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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, a global consulting and technology services provider, is set to release its fourth quarter and full year 2022 results on February 28, 2023, after market close. A webcast will follow at 4:30 p.m. Eastern Time on the same day to discuss the financial results. Analysts can register for participation, while general audiences can access the live webcast online. Investors can expect earnings results to be available prior to the call. ICF emphasizes its role in helping clients navigate complex challenges with an integrated approach involving industry experts and digital capabilities, utilizing over 9,000 employees.
ICF has been awarded a $161 million task order by the National Cancer Institute (NCI) for digital modernization services. This contract, the first under the Center for Biomedical Informatics and Information Technology blanket purchase agreement, extends over five years with multiple options. ICF will collaborate with CBIIT to enhance research and administrative processes, aiming to centralize data science and IT tools. The executive vice president highlighted the importance of this partnership in advancing cancer research and improving health outcomes. This award reinforces ICF's position as a leader in providing technology solutions to federal health clients.
ICF announces key leadership changes, naming Mark Lee as Chief Technology Executive and Jennifer Welham as head of the Health, Human Services, and Workforce business.
Lee will enhance technology capabilities and support growth in the federal digital modernization sector, having previously integrated numerous technology acquisitions. Welham, leading a team with significant contract wins, will focus on U.S. federal health programs, including services for the Department of Health and Human Services.
These appointments aim to leverage their expertise to drive innovation and deliver impactful solutions for clients across all markets.
The U.S. Air Force has awarded ICF a new task order worth $25 million for centralized environmental management support services at various bases in the U.S. and the Middle East. The contract term is 66 months, comprising a 12-month base period and four additional 12-month options, plus a six-month option. ICF will leverage its expertise to ensure compliance with local, federal, and international environmental regulations. This award highlights ICF's commitment to environmental management and public health in support of the Air Force Central Command's operations.
ICF has secured a $26 million recompete contract from a federal agency to enhance critical business systems over three years. This initiative includes a 1-year base period with two optional extensions. The project aims to modernize digital operations and improve high-speed connectivity nationwide. ICF will utilize its Appian practice and existing expertise in federal case and grants management to drive effective outcomes. The company emphasizes its commitment to delivering scalable technology solutions to federal clients.
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.
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