Medpace Holdings (MEDP) Q3 FY2023 earnings: revenue $492 million, up 28.3% on the year

Medpace Holdings, Inc. (MEDP) reported revenue of $492 million for Q3 FY2023, the quarter ended 30 September 2023, up 28.3% on the same quarter a year earlier. Net income was $71 million, up 6.9% on the year, and diluted earnings per share $2.22. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$492 millionup 28.3%

Net income$71 millionup 6.9%

Diluted EPS$2.22

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	492	n/a	n/a	n/a
Selling, general and administrative	41.4	n/a	n/a	n/a
Operating income	84.9	n/a	n/a	n/a
Operating margin	17.2%	n/a	n/a
Pre-tax income	83.2	n/a	n/a	n/a
Income tax	12.7	n/a	n/a	n/a
Effective tax rate	15.2%	n/a	n/a
Net income	70.5	n/a	n/a	n/a
Net margin	14.3%	n/a	n/a
Diluted EPS	$2.22	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	114	n/a	n/a	n/a
Capital expenditure	8.7	n/a	n/a	n/a
Free cash flow	106	n/a	n/a	n/a
Free cash flow margin	21.5%	n/a	n/a
Cash from investing	-8.7	n/a	n/a	n/a
Cash from financing	-49.3	n/a	n/a	n/a
Depreciation and amortisation	6.9	n/a	n/a	n/a
Share-based compensation	5.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	32m	n/a	n/a	n/a
Shares outstanding at period end	31m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	471	n/a	n/a	n/a
Short-term borrowings	0.0	n/a	n/a	n/a
Operating lease liabilities	143	n/a	n/a	n/a
Other liabilities	873	n/a	n/a	n/a
Total liabilities and equity	1,487	n/a	n/a	n/a
Fixed assets	115	n/a	n/a	n/a
Goodwill	662	n/a	n/a	n/a
Intangible assets	36.4	n/a	n/a	n/a
Cash and equivalents	95.2	n/a	n/a	n/a
Receivables	293	n/a	n/a	n/a
Other assets	285	n/a	n/a	n/a
Total assets	1,487	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	492	498	511	528	533	537	559	603	660	708	707	707
SG&A	41.4	42.5	44.1	41.5	49.2	45.4	57.9	46.7	48.1	44.9	47.9	48.1
Operating income	84.9	87.3	104	105	112	125	114	126	142	153	142	147
Operating margin	17%	18%	20%	20%	21%	23%	20%	21%	21%	22%	20%	21%
Pre-tax income	83.2	90.7	113	110	119	134	118	125	143	157	148	152
Tax rate	15%	14%	9%	20%	19%	13%	3%	28%	22%	14%	16%	20%
Net income	70.5	78.3	103	88.4	96.4	117	115	90.3	111	135	124	121
Net margin	14%	16%	20%	17%	18%	22%	21%	15%	17%	19%	18%	17%
Diluted EPS	$2.22	$2.46	$3.20	$2.75	$3.01	$3.67	$3.67	$3.10	$3.86	$4.67	$4.28	$4.25
Operating cash flow	114	156	153	116	149	191	126	149	246	193	152	162
Capital expenditure	8.7	10.0	5.5	12.9	10.5	7.6	10.0	6.1	10.7	4.5	6.8	23.9
Free cash flow	106	146	147	104	139	183	116	142	235	188	145	138
Buybacks	0.0	0.0	0.0	0.0	0.0	170	372	541	4.6	0.0	0.0	295
Shares outstanding	31m	31m	31m	31m	31m	31m	30m	28m	28m	28m	29m	28m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0001668397-23-000048: the filing on EDGAR. All of Medpace Holdings, Inc.'s filings: EDGAR company page.

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