2020-11-05 17:23:31 ICFI ICF International
11/05/20 11/0517:23 11/05/2017:23 | ICF International reports Q3 non-GAAP EPS $1.10, consensus 87cReports Q3 revenue $360M, consensus $367.1M. CEO John Wasson said, "This was another quarter of strong performance for ICF, demonstrating the resilience of our diversified business model, excellent execution across our client set, and positive impact of our key growth catalysts. Service revenue increased 3% year-on-year, led by programs for federal government clients and energy-related advisory and implementation work for commercial clients. Favorable business mix, higher utilization and lower SG&A costs drove Adjusted EBITDA growth of 4.9% and resulted in a 14.3% Adjusted EBITDA margin on service revenue, 30 basis points above last year and 180 basis points ahead of the prior quarter. Another financial highlight of Q3 was operating cash flow, which increased by $84M, bringing year-to-date operating cash flow to $95 million, primarily due to improved collections. We utilized these funds to pay down $79M of long-term debt associated with the January acquisition of ITG. This was the highest third quarter for contract wins in the company's history, representing a trailing-12-month book-to-bill ratio of 1.2, setting the stage for future growth. ICF was awarded $792M in contracts, including strategic wins that align with the growth catalysts we have identified: IT modernization/digital transformation, public health, commercial energy and disaster management. In disaster management, we have won small but strategic mitigation contracts in four states since the beginning of this year and are awaiting award decisions on larger contracts in additional jurisdictions." |
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