10-Q 1 icfi-20240930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 001-33045

 

ICF International, Inc.

(Exact name of Registrant as Specified in its Charter)

 

 

Delaware

 

22-3661438

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1902 Reston Metro Plaza, Reston, VA

 

20190

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (703) 934-3000

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbols(s)

Name of each exchange on which registered

Common Stock

ICFI

The NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 25, 2024, there were 18,762,710 shares outstanding of the registrant’s common stock.

 

 


 

ICF INTERNATIONAL, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE

PERIOD ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

3

 

 

Item 1.

Financial Statements

3

 

Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023

3

 

Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months and Nine Months Ended September 30, 2024 and 2023

4

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three Months and Nine Months Ended September 30, 2024 and 2023

5

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023

7

 

Notes to Consolidated Financial Statements

8

 

 

Note 1 - Basis of Presentation

8

 

 

 

 

Note 2 - Restricted Cash

9

 

 

 

 

Note 3 - Contract Receivables, Net

9

 

 

 

 

Note 4 - Leases

11

 

 

 

 

Note 5 - Debt

11

 

 

 

 

Note 6 - Revenue Recognition

12

 

 

 

 

Note 7 - Derivative Instruments and Hedging Activities

13

 

 

 

 

Note 8 - Income Taxes

13

 

 

 

 

Note 9 - Stockholders' Equity

14

 

 

 

 

Note 10 - Stock-Based Compensation

16

 

 

 

 

Note 11 - Earnings Per Share

16

 

 

 

 

Note 12 - Fair Value

17

 

 

 

 

Note 13 - Commitments and Contingencies

17

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

 

Item 4.

Controls and Procedures

26

 

PART II. OTHER INFORMATION

27

 

Item 1.

Legal Proceedings

27

 

Item 1A.

Risk Factors

27

 

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

27

 

Item 3.

Defaults Upon Senior Securities

27

 

Item 4.

Mine Safety Disclosures

27

 

Item 5.

Other Information

27

 

Item 6.

Exhibits

28

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ICF International, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(in thousands, except share and per share amounts)

 

September 30, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,911

 

 

$

6,361

 

Restricted cash

 

 

724

 

 

 

3,088

 

Contract receivables, net

 

 

212,412

 

 

 

205,484

 

Contract assets

 

 

237,742

 

 

 

201,832

 

Prepaid expenses and other assets

 

 

24,785

 

 

 

28,055

 

Income tax receivable

 

 

10,541

 

 

 

2,337

 

Total Current Assets

 

 

493,115

 

 

 

447,157

 

Property and Equipment, net

 

 

71,299

 

 

 

75,948

 

Other Assets:

 

 

 

 

 

 

Goodwill

 

 

1,221,437

 

 

 

1,219,476

 

Other intangible assets, net

 

 

70,030

 

 

 

94,904

 

Operating lease - right-of-use assets

 

 

122,543

 

 

 

132,807

 

Other assets

 

 

49,754

 

 

 

41,480

 

Total Assets

 

$

2,028,178

 

 

$

2,011,772

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Current portion of long-term debt

 

$

13,750

 

 

$

26,000

 

Accounts payable

 

 

121,093

 

 

 

134,503

 

Contract liabilities

 

 

17,176

 

 

 

21,997

 

Operating lease liabilities

 

 

21,204

 

 

 

20,409

 

Finance lease liabilities

 

 

2,590

 

 

 

2,522

 

Accrued salaries and benefits

 

 

91,103

 

 

 

88,021

 

Accrued subcontractors and other direct costs

 

 

55,600

 

 

 

45,645

 

Accrued expenses and other current liabilities

 

 

85,274

 

 

 

79,129

 

Total Current Liabilities

 

 

407,790

 

 

 

418,226

 

Long-term Liabilities:

 

 

 

 

 

 

Long-term debt

 

 

405,396

 

 

 

404,407

 

Operating lease liabilities - non-current

 

 

160,926

 

 

 

175,460

 

Finance lease liabilities - non-current

 

 

11,922

 

 

 

13,874

 

Deferred income taxes

 

 

5,982

 

 

 

26,175

 

Other long-term liabilities

 

 

59,845

 

 

 

56,045

 

Total Liabilities

 

 

1,051,861

 

 

 

1,094,187

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock, par value $.001; 70,000,000 shares authorized; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,762,710 and 18,845,521 shares outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

24

 

 

 

24

 

Additional paid-in capital

 

 

436,671

 

 

 

421,502

 

Retained earnings

 

 

852,835

 

 

 

775,099

 

Treasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively

 

 

(300,718

)

 

 

(267,155

)

Accumulated other comprehensive loss

 

 

(12,495

)

 

 

(11,885

)

Total Stockholders’ Equity

 

 

976,317

 

 

 

917,585

 

Total Liabilities and Stockholders’ Equity

 

$

2,028,178

 

 

$

2,011,772

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

516,998

 

 

$

501,519

 

 

$

1,523,463

 

 

$

1,484,886

 

Direct Costs

 

 

325,047

 

 

 

323,504

 

 

 

964,911

 

 

 

961,473

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Indirect and selling expenses

 

 

132,816

 

 

 

131,553

 

 

 

389,001

 

 

 

381,808

 

Depreciation and amortization

 

 

4,820

 

 

 

5,917

 

 

 

15,303

 

 

 

19,052

 

Amortization of intangible assets

 

 

8,291

 

 

 

8,644

 

 

 

24,873

 

 

 

27,154

 

Total operating costs and expenses

 

 

145,927

 

 

 

146,114

 

 

 

429,177

 

 

 

428,014

 

Operating income

 

 

46,024

 

 

 

31,901

 

 

 

129,375

 

 

 

95,399

 

Interest, net

 

 

(7,195

)

 

 

(10,557

)

 

 

(23,136

)

 

 

(30,146

)

Other (expense) income

 

 

(899

)

 

 

2,736

 

 

 

767

 

 

 

1,501

 

Income before income taxes

 

 

37,930

 

 

 

24,080

 

 

 

107,006

 

 

 

66,754

 

Provision for income taxes

 

 

5,251

 

 

 

340

 

 

 

21,399

 

 

 

6,304

 

Net income

 

$

32,679

 

 

$

23,740

 

 

$

85,607

 

 

$

60,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.74

 

 

$

1.26

 

 

$

4.57

 

 

$

3.22

 

Diluted

 

$

1.73

 

 

$

1.25

 

 

$

4.53

 

 

$

3.19

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,760

 

 

 

18,815

 

 

 

18,752

 

 

 

18,795

 

Diluted

 

 

18,910

 

 

 

18,974

 

 

 

18,915

 

 

 

18,958

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.14

 

 

$

0.14

 

 

$

0.42

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

 

(951

)

 

 

(4,053

)

 

 

(610

)

 

 

(2,236

)

Comprehensive income, net of tax

 

$

31,728

 

 

$

19,687

 

 

$

84,997

 

 

$

58,214

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

ICF International, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Retained

 

 

Treasury Stock

 

 

Accumulated
Other
Comprehensive

 

 

 

 

(in thousands)

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Amount

 

 

Loss

 

 

Total

 

Balance at January 1, 2024

 

 

18,846

 

 

$

24

 

 

$

421,502

 

 

$

775,099

 

 

 

5,136

 

 

$

(267,155

)

 

$

(11,885

)

 

$

917,585

 

 Net income

 

 

 

 

 

 

 

 

 

 

 

27,317

 

 

 

 

 

 

 

 

 

 

 

 

27,317

 

 Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

684

 

 

 

684

 

 Equity compensation

 

 

 

 

 

 

 

 

3,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,551

 

 Exercise of stock options

 

 

2

 

 

 

 

 

 

107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107

 

 Issuance of shares pursuant to vesting of restricted stock units

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Payments for share repurchases

 

 

(218

)

 

 

 

 

 

 

 

 

 

 

 

218

 

 

 

(30,475

)

 

 

 

 

 

(30,475

)

 Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(2,620

)

 

 

 

 

 

 

 

 

 

 

 

(2,620

)

Balance at March 31, 2024

 

 

18,755

 

 

$

24

 

 

$

425,160

 

 

$

799,796

 

 

 

5,354

 

 

$

(297,630

)

 

$

(11,201

)

 

$

916,149

 

 Net income

 

 

 

 

 

 

 

 

 

 

 

25,611

 

 

 

 

 

 

 

 

 

 

 

 

25,611

 

 Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(343

)

 

 

(343

)

 Equity compensation

 

 

 

 

 

 

 

 

4,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,674

 

 Issuance of shares pursuant to employee stock purchase plan and vesting of
   restricted stock units

 

 

21

 

 

 

 

 

 

2,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,568

 

 Payments for share repurchases

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

(2,711

)

 

 

 

 

 

(2,711

)

 Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(2,623

)

 

 

 

 

 

 

 

 

 

 

 

(2,623

)

Balance at June 30, 2024

 

 

18,757

 

 

$

24

 

 

$

432,402

 

 

$

822,784

 

 

 

5,373

 

 

$

(300,341

)

 

$

(11,544

)

 

$

943,325

 

 Net income

 

 

 

 

 

 

 

 

 

 

 

32,679

 

 

 

 

 

 

 

 

 

 

 

 

32,679

 

 Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(951

)

 

 

(951

)

 Equity compensation

 

 

 

 

 

 

 

 

4,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,269

 

 Issuance of shares pursuant to vesting of
   restricted stock units

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Payments for share repurchases

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

(377

)

 

 

 

 

 

(377

)

 Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(2,628

)

 

 

 

 

 

 

 

 

 

 

 

(2,628

)

Balance at September 30, 2024

 

 

18,762

 

 

$

24

 

 

$

436,671

 

 

$

852,835

 

 

 

5,376

 

 

$

(300,718

)

 

$

(12,495

)

 

$

976,317

 

 

 

5


 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Retained

 

 

Treasury Stock

 

 

Accumulated
Other
Comprehensive

 

 

 

 

(in thousands)

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Amount

 

 

Loss

 

 

Total

 

Balance at January 1, 2023

 

 

18,883

 

 

$

23

 

 

$

401,957

 

 

$

703,030

 

 

 

4,906

 

 

$

(243,666

)

 

$

(8,133

)

 

$

853,211

 

 Net income

 

 

 

 

 

 

 

 

 

 

 

16,398

 

 

 

 

 

 

 

 

 

 

 

 

16,398

 

 Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,334

)

 

 

(1,334

)

 Equity compensation

 

 

 

 

 

 

 

 

3,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,750

 

 Exercise of stock options

 

 

4

 

 

 

 

 

 

111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111

 

 Issuance of shares pursuant to vesting of
   restricted stock units

 

 

126

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 Payments for share repurchases

 

 

(225

)

 

 

 

 

 

 

 

 

 

 

 

225

 

 

 

(22,815

)

 

 

 

 

 

(22,815

)

 Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(2,633

)

 

 

 

 

 

 

 

 

 

 

 

(2,633

)

Balance at March 31, 2023

 

 

18,788

 

 

$

24

 

 

$

405,818

 

 

$

716,795

 

 

 

5,131

 

 

$

(266,481

)

 

$

(9,467

)

 

$

846,689

 

 Net income

 

 

 

 

 

 

 

 

 

 

 

20,312

 

 

 

 

 

 

 

 

 

 

 

 

20,312

 

 Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,151

 

 

 

3,151

 

 Equity compensation

 

 

 

 

 

 

 

 

2,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,938

 

 Exercise of stock options

 

 

4

 

 

 

 

 

 

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

167

 

 Issuance of shares pursuant to employee stock purchase plan and vesting of
   restricted stock units

 

 

23

 

 

 

 

 

 

2,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,264

 

 Payments for share repurchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37

)

 

 

 

 

 

(37

)

 Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(2,639

)

 

 

 

 

 

 

 

 

 

 

 

(2,639

)

Balance at June 30, 2023

 

 

18,815

 

 

$

24

 

 

$

411,187

 

 

$

734,468

 

 

 

5,131

 

 

$

(266,518

)

 

$

(6,316

)

 

$

872,845

 

 Net income

 

 

 

 

 

 

 

 

 

 

 

23,740

 

 

 

 

 

 

 

 

 

 

 

 

23,740

 

 Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,053

)

 

 

(4,053

)

 Equity compensation

 

 

 

 

 

 

 

 

3,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,446

 

 Issuance of shares pursuant to vesting of restricted stock units

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Payments for share repurchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

(12

)

 Dividends declared

 

 

 

 

 

 

 

 

 

 

 

(2,636

)

 

 

 

 

 

 

 

 

 

 

 

(2,636

)

Balance at September 30, 2023

 

 

18,817

 

 

$

24

 

 

$

414,633

 

 

$

755,572

 

 

 

5,131

 

 

$

(266,530

)

 

$

(10,369

)

 

$

893,330

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

ICF International, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

Nine Months Ended

 

 

 

September 30,

 

(in thousands)

 

2024

 

 

2023

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net income

 

$

85,607

 

 

$

60,450

 

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

 

 

 

 

 

 

Provision for credit losses

 

 

3,176

 

 

 

691

 

Deferred income taxes and unrecognized income tax benefits

 

 

(16,957

)

 

 

(3,533

)

Non-cash equity compensation

 

 

12,494

 

 

 

10,134

 

Depreciation and amortization

 

 

40,177

 

 

 

46,207

 

Gain on divestiture of a business

 

 

(2,009

)

 

 

(4,302

)

Other operating adjustments, net

 

 

2,206

 

 

 

2,563

 

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

 

 

 

 

 

 

Net contract assets and liabilities

 

 

(40,155

)

 

 

(52,010

)

Contract receivables

 

 

(9,634

)

 

 

12,087

 

Prepaid expenses and other assets

 

 

(434

)

 

 

11,893

 

Operating lease assets and liabilities, net

 

 

(3,065

)

 

 

3,897

 

Accounts payable

 

 

(13,402

)

 

 

(13,333

)

Accrued salaries and benefits

 

 

2,889

 

 

 

(8,521

)

Accrued subcontractors and other direct costs

 

 

9,660

 

 

 

(3,353

)

Accrued expenses and other current liabilities