ICF Reports Third Quarter 2024 Results

PR Newswire11-01 04:05

―Margin Expansion Driven by Favorable Business Mix and Higher Utilization――GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share――Record Business Development Pipeline of $10.6 Billion at ...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nICF Reports Third Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-01 04:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/icf-reports-third-quarter-2024-200500036.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>―Margin Expansion Driven by Favorable Business Mix and Higher Utilization――GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share――Record Business Development Pipeline of $10.6 Billion at ...</p>\n\n<a href=\"https://finance.yahoo.com/news/icf-reports-third-quarter-2024-200500036.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CDC","symbol_name":"VictoryShares US EQ Income Enhanced Volatility Wtd ETF","start_time":0,"source_url":"https://finance.yahoo.com/news/icf-reports-third-quarter-2024-200500036.html","article_id":"2480611380","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/tSKliN51sMXShJ4JqwYriw--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/9fc92ac5f31bc2c2986457df477306cd"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/icf-reports-third-quarter-2024-200500036.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2480611380","pubTimestamp":1730405100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"―Margin Expansion Driven by Favorable Business Mix and Higher Utilization――GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share――Record Business Development Pipeline of $10.6 Billion at Quarter-End―。―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―。Revenue Increased 3% to $517 Million, Up 6% Excluding Divestitures. Net Income Was $33 Million and GAAP EPS Was $1.73, Up 38%. EBITDA1 Increased 18% to $58.2 Million; Adjusted EBITDA1 Was $58.5 Million, Up 8%. \"Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.Third quarter 2024 total revenue was $517.0 million, a 3.1% increase from the $501.5 million reported in the third quarter of 2023, and up 6.0% from last year's third quarter revenues adjusted for the d","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CDC":"VictoryShares US EQ Income Enhanced Volatility Wtd ETF","LU2065731478.USD":"ALLSPRING (LUX) WORLDWIDE FUND - SMALL CAP INNOVA \"I\" (USD) ACC","BK4123":"调查和咨询服务","ICFI":"ICF国际","ICF":"不动产指数ETF-iShares"},"translate_title":"ICF报告2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CDC":1,"ICF":1,"ICFI":0.9},"content_text":"―Margin Expansion Driven by Favorable Business Mix and Higher Utilization――GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share――Record Business Development Pipeline of $10.6 Billion at Quarter-End―\n―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―\nThird Quarter Highlights:  \n\nRevenue Increased 3% to $517 Million, Up 6% Excluding Divestitures\nNet Income Was $33 Million and GAAP EPS Was $1.73, Up 38% \nNon-GAAP EPS Increased 18% to $2.13\nEBITDA1 Increased 18% to $58.2 Million; Adjusted EBITDA1 Was $58.5 Million, Up 8%\nContract Awards Were $697 Million for a Quarterly Book-to Bill Ratio of 1.35 and a TTM Book-to-Bill Ratio of 1.31\n\nRESTON, Va., Oct. 31, 2024 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2024.\n\n  \n\nCommenting on the results, John Wasson, chair and chief executive officer, said, \"This was another quarter of strong performance for ICF. Total revenues increased 3% year-on-year. Revenues from continuing operations increased 6% from last year's levels, which includes a considerable impact from lower pass-throughs.\n\"Our Energy, Environment, Infrastructure and Disaster Recovery client market again was a key contributor to our third quarter results, delivering year-on-year revenue growth of 15.3% and accounting for 45.7% of total third quarter revenues, up from 40.8% in the similar period last year. We experienced continued strong demand from our utility clients for a broad range of ICF's capabilities, including core energy efficiency programs, grid resilience, electrification, decarbonization and flexible load management, all of which have taken on greater importance given recent increases in projected electricity demand, particularly from the growth in data centers. ICF is a market leader with the unique experience, capabilities and scale to assist utility clients across all these areas with analytics, multidisciplinary solutions and program management.  \n\"Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.\n\"We ended the third quarter with a record business development pipeline of $10.6 billion, after $697 million in contract awards. Year-to-date contract awards increased 16% from last year's levels to just over $2.0 billion, of which 63% represented new business wins, indicating how well aligned ICF's capabilities are with client spending priorities.\"\nThird Quarter 2024 Results\nThird quarter 2024 total revenue was $517.0 million, a 3.1% increase from the $501.5 million reported in the third quarter of 2023, and up 6.0% from last year's third quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 24.7% of total revenues compared to 27.1% in last year's third quarter. Operating income was $46.0 million, up 44.3% from $31.9 million last year, and operating margin on revenue expanded to 8.9% from 6.4%. Net income totaled $32.7 million, representing a 37.7% year-on-year increase over the $23.7 million reported in the third quarter of 2023. Diluted EPS was $1.73 per share, up 38.4% from $1.25 reported in the third quarter of 2023, which included $5.2 million, or $0.20 per share, of tax-effected special charges. Third quarter 2024 net income and diluted EPS included incremental tax benefits beyond previous expectations of $0.25 per share. As a result, the company's effective tax rate was 13.8% in the third quarter.\nNon-GAAP EPS increased 17.7% to $2.13 per share, from $1.81 per share reported in the comparable period in 2023. EBITDA was $58.2 million, 18.4% above the $49.2 million reported in the year-ago period. Adjusted EBITDA increased 7.8% to $58.5 million from $54.3 million for the comparable period in 2023.\nBacklog and New Business \nTotal backlog was $3.9 billion at the end of the third quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 third quarter was $696.9 million for a quarterly book-to-bill ratio of 1.35, and trailing twelve-month contract awards totaled $2.0 billion, up 16.0% year-on-year for a book-to-bill ratio of 1.31.\nGovernment Revenue Third Quarter 2024 Highlights \nRevenue from government clients was $387.8 million, up 1.1% year-over-year. \n\nU.S. federal government revenue was $282.0 million, an increase of 1.0% compared to the $279.3 million reported in the third quarter of 2023, and was impacted by a year-over-year decrease in subcontractor and other direct costs estimated at $10 million in the quarter. Federal government revenue accounted for 54.5% of total revenue, compared to 55.7% of total revenue in the third quarter of 2023.\nU.S. state and local government revenue increased 3.0% to $78.9 million, from $76.6 million in the year-ago quarter. State and local government clients represented 15.3% of total revenue, unchanged from the third quarter of 2023.\nInternational government revenue was $26.9 million, slightly down from the $27.5 million reported in the year-ago quarter. International government revenue represented 5.2% of total revenue, compared to 5.5% in the third quarter of 2023.\n\nKey Government Contracts Awarded in the Third Quarter 2024\nNotable government contract awards won in the third quarter of 2024 included:\nHealth and Social Programs\n\nA new task order with a value of $40.2 million with a U.S. federal agency to deliver strategic and digital communications and engagement campaigns to combat human trafficking.\nA contract modification with a value of $33.2 million with a U.S. federal agency to provide stakeholder engagement support services.\nA new contract with a value of $14.8 million with the U.S. Centers for Disease Control and Prevention (CDC) to provide support for CDC's Needle Exchange Utilization Survey (NEXUS) surveillance project.\nA new subcontract with a value of $11.2 million to provide information resource support services for the U.S. National Institute of Neurological Disorders and Stroke, Office of Neuroscience Communications and Engagement.\nA new contract with a value of $10.9 million with the U.S. National Institutes of Health to support the National Library of Medicine's User Services and Collections Division cross-functional initiatives, including advancing GenAI projects and other programming and technical development activities.\nA new contract with a value of $9.7 million with the U.S. Department of Education to provide capacity-building services to state, regional and local education agencies.\n\nDisaster Management and Mitigation\n\nA contract extension with a value of $38.5 million with a U.S. state land agency to provide disaster recovery and mitigation grant management services.\nA new contract with a value of $10.5 million with the government of a U.S. territory to provide a comprehensive array of services to support compliance with federal and local disaster management regulations related to its hurricane recovery efforts.\n\nIT Modernization\n\nA new contract with a value of $69.9 million with the government of a U.S. territory to design, build and implement a new geospatial data management system.\nA new task order under a blanket purchase agreement with a value of $8.9 million with a U.S. federal agency to provide data center modernization services.\n\nClimate, Energy and Environment\n\nA single-award recompete blanket purchase agreement with a ceiling of $75 million with the U.S. Environmental Protection Agency Office of Water to provide environmental, economic, regulatory and evaluation services to the agency's critical water programs.\nA recompete blanket purchase agreement with a ceiling of $40.0 million with the U.S. Federal Highway Administration to provide technical, engineering, publications, marketing and professional support services.\n\nCommercial Revenue Third Quarter 2024 Highlights \nCommercial revenue was $129.2 million, compared to $118.1 million reported in the third quarter of 2023; up 23.7% compared to revenues of $104.5 million excluding divestitures in 2023.\n\nCommercial revenue accounted for 25.0% of total revenue compared to 23.5% of total revenue in the 2023 third quarter.\nEnergy markets revenue, which includes energy efficiency programs, increased 24.6% and represented 86.7% of commercial revenue.\n\nKey Commercial Contracts Awarded in the Third Quarter of 2024\nNotable commercial awards won in the third quarter of 2024 included:\n\nA contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its residential energy efficiency portfolio.\nA contract modification with a multinational energy company to prepare environmental impact statements for the company's offshore wind projects.\nA new contract with an international renewable energy company to prepare an environmental impact statement for its offshore wind project.\nA new contract with a Midwestern U.S. utility to provide program implementation services for its residential energy efficiency program.\nA new contract with a Midwestern U.S. electric and gas utility to provide program implementation services for its residential energy efficiency program.\nA new contract with a Midwestern U.S. utility to provide demand-side management programs for both market rate and disadvantaged communities for its residential energy efficiency portfolio.\nA contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its energy efficiency programs.\n\nDividend Declaration\nOn October 31, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 10, 2025, to shareholders of record on December 6, 2024.\nSummary and Outlook \n\"Continued favorable business mix and utilization metrics, together with the incremental tax benefits of approximately $0.25 per share, have led us to increase the midpoint of our earnings per share guidance for full year 2024 by $0.35. Our revised guidance for GAAP EPS is in the range of $6.05 to $6.15, excluding special charges, and Non-GAAP EPS is expected to range from $7.40 to $7.50, representing year-on-year growth of 14.6% at the midpoint. We have adjusted our full year 2024 revenue guidance range to $2.0 billion to $2.03 billion from $2.03 billion to $2.10 billion to reflect an estimated $50 million reduction in expected pass-throughs. This primarily impacts revenue comparisons for our Health and Social Programs client market with no meaningful impact on margins. Based on our strong cash flow to date, we reaffirm our guidance for full year 2024 operating cash flow of approximately $155 million.\n\"Our forward-looking metrics support our confidence in continued growth for ICF as we enter 2025. We have a strong multiyear backlog, a record business development pipeline and a consistent track record of new business wins. We are experiencing robust demand from commercial clients for our energy and environment expertise and related implementation and technology capabilities. We have excellent credentials in disaster management, resilience and mitigation work to assist state and local governments with recovery after storms, flooding and wildfires, as well as with their future resilience planning. The large majority of our federal government work is in areas that have bipartisan support, particularly IT modernization, which remains an area of priority spending. And importantly, our people are fully engaged in achieving the objectives and missions of our clients, which underpins our confidence in ICF's future growth potential,\" Mr. Wasson concluded.\n\n\n\n\n1 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. \n\n\n\n\nAbout ICF \nICF 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.com.\nCaution Concerning Forward-looking Statements \nStatements 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.\nNote on Forward-Looking Non-GAAP Measures\nThe 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.\nInvestor Contacts: \nLynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800\nCompany Information Contact:Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577\n\n\n\n\nICF International, Inc. and Subsidiaries \n\n\nConsolidated Statements of Comprehensive Income \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended \n\nNine Months Ended \n\n\n\n\nSeptember 30, \nSeptember 30, \n\n\n(in thousands, except per share amounts)   \n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nRevenue \n\n$                    516,998 \n\n$                 501,519 \n\n$              1,523,463 \n\n$               1,484,886 \n\n\nDirect costs \n\n325,047 \n\n323,504 \n\n964,911 \n\n961,473 \n\n\nOperating costs and expenses: \n\n\n\n\n\n\n\n\n\n\nIndirect and selling expenses \n\n132,816 \n\n131,553 \n\n389,001 \n\n381,808 \n\n\nDepreciation and amortization \n\n4,820 \n\n5,917 \n\n15,303 \n\n19,052 \n\n\nAmortization of intangible assets \n\n8,291 \n\n8,644 \n\n24,873 \n\n27,154 \n\n\nTotal operating costs and expenses \n\n145,927 \n\n146,114 \n\n429,177 \n\n428,014 \n\n\nOperating income \n\n46,024 \n\n31,901 \n\n129,375 \n\n95,399 \n\n\nInterest, net \n\n(7,195) \n\n(10,557) \n\n(23,136) \n\n(30,146) \n\n\nOther (expense) income \n\n(899) \n\n2,736 \n\n767 \n\n1,501 \n\n\nIncome before income taxes \n\n37,930 \n\n24,080 \n\n107,006 \n\n66,754 \n\n\nProvision for income taxes \n\n5,251 \n\n340 \n\n21,399 \n\n6,304 \n\n\nNet income \n\n$                     32,679 \n\n$                   23,740 \n\n$                  85,607 \n\n$                    60,450 \n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per Share: \n\n\n\n\n\n\n\n\n\n\nBasic \n\n$                         1.74 \n\n$                       1.26 \n\n$                      4.57 \n\n$                        3.22 \n\n\nDiluted \n\n$                         1.73 \n\n$                       1.25 \n\n$                      4.53 \n\n$                        3.19 \n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average Shares: \n\n\n\n\n\n\n\n\n\n\nBasic \n\n18,760 \n\n18,815 \n\n18,752 \n\n18,795 \n\n\nDiluted \n\n18,910 \n\n18,974 \n\n18,915 \n\n18,958 \n\n\n\n\n\n\n\n\n\n\n\n\n\nCash dividends declared per common share \n\n$                         0.14 \n\n$                       0.14 \n\n$                      0.42 \n\n$                        0.42 \n\n\n\n\n\n\n\n\n\n\n\n\n\nOther comprehensive loss, net of tax \n\n(951) \n\n(4,053) \n\n(610) \n\n(2,236) \n\n\nComprehensive income, net of tax \n\n$                     31,728 \n\n$                   19,687 \n\n$                  84,997 \n\n$                    58,214 \n\n\n\n\n\n\n\n\nICF International, Inc. and Subsidiaries \n\n\nReconciliation of Non-GAAP financial measures (2)  \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended \n\nNine Months Ended \n\n\n\n\nSeptember 30, \n\nSeptember 30, \n\n\n(in thousands, except per share amounts) \n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nReconciliation of Revenue, Adjusted for Impact of Exited Business  \n\n\n\n\n\n\n\n\n\n\nRevenue \n\n$                516,998 \n\n$                501,519 \n\n$           1,523,463 \n\n$           1,484,886 \n\n\nLess: Revenue from exited business (3) \n\n— \n\n(13,565) \n\n— \n\n(59,713) \n\n\nTotal Revenue, Adjusted for Impact of Exited Business \n\n$                516,998 \n\n$                487,954 \n\n$           1,523,463 \n\n$           1,425,173 \n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of EBITDA and Adjusted EBITDA (4) \n\n\n\n\n\n\n\n\n\n\nNet income \n\n$                  32,679 \n\n$                  23,740 \n\n$                85,607 \n\n$                60,450 \n\n\nInterest, net \n\n7,195 \n\n10,557 \n\n23,136 \n\n30,146 \n\n\nProvision for income taxes \n\n5,251 \n\n340 \n\n21,399 \n\n6,304 \n\n\nDepreciation and amortization \n\n13,111 \n\n14,561 \n\n40,176 \n\n46,206 \n\n\nEBITDA  \n\n58,236 \n\n49,198 \n\n170,318 \n\n143,106 \n\n\nImpairment of long-lived assets (5) \n\n— \n\n2,912 \n\n— \n\n3,806 \n\n\nAcquisition and divestiture-related expenses (6) \n\n139 \n\n1,779 \n\n205 \n\n4,685 \n\n\nSeverance and other costs related to staff realignment (7) \n\n449 \n\n595 \n\n1,184 \n\n4,455 \n\n\nCharges for facility consolidations and office closures (8) \n\n— \n\n2,220 \n\n— \n\n2,579 \n\n\nPre-tax gain from divestiture of a business (9) \n\n(298) \n\n(2,425) \n\n(2,013) \n\n(2,425) \n\n\nTotal Adjustments \n\n290 \n\n5,081 \n\n(624) \n\n13,100 \n\n\nAdjusted EBITDA \n\n$                  58,526 \n\n$                  54,279 \n\n$              169,694 \n\n$              156,206 \n\n\n\n\n\n\n\n\n\n\n\n\n\nNet Income Margin Percent on Revenue (10) \n\n6.3 % \n\n4.7 % \n\n5.6 % \n\n4.1 % \n\n\nEBITDA Margin Percent on Revenue (11) \n\n11.3 % \n\n9.8 % \n\n11.2 % \n\n9.6 % \n\n\nAdjusted EBITDA Margin Percent on Revenue (11) \n\n11.3 % \n\n10.8 % \n\n11.1 % \n\n10.5 % \n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Non-GAAP Diluted EPS (4) \n\n\n\n\n\n\n\n\n\n\nU.S. GAAP Diluted EPS \n\n$                      1.73 \n\n$                      1.25 \n\n$                    4.53 \n\n$                    3.19 \n\n\nImpairment of long-lived assets \n\n— \n\n0.15 \n\n— \n\n0.20 \n\n\nAcquisition and divestiture-related expenses \n\n0.01 \n\n0.09 \n\n0.01 \n\n0.25 \n\n\nSeverance and other costs related to staff realignment \n\n0.02 \n\n0.03 \n\n0.06 \n\n0.23 \n\n\nExpenses related to facility consolidations and office closures (12) \n\n— \n\n0.12 \n\n0.04 \n\n0.14 \n\n\nPre-tax gain from divestiture of a business \n\n(0.02) \n\n(0.13) \n\n(0.11) \n\n(0.13) \n\n\nAmortization of intangibles \n\n0.44 \n\n0.46 \n\n1.31 \n\n1.43 \n\n\nIncome tax effects of the adjustments (13) \n\n(0.05) \n\n(0.16) \n\n(0.26) \n\n(0.50) \n\n\nNon-GAAP Diluted EPS \n\n$                      2.13 \n\n$                      1.81 \n\n$                    5.58 \n\n$                    4.81 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(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.  \n\n\n\n\n\n\n\n\n\n\n\n\n\n(3) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023). Subcontractor and other direct costs from the exited business are approximately 15.0% and 31.1% of revenue of the exited business for the three and nine months ended September 30, 2023, respectively. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(5) Represents impairment charges recorded in the first and third quarters of 2023 of $0.9 million and $2.9 million, respectively, of an intangible asset associated with the exit of our commercial marketing business in the U.K. and operating lease right-of-use assets. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(9) Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in the first and the third quarter of 2024. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures. \n\n\n\n\n\n\n\n\n\n\n\n\n\n(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 13.8% and 21.7% for the three months ended September 30, 2024 and 2023, respectively, and 20.0% and 23.5% for the nine months ended September 30, 2024 and 2023, respectively. \n\n\n\n\n\n\n\n\nICF International, Inc. and Subsidiaries \n\n\nConsolidated Balance Sheets \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\n(in thousands, except share and per share amounts) \n\nSeptember 30, 2024 \n\nDecember 31, 2023 \n\n\nASSETS \n\n\n\n\n\n\nCurrent Assets: \n\n\n\n\n\n\nCash and cash equivalents \n\n$                       6,911 \n\n$                      6,361 \n\n\nRestricted cash \n\n724 \n\n3,088 \n\n\nContract receivables, net \n\n212,412 \n\n205,484 \n\n\nContract assets \n\n237,742 \n\n201,832 \n\n\nPrepaid expenses and other assets \n\n24,785 \n\n28,055 \n\n\nIncome tax receivable \n\n10,541 \n\n2,337 \n\n\nTotal Current Assets \n\n493,115 \n\n447,157 \n\n\nProperty and Equipment, net \n\n71,299 \n\n75,948 \n\n\nOther Assets: \n\n\n\n\n\n\nGoodwill \n\n1,221,437 \n\n1,219,476 \n\n\nOther intangible assets, net \n\n70,030 \n\n94,904 \n\n\nOperating lease - right-of-use assets \n\n122,543 \n\n132,807 \n\n\nOther assets \n\n49,754 \n\n41,480 \n\n\nTotal Assets \n\n$                 2,028,178 \n\n$               2,011,772 \n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY \n\n\n\n\n\n\nCurrent Liabilities: \n\n\n\n\n\n\nCurrent portion of long-term debt \n\n$                     13,750 \n\n$                    26,000 \n\n\nAccounts payable \n\n121,093 \n\n134,503 \n\n\nContract liabilities \n\n17,176 \n\n21,997 \n\n\nOperating lease liabilities  \n\n21,204 \n\n20,409 \n\n\nFinance lease liabilities \n\n2,590 \n\n2,522 \n\n\nAccrued salaries and benefits \n\n91,103 \n\n88,021 \n\n\nAccrued subcontractors and other direct costs \n\n55,600 \n\n45,645 \n\n\nAccrued expenses and other current liabilities \n\n85,274 \n\n79,129 \n\n\nTotal Current Liabilities \n\n407,790 \n\n418,226 \n\n\nLong-term Liabilities: \n\n\n\n\n\n\nLong-term debt \n\n405,396 \n\n404,407 \n\n\nOperating lease liabilities - non-current \n\n160,926 \n\n175,460 \n\n\nFinance lease liabilities - non-current \n\n11,922 \n\n13,874 \n\n\nDeferred income taxes \n\n5,982 \n\n26,175 \n\n\nOther long-term liabilities \n\n59,845 \n\n56,045 \n\n\nTotal Liabilities \n\n1,051,861 \n\n1,094,187 \n\n\n\n\n\n\n\n\n\nCommitments and Contingencies \n\n\n\n\n\n\n\n\n\n\n\n\n\nStockholders' Equity: \n\n\n\n\n\n\nPreferred stock, par value $.001; 5,000,000 shares authorized; none issued \n\n— \n\n— \n\n\nCommon stock, par value $.001; 70,000,000 shares authorized; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,762,710 and 18,845,521 shares outstanding at September 30, 2024 and December 31, 2023, respectively \n\n24 \n\n24 \n\n\nAdditional paid-in capital \n\n436,671 \n\n421,502 \n\n\nRetained earnings \n\n852,835 \n\n775,099 \n\n\nTreasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively \n\n(300,718) \n\n(267,155) \n\n\nAccumulated other comprehensive loss \n\n(12,495) \n\n(11,885) \n\n\nTotal Stockholders' Equity \n\n976,317 \n\n917,585 \n\n\nTotal Liabilities and Stockholders' Equity \n\n$                 2,028,178 \n\n$               2,011,772 \n\n\n\n\n\n\n\n\nICF International, Inc. and Subsidiaries \n\n\nConsolidated Statements of Cash Flows \n\n\n(Unaudited) \n\n\n\n\nNine Months Ended \n\n\n\n\nSeptember 30, \n\n\n(in thousands) \n\n2024 \n\n2023 \n\n\nCash Flows from Operating Activities \n\n\n\n\n\n\nNet income \n\n$                         85,607 \n\n$                         60,450 \n\n\nAdjustments to reconcile net income to net cash provided by operating activities: \n\n\n\n\n\n\nProvision for credit losses \n\n3,176 \n\n691 \n\n\nDeferred income taxes and unrecognized income tax benefits \n\n(16,957) \n\n(3,533) \n\n\nNon-cash equity compensation \n\n12,494 \n\n10,134 \n\n\nDepreciation and amortization \n\n40,177 \n\n46,207 \n\n\nGain on divestiture of a business \n\n(2,009) \n\n(4,302) \n\n\nOther operating adjustments, net \n\n2,206 \n\n2,563 \n\n\nChanges in operating assets and liabilities, net of the effects of acquisitions: \n\n\n\n\n\n\nNet contract assets and liabilities \n\n(40,155) \n\n(52,010) \n\n\nContract receivables \n\n(9,634) \n\n12,087 \n\n\nPrepaid expenses and other assets \n\n(434) \n\n11,893 \n\n\nOperating lease assets and liabilities, net \n\n(3,065) \n\n3,897 \n\n\nAccounts payable \n\n(13,402) \n\n(13,333) \n\n\nAccrued salaries and benefits \n\n2,889 \n\n(8,521) \n\n\nAccrued subcontractors and other direct costs \n\n9,660 \n\n(3,353) \n\n\nAccrued expenses and other current liabilities \n\n16,979 \n\n(18,727) \n\n\nIncome tax receivable and payable \n\n(9,574) \n\n450 \n\n\nOther liabilities \n\n(1,774) \n\n959 \n\n\nNet Cash Provided by Operating Activities \n\n76,184 \n\n45,552 \n\n\n\n\n\n\n\n\n\nCash Flows from Investing Activities \n\n\n\n\n\n\nPayments for purchase of property and equipment and capitalized software \n\n(15,559) \n\n(17,876) \n\n\nPayments for business acquisitions, net of cash acquired \n\n— \n\n(32,664) \n\n\nProceeds from divestiture of a business \n\n1,985 \n\n47,151 \n\n\nNet Cash Used in Investing Activities \n\n(13,574) \n\n(3,389) \n\n\n\n\n\n\n\n\n\nCash Flows from Financing Activities \n\n\n\n\n\n\nAdvances from working capital facilities \n\n917,953 \n\n972,266 \n\n\nPayments on working capital facilities \n\n(930,043) \n\n(995,244) \n\n\nProceeds from other short-term borrowings \n\n43,735 \n\n25,394 \n\n\nRepayments of other short-term borrowings \n\n(53,280) \n\n(18,845) \n\n\nReceipt of restricted contract funds \n\n1,275 \n\n6,412 \n\n\nPayment of restricted contract funds \n\n(3,586) \n\n(7,042) \n\n\nDividends paid \n\n(7,880) \n\n(7,903) \n\n\nNet payments for stock issuances and share repurchases \n\n(30,995) \n\n(20,601) \n\n\nOther financing, net \n\n(1,777) \n\n(1,501) \n\n\nNet Cash Used in Financing Activities \n\n(64,598) \n\n(47,064) \n\n\nEffect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash \n\n174 \n\n(213) \n\n\n\n\n\n\n\n\n\nDecrease in Cash, Cash Equivalents, and Restricted Cash \n\n(1,814) \n\n(5,114) \n\n\nCash, Cash Equivalents, and Restricted Cash, Beginning of Period \n\n9,449 \n\n12,968 \n\n\nCash, Cash Equivalents, and Restricted Cash, End of Period \n\n$                           7,635 \n\n$                           7,854 \n\n\n\n\n\n\n\n\n\nSupplemental Disclosure of Cash Flow Information \n\n\n\n\n\n\nCash paid during the period for: \n\n\n\n\n\n\nInterest \n\n$                         24,388 \n\n$                         29,173 \n\n\nIncome taxes \n\n$                         50,382 \n\n$                         12,604 \n\n\n\n\n\n\n\n\nICF International, Inc. and Subsidiaries \n\n\nSupplemental Schedule (14) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue by client markets \n\nThree Months Ended \n\nNine Months Ended \n\n\n\n\nSeptember 30,  \n\nSeptember 30, \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nEnergy, environment, infrastructure, and disaster recovery \n\n46 % \n\n41 % \n\n46 % \n\n40 % \n\n\nHealth and social programs \n\n38 % \n\n42 % \n\n38 % \n\n42 % \n\n\nSecurity and other civilian & commercial \n\n16 % \n\n17 % \n\n16 % \n\n18 % \n\n\nTotal \n\n100 % \n\n100 % \n\n100 % \n\n100 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue by client type \n\nThree Months Ended \n\nNine Months Ended \n\n\n\n\nSeptember 30,  \n\nSeptember 30, \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nU.S. federal government \n\n55 % \n\n56 % \n\n55 % \n\n55 % \n\n\nU.S. state and local government \n\n15 % \n\n15 % \n\n16 % \n\n16 % \n\n\nInternational government \n\n5 % \n\n5 % \n\n5 % \n\n5 % \n\n\nTotal Government \n\n75 % \n\n76 % \n\n76 % \n\n76 % \n\n\nCommercial \n\n25 % \n\n24 % \n\n24 % \n\n24 % \n\n\nTotal \n\n100 % \n\n100 % \n\n100 % \n\n100 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue by contract mix \n\nThree Months Ended \n\nNine Months Ended \n\n\n\n\nSeptember 30,  \n\nSeptember 30, \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nTime-and-materials \n\n43 % \n\n41 % \n\n42 % \n\n41 % \n\n\nFixed-price \n\n46 % \n\n45 % \n\n46 % \n\n45 % \n\n\nCost-based \n\n11 % \n\n14 % \n\n12 % \n\n14 % \n\n\nTotal \n\n100 % \n\n100 % \n\n100 % \n\n100 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(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. \n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/icf-reports-third-quarter-2024-results-302293255.html\nSOURCE ICF","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480611380"}