ICF Reports Third Quarter 2024 Results
ICF (NASDAQ: ICFI) reported strong Q3 2024 results with revenue increasing 3% to $517 million, up 6% excluding divestitures. Net income reached $33 million with GAAP EPS of $1.73, up 38%. The company's Energy, Environment, Infrastructure and Disaster Recovery segment grew 15.3%, representing 45.7% of total revenues. Operating margin expanded by 250 basis points to 8.9%, while Adjusted EBITDA margin increased to 11.3%. Contract awards totaled $697 million for a quarterly book-to-bill ratio of 1.35. The company maintains a record business development pipeline of $10.6 billion and has adjusted its 2024 revenue guidance to $2.0-2.03 billion while raising EPS ranges.
ICF (NASDAQ: ICFI) ha riportato risultati solidi per il terzo trimestre del 2024, con un incremento del fatturato del 3%, arrivando a 517 milioni di dollari, in aumento del 6% escludendo le dismissioni. L'utile netto ha raggiunto 33 milioni di dollari con un utile per azione GAAP di 1,73 dollari, in crescita del 38%. Il segmento Energia, Ambiente, Infrastrutture e Recupero da Disastri dell'azienda è cresciuto del 15,3%, rappresentando il 45,7% del fatturato totale. Il margine operativo si è ampliato di 250 punti base, raggiungendo l'8,9%, mentre il margine EBITDA rettificato è aumentato all’11,3%. I contratti assegnati hanno totalizzato 697 milioni di dollari, con un rapporto book-to-bill trimestrale di 1,35. L'azienda mantiene un record di opportunità di sviluppo aziendale pari a 10,6 miliardi di dollari e ha aggiornato le previsioni di fatturato per il 2024 a 2,0-2,03 miliardi di dollari, aumentando le fasce di utili per azione.
ICF (NASDAQ: ICFI) reportó resultados sólidos para el tercer trimestre de 2024, con un aumento del 3% en los ingresos, alcanzando 517 millones de dólares, un 6% más excluyendo desinversiones. La utilidad neta alcanzó 33 millones de dólares con una EPS GAAP de 1,73 dólares, un aumento del 38%. El segmento de Energía, Medio Ambiente, Infraestructura y Recuperación de Desastres de la compañía creció un 15,3%, representando el 45,7% de los ingresos totales. El margen operativo se expandió en 250 puntos base a 8,9%, mientras que el margen EBITDA ajustado aumentó al 11,3%. Los contratos adjudicados sumaron 697 millones de dólares, con un ratio book-to-bill trimestral de 1,35. La empresa mantiene un récord de oportunidades de desarrollo empresarial de 10,6 mil millones de dólares y ha ajustado su guía de ingresos para 2024 a 2,0-2,03 mil millones, mientras que eleva las proyecciones de EPS.
ICF (NASDAQ: ICFI)는 2024년 3분기 강력한 실적을 보고하며, 수익이 3% 증가하여 5억 1,700만 달러에 도달했으며, 매각을 제외할 경우 6% 증가했습니다. 순이익은 3,300만 달러에 달하며 GAAP 기준 주당순이익은 1.73달러로 38% 증가했습니다. 회사의 에너지, 환경, 인프라 및 재난 복구 부문은 15.3% 성장하여 총 수익의 45.7%를 차지했습니다. 운영 마진은 250bp 확대되어 8.9%에 이르렀고, 조정된 EBITDA 마진은 11.3%로 상승했습니다. 계약 수주는 6억 9,700만 달러에 달해 분기별 book-to-bill 비율은 1.35에 달했습니다. 회사는 106억 달러의 기록적인 사업 개발 파이프라인을 유지하고 있으며, 2024년 수익 가이던스를 20억에서 20억 3000만 달러로 조정하고 주당 순이익 범위를 상향 조정했습니다.
ICF (NASDAQ: ICFI) a annoncé de solides résultats pour le troisième trimestre 2024, avec une augmentation de 3% de son chiffre d'affaires à 517 millions de dollars, soit une hausse de 6% hors cession. Le revenu net a atteint 33 millions de dollars avec un BPA GAAP de 1,73 dollar, en hausse de 38%. Le segment Énergie, Environnement, Infrastructures et Récupération après sinistre de l'entreprise a connu une croissance de 15,3%, représentant 45,7% des revenus totaux. La marge opérationnelle s'est élargie de 250 points de base, atteignant 8,9%, tandis que la marge EBITDA ajustée a augmenté à 11,3%. Les contrats attribués ont totalisé 697 millions de dollars pour un ratio book-to-bill trimestriel de 1,35. L'entreprise maintient une pipeline de développement commercial record de 10,6 milliards de dollars et a ajusté ses prévisions de chiffre d'affaires pour 2024 à 2,0-2,03 milliards de dollars tout en augmentant les fourchettes de BPA.
ICF (NASDAQ: ICFI) meldete starke Ergebnisse für das dritte Quartal 2024, mit einem Umsatzanstieg von 3% auf 517 Millionen Dollar, was einem Anstieg von 6% ohne Veräußerungen entspricht. Der Nettoertrag erreichte 33 Millionen Dollar mit einem GAAP-Gewinn pro Aktie von 1,73 Dollar, was einem Anstieg von 38% entspricht. Der Unternehmensbereich Energie, Umwelt, Infrastruktur und Katastrophenhilfe wuchs um 15,3% und macht 45,7% des Gesamtumsatzes aus. Die operative Marge erweiterte sich um 250 Basispunkte auf 8,9%, während die bereinigte EBITDA-Marge auf 11,3% stieg. Die Vertragsvergabe belief sich auf insgesamt 697 Millionen Dollar, was ein vierteljährliches Book-to-Bill-Verhältnis von 1,35 ergibt. Das Unternehmen hält eine Rekordpipeline im Geschäftsentwicklung von 10,6 Milliarden Dollar und hat seine Umsatzprognose für 2024 auf 2,0-2,03 Milliarden Dollar angepasst und die Gewinn pro Aktie-Ranges erhöht.
- Revenue grew 6% year-over-year excluding divestitures
- Operating margin expanded significantly by 250 basis points to 8.9%
- Contract awards increased 16% year-to-date to $2.0 billion
- Record business development pipeline of $10.6 billion
- Energy segment revenue increased 24.6%
- Book-to-bill ratio of 1.35 indicates strong future growth
- Lowered full year 2024 revenue guidance from $2.03-2.10B to $2.0-2.03B
- Reduced expected pass-throughs by $50 million affecting Health and Social Programs segment
Insights
The Q3 results demonstrate robust financial performance with several positive indicators. Revenue grew 6% excluding divestitures, while operating margin expanded significantly by 250 basis points to 8.9%. The
Key highlights include EBITDA growth of 18.4% to
The revised guidance suggests continued momentum, though with adjusted revenue expectations due to lower pass-throughs. The increased EPS guidance, strong cash flow projection of
―Margin Expansion Driven by Favorable Business Mix and Higher Utilization―
―GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of
―Record Business Development Pipeline of
―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―
Third Quarter Highlights:
- Revenue Increased
3% to$517 Million 6% Excluding Divestitures - Net Income Was
$33 Million $1.73 38% - Non-GAAP EPS Increased
18% to$2.13 - EBITDA1 Increased
18% to$58.2 Million $58.5 Million 8% - Contract Awards Were
$697 Million
Commenting on the results, John Wasson, chair and chief executive officer, said, "This was another quarter of strong performance for ICF. Total revenues increased
"Our Energy, Environment, Infrastructure and Disaster Recovery client market again was a key contributor to our third quarter results, delivering year-on-year revenue growth of
"Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to
"We ended the third quarter with a record business development pipeline of
Third Quarter 2024 Results
Third quarter 2024 total revenue was
Non-GAAP EPS increased
Backlog and New Business
Total backlog was
Government Revenue Third Quarter 2024 Highlights
Revenue from government clients was
U.S. federal government revenue was$282.0 million 1.0% compared to the$279.3 million $10 million 54.5% of total revenue, compared to55.7% of total revenue in the third quarter of 2023.U.S. state and local government revenue increased3.0% to$78.9 million $76.6 million 15.3% of total revenue, unchanged from the third quarter of 2023.- International government revenue was
$26.9 million $27.5 million 5.2% of total revenue, compared to5.5% in the third quarter of 2023.
Key Government Contracts Awarded in the Third Quarter 2024
Notable government contract awards won in the third quarter of 2024 included:
Health and Social Programs
- A new task order with a value of
$40.2 million U.S. federal agency to deliver strategic and digital communications and engagement campaigns to combat human trafficking. - A contract modification with a value of
$33.2 million U.S. federal agency to provide stakeholder engagement support services. - A new contract with a value of
$14.8 million U.S. Centers for Disease Control and Prevention (CDC) to provide support for CDC's Needle Exchange Utilization Survey (NEXUS) surveillance project. - A new subcontract with a value of
$11.2 million U.S. National Institute of Neurological Disorders and Stroke, Office of Neuroscience Communications and Engagement. - A new contract with a value of
$10.9 million U.S. National Institutes of Health to support the National Library of Medicine's User Services and Collections Division cross-functional initiatives, including advancing GenAI projects and other programming and technical development activities. - A new contract with a value of
$9.7 million U.S. Department of Education to provide capacity-building services to state, regional and local education agencies.
Disaster Management and Mitigation
- A contract extension with a value of
$38.5 million U.S. state land agency to provide disaster recovery and mitigation grant management services. - A new contract with a value of
$10.5 million U.S. territory to provide a comprehensive array of services to support compliance with federal and local disaster management regulations related to its hurricane recovery efforts.
IT Modernization
- A new contract with a value of
$69.9 million U.S. territory to design, build and implement a new geospatial data management system. - A new task order under a blanket purchase agreement with a value of
$8.9 million U.S. federal agency to provide data center modernization services.
Climate, Energy and Environment
- A single-award recompete blanket purchase agreement with a ceiling of
$75 million U.S. Environmental Protection Agency Office of Water to provide environmental, economic, regulatory and evaluation services to the agency's critical water programs. - A recompete blanket purchase agreement with a ceiling of
$40.0 million U.S. Federal Highway Administration to provide technical, engineering, publications, marketing and professional support services.
Commercial Revenue Third Quarter 2024 Highlights
Commercial revenue was
- Commercial revenue accounted for
25.0% of total revenue compared to23.5% of total revenue in the 2023 third quarter. - Energy markets revenue, which includes energy efficiency programs, increased
24.6% and represented86.7% of commercial revenue.
Key Commercial Contracts Awarded in the Third Quarter of 2024
Notable commercial awards won in the third quarter of 2024 included:
- A contract modification with a mid-Atlantic
U.S. utility to continue to provide program implementation services for its residential energy efficiency portfolio. - A contract modification with a multinational energy company to prepare environmental impact statements for the company's offshore wind projects.
- A new contract with an international renewable energy company to prepare an environmental impact statement for its offshore wind project.
- A new contract with a Midwestern
U.S. utility to provide program implementation services for its residential energy efficiency program. - A new contract with a Midwestern
U.S. electric and gas utility to provide program implementation services for its residential energy efficiency program. - A new contract with a Midwestern
U.S. utility to provide demand-side management programs for both market rate and disadvantaged communities for its residential energy efficiency portfolio. - A contract modification with a mid-Atlantic
U.S. utility to continue to provide program implementation services for its energy efficiency programs.
Dividend Declaration
On October 31, 2024, ICF declared a quarterly cash dividend of
Summary and Outlook
"Continued favorable business mix and utilization metrics, together with the incremental tax benefits of approximately
"Our forward-looking metrics support our confidence in continued growth for ICF as we enter 2025. We have a strong multiyear backlog, a record business development pipeline and a consistent track record of new business wins. We are experiencing robust demand from commercial clients for our energy and environment expertise and related implementation and technology capabilities. We have excellent credentials in disaster management, resilience and mitigation work to assist state and local governments with recovery after storms, flooding and wildfires, as well as with their future resilience planning. The large majority of our federal government work is in areas that have bipartisan support, particularly IT modernization, which remains an area of priority spending. And importantly, our people are fully engaged in achieving the objectives and missions of our clients, which underpins our confidence in ICF's future growth potential," 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 | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Revenue | $ 516,998 | $ 501,519 | $ 1,523,463 | $ 1,484,886 | ||||
Direct costs | 325,047 | 323,504 | 964,911 | 961,473 | ||||
Operating costs and expenses: | ||||||||
Indirect and selling expenses | 132,816 | 131,553 | 389,001 | 381,808 | ||||
Depreciation and amortization | 4,820 | 5,917 | 15,303 | 19,052 | ||||
Amortization of intangible assets | 8,291 | 8,644 | 24,873 | 27,154 | ||||
Total operating costs and expenses | 145,927 | 146,114 | 429,177 | 428,014 | ||||
Operating income | 46,024 | 31,901 | 129,375 | 95,399 | ||||
Interest, net | (7,195) | (10,557) | (23,136) | (30,146) | ||||
Other (expense) income | (899) | 2,736 | 767 | 1,501 | ||||
Income before income taxes | 37,930 | 24,080 | 107,006 | 66,754 | ||||
Provision for income taxes | 5,251 | 340 | 21,399 | 6,304 | ||||
Net income | $ 32,679 | $ 23,740 | $ 85,607 | $ 60,450 | ||||
Earnings per Share: | ||||||||
Basic | $ 1.74 | $ 1.26 | $ 4.57 | $ 3.22 | ||||
Diluted | $ 1.73 | $ 1.25 | $ 4.53 | $ 3.19 | ||||
Weighted-average Shares: | ||||||||
Basic | 18,760 | 18,815 | 18,752 | 18,795 | ||||
Diluted | 18,910 | 18,974 | 18,915 | 18,958 | ||||
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 | ||||
Other comprehensive loss, net of tax | (951) | (4,053) | (610) | (2,236) | ||||
Comprehensive income, net of tax | $ 31,728 | $ 19,687 | $ 84,997 | $ 58,214 | ||||
ICF International, Inc. and Subsidiaries | ||||||||
Reconciliation of Non-GAAP financial measures (2) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of Revenue, Adjusted for Impact of Exited Business | ||||||||
Revenue | $ 516,998 | $ 501,519 | $ 1,523,463 | $ 1,484,886 | ||||
Less: Revenue from exited business (3) | — | (13,565) | — | (59,713) | ||||
Total Revenue, Adjusted for Impact of Exited Business | $ 516,998 | $ 487,954 | $ 1,523,463 | $ 1,425,173 | ||||
Reconciliation of EBITDA and Adjusted EBITDA (4) | ||||||||
Net income | $ 32,679 | $ 23,740 | $ 85,607 | $ 60,450 | ||||
Interest, net | 7,195 | 10,557 | 23,136 | 30,146 | ||||
Provision for income taxes | 5,251 | 340 | 21,399 | 6,304 | ||||
Depreciation and amortization | 13,111 | 14,561 | 40,176 | 46,206 | ||||
EBITDA | 58,236 | 49,198 | 170,318 | 143,106 | ||||
Impairment of long-lived assets (5) | — | 2,912 | — | 3,806 | ||||
Acquisition and divestiture-related expenses (6) | 139 | 1,779 | 205 | 4,685 | ||||
Severance and other costs related to staff realignment (7) | 449 | 595 | 1,184 | 4,455 | ||||
Charges for facility consolidations and office closures (8) | — | 2,220 | — | 2,579 | ||||
Pre-tax gain from divestiture of a business (9) | (298) | (2,425) | (2,013) | (2,425) | ||||
Total Adjustments | 290 | 5,081 | (624) | 13,100 | ||||
Adjusted EBITDA | $ 58,526 | $ 54,279 | $ 169,694 | $ 156,206 | ||||
Net Income Margin Percent on Revenue (10) | 6.3 % | 4.7 % | 5.6 % | 4.1 % | ||||
EBITDA Margin Percent on Revenue (11) | 11.3 % | 9.8 % | 11.2 % | 9.6 % | ||||
Adjusted EBITDA Margin Percent on Revenue (11) | 11.3 % | 10.8 % | 11.1 % | 10.5 % | ||||
Reconciliation of Non-GAAP Diluted EPS (4) | ||||||||
$ 1.73 | $ 1.25 | $ 4.53 | $ 3.19 | |||||
Impairment of long-lived assets | — | 0.15 | — | 0.20 | ||||
Acquisition and divestiture-related expenses | 0.01 | 0.09 | 0.01 | 0.25 | ||||
Severance and other costs related to staff realignment | 0.02 | 0.03 | 0.06 | 0.23 | ||||
Expenses related to facility consolidations and office closures (12) | — | 0.12 | 0.04 | 0.14 | ||||
Pre-tax gain from divestiture of a business | (0.02) | (0.13) | (0.11) | (0.13) | ||||
Amortization of intangibles | 0.44 | 0.46 | 1.31 | 1.43 | ||||
Income tax effects of the adjustments (13) | (0.05) | (0.16) | (0.26) | (0.50) | ||||
Non-GAAP Diluted EPS | $ 2.13 | $ 1.81 | $ 5.58 | $ 4.81 | ||||
(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 charges recorded in the first and third quarters of 2023 of | ||||||||
(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) Pre-tax gain related to the 2023 divestiture 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 and per share amounts) | September 30, 2024 | December 31, 2023 | ||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 6,911 | $ 6,361 | ||
Restricted cash | 724 | 3,088 | ||
Contract receivables, net | 212,412 | 205,484 | ||
Contract assets | 237,742 | 201,832 | ||
Prepaid expenses and other assets | 24,785 | 28,055 | ||
Income tax receivable | 10,541 | 2,337 | ||
Total Current Assets | 493,115 | 447,157 | ||
Property and Equipment, net | 71,299 | 75,948 | ||
Other Assets: | ||||
Goodwill | 1,221,437 | 1,219,476 | ||
Other intangible assets, net | 70,030 | 94,904 | ||
Operating lease - right-of-use assets | 122,543 | 132,807 | ||
Other assets | 49,754 | 41,480 | ||
Total Assets | $ 2,028,178 | $ 2,011,772 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current portion of long-term debt | $ 13,750 | $ 26,000 | ||
Accounts payable | 121,093 | 134,503 | ||
Contract liabilities | 17,176 | 21,997 | ||
Operating lease liabilities | 21,204 | 20,409 | ||
Finance lease liabilities | 2,590 | 2,522 | ||
Accrued salaries and benefits | 91,103 | 88,021 | ||
Accrued subcontractors and other direct costs | 55,600 | 45,645 | ||
Accrued expenses and other current liabilities | 85,274 | 79,129 | ||
Total Current Liabilities | 407,790 | 418,226 | ||
Long-term Liabilities: | ||||
Long-term debt | 405,396 | 404,407 | ||
Operating lease liabilities - non-current | 160,926 | 175,460 | ||
Finance lease liabilities - non-current | 11,922 | 13,874 | ||
Deferred income taxes | 5,982 | 26,175 | ||
Other long-term liabilities | 59,845 | 56,045 | ||
Total Liabilities | 1,051,861 | 1,094,187 | ||
Commitments and Contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, par value | — | — | ||
Common stock, par value | 24 | 24 | ||
Additional paid-in capital | 436,671 | 421,502 | ||
Retained earnings | 852,835 | 775,099 | ||
Treasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively | (300,718) | (267,155) | ||
Accumulated other comprehensive loss | (12,495) | (11,885) | ||
Total Stockholders' Equity | 976,317 | 917,585 | ||
Total Liabilities and Stockholders' Equity | $ 2,028,178 | $ 2,011,772 | ||
ICF International, Inc. and Subsidiaries | ||||
Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
Nine Months Ended | ||||
September 30, | ||||
(in thousands) | 2024 | 2023 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 85,607 | $ 60,450 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 3,176 | 691 | ||
Deferred income taxes and unrecognized income tax benefits | (16,957) | (3,533) | ||
Non-cash equity compensation | 12,494 | 10,134 | ||
Depreciation and amortization | 40,177 | 46,207 | ||
Gain on divestiture of a business | (2,009) | (4,302) | ||
Other operating adjustments, net | 2,206 | 2,563 | ||
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||
Net contract assets and liabilities | (40,155) | (52,010) | ||
Contract receivables | (9,634) | 12,087 | ||
Prepaid expenses and other assets | (434) | 11,893 | ||
Operating lease assets and liabilities, net | (3,065) | 3,897 | ||
Accounts payable | (13,402) | (13,333) | ||
Accrued salaries and benefits | 2,889 | (8,521) | ||
Accrued subcontractors and other direct costs | 9,660 | (3,353) | ||
Accrued expenses and other current liabilities | 16,979 | (18,727) | ||
Income tax receivable and payable | (9,574) | 450 | ||
Other liabilities | (1,774) | 959 | ||
Net Cash Provided by Operating Activities | 76,184 | 45,552 | ||
Cash Flows from Investing Activities | ||||
Payments for purchase of property and equipment and capitalized software | (15,559) | (17,876) | ||
Payments for business acquisitions, net of cash acquired | — | (32,664) | ||
Proceeds from divestiture of a business | 1,985 | 47,151 | ||
Net Cash Used in Investing Activities | (13,574) | (3,389) | ||
Cash Flows from Financing Activities | ||||
Advances from working capital facilities | 917,953 | 972,266 | ||
Payments on working capital facilities | (930,043) | (995,244) | ||
Proceeds from other short-term borrowings | 43,735 | 25,394 | ||
Repayments of other short-term borrowings | (53,280) | (18,845) | ||
Receipt of restricted contract funds | 1,275 | 6,412 | ||
Payment of restricted contract funds | (3,586) | (7,042) | ||
Dividends paid | (7,880) | (7,903) | ||
Net payments for stock issuances and share repurchases | (30,995) | (20,601) | ||
Other financing, net | (1,777) | (1,501) | ||
Net Cash Used in Financing Activities | (64,598) | (47,064) | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | 174 | (213) | ||
Decrease in Cash, Cash Equivalents, and Restricted Cash | (1,814) | (5,114) | ||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 9,449 | 12,968 | ||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $ 7,635 | $ 7,854 | ||
Supplemental Disclosure of Cash Flow Information | ||||
Cash paid during the period for: | ||||
Interest | $ 24,388 | $ 29,173 | ||
Income taxes | $ 50,382 | $ 12,604 | ||
ICF International, Inc. and Subsidiaries | ||||||||
Supplemental Schedule (14) | ||||||||
Revenue by client markets | Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Energy, environment, infrastructure, and disaster recovery | 46 % | 41 % | 46 % | 40 % | ||||
Health and social programs | 38 % | 42 % | 38 % | 42 % | ||||
Security and other civilian & commercial | 16 % | 17 % | 16 % | 18 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
Revenue by client type | Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
55 % | 56 % | 55 % | 55 % | |||||
15 % | 15 % | 16 % | 16 % | |||||
International government | 5 % | 5 % | 5 % | 5 % | ||||
Total Government | 75 % | 76 % | 76 % | 76 % | ||||
Commercial | 25 % | 24 % | 24 % | 24 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
Revenue by contract mix | Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Time-and-materials | 43 % | 41 % | 42 % | 41 % | ||||
Fixed-price | 46 % | 45 % | 46 % | 45 % | ||||
Cost-based | 11 % | 14 % | 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. |
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SOURCE ICF
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