ICFI 8-K
ICF International, Inc. (ICFI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 1, 2025, ICF International, Inc. (the “Company”) announced its financial results for the first quarter ended March 31, 2025. The press release containing this announcement is attached hereto as Exhibit 99.1.
The information contained in this report, including Exhibit 99.1, is considered to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. The information in this report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual result to differ materially from those anticipated.
Item 8.01 Other Events
On May 1, 2025, the Company's Board of Directors declared a quarterly dividend in an amount equal to $0.14 per share. This quarterly cash dividend will be paid on July 11, 2025, to stockholders of record as of the close of business on June 6, 2025.
The cash dividend policy and the payment of future cash dividends under that policy will be made at the discretion of the Company's Board of Directors and will depend on earnings, operating and financial conditions, capital requirements, and other factors deemed relevant by the Board, including the applicable requirements of the Delaware General Corporation Law and the best interests of the Company’s stockholders.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibit Index
Exhibit Number |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ICF International, Inc. |
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Date: May 1, 2025 |
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By: |
/s/ Barry Broadus |
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Barry Broadus |
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Executive Vice President & Chief Financial Officer |
Exhibit 99.1
NEWS RELEASE
ICF Reports First Quarter 2025 Results
―Revenue Metrics In Line with Expectations, Led by 21% Growth in Commercial Energy―
―Margins Benefited From Favorable Business Mix―
―Maintains Full Year Guidance Framework for 2025―
First Quarter Highlights:
RESTON, Va., May 1, 2025—ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the first quarter ended March 31, 2025.
Commenting on the 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 the 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 the 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 the areas of flexible load management, electrification and grid resilience. Demand for ICF’s expertise in these 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 the percent of subcontractor and other direct costs as compared to total revenue. Adjusted EBITDA margin was 11.3% of total revenues, 10 basis points ahead of the comparable period last year. Fixed price contracts accounted for 49% of the period’s revenues, up from 46% in the year-ago period.
1
“ICF was awarded $467 million in contracts in the first quarter resulting in a quarterly book-to-bill ratio of 0.96. Our business development pipeline exceeded $10 billion at the end of the first quarter after considering adjustments to reflect the 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 the first quarter of 2024. Subcontractor and other 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 the prior year period. Net income totaled $26.9 million, versus $27.3 million reported in the first quarter of 2024. GAAP EPS was $1.44 per share, in line with the 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 the 2024 first quarter.
Non-GAAP EPS increased 9.6% to $1.94 per share, from $1.77 per share reported in the comparable period in 2024. EBITDA was $52.1 million, compared to $56.4 million reported in the 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 the end of the first quarter of 2025. Funded backlog was $1.9 billion, or approximately 56% of the total backlog. The total value of contracts awarded in the 2025 first quarter was $467 million.
Government Revenue First Quarter 2025 Highlights
Revenue from government clients was $343.6 million.
Key Government Contracts Awarded in the First Quarter of 2025
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Notable government contract awards won in the first quarter of 2025 included:
IT Modernization / Digital Transformation
Disaster Management
Energy and Environment
Health and Social Programs
Commercial Revenue First Quarter 2025 Highlights
Commercial revenue was $144.1 million.
Key Commercial Contracts Awarded in the First Quarter of 2025
Notable commercial awards won in the first quarter of 2025 included:
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Dividend Declaration
On May 1, 2025, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 11, 2025, 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 the guidance framework we provided at the 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 the floor we foresee from the loss of business primarily from federal government clients during this first year of the 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 the aggregate for the 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 the 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 the special tax benefit accrued in this year’s first quarter which benefited EPS by $0.13. Our operating cash flow projection for the full year continues to be approximately $150 million.
“We repurchased 313,000 shares in the first quarter of 2025, demonstrating our confidence in ICF’s long-term growth outlook and our intention to deliver value to shareholders. We appreciate the 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 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.com.
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
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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, ADVISIRY PARTNERS, [email protected] +1.212.750.5800
David Gold, ADVISIRY PARTNERS, [email protected] +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, [email protected]+1.571.373.5577
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ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
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Three Months Ended |
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March 31, |
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(in thousands, except per share amounts) |
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2025 |
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2024 |
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Revenue |
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$ |
487,618 |
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$ |
494,436 |
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Direct costs |
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302,542 |
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310,533 |
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Operating costs and expenses: |
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Indirect and selling expenses |
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131,891 |
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129,094 |
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Depreciation and amortization |
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14,795 |
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13,865 |
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Total operating costs and expenses |
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146,686 |
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142,959 |
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Operating income |
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38,390 |
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40,944 |
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Interest, net |
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(7,337 |
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(8,238 |
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Other (expense) income |
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(1,052 |
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1,630 |
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Income before income taxes |
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30,001 |
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34,336 |
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Provision for income taxes |
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3,150 |
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7,019 |
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Net income |
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$ |
26,851 |
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$ |
27,317 |
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Earnings per Share: |
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Basic |
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$ |
1.45 |
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$ |
1.46 |
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Diluted |
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$ |
1.44 |
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$ |
1.44 |
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Weighted-average Shares: |
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Basic |
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18,506 |
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18,757 |
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Diluted |
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18,613 |
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18,946 |
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Cash dividends declared per common share |
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$ |
0.14 |
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$ |
0.14 |
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Other comprehensive (loss) income, net of tax |
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(2,713 |
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684 |
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Comprehensive income, net of tax |
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$ |
24,138 |
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$ |
28,001 |
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ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures(2)
(Unaudited)
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Three Months Ended |
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March 31, |
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(in thousands, except per share amounts) |
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2025 |
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2024 |
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Reconciliation of EBITDA and Adjusted EBITDA (3) |
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Net income |
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$ |
26,851 |
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$ |
27,317 |
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Interest, net |
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7,337 |
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8,238 |
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Provision for income taxes |
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3,150 |
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7,019 |
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Depreciation and amortization |
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14,795 |
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13,865 |
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EBITDA |
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52,133 |
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56,439 |
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Acquisition and divestiture-related expenses (4) |
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259 |
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66 |
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Severance and other costs related to staff realignment (5) |
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2,550 |
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365 |
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Charges related to office closures (6) |
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256 |
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— |
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Pre-tax gain from divestiture of a business (7) |
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— |
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(1,715 |
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Total Adjustments |
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3,065 |
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(1,284 |
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Adjusted EBITDA |
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$ |
55,198 |
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$ |
55,155 |
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Net Income Margin Percent on Revenue (8) |
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5.5 |
% |
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5.5 |
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EBITDA Margin Percent on Revenue (9) |
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10.7 |
% |
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11.4 |
% |
Adjusted EBITDA Margin Percent on Revenue (9) |
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11.3 |
% |
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11.2 |
% |
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Reconciliation of Non-GAAP Diluted EPS (3) |
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U.S. GAAP Diluted EPS |
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$ |
1.44 |
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$ |
1.44 |
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Acquisition and divestiture-related expenses |
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0.01 |
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— |
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Severance and other costs related to staff realignment |
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0.14 |
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0.02 |
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Charges related to office closures (10) |
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0.01 |
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0.04 |
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Pre-tax gain from divestiture of a business |
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— |
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(0.09 |
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Amortization of intangible assets acquired in business combinations (11) |
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0.51 |
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0.44 |
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Income tax effects of the adjustments (12) |
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(0.17 |
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(0.08 |
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Non-GAAP Diluted EPS |
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$ |
1.94 |
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$ |
1.77 |
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(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. |
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(3) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP. |
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(4) These are primarily third-party costs related to acquisitions and integration of acquisitions. |
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(5) 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. |
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(6) These are charges related to the closure of certain international offices. |
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(7) Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in the first quarter of 2024. |
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(8) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue. |
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(9) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue. |
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(10) These are office closure charges previously included in Adjusted EBITDA and accelerated depreciation related to fixed assets for planned office closures. |
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(11) For the three months ended March 31, 2025 and 2024, amortization of intangible assets acquired from business combinations totaled $9.5 million and $8.3 million, respectively. |
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(12) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 25.3% and 20.4% for the three months ended March 31, 2025 and 2024, respectively. |
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8
ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share amounts) |
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March 31, 2025 |
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December 31, 2024 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
5,718 |
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$ |
4,960 |
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Restricted cash |
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18,374 |
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13,857 |
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Contract receivables, net |
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236,161 |
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256,923 |
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Contract assets |
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228,314 |
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188,941 |
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Prepaid expenses and other assets |
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21,189 |
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21,133 |
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Income tax receivable |
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1,073 |
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6,260 |
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Total Current Assets |
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510,829 |
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492,074 |
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Property and Equipment, net |
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63,569 |
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66,503 |
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Other Assets: |
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Goodwill |
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1,251,199 |
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1,248,855 |
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Other intangible assets, net |
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102,617 |
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111,701 |
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Operating lease - right-of-use assets |
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112,954 |
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115,531 |
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Deferred tax assets |
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4,113 |
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1,603 |
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Other assets |
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29,817 |
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30,086 |
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Total Assets |
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$ |
2,075,098 |
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$ |
2,066,353 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
122,089 |
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$ |
159,522 |
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Contract liabilities |
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27,407 |
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24,580 |
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Operating lease liabilities |
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19,792 |
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20,721 |
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Finance lease liabilities |
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2,635 |
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2,612 |
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Accrued salaries and benefits |
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75,533 |
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105,773 |
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Accrued subcontractors and other direct costs |
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51,876 |
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49,271 |
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Accrued expenses and other current liabilities |
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82,195 |
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86,701 |
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Total Current Liabilities |
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381,527 |
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449,180 |
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Long-term Liabilities: |
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Long-term debt |
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502,044 |
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411,743 |
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Operating lease liabilities - non-current |
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152,128 |
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155,935 |
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Finance lease liabilities - non-current |
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10,593 |
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11,261 |
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Other long-term liabilities |
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59,938 |
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55,775 |
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Total Liabilities |
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1,106,230 |
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1,083,894 |
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Commitments and Contingencies |
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Stockholders’ Equity: |
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Preferred stock, par value $.001; 5,000,000 shares authorized; none issued |
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— |
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— |
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Common stock, par value $.001; 70,000,000 shares authorized; 24,302,825 and 24,186,962 shares issued at March 31, 2025 and December 31, 2024, respectively; 18,426,295 and 18,666,290 shares outstanding at March 31, 2025 and December 31, 2024, respectively |
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24 |
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24 |
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Additional paid-in capital |
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447,649 |
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443,463 |
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Retained earnings |
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899,051 |
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874,772 |
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Treasury stock, 5,876,530 and 5,520,672 shares at March 31, 2025 and December 31, 2024, respectively |
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(359,397 |
) |
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(320,054 |
) |
Accumulated other comprehensive loss |
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(18,459 |
) |
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(15,746 |
) |
Total Stockholders’ Equity |
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968,868 |
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|
982,459 |
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Total Liabilities and Stockholders’ Equity |
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$ |
2,075,098 |
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$ |
2,066,353 |
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9
ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
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Three Months Ended |
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March 31, |
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(in thousands) |
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2025 |
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2024 |
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Cash Flows from Operating Activities |
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Net income |
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$ |
26,851 |
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$ |
27,317 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Provision for credit losses |
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(92 |
) |
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1,347 |
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Deferred income taxes and unrecognized income tax benefits |
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(2,594 |
) |
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(4,786 |
) |
Non-cash equity compensation |
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4,186 |
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3,551 |
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Depreciation and amortization |
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14,795 |
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|
|
13,865 |
|
Gain on divestiture of a business |
|
|
— |
|
|
|
(1,715 |
) |
Other operating adjustments, net |
|
|
1,435 |
|
|
|
46 |
|
Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
|
||
Net contract assets and liabilities |
|
|
(34,610 |
) |
|
|
(29,024 |
) |
Contract receivables |
|
|
21,340 |
|
|
|
1,604 |
|
Prepaid expenses and other assets |
|
|
(1,314 |
) |
|
|
(192 |
) |
Operating lease assets and liabilities, net |
|
|
(1,862 |
) |
|
|
523 |
|
Accounts payable |
|
|
(37,674 |
) |
|
|
(15,119 |
) |
Accrued salaries and benefits |
|
|
(30,465 |
) |
|
|
(17,775 |
) |
Accrued subcontractors and other direct costs |
|
|
2,064 |
|
|
|
3,303 |
|
Accrued expenses and other current liabilities |
|
|
80 |
|
|
|
(3,988 |
) |
Income tax receivable and payable |
|
|
5,235 |
|
|
|
11,375 |
|
Other 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 |
|
|
— |
|
|
|
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 other short-term borrowings |
|
|
2,780 |
|
|
|
24,356 |
|
Repayments of other short-term borrowings |
|
|
(9,172 |
) |
|
|
(23,950 |
) |
Receipt of restricted contract funds |
|
|
— |
|
|
|
1,261 |
|
Payment of restricted contract funds |
|
|
— |
|
|
|
(3,391 |
) |
Dividends paid |
|
|
(2,620 |
) |
|
|
(2,636 |
) |
Net payments for stock issuances and share repurchases |
|
|
(39,342 |
) |
|
|
(30,355 |
) |
Other 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 |
|
$ |
24,092 |
|
|
$ |
4,599 |
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
||
Cash paid during the period for: |
|
|
|
|
|
|
||
Interest |
|
$ |
4,544 |
|
|
$ |
7,740 |
|
Income taxes |
|
$ |
1,095 |
|
|
$ |
1,133 |
|
10
ICF International, Inc. and Subsidiaries
Supplemental Schedule (13)
Revenue by client markets |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Energy, environment, infrastructure, and disaster recovery |
|
|
49 |
% |
|
|
45 |
% |
Health and social programs |
|
|
35 |
% |
|
|
39 |
% |
Security and other civilian & commercial |
|
|
16 |
% |
|
|
16 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Revenue by client type |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
U.S. federal government |
|
|
49 |
% |
|
|
55 |
% |
U.S. state and local government |
|
|
16 |
% |
|
|
16 |
% |
International government |
|
|
5 |
% |
|
|
5 |
% |
Total Government |
|
|
70 |
% |
|
|
76 |
% |
Commercial |
|
|
30 |
% |
|
|
24 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Revenue by contract mix |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Time-and-materials |
|
|
43 |
% |
|
|
42 |
% |
Fixed-price |
|
|
49 |
% |
|
|
45 |
% |
Cost-based |
|
|
8 |
% |
|
|
13 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
||
(13) 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.
11