$ICFI
ICF International, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020021498 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $358.2M $341.3M
YoY Change 4.98% 12.71%
Cost Of Revenue $230.6M $215.9M
YoY Change 6.81% 14.35%
Gross Profit $127.6M $125.3M
YoY Change 1.84% 9.91%
Gross Profit Margin 35.62% 36.72%
Selling, General & Admin $103.3M $96.50M
YoY Change 7.05% 7.58%
% of Gross Profit 80.96% 77.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.032M $6.897M
YoY Change 16.46% 2.76%
% of Gross Profit 6.29% 5.5%
Operating Expenses $111.3M $103.4M
YoY Change 7.63% 7.31%
Operating Profit $16.32M $21.89M
YoY Change -25.45% 24.5%
Interest Expense $3.525M $2.453M
YoY Change 43.7% 47.24%
% of Operating Profit 21.6% 11.21%
Other Income/Expense, Net $190.0K -$412.0K
YoY Change -146.12% -496.15%
Pretax Income $12.98M $19.02M
YoY Change -31.75% 18.75%
Income Tax $2.400M $3.706M
% Of Pretax Income 18.48% 19.48%
Net Earnings $10.61M $15.32M
YoY Change -30.72% 23.36%
Net Earnings / Revenue 2.96% 4.49%
Basic Earnings Per Share $0.56 $0.81
Diluted Earnings Per Share $0.55 $0.80
COMMON SHARES
Basic Shares Outstanding 18.84M 18.83M
Diluted Shares Outstanding 19.20M 19.26M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.70M $5.700M
YoY Change 929.82% -70.47%
Cash & Equivalents $58.66M $5.689M
Short-Term Investments
Other Short-Term Assets $19.90M $15.50M
YoY Change 28.39% 3.33%
Inventory
Prepaid Expenses
Receivables $238.5M $222.5M
Other Receivables $10.30M $4.200M
Total Short-Term Assets $478.9M $399.7M
YoY Change 19.81% 18.61%
LONG-TERM ASSETS
Property, Plant & Equipment $207.3M $178.5M
YoY Change 16.13% 378.55%
Goodwill $905.2M
YoY Change
Intangibles $70.05M
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.60M $22.50M
YoY Change 0.44% -0.44%
Total Long-Term Assets $1.205B $954.9M
YoY Change 26.2% 20.87%
TOTAL ASSETS
Total Short-Term Assets $478.9M $399.7M
Total Long-Term Assets $1.205B $954.9M
Total Assets $1.684B $1.355B
YoY Change 24.32% 20.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.80M $87.00M
YoY Change 6.67% 26.82%
Accrued Expenses $157.7M $158.2M
YoY Change -0.32% 48.82%
Deferred Revenue $29.32M $35.94M
YoY Change -18.42%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M
YoY Change
Total Short-Term Liabilities $289.9M $281.2M
YoY Change 3.1% 35.7%
LONG-TERM LIABILITIES
Long-Term Debt $507.0M $232.3M
YoY Change 118.23% 0.35%
Other Long-Term Liabilities $27.92M $22.54M
YoY Change 23.86% -23.33%
Total Long-Term Liabilities $534.9M $254.9M
YoY Change 109.88% -2.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $289.9M $281.2M
Total Long-Term Liabilities $534.9M $254.9M
Total Liabilities $993.3M $692.1M
YoY Change 43.53% 37.18%
SHAREHOLDERS EQUITY
Retained Earnings $552.3M $499.1M
YoY Change 10.65%
Common Stock $350.7M $330.8M
YoY Change 6.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $189.0M $155.1M
YoY Change 21.85%
Treasury Stock Shares $4.279M
Shareholders Equity $690.8M $662.6M
YoY Change
Total Liabilities & Shareholders Equity $1.684B $1.355B
YoY Change 24.32% 20.2%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $10.61M $15.32M
YoY Change -30.72% 23.36%
Depreciation, Depletion And Amortization $8.032M $6.897M
YoY Change 16.46% 2.76%
Cash From Operating Activities -$15.23M -$12.69M
YoY Change 20.05% 117.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M -$7.500M
YoY Change -37.33% 134.38%
Acquisitions $253.0M $1.819M
YoY Change 13809.9% -84.63%
Other Investing Activities -$253.0M -$1.800M
YoY Change 13955.56% -84.75%
Cash From Investing Activities -$257.7M -$9.358M
YoY Change 2654.06% -37.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $389.8M $131.3M
YoY Change 196.76% 16.24%
Cash From Financing Activities 325.9M 14.44M
YoY Change 2156.12% -15.52%
NET CHANGE
Cash From Operating Activities -15.23M -12.69M
Cash From Investing Activities -257.7M -9.358M
Cash From Financing Activities 325.9M 14.44M
Net Change In Cash 52.18M -7.297M
YoY Change -815.07% 97.16%
FREE CASH FLOW
Cash From Operating Activities -$15.23M -$12.69M
Capital Expenditures -$4.700M -$7.500M
Free Cash Flow -$10.53M -$5.188M
YoY Change 103.01% 96.0%

Facts In Submission

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CY2020Q1 us-gaap Use Of Estimates
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include contractual and regulatory reserves, valuation and lives of tangible and intangible assets, contingent consideration related to business acquisitions, impairment of goodwill and long-lived assets, accrued liabilities, revenue recognition and costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ from management's estimates.</p>
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As part of an amendment to the Credit Facility, as defined in Note 4 “Long-term Debt” below, the Company currently has both a term loan and a revolving debt facility within its Credit Facility. Previously, the unamortized debt issuance costs was included within Other assets in accordance with U.S. GAAP. The Company has reclassified unamortized debt issuance costs as of December 31, 2019 as Long-term debt for consistency of presentation.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
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DebtInstrumentCarryingAmount
520000000
CY2020Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The leases may include options to extend the lease periods for up to 5 years
CY2020Q1 us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
options to terminate the leases within 1 year
CY2020Q1 us-gaap Lessee Operating Lease Residual Value Guarantee Description
LesseeOperatingLeaseResidualValueGuaranteeDescription
The leases may include a residual value guarantee or a responsibility to return the property to its original state of use.
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
431000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
681000
CY2020Q1 icfi Variable Lease Cost Benefit
VariableLeaseCostBenefit
1000
CY2019Q1 icfi Variable Lease Cost Benefit
VariableLeaseCostBenefit
4000
CY2019Q4 icfi Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
168275000
CY2020Q1 icfi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
36015000
CY2019Q4 icfi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
34310000
CY2020Q1 us-gaap Lease Cost
LeaseCost
9758000
CY2019Q1 us-gaap Lease Cost
LeaseCost
9581000
CY2020Q1 icfi Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
181359000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
145344000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
133965000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
39815000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
39877000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
33163000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
20008000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
22838000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
193009000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
348710000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
186387000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9526000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9389000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21098000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2159000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.036
CY2020Q1 icfi Lessee Operating Lease Lease Not Yet Possessed Property And Commenced Term Of Contract
LesseeOperatingLeaseLeaseNotYetPossessedPropertyAndCommencedTermOfContract
P3Y
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.183
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
700000
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-2500000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
714551000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
10612000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-11123000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3826000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
37000
CY2020Q1 icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-23998000
CY2020Q1 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
-513000
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2636000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
690756000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
660417000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
15318000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
283000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4151000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
404000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1000
CY2019Q1 icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-15369000
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2634000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
662571000
CY2018Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1292000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6482000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58661000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12986000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5689000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
358238000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
341254000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
358238000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
341254000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
358238000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
341254000
CY2020Q1 icfi Change In Contract With Customer Assets Liabilities Net Current
ChangeInContractWithCustomerAssetsLiabilitiesNetCurrent
17300000
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
151558000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19263000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
142337000
CY2020Q1 icfi Change In Contract With Customer Asset Net Current
ChangeInContractWithCustomerAssetNetCurrent
9221000
CY2020Q1 icfi Percentage Of Change In Contract With Customer Asset Net Current
PercentageOfChangeInContractWithCustomerAssetNetCurrent
0.065
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
29318000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
37413000
CY2020Q1 icfi Change In Contract With Customer Liability Current
ChangeInContractWithCustomerLiabilityCurrent
-8095000
CY2020Q1 icfi Percentage Of Change In Contract With Customer Liability Current
PercentageOfChangeInContractWithCustomerLiabilityCurrent
-0.216
CY2020Q1 icfi Contract With Customer Assets Liabilities Net Current
ContractWithCustomerAssetsLiabilitiesNetCurrent
122240000
CY2019Q4 icfi Contract With Customer Assets Liabilities Net Current
ContractWithCustomerAssetsLiabilitiesNetCurrent
104924000
CY2020Q1 icfi Change In Contract With Customer Assets Liabilities Net Current
ChangeInContractWithCustomerAssetsLiabilitiesNetCurrent
17316000
CY2020Q1 icfi Percentage Of Change In Contract With Customer Assets Liabilities Net Current
PercentageOfChangeInContractWithCustomerAssetsLiabilitiesNetCurrent
0.165
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1500000000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.183
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5100000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6700000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31840
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
10612000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
15318000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18840000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18825000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
357000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
438000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19197000
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0
CY2020Q1 icfi Line Of Credit Facility Condition For Unlimited Share Repurchases Leverage Ratio
LineOfCreditFacilityConditionForUnlimitedShareRepurchasesLeverageRatio
3.50
CY2020Q1 icfi Community Development Related To Claim
CommunityDevelopmentRelatedToClaim
220200000

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