-- Record First Quarter Results Represent a
Strong Start to 2024 --
-- Re-affirms Full Year Guidance --
First Quarter Highlights:
- Revenue Increased 2% to $494
Million, Up 9% Excluding Divestitures
- Net Income Was $27 Million and
GAAP EPS1 Was $1.44, Up
66% Inclusive of Certain Quarter-Specific Benefits
- Non-GAAP EPS1 Was $1.77, Up 25%
- EBITDA1 Was $56.4
Million, Up 22%; Adjusted EBITDA1 Was
$55.2 Million, Up 8%
- Contract Awards Were $495
Million, Up 21% Year-on-Year for a TTM Book-to-Bill Ratio of
1.23
RESTON,
Va., May 2, 2024 /PRNewswire/ -- ICF (NASDAQ:
ICFI), a global consulting and technology services provider,
reported results for the first quarter ended March 31, 2024.
Commenting on the results, John
Wasson, chair and chief executive officer, said, "This was a
record first quarter for ICF. Revenues increased 2% year-on-year,
however, adjusting for the divestiture of our commercial marketing
business lines during 2023, first quarter revenue increased 9%
year-over-year. This strong performance was led by robust growth in
revenues from commercial energy clients and supported by solid
revenue growth from government clients.
"ICF performed exceptionally well in our Energy, Environment,
Infrastructure and Disaster Recovery client market, with revenues
up 20% year-over-year, representing 45% of ICF's total first
quarter revenues. In this market, we combine our deep domain
expertise in energy efficiency, decarbonization, electrification,
environmental and climate impacts, and disaster recovery and
mitigation to provide comprehensive services and solutions to over
75 utility clients, as well as developers of renewable energy
sources, energy companies, and federal, state and local and
international government clients.
"The substantial increase in first quarter profitability was
attributable to both recurring and quarter-specific factors.
Revenue mix together with higher utilization, lower facility costs
and our increased scale continued to drive improved margin
performance. Additionally, margins benefited from the ramp-up of
several recently awarded energy efficiency contracts, which are
more profitable during the startup phase.
"This was another strong quarter of contract awards, which
increased 21% from the year-ago quarter, maintaining our trailing
twelve-month book-to-bill ratio of 1.2. Approximately 70% of our
over $2.4 billion in contract awards
over the last 12 months represented new business, demonstrating
ICF's excellent positioning in growth areas within both our
government and commercial client sets. Our business development
pipeline remained at $9.7 billion at
the end of the quarter, providing further confidence in our ability
to sustain our high single-digit organic growth going forward."
First Quarter 2024 Results
First quarter 2024 total revenue was $494.4 million, a 2.3% increase from the
$483.3 million reported in the first
quarter of 2023, and up 8.7% from last year's first quarter
revenues adjusted for the divestiture of our commercial marketing
business lines. Subcontractor and other direct costs were 24.4% of
total revenues compared to 27.3% in last year's first quarter.
Operating income was $40.9 million,
up 30.2% from $31.5 million, and
operating margin on total revenue expanded to 8.3% from 6.5%. Net
income totaled $27.3 million, and
GAAP EPS was $1.44 per share,
inclusive of a net benefit of $0.5
million, or $0.02 per share of
tax-effected special charges. This compares to net income and GAAP
EPS of $16.4 million, and
$0.87, respectively, reported in the
first quarter of 2023, which included $4.6
million, or $0.18 per share of
tax-effected special charges. In the 2024 first quarter, the
company's tax rate was 20.4% compared to 23.5% in the 2023 first
quarter.
Non-GAAP EPS increased 24.6% to $1.77 per share, from the $1.42 per share reported in the comparable period
in 2023. EBITDA was $56.4 million,
21.6% above the $46.4 million
reported for the year-ago period. Adjusted EBITDA increased 8.2% to
$55.2 million from $51.0 million for the comparable period in
2023.
Backlog and New Business
Total backlog was $3.6 billion at
the end of the first quarter of 2024. Funded backlog was
$1.8 billion, or approximately 50% of
the total backlog. The total value of contracts awarded in the 2024
first quarter was $495 million, and
trailing twelve-month contract awards totaled $2.4 billion for a book-to-bill ratio of
1.23.
Government Revenue First Quarter 2024
Highlights
Revenue from government clients was $376.4 million, up 3.5% year-over-year.
- U.S. federal government revenue was $274.2 million, an increase of 2.4% compared to
the $267.7 million reported in the
first quarter of 2023 and was impacted by a year-over-year decrease
in subcontractor and other direct costs of approximately
$5 million in the quarter. Federal
government revenue accounted for 55.5% of total revenue, similar to
55.4% of total revenue in the first quarter of 2023.
- U.S. state and local government revenue increased 2.2% to
$76.9 million, from $75.2 million in the year-ago quarter. State and
local government clients represented 15.6% of total revenue,
unchanged from the first quarter of 2023.
- International government revenue was $25.3 million, up 22.2% from the $20.7 million reported in the year-ago quarter.
International government revenue represented 5.1% of total revenue,
compared to 4.3% in the first quarter of 2023.
Key Government Contracts Awarded in the First Quarter
2024
Notable government contract awards won in the first quarter of
2024 included:
Health and Social Programs
- A single-award indefinite delivery, indefinite quantity
recompete contract with a ceiling of $75.0
million with the U.S. Environmental Protection Agency's
Office of Research and Development to provide human health and
environmental risk assessments.
- A subcontract modification with a value of $6.6 million to continue to provide medical
modeling simulation and training support to a branch of the U.S.
Armed Forces.
IT Modernization
- One new task order and one task order modification with a
combined value of $17.0 million with
a U.S. federal agency to continue to provide digital modernization
services.
- A new subcontract with a value of $8.1
million to provide enhancement, operations and maintenance
services to further increase healthcare data sharing for the U.S.
Centers for Medicare and Medicaid Services (CMS).
- Multiple contract modifications and one new contract with a
combined value of $21.7 million with
CMS to continue to provide digital modernization services.
Disaster Management and Mitigation
- A contract modification with a value of $8.9 million with a Southern U.S. state to
continue to provide Federal Emergency Management Agency Public
Assistance grants management services.
Climate, Energy and Environment
- A recompete master framework contract with a ceiling of more
than $20 million with a directorate
general of the European Commission to provide consulting services
related to climate policy.
Commercial Revenue First Quarter 2024
Highlights
Commercial revenue was $118.1
million, compared to $119.6
million reported in the first quarter of 2023; up 29.3%
compared to revenues of $91.3 million
excluding divestitures in 2023.
- Energy markets revenue, which includes energy efficiency
programs, increased 32.3% and represented 87.3% of commercial
revenue.
Key Commercial Contracts Awarded in the First Quarter of
2024
Notable commercial awards won in the first quarter of 2024
included:
Energy Markets
- A new contract with a Western U.S. utility to implement a
first-of-its kind statewide wildfire and natural disaster
resiliency rebuild program.
- One recompete contract and one new contract with a Mid-Atlantic
U.S. utility to provide energy efficiency program implementation
services for its new and existing residential and commercial and
industrial (C&I) programs.
- One recompete contract and one new contract with a Mid-Atlantic
U.S. utility to provide energy efficiency program implementation
services for its new and existing residential and C&I
programs.
- A new subcontract to support the implementation of a beneficial
electrification plan for a Midwestern U.S. utility.
- A contract modification with a Mid-Atlantic U.S. utility to
continue to provide energy efficiency program marketing
services.
- A subcontract extension to continue to support a residential
building envelope program for a Midwestern U.S. utility.
- A recompete contract with a Mid-Atlantic U.S. utility to
continue to support its portfolio of existing energy efficiency
programs.
Other Commercial
- A new contract with a value of $13.0
million with a U.S. commercial client to implement an
inspections solution to modernize its inspection process and
establish an enterprise data solution to enable data insights and
improve data management.
Dividend Declaration
On May 2, 2024, ICF declared a
quarterly cash dividend of $0.14 per
share, payable on July 12, 2024, to
shareholders of record on June 7,
2024.
Summary and Outlook
"ICF's robust first quarter performance supports our full year
guidance and sets the stage for another year of substantial growth
in 2024. Our energy efficiency and utility consulting, together
with ICF's climate and infrastructure services continue to benefit
from strong demand from commercial and government clients; our
disaster management work is moving forward with new contract wins;
and our key areas of focus in the federal government arena, namely
public health and IT modernization/digital transformation provide
us with significant long-term growth opportunities.
"Based on our strong backlog and current visibility, we are
pleased to reaffirm our guidance for 2024. We expect 2024 organic
revenues from continuing operations to range from $2.03 billion to $2.10
billion, representing year-on-year growth of 5.2% at the
midpoint when compared to reported 2023 and 8.5% growth at the
midpoint on continuing operations. EBITDA is expected to range from
$220 million to $230 million, reflecting year-on-year growth of
14.2% at the midpoint. Our guidance range for GAAP EPS is
$5.25 to $5.55, excluding special charges, and for
Non-GAAP EPS is $6.60 to $6.90. Assuming similar margins to the rest of
the business, the company's commercial marketing business lines are
estimated to have contributed $0.20
of Non-GAAP EPS in 2023, which will not recur in 2024. We expect
full year 2024 operating cash flow of approximately $155 million.
"We are proud that our work involves helping clients address
many of the most challenging issues of the day. Our ability to
attract and retain professionals who are committed to excellent
execution and making a positive impact on society has been and
remains critical to our success," Mr. Wasson concluded.
|
1
Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP
measurements. A reconciliation of all non-GAAP measurements to the
most applicable GAAP number is set forth below. GAAP EPS refers to
U.S. GAAP Diluted EPS. Non-GAAP EPS refers to Non-GAAP Diluted EPS.
Special charges are items that were included within our
consolidated statements of comprehensive income but are not
indicative of ongoing performance and have been presented net of
applicable U.S. GAAP taxes. The presentation of non-GAAP
measurements may not be comparable to other similarly titled
measures used by other companies.
|
About ICF
ICF is a global consulting and technology services company with
approximately 9,000 employees, but we are not your typical
consultants. At ICF, business analysts and policy specialists work
together with digital strategists, data scientists and creatives.
We combine unmatched industry expertise with cutting-edge
engagement capabilities to help organizations solve their most
complex challenges. Since 1969, public and private sector clients
have worked with ICF to navigate change and shape the future. Learn
more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known
and unknown risks and uncertainties are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Such statements may concern our current expectations
about our future results, plans, operations and prospects and
involve certain risks, including those related to the government
contracting industry generally; our particular business, including
our dependence on contracts with U.S. federal government
agencies; and our ability to acquire and successfully integrate
businesses. These and other factors that could cause our actual
results to differ from those indicated in forward-looking
statements that are included in the "Risk Factors" section of our
securities filings with the Securities and Exchange Commission. The
forward-looking statements included herein are only made as of the
date hereof, and we specifically disclaim any obligation to update
these statements in the future.
Note on Forward-Looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP
financial measures to the corresponding U.S. GAAP
measures, due to the variability and difficulty in making accurate
forecasts and projections and because not all of the information
necessary for a quantitative reconciliation of these
forward-looking non-GAAP financial measures (such as the effect of
share-based compensation or the impact of future extraordinary or
non-recurring events like acquisitions) is available to the company
without unreasonable effort. For the same reasons, the company is
unable to estimate the probable significance of the unavailable
information. The company provides forward-looking non-GAAP
financial measures that it believes will be achievable, but it
cannot accurately predict all of the components of the adjusted
calculations, and the U.S. GAAP financial measures may be
materially different than the non-GAAP financial measures.
Investor Contacts:
Lynn Morgen,
ADVISIRY PARTNERS,
lynn.morgen@advisiry.com +1.212.750.5800
David Gold,
ADVISIRY PARTNERS, david.gold@advisiry.com
+1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com
+1.571.373.5577
|
ICF International,
Inc. and Subsidiaries
|
|
Consolidated
Statements of Comprehensive Income
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
(in thousands,
except per share amounts)
|
|
2024
|
|
2023
|
|
Revenue
|
|
$
494,436
|
|
$
483,282
|
|
Direct costs
|
|
310,533
|
|
312,565
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Indirect and selling
expenses
|
|
129,094
|
|
123,733
|
|
Depreciation and
amortization
|
|
5,574
|
|
6,309
|
|
Amortization of
intangible assets
|
|
8,291
|
|
9,224
|
|
Total operating costs
and expenses
|
|
142,959
|
|
139,266
|
|
Operating
income
|
|
40,944
|
|
31,451
|
|
Interest,
net
|
|
(8,238)
|
|
(9,457)
|
|
Other income
(expense)
|
|
1,630
|
|
(558)
|
|
Income before income
taxes
|
|
34,336
|
|
21,436
|
|
Provision for income
taxes
|
|
7,019
|
|
5,038
|
|
Net income
|
|
$
27,317
|
|
$
16,398
|
|
|
|
|
|
|
Earnings per
Share:
|
|
|
|
|
|
Basic
|
|
$
1.46
|
|
$
0.87
|
|
Diluted
|
|
$
1.44
|
|
$
0.87
|
|
|
|
|
|
|
Weighted-average common
shares outstanding:
|
|
|
|
|
|
Basic
|
|
18,757
|
|
18,779
|
|
Diluted
|
|
18,946
|
|
18,949
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.14
|
|
$
0.14
|
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax
|
|
684
|
|
(1,334)
|
|
Comprehensive income,
net of tax
|
|
$
28,001
|
|
$
15,064
|
|
ICF International,
Inc. and Subsidiaries
|
|
Reconciliation of
Non-GAAP financial measures (2)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
(in thousands,
except per share amounts)
|
|
2024
|
|
2023
|
|
Reconciliation of
Revenue, Adjusted for Impact of Exited
Business
|
|
|
|
|
|
Revenue
|
|
$
494,436
|
|
$
483,282
|
|
Less: Revenue from
exited business (3)
|
|
—
|
|
(28,317)
|
|
Total Revenue, Adjusted
for Impact of Exited Business
|
|
$
494,436
|
|
$
454,965
|
|
|
|
|
|
|
Reconciliation of
EBITDA and Adjusted EBITDA (4)
|
|
|
|
|
|
Net income
|
|
$
27,317
|
|
$
16,398
|
|
Interest,
net
|
|
8,238
|
|
9,457
|
|
Provision for income
taxes
|
|
7,019
|
|
5,038
|
|
Depreciation and
amortization
|
|
13,865
|
|
15,533
|
|
EBITDA
|
|
56,439
|
|
46,426
|
|
Impairment of
long-lived assets (5)
|
|
—
|
|
894
|
|
Acquisition and
divestiture-related expenses (6)
|
|
66
|
|
803
|
|
Severance and other
costs related to staff realignment (7)
|
|
365
|
|
2,495
|
|
Charges for facility
consolidations and office closures (8)
|
|
—
|
|
359
|
|
Pre-tax gain from
divestiture of a business (9)
|
|
(1,715)
|
|
—
|
|
Total
Adjustments
|
|
(1,284)
|
|
4,551
|
|
Adjusted
EBITDA
|
|
$
55,155
|
|
$
50,977
|
|
|
|
|
|
|
Net Income Margin
Percent on Revenue (10)
|
|
5.5 %
|
|
3.4 %
|
|
EBITDA Margin Percent
on Revenue (11)
|
|
11.4 %
|
|
9.6 %
|
|
Adjusted EBITDA Margin
Percent on Revenue (11)
|
|
11.2 %
|
|
10.5 %
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Diluted EPS (4)
|
|
|
|
|
|
U.S. GAAP Diluted
EPS
|
|
$
1.44
|
|
$
0.87
|
|
Impairment of
long-lived assets
|
|
—
|
|
0.04
|
|
Acquisition and
divestiture-related expenses
|
|
—
|
|
0.04
|
|
Severance and other
costs related to staff realignment
|
|
0.02
|
|
0.13
|
|
Expenses related to
facility consolidations and office closures
(12)
|
|
0.04
|
|
0.02
|
|
Pre-tax gain from
divestiture of a business
|
|
(0.09)
|
|
—
|
|
Amortization of
intangibles
|
|
0.44
|
|
0.49
|
|
Income tax effects of
the adjustments (13)
|
|
(0.08)
|
|
(0.17)
|
|
Non-GAAP Diluted
EPS
|
|
$
1.77
|
|
$
1.42
|
|
|
(2)
These tables provide reconciliations of
non-GAAP financial measures to the most applicable GAAP numbers.
While we believe that these non-GAAP financial measures may be
useful in evaluating our financial information, they should be
considered supplemental in nature and not as a substitute for
financial information prepared in accordance with GAAP. Other
companies may define similarly titled non-GAAP measures differently
and, accordingly, care should be exercised in understanding how we
define these measures.
|
|
|
|
|
|
|
(3)
Revenue from the exited U.K. commercial
marketing business (June 30, 2023), U.S. commercial marketing
business (September 11, 2023), and Canadian mobile text aggregation
business (November 1, 2023).
|
|
|
|
|
|
|
(4)
Reconciliations of EBITDA, Adjusted
EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as
reported in U.S. GAAP.
|
|
|
|
|
|
|
(5)
Represents impairment of an intangible
asset associated with the exit of our commercial marketing business
in the United Kingdom in 2023.
|
|
|
|
|
|
|
(6)
These are primarily third-party costs
related to acquisitions and potential acquisitions, integration of
acquisitions, and separation of discontinued businesses or
divestitures.
|
|
|
|
|
|
|
(7)
These costs are mainly due to involuntary
employee termination benefits for our officers, and employees who
have been notified that they will be terminated as part of a
business reorganization or exit.
|
|
|
|
|
|
|
(8)
These are exit costs associated with
terminated leases or full office closures that we either (i) will
continue to pay until the contractual obligations are satisfied but
with no economic benefit to us, or (ii) paid upon termination and
ceasing to use the leased facilities.
|
|
|
|
|
|
|
(9)
Pre-tax gain resulting from the release
of an escrow related to the 2023 divestiture of our U.S. commercial
marketing business.
|
|
|
|
|
|
|
(10)
Net Income Margin Percent on Revenue was
calculated by dividing net income by revenue.
|
|
|
|
|
|
|
(11)
EBITDA Margin Percent and Adjusted EBITDA
Margin Percent on Revenue were calculated by dividing the non-GAAP
measure by the corresponding revenue.
|
|
|
|
|
|
|
(12)
These are exit costs related to actual
office closures (previously included in Adjusted EBITDA) and
accelerated depreciation related to fixed assets for planned office
closures.
|
|
|
|
|
|
|
(13)
Income tax effects were calculated using
the effective tax rate, adjusted for discrete items, if any, of
20.4% and 23.5% for the three months ended March 31, 2024 and 2023,
respectively.
|
|
ICF International,
Inc. and Subsidiaries
|
|
Consolidated Balance
Sheets
|
|
(Unaudited)
|
|
|
|
|
|
|
(in thousands,
except share and per share amounts)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
3,683
|
|
$
6,361
|
|
Restricted
cash
|
|
916
|
|
3,088
|
|
Contract receivables,
net
|
|
202,246
|
|
205,484
|
|
Contract
assets
|
|
230,412
|
|
201,832
|
|
Prepaid expenses and
other assets
|
|
28,401
|
|
28,055
|
|
Income tax
receivable
|
|
—
|
|
2,337
|
|
Total Current
Assets
|
|
465,658
|
|
447,157
|
|
Property and
Equipment, net
|
|
74,296
|
|
75,948
|
|
Other
Assets:
|
|
|
|
|
|
Goodwill
|
|
1,219,031
|
|
1,219,476
|
|
Other intangible
assets, net
|
|
86,613
|
|
94,904
|
|
Operating lease -
right-of-use assets
|
|
128,356
|
|
132,807
|
|
Other assets
|
|
43,740
|
|
41,480
|
|
Total
Assets
|
|
$
2,017,694
|
|
$
2,011,772
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
26,000
|
|
$
26,000
|
|
Accounts
payable
|
|
119,285
|
|
134,503
|
|
Contract
liabilities
|
|
22,099
|
|
21,997
|
|
Operating lease
liabilities
|
|
20,889
|
|
20,409
|
|
Finance lease
liabilities
|
|
2,545
|
|
2,522
|
|
Accrued salaries and
benefits
|
|
70,176
|
|
88,021
|
|
Accrued subcontractors
and other direct costs
|
|
48,707
|
|
45,645
|
|
Accrued expenses and
other current liabilities
|
|
82,966
|
|
79,129
|
|
Total Current
Liabilities
|
|
392,667
|
|
418,226
|
|
Long-term
Liabilities:
|
|
|
|
|
|
Long-term
debt
|
|
448,748
|
|
404,407
|
|
Operating lease
liabilities - non-current
|
|
170,575
|
|
175,460
|
|
Finance lease
liabilities - non-current
|
|
13,227
|
|
13,874
|
|
Deferred income
taxes
|
|
21,975
|
|
26,175
|
|
Other long-term
liabilities
|
|
54,353
|
|
56,045
|
|
Total
Liabilities
|
|
1,101,545
|
|
1,094,187
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Preferred stock, par
value $.001 per share; 5,000,000 shares
authorized; none issued
|
|
—
|
|
—
|
|
Common stock, par value
$.001; 70,000,000 shares authorized; 24,110,071 and 23,982,132
shares
issued at March 31, 2024 and December 31, 2023,
respectively; 18,754,762 and 18,845,521
shares outstanding at March 31, 2024 and December 31,
2023, respectively
|
|
24
|
|
24
|
|
Additional paid-in
capital
|
|
425,160
|
|
421,502
|
|
Retained
earnings
|
|
799,796
|
|
775,099
|
|
Treasury stock,
5,355,309 and 5,136,611 shares at March 31, 2024 and
December 31, 2023
respectively
|
|
(297,630)
|
|
(267,155)
|
|
Accumulated other
comprehensive loss
|
|
(11,201)
|
|
(11,885)
|
|
Total Stockholders'
Equity
|
|
916,149
|
|
917,585
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
2,017,694
|
|
$
2,011,772
|
|
ICF International,
Inc. and Subsidiaries
|
|
Consolidated
Statements of Cash Flows
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
(in
thousands)
|
|
2024
|
|
2023
|
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
Net income
|
|
$
27,317
|
|
$
16,398
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Provision for credit
losses
|
|
1,347
|
|
567
|
|
Deferred income taxes
and unrecognized income tax benefits
|
|
(4,786)
|
|
2,187
|
|
Non-cash equity
compensation
|
|
3,551
|
|
3,750
|
|
Depreciation and
amortization
|
|
13,865
|
|
15,533
|
|
Gain on divestiture of
a business
|
|
(1,715)
|
|
—
|
|
Other operating
adjustments, net
|
|
46
|
|
393
|
|
Changes in operating
assets and liabilities, net of the effects of
acquisitions:
|
|
|
|
|
|
Net contract assets and
liabilities
|
|
(29,024)
|
|
(18,716)
|
|
Contract
receivables
|
|
1,604
|
|
10,929
|
|
Prepaid expenses and
other assets
|
|
(192)
|
|
15,353
|
|
Operating lease assets
and liabilities, net
|
|
523
|
|
1,016
|
|
Accounts
payable
|
|
(15,119)
|
|
(26,083)
|
|
Accrued salaries and
benefits
|
|
(17,775)
|
|
(24,678)
|
|
Accrued subcontractors
and other direct costs
|
|
3,303
|
|
(2,613)
|
|
Accrued expenses and
other current liabilities
|
|
(3,988)
|
|
(14,688)
|
|
Income tax receivable
and payable
|
|
11,375
|
|
3,192
|
|
Other
liabilities
|
|
(333)
|
|
629
|
|
Net Cash Used in by
Operating Activities
|
|
(10,001)
|
|
(16,831)
|
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
Payments for purchase
of property and equipment and capitalized software
|
|
(5,226)
|
|
(6,441)
|
|
Payments for business
acquisitions, net of cash acquired
|
|
—
|
|
(459)
|
|
Proceeds from
divestiture of a business
|
|
1,715
|
|
—
|
|
Net Cash Used in
Investing Activities
|
|
(3,511)
|
|
(6,900)
|
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
Advances from working
capital facilities
|
|
355,877
|
|
334,995
|
|
Payments on working
capital facilities
|
|
(311,813)
|
|
(293,640)
|
|
Proceeds from other
short-term borrowings
|
|
24,356
|
|
2,483
|
|
Repayments of other
short-term borrowings
|
|
(23,950)
|
|
—
|
|
Receipt of restricted
contract funds
|
|
1,261
|
|
2,916
|
|
Payment of restricted
contract funds
|
|
(3,391)
|
|
(1,131)
|
|
Dividends
paid
|
|
(2,636)
|
|
(2,641)
|
|
Net payments for
stockholder issuances and buybacks
|
|
(30,355)
|
|
(22,815)
|
|
Other financing,
net
|
|
(516)
|
|
(479)
|
|
Net Cash Provided by
Financing Activities
|
|
8,833
|
|
19,688
|
|
Effect of Exchange
Rate Changes on Cash, Cash Equivalents, and Restricted
Cash
|
|
(171)
|
|
11
|
|
|
|
|
|
|
Decrease in Cash,
Cash Equivalents, and Restricted Cash
|
|
(4,850)
|
|
(4,032)
|
|
Cash, Cash
Equivalents, and Restricted Cash, Beginning of
Period
|
|
9,449
|
|
12,968
|
|
Cash, Cash
Equivalents, and Restricted Cash, End of Period
|
|
$
4,599
|
|
$
8,936
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
Interest
|
|
$
7,740
|
|
$
5,924
|
|
Income taxes
|
|
$
1,133
|
|
$
914
|
|
ICF International,
Inc. and Subsidiaries
|
|
Supplemental
Schedule (14)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by client
markets
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2024
|
|
2023
|
|
Energy, environment,
infrastructure, and disaster recovery
|
|
45 %
|
|
39 %
|
|
Health and social
programs
|
|
39 %
|
|
42 %
|
|
Security and other
civilian & commercial
|
|
16 %
|
|
19 %
|
|
Total
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by client
type
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2024
|
|
2023
|
|
U.S. federal
government
|
|
55 %
|
|
55 %
|
|
U.S. state and local
government
|
|
16 %
|
|
16 %
|
|
International
government
|
|
5 %
|
|
4 %
|
|
Government
|
|
76 %
|
|
75 %
|
|
Commercial
|
|
24 %
|
|
25 %
|
|
Total
|
|
100 %
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by contract
mix
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2024
|
|
2023
|
|
Time-and-materials
|
|
42 %
|
|
42 %
|
|
Fixed-price
|
|
45 %
|
|
45 %
|
|
Cost-based
|
|
13 %
|
|
13 %
|
|
Total
|
|
100 %
|
|
100 %
|
|
|
(14)
As is shown in the supplemental schedule,
we track revenue by key metrics that provide useful information
about the nature of our operations. Client markets provide insight
into the breadth of our expertise. Client type is an
indicator of the diversity of our client base. Revenue by
contract mix provides insight in terms of the degree of performance
risk that we have assumed.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/icf-reports-first-quarter-2024-results-302133798.html
SOURCE ICF
