Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Impact of Adoption of Accounting Standards

In connection with the implementation of ASC 606 on the modified retrospective method, we are presenting additional information to assist with the comparability of select line items of the current and prior period year to date reporting in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Operations. Below we have presented the amount by which each financial statement line item is affected in the current reporting period by the application of ASC 606 as compared with the guidance that was in effect before the change (ASC 605).

	Three Months Ended March 31, 2018
	As Reported			Adjustments			As Revised under ASC 605
Revenue:
Revenue, net	$	163,077		$	(163,077	)	$	-
Service revenue, net		-			108,428			108,428
Reimbursed out-of-pocket revenue		-			15,017			15,017
Total revenue		163,077			(39,632	)		123,445
Operating expenses:
Direct service costs, excluding depreciation and amortization		60,341			-			60,341
Reimbursed out-of-pocket expenses		56,913			(41,896	)		15,017
Total direct costs		117,254			(41,896	)		75,358
Total operating expenses		142,958			(41,896	)		101,062
Income from operations		20,119			2,264			22,383
Income before income taxes		17,657			2,264			19,921
Income tax provision		3,106			511			3,617
Net income	$	14,551		$	1,753		$	16,304
Net income per share attributable to common shareholders:
Basic	$	0.41		$	0.05		$	0.46
Diluted	$	0.40		$	0.05		$	0.45
Weighted average common shares outstanding:
Basic		35,486			-			35,486
Diluted		36,449			-			36,449

ASSETS	As of March 31, 2018
Current assets:	As Reported			Adjustments			As Revised under ASC 605
Accounts receivable and unbilled, net		110,654			(12,733	)		97,921
Total current assets		153,754			(12,733	)		141,021
Deferred income taxes		9,970			(3,347	)		6,623
Total assets	$	973,024		$	(16,080	)	$	956,944
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses		63,576			(45,145	)		18,431
Pre-funded study costs		-			57,487			57,487
Advanced billings		126,387			(40,356	)		86,031
Other current liabilities		8,105			511			8,616
Total current liabilities		232,492			(27,503	)		204,989
Total liabilities		461,951			(27,503	)		434,448
Shareholders’ equity:
Accumulated deficit		(115,521	)		11,423			(104,098	)
Total shareholders’ equity		511,073			11,423			522,496
Total liabilities and shareholders’ equity	$	973,024		$	(16,080	)	$	956,944

CASH FLOWS FROM OPERATING ACTIVITIES:	Three Months Ended March 31, 2018
	As Reported			Adjustments			As Revised under ASC 605
Net income		14,551			1,753			16,304
Changes in assets and liabilities:
Accounts receivable and unbilled, net		(17,760	)		2,980			(14,780	)
Accrued expenses		5,268			(10,664	)		(5,396	)
Pre-funded study costs		-			50			50
Advanced billings		6,817			5,370			12,187
Other assets and liabilities, net		3,089			511			3,600
Net cash (used in) provided by operating activities		23,298			-			23,298