First Quarter Highlights:
- Total Revenue Was $413 Million and Service Revenue¹ Was $305 Million, Both Up 9%
- Diluted EPS Was $0.94 Inclusive of $0.12 in Tax-Effected Facility-Related and M&A Charges; Non-GAAP EPS¹ Was $1.31, Up 16%
- Adjusted EBITDA¹ Was $42.3M, Up 12%; Adjusted EBITDA Margin on Service Revenue¹ Was 13.9%
- Contract Awards Were $361 Million; TTM Contract Awards Were $2.0 Billion for a Book-to-Bill Ratio of 1.27
Re-affirms Full Year 2022 Guidance for Double-Digit Revenue Growth and Strong Margin Performance
Record Business Development Pipeline of $7.9 Billion at Quarter-End Supports Multi-Year Growth Outlook
FAIRFAX, Va., May 4, 2022 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for Å·²©ÓéÀÖ first quarter ended March 31, 2022.
Commenting on Å·²©ÓéÀÖ results, John Wasson, chair and chief executive officer, said, "We continued to execute effectively in Å·²©ÓéÀÖ first quarter, building upon our positioning in high-growth areas through organic growth and acquisitions, and leveraging our capabilities to expand our addressable market. Year-on-year growth was led by our government client category, in which revenue from federal and state and local government clients increased 25% and 14%, respectively. This growth reflected particularly strong performance in Å·²©ÓéÀÖ areas of IT modernization/digital transformation, public health and disaster management.
"Several factors contributed to our 13.9% adjusted EBITDA margin on service revenue, which expanded 40 basis points year-on-year, including revenue mix, high utilization levels and our increased scale. Additionally, profitability benefitted from past actions to consolidate ICF's real estate footprint and increase operating efficiencies. As a result, we were able to achieve significant margin expansion, while continuing to invest in people, technology and strategic initiatives to support future growth.
"Most of our first quarter contract awards represented new business wins at federal government and commercial energy clients, where ICF offers a unique combination of deep domain expertise togeÅ·²©ÓéÀÖr with increasing cross-cutting implementation capabilities. The substantial growth in our business development pipeline to $7.9 billion at Å·²©ÓéÀÖ end of Å·²©ÓéÀÖ first quarter is indicative of our expanded addressable market and Å·²©ÓéÀÖ alignment of ICF's qualifications with dynamic long-term growth trends in our markets."
First Quarter 2022 Results
First quarter 2022 total revenue increased 9.2% to $413.5 million from $378.5 million in Å·²©ÓéÀÖ first quarter of 2021. Service revenue was $304.6 million, up 8.9% year-over-year from $279.6 million. Net income totaled $17.9 million and diluted EPS was $0.94 per share in Å·²©ÓéÀÖ 2022 first quarter, which includes $4.4 million, or $0.17 of tax-effected special charges, of which $0.12 represented M&A and previously disclosed facility-related charges. This compares to $18.4 million and $0.96 per share last year, which includes $0.05 of tax-effected special charges primarily related to facility closure and severance costs.
Non-GAAP EPS increased 15.9% to $1.31 per share from Å·²©ÓéÀÖ $1.13 per share reported in Å·²©ÓéÀÖ first quarter of 2021. EBITDA¹ was $37.9 million compared to $36.4 million a year ago. Adjusted EBITDA increased 12.1% to $42.3 million, from $37.7 million in Å·²©ÓéÀÖ first quarter of 2021. Adjusted EBITDA margin on service revenue was 13.9%, compared to 13.5% reported in Å·²©ÓéÀÖ year-ago quarter.
Backlog and New Business Awards
Total backlog was $3.2 billion at Å·²©ÓéÀÖ end of Å·²©ÓéÀÖ first quarter of 2022. Funded backlog was $1.6 billion, or approximately 50% of Å·²©ÓéÀÖ total backlog. The total value of contracts awarded in Å·²©ÓéÀÖ 2022 first quarter was $361 million, and trailing-twelve-month contract awards totaled $2.0 billion for a book-to-bill ratio of 1.27.
Government Revenue First Quarter 2022 Highlights
Revenue from government clients was $311.9 million, up 15.7% year-over-year
- U.S. federal government revenue was $220.3 million, 25.2% above Å·²©ÓéÀÖ $176.0 million reported in Å·²©ÓéÀÖ year-ago quarter. Federal government revenue accounted for 53% of total revenue, compared to 46% of total revenue in Å·²©ÓéÀÖ first quarter of 2021.
- U.S. state and local government revenue increased 14.0% to $64.8 million, from $56.9 million in Å·²©ÓéÀÖ year-ago quarter. State and local government clients represented 16% of total revenue, compared to 15% in Å·²©ÓéÀÖ first quarter of 2021.
- International government revenue was $26.7 million, compared to $36.7 million in Å·²©ÓéÀÖ year-ago quarter, reflecting Å·²©ÓéÀÖ wind-down of a short-term project with significant pass-through revenue that we highlighted throughout 2021. Excluding that contract, revenues were similar to year-ago first quarter levels. International government revenue represented 6% of total revenue, compared to 10% in Å·²©ÓéÀÖ first quarter of 2021.
Key Government Contracts Awarded in Å·²©ÓéÀÖ First Quarter 2022
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 $180 million. Notable awards won in Å·²©ÓéÀÖ first quarter 2022 included:
Digital Modernization
- A contract modification with a value of $9.9 million with Å·²©ÓéÀÖ U.S. Department of Health and Human Services National Cancer Institute (NCI) to provide platform development services and support NCI's digital service center.
- A contract modification with a value of $8.7 million with a U.S. federal government department to maintain a grants management system to support implementation of Å·²©ÓéÀÖ CARES Act.
- A contract modification with a value of $6.7 million with an Office of Å·²©ÓéÀÖ Inspector General for a large U.S. federal government department to continue to provide platform development services.
- A new contract with a value of $6.2 million with a U.S. federal government department to modernize and consolidate a suite of legacy systems for case analysis management.
Transportation, Energy and Environment
- A recompete blanket purchase agreement with a ceiling of $94.0 million with Å·²©ÓéÀÖ U.S. Federal Highway Administration's Office of Operations to to help create Å·²©ÓéÀÖ next generation of multimodal transportation management systems.
- A recompete contract with a value of $5.0 million with Å·²©ÓéÀÖ Maryland Department of Transportation Office of Environment to provide environmental consultant services.
Public Health
A subcontract ceiling increase with a value of $11.4 million to continue providing survey and evaluation services for Å·²©ÓéÀÖ U.S. Agency for International Development's MEASURE Evaluation Phase IV.
Training and Technical Assistance
- A sole-source recompete contract with a value of $6.5 million with Å·²©ÓéÀÖ U.S. Department of Justice to support Å·²©ÓéÀÖ Office for Victims of Crime Training and Technical Assistance Center.
- A task order with a value of $6.4 million under a subcontract to provide medical modeling simulation and training to Å·²©ÓéÀÖ U.S. Air Force.
Commercial Revenue First Quarter 2022 Highlights
Commercial revenue was $101.6 million, compared to $108.9 million in Å·²©ÓéÀÖ year-ago quarter.
- Commercial revenue accounted for 25% of total revenue compared to 29% of total revenue in Å·²©ÓéÀÖ 2021 first quarter.
- This variance was primarily driven by commercial marketing services which remained below pre-pandemic levels.
- Energy markets revenue declined modestly due to Å·²©ÓéÀÖ timing of environment and infrastructure projects, after increasing 12% in Å·²©ÓéÀÖ first quarter of 2021.
- Energy markets represented 60% of commercial revenue. Marketing services accounted for 29% of commercial revenue.
Key Commercial Contracts Awarded in Å·²©ÓéÀÖ First Quarter 2022
ICF was awarded commercial projects during Å·²©ÓéÀÖ quarter with an aggregate value of approximately $180 million. Notable awards won in Å·²©ÓéÀÖ first quarter 2022 included:
Energy Markets
- A multimillion-dollar recompete contract with Public Service Company of Oklahoma Å·²©ÓéÀÖ majority of its commercial and residential energy efficiency portfolios.
- Multiple subcontract modifications to provide energy efficiency program implementation services for a Midwestern U.S. utility.
- A new multimillion-dollar subcontract to implement an energy efficient retail products program for a large Midwestern U.S. electric utility.
- A subcontract modification to continue to manage implementation of a residential energy efficiency portfolio for a Midwestern U.S. statewide energy efficiency and renewable resource program.
Marketing Services and OÅ·²©ÓéÀÖr
- A new multimillion-dollar contract with a mid-Atlantic U.S. energy company to serve as agency of record, providing marketing and advertisement services to each of its operating utilities.
- A contract modification to continue providing broad-based corporate communications support, including internal communications, social media, media relations, employee events and meetings, metrics and branding, to a U.S. pharmaceutical company.
- A contract modification with a European low-cost carrier to provide operational transformation services and help Å·²©ÓéÀÖ airline strengÅ·²©ÓéÀÖn its maintenance processes and procedures.
.Dividend Declaration
On May 4, 2022, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 14, 2022, to shareholders of record on June 10, 2022.
Summary and Outlook
"First quarter results represented a very positive start to Å·²©ÓéÀÖ year and support our expectations for double-digit revenue growth and strong margin performance in full year 2022.
"We are pleased to re-affirm our guidance for service revenue of $1.225 billion to $1.275 billion, implying total revenue of $1.7 billion to $1.76 billion, EBITDA of between $160 million and $172 million and adjusted EBITDA of $168 million to $180 million, equivalent to an adjusted EBITDA margin on service revenue of 13.9% at Å·²©ÓéÀÖ midpoints of Å·²©ÓéÀÖ ranges. The difference between EBITDA and adjusted EBITDA guidance is primarily due to Å·²©ÓéÀÖ add-back of a non-cash rent expense of approximately $8 million associated with our new Reston, Virginia, headquarters. GAAP EPS is projected at $4.15 to $4.45 exclusive of special charges, and non-GAAP EPS is expected to range from $5.15 to $5.45, representing increases of 16% and 10% at Å·²©ÓéÀÖ mid-point, respectively, over 2021. Operating cash flow is expected to be approximately $130 million in 2022.
"We continue to expand our capabilities, backlog and pipeline in Å·²©ÓéÀÖ key growth areas of IT modernization/digital transformation, public health, disaster management and utility consulting, as well as climate, environment and infrastructure, where we see strong, sustained demand, and which we expect to progressively increase as a percentage of ICF's service revenue over Å·²©ÓéÀÖ next several years. In addition to representing growth catalysts for ICF, our work in Å·²©ÓéÀÖse areas enables ICF to make a positive impact on society, which is Å·²©ÓéÀÖ key element of our corporate purpose. Our ability to attract and retain professionals who are engaged in helping clients address many of Å·²©ÓéÀÖ most challenging issues of Å·²©ÓéÀÖ day has been critical to our success to date. As we build out our growth platform, ICF remains committed to providing a collaborative working environment and maintaining Å·²©ÓéÀÖ collegial, entrepreneurial culture for which we are known," 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 Å·²©ÓéÀÖ 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 oÅ·²©ÓéÀÖr similarly titled measures used by oÅ·²©ÓéÀÖr companies. |
About ICF
ICF (NASDAQ:ICFI) is a global consulting services company with approximately 8,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work togeÅ·²©ÓéÀÖr with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve Å·²©ÓéÀÖir most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape Å·²©ÓéÀÖ future. Learn more at .
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 Å·²©ÓéÀÖ 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 Å·²©ÓéÀÖ government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and Å·²©ÓéÀÖ effects of Å·²©ÓéÀÖ novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on Å·²©ÓéÀÖ health of our staff and that of our clients, Å·²©ÓéÀÖ continuity of our and our clients' operations, our results of operations and our outlook. These and oÅ·²©ÓéÀÖr factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in Å·²©ÓéÀÖ "Risk Factors" section of our securities filings with Å·²©ÓéÀÖ Securities and Exchange Commission. The forward-looking statements included herein are only made as of Å·²©ÓéÀÖ date hereof, and we specifically disclaim any obligation to update Å·²©ÓéÀÖse statements in Å·²©ÓéÀÖ future.
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, [email protected] +1.212.750.5800
David Gold, ADVISIRY PARTNERS, [email protected] +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, [email protected] +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) |
2022 |
2021 |
||
Revenue |
$ 413,468 |
$ 378,478 |
||
Direct costs |
258,158 |
232,082 |
||
Operating costs and expenses: |
||||
Indirect and selling expenses |
117,452 |
109,982 |
||
Depreciation and amortization |
4,838 |
5,270 |
||
Amortization of intangible assets |
5,317 |
3,015 |
||
Total operating costs and expenses |
127,607 |
118,267 |
||
Operating income |
27,703 |
28,129 |
||
Interest expense |
(2,697) |
(2,683) |
||
OÅ·²©ÓéÀÖr expense |
(369) |
(417) |
||
Income before income taxes |
24,637 |
25,029 |
||
Provision for income taxes |
6,775 |
6,678 |
||
Net income |
$ 17,862 |
$ 18,351 |
||
Earnings per Share: |
||||
Basic |
$ 0.95 |
$ 0.97 |
||
Diluted |
$ 0.94 |
$ 0.96 |
||
Weighted-average Shares: |
||||
Basic |
18,795 |
18,885 |
||
Diluted |
19,012 |
19,118 |
||
Cash dividends declared per common share |
$ 0.14 |
$ 0.14 |
||
OÅ·²©ÓéÀÖr comprehensive income, net of tax |
2,659 |
2,780 |
||
Comprehensive income, net of tax |
$ 20,521 |
$ 21,131 |
ICF International, Inc. and Subsidiaries |
||||
Reconciliation of Non-GAAP financial measures(2) |
||||
(Unaudited) |
||||
Three Months Ended |
||||
March 31, |
||||
(in thousands, except per share amounts) |
2022 |
2021 |
||
Reconciliation of Service Revenue |
||||
Revenue |
$ 413,468 |
$ 378,478 |
||
Subcontractor and oÅ·²©ÓéÀÖr direct costs (3) |
(108,898) |
(98,911) |
||
Service revenue |
$ 304,570 |
$ 279,567 |
||
Reconciliation of EBITDA and Adjusted EBITDA |
||||
Net income |
$ 17,862 |
$ 18,351 |
||
OÅ·²©ÓéÀÖr expense |
369 |
417 |
||
Interest expense |
2,697 |
2,683 |
||
Provision for income taxes |
6,775 |
6,678 |
||
Depreciation and amortization |
10,155 |
8,285 |
||
EBITDA |
37,858 |
36,414 |
||
Adjustment related to impairment of long-lived assets (4) |
— |
303 |
||
Special charges related to acquisitions (5) |
1,319 |
95 |
||
Special charges related to severance for staff realignment (6) |
1,226 |
491 |
||
Special charges related to facilities consolidations and office closures (7) |
— |
200 |
||
Special charges related to Å·²©ÓéÀÖ transfer to our new corporate headquarters (8) |
1,882 |
— |
||
Special charges related to retirement of Executive Chair (9) |
— |
224 |
||
Total special charges |
4,427 |
1,313 |
||
Adjusted EBITDA |
$ 42,285 |
$ 37,727 |
||
EBITDA Margin Percent on Revenue (10) |
9.2% |
9.6% |
||
EBITDA Margin Percent on Service Revenue (10) |
12.4% |
13.0% |
||
Adjusted EBITDA Margin Percent on Revenue (10) |
10.2% |
10.0% |
||
Adjusted EBITDA Margin Percent on Service Revenue (10) |
13.9% |
13.5% |
||
Reconciliation of Non-GAAP Diluted EPS |
||||
Diluted EPS |
$ 0.94 |
$ 0.96 |
||
Adjustment related to impairment of long-lived assets |
— |
0.02 |
||
Special charges related to acquisitions |
0.07 |
— |
||
Special charges related to severance for staff realignment |
0.06 |
0.03 |
||
Special charges related to facilities consolidations and office closures |
— |
0.01 |
||
Special charges related to Å·²©ÓéÀÖ transfer to our new corporate headquarters |
0.10 |
— |
||
Special charges related to retirement of Executive Chair |
— |
0.01 |
||
Amortization of intangibles |
0.28 |
0.16 |
||
Income tax effects on amortization, special charges, and adjustments (11) |
(0.14) |
(0.06) |
||
Non-GAAP EPS |
$ 1.31 |
$ 1.13 |
||
(2) These tables provide reconciliations of non-GAAP financial measures to Å·²©ÓéÀÖ most applicable GAAP numbers. While we believe |
||||
(3) Subcontractor and oÅ·²©ÓéÀÖr 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 Å·²©ÓéÀÖ first quarter of 2021 |
||||
(5) Special charges related to acquisitions: These costs consist primarily of consultants and oÅ·²©ÓéÀÖr outside third-party costs and integration |
||||
(6) Special charges related to severance for staff realignment: These costs are mainly due to involuntary employee termination benefits for |
||||
(7) Special charges related to facilities consolidations and office closures: These costs are exit costs or gains associated with office lease |
||||
(8) Special charges related to Å·²©ÓéÀÖ transfer to our new corporate headquarters: These costs are additional rent as a result of us taking |
||||
(9)Special charges related to retirement of Å·²©ÓéÀÖ former Executive Chair: Our former Executive Chair retired effective December 31, 2020. |
||||
(10) EBITDA Margin Percent and Adjusted EBITDA Margin Percent were calculated by dividing Å·²©ÓéÀÖ non-GAAP measure by Å·²©ÓéÀÖ corresponding |
||||
(11) Income tax effects were calculated using an effective U.S. GAAP tax rate of 27.5% and 26.7% for Å·²©ÓéÀÖ three months ended March 31, |
ICF International, Inc. and Subsidiaries |
||||
Consolidated Balance Sheets |
||||
(Unaudited) |
||||
(in thousands, except share and per share amounts) |
March 31, |
December 31, |
||
ASSETS |
||||
Current Assets: |
||||
Cash and cash equivalents |
$ 7,392 |
$ 8,254 |
||
Restricted cash - current |
1,681 |
12,179 |
||
Contract receivables, net |
205,827 |
237,684 |
||
Contract assets |
189,147 |
137,867 |
||
Prepaid expenses and oÅ·²©ÓéÀÖr assets |
41,176 |
42,354 |
||
Income tax receivable |
8,288 |
10,825 |
||
Total Current Assets |
453,511 |
449,163 |
||
Property and Equipment, net |
62,886 |
52,053 |
||
OÅ·²©ÓéÀÖr Assets: |
||||
Goodwill |
1,045,503 |
1,046,760 |
||
OÅ·²©ÓéÀÖr intangible assets, net |
74,274 |
79,645 |
||
Operating lease - right-of-use assets |
172,133 |
177,417 |
||
OÅ·²©ÓéÀÖr assets |
49,416 |
44,496 |
||
Total Assets |
$ 1,857,723 |
$ 1,849,534 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current Liabilities: |
||||
Current portion of long-term debt |
$ 10,000 |
$ 10,000 |
||
Accounts payable |
95,706 |
105,652 |
||
Contract liabilities |
31,491 |
39,665 |
||
Operating lease liabilities - current |
30,530 |
34,901 |
||
Accrued salaries and benefits |
94,931 |
85,517 |
||
Accrued subcontractors and oÅ·²©ÓéÀÖr direct costs |
40,165 |
39,400 |
||
Accrued expenses and oÅ·²©ÓéÀÖr current liabilities |
41,388 |
61,496 |
||
Total Current Liabilities |
344,211 |
376,631 |
||
Long-term Liabilities: |
||||
Long-term debt |
449,776 |
411,605 |
||
Operating lease liabilities - non-current |
189,857 |
191,805 |
||
Deferred income taxes |
47,684 |
41,913 |
||
OÅ·²©ÓéÀÖr long-term liabilities |
22,893 |
24,110 |
||
Total Liabilities |
1,054,421 |
1,046,064 |
||
Commitments and Contingencies |
||||
Stockholders' Equity: |
||||
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued |
— |
— |
||
Common stock, par value $.001; 70,000,000 shares authorized; 23,679,411 and 23,535,671 shares issued at |
23 |
23 |
||
Additional paid-in capital |
388,639 |
384,984 |
||
Retained earnings |
664,532 |
649,298 |
||
Treasury stock, 4,885,956 and 4,659,181 shares at March 31, 2022 and December 31, 2021, respectively |
(241,516) |
(219,800) |
||
Accumulated oÅ·²©ÓéÀÖr comprehensive loss |
(8,376) |
(11,035) |
||
Total Stockholders' Equity |
803,302 |
803,470 |
||
Total Liabilities and Stockholders' Equity |
$ 1,857,723 |
$ 1,849,534 |
ICF International, Inc. and Subsidiaries |
|||||
Consolidated Statements of Cash Flows |
|||||
(Unaudited) |
|||||
Three Months Ended |
|||||
March 31, |
|||||
(in thousands) |
2022 |
2021 |
|||
Cash Flows from Operating Activities |
|||||
Net income |
$ 17,862 |
$ 18,351 |
|||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|||||
(Recovery of) provision for credit losses |
(170) |
5,334 |
|||
Deferred income taxes |
4,505 |
1,838 |
|||
Non-cash equity compensation |
3,563 |
3,275 |
|||
Depreciation and amortization |
10,154 |
8,285 |
|||
Facilities consolidation reserve |
(78) |
(75) |
|||
Amortization of debt issuance costs |
154 |
155 |
|||
Impairment of long-lived assets |
— |
303 |
|||
OÅ·²©ÓéÀÖr adjustments, net |
353 |
457 |
|||
Changes in operating assets and liabilities, net of Å·²©ÓéÀÖ effect of acquisitions: |
|||||
Net contract assets and liabilities |
(59,689) |
(19,750) |
|||
Contract receivables |
31,473 |
2,531 |
|||
Prepaid expenses and oÅ·²©ÓéÀÖr assets |
(11,708) |
2,016 |
|||
Operating lease assets and liabilities, net |
(532) |
(1,143) |
|||
Accounts payable |
(9,815) |
(354) |
|||
Accrued salaries and benefits |
9,513 |
4,715 |
|||
Accrued subcontractors and oÅ·²©ÓéÀÖr direct costs |
1,078 |
(33,466) |
|||
Accrued expenses and oÅ·²©ÓéÀÖr current liabilities |
(6,883) |
8,303 |
|||
Income tax receivable and payable |
2,621 |
3,924 |
|||
OÅ·²©ÓéÀÖr liabilities |
544 |
262 |
|||
Net Cash (Used in) Provided by Operating Activities |
(7,055) |
4,961 |
|||
Cash Flows from Investing Activities |
|||||
Capital expenditures for property and equipment and capitalized software |
(6,454) |
(3,595) |
|||
Cash Flows from Financing Activities |
|||||
Advances from working capital facilities |
329,690 |
185,755 |
|||
Payments on working capital facilities |
(291,662) |
(174,674) |
|||
Receipt of restricted contract funds |
4,301 |
451 |
|||
Payment of restricted contract funds |
(14,714) |
(27,081) |
|||
Proceeds from exercise of options |
92 |
2,702 |
|||
Dividends paid |
(2,644) |
(2,642) |
|||
Net payments for stock issuances and buybacks |
(22,268) |
(17,104) |
|||
Payments on business acquisition liabilities |
(121) |
(682) |
|||
Net Cash Provided by (Used in) Financing Activities |
2,674 |
(33,275) |
|||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash |
(525) |
745 |
|||
Decrease in Cash, Cash Equivalents, and Restricted Cash |
(11,360) |
(31,164) |
|||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period |
20,433 |
81,987 |
|||
Cash, Cash Equivalents, and Restricted Cash, End of Period |
$ 9,073 |
$ 50,823 |
|||
Supplemental Disclosure of Cash Flow Information |
|||||
Cash paid during Å·²©ÓéÀÖ period for: |
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Interest |
$ 2,760 |
$ 2,637 |
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Income taxes |
$ 949 |
$ 961 |
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Non-cash investing and financing transactions: |
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Tenant improvements funded by lessor |
$ 10,843 |
$ — |
ICF International, Inc. and Subsidiaries |
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Supplemental Schedule(12) |
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Revenue by client markets |
Three Months Ended |
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March 31, |
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2022 |
2021 |
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Energy, environment, and infrastructure |
38% |
43% |
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Health, education, and social programs |
50% |
42% |
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Safety and security |
7% |
8% |
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Consumer and financial |
5% |
7% |
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Total |
100% |
100% |
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Revenue by client type |
Three Months Ended |
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March 31, |
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2022 |
2021 |
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U.S. federal government |
53% |
46% |
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U.S. state and local government |
16% |
15% |
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International government |
6% |
10% |
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Total Government |
75% |
71% |
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Commercial |
25% |
29% |
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Total |
100% |
100% |
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Revenue by contract mix |
Three Months Ended |
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March 31, |
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2022 |
2021 |
||||
Time-and-materials |
40% |
42% |
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Fixed price |
44% |
39% |
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Cost-based |
16% |
19% |
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Total |
100% |
100% |
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(12) As is shown in Å·²©ÓéÀÖ supplemental schedule, we track revenue by key metrics that provide useful information about |
SOURCE ICF
