$ICFI
ICF International, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018019025 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $324.3M $306.4M
YoY Change 5.85% 0.32%
Cost Of Revenue $206.6M $190.9M
YoY Change 8.21% -1.7%
Gross Profit $117.8M $115.5M
YoY Change 1.95% 3.83%
Gross Profit Margin 36.31% 37.7%
Selling, General & Admin $90.41M $86.24M
YoY Change 4.84% 1.89%
% of Gross Profit 76.78% 74.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.300M $7.000M
YoY Change -10.0% -4.11%
% of Gross Profit 5.35% 6.06%
Operating Expenses $96.73M $93.29M
YoY Change 3.68% 1.54%
Operating Profit $21.03M $22.21M
YoY Change -5.33% 14.72%
Interest Expense $2.167M $2.537M
YoY Change -14.58% 3.13%
% of Operating Profit 10.31% 11.42%
Other Income/Expense, Net -$318.0K $226.0K
YoY Change -240.71% -496.49%
Pretax Income $18.54M $19.90M
YoY Change -6.82% 18.15%
Income Tax $4.923M $7.960M
% Of Pretax Income 26.55% 40.01%
Net Earnings $13.62M $11.94M
YoY Change 14.07% 12.79%
Net Earnings / Revenue 4.2% 3.9%
Basic Earnings Per Share $0.72 $0.64
Diluted Earnings Per Share $0.71 $0.63
COMMON SHARES
Basic Shares Outstanding 18.81M 18.78M
Diluted Shares Outstanding 19.21M 19.09M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.300M $9.500M
YoY Change -33.68% -12.04%
Cash & Equivalents $6.322M $9.493M
Short-Term Investments
Other Short-Term Assets $16.40M $13.30M
YoY Change 23.31% -30.37%
Inventory
Prepaid Expenses
Receivables $304.9M $288.2M
Other Receivables $12.10M $5.300M
Total Short-Term Assets $339.7M $316.3M
YoY Change 7.42% 1.17%
LONG-TERM ASSETS
Property, Plant & Equipment $44.94M $37.88M
YoY Change 18.63% -14.04%
Goodwill $685.1M
YoY Change -0.05%
Intangibles $40.69M
YoY Change -22.44%
Long-Term Investments
YoY Change
Other Assets $22.13M $16.87M
YoY Change 31.14% 25.66%
Total Long-Term Assets $794.8M $781.8M
YoY Change 1.67% -1.88%
TOTAL ASSETS
Total Short-Term Assets $339.7M $316.3M
Total Long-Term Assets $794.8M $781.8M
Total Assets $1.135B $1.098B
YoY Change 3.32% -1.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.71M $60.73M
YoY Change 4.89% 5.2%
Accrued Expenses $99.20M $85.30M
YoY Change 16.3% -17.98%
Deferred Revenue $25.89M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $188.8M $173.2M
YoY Change 9.04% -10.99%
LONG-TERM LIABILITIES
Long-Term Debt $243.6M $278.0M
YoY Change -12.36% -12.55%
Other Long-Term Liabilities $17.66M $14.31M
YoY Change 23.34% 42.31%
Total Long-Term Liabilities $261.3M $292.3M
YoY Change -10.61% -10.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.8M $173.2M
Total Long-Term Liabilities $261.3M $292.3M
Total Liabilities $499.2M $524.9M
YoY Change -4.9% -8.4%
SHAREHOLDERS EQUITY
Retained Earnings $456.4M $394.0M
YoY Change 15.83% 13.95%
Common Stock $317.0M $22.00K
YoY Change 1440968.18% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $130.4M $114.1M
YoY Change 14.3% 33.62%
Treasury Stock Shares
Shareholders Equity $635.4M $573.1M
YoY Change
Total Liabilities & Shareholders Equity $1.135B $1.098B
YoY Change 3.32% -1.02%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $13.62M $11.94M
YoY Change 14.07% 12.79%
Depreciation, Depletion And Amortization $6.300M $7.000M
YoY Change -10.0% -4.11%
Cash From Operating Activities -$15.90M $11.10M
YoY Change -243.24% -61.86%
INVESTING ACTIVITIES
Capital Expenditures -$6.200M -$3.500M
YoY Change 77.14% -5.41%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$6.100M -$3.500M
YoY Change 74.29% -5.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.400M -6.100M
YoY Change -254.1% -74.48%
NET CHANGE
Cash From Operating Activities -15.90M 11.10M
Cash From Investing Activities -6.100M -3.500M
Cash From Financing Activities 9.400M -6.100M
Net Change In Cash -12.60M 1.500M
YoY Change -940.0% 0.0%
FREE CASH FLOW
Cash From Operating Activities -$15.90M $11.10M
Capital Expenditures -$6.200M -$3.500M
Free Cash Flow -$9.700M $14.60M
YoY Change -166.44% -55.49%

Facts In Submission

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26544000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-249000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16665000
us-gaap Interest Paid Net
InterestPaidNet
3641000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
175042000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
8818000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
627095000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24266000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7885000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7601000
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10747000
us-gaap Interest Paid Net
InterestPaidNet
3923000
us-gaap Income Taxes Paid
IncomeTaxesPaid
11490000
us-gaap Income Taxes Paid
IncomeTaxesPaid
12982000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6121000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6042000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9493000
CY2016Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1843000
CY2017Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1254000
CY2018Q2 icfi Contract With Customer Assets Liabilities Net Current
ContractWithCustomerAssetsLiabilitiesNetCurrent
104355000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
icfi Contract Payment Term Description
ContractPaymentTermDescription
Contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis.
icfi Contracts Receivable Term
ContractsReceivableTerm
P1M
icfi Contracts Payment Term
ContractsPaymentTerm
P30D
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1100000000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
324315000
CY2018Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
178115000
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3463000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
7205000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-286000
CY2017Q2 icfi Credit Facility Syndication Number Of Commercial Banks
CreditFacilitySyndicationNumberOfCommercialBanks
11
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-05-17
CY2017Q2 icfi Line Of Credit Facility Maximum Borrowing Capacity Without Borrowing Base Requirement
LineOfCreditFacilityMaximumBorrowingCapacityWithoutBorrowingBaseRequirement
600000000
CY2017Q2 icfi Line Of Credit Facility Accordion Feature Additional Revolving Credit Commitments Under Existing Loan Facility
LineOfCreditFacilityAccordionFeatureAdditionalRevolvingCreditCommitmentsUnderExistingLoanFacility
300000000
CY2017Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
60000000
CY2017Q2 icfi Line Of Credit Facility Interest Coverage Ratio Covenant
LineOfCreditFacilityInterestCoverageRatioCovenant
3.00
CY2017Q2 icfi Line Of Credit Facility Leverage Ratio Covenant
LineOfCreditFacilityLeverageRatioCovenant
3.75
CY2018Q2 icfi Number Of Letters Of Credit Outstanding
NumberOfLettersOfCreditOutstanding
10
CY2018Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3200000
CY2018Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
353200000
CY2018Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
200300000
CY2018Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.030
CY2017Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.026
CY2018Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-200000
CY2017Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
500000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
100000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
700000
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1200000000
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.266
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.400
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.363
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1100000
CY2018Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1000000
CY2018Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
700000
CY2018Q2 icfi Tax Cuts And Jobs Act Of2017 Incomplete Accounting Undistributed Accumulated Earnings Of Foreign Subsidiary Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryProvisionalIncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5400000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8200000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12415
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
403000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
311000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
470000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
412000
CY2018Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
CY2018Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
95000000
CY2018Q2 icfi Line Of Credit Facility Conditions For The Elimination Of Limits On Shares Repurchases Leverage Ratio
LineOfCreditFacilityConditionsForTheEliminationOfLimitsOnSharesRepurchasesLeverageRatio
3.25
CY2018Q2 icfi Community Development Related To Claim
CommunityDevelopmentRelatedToClaim
220200000

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