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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.
Forbes has ranked global consulting and technology services provider ICF (NASDAQ: ICFI) as one of America's Best Employers for Diversity for the fourth consecutive year. The recognition highlights ICF's commitment to fostering a diverse and inclusive workplace. CEO John Wasson emphasized the importance of diversity in identity and perspectives, which contributes to the company's strength. The rankings, developed in collaboration with Statista, surveyed over 170,000 U.S.-based employees from various sectors, focusing on diversity criteria like age, gender, ethnicity, disability, and sexual orientation. The evaluation also considered diversity-related practices such as employee resource groups and the presence of women in leadership roles. Additionally, ICF was included in Forbes' America's Best Management Consulting Firms list for the ninth year in a row. ICF leverages its expertise in diverse industries to solve complex challenges and implement transformative projects.
ICF has been awarded a $236 million contract by USAID to continue delivering their Demographic and Health Surveys Program, known as the 'gold standard' of health surveys. The contract aims to improve health outcomes by providing critical data for population, health, and nutrition programs worldwide. ICF's approach includes strengthening countries' capacity to collect and analyze data, incorporating technology and AI for efficiency, and focusing on vulnerable populations. The company's work spans various global health and development initiatives.
ICF (NASDAQ: ICFI) reported record first quarter results for 2024, with revenues up 2% to $494 million, net income of $27 million, and GAAP EPS of $1.44. Non-GAAP EPS increased to $1.77, and contract awards were $495 million, up 21% year-on-year. The company reaffirmed full-year guidance and expects organic revenue growth of 5.2% to 8.5% for 2024.
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