ICF Reports First Quarter 2024 Results

ICF公佈2024年第一季度業績

ICF國際 · 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 --

--創紀錄的第一季度業績代表着2024年的良好開端-

-- Re-affirms Full Year Guidance --

--重申全年指導方針--

First Quarter Highlights:

第一季度亮點：

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

收入增長了2％，達到4.94億美元，不包括資產剝離，增長了9％
淨收入爲2700萬美元，GAAP每股收益¹ 爲1.44美元，上漲66％，其中包括某些季度特定福利
非公認會計准則每股收益¹ 原價1.77美元，上漲25％
EBITDA¹ 爲5,640萬美元，增長22％；調整後的息稅折舊攤銷前利潤¹ 爲5,520萬美元，增長8％
合同獎勵爲4.95億美元，同比增長21％，TTM賬面賬單比率爲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.

弗吉尼亞州雷斯頓，2024年5月2日 /PRNewswire/ — 全球諮詢和技術服務提供商ICF（納斯達克股票代碼：ICFI）公佈了截至2024年3月31日的第一季度業績。

董事長兼首席執行官約翰·沃森在評論業績時說：“這是ICF創紀錄的第一季度。收入同比增長2％，但是，經2023年剝離商業營銷業務線後，第一季度收入同比增長9％。這種強勁的表現是由商業能源客戶收入的強勁增長帶動的，也得到了政府客戶穩健的收入增長的支持。

“ICF在我們的能源、環境、基礎設施和災難恢復客戶市場表現異常出色，收入同比增長20％，佔ICF第一季度總收入的45％。在這個市場中，我們將我們在能源效率、脫碳、電氣化、環境和氣候影響以及災難恢復和緩解方面的深厚專業知識相結合，爲超過75家公用事業客戶以及可再生能源開發商、能源公司以及聯邦、州和地方及國際政府客戶提供全面的服務和解決方案。

“第一季度盈利能力的大幅增長歸因於經常性和特定季度的因素。收入組合，加上更高的利用率、更低的設施成本和規模的擴大，繼續推動利潤率表現有所改善。此外，利潤率得益於最近簽訂的幾份能效合同的增加，這些合同在啓動階段的利潤更高。

“這是合同授予的又一個強勁季度，比去年同期增長了21％，維持了我們過去十二個月的賬面賬單比率1.2。在過去的12個月中，我們在超過24億美元的合同授予中，約有70％是新業務，這表明ICF在我們的政府和商業客戶群中在增長領域的卓越定位。截至本季度末，我們的業務發展計劃保持在97億美元，這進一步增強了我們未來維持高個位數有機增長的能力的信心。”

First Quarter 2024 Results

2024 年第一季度業績

2024年第一季度的總收入爲4.944億美元，較2023年第一季度公佈的4.833億美元增長了2.3％，較去年第一季度經剝離商業營銷業務線後的收入增長了8.7％。分包商和其他直接成本佔總收入的24.4％，而去年第一季度爲27.3％。營業收入爲4,090萬美元，較3,150萬美元增長30.2％，總收入的營業利潤率從6.5％擴大到8.3％。淨收入總額爲2730萬美元，GAAP每股收益爲1.44美元，其中包括50萬美元的淨收益，合每股0.02美元的稅收特別費用。相比之下，2023年第一季度公佈的淨收入和GAAP每股收益分別爲1,640萬美元和0.87美元，其中包括460萬美元，合每股受稅收影響的特別費用0.18美元。在2024年第一季度，該公司的稅率爲20.4％，而2023年第一季度的稅率爲23.5％。

非公認會計准則每股收益從2023年同期公佈的每股1.42美元增長了24.6％，至每股1.77美元。息稅折舊攤銷前利潤爲5,640萬美元，比去年同期公佈的4,640萬美元高出21.6％。調整後的息稅折舊攤銷前利潤從2023年同期的5,100萬美元增長了8.2％，至5,520萬美元。

Backlog and New Business

待辦事項和新業務

截至2024年第一季度末，積壓總額爲36億美元。資金積壓爲18億美元，約佔總積壓的50％。2024年第一季度授予的合同總價值爲4.95億美元，過去十二個月的合同授予總額爲24億美元，賬面與賬單的比率爲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.

來自政府客戶的收入爲3.764億美元，同比增長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.

美國聯邦政府收入爲2.742億美元，與2023年第一季度公佈的2.677億美元相比增長了2.4％，受該季度分包商和其他直接成本同比減少約500萬美元的影響。聯邦政府收入佔總收入的55.5％，類似於2023年第一季度總收入的55.4％。
美國州和地方政府收入從去年同期的7,520萬美元增長了2.2％，至7,690萬美元。州和地方政府客戶佔總收入的15.6％，與2023年第一季度持平。
國際政府收入爲2530萬美元，較去年同期公佈的2,070萬美元增長22.2％。國際政府收入佔總收入的5.1％，而2023年第一季度爲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年第一季度贏得的重要政府合同獎勵包括：

Health and Social Programs

健康和社會計劃

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.

與美國環境保護署研究與開發辦公室簽訂的單一獎勵無限期交付、無限數量的再競爭合同，上限爲7,500萬美元，以提供人類健康和環境風險評估。
一項價值660萬美元的分包合同修改，旨在繼續爲美國武裝部隊的一個分支機構提供醫學建模模擬和培訓支持。

IT Modernization

IT 現代化

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.

與美國聯邦機構簽訂了一項新任務訂單和一項任務訂單修改，總價值爲1,700萬美元，以繼續提供數字現代化服務。
一份價值810萬美元的新分包合同，旨在提供增強、運營和維護服務，以進一步增加美國醫療保險和醫療補助服務中心（CMS）的醫療保健數據共享。
與CMS修改了多份合同，並簽訂了一份總價值爲2170萬美元的新合同，以繼續提供數字現代化服務。

Disaster Management and Mitigation

災害管理和減災

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.

與美國南部的一個州修改了價值890萬加元的合同，以繼續提供聯邦緊急事務管理局公共援助補助金管理服務。

Climate, Energy and Environment

氣候、能源和環境

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.

與歐盟委員會總幹事簽訂一份上限超過2000萬美元的總框架合同，以提供與氣候政策相關的諮詢服務。

Commercial Revenue First Quarter 2024 Highlights

2024年第一季度商業收入亮點

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.

商業收入爲1.181億美元，而2023年第一季度公佈的收入爲1.196億美元；與2023年不包括資產剝離在內的9,130萬美元的收入相比，增長了29.3％。

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

包括能源效率計劃在內的能源市場收入增長了32.3％，佔商業收入的87.3％。

Key Commercial Contracts Awarded in the First Quarter of 2024

2024 年第一季度授予的主要商業合同

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

2024 年第一季度獲得的著名商業獎項包括：

Energy Markets

能源市場

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.

與美國西部一家公用事業公司簽訂了一份新合同，將在全州範圍內實施首個此類野火和自然災害復原力重建計劃。
與美國中大西洋公用事業公司簽訂了一份再競爭合同和一份新合同，爲其新的和現有的住宅、商業和工業（C&I）計劃提供能源效率計劃實施服務。
與美國中大西洋公用事業公司簽訂了一份再競爭合同和一份新合同，爲其新的和現有的住宅和C&I計劃提供能源效率計劃實施服務。
一份新的分包合同，旨在支持美國中西部一家公用事業公司實施一項有益的電氣化計劃。
修改了與美國中大西洋一家公用事業公司的合同，以繼續提供能效計劃營銷服務。
延長分包合同，以繼續支持美國中西部一家公用事業公司的住宅建築圍護計劃。
與美國中大西洋的一家公用事業公司簽訂重新競爭合同，以繼續支持其現有能效計劃組合。

Other Commercial

其他商業

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.

與一家美國商業客戶簽訂了一份價值1,300萬美元的新合同，旨在實施檢查解決方案，以實現其檢查流程的現代化，並建立企業數據解決方案，以提供數據洞察和改善數據管理。

Dividend Declaration

股息申報

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宣佈向2024年6月7日的登記股東派發每股0.14美元的季度現金股息，將於2024年7月12日支付。

Summary and Outlook

摘要和展望

“ICF第一季度強勁表現支持了我們的全年預期，爲2024年又一年的大幅增長奠定了基礎。我們的能源效率和公用事業諮詢以及ICF的氣候和基礎設施服務繼續受益於商業和政府客戶的強勁需求；我們的災難管理工作正在向前推進，贏得了新的合同；我們在聯邦政府領域的關鍵重點領域，即公共衛生和IT現代化/數字化轉型，爲我們提供了重要的長期增長機會。

“基於我們大量的待辦事項和目前的知名度，我們很高興重申我們對2024年的指導方針。我們預計，2024年持續經營業務的有機收入將在20.3億美元至21.0億美元之間，與2023年報告的中點同比增長5.2％，持續經營業務的中點同比增長8.5％。息稅折舊攤銷前利潤預計將在2.2億美元至2.3億美元之間，反映出中點同比增長14.2％。我們的GAAP每股收益指導區間爲5.25美元至5.55美元，不包括特別費用，非公認會計准則每股收益的指導區間爲6.60美元至6.90美元。假設該公司的商業營銷業務利潤率與其他業務相似，估計該公司的商業營銷業務在2023年爲非公認會計准則每股收益貢獻了0.20美元，這種情況在2024年不會再次出現。我們預計，2024年全年運營現金流約爲1.55億美元。

“我們的工作涉及幫助客戶解決當今許多最具挑戰性的問題，我們爲此感到自豪。我們吸引和留住致力於實現卓越執行力並對社會產生積極影響的專業人員的能力一直是而且仍然是我們成功的關鍵，” 沃森先生總結道。

¹ 非公認會計准則每股收益、息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤是非公認會計准則衡量標準。下文列出了所有非公認會計准則衡量標準與最適用的GAAP數字的對賬。GAAP 每股收益是指美國公認會計准則攤薄後每股收益。非公認會計准則每股收益是指非公認會計准則攤薄後每股收益。特別費用是指包含在我們的綜合收益報表中，但不表示持續業績的項目，是在扣除適用的美國公認會計原則稅後列報的。非公認會計准則衡量標準的列報方式可能無法與其他公司使用的其他類似標題的指標相提並論。

About ICF

關於 ICF

ICF 是一家全球諮詢和技術服務公司，擁有大約 9,000 名員工，但我們不是您的典型顧問。在ICF，商業分析師和政策專家與數字戰略家、數據科學家和創意人士合作。我們將無與倫比的行業專業知識與尖端的參與能力相結合，幫助組織解決最複雜的挑戰。自1969年以來，公共和私營部門的客戶一直與ICF合作，以應對變革並塑造未來。要了解更多信息，請訪問 icf.com。

Caution Concerning Forward-looking Statements

關於前瞻性陳述的注意事項

根據1995年《私人證券訴訟改革法》的定義，非歷史事實且涉及已知和未知風險和不確定性的陳述是 “前瞻性陳述”。此類聲明可能涉及我們當前對未來業績、計劃、運營和前景的預期，並涉及某些風險，包括與政府承包行業相關的風險；我們的特定業務，包括我們對與美國聯邦政府機構簽訂合同的依賴；以及我們收購和成功整合業務的能力。這些因素和其他因素可能導致我們的實際業績與前瞻性陳述中顯示的有所不同，這些前瞻性陳述包含在我們向美國證券交易委員會提交的證券文件的 “風險因素” 部分中。此處包含的前瞻性陳述僅在發佈之日作出，我們明確表示不承擔將來更新這些陳述的任何義務。

Note on Forward-Looking Non-GAAP Measures

關於前瞻性非公認會計准則指標的說明

該公司未將其前瞻性非公認會計准則財務指標與相應的美國公認會計准則指標進行覈對，原因是難以做出準確的預測和預測，也因爲並非所有前瞻性非公認會計准則財務指標（例如基於股份的薪酬的影響或收購等未來特殊或非經常性事件的影響）進行量化對賬所必需的信息都可以在不合理的努力下提供給公司。出於同樣的原因，該公司無法估計不可用信息的可能重要性。該公司提供其認爲可以實現的前瞻性非公認會計准則財務指標，但無法準確預測調整後計算的所有組成部分，美國公認會計准則財務指標可能與非公認會計准則財務指標存在重大差異。

Investor Contacts:

投資者聯繫人：

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紅外我的合作伙伴， lynn.morgen@advisiry.com +1.212.750.5800
大衛·戈爾德，ADVIS紅外我的合作伙伴， david.gold@advisiry.com +1.212.750.5800

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

公司信息聯繫人：
勞倫·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
合併綜合收益表
（未經審計）

	三個月已結束
	3月31日
（以千計，每股金額除外）	2024	2023
收入	494,436 美元	483,282 美元
直接成本	310,533	312,565
運營成本和支出：
間接費用和銷售費用	129,094	123,733
折舊和攤銷	5,574	6,309
無形資產的攤銷	8,291	9,224
運營成本和支出總額	142,959	139,266
營業收入	40,944	31,451
利息，淨額	(8,238)	(9,457)
其他收入（支出）	1,630	(558)
所得稅前收入	34,336	21,436
所得稅準備金	7,019	5,038
淨收入	27,317 美元	16,398 美元

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

已發行普通股的加權平均值：
基本	18,757	18,779
稀釋	18,946	18,949

每股普通股申報的現金分紅	0.14 美元	0.14 美元

其他綜合收益（虧損），扣除稅款	684	(1,334)
扣除稅款後的綜合收益	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
非公認會計准則財務指標的對賬 ⁽²⁾
（未經審計）

	三個月已結束
	3月31日
（以千計，每股金額除外）	2024	2023
收入對賬，根據退出業務的影響進行調整
收入	494,436 美元	483,282 美元
減去：退出業務的收入 ⁽³⁾	—	(28,317)
總收入，根據退出業務的影響進行調整	494,436 美元	454,965 美元

息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤的核 ⁽⁴⁾
淨收入	27,317 美元	16,398 美元
利息，淨額	8,238	9,457
所得稅準備金	7,019	5,038
折舊和攤銷	13,865	15,533
稅前利潤	56,439	46,426
長期資產的減值 ⁽⁵⁾	—	894
收購和資產剝離相關費用 ⁽⁶⁾	66	803
與員工調整相關的遣散費和其他費用 ⁽⁷⁾	365	2,495
設施合併和關閉辦公室的費用 ⁽⁸⁾	—	359
剝離企業的稅前收益 ⁽⁹⁾	(1,715)	—
調整總數	(1,284)	4,551
調整後 EBITDA	55,155 美元	50,977 美元

淨收入利潤率佔收入的百分比 ⁽¹⁰⁾	5.5%	3.4%
息稅折舊攤銷前利潤率佔收入百分比 ⁽¹¹⁾	11.4%	9.6%
調整後的息稅折舊攤銷前利潤率佔收入的百分比 ⁽¹¹⁾	11.2%	10.5%

非公認會計准則攤薄後每股收益的對賬 ⁽⁴⁾
美國公認會計准則攤薄後每股收益	1.44 美元	0.87 美元
長期資產的減值	—	0.04
收購和資產剝離相關費用	—	0.04
與員工調整相關的遣散費和其他費用	0.02	0.13
與設施合併和辦公室關閉相關的費用 ⁽¹²⁾	0.04	0.02
剝離企業的稅前收益	(0.09)	—
無形資產的攤銷	0.44	0.49
調整對所得稅的影響 ⁽¹³⁾	(0.08)	(0.17)
非公認會計准則攤薄每股收益	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⁾ 這些表格提供了非公認會計准則財務指標與最適用的公認會計准則數字的對賬。儘管我們認爲這些非公認會計准則財務指標可能有助於評估我們的財務信息，但它們本質上應被視爲補充性的，不能替代根據公認會計原則編制的財務信息。其他公司可能會以不同的方式定義標題相似的非公認會計准則指標，因此，在理解我們如何定義這些指標時應謹慎行事。

⁽³⁾ 來自退出的英國商業營銷業務（2023年6月30日）、美國商業營銷業務（2023年9月11日）和加拿大移動文本聚合業務（2023年11月1日）的收入。

⁽⁴⁾ 息稅折舊攤銷前利潤、調整後息稅折舊攤銷前利潤和非公認會計准則攤薄每股收益的對賬是使用美國公認會計原則中報告的數字計算的。

⁽⁵⁾代表與我們在2023年退出英國商業營銷業務相關的無形資產減值。

⁽⁶⁾這些成本主要是與收購和潛在收購、收購整合以及已終止業務分離或資產剝離相關的第三方成本。

⁽⁷⁾這些費用主要是由於我們的高級職員的非自願解僱補助金，以及被告知將在業務重組或退出過程中被解僱的員工。

⁽⁸⁾ 這些是與終止租約或全面關閉辦公室相關的退出費用，我們（i）將繼續支付直到合同義務得到履行但不會給我們帶來經濟利益，或者（ii）在終止和停止使用租賃設施時支付。

⁽⁹⁾ 與2023年剝離我們的美國商業營銷業務相關的託管協議所產生的稅前收益。

⁽¹⁰⁾ 淨收入利潤率收入百分比的計算方法是將淨收入除以收入。

⁽¹¹⁾息稅折舊攤銷前利潤率百分比和調整後的息稅折舊攤銷前利潤率百分比的計算方法是將非公認會計准則指標除以相應的收入。

⁽¹²⁾ 這些是與實際關閉辦公室相關的退出成本（以前包含在調整後的息稅折舊攤銷前利潤中），以及與計劃關閉辦公室的固定資產相關的加速折舊。

⁽¹³⁾ 所得稅影響是使用截至2024年3月31日和2023年3月31日的三個月，經離散項目（如果有）調整後的有效稅率分別爲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
合併資產負債表
（未經審計）

（以千計，股票和每股金額除外）	2024年3月31日	2023年12月31日
資產
流動資產：
現金和現金等價物	3,683 美元	6,361 美元
受限制的現金	916	3,088
合同應收款，淨額	202,246	205,484
合同資產	230,412	201,832
預付費用和其他資產	28,401	28,055
應收所得稅	—	2,337
流動資產總額	465,658	447,157
財產和設備，淨額	74,296	75,948
其他資產：
善意	1,219,031	1,219,476
其他無形資產，淨額	86,613	94,904
經營租賃-使用權資產	128,356	132,807
其他資產	43,740	41,480
總資產	2,017,694 美元	2,011,772 美元

*負債和股東權益*
流動負債：
長期債務的當前部分	26,000 美元	26,000 美元
應付賬款	119,285	134,503
合同負債	22,099	21,997
經營租賃負債	20,889	20,409
融資租賃負債	2,545	2,522
應計工資和福利	70,176	88,021
應計分包商和其他直接費用	48,707	45,645
應計費用和其他流動負債	82,966	79,129
流動負債總額	392,667	418,226
長期負債：
長期債務	448,748	404,407
經營租賃負債——非流動	170,575	175,460
融資租賃負債——非流動	13,227	13,874
遞延所得稅	21,975	26,175
其他長期負債	54,353	56,045
負債總額	1,101,545	1,094,187

承付款和或有開支

股東權益：
優先股，面值每股0.001美元；5,000,000股已授權；未簽發	—	—
普通股，面值0.001美元；授權70,000,000股；24,110,071股和23,982,132股分別於 2024 年 3 月 31 日和 2023 年 12 月 31 日發行；18,754,762 和 18,845,521 分別於 2024 年 3 月 31 日和 2023 年 12 月 31 日的已發行股份	24	24
額外的實收資本	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，美國國庫股票，5,355,309股和5,136,611股分別地	(297,630)	(267,155)
累計其他綜合虧損	(11,201)	(11,885)
股東權益總額	916,149	917,585
負債總額和股東權益	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
合併現金流量表
（未經審計）
	三個月已結束
	3月31日
（以千計）	2024	2023
來自經營活動的現金流
淨收入	27,317 美元	16,398 美元
爲使淨收入與經營活動提供的淨現金保持一致而進行的調整：
信貸損失準備金	1,347	567
遞延所得稅和未確認的所得稅優惠	(4,786)	2,187
非現金股權薪酬	3,551	3,750
折舊和攤銷	13,865	15,533
剝離企業的收益	(1,715)	—
其他業務調整，淨額	46	393
扣除收購影響的運營資產和負債的變化：
淨合約資產和負債	(29,024)	(18,716)
合同應收款	1,604	10,929
預付費用和其他資產	(192)	15,353
經營租賃資產和負債，淨額	523	1,016
應付賬款	(15,119)	(26,083)
應計工資和福利	(17,775)	(24,678)
應計分包商和其他直接費用	3,303	(2,613)
應計費用和其他流動負債	(3,988)	(14,688)
應收和應付所得稅	11,375	3,192
其他負債	(333)	629
經營活動使用的淨現金	(10,001)	(16,831)

來自投資活動的現金流
購買財產和設備及資本化軟件的付款	(5,226)	(6,441)
企業收購付款，扣除獲得的現金	—	(459)
剝離企業的收益	1,715	—
用於投資活動的淨現金	(3,511)	(6,900)

來自融資活動的現金流
來自營運資金設施的預付款	355,877	334,995
營運資金設施的付款	(311,813)	(293,640)
其他短期借款的收益	24,356	2,483
償還其他短期借款	(23,950)	—
收到限制性合約資金	1,261	2,916
限制性合約資金的支付	(3,391)	(1,131)
已支付的股息	(2,636)	(2,641)
股東發行和回購的淨支付額	(30,355)	(22,815)
其他融資，淨額	(516)	(479)
融資活動提供的淨現金	8,833	19,688
匯率變動對現金、現金等價物和限制性現金的影響	(171)	11

現金、現金等價物和限制性現金減少	(4,850)	(4,032)
期初現金、現金等價物和限制性現金	9,449	12,968
現金、現金等價物和限制性現金，期末	4,599 美元	8,936 美元

現金流信息的補充披露
在此期間支付的現金用於：
利息	7,740 美元	5,924 美元
所得稅	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
補充時間表 ⁽¹⁴⁾


按客戶市場劃分的收入	三個月已結束
	3月31日
	2024	2023
能源、環境、基礎設施和災難恢復	45%	39%
健康和社會計劃	39%	42%
安全和其他民用和商用	16%	19%
總計	100%	100%


按客戶類型劃分的收入	三個月已結束
	3月31日
	2024	2023
美國聯邦政府	55%	55%
美國州和地方政府	16%	16%
國際政府	5%	4%
政府	76%	75%
商用	24%	25%
總計	100%	100%


按合約組合劃分的收入	三個月已結束
	3月31日
	2024	2023
時間和材料	42%	42%
固定價格	45%	45%
基於成本	13%	13%
總計	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⁾ 如補充計劃所示，我們通過關鍵指標跟蹤收入，這些指標提供了有關我們運營性質的有用信息。客戶市場讓我們可以深入了解我們的專業知識的廣度。客戶類型是我們客戶群多樣性的指標。按合同組合劃分的收入爲我們假設的績效風險程度提供了見解。

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SOURCE ICF

來源 ICF

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ICF Reports First Quarter 2024 Results

ICF Reports First Quarter 2024 Results

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