Medpace Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	433.01	404.39	282.81	245.37	181.85	145.38
Depreciation & Amortization	28.5	29.25	26.33	22.34	21.12	19.53
Stock-Based Compensation	35.06	25.51	20.52	21.41	14.47	13.78
Other Operating Activities	61.71	-7.52	-2.77	-7.13	-20.82	13.72
Change in Accounts Receivable	-61.85	2.24	-48.28	-66.92	-24.98	-5.53
Change in Accounts Payable	1.36	-2.97	1.05	6.43	1.87	-2.6
Change in Unearned Revenue	163.39	150.73	97.13	118.09	88.98	63.41
Change in Other Net Operating Assets	50.06	7.18	56.59	48.46	0.85	10.98
Operating Cash Flow	711.24	608.82	433.37	388.05	263.33	258.68
Operating Cash Flow Growth	23.79%	40.48%	11.68%	47.36%	1.80%	28.14%
Capital Expenditures	-34.46	-36.55	-36.65	-36.88	-28.27	-31.34
Other Investing Activities	0.23	8.24	2.02	-1.86	-3.09	0.13
Investing Cash Flow	-34.23	-28.31	-34.63	-38.74	-31.36	-31.21
Short-Term Debt Issued	-	-	105	324.2	-	-
Total Debt Issued	-	-	105	324.2	-	-
Short-Term Debt Repaid	-	-	-155	-274.2	-	-
Total Debt Repaid	-	-	-155	-274.2	-	-
Net Debt Issued (Repaid)	-	-	-50	50	-	-
Issuance of Common Stock	35.53	15.86	11.38	22.07	17.64	15.99
Repurchase of Common Stock	-1,087	-169.87	-144.02	-847.85	-62.1	-98.27
Financing Cash Flow	-1,052	-154.01	-182.64	-775.78	-44.45	-82.28
Foreign Exchange Rate Adjustments	3.17	-2.51	1.08	-6.57	-3.97	0.67
Net Cash Flow	-371.55	423.99	217.18	-433.04	183.54	145.85
Free Cash Flow	676.77	572.27	396.73	351.17	235.06	227.34
Free Cash Flow Growth	26.35%	44.25%	12.97%	49.40%	3.40%	23.58%
Free Cash Flow Margin	28.70%	27.13%	21.04%	24.05%	20.58%	24.55%
Free Cash Flow Per Share	22.37	17.88	12.46	10.43	6.24	6.03
Cash Interest Paid	0.17	0.17	3.06	2.94	0.12	0.1
Cash Income Tax Paid	83.57	83.57	76.35	50.16	56.24	23.11
Levered Free Cash Flow	511.02	464.59	346.29	296.41	214.38	187.79
Unlevered Free Cash Flow	511.02	464.59	346.6	298.23	214.45	187.79
Change in Working Capital	152.97	157.18	106.49	106.06	66.71	66.26

Source: S&P Global Market Intelligence. Standard template. Financial Sources.