ICF International Files Q2 2024 10-Q

TL;DR

ICFI Q2 10-Q filed. Financials look steady, watch revenue streams.

AI Summary

ICF International, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter and first half of the year. Key financial data and disclosures relevant to investors are presented, including information on revenue streams and asset/liability management.

Why It Matters

This filing provides investors with the latest financial performance data for ICF International, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-06-30 — Reporting Period End (Quarterly financial data is reported as of this date.)
• 2024-08-02 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-06-30 — Prior Year Period End (Comparative data from the previous year's second quarter.)
• 2023-12-31 — Prior Year End (Financial position as of the end of the previous fiscal year.)

Key Players & Entities

• ICF International, Inc. (company) — Filer
• 2024-06-30 (date) — Reporting Period End Date
• 2024-08-02 (date) — Filing Date
• 8742 (dollar_amount) — Standard Industrial Classification Code

FAQ

Filing Documents

• icfi-20240630.htm (10-Q) — 2316KB
• icfi-ex31_1.htm (EX-31.1) — 12KB
• icfi-ex31_2.htm (EX-31.2) — 11KB
• icfi-ex32_1.htm (EX-32.1) — 7KB
• icfi-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-089575.txt ( ) — 9446KB
• icfi-20240630.xsd (EX-101.SCH) — 1204KB
• icfi-20240630_htm.xml (XML) — 2055KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at June 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity (Unaudited) for the Three Months and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Note 1 - Basis of Presentation 7 Note 2 - Restricted Cash 8 Note 3 - Contract Receivables, Net 8 Note 4 - Leases 10 Note 5 - Debt 10 Note 6 - Revenue Recognition 11 Note 7 - Derivative Instruments and Hedging Activities 12 Note 8 - Income Taxes 12 Note 9 - Stockholders' Equity 13 Note 10 - Stock-Based Compensation 14 Note 11 - Earnings Per Share 15 Note 12 - Fair Value 15 Note 13 - Commitments and Contingencies 16 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Fina ncial Statements

Item 1. Fina ncial Statements ICF International, Inc. and Subsidiaries CONSOLIDATED B ALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 4,056 $ 6,361 Restricted cash 712 3,088 Contract receivables, net 209,351 205,484 Contract assets 222,767 201,832 Prepaid expenses and other assets 23,116 28,055 Income tax receivable 4,589 2,337 Total Current Assets 464,591 447,157 Property and Equipment, net 72,357 75,948 Other Assets: Goodwill 1,219,083 1,219,476 Other intangible assets, net 78,321 94,904 Operating lease - right-of-use assets 124,637 132,807 Other assets 46,788 41,480 Total Assets $ 2,005,777 $ 2,011,772 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 12,375 $ 26,000 Accounts payable 110,704 134,503 Contract liabilities 20,102 21,997 Operating lease liabilities 21,176 20,409 Finance lease liabilities 2,567 2,522 Accrued salaries and benefits 93,834 88,021 Accrued subcontractors and other direct costs 52,661 45,645 Accrued expenses and other current liabilities 78,624 79,129 Total Current Liabilities 392,043 418,226 Long-term Liabilities: Long-term debt 421,560 404,407 Operating lease liabilities - non-current 166,178 175,460 Finance lease liabilities - non-current 12,577 13,874 Deferred income taxes 16,421 26,175 Other long-term liabilities 53,673 56,045 Total Liabilities 1,062,452 1,094,187 Commitments and Contingencies (Note 13) Stockholders' Equity: Preferred stock, par value $ .001 ; 5,000,000 shares authorized; none issued — — Common stock, par value $ .001 ; 70,000,000 shares authorized; 24,130,664 and 23,982,132 shares issued at June 30, 2024 and December 31, 2023, respectively; 18,757,022 and

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (Dollar amounts in tables in thousands, except share and per share data) NOTE 1 – BASIS OF PRESENTATION Basis of Presentation The accompanying consolidated financial statements are of ICF International, Inc. ("ICFI") and its principal subsidiary, ICF Consulting Group, Inc. ("Consulting," and together with ICFI, the "Company"), and have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("U.S. GAAP"). Consulting is a wholly owned subsidiary of ICFI. ICFI is a holding company with no operations or assets other than its investment in the common stock of Consulting. All other subsidiaries of the Company are wholly owned by Consulting. Intercompany transactions and balances have been eliminated. The terms "federal" or "federal government" refer to the U.S. federal government, and "state and local" or "state and local government" refer to U.S. state (including territories) and local governments, unless otherwise indicated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities, and the reported amounts of revenue and expenses. Key estimates include estimates related to variable consideration on contracts with customers, costs to complete fixed-price contracts, bonus and other incentive compensation, reserves for tax benefits and valuation allowances on deferred tax assets, collectability of receivables, valuation and useful lives of acquired tangible and intangible assets, impairment of goodwill and long-lived assets, and contingencies. Actual results experienced by the Company may differ from management's estimates. Interim Results The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the

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View this 10-Q filing on SEC EDGAR