ICF International(ICFI) - 2025 Q1 - Quarterly Results

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]