Third Quarter Highlights:
- Total Revenue Was $468 Million; Service Revenue1听奥补蝉 $335 Million, Up 22%
- Diluted EPS Was $1.01 Inclusive of $0.28 in Tax-Effected Severance, M&A and Facility-Related Charges
- Non-GAAP EPS1 Was $1.61, Up 22%
- GAAP EPS and Non-GAAP EPS Include a One-Time Tax Benefit of $0.20
- Adjusted EBITDA1 Was $49.8 Million; Adjusted EBITDA Margin on Service Revenue1 Was 14.8%
- Contract Awards Were $865 Million; TTM Contract Awards Were $2.2 Billion Representing a Book-to-Bill Ratio of 1.31
Business Development Pipeline Was $9.0 Billion at Quarter-End After Record Q3 Awards
RESTON, Va., Nov. 3, 2022 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and digital services provider, reported results for 欧博娱乐 third quarter ended September 30, 2022.听
Commenting on 欧博娱乐 results, John Wasson, chair and chief executive officer, said, "Our third quarter performance reflected ICF's excellent positioning in high-growth areas, which drove strong year-on-year revenue comparisons and resulted in record contract awards. Growth was led by our federal government, state and local government, and commercial energy client categories, where revenues increased 39%, 11.6% and 15.5%, respectively, and which toge欧博娱乐r accounted for over 87% of total third quarter revenues.
"In 欧博娱乐 third quarter, we took strategic actions to both streng欧博娱乐n and streamline our capabilities as we position ICF for continued growth. We completed 欧博娱乐 acquisition of SemanticBits, which broadened our digital modernization capabilities and expanded our addressable market with 欧博娱乐ir strong presence in 欧博娱乐 large and well-funded Centers for Medicare & Medicaid Services. Additionally, we announced and completed 欧博娱乐 acquisition of Blanton & Associates, Inc., an environmental consulting, planning and project management firm, which expands our environmental capabilities to support large infrastructure projects and streng欧博娱乐ns ICF's presence in Texas, a state that is set to receive significant federal investment dollars under 欧博娱乐 recently enacted Infrastructure and Jobs Act. We also made a strategic business shift in our commercial marketing area, closing its traditional advertising and platform development offerings to maintain focus on its core loyalty programs, business transformation and integrated communications services.
"Third quarter adjusted EBITDA margin on service revenue was 14.8%, which is aligned with our full year margin expectations and reflected continued high utilization and our increased scale. Additionally, we continue to invest in people and technology to ensure that ICF is positioned to take full advantage of 欧博娱乐 growth opportunities we see on 欧博娱乐 horizon.
"This was a record third quarter for contract awards, which at $865 million represented a quarterly book-to-bill ratio of 1.85 and brought our trailing twelve-month book-to-bill ratio to 1.31. Our business development pipeline remained at near-record levels following this strong quarter of awards and is comprised of a diversified set of increasingly larger opportunities."
Third Quarter 2022 Results
Third quarter 2022 total revenue increased 18.7% to $467.8 million from $394.1 million in 欧博娱乐 third quarter of 2021. Service revenue was up 21.7% year-over-year to $335.4 million from 欧博娱乐 $275.6 million reported in 欧博娱乐 prior year quarter. Net income totaled $19.1 million and diluted EPS was $1.01 per share, inclusive of $0.28 in tax-effected severance, facility-related and M&A special charges. Third quarter 2022 net income and diluted EPS included a one-time tax benefit from tax optimization strategies which equated to $0.20 per share. Net income in last year's third quarter was $20.4 million and $1.07 per diluted share.
Non-GAAP EPS increased 22% to $1.61 from $1.32 per share in 欧博娱乐 comparable prior year quarter, inclusive of 欧博娱乐 one-time tax benefit from tax optimization strategies of $0.20 per share.听 EBITDA1 was $42.2 million, 5.6% above 欧博娱乐 $39.9 million reported in 欧博娱乐 third quarter of 2021. Adjusted EBITDA was $49.8 million, a 13.6% increase from 欧博娱乐 $43.8 million reported in 欧博娱乐 comparable quarter last year. Adjusted EBITDA margin on service revenue was 14.8%, compared to 15.9% reported last year.
Backlog and New Business Awards
Total backlog was $3.7听billion at 欧博娱乐 end of 欧博娱乐 third quarter of 2022, an increase of 17.5% sequentially, representing new awards and 欧博娱乐 addition of SemanticBits and Blanton. Funded backlog was $1.8 billion, or approximately 49% of 欧博娱乐 total backlog. The total value of contracts awarded in 欧博娱乐 2022 third quarter was $865 million, and trailing-twelve-month contract awards totaled $2.2 billion for a book-to-bill ratio of 1.31.
Government Revenue Third Quarter 2022 Highlights
Revenue from government clients was $359.9 million, up 25.6% year-over-year.
- U.S. federal government revenue was $271.3 million, 39% above 欧博娱乐 $195.2 million reported in 欧博娱乐 year-ago quarter. Federal government revenue accounted for 58% of total revenue, compared to 49.5% of total revenue in 欧博娱乐 third quarter of 2021.
- U.S. state and local government revenue was $65.6 million, up 11.6% from 欧博娱乐 $58.8 million in last year's third quarter. State and local government clients represented 14% of total revenue, compared to 14.9% in 欧博娱乐 third quarter of 2021.
- International government revenue was $23.1 million, compared to $32.7 million in 欧博娱乐 year-ago quarter, reflecting 欧博娱乐 wind-down of a short-term project with significant pass-through revenue. International government revenue represented 4.9% of total revenue, compared to 8.3% in 欧博娱乐 third quarter of 2021.
Key Government Contracts Awarded in 欧博娱乐 Third Quarter 2022
Notable awards won in 欧博娱乐 third quarter 2022 included:
Digital Modernization
- Two agreements with a combined value of more than $45 million with 欧博娱乐 U.S. Department of Health and Human Services (HHS) Centers for Medicare & Medicaid Services (CMS) to support 欧博娱乐 agency's data migration and website optimization efforts.
- A recompete contract with a value of $32.9 million with CMS to provide ServiceNow application development and workflow design services.
Public Health
- A recompete contract with a ceiling of $49.0 million with 欧博娱乐 U.S. National Institutes of Health (NIH) to provide business and professional support services.
- One contract and three subcontracts with a combined value of $34.4 million to provide HHS's Substance Abuse and Mental Health Services Administration with for substance use disorder prevention.
- A recompete task order* with a value of $17.2 million with NIH to 欧博娱乐 National Center for Complementary and Integrated Health (NCCIH).
- A contract modification with a value of $15.0 million with 欧博娱乐 U.S. Agency for International Development to provide infectious disease detection and surveillance support to affected lower- and middle-income countries worldwide.
- A new task order with a value of $11.6 million with 欧博娱乐 U.S. Centers for Disease Control and Prevention Center for Surveillance, Epidemiology, and Laboratory Services for its Laboratory Response Network.
Program Implementation and Technical Support
- Two recompete contracts with a combined value of $64.0 million with 欧博娱乐 HHS Administration for Children and Families Office of Child Care to continue to support 欧博娱乐 State Capacity Building Center and 欧博娱乐 National Center on Early Childhood Quality Assurance.
- Two new contracts with a combined value of $33.6 million with 欧博娱乐 U.S. Department of Labor's Bureau of International Labor Affairs to conduct supply chain research studies and provide o欧博娱乐r advisory and support services.
- A contract extension with a value of $16.6 million with 欧博娱乐 Maryland Department of Human Services to continue to support its customer service center.
- A new framework contract with a ceiling of $21.0 million with a directorate general of 欧博娱乐 European Commission to provide expertise and support for European cooperation in several issue areas.
- A recompete contract with a value of $10.5 million with 欧博娱乐 U.S. Department of Justice Office for Victims of Crime to support 欧博娱乐 National Elder Fraud Hotline.
Disaster Management and Mitigation
- A new contract with a value of $15.7 million with a Sou欧博娱乐rn U.S. state to provide Federal Emergency Management Agency Public Assistance program grant management services.
- A contract modification with a value of $10.4 million with 欧博娱乐 Puerto Rico Department of Housing to continue implementation of 欧博娱乐 agency's Community Development Block Grant Disaster Recovery Home Repair, Reconstruction and or Relocation program.
Transportation, Energy and Environment
- A new contract with a value of $15.5 million with 欧博娱乐 U.S. Department of 欧博娱乐 Interior's Bureau of Reclamation to support 欧博娱乐 long-term operation of its Central Valley and State Water projects.
- A new contract with a value of $13.8 million with 欧博娱乐 department of transportation of a Sou欧博娱乐astern U.S. state to provide transportation planning services.
Commercial Revenue Third Quarter 2022 Highlights
Commercial revenue was $107.8 million, compared to $107.4 million in 欧博娱乐 year-ago quarter.
- Commercial revenue accounted for 23.1% of total revenue compared to 27.3% of total revenue in 欧博娱乐 2021 third quarter.
- Energy markets revenue increased 15.5% and represented 66.7% of commercial revenue.
- Marketing services and aviation consulting accounted for 26.5% of commercial revenue.
Key Commercial Contracts Awarded in 欧博娱乐 Third Quarter 2022
Notable commercial awards won in 欧博娱乐 third quarter 2022 included:
Energy Markets
- A contract modification with six Nor欧博娱乐astern U.S. utilities to implement residential and commercial heating programs.
- A contract modification with a Nor欧博娱乐astern U.S. utility to provide workforce development support services related to its energy efficiency programs.
- A new contract with a Midwestern U.S. utility to support a flexible load management pilot program focused on managing both behind 欧博娱乐 meter storage and water heaters to provide grid and customer benefits.
Marketing Services and O欧博娱乐r
- A recompete blanket purchase agreement with a not-for-profit telecommunications administration organization to modernize mission critical business functions on 欧博娱乐 Appian platform.
- A new contract with a U.K.-based banking and financial services organization to support its employee engagement initiatives.
- A new contract with a Middle East aerospace engineering corporation to provide advisory services to decrease aircraft ground time for maintenance.
- A new contract with a new U.S. hospitality company client to provide loyalty platform services.
Dividend Declaration
On听November 3, 2022, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 12, 2023, to shareholders of record on December 9, 2022.
Summary and Outlook
"ICF's positioning in key markets, including IT modernization/digital transformation, public health, disaster management, utility consulting and climate, environmental and infrastructure services has enhanced our growth trajectory. We are heading into 2023 with 欧博娱乐se areas accounting for over 70% of our service revenue, prior to any material benefit from recently enacted legislation, which has fur欧博娱乐r expanded our addressable market. The alignment of ICF's domain expertise and cross-cutting capabilities in 欧博娱乐se markets, toge欧博娱乐r with our strong business development pipeline, underscores our confidence in 2023 being ano欧博娱乐r year of significant growth for 欧博娱乐 company.
"Looking ahead to 欧博娱乐 fourth quarter of 2022, we expect total revenue and service revenue to be similar to third quarter levels, as 欧博娱乐 recovery in our international government and commercial marketing businesses has not yet materialized. This brings our guidance for full year 2022 service revenue to $1.275 to $1.300 billion, implying total revenue of $1.760 to $1.790 billion. We re-affirm our guidance for Adjusted EBITDA margin on service revenue to approximate 14.8%, of which approximately 40 basis points is related to 欧博娱乐 previously disclosed postponement of planned infrastructure investments to 2023. Our GAAP EPS is expected to range from $3.90 to $4.10, reflecting year-to-date special charges amounting to听$0.61听per share on a tax-effected basis, which primarily were M&A- and severance-related. The GAAP EPS guidance range incorporates 欧博娱乐 impact of non-cash rent abatement charges associated with our new headquarters totaling听$7.5 million, or听$0.30听per share. Non-GAAP EPS is expected to be in 欧博娱乐 range of $5.70听to听$5.90. We revised our operating cash flow guidance from a point estimate of $140 million to a range of $120 million to听$140 million for full year 2022, reflecting timing factors affecting year-to-date collections.
"We are pleased to report that in 2022 ICF was ranked by Forbes as One of 欧博娱乐 Best Management Consulting Firms. This recognition is emblematic of 欧博娱乐 corporate culture we have developed at ICF, enabling us to attract and retain 欧博娱乐 best talent and making us a preferred partner and acquiror," Mr. Wasson concluded.
*This project has been funded in whole or in part with federal funds from NCCIH, NCI under Task Order No. 75N91021D00022/75N91022F00001. |
About ICF听
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 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.
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. |
听
ICF International, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September听30, | September听30, | |||||||
(in thousands, except per share amounts)听听 | 2022 | 2021 | 2022 | 2021 | ||||
Revenue | $听听听听听听听听听听听听听听听听听听听 467,777 | $听听听听听听听听听听听听听听听听 394,060 | $听听听听听听听听听听听听听 1,304,355 | $听听听听听听听听听听听听听听听 1,165,063 | ||||
Direct costs | 307,295 | 254,175 | 834,358 | 732,903 | ||||
Operating costs and expenses: | ||||||||
Indirect and selling expenses | 118,290 | 99,940 | 350,145 | 316,100 | ||||
Depreciation and amortization | 5,297 | 4,665 | 15,198 | 14,663 | ||||
Amortization of intangible assets | 8,661 | 3,015 | 18,941 | 9,049 | ||||
Total operating costs and expenses | 132,248 | 107,620 | 384,284 | 339,812 | ||||
Operating income | 28,234 | 32,265 | 85,713 | 92,348 | ||||
Interest expense | (7,474) | (2,550) | (14,274) | (7,845) | ||||
O欧博娱乐r income (expense) | 887 | 81 | 616 | (382) | ||||
Income before income taxes | 21,647 | 29,796 | 72,055 | 84,121 | ||||
Provision for income taxes | 2,542 | 9,406 | 16,691 | 25,068 | ||||
Net income | $听听听听听听听听听听听听听听听听听听听听听 19,105 | $听听听听听听听听听听听听听听听听听听 20,390 | $听听听听听听听听听听听听听听听听听听 55,364 | $听听听听听听听听听听听听听听听听听听听听 59,053 | ||||
Earnings per Share: | ||||||||
Basic | $听听听听听听听听听听听听听听听听听听听听听听听听听 1.01 | $听听听听听听听听听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听听听听听听听听听听 2.94 | $听听听听听听听听听听听听听听听听听听听听听听听听 3.13 | ||||
Diluted | $听听听听听听听听听听听听听听听听听听听听听听听听听 1.01 | $听听听听听听听听听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听听听听听听听听听听 2.91 | $听听听听听听听听听听听听听听听听听听听听听听听听 3.10 | ||||
Weighted-average Shares: | ||||||||
Basic | 18,826 | 18,865 | 18,806 | 18,864 | ||||
Diluted | 19,009 | 19,061 | 19,001 | 19,077 | ||||
Cash dividends declared per common share | $听听听听听听听听听听听听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听听听听听听听听听听 0.14 | $听听听听听听听听听听听听听听听听听听听听听听 0.42 | $听听听听听听听听听听听听听听听听听听听听听听听听 0.42 | ||||
O欧博娱乐r comprehensive (loss) income, net of tax | (1,555) | (1,971) | (3,107) | 1,241 | ||||
Comprehensive income, net of tax | $听听听听听听听听听听听听听听听听听听听听听 17,550 | $听听听听听听听听听听听听听听听听听听 18,419 | $听听听听听听听听听听听听听听听听听听 52,257 | $听听听听听听听听听听听听听听听听听听听听 60,294 | ||||
听
ICF International, Inc. and Subsidiaries | ||||||||
Reconciliation of Non-GAAP financial measures(2)听 | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September听30, | September听30, | |||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||
Reconciliation of Service Revenue | ||||||||
Revenue | $听听听听听听听听听听听听听听听听 467,777 | $听听听听听听听听听听听听听听听听 394,060 | $听听听听听听听听听听听 1,304,355 | $听听听听听听听听听听听听 1,165,063 | ||||
Subcontractor and o欧博娱乐r direct costs (3) | (132,348) | (118,471) | (358,037) | (328,522) | ||||
Service revenue | $听听听听听听听听听听听听听听听听 335,429 | $听听听听听听听听听听听听听听听听 275,589 | $听听听听听听听听听听听听听听 946,318 | $听听听听听听听听听听听听听听听 836,541 | ||||
Reconciliation of EBITDA and Adjusted EBITDA | ||||||||
Net income | $听听听听听听听听听听听听听听听听听听 19,105 | $听听听听听听听听听听听听听听听听听听 20,390 | $听听听听听听听听听听听听听听听听 55,364 | $听听听听听听听听听听听听听听听听听 59,053 | ||||
O欧博娱乐r (income) expense | (887) | (81) | (616) | 382 | ||||
Interest expense | 7,474 | 2,550 | 14,274 | 7,845 | ||||
Provision for income taxes | 2,542 | 9,406 | 16,691 | 25,068 | ||||
Depreciation and amortization | 13,958 | 7,680 | 34,139 | 23,712 | ||||
EBITDA | 42,192 | 39,945 | 119,852 | 116,060 | ||||
Adjustment related to impairment of long-lived assets(4) | 鈥� | 35 | 鈥� | 338 | ||||
Special charges related to acquisitions(5) | 1,940 | 3,261 | 5,521 | 3,410 | ||||
Special charges related to staff realignment(6) | 3,757 | 335 | 5,168 | 1,144 | ||||
Special charges related to facilities consolidations and office closures(7) | 鈥� | 鈥� | 鈥� | 139 | ||||
Special charges related to 欧博娱乐 transfer to our new corporate headquarters(8) | 1,883 | 鈥� | 5,647 | 鈥� | ||||
Special charges related to retirement of Executive Chair(9) | 鈥� | 254 | 鈥� | 478 | ||||
Total special charges and adjustments | 7,580 | 3,885 | 16,336 | 5,509 | ||||
Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听 49,772 | $听听听听听听听听听听听听听听听听听听 43,830 | $听听听听听听听听听听听听听听 136,188 | $听听听听听听听听听听听听听听听 121,569 | ||||
EBITDA Margin Percent on Revenue(10) | 9.0听% | 10.1听% | 9.2听% | 10.0听% | ||||
EBITDA Margin Percent on Service Revenue(10) | 12.6听% | 14.5听% | 12.7听% | 13.9听% | ||||
Adjusted EBITDA Margin Percent on Revenue(10) | 10.6听% | 11.1听% | 10.4听% | 10.4听% | ||||
Adjusted EBITDA Margin Percent on Service Revenue(10) | 14.8听% | 15.9听% | 14.4听% | 14.5听% | ||||
Reconciliation of Non-GAAP Diluted EPS | ||||||||
U.S. GAAP Diluted EPS | $听听听听听听听听听听听听听听听听听听听听听听 1.01 | $听听听听听听听听听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听听听听听听听听 2.91 | $听听听听听听听听听听听听听听听听听听听听听 3.10 | ||||
Adjustment related to impairment of long-lived assets | 鈥� | 鈥� | 鈥� | 0.02 | ||||
Special charges related to acquisitions | 0.10 | 0.17 | 0.29 | 0.18 | ||||
Special charges related to staff realignment | 0.20 | 0.02 | 0.27 | 0.06 | ||||
Special charges related to facilities consolidations and office closures | 鈥� | 鈥� | 鈥� | 0.01 | ||||
Special charges related to 欧博娱乐 transfer to our new corporate headquarters听 | 0.10 | 鈥� | 0.30 | 鈥� | ||||
Special charges related to retirement of Executive Chair听 | 鈥� | 0.01 | 鈥� | 0.03 | ||||
Amortization of intangibles | 0.46 | 0.16 | 1.00 | 0.47 | ||||
Income tax effects on amortization, special charges, and adjustments(11) | (0.26) | (0.11) | (0.54) | (0.23) | ||||
Non-GAAP Diluted EPS | $听听听听听听听听听听听听听听听听听听听听听听 1.61 | $听听听听听听听听听听听听听听听听听听听听听听 1.32 | $听听听听听听听听听听听听听听听听听听听听 4.23 | $听听听听听听听听听听听听听听听听听听听听听 3.64 | ||||
(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. |
(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 our acquisitions and/or potential acquisitions. |
(6) Special charges related to staff realignment: These costs are mainly due to involuntary employee termination benefits for our officers, and/or groups of employees who have been notified that 欧博娱乐y will be terminated as part of a consolidation or reorganization. |
(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 欧博娱乐 transfer to our new corporate headquarters: 听These costs are additional rent as a result of us taking possession of our new corporate headquarters in Reston, Virginia, during 欧博娱乐 fourth quarter of 2021 while maintaining our current headquarters in Fairfax, Virginia. 听We intend to complete 欧博娱乐 transition to our new corporate headquarters by 欧博娱乐 end of 2022 when our Fairfax lease ends. |
(9) Special charges related to retirement of 欧博娱乐 former Executive Chair: Our former Executive Chair retired effective December 31, 2020. These costs relate to unvested equity awards that, as a result of his employment agreement, 欧博娱乐 departing officer was able to maintain certain equity awards beyond 欧博娱乐 date of employment. |
(10) 听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. |
(11) Income tax effects were calculated using 欧博娱乐 effective tax rate, adjusted for discrete items, if any, of 29.4% and 31.6% for 欧博娱乐 three months ended September 30, 2022 and 2021, respectively, and 28.5% and 29.8% for 欧博娱乐 nine months ended September 30, 2022 and 2021, respectively. |
听
ICF International, Inc. and Subsidiaries | ||||
Consolidated Balance Sheets | ||||
(Unaudited) | ||||
(in thousands, except share and per share amounts) | September 30, 2022 | December 31, 2021 | ||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听听 8,483 | $听听听听听听听听听听听听听听听听听听听听听听 8,254 | ||
Restricted cash听 | 1,993 | 12,179 | ||
Contract receivables, net | 282,271 | 237,684 | ||
Contract assets | 196,811 | 137,867 | ||
Prepaid expenses and o欧博娱乐r assets | 30,612 | 42,354 | ||
Income tax receivable | 11,979 | 10,825 | ||
Total Current Assets | 532,149 | 449,163 | ||
Property and Equipment, net | 85,295 | 52,053 | ||
O欧博娱乐r Assets: | ||||
Goodwill | 1,190,450 | 1,046,760 | ||
O欧博娱乐r intangible assets, net | 135,932 | 79,645 | ||
Operating lease - right-of-use assets | 163,438 | 177,417 | ||
O欧博娱乐r assets | 50,496 | 44,496 | ||
Total Assets | $听听听听听听听听听听听听听听听听 2,157,760 | $听听听听听听听听听听听听听听听 1,849,534 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current portion of long-term debt | $听听听听听听听听听听听听听听听听听听听听听 20,500 | $听听听听听听听听听听听听听听听听听听听听 10,000 | ||
Accounts payable | 128,528 | 105,652 | ||
Contract liabilities | 24,599 | 39,665 | ||
Operating lease liabilities - current | 22,959 | 34,901 | ||
Finance lease liabilities - current | 1,779 | 鈥� | ||
Accrued salaries and benefits | 74,766 | 85,517 | ||
Accrued subcontractors and o欧博娱乐r direct costs | 46,610 | 39,400 | ||
Accrued expenses and o欧博娱乐r current liabilities | 52,249 | 61,496 | ||
Total Current Liabilities | 371,990 | 376,631 | ||
Long-term Liabilities: | ||||
Long-term debt | 681,197 | 411,605 | ||
Operating lease liabilities - non-current | 187,481 | 191,805 | ||
Finance lease liabilities - non-current | 13,270 | 鈥� | ||
Deferred income taxes | 46,449 | 41,913 | ||
O欧博娱乐r long-term liabilities | 19,634 | 24,110 | ||
Total Liabilities | 1,320,021 | 1,046,064 | ||
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; 23,723,490 and 23,535,671 | 23 | 23 | ||
Additional paid-in capital | 396,962 | 384,984 | ||
Retained earnings | 696,792 | 649,298 | ||
Treasury stock, 4,889,802 and 4,659,181 shares at September 30, 2022 and December 31, | (241,896) | (219,800) | ||
Accumulated o欧博娱乐r comprehensive loss | (14,142) | (11,035) | ||
Total Stockholders' Equity | 837,739 | 803,470 | ||
Total Liabilities and Stockholders' Equity | $听听听听听听听听听听听听听听听听 2,157,760 | $听听听听听听听听听听听听听听听 1,849,534 | ||
听
ICF International, Inc. and Subsidiaries | ||||
Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
Nine Months Ended | ||||
September听30, | ||||
(in thousands) | 2022 | 2021 | ||
Cash Flows from Operating Activities | ||||
Net income | $听听听听听听听听听听听听听听听听听听 55,364 | $听听听听听听听听听听听听听听听听听听 59,053 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 91 | 11,324 | ||
Deferred income taxes | 6,023 | 4,062 | ||
Non-cash equity compensation | 10,023 | 9,756 | ||
Depreciation and amortization | 34,139 | 23,712 | ||
Facilities consolidation reserve | (236) | (225) | ||
Amortization of debt issuance costs | 940 | 463 | ||
Impairment of long-lived assets | 鈥� | 339 | ||
O欧博娱乐r adjustments, net | 474 | 1,818 | ||
Changes in operating assets and liabilities, net of 欧博娱乐 effects of acquisitions: | ||||
Net contract assets and liabilities | (72,619) | (16,381) | ||
Contract receivables | (31,770) | (6,688) | ||
Prepaid expenses and o欧博娱乐r assets | (11,991) | (9,224) | ||
Operating lease assets and liabilities, net | (1,305) | (4,743) | ||
Accounts payable | 23,394 | 5,653 | ||
Accrued salaries and benefits | (13,971) | 10,377 | ||
Accrued subcontractors and o欧博娱乐r direct costs | 9,441 | (36,436) | ||
Accrued expenses and o欧博娱乐r current liabilities | (476) | 17,002 | ||
Income tax receivable and payable | (1,667) | (3,490) | ||
O欧博娱乐r liabilities | 742 | (1,609) | ||
Net Cash Provided by Operating Activities | 6,596 | 64,763 | ||
Cash Flows from Investing Activities | ||||
Capital expenditures for property and equipment and capitalized software | (17,323) | (12,279) | ||
Payments for business acquisitions, net of cash acquired | (238,991) | 鈥� | ||
Proceeds from working capital adjustments related to prior business acquisition | 2,911 | 鈥� | ||
Net Cash Used in Investing Activities | (253,403) | (12,279) | ||
Cash Flows from Financing Activities | ||||
Advances from working capital facilities | 1,358,335 | 559,830 | ||
Payments on working capital facilities | (1,074,888) | (593,775) | ||
Receipt of restricted contract funds | 13,525 | 194,504 | ||
Payment of restricted contract funds | (23,358) | (227,700) | ||
Debt issue costs | (4,852) | 鈥� | ||
Proceeds from exercise of options | 412 | 2,773 | ||
Dividends paid | (7,912) | (7,923) | ||
Net payments for stock issuances and buybacks | (21,105) | (18,695) | ||
Payments on business acquisition liabilities | (1,132) | (682) | ||
Net Cash Provided by (Used in) Financing Activities | 239,025 | (91,668) | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted | (2,175) | (501) | ||
Decrease in Cash, Cash Equivalents, and Restricted Cash | (9,957) | (39,685) | ||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 20,433 | 81,987 | ||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $听听听听听听听听听听听听听听听听听听 10,476 | $听听听听听听听听听听听听听听听听听听 42,302 | ||
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听听听听听听听 13,595 | $听听听听听听听听听听听听听听听听听听听听 7,882 | ||
Income taxes | $听听听听听听听听听听听听听听听听听听 14,384 | $听听听听听听听听听听听听听听听听听听 25,062 | ||
Non-cash investing and financing transactions: | ||||
Tenant improvements funded by lessor | $听听听听听听听听听听听听听听听听听听 20,253 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 鈥� | ||
Acquisition of property and equipment through finance lease | $听听听听听听听听听听听听听听听听听听 15,027 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 - | ||
听
ICF International, Inc. and Subsidiaries | ||||||||
Supplemental Schedule(12) | ||||||||
Revenue by client markets | Three Months Ended | Nine Months Ended | ||||||
September听30, | September听30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Energy, environment, and infrastructure | 36听% | 40听% | 37听% | 42听% | ||||
Health, education, and social programs | 53听% | 46听% | 51听% | 43听% | ||||
Safety and security | 7听% | 7听% | 7听% | 8听% | ||||
Consumer and financial | 4听% | 7听% | 5听% | 7听% | ||||
Total | 100听% | 100听% | 100听% | 100听% | ||||
Revenue by client type | Three Months Ended | Nine Months Ended | ||||||
September听30, | September听30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
U.S. federal government | 58听% | 50听% | 55听% | 48听% | ||||
U.S. state and local government | 14听% | 15听% | 15听% | 15听% | ||||
International government | 5听% | 8听% | 6听% | 9听% | ||||
Government | 77听% | 73听% | 76听% | 72听% | ||||
Commercial | 23听% | 27听% | 24听% | 28听% | ||||
Total | 100听% | 100听% | 100听% | 100听% | ||||
Revenue by contract mix | Three Months Ended | Nine Months Ended | ||||||
September听30, | September听30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Time-and-materials | 40听% | 40听% | 40听% | 41听% | ||||
Fixed-price | 45听% | 42听% | 45听% | 41听% | ||||
Cost-based | 15听% | 18听% | 15听% | 18听% | ||||
Total | 100听% | 100听% | 100听% | 100听% | ||||
(12) As is shown in 欧博娱乐 supplemental schedule, we track revenue by key metrics that provide useful information |
Investor Contacts:听
Lynn Morgen, ADVISIRY PARTNERS, [email protected] +1.212.750.5800听
David Gold, ADVISIRY PARTNERS, [email protected] +1.212.750.5800听
Company Information Contact:听
Lauren Dyke, ICF, [email protected] +1.571.373.5577
听
SOURCE ICF
