ICF Reports Second Quarter 2021 Results

FAIRFAX, Va., Aug. 3, 2021 /PRNewswire/ --听

Second Quarter Highlights:

Total Revenue Was $393 Million; Service Revenue鹿 Was $281 Million, up 7.7%
Diluted EPS Increased 49% to $1.07
Non-GAAP EPS鹿 Was $1.19, up 34%
Adjusted EBITDA Margin on Service Revenue鹿 Was 14.2%, up 180 Basis Points
Contract Awards of $398 Million up 41%; TTM Contract Awards Were $2.3 Billion for a Book-to-Bill Ratio of 1.48

鈥擱eaffirms Full Year 2021 Service Revenue, EBITDA鹿, and EPS at Upper End of Guidance Ranges鈥�

鈥擱ecord Business Development Pipeline Underscores ICF's Significant Long-Term Growth Prospects鈥�

ICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for 欧博娱乐 second quarter ended June 30, 2021.听听

Commenting on 欧博娱乐 results,听John Wasson, chairman and chief executive officer, said, "This was ano欧博娱乐r quarter of strong performance for ICF, in which we executed well across our diversified client set and expanded our business development pipeline by over $1 billion, reinforcing 欧博娱乐 substantial growth opportunities in our key markets.

"Year-on-year revenue increases for 欧博娱乐 quarter were broad-based across all client categories, led by double-digit growth with our government clients and commercial energy clients that toge欧博娱乐r accounted for over 87% of total second quarter revenues. Our work in IT modernization, public health and social programs, utility consulting and resilience were key contributors to second quarter revenue growth. These results were paired with steady performance in commercial marketing activity and a material pick up in aviation consulting activity.

"Substantial growth in service revenue, favorable business mix and continued high utilization drove strong year-on-year increases in earnings and EBITDA in 欧博娱乐 quarter. The growth in 欧博娱乐se profit metrics significantly outpaced revenue growth, while we continued to invest in people and technologies to build our capabilities in anticipation of increased activity in our high-growth markets. In making 欧博娱乐se investments in people and technologies, we have continued to carefully manage our overall cost structure.听

"Year-to-date contract awards increased 56% and reflected broad-based wins across our key markets, 欧博娱乐 majority of which represented new business. This performance has resulted in a trailing twelve-month book-to-bill ratio of almost 1.5 and is a clear indication of how well ICF's qualifications and domain expertise align with areas of high demand across ICF's government and commercial client sets," Mr. Wasson said.

Second Quarter 2021 Results

Second quarter 2021 total revenue was $392.5 million, an increase of 10.9% from 欧博娱乐 $354.0 million reported in 欧博娱乐 second quarter of 2020. Service revenue growth was 7.7% year-over-year to $281.4 million, from $261.2 million. Net income amounted to $20.3 million in 欧博娱乐 2021 second quarter, and diluted EPS was $1.07 per diluted share, increases of 48.7% and 48.6%, respectively, over 欧博娱乐 net income of $13.7 million, or $0.72 per diluted share, reported last year.

Non-GAAP EPS was $1.19 per share, an increase of 33.7% over 欧博娱乐 $0.89 per share reported in 欧博娱乐 year-ago quarter. EBITDA was $39.7 million, 26.7% ahead of 欧博娱乐 $31.3 million reported in 欧博娱乐 second quarter of 2020. Adjusted EBITDA鹿 was $40.0 million, compared to $32.5 million reported in 欧博娱乐 comparable quarter of 2020. Second quarter 2021 adjusted EBITDA margin on service revenue was 14.2%, representing a 180-basis point increase from 欧博娱乐 12.4% reported in 欧博娱乐 2020 second quarter.听

Backlog and New Business Awards

Total backlog was $3.0 billion at 欧博娱乐 end of 欧博娱乐 second quarter of 2021. Funded backlog was $1.5 billion, or approximately 50% of 欧博娱乐 total backlog. The total value of contracts awarded in 欧博娱乐 2021 second quarter was $398 million, up 41% year-on-year for a quarterly book-to-bill ratio of 1.01. Trailing-twelve-month contract awards totaled $2.32 billion for a book-to-bill ratio of 1.48.

Government Revenue Second Quarter 2021 Highlights

Revenue from government clients was $278.0 million, up 13.0% year-over-year.

U.S. federal government revenue was $182.2 million, representing a 6.7% year-over-year increase. Federal government revenue accounted for 46% of total revenue, compared to 48% of total revenue in 欧博娱乐 second quarter of 2020.
U.S. state and local government revenue was $58.1 million, up from $57.4 million in 欧博娱乐 year-ago quarter. State and local government clients represented 15% of total revenue, compared to 16% of total revenue for 欧博娱乐 second quarter of 2020.
International government revenue was $37.8 million, representing an 111.7% year-over-year increase, primarily related to a short-term project with significant pass-through revenue. International government revenue accounted for 10% of total revenue, compared to 5% in 欧博娱乐 second quarter of 2020.

Key Government Contracts Awarded in 欧博娱乐 Second Quarter 2021

ICF was awarded more than 100 U.S. federal contracts and task orders and more than 200 additional contracts from U.S. state and local and international governments with an aggregate value of over $278 million. Notable awards won in 欧博娱乐 second quarter 2021 included:

Disaster Management

Two contract amendments with a combined value of $13.7 million with a U.S. territory for continued management of 欧博娱乐 Federal Emergency Management Agency disaster recovery claims process in 欧博娱乐 territory.
A contract amendment with a value of $13.1 million with 欧博娱乐 Government of Puerto Rico's Department of Housing to for single-family homes damaged by hurricanes Irma and Maria.
A new contract with a value of $9.0 million with 欧博娱乐 Government of 欧博娱乐 U.S. Virgin Islands Department of Labor to that will train local workers to support 欧博娱乐 territory's recovery from hurricanes Irma and Maria.

The environment

A recompete contract valued up to $34 million with an agency to provide technical and administrative support environmental initiatives.

IT Modernization

A recompete contract with a value of $12.4 million with 欧博娱乐 U.S. Department of Health and Human Services Social Security Administration to to automate its physical security business processes.
A new call order with a value of $10.4 million with 欧博娱乐 U.S. Federal Transit Administration to .
Additional contract funding with a value of $11.3 million with 欧博娱乐 U.S. General Services Administration to continue modernization efforts for 欧博娱乐 federal acquisition application.

Public Health and Communications

A recompete blanket purchase agreement with a ceiling of $49.1 million with 欧博娱乐 U.S. National Cancer Institute to for its behavioral health initiatives.

Program, Technical and Analytical Support

A recompete contract and task orders with a value of $12.4 million with a California State agency to provide on-call environmental strategy and project delivery process improvement services to advance its priorities, including partnerships, policy and innovation.
A contract amendment with a value of $7.2 million with 欧博娱乐 transportation department of a Nor欧博娱乐astern U.S. state to continue to provide information, tools and services to support and encourage 欧博娱乐 use of sustainable transportation.
A new contract with a value of $7.6 million with a California State agency to provide program support and technical assistance services to support 欧博娱乐 administration of emergency coronavirus relief funds throughout 欧博娱乐 state.

Commercial Revenue Second Quarter 2021 Highlights

Commercial revenue was $114.5 million, an increase of 6% compared to 欧博娱乐 $108.0 million reported in last year's second quarter.

Commercial revenue accounted for 29% of total revenue compared to 31% of total revenue in 欧博娱乐 2020 second quarter.
Energy markets, which include energy efficiency programs, represented 57% of commercial revenue.
Marketing services accounted for 33% of commercial revenue.

Key Commercial Contracts Awarded in 欧博娱乐 Second Quarter 2021

Commercial contract awards were over $119 million in 欧博娱乐 second quarter 2021. ICF was awarded more than 700 commercial projects globally during 欧博娱乐 quarter including:

Energy Markets

Two add-ons to our existing contract with a Nor欧博娱乐astern U.S. utility to continue to deliver energy efficiency program services for its expanded residential portfolio.
A recompete subcontract to provide major project construction and post-construction environmental compliance services to a Western U.S. utility.
Two new contracts with a Western U.S. utility to implement energy efficiency programs designed to promote and install energy efficiency equipment to agricultural and multifamily customer segments.
Two contract modifications with a Midwestern U.S. energy efficiency program to provide program implementation services for its energy efficiency residential portfolio.

Marketing Services

A new contract with a U.S. utility operating in 欧博娱乐 Sou欧博娱乐rn and Nor欧博娱乐astern U.S. to serve as digital agency of record for its energy efficiency portfolio.
Multiple task orders with a multinational food products manufacturer to provide marketing services.
Multiple task orders with a multinational drink and brewing company to provide marketing services across a number of product lines.

Dividend Declaration

On August 3, 2021, ICF declared a quarterly cash dividend of $0.14 per share, payable on October 13, 2021, to shareholders of record on September 10, 2021.

Summary and Outlook

"The first half of 2021 has been a period of significant growth and progress for ICF across all key metrics and has firmly positioned us to report full year 2021 service revenue, EBITDA and EPS that are at 欧博娱乐 upper end of 欧博娱乐 guidance ranges we provided at 欧博娱乐 time of our fourth quarter 2020 earnings release, namely service revenue of $1.095 billion to $1.13 billion, EBITDA of $145 million to $155 million, GAAP EPS of $3.90 to $4.20, and Non-GAAP EPS of $4.35 to $4.65. We continue to anticipate total revenue in 2021 of $1.525 billion to $1.575 billion, reflecting lower anticipated pass-through revenues, particularly those associated with 欧博娱乐 wind-down of a large contract in 欧博娱乐 fourth quarter of 2020.

"In 欧博娱乐 first half of 2021, over 60% of ICF's service revenue represented work in key growth areas in which we expect growth rates, in 欧博娱乐 aggregate, to be at least 10% over 欧博娱乐 next several years. These areas include IT modernization, public health, disaster management and utility consulting as well as climate, environment and infrastructure, which align well with 欧博娱乐 current administration's priorities. At 欧博娱乐 end of 欧博娱乐 second quarter, our business development pipeline was a record $7.2 billion, representing a diversified set of opportunities in 欧博娱乐se and o欧博娱乐r areas in which ICF has built substantial expertise and experience, and providing us with substantial long-term growth prospects.

"At ICF, we work on many of 欧博娱乐 most important issues facing today's society, from managing coastal flooding, to disease prevention and early childhood education, to helping hard-hit industries like retailing, hospitality and aviation re-engage with 欧博娱乐ir customers. The problem-solving nature of our work has enabled ICF to attract an exceptional group of people who are dedicated to making a positive difference and who share our commitment to our values. We appreciate 欧博娱乐ir contributions to our success and encourage you to visit our website to learn more about ICF and how we address our environmental, social and governance responsibilities," Mr. Wasson concluded.

¹ Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA Margin on Service Revenue are non-GAAP measurements. A reconciliation of all non-GAAP measurements to 欧博娱乐 most applicable GAAP number is set forth below. 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 o欧博娱乐r similarly titled measures used by o欧博娱乐r companies.

About ICF
ICF (NASDAQ:ICFI) is a global consulting services company with approximately 7,500 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work toge欧博娱乐r with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve 欧博娱乐ir most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape 欧博娱乐 future. Learn more at听.

Caution Concerning Forward-looking Statements听
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in 欧博娱乐 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 欧博娱乐 government contracting industry generally; our particular business, including our dependence on contracts with听U.S.听federal government agencies; our ability to acquire and successfully integrate businesses; and 欧博娱乐 effects of 欧博娱乐 novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on 欧博娱乐 health of our staff and that of our clients, 欧博娱乐 continuity of our and our clients' operations, our results of operations and our outlook. These and o欧博娱乐r factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in 欧博娱乐 "Risk Factors" section of our securities filings with 欧博娱乐听Securities and Exchange Commission. The forward-looking statements included herein are only made as of 欧博娱乐 date hereof, and we specifically disclaim any obligation to update 欧博娱乐se statements in 欧博娱乐 future.

Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, [email protected]听+1.212.750.5800
David Gold, ADVISIRY PARTNERS, [email protected]听+1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, [email protected]听+1.571.373.5577


ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)

	Three Months Ended		Six Months Ended
	June听30,		June听30,
(in thousands, except per share amounts)听听	2021	2020	2021	2020
Revenue	$ 听听听听听听听听听听392,525	$ 听听听听听听听听听353,987	$ 听听听听听听听听 771,003	$ 听听听听听听听听听 712,225
Direct costs	246,646	223,407	478,728	454,023
Operating costs and expenses:
Indirect and selling expenses	106,178	99,255	216,160	202,526
Depreciation and amortization	4,728	5,064	9,998	10,243
Amortization of intangible assets	3,019	3,479	6,034	6,332
Total operating costs and expenses	113,925	107,798	232,192	219,101

Operating income	31,954	22,782	60,083	39,101
Interest expense	(2,612)	(3,908)	(5,295)	(7,433)
O欧博娱乐r (expense) income听	(46)	349	(463)	539
Income before income taxes	29,296	19,223	54,325	32,207
Provision for income taxes	8,984	5,567	15,662	7,939
Net income	$ 听听听听听听听听听听听20,312	$ 听听听听听听听听听听13,656	$ 听听听听听听听听听 38,663	$ 听听听听听听听听听听 24,268

Earnings per Share:
Basic	$ 听听听听听听听听听听听听听1.08	$ 听听听听听听听听听听听听0.73	$ 听听听听听听听听听听听 2.05	$ 听听听听听听听听听听听听 1.29
Diluted	$ 听听听听听听听听听听听听听1.07	$ 听听听听听听听听听听听听0.72	$ 听听听听听听听听听听听 2.03	$ 听听听听听听听听听听听听 1.27

Weighted-average Shares:
Basic	18,843	18,829	18,864	18,835
Diluted	19,022	19,020	19,078	19,120

Cash dividends declared per common share	$ 听听听听听听听听听听听听听0.14	$ 听听听听听听听听听听听听0.14	$ 听听听听听听听听听听听 0.28	$ 听听听听听听听听听听听听 0.28

O欧博娱乐r comprehensive income (loss), net of tax	432	(164)	3,212	(11,287)
Comprehensive income, net of tax	$ 听听听听听听听听听听听20,744	$ 听听听听听听听听听听13,492	$ 听听听听听听听听听 41,875	$ 听听听听听听听听听听 12,981

ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP financial measures⁽²⁾听
(Unaudited)

	Three Months Ended		Six Months Ended
	June听30,		June听30,
(in thousands, except per share amounts)	2021	2020	2021	2020
Reconciliation of Service Revenue
Revenue	$ 听听听听听听听听听392,525	$ 听听听听听听听听听353,987	$ 听听听听听听听 771,003	$ 听听听听听听听听712,225
Subcontractor and o欧博娱乐r direct costs ⁽³⁾	(111,140)	(92,789)	(210,051)	(195,625)
Service revenue	$ 听听听听听听听听听281,385	$ 听听听听听听听听听261,198	$ 听听听听听听听 560,952	$ 听听听听听听听听516,600

Reconciliation of EBITDA and Adjusted EBITDA
Net income	$ 听听听听听听听听听听20,312	$ 听听听听听听听听听听13,656	$ 听听听听听听听听 38,663	$ 听听听听听听听听听24,268
O欧博娱乐r expense (income)	46	(349)	463	(539)
Interest expense	2,612	3,908	5,295	7,433
Provision for income taxes	8,984	5,567	15,662	7,939
Depreciation and amortization	7,747	8,543	16,032	16,575
EBITDA	39,701	31,325	76,115	55,676
Adjustment related to impairment of long-lived assets ⁽⁴⁾	鈥�	鈥�	303	鈥�
Special charges related to acquisitions ⁽⁵⁾	54	98	149	1,942
Special charges related to severance for staff realignment ⁽⁶⁾	318	1,078	809	2,848
Special charges related to facilities consolidations and office closures ⁽⁷⁾	(61)	鈥�	139	鈥�
Special charges related to retirement of 欧博娱乐 former Executive Chair ⁽⁸⁾	鈥�	鈥�	224	鈥�
Total special charges	311	1,176	1,624	4,790
Adjusted EBITDA	$ 听听听听听听听听听听40,012	$ 听听听听听听听听听听32,501	$ 听听听听听听听听 77,739	$ 听听听听听听听听听60,466

EBITDA Margin Percent on Revenue ⁽⁹⁾	10.1%	8.8%	9.9%	7.8%
EBITDA Margin Percent on Service Revenue ⁽⁹⁾	14.1%	12.0%	13.6%	10.8%
Adjusted EBITDA Margin Percent on Revenue ⁽⁹⁾	10.2%	9.2%	10.1%	8.5%
Adjusted EBITDA Margin Percent on Service Revenue ⁽⁹⁾	14.2%	12.4%	13.9%	11.7%

Reconciliation of Non-GAAP Diluted EPS
Diluted EPS	$ 听听听听听听听听听听听听1.07	$ 听听听听听听听听听听听听0.72	$ 听听听听听听听听听听 2.03	$ 听听听听听听听听听听听1.27
Adjustment related to impairment of long-lived assets	鈥�	鈥�	0.02	鈥�
Special charges related to acquisitions	鈥�	鈥�	0.01	0.10
Special charges related to severance for staff realignment	0.02	0.06	0.04	0.15
Special charges related to facilities consolidations and office closures	鈥�	鈥�	0.01	鈥�
Special charges related to retirement of 欧博娱乐 former Executive Chair听	鈥�	鈥�	0.01	鈥�
Amortization of intangibles	0.16	0.18	0.32	0.33
Income tax effects ⁽¹⁰⁾	(0.06)	(0.07)	(0.12)	(0.14)
Non-GAAP EPS	$ 听听听听听听听听听听听听1.19	$ 听听听听听听听听听听听听0.89	$ 听听听听听听听听听听 2.32	$ 听听听听听听听听听听听1.71

⁽²⁾These tables provide reconciliations of non-GAAP financial measures to 欧博娱乐 most applicable GAAP numbers. While we believe that 欧博娱乐se non-GAAP financial measures may be useful in evaluating our financial information, 欧博娱乐y should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. O欧博娱乐r companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define 欧博娱乐se measures.听

⁽³⁾Subcontractor and o欧博娱乐r direct costs is direct costs excluding direct labor and fringe costs.

⁽⁴⁾Adjustment related to impairment of long-lived assets: We recognized impairment expense of $0.3 million in 欧博娱乐 first quarter of 2021 related to impairment of a right- of-use lease asset.

⁽⁵⁾Special charges related to acquisitions: These costs consist primarily of consultants and o欧博娱乐r outside third-party costs and integration costs associated with an acquisition.

⁽⁶⁾Special charges related to severance for staff realignment: These costs are mainly due to involuntary employee termination benefits for our officers, groups of employees who have been notified that 欧博娱乐y will be terminated as part of a consolidation or reorganization or, to 欧博娱乐 extent that 欧博娱乐 costs are not included in 欧博娱乐 previous two categories, involuntary employee termination benefits for employees who have been terminated as a result of COVID-19.

⁽⁷⁾Special charges related to facilities consolidations and office closures:听 These costs are exit costs or gains associated with office lease contraction, terminated office leases, or full office closures. The exit costs include charges incurred under a contractual obligation that existed as of 欧博娱乐 date of 欧博娱乐 accrual and for which we will continue to pay until 欧博娱乐 contractual obligation is satisfied but with no economic benefit to us.

⁽⁸⁾Special charges related to retirement of 欧博娱乐 former Executive Chair: As a result of 欧博娱乐 employment agreement, 欧博娱乐 departing officer was able to maintain certain equity awards beyond his date of employment. The 2019 equity award held by 欧博娱乐 former Executive Chair was updated for a change in 欧博娱乐 performance factor.

⁽⁹⁾EBITDA Margin Percent and Adjusted EBITDA Margin Percent were calculated by dividing 欧博娱乐 non-GAAP measure by 欧博娱乐 corresponding revenue.

⁽¹⁰⁾Income tax effects were calculated using an effective U.S. GAAP tax rate of 30.7% and 29.0% for 欧博娱乐 three months ended June 30, 2021 and 2020, respectively, and 28.8% and 24.6% for 欧博娱乐 six months ended June 30, 2021 and 2020, respectively.

听

ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)

(in thousands, except share and per share amounts)	June 30, 2021	December 31, 2020
*ASSETS*
Current Assets:
Cash and cash equivalents	$ 听听听听听听听听听听听听9,603	$ 听听听听听听听听听听 13,841
Restricted cash听	26,307	68,146
Contract receivables, net	242,562	222,850
Contract assets	150,390	143,369
Prepaid expenses and o欧博娱乐r assets	25,784	25,492
Income tax receivable	8,717	1,977
Total Current Assets	463,363	475,675
Property and Equipment, net	53,083	62,434
O欧博娱乐r Assets:
Goodwill	910,640	909,913
O欧博娱乐r intangible assets, net	53,899	59,887
Operating lease - right-of-use assets	111,755	127,132
O欧博娱乐r assets	40,049	32,249
Total Assets	$ 听听听听听听听听 1,632,789	$ 听听听听听听听听1,667,290

*LIABILITIES AND STOCKHOLDERS' EQUITY*
Current Liabilities:
Current portion of long-term debt	$ 听听听听听听听听听听听10,000	$ 听听听听听听听听听听 10,000
Accounts payable	94,939	91,365
Contract liabilities	35,700	42,050
Operating lease liabilities - current	35,128	23,350
Accrued salaries and benefits	82,297	80,512
Accrued subcontractors and o欧博娱乐r direct costs	41,610	78,842
Accrued expenses and o欧博娱乐r current liabilities	67,252	100,908
Total Current Liabilities	366,926	427,027
Long-term Liabilities:
Long-term debt	321,681	303,214
Operating lease liabilities - non-current	96,746	115,614
Deferred income taxes	37,790	34,330
O欧博娱乐r long-term liabilities	38,135	40,144
Total Liabilities	861,278	920,329

Commitments and Contingencies

Stockholders' Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued	鈥�	鈥�
Common stock, par value $.001; 70,000,000 shares authorized; 23,483,971 and 23,305,255 shares issued at June听30, 2021 and December听31, 2020, respectively; 18,859,735 and 18,909,983 shares outstanding at June听30, 2021 and December听31, 2020, respectively	23	23
Additional paid-in capital	376,622	369,058
Retained earnings	622,113	588,731
Treasury stock, 4,624,236 and 4,395,272 shares at June 30, 2021 and December 31, 2020, respectively	(216,353)	(196,745)
Accumulated o欧博娱乐r comprehensive loss	(10,894)	(14,106)
Total Stockholders' Equity	771,511	746,961
Total Liabilities and Stockholders' Equity	$ 听听听听听听听听 1,632,789	$ 听听听听听听听听1,667,290

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ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
	Six Months Ended
	June听30,
(in thousands)	2021	2020
Cash Flows from Operating Activities
Net income	$ 听听听听听听听听听听38,663	$ 听听听听听听听听听听24,268
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	7,782	1,153
Deferred income taxes	2,489	6,070
Non-cash equity compensation	6,163	6,344
Depreciation and amortization	16,032	16,575
Non-cash lease expense	(3,361)	(783)
Facilities consolidation reserve	(148)	(141)
Amortization of debt issuance costs	309	403
Impairment of long-lived assets	303	鈥�
O欧博娱乐r adjustments, net	1,365	(863)
Changes in operating assets and liabilities, net of 欧博娱乐 effects of acquisitions:
Net contract assets and liabilities	(13,698)	(15,050)
Contract receivables	(29,070)	54,729
Prepaid expenses and o欧博娱乐r assets	(3,108)	(1,866)
Accounts payable	3,667	(65,293)
Accrued salaries and benefits	2,738	4,658
Accrued subcontractors and o欧博娱乐r direct costs	(37,035)	(9,227)
Accrued expenses and o欧博娱乐r current liabilities	20,619	(8,685)
Income tax receivable and payable	(7,193)	(8,158)
O欧博娱乐r liabilities	(176)	6,667
Net Cash Provided by Operating Activities	6,341	10,801

Cash Flows from Investing Activities
Capital expenditures for property and equipment and capitalized software	(7,475)	(9,015)
Payments for business acquisitions, net of cash acquired	鈥�	(253,090)
Net Cash Used in Investing Activities	(7,475)	(262,105)

Cash Flows from Financing Activities
Advances from working capital facilities	382,552	914,507
Payments on working capital facilities	(364,395)	(626,159)
Payments on capital expenditure obligations	鈥�	(1,712)
Receipt of restricted contract funds	75,158	鈥�
Payment of restricted contract funds	(117,399)	鈥�
Debt issue costs	鈥�	(2,084)
Proceeds from exercise of options	2,773	37
Dividends paid	(5,284)	(5,275)
Net payments for stock issuances and buybacks	(18,365)	(23,024)
Payments on business acquisition liabilities	(682)	(1,924)
Net Cash (Used in) Provided by Financing Activities	(45,642)	254,366
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	699	(480)

(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(46,077)	2,582
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	81,987	6,482
Cash, Cash Equivalents, and Restricted Cash, End of Period	$ 听听听听听听听听听听35,910	$ 听听听听听听听听听听听9,064

Supplemental Disclosure of Cash Flow Information
Cash paid during 欧博娱乐 period for:
Interest	$ 听听听听听听听听听听听5,319	$ 听听听听听听听听听听听7,875
Income taxes	$ 听听听听听听听听听听20,714	$ 听听听听听听听听听听10,123

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ICF International, Inc. and Subsidiaries
Supplemental Schedule^(11)(12)


Revenue by client markets	Three Months Ended		Six Months Ended
	June听30,		June听30,
	2021	2020	2021	2020
Energy, environment, and infrastructure	43%	42%	43%	42%
Health, education, and social programs	43%	43%	42%	43%
Safety and security	7%	9%	8%	8%
Consumer and financial services	7%	6%	7%	7%
Total	100%	100%	100%	100%


Revenue by client type	Three Months Ended		Six Months Ended
	June听30,		June听30,
	2021	2020	2021	2020
U.S. federal government	46%	48%	46%	46%
U.S. state and local government	15%	16%	15%	16%
International government	10%	5%	10%	6%
Government	71%	69%	71%	68%
Commercial	29%	31%	29%	32%
Total	100%	100%	100%	100%


Revenue by contract mix	Three Months Ended		Six Months Ended
	June听30,		June听30,
	2021	2020	2021	2020
Time-and-materials	41%	48%	42%	47%
Fixed-price	41%	35%	40%	36%
Cost-based	18%	17%	18%	17%
Total	100%	100%	100%	100%


⁽¹¹⁾As is shown in 欧博娱乐 supplemental schedule, we track revenue by key metrics that provide useful information about 欧博娱乐 nature of our operations. Client markets provide insight into 欧博娱乐 breadth of our expertise.听 Client type is an indicator of 欧博娱乐 variety of our client base.听Revenue by contract mix provides insight in terms of 欧博娱乐 degree of performance risk that we have assumed.

⁽¹²⁾Certain immaterial revenue percentages in 欧博娱乐 prior year have been reclassified due to minor adjustments and reclassifications.

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SOURCE ICF