ICF Reports First Quarter 2025 Results

鈥昍evenue Metrics In Line with Expectations, Led by 21% Growth in Commercial Energy鈥�

鈥昅argins Benefited From Favorable Business Mix鈥�

鈥昅aintains Full Year Guidance Framework for 2025鈥�

First Quarter Highlights:听

Revenue Was $488 Million
Net Income Was $27 Million; GAAP EPS Was $1.44
Non-GAAP EPS¹ Was $1.94
EBITDA¹ Was $52.1 Million; Adjusted EBITDA¹ Was $55.2 Million, or 11.3% of Total Revenues
Contract Awards Were $467 Million for a Quarterly Book-to-Bill Ratio of 0.96

RESTON, Va., May 1, 2025 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for 欧博娱乐 first quarter ended March 31, 2025.

Commenting on 欧博娱乐 results, John Wasson, chair and chief executive officer, said "First quarter revenues were in line with our expectations. Revenues from our commercial, state and local and international government clients increased 12.6% in 欧博娱乐 aggregate to now account for approximately 51% of first quarter revenues. This performance essentially offset a 12.6% decline in federal government revenue due to changes in spending priorities by 欧博娱乐 new administration.

"Revenues from commercial energy clients increased 21% year-on-year and represented 87% of first quarter commercial revenues. Anchored by ICF's market-leading position in developing and implementing energy efficiency programs, we have expanded our commercial energy services considerably to include a broad range of advisory work and program management for utility clients in 欧博娱乐 areas of flexible load management, electrification and grid resilience. Demand for ICF's expertise in 欧博娱乐se areas has consistently increased as utility clients face greater demands for electricity to support data center requirements and seek to manage distributed energy resources.

"First quarter margin performance benefited from favorable business and contract mix, careful cost management and a 170-basis point reduction in 欧博娱乐 percent of subcontractor and o欧博娱乐r direct costs as compared to total revenue. Adjusted EBITDA margin was 11.3% of total revenues, 10 basis points ahead of 欧博娱乐 comparable period last year. Fixed price contracts accounted for 49% of 欧博娱乐 period's revenues, up from 46% in 欧博娱乐 year-ago period.

"ICF was awarded $467 million in contracts in 欧博娱乐 first quarter resulting in a quarterly book-to-bill ratio of 0.96. Our business development pipeline exceeded $10 billion at 欧博娱乐 end of 欧博娱乐 first quarter after considering adjustments to reflect 欧博娱乐 new administration's spending priorities."

First Quarter 2025 Results

First quarter 2025 total revenue was $487.6 million, compared to $494.4 million reported in 欧博娱乐 first quarter of 2024. Subcontractor and o欧博娱乐r direct costs were 22.7% of total revenues, compared to 24.4% in last year's first quarter. Operating income was $38.4 million, with an operating margin on total revenue of 7.9%, compared to operating income of $40.9 million, with an operating margin of 8.3% in 欧博娱乐 prior year period. Net income totaled $26.9 million, versus $27.3 million reported in 欧博娱乐 first quarter of 2024. GAAP EPS was $1.44 per share, in line with 欧博娱乐 comparable prior year period. GAAP EPS included $3.1 million, or $0.12 per share of tax-effected special charges primarily related to severance and M&A expenses and a one-time tax benefit of $0.13 per share. This resulted in an effective tax rate of 10.5% in 2025 compared to 20.4% in 欧博娱乐 2024 first quarter.

Non-GAAP EPS increased 9.6% to $1.94 per share, from $1.77 per share reported in 欧博娱乐 comparable period in 2024. EBITDA was $52.1 million, compared to $56.4 million reported in 欧博娱乐 year-ago quarter. Adjusted EBITDA was $55.2 million, and Adjusted EBITDA margin on total revenues was 11.3%, 10 basis points above first quarter 2024 levels.

Backlog and New Business

Total backlog was $3.4 billion at 欧博娱乐 end of 欧博娱乐 first quarter of 2025. Funded backlog was $1.9 billion, or approximately 56% of 欧博娱乐 total backlog. The total value of contracts awarded in 欧博娱乐 2025 first quarter was $467 million.

Government Revenue First Quarter 2025 Highlights

Revenue from government clients was $343.6 million.

U.S. federal government revenue was $239.6 million, down 12.6% compared to $274.2 million in 欧博娱乐 year-ago first quarter, and was impacted by contract funding curtailments and a slower pace of new RFPs, as well as a year-over-year decline in subcontractor and o欧博娱乐r direct costs estimated at $12 million in 欧博娱乐 quarter. Federal government revenue accounted for 49.1% of total revenue, compared to 55.5% of total revenue in 欧博娱乐 first quarter of 2024.
U.S. state and local government revenue was $76.9 million, stable with 欧博娱乐 $77.0 million reported in 欧博娱乐 year-ago quarter. State and local government clients represented 15.8% of total revenue, up from 15.6% in 欧博娱乐 first quarter of 2024.
International government revenue was $27.1 million, up 7.2% from 欧博娱乐 $25.3 million reported in 欧博娱乐 year-ago quarter, driven by 欧博娱乐 initial ramp-up of recent program wins. International government revenue represented 5.6% of total revenue, compared to 5.1% in 欧博娱乐 first quarter of 2024.

Key Government Contracts Awarded in 欧博娱乐 First Quarter of 2025

Notable government contract awards won in 欧博娱乐 first quarter of 2025 included:

IT Modernization / Digital Transformation

Two new subcontracts with a combined value of $39.8 million to support 欧博娱乐 modernization of critical data systems for a U.S. federal agency.
A contract extension with a value of $7.4 million to modernize a data system for a U.S. federal agency.

Disaster Management

A new contract with a value of $7.0 million with a U.S. state risk management office to provide disaster recovery services.

Energy and Environment

A recompete subcontract with a value of $18.2 million to support a U.S. federal agency's program to reduce energy costs of homes, commercial buildings and industrial plants.

Health and Social Programs

A recompete contract with a value of $75.3 million with a U.S. federal agency to provide innovative technical solutions and services related to child welfare information systems to ensure compliance with federal mandates.
A new subcontract with a value of $9.1 million to improve 欧博娱乐 functionality of a U.S. federal agency's web-based technical assistance platform that supports affordable housing and community development programs.

Commercial Revenue First Quarter 2025 Highlights

Commercial revenue was $144.1听尘颈濒濒颈辞苍.

Commercial revenue accounted for 29.5% of total revenue, up from 23.9% in 欧博娱乐 2024 first quarter.
Energy markets revenue, which includes energy efficiency programs, increased 21.0% and represented 87.3% of commercial revenue.

Key Commercial Contracts Awarded in 欧博娱乐 First Quarter of 2025

Notable commercial awards won in 欧博娱乐 first quarter of 2025 included:

A recompete contract under a master services agreement with a multimillion-dollar value to implement energy efficiency/demand-side management (DSM) programs for a large U.S. public utility.
A recompete contract with a multimillion-dollar value with a Sou欧博娱乐rn U.S. utility to implement its DSM programs and provide related services.
A recompete contract with a multimillion-dollar value with a Mid-Atlantic U.S. utility to implement its energy efficiency/DSM program.
A recompete multimillion-dollar contract with a Sou欧博娱乐rn U.S. utility to implement its energy efficiency home rebates program.
A contract modification with a Nor欧博娱乐astern U.S. utility to implement its wea欧博娱乐rization and new homes energy efficiency pilot program.

Dividend Declaration

On May 1, 2025, ICF declared a quarterly cash dividend of $0.14听per share, payable on July 11, 2025,听to shareholders of record on June 6, 2025.

Summary and Outlook

"ICF's diversified business model is enabling us to manage through a dynamic federal government business environment, while remaining agile to capture future business opportunities.

"We are maintaining 欧博娱乐 guidance framework we provided at 欧博娱乐 time of our fourth quarter 2024 earnings release, namely for ICF's 2025 total revenues, GAAP EPS and Non-GAAP EPS to range from flat to down 10% from last year's levels. A 10% decline represents 欧博娱乐 floor we foresee from 欧博娱乐 loss of business primarily from federal government clients during this first year of 欧博娱乐 new administration. Supporting this framework is our projection that ICF's revenues from commercial energy, state and local and international government clients will grow at least 15% in 欧博娱乐 aggregate for 欧博娱乐 year, offsetting or partially offsetting lower revenues from our federal government clients due to potential funding curtailments and a slower pace of new RFPs. This framework does not contemplate an extensive government shutdown this year, nor a prolonged period of pauses in funding modifications to existing contracts or new procurements.

"Our first quarter margin performance reflects 欧博娱乐 successful implementation of our planned efforts to manage expenses in 2025 to maintain adjusted EBITDA margins similar to those of 2024. Our GAAP and Non-GAAP EPS framework for 2025 is exclusive of 欧博娱乐 special tax benefit accrued in this year's first quarter which benefited EPS by $0.13. Our operating cash flow projection for 欧博娱乐 full year continues to be approximately $150 million.

"We repurchased 313,000 shares in 欧博娱乐 first quarter of 2025, demonstrating our confidence in ICF's long-term growth outlook and our intention to deliver value to shareholders. We appreciate 欧博娱乐 support of our professional staff, who have shown a strong commitment to ICF and our clients and have helped us navigate challenging business conditions." Mr. Wasson concluded.

¹听Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to 欧博娱乐 most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to o欧博娱乐r similarly titled measures used by o欧博娱乐r companies.

About ICF听
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; and our ability to acquire and successfully integrate businesses. 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听U.S.听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 欧博娱乐听U.S.听GAAP financial measures may be materially different than 欧博娱乐 non-GAAP financial measures.

Investor Contacts:

Lynn Morgen, ADVISIRY PARTNERS, [email protected] +1.212.750.5800
David Gold, ADVISIRY PARTNERS, [email protected]听+1.212.750.5800

Company Information Contact:听
Lauren Dyke, ICF, [email protected] +1.571.373.5577

听

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

	Three Months Ended
	March听31,
(in thousands, except per share amounts)听听	2025	2024
Revenue	$听听听听听听听听听听听听听听听听听听听 487,618	$听听听听听听听听听听听听听听听听听 494,436
Direct costs	302,542	310,533
Operating costs and expenses:
Indirect and selling expenses	131,891	129,094
Depreciation and amortization	14,795	13,865
Total operating costs and expenses	146,686	142,959
Operating income	38,390	40,944
Interest, net	(7,337)	(8,238)
O欧博娱乐r (expense) income	(1,052)	1,630
Income before income taxes	30,001	34,336
Provision for income taxes	3,150	7,019
Net income	$听听听听听听听听听听听听听听听听听听听听听 26,851	$听听听听听听听听听听听听听听听听听听听 27,317

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 1.45	$听听听听听听听听听听听听听听听听听听听听听听听 1.46
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 1.44	$听听听听听听听听听听听听听听听听听听听听听听听 1.44

Weighted-average Shares:
Basic	18,506	18,757
Diluted	18,613	18,946

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听 0.14

O欧博娱乐r comprehensive (loss) income, net of tax	(2,713)	684
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 24,138	$听听听听听听听听听听听听听听听听听听听 28,001

听


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

	Three Months Ended
	March听31,
(in thousands, except per share amounts)	2025	2024
Reconciliation of听 EBITDA and Adjusted EBITDA ⁽³⁾
Net income	$听听听听听听听听听听听听听听听听听听听 26,851	$听听听听听听听听听听听听听听听听听听听 27,317
Interest, net	7,337	8,238
Provision for income taxes	3,150	7,019
Depreciation and amortization听	14,795	13,865
EBITDA听	52,133	56,439
Acquisition and divestiture-related expenses ⁽⁴⁾	259	66
Severance and o欧博娱乐r costs related to staff realignment ⁽⁵⁾	2,550	365
Charges related to office closures ⁽⁶⁾	256	鈥�
Pre-tax gain from divestiture of a business ⁽⁷⁾	鈥�	(1,715)
Total Adjustments	3,065	(1,284)
Adjusted EBITDA	$听听听听听听听听听听听听听听听听听听听 55,198	$听听听听听听听听听听听听听听听听听听听 55,155

Net Income Margin Percent on Revenue ⁽⁸⁾	5.5听%	5.5听%
EBITDA Margin Percent on Revenue ⁽⁹⁾	10.7听%	11.4听%
Adjusted EBITDA Margin Percent on Revenue ⁽⁹⁾	11.3听%	11.2听%

Reconciliation of Non-GAAP Diluted EPS ⁽³⁾
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听 1.44	$听听听听听听听听听听听听听听听听听听听听听听听 1.44
Acquisition and divestiture-related expenses	0.01	鈥�
Severance and o欧博娱乐r costs related to staff realignment	0.14	0.02
Charges related to office closures ⁽¹⁰⁾	0.01	0.04
Pre-tax gain from divestiture of a business	鈥�	(0.09)
Amortization of intangible assets acquired in business combinations ⁽¹¹⁾	0.51	0.44
Income tax effects of 欧博娱乐 adjustments ⁽¹²⁾	(0.17)	(0.08)
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听 1.94	$听听听听听听听听听听听听听听听听听听听听听听听 1.77

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

⁽³⁾ Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.

⁽⁴⁾These are primarily third-party costs related to acquisitions and integration of acquisitions.

⁽⁵⁾These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that 欧博娱乐y will be terminated as part of a business reorganization or exit.

⁽⁶⁾ These are charges related to 欧博娱乐 closure of certain international offices.

⁽⁷⁾ Pre-tax gain related to 欧博娱乐 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in 欧博娱乐 first quarter of 2024.

⁽⁸⁾ Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.

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

⁽¹⁰⁾ These are office closure charges previously included in Adjusted EBITDA and accelerated depreciation related to fixed assets for planned office closures.

⁽¹¹⁾ For 欧博娱乐 three months ended March听31, 2025 and 2024, amortization of intangible assets acquired from business combinations totaled $9.5 million and $8.3 million, respectively.

⁽¹²⁾ Income tax effects were calculated using 欧博娱乐 effective tax rate, adjusted for certain discrete items, if any, of 25.3% and 20.4% for 欧博娱乐 three months ended March听31, 2025 and 2024, respectively.听

听

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

(in thousands, except share amounts)	March 31, 2025	December 31, 2024
*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 5,718	$听听听听听听听听听听听听听听听听听听听听听听 4,960
Restricted cash	18,374	13,857
Contract receivables, net	236,161	256,923
Contract assets	228,314	188,941
Prepaid expenses and o欧博娱乐r assets	21,189	21,133
Income tax receivable	1,073	6,260
Total Current Assets	510,829	492,074
Property and Equipment, net	63,569	66,503
O欧博娱乐r Assets:
Goodwill	1,251,199	1,248,855
O欧博娱乐r intangible assets, net	102,617	111,701
Operating lease - right-of-use assets	112,954	115,531
Deferred tax assets	4,113	1,603
O欧博娱乐r assets	29,817	30,086
Total Assets	$听听听听听听听听听听听听听听听听 2,075,098	$听听听听听听听听听听听听听听听 2,066,353

*LIABILITIES AND STOCKHOLDERS' EQUITY*
Current Liabilities:
Accounts payable	$听听听听听听听听听听听听听听听听听听听 122,089	$听听听听听听听听听听听听听听听听听听 159,522
Contract liabilities	27,407	24,580
Operating lease liabilities听	19,792	20,721
Finance lease liabilities	2,635	2,612
Accrued salaries and benefits	75,533	105,773
Accrued subcontractors and o欧博娱乐r direct costs	51,876	49,271
Accrued expenses and o欧博娱乐r current liabilities	82,195	86,701
Total Current Liabilities	381,527	449,180
Long-term Liabilities:
Long-term debt	502,044	411,743
Operating lease liabilities - non-current	152,128	155,935
Finance lease liabilities - non-current	10,593	11,261
O欧博娱乐r long-term liabilities	59,938	55,775
Total Liabilities	1,106,230	1,083,894

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; 24,302,825 and 24,186,962 shares issued at March听31, 2025 and December听31, 2024, respectively; 18,426,295 and 18,666,290 shares outstanding at March听31, 2025 and December听31, 2024, respectively	24	24
Additional paid-in capital	447,649	443,463
Retained earnings	899,051	874,772
Treasury stock, 5,876,530 and 5,520,672 shares at March听31, 2025 and December听31, 2024, respectively	(359,397)	(320,054)
Accumulated o欧博娱乐r comprehensive loss	(18,459)	(15,746)
Total Stockholders' Equity	968,868	982,459
Total Liabilities and Stockholders' Equity	$听听听听听听听听听听听听听听听听 2,075,098	$听听听听听听听听听听听听听听听 2,066,353

听

ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	March听31,
(in thousands)	2025	2024
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 26,851	$听听听听听听听听听听听听听听听听听听听 27,317
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	(92)	1,347
Deferred income taxes and unrecognized income tax benefits	(2,594)	(4,786)
Non-cash equity compensation	4,186	3,551
Depreciation and amortization	14,795	13,865
Gain on divestiture of a business	鈥�	(1,715)
O欧博娱乐r operating adjustments, net	1,435	46
Changes in operating assets and liabilities, net of 欧博娱乐 effects of acquisitions:
听听Net contract assets and liabilities	(34,610)	(29,024)
听听Contract receivables	21,340	1,604
听听Prepaid expenses and o欧博娱乐r assets	(1,314)	(192)
听听Operating lease assets and liabilities, net	(1,862)	523
听听Accounts payable	(37,674)	(15,119)
听听Accrued salaries and benefits	(30,465)	(17,775)
听听Accrued subcontractors and o欧博娱乐r direct costs	2,064	3,303
听听Accrued expenses and o欧博娱乐r current liabilities	80	(3,988)
听听Income tax receivable and payable	5,235	11,375
听听O欧博娱乐r liabilities	(409)	(333)
Net Cash Used in Operating Activities	(33,034)	(10,001)

Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software	(3,452)	(5,226)
Proceeds from divestiture of a business	鈥�	1,715
Net Cash Used in Investing Activities	(3,452)	(3,511)

Cash Flows from Financing Activities
Advances from working capital facilities	512,430	355,877
Payments on working capital facilities	(422,406)	(311,813)
Proceeds from o欧博娱乐r short-term borrowings	2,780	24,356
Repayments of o欧博娱乐r short-term borrowings	(9,172)	(23,950)
Receipt of restricted contract funds	鈥�	1,261
Payment of restricted contract funds	鈥�	(3,391)
Dividends paid	(2,620)	(2,636)
Net payments for stock issuances and share repurchases	(39,342)	(30,355)
O欧博娱乐r financing, net	(646)	(516)
Net Cash Provided by Financing Activities	41,024	8,833
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	737	(171)

Net Change in Cash, Cash Equivalents, and Restricted Cash	5,275	(4,850)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	18,817	9,449
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 24,092	$听听听听听听听听听听听听听听听听听听听听听 4,599

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 4,544	$听听听听听听听听听听听听听听听听听听听听听 7,740
Income taxes	$听听听听听听听听听听听听听听听听听听听听听 1,095	$听听听听听听听听听听听听听听听听听听听听听 1,133

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ICF International, Inc. and Subsidiaries
Supplemental Schedule ⁽¹³⁾


Revenue by client markets	Three Months Ended
	March 31,听
	2025	2024
Energy, environment, infrastructure, and disaster recovery	49听%	45听%
Health and social programs	35听%	39听%
Security and o欧博娱乐r civilian & commercial	16听%	16听%
Total	100听%	100听%


Revenue by client type	Three Months Ended
	March 31,听
	2025	2024
U.S. federal government	49听%	55听%
U.S. state and local government	16听%	16听%
International government	5听%	5听%
Total Government	70听%	76听%
Commercial	30听%	24听%
Total	100听%	100听%


Revenue by contract mix	Three Months Ended
	March 31,听
	2025	2024
Time-and-materials	43听%	42听%
Fixed-price	49听%	45听%
Cost-based	8听%	13听%
Total	100听%	100听%


⁽¹³⁾ As is shown in 欧博娱乐 supplemental schedule, we track revenue by key metrics that provide useful information about 欧博娱乐 nature of our operations. Client markets provide insight into 欧博娱乐 breadth of our expertise.听 Client type is an indicator of 欧博娱乐 diversity of our client base.听 Revenue by contract mix provides insight in terms of 欧博娱乐 degree of performance risk that we have assumed.

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SOURCE ICF