ICFI ICF International Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2025

 

 

ICF International, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware			001-33045	22-3661438
(State or other jurisdiction of incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1902 Reston Metro Plaza
Reston, Virginia				20190
(Address of principal executive offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 703 934-3000

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		ICFI		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition

On February 27, 2025, ICF International, Inc. (the “Company”) announced its financial results for the fourth quarter and full year ended December 31, 2024. The press release containing this announcement is attached hereto as Exhibit 99.1.

The information contained in this report, including Exhibit 99.1, is considered to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. The information in this report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual result to differ materially from those anticipated.

 

Item 8.01 Other Events

On February 27, 2025, the Company's Board of Directors declared a quarterly dividend in an amount equal to $0.14 per share. This quarterly cash dividend will be paid on April 14, 2025, to stockholders of record as of the close of business on March 28, 2025.

 

The cash dividend policy and the payment of future cash dividends under that policy will be made at the discretion of the Company's Board of Directors and will depend on earnings, operating and financial conditions, capital requirements, and other factors deemed relevant by the Board, including the applicable requirements of the Delaware General Corporation Law and the best interests of the Company’s stockholders.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

99.1		Press Release dated February 27, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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Exhibit Index

 

Exhibit Number		Description
99.1		Press Release dated February 27, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		ICF International, Inc.
Date: February 27, 2025		By:	/s/ Barry Broadus
			Barry Broadus
			Chief Financial Officer

 

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Exhibit 99.1

 

NEWS RELEASE

 

ICF Reports Fourth Quarter and Full Year 2024 Results

―Fourth Quarter Results Led by Strong Demand From Commercial Energy Clients―

 

―Full Year Profitability Gains Driven By Favorable Mix, Higher Utilization and Lower Interest Expense―

―Recent Acquisition Expands ICF’s Capabilities to Serve Utility and State & Local Government Clients―

―Repurchased 395,000 Shares From Mid-November 2024 To-Date―

―Provides Framework for Full Year 2025 and First Quarter 2025 Guidance―

 

Fourth Quarter Highlights:

Full Year Highlights:

 

RESTON, Va., February 27, 2025--ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the fourth quarter and full year ended December 31, 2024.

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Commenting on the results, John Wasson, chair and chief executive officer, said, “This was another strong year for ICF in which we achieved solid revenue growth, delivered strong profitability, and reported forward-looking metrics that point to continued growth in our commercial, state and local and international businesses. Our broad-based energy advisory work and program implementation for commercial clients was an important contributor to fourth quarter and full year revenue growth, reflecting robust demand for our energy efficiency work, grid resilience solutions, flexible load management plans and electrification programs. Revenues from commercial, state and local and international government clients, together with our IT modernization/digital transformation work for federal government clients, accounted for approximately 75% of ICF’s 2024 revenues and remain areas of continued investment.

“The increasing contribution from our higher margin commercial work, together with high utilization across ICF and scale benefits, were key drivers of adjusted EBITDA growth in 2024. Adjusted EBITDA margin on total revenues expanded by 30 basis points year-on-year to 11.2%, and lower interest expense drove a 33% increase in net income for the year. Operating cash flow generation was another financial highlight of 2024, surpassing our guidance to reach $172 million.

“We were pleased to announce in early January 2025 the acquisition of Applied Energy Group (AEG) that was completed on December 31, 2024. AEG is a leading energy technology and advisory services company with over 100 utility management and demand-side energy experts. AEG brings a highly trusted energy technology platform that is cloud-based and offers real-time business intelligence to electric and gas utilities, state and local governments, and state energy offices nationwide and provides best-in-class advisory services. AEG generated approximately $30 million in annual revenue in 2024 at margins comparable to our commercial energy business and its 2025 revenues are expected to increase at a mid-teens rate. The transaction is anticipated to be immediately accretive to ICF’s Non-GAAP EPS.”

Fourth Quarter 2024 Results

Fourth quarter 2024 total revenue was $496.3 million, a 3.8% increase from the $478.4 million reported in the fourth quarter of 2023. Subcontractor and other direct costs were 25.4% of total revenues compared to 27.0% in last year’s fourth quarter. Operating income was $36.5 million compared to $36.9 million last year, and operating margin on total revenue was 7.3%, compared to 7.7% in the fourth quarter of 2023. Net income totaled $24.6 million, representing a 10.8% year-on-year increase over the $22.2 million reported in the fourth quarter of 2023. Diluted EPS was $1.30 per share, up 12.1% from the $1.16 reported in the fourth quarter of 2023, which included $5.5 million, or $0.23 per share, of tax-effected special charges primarily related to M&A expenses and facility reductions. The company’s effective tax rate was 20.9% in the 2024 fourth quarter compared to 25.6% in the 2023 fourth quarter.

Non-GAAP EPS increased 11.3% to $1.87 per share, from $1.68 per share reported in the comparable period in 2023. EBITDA was $50.8 million, compared to $53.9 million reported in the year-ago period. Adjusted EBITDA amounted to $56.3 million, compared to the $57.0 million reported for the comparable period in 2023.

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Full Year 2024 Results

2024 total revenue was $2.02 billion, an increase of 2.9% from $1.96 billion reported in the previous year and 6.1% higher when adjusting for the 2023 divestitures. Subcontractor and other direct costs were 25.1% of total revenues compared to 27.2% in 2023. Operating income for the full year 2024 was $165.8 million compared to $132.3 million last year, and operating margin on total revenue was 8.2% compared to 6.7% for the full year 2023. Full year 2024 net income was $110.2 million, or $5.82 per diluted share, inclusive of $5.7 million, or $0.24 per share of tax-effected special charges primarily related to M&A expenses and facility reductions. Net income and Diluted EPS increased 33.4% and 33.8%, respectively, over net income of $82.6 million, or $4.35 per diluted share reported in 2023. The company’s effective tax rate was 20.2% for 2024 compared to 14.4% in 2023.

Non-GAAP EPS was $7.45 per share, up 14.6% from $6.50 per share. EBITDA increased 12.3% to $221.1 million, compared to $197.0 million reported in 2023. Adjusted EBITDA was $226.0 million, representing a 6.0% increase over $213.2 million in 2023.

Operating cash flow was $171.5 million in 2024, an increase of 12.6% from $152.4 million in the prior year.

Backlog and New Business

Total backlog was $3.8 billion at the end of the fourth quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 fourth quarter was $504 million for a quarterly book-to-bill ratio of 1.02, and trailing twelve-month contract awards totaled $2.51 billion, up 7% year-on-year for a book-to-bill ratio of 1.24.

Government Revenue Fourth Quarter 2024 Highlights

Revenue from government clients was $363.1 million, down 1.6% year-over-year.

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Key Government Contracts Awarded in the Fourth Quarter 2024

Notable government contract awards won in the fourth quarter of 2024 included:

IT Modernization

Energy and Environment

Non-U.S. Government

Disaster Management and Mitigation

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Health and Social Programs

Commercial Revenue Fourth Quarter 2024 Highlights

Commercial revenue was $133.2 million, up 21.8% compared to $109.4 million reported in the fourth quarter of 2023.

Key Commercial Contracts Awarded in the Fourth Quarter of 2024

Notable commercial awards won in the fourth quarter of 2024 included:

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Dividend Declaration

On February 27, 2025, ICF declared a quarterly cash dividend of $0.14 per share, payable on April 14, 2025, to shareholders of record on March 28, 2025.

Summary and Outlook

“2024 was a year of growth and substantial profitability for ICF. Our results continued to benefit from our diversified business model that enables us to be agile in shifting emphasis and resources to those areas that are expected to have the greatest growth potential. This agility will be essential in 2025 as we navigate changes in federal government spending priorities, and our strong financial position gives us the flexibility to take advantage of opportunities as they arise.

“Looking ahead, we expect ICF’s 2025 total revenues, GAAP EPS and Non-GAAP EPS to range from flat to down 10% from 2024 levels, with a 10% decline representing the maximum downside risk we foresee from the loss of business primarily from federal government clients during this transition year. Underpinning this expectation is our projection that ICF’s revenues from commercial energy, state and local and international government clients will grow at least 15% in the aggregate, and that revenues from our federal government clients will be challenged in 2025 by potential funding curtailments and a slower pace of new RFPs. Within this environment, we plan to manage expenditures to maintain similar adjusted EBITDA margins to those of 2024. This framework does not contemplate an extensive government shutdown this year, nor a prolonged period of pauses in funding modifications to existing contracts or new procurements. Operating cash flow in 2025 is projected to be approximately $150 million.

“First quarter 2025 revenues are expected to range from $480 million to $500 million, with GAAP EPS anticipated between $1.35 and $1.45 and Non-GAAP EPS within the range of $1.70 and $1.80, similar to results in the first quarter of 2024.

“ICF has a proven track record of effectively managing through dynamic business environments by conservatively assessing challenges and remaining agile to capture opportunities. From mid-November 2024 to date, we repurchased 395,000 shares, demonstrating our confidence in ICF’s long-term outlook and our commitment to delivering value to shareholders. Our ability to navigate volatility is underpinned by the dedication of our professional staff, who are committed to providing the highest quality services to our clients. We appreciate the contributions of ICF’s employees to our success to date and count on their continued support in 2025 and beyond,” Mr. Wasson concluded.

1 Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.

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About ICF

ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Note on Forward-Looking Non-GAAP Measures

The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.

Investor Contacts:

Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800

David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800

Company Information Contact:

Lauren Dyke, ICF, lauren.dyke@ICF.com+1.571.373.5577

 

 

 

 

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ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(in thousands, except per share amounts)		2024				2023				2024				2023
Revenue		$	496,324			$	478,352			$	2,019,787			$	1,963,238
Direct costs			317,105				303,545				1,282,016				1,265,018
Operating costs and expenses:
Indirect and selling expenses			129,452				123,354				518,453				505,162
Depreciation and amortization			5,181				6,225				20,484				25,277
Amortization of intangible assets			8,118				8,307				32,992				35,461
Total operating costs and expenses			142,751				137,886				571,929				565,900
Operating income			36,468				36,921				165,842				132,320
Interest, net			(6,454	)			(9,535	)			(29,590	)			(39,681	)
Other income			1,040				2,407				1,806				3,908
Income before income taxes			31,054				29,793				138,058				96,547
Provision for income taxes			6,489				7,631				27,888				13,935
Net income		$	24,565			$	22,162			$	110,170			$	82,612
Earnings per Share:
Basic		$	1.31			$	1.18			$	5.88			$	4.39
Diluted		$	1.30			$	1.16			$	5.82			$	4.35
Weighted-average Shares:
Basic			18,733				18,823				18,747				18,802
Diluted			18,897				19,025				18,925				18,994
Cash dividends declared per common share		$	0.14			$	0.14			$	0.56			$	0.56
Other comprehensive loss, net of tax			(3,251	)			(1,516	)			(3,861	)			(3,752	)
Comprehensive income, net of tax		$	21,314			$	20,646			$	106,309			$	78,860

 

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ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures(2)

(Unaudited)

 

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(in thousands, except per share amounts)		2024				2023				2024				2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue		$	496,324			$	478,352			$	2,019,787			$	1,963,238
Less: Revenue from exited business (3)			—				(194	)			—				(59,908	)
Total Revenue, Adjusted for Impact of Exited Business		$	496,324			$	478,158			$	2,019,787			$	1,903,330
Reconciliation of EBITDA and Adjusted EBITDA (4)
Net income		$	24,565			$	22,162			$	110,170			$	82,612
Interest, net			6,454				9,535				29,590				39,681
Provision for income taxes			6,489				7,631				27,888				13,935
Depreciation and amortization			13,299				14,532				53,476				60,738
EBITDA			50,807				53,860				221,124				196,966
Impairment of long-lived assets (5)			3,583				3,860				3,583				7,666
Acquisition and divestiture-related expenses (6)			1,108				74				1,313				4,759
Severance and other costs related to staff realignment (7)			351				1,911				1,535				6,366
Charges for facility consolidations and office closures (8)			464				608				464				3,187
Pre-tax gain from divestiture of a business (9)			—				(3,287	)			(2,013	)			(5,712	)
Total Adjustments			5,506				3,166				4,882				16,266
Adjusted EBITDA		$	56,313			$	57,026			$	226,006			$	213,232
Net Income Margin Percent on Revenue (10)			4.9	%			4.6	%			5.5	%			4.2	%
EBITDA Margin Percent on Revenue (11)			10.2	%			11.3	%			10.9	%			10.0	%
Adjusted EBITDA Margin Percent on Revenue (11)			11.3	%			11.9	%			11.2	%			10.9	%
Reconciliation of Non-GAAP Diluted EPS (4)
U.S. GAAP Diluted EPS		$	1.30			$	1.16			$	5.82			$	4.35
Impairment of long-lived assets			0.19				0.20				0.19				0.40
Acquisition and divestiture-related expenses			0.06				—				0.07				0.25
Severance and other costs related to staff realignment			0.02				0.10				0.08				0.33
Expenses related to facility consolidations and office closures (12)			0.02				0.10				0.06				0.24
Pre-tax gain from divestiture of a business			—				(0.17	)			(0.11	)			(0.30	)
Amortization of intangibles			0.43				0.44				1.74				1.87
Income tax effects of the adjustments (13)			(0.15	)			(0.15	)			(0.40	)			(0.64	)
Non-GAAP Diluted EPS		$	1.87			$	1.68			$	7.45			$	6.50

 

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(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures.
(3) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023).
(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.
(5) Represents impairment of operating lease right-of-use and leasehold improvement assets associated with exit from certain facilities, and an intangible asset associated with exit of a business.
(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.
(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit.
(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities.
(9) Includes pre-tax gain from the divestitures of our U.S. commercial marketing and Canadian mobile text aggregation businesses.
(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.
(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.
(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures.
(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 20.9% and 21.1% for the three months ended December 31, 2024 and 2023, respectively, and 20.2% and 22.8% for the twelve months ended December 31, 2024 and 2023, respectively.

 

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ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except share amounts)		December 31, 2024				December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	4,960			$	6,361
Restricted cash			13,857				3,088
Contract receivables, net			256,923				205,484
Contract assets			188,941				201,832
Prepaid expenses and other assets			21,133				28,055
Income tax receivable			6,260				2,337
Total Current Assets			492,074				447,157
Property and Equipment, net			68,118				75,948
Other Assets:
Goodwill			1,248,855				1,219,476
Other intangible assets, net			88,262				94,904
Operating lease - right-of-use assets			115,531				132,807
Deferred tax asset			1,603				—
Other assets			51,910				41,480
Total Assets		$	2,066,353			$	2,011,772
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt		$	—			$	26,000
Accounts payable			159,522				134,503
Contract liabilities			24,580				21,997
Operating lease liabilities			20,721				20,409
Finance lease liabilities			2,612				2,522
Accrued salaries and benefits			105,773				88,021
Accrued subcontractors and other direct costs			49,271				45,645
Accrued expenses and other current liabilities			86,701				79,129
Total Current Liabilities			449,180				418,226
Long-term Liabilities:
Long-term debt			411,743				404,407
Operating lease liabilities - non-current			155,935				175,460
Finance lease liabilities - non-current			11,261				13,874
Deferred income taxes			—				26,175
Other long-term liabilities			55,775				56,045
Total Liabilities			1,083,894				1,094,187
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued			—				—
Common stock, $.001 par value; 70,000,000 shares authorized; 24,186,962 and 23,982,132 shares issued; and 18,666,290 and 18,845,521 shares outstanding at December 31, 2024 and 2023, respectively			24				24
Additional paid-in capital			443,463				421,502
Retained earnings			874,772				775,099
Treasury stock, 5,520,672 and 5,136,611 shares at December 31, 2024 and 2023, respectively			(320,054	)			(267,155	)
Accumulated other comprehensive loss			(15,746	)			(11,885	)
Total Stockholders’ Equity			982,459				917,585
Total Liabilities and Stockholders’ Equity		$	2,066,353			$	2,011,772

 

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ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

		Years ended
		December 31,
(in thousands)		2024				2023
Cash Flows from Operating Activities
Net income		$	110,170			$	82,612
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			1,673				1,164
Deferred income taxes and unrecognized income tax benefits			(24,336	)			(17,634	)
Non-cash equity compensation			16,722				14,861
Depreciation and amortization			53,476				60,738
Gain on divestiture of a business			(2,009	)			(7,590	)
Other operating, net			4,647				8,294
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities			14,668				(38,422	)
Contract receivables			(49,538	)			20,939
Prepaid expenses and other assets			3,496				18,579
Operating lease assets and liabilities, net			(4,755	)			3,544
Accounts payable			24,152				(1,489	)
Accrued salaries and benefits			18,048				2,175
Accrued subcontractors and other direct costs			4,353				(269	)
Accrued expenses and other current liabilities			8,361				(4,757	)
Income tax receivable and payable			(5,391	)			9,277
Other liabilities			(2,193	)			361
Net Cash Provided by Operating Activities			171,544				152,383
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software			(21,430	)			(22,337	)
Payments for business acquisitions, net of cash acquired			(55,007	)			(32,664	)
Proceeds from divestiture of a business			1,985				51,328
Other investing, net			(353	)			—
Net Cash Used in Investing Activities			(74,805	)			(3,673	)
Cash Flows from Financing Activities
Advances from working capital facilities			1,227,926				1,245,198
Payments on working capital facilities			(1,247,791	)			(1,372,474	)
Proceeds from other short-term borrowings			62,080				48,532
Repayments of other short-term borrowings			(66,408	)			(41,653	)
Receipt of restricted contract funds			1,251				7,672
Payment of restricted contract funds			(3,267	)			(8,084	)
Dividends paid			(10,507	)			(10,537	)
Net payments for stock issuances and share repurchases			(47,767	)			(19,083	)
Other financing, net			(2,415	)			(2,159	)
Net Cash Used in Financing Activities			(86,898	)			(152,588	)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash			(473	)			359
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			9,368				(3,519	)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period			9,449				12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period		$	18,817			$	9,449
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest		$	30,046			$	34,093
Income taxes		$	60,221			$	26,190
Non-cash investing and financing transactions:
Tenant improvements funded by lessor		$	—			$	568
Acquisition of property and equipment through finance lease		$	—			$	337

 

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ICF International, Inc. and Subsidiaries

Supplemental Schedule (14)

 

Revenue by client markets		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2024				2023				2024				2023
Energy, environment, infrastructure, and disaster recovery			48	%			44	%			46	%			41	%
Health and social programs			37	%			41	%			38	%			42	%
Security and other civilian & commercial			15	%			15	%			16	%			17	%
Total			100	%			100	%			100	%			100	%
Revenue by client type		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2024				2023				2024				2023
U.S. federal government			52	%			55	%			54	%			55	%
U.S. state and local government			15	%			16	%			16	%			16	%
International government			6	%			6	%			5	%			5	%
Total Government			73	%			77	%			75	%			76	%
Commercial			27	%			23	%			25	%			24	%
Total			100	%			100	%			100	%			100	%
Revenue by contract mix		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2024				2023				2024				2023
Time-and-materials			43	%			41	%			42	%			41	%
Fixed-price			47	%			46	%			46	%			45	%
Cost-based			10	%			13	%			12	%			14	%
Total			100	%			100	%			100	%			100	%

(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.

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v3.25.0.1

Document And Entity Information	Feb. 27, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 27, 2025
Entity Registrant Name	ICF International, Inc.
Entity Central Index Key	0001362004
Entity Emerging Growth Company	false
Entity File Number	001-33045
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3661438
Entity Address, Address Line One	1902 Reston Metro Plaza
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	934-3000
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	ICFI
Security Exchange Name	NASDAQ

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