ICF International(US:ICFI)2025-10-30 20:09Financial Performance - Total revenue for Q3 2025 was $465 million, a decrease of 10% from $517 million in Q3 2024[10] - Net income was $24 million, with GAAP EPS at $1.28, down from $1.73 in the prior year[7] - Revenue for Q3 2025 was $465,405,000, a decrease of 9.9% from $516,998,000 in Q3 2024[35] - Net income for Q3 2025 was $23,766,000, down 27.3% compared to $32,679,000 in Q3 2024[35] - Adjusted EBITDA for Q3 2025 was $53,159,000, a decrease of 9.3% from $58,526,000 in Q3 2024[37] - Basic earnings per share (EPS) for Q3 2025 was $1.29, down from $1.74 in Q3 2024, representing a decline of 26.0%[35] - The net income margin percent on revenue for Q3 2025 was 5.1%, down from 6.3% in Q3 2024[37] - The company reported a comprehensive income of $22,033,000 for Q3 2025, compared to $31,728,000 in Q3 2024[35] - Net income for the nine months ended September 30, 2025, was $74,278,000, a decrease of 15.9% compared to $85,607,000 in 2024[43] - Cash provided by operating activities for the nine months ended September 30, 2025, was $66,244,000, down from $76,184,000 in 2024, reflecting a decline of 13.1%[43] Revenue Sources - Revenues from commercial clients increased by 14%, accounting for 57% of total Q3 revenues, with commercial energy clients up 24%[3] - U.S. federal government revenue was $198 million, down 29.8% year-on-year, while state and local government revenue increased by 3.8% to $81.7 million[17] - Commercial revenue accounted for 33.7% of total revenue, up from 25.1% in Q3 2024, with energy markets revenue increasing by 24.3% year-over-year[21] - Revenue from the energy, environment, infrastructure, and disaster recovery sector increased to 51% of total revenue for the nine months ended September 30, 2025, up from 46% in 2024[45] - The U.S. federal government accounted for 45% of total revenue for the nine months ended September 30, 2025, down from 55% in 2024[45] - The proportion of revenue from health and social programs decreased to 34% for the nine months ended September 30, 2025, down from 38% in 2024[45] Financial Position - Total current assets increased to $568,980,000 as of September 30, 2025, compared to $492,074,000 at the end of 2024[41] - Total assets rose to $2,113,570,000 as of September 30, 2025, up from $2,066,353,000 at the end of 2024[41] - Long-term debt increased to $449,404,000 as of September 30, 2025, compared to $411,743,000 at the end of 2024[41] - Cash, cash equivalents, and restricted cash at the end of the period increased to $53,926,000 as of September 30, 2025, compared to $7,635,000 at the end of the same period in 2024[43] Dividends and Shareholder Returns - A quarterly cash dividend of $0.14 per share was declared, payable on January 9, 2026[25] - Cash dividends declared per common share remained stable at $0.14 for both Q3 2025 and Q3 2024[35] Future Outlook - The company expects a return to revenue and earnings growth in 2026, supported by a robust pipeline of opportunities[28] Contract and Backlog Information - Contract awards totaled $714 million for a quarterly book-to-bill ratio of 1.53, a 2.4% increase year-on-year[8] - Total backlog was $3.5 billion, with funded backlog at $1.9 billion, representing approximately 52% of total backlog[12] - Fixed-price contracts represented 49% of total revenue for the nine months ended September 30, 2025, an increase from 46% in 2024[45] Cash Flow and Financing Activities - Cash paid for interest during the nine months ended September 30, 2025, was $20,045,000, a decrease from $24,388,000 in 2024[43] - The company reported a net cash used in financing activities of $18,226,000 for the nine months ended September 30, 2025, a significant improvement from $64,598,000 in 2024[43] - The company experienced a net change in cash of $35,109,000 for the nine months ended September 30, 2025, compared to a decrease of $1,814,000 in 2024[43]