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ICF International, Inc. (NASDAQ: ICFI) is a prominent global consulting and technology services provider with a workforce of over 9,000 employees specializing in an array of fields including business analysis, policy development, technology, digital strategy, social science, and creative solutions. Established in 1969, ICF has a broad portfolio of clients primarily comprising United States federal government departments and agencies, as well as commercial clients.
ICF's core services span across four primary markets: Energy, Environment, Infrastructure and Disaster Recovery; Health and Social Programs; Security; and Other Civilian & Commercial. Their expertise encompasses professional services and technology-based solutions such as management consulting, marketing, technology implementation, and policy consulting.
One of ICF's notable achievements includes a recent collaboration with the U.S. Department of Health and Human Services (HHS) to advance the cloud migration and digital modernization of the Centers for Medicare & Medicaid Services (CMS) systems. These projects, valued at $50 million, aim to improve healthcare services for Medicare and Medicaid beneficiaries across the nation.
Additionally, ICF has been instrumental in implementing energy efficiency programs for utility companies like Baltimore Gas and Electric (BGE) and Entergy Arkansas, leveraging their proprietary utility technology platform to monitor and optimize program performance. Their collaboration with the California State Lottery further exemplifies their ability to enhance digital infrastructure, ensuring websites are user-friendly and compliant with the Americans with Disabilities Act.
ICF's digital modernization services are bolstered by partnerships with more than 30 platform partners, including being an Amazon Web Services (AWS) Advanced Tier Services Partner. This positions ICF to provide comprehensive cloud capabilities, artificial intelligence (AI), machine learning (ML), and data sharing solutions. In the realm of global health, ICF has been a pivotal partner for the U.S. Agency for International Development (USAID), delivering the Demographic and Health Surveys (DHS) Program for over 40 years, providing critical data for health, population, and nutrition programs worldwide.
ICF's dedication to utilizing science and technology has also been recognized by their work with the U.S. Environmental Protection Agency (EPA) under a $75 million contract to assess chemical hazards and environmental stressors. Their advanced data modeling and analysis tools like Litstream® aid in producing broad-based, scientifically defensible analyses.
Financially, ICF has demonstrated robust performance with a 2% year-over-year revenue increase in the first quarter of 2024, adjusting for the divestiture of its commercial marketing business lines. Their backlog of $3.6 billion and a 1.2 book-to-bill ratio underscore their strong positioning and growth prospects.
ICF reported third-quarter 2021 revenue of $394 million, a 9% rise from last year, with service revenue at $276 million, up 4%. Diluted EPS increased to $1.07, a 14% increase. The company secured $604 million in new contracts, resulting in a trailing twelve-month contract total of $2.1 billion. The backlog stood at $3.1 billion, with 55% funded. ICF announced the acquisition of ESAC to enhance its public health services. Despite a decline in commercial revenue, strong growth in government revenue (up 16.1%) supports future growth, with revised EPS guidance for 2021 reflecting significant expected growth.
ICF (NASDAQ:ICFI) has acquired ESAC, a specialized provider of advanced health analytics and bioinformatics, enhancing its capabilities in federal health agencies. This acquisition aims to address the increasing complexity of health data and interoperability requirements in the U.S. federal health sector. With a strong cultural alignment, ICF plans to leverage ESAC's expertise in health IT and data standards to capture growth opportunities. The 40-person ESAC team has extensive experience since 2006, supporting research and healthcare quality improvements.
The U.S. Department of Health and Human Services awarded ICF $24 million in technical assistance contracts to enhance programs under the Administration for Children and Families. The agreements include a $15 million contract focused on human trafficking prevention, a $5 million extension for early childhood education support, and a $4 million contract for low-income water assistance programs. ICF has over 30 years of experience aiding ACF programs, aiming to improve the social well-being of children and families nationwide.
The U.S. Department of Justice has awarded ICF a $20 million contract to provide training and technical assistance to the Bureau of Justice Assistance's National Training and Technical Assistance Center (BJA NTTAC). The contract spans five years, consisting of a one-year base and four one-year options. ICF will leverage over 20 years of experience in supporting similar services to enhance the criminal justice system by reducing crime and recidivism. This partnership aims to deliver impactful solutions and support for state, local, and tribal justice agencies.
The CDC has awarded ICF (NASDAQ:ICFI) three contracts totaling $35 million for digital transformation and health services. The largest, worth $15 million, focuses on modernizing HIV clinical surveillance systems over a five-year term. An $11 million contract supports cancer surveillance systems, and a $9 million task order involves tobacco control communications and marketing. ICF's long-standing relationship with the CDC underscores its capabilities in addressing public health challenges.
The CDC has awarded ICF a $31 million contract for a four-year term to enhance the BioSense syndromic surveillance platform. This recompete contract includes a one-year base period and three optional extensions. ICF will collaborate with the CDC to improve national health monitoring capabilities, crucial for responding to public health threats like COVID-19. ICF has supported BioSense since 2014, providing essential operational and technical support for various health crises.
ICF has announced that it will release its third quarter 2021 results on November 2, 2021, after market close. Interested parties can access the results at investor.icf.com. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day, with registration available at this link. Investors can dial 1.888.771.4371 to participate, using confirmation number 5023 5759.
The National Cancer Institute (NCI) has awarded ICF a new $150 million indefinite delivery, indefinite quantity (IDIQ) contract for biomedical technical and data management support services. This 5-year contract allows ICF to leverage its expertise in bioinformatics, health research, and health IT to support NCI studies. The company will deliver various services, including analytics, project management, and cloud-native biomedical computing. ICF's track record in public health positions it well to meet NCI's rigorous needs, enhancing cancer research infrastructure.
The San Francisco Bay Area Rapid Transit District (BART) has awarded ICF a $30 million contract for environmental services to enhance its passenger rail network. This project, part of the LINK21 program, aims to improve connectivity in Northern California's Megaregion, promoting efficiency and sustainability. ICF will engage 25 partners, including disadvantaged businesses, for Phase 1 of the project from 2022 to 2024, which involves program development and environmental strategies. An additional multiyear option worth $140 million could extend work into Phase 2, focusing on environmental reviews and permitting.
ICF (NASDAQ:ICFI), a global consulting and digital services provider, announced its participation in the Sidoti Fall 2021 Virtual Small Cap Conference on September 22, 2021, at 9:15 a.m. ET. CEO John Wasson will present at the event, which can be accessed via a live audio webcast. A replay will be available for three months after the conference. ICF, employing around 7,500 people, specializes in combining consulting with digital strategies to help organizations tackle complex challenges. More information can be found at icf.com.
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