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Icf International, Inc. (ICFI) SEC Filing 8-K Material Event for the period ending Tuesday, May 5, 2020

Icf International, Inc.

CIK: 1362004 Ticker: ICFI

 

Exhibit 99.1

 

NEWS RELEASE

ICF Reports First Quarter 2020 Results

 

First Quarter Highlights:

 

Total Revenue Was $358 Million, Up 5%

 

Diluted EPS Was $0.55 Inclusive of $0.16 in Special Charges

 

Non-GAAP EPS¹ Was $0.83

 

Adjusted EBITDA Margin on Service Revenue¹ Was 10.9%

 

Contract Awards of $357 Million, Up 23%; TTM Contract Awards Were $1.6 Billion For a Book-to-Bill Ratio of 1.06

 

Completed Acquisition of Incentive Technology Group, LLC (ITG), a Leading Provider of Cloud-based IT Modernization Services to the U.S. Federal Government

 

Guides to Revenue and EBITDA¹ Similar to 2019 and Higher Operating Cash Flow of Approximately $110 Million

 

FOR IMMEDIATE RELEASE

Investor Contacts: http://investors.globant.com/alerts

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

 

FAIRFAX, Va.— May 5, 2020 -- ICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for the first quarter ended March 31, 2020.

 

“First quarter results and awards were aligned with ICF’s strong positioning in key growth areas within our government and commercial markets,” said John Wasson, president and chief executive officer. “Mid-single digit revenue growth was led by increases of 6.5% and 5.7%, respectively, in revenues from government and commercial energy clients, which together represented 83% of total first quarter revenues. This positive performance more than offset the lower-than-expected revenue performance of our commercial marketing services group, which is more sensitive to changes in economic conditions.

 

“At the onset of the COVID-19 pandemic, ICF activated business continuity plans and implemented work-from-home protocols for over 98% of our workforce. Our staff is accustomed to teleworking, and our clients

1 Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin on Service Revenue are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below.  Special charges are items that were included within our statement 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.

1


 

were amenable to this shift, which enabled us to work seamlessly and effectively while lockdowns were in effect in most of the geographies in which we operate.

 

“The COVID-19 health crisis did not have a significant impact on ICF’s first quarter financial performance. In total, we estimate that the COVID-19 impact on our first quarter revenue was approximately $4 million, primarily representing program cancellations in our commercial marketing services group and postponed events for international government clients.

 

“At the same time, we expanded our support to the U.S. Centers for Disease Control and Prevention (CDC) on syndromic surveillance activities under CDC's BioSense program to include tracking the spread of COVID-19, which allows CDC to better coordinate responses to the disease, and are supporting two projects to provide public health messaging related to COVID-19. Additionally, for the U.S. National Institutes of Health (NIH), ICF designed, stood up, and will maintain a website that provides treatment guidelines for COVID-19 developed by an expert panel for use by physicians and health care providers. These strategic engagements will help position ICF for additional COVID-19 opportunities – spanning advisory and implementation services – in the medium to long term.

 

“Contract awards increased 23% in the first quarter, reflecting new wins in the areas of IT modernization, public health and energy efficiency, as well as small but strategically important disaster mitigation project work. Additionally, our business development pipeline increased considerably, reaching nearly $6.8 billion at the end of the first quarter, up 4% sequentially and representing diversified opportunities across our government and commercial client sets,” Mr. Wasson noted.

 

First Quarter 2020 Results

 

First quarter 2020 total revenue was $358.2 million, representing 5.0% growth over the $341.3 million reported in the first quarter of 2019. Service revenue¹ increased 5.8% year-over-year to $255.4 million, from $241.4 million. Non-cash amortization of intangibles was $2.9 million in this year’s first quarter, up 33.6% due to the acquisition of ITG, which was completed at the end of January 2020. Net income amounted to $10.6 million in the 2020 first quarter, and diluted EPS was $0.55, inclusive of $0.16 of tax-effected special charges primarily related to M&A and severance costs. First quarter net income and EPS figures benefitted from a lower effective tax rate of 18.3%, compared to 19.5% in the similar year-ago period. In the 2019 first quarter, net income was $15.3 million, or $0.80 per diluted share, inclusive of $0.05 per share impact related to the federal government shutdown.

 

Non-GAAP EPS was $0.83 per share compared to $0.87 per share in the year ago quarter. EBITDA¹ was $24.4 million compared to $28.8 million reported in the first quarter of 2019. Adjusted EBITDA¹ was $28.0 million, compared to $28.5 million reported in the comparable quarter of 2019. First quarter 2020 adjusted EBITDA margin on service revenue was 10.9% compared to 11.8% in the 2019 first quarter.

 

 

Backlog and New Business Awards

 

Total backlog was $2.7 billion at the end of the first quarter of 2020. Funded backlog was $1.3 billion, or approximately 48% of the total backlog. The total value of contracts awarded in the 2020 first quarter was $356.9 million, up 23.4%. The trailing-twelve-month (TTM) contract awards totaled $1.6 billion for a book-to-bill ratio of 1.06.  

 

Government Revenue First Quarter 2020 Highlights

2


 

 

Revenue from government clients was $239.8 million, up 6.5% year-over-year.

 

 

U.S. federal government revenue was $155.4 million, representing a 17.6% year-over-year increase. Federal government revenue accounted for 44% of total revenue, up from 39% of total revenue in the first quarter of 2019.

 

U.S. state and local government revenue was $61.3 million compared to $65.9 million in the year-ago quarter. State and local government clients accounted for 17% of total revenue, compared to 19% of total revenue in the 2019 first quarter.

 

International government revenue was $23.1 million, compared to $27.1 million in the year-ago quarter, and accounted for 6% of total revenue, compared to 8% in the first quarter of 2019.  

 

Key Government Contracts Awarded in the First Quarter

 

ICF was awarded more than 75 U.S. federal contracts and task orders and more than 250 additional contracts from U.S. state and local and international governments with an aggregate value of over $225 million. Notable awards won in the first quarter included:  

 

IT modernization:

 

A task order with the U.S. Securities and Exchange Commission (SEC) with a potential value of up to $68.0 million to deliver enterprise-wide database administration services.

 

Two task orders under a recompete contract with a value of up to $26.0 million with the U.S. Department of Defense (DOD), with the Navy Commander Navy Installations Command as the account executor, to continue to build and manage a suite of applications to support military child and youth programs.

 

A blanket purchase agreement (BPA) with a ceiling value of $19.0 million and a task order with a value of $7.0 million with a U.S. federal civilian agency to provide IT modernization services.

 

A recompete BPA with a ceiling value of $70.0 million and a task order with a value of $15.0 million with the U.S. Federal Communications Commission (FCC) to provide program management, development, platform architecture and system administration support across the FCC’s key business areas.

Program management:

 

A recompete contract with a value of up to $9.6 million with the NIH Office of the Chief Information Officer to provide program management support services.

 

Environment and planning:

 

A new contract with a value of up to $11.0 million with a Western U.S. state transportation agency to provide biological support services in connection with a transportation project.

 

A new contract with a value of up to $5.7 million to provide expert consultative support services to the U.S. Federal Aviation Administration’s Office of Commercial Space Transportation Environmental Program, including development and review of environmental impact statements and environmental assessments to ensure compliance with the National Environmental Policy Act and other relevant environmental regulations and policies.

Research and evaluation:

3


 

 

Two midsized recompete contracts with a European Commission directorate to provide research and evaluation services related to migration and security.

Public health and communications:

 

A recompete contract with a value of up to $5.0 million with an institute of NIH to provide publications and exhibit support.

Disaster management:

 

A contract with a ceiling of $3.1 million with a municipality in Florida to provide disaster recovery financial services.

 

As mentioned in last quarter’s earnings release, a small contract with the City of Columbia, South Carolina to develop the city's disaster management Community Development Block Grant Mitigation Action Plan (CDBG-Mitigation).

 

Commercial Revenue First Quarter 2020 Highlights

 

 

Commercial revenue was $118.4 million, up 2% from the $116.1 million reported in last year’s first quarter. Commercial revenue accounted for 33% of total revenue compared to 34% of total revenue in the 2019 first quarter.

 

Energy markets, which include energy efficiency programs, represented 47% of commercial revenue. Marketing services accounted for 43% of commercial revenue.

 

Key Commercial Contracts Awarded in the First Quarter 2020

 

Commercial contract awards were over $130 million in the first quarter of 2020. ICF was awarded more than 750 commercial projects globally during the quarter including:

 

In Energy Markets:

 

Three contract amendments with a Midwestern U.S. investor-owned utility to provide program implementation services for its energy efficiency residential, products, and heating, cooling and weatherization programs.

 

Two subcontracts to provide program implementation and energy IT services to a midwestern U.S. utility for its energy efficiency residential low-income and appliances programs.

 

A recompete contract with a Midwestern U.S. statewide energy efficiency and renewable resources program to support its portfolio of residential energy efficiency programs.

 

A subcontract to expand customer care services to support growing residential demand response programs for a Midwestern U.S. utility.

 

A contract extension to continue to run and operate the electricity support program on behalf of a North American utility regulator, delivering a digital application experience to allow low-income residents to receive on-bill subsidies.

 

In Marketing Services:

 

Retainers with U.S. health insurers to continue to provide a variety of marketing services for their programs.

 

Retainer to continue to provide marketing services to a manufacturer of floor care products.

 

Task orders with a confectionary manufacturer to provide marketing and public relations services.

 

Task orders with a pharmaceutical company to provide corporate communications services.

4


 

 

Dividend Declaration

 

On May 5, 2020, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 14, 2020, to shareholders of record on June 12, 2020.

 

Summary and Outlook

 

“First quarter results represented a solid start to the year, and our business trends remain stable. The great majority of our revenue is derived from government and utility clients under long-term contracts, which provide considerable visibility. That said, challenging business and economic conditions caused by the COVID-19 pandemic continue to impact our events work for European government clients and our commercial marketing services business. We have taken action to reduce costs in those areas, while assisting our clients in optimizing their budgets. We expect that this short-term impact on our business from COVID-19 can be more than offset in the medium to long term by opportunities that draw on ICF’s deep domain expertise in public health, disaster recovery, resiliency and infrastructure,” Mr. Wasson noted.

 

In light of current economic uncertainty, the Company has revised its full year 2020 guidance. For full year 2020, ICF now expects revenue of $1.450 to $1.510 billion and EBITDA of $126.0 million to $136.0 million. GAAP earnings per diluted share is expected to range from $2.85 to $3.15, exclusive of special charges. Non-GAAP diluted EPS is expected to range from $3.50 to $3.80. Per share guidance is based on a weighted average number of shares outstanding of 19.2 million. Operating cash flow is expected to be approximately $110 million, significantly ahead of the $91.4 million generated in 2019.

 

“The assumptions underlying our guidance align with our backlog and anticipate a progressive return to more normalized business conditions in the second half of this year. The reduction from our initial 2020 revenue expectations of approximately 9% relate primarily to projections of lower year-on-year revenue performance in our commercial marketing and international government businesses due to COVID-19. We expect that our U.S. federal, state and local and electric utility-related businesses will continue at a cadence similar to year-to-date 2020, with only minimal impacts from COVID-19. This guidance does not assume any material new revenues in the second half of the year associated with COVID-19 pandemic opportunities in our U.S. federal business, state disaster management mitigation opportunities in our pipeline in Texas and Puerto Rico, or energy efficiency implementation opportunities in our pipeline in California.

 

“In summary, ICF is navigating these unprecedented times with a substantial backlog, a recession-resistant revenue mix, a strong balance sheet and a record business development pipeline. We expect these attributes to enable us to weather this storm and emerge as an even stronger company in an environment where our civilian domain expertise becomes ever more relevant,” Mr. Wasson concluded.

 

###

 

About ICF

ICF (NASDAQ:ICFI) is a global consulting services company with over 7,000 full-time and part-time 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.

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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; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients’ operations, our results of operations and our outlook. 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.

 

6


 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share amounts)

 

2020

 

 

2019

 

Revenue

 

$

358,238

 

 

$

341,254

 

Direct costs

 

 

230,616

 

 

 

215,949

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

Indirect and selling expenses

 

 

103,271

 

 

 

96,519

 

Depreciation and amortization

 

 

5,179

 

 

 

4,762

 

Amortization of intangible assets

 

 

2,853

 

 

 

2,135

 

Total operating costs and expenses

 

 

111,303

 

 

 

103,416

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

16,319

 

 

 

21,889

 

Interest expense

 

 

(3,525

)

 

 

(2,453

)

Other income (expense)

 

 

190

 

 

 

(412

)

Income before income taxes

 

 

12,984

 

 

 

19,024

 

Provision for income taxes

 

 

2,372

 

 

 

3,706

 

Net income

 

$

10,612

 

 

$

15,318

 

 

 

 

 

 

 

 

 

 

Earnings per Share:

 

 

 

 

 

 

 

 

Basic

 

$

0.56

 

 

$

0.81

 

Diluted

 

$

0.55

 

 

$

0.80

 

 

 

 

 

 

 

 

 

 

Weighted-average Shares:

 

 

 

 

 

 

 

 

Basic

 

 

18,840

 

 

 

18,825

 

Diluted

 

 

19,197

 

 

 

19,263

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.14

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, net of tax

 

 

(11,123

)

 

 

283

 

Comprehensive (loss) income, net of tax

 

$

(511

)

 

$

15,601

 

 

7


 

ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures(2)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share amounts)

 

2020

 

 

2019

 

Reconciliation of Service Revenue

 

 

 

 

 

 

 

 

Revenue

 

$

358,238

 

 

$

341,254

 

Subcontractor and other direct costs (3)

 

 

(102,836

)

 

 

(99,899

)

Service revenue

 

$

255,402

 

 

$

241,355

 

 

 

 

 

 

 

 

 

 

Reconciliation of EBITDA and Adjusted EBITDA

 

 

 

 

 

 

 

 

Net income

 

$

10,612

 

 

$

15,318

 

Other (income) expense

 

 

(190

)

 

 

412

 

Interest expense

 

 

3,525

 

 

 

2,453

 

Provision for income taxes

 

 

2,372

 

 

 

3,706

 

Depreciation and amortization

 

 

8,032

 

 

 

6,897

 

EBITDA

 

 

24,351

 

 

 

28,786

 

Special charges related to acquisitions (4)

 

 

1,844

 

 

 

 

Special charges related to severance for staff realignment (5)

 

 

1,770

 

 

 

454

 

Adjustment related to bad debt reserve (6)

 

 

 

 

 

(782

)

Total special charges

 

 

3,614

 

 

 

(328

)

Adjusted EBITDA

 

$

27,965

 

 

$

28,458

 

 

 

 

 

 

 

 

 

 

EBITDA Margin Percent on Revenue (7)

 

 

6.8

%

 

 

8.4

%

EBITDA Margin Percent on Service Revenue (7)

 

 

9.5

%

 

 

11.9

%

Adjusted EBITDA Margin Percent on Revenue (7)

 

 

7.8

%

 

 

8.3

%

Adjusted EBITDA Margin Percent on Service Revenue (7)

 

 

10.9

%

 

 

11.8

%

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Diluted EPS

 

 

 

 

 

 

 

 

Diluted EPS

 

$

0.55

 

 

$

0.80

 

Special charges related to acquisitions

 

 

0.10

 

 

 

 

Special charges related to severance for staff realignment

 

 

0.09

 

 

 

0.02

 

Adjustment related to bad debt reserve

 

 

 

 

 

(0.04

)

Amortization of intangibles

 

 

0.15

 

 

 

0.11

 

Income tax effects on amortization, special charges, and adjustments (8)

 

 

(0.06

)

 

 

(0.02

)

Non-GAAP EPS

 

$

0.83

 

 

$

0.87

 

 

 

 

 

 

 

 

 

 

 

8


 

 

(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) Subcontractor and other direct costs is direct costs excluding direct labor and fringe costs.

 

 

 

 

 

(4) Special charges related to acquisitions: These costs consist primarily of consultants and other outside third-party costs, as well as integration costs associated with an acquisition.

 

 

 

 

 

(5) Special charges related to severance for staff realignment: These costs are mainly due to involuntary employee termination benefits for our officers and groups of employees who have been notified that they will be terminated as part of a consolidation or reorganization.

 

 

 

 

 

(6) Adjustment related to bad debt reserve: During 2018, we established a bad debt reserve for amounts due from a utility client that had filed for bankruptcy and included the reserve as an adjustment due to its relative size. The adjustment in 2019 reflects a favorable revision of our prior estimate of collectability based on a third party acquiring the receivables.

 

 

 

 

 

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

 

 

 

 

 

(8) Income tax effects were calculated using an effective U.S. GAAP tax rate of 18.3% and 19.5% for the three months ended March 31, 2020 and 2019, respectively.

 

9


 

ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except share and per share amounts)

 

March 31, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

58,661

 

 

$

6,482

 

Contract receivables, net

 

 

238,474

 

 

 

261,176

 

Contract assets

 

 

151,558

 

 

 

142,337

 

Prepaid expenses and other assets

 

 

19,885

 

 

 

17,402

 

Income tax receivable

 

 

10,280

 

 

 

7,320

 

Total Current Assets

 

 

478,858

 

 

 

434,717

 

Property and Equipment, net

 

 

61,951

 

 

 

58,237

 

Other Assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

905,177

 

 

 

719,934

 

Other intangible assets, net

 

 

70,048

 

 

 

25,829

 

Operating lease - right-of-use assets

 

 

145,344

 

 

 

133,965

 

Other assets

 

 

22,645

 

 

 

23,352

 

Total Assets

 

$

1,684,023

 

 

$

1,396,034

 

 

 

 

 

 

 

 

 

 

LIABILITIES and STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

10,000

 

 

$

-

 

Accounts payable

 

 

92,818

 

 

 

134,578

 

Contract liabilities

 

 

29,318

 

 

 

37,413

 

Operating lease liabilities - current

 

 

33,333

 

 

 

32,500

 

Accrued salaries and benefits

 

 

57,615

 

 

 

52,130

 

Accrued subcontractors and other direct costs

 

 

34,906

 

 

 

45,619

 

Accrued expenses and other current liabilities

 

 

31,893

 

 

 

35,742

 

Total Current Liabilities

 

 

289,883

 

 

 

337,982

 

Long-term Liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

506,979

 

 

 

164,261

 

Operating lease liabilities - non-current

 

 

128,990

 

 

 

119,250

 

Deferred income taxes

 

 

39,494

 

 

 

37,621

 

Other long-term liabilities

 

 

27,921

 

 

 

22,369

 

Total Liabilities

 

 

993,267

 

 

 

681,483

 

 

 

 

 

 

 

 

 

 

Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

Preferred stock, par value $.001; 5,000,000 shares authorized; none issued

 

 

 

 

 

 

Common stock, par value $.001; 70,000,000 shares authorized; 23,106,335 and 22,846,374 shares issued at March 31, 2020 and December 31, 2019, respectively; 18,827,268 and 18,867,555 shares outstanding at March 31, 2020 and December 31, 2019, respectively

 

 

23

 

 

 

23

 

Additional paid-in capital

 

 

350,658

 

 

 

346,795

 

Retained earnings

 

 

552,303

 

 

 

544,840

 

Treasury stock, 4,279,067 and 3,978,819 shares at March 31, 2020 and December 31, 2019, respectively

 

 

(188,961

)

 

 

(164,963

)

Accumulated other comprehensive loss

 

 

(23,267

)

 

 

(12,144

)

Total Stockholders’ Equity

 

 

690,756

 

 

 

714,551

 

Total Liabilities and Stockholders’ Equity

 

$

1,684,023

 

 

$

1,396,034

 

 

10


 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Years ended

 

 

 

March 31,

 

(in thousands)

 

2020

 

 

2019

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

10,612

 

 

$

15,318

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Bad debt expense

 

 

444

 

 

 

(159

)

Deferred income taxes

 

 

4,756

 

 

 

3,144

 

Non-cash equity compensation

 

 

3,826

 

 

 

4,151

 

Depreciation and amortization

 

 

8,032

 

 

 

6,897

 

Facilities consolidation reserve

 

 

(71

)

 

 

(67

)

Amortization of debt issuance costs

 

 

246

 

 

 

127

 

Other adjustments, net

 

 

(766

)

 

 

(264

)

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

 

 

 

 

 

 

 

 

Net contract assets and liabilities

 

 

(17,349

)

 

 

(23,152

)

Contract receivables

 

 

40,488

 

 

 

8,236

 

Prepaid expenses and other assets

 

 

(1,070

)

 

 

1,353

 

Accounts payable

 

 

(49,200

)

 

 

(15,561

)

Accrued salaries and benefits

 

 

4,453

 

 

 

5,913

 

Accrued subcontractors and other direct costs

 

 

(10,326

)

 

 

(8,796

)

Accrued expenses and other current liabilities

 

 

(5,835

)

 

 

(8,705

)

Income tax receivable and payable

 

 

(2,996

)

 

 

(757

)

Other liabilities

 

 

(476

)

 

 

(366

)

Net Cash Used in Operating Activities

 

 

(15,232

)

 

 

(12,688

)

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Capital expenditures for property and equipment and capitalized software

 

 

(4,704

)

 

 

(7,539

)

Payments for business acquisitions, net of cash received

 

 

(253,021

)

 

 

(1,819

)

Net Cash Used in Investing Activities

 

 

(257,725

)

 

 

(9,358

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Advances from working capital facilities

 

 

744,331

 

 

 

163,240

 

Payments on working capital facilities

 

 

(389,776

)

 

 

(131,346

)

Debt issue costs

 

 

(2,081

)

 

 

 

Proceeds from exercise of options

 

 

37

 

 

 

404

 

Dividends paid

 

 

(2,639

)

 

 

(2,636

)

Net payments for stock issuances and buybacks

 

 

(23,998

)

 

 

(15,218

)

Net Cash Provided by Financing Activities

 

 

325,874

 

 

 

14,444

 

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

 

 

(738

)

 

 

305

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

 

 

52,179

 

 

 

(7,297

)

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

 

 

6,482

 

 

 

12,986

 

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

 

$

58,661

 

 

$

5,689

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

3,892

 

 

$

1,597

 

Income taxes

 

$

895

 

 

$

1,066

 

 

11


 

ICF International, Inc. and Subsidiaries

Supplemental Schedule(11) (12)

 

Revenue by client markets

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Energy, environment, and infrastructure

 

 

42

%

 

 

45

%

Health, education, and social programs

 

 

40

%

 

 

35

%

Safety and security

 

 

9

%

 

 

9

%

Consumer and financial services

 

 

9

%

 

 

11

%

Total

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by client type

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

U.S. federal government

 

 

44

%

 

 

39

%

U.S. state and local government

 

 

17

%

 

 

19

%

International government

 

 

6

%

 

 

8

%

Government

 

 

67

%

 

 

66

%

Commercial

 

 

33

%

 

 

34

%

Total

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by contract mix

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Time-and-materials

 

 

47

%

 

 

45

%

Fixed-price

 

 

37

%

 

 

40

%

Cost-based

 

 

16

%

 

 

15

%

Total

 

 

100

%

 

 

100

%

 

(9) 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.

 

 

 

 

 

(10) Certain immaterial revenue percentages in the prior year have been reclassified due to minor adjustments and reclassifications.

 

12

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Ticker: ICFI
CIK: 1362004
Form Type: 8-K Corporate News
Accession Number: 0001564590-20-021249
Submitted to the SEC: Tue May 05 2020 4:08:56 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, May 5, 2020
Industry: Management Consulting Services
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Other Events

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