ICF Reports Third Quarter 2023 Results


(MENAFN- PR Newswire) - Strong Revenue Growth Across Major Markets -

-
New Business Pipeline at $9.8 Billion After Record Q3 Contract Awards -

-
Raising GAAP and Non-GAAP EPS Guidance to Reflect Lower Tax Rate -

  • Revenue Was $502 Million, Up 7%
  • Net Income Was $24 Million, Up 24%; Diluted EPS Was $1.25, Up 24%
  • Non-GAAP EPS Was $1.81, Up 12%
  • EBITDA1 Was $49.2 Million, Up 14%; Adjusted EBITDA1 Was $54.3 Million, Up 7%
  • Contract Awards Were a Record $875 Million Representing a Book-to-Bill Ratio of 1.7; TTM Contract Awards Were $2.5 Billion for a Book-to-Bill Ratio of 1.3

RESTON, Va., Nov. 2, 2023 /PRNewswire/ -- ICF (NASDAQ: ICFI ), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2023.

Commenting on the results, John Wasson, chair and chief executive officer, said, "This was another quarter of strong execution for ICF. Revenues increased 7.2% year-on-year. Adjusting for the sale of the Commercial Marketing Group that was completed in the third quarter and the commercial U.K. events business that we exited at the end of the second quarter, revenue growth is estimated at 8.4%1, with our two major market categories, Energy, Environment & Infrastructure and Disaster Recovery and Health & Social Programs posting revenue increases of 14% and 7%, respectively.

"This also was a robust period for contract wins, which reached a third quarter record of $875 million and included record federal government awards led by IT modernization, public health, and cybersecurity. Year-to-date contract awards increased 10%, and 70% of the dollar amount of the awards represented new business, a strong indication of how well aligned ICF's capabilities and priority markets are with client demand and funding.

"Third quarter profitability benefited from higher utilization, lower facility costs, favorable mix, and scale efficiencies. Additionally, net income and per share earnings were bolstered by tax optimization strategies that have helped to offset higher interest expense.

"At quarter-end, our business development pipeline was $9.8 billion, 10% above the same period last year. The pipeline represents a diversified set of opportunities, which together with our strong backlog and book-to-bill metrics, support our expectation that 2024 will be another year of considerable recurring revenue growth for ICF."

Third Quarter 2023 Results

Third quarter 2023 total revenue increased 7.2% to $501.5 million from $467.8 million in the third quarter of 2022. Subcontractor and other direct costs were 27.1% of total revenues compared to 28.3% in last year's third quarter. Operating income increased 13.0% to $31.9 million, up from $28.2
million, and operating margin on total revenue increased to 6.4%. Net income totaled $23.7 million, and diluted EPS was $1.25 per share in the 2023 third quarter, representing increases of 24.3% and 23.8%, respectively. Third quarter 2023 net income and diluted EPS included $5.1 million, or $0.20 per share, in tax-effected special charges, net of the gain on the sale of the company's Commercial Marketing Group. Special charges in the third quarter of 2023 related to facilities reductions (including the previously disclosed one-time non-cash stranded facilities charge), M&A, and severance costs. Also included was a one-time tax benefit and other tax optimization strategies representing $0.13 per share.

Non-GAAP EPS1 increased 12.4% to $1.81 per share, from the $1.61 per share reported in the comparable period in 2022, inclusive of a one-time tax benefit and other tax optimization strategies totaling $0.13 per share. EBITDA was $49.2 million, an increase of 14.3% compared to the $43.0 million reported for the year-ago period. Adjusted EBITDA increased 7.3% to $54.3 million, from $50.6 million for the comparable period in 2022.

Backlog and New Business

Total backlog was $3.8 billion at the end of the third quarter of 2023. Funded backlog was $1.8
billion, or approximately 47% of the total backlog. The total value of contracts awarded in the 2023 third quarter was $875 million representing a book-to-bill ratio of 1.7, and trailing-twelve-month contract awards totaled $2.5 billion for a book-to-bill ratio of 1.3.

Government Revenue Third Quarter 2023 Highlights

Revenue from government clients was $383.3 million, up 6.6% year-over-year.

  • U.S. federal government revenue was $279.3 million, 2.8% above the $271.6 million reported in the third quarter of 2022 and was impacted by a year-over-year decrease in subcontractor and other direct costs of $5 million in the quarter. Excluding this decrease, federal government revenues grew by approximately 6.5%. Federal government revenue accounted for 55.7% of total revenue, compared to 58.1% of total revenue in the third quarter of 2022.
  • U.S. state and local government revenue increased 17.7% to $76.4 million, from $64.9 million in the year-ago quarter. State and local government clients represented 15.2% of total revenue, compared to 13.9% in the third quarter of 2022.
  • International government revenue was $27.6 million, up 19.9% from the $23.0 million reported in the year-ago quarter. International government revenue represented 5.5% of total revenue, compared to 4.9% in the third quarter of 2022.

Key Government Contracts Awarded in the Third Quarter 2023

Notable government contract awards won in the third quarter of 2023 included:

Health and Social Programs

  • A recompete contract with a value of $143.3 million with a U.S. federal agency to provide advanced data science and analysis services.
  • Two agreements with a combined value of $31.0 million with the U.S. National Institutes of Health's National Library of Medicine to provide biomedical and technical expertise as well as data management and digital modernization services.
  • Three call orders comprised of two recompetes and one modification with a combined value of $26.0 million with a U.S. federal agency to provide training and technical assistance to support grant management activities.
  • A subcontract modification with a value of $10.5 million to continue to provide support and infrastructure to a contractor responsible for providing services to immigrants for the U.S. Department of Health and Human Services (HHS) Administration for Children and Families.
  • Several new cooperative agreements with a combined multimillion-dollar value with the U.S. Department of Housing and Urban Development to provide community development and advanced technology and analytics services to its Community Compass program.

Digital Modernization

  • Two new task orders with a combined value of $67.2 million with U.S. Immigration and Customs Enforcement to modernize its technology systems.
  • Multiple contract modifications with a combined value of $65.9 million with an agency within HHS to continue to provide digital modernization services.
  • A new task order through a contractor teaming agreement with a value of $54.7 million to modernize wildfire management applications and services for the U.S. Department of Agriculture's U.S. Forest Service.
  • Two new task orders and a task order modification with a combined value of $21.3 million with a U.S. federal agency to continue to provide digital modernization services.
  • A contract modification with a value of $15.4 million with an agency within HHS to continue to support its digital service center.

Disaster Management and Mitigation

  • A recompete contract with a value of $24.0 million with the Government of Puerto Rico's Public Private Partnership Authority (P3) to provide disaster recovery project development services .
  • A new contract with a value of $22.6 million with the Oregon Housing and Community Services Department to provide technology-enabled disaster management and program implementation services to support wildfire recovery efforts.

Energy and Environment

  • A contract renewal with a value of $10.4 million with the department of environmental protection of a Northeastern U.S. city to provide technical assistance to new and existing buildings that must comply with a local decarbonization law.
  • A recompete subcontract with a value of $10.1 million to support the U.S. Department of Energy's National Renewable Energy Laboratory Clean Cities program.

Commercial Revenue Third Quarter 2023 Highlights

Commercial revenue was $118.2 million, 9.2% above the $108.2 million reported in the third quarter of 2022.

  • Commercial revenue accounted for 23.6% of total revenue compared to 23.1% of total revenue in the 2022 third quarter.
  • Energy markets, which includes energy efficiency programs, represented 76.5% of commercial revenue. Marketing services and aviation consulting accounted for 15.6% of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter

Notable commercial awards won in the third quarter of 2023 included:

Energy Markets

  • A new contract with a Northeastern U.S. diversified energy company to provide marketing services as its agency of record.
  • A new contract with a North American energy system operator to provide lighting energy efficiency program implementation services.
  • A contract modification with a Southern U.S. utility to provide a habitat conservation plan.
  • A new contract with a mid-Atlantic U.S. utility to provide the engineering design for a transmission substation.
  • A contract modification with a Northeastern U.S. utility to provide fleet advisory services.
  • A new contract with a Southern U.S. utility to provide implementation services for its beneficial electrification program.

Dividend Declaration

On November 2, 2023, ICF declared a quarterly cash dividend of $0.14
per share, payable on January 12,
2024,
to shareholders of record on December 8, 2023.

Summary and Outlook

"ICF's strong year-to-date performance has put us firmly on track to achieve our full-year guidance and has set the stage for continued growth in 2024. Our key growth markets, utility consulting, disaster management, IT modernization/digital transformation, and climate, environment, and infrastructure services, represented approximately 80% of our total nine-month revenues, adjusted for the sale of our Commercial Marketing Group and the exit of our commercial U.K. events business. We are also encouraged by our year-to-date profitability metrics, which reflect actions we have taken to deploy our resources to support these growth markets, strengthen operating efficiencies, and streamline our business.

"Based on our results to date, the recent sale of our Commercial Marketing Group and the exit of our commercial U.K. events business in the second quarter, we are narrowing our guidance range for full-year 2023 revenue to $1,950 million to $1,980 million, and we anticipate subcontractor and other direct costs will be approximately 27% of total revenue. Adjusted EBITDA is expected to range from $212 million to $218 million. We are raising our guidance ranges for diluted EPS to $5.00 to $5.10, exclusive of special charges, and Non-GAAP EPS to $6.40 to $6.50 due to a lower than anticipated tax rate. Operating cash flow is projected at approximately $150 million in 2023. Included in full year 2023 guidance are $60 million in year-to-date revenues from our Commercial Marketing Group and our commercial U.K. events business, which were divested in 2023. At similar margins to the rest of our business, these service lines are estimated to have contributed EPS of approximately $0.20 that will not recur in 2024.

"Looking ahead to 2024, our record sales, substantial backlog, and robust business development pipeline support our expectations for high single-digit organic growth in recurring revenues.

"In the third quarter, Forbes named ICF one of America's Best Employers for Women for the second consecutive year, and in 2023 ICF also was included on Forbes' America's Best Management Consulting Firms list for the eighth straight year and on its Best Employers for Diversity List for the third straight year. These recognitions speak volumes about the collaborative and inclusive corporate culture that we work every day to maintain. We encourage all our stakeholders to read our latest Corporate Citizenship Report , which details how ICF and our people are impacting society," Mr. Wasson concluded.

1
Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the 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 other similarly titled measures used by other 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 together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at
icf .

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 the 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 the government contracting industry generally; our particular business, including our dependence on contracts with
U.S.
federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the
Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Note on Forward-Looking Non-GAAP Measures

The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding
U.S.
GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the
U.S.
GAAP financial measures may be materially different than the non-GAAP financial measures.

Investor Contacts:

Lynn Morgen, ADVIS IR Y PARTNERS, [email protected] +1.212.750.5800
David Gold, ADVIS IR Y 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


Nine
Months
Ended



September 30,

September 30,

(in thousands, except per share amounts)


2023


2022


2023


2022

Revenue


$




501,519


$



467,777


$



1,484,886


$



1,304,355

Direct costs


323,504


307,295


961,473


834,358

Operating costs and expenses:









Indirect and selling expenses


131,553


118,290


381,808


350,145

Depreciation and amortization


5,917


5,297


19,052


15,198

Amortization of intangible assets


8,644


8,661


27,154


18,941

Total operating costs and expenses


146,114


132,248


428,014


384,284

Operating income


31,901


28,234


95,399


85,713

Interest, net


(10,557)


(7,420)


(30,146)


(14,096)

Other income


2,736


833


1,501


438

Income before income taxes


24,080


21,647


66,754


72,055

Provision for income taxes


340


2,542


6,304


16,691

Net income


$




23,740


$




19,105


$




60,450


$




55,364










Earnings per Share:









Basic


$





1.26


$





1.01


$




3.22


$





2.94

Diluted


$





1.25


$





1.01


$





3.19


$





2.91










Weighted-average Shares:









Basic


18,815


18,826


18,795


18,806

Diluted


18,974


19,009


18,958


19,001










Cash dividends declared per common share


$





0.14


$





0.14


$





0.42


$





0.42










Other comprehensive loss, net of tax


(4,053)


(1,555)


(2,236)


(3,107)

Comprehensive income, net of tax


$




19,687


$




17,550


$




58,214


$




52,257










ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP financial measures(2)

(Unaudited)












Three Months Ended


Nine
Months
Ended



September 30,


September 30,

(in thousands, except per share amounts)


2023


2022


2023


2022

Reconciliation of Revenue, Adjusted for Impact of Exited Business









Revenue


$


501,519


$



467,777


$


1,484,886


$


1,304,355

Less: Adjustment to 2022 revenue from exited business (3)


-


(5,015)


-


(5,015)

Total Revenue, Adjusted for Impact of Exited Business


$



501,519


$



462,762


$


1,484,886


$


1,299,340










Reconciliation of EBITDA and Adjusted EBITDA









Net income


$



23,740


$



19,105


$



60,450


$



55,364

Interest, net


10,557


7,420


30,146


14,096

Provision for income taxes


340


2,542


6,304


16,691

Depreciation and amortization


14,561


13,958


46,206


34,139

EBITDA (4)


$



49,198


$



43,025


$


143,106


$



120,290

Impairment of long-lived assets (5)


2,912


-


3,806


-

Acquisition and divestiture-related expenditures (6)


1,779


1,940


4,685


5,521

Severance and other costs related to staff realignment (7)


595


3,757


4,455


5,168

Charges for facility consolidations and office closures (8)


2,220


-


2,579


-

Pre-tax gain from divestiture of a business (9)


(2,425)


-


(2,425)


-

Expenses related to the transfer to our new corporate headquarters (10)


-


1,883


-


5,647

Total Adjustments


5,081


7,580


13,100


16,336

Adjusted EBITDA


$



54,279


$



50,605


$


156,206


$



136,626










Net Income Margin Percent on Revenue (11)


4.7
%


4.1
%


4.1
%


4.2
%

EBITDA Margin Percent on Revenue (12)


9.8
%


9.2
%


9.6
%


9.2
%

Adjusted EBITDA Margin Percent on Revenue (12)


10.8
%


10.8
%


10.5
%


10.5
%










Reconciliation of Non-GAAP Diluted EPS









U.S. GAAP Diluted EPS


$




1.25


$




1.01


$




3.19


$




2.91

Impairment of long-lived assets


0.15


-


0.20


-

Acquisition and divestiture-related expenditures


0.09


0.10


0.25


0.29

Severance and other costs related to staff realignment


0.03


0.20


0.23


0.27

Charges for facility consolidations and office closures


0.12


-


0.14


-

Pre-tax gain from divestiture of a business


(0.13)


-


(0.13)


-

Expenses related to the transfer to our new corporate headquarters


-


0.10


-


0.30

Amortization of intangibles


0.46


0.46


1.43


1.00

Income tax effects of the adjustments (13)


(0.16)


(0.26)


(0.50)


(0.54)

Non-GAAP Diluted EPS


$




1.81


$




1.61


$




4.81


$




4.23



















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










(3) Includes adjustment to revenue for the three and nine months ended September 30, 2022 to reflect the impact of exiting our U.K. commercial marketing business as of June 30, 2023 and the divestiture of our U.S. commercial marketing business on September 11, 2023. The adjustment of revenue related to our U.K. commercial marketing business was for the period July 1 to September 30 totaling $2.8 million for both the three and the nine months ended September 30, 2022, respectively. The adjustment of revenue related to our U.S. commercial marketing business was for the period September 12 to September 30 totaling $2.2 million for both the three and nine months ended September 30, 2022, respectively.










(4) The calculation of EBITDA for the three and nine months ended September 30, 2022 has been revised to conform to the current period calculation of EBITDA. Specifically, interest income of $0.1 million and $0.2 million, respectively, was reclassified from "Other expense" to "Interest, net" on the consolidated statements of comprehensive income.










(5) We recorded impairment of $0.9 million and $2.9 million in the first and the third quarter of 2023, respectively, related to impairment of an intangible asset and operating lease right-of-use assets.










(6) These costs consist primarily of third-party costs and integration costs associated with our acquisitions and/or potential acquisitions and separation costs associated with business discontinuation/divestitures.










(7) These costs are mainly due to involuntary employee termination benefits for our officers, and/or groups of employees who have been notified that they will be terminated as part of a consolidation or reorganization.










(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 the date of the accrual and for which (i) we will continue to pay until the contractual obligation is satisfied but with no economic benefit to us or (ii) we contractually terminated the obligation and ceased utilizing the facilities.










(9) During the third quarter of 2023, we recognized a pre-tax gain of $2.4 million from sale of assets related to the divestiture of our U.S. commercial marketing business.










(10) These costs represent incremental non-cash lease expense associated with a straight-line rent accrual during the "free rent" period in the lease for our new corporate headquarters in Reston, Virginia. We took possession of the new facility during the fourth quarter of 2021, while also maintaining and incurring lease costs for the former headquarters in Fairfax, Virginia. The transition to the new corporate headquarters was completed in the fourth quarter of 2022.










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










(12) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.










(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 21.7% and 29.4% for the three months ended September 30, 2023 and 2022, respectively, and 23.5% and 28.5% for the nine months ended September 30, 2023 and 2022, respectively.










ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)






(in thousands, except share and per share amounts)


September 30, 2023


December 31, 2022

ASSETS





Current Assets:






Cash and cash equivalents


$





5,084


$




11,257


Restricted cash


2,770


1,711


Contract receivables, net


214,818


232,337


Contract assets


209,267


169,088


Prepaid expenses and other assets


34,294


40,709


Income tax receivable


11,175


11,616

Total Current Assets


477,408


466,718

Property and Equipment, net


78,706


85,402

Other Assets:






Goodwill


1,219,326


1,212,898


Other intangible assets, net


103,211


126,537


Operating lease - right-of-use assets


134,172


149,066


Other assets


42,297


51,637

Total Assets


$



2,055,120


$



2,092,258






LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities:






Current portion of long-term debt


$




23,250


$




23,250


Accounts payable


123,414


135,778


Contract liabilities


16,989


25,773


Operating lease liabilities


19,230


19,305


Finance lease liabilities


2,441


2,381


Accrued salaries and benefits


77,123


85,991


Accrued subcontractors and other direct costs


42,049


45,478


Accrued expenses and other current liabilities


64,681


78,036

Total Current Liabilities


369,177


415,992

Long-term Liabilities:






Long-term debt


510,687


533,084


Operating lease liabilities - non-current


174,718


182,251


Finance lease liabilities - non-current


14,277


16,116


Deferred income taxes


40,148


68,038


Other long-term liabilities


52,783


23,566

Total Liabilities


1,161,790


1,239,047






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; 23,948,590 and

23,771,596 shares issued at September 30, 2023 and December 31, 2022,

respectively; 18,816,914 and 18,883,050 shares outstanding at September 30, 2023

and December 31, 2022, respectively


24


23


Additional paid-in capital


414,633


401,957


Retained earnings


755,572


703,030


Treasury stock, 5,131,676 and 4,906,209 shares at September
30, 2023 and December
31, 2022 respectively


(266,530)


(243,666)


Accumulated other comprehensive loss


(10,369)


(8,133)

Total Stockholders' Equity


893,330


853,211

Total Liabilities and Stockholders' Equity


$



2,055,120


$



2,092,258






ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)



Nine Months Ended



September
30,

(in thousands)


2023


2022

Cash Flows from Operating Activities





Net income


$





60,450


$





55,364

Adjustments to reconcile net income to net cash provided by operating activities:





Provision for credit losses


691


91

Deferred income taxes and unrecognized income tax benefits


(3,533)


6,023

Non-cash equity compensation


10,134


10,023

Depreciation and amortization


46,207


34,139

Facilities consolidation reserve


-


(236)

Amortization of debt issuance costs


984


940

Impairment of long-lived assets


3,801


-

Gain on divestiture of a business


(4,302)


-

Other adjustments, net


(2,222)


474

Changes in operating assets and liabilities, net of the effects of acquisitions:





Net contract assets and liabilities


(52,010)


(72,619)

Contract receivables


12,087


(31,770)

Prepaid expenses and other assets


11,893


(11,991)

Operating lease assets and liabilities, net


3,897


(1,305)

Accounts payable


(13,333)


23,394

Accrued salaries and benefits


(8,521)


(13,971)

Accrued subcontractors and other direct costs


(3,353)


9,441

Accrued expenses and other current liabilities


(18,727)


(476)

Income tax receivable and payable


450


(1,667)

Other liabilities


959


742

Net Cash Provided by Operating Activities


45,552


6,596






Cash Flows from Investing Activities





Capital expenditures for property and equipment and capitalized software


(17,876)


(17,323)

Proceeds from working capital adjustments related to prior business acquisition


-


2,911

Payments for business acquisitions, net of cash acquired


(32,664)


(238,991)

Proceeds from divestiture of a business


47,151


-

Net Cash Used in Investing Activities


(3,389)


(253,403)






Cash Flows from Financing Activities





Advances from working capital facilities


972,266


1,358,335

Payments on working capital facilities


(995,244)


(1,074,888)

Proceeds from other short-term borrowings


25,394


-

Repayments of other short-term borrowings


(18,845)


-

Receipt of restricted contract funds


6,412


13,525

Payment of restricted contract funds


(7,042)


(23,358)

Debt issuance costs


-


(4,852)

Payments of principal portion of finance leases


(1,780)


-

Proceeds from exercise of options


279


412

Dividends paid


(7,903)


(7,912)

Net payments for stock issuances and buybacks


(20,601)


(21,105)

Payments on business acquisition liabilities


-


(1,132)

Net Cash (Used in) Provided by Financing Activities


(47,064)


239,025

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash


(213)


(2,175)






Decrease in Cash, Cash Equivalents, and Restricted Cash


(5,114)


(9,957)

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period


12,968


20,433

Cash, Cash Equivalents, and Restricted Cash, End of Period


$






7,854


$





10,476






Supplemental Disclosure of Cash Flow Information





Cash paid during the period for:





Interest


$





29,173


$





13,595

Income taxes


$





12,604


$





14,384

Non-cash investing and financing transactions:





Tenant improvements funded by lessor


$







-


$





20,253

Acquisition of property and equipment through finance lease


$






-


$





15,027






ICF International, Inc. and Subsidiaries

Supplemental Schedule (14)(15)





















Three Months Ended


Nine Months Ended



September 30,


September 30,

Client Markets:


2023


2022


2023


2022

Energy, environment, infrastructure, and disaster recovery


41
%


38
%


40
%


40
%

Health and social programs


42
%


42
%


42
%


39
%

Security and other civilian & commercial


17
%


20
%


18
%


21
%

Total


100
%


100
%


100
%


100
%












Three Months Ended


Nine Months Ended



September 30,


September 30,

Client Type:


2023


2022


2023


2022

U.S. federal government


56
%


58
%


55
%


55
%

U.S. state and local government


15
%


14
%


16
%


15
%

International government


5
%


5
%


5
%


6
%

Total Government


76
%


77
%


76
%


76
%

Commercial


24
%


23
%


24
%


24
%

Total


100
%


100
%


100
%


100
%












Three Months Ended


Nine Months Ended



September 30,


September 30,

Contract Mix:


2023


2022


2023


2022

Time-and-materials


41
%


40
%


41
%


40
%

Fixed-price


45
%


45
%


45
%


45
%

Cost-based


14
%


15
%


14
%


15
%

Total


100
%


100
%


100
%


100
%










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










(15)
During the first quarter of 2023, we re-aligned our client markets from four to three and reclassified the 2022 percentages to conform to the current presentation. Certain immaterial revenue percentages in the prior year have also been reclassified due to minor adjustments and reclassification.










SOURCE ICF

MENAFN02112023003732001241ID1107363258


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.