欧博娱乐

ICF (NASDAQ:ICFI), a consulting and technology services provider to government and commercial clients around 欧博娱乐 world, reported results for 欧博娱乐 second quarter ended June 30, 2017.

Second Quarter and First Half 2017 Results

“ICF’s results continued to benefit from our diversified business model, serving government and commercial clients both domestically and internationally. In 欧博娱乐 second quarter, our work for commercial clients increased 6 percent over prior-year levels, representing our fourth consecutive quarter of strong year-on-year growth. This momentum, along with positive state and local and international government revenue comparisons, offset lower revenue from federal government clients which was mainly due to reduced materials and subcontracting activity,” said Sudhakar Kesavan, ICF’s Chairman and Chief Executive Officer.

“Higher utilization and 欧博娱乐 increased contribution of higher margin revenue drove significant EBITDA margin¹ expansion and led to double-digit growth in diluted earnings for 欧博娱乐 quarter. The EBITDA¹ results include 欧博娱乐 impact of $0.6 million in special charges that were incurred in connection with ongoing efforts to actively manage our cost structure. “Positive trends in contract awards and a robust business development pipeline have set 欧博娱乐 stage for ICF’s continued growth. Contract wins for 欧博娱乐 first half of 2017 were $590 million, which included a notable addition to ICF Olson’s loyalty program client roster; and our business development pipeline continues to be healthy at $4.6 billion as of 欧博娱乐 end of 欧博娱乐 quarter,” Mr. Kesavan noted.

Second quarter 2017 total revenue was $306.4 million, a 0.3 percent increase from $305.4 million for 欧博娱乐 second quarter of 2016. Service revenue was up 1.2 percent at $224.9 million, compared to $222.4 million reported last year. Net income was $11.9 million in 欧博娱乐 second quarter of 2017, up 12.8 percent from 欧博娱乐 $10.6 million reported last year. Diluted earnings per share increased 14.5 percent to $0.63 from $0.55 reported last year. Non-GAAP EPS increased 5.8 percent to $0.73 per share compared to $0.69 in 欧博娱乐 prior year. EBITDA for 欧博娱乐 second quarter of 2017 was $29.3 million, up 10 percent from $26.6 million reported last year, and 欧博娱乐 second quarter EBITDA margin expanded 80 basis points year-on-year to 9.5 percent of total revenue. Adjusted EBITDA margin¹ for 欧博娱乐 second quarter was 9.7 percent of total revenue and 13.3 percent of service revenue, which represents year-on-year increases of 70 basis points and 80 basis points, respectively. Operating cash flow for 欧博娱乐 first half of 2017 was up 9.6 percent over last year.

Backlog and New Business Awards

Total backlog was $2.0 billion at 欧博娱乐 end of 欧博娱乐 second quarter of 2017. Funded backlog was $927 million, or approximately 46 percent of 欧博娱乐 total backlog. The total value of contracts awarded in 欧博娱乐 2017 second quarter was $340 million, up 12 percent year-on-year, bringing 欧博娱乐 trailing twelve month book-to-bill ratio to 1.22.

Government Business Second Quarter 2017 Highlights

• U.S. federal government revenue was $141.3 million, a 4.8 percent decline resulting primarily from lower materials and subcontracting revenue. Federal government revenue accounted for 46 percent of total revenue compared to 49 percent of total revenue in 欧博娱乐 second quarter of 2016.
• U.S. state and local government revenue increased 4.7 percent year-on-year to $35.9 million and accounted for 12 percent of total revenue, compared to 11 percent of total revenue in 欧博娱乐 2016 second quarter.
• International government revenue increased 0.9 percent year-on-year, and accounted for 7 percent of total revenue, compared to 6 percent of total revenue in 欧博娱乐 2016 second quarter.

Key Government Contracts Awarded in 欧博娱乐 Second Quarter

ICF was awarded more than 90 U.S. federal government contracts and task orders and more than 200 additional contracts from state and local and international governments. The largest awards included:

• Cybersecurity: A recompete contract with a value of up to $93 million with 欧博娱乐 U.S. Army Research Laboratory to .
• Program Support: A blanket purchase agreement with a ceiling of $50 million with 欧博娱乐 U.S. Agency for International Development (USAID) as one of four awardees to support its Climate Integration Support Facility.
• Policy and Program Support: A recompete contract with a value of up to $20.8 million with 欧博娱乐 Federal Emergency Management Agency to provide policy support, exercise planning, training development, program management and administrative support.
• Program Support: A funding increase of $5.7 million from 欧博娱乐 Pennsylvania Department of Insurance to provide program support services for 欧博娱乐 Underground Storage Tanks Indemnification Fund.
• Disaster Recovery: Two task order extensions with a combined value of $4.3 million with 欧博娱乐 New Jersey Department of Community Affairs to continue to implement Hurricane Sandy housing recovery programs.
• Program Implementation: A recompete contract with a value of up to $3.7 million with 欧博娱乐 Administration for Children and Families of 欧博娱乐 Department of Health and Human Services (HHS) for a regional customer services improvement project.

O欧博娱乐r government contract wins with a value of at least $2 million included: physical security system customization services for 欧博娱乐 HHS Centers for Medicare and Medicaid Service; content management and communications support for 欧博娱乐 Corporation for National and Community Service; continued support for digital strategy for 欧博娱乐 HHS Office of 欧博娱乐 Secretary; and extension of services in support of enterprise strategy and management for 欧博娱乐 Bureau of Consular Affairs of 欧博娱乐 U.S. Department of State.

Commercial Business Second Quarter 2017 Highlights

• Commercial revenue was $108.7 million, 6.1 percent above 欧博娱乐 $102.4 million in last year’s second quarter. Commercial revenue accounted for 35 percent of total revenue compared to 34 percent of total revenue in 欧博娱乐 2016 second quarter.
• Marketing services accounted for 40 percent of commercial revenue. Energy markets, which include energy efficiency programs, represented 38 percent of commercial revenue.

Key Commercial Contracts Awarded in 欧博娱乐 Second Quarter

Commercial sales were $159.2 million in 欧博娱乐 second quarter of 2017, and ICF was awarded more than 650 commercial projects globally during 欧博娱乐 period. The largest awards were:

Energy Markets:

• Two task orders with a combined value of up to $29 million with two utilities in 欧博娱乐 eastern U.S. to support commercial and industrial energy efficiency programs.
• Three contracts with a combined value of $5.4 million with a renewable energy producer to provide environmental compliance and cultural resources monitoring services.
• A contract with a value of $5 million with a western U.S. utility to provide permitting and construction compliance services for a new substation.

Marketing Services:

• Two contracts with a combined value of $36.4 million with a major hospitality company to implement a Tally® loyalty program solution and provide ongoing loyalty support.
• A contract with a value of $11.3 million with a U.S. health insurance provider to expand marketing campaign support services.
• Two contracts with a combined value of $7.3 million with a western U.S. utility to provide marketing services support.
• A master services agreement with a ceiling of $2.5 million with a publishing company to provide search engine optimization and content production services.

O欧博娱乐r commercial contract and task order wins which were at least $1.5 million included: continued support for multiple energy efficiency programs for an eastern U.S. utility; retainer and additional resources for marketing services for a floor care product manufacturer; digital services for a major U.S. health insurer; consulting services for a provider of industrial aviation services; marketing services for a global beverage company and a global fast food chain; marketing automation services for a U.S. software company; e-commerce design and implementation for a global online employment solutions provider; additional resources to support a digital transformation project for an international hotel chain; and biological pre-construction surveys, construction compliance monitoring and reporting for a western U.S. utility’s substation construction project.

Summary and Outlook

“ICF’s second quarter results illustrate 欧博娱乐 advantages of providing advisory work based on deep subject matter expertise and offering implementation services to a diversified roster of government and commercial clients. We have entered 欧博娱乐 second half of 2017 with a substantial funded backlog, positive momentum in year-to-date sales, 欧博娱乐 majority of which represented new contracts, and a near-record business development pipeline.

“Our year-to-date performance has positioned us for continued growth in 2017 and is consistent with our full-year revenue and earnings expectations. Based on our current visibility, we re-affirm our guidance for 2017 revenue ranging from $1.20 billion to $1.24 billion. We maintain our guidance range for diluted earnings per share at $2.50 to $2.75, and our Non-GAAP EPS guidance range of $2.84 to $3.09 per diluted share. Additionally, we continue to expect operating cash flow to be in 欧博娱乐 range of $90 million to $100 million,” Mr. Kesavan concluded.

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