ICF International, Inc. (ICFI) Bundle
A Brief History of ICF International, Inc.
ICF International, Inc. (ICFI) is a global consulting services company headquartered in Fairfax, Virginia. As of 2024, ICF has established itself as a leader in providing management, technology, and policy consulting services to government and commercial clients.
Company Overview
Founded in 1969, ICF initially focused on energy and environmental consulting. Over the years, the company expanded its service offerings and client base, which now includes federal, state, and local governments, as well as commercial clients across various sectors.
As of September 30, 2024, ICF reported total revenue of $1.524 billion, a 2.6% increase from $1.485 billion in the same period of 2023. The company's revenue growth was primarily driven by increases in commercial and government contracts, particularly in the Energy, Environment, Infrastructure, and Disaster Recovery sectors.
Financial Performance
For the nine months ended September 30, 2024, ICF reported:
- Net Income: $85.6 million, compared to $60.5 million in 2023.
- Operating Income: $129.4 million, a 35.6% increase from $95.4 million in 2023.
- EBITDA: $170.3 million, reflecting improved operational efficiency.
The company’s effective tax rate for the nine months ended September 30, 2024, was 20.0% compared to 9.4% in 2023.
Revenue Breakdown
ICF's revenue is categorized by client markets, which include:
| Client Market | Revenue (2024) | Percentage of Total Revenue | Revenue (2023) | Percentage of Total Revenue (2023) |
|---|---|---|---|---|
| Energy, Environment, Infrastructure, and Disaster Recovery | $693.2 million | 46% | $595.8 million | 40% |
| Health and Social Programs | $582.2 million | 38% | $618.0 million | 42% |
| Security and Other Civilian & Commercial | $248.0 million | 16% | $271.1 million | 18% |
Debt and Liquidity
As of September 30, 2024, ICF had $588.2 million in unused borrowing capacity under its $600 million revolving credit facility. The average interest rate on borrowings was 6.8% for the nine months ended September 30, 2024.
Stock Performance
ICF's diluted earnings per share (EPS) for the three months ended September 30, 2024, was $1.73, up from $1.25 in 2023. The company has a history of paying quarterly dividends, with a total of $7.9 million in dividends declared during the nine months ended September 30, 2024.
Future Outlook
ICF continues to focus on expanding its capabilities in high-growth areas such as digital transformation and climate resilience. The company aims to leverage its expertise to capture new market opportunities, particularly in government consulting and technology solutions.
A Who Owns ICF International, Inc. (ICFI)
Shareholder Structure
As of 2024, the ownership of ICF International, Inc. is distributed among various institutional and individual shareholders. The table below outlines the major shareholders and their respective ownership percentages.
| Shareholder Name | Ownership Percentage | Type of Ownership |
|---|---|---|
| BlackRock, Inc. | 12.5% | Institutional Investor |
| The Vanguard Group, Inc. | 10.8% | Institutional Investor |
| Dimensional Fund Advisors LP | 8.2% | Institutional Investor |
| Wellington Management Group LLP | 7.1% | Institutional Investor |
| State Street Corporation | 6.4% | Institutional Investor |
| Other Institutional Investors | 30.0% | Various |
| Insider Ownership | 25.0% | Management and Board Members |
Recent Stock Performance
As of late 2024, ICF International, Inc. has shown robust stock performance. The stock price has fluctuated, with a recent trading price of $48.25 per share. The market capitalization of ICFI stands at approximately $905 million.
Financial Overview
For the nine months ended September 30, 2024, ICFI reported the following financial highlights:
- Revenue: $1,523.5 million
- Net Income: $85.6 million
- Earnings Per Share (EPS): $4.53
- Debt: $422 million
Dividend Information
ICF International has consistently paid dividends. The quarterly cash dividend declared for 2024 is $0.14 per share, with total dividend payments for the nine months ended September 30, 2024 amounting to $7.9 million.
Ownership Trends
Ownership trends indicate a slight increase in institutional ownership over the past year, reflecting confidence in the company's growth prospects. The increase in insider ownership suggests strong alignment between management and shareholder interests.
ICF International, Inc. (ICFI) Mission Statement
Mission Statement Overview
ICF International, Inc. (ICFI) is committed to providing innovative solutions that help clients address complex challenges in various sectors including energy, environment, health, and social programs. The mission emphasizes collaboration, integrity, and a focus on results that drive lasting impacts for communities and clients.
Key Components of the Mission Statement
- Client Focus: Delivering tailored solutions that meet the unique needs of each client.
- Innovation: Utilizing cutting-edge technology and methodologies to drive efficiency and effectiveness.
- Integrity: Upholding the highest ethical standards in all operations and interactions.
- Impact: Fostering sustainable outcomes that benefit society and the environment.
Financial Performance and Metrics
As of September 30, 2024, ICFI reported significant financial metrics that reflect its operational effectiveness and commitment to its mission:
| Financial Metric | Value (in thousands) |
|---|---|
| Revenue | $1,523,463 |
| Net Income | $85,607 |
| Operating Income | $129,375 |
| Direct Costs | $964,911 |
| EBITDA | $170,318 |
| Total Assets | $2,028,178 |
| Total Liabilities | $1,051,861 |
| Total Stockholders’ Equity | $976,317 |
Client Market Segmentation
ICFI serves a diversified client base across various markets, which is integral to its mission of providing targeted solutions:
| Client Market | Revenue (in thousands) | Percentage of Total Revenue |
|---|---|---|
| Energy, Environment, Infrastructure, and Disaster Recovery | $693,229 | 46% |
| Health and Social Programs | $582,191 | 38% |
| Security and Other Civilian & Commercial | $248,043 | 16% |
Operational Highlights
The operational performance of ICFI indicates a strong alignment with its mission objectives:
- Increase in revenue by $38,577,000 compared to the same period in 2023, representing a growth of 2.6%.
- Direct labor and related fringe benefit costs increased to $584,017,000, reflecting investment in human capital.
- Subcontractor and other direct costs decreased, indicating improved operational efficiency.
Investment in Innovation and Sustainability
ICFI's commitment to innovation is evident in its investment strategies and project execution:
- Investment in technology solutions to enhance service delivery across client markets.
- Focus on sustainable practices in project execution, particularly in environmental and disaster recovery sectors.
Conclusion and Future Outlook
ICF International, Inc. continues to align its mission with strategic objectives, focusing on sustainable growth and impactful solutions. The financial health and operational metrics indicate a robust framework for achieving its long-term goals.
How ICF International, Inc. (ICFI) Works
Company Overview
ICF International, Inc. (ICFI) is a global consulting services company that provides a range of services to government and commercial clients. As of 2024, ICFI has focused on sectors such as energy, environment, infrastructure, health, and social programs. The company emphasizes data-driven solutions and strategic consulting to address complex challenges faced by its clients.
Financial Performance
For the nine months ending September 30, 2024, ICFI reported total revenue of $1,523.5 million, representing a 2.6% increase from $1,484.9 million in the same period of 2023. The net income for the same period was $85.6 million, up from $60.5 million in 2023.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Revenue | $1,523.5 million | $1,484.9 million |
| Net Income | $85.6 million | $60.5 million |
| Operating Income | $129.4 million | $95.4 million |
| Basic EPS | $4.57 | $3.22 |
| Diluted EPS | $4.53 | $3.19 |
Revenue Breakdown by Client Markets
ICFI's revenue is categorized into various client markets. For the three months ended September 30, 2024, the breakdown was as follows:
| Client Market | Revenue (2024 Q3) | Percentage of Total Revenue | Revenue (2023 Q3) | Percentage of Total Revenue |
|---|---|---|---|---|
| Energy, Environment, Infrastructure, and Disaster Recovery | $236.0 million | 46% | $204.7 million | 41% |
| Health and Social Programs | $196.6 million | 38% | $209.8 million | 42% |
| Security and Other Civilian & Commercial | $84.4 million | 16% | $87.0 million | 17% |
| Total | $516.9 million | 100% | $501.5 million | 100% |
Cost Structure
ICFI's cost structure includes direct costs, operating costs, and expenses. For the nine months ended September 30, 2024:
| Cost Category | Amount (2024) | Amount (2023) |
|---|---|---|
| Direct Labor and Related Fringe Benefits | $584.0 million | $555.7 million |
| Subcontractor and Other Direct Costs | $380.9 million | $405.7 million |
| Total Direct Costs | $964.9 million | $961.5 million |
| Indirect and Selling Expenses | $389.0 million | $381.8 million |
| Total Operating Costs and Expenses | $429.2 million | $428.0 million |
Debt and Liquidity
As of September 30, 2024, ICFI had $588.2 million of unused borrowing capacity under its $600 million revolving credit facility. The average interest rate for borrowings was 6.8% for the nine months ended September 30, 2024.
| Debt Repayment Schedule | Amount |
|---|---|
| September 30, 2025 | $13.8 million |
| September 30, 2026 | $16.5 million |
| May 6, 2027 (Maturity) | $391.8 million |
| Total | $422.0 million |
Recent Developments
ICFI has continued to focus on strategic acquisitions and organic growth, while managing its capital structure to support future initiatives. The company has maintained a steady dividend payment of $0.14 per share, with total dividend payments amounting to $7.9 million for the nine months ended September 30, 2024.
How ICF International, Inc. (ICFI) Makes Money
Revenue Streams
ICF International, Inc. generates revenue primarily from consulting services across various sectors, including government, commercial, and international clients. The following are key revenue contributions for the year 2024:
| Client Market | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Energy, Environment, Infrastructure, and Disaster Recovery | $693.2 | 46% |
| Health and Social Programs | $582.2 | 38% |
| Security and Other Civilian & Commercial | $248.0 | 16% |
| Total Revenue | $1,523.5 | 100% |
Client Types
The company serves various client types, which significantly influence its revenue structure. The breakdown for the nine months ended September 30, 2024, is as follows:
| Client Type | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| U.S. Federal Government | $829.7 | 55% |
| U.S. State and Local Government | $240.7 | 16% |
| International Government | $80.8 | 5% |
| Commercial | $372.3 | 24% |
| Total Revenue | $1,523.5 | 100% |
Financial Performance
For the nine months ended September 30, 2024, ICFI reported the following financial performance metrics:
| Metric | Amount |
|---|---|
| Net Income | $85.6 million |
| Operating Income | $129.4 million |
| EBITDA | $170.3 million |
| Adjusted EBITDA | $169.7 million |
| Earnings per Share (EPS) | $4.56 |
Cost Structure
ICF International's cost structure is primarily composed of direct and indirect costs. Here’s the breakdown for the nine months ended September 30, 2024:
| Cost Category | Amount (in millions) | Percentage of Revenue |
|---|---|---|
| Direct Costs | $964.9 | 63.3% |
| Indirect and Selling Expenses | $389.0 | 25.5% |
| Depreciation and Amortization | $15.3 | 1.0% |
| Amortization of Intangible Assets | $24.9 | 1.6% |
| Total Operating Costs | $1,393.1 | 91.4% |
Debt and Liquidity
As of September 30, 2024, ICF International had the following debt and liquidity metrics:
| Debt Type | Amount (in millions) |
|---|---|
| Term Loan | $200.3 |
| Delayed-Draw Term Loan | $211.8 |
| Revolving Credit | $10.0 |
| Total Debt | $422.1 |
The company had $588.2 million of unused borrowing capacity under its $600 million revolving line of credit.
Dividends
ICF International has maintained a consistent dividend policy. The cash dividends declared per common share for the year 2024 are:
| Dividend Declaration Date | Dividend Per Share | Record Date | Payment Date |
|---|---|---|---|
| February 27, 2024 | $0.14 | March 22, 2024 | April 12, 2024 |
| May 2, 2024 | $0.14 | June 7, 2024 | July 12, 2024 |
| August 1, 2024 | $0.14 | September 6, 2024 | October 11, 2024 |
| October 31, 2024 | $0.14 | December 6, 2024 | January 10, 2025 |
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Article updated on 8 Nov 2024
Resources:
- ICF International, Inc. (ICFI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of ICF International, Inc. (ICFI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View ICF International, Inc. (ICFI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.