$ICFI
ICF International, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020036374 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $354.0M $366.7M $341.3M
YoY Change -3.47% 13.07% 12.71%
Cost Of Revenue $223.4M $235.1M $215.9M
YoY Change -4.96% 13.79% 14.35%
Gross Profit $130.6M $131.7M $125.3M
YoY Change -0.81% 11.82% 9.91%
Gross Profit Margin 36.89% 35.9% 36.72%
Selling, General & Admin $99.30M $101.5M $96.50M
YoY Change -2.12% 12.21% 7.58%
% of Gross Profit 76.03% 77.05% 77.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.600M $7.700M $6.897M
YoY Change 11.69% 22.22% 2.76%
% of Gross Profit 6.58% 5.85% 5.5%
Operating Expenses $107.8M $109.1M $103.4M
YoY Change -1.21% 12.82% 7.31%
Operating Profit $22.78M $22.54M $21.89M
YoY Change 1.06% 7.22% 24.5%
Interest Expense -$3.900M $2.934M $2.453M
YoY Change -232.92% 35.39% 47.24%
% of Operating Profit -17.12% 13.02% 11.21%
Other Income/Expense, Net $300.0K $186.0K -$412.0K
YoY Change 61.29% -158.49% -496.15%
Pretax Income $19.20M $19.79M $19.02M
YoY Change -3.0% 6.76% 18.75%
Income Tax $5.600M $5.183M $3.706M
% Of Pretax Income 29.17% 26.18% 19.48%
Net Earnings $13.66M $14.61M $15.32M
YoY Change -6.54% 7.3% 23.36%
Net Earnings / Revenue 3.86% 3.98% 4.49%
Basic Earnings Per Share $0.73 $0.78 $0.81
Diluted Earnings Per Share $0.72 $0.76 $0.80
COMMON SHARES
Basic Shares Outstanding 18.83M 18.81M 18.83M
Diluted Shares Outstanding 19.02M 19.13M 19.26M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.100M $6.300M $5.700M
YoY Change 44.44% 0.0% -70.47%
Cash & Equivalents $9.100M $6.304M $5.689M
Short-Term Investments
Other Short-Term Assets $19.60M $16.70M $15.50M
YoY Change 17.37% 1.83% 3.33%
Inventory
Prepaid Expenses
Receivables $224.4M $277.0M $222.5M
Other Receivables $15.40M $12.20M $4.200M
Total Short-Term Assets $419.0M $454.2M $399.7M
YoY Change -7.74% 33.68% 18.61%
LONG-TERM ASSETS
Property, Plant & Equipment $200.2M $54.46M $178.5M
YoY Change 267.64% 21.18% 378.55%
Goodwill $905.1M $719.1M
YoY Change 25.86%
Intangibles $29.55M
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.60M $23.76M $22.50M
YoY Change 3.53% 7.38% -0.44%
Total Long-Term Assets $1.197B $959.6M $954.9M
YoY Change 24.69% 20.73% 20.87%
TOTAL ASSETS
Total Short-Term Assets $419.0M $454.2M $399.7M
Total Long-Term Assets $1.197B $959.6M $954.9M
Total Assets $1.616B $1.414B $1.355B
YoY Change 14.27% 24.61% 20.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.80M $95.07M $87.00M
YoY Change -19.22% 49.23% 26.82%
Accrued Expenses $152.4M $145.5M $158.2M
YoY Change 4.74% 46.67% 48.82%
Deferred Revenue $30.14M $33.44M $35.94M
YoY Change -9.87% 29.16%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M
YoY Change
Total Short-Term Liabilities $269.3M $274.0M $281.2M
YoY Change -1.7% 45.08% 35.7%
LONG-TERM LIABILITIES
Long-Term Debt $440.9M $288.5M $232.3M
YoY Change 52.83% 18.41% 0.35%
Other Long-Term Liabilities $162.1M $25.61M $22.54M
YoY Change 533.03% 45.04% -23.33%
Total Long-Term Liabilities $440.9M $314.1M $254.9M
YoY Change 40.38% 20.21% -2.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $269.3M $274.0M $281.2M
Total Long-Term Liabilities $440.9M $314.1M $254.9M
Total Liabilities $910.4M $747.1M $692.1M
YoY Change 21.85% 49.67% 37.18%
SHAREHOLDERS EQUITY
Retained Earnings $511.1M $499.1M
YoY Change 11.99%
Common Stock $335.4M $330.8M
YoY Change 5.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $164.7M $155.1M
YoY Change 26.26%
Treasury Stock Shares
Shareholders Equity $705.1M $666.6M $662.6M
YoY Change
Total Liabilities & Shareholders Equity $1.616B $1.414B $1.355B
YoY Change 14.27% 24.61% 20.2%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $13.66M $14.61M $15.32M
YoY Change -6.54% 7.3% 23.36%
Depreciation, Depletion And Amortization $8.600M $7.700M $6.897M
YoY Change 11.69% 22.22% 2.76%
Cash From Operating Activities $26.00M -$35.20M -$12.69M
YoY Change -173.86% 121.38% 117.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$7.000M -$7.500M
YoY Change -38.57% 12.9% 134.38%
Acquisitions $1.819M
YoY Change -84.63%
Other Investing Activities -$100.0K $0.00 -$1.800M
YoY Change -84.75%
Cash From Investing Activities -$4.400M -$6.900M -$9.358M
YoY Change -36.23% 13.11% -37.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $131.3M
YoY Change 16.24%
Cash From Financing Activities -71.50M 43.10M 14.44M
YoY Change -265.89% 358.51% -15.52%
NET CHANGE
Cash From Operating Activities 26.00M -35.20M -12.69M
Cash From Investing Activities -4.400M -6.900M -9.358M
Cash From Financing Activities -71.50M 43.10M 14.44M
Net Change In Cash -49.90M 1.000M -7.297M
YoY Change -5090.0% -107.94% 97.16%
FREE CASH FLOW
Cash From Operating Activities $26.00M -$35.20M -$12.69M
Capital Expenditures -$4.300M -$7.000M -$7.500M
Free Cash Flow $30.30M -$28.20M -$5.188M
YoY Change -207.45% 190.72% 96.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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>
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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 were 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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