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ICF Reports Third Quarter 2022 Results

Third Quarter Highlights:

  • Total Revenue Was $468 Million; Service Revenue1 Was $335 Million, Up 22%
  • Diluted EPS Was $1.01 Inclusive of $0.28 in Tax-Effected Severance, M&A and Facility-Related Charges
  • Non-GAAP EPS1 Was $1.61, Up 22%
  • GAAP EPS and Non-GAAP EPS Include a One-Time Tax Benefit of $0.20
  • Adjusted EBITDA1 Was $49.8 Million; Adjusted EBITDA Margin on Service Revenue1 Was 14.8%
  • Contract Awards Were $865 Million; TTM Contract Awards Were $2.2 Billion Representing a Book-to-Bill Ratio of 1.31

Business Development Pipeline Was $9.0 Billion at Quarter-End After Record Q3 Awards

RESTON, Va., Nov. 3, 2022 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and digital services provider, reported results for the third quarter ended September 30, 2022. 

Commenting on the results, John Wasson, chair and chief executive officer, said, "Our third quarter performance reflected ICF's excellent positioning in high-growth areas, which drove strong year-on-year revenue comparisons and resulted in record contract awards. Growth was led by our federal government, state and local government, and commercial energy client categories, where revenues increased 39%, 11.6% and 15.5%, respectively, and which together accounted for over 87% of total third quarter revenues.

"In the third quarter, we took strategic actions to both strengthen and streamline our capabilities as we position ICF for continued growth. We completed the acquisition of SemanticBits, which broadened our digital modernization capabilities and expanded our addressable market with their strong presence in the large and well-funded Centers for Medicare & Medicaid Services. Additionally, we announced and completed the acquisition of Blanton & Associates, Inc., an environmental consulting, planning and project management firm, which expands our environmental capabilities to support large infrastructure projects and strengthens ICF's presence in Texas, a state that is set to receive significant federal investment dollars under the recently enacted Infrastructure and Jobs Act. We also made a strategic business shift in our commercial marketing area, closing its traditional advertising and platform development offerings to maintain focus on its core loyalty programs, business transformation and integrated communications services.

"Third quarter adjusted EBITDA margin on service revenue was 14.8%, which is aligned with our full year margin expectations and reflected continued high utilization and our increased scale. Additionally, we continue to invest in people and technology to ensure that ICF is positioned to take full advantage of the growth opportunities we see on the horizon.

"This was a record third quarter for contract awards, which at $865 million represented a quarterly book-to-bill ratio of 1.85 and brought our trailing twelve-month book-to-bill ratio to 1.31. Our business development pipeline remained at near-record levels following this strong quarter of awards and is comprised of a diversified set of increasingly larger opportunities."

Third Quarter 2022 Results

Third quarter 2022 total revenue increased 18.7% to $467.8 million from $394.1 million in the third quarter of 2021. Service revenue was up 21.7% year-over-year to $335.4 million from the $275.6 million reported in the prior year quarter. Net income totaled $19.1 million and diluted EPS was $1.01 per share, inclusive of $0.28 in tax-effected severance, facility-related and M&A special charges. Third quarter 2022 net income and diluted EPS included a one-time tax benefit from tax optimization strategies which equated to $0.20 per share. Net income in last year's third quarter was $20.4 million and $1.07 per diluted share.

Non-GAAP EPS increased 22% to $1.61 from $1.32 per share in the comparable prior year quarter, inclusive of the one-time tax benefit from tax optimization strategies of $0.20 per share.  EBITDA1 was $42.2 million, 5.6% above the $39.9 million reported in the third quarter of 2021. Adjusted EBITDA was $49.8 million, a 13.6% increase from the $43.8 million reported in the comparable quarter last year. Adjusted EBITDA margin on service revenue was 14.8%, compared to 15.9% reported last year.

Backlog and New Business Awards

Total backlog was $3.7 billion at the end of the third quarter of 2022, an increase of 17.5% sequentially, representing new awards and the addition of SemanticBits and Blanton. Funded backlog was $1.8 billion, or approximately 49% of the total backlog. The total value of contracts awarded in the 2022 third quarter was $865 million, and trailing-twelve-month contract awards totaled $2.2 billion for a book-to-bill ratio of 1.31.

Government Revenue Third Quarter 2022 Highlights

Revenue from government clients was $359.9 million, up 25.6% year-over-year.

  • U.S. federal government revenue was $271.3 million, 39% above the $195.2 million reported in the year-ago quarter. Federal government revenue accounted for 58% of total revenue, compared to 49.5% of total revenue in the third quarter of 2021.
  • U.S. state and local government revenue was $65.6 million, up 11.6% from the $58.8 million in last year's third quarter. State and local government clients represented 14% of total revenue, compared to 14.9% in the third quarter of 2021.
  • International government revenue was $23.1 million, compared to $32.7 million in the year-ago quarter, reflecting the wind-down of a short-term project with significant pass-through revenue. International government revenue represented 4.9% of total revenue, compared to 8.3% in the third quarter of 2021.

Key Government Contracts Awarded in the Third Quarter 2022

Notable awards won in the third quarter 2022 included:

Digital Modernization

  • Two agreements with a combined value of more than $45 million with the U.S. Department of Health and Human Services (HHS) Centers for Medicare & Medicaid Services (CMS) to support the agency's data migration and website optimization efforts.
  • A recompete contract with a value of $32.9 million with CMS to provide ServiceNow application development and workflow design services.

Public Health

Program Implementation and Technical Support

  • Two recompete contracts with a combined value of $64.0 million with the HHS Administration for Children and Families Office of Child Care to continue to support the State Capacity Building Center and the National Center on Early Childhood Quality Assurance.
  • Two new contracts with a combined value of $33.6 million with the U.S. Department of Labor's Bureau of International Labor Affairs to conduct supply chain research studies and provide other advisory and support services.
  • A contract extension with a value of $16.6 million with the Maryland Department of Human Services to continue to support its customer service center.
  • A new framework contract with a ceiling of $21.0 million with a directorate general of the European Commission to provide expertise and support for European cooperation in several issue areas.
  • A recompete contract with a value of $10.5 million with the U.S. Department of Justice Office for Victims of Crime to support the National Elder Fraud Hotline.

Disaster Management and Mitigation

  • A new contract with a value of $15.7 million with a Southern U.S. state to provide Federal Emergency Management Agency Public Assistance program grant management services.
  • A contract modification with a value of $10.4 million with the Puerto Rico Department of Housing to continue implementation of the agency's Community Development Block Grant Disaster Recovery Home Repair, Reconstruction and or Relocation program.

Transportation, Energy and Environment

  • A new contract with a value of $15.5 million with the U.S. Department of the Interior's Bureau of Reclamation to provide environmental consulting services to support the long-term operation of its Central Valley and State Water projects.
  • A new contract with a value of $13.8 million with the department of transportation of a Southeastern U.S. state to provide transportation planning services.

Commercial Revenue Third Quarter 2022 Highlights

Commercial revenue was $107.8 million, compared to $107.4 million in the year-ago quarter.

  • Commercial revenue accounted for 23.1% of total revenue compared to 27.3% of total revenue in the 2021 third quarter.
  • Energy markets revenue increased 15.5% and represented 66.7% of commercial revenue.
  • Marketing services and aviation consulting accounted for 26.5% of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter 2022

Notable commercial awards won in the third quarter 2022 included:

Energy Markets

  • A contract modification with six Northeastern U.S. utilities to implement residential and commercial heating programs.
  • A contract modification with a Northeastern U.S. utility to provide workforce development support services related to its energy efficiency programs.
  • A new contract with a Midwestern U.S. utility to support a flexible load management pilot program focused on managing both behind the meter storage and water heaters to provide grid and customer benefits.

Marketing Services and Other

  • A recompete blanket purchase agreement with a not-for-profit telecommunications administration organization to modernize mission critical business functions on the Appian platform.
  • A new contract with a U.K.-based banking and financial services organization to support its employee engagement initiatives.
  • A new contract with a Middle East aerospace engineering corporation to provide advisory services to decrease aircraft ground time for maintenance.
  • A new contract with a new U.S. hospitality company client to provide loyalty platform services.

Dividend Declaration

On November 3, 2022, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 12, 2023, to shareholders of record on December 9, 2022.

Summary and Outlook

"ICF's positioning in key markets, including IT modernization/digital transformation, public health, disaster management, utility consulting and climate, environmental and infrastructure services has enhanced our growth trajectory. We are heading into 2023 with these areas accounting for over 70% of our service revenue, prior to any material benefit from recently enacted legislation, which has further expanded our addressable market. The alignment of ICF's domain expertise and cross-cutting capabilities in these markets, together with our strong business development pipeline, underscores our confidence in 2023 being another year of significant growth for the company.

"Looking ahead to the fourth quarter of 2022, we expect total revenue and service revenue to be similar to third quarter levels, as the recovery in our international government and commercial marketing businesses has not yet materialized. This brings our guidance for full year 2022 service revenue to $1.275 to $1.300 billion, implying total revenue of $1.760 to $1.790 billion. We re-affirm our guidance for Adjusted EBITDA margin on service revenue to approximate 14.8%, of which approximately 40 basis points is related to the previously disclosed postponement of planned infrastructure investments to 2023. Our GAAP EPS is expected to range from $3.90 to $4.10, reflecting year-to-date special charges amounting to $0.61 per share on a tax-effected basis, which primarily were M&A- and severance-related. The GAAP EPS guidance range incorporates the impact of non-cash rent abatement charges associated with our new headquarters totaling $7.5 million, or $0.30 per share. Non-GAAP EPS is expected to be in the range of $5.70 to $5.90. We revised our operating cash flow guidance from a point estimate of $140 million to a range of $120 million to $140 million for full year 2022, reflecting timing factors affecting year-to-date collections.

"We are pleased to report that in 2022 ICF was ranked by Forbes as One of the Best Management Consulting Firms, One of the Best Employers for Diversity and One of the Best Employers for Women. This recognition is emblematic of the corporate culture we have developed at ICF, enabling us to attract and retain the best talent and making us a preferred partner and acquiror," Mr. Wasson concluded.

*This project has been funded in whole or in part with federal funds from NCCIH, NCI under Task Order No. 75N91021D00022/75N91022F00001.


About ICF 
ICF (NASDAQ: ICFI) is a global consulting services company with approximately 8,000 full- 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.

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.

1 Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, 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 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.

 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)












Three Months Ended


Nine Months Ended



September 30,

September 30,

(in thousands, except per share amounts)  


2022


2021


2022


2021

Revenue


$                    467,777


$                 394,060


$              1,304,355


$                1,165,063

Direct costs


307,295


254,175


834,358


732,903

Operating costs and expenses:









Indirect and selling expenses


118,290


99,940


350,145


316,100

Depreciation and amortization


5,297


4,665


15,198


14,663

Amortization of intangible assets


8,661


3,015


18,941


9,049

Total operating costs and expenses


132,248


107,620


384,284


339,812










Operating income


28,234


32,265


85,713


92,348

Interest expense


(7,474)


(2,550)


(14,274)


(7,845)

Other income (expense)


887


81


616


(382)

Income before income taxes


21,647


29,796


72,055


84,121

Provision for income taxes


2,542


9,406


16,691


25,068

Net income


$                      19,105


$                   20,390


$                   55,364


$                     59,053










Earnings per Share:









Basic


$                          1.01


$                       1.08


$                       2.94


$                         3.13

Diluted


$                          1.01


$                       1.07


$                       2.91


$                         3.10










Weighted-average Shares:









Basic


18,826


18,865


18,806


18,864

Diluted


19,009


19,061


19,001


19,077










Cash dividends declared per common share


$                          0.14


$                       0.14


$                       0.42


$                         0.42










Other comprehensive (loss) income, net of tax


(1,555)


(1,971)


(3,107)


1,241

Comprehensive income, net of tax


$                      17,550


$                   18,419


$                   52,257


$                     60,294

 

ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP financial measures(2) 

(Unaudited)












Three Months Ended


Nine Months Ended



September 30,


September 30,

(in thousands, except per share amounts)


2022


2021


2022


2021

Reconciliation of Service Revenue









Revenue


$                 467,777


$                 394,060


$            1,304,355


$             1,165,063

Subcontractor and other direct costs (3)


(132,348)


(118,471)


(358,037)


(328,522)

Service revenue


$                 335,429


$                 275,589


$               946,318


$                836,541










Reconciliation of EBITDA and Adjusted EBITDA









Net income


$                   19,105


$                   20,390


$                 55,364


$                  59,053

Other (income) expense


(887)


(81)


(616)


382

Interest expense


7,474


2,550


14,274


7,845

Provision for income taxes


2,542


9,406


16,691


25,068

Depreciation and amortization


13,958


7,680


34,139


23,712

EBITDA


42,192


39,945


119,852


116,060

Adjustment related to impairment of long-lived assets(4)



35



338

Special charges related to acquisitions(5)


1,940


3,261


5,521


3,410

Special charges related to staff realignment(6)


3,757


335


5,168


1,144

Special charges related to facilities consolidations and office closures(7)





139

Special charges related to the transfer to our new corporate headquarters(8)


1,883



5,647


Special charges related to retirement of Executive Chair(9)



254



478

Total special charges and adjustments


7,580


3,885


16,336


5,509

Adjusted EBITDA


$                   49,772


$                   43,830


$               136,188


$                121,569










EBITDA Margin Percent on Revenue(10)


9.0 %


10.1 %


9.2 %


10.0 %

EBITDA Margin Percent on Service Revenue(10)


12.6 %


14.5 %


12.7 %


13.9 %

Adjusted EBITDA Margin Percent on Revenue(10)


10.6 %


11.1 %


10.4 %


10.4 %

Adjusted EBITDA Margin Percent on Service Revenue(10)


14.8 %


15.9 %


14.4 %


14.5 %










Reconciliation of Non-GAAP Diluted EPS









U.S. GAAP Diluted EPS


$                       1.01


$                       1.07


$                     2.91


$                      3.10

Adjustment related to impairment of long-lived assets





0.02

Special charges related to acquisitions


0.10


0.17


0.29


0.18

Special charges related to staff realignment


0.20


0.02


0.27


0.06

Special charges related to facilities consolidations and office closures





0.01

Special charges related to the transfer to our new corporate headquarters 


0.10



0.30


Special charges related to retirement of Executive Chair 



0.01



0.03

Amortization of intangibles


0.46


0.16


1.00


0.47

Income tax effects on amortization, special charges, and adjustments(11)


(0.26)


(0.11)


(0.54)


(0.23)

Non-GAAP Diluted EPS


$                       1.61


$                       1.32


$                     4.23


$                      3.64


(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) Adjustment related to impairment of long-lived assets: We recognized impairment expense of $0.3 million in the first quarter of 2021 related to impairment of a right-of-use lease asset.


(5) Special charges related to acquisitions: These costs consist primarily of consultants and other outside third-party costs and integration costs associated with our acquisitions and/or potential acquisitions.


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


(7) Special charges related to facilities consolidations and office closures:  These costs are exit costs or gains associated with office lease contraction, terminated office leases, or full office closures. The exit costs include charges incurred under a contractual obligation that existed as of the date of the accrual and for which we will continue to pay until the contractual obligation is satisfied but with no economic benefit to us.


(8) Special charges related to the transfer to our new corporate headquarters:  These costs are additional rent as a result of us taking possession of our new corporate headquarters in Reston, Virginia, during the fourth quarter of 2021 while maintaining our current headquarters in Fairfax, Virginia.  We intend to complete the transition to our new corporate headquarters by the end of 2022 when our Fairfax lease ends.


(9) Special charges related to retirement of the former Executive Chair: Our former Executive Chair retired effective December 31, 2020. These costs relate to unvested equity awards that, as a result of his employment agreement, the departing officer was able to maintain certain equity awards beyond the date of employment.


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


(11) Income tax effects were calculated using the effective tax rate, adjusted for discrete items, if any, of 29.4% and 31.6% for the three months ended September 30, 2022 and 2021, respectively, and 28.5% and 29.8% for the nine months ended September 30, 2022 and 2021, respectively.

 

ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)






(in thousands, except share and per share amounts)


September 30, 2022


December 31, 2021

ASSETS





Current Assets:





Cash and cash equivalents


$                        8,483


$                       8,254

Restricted cash 


1,993


12,179

Contract receivables, net


282,271


237,684

Contract assets


196,811


137,867

Prepaid expenses and other assets


30,612


42,354

Income tax receivable


11,979


10,825

Total Current Assets


532,149


449,163

Property and Equipment, net


85,295


52,053

Other Assets:





Goodwill


1,190,450


1,046,760

Other intangible assets, net


135,932


79,645

Operating lease - right-of-use assets


163,438


177,417

Other assets


50,496


44,496

Total Assets


$                 2,157,760


$                1,849,534






LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities:





Current portion of long-term debt


$                      20,500


$                     10,000

Accounts payable


128,528


105,652

Contract liabilities


24,599


39,665

Operating lease liabilities - current


22,959


34,901

Finance lease liabilities - current


1,779


Accrued salaries and benefits


74,766


85,517

Accrued subcontractors and other direct costs


46,610


39,400

Accrued expenses and other current liabilities


52,249


61,496

Total Current Liabilities


371,990


376,631

Long-term Liabilities:





Long-term debt


681,197


411,605

Operating lease liabilities - non-current


187,481


191,805

Finance lease liabilities - non-current


13,270


Deferred income taxes


46,449


41,913

Other long-term liabilities


19,634


24,110

Total Liabilities


1,320,021


1,046,064






Commitments and 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; 23,723,490 and 23,535,671
shares issued at September 30, 2022 and December 31, 2021, respectively; 18,833,688 and
18,876,490 shares outstanding at September 30, 2022 and December 31, 2021, respectively


23


23

Additional paid-in capital


396,962


384,984

Retained earnings


696,792


649,298

Treasury stock, 4,889,802 and 4,659,181 shares at September 30, 2022 and December 31,
2021, respectively


(241,896)


(219,800)

Accumulated other comprehensive loss


(14,142)


(11,035)

Total Stockholders' Equity


837,739


803,470

Total Liabilities and Stockholders' Equity


$                 2,157,760


$                1,849,534

 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)



Nine Months Ended



September 30,

(in thousands)


2022


2021

Cash Flows from Operating Activities





Net income


$                   55,364


$                   59,053

Adjustments to reconcile net income to net cash provided by operating activities:





Provision for credit losses


91


11,324

Deferred income taxes


6,023


4,062

Non-cash equity compensation


10,023


9,756

Depreciation and amortization


34,139


23,712

Facilities consolidation reserve


(236)


(225)

Amortization of debt issuance costs


940


463

Impairment of long-lived assets



339

Other adjustments, net


474


1,818

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





Net contract assets and liabilities


(72,619)


(16,381)

Contract receivables


(31,770)


(6,688)

Prepaid expenses and other assets


(11,991)


(9,224)

Operating lease assets and liabilities, net


(1,305)


(4,743)

Accounts payable


23,394


5,653

Accrued salaries and benefits


(13,971)


10,377

Accrued subcontractors and other direct costs


9,441


(36,436)

Accrued expenses and other current liabilities


(476)


17,002

Income tax receivable and payable


(1,667)


(3,490)

Other liabilities


742


(1,609)

Net Cash Provided by Operating Activities


6,596


64,763






Cash Flows from Investing Activities





Capital expenditures for property and equipment and capitalized software


(17,323)


(12,279)

Payments for business acquisitions, net of cash acquired


(238,991)


Proceeds from working capital adjustments related to prior business acquisition


2,911


Net Cash Used in Investing Activities


(253,403)


(12,279)






Cash Flows from Financing Activities





Advances from working capital facilities


1,358,335


559,830

Payments on working capital facilities


(1,074,888)


(593,775)

Receipt of restricted contract funds


13,525


194,504

Payment of restricted contract funds


(23,358)


(227,700)

Debt issue costs


(4,852)


Proceeds from exercise of options


412


2,773

Dividends paid


(7,912)


(7,923)

Net payments for stock issuances and buybacks


(21,105)


(18,695)

Payments on business acquisition liabilities


(1,132)


(682)

Net Cash Provided by (Used in) Financing Activities


239,025


(91,668)

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


(2,175)


(501)






Decrease in Cash, Cash Equivalents, and Restricted Cash


(9,957)


(39,685)

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


20,433


81,987

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


$                   10,476


$                   42,302






Supplemental Disclosure of Cash Flow Information





Cash paid during the period for:





Interest


$                   13,595


$                     7,882

Income taxes


$                   14,384


$                   25,062

Non-cash investing and financing transactions:





Tenant improvements funded by lessor


$                   20,253


$                           —

Acquisition of property and equipment through finance lease


$                   15,027


$                           -

 

ICF International, Inc. and Subsidiaries

Supplemental Schedule(12)



















Revenue by client markets


Three Months Ended


Nine Months Ended



September 30,


September 30,



2022


2021


2022


2021

Energy, environment, and infrastructure


36 %


40 %


37 %


42 %

Health, education, and social programs


53 %


46 %


51 %


43 %

Safety and security


7 %


7 %


7 %


8 %

Consumer and financial


4 %


7 %


5 %


7 %

Total


100 %


100 %


100 %


100 %



















Revenue by client type


Three Months Ended


Nine Months Ended



September 30,


September 30,



2022


2021


2022


2021

U.S. federal government


58 %


50 %


55 %


48 %

U.S. state and local government


14 %


15 %


15 %


15 %

International government


5 %


8 %


6 %


9 %

Government


77 %


73 %


76 %


72 %

Commercial


23 %


27 %


24 %


28 %

Total


100 %


100 %


100 %


100 %



















Revenue by contract mix


Three Months Ended


Nine Months Ended



September 30,


September 30,



2022


2021


2022


2021

Time-and-materials


40 %


40 %


40 %


41 %

Fixed-price


45 %


42 %


45 %


41 %

Cost-based


15 %


18 %


15 %


18 %

Total


100 %


100 %


100 %


100 %


(12) 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.


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

 

SOURCE ICF

Contacts
Jim Johnson
Director of Corporate Communications
212.555.1212
jjohnson@acmeinc.com
LinkedIn Jim Johnson on LinkedIn
on Twitter

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