v3.26.3
Segment Disclosures
 9 Months Ended
Sep. 30, 2026
Segment Disclosures [Abstract]  
Segment Disclosures Segment Disclosures
Information about the one reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenue, net$716,000 $659,903 $2,129,935 $1,821,784 
Operating expenses:
Direct service costs, excluding depreciation and amortization - Employee compensation165,451 149,295 493,143 441,164 
Direct service costs, excluding depreciation and amortization - Other segment items (a)39,400 37,040 112,537 108,813 
Reimbursed out-of-pocket expenses287,264 276,629 902,407 716,505 
Total direct costs492,115 462,964 1,508,087 1,266,482 
Selling, general and administrative51,765 48,082 147,785 152,643 
Depreciation6,425 6,813 19,731 20,284 
Amortization155 236 465 709 
Total operating expenses550,460 518,095 1,676,068 1,440,118 
Income from operations165,540 141,808 453,867 381,666 
Other income, net:
Miscellaneous income (expense), net17 (489)841 (5,180)
Interest income, net5,349 1,517 15,452 9,058 
Total other income, net5,366 1,028 16,293 3,878 
Income before income taxes170,906 142,836 470,160 385,544 
Income tax provision33,446 31,701 87,468 69,554 
Segment net income$137,460 $111,135 $382,692 $315,990 
Reconciliation of profit or loss
Adjustments and reconciling items— — — — 
Condensed consolidated net income$137,460 $111,135 $382,692 $315,990 
(a) Direct service costs, excluding depreciation and amortization - Other segment items includes costs related to inventory, leases, project subcontractors and other direct service costs.
Revenue by Category
The following table disaggregates the Company’s revenue by major source (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Therapeutic Area
Metabolic$209,242 $199,256 $665,867 $495,144 
Oncology229,927 192,635 640,538 551,669 
Other99,955 106,398 291,552 320,296 
Central Nervous System83,649 65,627 246,714 181,657 
Cardiology61,409 59,470 177,652 176,333 
AVAI31,818 36,517 107,612 96,685 
Total revenue$716,000 $659,903 $2,129,935 $1,821,784