Medpace Holdings, Inc.

NasdaqGS-MEDP

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	111.1	90.3	114.6	117	96.4	88.4
Net Income
Depreciation & Amortization	7	7	6.9	7.5	7.5	7.2
Depreciation
Amortization
Stock Based Compensation	6.3	6	16.9	5.9	11.7	3.6
Stock-Based Compensation Expense
Other Adjustments	34.2	39.7	6.3	-18.1	4.4	6
Amortization of Debt Issuance Costs and Discount
Loss on Extinguishment of Debt
Noncash Lease Expense
Deferred Income Tax Provision
Cash Flows from Operating Activities > Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities > Deferred Income Tax Provision
Cash Flows from Operating Activities > Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities > Impairment of Goodwill
Amortization and Adjustment of Deferred Credit
Other
Changes in Trade Receivables	4.9	-79.9	-2.1	15.3	-10.3	-21.8
Accounts Receivable and Unbilled, Net
Changes in Accounts Payable	-10.7	1.3	10.7	0.1	-0.6	4.9
Accounts Payable
Changes in Accrued Expenses	45.3	35.4	-23.2	2.9	13	22
Accrued Expenses
Changes in Unearned Revenue	25.5	90.1	8.1	39.6	32.5	21.7
Advanced Billings
Changes in Other Operating Activities	22.5	-41.3	-12.5	20.9	-5.6	-15.7
Change in Restricted Cash
Prepaid Expenses and Other Current Assets
Change in Pre-Funded Study Costs
Lease Liabilities
Other Assets and Liabilities, Net
Cash from Operating Activities	246.2	148.5	125.8	190.7	149.1	116.4
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-10.7	-6.1	-10	-7.6	-10.5	-12.9
Property and Equipment Expenditures
Purchases of Intangible Assets	—	—	—	—	—	—
Acquisition of Intangibles
Other Investing Activities	0.1	0.1	0	0.1	0.1	0.1
Other
Cash from Investing Activities	-10.7	-6	-10	-7.6	-10.5	-12.8
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	—	—
Proceeds from Revolving Loan
Repayments of Short-Term Debt	—	—	—	—	—	—
Payments on Revolving Loan
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Issuance of Debt, Net of Original Issue Discount
Repayments of Long-Term Debt	—	—	—	—	—	—
Payment of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	8	0.4	25.9	1.3	6.3	0.7
Proceeds from Stock Option Exercises
Proceeds from Common Stock Issued, Net
Repurchases of Common Shares	-4.6	-540.9	-371.9	-169.9	-84.9	—
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	3.4	-540.6	-346	-168.6	-78.7	0.7
Other Financing Activities	—	—	—	—	—	—
Payment for Common Stock Issuance Costs
Excess Tax Benefit from Stock-Based Compensation
Debt Issuance Costs
Payment of Deemed Landlord Liability
Payment on Debt Extinguishment
Cash from Financing Activities	3.4	-540.6	-346	-168.6	6.3	0.7
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	235.5	142.4	115.8	183	138.5	103.5
NOPAT	110.3	91.6	110.1	109.6	91.1	84.1
Levered Free Cash Flow	190.1	176.7	94.7	180.4	132.7	115.7
Unlevered Free Cash Flow	189.3	178	90.2	173	127.5	111.5
Net Change in Cash	239	-398.1	-230.1	14.5	144.9	104.3