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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 has secured two contracts totaling $34 million from the U.S. Department of Labor's Bureau of International Labor Affairs (ILAB) to combat forced and child labor globally. Awarded in Q3 2022, these five-year contracts involve providing research and advisory services. ICF has partnered with ILAB since 2004, leveraging innovative research to trace labor exploitation in supply chains. Mark Lee, ICF's EVPS, emphasized the company's commitment to protecting vulnerable populations and informing policy changes.
ICF reported third quarter 2022 revenue of $468 million, a 22% increase in service revenue to $335 million. Diluted EPS was $1.01, including a $0.28 tax-effected charge. Non-GAAP EPS climbed 22% to $1.61. Adjusted EBITDA reached $49.8 million, with a margin of 14.8%. Contract awards totaled $865 million, driving a trailing twelve-month book-to-bill ratio of 1.31. Notable acquisitions included SemanticBits and Blanton & Associates, enhancing growth potential in key areas like health services and environmental consulting. A quarterly dividend of $0.14 was also declared.
ICF has secured contracts exceeding $30 million to support suicide prevention and substance use disorder programs for the U.S. Department of Health and Human Services' SAMHSA. The services include evaluation and engagement solutions, technology and data analytics for case management, and enhancing website and communication efforts. Additionally, ICF will assist in the national evaluation for the Garrett Lee Smith Youth Suicide Prevention Program. This marks a significant expansion of ICF's role in public health, particularly in addressing critical behavioral health challenges.
The U.S. Department of Homeland Security (DHS) has selected ICF as an awardee under the Scalable Ways to Implement Flexible Tasks (SWIFT) IDIQ contract to modernize technology across the Immigration and Customs Enforcement (ICE) enterprise. The five-year contract has a ceiling value of $340 million and allows ICF to compete as one of two prime contractors in the PaaS domain. ICF aims to deliver scalable self-service solutions leveraging platforms like Salesforce and ServiceNow, boasting a 100% client retention rate in digital modernization projects.
ICF has appointed Michael Jung as the executive director of the ICF Climate Center, a platform dedicated to climate research and insights. Jung, who has over 25 years of experience in climate and energy policy, previously served as vice president for government affairs at the Pacific Northwest Generating Cooperative. His leadership is crucial at a time when climate challenges intensify and significant federal funding is being allocated for climate initiatives. The ICF Climate Center aims to leverage the expertise of over 2,000 climate professionals to provide impactful research and analyses.
The U.S. Department of the Interior's Bureau of Reclamation has awarded ICF a $15 million contract for environmental consulting services over four years. This contract supports the long-term operation of the Central Valley and State Water projects, critical for California's water infrastructure. ICF will leverage its expertise in applied science and regulatory compliance to assist these projects in addressing environmental challenges related to wildlife, water operations, and infrastructure improvements. ICF has decades of experience in environmental projects, engaging stakeholders, and navigating regulations.
The National Institutes of Health (NIH) awarded ICF a five-year recompete task order to provide digital content management and outreach services for the National Center for Complementary and Integrative Health (NCCIH). The contract includes a one-year base period with four one-year options. ICF will enhance NCCIH's website and conduct usability testing to improve user experience. According to ICF executive Mark Lee, the initiative will ensure timely updates on complementary health practices. ICF has over a decade of experience working with NCCIH, offering expertise in digital solutions for federal health clients.
ICF (NASDAQ:ICFI) will release its third quarter 2022 results on November 3, 2022, after market close. The results will be available at investor.icf.com. A conference call to discuss the earnings will occur at 4:30 p.m. Eastern Time on the same day. Interested participants must register in advance to obtain a unique PIN. The earnings release and conference call are key events for stakeholders, reflecting the company's financial performance and strategic outlook.
ICF has secured a $12 million task order from the CDC to modernize public health laboratory informatics for the Laboratory Response Network (LRN). This five-year contract includes a one-year base and four optional extensions. ICF has supported LRN for nearly a decade, enhancing laboratory data exchange to improve responses to chemical and biological threats. This project aims to ensure timely submission of critical laboratory results, crucial for public health emergency responses.
ICF (NASDAQ:ICFI) has successfully acquired Blanton & Associates, an environmental consulting firm based in Austin, Texas. This strategic acquisition enhances ICF's capabilities to support large infrastructure projects, leveraging Blanton's expertise in environmental regulatory compliance across various sectors, including transportation and renewable energy. With over 75 experienced staff, the acquisition positions ICF favorably to benefit from federal investments under the Bipartisan Infrastructure Law. Blanton has a strong track record, having completed numerous solar and wind projects, which will bolster ICF's offerings in key markets.
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