$MEDP

Medpace Holdings, Inc.

CIK:0001668397|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue, net (includes $4.7 million and $16.9 million with related parties for the three months ended June 30, 2026 and 2025, respectively, and $12.0 million and $30.7 million with related parties for the six months ended June 30, 2026 and 2025, respectively)	$ 707,331		$ 603,311		$ 1,413,935	$ 1,161,881
Operating expenses:
Total direct costs	505,694		423,298		1,015,972	803,518
Selling, general and administrative	48,103		46,664		96,020	104,561
Depreciation	6,555		6,777		13,306	13,471
Amortization	155		237		310	473
Total operating expenses	560,507		476,976		1,125,608	922,023
Income from operations	146,824		126,335		288,327	239,858
Other income (expense), net:
Miscellaneous (expense) income, net	(147)		(2,875)		824	(4,691)
Interest income, net	4,986		1,078		10,103	7,541
Total other income (expense), net	4,839		(1,797)		10,927	2,850
Income before income taxes	151,663		124,538		299,254	242,708
Income tax provision	30,301		34,278		54,022	37,853
Net income	$ 121,362	$ 123,870	$ 90,260	$ 114,595	$ 245,232	$ 204,855
Net income per share attributable to common shareholders:
Basic (in dollars per share)	$ 4.31		$ 3.16		$ 8.66	$ 6.95
Diluted (in dollars per share)	$ 4.25		$ 3.10		$ 8.53	$ 6.79
Weighted average common shares outstanding:
Basic (in shares)	28,174		28,601		28,308	29,489
Diluted (in shares)	28,554		29,143		28,761	30,165
Direct Costs
Operating expenses:
Total direct costs	$ 202,555		$ 185,826		$ 400,829	$ 363,642
Reimbursable Out of Pocket Costs
Operating expenses:
Total direct costs	$ 303,139		$ 237,472		$ 615,143	$ 439,876

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 245,232	$ 204,855
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,306	13,471
Amortization	310	473
Stock-based compensation expense	9,266	22,843
Noncash lease expense	11,902	11,687
Deferred income tax provision	22,824	34,856
Other	255	(520)
Changes in assets and liabilities:
Accounts receivable and unbilled, net	(39,361)	(81,980)
Prepaid expenses and other current assets	(15,949)	(33,130)
Accounts payable	(45)	12,021
Accrued expenses	43,717	12,249
Advanced billings	50,332	98,198
Lease liabilities	(12,357)	(12,615)
Other assets and liabilities, net	(15,633)	(8,046)
Net cash provided by operating activities	313,799	274,362
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(30,725)	(16,107)
Other	92	100
Net cash used in investing activities	(30,633)	(16,007)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercises	19,094	26,285
Repurchases of common stock	(294,764)	(912,815)
Net cash used in financing activities	(275,670)	(886,530)
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(1,857)	5,069
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	5,639	(623,106)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	497,049	669,436
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	$ 502,688	$ 46,330

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 502,688	$ 497,049
Accounts receivable and unbilled, net (includes $2.9 million and $3.5 million with related parties at June 30, 2026 and December 31, 2025, respectively)	441,797	402,078
Prepaid expenses and other current assets	105,800	90,497
Total current assets	1,050,285	989,624
Property and equipment, net	157,114	131,055
Operating lease right-of-use assets	125,849	117,815
Goodwill	662,396	662,396
Intangible assets, net	33,110	33,420
Deferred income taxes	3,231	19,223
Other assets	25,196	21,939
Total assets	2,057,181	1,975,472
Current liabilities:
Accounts payable (includes $0.1 million and $0.3 million with related parties at June 30, 2026 and December 31, 2025, respectively)	37,527	28,142
Accrued expenses	451,076	408,382
Advanced billings (includes $13.1 million and $12.3 million with related parties at June 30, 2026 and December 31, 2025, respectively)	904,722	854,390
Other current liabilities	42,104	52,834
Total current liabilities	1,435,429	1,343,748
Operating lease liabilities	120,100	113,643
Deferred income tax liability	8,207	1,355
Other long-term liabilities	59,584	57,655
Total liabilities	1,623,320	1,516,401
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, 2026 and December 31, 2025	0	0
Common stock - $0.01 par-value; 250,000,000 shares authorized at June 30, 2026 and December 31, 2025; 27,910,605 and 28,370,780 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	279	284
Treasury stock - 69,593 and 69,623 shares at June 30, 2026 and December 31, 2025, respectively	(12,151)	(12,156)
Additional paid-in capital	964,183	935,830
Accumulated deficit	(511,368)	(459,981)
Accumulated other comprehensive loss	(7,082)	(4,906)
Total shareholders’ equity	433,861	459,071
Total liabilities and shareholders’ equity	$ 2,057,181	$ 1,975,472