EX-99.1 2 icfi-ex991_8.htm EX-99.1 icfi-ex991_8.htm

Exhibit 99.1

 

NEWS RELEASE

                                        ICF Reports Third Quarter 2017 Results

 

Third Quarter Highlights

 

 

Total Revenue was $305 Million, Supported by 4 Percent Year-over-Year Growth in Commercial Revenue

 

Diluted EPS Was $0.72; Non-GAAP EPS¹ Was $0.83

 

EBITDA¹ Margin on Revenue was 10.1 Percent; EBITDA Margin on Service Revenue¹ was 13.9 Percent

 

Contract Awards Totaled $401 Million; Trailing Twelve Month Contract Awards were $1.29 Billion, Representing a Book-to-Bill Ratio of 1.1

 

Operating Cash Flow Reached $70 Million Year-to-Date, up 21.6 Percent Year-over-Year

 

FOR IMMEDIATE RELEASE

 

Investor Contacts:

Lynn Morgen, MBS Value Partners, lynn.morgen@mbsvalue.com 1.212.750.5800

David Gold, MBS Value Partners, david.gold@mbsvalue.com 1.212.750.5800

                

Company Information Contact:

Lauren Dyke, ICF, lauren.dyke@icf.com +1.571.373.5577

 

FAIRFAX, Va.— Nov. 2, 2017— ICF (NASDAQ:ICFI), a consulting and technology services provider to government and commercial clients around the world, reported results for the third quarter ended September 30, 2017.

Third Quarter 2017 Results

“Third quarter results set the stage for us to achieve the full year 2017 revenue, earnings and cash flow guidance we provided at the beginning of this year,” said Sudhakar Kesavan, ICF’s Chairman and Chief Executive Officer.

 

 

1 Non-GAAP EPS, Service Revenue, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below.  EBITDA margin percent is calculated by dividing the non-GAAP measure by the corresponding revenue.

1

 


“Efficient program performance and staff utilization, together with benefits from ongoing cost reduction initiatives, drove solid EBITDA performance in the third quarter, resulting in EBITDA margins of 10.1 percent and 13.9 percent on total and service revenue, respectively.

“Third quarter revenue was stable with last year’s levels even with one less working day, and year-to-date revenue increased 1.4 percent. In this year’s third quarter we experienced delays in pass-through revenue on several government contracts, which we expect to partially recapture in the fourth quarter. Due to the addition of these and other pass-through revenue, we expect to see a shift in the historical seasonality of ICF’s revenue trends this year, with fourth quarter revenue sequentially above third quarter levels.

“As expected, revenue from commercial clients continued to increase, driven by our energy markets work, and accounted for over 36 percent of third-quarter revenue. Government revenue was modestly below year-ago levels primarily as a result of the delay of pass-through revenue to the fourth quarter and into 2018. Except for the impact of lower pass-through activity, federal government revenue was approximately flat year-on-year. Strong double-digit revenue growth from international government clients more than offset the decline in state and local government revenue, which resulted from temporary delays in certain environmental and infrastructure projects in California.

“We continued to see sequential improvement in contract award activity in the third quarter, although as expected with the transition to the new administration, the seasonal trajectory in federal government contract activity associated with the government year-end was muted. Our current trailing twelve month book-to-bill ratio is at 1.1, and at the end of the third quarter funded backlog was 48 percent of total backlog. ICF’s business development pipeline was over $4.3 billion at the end of the third quarter, approximately 8 percent ahead of the similar period last year.

“Additionally, in the wake of Hurricanes Harvey, Irma and Maria, we were awarded two IDIQ contracts by state and local agencies in October that represent vehicles through which ICF will bid on task orders that fall within our area of housing recovery expertise. We expect additional RFPs to be released for support of CDBG-funded housing recovery programs at the state, county and local levels in Texas and Florida, and in the Territory of Puerto Rico, over the next several quarters. In the meantime, we have started to deploy ICF staff members to provide technical assistance support to certain of the affected areas through task orders under existing subcontracts with large engineering firms,” Mr. Kesavan noted.

Third quarter 2017 total revenue was $305.3 million, compared to $306.5 million in the third quarter of last year. Service revenue was $221.8 million, compared to $223.2 million in the third quarter of 2016. Net income amounted to $13.7 million in the third quarter of 2017, a 1.9 percent year-over-year increase from $13.4 million. Diluted earnings per share increased 2.9 percent to $0.72 from $0.70 per diluted share in the same quarter of last year. Non-GAAP EPS increased 2.5 percent to $0.83 per share compared to $0.81 in the third quarter of last year. EBITDA was $30.8 million, inclusive of $0.3 million in special charges, approximately flat with $31.0 million in the third quarter of 2016.  Third quarter 2017 EBITDA margin was 10.1 percent of total revenue, at the same level as last year. Adjusted EBITDA¹ margin, exclusive of the aforementioned special charges, was 10.2 percent of total revenue and 14.0 percent of service revenue.  

Backlog and New Business Awards

Total backlog was $2.1 billion at the end of the third quarter of 2017. Funded backlog was $1.0 billion, or approximately 48 percent of the total backlog. The total value of contracts awarded in the 2017 third quarter was $401 million, bringing the trailing twelve month book-to-bill ratio to 1.1.

2

 


Government Business Third Quarter 2017 Highlights

 

U.S. federal government revenue was $142.3 million, a 4.9 percent decline due to lower pass-through revenue that was pushed out into the fourth quarter and 2018. Federal government revenue accounted for 47 percent of total revenue, compared to 49 percent of total revenue in the third quarter of 2016.

 

U.S. state and local government revenue decreased 11 percent year-on-year to $29.8 million due to temporary project delays and accounted for 10 percent of total revenue, compared to 11 percent of total revenue in the 2016 third quarter.

 

International government revenue increased 31 percent year-on-year, continuing its positive momentum, and accounted for 7 percent of total revenue, compared to 5 percent of total revenue in the 2016 third quarter.

Key Government Contracts Awarded in the Third Quarter

ICF was awarded more than 150 U.S. federal government contracts and task orders and more than 200 additional contracts from state and local and international governments. Some of the largest awards included:

 

Strategic communications: A re-compete blank purchase agreement with a ceiling of $50 million with the National Cancer Institute to provide biomedical informatics services, communications, and content.

 

Program support: A single-award indefinite-delivery, indefinite quantity re-compete contract with a ceiling of $25 million with the U.S. Department of Health and Human Services’ (HHS) Assistant Secretary for Preparedness and Response (ASPR) to continue the development and operation of the agency’s information gateway and technical assistance center for healthcare system preparedness and response.

 

Program management and communications: A contract with a ceiling of $20.7 million with the U.S. Department of Interior Bureau of Reclamation to provide program management, compliance documentation, modeling, and a variety of communications support for the long-term operation of California’s Central Valley Project and State Water Project.

 

Strategic communications: A re-compete contract with a ceiling of $20 million with the National Cancer Institute to provide communications services for the Division of Cancer Control and Population Sciences.

 

Survey and program support: A re-compete task order with a value of more than $13 million with the Centers for Disease Control to continue to continue to administer the National Youth Tobacco Survey.

 

Program support: A task order with a value of $12.6 million with the U.S. Department of Defense Air Force Air Mobility Command to provide support to the Enterprise Learning Office.

 

Program support: A contract with a value of $9.8 million with the U.S. Postal Service to provide customer registration program support.

 

Program support: A task order with a value of $9.2 million with the CDC Cancer Surveillance system to collect, process, analyze, and disseminate cancer incidence data.


3

 


Other government contract wins with a value of at least $5 million included: onsite support for state and tribal technical assistance for child welfare IT systems for the HHS Administration for Children and Families Children’s Bureau; preparation and dissemination of health information for the National Institutes of Health, National Center for Complementary and Integrative Health; program capacity building services for the Office of Community Services of the Administration for Children and Families; and continued support for the U.S. Department of Justice, Office of Juvenile Justice and Delinquency Prevention’s National Training and Technical Assistance Center.

Commercial Business Third Quarter 2017 Highlights

 

Commercial revenue was $110.6 million, 4.3 percent above the $106.1 million in last year’s third quarter. Commercial revenue accounted for 36 percent of total revenue, compared to 35 percent of total revenue in the 2016 third quarter.

 

Energy markets, which include energy efficiency programs, represented 40 percent of commercial revenue. Marketing services accounted for 40 percent of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter

Commercial sales were $93.2 million in the third quarter of 2017, and ICF was awarded more than 600 commercial projects globally during the period. The largest awards were:

Energy Markets

 

Four task orders with a combined value of $17.9 million with a utility in the southeastern U.S. to provide marketing services for its energy efficiency programs.

 

A contract with a ceiling of $8.3 million with an eastern U.S. utility to provide visual inspections and simple energy efficiency measures to its low- and moderate-income customers.

 

Two contracts with a combined value of $2.4 million with a wind energy company to prepare an environmental impact statement and master plan for a wind energy development project.

Marketing Services

 

Multiple contracts and modifications with a combined value of $27.3 million with a health insurance company to provide marketing services for its programs.

 

Multiple contracts and task orders with a combined value of $2.6 million with a health insurance company to provide program management support.

Other commercial contract and task order wins which were at least $1 million included: environmental support services for a western U.S. utility; digital marketing services for a financial services company; additional marketing services for a floor care products manufacturer; digital services for a trade association; implementation support for a Canadian utility’s home energy assistance program; additional marketing services for an international hotel chain; and loyalty program support for a national clothing retailer.

 


4

 


Summary and Outlook

ICF’s year-to-date results reflect solid performance and represents our ability to capture growth across our diversified client set.  

“Based on year-to-date results and current visibility, we have narrowed our full year 2017 guidance ranges. We expect revenue to range from $1.21 billion to $1.23 billion, diluted earnings per share to be between $2.50 and $2.60, and Non-GAAP EPS to range from $2.95 to $3.05. Additionally, we continue to expect operating cash flow to be in the range of $90 million to $100 million.

“Looking ahead to 2018, we believe that ICF’s government business is well positioned to support key federal agencies where spending is likely to remain stable or increase compared to fiscal 2017 levels, to assist state and local jurisdictions with post-hurricane housing recovery, and to further drive international revenue growth. On the commercial side, we expect energy markets to continue to grow thanks to contracts won and a robust business development pipeline, and commercial marketing services to build on positive year-to-date business development momentum and success in winning integrated contracts,” Mr. Kesavan concluded.

 

###

 

 

 

About ICF

ICF is a global consulting services company with over 5,000 specialized experts, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

 

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements 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.

 


5

 


ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(in thousands, except per share amounts)

 

  

 

Three months ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenue

 

$

305,301

 

 

$

306,520

 

 

$

907,988

 

 

$

895,538

 

Direct Costs

 

 

189,992

 

 

 

191,310

 

 

 

564,495

 

 

 

562,697

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indirect and selling expenses

 

 

84,558

 

 

 

84,193

 

 

 

259,600

 

 

 

250,393

 

Depreciation and amortization

 

 

4,613

 

 

 

4,130

 

 

 

13,431

 

 

 

12,233

 

Amortization of intangible assets

 

 

2,742

 

 

 

3,111

 

 

 

8,225

 

 

 

9,387

 

Total operating costs and expenses

 

 

91,913

 

 

 

91,434

 

 

 

281,256

 

 

 

272,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

23,396

 

 

 

23,776

 

 

 

62,237

 

 

 

60,828

 

Interest expense

 

 

(2,175

)

 

 

(2,407

)

 

 

(6,663

)

 

 

(7,312

)

Other (expense) income

 

 

(311

)

 

 

732

 

 

 

24

 

 

 

950

 

Income before income taxes

 

 

20,910

 

 

 

22,101

 

 

 

55,598

 

 

 

54,466

 

Provision for income taxes

 

 

7,218

 

 

 

8,664

 

 

 

19,792

 

 

 

20,555

 

Net income

 

$

13,692

 

 

$

13,437

 

 

$

35,806

 

 

$

33,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.73

 

 

$

0.71

 

 

$

1.90

 

 

$

1.79

 

Diluted

 

$

0.72

 

 

$

0.70

 

 

$

1.86

 

 

$

1.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,666

 

 

 

18,965

 

 

 

18,807

 

 

 

18,989

 

Diluted

 

 

19,024

 

 

 

19,329

 

 

 

19,218

 

 

 

19,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

558

 

 

 

(165

)

 

 

3,030

 

 

 

(3,108

)

Comprehensive income, net of tax

 

$

14,250

 

 

$

13,272

 

 

$

38,836

 

 

$

30,803

 


6

 


ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

(in thousands, except per share amounts)

 

 

Three months ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Reconciliation of Service Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

305,301

 

 

$

306,520

 

 

$

907,988

 

 

$

895,538

 

Subcontractor and Other Direct Costs

 

 

(83,534

)

 

 

(83,346

)

 

 

(241,514

)

 

 

(237,567

)

Service Revenue

 

$

221,767

 

 

$

223,174

 

 

$

666,474

 

 

$

657,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of EBITDA and Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

13,692

 

 

$

13,437

 

 

$

35,806

 

 

$

33,911

 

Other expense (income)

 

 

311

 

 

 

(732

)

 

 

(24

)

 

 

(950

)

Interest expense

 

 

2,175

 

 

 

2,407

 

 

 

6,663

 

 

 

7,312

 

Provision for income taxes

 

 

7,218

 

 

 

8,664

 

 

 

19,792

 

 

 

20,555

 

Depreciation and amortization

 

 

7,355

 

 

 

7,241

 

 

 

21,656

 

 

 

21,620

 

EBITDA

 

 

30,751

 

 

 

31,017

 

 

 

83,893

 

 

 

82,448

 

Special charges related to severance for staff realignment (2)

 

 

264

 

 

 

389

 

 

 

841

 

 

 

1,475

 

Special charges related to facility consolidations and office

   closures

 

 

2

 

 

 

53

 

 

 

1,721

 

 

 

108

 

Adjusted EBITDA

 

$

31,017

 

 

$

31,459

 

 

$

86,455

 

 

$

84,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA Margin Percent on Revenue (3)

 

 

10.1

%

 

 

10.1

%

 

 

9.2

%

 

 

9.2

%

EBITDA Margin Percent on Service Revenue (3)

 

 

13.9

%

 

 

13.9

%

 

 

12.6

%

 

 

12.5

%

Adjusted EBITDA Margin Percent on Revenue (3)

 

 

10.2

%

 

 

10.3

%

 

 

9.5

%

 

 

9.4

%

Adjusted EBITDA Margin Percent on Service Revenue (3)

 

 

14.0

%

 

 

14.1

%

 

 

13.0

%

 

 

12.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

0.72

 

 

$

0.70

 

 

$

1.86

 

 

$

1.75

 

Special charges related to severance for staff realignment

 

 

0.01

 

 

$

0.02

 

 

 

0.04

 

 

 

0.08

 

Special charges related to facility consolidations and office

   closures

 

 

0.01

 

 

 

 

 

 

0.11

 

 

 

0.01

 

Amortization of intangibles

 

 

0.14

 

 

$

0.16

 

 

 

0.43

 

 

 

0.49

 

Income tax effects (4)

 

 

(0.05

)

 

$

(0.07

)

 

 

(0.20

)

 

 

(0.22

)

Non-GAAP EPS

 

$

0.83

 

 

$

0.81

 

 

$

2.24

 

 

$

2.11

 

 

(2) Special charges related to severance were for an unplanned reduction in workforce of senior management in the third quarter of 2016 and the second and third quarter of 2017, and international staff realignment in the second quarter of 2016.

 

 

 

 

 

 

 

 

 

(3) EBITDA Margin and Adjusted EBITDA Margin were calculated by dividing the non-GAAP measures by the corresponding revenue.

 

 

 

 

 

 

 

 

 

(4) Income tax effects were calculated using an effective U.S. GAAP tax rate of 34.5% and 39.2% for the third quarter of fiscal year 2017 and 2016, respectively, and an effective tax rate of 35.6% and 37.7% for the first nine months of fiscal year 2017 and 2016, respectively.

 

 

 

 

 

7

 


ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

  

 

September 30, 2017

 

 

December 31, 2016

 

 

 

(Unaudited)

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,485

 

 

$

6,042

 

Contract receivables, net

 

 

288,060

 

 

 

281,365

 

Prepaid expenses and other

 

 

12,902

 

 

 

11,724

 

Income tax receivable

 

 

1,598

 

 

 

 

Total current assets

 

 

309,045

 

 

 

299,131

 

Total property and equipment, net

 

 

36,027

 

 

 

40,484

 

Other assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

685,922

 

 

 

683,683

 

Other intangible assets, net

 

 

37,971

 

 

 

46,129

 

Restricted cash

 

 

1,251

 

 

 

1,843

 

Other assets

 

 

17,431

 

 

 

14,301

 

Total Assets

 

$

1,087,647

 

 

$

1,085,571

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

62,604

 

 

$

70,586

 

Accrued salaries and benefits

 

 

54,807

 

 

 

39,763

 

Accrued expenses and other current liabilities

 

 

44,377

 

 

 

52,631

 

Deferred revenue

 

 

34,485

 

 

 

29,394

 

Income tax payable

 

 

 

 

 

106

 

Total current liabilities

 

 

196,273

 

 

 

192,480

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

230,080

 

 

 

259,389

 

Deferred rent

 

 

14,970

 

 

 

15,600

 

Deferred income taxes

 

 

47,160

 

 

 

39,114

 

Other

 

 

14,378

 

 

 

12,984

 

Total Liabilities

 

 

502,861

 

 

 

519,567

 

Commitments and Contingencies (Note 13)

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

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

   issued

 

 

 

 

 

 

Common stock, $.001 par value; 70,000,000 shares authorized; 22,009,402 and

   21,663,432 shares issued; 18,639,314 and 19,021,262 shares outstanding

   as of September 30, 2017 and December 31, 2016, respectively

 

 

22

 

 

 

22

 

Additional paid-in capital

 

 

305,394

 

 

 

292,427

 

Retained earnings

 

 

407,696

 

 

 

371,890

 

Treasury stock

 

 

(121,716

)

 

 

(88,695

)

Accumulated other comprehensive loss

 

 

(6,610

)

 

 

(9,640

)

Total Stockholders’ Equity

 

 

584,786

 

 

 

566,004

 

Total Liabilities and Stockholders’ Equity

 

$

1,087,647

 

 

$

1,085,571

 


8

 


ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

 

  

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

 

(Unaudited)

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

35,806

 

 

$

33,911

 

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

 

 

 

 

 

 

 

 

Non-cash equity compensation

 

 

8,158

 

 

 

7,674

 

Depreciation and amortization

 

 

21,655

 

 

 

21,620

 

Facilities consolidation reserve

 

 

1,351

 

 

 

 

Deferred taxes and other adjustments, net

 

 

7,473

 

 

 

5,223

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Contract receivables, net

 

 

(3,876

)

 

 

(18,286

)

Prepaid expenses and other assets

 

 

(2,835

)

 

 

(4,875

)

Accounts payable

 

 

(8,822

)

 

 

(4,387

)

Accrued salaries and benefits

 

 

14,795

 

 

 

18,921

 

Accrued expenses and other current liabilities

 

 

(9,996

)

 

 

3,779

 

Deferred revenue

 

 

4,470

 

 

 

160

 

Income tax receivable and payable

 

 

(1,710

)

 

 

(5,567

)

Other liabilities

 

 

3,815

 

 

 

(386

)

Net cash provided by operating activities

 

 

70,284

 

 

 

57,787

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Capital expenditures for property and equipment and capitalized software

 

 

(8,475

)

 

 

(10,654

)

Payments for business acquisitions, net of cash received

 

 

(92

)

 

 

 

Net cash used in investing activities

 

 

(8,567

)

 

 

(10,654

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Advances from working capital facilities

 

 

460,875

 

 

 

360,947

 

Payments on working capital facilities

 

 

(490,184

)

 

 

(391,285

)

Payments on capital expenditure obligations

 

 

(3,394

)

 

 

(3,030

)

Debt issue costs

 

 

(1,591

)

 

 

 

Proceeds from exercise of options

 

 

4,722

 

 

 

2,104

 

Net payments for stockholder issuances and buybacks

 

 

(32,934

)

 

 

(13,408

)

Net cash used in financing activities

 

 

(62,506

)

 

 

(44,672

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

640

 

 

 

(596

)

Increase in Cash, Cash Equivalents, and Restricted Cash

 

 

(149

)

 

 

1,865

 

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

 

 

7,885

 

 

 

9,109

 

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

 

$

7,736

 

 

$

10,974

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

6,042

 

 

$

6,085

 

Income taxes

 

$

15,085

 

 

$

15,137

 


9

 


ICF International, Inc. and Subsidiaries

Supplemental Schedule

 

 

Revenue by market

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2017

 

 

2016

 

 

 

2017

 

 

2016

 

 

Energy, environment, and infrastructure

 

 

40

%

 

 

40

%

 

 

 

40

%

 

 

39

%

 

Health, education, and social programs

 

 

42

%

 

 

42

%

 

 

 

42

%

 

 

43

%

 

Safety and security

 

 

8

%

 

 

8

%

 

 

 

8

%

 

 

8

%

 

Consumer and financial

 

 

10

%

 

 

10

%

 

 

 

10

%

 

 

10

%

 

Total

 

 

100

%

 

 

100

%

 

 

 

100

%

 

 

100

%

 

 

Revenue by client

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2017

 

 

2016

 

 

 

2017

 

 

2016

 

 

U.S. federal government

 

 

47

%

 

 

49

%

 

 

 

46

%

 

 

49

%

 

U.S. state and local government

 

 

10

%

 

 

11

%

 

 

 

11

%

 

 

11

%

 

International government

 

 

7

%

 

 

5

%

 

 

 

7

%

 

 

6

%

 

Government

 

 

64

%

 

 

65

%

 

 

 

64

%

 

 

66

%

 

Commercial

 

 

36

%

 

 

35

%

 

 

 

36

%

 

 

34

%

 

Total

 

 

100

%

 

 

100

%

 

 

 

100

%

 

 

100

%

 

 

Revenue by contract

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2017

 

 

2016

 

 

 

2017

 

 

2016

 

 

Time-and-materials

 

 

41

%

 

 

42

%

 

 

 

42

%

 

 

43

%

 

Fixed-price

 

 

40

%

 

 

39

%

 

 

 

39

%

 

 

38

%

 

Cost-based

 

 

19

%

 

 

19

%

 

 

 

19

%

 

 

19

%

 

Total

 

 

100

%

 

 

100

%

 

 

 

100

%

 

 

100

%

 

 

10