ICF International Files 2023 Annual Report on Form 10-K

TL;DR

<b>ICF International has filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

ICF International, Inc. (ICFI) filed a Annual Report (10-K) with the SEC on February 28, 2024. ICF International, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data and disclosures are included for the fiscal year 2023. The report details various financial instruments and asset classifications as of December 31, 2023. It also references specific agreements and plans, such as the Master Receivables Purchase Agreement with MUFG Bank and the Omnibus Plan.

Why It Matters

For investors and stakeholders tracking ICF International, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ICF International's financial health and strategic positioning for investors and stakeholders. The detailed disclosures within the report are crucial for understanding the company's financial instruments, assets, and liabilities as of year-end 2023.

Risk Assessment

Risk Level: — ICF International, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new negative information, but rather a comprehensive update of the company's financial status.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess ICF International's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-28 — Filing Date (Date of Submission)

Key Players & Entities

• ICF International, Inc. (company) — Filer
• ICFI (company) — Ticker Symbol
• MUFG Bank (company) — Mentioned in relation to Master Receivables Purchase Agreement

FAQ

Industry Context

ICF International operates in the management consulting services industry, providing a range of professional services to government and commercial clients.

Regulatory Implications

As a publicly traded company, ICF International is subject to SEC regulations, including the requirement to file annual reports like this 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing ICF International.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for ICF International.)

Master Receivables Purchase Agreement

An agreement where a company sells its accounts receivable to a third party (purchaser) to obtain financing. (Indicates a financing arrangement utilized by ICF International.)

Omnibus Plan

A stock-based compensation plan that allows a company to grant various types of equity awards, such as stock options, restricted stock, and performance shares. (Relevant for understanding executive and employee compensation structures.)

Year-Over-Year Comparison

This filing represents the company's annual update for the fiscal year 2023, superseding previous filings for prior periods.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value ICFI The NASDAQ Global Se
• $124 — sed upon the closing price per share of $124.39, as quoted on the NASDAQ Global Sele
• $1,963.2 m — rtable segment. We generated revenue of $1,963.2 million, $1,780.0 million, and $1,553.0 m
• $1,780.0 m — generated revenue of $1,963.2 million, $1,780.0 million, and $1,553.0 million during the
• $1,553.0 million — $1,963.2 million, $1,780.0 million, and $1,553.0 million during the years ended December 31, 202
• $3,777.8 m — ly. Our total backlog was approximately $3,777.8 million, $3,856.2 million, and $3,198.9 m
• $3,856.2 m — log was approximately $3,777.8 million, $3,856.2 million, and $3,198.9 million at December
• $3,198.9 million — $3,777.8 million, $3,856.2 million, and $3,198.9 million at December 31, 2023, 2022, and 2021, r

Filing Documents

• icfi-20231231.htm (10-K) — 3689KB
• icfi-ex10_17.htm (EX-10.17) — 126KB
• icfi-ex21_0.htm (EX-21.0) — 52KB
• icfi-ex23_1.htm (EX-23.1) — 5KB
• icfi-ex31_1.htm (EX-31.1) — 10KB
• icfi-ex31_2.htm (EX-31.2) — 10KB
• icfi-ex32_1.htm (EX-32.1) — 7KB
• icfi-ex32_2.htm (EX-32.2) — 7KB
• icfi-ex97_0.htm (EX-97.0) — 13KB
• img1353262_0.jpg (GRAPHIC) — 54KB
• img75960293_0.jpg (GRAPHIC) — 27KB
• 0000950170-24-021617.txt (&nbsp;) — 17362KB
• icfi-20231231.xsd (EX-101.SCH) — 2359KB
• icfi-20231231_htm.xml (XML) — 3633KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 20 ITEM 1B. Unresolved Staff Comments 32 ITEM 1C. Cybersecurity 32 ITEM 2.

Properties

Properties 33 ITEM 3.

Legal Proceedings

Legal Proceedings 34 ITEM 4. Mine Safety Disclosures 34 PART II 35 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 ITEM 6. [Reserved] 38 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 51 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 ITEM 9A.

Controls and Procedures

Controls and Procedures 52 ITEM 9B. Other Information 53 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 53 PART III 54 ITEM 10. Directors, Executive Officers, and Corporate Governance 54 ITEM 11.

Executive Compensation

Executive Compensation 54 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 54 ITEM 14. Principal Accountant Fees and Services 54 PART IV 55 ITEM 15. Exhibits and Financial Statement Schedules 55 ITEM 16. Form 10-K Summary 57 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Some of the statements in this Annual Report on Form 10-K constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will," "would," or similar words. You should read statements that contain these words carefully. The risk factors described in Item 1A of Part I of this Annual Report on Form 10-K captioned "Risk Factors," or otherwise described in our filings with the Securities and Exchange Commission ("SEC"), as well as any cautionary language in this Annual Report on Form 10-K, provide examples of risks, uncertainties, and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, but not limited to: Our dependence on contracts with United States ("U.S.") federal, state and local, and international governments, agencies, and departments for the majority of our revenue; Changes in federal government budgeting and spending priorities; Failure by Congress or other governmental bodies to approve budgets and debt ceiling increases in a timely fashion and related reductions in government spending; Failure of the presidential administration (the "Administration") and Congress to agree on spending priorities, which may result in temporary shutdowns of non-essential federal functions, including our work to support such functions; Results of routine and non-routine government audits and investi

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW ICF International, Inc. was formed in 1999 as a Delaware limited liability company under the name ICF Consulting Group Holdings, LLC. It was formed to purchase our principal operating subsidiary, which was founded in 1969, from a larger services organization. We converted to a Delaware corporation in 2003 and changed our name to ICF International, Inc. in 2006. We completed our initial public offering in September 2006. We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services. We help our clients conceive, develop, implement, and improve solutions that address complex business, natural resource, social, technological, and public safety issues. Our services primarily support clients that operate in three key markets: Energy, Environment, Infrastructure, and Disaster Recovery; Health and Social Programs; and Security and Other Civilian & Commercial. We provide services to our diverse client base that deliver value throughout the entire life cycle of a policy, program, project, or initiative. Our primary services include: Advisory Services. We research critical policy, industry, and stakeholder issues, trends, and behavior. We measure and evaluate results and their impact and, based on those assessments, provide strategic planning and advice to our clients on how to navigate societal, market, business, communication, and technology challenges. Program Implementation Services. We identify, define, and implement policies, plans, programs, and business tools that make our clients' organizations more effective and efficient. Our comprehensive, end-to-end solutions are implemented through a wide range of standard and customized methodologies designed to match our clients' business context. Analytics Services. We conduct survey research and collect and analyze wide varieties and large volumes of data to understand critical issues a

View Full Filing

View this 10-K filing on SEC EDGAR