ICF International Q3 2024 10-Q Filed

TL;DR

ICFI Q3 10-Q is in: Revenue details, hedging instruments, and credit lines disclosed.

AI Summary

ICF International, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported on its financial performance, including details on revenue from contracts with customers, specifically within its Commercial segment. The filing also disclosed information regarding its use of financial instruments, such as interest rate swaps designated for cash flow hedging, with a maturity date of February 28, 2028, and its revolving line of credit.

Why It Matters

This filing provides investors with an update on ICF International's financial health and operational performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the mention of customer concentration risk and hedging instruments introduces a moderate level of financial complexity and potential risk.

Key Numbers

• 2024-09-30 — Period End Date (The 10-Q covers financial activities up to this date.)
• 2024-01-01 — Period Start Date (The 10-Q covers financial activities from this date.)

Key Players & Entities

• ICF International, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• February 28, 2028 (date) — Maturity date of interest rate swap
• 8742 (other) — Standard Industrial Classification for Management Consulting Services

FAQ

Filing Documents

• icfi-20240930.htm (10-Q) — 2496KB
• 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
• 0000950170-24-119787.txt ( ) — 9973KB
• icfi-20240930.xsd (EX-101.SCH) — 1205KB
• icfi-20240930_htm.xml (XML) — 2136KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity (Unaudited) for the Three Months and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Note 1 - Basis of Presentation 8 Note 2 - Restricted Cash 9 Note 3 - Contract Receivables, Net 9 Note 4 - Leases 11 Note 5 - Debt 11 Note 6 - Revenue Recognition 12 Note 7 - Derivative Instruments and Hedging Activities 13 Note 8 - Income Taxes 13 Note 9 - Stockholders' Equity 14 Note 10 - Stock-Based Compensation 16 Note 11 - Earnings Per Share 16 Note 12 - Fair Value 17 Note 13 - Commitments and Contingencies 17 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

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) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 6,911 $ 6,361 Restricted cash 724 3,088 Contract receivables, net 212,412 205,484 Contract assets 237,742 201,832 Prepaid expenses and other assets 24,785 28,055 Income tax receivable 10,541 2,337 Total Current Assets 493,115 447,157 Property and Equipment, net 71,299 75,948 Other Assets: Goodwill 1,221,437 1,219,476 Other intangible assets, net 70,030 94,904 Operating lease - right-of-use assets 122,543 132,807 Other assets 49,754 41,480 Total Assets $ 2,028,178 $ 2,011,772 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 13,750 $ 26,000 Accounts payable 121,093 134,503 Contract liabilities 17,176 21,997 Operating lease liabilities 21,204 20,409 Finance lease liabilities 2,590 2,522 Accrued salaries and benefits 91,103 88,021 Accrued subcontractors and other direct costs 55,600 45,645 Accrued expenses and other current liabilities 85,274 79,129 Total Current Liabilities 407,790 418,226 Long-term Liabilities: Long-term debt 405,396 404,407 Operating lease liabilities - non-current 160,926 175,460 Finance lease liabilities - non-current 11,922 13,874 Deferred income taxes 5,982 26,175 Other long-term liabilities 59,845 56,045 Total Liabilities 1,051,861 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; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,7

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