XML 58 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Summary of Impact of Adoption of Accounting Standards (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Jan. 01, 2018
Dec. 31, 2015
Revenue:                          
Total revenue $ 192,115 $ 179,253 $ 170,144 $ 163,077 $ 112,682 $ 110,643 $ 106,216 $ 106,611 $ 704,589 $ 436,152 $ 421,582    
Operating expenses:                          
Direct service costs, excluding depreciation and amortization                 252,284 211,773 198,510    
Reimbursed out-of-pocket expenses                 236,775 49,690 50,961    
Total direct costs 131,133 123,996 116,676 117,254 68,803 65,106 63,619 63,935 489,059 261,463 249,471    
Total operating expenses                 603,541 371,294 369,092    
Income from operations 30,666 26,918 23,345 20,119 15,437 17,198 16,279 15,944 101,048 64,858 52,490    
Income before income taxes                 93,951 56,945 21,957    
Income tax provision                 20,766 17,823 8,532    
Net income $ 22,761 $ 19,305 $ 16,568 $ 14,551 $ 11,291 $ 9,831 $ 9,553 $ 8,447 $ 73,185 $ 39,122 $ 13,425    
Net income per share attributable to common shareholders:                          
Basic $ 0.64 $ 0.54 $ 0.46 $ 0.41 $ 0.30 $ 0.25 $ 0.24 $ 0.21 $ 2.05 $ 1.00 $ 0.38    
Diluted $ 0.61 $ 0.52 $ 0.45 $ 0.40 $ 0.30 $ 0.25 $ 0.23 $ 0.20 $ 1.97 $ 0.98 $ 0.37    
Weighted average common shares outstanding:                          
Basic                 35,547 39,056 35,690    
Diluted                 36,912 39,839 36,329    
Current assets:                          
Accounts receivable and unbilled, net $ 133,449       $ 83,079       $ 133,449 $ 83,079      
Prepaid expenses and other current assets 21,383       20,400       21,383 20,400      
Total current assets 178,114       129,971       178,114 129,971      
Deferred income taxes 713       6,343       713 6,343      
Total assets 967,933       950,717       967,933 950,717      
Current liabilities:                          
Accrued expenses 87,493       23,673       87,493 23,673      
Pre-funded study costs 0       57,406       0 57,406      
Advanced billings 147,935       73,756       147,935 73,756      
Other current liabilities 4,861       4,697       4,861 4,697      
Total current liabilities 257,026       192,706       257,026 192,706      
Deferred income tax liability 439       560       439 560      
Other long-term liabilities 12,804       10,740       12,804 10,740      
Total liabilities 378,230       447,187       378,230 447,187      
Shareholders’ equity:                          
Accumulated deficit (41,487)       (120,402)       (41,487) (120,402)      
Total shareholders’ equity 589,703       503,530       589,703 503,530 $ 610,710   $ 413,474
Total liabilities and shareholders’ equity 967,933       $ 950,717       967,933 950,717      
CASH FLOWS FROM OPERATING ACTIVITIES:                          
Net income                 73,185 39,122 13,425    
Adjustments to reconcile net income to net cash provided by operating activities:                          
Deferred income tax provision (benefit)                 3,942 3,237 (9,006)    
Changes in assets and liabilities:                          
Accounts receivable and unbilled, net                 (27,047) (2,898) (13,727)    
Prepaid expenses and other current assets                 (1,241) (3,533) (3,661)    
Accrued expenses                 29,029 (1,313) 4,516    
Pre-funded study costs                 0 5,292 5,400    
Advanced billings                 35,593 7,735 14,723    
Other assets and liabilities, net                 1,925 2,782 (841)    
Net cash provided by operating activities                 156,584 97,385 91,732    
Revenue Net                          
Revenue:                          
Total revenue                 704,589 0 0    
Direct Service Revenue                          
Revenue:                          
Total revenue                 0 386,462 370,621    
Reimbursed Out-of-Pocket Revenue                          
Revenue:                          
Total revenue                 0 $ 49,690 $ 50,961    
ASC 606                          
Current assets:                          
Accounts receivable and unbilled, net                       $ 106,966  
Current liabilities:                          
Pre-funded study costs                       0  
Advanced billings                       112,613  
ASC 606 | Impact of Adoption of ASC 606 - Adjustments                          
Revenue:                          
Total revenue                 (155,221)        
Operating expenses:                          
Direct service costs, excluding depreciation and amortization                 0        
Reimbursed out-of-pocket expenses                 (165,470)        
Total direct costs                 (165,470)        
Total operating expenses                 (165,470)        
Income from operations                 10,249        
Income before income taxes                 10,249        
Income tax provision                 1,882        
Net income                 $ 8,367        
Net income per share attributable to common shareholders:                          
Basic                 $ 0.24        
Diluted                 $ 0.23        
Weighted average common shares outstanding:                          
Basic                 0        
Diluted                 0        
Current assets:                          
Accounts receivable and unbilled, net (28,729)               $ (28,729)     23,887  
Prepaid expenses and other current assets 1,147               1,147        
Total current assets (27,582)               (27,582)        
Deferred income taxes (389)               (389)        
Total assets (27,971)               (27,971)        
Current liabilities:                          
Accrued expenses (51,109)               (51,109)     35,100  
Pre-funded study costs 61,156               61,156     (57,406)  
Advanced billings (41,732)               (41,732)     38,857  
Other current liabilities (590)               (590)        
Total current liabilities (32,275)               (32,275)        
Deferred income tax liability 2,049               2,049     (1,600)  
Other long-term liabilities (382)               (382)        
Total liabilities (30,608)               (30,608)        
Shareholders’ equity:                          
Accumulated deficit 2,637               2,637     $ 5,700  
Total shareholders’ equity 2,637               2,637        
Total liabilities and shareholders’ equity (27,971)               (27,971)        
CASH FLOWS FROM OPERATING ACTIVITIES:                          
Net income                 8,367        
Adjustments to reconcile net income to net cash provided by operating activities:                          
Deferred income tax provision (benefit)                 4,002        
Changes in assets and liabilities:                          
Accounts receivable and unbilled, net                 4,842        
Prepaid expenses and other current assets                 (1,147)        
Accrued expenses                 (15,967)        
Pre-funded study costs                 3,782        
Advanced billings                 (2,907)        
Other assets and liabilities, net                 (972)        
Net cash provided by operating activities                 0        
ASC 606 | Impact of Adoption of ASC 606 - Adjustments | Revenue Net                          
Revenue:                          
Total revenue                 (704,589)        
ASC 606 | Impact of Adoption of ASC 606 - Adjustments | Direct Service Revenue                          
Revenue:                          
Total revenue                 478,063        
ASC 606 | Impact of Adoption of ASC 606 - Adjustments | Reimbursed Out-of-Pocket Revenue                          
Revenue:                          
Total revenue                 71,305        
ASC 606 | Impact of Adoption of ASC 606 - As Revised under ASC 605                          
Revenue:                          
Total revenue                 549,368        
Operating expenses:                          
Direct service costs, excluding depreciation and amortization                 252,284        
Reimbursed out-of-pocket expenses                 71,305        
Total direct costs                 323,589        
Total operating expenses                 438,071        
Income from operations                 111,297        
Income before income taxes                 104,200        
Income tax provision                 22,648        
Net income                 $ 81,552        
Net income per share attributable to common shareholders:                          
Basic                 $ 2.29        
Diluted                 $ 2.20        
Weighted average common shares outstanding:                          
Basic                 35,547        
Diluted                 36,912        
Current assets:                          
Accounts receivable and unbilled, net 104,720               $ 104,720        
Prepaid expenses and other current assets 22,530               22,530        
Total current assets 150,532               150,532        
Deferred income taxes 324               324        
Total assets 939,962               939,962        
Current liabilities:                          
Accrued expenses 36,384               36,384        
Pre-funded study costs 61,156               61,156        
Advanced billings 106,203               106,203        
Other current liabilities 4,271               4,271        
Total current liabilities 224,751               224,751        
Deferred income tax liability 2,488               2,488        
Other long-term liabilities 12,422               12,422        
Total liabilities 347,622               347,622        
Shareholders’ equity:                          
Accumulated deficit (38,850)               (38,850)        
Total shareholders’ equity 592,340               592,340        
Total liabilities and shareholders’ equity $ 939,962               939,962        
CASH FLOWS FROM OPERATING ACTIVITIES:                          
Net income                 81,552        
Adjustments to reconcile net income to net cash provided by operating activities:                          
Deferred income tax provision (benefit)                 7,944        
Changes in assets and liabilities:                          
Accounts receivable and unbilled, net                 (22,205)        
Prepaid expenses and other current assets                 (2,388)        
Accrued expenses                 13,062        
Pre-funded study costs                 3,782        
Advanced billings                 32,686        
Other assets and liabilities, net                 953        
Net cash provided by operating activities                 156,584        
ASC 606 | Impact of Adoption of ASC 606 - As Revised under ASC 605 | Revenue Net                          
Revenue:                          
Total revenue                 0        
ASC 606 | Impact of Adoption of ASC 606 - As Revised under ASC 605 | Direct Service Revenue                          
Revenue:                          
Total revenue                 478,063        
ASC 606 | Impact of Adoption of ASC 606 - As Revised under ASC 605 | Reimbursed Out-of-Pocket Revenue                          
Revenue:                          
Total revenue                 $ 71,305