ICF International, Inc. (NASDAQ:ICFI) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET Company Participants Lynn Morgen - AdvisIRy Partners Barry Broadus - SVP & CFO John Wasson - Chairman & CEO James Morgan - COO Conference Call Participants Joseph Vafi - Canaccord Kevin Steinke - Barrington Research Marc Riddick - Sidoti Operator Welcome to ICF's Second Quarter 2022 Earnings Conference Call. My name is Michelle Foster, and I will be your operator for today's call. Please note that this conferenc ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited consolidated financial statements for ICF International, Inc. as of June 30, 2022, including balance sheets, income statements, cash flow statements, and detailed notes [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for ICF International, Inc. as of June 30, 2022, including balance sheets, income statements, cash flow statements, and detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets and total liabilities and stockholders' equity remained relatively stable at approximately $1.85 billion from December 31, 2021, to June 30, 2022 Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $452,952 | $449,163 | | **Total Assets** | **$1,850,802** | **$1,849,534** | | **Total Current Liabilities** | $341,875 | $376,631 | | **Long-term debt** | $435,075 | $411,605 | | **Total Liabilities** | $1,031,385 | $1,046,064 | | **Total Stockholders' Equity** | $819,417 | $803,470 | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For Q2 2022, revenue increased by 7.8% year-over-year to $423.1 million, but net income decreased by 9.4% to $18.4 million, with diluted EPS at $0.97 Key Performance Indicators (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $423,110 | $392,525 | $836,578 | $771,003 | | **Operating Income** | $29,776 | $31,954 | $57,479 | $60,083 | | **Net Income** | $18,397 | $20,312 | $36,259 | $38,663 | | **Diluted EPS** | $0.97 | $1.07 | $1.91 | $2.03 | - Cash dividends declared per common share remained constant at **$0.14** for the quarter and **$0.28** for the six-month period, year-over-year[12](index=12&type=chunk) [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, net cash provided by operating activities was $6.4 million, nearly flat compared to the prior year, while net cash used in financing activities decreased significantly Net Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $6,409 | $6,341 | | **Net Cash Used in Investing Activities** | ($8,115) | ($7,475) | | **Net Cash Used in Financing Activities** | ($9,074) | ($45,642) | | **Decrease in Cash, Cash Equivalents, and Restricted Cash** | ($11,969) | ($46,077) | [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial statement line items, including revenue disaggregation, credit facility details, and subsequent events - The company's major clients are U.S. federal government departments, particularly the Department of Health and Human Services, Department of State, and Department of Defense[18](index=18&type=chunk) - On May 6, 2022, the company entered into an Amended and Restated Credit Agreement, increasing the term loan to **$300 million**, adding a **$400 million** delayed draw term loan, and extending the maturity to May 2027[30](index=30&type=chunk) - On July 13, 2022, the company acquired SemanticBits, LLC for a purchase price of **$220.0 million** in cash, funded by the existing Credit Facility[68](index=68&type=chunk) - The company is involved in a lawsuit with the State of Louisiana regarding the Road Home Program, with the state seeking approximately **$220.2 million**, which the company believes has no merit and has not recorded a liability[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, highlighting an 8.5% revenue increase for the first six months of 2022, driven by U.S. government clients, while operating income decreased due to higher direct costs and amortization from recent acquisitions [Overview and Outlook](index=20&type=section&id=Overview%20and%20Outlook) The company provides professional services and technology solutions across four key markets and maintains a positive long-term outlook, expecting continued growth driven by societal needs and strategic acquisitions - The company reports as a single segment, focusing on professional services for government and commercial clients[78](index=78&type=chunk) - Long-term demand is expected to be driven by heightened concerns about the environment, clean energy, health promotion, and disaster relief efforts[79](index=79&type=chunk) - The company's strategy includes enhancing client relationships, seeking larger engagements, and completing strategic acquisitions to build scale and expertise[80](index=80&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) For Q2 2022, revenue grew 7.8% year-over-year to $423.1 million, driven by U.S. federal and state government clients, but operating income fell 6.8% to $29.8 million due to higher costs and increased amortization Q2 2022 vs Q2 2021 Performance (in thousands) | Metric | Q2 2022 | Q2 2021 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | $423,110 | $392,525 | 7.8% | | **Operating Income** | $29,776 | $31,954 | (6.8%) | | **Net Income** | $18,397 | $20,312 | (9.4%) | - Q2 2022 revenue growth was driven by a **$43.0 million** increase from U.S. federal government clients, offset by a **$10.0 million** decrease from international government clients and an **$8.0 million** decrease from commercial clients[96](index=96&type=chunk) - The increase in amortization of intangible assets by **$2.0 million** in Q2 2022 was primarily due to the acquisitions of ESAC and Creative Systems and Consulting in late 2021[100](index=100&type=chunk) Six Months 2022 vs 2021 Performance (in thousands) | Metric | Six Months 2022 | Six Months 2021 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | $836,578 | $771,003 | 8.5% | | **Operating Income** | $57,479 | $60,083 | (4.3%) | | **Net Income** | $36,259 | $38,663 | (6.2%) | [Non-GAAP Measures](index=25&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like Service Revenue, EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS to evaluate performance, with Adjusted EBITDA increasing to $44.1 million for Q2 2022 Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $18,397 | $20,312 | $36,259 | $38,663 | | **EBITDA** | $39,802 | $39,701 | $77,660 | $76,115 | | **Total special charges and adjustments** | $4,329 | $311 | $8,756 | $1,624 | | **Adjusted EBITDA** | $44,131 | $40,012 | $86,416 | $77,739 | Reconciliation of Diluted EPS to Non-GAAP EPS | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Diluted EPS** | $0.97 | $1.07 | $1.91 | $2.03 | | **Non-GAAP EPS** | $1.33 | $1.19 | $2.63 | $2.32 | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2022, the company had $410.9 million available under its Credit Facility, with long-term debt increasing to $454.8 million, and repurchased $17.0 million in shares - As of June 30, 2022, the company had **$438.1 million** of unused borrowing capacity under its revolving line of credit, with **$410.9 million** available after accounting for financial limitations[131](index=131&type=chunk) - Days Sales Outstanding (DSO) was **82 days** for the quarter ended June 30, 2022, the same as the prior-year quarter[139](index=139&type=chunk) - The share repurchase program was increased to a **$200.0 million** limit in November 2021, with **$111.9 million** remaining available for repurchases as of June 30, 2022[150](index=150&type=chunk)[151](index=151&type=chunk) - On August 3, 2022, the board approved a quarterly cash dividend of **$0.14 per share**[151](index=151&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risk disclosures since its last Annual Report on Form 10-K - There have been no material changes in the disclosures discussed in the section entitled 'Quantitative and Qualitative Disclosures About Market Risk' in Part II, Item 7A of the company's Annual Report[157](index=157&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period, with no significant changes in internal controls over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the period covered by the report[158](index=158&type=chunk) - No significant changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[158](index=158&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered sales of equity securities, and exhibits [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal matters arising in the ordinary course of business, which management believes will not have a material adverse effect on its financial position - The company is involved in various legal matters from the ordinary course of business but does not expect them to have a material adverse effect on its financials[162](index=162&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have occurred in the risk factors discussed in the company's Annual Report[163](index=163&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company did not repurchase any shares under its publicly announced share repurchase program, but acquired 502 shares from employees to satisfy tax withholding obligations Share Repurchase Activity for Q2 2022 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Program | | :--- | :--- | :--- | :--- | | April 1 - April 30 | — | $ — | — | | May 1 - May 31 | 502 | $98.02 | — | | June 1 - June 30 | — | $ — | — | | **Total** | **502** | **$98.02** | **—** | - The **502 shares** purchased were from employees to pay required withholding taxes related to the settlement of restricted stock units[164](index=164&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and the financial statements formatted in iXBRL

ICF International, Inc. (NASDAQ:ICFI) Q1 2022 Earnings Conference Call May 4, 2022 4:30 PM ET Company Participants David Gold - Investor Relations John Wasson - Chairman of the Board, President & Chief Executive Officer Barry Broadus - Senior Vice President & Chief Financial Officer Conference Call Participants Jasper Bibb - Truist Securities Joseph Vafi - Canaccord Genuity Operator Welcome to the First Quarter 2022 ICF Earnings Conference Call. My name is Vanessa and I will be your operator for today's cal ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section details the company's financial statements, management's analysis, market risk, and internal controls for the period [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For the first quarter of 2022, ICF International, Inc. reported total revenue of $413.5 million, a 9.2% increase year-over-year, but net income slightly decreased to $17.9 million from $18.4 million in Q1 2021 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's financial position, including assets, liabilities, and equity, at the end of the period Consolidated Balance Sheet Highlights (Unaudited) | (in thousands) | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $7,392 | $8,254 | | Contract receivables, net | $205,827 | $237,684 | | Goodwill | $1,045,503 | $1,046,760 | | Total Assets | $1,857,723 | $1,849,534 | | **Liabilities & Equity** | | | | Total Current Liabilities | $344,211 | $376,631 | | Long-term debt | $449,776 | $411,605 | | Total Liabilities | $1,054,421 | $1,046,064 | | Total Stockholders' Equity | $803,302 | $803,470 | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This statement details the company's revenues, expenses, and net income, along with other comprehensive income, for the reporting period Consolidated Statements of Comprehensive Income (Unaudited) | (in thousands, except per share amounts) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenue | $413,468 | $378,478 | | Operating income | $27,703 | $28,129 | | Net income | $17,862 | $18,351 | | Diluted Earnings per Share | $0.94 | $0.96 | | Comprehensive income, net of tax | $20,521 | $21,131 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement presents the cash inflows and outflows from operating, investing, and financing activities during the period Consolidated Statements of Cash Flows (Unaudited) | (in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(7,055) | $4,961 | | Net Cash Used in Investing Activities | $(6,454) | $(3,595) | | Net Cash Provided by (Used in) Financing Activities | $2,674 | $(33,275) | | Decrease in Cash, Cash Equivalents, and Restricted Cash | $(11,360) | $(31,164) | [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the consolidated financial statements - The company provides professional services and technology solutions to government (U.S. federal, state, local, and international) and commercial clients across four main markets: energy/environment, health/education, safety/security, and consumer/financial[17](index=17&type=chunk)[18](index=18&type=chunk) - As of March 31, 2022, the company had **$461.6 million** of long-term debt outstanding under its Credit Facility, with an available borrowing capacity of **$250.4 million** after performance-based limitations[33](index=33&type=chunk) - The company repurchased **176,375 shares** for **$17.0 million** in Q1 2022. As of March 31, 2022, **$111.9 million** remained available for share repurchases under the authorized program[65](index=65&type=chunk) - The company is involved in a legal proceeding with the State of Louisiana regarding the Road Home Program, with the state seeking approximately **$220.2 million**. The company believes the claim has no merit and has not recorded a liability[70](index=70&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In Q1 2022, revenue grew 9.2% to $413.5 million, driven by strong performance in U.S. federal and state government client markets, particularly in health, education, and social programs [Overview and Outlook](index=19&type=section&id=Overview%20and%20Outlook) This section outlines the company's business model, strategic focus, and the impact of external factors like the ongoing pandemic on operations - The company operates as a single segment providing professional services to government and commercial clients in four key markets: Energy, Environment, and Infrastructure; Health, Education, and Social Programs; Safety and Security; and Consumer and Financial[76](index=76&type=chunk)[77](index=77&type=chunk) - Long-term demand is expected to grow, driven by societal issues like clean energy, health promotion, and disaster relief. The company's strategy focuses on larger engagements, leveraging digital capabilities, and strategic acquisitions[78](index=78&type=chunk)[79](index=79&type=chunk) - The COVID-19 pandemic continues to pose uncertainty, but the company has maintained operational continuity, with government clients (**75% of Q1 2022 revenue**) largely continuing services. Commercial marketing services, representing **7% of revenue**, remain impacted by travel restrictions[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) This section analyzes the changes in revenue, direct costs, operating income, and net income for the reporting period Q1 2022 vs Q1 2021 Performance | (dollars in thousands) | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $413,468 | $378,478 | $34,990 | 9.2% | | Direct Costs | $258,158 | $232,082 | $26,076 | 11.2% | | Operating Income | $27,703 | $28,129 | $(426) | (1.5%) | | Net Income | $17,862 | $18,351 | $(489) | (2.7%) | - Revenue increased by **$35.0 million (9.2%)**, primarily driven by growth in U.S. federal government's health, education, and social programs (**$39.4 million**) and U.S. state and local government's health programs (**$7.4 million**)[95](index=95&type=chunk) - Direct costs increased **11.2%** to **$258.2 million**, outpacing revenue growth, due to higher direct labor and subcontractor costs. Direct costs as a percentage of revenue rose to **62.4%** from **61.3%**[96](index=96&type=chunk) - Amortization of intangible assets increased by **76.4%** to **$5.3 million**, mainly due to the acquisitions of ESAC and Creative Systems and Consulting in late 2021[99](index=99&type=chunk) [Non-GAAP Measures](index=23&type=section&id=Non-GAAP%20Measures) This section provides reconciliations of GAAP financial measures to non-GAAP metrics such as Adjusted EBITDA and Non-GAAP EPS Reconciliation of Net Income to Adjusted EBITDA | (in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net income | $17,862 | $18,351 | | EBITDA | $37,858 | $36,414 | | Total special charges and adjustments | $4,427 | $1,313 | | **Adjusted EBITDA** | **$42,285** | **$37,727** | Reconciliation of Diluted EPS to Non-GAAP EPS | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Diluted EPS | $0.94 | $0.96 | | Amortization of intangibles | $0.28 | $0.16 | | Special charges & other adjustments | $0.23 | $0.07 | | Income tax effects | $(0.14) | $(0.06) | | **Non-GAAP EPS** | **$1.31** | **$1.13** | [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's cash position, debt levels, borrowing capacity, and share repurchase activities - The company's primary source of borrowing is its Credit Facility, which had **$250.4 million** of available capacity as of March 31, 2022, after accounting for performance-based limitations[121](index=121&type=chunk) - Days-Sales-Outstanding (DSO) was **79 days** for Q1 2022, compared to **80 days** for Q1 2021. Excluding the slower-paying Puerto Rico disaster relief work, DSO was **74 days** versus **70 days** in the prior year[127](index=127&type=chunk) - Operating activities used **$7.1 million** in cash in Q1 2022, a decrease of **$12.1 million** from the **$5.0 million** provided in Q1 2021, primarily due to a net decrease in billings and collections[139](index=139&type=chunk) - Financing activities provided **$2.7 million** in cash, reflecting **$38.0 million** in net advances from the Credit Facility, offset by **$22.3 million** for stock buybacks and **$2.6 million** for dividends[141](index=141&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk disclosures from those detailed in its most recent Annual Report on Form 10-K - There have been no material changes in the disclosures regarding market risk from the company's Annual Report[143](index=143&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the period - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the period covered by the report[144](index=144&type=chunk) - There were no significant changes in internal controls over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[144](index=144&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes disclosures on legal proceedings, updated risk factors, equity sales, and a list of filed exhibits [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal matters arising in the ordinary course of business but does not currently believe that any ultimate liability from these proceedings will have a material adverse effect on its financial position, results of operations, or cash flows - The company is involved in various legal matters from the ordinary course of business, which are not expected to have a material adverse effect on its financial results[148](index=148&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have occurred in the risk factors discussed in the company's Annual Report[149](index=149&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2022, the company repurchased a total of 226,775 shares at an average price of $95.76 per share Share Repurchase Activity for Q1 2022 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | January | 147,032 | $99.26 | 129,765 | | February | 10,435 | $93.33 | 10,435 | | March | 69,308 | $88.71 | 36,175 | | **Total** | **226,775** | **$95.76** | **176,375** | - The current share repurchase program authorizes up to **$200.0 million** in repurchases. During Q1 2022, the company repurchased **176,375 shares** under this program[151](index=151&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial statements formatted in iXBRL - The report includes certifications from the Principal Executive Officer and Principal Financial Officer, as well as financial data formatted in Inline eXtensible Business Reporting Language (iXBRL)[156](index=156&type=chunk)

ICF International, Inc. (NASDAQ:ICFI) Q4 2021 Results Conference Call February 24, 2022 4:30 PM ET Company Participants Lynn Morgen - Founding Partner, AdvisIRy Partners, IR John Wasson - Chairman, President & CEO Bettina Welsh - CFO James Morgan - Chief of Business Operations Barry Broadus - Incoming CFO Conference Call Participants Joseph Vafi - Canaccord Jasper Bibb - Truist Securities Marc Riddick - Sidoti Operator Welcome to the Q4 and Full Year 2021 ICF Earnings Conference Call. My name is Cheryl, and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) For the quarterly period ended September 30, 2021 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. Washington, D.C. 20549 (Exact name of Registrant as Specified in its Charter) Delaware 22-3661438 (State or Other Ju ...

ICF International, Inc. (NASDAQ:ICFI) Q3 2021 Earnings Conference Call November 2, 2021 4:30 PM ET Company Participants Lynn Morgen - Founding Partner, Advisiry Partners, IR John Wasson - Chairman, President & CEO Bettina Welsh - Chief Financial Officer Conference Call Participants Tobey Sommer - Truist Securities Joseph Vafi - Canaccord Genuity Trevor Romeo - William Blair Marc Riddick - Sidoti & Company Operator Welcome to the Third Quarter 2021 ICF Earnings Conference Call. My name is Vanessa, and I will ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2021 increased by 10.9% year-on-year to $392.5 million, driven by strong performance in both government and commercial markets, which grew by 13% and 6% respectively [33] - Service revenue grew by 7.7% year-on-year to $281.4 million, with pass-through revenue accounting for 28.3% of total revenue [33] - EBITDA increased by 26.7% to $39.7 million, with adjusted EBITDA up 23% to $40 million, reflecting strong service revenue growth and favorable business mix [35] Business Line Data and Key Metrics Changes - Federal government revenues increased by 6.7% year-on-year, driven by IT modernization, digital transformation, and public health programs [9] - Commercial energy markets revenue rose by 11.4% year-on-year, supported by new energy efficiency programs and contract expansions [24] - Commercial marketing services revenue remained stable, with a slight increase of under 1% year-on-year [22] Market Data and Key Metrics Changes - The business development pipeline reached a record $7.2 billion, reflecting a $1 billion sequential increase, indicating strong growth potential [7][30] - Revenues from international government clients increased significantly, primarily due to a short-term project with substantial pass-through revenues [20] - State and local client revenues increased modestly, driven by disaster management and resilience services [16] Company Strategy and Development Direction - The company is focused on high-growth areas such as IT modernization, public health, disaster management, and climate-related services, which are expected to grow at least 10% over the next several years [42] - The company is actively pursuing acquisitions to expand its addressable market, particularly in IT modernization and commercial energy markets [43][51] - The company is investing in talent and technology to capture growth opportunities in its key markets [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching the higher end of guidance ranges for service revenue, EBITDA, and EPS in 2021, supported by a strong backlog and business development pipeline [7][32] - The company is closely monitoring developments related to the infrastructure bill, which could provide additional opportunities in environmental impact analysis and project permitting [14] - Management noted that the current labor market is tight, but the company is investing in recruiting to meet staffing needs [76] Other Important Information - The company repurchased 21,800 shares for $2 million to offset dilution from employee incentive programs and declared a quarterly cash dividend of $0.14 per share [38] - The company expects full-year operating cash flow of approximately $100 million and capital expenditures of around $20 million [37][39] Q&A Session Summary Question: Impact of Administration Change on Contract Awards - Management indicated that the strong contract awards were primarily driven by opportunities that predated the current administration, focusing on key growth areas like IT modernization and public health [46][47] Question: Ranking Growth Areas - Management stated that all identified growth areas, including IT modernization, public health, and climate initiatives, are expected to grow at double-digit rates, making it difficult to rank them [48][49] Question: Future M&A Plans - Management confirmed that M&A remains a key part of the strategy, focusing on high-quality companies in growth markets, particularly in IT modernization and commercial energy [51][53] Question: Pipeline Strength in Federal Budget Cycle - Management highlighted that significant opportunities exist in IT modernization and public health, with a strong pipeline in commercial energy markets as well [59][60] Question: Future Pandemic-Related Health Projects - Management remains optimistic about long-term opportunities related to pandemic response, although immediate focus is still on current response efforts [72][73] Question: Wage Inflation and Hiring Plans - Management acknowledged upward pressure on wages and increased turnover but emphasized ongoing investments in recruiting and maintaining a strong culture to retain talent [76][80] Question: Commercial Marketing Activity - Management noted that commercial marketing services have stabilized, with stronger opportunities in healthcare and consumer packaged goods, while sectors like hospitality are still recovering [82][83] Question: California Energy Efficiency Pipeline - Management indicated that the California energy efficiency pipeline remains strong, with expectations for increased outsourcing and opportunities beyond 2022 [96][97]

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 June 30, 2021 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 Jurisdi ...