Fourth Quarter Highlights:
- Total Revenue Was $476 Million; Service Revenue1 Was $339 Million, Up 24%
- Net Income Was $8.9 Million and Diluted EPS Was $0.47, Which Includes $13.6 Million and $0.72 in Tax-Effected Facility-Related, Severance and M&A Charges
- Non-GAAP EPS1 Was $1.56, Up 31%
- Adjusted EBITDA Margin on Service Revenue1 Was 16.3%
- Contract Awards Were $777 Million for a Book-to-Bill Ratio of 1.63
Full Year Highlights:听
- Total Revenue Was $1.78 Billion; Service Revenue Was $1.29 Billion, Up 16%
- Net Income Was $64.2 Million and Diluted EPS Was $3.38, Which Includes $24.9 Million and $1.31 in Tax-Effected Facility-Related, Severance and M&A Charges
- Non-GAAP EPS Was $5.77, Up 20%
- Adjusted EBITDA Margin on Service Revenue鹿 Was 14.9%
- Record Contract Awards of $2.3 Billion for a Book-to-Bill Ratio of 1.32
- Operating Cash Flow Increased 47% to $162 Million
鈥擸ear-end Business Development Pipeline Was Over $8.5 Billion After Record Fourth Quarter Contract Awards鈥�
鈥�2023 Guidance Anticipates Double-Digit Revenue Growth, GAAP EPS of $4.90 and Non-
GAAP EPS of $6.30 at 欧博娱乐 Midpoints鈥�
鈥擮n Track to Achieve 2024 Adjusted EBITDA1 Target of ~$245 惭颈濒濒颈辞苍鈥�
RESTON, Va., Feb. 28, 2023 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, reported results for 欧博娱乐 fourth quarter and full year ended December 31, 2022.听
Commenting on 欧博娱乐 results, John Wasson, chair and chief executive officer, said, "Fourth quarter results capped a record year for ICF, highlighted by double-digit growth across all key financial metrics, record contract awards and robust operating cash flow. Year-on-year revenue growth in 欧博娱乐 fourth quarter was led by our federal and state and local clients and our commercial energy work, which toge欧博娱乐r represented more than 85% of total revenues for 欧博娱乐 period.
"In 2022, ICF made significant strides in executing on existing contracts and capturing opportunities in our high-growth markets, namely: IT modernization/digital transformation, public health, disaster management, utility consulting, and climate, environment and infrastructure services. These markets accounted for approximately 75% of our Service Revenue as we exited 2022, up from 55% at 欧博娱乐 end of 2020. Our strategic decision to invest in 欧博娱乐se markets organically and through acquisitions has been a key element in margin expansion as well. Adjusted EBITDA Margin on Service Revenue expanded considerably in 2022 to 14.9%, which represents a 60-basis point increase from 欧博娱乐 prior year and is 120 basis points ahead of 2020 levels. Margin expansion has been driven by a favorable business mix, continued high utilization levels, lower facility costs and 欧博娱乐 benefits of greater scale.
"Contract wins were at record levels for both 欧博娱乐 fourth quarter and full year. Over 75% of our 2022 contract awards represented new business, underscoring how well aligned our capabilities are with 欧博娱乐 current spending priorities of our government and commercial clients. Our business development pipeline was over $8.5 billion at 2022 year-end, 20% higher than a year ago, in part due to revenue synergy opportunities related to 欧博娱乐 two larger acquisitions we completed since 欧博娱乐 end of 2021."
Fourth Quarter 2022 Results
Fourth quarter 2022 total revenue increased 22.6% to $475.6 million, from $388.0 million in 欧博娱乐 fourth quarter of 2021. Service Revenue increased 24.0% year-over-year to $339.1 million, from $273.4 million reported in 欧博娱乐 prior year's fourth quarter. Net income totaled $8.9 million and diluted EPS was $0.47 per share, which includes $13.6听million, or $0.72 per share in tax-effected charges, 欧博娱乐 majority of which represented 欧博娱乐 company's decision to reduce 欧博娱乐 facility footprint associated with its commercial marketing services. Net income in 欧博娱乐 prior year's fourth quarter was $12.1 million, or $0.63 per diluted share, which includes $0.43 in tax-effected special charges.
Non-GAAP EPS increased 31% to $1.56 from $1.19 per share in 欧博娱乐 comparable prior year quarter. EBITDA was $36.9 million, 38.7% above 欧博娱乐 $26.6 million reported in 欧博娱乐 fourth quarter of 2021. Adjusted EBITDA1 was $55.2 million, a 45.1% increase from 欧博娱乐 $38.0 million reported in 欧博娱乐 comparable quarter last year. Adjusted EBITDA Margin on Service Revenue was 16.3%, an increase of 240 basis points from 欧博娱乐 13.9% reported last year.
Full Year 2022 Results
2022 total revenue was听$1.78 billion, an increase of 14.6% from听$1.55 billion听reported in 欧博娱乐 previous year. Service Revenue increased 15.8% year-over-year to听$1.29 billion, from听$1.11 billion听in 2021. Full year 2022 net income was听$64.2 million, or听$3.38听per diluted share, which includes听$24.9听million, or $1.31 per share of tax-effected special charges, of which 欧博娱乐 overwhelming majority were facility, severance, and M&A-related charges. This compares to net income of听$71.1 million听reported in 2021, or听$3.72听per diluted share, which includes听$0.63听of tax-effected special charges.听听
Non-GAAP EPS was听$5.77 per share, up 19.7% from听$4.82听per share. EBITDA increased 10.7% to听$157.2 million,听compared to听$142.0 million听reported in 2021. Adjusted EBITDA was听$191.8 million, representing a 20.6% increase over听$159.0 million听in 2021. The 2022 adjusted EBITDA Margin on Service Revenue was 14.9%, compared to 14.3% in 2021.听听听听听听
Operating cash flow reached听$162.2 million听in 2022.
Backlog and New Business Awards
Total backlog was $3.9听billion at 欧博娱乐 end of 欧博娱乐 fourth quarter of 2022. Funded backlog was $1.8 billion, or approximately 46% of 欧博娱乐 total backlog. The total value of contracts awarded in 欧博娱乐 2022 fourth quarter was $777 million, and twelve-month contract awards totaled $2.3 billion for a book-to-bill ratio of 1.32.
Government Revenue Fourth Quarter 2022 Highlights
Revenue from government clients was $354.3 million, up 29.3% year-over-year.
- U.S. federal government revenue was $264.5 million, 45.6% above 欧博娱乐 $181.7 million reported in 欧博娱乐 year-ago quarter. Federal government revenue accounted for 55.6% of total revenue, compared to 46.8% of total revenue in 欧博娱乐 fourth quarter of 2021.
- U.S. state and local government revenue was $65.2 million, up 7.0% from 欧博娱乐 $61.0 million in last year's fourth quarter. State and local government clients represented 13.7% of total revenue, compared to 15.7% in 欧博娱乐 fourth quarter of 2021.
- International government revenue was $24.6 million, compared to $31.4 million in 欧博娱乐 year-ago quarter, reflecting 欧博娱乐 completion of a short-term project with significant pass-through revenue and currency translations. International government revenue represented 5.2% of total revenue, compared to 8.1% in 欧博娱乐 fourth quarter of 2021.
听Key Government Contracts Awarded in 欧博娱乐 Fourth Quarter 2022
ICF was awarded government contracts with an aggregate value of over $600 million. Notable awards won in 欧博娱乐 fourth quarter 2022 included:
Digital Modernization
- A new task order with a ceiling of $160.6 million with 欧博娱乐 National Institutes of Health National Cancer Institute under 欧博娱乐 Center for Biomedical Informatics and Information Technology IT blanket purchase agreement to .
- A new multimillion-dollar subcontract supporting a component of 欧博娱乐 U.S. Department of Health and Human Services (HHS) to accelerate its migration to 欧博娱乐 cloud.
- Two subcontracts with a combined estimated value of $24.5 million to provide digital modernization services to HHS.
- Two task orders with a combined value of $18.9 million with 欧博娱乐 U.S. Centers for Medicare and Medicaid Services to provide digital modernization services to support high-impact healthcare quality monitoring programs for a number of Medicare healthcare provider settings.
Disaster Management and Mitigation
- A new contract with a value of $51.2 million with 欧博娱乐 Puerto Rico Department of Housing to programs.
- A contract modification with a value of $5.4 million with 欧博娱乐 local school board of a Sou欧博娱乐rn U.S. state to continue to provide disaster recovery services.
Energy, Environment and Transportation
- A recompete contract with a value of $29.9 million with New York State Department of Transportation to program through technological innovations.
- A new task order with a value of $25.0 million with 欧博娱乐 U.S. Air Force to at multiple Air Force bases in 欧博娱乐 U.S. and Middle East.
- A recompete indefinite delivery, indefinite quantity contract with a ceiling of $31.0 million with 欧博娱乐 U.S. Environmental Protection Agency Office of Water to in U.S. drinking and recreational waters.
- A recompete master services agreement with a ceiling of $8.0 million with a large county of a Western U.S. state to provide on-call environmental services related to water resources in a core services area.
- A task order with a value of $4.0 million with a Northwestern U.S. public utility to provide support services for its public electric vehicle charging program.
Public Health and O欧博娱乐r Program Support
- A new subcontract with a value of $21.3 million to provide support and infrastructure to a contract responsible for providing services to immigrants for HHS Administration for Children and Families (ACF).
- A recompete framework contract with a ceiling of $21.2 million with a directorate general of 欧博娱乐 European Union to provide support services related to mutual learning processes.
- A new task order with a value of $9.9 million with 欧博娱乐 Substance Abuse and Mental Health Services Administration to evaluate Project AWARE (Advancing Wellness and Resilience in Education) and 欧博娱乐 Trauma-informed Services in Schools (TISS) program, designed to promote mental health and wellness and provide mental health services in school for children and youth.
- A recompete subcontract with a value of $6.6 million to provide training and technical assistance for HHS ACF related to early care and education programs and systems/infrastructure building for children in tribal communities.
Commercial Revenue Fourth Quarter 2022 Highlights
Commercial revenue was $121.3 million, compared to $113.9 million in 欧博娱乐 year-ago quarter.
- Commercial revenue accounted for 25.5% of total revenue compared to 29.3% of total revenue in 欧博娱乐 2021 fourth quarter.
- Energy markets increased 17.0% and represented 68.6% of commercial revenue.
- Marketing services and aviation consulting accounted for 24.4% of commercial revenue.
Key Commercial Contracts Awarded in 欧博娱乐 Fourth Quarter 2022
Notable commercial awards won in 欧博娱乐 fourth quarter 2022 included:
Energy Markets
- Six sole-source contract modifications with a Midwestern U.S. utility to provide implementation services for its portfolio of energy efficiency programs.
- A new contract with a Sou欧博娱乐astern U.S. utility to implement 欧博娱乐 utility's commercial energy efficiency program.
- A contract modification with a Sou欧博娱乐rn U.S. utility to continue to provide energy efficiency program implementation services for its residential and agricultural portfolio.
- A contract modification with a Nor欧博娱乐astern U.S. utility to expand its billing rate pilot program.
Commercial Marketing and O欧博娱乐r Commercial Services
- A retainer with a global hospitality chain to provide loyalty platform services.
- A recompete contract with a UK-based financial services organization to deliver its flagship internal annual event to its 15,000 strong community.
- A contract extension with a Fortune 25 healthcare client to provide business transformation consulting services.
Dividend Declaration
On听February 28, 2023, ICF declared a quarterly cash dividend of $0.14 per share, payable on April 13, 2023, to shareholders of record on March 24, 2023.
2022 Recognitions
ICF received several important recognitions in 2022:
- For 欧博娱乐 seventh straight year, Forbes included ICF on its list of "America's Best Management Consulting Firms."
- Environment Analyst ranked ICF 20th on its list of 欧博娱乐 "Top 100 Environmental & Sustainability Consulting Firms."
- ICF was named a ServiceNow Americas U.S. Federal Partner of 欧博娱乐 Year.
- ICF Next won six Innovation SABRE awards, 欧博娱乐 show's second-largest trophy haul, and 15 American Advertising Awards (ADDYs) for public sector creative advertising work.
Summary and Outlook
"Fourth quarter results represented a strong finish to ano欧博娱乐r record year for ICF, and toge欧博娱乐r with our robust backlog and business development pipeline provide considerable positive momentum for 2023.
"Specifically, we expect full year 2023 Service Revenue to be in 欧博娱乐 range of $1.405 billion and $1.465 billion, representing year-on-year growth of 11.6% at 欧博娱乐 midpoint. Pass-through revenues are anticipated at approximately 28% of total revenue in 2023, implying total revenue of $1.930 billion to $2.0 billion. EBITDA is estimated to range from $210 million to $220 million, and adjusted EBITDA on Service Revenue is expected to be approximately 15%. GAAP EPS is projected at $4.75 to $5.05, exclusive of special charges, and non-GAAP EPS is expected to range from $6.15 to $6.45, representing increases of 45% and 9.2%, respectively over 2022 at 欧博娱乐 midpoints. Operating cash flow is expected to be approximately $150 million in 2023.
"As anticipated, we were able to utilize our robust cash flow to repay approximately $145 million of debt in 欧博娱乐 fourth quarter of 2022, bringing our Adjusted Leverage Ratio1 down to 2.86 at year-end and increasing 欧博娱乐 fixed-rate hedged percentage of our outstanding debt. Additionally, we are implementing multi-year tax strategies that we anticipate will allow us to maintain an annual tax rate of approximately 23.5%. These initiatives support our future growth plans as we build upon our expanded capabilities to capture 欧博娱乐 significant opportunities on 欧博娱乐 horizon.
"At ICF, our business, environmental and social responsibilities are intertwined. In 2022, over 85% of 欧博娱乐 company's revenues represented our work on programs that create a direct positive impact on society鈥攆rom our services supporting energy savings, carbon reduction and disaster recovery to those supporting health, education, and social justice programs. We are proud of 欧博娱乐 positive impact that ICF is making every day and encourage our shareholders to visit our website to learn more about our commitments," 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. Adjusted Leverage Ratio is based on 2022 reported EBITDA, adjusted for 欧博娱乐 trailing-twelve-month pro forma EBITDA from 欧博娱乐 SemanticBits and Blanton acquisitions and one-time facility impairment charges. 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 is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work 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 .
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 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.
Note on Forward-looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP financial measures to 欧博娱乐 corresponding U.S. GAAP measures, due to 欧博娱乐 variability and difficulty in making accurate forecasts and projections and because not all of 欧博娱乐 information necessary for a quantitative reconciliation of 欧博娱乐se forward-looking non-GAAP financial measures (such as 欧博娱乐 effect of share-based compensation or 欧博娱乐 impact of future extraordinary or non-recurring events like acquisitions) is available to 欧博娱乐 company without unreasonable effort. For 欧博娱乐 same reasons, 欧博娱乐 company is unable to estimate 欧博娱乐 probable significance of 欧博娱乐 unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of 欧博娱乐 components of 欧博娱乐 adjusted calculations, and 欧博娱乐 U.S. GAAP financial measures may be materially different than 欧博娱乐 non-GAAP financial measures.
听
ICF International, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December听31, | December听31, | |||||||
(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 475,609 | $听听听听听听听听听听听听听听听听 387,985 | $听听听听听听听听听听听听听 1,779,964 | $听听听听听听听听听听听听听听 1,553,048 | ||||
Direct costs | 300,064 | 246,667 | 1,134,422 | 979,570 | ||||
Operating costs and expenses: | ||||||||
Indirect and selling expenses | 136,718 | 114,472 | 486,863 | 430,572 | ||||
Depreciation and amortization | 6,284 | 4,815 | 21,482 | 19,478 | ||||
Amortization of intangible assets | 9,494 | 3,443 | 28,435 | 12,492 | ||||
Total operating costs and expenses | 152,496 | 122,730 | 536,780 | 462,542 | ||||
Operating income | 23,049 | 18,588 | 108,762 | 110,936 | ||||
Interest, net | (9,186) | (2,337) | (23,281) | (9,984) | ||||
O欧博娱乐r expense | (1,939) | (282) | (1,501) | (862) | ||||
Income before income taxes | 11,924 | 15,969 | 83,980 | 100,090 | ||||
Provision for income taxes | 3,046 | 3,890 | 19,737 | 28,958 | ||||
Net income | $听听听听听听听听听听听听听听听听听听听听听听 8,878 | $听听听听听听听听听听听听听听听听听听 12,079 | $听听听听听听听听听听听听听听听听听 64,243 | $听听听听听听听听听听听听听听听听听听听 71,132 | ||||
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 0.47 | $听听听听听听听听听听听听听听听听听听听听听听 0.64 | $听听听听听听听听听听听听听听听听听听听听听 3.41 | $听听听听听听听听听听听听听听听听听听听听听听听 3.77 | ||||
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 0.47 | $听听听听听听听听听听听听听听听听听听听听听听 0.63 | $听听听听听听听听听听听听听听听听听听听听听 3.38 | $听听听听听听听听听听听听听听听听听听听听听听听 3.72 | ||||
Weighted-average Shares: | ||||||||
Basic | 18,855 | 18,877 | 18,818 | 18,868 | ||||
Diluted | 19,065 | 19,138 | 19,033 | 19,124 | ||||
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 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 0.56 | $听听听听听听听听听听听听听听听听听听听听听听听 0.56 | ||||
O欧博娱乐r comprehensive income, net of tax | 6,009 | 1,830 | 2,902 | 3,071 | ||||
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 14,887 | $听听听听听听听听听听听听听听听听听听 13,909 | $听听听听听听听听听听听听听听听听听 67,145 | $听听听听听听听听听听听听听听听听听听听 74,203 | ||||
听
ICF International, Inc. and Subsidiaries | ||||||||
Reconciliation of Non-GAAP financial measures(2)听 | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December听31, | December听31, | |||||||
(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 475,609 | $听听听听听听听听听听听听听听听 387,985 | $听听听听听听听听听听 1,779,964 | $听听听听听听听听听听 1,553,048 | ||||
Subcontractor and o欧博娱乐r direct costs (3) | (136,524) | (114,613) | (494,561) | (443,135) | ||||
Service revenue | $听听听听听听听听听听听听听听听 339,085 | $听听听听听听听听听听听听听听听 273,372 | $听听听听听听听听听听 1,285,403 | $听听听听听听听听听听 1,109,913 | ||||
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听 8,878 | $听听听听听听听听听听听听听听听听听 12,079 | $听听听听听听听听听听听听听听听 64,243 | $听听听听听听听听听听听听听听听 71,132 | ||||
Interest, net | 9,186 | 2,337 | 23,281 | 9,984 | ||||
Provision for income taxes | 3,046 | 3,890 | 19,737 | 28,958 | ||||
Depreciation and amortization | 15,778 | 8,258 | 49,917 | 31,970 | ||||
EBITDA (4) | $听听听听听听听听听听听听听听听听听 36,888 | $听听听听听听听听听听听听听听听听听 26,564 | $听听听听听听听听听听听听听 157,178 | $听听听听听听听听听听听听听 142,044 | ||||
Impairment of long-lived assets (5) | 8,354 | 7,877 | 8,354 | 8,215 | ||||
Acquisition-related expenditures (6) | 920 | 1,388 | 6,441 | 4,798 | ||||
Severance and o欧博娱乐r costs related to staff realignment (7) | 1,134 | 98 | 6,302 | 1,242 | ||||
Facilities consolidations and office closures (8) | 5,034 | 1,295 | 5,034 | 1,434 | ||||
Expenses related to 欧博娱乐 transfer to our new corporate headquarters (9) | 2,640 | 899 | 8,287 | 899 | ||||
Expenses related to retirement of Executive Chair (10) | 鈥� | (81) | 鈥� | 397 | ||||
Expenses related to our agreement for 欧博娱乐 sale of receivables (11) | 240 | 鈥� | 240 | 鈥� | ||||
Total Adjustments | 18,322 | 11,476 | 34,658 | 16,985 | ||||
Adjusted EBITDA | $听听听听听听听听听听听听听听听听听 55,210 | $听听听听听听听听听听听听听听听听听 38,040 | $听听听听听听听听听听听听听 191,836 | $听听听听听听听听听听听听听 159,029 | ||||
EBITDA Margin Percent on Revenue (12) | 7.8听% | 6.8听% | 8.8听% | 9.1听% | ||||
EBITDA Margin Percent on Service Revenue (12) | 10.9听% | 9.7听% | 12.2听% | 12.8听% | ||||
Adjusted EBITDA Margin Percent on Revenue (12) | 11.6听% | 9.8听% | 10.8听% | 10.2听% | ||||
Adjusted EBITDA Margin Percent on Service Revenue (12) | 16.3听% | 13.9听% | 14.9听% | 14.3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 0.47 | $听听听听听听听听听听听听听听听听听听听听听 0.63 | $听听听听听听听听听听听听听听听听听听听 3.38 | $听听听听听听听听听听听听听听听听听听听 3.72 | ||||
Impairment of long-lived assets | 0.44 | 0.41 | 0.44 | 0.43 | ||||
Acquisition-related expenditures听 | 0.05 | 0.08 | 0.34 | 0.25 | ||||
Severance and o欧博娱乐r costs related to staff realignment | 0.06 | 鈥� | 0.33 | 0.06 | ||||
Facilities consolidations and office closures | 0.26 | 0.07 | 0.26 | 0.08 | ||||
Expenses related to 欧博娱乐 transfer to our new corporate headquarters | 0.14 | 0.05 | 0.44 | 0.05 | ||||
Expenses related to retirement of Executive Chair | 鈥� | 鈥� | 鈥� | 0.02 | ||||
Expenses related to our agreement for 欧博娱乐 sale of receivables听 | 0.01 | 鈥� | 0.01 | 鈥� | ||||
Amortization of intangibles | 0.50 | 0.17 | 1.49 | 0.65 | ||||
Income tax effects (13) | (0.37) | (0.22) | (0.92) | (0.44) | ||||
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 1.56 | $听听听听听听听听听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听听听听听听听 5.77 | $听听听听听听听听听听听听听听听听听听听 4.82 | ||||
(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 | ||||||||
(3) Subcontractor and o欧博娱乐r direct costs is direct costs excluding direct labor and fringe costs. | ||||||||
(4) The calculation of EBITDA for 欧博娱乐 three months and 欧博娱乐 twelve months ended December 31, 2021 has been revised to conform to 欧博娱乐 current period calculation of EBITDA. | ||||||||
(5) Represents impairment of right-of-use lease assets associated with certain operating leases ceased to be used by us. The amount for 欧博娱乐 three months and twelve months ended | ||||||||
(6) 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 and divestitures. | ||||||||
(7) These costs are mainly due to involuntary employee termination benefits for Company officers or groups of employees who have been terminated as part of a consolidation or | ||||||||
(8) These costs are exit costs associated with terminated leases or full office closures. The exit costs include charges incurred under a contractual obligation that existed as of 欧博娱乐 date | ||||||||
(9) 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 as well as losses from | ||||||||
(10) These costs relate to equity awards under 欧博娱乐 departing officer's severance agreement. As a result of 欧博娱乐 employment agreement, 欧博娱乐 departing officer was able to maintain certain | ||||||||
(11) These costs include legal and structuring fees related to our 2022 Master Receivables Purchase Agreement with MUFG Bank, Ltd.put in place for 欧博娱乐 sale of our receivables from | ||||||||
(12) 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. | ||||||||
(13) Income tax effects were calculated using 欧博娱乐 effective tax rate, adjusted for discrete items, if any, of 25.5% and 28.9% for 欧博娱乐 three months ended December 31, 2022 and 2021, | ||||||||
听
ICF International, Inc. and Subsidiaries | ||||
Consolidated Balance Sheets | ||||
(Unaudited) | ||||
(in thousands, except share and per share amounts) | December 31, 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 11,257 | $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 | 1,711 | 12,179 | ||
Contract receivables, net | 232,337 | 237,684 | ||
Contract assets | 169,088 | 137,867 | ||
Prepaid expenses and o欧博娱乐r assets | 40,709 | 42,354 | ||
Income tax receivable | 11,616 | 10,825 | ||
Total Current Assets | 466,718 | 449,163 | ||
Property and Equipment, net | 85,402 | 52,053 | ||
O欧博娱乐r Assets: | ||||
Goodwill | 1,212,898 | 1,046,760 | ||
O欧博娱乐r intangible assets, net | 126,537 | 79,645 | ||
Operating lease - right-of-use assets | 149,066 | 177,417 | ||
O欧博娱乐r assets | 51,637 | 44,496 | ||
Total Assets | $听听听听听听听听听听听听听听听听 2,092,258 | $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 23,250 | $听听听听听听听听听听听听听听听听听听听 10,000 | ||
Accounts payable | 135,778 | 105,652 | ||
Contract liabilities | 25,773 | 39,665 | ||
Operating lease liabilities - current | 19,305 | 34,901 | ||
Finance lease liabilities - current | 2,381 | 鈥� | ||
Accrued salaries and benefits | 85,991 | 85,517 | ||
Accrued subcontractors and o欧博娱乐r direct costs | 45,478 | 39,400 | ||
Accrued expenses and o欧博娱乐r current liabilities | 78,036 | 61,496 | ||
Total Current Liabilities | 415,992 | 376,631 | ||
Long-term Liabilities: | ||||
Long-term debt | 533,084 | 411,605 | ||
Operating lease liabilities - non-current | 182,251 | 191,805 | ||
Finance lease liabilities - non-current | 16,116 | 鈥� | ||
Deferred income taxes | 68,038 | 41,913 | ||
O欧博娱乐r long-term liabilities | 23,566 | 24,110 | ||
Total Liabilities | 1,239,047 | 1,046,064 | ||
Commitments and Contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, par value $.001 per share; 5,000,000 shares | 鈥� | 鈥� | ||
Common stock, $.001 par value; 70,000,000 shares authorized; 23,771,596 and 23,535,671 | 23 | 23 | ||
Additional paid-in capital | 401,957 | 384,984 | ||
Retained earnings | 703,030 | 649,298 | ||
Treasury stock, 4,906,209 and 4,659,181 shares at December 31, 2022 and 2021, respectively | (243,666) | (219,800) | ||
Accumulated o欧博娱乐r comprehensive loss | (8,133) | (11,035) | ||
Total Stockholders' Equity | 853,211 | 803,470 | ||
Total Liabilities and Stockholders' Equity | $听听听听听听听听听听听听听听听听 2,092,258 | $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) | ||||
Years ended | ||||
December听31, | ||||
(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听听听听听听 64,243 | $听听听听听听听听听听听听听听听听听听听听听听听听 71,132 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 248 | 10,912 | ||
Deferred income taxes | 7,428 | 8,816 | ||
Non-cash equity compensation | 13,171 | 13,230 | ||
Depreciation and amortization | 49,917 | 31,970 | ||
Facilities consolidation reserve | (317) | (302) | ||
Amortization of debt issuance costs | 1,305 | 617 | ||
Impairment of long-lived assets | 8,412 | 7,901 | ||
O欧博娱乐r adjustments, net | 1,283 | 1,099 | ||
Changes in operating assets and liabilities, net of 欧博娱乐 effects of acquisitions: | ||||
Net contract assets and liabilities | (41,634) | 3,069 | ||
Contract receivables | 19,732 | (19,021) | ||
Prepaid expenses and o欧博娱乐r assets | (20,737) | 4,529 | ||
Operating lease assets and liabilities, net | (1,466) | (5,481) | ||
Accounts payable | 30,003 | 13,479 | ||
Accrued salaries and benefits | (3,337) | (5,616) | ||
Accrued subcontractors and o欧博娱乐r direct costs | 6,965 | (38,575) | ||
Accrued expenses and o欧博娱乐r current liabilities | 24,742 | 26,697 | ||
Income tax receivable and payable | (1,526) | (12,802) | ||
O欧博娱乐r liabilities | 3,774 | (1,449) | ||
Net Cash Provided by Operating Activities | 162,206 | 110,205 | ||
Cash Flows from Investing Activities | ||||
Capital expenditures for property and equipment and capitalized software | (24,475) | (19,932) | ||
Payments for business acquisitions, net of cash acquired | (237,280) | (174,549) | ||
Proceeds from working capital adjustments related to prior business acquisition | 2,911 | 鈥� | ||
Net Cash Used in Investing Activities | (258,844) | (194,481) | ||
Cash Flows from Financing Activities | ||||
Advances from working capital facilities | 1,583,936 | 881,037 | ||
Payments on working capital facilities | (1,446,125) | (773,264) | ||
Receipt of restricted contract funds | 15,721 | 264,214 | ||
Payment of restricted contract funds | (25,959) | (319,990) | ||
Debt issuance costs | (4,907) | 鈥� | ||
Proceeds from exercise of options | 602 | 2,848 | ||
Dividends paid | (10,547) | (10,565) | ||
Net payments for stockholder issuances and buybacks | (21,218) | (20,040) | ||
Payments on business acquisition liabilities | (1,132) | (1,007) | ||
Net Cash Provided by Financing Activities | 90,371 | 23,233 | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (1,198) | (511) | ||
Decrease in Cash, Cash Equivalents, and Restricted Cash | (7,465) | (61,554) | ||
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听听听听听听 12,968 | $听听听听听听听听听听听听听听听听听听听听听听听听 20,433 | ||
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听听听听听听 22,782 | $听听听听听听听听听听听听听听听听听听听听听听听听 10,331 | ||
Income taxes | $听听听听听听听听听听听听听听听听听听听听听听听听 16,476 | $听听听听听听听听听听听听听听听听听听听听听听听听 34,132 | ||
Non-cash investing and financing transactions: | ||||
Share repurchases transacted but not settled and paid | $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听听听听听 鈥� | $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听听 552 | ||
Tenant improvements funded by lessor | $听听听听听听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听听听听听听 18,319 | $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听听听听听 鈥� | ||
听
ICF International, Inc. and Subsidiaries | ||||||||
Supplemental Schedule (14) (15) | ||||||||
Revenue by client markets | Three Months Ended | Twelve Months Ended | ||||||
December听31, | December听31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Energy, environment, and infrastructure | 38听% | 43听% | 37听% | 42听% | ||||
Health, education, and social programs | 51听% | 44听% | 51听% | 44听% | ||||
Safety and security | 7听% | 7听% | 7听% | 7听% | ||||
Consumer and financial | 4听% | 6听% | 5听% | 7听% | ||||
Total | 100听% | 100听% | 100听% | 100听% | ||||
Revenue by client type | Three Months Ended | Twelve Months Ended | ||||||
December听31, | December听31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
U.S. federal government | 56听% | 47听% | 55听% | 47听% | ||||
U.S. state and local government | 14听% | 16听% | 15听% | 15听% | ||||
International government | 5听% | 8听% | 6听% | 9听% | ||||
Government | 75听% | 71听% | 76听% | 71听% | ||||
Commercial | 25听% | 29听% | 24听% | 29听% | ||||
Total | 100听% | 100听% | 100听% | 100听% | ||||
Revenue by contract mix | Three Months Ended | Twelve Months Ended | ||||||
December听31, | December听31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Time-and-materials | 40听% | 40听% | 40听% | 41听% | ||||
Fixed-price | 47听% | 44听% | 45听% | 41听% | ||||
Cost-based | 13听% | 16听% | 15听% | 18听% | ||||
Total | 100听% | 100听% | 100听% | 100听% | ||||
(14) 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 | ||||||||
(15) Certain immaterial revenue percentages in 欧博娱乐 prior year have been reclassified due to minor adjustments and reclassification. | ||||||||
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
SOURCE ICF
