Core Viewpoint - ICF International, Inc. reported strong earnings for Q1 2025, exceeding the Zacks Consensus Estimate, but revenues fell short, leading to minimal market reaction post-earnings release [1]. Financial Performance - Quarterly earnings per share were $1.94, beating the Zacks Consensus Estimate by 11.5% and increasing 9.6% year-over-year [2]. - Total revenues amounted to $487.7 million, slightly missing the Zacks Consensus Estimate and decreasing 1.4% year-over-year [2]. Segmental Revenues - Revenues from government clients rose 12.6% year-over-year to $343.6 million, but fell short of the estimate of $364.7 million [3]. - U.S. state and local government revenues were $76.9 million, representing 15.8% of total revenues, which was below the expected $90.7 million and declined 0.13% year-over-year [3]. - International government revenues reached $27.1 million, accounting for 5.6% of total revenues, lagging behind the anticipated $30.4 million but increasing 7.2% year-over-year [4]. - U.S. federal government revenues were $239.6 million, contributing 49.1% to total revenues, missing the estimate of $243.6 million and decreasing 12.6% year-over-year [4]. - Commercial revenues, which made up 29.5% of total revenues, amounted to $144.1 million, exceeding expectations of $121.8 million and rising 3.1% year-over-year [5]. Operating Performance - Adjusted EBITDA increased by 0.08% year-over-year to $55.2 million, with an adjusted EBITDA margin of 11.3%, up 10 basis points from the previous year [6]. Balance Sheet and Cash Flow - At the end of the quarter, cash and cash equivalents stood at $5.7 billion, up from $5 billion in the previous quarter [7]. - Long-term debt increased to $502 million from $411.7 million in the prior quarter [7]. - The company utilized $33 million in cash from operating activities, with capital expenditures of $3.5 million [7]. Guidance - For Q2 2025, ICFI expects revenues to be similar to Q1 2025 levels [8]. - GAAP EPS for 2025 is projected to be flat to down 10% compared to last year [8]. - Full-year operating cash flow is anticipated to be around $150 million, with capital expenditures expected to be between $26 million and $28 million [8]. - The full-year tax rate is now expected to be approximately 18.5% [8].

Core Insights - ICF International reported a revenue of $487.62 million for the quarter ended March 2025, reflecting a decrease of 1.4% year-over-year, while EPS increased to $1.94 from $1.77 in the previous year [1] - The revenue was slightly below the Zacks Consensus Estimate of $487.7 million, resulting in a surprise of -0.02%, whereas the EPS exceeded the consensus estimate of $1.74 by +11.49% [1] Revenue Breakdown - Revenue from the US Federal government was $239.62 million, surpassing the average estimate of $236.82 million from two analysts [4] - Revenue from US State & Local government was $76.87 million, falling short of the average estimate of $86.85 million from two analysts [4] - Commercial revenue reached $144.06 million, exceeding the average estimate of $132.40 million from two analysts [4] - Total revenue from the Government sector was $343.56 million, slightly below the average estimate of $351.86 million from two analysts [4] - International government revenue was $27.08 million, also below the average estimate of $28.19 million from two analysts [4] Stock Performance - ICF shares have returned +1.5% over the past month, contrasting with a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

PART I. FINANCIAL INFORMATION [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) In Q1 2025, ICF International, Inc. reported a slight revenue decrease to **$487.6 million**, stable net income, and increased cash used in operations to **$33.0 million** due to working capital timing [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased slightly to **$2.075 billion**, while total liabilities rose to **$1.106 billion** and stockholders' equity decreased to **$968.9 million** due to share repurchases Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $510,829 | $492,074 | | Goodwill | $1,251,199 | $1,248,855 | | **Total Assets** | **$2,075,098** | **$2,066,353** | | **Total Current Liabilities** | $381,527 | $449,180 | | Long-term debt | $502,044 | $411,743 | | **Total Liabilities** | **$1,106,230** | **$1,083,894** | | **Total Stockholders' Equity** | **$968,868** | **$982,459** | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Q1 2025 revenue decreased **1.4%** to **$487.6 million**, with operating income falling to **$38.4 million** and net income remaining flat at **$26.9 million** Q1 2025 vs Q1 2024 Performance (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $487,618 | $494,436 | | Operating Income | $38,390 | $40,944 | | Net Income | $26,851 | $27,317 | | Diluted EPS | $1.44 | $1.44 | | Comprehensive Income | $24,138 | $28,001 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$33.0 million** in Q1 2025, primarily due to working capital timing, resulting in a **$5.3 million** net increase in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(33,034) | $(10,001) | | Net Cash Used in Investing Activities | $(3,452) | $(3,511) | | Net Cash Provided by Financing Activities | $41,024 | $8,833 | | **Net Change in Cash** | **$5,275** | **$(4,850)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes detail revenue recognition, debt, and acquisitions, noting decreased U.S. federal government revenue, a lower effective tax rate, and reduced unfulfilled performance obligations - On December 31, 2024, the Company acquired Applied Energy Group, Inc. (AEG) for **$60.7 million** in cash, enhancing service offerings to utility and government clients[54](index=54&type=chunk) - The effective tax rate for Q1 2025 was **10.5%**, down from **20.4%** in Q1 2024, primarily due to a **$4.5 million** non-cash deferred income tax benefit from new U.S. federal tax regulations under IRC Section 987[48](index=48&type=chunk) - Unfulfilled performance obligations (UPO) were **$0.9 billion** as of March 31, 2025, down from **$1.3 billion** at year-end 2024, including approximately **$0.3 billion** from contract terminations for convenience[45](index=45&type=chunk) Revenue by Client Type (in thousands) | Client Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | U.S. federal government | $239,620 (49%) | $274,195 (55%) | | U.S. state and local government | $76,865 (16%) | $76,953 (16%) | | International government | $27,075 (5%) | $25,263 (5%) | | Commercial | $144,058 (30%) | $118,025 (24%) | | **Total** | **$487,618 (100%)** | **$494,436 (100%)** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **1.4%** revenue decline to decreased U.S. federal government contracts, offset by commercial growth, with Adjusted EBITDA flat at **$55.2 million** and Non-GAAP Diluted EPS increasing to **$1.94** [Overview and Outlook](index=23&type=section&id=Overview%20and%20Outlook) The company faces challenges from U.S. government contract terminations impacting **5.7%** of 2024 revenue, but sees long-term growth opportunities in key markets, focusing on strategic acquisitions and technology solutions - In Q1 2025, the company received termination-for-convenience notices from the new Administration or DOGE, impacting about **5.7%** of total 2024 revenue and **$375.0 million** of backlog[74](index=74&type=chunk) - Subsequent to the quarter-end, additional termination notices were received, representing approximately **$12.0 million** of future contract value[75](index=75&type=chunk) - The company sees growth opportunities for its technology solutions, combining deep institutional knowledge with expertise in AI, open source, and cloud-native platforms to meet evolving customer demands[71](index=71&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q1 2025 revenue decreased **1.4%** to **$487.6 million** due to Health and Social Programs decline, partially offset by growth in Energy, Environment, Infrastructure, and Disaster Recovery, with operating income falling **6.2%** Results of Operations Summary (in thousands) | Line Item | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $487,618 | $494,436 | (1.4%) | | Total Direct Costs | $302,542 | $310,533 | (2.6%) | | Operating Income | $38,390 | $40,944 | (6.2%) | | Income before Income Taxes | $30,001 | $34,336 | (12.6%) | | Net Income | $26,851 | $27,317 | (1.7%) | - The decrease in revenue was driven by a **$34.6 million** decline from U.S. federal government clients, offset by a **$26.0 million** increase from commercial clients[78](index=78&type=chunk) [Non-GAAP Measures](index=26&type=section&id=Non-GAAP%20Measures) Adjusted EBITDA for Q1 2025 was nearly flat at **$55.2 million**, while Non-GAAP Diluted EPS increased to **$1.94** from **$1.77**, benefiting from a lower tax rate and specific adjustments Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $26,851 | $27,317 | | EBITDA | $52,133 | $56,439 | | Adjustments | $3,065 | $(1,284) | | **Adjusted EBITDA** | **$55,198** | **$55,155** | Reconciliation of U.S. GAAP Diluted EPS to Non-GAAP Diluted EPS | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | U.S. GAAP Diluted EPS | $1.44 | $1.44 | | Adjustments (net) | $0.50 | $0.33 | | **Non-GAAP Diluted EPS** | **$1.94** | **$1.77** | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained **$448.4 million** in unused borrowing capacity, with cash used in operations increasing to **$33.0 million** due to working capital timing, while funding dividends and share repurchases - As of March 31, 2025, the company had **$448.4 million** of unused borrowing capacity under its **$600.0 million** revolving line of credit[39](index=39&type=chunk)[97](index=97&type=chunk) - The company paid quarterly cash dividends of **$0.14 per share**, totaling **$2.6 million** in Q1 2025[101](index=101&type=chunk) - Cash used in operating activities increased by **$23.0 million** to **$33.0 million** due to the timing of invoicing, collections, and vendor payments[101](index=101&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 reported no material changes in its market risk disclosures compared to the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - There have been no material changes in the disclosures regarding Quantitative and Qualitative Disclosures About Market Risk since the last Annual Report[103](index=103&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no significant changes in internal controls over financial reporting during the quarter - Management concluded that as of March 31, 2025, the Company's disclosure controls and procedures were effective[104](index=104&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal matters in the ordinary course of business, not expecting a material adverse effect on its financial position, results of operations, or cash flows - The company is involved in various legal matters in the ordinary course of business and does not expect any ultimate liability to have a material adverse effect on its financials[107](index=107&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 - There have been no material changes in the risk factors discussed in the company's Annual Report[108](index=108&type=chunk) [Issuer Purchases of Equity Securities](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) In Q1 2025, the company repurchased **313,048 shares** for **$35.1 million** under its share repurchase program, with **$114.2 million** of repurchase authority remaining available - In Q1 2025, the company repurchased **313,048 shares** for **$35.1 million** under its share repurchase program[110](index=110&type=chunk) - As of March 31, 2025, **$114.2 million** remained available for future share repurchases under the authorized program[110](index=110&type=chunk) Share Repurchase Activity for Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | January | 134,895 | $129.53 | 121,572 | | February | 191,858 | $101.15 | 191,476 | | March | 29,105 | $84.83 | — | | **Total** | **355,858** | **$110.57** | **313,048** | [Defaults Upon Senior Securities](index=30&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[114](index=114&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company's operations - Not applicable[115](index=115&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No other material information was reported - None[116](index=116&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and Inline XBRL data files

Company Performance - ICF International (ICFI) reported quarterly earnings of $1.94 per share, exceeding the Zacks Consensus Estimate of $1.74 per share, and up from $1.77 per share a year ago, representing an earnings surprise of 11.49% [1] - The company posted revenues of $487.62 million for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.02%, and down from $494.44 million year-over-year [2] - Over the last four quarters, ICF has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Outlook - ICF shares have declined approximately 28.7% since the beginning of the year, compared to a 5.3% decline in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $1.63 on revenues of $481.39 million, and for the current fiscal year, it is $6.97 on revenues of $1.93 billion [7] - The estimate revisions trend for ICF is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Government Services industry, to which ICF belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact ICF's stock performance [5]

Financial Data and Key Metrics Changes - The company's first quarter revenues declined by 1.4% year over year to $487.6 million, which is within the guidance range [17] - Adjusted EBITDA margin on total revenues expanded by 10 basis points to 11.3%, reflecting careful cost management [6][21] - Non-GAAP EPS increased by 9.6% year over year to $1.90, significantly outpacing revenue performance [22] Business Line Data and Key Metrics Changes - Revenues from commercial clients increased by 22.1% year over year, accounting for 29.5% of total revenues, up from 23.9% in the previous year [6][18] - Revenues from commercial energy clients rose by 21%, driven by strong demand for energy efficiency programs [5][7] - Revenues from state and local government clients remained stable year on year, with disaster management revenues experiencing lower pass-through revenues [11][12] - International government client revenues increased by 7.2% in the first quarter, aided by new task orders from the European Union and UK government [12][13] Market Data and Key Metrics Changes - The company reported that revenues from commercial, state and local, and international government clients collectively accounted for 51% of first quarter revenues, up from approximately 45% a year ago [5][18] - Federal client revenues declined by 12.6% year over year, impacted by contract funding curtailments and a slower pace of new RFPs [13][15] Company Strategy and Development Direction - The company aims to maintain adjusted EBITDA margins comparable to 2024 levels while navigating a dynamic federal government business environment [15][30] - The focus remains on capturing growth opportunities in commercial energy, state and local, and international government sectors, with expectations of at least 15% growth in these areas for the full year [29] - The company is also exploring strategic acquisitions, particularly in the energy sector, while remaining cautious in the federal arena due to uncertainty [74] Management's Comments on Operating Environment and Future Outlook - Management indicated that the federal business environment remains fluid and unsettled, with expectations of continued activity but not significantly more impactful than the first quarter [33] - The company reaffirmed its revenue guidance for 2025, projecting a decline of flat to 10% from last year, primarily due to federal government revenue losses [15][29] - Management expressed confidence in the growth prospects for the commercial energy business, citing increased budgets from utility clients for energy efficiency programs [10][16] Other Important Information - The backlog at the end of the first quarter was $3.4 billion, with $1.9 billion funded, indicating stability in the business [23] - The company repurchased 313,000 shares for a total of $35 million during the first quarter, demonstrating confidence in its long-term outlook [25][26] Q&A Session Summary Question: Guidance on the impact of federal government changes - Management expects Q2 and Q3 to have similar impacts as Q1, with no significant increase in federal activity [33] Question: Update on stop work orders - The figure for stop work orders has increased to approximately $375 million [34] Question: Contribution of Applied Energy Group to revenues - Specific revenue figures for Applied Energy Group were not disclosed, but integration and performance have been positive [36][37] Question: Outlook for IT modernization business - The IT modernization business is expected to decline by 5% to 10% due to delays in awards, with no significant cuts observed yet [41][42] Question: Growth outlook for disaster recovery business - The disaster recovery business is expected to grow, supported by a robust pipeline of opportunities [60] Question: Potential for acquisitions - Future acquisitions are likely to focus on the energy sector, with smaller tuck-in acquisitions being more probable [74][76]

Financial Data and Key Metrics Changes - First quarter revenues declined by 1.4% year over year to $487.6 million, within guidance range [17] - Adjusted EBITDA margin on total revenues expanded by 10 basis points to 11.3% [6][21] - Non-GAAP EPS increased by 9.6% year over year to $1.90, significantly ahead of revenue comparisons [22] Business Line Data and Key Metrics Changes - Revenues from commercial clients increased by 22.1% year over year, accounting for 29.5% of total revenues [6][18] - Revenues from commercial energy clients rose by 21% year over year, driven by energy efficiency and customer engagement programs [5][7] - Revenues from state and local government clients remained stable year on year, with disaster management revenues experiencing lower pass-through revenues [10][11] - Revenues from international government clients increased by 7.2% in the first quarter [12] Market Data and Key Metrics Changes - Revenues from federal clients declined by 12.6% compared to the previous year, impacted by contract funding curtailments [14] - Approximately $115 million of estimated 2025 revenues have been affected by stop work orders and contract terminations [15] Company Strategy and Development Direction - The company expects revenues from commercial energy, state and local, and international government clients to grow at least 15% in aggregate for the year [29] - The company plans to maintain adjusted EBITDA margins similar to 2024 levels despite revenue challenges [15][30] - Focus on organic growth initiatives and strategic acquisitions in targeted markets, particularly in energy [26][74] Management's Comments on Operating Environment and Future Outlook - The federal government business environment remains fluid, with expectations of continued activity but not significantly more impactful than Q1 [33] - The company is optimistic about growth prospects in commercial energy and disaster recovery despite challenges in federal contracts [10][12][29] - Management believes that the diversified business model will help navigate through challenging conditions and position for growth in 2026 [16][30] Other Important Information - Backlog at the end of the first quarter was $3.4 billion, with $1.9 billion funded [23] - The company repurchased 313,000 shares for an aggregate purchase price of $35 million [25] Q&A Session Summary Question: Guidance on federal business impact - Management expects Q2 and Q3 to have similar impacts as Q1, with no significant increase in federal business impact [33] Question: Update on contract terminations - The figure for contract terminations has increased to approximately $375 million [35] Question: Contribution of Applied Energy Group to revenues - Specific revenue contributions from Applied Energy Group were not disclosed, but integration and performance are satisfactory [36] Question: Outlook for IT modernization business - IT modernization is expected to decline by 5% to 10% due to delays in awards, but opportunities are anticipated in the second half of the year [42][68] Question: Growth outlook for disaster recovery business - The disaster recovery business is expected to grow, supported by a robust pipeline of opportunities [60] Question: Acquisition strategy - Future acquisitions are likely to focus on the energy sector, with smaller tuck-in acquisitions being more probable [74]

Financial Data and Key Metrics Changes - The company's first quarter revenues declined by 1.4% year over year to $487.6 million, which is within the guidance range [16] - Adjusted EBITDA margin on total revenues expanded by 10 basis points to 11.3%, reflecting careful cost management [6][19] - Non-GAAP EPS increased by 9.6% year over year to $1.90, significantly outpacing revenue performance [21] Business Line Data and Key Metrics Changes - Revenues from commercial clients increased by 22.1% year over year, accounting for 29.5% of total first quarter revenues, up from 23.9% in the previous year [6][17] - Revenues from commercial energy clients rose by 21% year over year, driven by strong demand for energy efficiency programs [5][6] - Revenues from state and local government clients remained stable year on year, with disaster management revenues experiencing lower pass-through revenues [11] - Revenues from international government clients increased by 7.2% in the first quarter, aided by recent contract wins with the European Union and the UK government [12][13] Market Data and Key Metrics Changes - The company reported that revenues from commercial, state and local, and international government clients collectively accounted for 51% of total revenues, up from approximately 45% in the prior year [17] - Federal client revenues declined by 12.6% year over year, impacted by contract funding curtailments and a slower pace of new RFPs [13][14] Company Strategy and Development Direction - The company aims to maintain its adjusted EBITDA margins at levels comparable to 2024 margins while navigating a dynamic federal government business environment [14][29] - The company expects revenues from commercial energy, state and local, and international government clients to grow at least 15% in aggregate for the year, partially offsetting lower revenues from federal clients [27][28] - The company is focused on organic growth initiatives and strategic acquisitions in targeted markets, particularly in the energy sector [24][73] Management's Comments on Operating Environment and Future Outlook - Management indicated that the federal business environment remains fluid and unsettled, with expectations for continued activity in the coming quarters [32] - The company reaffirmed its revenue guidance for 2025, projecting a decline of flat to 10% from last year, primarily due to federal government revenue losses [14][27] - Management expressed confidence in the growth prospects for the commercial energy business, citing increased budgets from utility clients for energy efficiency programs [10][29] Other Important Information - The company completed the integration of AEG, a leading energy technology and advisory firm, which is expected to enhance growth opportunities [9] - The backlog at the end of the first quarter was $3.4 billion, with $1.9 billion funded, indicating stability in the business [22] - The company repurchased 313,000 shares for an aggregate purchase price of $35 million, demonstrating confidence in its long-term outlook [24] Q&A Session Summary Question: Guidance on the impact of federal business - Management expects Q2 and Q3 to have similar impacts as Q1, with no significant increase in federal business impact [32] Question: Update on stop work orders - The figure for stop work orders has increased to approximately $375 million [33] Question: Contribution of Applied Energy Group to revenues - The contribution of Applied Energy Group was not disclosed separately, but management expressed satisfaction with its integration and performance [35][36] Question: Outlook for IT modernization business - The IT modernization business is expected to decline by 5% to 10% for the year due to delays in awards [40] Question: Growth outlook for commercial energy - Management expects commercial energy to continue being a strong performer with high margins [46] Question: Insights on disaster recovery business - The disaster recovery business is expected to grow this year, supported by a robust pipeline of opportunities [60] Question: Potential for acquisitions - Future acquisitions are likely to focus on the energy sector, with smaller tuck-in acquisitions being more probable [73]

Financial Performance - Total revenue for Q1 2025 was $487.6 million, a decrease from $494.4 million in Q1 2024[8] - Net income was $26.9 million, with GAAP EPS at $1.44, consistent with the prior year[8] - Adjusted EBITDA was $55.2 million, with an adjusted EBITDA margin of 11.3%, up 10 basis points from Q1 2024[9] - Net income for the three months ended March 31, 2025, was $26,851,000, a slight decrease from $27,317,000 in the same period of 2024[35] - Adjusted EBITDA for the same period was $55,198,000, compared to $55,155,000 in 2024, reflecting a stable performance[35] - The net income margin on revenue remained consistent at 5.5% for both 2025 and 2024[35] - Non-GAAP diluted EPS improved to $1.94 for the three months ended March 31, 2025, compared to $1.77 in 2024[35] Revenue Breakdown - Revenue from commercial energy clients increased by 21% year-on-year, representing 87% of commercial revenues[5] - Federal government revenue decreased by 12.6% to $239.6 million, accounting for 49.1% of total revenue[13] - Commercial revenue accounted for 29.5% of total revenue, up from 23.9% in Q1 2024[19] - Revenue from the energy, environment, infrastructure, and disaster recovery sector increased to 49% of total revenue, up from 45% in 2024[42] - The percentage of revenue from U.S. federal government clients decreased to 49% from 55% year-over-year[42] Backlog and Contracts - Total backlog at the end of Q1 2025 was $3.4 billion, with funded backlog at $1.9 billion[10] - Contract awards in Q1 2025 totaled $467 million, resulting in a book-to-bill ratio of 0.96[7] Guidance and Dividends - The company maintains its 2025 guidance, projecting total revenues and EPS to range from flat to down 10% from last year[23] - A quarterly cash dividend of $0.14 per share was declared, payable on July 11, 2025[21] Assets and Liquidity - Total assets increased to $2,075,098,000 as of March 31, 2025, up from $2,066,353,000 at the end of 2024[38] - Cash and cash equivalents rose to $5,718,000 from $4,960,000, indicating improved liquidity[38] - The company reported a net cash used in operating activities of $33,034,000 for the three months ended March 31, 2025, compared to $10,001,000 in 2024[40] Debt and Leverage - Long-term debt increased to $502,044,000 from $411,743,000, indicating a rise in leverage[38]

| Date: | Thursday, May 1, 2025 | | --- | --- | | Time: | 4:30 p.m. Eastern Time | | Audio-only Webcast: | https://edge.media-server.com/mmc/p/w57qgdwz | | Participant | https://register-conf.media | | Registration: | server.com/register/BI9504088ad3834e789bb0473b16ef5d9b | RESTON, Va., March 31, 2025 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, will release its first quarter 2025 results on Thursday, May 1, 2025, after the market close. The Company plans to host ...

Group 1 - A large Southern electric utility has awarded ICF two recompete contracts valued at over $35 million to deliver demand-side management (DSM) programs [1][2] - ICF's proprietary cloud-based, AI-powered customer analytics platform will support all stages of the utility's DSM programs, enhancing energy savings and performance tracking [2][4] - ICF has launched over 25 innovation pilots to improve program delivery and customer experience for the utility [3][4] Group 2 - ICF is recognized for its extensive energy experience and cutting-edge technology solutions, helping utilities meet rising energy demands effectively [4] - The company partners with top utilities, federal agencies, and energy organizations, providing comprehensive services across the energy value chain [4] - ICF is one of the largest electrification implementers in the U.S., delivering hundreds of active DSM and electrification programs across North America [4]