,961
Metabolic		30,210		32,367		66,285		67,368
AVAI		22,987		22,664		48,134		42,588
Cardiology		21,755		24,409		47,654		47,059
Central Nervous System		19,218		22,911		43,195		43,246
Total revenue	$	204,995	$	214,104	$	435,874	$	414,845

In the current quarter and for all periods presented, the revenue associated with medical device projects, previously a separate therapeutic area, has been included in the respective therapeutic area that best aligns with the therapeutic focus of the medical device project and represents how management evaluates disaggregated revenue in its internal reporting.

Accrued Expenses

6 Months Ended

Jun. 30, 2020

Payables And Accruals [Abstract]

Accrued Expenses

(6) Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	As of
	June 30,		December 31,
	2020		2019
Employee compensation and benefits	$	28,742	$	34,119
Project related reimbursable expenses		68,746		68,696
Other		5,462		6,437
Total accrued expenses	$	102,950	$	109,252

Entity Wide Disclosures - Summary of Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 204,995	$ 214,104	$ 435,874	$ 414,845
Oncology
Disaggregation Of Revenue [Line Items]
Total revenue	65,629	64,661	134,841	120,623
Other
Disaggregation Of Revenue [Line Items]
Total revenue	45,196	47,092	95,765	93,961
Metabolic
Disaggregation Of Revenue [Line Items]
Total revenue	30,210	32,367	66,285	67,368
AVAI
Disaggregation Of Revenue [Line Items]
Total revenue	22,987	22,664	48,134	42,588
Cardiology
Disaggregation Of Revenue [Line Items]
Total revenue	21,755	24,409	47,654	47,059
Central Nervous System
Disaggregation Of Revenue [Line Items]
Total revenue	19,218	22,911	43,195	43,246
Revenue Net
Disaggregation Of Revenue [Line Items]
Total revenue	$ 204,995	$ 214,104	$ 435,874	$ 414,845

- 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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accrued Liabilities And Other Liabilities [Abstract]
Employee compensation and benefits	$ 28,742	$ 34,119
Project related reimbursable expenses	68,746	68,696
Other	5,462	6,437
Total accrued expenses	$ 102,950	$ 109,252

Contract Assets and Contract Liabilities - Summary of Accounts Receivable and Unbilled, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Accounts receivable	$ 100,146	$ 127,877
Unbilled receivables	27,457	28,368
Less: allowance for doubtful accounts	(317)	(583)
Total accounts receivable and unbilled, net	$ 127,286	$ 155,662

Leases - Additional Information (Details)	6 Months Ended
Leases - Additional Information (Details)	Jun. 30, 2020
Real Estate and Equipment
Lessee Lease Description [Line Items]
Lease renewal term, operating lease	20 years
Description of option to extend the lease	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.
Operating lease, existense of option to extend	true
Description of option to terminate the lease	Many leases also include options to terminate the leases within 1 year or per other contractual terms.
Lessee, operating lease, existence of option to terminate	true
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	20 years
Maximum \| Real Estate and Equipment
Lessee Lease Description [Line Items]
Operating lease, options to terminate lease term	1 year

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	MEDP
Entity Registrant Name	Medpace Holdings, Inc.
Entity Central Index Key	0001668397
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		35,408,120
Entity File Number	001-37856
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
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock $0.01 par value
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Weighted-average shares:
Basic weighted-average common shares outstanding	35,386		35,839		35,705	35,772
Total weighted-average shares	35,481		35,941		35,800	35,875
Earnings per common share—Basic
Net income	$ 24,104	$ 28,954	$ 27,455	$ 19,198	$ 53,058	$ 46,653
Net income available to common shareholders—Basic	$ 24,039		$ 27,377		$ 52,917	$ 46,519
Net income per common share—Basic	$ 0.68		$ 0.76		$ 1.48	$ 1.30
Basic weighted-average common shares outstanding	35,386		35,839		35,705	35,772
Effect of diluted shares	1,942		1,550		1,975	1,605
Diluted weighted-average shares outstanding	37,328		37,389		37,680	37,377
Net income per common share—Diluted	$ 0.64		$ 0.73		$ 1.40	$ 1.24
RSAs
Weighted-average shares:
Basic weighted-average common shares outstanding	95		102		95	103
Earnings per common share—Basic
Less: Undistributed earnings allocated to RSAs	$ 65		$ 78		$ 141	$ 134
Basic weighted-average common shares outstanding	95		102		95	103
Common Stock
Weighted-average shares:
Basic weighted-average common shares outstanding	35,386		35,839		35,705	35,772
Earnings per common share—Basic
Basic weighted-average common shares outstanding	35,386		35,839		35,705	35,772

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

(12) 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 $0.2 million existed at June 30, 2020 and December 31, 2019, respectively, 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 Agreements

Cymabay Therapeutics, Inc. (“Cymabay”)

Cymabay is a clinical-stage biopharmaceutical company developing therapies to treat metabolic diseases with high unmet medical need, including serious rare and orphan disorders. A Medpace employee was a member Cymabay’s board of directors from the first quarter of 2016 until his resignation in the first quarter of 2020. The Company and Cymabay entered into a MSA dated October 21, 2016. Subsequently, the Company and Cymabay have entered into several task orders for the Company to perform clinical trial related services. The Company recognized total revenue from Cymabay of $2.8 million and $5.9 million during the three and six months ended June 30, 2019, respectively, in the Company’s condensed consolidated statements of operations. As of December 31, 2019, the Company had Advanced billings from Cymabay of $1.6 million in the condensed consolidated balance sheets. As of December 31, 2019, the Company had Accounts receivable and unbilled, net from Cymabay of $1.4 million recorded in the condensed consolidated balance sheets. As of the first quarter of 2020, Cymabay is no longer considered a related party.

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 $0.4 million and $0.3 million during the three months ended June 30, 2020 and 2019, respectively, and $1.4 and $1.0 during the six months ended June 30, 2020 and 2019, respectively, in the Company’s condensed consolidated statements of operations. As of June 30, 2020 and December 31, 2019, respectively, the Company had Advanced billings from LIB of $0.8 million and $0.5 million recorded in the condensed consolidated balance sheets. In addition, as of June 30, 2020 and December 31, 2019, respectively, the Company had Accounts receivable and unbilled, net from LIB of $1.1 million and $0.3 million recorded in the condensed consolidated balance sheets.

CinRX Pharma and subsidiaries (“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 $2.4 million and $0.9 million during the three months ended June 30, 2020 and 2019, respectively, and $6.8 and $2.3 during the six months ended June 30, 2020 and 2019, respectively, in the Company’s condensed consolidated statements of operations. As of June 30, 2020 and December 31, 2019, respectively, the Company had Advanced billings from CinRx of $0.8 million and $0.9 million recorded in the condensed consolidated balance sheets. As of June 30, 2020 and December 31, 2019 the Company had Accounts receivable and unbilled, net from CinRx of $1.3 million and $0.2 million, respectively, in the condensed consolidated balance sheets.

The Summit, a Dolce 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 less than $0.1 million and $0.2 million during the three months ended June 30, 2020 and 2019, respectively, and $0.2 and $0.3 during the six months ended June 30, 2020 and 2019, respectively, at The Summit.

Leased Real Estate

Headquarters Lease

The Company entered into an operating lease for its corporate headquarters 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 for headquarters is for an initial term of twelve years through November 2022 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.

Operating lease cost recognized for the three months ended June 30, 2020 and 2019 was $0.5 million, respectively, and $1.0 million for the six months ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019 were $4.4 million and $5.3 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at June 30, 2020 were $1.8 million and $2.6 million, 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, 2019 were $1.8 million and $3.5 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 and six months ended June 30, 2020 was $0.9 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 June 30, 2020 were $54.2 million in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at June 30, 2020 were $0.8 million and $63.7 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Company entered into two multi-year lease agreements governing the occupancy of space of two buildings 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 leases expire 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 leases are operating leases. Operating lease cost recognized for the three months ended June 30, 2020 and 2019 was $0.9 million, respectively, and $1.8 million for the six months ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019 were $20.8 million and $21.9 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at June 30, 2020 were $2.4 million and $18.5 million, 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, 2019 were $2.3 million and $19.7 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 a private aviation charter company that is owned by the chief executive officer and the executive vice president of operations of the Company (“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 $0.2 million and $0.3 million during the three months ended June 30, 2020 and 2019, respectively, and $0.4 million and $0.6 million during the six months ended June 30, 2020 and 2019, 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.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, unbilled services with related parties	$ 2.5	$ 1.9
Accounts payable includes related parties	0.1	0.2
Advanced billings with related parties	$ 1.6	$ 3.0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock shares authorized	250,000,000	250,000,000
Common stock shares issued	35,408,120	36,065,278
Common stock shares outstanding	35,408,120	36,065,278
Treasury stock shares	200,000	200,000

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Previously Reported	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Common Stock Previously Reported	Treasury Stock	Treasury Stock Previously Reported	Additional Paid-in Capital	Additional Paid-in Capital Previously Reported	(Accumulated Deficit) Retained Earnings	(Accumulated Deficit) Retained Earnings Previously Reported	(Accumulated Deficit) Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Previously Reported
Balance at Dec. 31, 2018	$ 598,856	$ 589,703	$ 9,153	$ 356	$ 356	$ (6,030)	$ (6,030)	$ 639,381	$ 639,381	$ (32,334)	$ (41,487)	$ 9,153	$ (2,517)	$ (2,517)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201602Member									us-gaap:AccountingStandardsUpdate201602Member
Net income	19,198									19,198
Foreign currency translation	(274)												(274)
Stock-based compensation expense	3,183							3,183
Stock options exercised	934			1				933
Balance at Mar. 31, 2019	621,897			357		(6,030)		643,497		(13,136)			(2,791)
Balance at Dec. 31, 2018	598,856	$ 589,703	$ 9,153	356	$ 356	(6,030)	$ (6,030)	639,381	$ 639,381	(32,334)	$ (41,487)	$ 9,153	(2,517)	$ (2,517)
Net income	46,653
Foreign currency translation	140
Balance at Jun. 30, 2019	658,055			359		(6,030)		651,784		14,319			(2,377)
Balance at Mar. 31, 2019	621,897			357		(6,030)		643,497		(13,136)			(2,791)
Net income	27,455									27,455
Foreign currency translation	414												414
Stock-based compensation expense	5,385							5,385
Stock options exercised	2,904			2				2,902
Balance at Jun. 30, 2019	658,055			359		(6,030)		651,784		14,319			(2,377)
Balance at Dec. 31, 2019	726,283			360		(6,030)		666,585		68,109			(2,741)
Net income	28,954									28,954
Foreign currency translation	(988)												(988)
Stock-based compensation expense	5,445							5,445
Stock options exercised	1,343			1				1,342
Repurchases of common stock	(43,238)			(6)						(43,232)
Balance at Mar. 31, 2020	717,799			355		(6,030)		673,372		53,831			(3,729)
Balance at Dec. 31, 2019	726,283			360		(6,030)		666,585		68,109			(2,741)
Net income	53,058
Foreign currency translation	(482)
Balance at Jun. 30, 2020	738,069			354		(6,030)		676,621		70,347			(3,223)
Balance at Mar. 31, 2020	717,799			355		(6,030)		673,372		53,831			(3,729)
Net income	24,104									24,104
Foreign currency translation	506												506
Stock-based compensation expense	2,616							2,616
Stock options exercised	633							633
Repurchases of common stock	(7,589)			(1)						(7,588)
Balance at Jun. 30, 2020	$ 738,069			$ 354		$ (6,030)		$ 676,621		$ 70,347			$ (3,223)

- Definition

Indicates amendment to accounting standards.

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-Topic 944
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-Paragraph 2
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+ Details

- Definition

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

+ References

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 3,899
2021	5,114
2022	3,353
2023	2,199
2024	1,443
Later years	2,719
Total finite-lived intangible assets, net	$ 18,727	$ 22,704

Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

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

	As of
	June 30,			December 31,
	2020			2019
Intangible assets:
Finite-lived intangible assets:
Carrying amount:
Customer relationships		145,051			145,051
Other		3,074			3,074
Total finite-lived intangible assets		148,125			148,125
Accumulated amortization:
Customer relationships		(126,324	)		(122,426	)
Other		(3,074	)		(2,995	)
Total accumulated amortization		(129,398	)		(125,421	)
Total finite-lived intangible assets, net		18,727			22,704
Trade name (indefinite-lived)		31,646			31,646
Total intangible assets, net	$	50,373		$	54,350

Schedule of Estimated Amortization Expense of Intangible Assets

As of June 30, 2020, estimated amortization expense of the Company’s intangible assets for each of the next five years and thereafter is as follows (in thousands):

	Amortization
Remainder of 2020	$	3,899
2021		5,114
2022		3,353
2023		2,199
2024		1,443
Later years		2,719
	$	18,727

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value measurements transfers between level 1, level 2 or level 3	$ 0	$ 0	$ 0	$ 0

Shareholder's Equity and Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Shareholder's Equity and Stock-Based Compensation

(9) Shareholder’s Equity and Stock-Based Compensation

The Company granted 319,397 awards to employees under the 2016 Incentive Award Plan during the six months ended June 30, 2020, consisting of 20,724 restricted stock awards (“RSA”) and 96,768 restricted stock units (“RSU”) vesting after four years, 2,500 RSU vesting after three years, and 199,405 fully-vested stock option awards. The Company granted an additional 23,148 stock option awards, vesting after one year, to non-employee directors under the 2016 Incentive Award Plan, during the six months ended June 30, 2020. The Company granted 510,986 awards to employees under the 2016 Incentive Award Plan during the six months ended June 30, 2019, consisting of 5,000 stock option awards and 167,310 RSU vesting after four years, 5,000 stock option awards vesting after one year, 311,676 fully-vested stock option awards and 22,000 stock option awards with vesting in twelve equal monthly installments beginning on March 31, 2019. The Company granted an additional 38,832 stock option awards, vesting after one year, to non-employee directors under the 2016 Incentive Award Plan, during the six months ended June 30, 2019.

Award Activity

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

	Six Months Ended June 30, 2020
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		3,030,071		$	34.50
Granted		222,553		$	105.48
Exercised		(114,967	)	$	17.19
Forfeited/Expired		(52,580	)	$	36.45
Outstanding - end of period		3,085,077		$	40.23

Exercisable - end of period		1,570,049		$	49.40

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

	Six Months Ended
	June 30, 2020
	Shares/Units
Outstanding and unvested - beginning of period		569,770
Granted		119,992
Vested		-
Forfeited		(42,490	)
Outstanding and unvested - end of period		647,272

Cumulative vested shares - end of period		1,913,916

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total direct costs	$	1,774	$	1,718	$	3,780	$	3,278
Selling, general and administrative		842		3,667		4,281		5,290
Total stock-based compensation expense	$	2,616	$	5,385	$	8,061	$	8,568

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2020

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	As of
	June 30,		December 31,
	2020		2019
Employee compensation and benefits	$	28,742	$	34,119
Project related reimbursable expenses		68,746		68,696
Other		5,462		6,437
Total accrued expenses	$	102,950	$	109,252

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

(8) 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 20 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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	4,871	$	3,220	$	8,639	$	6,337
Variable lease cost		1,184		752		2,070		1,346

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

	Six Months Ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,111	$	4,686

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		68,171		4,561

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

	As of
	June 30,			December 31,
	2020			2019
Operating lease right-of-use assets	$	113,566		$	52,152

Other current liabilities	$	13,950		$	10,977
Operating lease liabilities		114,984			45,212
Total operating lease liabilities	$	128,934		$	56,189

Weighted Average Remaining Lease Term (years)
Operating leases	13.1			6.3
Weighted Average Discount Rate
Operating leases		5.9	%		6.0	%

Lease payments due related to lease liabilities as of June 30, 2020 were as follows (in thousands):

	Related Party			Non-Related Parties			Total
	Operating Leases			Operating Leases			Operating Leases
Remainder of 2020	$	5,287		$	4,538		$	9,825
2021		10,252			10,631			20,883
2022		10,037			7,479			17,516
2023		8,501			6,321			14,822
2024		8,623			4,700			13,323
Later years		106,676			11,608			118,284
Total lease payments		149,376			45,277			194,653
Less: imputed interest		(59,666	)		(6,053	)		(65,719	)
Total	$	89,710		$	39,224		$	128,934

The Company began to occupy an additional leased corporate headquarters building in the second quarter of fiscal year 2020. See Note 12 for details of this related party lease.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2020
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, 2019.
Share Repurchases	Share Repurchases In the first quarter of 2018, the Board of Directors approved a share repurchase program authorizing up to $50.0 million in share repurchases. In the first quarter of 2020, the Board of Directors approved an additional $50.0 million in share repurchases, bringing the total to $100.0 million authorized under the share repurchase program. During the three and six months ended June 30, 2020, the Company repurchased 110,488 and 772,125 shares for $7.6 million and $50.8 million, respectively. As of June 30, 2020, $49.2 million remained available under the repurchase program authorization. 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 retires all repurchased shares with all amounts paid in excess of par value reflected within Retained earnings in the Company’s condensed consolidated balance sheets. The repurchase program may be suspended or discontinued at any time without notice.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company adopted this standard in the first quarter of 2020 and it had no impact to the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue, net (includes $2.7 million and $4.0 million with related parties for the three months ended June 30, 2020 and 2019, respectively, and $8.2 million and $9.1 million with related parties for the six months ended June 30, 2020 and 2019, respectively)	$ 204,995	$ 214,104	$ 435,874	$ 414,845
Operating expenses:
Direct service costs, excluding depreciation and amortization	86,625	79,327	175,420	154,436
Reimbursed out-of-pocket expenses	61,733	70,985	138,739	141,579
Total direct costs	148,358	150,312	314,159	296,015
Selling, general and administrative	21,855	23,556	46,979	44,864
Depreciation	2,674	1,982	5,127	3,973
Amortization	1,980	2,995	3,977	8,839
Total operating expenses	174,867	178,845	370,242	353,691
Income from operations	30,128	35,259	65,632	61,154
Other income (expense), net:
Miscellaneous income (expense), net	239	(19)	856	(301)
Interest (expense) income, net	(5)	(748)	352	(1,703)
Total other income (expense), net	234	(767)	1,208	(2,004)
Income before income taxes	30,362	34,492	66,840	59,150
Income tax provision	6,258	7,037	13,782	12,497
Net income	$ 24,104	$ 27,455	$ 53,058	$ 46,653
Net income per share attributable to common shareholders:
Basic	$ 0.68	$ 0.76	$ 1.48	$ 1.30
Diluted	$ 0.64	$ 0.73	$ 1.40	$ 1.24
Weighted average common shares outstanding:
Basic	35,386	35,839	35,705	35,772
Diluted	37,328	37,389	37,680	37,377

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(11) 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 June 30, 2020 and December 31, 2019. 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 June 30, 2020.

Purchase Commitments

The Company has several minimum purchase commitments for project related supplies totaling $11.9 million. In return for the commitment, Medpace receives preferential pricing. The commitments expire at various times through 2026.

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

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Schedule of Stock Option Activity

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

	Six Months Ended June 30, 2020
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		3,030,071		$	34.50
Granted		222,553		$	105.48
Exercised		(114,967	)	$	17.19
Forfeited/Expired		(52,580	)	$	36.45
Outstanding - end of period		3,085,077		$	40.23

Exercisable - end of period		1,570,049		$	49.40

Schedule of RSA/RSU Activity

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

	Six Months Ended
	June 30, 2020
	Shares/Units
Outstanding and unvested - beginning of period		569,770
Granted		119,992
Vested		-
Forfeited		(42,490	)
Outstanding and unvested - end of period		647,272

Cumulative vested shares - end of period		1,913,916

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total direct costs	$	1,774	$	1,718	$	3,780	$	3,278
Selling, general and administrative		842		3,667		4,281		5,290
Total stock-based compensation expense	$	2,616	$	5,385	$	8,061	$	8,568

Basis of Presentation

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

(1) 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, 2019.

Share Repurchases

In the first quarter of 2018, the Board of Directors approved a share repurchase program authorizing up to $50.0 million in share repurchases. In the first quarter of 2020, the Board of Directors approved an additional $50.0 million in share repurchases, bringing the total to $100.0 million authorized under the share repurchase program. During the three and six months ended June 30, 2020, the Company repurchased 110,488 and 772,125 shares for $7.6 million and $50.8 million, respectively. As of June 30, 2020, $49.2 million remained available under the repurchase program authorization.

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 retires all repurchased shares with all amounts paid in excess of par value reflected within Retained earnings in the Company’s condensed consolidated balance sheets. The repurchase program may be suspended or discontinued at any time without notice.

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company adopted this standard in the first quarter of 2020 and it had no impact to the condensed consolidated financial statements.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

(3) 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 any recurring fair value measurements as of June 30, 2020. There were no transfers between Level 1, Level 2 or Level 3 during the three and six months ended June 30, 2020 or 2019.

- 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 + Details

Leases - Schedule of Lease Payments Due Related To Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Lease Liabilities Payments Due [Line Items]
Remainder of 2020	$ 9,825
2021	20,883
2022	17,516
2023	14,822
2024	13,323
Later years	118,284
Total lease payments	194,653
Less: imputed interest	(65,719)
Total	128,934	$ 56,189
Related Party
Operating Lease Liabilities Payments Due [Line Items]
Remainder of 2020	5,287
2021	10,252
2022	10,037
2023	8,501
2024	8,623
Later years	106,676
Total lease payments	149,376
Less: imputed interest	(59,666)
Total	89,710
Non-Related Party
Operating Lease Liabilities Payments Due [Line Items]
Remainder of 2020	4,538
2021	10,631
2022	7,479
2023	6,321
2024	4,700
Later years	11,608
Total lease payments	45,277
Less: imputed interest	(6,053)
Total	$ 39,224

Entity Wide Disclosures (Tables)

6 Months Ended

Jun. 30, 2020

Entity Wide Disclosures [Abstract]

Summary of Revenue by Major Source

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Therapeutic Area
Oncology	$	65,629	$	64,661	$	134,841	$	120,623
Other		45,196		47,092		95,765		93,961
Metabolic		30,210		32,367		66,285		67,368
AVAI		22,987		22,664		48,134		42,588
Cardiology		21,755		24,409		47,654		47,059
Central Nervous System		19,218		22,911		43,195		43,246
Total revenue	$	204,995	$	214,104	$	435,874	$	414,845

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Summary of Components of Lease Expense

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	4,871	$	3,220	$	8,639	$	6,337
Variable lease cost		1,184		752		2,070		1,346

Summary of Supplemental Cash Flow Information Related to Leases

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

	Six Months Ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,111	$	4,686

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		68,171		4,561

Summary of Supplemental Balance Sheet Information Related to Leases

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

	As of
	June 30,			December 31,
	2020			2019
Operating lease right-of-use assets	$	113,566		$	52,152

Other current liabilities	$	13,950		$	10,977
Operating lease liabilities		114,984			45,212
Total operating lease liabilities	$	128,934		$	56,189

Weighted Average Remaining Lease Term (years)
Operating leases	13.1			6.3
Weighted Average Discount Rate
Operating leases		5.9	%		6.0	%

Schedule of Lease Payments Due Related To Lease Liabilities

Lease payments due related to lease liabilities as of June 30, 2020 were as follows (in thousands):

	Related Party			Non-Related Parties			Total
	Operating Leases			Operating Leases			Operating Leases
Remainder of 2020	$	5,287		$	4,538		$	9,825
2021		10,252			10,631			20,883
2022		10,037			7,479			17,516
2023		8,501			6,321			14,822
2024		8,623			4,700			13,323
Later years		106,676			11,608			118,284
Total lease payments		149,376			45,277			194,653
Less: imputed interest		(59,666	)		(6,053	)		(65,719	)
Total	$	89,710		$	39,224		$	128,934

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 24,104	$ 27,455	$ 53,058	$ 46,653
Other comprehensive income
Foreign currency translation adjustments, net of taxes	506	414	(482)	140
Comprehensive income	$ 24,610	$ 27,869	$ 52,576	$ 46,793

- Definition

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

+ References

+ Details

Debt - Additional Information (Details) - Credit Facility - USD ($)	Sep. 30, 2019	Jun. 30, 2020
Debt Instrument [Line Items]
Debt instrument, basis points	1.00%
Outstanding borrowings		$ 0
Outstanding letters of credit		$ 200,000
Maximum
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 50,000,000.0

Net Income Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted EPS	439,405	30,500	439,405	0

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease Cost [Abstract]
Operating lease cost	$ 4,871	$ 3,220	$ 8,639	$ 6,337
Variable lease cost	$ 1,184	$ 752	$ 2,070	$ 1,346

Contract Assets and Contract Liabilities - Additional Information (Details) $ in Billions	Jun. 30, 2020 USD ($)
Revenue From Contract With Customer [Abstract]
Performance obligations remaining to be performed	$ 1.4

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	20.60%	20.40%	20.60%	21.10%
U.S. statutory rate	21.00%		21.10%

Net Income Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Income Per Share

(2) 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. Restricted Stock Awards (“RSAs”) 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 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 under the treasury stock method. The treasury stock method 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 six months ended June 30, 2020 and 2019 (in thousands, except for earnings per share):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Weighted-average shares:
Common shares outstanding		35,386		35,839		35,705		35,772
RSAs		95		102		95		103
Total weighted-average shares		35,481		35,941		35,800		35,875
Earnings per common share—Basic
Net income	$	24,104	$	27,455	$	53,058	$	46,653
Less: Undistributed earnings allocated to RSAs		65		78		141		134
Net income available to common shareholders—Basic	$	24,039	$	27,377	$	52,917	$	46,519

Net income per common share—Basic	$	0.68	$	0.76	$	1.48	$	1.30

Basic weighted-average common shares outstanding		35,386		35,839		35,705		35,772
Effect of diluted shares		1,942		1,550		1,975		1,605
Diluted weighted-average shares outstanding		37,328		37,389		37,680		37,377

Net income per common share—Diluted	$	0.64	$	0.73	$	1.40	$	1.24

During the three and six months ended June 30, 2020, the Company had 439,405 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 three and six months ended June 30, 2019, the Company had 30,500 and 0 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.

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-lived intangible assets:
Total finite-lived intangible assets	$ 148,125	$ 148,125
Accumulated amortization:
Total accumulated amortization	(129,398)	(125,421)
Total finite-lived intangible assets, net	18,727	22,704
Trade name (indefinite-lived)	31,646	31,646
Total intangible assets, net	50,373	54,350
Customer Relationships
Finite-lived intangible assets:
Total finite-lived intangible assets	145,051	145,051
Accumulated amortization:
Total accumulated amortization	(126,324)	(122,426)
Other
Finite-lived intangible assets:
Total finite-lived intangible assets	3,074	3,074
Accumulated amortization:
Total accumulated amortization	$ (3,074)	$ (2,995)

Basis of Presentation - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2018
Basis Of Presentation [Line Items]
Repurchases of shares, value		$ 50,827,000	$ 0
Share Repurchase Program
Basis Of Presentation [Line Items]
Stock repurchase program, authorized amount				$ 100,000,000.0
Stock repurchase program, additional amount authorized				$ 50,000,000.0
Repurchases of shares	110,488	772,125
Repurchases of shares, value	$ 7,600,000	$ 50,800,000
Remaining amount of repurchase program	$ 49,200,000	$ 49,200,000
Share Repurchase Program \| Maximum
Basis Of Presentation [Line Items]
Stock repurchase program, authorized amount					$ 50,000,000.0

Contract Assets and Contract Liabilities

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Contract Assets and Contract Liabilities

(4) 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
	June 30,			December 31,
	2020			2019
Accounts receivable	$	100,146		$	127,877
Unbilled receivables		27,457			28,368
Less: allowance for doubtful accounts		(317	)		(583	)
Total accounts receivable and unbilled, net	$	127,286		$	155,662

Contract Liabilities

Advanced billings represents 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
	June 30,		December 31,
	2020		2019
Advanced billings	$	195,351	$	192,359

As of June 30, 2020, we had approximately $1.4 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 6,111	$ 4,686
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 68,171	$ 4,561