ICF Reports First Quarter 2024 Results

ICF公布2024年第一季度业绩

ICF国际 · 05/02 00:00

-- Record First Quarter Results Represent a Strong Start to 2024 --

-- Re-affirms Full Year Guidance --

First Quarter Highlights:

Revenue Increased 2% to $494 Million, Up 9% Excluding Divestitures
Net Income Was $27 Million and GAAP EPS¹ Was $1.44, Up 66% Inclusive of Certain Quarter-Specific Benefits
Non-GAAP EPS¹ Was $1.77, Up 25%
EBITDA¹ Was $56.4 Million, Up 22%; Adjusted EBITDA¹ Was $55.2 Million, Up 8%
Contract Awards Were $495 Million, Up 21% Year-on-Year for a TTM Book-to-Bill Ratio of 1.23

RESTON, Va., May 2, 2024 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the first quarter ended March 31, 2024.

Commenting on the results, John Wasson, chair and chief executive officer, said, "This was a record first quarter for ICF. Revenues increased 2% year-on-year, however, adjusting for the divestiture of our commercial marketing business lines during 2023, first quarter revenue increased 9% year-over-year. This strong performance was led by robust growth in revenues from commercial energy clients and supported by solid revenue growth from government clients.

"ICF performed exceptionally well in our Energy, Environment, Infrastructure and Disaster Recovery client market, with revenues up 20% year-over-year, representing 45% of ICF's total first quarter revenues. In this market, we combine our deep domain expertise in energy efficiency, decarbonization, electrification, environmental and climate impacts, and disaster recovery and mitigation to provide comprehensive services and solutions to over 75 utility clients, as well as developers of renewable energy sources, energy companies, and federal, state and local and international government clients.

"The substantial increase in first quarter profitability was attributable to both recurring and quarter-specific factors. Revenue mix together with higher utilization, lower facility costs and our increased scale continued to drive improved margin performance. Additionally, margins benefited from the ramp-up of several recently awarded energy efficiency contracts, which are more profitable during the startup phase.

"This was another strong quarter of contract awards, which increased 21% from the year-ago quarter, maintaining our trailing twelve-month book-to-bill ratio of 1.2. Approximately 70% of our over $2.4 billion in contract awards over the last 12 months represented new business, demonstrating ICF's excellent positioning in growth areas within both our government and commercial client sets. Our business development pipeline remained at $9.7 billion at the end of the quarter, providing further confidence in our ability to sustain our high single-digit organic growth going forward."

First Quarter 2024 Results

First quarter 2024 total revenue was $494.4 million, a 2.3% increase from the $483.3 million reported in the first quarter of 2023, and up 8.7% from last year's first quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 24.4% of total revenues compared to 27.3% in last year's first quarter. Operating income was $40.9 million, up 30.2% from $31.5 million, and operating margin on total revenue expanded to 8.3% from 6.5%. Net income totaled $27.3 million, and GAAP EPS was $1.44 per share, inclusive of a net benefit of $0.5 million, or $0.02 per share of tax-effected special charges. This compares to net income and GAAP EPS of $16.4 million, and $0.87, respectively, reported in the first quarter of 2023, which included $4.6 million, or $0.18 per share of tax-effected special charges. In the 2024 first quarter, the company's tax rate was 20.4% compared to 23.5% in the 2023 first quarter.

Non-GAAP EPS increased 24.6% to $1.77 per share, from the $1.42 per share reported in the comparable period in 2023. EBITDA was $56.4 million, 21.6% above the $46.4 million reported for the year-ago period. Adjusted EBITDA increased 8.2% to $55.2 million from $51.0 million for the comparable period in 2023.

Backlog and New Business

Total backlog was $3.6 billion at the end of the first quarter of 2024. Funded backlog was $1.8 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 first quarter was $495 million, and trailing twelve-month contract awards totaled $2.4 billion for a book-to-bill ratio of 1.23.

Government Revenue First Quarter 2024 Highlights

Revenue from government clients was $376.4 million, up 3.5% year-over-year.

U.S. federal government revenue was $274.2 million, an increase of 2.4% compared to the $267.7 million reported in the first quarter of 2023 and was impacted by a year-over-year decrease in subcontractor and other direct costs of approximately $5 million in the quarter. Federal government revenue accounted for 55.5% of total revenue, similar to 55.4% of total revenue in the first quarter of 2023.
U.S. state and local government revenue increased 2.2% to $76.9 million, from $75.2 million in the year-ago quarter. State and local government clients represented 15.6% of total revenue, unchanged from the first quarter of 2023.
International government revenue was $25.3 million, up 22.2% from the $20.7 million reported in the year-ago quarter. International government revenue represented 5.1% of total revenue, compared to 4.3% in the first quarter of 2023.

Key Government Contracts Awarded in the First Quarter 2024

Notable government contract awards won in the first quarter of 2024 included:

Health and Social Programs

A single-award indefinite delivery, indefinite quantity recompete contract with a ceiling of $75.0 million with the U.S. Environmental Protection Agency'sOffice of Research and Development to provide human health and environmental risk assessments.
A subcontract modification with a value of $6.6 million to continue to provide medical modeling simulation and training support to a branch of the U.S. Armed Forces.

IT Modernization

One new task order and one task order modification with a combined value of $17.0 million with a U.S. federal agency to continue to provide digital modernization services.
A new subcontract with a value of $8.1 million to provide enhancement, operations and maintenance services to further increase healthcare data sharing for the U.S. Centers for Medicare and Medicaid Services (CMS).
Multiple contract modifications and one new contract with a combined value of $21.7 million with CMS to continue to provide digital modernization services.

Disaster Management and Mitigation

A contract modification with a value of $8.9 million with a Southern U.S. state to continue to provide Federal Emergency Management Agency Public Assistance grants management services.

Climate, Energy and Environment

A recompete master framework contract with a ceiling of more than $20 million with a directorate general of the European Commission to provide consulting services related to climate policy.

Commercial Revenue First Quarter 2024 Highlights

Commercial revenue was $118.1 million, compared to $119.6 million reported in the first quarter of 2023; up 29.3% compared to revenues of $91.3 million excluding divestitures in 2023.

Energy markets revenue, which includes energy efficiency programs, increased 32.3% and represented 87.3% of commercial revenue.

Key Commercial Contracts Awarded in the First Quarter of 2024

Notable commercial awards won in the first quarter of 2024 included:

Energy Markets

A new contract with a Western U.S. utility to implement a first-of-its kind statewide wildfire and natural disaster resiliency rebuild program.
One recompete contract and one new contract with a Mid-Atlantic U.S. utility to provide energy efficiency program implementation services for its new and existing residential and commercial and industrial (C&I) programs.
One recompete contract and one new contract with a Mid-Atlantic U.S. utility to provide energy efficiency program implementation services for its new and existing residential and C&I programs.
A new subcontract to support the implementation of a beneficial electrification plan for a Midwestern U.S. utility.
A contract modification with a Mid-Atlantic U.S. utility to continue to provide energy efficiency program marketing services.
A subcontract extension to continue to support a residential building envelope program for a Midwestern U.S. utility.
A recompete contract with a Mid-Atlantic U.S. utility to continue to support its portfolio of existing energy efficiency programs.

Other Commercial

A new contract with a value of $13.0 million with a U.S. commercial client to implement an inspections solution to modernize its inspection process and establish an enterprise data solution to enable data insights and improve data management.

Dividend Declaration

On May 2, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 12, 2024, to shareholders of record on June 7, 2024.

Summary and Outlook

"ICF's robust first quarter performance supports our full year guidance and sets the stage for another year of substantial growth in 2024. Our energy efficiency and utility consulting, together with ICF's climate and infrastructure services continue to benefit from strong demand from commercial and government clients; our disaster management work is moving forward with new contract wins; and our key areas of focus in the federal government arena, namely public health and IT modernization/digital transformation provide us with significant long-term growth opportunities.

"Based on our strong backlog and current visibility, we are pleased to reaffirm our guidance for 2024. We expect 2024 organic revenues from continuing operations to range from $2.03 billion to $2.10 billion, representing year-on-year growth of 5.2% at the midpoint when compared to reported 2023 and 8.5% growth at the midpoint on continuing operations. EBITDA is expected to range from $220 million to $230 million, reflecting year-on-year growth of 14.2% at the midpoint. Our guidance range for GAAP EPS is $5.25 to $5.55, excluding special charges, and for Non-GAAP EPS is $6.60 to $6.90. Assuming similar margins to the rest of the business, the company's commercial marketing business lines are estimated to have contributed $0.20 of Non-GAAP EPS in 2023, which will not recur in 2024. We expect full year 2024 operating cash flow of approximately $155 million.

"We are proud that our work involves helping clients address many of the most challenging issues of the day. Our ability to attract and retain professionals who are committed to excellent execution and making a positive impact on society has been and remains critical to our success," 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. GAAP EPS refers to U.S. GAAP Diluted EPS. Non-GAAP EPS refers to Non-GAAP Diluted EPS. 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 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, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800

Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577

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

	Three Months Ended
	March 31,
(in thousands, except per share amounts)	2024	2023
Revenue	$ 494,436	$ 483,282
Direct costs	310,533	312,565
Operating costs and expenses:
Indirect and selling expenses	129,094	123,733
Depreciation and amortization	5,574	6,309
Amortization of intangible assets	8,291	9,224
Total operating costs and expenses	142,959	139,266
Operating income	40,944	31,451
Interest, net	(8,238)	(9,457)
Other income (expense)	1,630	(558)
Income before income taxes	34,336	21,436
Provision for income taxes	7,019	5,038
Net income	$ 27,317	$ 16,398

Earnings per Share:
Basic	$ 1.46	$ 0.87
Diluted	$ 1.44	$ 0.87

Weighted-average common shares outstanding:
Basic	18,757	18,779
Diluted	18,946	18,949

Cash dividends declared per common share	$ 0.14	$ 0.14

Other comprehensive income (loss), net of tax	684	(1,334)
Comprehensive income, net of tax	$ 28,001	$ 15,064

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

	Three Months Ended
	March 31,
(in thousands, except per share amounts)	2024	2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue	$ 494,436	$ 483,282
Less: Revenue from exited business ⁽³⁾	—	(28,317)
Total Revenue, Adjusted for Impact of Exited Business	$ 494,436	$ 454,965

Reconciliation of EBITDA and Adjusted EBITDA ⁽⁴⁾
Net income	$ 27,317	$ 16,398
Interest, net	8,238	9,457
Provision for income taxes	7,019	5,038
Depreciation and amortization	13,865	15,533
EBITDA	56,439	46,426
Impairment of long-lived assets ⁽⁵⁾	—	894
Acquisition and divestiture-related expenses ⁽⁶⁾	66	803
Severance and other costs related to staff realignment ⁽⁷⁾	365	2,495
Charges for facility consolidations and office closures ⁽⁸⁾	—	359
Pre-tax gain from divestiture of a business ⁽⁹⁾	(1,715)	—
Total Adjustments	(1,284)	4,551
Adjusted EBITDA	$ 55,155	$ 50,977

Net Income Margin Percent on Revenue ⁽¹⁰⁾	5.5 %	3.4 %
EBITDA Margin Percent on Revenue ⁽¹¹⁾	11.4 %	9.6 %
Adjusted EBITDA Margin Percent on Revenue ⁽¹¹⁾	11.2 %	10.5 %

Reconciliation of Non-GAAP Diluted EPS ⁽⁴⁾
U.S. GAAP Diluted EPS	$ 1.44	$ 0.87
Impairment of long-lived assets	—	0.04
Acquisition and divestiture-related expenses	—	0.04
Severance and other costs related to staff realignment	0.02	0.13
Expenses related to facility consolidations and office closures ⁽¹²⁾	0.04	0.02
Pre-tax gain from divestiture of a business	(0.09)	—
Amortization of intangibles	0.44	0.49
Income tax effects of the adjustments ⁽¹³⁾	(0.08)	(0.17)
Non-GAAP Diluted EPS	$ 1.77	$ 1.42


⁽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⁾ 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).

⁽⁴⁾ Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.

⁽⁵⁾Represents impairment of an intangible asset associated with the exit of our commercial marketing business in the United Kingdom in 2023.

⁽⁶⁾These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.

⁽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.

⁽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.

⁽⁹⁾ Pre-tax gain resulting from the release of an escrow related to the 2023 divestiture of our U.S. commercial marketing business.

⁽¹⁰⁾ Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.

⁽¹¹⁾EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.

⁽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.

⁽¹³⁾ Income tax effects were calculated using the effective tax rate, adjusted for discrete items, if any, of 20.4% and 23.5% for the three months ended March 31, 2024 and 2023, respectively.

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

(in thousands, except share and per share amounts)	March 31, 2024	December 31, 2023
*ASSETS*
Current Assets:
Cash and cash equivalents	$ 3,683	$ 6,361
Restricted cash	916	3,088
Contract receivables, net	202,246	205,484
Contract assets	230,412	201,832
Prepaid expenses and other assets	28,401	28,055
Income tax receivable	—	2,337
Total Current Assets	465,658	447,157
Property and Equipment, net	74,296	75,948
Other Assets:
Goodwill	1,219,031	1,219,476
Other intangible assets, net	86,613	94,904
Operating lease - right-of-use assets	128,356	132,807
Other assets	43,740	41,480
Total Assets	$ 2,017,694	$ 2,011,772

*LIABILITIES AND STOCKHOLDERS' EQUITY*
Current Liabilities:
Current portion of long-term debt	$ 26,000	$ 26,000
Accounts payable	119,285	134,503
Contract liabilities	22,099	21,997
Operating lease liabilities	20,889	20,409
Finance lease liabilities	2,545	2,522
Accrued salaries and benefits	70,176	88,021
Accrued subcontractors and other direct costs	48,707	45,645
Accrued expenses and other current liabilities	82,966	79,129
Total Current Liabilities	392,667	418,226
Long-term Liabilities:
Long-term debt	448,748	404,407
Operating lease liabilities - non-current	170,575	175,460
Finance lease liabilities - non-current	13,227	13,874
Deferred income taxes	21,975	26,175
Other long-term liabilities	54,353	56,045
Total Liabilities	1,101,545	1,094,187

Commitments and Contingencies

Stockholders' Equity:
Preferred stock, par value $.001 per share; 5,000,000 shares authorized; none issued	—	—
Common stock, par value $.001; 70,000,000 shares authorized; 24,110,071 and 23,982,132 shares issued at March 31, 2024 and December 31, 2023, respectively; 18,754,762 and 18,845,521 shares outstanding at March 31, 2024 and December 31, 2023, respectively	24	24
Additional paid-in capital	425,160	421,502
Retained earnings	799,796	775,099
Treasury stock, 5,355,309 and 5,136,611 shares at March 31, 2024 and December 31, 2023 respectively	(297,630)	(267,155)
Accumulated other comprehensive loss	(11,201)	(11,885)
Total Stockholders' Equity	916,149	917,585
Total Liabilities and Stockholders' Equity	$ 2,017,694	$ 2,011,772

ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	March 31,
(in thousands)	2024	2023
Cash Flows from Operating Activities
Net income	$ 27,317	$ 16,398
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,347	567
Deferred income taxes and unrecognized income tax benefits	(4,786)	2,187
Non-cash equity compensation	3,551	3,750
Depreciation and amortization	13,865	15,533
Gain on divestiture of a business	(1,715)	—
Other operating adjustments, net	46	393
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities	(29,024)	(18,716)
Contract receivables	1,604	10,929
Prepaid expenses and other assets	(192)	15,353
Operating lease assets and liabilities, net	523	1,016
Accounts payable	(15,119)	(26,083)
Accrued salaries and benefits	(17,775)	(24,678)
Accrued subcontractors and other direct costs	3,303	(2,613)
Accrued expenses and other current liabilities	(3,988)	(14,688)
Income tax receivable and payable	11,375	3,192
Other liabilities	(333)	629
Net Cash Used in by Operating Activities	(10,001)	(16,831)

Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software	(5,226)	(6,441)
Payments for business acquisitions, net of cash acquired	—	(459)
Proceeds from divestiture of a business	1,715	—
Net Cash Used in Investing Activities	(3,511)	(6,900)

Cash Flows from Financing Activities
Advances from working capital facilities	355,877	334,995
Payments on working capital facilities	(311,813)	(293,640)
Proceeds from other short-term borrowings	24,356	2,483
Repayments of other short-term borrowings	(23,950)	—
Receipt of restricted contract funds	1,261	2,916
Payment of restricted contract funds	(3,391)	(1,131)
Dividends paid	(2,636)	(2,641)
Net payments for stockholder issuances and buybacks	(30,355)	(22,815)
Other financing, net	(516)	(479)
Net Cash Provided by Financing Activities	8,833	19,688
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(171)	11

Decrease in Cash, Cash Equivalents, and Restricted Cash	(4,850)	(4,032)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	9,449	12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period	$ 4,599	$ 8,936

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest	$ 7,740	$ 5,924
Income taxes	$ 1,133	$ 914

ICF International, Inc. and Subsidiaries
Supplemental Schedule ⁽¹⁴⁾


Revenue by client markets	Three Months Ended
	March 31,
	2024	2023
Energy, environment, infrastructure, and disaster recovery	45 %	39 %
Health and social programs	39 %	42 %
Security and other civilian & commercial	16 %	19 %
Total	100 %	100 %


Revenue by client type	Three Months Ended
	March 31,
	2024	2023
U.S. federal government	55 %	55 %
U.S. state and local government	16 %	16 %
International government	5 %	4 %
Government	76 %	75 %
Commercial	24 %	25 %
Total	100 %	100 %


Revenue by contract mix	Three Months Ended
	March 31,
	2024	2023
Time-and-materials	42 %	42 %
Fixed-price	45 %	45 %
Cost-based	13 %	13 %
Total	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.

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SOURCE ICF

-- Record First Quarter Results Represent a Strong Start to 2024 --

--创纪录的第一季度业绩代表着2024年的良好开端-

-- Re-affirms Full Year Guidance --

--重申全年指导方针--

First Quarter Highlights:

第一季度亮点：

Revenue Increased 2% to $494 Million, Up 9% Excluding Divestitures
Net Income Was $27 Million and GAAP EPS¹ Was $1.44, Up 66% Inclusive of Certain Quarter-Specific Benefits
Non-GAAP EPS¹ Was $1.77, Up 25%
EBITDA¹ Was $56.4 Million, Up 22%; Adjusted EBITDA¹ Was $55.2 Million, Up 8%
Contract Awards Were $495 Million, Up 21% Year-on-Year for a TTM Book-to-Bill Ratio of 1.23

收入增长了2％，达到4.94亿美元，不包括资产剥离，增长了9％
净收入为2700万美元，GAAP每股收益¹ 为1.44美元，上涨66％，其中包括某些季度特定福利
非公认会计准则每股收益¹ 原价1.77美元，上涨25％
EBITDA¹ 为5,640万美元，增长22％；调整后的息税折旧摊销前利润¹ 为5,520万美元，增长8％
合同奖励为4.95亿美元，同比增长21％，TTM账面账单比率为1.23

RESTON, Va., May 2, 2024 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the first quarter ended March 31, 2024.

弗吉尼亚州雷斯顿，2024年5月2日 /PRNewswire/ — 全球咨询和技术服务提供商ICF（纳斯达克股票代码：ICFI）公布了截至2024年3月31日的第一季度业绩。

董事长兼首席执行官约翰·沃森在评论业绩时说：“这是ICF创纪录的第一季度。收入同比增长2％，但是，经2023年剥离商业营销业务线后，第一季度收入同比增长9％。这种强劲的表现是由商业能源客户收入的强劲增长带动的，也得到了政府客户稳健的收入增长的支持。

“ICF在我们的能源、环境、基础设施和灾难恢复客户市场表现异常出色，收入同比增长20％，占ICF第一季度总收入的45％。在这个市场中，我们将我们在能源效率、脱碳、电气化、环境和气候影响以及灾难恢复和缓解方面的深厚专业知识相结合，为超过75家公用事业客户以及可再生能源开发商、能源公司以及联邦、州和地方及国际政府客户提供全面的服务和解决方案。

“第一季度盈利能力的大幅增长归因于经常性和特定季度的因素。收入组合，加上更高的利用率、更低的设施成本和规模的扩大，继续推动利润率表现有所改善。此外，利润率得益于最近签订的几份能效合同的增加，这些合同在启动阶段的利润更高。

“这是合同授予的又一个强劲季度，比去年同期增长了21％，维持了我们过去十二个月的账面账单比率1.2。在过去的12个月中，我们在超过24亿美元的合同授予中，约有70％是新业务，这表明ICF在我们的政府和商业客户群中在增长领域的卓越定位。截至本季度末，我们的业务发展计划保持在97亿美元，这进一步增强了我们未来维持高个位数有机增长的能力的信心。”

First Quarter 2024 Results

2024 年第一季度业绩

2024年第一季度的总收入为4.944亿美元，较2023年第一季度公布的4.833亿美元增长了2.3％，较去年第一季度经剥离商业营销业务线后的收入增长了8.7％。分包商和其他直接成本占总收入的24.4％，而去年第一季度为27.3％。营业收入为4,090万美元，较3,150万美元增长30.2％，总收入的营业利润率从6.5％扩大到8.3％。净收入总额为2730万美元，GAAP每股收益为1.44美元，其中包括50万美元的净收益，合每股0.02美元的税收特别费用。相比之下，2023年第一季度公布的净收入和GAAP每股收益分别为1,640万美元和0.87美元，其中包括460万美元，合每股受税收影响的特别费用0.18美元。在2024年第一季度，该公司的税率为20.4％，而2023年第一季度的税率为23.5％。

非公认会计准则每股收益从2023年同期公布的每股1.42美元增长了24.6％，至每股1.77美元。息税折旧摊销前利润为5,640万美元，比去年同期公布的4,640万美元高出21.6％。调整后的息税折旧摊销前利润从2023年同期的5,100万美元增长了8.2％，至5,520万美元。

Backlog and New Business

待办事项和新业务

截至2024年第一季度末，积压总额为36亿美元。资金积压为18亿美元，约占总积压的50％。2024年第一季度授予的合同总价值为4.95亿美元，过去十二个月的合同授予总额为24亿美元，账面与账单的比率为1.23。

Government Revenue First Quarter 2024 Highlights

2024 年第一季度政府收入摘要

Revenue from government clients was $376.4 million, up 3.5% year-over-year.

来自政府客户的收入为3.764亿美元，同比增长3.5％。

U.S. federal government revenue was $274.2 million, an increase of 2.4% compared to the $267.7 million reported in the first quarter of 2023 and was impacted by a year-over-year decrease in subcontractor and other direct costs of approximately $5 million in the quarter. Federal government revenue accounted for 55.5% of total revenue, similar to 55.4% of total revenue in the first quarter of 2023.
U.S. state and local government revenue increased 2.2% to $76.9 million, from $75.2 million in the year-ago quarter. State and local government clients represented 15.6% of total revenue, unchanged from the first quarter of 2023.
International government revenue was $25.3 million, up 22.2% from the $20.7 million reported in the year-ago quarter. International government revenue represented 5.1% of total revenue, compared to 4.3% in the first quarter of 2023.

美国联邦政府收入为2.742亿美元，与2023年第一季度公布的2.677亿美元相比增长了2.4％，受该季度分包商和其他直接成本同比减少约500万美元的影响。联邦政府收入占总收入的55.5％，类似于2023年第一季度总收入的55.4％。
美国州和地方政府收入从去年同期的7,520万美元增长了2.2％，至7,690万美元。州和地方政府客户占总收入的15.6％，与2023年第一季度持平。
国际政府收入为2530万美元，较去年同期公布的2,070万美元增长22.2％。国际政府收入占总收入的5.1％，而2023年第一季度为4.3％。

Key Government Contracts Awarded in the First Quarter 2024

2024年第一季度授予的主要政府合同

Notable government contract awards won in the first quarter of 2024 included:

2024年第一季度赢得的重要政府合同奖励包括：

Health and Social Programs

健康和社会计划

A single-award indefinite delivery, indefinite quantity recompete contract with a ceiling of $75.0 million with the U.S. Environmental Protection Agency'sOffice of Research and Development to provide human health and environmental risk assessments.
A subcontract modification with a value of $6.6 million to continue to provide medical modeling simulation and training support to a branch of the U.S. Armed Forces.

与美国环境保护署研究与开发办公室签订的单一奖励无限期交付、无限数量的再竞争合同，上限为7,500万美元，以提供人类健康和环境风险评估。
一项价值660万美元的分包合同修改，旨在继续为美国武装部队的一个分支机构提供医学建模模拟和培训支持。

IT Modernization

IT 现代化

One new task order and one task order modification with a combined value of $17.0 million with a U.S. federal agency to continue to provide digital modernization services.
A new subcontract with a value of $8.1 million to provide enhancement, operations and maintenance services to further increase healthcare data sharing for the U.S. Centers for Medicare and Medicaid Services (CMS).
Multiple contract modifications and one new contract with a combined value of $21.7 million with CMS to continue to provide digital modernization services.

与美国联邦机构签订了一项新任务订单和一项任务订单修改，总价值为1,700万美元，以继续提供数字现代化服务。
一份价值810万美元的新分包合同，旨在提供增强、运营和维护服务，以进一步增加美国医疗保险和医疗补助服务中心（CMS）的医疗保健数据共享。
与CMS修改了多份合同，并签订了一份总价值为2170万美元的新合同，以继续提供数字现代化服务。

Disaster Management and Mitigation

灾害管理和减灾

A contract modification with a value of $8.9 million with a Southern U.S. state to continue to provide Federal Emergency Management Agency Public Assistance grants management services.

与美国南部的一个州修改了价值890万加元的合同，以继续提供联邦紧急事务管理局公共援助补助金管理服务。

Climate, Energy and Environment

气候、能源和环境

A recompete master framework contract with a ceiling of more than $20 million with a directorate general of the European Commission to provide consulting services related to climate policy.

与欧盟委员会总干事签订一份上限超过2000万美元的总框架合同，以提供与气候政策相关的咨询服务。

Commercial Revenue First Quarter 2024 Highlights

2024年第一季度商业收入亮点

Commercial revenue was $118.1 million, compared to $119.6 million reported in the first quarter of 2023; up 29.3% compared to revenues of $91.3 million excluding divestitures in 2023.

商业收入为1.181亿美元，而2023年第一季度公布的收入为1.196亿美元；与2023年不包括资产剥离在内的9,130万美元的收入相比，增长了29.3％。

Energy markets revenue, which includes energy efficiency programs, increased 32.3% and represented 87.3% of commercial revenue.

包括能源效率计划在内的能源市场收入增长了32.3％，占商业收入的87.3％。

Key Commercial Contracts Awarded in the First Quarter of 2024

2024 年第一季度授予的主要商业合同

Notable commercial awards won in the first quarter of 2024 included:

2024 年第一季度获得的著名商业奖项包括：

Energy Markets

能源市场

A new contract with a Western U.S. utility to implement a first-of-its kind statewide wildfire and natural disaster resiliency rebuild program.
One recompete contract and one new contract with a Mid-Atlantic U.S. utility to provide energy efficiency program implementation services for its new and existing residential and commercial and industrial (C&I) programs.
One recompete contract and one new contract with a Mid-Atlantic U.S. utility to provide energy efficiency program implementation services for its new and existing residential and C&I programs.
A new subcontract to support the implementation of a beneficial electrification plan for a Midwestern U.S. utility.
A contract modification with a Mid-Atlantic U.S. utility to continue to provide energy efficiency program marketing services.
A subcontract extension to continue to support a residential building envelope program for a Midwestern U.S. utility.
A recompete contract with a Mid-Atlantic U.S. utility to continue to support its portfolio of existing energy efficiency programs.

与美国西部一家公用事业公司签订了一份新合同，将在全州范围内实施首个此类野火和自然灾害复原力重建计划。
与美国中大西洋公用事业公司签订了一份再竞争合同和一份新合同，为其新的和现有的住宅、商业和工业（C&I）计划提供能源效率计划实施服务。
与美国中大西洋公用事业公司签订了一份再竞争合同和一份新合同，为其新的和现有的住宅和C&I计划提供能源效率计划实施服务。
一份新的分包合同，旨在支持美国中西部一家公用事业公司实施一项有益的电气化计划。
修改了与美国中大西洋一家公用事业公司的合同，以继续提供能效计划营销服务。
延长分包合同，以继续支持美国中西部一家公用事业公司的住宅建筑围护计划。
与美国中大西洋的一家公用事业公司签订重新竞争合同，以继续支持其现有能效计划组合。

Other Commercial

其他商业

A new contract with a value of $13.0 million with a U.S. commercial client to implement an inspections solution to modernize its inspection process and establish an enterprise data solution to enable data insights and improve data management.

与一家美国商业客户签订了一份价值1,300万美元的新合同，旨在实施检查解决方案，以实现其检查流程的现代化，并建立企业数据解决方案，以提供数据洞察和改善数据管理。

Dividend Declaration

股息申报

On May 2, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 12, 2024, to shareholders of record on June 7, 2024.

2024年5月2日，ICF宣布向2024年6月7日的登记股东派发每股0.14美元的季度现金股息，将于2024年7月12日支付。

Summary and Outlook

摘要和展望

“ICF第一季度强劲表现支持了我们的全年预期，为2024年又一年的大幅增长奠定了基础。我们的能源效率和公用事业咨询以及ICF的气候和基础设施服务继续受益于商业和政府客户的强劲需求；我们的灾难管理工作正在向前推进，赢得了新的合同；我们在联邦政府领域的关键重点领域，即公共卫生和IT现代化/数字化转型，为我们提供了重要的长期增长机会。

“基于我们大量的待办事项和目前的知名度，我们很高兴重申我们对2024年的指导方针。我们预计，2024年持续经营业务的有机收入将在20.3亿美元至21.0亿美元之间，与2023年报告的中点同比增长5.2％，持续经营业务的中点同比增长8.5％。息税折旧摊销前利润预计将在2.2亿美元至2.3亿美元之间，反映出中点同比增长14.2％。我们的GAAP每股收益指导区间为5.25美元至5.55美元，不包括特别费用，非公认会计准则每股收益的指导区间为6.60美元至6.90美元。假设该公司的商业营销业务利润率与其他业务相似，估计该公司的商业营销业务在2023年为非公认会计准则每股收益贡献了0.20美元，这种情况在2024年不会再次出现。我们预计，2024年全年运营现金流约为1.55亿美元。

“我们的工作涉及帮助客户解决当今许多最具挑战性的问题，我们为此感到自豪。我们吸引和留住致力于实现卓越执行力并对社会产生积极影响的专业人员的能力一直是而且仍然是我们成功的关键，” 沃森先生总结道。

¹ 非公认会计准则每股收益、息税折旧摊销前利润和调整后息税折旧摊销前利润是非公认会计准则衡量标准。下文列出了所有非公认会计准则衡量标准与最适用的GAAP数字的对账。GAAP 每股收益是指美国公认会计准则摊薄后每股收益。非公认会计准则每股收益是指非公认会计准则摊薄后每股收益。特别费用是指包含在我们的综合收益报表中，但不表示持续业绩的项目，是在扣除适用的美国公认会计原则税后列报的。非公认会计准则衡量标准的列报方式可能无法与其他公司使用的其他类似标题的指标相提并论。

About ICF

关于 ICF

ICF 是一家全球咨询和技术服务公司，拥有大约 9,000 名员工，但我们不是您的典型顾问。在ICF，商业分析师和政策专家与数字战略家、数据科学家和创意人士合作。我们将无与伦比的行业专业知识与尖端的参与能力相结合，帮助组织解决最复杂的挑战。自1969年以来，公共和私营部门的客户一直与ICF合作，以应对变革并塑造未来。要了解更多信息，请访问 icf.com。

Caution Concerning Forward-looking Statements

关于前瞻性陈述的注意事项

根据1995年《私人证券诉讼改革法》的定义，非历史事实且涉及已知和未知风险和不确定性的陈述是 “前瞻性陈述”。此类声明可能涉及我们当前对未来业绩、计划、运营和前景的预期，并涉及某些风险，包括与政府承包行业相关的风险；我们的特定业务，包括我们对与美国联邦政府机构签订合同的依赖；以及我们收购和成功整合业务的能力。这些因素和其他因素可能导致我们的实际业绩与前瞻性陈述中显示的有所不同，这些前瞻性陈述包含在我们向美国证券交易委员会提交的证券文件的 “风险因素” 部分中。此处包含的前瞻性陈述仅在发布之日作出，我们明确表示不承担将来更新这些陈述的任何义务。

Note on Forward-Looking Non-GAAP Measures

关于前瞻性非公认会计准则指标的说明

该公司未将其前瞻性非公认会计准则财务指标与相应的美国公认会计准则指标进行核对，原因是难以做出准确的预测和预测，也因为并非所有前瞻性非公认会计准则财务指标（例如基于股份的薪酬的影响或收购等未来特殊或非经常性事件的影响）进行量化对账所必需的信息都可以在不合理的努力下提供给公司。出于同样的原因，该公司无法估计不可用信息的可能重要性。该公司提供其认为可以实现的前瞻性非公认会计准则财务指标，但无法准确预测调整后计算的所有组成部分，美国公认会计准则财务指标可能与非公认会计准则财务指标存在重大差异。

Investor Contacts:

投资者联系人：

Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800

林恩·摩根，ADVIS红外我的合作伙伴， lynn.morgen@advisiry.com +1.212.750.5800
大卫·戈尔德，ADVIS红外我的合作伙伴， david.gold@advisiry.com +1.212.750.5800

Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577

公司信息联系人：
劳伦·戴克，ICF， lauren.dyke@ICF.com +1.571.373.5577

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

	Three Months Ended
	March 31,
(in thousands, except per share amounts)	2024	2023
Revenue	$ 494,436	$ 483,282
Direct costs	310,533	312,565
Operating costs and expenses:
Indirect and selling expenses	129,094	123,733
Depreciation and amortization	5,574	6,309
Amortization of intangible assets	8,291	9,224
Total operating costs and expenses	142,959	139,266
Operating income	40,944	31,451
Interest, net	(8,238)	(9,457)
Other income (expense)	1,630	(558)
Income before income taxes	34,336	21,436
Provision for income taxes	7,019	5,038
Net income	$ 27,317	$ 16,398

Earnings per Share:
Basic	$ 1.46	$ 0.87
Diluted	$ 1.44	$ 0.87

Weighted-average common shares outstanding:
Basic	18,757	18,779
Diluted	18,946	18,949

Cash dividends declared per common share	$ 0.14	$ 0.14

Other comprehensive income (loss), net of tax	684	(1,334)
Comprehensive income, net of tax	$ 28,001	$ 15,064

ICF International, Inc. 及其子公司
合并综合收益表
（未经审计）

	三个月已结束
	3月31日
（以千计，每股金额除外）	2024	2023
收入	494,436 美元	483,282 美元
直接成本	310,533	312,565
运营成本和支出：
间接费用和销售费用	129,094	123,733
折旧和摊销	5,574	6,309
无形资产的摊销	8,291	9,224
运营成本和支出总额	142,959	139,266
营业收入	40,944	31,451
利息，净额	(8,238)	(9,457)
其他收入（支出）	1,630	(558)
所得税前收入	34,336	21,436
所得税准备金	7,019	5,038
净收入	27,317 美元	16,398 美元

每股收益：
基本	1.46 美元	0.87 美元
稀释	1.44 美元	0.87 美元

已发行普通股的加权平均值：
基本	18,757	18,779
稀释	18,946	18,949

每股普通股申报的现金分红	0.14 美元	0.14 美元

其他综合收益（亏损），扣除税款	684	(1,334)
扣除税款后的综合收益	28,001 美元	15,064 美元

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

	Three Months Ended
	March 31,
(in thousands, except per share amounts)	2024	2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue	$ 494,436	$ 483,282
Less: Revenue from exited business ⁽³⁾	—	(28,317)
Total Revenue, Adjusted for Impact of Exited Business	$ 494,436	$ 454,965

Reconciliation of EBITDA and Adjusted EBITDA ⁽⁴⁾
Net income	$ 27,317	$ 16,398
Interest, net	8,238	9,457
Provision for income taxes	7,019	5,038
Depreciation and amortization	13,865	15,533
EBITDA	56,439	46,426
Impairment of long-lived assets ⁽⁵⁾	—	894
Acquisition and divestiture-related expenses ⁽⁶⁾	66	803
Severance and other costs related to staff realignment ⁽⁷⁾	365	2,495
Charges for facility consolidations and office closures ⁽⁸⁾	—	359
Pre-tax gain from divestiture of a business ⁽⁹⁾	(1,715)	—
Total Adjustments	(1,284)	4,551
Adjusted EBITDA	$ 55,155	$ 50,977

Net Income Margin Percent on Revenue ⁽¹⁰⁾	5.5 %	3.4 %
EBITDA Margin Percent on Revenue ⁽¹¹⁾	11.4 %	9.6 %
Adjusted EBITDA Margin Percent on Revenue ⁽¹¹⁾	11.2 %	10.5 %

Reconciliation of Non-GAAP Diluted EPS ⁽⁴⁾
U.S. GAAP Diluted EPS	$ 1.44	$ 0.87
Impairment of long-lived assets	—	0.04
Acquisition and divestiture-related expenses	—	0.04
Severance and other costs related to staff realignment	0.02	0.13
Expenses related to facility consolidations and office closures ⁽¹²⁾	0.04	0.02
Pre-tax gain from divestiture of a business	(0.09)	—
Amortization of intangibles	0.44	0.49
Income tax effects of the adjustments ⁽¹³⁾	(0.08)	(0.17)
Non-GAAP Diluted EPS	$ 1.77	$ 1.42

ICF International, Inc. 及其子公司
非公认会计准则财务指标的对账 ⁽²⁾
（未经审计）

	三个月已结束
	3月31日
（以千计，每股金额除外）	2024	2023
收入对账，根据退出业务的影响进行调整
收入	494,436 美元	483,282 美元
减去：退出业务的收入 ⁽³⁾	—	(28,317)
总收入，根据退出业务的影响进行调整	494,436 美元	454,965 美元

息税折旧摊销前利润和调整后息税折旧摊销前利润的核 ⁽⁴⁾
净收入	27,317 美元	16,398 美元
利息，净额	8,238	9,457
所得税准备金	7,019	5,038
折旧和摊销	13,865	15,533
税前利润	56,439	46,426
长期资产的减值 ⁽⁵⁾	—	894
收购和资产剥离相关费用 ⁽⁶⁾	66	803
与员工调整相关的遣散费和其他费用 ⁽⁷⁾	365	2,495
设施合并和关闭办公室的费用 ⁽⁸⁾	—	359
剥离企业的税前收益 ⁽⁹⁾	(1,715)	—
调整总数	(1,284)	4,551
调整后 EBITDA	55,155 美元	50,977 美元

净收入利润率占收入的百分比 ⁽¹⁰⁾	5.5%	3.4%
息税折旧摊销前利润率占收入百分比 ⁽¹¹⁾	11.4%	9.6%
调整后的息税折旧摊销前利润率占收入的百分比 ⁽¹¹⁾	11.2%	10.5%

非公认会计准则摊薄后每股收益的对账 ⁽⁴⁾
美国公认会计准则摊薄后每股收益	1.44 美元	0.87 美元
长期资产的减值	—	0.04
收购和资产剥离相关费用	—	0.04
与员工调整相关的遣散费和其他费用	0.02	0.13
与设施合并和办公室关闭相关的费用 ⁽¹²⁾	0.04	0.02
剥离企业的税前收益	(0.09)	—
无形资产的摊销	0.44	0.49
调整对所得税的影响 ⁽¹³⁾	(0.08)	(0.17)
非公认会计准则摊薄每股收益	1.77 美元	1.42 美元


⁽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⁾ 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).

⁽⁴⁾ Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.

⁽⁵⁾Represents impairment of an intangible asset associated with the exit of our commercial marketing business in the United Kingdom in 2023.

⁽⁶⁾These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.

⁽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.

⁽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.

⁽⁹⁾ Pre-tax gain resulting from the release of an escrow related to the 2023 divestiture of our U.S. commercial marketing business.

⁽¹⁰⁾ Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.

⁽¹¹⁾EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.

⁽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.

⁽¹³⁾ Income tax effects were calculated using the effective tax rate, adjusted for discrete items, if any, of 20.4% and 23.5% for the three months ended March 31, 2024 and 2023, respectively.


⁽²⁾ 这些表格提供了非公认会计准则财务指标与最适用的公认会计准则数字的对账。尽管我们认为这些非公认会计准则财务指标可能有助于评估我们的财务信息，但它们本质上应被视为补充性的，不能替代根据公认会计原则编制的财务信息。其他公司可能会以不同的方式定义标题相似的非公认会计准则指标，因此，在理解我们如何定义这些指标时应谨慎行事。

⁽³⁾ 来自退出的英国商业营销业务（2023年6月30日）、美国商业营销业务（2023年9月11日）和加拿大移动文本聚合业务（2023年11月1日）的收入。

⁽⁴⁾ 息税折旧摊销前利润、调整后息税折旧摊销前利润和非公认会计准则摊薄每股收益的对账是使用美国公认会计原则中报告的数字计算的。

⁽⁵⁾代表与我们在2023年退出英国商业营销业务相关的无形资产减值。

⁽⁶⁾这些成本主要是与收购和潜在收购、收购整合以及已终止业务分离或资产剥离相关的第三方成本。

⁽⁷⁾这些费用主要是由于我们的高级职员的非自愿解雇补助金，以及被告知将在业务重组或退出过程中被解雇的员工。

⁽⁸⁾ 这些是与终止租约或全面关闭办公室相关的退出费用，我们（i）将继续支付直到合同义务得到履行但不会给我们带来经济利益，或者（ii）在终止和停止使用租赁设施时支付。

⁽⁹⁾ 与2023年剥离我们的美国商业营销业务相关的托管协议所产生的税前收益。

⁽¹⁰⁾ 净收入利润率收入百分比的计算方法是将净收入除以收入。

⁽¹¹⁾息税折旧摊销前利润率百分比和调整后的息税折旧摊销前利润率百分比的计算方法是将非公认会计准则指标除以相应的收入。

⁽¹²⁾ 这些是与实际关闭办公室相关的退出成本（以前包含在调整后的息税折旧摊销前利润中），以及与计划关闭办公室的固定资产相关的加速折旧。

⁽¹³⁾ 所得税影响是使用截至2024年3月31日和2023年3月31日的三个月，经离散项目（如果有）调整后的有效税率分别为20.4％和23.5％。

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

(in thousands, except share and per share amounts)	March 31, 2024	December 31, 2023
*ASSETS*
Current Assets:
Cash and cash equivalents	$ 3,683	$ 6,361
Restricted cash	916	3,088
Contract receivables, net	202,246	205,484
Contract assets	230,412	201,832
Prepaid expenses and other assets	28,401	28,055
Income tax receivable	—	2,337
Total Current Assets	465,658	447,157
Property and Equipment, net	74,296	75,948
Other Assets:
Goodwill	1,219,031	1,219,476
Other intangible assets, net	86,613	94,904
Operating lease - right-of-use assets	128,356	132,807
Other assets	43,740	41,480
Total Assets	$ 2,017,694	$ 2,011,772

*LIABILITIES AND STOCKHOLDERS' EQUITY*
Current Liabilities:
Current portion of long-term debt	$ 26,000	$ 26,000
Accounts payable	119,285	134,503
Contract liabilities	22,099	21,997
Operating lease liabilities	20,889	20,409
Finance lease liabilities	2,545	2,522
Accrued salaries and benefits	70,176	88,021
Accrued subcontractors and other direct costs	48,707	45,645
Accrued expenses and other current liabilities	82,966	79,129
Total Current Liabilities	392,667	418,226
Long-term Liabilities:
Long-term debt	448,748	404,407
Operating lease liabilities - non-current	170,575	175,460
Finance lease liabilities - non-current	13,227	13,874
Deferred income taxes	21,975	26,175
Other long-term liabilities	54,353	56,045
Total Liabilities	1,101,545	1,094,187

Commitments and Contingencies

Stockholders' Equity:
Preferred stock, par value $.001 per share; 5,000,000 shares authorized; none issued	—	—
Common stock, par value $.001; 70,000,000 shares authorized; 24,110,071 and 23,982,132 shares issued at March 31, 2024 and December 31, 2023, respectively; 18,754,762 and 18,845,521 shares outstanding at March 31, 2024 and December 31, 2023, respectively	24	24
Additional paid-in capital	425,160	421,502
Retained earnings	799,796	775,099
Treasury stock, 5,355,309 and 5,136,611 shares at March 31, 2024 and December 31, 2023 respectively	(297,630)	(267,155)
Accumulated other comprehensive loss	(11,201)	(11,885)
Total Stockholders' Equity	916,149	917,585
Total Liabilities and Stockholders' Equity	$ 2,017,694	$ 2,011,772

ICF International, Inc. 及其子公司
合并资产负债表
（未经审计）

（以千计，股票和每股金额除外）	2024年3月31日	2023年12月31日
资产
流动资产：
现金和现金等价物	3,683 美元	6,361 美元
受限制的现金	916	3,088
合同应收款，净额	202,246	205,484
合同资产	230,412	201,832
预付费用和其他资产	28,401	28,055
应收所得税	—	2,337
流动资产总额	465,658	447,157
财产和设备，净额	74,296	75,948
其他资产：
善意	1,219,031	1,219,476
其他无形资产，净额	86,613	94,904
经营租赁-使用权资产	128,356	132,807
其他资产	43,740	41,480
总资产	2,017,694 美元	2,011,772 美元

*负债和股东权益*
流动负债：
长期债务的当前部分	26,000 美元	26,000 美元
应付账款	119,285	134,503
合同负债	22,099	21,997
经营租赁负债	20,889	20,409
融资租赁负债	2,545	2,522
应计工资和福利	70,176	88,021
应计分包商和其他直接费用	48,707	45,645
应计费用和其他流动负债	82,966	79,129
流动负债总额	392,667	418,226
长期负债：
长期债务	448,748	404,407
经营租赁负债——非流动	170,575	175,460
融资租赁负债——非流动	13,227	13,874
递延所得税	21,975	26,175
其他长期负债	54,353	56,045
负债总额	1,101,545	1,094,187

承付款和或有开支

股东权益：
优先股，面值每股0.001美元；5,000,000股已授权；未签发	—	—
普通股，面值0.001美元；授权70,000,000股；24,110,071股和23,982,132股分别于 2024 年 3 月 31 日和 2023 年 12 月 31 日发行；18,754,762 和 18,845,521 分别于 2024 年 3 月 31 日和 2023 年 12 月 31 日的已发行股份	24	24
额外的实收资本	425,160	421,502
留存收益	799,796	775,099
截至2024年3月31日和2023年12月31日，美国国库股票，5,355,309股和5,136,611股分别地	(297,630)	(267,155)
累计其他综合亏损	(11,201)	(11,885)
股东权益总额	916,149	917,585
负债总额和股东权益	2,017,694 美元	2,011,772 美元

ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	March 31,
(in thousands)	2024	2023
Cash Flows from Operating Activities
Net income	$ 27,317	$ 16,398
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,347	567
Deferred income taxes and unrecognized income tax benefits	(4,786)	2,187
Non-cash equity compensation	3,551	3,750
Depreciation and amortization	13,865	15,533
Gain on divestiture of a business	(1,715)	—
Other operating adjustments, net	46	393
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities	(29,024)	(18,716)
Contract receivables	1,604	10,929
Prepaid expenses and other assets	(192)	15,353
Operating lease assets and liabilities, net	523	1,016
Accounts payable	(15,119)	(26,083)
Accrued salaries and benefits	(17,775)	(24,678)
Accrued subcontractors and other direct costs	3,303	(2,613)
Accrued expenses and other current liabilities	(3,988)	(14,688)
Income tax receivable and payable	11,375	3,192
Other liabilities	(333)	629
Net Cash Used in by Operating Activities	(10,001)	(16,831)

Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software	(5,226)	(6,441)
Payments for business acquisitions, net of cash acquired	—	(459)
Proceeds from divestiture of a business	1,715	—
Net Cash Used in Investing Activities	(3,511)	(6,900)

Cash Flows from Financing Activities
Advances from working capital facilities	355,877	334,995
Payments on working capital facilities	(311,813)	(293,640)
Proceeds from other short-term borrowings	24,356	2,483
Repayments of other short-term borrowings	(23,950)	—
Receipt of restricted contract funds	1,261	2,916
Payment of restricted contract funds	(3,391)	(1,131)
Dividends paid	(2,636)	(2,641)
Net payments for stockholder issuances and buybacks	(30,355)	(22,815)
Other financing, net	(516)	(479)
Net Cash Provided by Financing Activities	8,833	19,688
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(171)	11

Decrease in Cash, Cash Equivalents, and Restricted Cash	(4,850)	(4,032)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	9,449	12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period	$ 4,599	$ 8,936

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest	$ 7,740	$ 5,924
Income taxes	$ 1,133	$ 914

ICF International, Inc. 及其子公司
合并现金流量表
（未经审计）
	三个月已结束
	3月31日
（以千计）	2024	2023
来自经营活动的现金流
净收入	27,317 美元	16,398 美元
为使净收入与经营活动提供的净现金保持一致而进行的调整：
信贷损失准备金	1,347	567
递延所得税和未确认的所得税优惠	(4,786)	2,187
非现金股权薪酬	3,551	3,750
折旧和摊销	13,865	15,533
剥离企业的收益	(1,715)	—
其他业务调整，净额	46	393
扣除收购影响的运营资产和负债的变化：
净合约资产和负债	(29,024)	(18,716)
合同应收款	1,604	10,929
预付费用和其他资产	(192)	15,353
经营租赁资产和负债，净额	523	1,016
应付账款	(15,119)	(26,083)
应计工资和福利	(17,775)	(24,678)
应计分包商和其他直接费用	3,303	(2,613)
应计费用和其他流动负债	(3,988)	(14,688)
应收和应付所得税	11,375	3,192
其他负债	(333)	629
经营活动使用的净现金	(10,001)	(16,831)

来自投资活动的现金流
购买财产和设备及资本化软件的付款	(5,226)	(6,441)
企业收购付款，扣除获得的现金	—	(459)
剥离企业的收益	1,715	—
用于投资活动的净现金	(3,511)	(6,900)

来自融资活动的现金流
来自营运资金设施的预付款	355,877	334,995
营运资金设施的付款	(311,813)	(293,640)
其他短期借款的收益	24,356	2,483
偿还其他短期借款	(23,950)	—
收到限制性合约资金	1,261	2,916
限制性合约资金的支付	(3,391)	(1,131)
已支付的股息	(2,636)	(2,641)
股东发行和回购的净支付额	(30,355)	(22,815)
其他融资，净额	(516)	(479)
融资活动提供的净现金	8,833	19,688
汇率变动对现金、现金等价物和限制性现金的影响	(171)	11

现金、现金等价物和限制性现金减少	(4,850)	(4,032)
期初现金、现金等价物和限制性现金	9,449	12,968
现金、现金等价物和限制性现金，期末	4,599 美元	8,936 美元

现金流信息的补充披露
在此期间支付的现金用于：
利息	7,740 美元	5,924 美元
所得税	1,133 美元	914 美元

ICF International, Inc. and Subsidiaries
Supplemental Schedule ⁽¹⁴⁾


Revenue by client markets	Three Months Ended
	March 31,
	2024	2023
Energy, environment, infrastructure, and disaster recovery	45 %	39 %
Health and social programs	39 %	42 %
Security and other civilian & commercial	16 %	19 %
Total	100 %	100 %


Revenue by client type	Three Months Ended
	March 31,
	2024	2023
U.S. federal government	55 %	55 %
U.S. state and local government	16 %	16 %
International government	5 %	4 %
Government	76 %	75 %
Commercial	24 %	25 %
Total	100 %	100 %


Revenue by contract mix	Three Months Ended
	March 31,
	2024	2023
Time-and-materials	42 %	42 %
Fixed-price	45 %	45 %
Cost-based	13 %	13 %
Total	100 %	100 %

ICF International, Inc. 及其子公司
补充时间表 ⁽¹⁴⁾


按客户市场划分的收入	三个月已结束
	3月31日
	2024	2023
能源、环境、基础设施和灾难恢复	45%	39%
健康和社会计划	39%	42%
安全和其他民用和商用	16%	19%
总计	100%	100%


按客户类型划分的收入	三个月已结束
	3月31日
	2024	2023
美国联邦政府	55%	55%
美国州和地方政府	16%	16%
国际政府	5%	4%
政府	76%	75%
商用	24%	25%
总计	100%	100%


按合约组合划分的收入	三个月已结束
	3月31日
	2024	2023
时间和材料	42%	42%
固定价格	45%	45%
基于成本	13%	13%
总计	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.


⁽¹⁴⁾ 如补充计划所示，我们通过关键指标跟踪收入，这些指标提供了有关我们运营性质的有用信息。客户市场让我们可以深入了解我们的专业知识的广度。客户类型是我们客户群多样性的指标。按合同组合划分的收入为我们假设的绩效风险程度提供了见解。

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SOURCE ICF

来源 ICF

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ICF Reports First Quarter 2024 Results

ICF Reports First Quarter 2024 Results

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