ICF Reports Fourth Quarter and Full Year 2024 Results
ICF reported strong financial results for Q4 and full year 2024. Fourth quarter revenue increased 4% to $496 million, with net income up 11% to $24.6 million. Full year revenue grew 3% to $2.0 billion, with net income rising 33% to $110 million.
The company's performance was driven by robust demand from commercial energy clients, particularly in energy efficiency, grid resilience, and electrification programs. Commercial revenue grew 21.8% in Q4, representing 26.8% of total revenue. The company achieved a book-to-bill ratio of 1.24 for 2024, with total contract awards of $2.5 billion.
ICF acquired Applied Energy Group (AEG) in December 2024, expanding its utility and state & local government capabilities. The company also repurchased 395,000 shares from mid-November 2024. For 2025, ICF projects revenues, GAAP EPS, and Non-GAAP EPS to range from flat to down 10% from 2024 levels, primarily due to potential federal government funding challenges.
ICF ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. I ricavi del quarto trimestre sono aumentati del 4% a $496 milioni, con un utile netto in crescita dell'11% a $24,6 milioni. I ricavi dell'intero anno sono cresciuti del 3% a $2,0 miliardi, con un utile netto in aumento del 33% a $110 milioni.
Le performance dell'azienda sono state guidate da una forte domanda da parte dei clienti commerciali nel settore energetico, in particolare nei programmi di efficienza energetica, resilienza della rete e elettrificazione. I ricavi commerciali sono aumentati del 21,8% nel quarto trimestre, rappresentando il 26,8% del fatturato totale. L'azienda ha raggiunto un rapporto book-to-bill di 1,24 per il 2024, con premi contrattuali totali di $2,5 miliardi.
ICF ha acquisito Applied Energy Group (AEG) nel dicembre 2024, ampliando le sue capacità nel settore dei servizi pubblici e del governo statale e locale. L'azienda ha anche riacquistato 395.000 azioni a metà novembre 2024. Per il 2025, ICF prevede che i ricavi, l'EPS GAAP e l'EPS Non-GAAP varieranno da stabili a un calo del 10% rispetto ai livelli del 2024, principalmente a causa di potenziali sfide nel finanziamento da parte del governo federale.
ICF reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos del cuarto trimestre aumentaron un 4% a $496 millones, con un ingreso neto que subió un 11% a $24.6 millones. Los ingresos anuales crecieron un 3% a $2.0 mil millones, con un ingreso neto que aumentó un 33% a $110 millones.
El rendimiento de la empresa fue impulsado por una fuerte demanda de clientes comerciales de energía, particularmente en eficiencia energética, resiliencia de la red y programas de electrificación. Los ingresos comerciales crecieron un 21.8% en el cuarto trimestre, representando el 26.8% del ingreso total. La empresa logró una relación book-to-bill de 1.24 para 2024, con premios contractuales totales de $2.5 mil millones.
ICF adquirió Applied Energy Group (AEG) en diciembre de 2024, expandiendo sus capacidades en servicios públicos y en gobiernos estatales y locales. La empresa también recompró 395,000 acciones a mediados de noviembre de 2024. Para 2025, ICF proyecta que los ingresos, el EPS GAAP y el EPS Non-GAAP oscilarán entre estables y una caída del 10% respecto a los niveles de 2024, principalmente debido a posibles desafíos en la financiación del gobierno federal.
ICF는 2024년 4분기 및 전체 연도에 대해 강력한 재무 결과를 보고했습니다. 4분기 수익은 $496 백만으로 4% 증가했으며, 순이익은 $24.6 백만으로 11% 증가했습니다. 전체 연도 수익은 $2.0 억으로 3% 증가했으며, 순이익은 $110 백만으로 33% 증가했습니다.
회사의 성과는 상업 에너지 고객의 강력한 수요에 의해 주도되었으며, 특히 에너지 효율성, 그리드 회복력 및 전기화 프로그램에서 두드러졌습니다. 상업 수익은 4분기에 21.8% 증가하여 전체 수익의 26.8%를 차지했습니다. 회사는 2024년을 위해 1.24의 수익 계약 비율을 달성했으며, 총 계약 수주는 $2.5 억에 달했습니다.
ICF는 2024년 12월에 Applied Energy Group (AEG)을 인수하여 유틸리티 및 주 및 지방 정부의 역량을 확장했습니다. 회사는 또한 2024년 11월 중순에 395,000주를 재구매했습니다. 2025년을 위해 ICF는 수익, GAAP EPS 및 비 GAAP EPS가 2024년 수준에서 0%에서 10% 감소할 것으로 예상하고 있으며, 이는 주로 연방 정부 자금 조달의 잠재적 문제 때문입니다.
ICF a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Les revenus du quatrième trimestre ont augmenté de 4% pour atteindre $496 millions, avec un bénéfice net en hausse de 11% à $24,6 millions. Les revenus annuels ont crû de 3% pour atteindre $2,0 milliards, avec un bénéfice net en hausse de 33% à $110 millions.
La performance de l'entreprise a été soutenue par une demande robuste de clients commerciaux dans le secteur de l'énergie, en particulier dans les programmes d'efficacité énergétique, de résilience du réseau et d'électrification. Les revenus commerciaux ont augmenté de 21,8% au quatrième trimestre, représentant 26,8% du chiffre d'affaires total. L'entreprise a atteint un ratio de commandes à facturation de 1,24 pour 2024, avec des contrats totaux de 2,5 milliards de dollars.
ICF a acquis Applied Energy Group (AEG) en décembre 2024, élargissant ainsi ses capacités dans le secteur des services publics et des gouvernements locaux et étatiques. L'entreprise a également racheté 395 000 actions à la mi-novembre 2024. Pour 2025, ICF prévoit que les revenus, le BPA GAAP et le BPA Non-GAAP varieront de stables à une baisse de 10% par rapport aux niveaux de 2024, principalement en raison de défis potentiels de financement par le gouvernement fédéral.
ICF hat für das vierte Quartal und das gesamte Jahr 2024 starke Finanzergebnisse gemeldet. Der Umsatz im vierten Quartal stieg um 4% auf $496 Millionen, während der Nettogewinn um 11% auf $24,6 Millionen anstieg. Der Umsatz für das gesamte Jahr wuchs um 3% auf $2,0 Milliarden, während der Nettogewinn um 33% auf $110 Millionen stieg.
Die Leistung des Unternehmens wurde durch eine robuste Nachfrage von gewerblichen Energie-Kunden angetrieben, insbesondere in den Bereichen Energieeffizienz, Netzresilienz und Elektrifizierungsprogramme. Die gewerblichen Einnahmen stiegen im vierten Quartal um 21,8% und machten 26,8% des Gesamterlöses aus. Das Unternehmen erzielte ein Verhältnis von Buchungen zu Rechnungen von 1,24 für 2024, mit Gesamtaufträgen in Höhe von $2,5 Milliarden.
ICF erwarb im Dezember 2024 die Applied Energy Group (AEG) und erweiterte damit seine Fähigkeiten im Bereich Versorgungsunternehmen sowie bei staatlichen und lokalen Regierungen. Das Unternehmen kaufte außerdem im November 2024 insgesamt 395.000 Aktien zurück. Für 2025 prognostiziert ICF, dass die Einnahmen, GAAP EPS und Non-GAAP EPS von stabil bis um 10% unter den Werten von 2024 liegen werden, hauptsächlich aufgrund möglicher Herausforderungen bei der Finanzierung durch die Bundesregierung.
- Commercial revenue up 21.8% in Q4 2024
- Full year net income increased 33% to $110M
- Strong contract awards of $2.5B with 1.24 book-to-bill ratio
- Operating cash flow grew 12.6% to $172M
- Strategic acquisition of AEG with $30M revenue
- Projected flat to -10% revenue/earnings for 2025
- Federal government revenue declined 2.4% in Q4
- Operating margin decreased to 7.3% from 7.7% in Q4
- Expected challenges in federal government funding for 2025
Insights
ICF's Q4 and full-year 2024 results demonstrate a strategic shift toward higher-margin business segments that's driving meaningful financial improvements. The company reported
The standout story is ICF's commercial revenue growth, particularly in energy markets, which surged
The company's
ICF's 2025 guidance (flat to
ICF's 2024 results reveal the company has established itself as a premier player in the energy transition market, with its energy-focused commercial business driving significant growth and margin expansion. The
The strategic acquisition of Applied Energy Group represents more than just
ICF's success in securing multiple recompete contracts with utilities across different regions demonstrates its ability to build long-term client relationships and deliver measurable results in energy efficiency program implementation. The contract with a Mid-Atlantic utility to serve as agency of record for energy efficiency programs highlights ICF's unique position at the intersection of energy expertise and marketing capabilities—a differentiator in an increasingly competitive market.
The company's projected
―Fourth Quarter Results Led by Strong Demand From Commercial Energy Clients―
―Full Year Profitability Gains Driven By Favorable Mix, Higher Utilization and Lower Interest Expense―
―Recent Acquisition Expands ICF's Capabilities to Serve Utility and State & Local Government Clients―
―Repurchased 395,000 Shares From Mid-November 2024 To-date―
―Provides Framework for Full Year 2025 and First Quarter 2025 Guidance―
Fourth Quarter Highlights:
- Revenue Increased
4% to$496 Million - Net Income Was
$24.6 Million 11% ; GAAP EPS Was$1.30 12% , Inclusive of$0.23 - Non-GAAP EPS1 Increased
11% to$1.87 - EBITDA1 Was
$50.8 Million $56.3 Million - Contract Awards Were
$504 Million
Full Year Highlights:
- Revenue Increased
3% to$2.0 Billion 6% Excluding Divestitures - Net Income Was
$110 Million 33% ; Diluted EPS Was$5.82 34% , Inclusive of$0.24 - Non-GAAP EPS Was
$7.45 15% - EBITDA Was
$221.1 Million 12% ; Adjusted EBITDA Was$226.0 Million 6% - Contract Awards Were
$2.5 Billion - Operating Cash Flow Was
$172 Million
Commenting on the results, John Wasson, chair and chief executive officer, said, "This was another strong year for ICF in which we achieved solid revenue growth, delivered strong profitability, and reported forward-looking metrics that point to continued growth in our commercial, state and local and international businesses. Our broad-based energy advisory work and program implementation for commercial clients was an important contributor to fourth quarter and full year revenue growth, reflecting robust demand for our energy efficiency work, grid resilience solutions, flexible load management plans and electrification programs. Revenues from commercial, state and local and international government clients, together with our IT modernization/digital transformation work for federal government clients, accounted for approximately
"The increasing contribution from our higher margin commercial work, together with high utilization across ICF and scale benefits, were key drivers of adjusted EBITDA growth in 2024. Adjusted EBITDA margin on total revenues expanded by 30 basis points year-on-year to
"We were pleased to announce in early January 2025 the acquisition of Applied Energy Group (AEG) that was completed on December 31, 2024. AEG is a leading energy technology and advisory services company with over 100 utility management and demand-side energy experts. AEG brings a highly trusted energy technology platform that is cloud-based and offers real-time business intelligence to electric and gas utilities, state and local governments, and state energy offices nationwide and provides best-in-class advisory services. AEG generated approximately
Fourth Quarter 2024 Results
Fourth quarter 2024 total revenue was
Non-GAAP EPS increased
Full Year 2024 Results
2024 total revenue was
Non-GAAP EPS was
Operating cash flow was
Backlog and New Business
Total backlog was
Government Revenue Fourth Quarter 2024 Highlights
Revenue from government clients was
U.S. federal government revenue was$257.7 million 2.4% compared to the$263.9 million $14 million 51.9% of total revenue, compared to55.2% of total revenue in the fourth quarter of 2023.U.S. state and local government revenue was$75.5 million $76.3 million 15.2% of total revenue, down from15.9% in the fourth quarter of 2023.- International government revenue was
$30.0 million 4.2% from the$28.8 million 6.0% of total revenue, unchanged from the fourth quarter of 2023.
Key Government Contracts Awarded in the Fourth Quarter 2024
Notable government contract awards won in the fourth quarter of 2024 included:
IT Modernization
- A new subcontract and task order with a value of
$9.7 million U.S. federal government to provide digital modernization services. - A recompete task order with a value of
$9.6 million U.S. federal government to provide digital modernization services. - A contract extension with a value of
$8.0 million U.S. federal government to continue to provide digital modernization services for a comprehensive system of care to meet the needs of military families.
Energy and Environment
- A new blanket purchase agreement with a ceiling of
$30.0 million U.S. federal agency to provide technical support for economic research and analysis. - A contract modification with a value of
$10.4 million U.S. municipality to continue to provide decarbonization technical services in support of enhanced building standards. - A recompete master services agreement with a ceiling of
$11.0 million Western U.S. state transportation agency to provide environmental support services. - A contract modification with a value of
$6.2 million U.S. state to continue to update a water quality control plan for a large watershed.
Non-
- A new multiple-award framework contract with a ceiling of
$88.0 million - A new subcontract with a ceiling of
$22.0 million - A multiple-award recompete framework contract with a ceiling of
$15.0 million - A recompete subcontract with a ceiling of
$35.2 million - A recompete framework contract with a ceiling of
$7.7 million
Disaster Management and Mitigation
- Several contracts with towns and counties in North and
South Carolina to provide comprehensive disaster assessments and recovery support in the aftermath of Hurricane Helene.
Health and Social Programs
- A new subcontract with a value of
$4.5 million U.S. federal government. - A contract modification with a value of
$4.5 million U.S. federal government. - A recompete subcontract with a value of
$3.8 million U.S. federal government. - A recompete subcontract with a value of
$3.8 million U.S. federal government agency.
Commercial Revenue Fourth Quarter 2024 Highlights
Commercial revenue was
- Commercial revenue accounted for
26.8% of total revenue up from22.9% of total revenue in the 2023 fourth quarter. - Energy markets revenue, which includes energy efficiency programs, increased
22.6% and represented88.2% of commercial revenue.
Key Commercial Contracts Awarded in the Fourth Quarter of 2024
Notable commercial awards won in the fourth quarter of 2024 included:
- Several recompete contracts and contract modifications with a large Midwestern
U.S. electric and natural gas utility to deliver residential and commercial energy efficiency programs. - A recompete contract and two new contracts with a Mid-Atlantic
U.S. utility to serve as agency of record for the utility's energy efficiency programs and to develop and execute a brand campaign. - A contract modification with a Mid-Atlantic utility to continue to deliver implementation services for its residential energy efficiency portfolio.
- A recompete contract with a
Southeastern U.S. utility to deliver residential, commercial and industrial energy efficiency programs. - Several new contracts with a
Western U.S. utility to provide a variety of and planning and permitting-related services. - One new contract and one contract modification with a Midwestern
U.S. utility to deliver energy efficiency programs.
Dividend Declaration
On February 27, 2025, ICF declared a quarterly cash dividend of
Summary and Outlook
"2024 was a year of growth and substantial profitability for ICF. Our results continued to benefit from our diversified business model that enables us to be agile in shifting emphasis and resources to those areas that are expected to have the greatest growth potential. This agility will be essential in 2025 as we navigate changes in federal government spending priorities, and our strong financial position gives us the flexibility to take advantage of opportunities as they arise.
"Looking ahead, we expect ICF's 2025 total revenues, GAAP EPS and Non-GAAP EPS to range from flat to down
"First quarter 2025 revenues are expected to range from
"ICF has a proven track record of effectively managing through dynamic business environments by conservatively assessing challenges and remaining agile to capture opportunities. From mid-November 2024 to-date, we repurchased 395,000 shares, demonstrating our confidence in ICF's long-term outlook and our commitment to delivering value to shareholders. Our ability to navigate volatility is underpinned by the dedication of our professional staff, who are committed to providing the highest quality services to our clients. We appreciate the contributions of ICF's employees to our success to-date and count on their continued support in 2025 and beyond," Mr. Wasson concluded.
1 Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable
About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
Note on Forward-Looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577
ICF International, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
(in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Revenue | ||||||||
Direct costs | 317,105 | 303,545 | 1,282,016 | 1,265,018 | ||||
Operating costs and expenses: | ||||||||
Indirect and selling expenses | 129,452 | 123,354 | 518,453 | 505,162 | ||||
Depreciation and amortization | 5,181 | 6,225 | 20,484 | 25,277 | ||||
Amortization of intangible assets | 8,118 | 8,307 | 32,992 | 35,461 | ||||
Total operating costs and expenses | 142,751 | 137,886 | 571,929 | 565,900 | ||||
Operating income | 36,468 | 36,921 | 165,842 | 132,320 | ||||
Interest, net | (6,454) | (9,535) | (29,590) | (39,681) | ||||
Other income | 1,040 | 2,407 | 1,806 | 3,908 | ||||
Income before income taxes | 31,054 | 29,793 | 138,058 | 96,547 | ||||
Provision for income taxes | 6,489 | 7,631 | 27,888 | 13,935 | ||||
Net income | $ 24,565 | $ 22,162 | $ 110,170 | $ 82,612 | ||||
Earnings per Share: | ||||||||
Basic | $ 1.31 | $ 1.18 | $ 5.88 | $ 4.39 | ||||
Diluted | $ 1.30 | $ 1.16 | $ 5.82 | $ 4.35 | ||||
Weighted-average Shares: | ||||||||
Basic | 18,733 | 18,823 | 18,747 | 18,802 | ||||
Diluted | 18,897 | 19,025 | 18,925 | 18,994 | ||||
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.56 | $ 0.56 | ||||
Other comprehensive loss, net of tax | (3,251) | (1,516) | (3,861) | (3,752) | ||||
Comprehensive income, net of tax | $ 21,314 | $ 20,646 | $ 106,309 | $ 78,860 | ||||
ICF International, Inc. and Subsidiaries | ||||||||
Reconciliation of Non-GAAP financial measures (2) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
(in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of Revenue, Adjusted for Impact of Exited Business | ||||||||
Revenue | ||||||||
Less: Revenue from exited business (3) | — | (194) | — | (59,908) | ||||
Total Revenue, Adjusted for Impact of Exited Business | ||||||||
Reconciliation of EBITDA and Adjusted EBITDA (4) | ||||||||
Net income | $ 24,565 | $ 22,162 | $ 110,170 | $ 82,612 | ||||
Interest, net | 6,454 | 9,535 | 29,590 | 39,681 | ||||
Provision for income taxes | 6,489 | 7,631 | 27,888 | 13,935 | ||||
Depreciation and amortization | 13,299 | 14,532 | 53,476 | 60,738 | ||||
EBITDA | 50,807 | 53,860 | 221,124 | 196,966 | ||||
Impairment of long-lived assets (5) | 3,583 | 3,860 | 3,583 | 7,666 | ||||
Acquisition and divestiture-related expenses (6) | 1,108 | 74 | 1,313 | 4,759 | ||||
Severance and other costs related to staff realignment (7) | 351 | 1,911 | 1,535 | 6,366 | ||||
Charges for facility consolidations and office closures (8) | 464 | 608 | 464 | 3,187 | ||||
Pre-tax gain from divestiture of a business (9) | — | (3,287) | (2,013) | (5,712) | ||||
Total Adjustments | 5,506 | 3,166 | 4,882 | 16,266 | ||||
Adjusted EBITDA | $ 56,313 | $ 57,026 | $ 226,006 | $ 213,232 | ||||
Net Income Margin Percent on Revenue (10) | 4.9 % | 4.6 % | 5.5 % | 4.2 % | ||||
EBITDA Margin Percent on Revenue (11) | 10.2 % | 11.3 % | 10.9 % | 10.0 % | ||||
Adjusted EBITDA Margin Percent on Revenue (11) | 11.3 % | 11.9 % | 11.2 % | 10.9 % | ||||
Reconciliation of Non-GAAP Diluted EPS (4) | ||||||||
$ 1.30 | $ 1.16 | $ 5.82 | $ 4.35 | |||||
Impairment of long-lived assets | 0.19 | 0.20 | 0.19 | 0.40 | ||||
Acquisition and divestiture-related expenses | 0.06 | — | 0.07 | 0.25 | ||||
Severance and other costs related to staff realignment | 0.02 | 0.10 | 0.08 | 0.33 | ||||
Expenses related to facility consolidations and office closures (12) | 0.02 | 0.10 | 0.06 | 0.24 | ||||
Pre-tax gain from divestiture of a business | — | (0.17) | (0.11) | (0.30) | ||||
Amortization of intangibles | 0.43 | 0.44 | 1.74 | 1.87 | ||||
Income tax effects of the adjustments (13) | (0.15) | (0.15) | (0.40) | (0.64) | ||||
Non-GAAP Diluted EPS | $ 1.87 | $ 1.68 | $ 7.45 | $ 6.50 | ||||
(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures. | ||||||||
(3) Revenue from the exited | ||||||||
(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in | ||||||||
(5) Represents impairment of operating lease right-of-use and leasehold improvement assets associated with exit from certain facilities, and an intangible asset associated with exit of a business. | ||||||||
(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures. | ||||||||
(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit. | ||||||||
(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities. | ||||||||
(9) Includes pre-tax gain from the divestitures of our | ||||||||
(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue. | ||||||||
(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue. | ||||||||
(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures. | ||||||||
(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of | ||||||||
ICF International, Inc. and Subsidiaries | ||||
Consolidated Balance Sheets | ||||
(Unaudited) | ||||
(in thousands, except share amounts) | December 31, 2024 | December 31, 2023 | ||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 4,960 | $ 6,361 | ||
Restricted cash | 13,857 | 3,088 | ||
Contract receivables, net | 256,923 | 205,484 | ||
Contract assets | 188,941 | 201,832 | ||
Prepaid expenses and other assets | 21,133 | 28,055 | ||
Income tax receivable | 6,260 | 2,337 | ||
Total Current Assets | 492,074 | 447,157 | ||
Property and Equipment, net | 68,118 | 75,948 | ||
Other Assets: | ||||
Goodwill | 1,248,855 | 1,219,476 | ||
Other intangible assets, net | 88,262 | 94,904 | ||
Operating lease - right-of-use assets | 115,531 | 132,807 | ||
Deferred tax asset | 1,603 | — | ||
Other assets | 51,910 | 41,480 | ||
Total Assets | $ 2,066,353 | $ 2,011,772 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current portion of long-term debt | $ — | $ 26,000 | ||
Accounts payable | 159,522 | 134,503 | ||
Contract liabilities | 24,580 | 21,997 | ||
Operating lease liabilities | 20,721 | 20,409 | ||
Finance lease liabilities | 2,612 | 2,522 | ||
Accrued salaries and benefits | 105,773 | 88,021 | ||
Accrued subcontractors and other direct costs | 49,271 | 45,645 | ||
Accrued expenses and other current liabilities | 86,701 | 79,129 | ||
Total Current Liabilities | 449,180 | 418,226 | ||
Long-term Liabilities: | ||||
Long-term debt | 411,743 | 404,407 | ||
Operating lease liabilities - non-current | 155,935 | 175,460 | ||
Finance lease liabilities - non-current | 11,261 | 13,874 | ||
Deferred income taxes | — | 26,175 | ||
Other long-term liabilities | 55,775 | 56,045 | ||
Total Liabilities | 1,083,894 | 1,094,187 | ||
Commitments and Contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, par value | — | — | ||
Common stock, | 24 | 24 | ||
Additional paid-in capital | 443,463 | 421,502 | ||
Retained earnings | 874,772 | 775,099 | ||
Treasury stock, 5,520,672 and 5,136,611 shares at December 31, 2024 and 2023, respectively | (320,054) | (267,155) | ||
Accumulated other comprehensive loss | (15,746) | (11,885) | ||
Total Stockholders' Equity | 982,459 | 917,585 | ||
Total Liabilities and Stockholders' Equity | $ 2,066,353 | $ 2,011,772 | ||
ICF International, Inc. and Subsidiaries | ||||
Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
Years ended | ||||
December 31, | ||||
(in thousands) | 2024 | 2023 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 110,170 | $ 82,612 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 1,673 | 1,164 | ||
Deferred income taxes and unrecognized income tax benefits | (24,336) | (17,634) | ||
Non-cash equity compensation | 16,722 | 14,861 | ||
Depreciation and amortization | 53,476 | 60,738 | ||
Gain on divestiture of a business | (2,009) | (7,590) | ||
Other operating, net | 4,647 | 8,294 | ||
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||
Net contract assets and liabilities | 14,668 | (38,422) | ||
Contract receivables | (49,538) | 20,939 | ||
Prepaid expenses and other assets | 3,496 | 18,579 | ||
Operating lease assets and liabilities, net | (4,755) | 3,544 | ||
Accounts payable | 24,152 | (1,489) | ||
Accrued salaries and benefits | 18,048 | 2,175 | ||
Accrued subcontractors and other direct costs | 4,353 | (269) | ||
Accrued expenses and other current liabilities | 8,361 | (4,757) | ||
Income tax receivable and payable | (5,391) | 9,277 | ||
Other liabilities | (2,193) | 361 | ||
Net Cash Provided by Operating Activities | 171,544 | 152,383 | ||
Cash Flows from Investing Activities | ||||
Payments for purchase of property and equipment and capitalized software | (21,430) | (22,337) | ||
Payments for business acquisitions, net of cash acquired | (55,007) | (32,664) | ||
Proceeds from divestiture of a business | 1,985 | 51,328 | ||
Other investing, net | (353) | — | ||
Net Cash Used in Investing Activities | (74,805) | (3,673) | ||
Cash Flows from Financing Activities | ||||
Advances from working capital facilities | 1,227,926 | 1,245,198 | ||
Payments on working capital facilities | (1,247,791) | (1,372,474) | ||
Proceeds from other short-term borrowings | 62,080 | 48,532 | ||
Repayments of other short-term borrowings | (66,408) | (41,653) | ||
Receipt of restricted contract funds | 1,251 | 7,672 | ||
Payment of restricted contract funds | (3,267) | (8,084) | ||
Dividends paid | (10,507) | (10,537) | ||
Net payments for stock issuances and share repurchases | (47,767) | (19,083) | ||
Other financing, net | (2,415) | (2,159) | ||
Net Cash Used in Financing Activities | (86,898) | (152,588) | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (473) | 359 | ||
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 9,368 | (3,519) | ||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 9,449 | 12,968 | ||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $ 18,817 | $ 9,449 | ||
Supplemental Disclosure of Cash Flow Information | ||||
Cash paid during the period for: | ||||
Interest | $ 30,046 | $ 34,093 | ||
Income taxes | $ 60,221 | $ 26,190 | ||
Non-cash investing and financing transactions: | ||||
Tenant improvements funded by lessor | $ — | $ 568 | ||
Acquisition of property and equipment through finance lease | $ — | $ 337 | ||
ICF International, Inc. and Subsidiaries | ||||||||
Supplemental Schedule (14) | ||||||||
Revenue by client markets | Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Energy, environment, infrastructure, and disaster recovery | 48 % | 44 % | 46 % | 41 % | ||||
Health and social programs | 37 % | 41 % | 38 % | 42 % | ||||
Security and other civilian & commercial | 15 % | 15 % | 16 % | 17 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
Revenue by client type | Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
52 % | 55 % | 54 % | 55 % | |||||
15 % | 16 % | 16 % | 16 % | |||||
International government | 6 % | 6 % | 5 % | 5 % | ||||
Total Government | 73 % | 77 % | 75 % | 76 % | ||||
Commercial | 27 % | 23 % | 25 % | 24 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
Revenue by contract mix | Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Time-and-materials | 43 % | 41 % | 42 % | 41 % | ||||
Fixed-price | 47 % | 46 % | 46 % | 45 % | ||||
Cost-based | 10 % | 13 % | 12 % | 14 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed. | ||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/icf-reports-fourth-quarter-and-full-year-2024-results-302387909.html
SOURCE ICF
FAQ
What were ICF's key financial metrics for full year 2024?
How did ICF's commercial energy business perform in Q4 2024?
What is ICF's financial outlook for 2025?
What was the impact of ICF's acquisition of Applied Energy Group?
How strong was ICF's contract momentum in 2024?
