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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 (NASDAQ: ICFI) has partnered with Navatar to implement their Corporate Development Software, enhancing its sourcing, relationship management, and pipeline tracking capabilities. This integration aims to streamline deal processes by providing a holistic view of targets and facilitating collaboration across internal groups. The software offers automated reporting and analytics, further supporting ICF's strategic growth objectives. Jon Meyer, ICF's Senior Director, emphasized the importance of this solution for simplifying and improving the overall deal flow.
ICF reported a strong first quarter for 2021, with total revenue of $378 million, a 5.6% increase from the previous year. Service revenue rose 9.5% to $280 million. Diluted EPS was $0.96, up from $0.55, while Non-GAAP EPS increased 36% to $1.13. The company secured record contract awards of $596 million, marking a 67% year-over-year increase. ICF anticipates full-year service revenue and EPS at the upper end of its guidance. Key growth areas include IT modernization and public health, expected to grow at over 10% annually.
Southern California Edison (SCE) has awarded ICF (NASDAQ:ICFI) two contracts to enhance energy efficiency programs with a total estimated value of $45 million. The initiatives aim to create custom energy reports for residential and small commercial customers, focusing on energy savings education and actionable insights. ICF leverages extensive experience in demand-side management to support California's energy conservation goals. The company emphasizes hyper-personalized analytics and community outreach to engage low-to-moderate income and disadvantaged customers.
The Federal Transit Administration (FTA) has awarded ICF two new call orders totaling $13 million for modernizing the National Transit Database (NTD). These contracts, part of a blanket purchase agreement with the U.S. Department of Transportation, span five years. ICF will utilize Appian's low-code/no-code platform, integrating artificial intelligence and machine learning to enhance data management, reduce redundancies, and improve efficiency. The NTD plays a crucial role in distributing federal funds for transit projects and is essential for infrastructure planning.
The Government of Puerto Rico has awarded ICF a $46 million contract to assist in long-term disaster recovery from hurricanes Irma and María. This contract, administered by COR3, includes a four-month initial term and two one-year extension options. ICF will provide program support and technical assistance, helping to process FEMA disaster recovery funding. With extensive experience in managing disaster recovery efforts across the U.S., ICF aims to accelerate rebuilding efforts in Puerto Rico.
The U.S. Department of Health and Human Services has awarded ICF (NASDAQ: ICFI) a $35 million contract to provide training and technical assistance for Head Start programs in the southeast region. This five-year contract includes an 11-month base period and four optional yearly extensions. With this award, ICF expands its support to six of the 12 Head Start regions across 40 states and the District of Columbia. In Q3 2020, ICF secured over $100 million in contracts for other Head Start regions.
ICF (NASDAQ:ICFI) has secured two agreements worth an estimated $16 million to provide IT and cybersecurity workforce development services through the U.S. Department of Labor's H-1B One Workforce Grant Program. The first is a four-year grant of $8.6 million aimed at training workers for high-skilled IT positions in Virginia. The second, a $7 million subcontract, focuses on creating employment opportunities for veterans in Fort Gordon, Georgia. These contracts aim to strengthen the workforce in critical sectors.
The Maryland Department of Human Services has awarded ICF (NASDAQ: ICFI) an $11 million contract extension for two years to enhance customer support services for critical programs aiding vulnerable Maryland residents. ICF will employ advanced technologies like intelligent interactive voice response to handle increased demand, particularly due to the COVID-19 pandemic, which saw application surges of up to 500%. This contract continues ICF's partnership with MD DHS, reinforcing its role in providing essential services.
ICF (NASDAQ:ICFI) has launched CO₂Sight, a strategic planning and analytics platform aimed at assisting utilities and government agencies in decarbonization efforts. This innovative platform integrates ICF's 40 years of energy sector experience with predictive modeling and data visualization tools to help organizations develop actionable strategies for meeting their carbon emission commitments. The dashboard offers insights into various factors like costs, air quality, and greenhouse gas emissions, thereby enabling decision-makers to make informed investments and policy decisions.
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